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The Consolidated cash flow statement is prepared using the indirect method, with cash flows from
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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
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No exceptions were made to the application of IAS/IFRS accounting standards.
The Consolidated Financial Statements are also prepared in accordance with the Commission
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"value": "STATEMENT OF COMPLIANCE WITH INTERNATIONAL ACCOUNTINGSTANDARDSThese Consolidated Financial Statements as at December 31, 2023 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: \u2022 the Conceptual Framework for Financial Reporting; \u2022 Application Guidance, Basis for Conclusions, and any other documents prepared by the IASB or IFRIC to complete the issued accounting standards; \u2022 the interpretative documents on the application of IAS/IFRS in Italy prepared by the Italian Accounting Body (OIC); \u2022 ESMA (European Securities and Markets Authority) and Consob documents that refer to the application of specific provisions in the IFRS. 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 2023 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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"fact-389": {
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"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-390": {
"value": "SCOPE AND METHOD OF CONSOLIDATION The preparation of the Consolidated Financial Statements as at December 31, 2023, 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, 2023, 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, 2023. As of December 31, 2023, there were no associated companies nor companies valued using the equity method. 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: \u2022 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; \u2022 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; \u2022 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; \u2022 the ability to exercise its power over the investee to affect its returns; \u2022 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: \u2022 contractual agreements with other holders of voting rights; \u2022 rights deriving from contractual agreements; \u2022 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: \u2022 if the transaction involves the transfer of control of an entity, it is treated as a business combination pursuant to IFRS 3; \u2022 if the transaction does not involve the transfer of control, it is accounted for by retaining the accounting values of the merged company. Investments in subsidiaries The following table reports the companies included in the scope of consolidation: Company name Headquarters and Registered Office Country Type of Relationship (1) Owner relationship Voting rights % (2) Held by Holding % doValue S.p.A. Verona Italy Holding doNext S.p.A. Rome Italy 1 doValue S.p.A. 100% 100% doData S.r.l. Rome Italy 1 doValue S.p.A. 100% 100% doValue Spain Servicing S.A. Madrid Spain 1 doValue S.p.A. 100% 100% doValue Portugal, Unipessoal Limitada Lisbon Portugal 1 doValue Spain Servicing S.A. 100% 100% doValue Cyprus Limited (formerly Altamira Asset Management Cyprus Limited) Nicosia Cyprus 1 doValue Spain Servicing S.A. 100% 100% doValue Special Projects Cyprus Limited (formerly doValue Cyprus Limited) Nicosia Cyprus 1 doValue S.p.A. + doValue Spain Servicing S.A. 94%+6% 94%+6% doValue Greece Loans and Credits Claim Management Soci\u00e9t\u00e9 Anonyme Moschato Greece 1 doValue S.p.A. 80% 80% doValue Greece Real Estate Services single member Soci\u00e9t\u00e9 Anonyme Moschato Greece 1 doValue S.p.A. 100% 100% Zarco STC, S.A. Lisbon Portugal 1 doValue Portugal, Unipessoal Limitada 100% 100% Adsolum Real Estate S.L. Madrid Spain 1 doValue Spain Servicing S.A. 100% 100% TEAM 4 Collection and Consulting S.L.U. Madrid Spain 1 doValue Spain Servicing S.A. 100% 100% s to the table 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 = centralized management pursuant to Article 39, paragraph 1, of Legislative Decree 136/2015 6 = centralized management pursuant to Article 39, paragraph 2, of Legislative Decree 136/2015 Voting rights available in general meeting. The reported voting rights are considered effective Changes in the scope of consolidation In the fiscal year 2023, the company Team 4 Collection and Consulting S.L.U. was included in the consolidation perimeter following its complete acquisition by the Spanish subsidiary doValue Spain Servicing S.A., which had changed its name from the previous Altamira Asset Management S.A. earlier in the year. Furthermore, during the fourth quarter of 2023, the purchase of the minority interests equal to 15% of doValue Spain Servicing S.A. was finalized, following the receipt of notification for the exercise of the sale option on this residual stake. Lastly, it is noted the change in denomination of the two Cypriot companies: from Altamira Asset Management Cyprus Limited to doValue Cyprus Limited and from doValue Cyprus Limited to doValue Special Projects Cyprus Limited. Significant valuations and assumptions for determining 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: \u2022 the existence of power over the entities\u2019 relevant activities; \u2022 exposure to variable returns; \u2022 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, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"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: \u2022 if the transaction involves the transfer of control of an entity, it is treated as a business combination pursuant to IFRS 3; \u2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-391": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-392": {
"value": "OTHER MATTERS Macroeconomic context and Climate-related matters The continuation of a situation of significant uncertainty associated with the macroeconomic framework, primarily induced by the persistent inflationary pressure and the consequent rise in market interest rates, compounded by the international awareness of climate risk and the related mitigation measures, with unpredictable impacts on the economic and productive system, has mandated careful analysis and continuous monitoring such indicators. Specifically, the increase in inflation may have various effects on the distressed debt recovery market: \u2022 value of distressed debts: if inflation rises, the real value of distressed debt decreases over time. Consequently, creditors may be willing to sell distressed debts at discounted prices, as the expected future value of money decreases. \u2022 debtors\u2019 repayment capacity: inflation can also influence debtors\u2019 ability to repay their debts. If inflation is high, debtors may struggle to make payments due to increased costs of goods and services. This could lead to an increase in distressed debts in the debt recovery market. \u2022 interest rates: if inflation rises, monetary authorities typically tend to increase interest rates to counteract price growth. This could affect returns on investments in the debt recovery market and determine the profitability of recovery activities. \u2022 recovery strategies: inflation may affect the recovery strategies used by debt collection agencies. For example, if debtors are more likely to avoid payments due to rising living costs, agencies may be forced to intensify their recovery efforts to ensure debt recovery. Interest rates also strongly influence the distressed debt recovery market: \u2022 volume of distressed debts: interest rates can affect debtors\u2019 ability to repay their debts. When rates are low, debtors may be more inclined to repay their loans as debt costs are lower. Conversely, higher rates may increase financial pressure on debtors, leading to an increase in distressed debts. \u2022 value of distressed debts: when rates are low, distressed debts may have lower value as it is cheaper for debtors to find alternatives to repay the debt. However, when rates are high, the value of distressed debts may increase as debtors may struggle to repay the debt and may be willing to sell their debts at discounted prices. \u2022 recovery activities: when rates are low, debt collection agencies may be less aggressive in recovering debts as debtors may be more able to repay their debts. However, when rates are high and debtors are experiencing financial difficulties, debt collection agencies may intensify their recovery efforts. \u2022 yield rates of investments in distressed debts: when rates are low, investors may seek better returns by investing in distressed debts, as other forms of investment may offer lower returns. Conversely, when rates are high, investors may prefer other safer and more profitable investment opportunities. In general, both the aforementioned factors can influence the Group\u2019s reference markets from a forward-looking perspective, and this has been taken into account by incorporating their trends into the assumptions of the Industrial Plan 2024-2026. In particular, the assumed trends of interest rates and prospective inflation have been incorporated at various levels: in the volume of collections in each individual country; in the ability to carry out restructuring operations of positions under management; considering the inflation levels on the prices of assets securing the debtor positions under management; on increases in cost bases (such as utility prices); by incorporating the increase in interest rates on hypothetical financial resource gathering operations both in the capital market and in the banking market. In the closing process as of December 31, 2023, these factors influenced the following points to varying degrees: impairment test: current market conditions, which discount a \u201crisk-free\u201d rate on average higher than in previous exercises, were taken into account in constructing the discount rate, WACC. Stress conditions were also applied to the yield curve up to a maximum of 200 basis points; fair value evaluation of securities: future cash flows were discounted by updating the Euribor yield curve based on individual maturities; as mentioned earlier, the inflation rate has already been incorporated as an event affecting debtors\u2019 ability to repay their debt and thus embedded in the collection levels underlying the Group\u2019s gross revenue calculation; the inflation rate was used in the evaluation of liabilities and benefits expected from defined benefit plans within the Italy and Greece perimeter. With regard to risks related to climate change, the Group\u2019s companies are deepening evaluations of potential impacts on the business with a goal of continuous monitoring. The Group\u2019s Group Enterprise Risk Management function ensures integrated risk management, acting as a facilitator for the Group\u2019s growth and development by identifying and mitigating potential risks that may impact the Group. Regarding operations, therefore, the Group assesses the possibility of climate risks affecting, for example, properties under management (REO business) and currently believes that this issue cannot significantly impact the Group as its business model does not involve ownership of assets but rather their function as collateral for managed debt. Having said that, the Group will continue to monitor the evolution of climate change risks with an approach that takes into account applicable and emerging regulations, as well as its role as a service provider to the financial system. a) b) c) d) e) a) b) c) d)",
"dimensions": {
"concept": "dov:DisclosureOfEffectsTheCurrentInternationalCrisisExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-393": {
"value": "Going concern In preparing the Consolidated Financial Statements as at December 31, 2023, the Directors consider the going concern assumption appropriate as, in their opinion, despite the uncertainties linked to the macroeconomic environment, 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; 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-435": {
"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, 2023, 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, 2023. Estimates and assumptions are reviewed regularly. By their nature, the estimates and assumptions used, while reasonable, may not be confirmed in future scenarios in which the Group operates, and therefore the results that will materialize in the future may differ from the estimates made for the purpose of preparing the financial statements, with the consequent probable need to make adjustments that are currently neither predictable nor estimable with respect to the carrying value of assets and liabilities recognised in the financial statements. 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 25% of total amounts to be invoiced as at December 31, 2023, and 8% of the aggregate \u201cTotal Revenues\u201d 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 \u201cInformation on fair value\u201d. Estimation of the recoverability of deferred tax assets 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 \u201cAssets\u201d 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 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 is provided in the \u201cLegal and Tax risks\u201d paragraph of the \u201cInformation on Risks and risk management policies\u201d section. Estimation of impairment losses on intangible assets On at least an annual basis, at each financial year-end, or during interim periods, when evidence of impairment losses exists, the carrying amount of intangible assets is compared to their recoverable amount. More specifically, 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 the general macroeconomic risks and the climate risks could have a significant impact (for further details, please refer to paragraph \u201cOther Matters - Macroeconomic context and climate-related matters\u201d). 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 doValue Spain Servicing S.A., and its subsidiaries in June 2019 and that of 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. The test was performed on the amounts of intangible assets with defined useful lives and goodwill, resulting, as at December 31, 2023, 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 purpose of carrying out the test, the forward-looking information determined in accordance with the Group Industrial Plan 2024-2026 approved by the Board of Directors on March 20, 2024, has been considered, incorporating the latest scenario hypotheses collected from subsidiaries, which take into account the trends 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 with defined useful lives, the following were used: \u2022 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; \u2022 as regards the estimate of the recoverable amount of the brand connected with the doValue Spain 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. \u00b0 \u00b0 K d , debt cost; K e , cost of equity; t d , tax rate; , weight of the debt component on the financial structure; , weight of the equity component on the financial structure. D D+E E D+E E(R m ), expected yield of the stock market; R f , risk-free yield rate; \u03b2 j , beta coefficient. \u2022 \u2022 \u2022 \u2022 \u2022 where 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 \u2022 \u2022 \u2022 In summary, the above equation can be written down as follows: K e=R f+\u03b2*ERP K e , cost of equity; R f , risk-free yield rate; \u03b2, beta coefficient (measure of \u201csystematic risk\u201d); ERP, equity risk premium, E(R m )- R f . where \u2022 \u2022 \u2022 \u2022 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: \u2022 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2023; \u2022 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; 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 \u2022 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;
\u2022 use of values estimated to calculate the cost of equity,
K
e
=R
f
+\u03b2\u2219ERP
;
\u2022 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 test conducted using the aforementioned models revealed impairment losses for \u20ac13.4 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, 2023, 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:
\u2022 current value of the future profits generated over the selected time horizon;
\u2022 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:
\u2022 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States
Treasury, measured as at December 31, 2023;
\u2022 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;
\u2022 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;
\u2022 use of values estimated to calculate the cost of equity,
K
e
=R
f
+\u03b2\u2219ERP
;
\u2022 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:
\u2022 estimate the risk-free yield rate as the average of the risk-free yield rates of each reference
country (see the first point of the above list) weighted by the contribution of each Country to
the Group\u2019s revenues;
\u2022 estimate beta in levered form as the average of the betas of each reference Country (see the
second point of the above list) weighted by the contribution of each Country to the Group\u2019s
revenues;
\u2022 estimate the equity risk premium;
\u2022 use of values estimated to calculate the cost of equity,
K
e
=R
f
+\u03b2\u2219ERP
;
\u2022 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, 2023 , the model confirmed the recoverable amount capacity and therefore
the absence of impairment losses for the Greece-Cyprus CGU, while for the Iberia CGU (Spain
\u2013 Portugal), an impairment of \u20ac12.5 million was recorded (for further details, please refer to the
Illustrative Notes, Accounting Policies section and Information on the balance sheet - Note 1
Intangible assets).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-394": {
"value": "Estimation of impairment losses on intangible assets
On at least an annual basis, at each financial year-end, or during interim periods, when evidence of
impairment losses exists, the carrying amount of intangible assets is compared to their recoverable
amount.
More specifically, 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 the general macroeconomic risks and the climate risks
could have a significant impact (for further details, please refer to paragraph \u201cOther Matters -
Macroeconomic context and climate-related matters\u201d).
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 doValue Spain Servicing
S.A., and its subsidiaries in June 2019 and that of 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.
The test was performed on the amounts of intangible assets with defined useful lives and goodwill, resulting, as at December 31, 2023, 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 purpose of carrying out the test, the forward-looking information determined in accordance with the Group Industrial Plan 2024-2026 approved by the Board of Directors on March 20, 2024, has been considered, incorporating the latest scenario hypotheses collected from subsidiaries, which take into account the trends 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 with defined useful lives, the following were used: \u2022 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; \u2022 as regards the estimate of the recoverable amount of the brand connected with the doValue Spain 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. \u00b0 \u00b0 K d , debt cost; K e , cost of equity; t d , tax rate; , weight of the debt component on the financial structure; , weight of the equity component on the financial structure. D D+E E D+E E(R m ), expected yield of the stock market; R f , risk-free yield rate; \u03b2 j , beta coefficient. \u2022 \u2022 \u2022 \u2022 \u2022 where 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 \u2022 \u2022 \u2022 In summary, the above equation can be written down as follows: K e=R f+\u03b2*ERP K e , cost of equity; R f , risk-free yield rate; \u03b2, beta coefficient (measure of \u201csystematic risk\u201d); ERP, equity risk premium, E(R m )- R f . where \u2022 \u2022 \u2022 \u2022 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: \u2022 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2023; \u2022 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; 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 \u2022 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; \u2022 use of values estimated to calculate the cost of equity, K e =R f +\u03b2\u2219ERP; \u2022 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 test conducted using the aforementioned models revealed impairment losses for \u20ac13.4 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, 2023, 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: \u2022 current value of the future profits generated over the selected time horizon; \u2022 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: \u2022 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2023; \u2022 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; \u2022 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; \u2022 use of values estimated to calculate the cost of equity, K e =R f +\u03b2\u2219ERP; \u2022 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: \u2022 estimate the risk-free yield rate as the average of the risk-free yield rates of each reference country (see the first point of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u2022 estimate beta in levered form as the average of the betas of each reference Country (see the second point of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u2022 estimate the equity risk premium; \u2022 use of values estimated to calculate the cost of equity,K e =R f +\u03b2\u2219ERP ; \u2022 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, 2023 , the model confirmed the recoverable amount capacity and therefore the absence of impairment losses for the Greece-Cyprus CGU, while for the Iberia CGU (Spain \u2013 Portugal), an impairment of \u20ac12.5 million was recorded (for further details, please refer to the Illustrative Notes, Accounting Policies section and Information on the balance sheet - Note 1 Intangible assets).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-446": {
"value": "Estimation of impairment losses on intangible assets On at least an annual basis, at each financial year-end, or during interim periods, when evidence of impairment losses exists, the carrying amount of intangible assets is compared to their recoverable amount. More specifically, 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 the general macroeconomic risks and the climate risks could have a significant impact (for further details, please refer to paragraph \u201cOther Matters - Macroeconomic context and climate-related matters\u201d). 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 doValue Spain Servicing S.A., and its subsidiaries in June 2019 and that of 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. The test was performed on the amounts of intangible assets with defined useful lives and goodwill, resulting, as at December 31, 2023, 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 purpose of carrying out the test, the forward-looking information determined in accordance with the Group Industrial Plan 2024-2026 approved by the Board of Directors on March 20, 2024, has been considered, incorporating the latest scenario hypotheses collected from subsidiaries, which take into account the trends 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 with defined useful lives, the following were used: \u2022 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; \u2022 as regards the estimate of the recoverable amount of the brand connected with the doValue Spain 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. \u00b0 \u00b0 K d , debt cost; K e , cost of equity; t d , tax rate; , weight of the debt component on the financial structure; , weight of the equity component on the financial structure. D D+E E D+E E(R m ), expected yield of the stock market; R f , risk-free yield rate; \u03b2 j , beta coefficient. \u2022 \u2022 \u2022 \u2022 \u2022 where 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 \u2022 \u2022 \u2022 In summary, the above equation can be written down as follows: K e=R f+\u03b2*ERP K e , cost of equity; R f , risk-free yield rate; \u03b2, beta coefficient (measure of \u201csystematic risk\u201d); ERP, equity risk premium, E(R m )- R f . where \u2022 \u2022 \u2022 \u2022 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: \u2022 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2023; \u2022 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; 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 \u2022 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; \u2022 use of values estimated to calculate the cost of equity, K e =R f +\u03b2\u2219ERP; \u2022 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 test conducted using the aforementioned models revealed impairment losses for \u20ac13.4 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, 2023, 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: \u2022 current value of the future profits generated over the selected time horizon; \u2022 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: \u2022 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2023; \u2022 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; \u2022 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; \u2022 use of values estimated to calculate the cost of equity, K e =R f +\u03b2\u2219ERP; \u2022 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: \u2022 estimate the risk-free yield rate as the average of the risk-free yield rates of each reference country (see the first point of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u2022 estimate beta in levered form as the average of the betas of each reference Country (see the second point of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u2022 estimate the equity risk premium; \u2022 use of values estimated to calculate the cost of equity,K e =R f +\u03b2\u2219ERP ; \u2022 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, 2023 , the model confirmed the recoverable amount capacity and therefore the absence of impairment losses for the Greece-Cyprus CGU, while for the Iberia CGU (Spain \u2013 Portugal), an impairment of \u20ac12.5 million was recorded (for further details, please refer to the Illustrative Notes, Accounting Policies section and Information on the balance sheet - Note 1 Intangible assets).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-395": {
"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, 2023, 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: \u2022 Amendments to IAS 12 Income taxes: International Tax Reform \u2013 Pillar Two Model Rules (issued on 23 May 2023); \u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information (issued on 9 December 2021); \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021); \u2022 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; \u2022 IFRS 17 Insurance Contracts (issued on 18 May 2017); including Amendments to IFRS 17 (issued on 25 June 2020). Regarding Amendment to IAS 1, in order to enhance disclosure on accounting policies and information on accounting principles deemed relevant for understanding financial data, an analysis has been conducted which has led to a revision of the section titled \u201cMaterial accounting policy information,\u201d previously referred to as \u201cMain items of the financial statements\u201d until the Annual Financial Report as of December 31, 2022. On October 25, 2023, ESMA (European Securities and Markets Authority) issued a Public Statement announcing the priorities that listed issuers should focus on in preparing their IFRS 2023 financial statements, with particular attention to matters related to climate and the macroeconomic environment. The main accounting standards and interpretations that have been endorsed by the European Union but are not yet effective as at December 31, 2023 (as they will be effective from January 1, 2024) and for which the Group has not made use of the early application provisions, if any, are listed below: \u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (issued on 23 January 2020); Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on 15 July 2020); Non-current Liabilities with Covenants (issued on 31 October 2022). \u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022). Lastly, the new accounting standards, amendments and interpretations issued by IASB, but still not endorsed by the European Union, are reported below: \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023); \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023). \u00b0 \u00b0 \u00b0 \u00b0 \u00b0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-450": {
"value": "INTANGIBLE ASSETS
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:
\u2022 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);
\u2022 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
\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
Material accounting
policy information
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: \u2022 land and buildings \u2022 furniture and fixtures \u2022 plant and machinery \u2022 other machinery and equipment and it breaks down into the following categories: \u2022 assets used in the business; \u2022 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: \u2022 Administrative expenses, if pertaining to assets used in the business; or \u2022 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. 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: \u2022 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); \u2022 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; \u2022 financial assets held for trading, mainly represented by the positive value of derivative contracts held for trading purposes. Accordingly, this item reports: \u2022 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); \u2022 units of undertakings for collective investment (CIUs); \u2022 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; \u2022 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. 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: \u2022 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; \u2022 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. 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: \u2022 current tax assets, i.e. excess payment of tax liabilities on the basis of current tax laws governing corporate income; \u2022 current tax liabilities, i.e. tax liabilities to be settled on the basis of current tax laws governing corporate income; \u2022 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: \u00b0 \u00b0 \u00b0 \u00b0 \u00b0 \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 financial 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 accordance 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. 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: \u2022 the company has a present obligation (legal or constructive) as a result of a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 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: \u2022 post-employment benefits; \u2022 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: \u2022 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; \u2022 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): \u2022 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. \u2022 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: \u2022 in the case of ordinary retirement, the benefit is 40% of remuneration; \u2022 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. 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: \u2022 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; \u2022 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:
\u2022 Performance, extra-performance and basis commission: linked to the assets managed and the
reaching collection targets, respectively;
\u2022 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.
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.
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. Information on fair value 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: \u2022 Level 1: the fair value of the instrument is determined on the basis of listed prices observed on active markets; \u2022 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; \u2022 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, 2023, there are no assets or liabilities measured at fair value on a non-recurring basis. \u00b0 \u00b0 \u00b0 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. EQUITY INVESTMENTS 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: 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; doRes Securitisation S.r.l., whose untranched notes were issued as part of a new finance transaction and subscribed for 20% by doNext. Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 23.3 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; 1. 2. - - - - 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, 2023. 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, and in the Brasilian fintech company QueroQuitar S.A. for a stake of 11.46%, 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: the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Spain; the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Greece, which is linked to the achievement of certain EBITDA targets over a 10- year period; The deferred price of the newly acquired company Team 4 Collection and Consulting, which was paid during February 2024. It is also noted that the fair value of the liability related to the put option for the purchase of remaining minority shares of the subsidiary doValue Spain shows a zero balance following the exercise of the sell option in the last quarter of 2023. 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. 3. 1. 2. 3. (\u20ac/000) 31/12/2023 31/12/2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or oss - - 37,360 - - 42,323 Units in collective investment undertakings (CIUs) - - 20,499 - - 23,628 Debt securities - - 16,610 - - 18,145 Equities - - 197 - - 197 Non-hedging derivatives - - 54 - - 353 Financial assets measured at fair value through comprehensive income - - 8,165 - - 10,171 Equities - - 8,165 - - 10,171 Total - - 45,525 - - 52,494 Other financial liabilities - - 55,041 - - 66,543 Earn-out - - 54,668 - - 44,649 Put option on non-controlling interests - - - - - 21,894 Others - - 373 - Total - - 55,041 - - 66,543",
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"fact-2": {
"value": "INTANGIBLE ASSETS 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: \u2022 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); \u2022 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 \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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},
"fact-447": {
"value": "INTANGIBLE ASSETS 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: \u2022 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); \u2022 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 \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 Material accounting policy information 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: \u2022 land and buildings \u2022 furniture and fixtures \u2022 plant and machinery \u2022 other machinery and equipment and it breaks down into the following categories: \u2022 assets used in the business; \u2022 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: \u2022 Administrative expenses, if pertaining to assets used in the business; or \u2022 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. 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: \u2022 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); \u2022 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; \u2022 financial assets held for trading, mainly represented by the positive value of derivative contracts held for trading purposes. Accordingly, this item reports: \u2022 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); \u2022 units of undertakings for collective investment (CIUs); \u2022 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; \u2022 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. 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: \u2022 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; \u2022 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. 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:
\u2022 current tax assets, i.e. excess payment of tax liabilities on the basis of current tax laws governing
corporate income;
\u2022 current tax liabilities, i.e. tax liabilities to be settled on the basis of current tax laws governing
corporate income;
\u2022 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:
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\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 financial 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 accordance 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. 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: \u2022 the company has a present obligation (legal or constructive) as a result of a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 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: \u2022 post-employment benefits; \u2022 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: \u2022 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; \u2022 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): \u2022 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. \u2022 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: \u2022 in the case of ordinary retirement, the benefit is 40% of remuneration; \u2022 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. 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:
\u2022 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;
\u2022 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: \u2022 Performance, extra-performance and basis commission: linked to the assets managed and the reaching collection targets, respectively; \u2022 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. 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. 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.
Information on fair value 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: \u2022 Level 1: the fair value of the instrument is determined on the basis of listed prices observed on active markets; \u2022 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; \u2022 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, 2023, there are no assets or liabilities measured at fair value on a non-recurring basis. \u00b0 \u00b0 \u00b0 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. EQUITY INVESTMENTS 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: 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; doRes Securitisation S.r.l., whose untranched notes were issued as part of a new finance transaction and subscribed for 20% by doNext. Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 23.3 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; 1. 2. - - - - 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, 2023. 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, and in the Brasilian fintech company QueroQuitar S.A. for a stake of 11.46%, 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: the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Spain; the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Greece, which is linked to the achievement of certain EBITDA targets over a 10- year period; The deferred price of the newly acquired company Team 4 Collection and Consulting, which was paid during February 2024. It is also noted that the fair value of the liability related to the put option for the purchase of remaining minority shares of the subsidiary doValue Spain shows a zero balance following the exercise of the sell option in the last quarter of 2023. 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. 3. 1. 2. 3. 2 (\u20ac/000) 31/12/2023 31/12/2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or oss - - 37,360 - - 42,323 Units in collective investment undertakings (CIUs) - - 20,499 - - 23,628 Debt securities - - 16,610 - - 18,145 Equities - - 197 - - 197 Non-hedging derivatives - - 54 - - 353 Financial assets measured at fair value through comprehensive income - - 8,165 - - 10,171 Equities - - 8,165 - - 10,171 Total - - 45,525 - - 52,494 Other financial liabilities - - 55,041 - - 66,543 Earn-out - - 54,668 - - 44,649 Put option on non-controlling interests - - - - - 21,894 Others - - 373 - Total - - 55,041 - - 66,543",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-436": {
"value": "PROPERTY, PLANT AND EQUIPMENT Recognition and classification criteria The item includes: \u2022 land and buildings \u2022 furniture and fixtures \u2022 plant and machinery \u2022 other machinery and equipment and it breaks down into the following categories: \u2022 assets used in the business; \u2022 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: \u2022 Administrative expenses, if pertaining to assets used in the business; or \u2022 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-3": {
"value": "PROPERTY, PLANT AND EQUIPMENT Recognition and classification criteria The item includes: \u2022 land and buildings \u2022 furniture and fixtures \u2022 plant and machinery \u2022 other machinery and equipment and it breaks down into the following categories: \u2022 assets used in the business; \u2022 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: \u2022 Administrative expenses, if pertaining to assets used in the business; or \u2022 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-396": {
"value": "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:
\u2022 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);
\u2022 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;
\u2022 financial assets held for trading, mainly represented by the positive value of derivative contracts
held for trading purposes.
Accordingly, this item reports:
\u2022 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);
\u2022 units of undertakings for collective investment (CIUs);
\u2022 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;
\u2022 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.
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:
\u2022 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;
\u2022 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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-4": {
"value": "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: \u2022 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); \u2022 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; \u2022 financial assets held for trading, mainly represented by the positive value of derivative contracts held for trading purposes. Accordingly, this item reports: \u2022 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); \u2022 units of undertakings for collective investment (CIUs); \u2022 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; \u2022 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. 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: \u2022 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; \u2022 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-397": {
"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: \u2022 current tax assets, i.e. excess payment of tax liabilities on the basis of current tax laws governing corporate income; \u2022 current tax liabilities, i.e. tax liabilities to be settled on the basis of current tax laws governing corporate income; \u2022 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: \u00b0 \u00b0 \u00b0 \u00b0 \u00b0 \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 financial 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 accordance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-5": {
"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: \u2022 current tax assets, i.e. excess payment of tax liabilities on the basis of current tax laws governing corporate income; \u2022 current tax liabilities, i.e. tax liabilities to be settled on the basis of current tax laws governing corporate income; \u2022 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: \u00b0 \u00b0 \u00b0 \u00b0 \u00b0 \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 financial 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 accordance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-398": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-8": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-7": {
"value": "Provisions for risks and charges Recognition criteria Provisions for risks and charges consist of liabilities recognised when: \u2022 the company has a present obligation (legal or constructive) as a result of a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-399": {
"value": "Employee benefits
Classification criteria
Employee benefits, in addition to short-term benefits such as wages and salaries, relate to:
\u2022 post-employment benefits;
\u2022 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:
\u2022 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;
\u2022 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):
\u2022 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.
\u2022 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:
\u2022 in the case of ordinary retirement, the benefit is 40% of remuneration;
\u2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-9": {
"value": "Employee benefits Classification criteria Employee benefits, in addition to short-term benefits such as wages and salaries, relate to: \u2022 post-employment benefits; \u2022 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: \u2022 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; \u2022 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): \u2022 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. \u2022 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: \u2022 in the case of ordinary retirement, the benefit is 40% of remuneration; \u2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-10": {
"value": "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: \u2022 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; \u2022 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: \u2022 Performance, extra-performance and basis commission: linked to the assets managed and the reaching collection targets, respectively; \u2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-11": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-12": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-400": {
"value": "Information on fair value
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:
\u2022 Level 1: the fair value of the instrument is determined on the basis of listed prices observed on
active markets;
\u2022 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;
\u2022 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, 2023, there
are no assets or liabilities measured at fair value on a non-recurring basis.
\u00b0
\u00b0
\u00b0
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.
EQUITY INVESTMENTS
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: 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; doRes Securitisation S.r.l., whose untranched notes were issued as part of a new finance transaction and subscribed for 20% by doNext. Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 23.3 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; 1. 2. - - - - 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, 2023.
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, and in the Brasilian fintech company QueroQuitar S.A. for a stake of 11.46%, 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:
the Earn-out represented by the fair value of the liability relating to a portion of the acquisition
price of doValue Spain;
the Earn-out represented by the fair value of the liability relating to a portion of the acquisition
price of doValue Greece, which is linked to the achievement of certain EBITDA targets over a 10-
year period;
The deferred price of the newly acquired company Team 4 Collection and Consulting, which was
paid during February 2024.
It is also noted that the fair value of the liability related to the put option for the purchase of remaining
minority shares of the subsidiary doValue Spain shows a zero balance following the exercise of the
sell option in the last quarter of 2023.
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.
3.
1.
2.
3.
(\u20ac/000) 31/12/2023 31/12/2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss - - 37,360 - - 42,323 Units in collective investment undertakings (CIUs) - - 20,499 - - 23,628 Debt securities - - 16,610 - - 18,145 Equities - - 197 - - 197 Non-hedging derivatives - - 54 - - 353 Financial assets measured at fair value through comprehensive income - - 8,165 - - 10,171 Equities - - 8,165 - - 10,171 Total - - 45,525 - - 52,494 Other financial liabilities - - 55,041 - - 66,543 Earn-out - - 54,668 - - 44,649 Put option on non-controlling interests - - - - - 21,894 Others - - 373 - Total - - 55,041 - - 66,543",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-13": {
"value": "Information on fair value 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: \u2022 Level 1: the fair value of the instrument is determined on the basis of listed prices observed on active markets; \u2022 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; \u2022 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, 2023, there are no assets or liabilities measured at fair value on a non-recurring basis. \u00b0 \u00b0 \u00b0 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. EQUITY INVESTMENTS 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: 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; doRes Securitisation S.r.l., whose untranched notes were issued as part of a new finance transaction and subscribed for 20% by doNext. Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 23.3 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; 1. 2. - - - - 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, 2023. 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, and in the Brasilian fintech company QueroQuitar S.A. for a stake of 11.46%, 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: the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Spain; the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Greece, which is linked to the achievement of certain EBITDA targets over a 10- year period; The deferred price of the newly acquired company Team 4 Collection and Consulting, which was paid during February 2024. It is also noted that the fair value of the liability related to the put option for the purchase of remaining minority shares of the subsidiary doValue Spain shows a zero balance following the exercise of the sell option in the last quarter of 2023. 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. 3. 1. 2. 3. (\u20ac/000) 31/12/2023 31/12/2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss - - 37,360 - - 42,323 Units in collective investment undertakings (CIUs) - - 20,499 - - 23,628 Debt securities - - 16,610 - - 18,145 Equities - - 197 - - 197 Non-hedging derivatives - - 54 - - 353 Financial assets measured at fair value through comprehensive income - - 8,165 - - 10,171 Equities - - 8,165 - - 10,171 Total - - 45,525 - - 52,494 Other financial liabilities - - 55,041 - - 66,543 Earn-out - - 54,668 - - 44,649 Put option on non-controlling interests - - - - - 21,894 Others - - 373 - Total - - 55,041 - - 66,543",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-437": {
"value": "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: 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; doRes Securitisation S.r.l., whose untranched notes were issued as part of a new finance transaction and subscribed for 20% by doNext. Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 23.3 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; 1. 2. - - - - 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, 2023. 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, and in the Brasilian fintech company QueroQuitar S.A. for a stake of 11.46%, 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: the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Spain; the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of doValue Greece, which is linked to the achievement of certain EBITDA targets over a 10- year period; The deferred price of the newly acquired company Team 4 Collection and Consulting, which was paid during February 2024. It is also noted that the fair value of the liability related to the put option for the purchase of remaining minority shares of the subsidiary doValue Spain shows a zero balance following the exercise of the sell option in the last quarter of 2023. 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. 3. 1. 2. 3. (\u20ac/000)
31/12/2023 31/12/2022
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets measured at fair value through profit or
loss
- - 37,360 - - 42,323
Units in collective investment undertakings (CIUs) - - 20,499 - - 23,628
Debt securities - - 16,610 - - 18,145
Equities - - 197 - - 197
Non-hedging derivatives - - 54 - - 353
Financial assets measured at fair value through
comprehensive income
- - 8,165 - - 10,171
Equities - - 8,165 - - 10,171
Total - - 45,525 - - 52,494
Other financial liabilities - - 55,041 - - 66,543
Earn-out - - 54,668 - - 44,649
Put option on non-controlling interests - - - - - 21,894
Others - - 373 -
Total - - 55,041 - - 66,543
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-14": {
"value": "Assets NOTE 1 \u2013 INTANGIBLE ASSETS Software Brands Assets under development and payments on account Goodwill Other intangible assets Total 12/31/2023 Total 12/31/2022 Gross opening balance 175,010 46,885 10,791 236,897 436,418 906,001 872,403 Initial reduction in value (130,569) (22,304) - - (226,240) (379,113) (327,178) Net opening balance 44,441 24,581 10,791 236,897 210,178 526,888 545,225 Changes in gross balance 23,494 (17,187) (2,838) - (13,077) (9,608) 33,598 Purchases 18,345 - 2,995 - 326 21,666 36,566 Disposals and dismissals (1,267) - (165) - - (1,432) - Business combination 565 - - - - 565 - Impairment (48) - (130) - (13,403) (13,581) (1,344) Other changes 5,899 (17,187) (5,538) - - (16,826) (1,624) Changes in reduction in value (16,522) 13,277 - (12,530) (27,721) (43,496) (51,935) Amortisation (17,221) (3,912) - - (27,721) (48,854) (53,559) Business combination (454) - - - - (454) - Impairment of goodwill - - - (12,530) - (12,530) - Other changes 1,153 17,189 - - - 18,342 - Gross closing balance 198,504 29,698 7,953 236,897 423,341 896,393 906,001 Final reduction in value (147,091) (9,027) - (12,530) (253,961) (422,609) (379,113) Net closing balance 51,413 20,671 7,953 224,367 169,380 473,784 526,888 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 doValue Spain Servicing (hereinafter also \u201cdoValue Spain\u201d) and its subsidiaries, and in June 2020 the business combination of doValue Greece. Thanks to the acquisition of doValue Greece, the following net values were recognised as at December 31, 2023: \u2022 \u20ac27.3 million relating to software and related assets under development; \u2022 \u20ac151.6 million related to multi-year servicing contracts (\u201cSLAs\u201d), of which \u20ac35.5 million related to the Frontier portfolio; \u2022 \u20ac112.4 million relating to goodwill. With regard to the acquisition of doValue Spain and its subsidiaries, the net values as at December 31, 2023, were as follows: \u2022 \u20ac13.3 million relating to software and related assets under development; \u2022 \u20ac20.6 million relating to the brand; \u2022 \u20ac17.8 million relating to other intangible assets, which include the valuation of active long-term servicing contracts (\u201cSLAs\u201d); \u2022 \u20ac111.5 million relating to goodwill. (\u20ac/000) The changes in gross balance 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 \u20ac21.3 million and the \u201cimpairment\u201d related to Iberia region for a total of \u20ac13.6 million primarly following the execution of the impairment test, as detailed below. Furthermore, there is an increase related to \u201cbusiness combinations\u201d of \u20ac0.6 million attributable to the incorporation of the Spanish company Team4. 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 include \u201cimpairment of goodwill\u201d of \u20ac12.5 million following the results of the impairment test as described below, as well as the amortisation charges for the year of \u20ac48.9 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 of each contract was calculated to an extent corresponding to the direct margin posted in the year. For the purpose of preparing the impairment test on the values as at December 31, 2023, continuing with the approach taken to the test performed in the previous accounting periods, 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 purpose of conducting the test, the forward-looking information included in the Group Industrial Plan 2024-2026 approved by the Board of Directors on March 20, 2024, has been considered. 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. With regards to the test performed on the other intangible assets, the analysis revealed evidence of impairment losses such as differences between the value in use of the servicing contracts and the related book value net of amortization for the year, for a total of \u20ac13.4 million relating to doValue Spain\u2019s Santander contract. Regarding the impairment of the Cash Generating Unit (CGU) \u201cIberia,\u201d it is noted that an impairment charge of \u20ac12.5 million was recognized as a result of the impairment test conducted on balances as of September 30, 2023, based on the preliminary cash flows of the Industrial Plan for the Iberia region, approved by the Board of Directors on January 12, 2024. This led to a reassessment of the carrying amount of goodwill as of September 30, 2023, as already reported in the Consolidated Interim Report at September 30, 2023, \u201crestated,\u201d prepared in accordance with IAS 34, and approved on the same date. The carrying amount of goodwill, adjusted for the impairment charge recognized as of September 30, 2023, underwent a new impairment test as of December 31, 2023, which did not reveal any further need for impairment. Net present value Net book value Impairment Software 9,865 9,865 - Brand 20,665 20,603 - Other ingible assets - SLAs 8,387 21,790 (13,403) Intangible Assets - Iberia 38,917 52,258 (13,403) Software Software 2,513 2,513 - Other intangible assets - SLAs 17,640 9,120 - Intangible Assets - Hellenic Region 20,153 11,633 - Total 59,070 63,891 (13,403) Similarly, the table summarising the impairment test performed on the value attributed to the intangible assets of doValue Greece, including also the \u201cFrontier\u201d contract, is shown below. Net present value Net book value Impairment Intangible Assets - SLAs - Hellenic Region 344,350 151,557 - Total 344,350 151,557 - (\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. Regarding the impairment test of the CGU \u201cHellenic Region\u201d, the comparison between the recoverable amount and the carrying amount of the CGU as of December 31, 2023, has confirmed the adequacy of the recoverable amount, thus not indicating any impairment losses, both concerning the doValue Greece acquisition and the Cyprus component arising from the doValue Spain acquisition and its subsidiaries. The discount rate (WACC - Weighted Average Cost of Capital) used in the impairment analysis carried out on goodwill and other intangible assets was 7.2% for the Spain and Portugal CGU and 8.2% for the Cyprus component of the Greece and Cyprus CGU and 7.8% for the single Greece component 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)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-401": {
"value": "For the purpose of preparing the impairment test on the values as at December 31, 2023, continuing
with the approach taken to the test performed in the previous accounting periods, 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 purpose of conducting the test, the forward-looking information included in the Group
Industrial Plan 2024-2026 approved by the Board of Directors on March 20, 2024, has been
considered.
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.
With regards to the test performed on the other intangible assets, the analysis revealed evidence of
impairment losses such as differences between the value in use of the servicing contracts and the
related book value net of amortization for the year, for a total of \u20ac13.4 million relating to doValue
Spain\u2019s Santander contract.
Regarding the impairment of the Cash Generating Unit (CGU) \u201cIberia,\u201d it is noted that an impairment
charge of \u20ac12.5 million was recognized as a result of the impairment test conducted on balances
as of September 30, 2023, based on the preliminary cash flows of the Industrial Plan for the Iberia
region, approved by the Board of Directors on January 12, 2024. This led to a reassessment of the
carrying amount of goodwill as of September 30, 2023, as already reported in the Consolidated
Interim Report at September 30, 2023, \u201crestated,\u201d prepared in accordance with IAS 34, and approved
on the same date. The carrying amount of goodwill, adjusted for the impairment charge recognized
as of September 30, 2023, underwent a new impairment test as of December 31, 2023, which did not
reveal any further need for impairment.
Net present value Net book value Impairment Software 9,865 9,865 - Brand 20,665 20,603 - Other ingible assets - SLAs 8,387 21,790 (13,403) Intangible Assets - Iberia 38,917 52,258 (13,403) Software Software 2,513 2,513 - Other intangible assets - SLAs 17,640 9,120 - Intangible Assets - Hellenic Region 20,153 11,633 - Total 59,070 63,891 (13,403) imilarly, the table summarising the impairment test performed on the value attributed to the ntangible assets of doValue Greece, including also the \u201cFrontier\u201d contract, is shown below. Net present value Net book value Impairment Intangible Assets - SLAs - Hellenic Region 344,350 151,557 - Total 344,350 151,557 - (\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. Regarding the impairment test of the CGU \u201cHellenic Region\u201d, the comparison between the recoverable amount and the carrying amount of the CGU as of December 31, 2023, has confirmed the adequacy of the recoverable amount, thus not indicating any impairment losses, both concerning the doValue Greece acquisition and the Cyprus component arising from the doValue Spain acquisition and its subsidiaries. The discount rate (WACC - Weighted Average Cost of Capital) used in the impairment analysis carried out on goodwill and other intangible assets was 7.2% for the Spain and Portugal CGU and 8.2% for the Cyprus component of the Greece and Cyprus CGU and 7.8% for the single Greece component 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)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-438": {
"value": "For the purpose of preparing the impairment test on the values as at December 31, 2023, continuing with the approach taken to the test performed in the previous accounting periods, 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 purpose of conducting the test, the forward-looking information included in the Group Industrial Plan 2024-2026 approved by the Board of Directors on March 20, 2024, has been considered. 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. With regards to the test performed on the other intangible assets, the analysis revealed evidence of impairment losses such as differences between the value in use of the servicing contracts and the related book value net of amortization for the year, for a total of \u20ac13.4 million relating to doValue Spain\u2019s Santander contract. Regarding the impairment of the Cash Generating Unit (CGU) \u201cIberia,\u201d it is noted that an impairment charge of \u20ac12.5 million was recognized as a result of the impairment test conducted on balances as of September 30, 2023, based on the preliminary cash flows of the Industrial Plan for the Iberia region, approved by the Board of Directors on January 12, 2024. This led to a reassessment of the carrying amount of goodwill as of September 30, 2023, as already reported in the Consolidated Interim Report at September 30, 2023, \u201crestated,\u201d prepared in accordance with IAS 34, and approved on the same date. The carrying amount of goodwill, adjusted for the impairment charge recognized as of September 30, 2023, underwent a new impairment test as of December 31, 2023, which did not reveal any further need for impairment. Net present value Net book value Impairment Software 9,865 9,865 - Brand 20,665 20,603 - Other ingible assets - SLAs 8,387 21,790 (13,403) Intangible Assets - Iberia 38,917 52,258 (13,403) Software Software 2,513 2,513 - Other intangible assets - SLAs 17,640 9,120 - Intangible Assets - Hellenic Region 20,153 11,633 - Total 59,070 63,891 (13,403) imilarly, the table summarising the impairment test performed on the value attributed to the ntangible assets of doValue Greece, including also the \u201cFrontier\u201d contract, is shown below. Net present value Net book value Impairment Intangible Assets - SLAs - Hellenic Region 344,350 151,557 - Total 344,350 151,557 - (\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. Regarding the impairment test of the CGU \u201cHellenic Region\u201d, the comparison between the recoverable amount and the carrying amount of the CGU as of December 31, 2023, has confirmed the adequacy of the recoverable amount, thus not indicating any impairment losses, both concerning the doValue Greece acquisition and the Cyprus component arising from the doValue Spain acquisition and its subsidiaries. The discount rate (WACC - Weighted Average Cost of Capital) used in the impairment analysis carried out on goodwill and other intangible assets was 7.2% for the Spain and Portugal CGU and 8.2% for the Cyprus component of the Greece and Cyprus CGU and 7.8% for the single Greece component 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)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-15": {
"value": "Buildings Furniture Electronic systems Assets u. develop. and payments on accounts Other Total 12/31/2023 Total 12/31/2022 Gross opening balance 69,971 3,566 29,139 1,455 15,692 119,823 88,088 Initial reduction in value (33,408) (3,086) (13,428) - (10,765) (60,687) (53,939) Net opening balance 36,563 480 15,711 1,455 4,927 59,136 34,149 Changes in gross balance 2,327 935 (506) (1,064) 1,130 2,822 31,735 Purchases 3,289 418 943 307 1,762 6,719 41,973 o.w. Right of Use 3,012 - 50 - 1,663 4,725 38,027 Disposals and dismissals (820) (19) - - (248) (1,087) - Business combination 215 32 65 - 123 435 - Other changes (357) 504 (1,514) (1,371) (507) (3,245) (10,238) Changes in reduction in value (7,180) (708) (3,613) - (1,780) (13,281) (6,748) Amortisation (9,805) (323) (5,067) - (2,084) (17,279) (16,626) o.w. Right of Use (8,750) - (4,207) - (1,366) (14,323) (13,061) Business combination (191) (17) (20) - (94) (322) - Other changes 2,816 (368) 1,474 - 398 4,320 9,878 Gross closing balance 72,298 4,501 28,633 391 16,822 122,645 119,823 Final reduction in value (40,588) (3,794) (17,041) - (12,545) (73,968) (60,687) Net closing balance 31,710 707 11,592 391 4,277 48,677 59,136 NOTE 2 \u2013 PROPERTY, PLANT AND EQUIPMENT (\u20ac/000) During 2023, the item recorded an overall decrease of \u20ac10.5 million, amounting to \u20ac48.7 million. The changes in gross balance mainly include \u201cpurchases\u201d, which in the year totalled \u20ac6.7 million (of which \u20ac4.7 million in rights of use) and consisted of the renewal of rental contracts, enlargments and improvements for certain premises in Italy and Cyprus, as well as renewals and additional car rentals in the category \u201cOther\u201d. 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. As indicated for intangible assets, it is also noted for the item in question the impact of Team4\u2019s entry into \u201cbusiness combination\u201d, with a gross contribution of \u20ac0.4 million. The changes in reduction in value included depreciation of \u20ac17.3 million, of which \u20ac14.3 million related to rights of use. Please see Note 19 for more details on changes in rights of use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-402": {
"value": "Buildings Furniture Electronic systems Assets u. develop. and payments on accounts Other Total 12/31/2023 Total 12/31/2022 Gross opening balance 69,971 3,566 29,139 1,455 15,692 119,823 88,088 Initial reduction in value (33,408) (3,086) (13,428) - (10,765) (60,687) (53,939) Net opening balance 36,563 480 15,711 1,455 4,927 59,136 34,149 Changes in gross balance 2,327 935 (506) (1,064) 1,130 2,822 31,735 Purchases 3,289 418 943 307 1,762 6,719 41,973 o.w. Right of Use 3,012 - 50 - 1,663 4,725 38,027 Disposals and dismissals (820) (19) - - (248) (1,087) - Business combination 215 32 65 - 123 435 - Other changes (357) 504 (1,514) (1,371) (507) (3,245) (10,238) Changes in reduction in value (7,180) (708) (3,613) - (1,780) (13,281) (6,748) Amortisation (9,805) (323) (5,067) - (2,084) (17,279) (16,626) o.w. Right of Use (8,750) - (4,207) - (1,366) (14,323) (13,061) Business combination (191) (17) (20) - (94) (322) - Other changes 2,816 (368) 1,474 - 398 4,320 9,878 Gross closing balance 72,298 4,501 28,633 391 16,822 122,645 119,823 Final reduction in value (40,588) (3,794) (17,041) - (12,545) (73,968) (60,687) Net closing balance 31,710 707 11,592 391 4,277 48,677 59,136 NOTE 2 \u2013 PROPERTY, PLANT AND EQUIPMENT (\u20ac/000) During 2023, the item recorded an overall decrease of \u20ac10.5 million, amounting to \u20ac48.7 million. The changes in gross balance mainly include \u201cpurchases\u201d, which in the year totalled \u20ac6.7 million (of which \u20ac4.7 million in rights of use) and consisted of the renewal of rental contracts, enlargments and improvements for certain premises in Italy and Cyprus, as well as renewals and additional car rentals in the category \u201cOther\u201d. 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. As indicated for intangible assets, it is also noted for the item in question the impact of Team4\u2019s entry into \u201cbusiness combination\u201d, with a gross contribution of \u20ac0.4 million. The changes in reduction in value included depreciation of \u20ac17.3 million, of which \u20ac14.3 million related to rights of use. Please see Note 19 for more details on changes in rights of use. 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 year. NOTA 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. Buildings Electronic system Other tangible assets Total 12/31/2023 Total 12/31/2022 Opening balance 33,886 14,219 2,545 50,650 26,024 Increases 4,201 50 1,695 5,946 27,907 Purchases 3,012 50 1,663 4,725 38,027 Other changes 1,189 - 32 1,221 (10,120) Decreases (9,279) (4,207) (1,548) (15,034) (3,281) Amortisation (8,750) (4,207) (1,366) (14,323) (13,061) Other changes (529) - (182) (711) 9,780 Closing balance 28,808 10,062 2,692 41,562 50,650 The following table reports the carrying amounts of right-of-use assets and changes in the year: (\u20ac/000) 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 year: (\u20ac/000) 12/31/2023 12/31/2022 Opening balance 49,938 26,366 Increases 7,788 35,908 New liabilities 3,361 34,936 Financial expenses 1,298 963 Other changes 3,129 9 Decreases (16,227) (12,336) Payments (15,928) (11,941) Other changes (299) (395) Closing balance 41,499 49,938 o.w.: Non-current lease liabilities 29,795 38,109 o.w.: Current lease liabilities 11,704 11,829 The increases of \u20ac7.8 million mainly refer to the buildings category following the renewal of lease contracts for certain premises in Italy and Cyprus. 12/31/2023 12/31/2022 Costs relating to short-term leases (5) (25) Costs relating to lease of assets with a low unit value - - Total (5) (25) 12/31/2023 12/31/2022 Amortisation of right-of-use assets (14,323) (13,061) Financial expenses from lease liabilities (1,298) (963) Total (15,621) (14,024) (\u20ac/000) (\u20ac/000) The amounts recognised in profit or loss are provided in the following table: 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:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-16": {
"value": "12/31/2023 12/31/2022 Non-current financial assets 46,167 53,604 Financial assets measured at fair value through profit or loss 37,360 42,323 Units in collective investment undertakings (CIUs) 20,499 23,628 Debt securities 16,610 18,145 Equities 197 197 Non-hedging derivatives 54 353 Financial assets measured at amortised cost 642 1,110 Loans to customers 602 1,057 Loans to banks 40 53 Financial assets measured at fair value through other comprehensive income 8,165 10,171 Equities 8,165 10,171 Current financial assets - 4,380 Financial assets measured at amortised cost - 4,380 Loans to customers - 4,380 Total 46,167 57,984 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 23.3 units of the restricted closed-end alternative securities investment fund denominated Italian Recovery Fund (formerly Atlante II). During the year, partial reimbursements of quotas amounting to \u20ac2.2 million were recorded, along with valuation effects reducing \u20ac0.9 million, while additional shares to be subscribed of \u20ac1.1 million were recognised under commitments. Debt securities reduced by \u20ac1.5 million, almost entirely referred to evaluation effects. The breakdown of debt securities is represented, for \u20ac12.3 million by the ABS securities of the Cairo securitisations acquired as part of the acquisition of doValue Greece, for \u20ac2.1 million by the value of the ABS securities relating to the Romeo SPV and Mercuzio Securitisation securitisations and, for \u20ac2.1 million by the co-investment in the Mexico securitisation notes and for \u20ac0.1 million by the fair value of new ABS securities subscribed by doNext and issued by the vehicle doRes Securitisation S.r.l. as part of a new finance operation. 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. The category of non-current financial assets measured at amortised cost only include the non- current part of \u20ac0.6 million mainly related to loans to customers, which is down comparing to the previous year. On the other hand, the current component is reduced to zero as a result of the transfer to third parties of the limited recourse loan for a specific business. NOTE 3 \u2013 FINANCIAL ASSETS (\u20ac/000) 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: \u2022 \u20ac1.5 million equal to 11.46% of the Brazilian fintech company QueroQuitar S.A. which operates in the field of digital collections; \u2022 \u20ac6.7 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. The reduction of the item by \u20ac2.0 million compared to 31 December 2022 originates from the fair value evaluation process and refers exclusively to the investment in BidX1. 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. During the first quarter of 2023, the subsidiary doNext disbursed a loan which was transferred in the same period to the credit securitization company doRes Securitization S.r.l.. As part of this transaction, doNext subscribed 20% of the untranched notes issued by the SPV, corresponding to a nominal amount of \u20ac0.4 million, and assumed the roles of Master and Special Servicer.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-403": {
"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 23.3 units of the restricted closed-end alternative securities investment fund
denominated Italian Recovery Fund (formerly Atlante II). During the year, partial reimbursements of
quotas amounting to \u20ac2.2 million were recorded, along with valuation effects reducing \u20ac0.9 million,
while additional shares to be subscribed of \u20ac1.1 million were recognised under commitments.
Debt securities reduced by \u20ac1.5 million, almost entirely referred to evaluation effects. The
breakdown of debt securities is represented, for \u20ac12.3 million by the ABS securities of the Cairo
securitisations acquired as part of the acquisition of doValue Greece, for \u20ac2.1 million by the value of
the ABS securities relating to the Romeo SPV and Mercuzio Securitisation securitisations and, for
\u20ac2.1 million by the co-investment in the Mexico securitisation notes and for \u20ac0.1 million by the fair
value of new ABS securities subscribed by doNext and issued by the vehicle doRes Securitisation
S.r.l. as part of a new finance operation.
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-440": {
"value": "Debt securities reduced by \u20ac1.5 million, almost entirely referred to evaluation effects. The breakdown of debt securities is represented, for \u20ac12.3 million by the ABS securities of the Cairo securitisations acquired as part of the acquisition of doValue Greece, for \u20ac2.1 million by the value of the ABS securities relating to the Romeo SPV and Mercuzio Securitisation securitisations and, for \u20ac2.1 million by the co-investment in the Mexico securitisation notes and for \u20ac0.1 million by the fair value of new ABS securities subscribed by doNext and issued by the vehicle doRes Securitisation S.r.l. as part of a new finance operation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-439": {
"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: \u2022 \u20ac1.5 million equal to 11.46% of the Brazilian fintech company QueroQuitar S.A. which operates in the field of digital collections; \u2022 \u20ac6.7 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. The reduction of the item by \u20ac2.0 million compared to 31 December 2022 originates from the fair value evaluation process and refers exclusively to the investment in BidX1. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-404": {
"value": "The category of non-current financial assets measured at amortised cost only include the non-
current part of \u20ac0.6 million mainly related to loans to customers, which is down comparing to
the previous year. On the other hand, the current component is reduced to zero as a result of the
transfer to third parties of the limited recourse loan for a specific business.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-405": {
"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:
\u2022 \u20ac1.5 million equal to 11.46% of the Brazilian fintech company QueroQuitar S.A. which operates
in the field of digital collections;
\u2022 \u20ac6.7 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.
The reduction of the item by \u20ac2.0 million compared to 31 December 2022 originates from the fair
value evaluation process and refers exclusively to the investment in BidX1.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-17": {
"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 \u201cDTAs\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 the 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. The 2024 Budget Act (Law No. 213/2023) has amended the original deduction plan for the fourth time. The previous deductible quota envisaged for 2024 is reduced from 18% to 17%, deferring 1% in equal installments for the tax periods ending on December 31, 2027, and December 31, 2028; furthermore, for the tax period ending on December 31, 2026, the deductible quota is reduced from 7.7% to 4.7%, deferring 3% in equal installments for the tax periods ending on December 31, 2027, and December 31, 2028. Following the amendment, the recovery plan is now as follows: 5% for the tax period ending on December 31, 2016; 8% for the tax period ending on December 31, 2017; 12% for the tax period ending on December 31, 2020; 12% for the tax period ending on December 31, 2021; 8.3% for the tax period ending on December 31, 2022; 18% for the tax period ending on December 31, 2023; 17% (-1%) for the tax periods ending on December 31, 2024; 11% for the tax period ending on December 31, 2025; 4.7% (-3%) for the tax period ending on December 31, 2026; 2% (+2%) for the tax period ending on December 31, 2027; 2% (+2%) for the tax period ending on December 31, 2028. As a result of these law provisions, the amount of the deferred tax assets relating to the Parent Company begins to change starting from the current year, through reversals with economic impact. As a result of paying the fee for converting DTA into tax credit, the amount of impairments pertaining to the 2023 period that will contribute to the tax loss, will be transformed into tax credit starting from the date of submission of the tax return (IRES and IRAP), by September 30, 2024. A portion of the DTA stock consisting of impairments and credit losses recorded as of December 31, 2023, due to civil losses, will be converted into tax credit subsequent to the approval of the 2023 Financial Statements. With regard to the provisions of IAS 12, the balance of deferred tax assets is 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, 2023, took therefore into account the 2024-2026 Idustrial Plan approved in the Board of Directors of March 20, 2024, and in general of estimates based on the most recent both endogenous and exogenous parameters. As at December 31, 2023, additional DTAs totalling \u20ac11.1 million have been recognised mainly relating to tax losses that can be carried forward in the future, deriving from the reversal of the write- downs on loans of Law 214/2011. This increase was more than offset by lower deferred tax assets related to the cancellation of deferred tax assets for the year of \u20ac34.5 million mainly attributable to: \u2022 \u201cwrite-downs of non-recoverable items\u201d for a total of \u20ac17.8 million following the execution of the sustainability test based on the Industrial Plan 2024-2026 of which \u20ac12.6 million attributable to the the Iberia region and \u20ac5.2 million for the DTAs recognized by the doValue Parent Company doValue; and \u2022 change of DTAs referred to Law 214/2011 described above for \u20ac10.7 million. The criteria used for the recognition of deferred tax assets can be summarised as follows: \u2022 deferred tax assets correspond to the amounts of income tax that can be recovered in future years regarding temporary differences; \u2022 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. Additionally, there are \u20ac43.0 million of unrecorded cumulated DTA (\u20ac10.9 million raised in the year), comprising \u20ac19.1 million related to tax losses concerning the Iberian Region and, to a lesser extent, to the Parent Company, \u20ac17.8 million for impaired DTAs resulting from the sustainability test as indicated above, and finally, \u20ac6.2 million of potential DTAs related to the doValue Parent Company stemming from the portion of interest expenses subject to the 30% deductibility limitation of the Recognised through Income Statement Recognised through Equity Total 12/31/2023 Total 12/31/2022 Opening balance 101,408 350 101,758 112,640 Increases 11,049 13 11,062 4,093 Deferred tax assets recognised during the period 11,049 13 11,062 4,008 - In respect of previous periods 366 - 366 1,005 - Accruals 10,683 13 10,696 3,003 Other changes - - - 85 Decreases (34,425) (44) (34,469) (14,975) Deferred tax assets derecognised during the period (34,297) - (34,297) (14,836) - Reversals of temporary differences (16,531) - (16,531) (12,927) - Write-downs of non-recoverable items (17,766) - (17,766) (1,909) Other changes (128) (44) (172) (139) Closing balance 78,032 319 78,351 101,758 12/31/2023 12/31/2022 Provisions recognised through Income Statement 78,032 101,408 Write-downs of loans 40,239 49,391 Tax losses carried forward 18,230 19,300 Provisions for risks and charges 2,658 7,729 Property, plant and equipment / intangible assets 12,021 18,241 Administrative expenses 1,504 1,504 Other assets / liabilities 3,380 5,243 Provisions recognised through Equity 319 350 Defined benefit plans 319 350 Total 78,351 101,758 Deferred tax assets Breakdown (\u20ac/000) Change (\u20ac/000) Gross Taxable Operating Income, for which their recognition may be assessed in subsequent fiscal 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 basis-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, 2023, 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. 12/31/2023 12/31/2022 Provisions recognised through Income Statement 42,602 50,982 Other assets / liabilities 43,155 50,809 Others (553) 173 Provisions recognised through Equity 21 21 Defined benefit plans 21 21 Total 42,623 51,003 (\u20ac/000) Deferred tax liabilities Breakdown Recognised through Income Statement Recognised through Equity Total 12/31/2023 Total 12/31/2022 Opening balance 50,982 21 51,003 54,350 Increases 1,429 - 1,429 2,621 Deferred tax liabilities recognised during the period 1,429 - 1,429 2,620 - Accruals 1,429 - 1,429 2,620 Other changes - - - 1 Decreases (9,809) - (9,809) (5,968) Deferred tax liabilities derecognised during the period (9,809) - (9,809) (5,968) - Reversals of temporary differences (4,900) - (4,900) - - Other (4,909) - (4,909) (5,968) Closing balance 42,602 21 42,623 51,003 (\u20ac/000) Change 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. It should be noted that following the impairment of intangible assets, please refer to Note 1 - Intangible assets, the balance at December 31, 2023 was characterized by the derecognition of deferred tax liabilities for \u20ac3.4 million recorded in the \u201cOther\u201d item.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-20": {
"value": "12/31/2023 12/31/2022 Receivables 200,948 201,828 Receivables accruing (Invoices to be issued) 151,452 127,643 Receivables for invoices issued but not collected 49,496 74,185 Provisions (1,104) (1,685) Provisions for expected losses on receivables (1,104) (1,685) Total 199,844 200,143 NOTE 7 \u2013 TRADE RECEIVABLES (\u20ac/000) 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 substantial stability compared to the balance of December 31, 2022, resulting from the total offsetting of the increase in invoices to be issued with the decrease in invoices to be collected. Provisions for expected future credit losses account for 0.6% of receivables (0.8% in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-18": {
"value": "12/31/2023 12/31/2022 Other non-current assets 3,716 2,076 Other current assets 64,076 31,840 Accrued income / prepaid expenses 2,268 2,152 Items for employees 696 823 Receivables for advances 43,130 21,966 Current receivables on taxes other than income tax 16,576 4,032 Other items 1,406 2,867 Total 67,792 33,916 (\u20ac/000) NOTE 5 \u2013 OTHER ASSETS The following table provides a breakdown of other current and non-current assets. Overall, the item increased by \u20ac33.9 million compared to December 31, 2022, mainly due to higher receivables for advances from customers within the Hellenic Region, particularly as a result of measures to increase legal recovery activities which already started during the last quarter of 2022. Other non-current assets mainly consist of security deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-406": {
"value": "12/31/2023 12/31/2022 Other non-current assets 3,716 2,076 Other current assets 64,076 31,840 Accrued income / prepaid expenses 2,268 2,152 Items for employees 696 823 Receivables for advances 43,130 21,966 Current receivables on taxes other than income tax 16,576 4,032 Other items 1,406 2,867 Total 67,792 33,916 (\u20ac/000) NOTE 5 \u2013 OTHER ASSETS The following table provides a breakdown of other current and non-current assets. Overall, the item increased by \u20ac33.9 million compared to December 31, 2022, mainly due to higher receivables for advances from customers within the Hellenic Region, particularly as a result of measures to increase legal recovery activities which already started during the last quarter of 2022. Other non-current assets mainly consist of security deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-441": {
"value": "12/31/2023 12/31/2022 Other non-current assets 3,716 2,076 Other current assets 64,076 31,840 Accrued income / prepaid expenses 2,268 2,152 Items for employees 696 823 Receivables for advances 43,130 21,966 Current receivables on taxes other than income tax 16,576 4,032 Other items 1,406 2,867 Total 67,792 33,916 (\u20ac/000) NOTE 5 \u2013 OTHER ASSETS The following table provides a breakdown of other current and non-current assets. Overall, the item increased by \u20ac33.9 million compared to December 31, 2022, mainly due to higher receivables for advances from customers within the Hellenic Region, particularly as a result of measures to increase legal recovery activities which already started during the last quarter of 2022. Other non-current assets mainly consist of security deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-19": {
"value": "NOTE 6 \u2013 INVENTORIES As of December 31, 2023, the item is substantially zeroed compared to the balance of December 31, 2022, which amounted to \u20ac55 thousand following the sale of the two properties held at the end of the previous fiscal year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-21": {
"value": "NOTE 8 \u2013 TAX ASSETS AND TAX LIABILITIES As at December 31, 2023, tax assets amounted to \u20ac4.6 million and include tax credits originating from Italian and Spanish companies. Tax liabilities amount to \u20ac10.5 million and represent the payable to the tax authorities for taxes net of liquidations made in the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-22": {
"value": "NOTE 9 - CASH AND CASH EQUIVALENTS The balance of \u20ac112.4 million, with a decrease of \u20ac21.9 million compared with the \u20ac134.3 million reported as at December 31, 2022, represents the liquidity available at the end of the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-23": {
"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 a new vehicle in Spain has been created, similar to the one acquired at the end of 2022, with the view to transferring control in the current year. Therefore, the value as at December 31, 2023, corresponds to three SPVs, one based in Italy and two based in Spain. Furthermore, it is noted that, as indicated in the paragraph \u201cSignificant Events occurred during the year\u201d in the Directors\u2019 Report on the Group, in November 2023, the Board of Directors of doValue Spain, as the sole shareholder of its subsidiary doValue Portugal, resolved to initiate the sale process, considering the negative economic and financial outlook of the company, despite the initiatives undertaken up to that point to reduce its financial losses. As of December 31, 2023, the status of the activities related to this sale had just begun, and therefore, there were no grounds for the recognition of the related values under IFRS 5. However, as of the date of this document, it is reasonable to expect a high probability of the sale of doValue Portugal within the next 12 months. doValue Portugal, along with its subsidiary Zarco, currently predominantly manage the servicing of a long-term contract, the intangible value of which is fully amortized. As of December 31, 2023, the combined contribution of the two companies belonging to the Iberian Region amounts to a total of \u20ac7.8 million in negative economic result, while the total assets amount to \u20ac4.3 million. 12/31/2023 12/31/2022 Non-current assets: Intangible assets - - Property, plant and equipment - - Investments in associates and joint ventures - - Non-current financial assets 16 13 Deferred tax assets - - Other non-current assets - - Total non-current assets 16 13 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 16 13 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 - - (\u20ac/000)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-24": {
"value": "12/31/2023 12/31/2022 Net Equity attributable to the Shareholders of the Parent Company 53,031 136,559 Share capital 41,280 41,280 Treasury shares (6,095) (4,332) Valuation reserve (2,830) (906) Other reserves 38,506 84,015 Profit (loss) for the period attributable to the Shareholders of the Parent Company (17,830) 16,502 Net Equity attributable to Non-controlling interests 51,660 44,361 Total 104,691 180,920 Liabilities and Equity NOTE 11 \u2013 NET EQUITY (\u20ac/000) As at December 31, 2023, 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. (no. of shares) 12/31/2023 12/31/2022 Ordinary shares issued 80,000,000 80,000,000 Treasury shares (1,494,630) (900,434) Total shares outstanding 78,505,370 79,099,566 Treasury shares, shown as a direct reduction of Shareholders\u2019 Equity, amounted to \u20ac6.1 million, with an increase of \u20ac1.8 million, compared to \u20ac4.3 million in the previous year. Below are the details concerning the movement of treasury shares, which indicate an increase due to market acquisitions totalling 667,400 shares for a value of \u20ac2.1 million. Additionally, there is a decrease resulting from the exercise of 73,204 performance stock grants (with a value of \u20ac352 thousand), allocated by doValue to beneficiaries upon finalization of the incentive system, in accordance with the Remuneration Policy. As at December 31, 2023, the number of treasury shares is 1.87% of the number of issued ordinary shares. (no. of treasury shares) 12/31/2023 12/31/2022 Opening balance 900,434 972,339 Purchases 667,400 - Transfers due to exercise of performance stock grants (73,204) (71,905) Closing balance 1,494,630 900,434 12/31/2023 12/31/2022 Reserves from allocation of profits or tax-suspended reserves 26,076 25,774 Legal reserve 8,256 8,256 Reserve art. 7 Law 218/90 2,304 2,304 Tax-suspended reserve from business combinations 2 2 Reserve from FTA IAS art. 7 par. 7 Lgs. Decree 38/2005 8,780 8,780 Reserve from FTA IAS IFRS 9 1,140 1,140 Reserve from retained earnings (8,597) (8,597) Reserve from retained earnings - Share Based Payments 14,191 13,889 Other reserves 12,430 58,241 Extraordinary reserve 60,388 88,417 Reserve, Lgs. Decree no. 153/99 6,103 6,103 Legal reserve for distributed earnings 44 44 Reserve art. 7 Law 218/90 4,179 4,179 Reserve from business combinations 1,746 1,746 Share Based Payments Reserve 2,134 9,168 Consolidation reserve (62,164) (33,132) Negative reserve for put option on non-controlling interests - (18,284) Total 38,506 84,015 (\u20ac/000) The valuation reserve as at December 31, 2023, amounted to a negative value of \u20ac2.8 million, (-\u20ac0.9 thousand as at December 31, 2022) and included 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: Overall, the item shows a decrease of \u20ac45.5 million due to the combination of the following main elements: \u2022 \u20ac47.5 million decrease related to the dividends that the Shareholders\u2019 Meeting of April 27, 2023 resolved to distribute in full from the profit for 2022 equal to \u20ac19.5 million and \u20ac28.0 million the extraordinary reserve; \u2022 \u20ac29.0 million increase in the negative consolidation reserve due to the 2022 results of subsidiaries (\u20ac3.0 million), to which was added the effect of acquiring minority interests (15%) in doValue Spain (\u20ac26.0 million, of which \u20ac8.1 million relates to third-party results as of September 30, 2023) following the exercise of the put option that took place on October 24, 2023. This exercise simultaneously resulted in the zeroing of the related negative reserve in accordance with IAS 32, which as of December 31, 2022, amounted to \u20ac18.3 million; \u2022 \u20ac6.7 million net decrease 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 and as a consequence of the former CEO resignation (for further details, please refer to Note 18 \u2013 Share based payments). Shareholders\u2019 equity attributable to Non-controlling interests amounted to \u20ac51.7 million, including the profit (loss) for the period attributable to non-controlling interests of \u20ac12.3 million, and refers to the 20% stake in doValue Greece held by Eurobank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-408": {
"value": "As at December 31, 2023, 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.
(no. of shares) 12/31/2023 12/31/2022
Ordinary shares issued 80,000,000 80,000,000
Treasury shares (1,494,630) (900,434)
Total shares outstanding 78,505,370 79,099,566
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-407": {
"value": "Treasury shares, shown as a direct reduction of Shareholders\u2019 Equity, amounted to \u20ac6.1 million, with
an increase of \u20ac1.8 million, compared to \u20ac4.3 million in the previous year.
Below are the details concerning the movement of treasury shares, which indicate an increase due
to market acquisitions totalling 667,400 shares for a value of \u20ac2.1 million. Additionally, there is a
decrease resulting from the exercise of 73,204 performance stock grants (with a value of \u20ac352
thousand), allocated by doValue to beneficiaries upon finalization of the incentive system, in
accordance with the Remuneration Policy.
As at December 31, 2023, the number of treasury shares is 1.87% of the number of issued ordinary
shares.
(no. of treasury shares) 12/31/2023 12/31/2022
Opening balance 900,434 972,339
Purchases 667,400 -
Transfers due to exercise of performance stock grants (73,204) (71,905)
Closing balance 1,494,630 900,434
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-409": {
"value": "12/31/2023 12/31/2022 Reserves from allocation of profits or tax-suspended reserves 26,076 25,774 Legal reserve 8,256 8,256 Reserve art. 7 Law 218/90 2,304 2,304 Tax-suspended reserve from business combinations 2 2 Reserve from FTA IAS art. 7 par. 7 Lgs. Decree 38/2005 8,780 8,780 Reserve from FTA IAS IFRS 9 1,140 1,140 Reserve from retained earnings (8,597) (8,597) Reserve from retained earnings - Share Based Payments 14,191 13,889 Other reserves 12,430 58,241 Extraordinary reserve 60,388 88,417 Reserve, Lgs. Decree no. 153/99 6,103 6,103 Legal reserve for distributed earnings 44 44 Reserve art. 7 Law 218/90 4,179 4,179 Reserve from business combinations 1,746 1,746 Share Based Payments Reserve 2,134 9,168 Consolidation reserve (62,164) (33,132) Negative reserve for put option on non-controlling interests - (18,284) Total 38,506 84,015 (\u20ac/000) The valuation reserve as at December 31, 2023, amounted to a negative value of \u20ac2.8 million, (-\u20ac0.9 thousand as at December 31, 2022) and included 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: Overall, the item shows a decrease of \u20ac45.5 million due to the combination of the following main elements: \u2022 \u20ac47.5 million decrease related to the dividends that the Shareholders\u2019 Meeting of April 27, 2023 resolved to distribute in full from the profit for 2022 equal to \u20ac19.5 million and \u20ac28.0 million the extraordinary reserve; \u2022 \u20ac29.0 million increase in the negative consolidation reserve due to the 2022 results of subsidiaries (\u20ac3.0 million), to which was added the effect of acquiring minority interests (15%) in doValue Spain (\u20ac26.0 million, of which \u20ac8.1 million relates to third-party results as of September 30, 2023) following the exercise of the put option that took place on October 24, 2023. This exercise simultaneously resulted in the zeroing of the related negative reserve in accordance with IAS 32, which as of December 31, 2022, amounted to \u20ac18.3 million; \u2022 \u20ac6.7 million net decrease 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 and as a consequence of the former CEO resignation (for further details, please refer to Note 18 \u2013 Share based payments). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-410": {
"value": "Shareholders\u2019 equity attributable to Non-controlling interests amounted to \u20ac51.7 million, including
the profit (loss) for the period attributable to non-controlling interests of \u20ac12.3 million, and refers to
the 20% stake in doValue Greece held by Eurobank.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-25": {
"value": "Interest Rate % Due Date 12/31/2023 12/31/2022 Non-current loans and other financing 552,861 554,220 Bond 2020 5% 8/4/2025 259,601 258,056 Bond 2021 3,375% 7/31/2026 293,260 296,164 Current loans and other financing 35,169 14,283 Bank loans Euribor3m+1,8% 12 months 25,506 126 Bank overdrafts Euribor3m+1,9% on demand - 37 Due to other lenders - 4,380 Bond 2020 5% 2/1/2024 5,500 5,521 Bond 2021 3,375% 1/31/2024 4,163 4,219 Total 588,030 568,503 (\u20ac/000) The balance of loans and other financing as at December 31, 2023, includes the residual debt values at amortised cost of the following bonds (current and non-current portions): \u2022 \u20ac265.1 million for the guaranteed senior bond loan issued on August 4, 2020, maturing in 2025, at the annual rate of 5% for a principal of \u20ac264.0 million (\u20ac265.0 million at issue), reduced by \u20ac1.0 million in the year due to the partial repurchase (\u201cbond buy-back) by the Parent Company of its own debt securities. The liquidity deriving from this bond loan had been used to repay the bridge loan in the context of the acquisition of doValue Greece; \u2022 \u20ac297.4 million for the guaranteed senior bond loan issued on July 22, 2021, maturing in 2026, at the annual fixed rate of 3.375%, for a principal amount of \u20ac296.0 million (\u20ac300.0 million at issue), reduced by \u20ac4.0 million in the year due to the partial repurchase (\u201cbond buy-back) by the Parent Company of its own debt securities. The bond was 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. The bonds were reserved for qualified investors and are listed on the Euro MTF multilateral trading system of the Luxembourg Stock Exchange. The bond buyback transactions mentioned above for a total of \u20ac5.0 million were concluded by repurchasing part of its debt on the market below par, with the aim to reduce the total amount of liabilities by more than the required financial outlay. This therefore determined the recognition of a \u20ac0.5 million income. The bank loan component includes \u20ac25.5 million relating almost completely to the use of a revolving credit line with a 12-month maturity aimed at temporary liquidity needs in the Hellenic Region. NOTE 12 \u2013 LOANS AND OTHER FINANCING The due to other lenders component at December 31, 2023 is nil following the termination in January 2023 of the limited recourse loan allocated for a specific business, as a consequence of the transfer of the related receivable recorded under financial assets. 12/31/2023 12/31/2022 Other non-current financial liabilities 50,301 54,158 Lease liabilities 29,795 38,109 Earn-out 20,506 16,049 Other current financial liabilities 46,239 62,323 Lease liabilities 11,704 11,829 Earn-out 34,162 28,600 Put option on non-controlling interests - 21,894 Others 373 - Total 96,540 116,481 (\u20ac/000) NOTE 13 \u2013 OTHER FINANCIAL LIABILITIES 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 year. The Earn-out liability recorded in the amount of \u20ac20.5 million under other non-current financial liabilities as well as \u20ac12.0 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. The remaining Earn-out portion recognised under current financial liabilities amounts to \u20ac22.2 million and is related to the portion of the acquisition price of doValue Spain which was supplemented by the component of interest expense for late payment of \u20ac4.0 million. On October 24, 2023, the exercise of the put option for the remaining minority stake (equal to 15%) in doValue Spain was completed through the transfer of these shares to the Parent Company; therefore, the put option liability on minority interests, amounting to \u20ac21.9 million as of December 31, 2022, is zeroed in the reporting period as it was settled with the counterparty. It is worth noting that the deadline for the put option had been extended to the end of September 2023 through the agreement signed on June 26, 2023, which also defined the exercise price of the option. The formalization and execution of the transfer of the minority stake in doValue Spain took effect on October 24, 2023 (\u201cTransfer date\u201d). Among other financial liabilities, the deferred consideration (\u20ac373 thousand) arising from the acquisition of the Spanish company Team 4 Collection and Consulting is recorded, which was settled with the selling counterparty in February 2024. For further details, please refer to Section 7 - Business Combinations. 12/31/2023 12/31/2022 A Net financial indebtness (572,194) (546,340) Other current financial debt 46,239 66,703 Other non-current loans 50,301 54,158 Current financial assets - (4,380) B Items excluded from the Net financial position 96,540 116,481 C Net financial position (A)+(B) (475,654) (429,859) Net financial indebtness 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, 2023, breaks down as follows. (\u20ac/000) Note 12/31/2023 12/31/2022 9 A Cash on hand 5 5 9 B Cash at banks and short-term deposits 112,371 134,259 D Liquidity (A)+(B)+(C) 112,376 134,264 3 E Current financial assets - 4,380 12 F Current bank debt (25,506) (37) 12 G Current portion of non-current debt - (126) 12,13 H Other current financial debt (46,239) (66,703) I Current financial indebtness (F)+(G)+(H) (71,745) (66,866) J Net current financial indebtness (I)+(E)+(D) 40,631 71,778 12 L Bond Issued (562,524) (563,960) 12,13 M Other non-current loans (50,301) (54,158) N Non-current financial indebtness (K)+(L)+(M) (612,825) (618,118) O Net financial indebtness (J)+(N) (572,194) (546,340) Compared with the net financial position, equal to \u20ac475.7 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 \u20ac96.5 million. The following table reconciles the two different representations: (\u20ac/000)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-411": {
"value": "Interest Rate % Due Date 12/31/2023 12/31/2022 Non-current loans and other financing 552,861 554,220 Bond 2020 5% 8/4/2025 259,601 258,056 Bond 2021 3,375% 7/31/2026 293,260 296,164 Current loans and other financing 35,169 14,283 Bank loans Euribor3m+1,8% 12 months 25,506 126 Bank overdrafts Euribor3m+1,9% on demand - 37 Due to other lenders - 4,380 Bond 2020 5% 2/1/2024 5,500 5,521 Bond 2021 3,375% 1/31/2024 4,163 4,219 Total 588,030 568,503 (\u20ac/000) The balance of loans and other financing as at December 31, 2023, includes the residual debt values at amortised cost of the following bonds (current and non-current portions): \u2022 \u20ac265.1 million for the guaranteed senior bond loan issued on August 4, 2020, maturing in 2025, at the annual rate of 5% for a principal of \u20ac264.0 million (\u20ac265.0 million at issue), reduced by \u20ac1.0 million in the year due to the partial repurchase (\u201cbond buy-back) by the Parent Company of its own debt securities. The liquidity deriving from this bond loan had been used to repay the bridge loan in the context of the acquisition of doValue Greece; \u2022 \u20ac297.4 million for the guaranteed senior bond loan issued on July 22, 2021, maturing in 2026, at the annual fixed rate of 3.375%, for a principal amount of \u20ac296.0 million (\u20ac300.0 million at issue), reduced by \u20ac4.0 million in the year due to the partial repurchase (\u201cbond buy-back) by the Parent Company of its own debt securities. The bond was 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. The bonds were reserved for qualified investors and are listed on the Euro MTF multilateral trading system of the Luxembourg Stock Exchange. The bond buyback transactions mentioned above for a total of \u20ac5.0 million were concluded by repurchasing part of its debt on the market below par, with the aim to reduce the total amount of liabilities by more than the required financial outlay. This therefore determined the recognition of a \u20ac0.5 million income. The bank loan component includes \u20ac25.5 million relating almost completely to the use of a revolving credit line with a 12-month maturity aimed at temporary liquidity needs in the Hellenic Region. NOTE 12 \u2013 LOANS AND OTHER FINANCING The due to other lenders component at December 31, 2023 is nil following the termination in January 2023 of the limited recourse loan allocated for a specific business, as a consequence of the transfer of the related receivable recorded under financial assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-442": {
"value": "12/31/2023 12/31/2022 Other non-current financial liabilities 50,301 54,158 Lease liabilities 29,795 38,109 Earn-out 20,506 16,049 Other current financial liabilities 46,239 62,323 Lease liabilities 11,704 11,829 Earn-out 34,162 28,600 Put option on non-controlling interests - 21,894 Others 373 - Total 96,540 116,481 (\u20ac/000) NOTE 13 \u2013 OTHER FINANCIAL LIABILITIES 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 year. The Earn-out liability recorded in the amount of \u20ac20.5 million under other non-current financial liabilities as well as \u20ac12.0 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. The remaining Earn-out portion recognised under current financial liabilities amounts to \u20ac22.2 million and is related to the portion of the acquisition price of doValue Spain which was supplemented by the component of interest expense for late payment of \u20ac4.0 million. On October 24, 2023, the exercise of the put option for the remaining minority stake (equal to 15%) in doValue Spain was completed through the transfer of these shares to the Parent Company; therefore, the put option liability on minority interests, amounting to \u20ac21.9 million as of December 31, 2022, is zeroed in the reporting period as it was settled with the counterparty. It is worth noting that the deadline for the put option had been extended to the end of September 2023 through the agreement signed on June 26, 2023, which also defined the exercise price of the option. The formalization and execution of the transfer of the minority stake in doValue Spain took effect on October 24, 2023 (\u201cTransfer date\u201d). Among other financial liabilities, the deferred consideration (\u20ac373 thousand) arising from the acquisition of the Spanish company Team 4 Collection and Consulting is recorded, which was settled with the selling counterparty in February 2024. For further details, please refer to Section 7 - Business Combinations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-448": {
"value": "On October 24, 2023, the exercise of the put option for the remaining minority stake (equal to 15%)
in doValue Spain was completed through the transfer of these shares to the Parent Company;
therefore, the put option liability on minority interests, amounting to \u20ac21.9 million as of December
31, 2022, is zeroed in the reporting period as it was settled with the counterparty.
It is worth noting that the deadline for the put option had been extended to the end of September
2023 through the agreement signed on June 26, 2023, which also defined the exercise price of the
option. The formalization and execution of the transfer of the minority stake in doValue Spain took
effect on October 24, 2023 (\u201cTransfer date\u201d).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-412": {
"value": "12/31/2023 12/31/2022 A Net financial indebtness (572,194) (546,340) Other current financial debt 46,239 66,703 Other non-current loans 50,301 54,158 Current financial assets - (4,380) B Items excluded from the Net financial position 96,540 116,481 C Net financial position (A)+(B) (475,654) (429,859) Net financial indebtness 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, 2023, breaks down as follows. (\u20ac/000) Note 12/31/2023 12/31/2022 9 A Cash on hand 5 5 9 B Cash at banks and short-term deposits 112,371 134,259 D Liquidity (A)+(B)+(C) 112,376 134,264 3 E Current financial assets - 4,380 12 F Current bank debt (25,506) (37) 12 G Current portion of non-current debt - (126) 12,13 H Other current financial debt (46,239) (66,703) I Current financial indebtness (F)+(G)+(H) (71,745) (66,866) J Net current financial indebtness (I)+(E)+(D) 40,631 71,778 12 L Bond Issued (562,524) (563,960) 12,13 M Other non-current loans (50,301) (54,158) N Non-current financial indebtness (K)+(L)+(M) (612,825) (618,118) O Net financial indebtness (J)+(N) (572,194) (546,340) Compared with the net financial position, equal to \u20ac475.7 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 \u20ac96.5 million. The following table reconciles the two different representations: (\u20ac/000)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-26": {
"value": "Actuarial rate 1 year 3.67% - 5 years 2.96% - 15 years 3.34% Salary increase rate 2.60% Inflation rate 1 year 1.58% - 10 years 2.13% - 30 years 2.44% Mortality IPS55 Disability INPS2000 Advanced termination benefit 1.50% Average annual percentage of personnel leaving 3.78% 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 3.11% - 3.14% Salary increase rate 3.50% Inflation rate 2.60% NOTE 14 \u2013 EMPLOYEE BENEFITS 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: 12/31/2023 12/31/2022 Opening balance 9,107 10,264 Increases 2,693 3,008 Provisions for the period 2,636 3,000 Other changes 57 8 Decreases (3,388) (4,165) Benefits paid (3,188) (3,577) Other changes (200) (588) Closing balance 8,412 9,107 Employee benefits restated for the application of IAS 19 changed as follows during the year. (\u20ac/000) Overall, this item decreased of approximately \u20ac0.7 million compared to December 31, 2022. From a sensitivity analysis of the assumptions regarding the parameters used in the calculation, a: \u2022 Change in the discount rate of 0.5%; \u2022 Change in the salary increase rate of 0.5%; \u2022 Change in mortality rate of 10% would not have had a significant effect on the determination of the debt in a range between 0.02% and 4% of the balance at December 31, 2023. 12/31/2023 12/31/2022 Payroll employees (208,208) (219,639) Members of Board of Directors and Board of Statutory Auditors 3,541 (6,995) Other personnel (8,430) (4,515) Total (213,097) (231,149) NOTE 23 \u2013 PERSONNEL EXPENSES (\u20ac/000) 12/31/2023 12/31/2022 Payroll employees 2,880 3,048 a) Executives 107 129 b) Managers 920 942 c) Other employees 1,853 1,977 Other staff 306 180 Total 3,186 3,228 Average number of employees by category The item shows an overall reduction of 8% compared to December 31, 2022: in detail, there is a reduction of 5% in the \u201cpayroll employees\u201d, while the \u201cmembers of the Board of Directors and Statutory Auditors\u201d component shows a positive amount due to the effect the release of provisions for deferred variable compensation in favor of the former Chief Executive Officer, who resigned on April 27, 2023. The residual component \u201cother employees\u201d, which mainly includes temporary agency work, instead recorded a significant increase, mainly in Spain and Greece. In line with the objectives of the 2022-2024 Industrial Plan, personnel expenses include charges related to early retirement incentives totaling \u20ac14,1 million, of which \u20ac6.8 million only in Iberia following the restructuring program already started in 2022. Regarding the breakdown of the cost for employee benefits included in this item, please refer to Note 14 \u2013 Employee benefits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-27": {
"value": "Funds against the item \u201cProvisions for risk and charges\u201d of the income statement Funds against other items of the income statement Legal disputes Out-of-court disputes and other provisions Total funds against the item \"Provisions for risk and charges\" of the income statement Potential liabilities for employee Other Total funds against other items of the income statement Total 12/31/2023 Total 12/31/2022 Opening balance 5,701 12,262 17,963 535 19,157 19,692 37,655 44,235 Increases 4,073 2,688 6,761 216 - 216 6,977 16,519 Provisions for the period 3,902 2,138 6,040 147 - 147 6,187 15,829 Changes due to the passage of time and changes in the discount rate 151 191 342 67 - 67 409 106 Other changes 20 359 379 2 - 2 381 584 Decreases (2,759) (6,291) (9,050) (29) (9,197) (9,226) (18,276) (23,099) Reallocations of the period (752) (3,341) (4,093) - (4,126) (4,126) (8,219) (12,286) Utilisation for payment (1,648) (1,619) (3,267) (29) (5,071) (5,100) (8,367) (10,591) Other changes (359) (1,331) (1,690) - - - (1,690) (222) Closing balance 7,015 8,659 15,674 722 9,960 10,682 26,356 37,655 (\u20ac/000) 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 increased by \u20ac1.3 million owing to the lower impact of the settlement of a number of disputes compared with provisions for new disputes. The item out-of-court disputes and other provisions decreased by \u20ac3.6 million, moving from \u20ac12.3 million as at December 31, 2022 to \u20ac8.7 million as at December 31, 2023, and mainly includes provisions for risks for which no litigation has currently been activated. In particular, we highlight the release of \u20ac1.8 million relating to a dispute with a Spanish customer which was successfully concluded. The item potential liabilities for employees includes provisions to finance any bonuses not governed by already existing agreements or determinable quantification mechanisms. The other component, which falls within the funds against other items of the income statement, is halved from \u20ac19.2 million to \u20ac10.0 million due to the combined effect of a release of \u20ac1.8 million following the settlement of the tax dispute in Spain, as well as the release to the income statement of shares related to the exercise of variable consideration associated with a particular type of fee (so-called \u201cCuring Fee\u201d), in accordance with the accounting principle IFRS 15, amounting to a total of \u20ac7.4 million. NOTE 27 \u2013 PROVISIONS FOR RISKS AND CHARGES12/31/2023 12/31/2022 Provisions Reallocations Total Provisions Reallocations Total Legal disputes (4,053) 752 (3,301) (2,662) 2,344 (318) o.w. Employee disputes (274) 48 (226) (27) 160 133 Out-of-court disputes and other risk provisions (2,329) 3,341 1,012 (6,071) 1,940 (4,131) Provisions on other commitments and other guarantees issued - - - - 3 3 Total (6,382) 4,093 (2,289) (8,733) 4,287 (4,446) (\u20ac/000) The item, whose net balance reflects a decrease of \u20ac2.2 million compared to 2022, consists of operational changes in provisions for legal disputes, out-of-court settlements, and other risk provisions, set aside to fulfil legal and contractual obligations that are anticipated to require the use of economic resources in subsequent fiscal years. As at December 31, 2023, the item showed a negative balance of \u20ac2.3 million (-\u20ac4.4 million as at December 31, 2022), 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 2023 provisions for out-of-court disputes and other risk provisions mainly refer to: \u2022 risks related to ongoing arbitrations and out-of court disputes amounting to \u20ac0.5 million; \u2022 operational risks of \u20ac0.4 million; \u2022 sundry risks mainly related to disputes with customers of servicing contracts of \u20ac0.4 million; \u2022 subordination fees linked to the performance of some servicing contracts for \u20ac0.8 million. The reallocations (\u20ac3.3 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, including that deriving from a settlement agreement with a customer in Spain.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-413": {
"value": "Funds against the item \u201cProvisions for risk and charges\u201d of the income statement Funds against other items of the income statement Legal disputes Out-of-court disputes and other provisions Total funds against the item \"Provisions for risk and charges\" of the income statement Potential liabilities for employee Other Total funds against other items of the income statement Total 12/31/2023 Total 12/31/2022 Opening balance 5,701 12,262 17,963 535 19,157 19,692 37,655 44,235 Increases 4,073 2,688 6,761 216 - 216 6,977 16,519 Provisions for the period 3,902 2,138 6,040 147 - 147 6,187 15,829 Changes due to the passage of time and changes in the discount rate 151 191 342 67 - 67 409 106 Other changes 20 359 379 2 - 2 381 584 Decreases (2,759) (6,291) (9,050) (29) (9,197) (9,226) (18,276) (23,099) Reallocations of the period (752) (3,341) (4,093) - (4,126) (4,126) (8,219) (12,286) Utilisation for payment (1,648) (1,619) (3,267) (29) (5,071) (5,100) (8,367) (10,591) Other changes (359) (1,331) (1,690) - - - (1,690) (222) Closing balance 7,015 8,659 15,674 722 9,960 10,682 26,356 37,655 (\u20ac/000) 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 increased by \u20ac1.3 million owing to the lower impact of the settlement of a number of disputes compared with provisions for new disputes. The item out-of-court disputes and other provisions decreased by \u20ac3.6 million, moving from \u20ac12.3 million as at December 31, 2022 to \u20ac8.7 million as at December 31, 2023, and mainly includes provisions for risks for which no litigation has currently been activated. In particular, we highlight the release of \u20ac1.8 million relating to a dispute with a Spanish customer which was successfully concluded. The item potential liabilities for employees includes provisions to finance any bonuses not governed by already existing agreements or determinable quantification mechanisms. The other component, which falls within the funds against other items of the income statement, is halved from \u20ac19.2 million to \u20ac10.0 million due to the combined effect of a release of \u20ac1.8 million following the settlement of the tax dispute in Spain, as well as the release to the income statement of shares related to the exercise of variable consideration associated with a particular type of fee (so-called \u201cCuring Fee\u201d), in accordance with the accounting principle IFRS 15, amounting to a total of \u20ac7.4 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-28": {
"value": "12/31/2023 12/31/2022 Other non-current liabilities 9,087 9,201 Amounts to be paid to third parties 8,812 8,845 Deferral of government grants related to assets 275 356 Other current liabilities 59,906 66,553 Amounts to be paid to third parties 4,411 8,050 Amounts due to personnel 22,139 25,874 o.w. employees 21,780 24,874 o.w. members of Board of Directors and Auditors 359 1,000 Amounts due to pension and social security institutions 6,047 5,621 Current payables on taxes other than income tax 11,938 - Items being processed 1,484 8,900 Deferral of government grants related to assets 426 352 Other accrued expenses / deferred income 13,313 16,088 Other items 148 1,668 Total 68,993 75,754 NOTE 17 \u2013 OTHER LIABILITIES (\u20ac/000) As December 31, 2023, this item amounted to \u20ac69.0 million compared to \u20ac75.8 million in 2022, with an overall decrease of \u20ac6.8 million. With regard to other non-current liabilities, the main component \u201camounts to be paid to third parties\u201d includes for \u20ac5.1 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 includes also \u20ac3.8 million for the liability related to the acquisition of software under medium-long-term contracts in Italy and Greece. The item other current liabilities shows an overall decrease of \u20ac6.6 million, primarily originating from the category \u201camounts to be paid to third parties\u201d, thanks to the settlement of \u20ac5.8 million related to contractual liabilities linked to the Frontier SLA, in the categories of \u201camounts due to personnel\u201d, following the settlement of performance bonus and exit incentives, as well as in the category of \u201cother accrued expenses / deferred income\u201d, reduced due to the gradual release of the portion of accrued liability regarding the advance payment of servicing fees for the Hellenic Region. Additionally, there is the reimbursement during the fiscal year of \u201citems being processed\u201d items amounting to \u20ac6.0 million attributable to the subsidiary doValue Spain for an advance related to the management of a portfolio.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-29": {
"value": "12/31/2023 12/31/2022 Payables to suppliers for invoices to be received 48,245 48,799 Payables to suppliers for invoices to be paid 37,138 21,582 Total 85,383 70,381 NOTE 16 \u2013 TRADE PAYABLES (\u20ac/000) As of December 31, 2023, the figure shows a 21% increase amounting to \u20ac15.0 million compared to the balance recorded on December 31, 2022, which can be attributed to both categories of payables to suppliers highlighted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-414": {
"value": "With regard to other non-current liabilities, the main component \u201camounts to be paid to third parties\u201d
includes for \u20ac5.1 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 includes also \u20ac3.8 million for the liability related
to the acquisition of software under medium-long-term contracts in Italy and Greece.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-415": {
"value": "The item other current liabilities shows an overall decrease of \u20ac6.6 million, primarily originating
from the category \u201camounts to be paid to third parties\u201d, thanks to the settlement of \u20ac5.8 million
related to contractual liabilities linked to the Frontier SLA, in the categories of \u201camounts due to
personnel\u201d, following the settlement of performance bonus and exit incentives, as well as in the
category of \u201cother accrued expenses / deferred income\u201d, reduced due to the gradual release of the
portion of accrued liability regarding the advance payment of servicing fees for the Hellenic Region.
Additionally, there is the reimbursement during the fiscal year of \u201citems being processed\u201d items
amounting to \u20ac6.0 million attributable to the subsidiary doValue Spain for an advance related to the
management of a portfolio.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-30": {
"value": "NOTE 18 \u2013 SHARE-BASED PAYMENTS The Shareholders\u2019 Meeting of doValue on April 27, 2023, approved the Report on the Remuneration policy 2023 and remuneration paid in 2022, keeping unchanged the 2022-2024 Remuneration policy (hereinafter \u201cthe Policy\u201d), which was approved by the Shareholders\u2019 Meeting on April 28, 2022, applicable to Directors, Key Management Personnel and Members of Supervisory Bodies. The 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 previous Remuneration Policy are confirmed, while introducing some elements: \u2022 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: \u2022 a portion of the fixed remuneration and the entire variable component of the Chief Executive Officer is paid in shares; \u00b0 \u00b0 \u00b0 \u00b0 \u2022 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. Without prejudice to the right to compensation for any greater damage, after the payment of the variable compensation, doValue reserves the right, within 5 years from the date of assignment of the variable compensation, to ask the beneficiary to return the bonus (\u201cclawback\u201d), in specific cases of fraudulent behavior or gross negligence, violation of laws or of the Code of Ethics and company rules, or the attribution of a bonus on the basis of data which subsequently turns out to be manifestly incorrect or intentionally altered. The malus conditions are also applicable if one of the clawback clauses occurs during the performance period. Grant date Performance period Verification of target achievement Payout 2021 Plan (GM of April 28, 2021) 17/02/2022 2021-2023 2024 2024 2022 Plan (GM of April 28, 2022) 09/11/2022 2022-2024 2025 2025 2023 Plan (GM of April 27, 2023) 13/07/2023 2023-2025 2026 2026 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) 194,371 \u20ac10.23 10,242 21 2022 Plan (GM of April 28, 2022) 297,953 \u20ac7.66 297,953 26 2023 Plan (GM of April 27, 2023) 357,108 \u20ac6.80 357,108 28 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). Effects of the voluntary resignation of the former Chief Executive Officer of the Group The former Group CEO, having communicated his intention to voluntary resign as of April 28, 2023, one year in advance of the expiry of his mandate, basing on the current Remuneration Policy, the former Group CEO was not entitled to any form of remuneration, except for the fixed remuneration accrued up to the date. Considering this, any other entitlement to remuneration not yet paid or assigned and for which the vesting period is not completed has been cancelled. Consistently with the Remuneration Policy and contract provisions, the upfront portion of the 2022 MBO awarded was paid after the Shareholders\u2019 Meeting of April 27, 2023 which approved the 2022 financial statements, while any deferred MBO regarding 2022 has been cancelled. The amount recognised in the income statement for 2023 amounted to \u20ac5.9 million, with a corresponding amount reflected in a specific equity reserve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-31": {
"value": "12/31/2023 12/31/2022 Servicing services 189,768 243,448 Servicing for securitisations 194,408 201,616 REO services 37,334 70,870 Total 421,510 515,934 (\u20ac/000) NOTE 20 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERS The item as a whole decreased by 18% compared to the previous year. This result is due to lower revenues recorded in all components: servicing services (-22%), REO services (-47%), and servicing for securitisation (-4%). This contraction, in line with the Group\u2019s expectations, is the result of the worsening macroeconomic conditions that are affecting the market to which must be added the effect of the offboarding of the Sareb portfolio in Spain which took place between July and October 2022. At a geographical level there was a negative difference between the two years in comparison in all regions. 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. 12/31/2023 12/31/2022 Administrative Servicing/Corporate Services Provider 21,491 18,274 Information services 7,282 4,647 Recovery of expenses 2,072 2,088 Due diligence & Advisory 2,390 3,146 Ancillary REO services 647 11,611 Other revenues 26,313 4,080 Total 60,195 43,846 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 revenue 154,827 249,394 127,794 (16,081) 515,934 Year 2023 Italy Hellenic Region Iberia Infrasector Group Servicing services 26,178 124,122 51,351 (11,883) 189,768 Servicing for securitisations 103,176 91,232 - - 194,408 REO services - 10,691 31,603 (4,960) 37,334 Total revenue 129,354 226,045 82,954 (16,843) 421,510 NOTE 21 \u2013 OTHER REVENUES (\u20ac/000) (\u20ac/000) (\u20ac/000) The breakdown of revenue from contracts with Group customers is shown below:\u2003The item records a positive variation of 37% compared to 2022 and originates from the other revenues component, which includes proceeds from ancillary services provided to SPV clients in the Hellenic Region, as well as increased revenue from administrative Servicing/Corporate Services Provider services primarily provided by the Parent Company doValue and from information services. These increased revenues were primarily offset by lower revenues related to ancillary REO services, which in the comparative period mainly included revenues from the Sareb portfolio, terminated in the latter part of 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-416": {
"value": "12/31/2023 12/31/2022 Servicing services 189,768 243,448 Servicing for securitisations 194,408 201,616 REO services 37,334 70,870 Total 421,510 515,934 (\u20ac/000) NOTE 20 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERS The item as a whole decreased by 18% compared to the previous year. This result is due to lower revenues recorded in all components: servicing services (-22%), REO services (-47%), and servicing for securitisation (-4%). This contraction, in line with the Group\u2019s expectations, is the result of the worsening macroeconomic conditions that are affecting the market to which must be added the effect of the offboarding of the Sareb portfolio in Spain which took place between July and October 2022. At a geographical level there was a negative difference between the two years in comparison in all regions. 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. 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 revenue 154,827 249,394 127,794 (16,081) 515,934 Year 2023 Italy Hellenic Region Iberia Infrasector Group Servicing services 26,178 124,122 51,351 (11,883) 189,768 Servicing for securitisations 103,176 91,232 - - 194,408 REO services - 10,691 31,603 (4,960) 37,334 Total revenue 129,354 226,045 82,954 (16,843) 421,510 (\u20ac/000) (\u20ac/000) The breakdown of revenue from contracts with Group customers is shown below:\u2003",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-443": {
"value": "12/31/2023 12/31/2022 Servicing services 189,768 243,448 Servicing for securitisations 194,408 201,616 REO services 37,334 70,870 Total 421,510 515,934 (\u20ac/000) NOTE 20 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERS The item as a whole decreased by 18% compared to the previous year. This result is due to lower revenues recorded in all components: servicing services (-22%), REO services (-47%), and servicing for securitisation (-4%). This contraction, in line with the Group\u2019s expectations, is the result of the worsening macroeconomic conditions that are affecting the market to which must be added the effect of the offboarding of the Sareb portfolio in Spain which took place between July and October 2022. At a geographical level there was a negative difference between the two years in comparison in all regions. 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. 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 revenue 154,827 249,394 127,794 (16,081) 515,934 Year 2023 Italy Hellenic Region Iberia Infrasector Group Servicing services 26,178 124,122 51,351 (11,883) 189,768 Servicing for securitisations 103,176 91,232 - - 194,408 REO services - 10,691 31,603 (4,960) 37,334 Total revenue 129,354 226,045 82,954 (16,843) 421,510 (\u20ac/000) (\u20ac/000) The breakdown of revenue from contracts with Group customers is shown below:\u2003",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-449": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-417": {
"value": "12/31/2023 12/31/2022 Administrative Servicing/Corporate Services Provider 21,491 18,274 Information services 7,282 4,647 Recovery of expenses 2,072 2,088 Due diligence & Advisory 2,390 3,146 Ancillary REO services 647 11,611 Other revenues 26,313 4,080 Total 60,195 43,846 NOTE 21 \u2013 OTHER REVENUES (\u20ac/000) The item records a positive variation of 37% compared to 2022 and originates from the other revenues component, which includes proceeds from ancillary services provided to SPV clients in the Hellenic Region, as well as increased revenue from administrative Servicing/Corporate Services Provider services primarily provided by the Parent Company doValue and from information services. These increased revenues were primarily offset by lower revenues related to ancillary REO services, which in the comparative period mainly included revenues from the Sareb portfolio, terminated in the latter part of 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-418": {
"value": "12/31/2023 12/31/2022 Payroll employees (208,208) (219,639) Members of Board of Directors and Board of Statutory Auditors 3,541 (6,995) Other personnel (8,430) (4,515) Total (213,097) (231,149) 12/31/2023 12/31/2022 Costs related to Assets Under Management (14,731) (25,014) Brokerage fees (9,832) (19,211) Costs for services (430) (1,491) Total (24,993) (45,716) NOTE 23 \u2013 PERSONNEL EXPENSES (\u20ac/000) 12/31/2023 12/31/2022 Payroll employees 2,880 3,048 a) Executives 107 129 b) Managers 920 942 c) Other employees 1,853 1,977 Other staff 306 180 Total 3,186 3,228 Average number of employees by category NOTE 22 \u2013 COSTS FOR SERVICES RENDERED The item, which includes the fees of the recovery network, was almost halved compared to the previous year (-45%) following the decrease in the portfolios managed in Iberia and in Italy which also generated the reduction in revenues as reported above. The remuneration mechanism of the external network, directly related to revenues, combined with the flexibility of the collaboration agreements, allows the Group to reduce these direct costs to protect its margins in cyclical phases of business slowdown. (\u20ac/000) The item shows an overall reduction of 8% compared to December 31, 2022: in detail, there is a reduction of 5% in the \u201cpayroll employees\u201d, while the \u201cmembers of the Board of Directors and Statutory Auditors\u201d component shows a positive amount due to the effect the release of provisions for deferred variable compensation in favor of the former Chief Executive Officer, who resigned on April 27, 2023. The residual component \u201cother employees\u201d, which mainly includes temporary agency work, instead recorded a significant increase, mainly in Spain and Greece. In line with the objectives of the 2022-2024 Industrial Plan, personnel expenses include charges related to early retirement incentives totaling \u20ac14,1 million, of which \u20ac6.8 million only in Iberia following the restructuring program already started in 2022. Regarding the breakdown of the cost for employee benefits included in this item, please refer to Note 14 \u2013 Employee benefits. NOTE 24 \u2013 ADMINISTRATIVE EXPENSES 12/31/2023 12/31/2022 External consultants (23,828) (32,779) Information Technology (31,944) (38,569) Administrative and logistical services (12,844) (8,724) Building maintenance and security (2,584) (2,571) Insurance (2,165) (1,971) Indirect taxes and duties (2,147) (2,275) Postal services, office supplies (467) (963) Indirect personnel expenses (2,005) (3,206) Debt collection (5,242) (356) Utilities (2,479) (2,603) Advertising and marketing (4,257) (4,897) Other expenses (699) (1,498) Total (90,661) (100,412) (\u20ac/000) The item as a whole showed a reduction of 10% compared to the previous year. Such trend is primarily driven by lower costs for external consulting, IT services related to technological developments, and indirect personnel expenses, which are offset by higher costs for administrative and logistical services and for credit recovery.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-32": {
"value": "12/31/2023 12/31/2022 Costs related to Assets Under Management (14,731) (25,014) Brokerage fees (9,832) (19,211) Costs for services (430) (1,491) Total (24,993) (45,716) NOTE 22 \u2013 COSTS FOR SERVICES RENDERED The item, which includes the fees of the recovery network, was almost halved compared to the previous year (-45%) following the decrease in the portfolios managed in Iberia and in Italy which also generated the reduction in revenues as reported above. The remuneration mechanism of the external network, directly related to revenues, combined with the flexibility of the collaboration agreements, allows the Group to reduce these direct costs to protect its margins in cyclical phases of business slowdown. (\u20ac/000) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-444": {
"value": "12/31/2023 12/31/2022
Payroll employees 2,880 3,048
a) Executives 107 129
b) Managers 920 942
c) Other employees 1,853 1,977
Other staff 306 180
Total 3,186 3,228
Average number of employees by category
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-34": {
"value": "12/31/2023 12/31/2022 Government grants 647 514 Reductions in assets (379) (33) Other expenses (139) (704) Other income 4,960 4,293 Total 5,089 4,070 NOTE 25 \u2013 OTHER OPERATING (EXPENSE)/INCOME (\u20ac/000) The item, amounting to \u20ac5.1 million compared to \u20ac4.1 million in 2022, incudes primarily the effect of an income related to a settlement agreement with a client in Spain, as well as proceeds recorded within the national perimeter, related to assets under management. In 2022, the item was primarily characterized by proceeds related to an insurance indemnity of \u20ac4.1 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-33": {
"value": "NOTE 24 \u2013 ADMINISTRATIVE EXPENSES 12/31/2023 12/31/2022 External consultants (23,828) (32,779) Information Technology (31,944) (38,569) Administrative and logistical services (12,844) (8,724) Building maintenance and security (2,584) (2,571) Insurance (2,165) (1,971) Indirect taxes and duties (2,147) (2,275) Postal services, office supplies (467) (963) Indirect personnel expenses (2,005) (3,206) Debt collection (5,242) (356) Utilities (2,479) (2,603) Advertising and marketing (4,257) (4,897) Other expenses (699) (1,498) Total (90,661) (100,412) (\u20ac/000) The item as a whole showed a reduction of 10% compared to the previous year. Such trend is primarily driven by lower costs for external consulting, IT services related to technological developments, and indirect personnel expenses, which are offset by higher costs for administrative and logistical services and for credit recovery.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-35": {
"value": "12/31/2023 12/31/2022 Intangible assets (74,965) (54,903) Amortisation (48,854) (53,559) Impairment (26,111) (1,344) o.w. Impairment on goodwill (12,530) - Property, plant and equipment (17,279) (16,626) Amortisation (17,279) (16,626) Financial assets measured at amortised cost (235) 47 Write-downs (252) - Write-backs 17 47 Trade receivables 525 329 Write-downs (37) (680) Write-backs 562 1,009 Other assets (788) - Write-downs (1,050) - Write-backs 262 - Total (92,742) (71,153) NOTE 26 \u2013 DEPRECIATION, AMORTISATION AND IMPAIRMENT (\u20ac/000) The item shows a 30% increase compared to the previous year. Specifically, the intangible assets component includes impairment losses amounting to \u20ac26.1 million compared to \u20ac1.3 million in the previous year, in addition to the portion of amortizations reflecting the amortization curves on long-term contracts based on their respective business plans. The impairment losses recorded in the year mainly result from the outcomes of the impairment test. Evidence of impairment of servicing contracts has emerged in the aforementioned analysis, totalling \u20ac13.4 million related to the Santander contract of doValue Spain and \u20ac12.5 million related to the CGU \u201cIberia.\u201d For further details, please refer to Note 1 - Intangible Assets. The property, plant, and equipment category includes the effects of IFRS 16 for lease right-of- use asset amortizations, which amount to \u20ac14.3 million for 2023 compared to \u20ac13.1 million as of December 31, 2022. The component related to other assets includes impairment adjustments of \u20ac1.1 million related to the estimation of recoverable value of advances paid for businesses being disposed of in the Iberian Region.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-36": {
"value": "12/31/2023 12/31/2022 Financial income 4,616 1,955 Income from financial assets measured at fair value through P&L 1,290 1,507 Income from financial assets measured at amortised cost 1,767 420 Income from financial liabilities measured at amortised cost 454 - Other financial income 1,105 28 Financial expense (38,914) (29,192) Expense from financial liabilities measured at amortised cost (26,853) (27,146) Other financial expenses (12,061) (2,046) Net change of other financial assets and liabilities measured at fair value through P&L (2,832) (22,520) Financial assets - o.w.: debt securities (1,642) (550) Financial assets - o.w.: units in collective investment undertakings (891) (652) Financial assets - o.w.: non-hedging derivatives (299) 287 Financial liabilities - (21,605) Total (37,130) (49,757) NOTE 28 \u2013 FINANCIAL (EXPENSE)/INCOME(\u20ac/000) Financial income amounted to \u20ac4.6 million and was mainly due to income from the ABS securities (\u20ac1.3 million), from interest income on term deposits (\u20ac1.8 million), from income (\u20ac0.5 million) realized from the partial repurchase by the Parent Company of its own debt securities, at a lower market value than the issue value (for further details, see Note 12) and lastly, in the category of \u201cother financial income\u201d, the release of a provision for impairment (\u20ac1.1 million) set aside for a credit collected during the fiscal year and owed to the Revenue Agency for interest on tax credits from previous years. Financial expense (\u20ac26.9 million) includes interest expense accrued on outstanding 2020 and 2021 bonds, while the component of \u201cother financial expenses\u201d mainly includes mainly the portion of interest calculated in accordance with IFRS 16 (\u20ac1.3 million), \u20ac5.3 million for the time value accrued on the Earn-out of the doValue Greece acquisition, as well as \u20ac3.3 million million in interest expense for late payment related to the arbitration with Altamira Asset Management Holdings S.L. and connected to the Earn-out for the acquisition of doValue Spain. The net change of other financial assets and liabilities measured at fair value through P&L for a total amount of \u20ac2.8 million, is attributable to the fair value delta relating to the notes in the portfolio.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-419": {
"value": "Financial income amounted to \u20ac4.6 million and was mainly due to income from the ABS securities
(\u20ac1.3 million), from interest income on term deposits (\u20ac1.8 million), from income (\u20ac0.5 million)
realized from the partial repurchase by the Parent Company of its own debt securities, at a lower
market value than the issue value (for further details, see Note 12) and lastly, in the category of
\u201cother financial income\u201d, the release of a provision for impairment (\u20ac1.1 million) set aside for a credit
collected during the fiscal year and owed to the Revenue Agency for interest on tax credits from
previous years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-420": {
"value": "Financial expense (\u20ac26.9 million) includes interest expense accrued on outstanding 2020 and 2021
bonds, while the component of \u201cother financial expenses\u201d mainly includes mainly the portion of
interest calculated in accordance with IFRS 16 (\u20ac1.3 million), \u20ac5.3 million for the time value accrued
on the Earn-out of the doValue Greece acquisition, as well as \u20ac3.3 million million in interest expense
for late payment related to the arbitration with Altamira Asset Management Holdings S.L. and
connected to the Earn-out for the acquisition of doValue Spain.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-37": {
"value": "12/31/2023 12/31/2022 Defined benefit plans (31) (137) Total (31) (137) 12/31/2023 12/31/2022 Current tax (25,175) (25,975) Adjustment to current tax of prior years (1,999) (1,287) (Expense)/income related to tax disputes 1,751 - Changes to deferred tax assets (23,248) (10,827) Changes to deferred tax liabilities 8,380 3,347 Total (40,291) (34,742) (\u20ac/000) (\u20ac/000) 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 2023 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, 2023, 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 extension of the tax base also to financial charges and income and the application of the rate envisaged for banks of 5.57% unless otherwise provided by the individual regions. Income tax for the year amounted to \u20ac40.3 million on an accrual basis, up from \u20ac34.7 million as at December 31, 2022, mainly due to a negative impact of changes in deferred tax assets partially offset by deferred tax liabilities. Below is a table detailing the tax effect on the components of the comprehensive income statement. 12/31/2023 12/31/2022 PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 26,650 61,217 Theoretical tax rate 24% 24% Theoretical computed taxes on income (6,396) (14,692) - Different tax rates from the theoretical 3,553 4,195 - Non-taxable income - permanent differences 1,475 910 - Non-deductible expenses - permanent differences (11,295) (12,341) - IRAP (regional business tax) (461) (1,026) - Prior years and changes in tax rates 13 (1,562) - Valuation adjustments and non-recognition of deferred tax assets/liabilities (28,695) (10,473) - Other differences 1,515 247 Income tax recognised in income statement (40,291) (34,742) (\u20ac/000) 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: The reconciliation between theoretical and actual tax expense highlights how taxes recorded in the fiscal year are primarily affected by the component \u201cvaluation adjustments and non-recognition of deferred tax assets/liabilities\u201d which includes \u20ac17.8 million in impairment of DTA due to subsequent unrecoverability, in addition to \u20ac10.9 million of unrecorded DTA of the year (see also Note 4 for further details).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-38": {
"value": "NOTE 30 \u2013 EARNINGS PER SHARE12/31/2023 12/31/2022 Profit (loss) for the period attributable to the Shareholders of the Parent Company [A] (17,830) 16,502 Weighted average number of shares outstanding for the purposes of calculation of profit (loss) per share basic [B] 79,033,812 79,091,053 diluted [C] 79,033,812 79,091,053 Earnings (loss) per share (in euro) basic [A/B] (0.23) 0.21 diluted [A/C] (0.23) 0.21 (\u20ac/000) The 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-39": {
"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. 161 161 Financial risks 5 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, 2023, 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. On demand Up to 3 months 3 to 12 months 1 to 5 years Over 5 years 12/31/2023 12/31/2022 Loans and other financing - 9,768 25,402 552,860 - 588,030 568,503 Bank loans - 105 25,402 - - 25,507 126 Bank overdraft - - - - - - 37 Due to other lenders - - - - - - 4,380 Bonds - 9,663 - 552,860 - 562,523 563,960 Other financial liabilities - 2,410 43,830 37,200 13,100 96,540 116,481 Lease liabilities - 2,037 9,668 26,878 2,916 41,499 49,938 Earn-out - - 34,162 10,322 10,184 54,668 44,649 Put option on non-controlling interests - - - - - - 21,894 Others - 373 - - - 373 - Trade payables 14,430 53,595 17,358 - - 85,383 70,381 Other current liabilities 8,039 35,217 16,650 8,439 648 68,993 75,754 Total 22,469 100,990 103,240 598,499 13,748 838,946 831,119 (\u20ac/000) 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, 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. Regarding the outstanding bond loans, one maturing in August 2025 and the other in mid-2026, the Group has initiated appropriate activities for the repayment of the bond maturing in August 2025, assessing the best available options, including the issuance of a new five-year bond or the utilization of cash alongside a medium to long-term bank financing. The maturity in 2026 will be addressed, as per usual, with one year in advance in the second quarter of 2025. MARKET RISK - 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 medium-term indebtedness with variable interest rates. The Group\u2019s financial structure has benefited from relatively low interest rates over the past 4-5 years, thanks to the fixed-rate bond issuances in 2020 and 2021, minimizing exposure to interest rate fluctuations. However, given the upcoming maturity of the 2025 bond loan, which will be refinanced during 2024, the Group\u2019s financial structure will be impacted in the short term by the prevailing interest rate conditions under which the instruments refinancing the 2025 and 2026 maturities will be issued. ASSETS ALLOCATED FOR A SPECIFIC BUSINESS ACTIVITY \u201cVitruvian\u201d asset allocated for a specific business activity On January 9, 2023, the contract to assign the loans was finalised with the investor investor Vitruvian Investments SA and therefore, as at December 31, 2023, there are no longer values representing the assets in question, which originated in 2021 against the collection by the subsidiary doNext of funds deriving from a passive loan contract allocated for a specific business activity and governed by articles 2447 - bis, paragraph 1 lett. B and 2447 - decies of the Italian civil code. Operational risks 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: \u2022 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); \u2022 the risk of conduct, with a special reference to whistle-blowing events and violations of the corporate code of ethics; \u2022 external fraud; \u2022 IT risk, to be understood as the unavailability of software applications in use, vulnerabilities in software applications and security incidents in the computer network; \u2022 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. ERM\u2019s main organisational responsibilities are: \u2022 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; \u2022 guaranteeing integrated monitoring of potentially applicable risk categories at Group level, in line with the model of second-level controls; \u2022 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; \u2022 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; \u2022 supporting the monitoring of provisions for risks and charges in the Consolidated Financial Statements in cooperation with Group Finance. \u00b0 \u00b0 \u00b0 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 \u201cTableau de Bord\u201d (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 interimly 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 on the basis of the information that becomes available. Risks connected with tax disputes Regarding the events following the agreement reached with the Tax Authority in 2021 by the subsidiary doValue Spain Servicing S.A. (hereinafter \u201cdoValue Spain\u201d), on May 11, 2023, the International Court of Arbitration of the International Chamber of Commerce issued the arbitral award condemning Altamira Asset Management Holdings S.L. (hereinafter \u201cAAMH\u201d) to repay approximately \u20ac28 million, plus legal interest, in favor of the doValue Group. Similarly, doValue S.p.A. (hereinafter \u201cdoValue\u201d) is required to make the Earn-out payment, inclusive of passive interests. The amounts related to the Spanish tax claim were paid in 2021 by doValue Spain to the Spanish Tax Authority in the context of the inspection launched in connection to facts and events occurred prior to the acquisition performed by doValue which took place in 2019. In response to this arbitral award, AAMH has initiated legal action, before the competent Spanish courts, seeking the partial annulment of the arbitral award concerning its obligation to pay the tax claim imposed under the arbitral award still pending to date. The judgment of the High Court of Justice of Madrid on the annulment action brought by AAMH should be announced no later than the beginning of May 2024. Regarding the enforcement action initiated by the Parent Company doValue and its subsidiary doValue Spain in July 2023 to enforce and collect the sums due from AAMH, on December 21, 2023, the competent Court in Madrid issued an enforcement order, condemning AAMH to pay the amount specified in the arbitral award, leading to the seizure of all assets owned by AAMH. Regarding such executive procedure, AAMH has filed an opposition. On February 26, 2024, the competent Court in Madrid rejected the opposition filed by AAMH against the enforcement procedure that sentenced it to pay the amount stipulated in the arbitral award, resulting in the seizure of all assets. AAMH had the option to appeal against the order dismissing the opposition within 20 working days. This appeal does not suspend the execution process unless AAMH provides security for the entire amount owed (tax debt, interest, and potential damages). On January 16, 2024, doValue deposited approximately \u20ac22 million with the competent Court, in execution of its own motion (i.e., the seizure of the Earn-out credit that AAMH holds against doValue pursuant to the arbitral award). Regarding these sums, attributable to the aforementioned Earn Out, the Court has consented to their use to satisfy a portion of the credit that doValue Spain holds against AAMH. The Court is currently processing the case file. A decision on the request for release to doValue Spain of these funds deposited judicially within the framework of the enforcement procedure is expected by the end of March 2024 or during April 2024. In light of the above, the Group holds a contingent asset and expects to realize an amount of at least approximately \u20ac22 million. Such collection is deemed highly probable, also considering that in order to suspend the enforcement, AAMH would have to resort to escrowing the entire amount due in favor of the doValue Group pursuant to the arbitral award. This latter possibility is considered remote. Additionally, concerning the formal closure of the tax audit that the Parent Company has received by the Italian Tax Authority concerning the fiscal years 2015, 2016 and 2017, prior to the listing, at the end of April 2023, a tax assessment was received in connection with the 2016 finding and for which it filed a tax settlement proposal to activate the adequate protection measures and demonstrate, supported by a pool of professionals, the reasons for the correctness of the own conduct. Following the inability to reach a settlement agreement, which was pursued to achieve an out-of-court agreement quickly and with minimal expenditure considering the correctness of its position, on December 16, 2023, the settlement procedure was formally closed, and a judicial appeal was filed. On December 19, 2023, the Group also received a tax assessment for the 2017 fiscal year; the Parent Company filed a tax settlement proposal on February 16, 2024, to demonstrate the correctness of its actions based on a multitude of well-founded elements from a legal tax perspective. Considering the above for both assessments, the Parent Company deems the risk of liability possible and has also deemed it appropriate to release the provision that has been recorded in the financial statements starting from the Consolidated Half-Year Report at June 30, 2023, net of legal expenses. Capital management 12/31/2023 12/31/2022 Loans and other financing (Note 12) 588,030 568,503 Other financial liabilities (Note 13) 96,540 116,481 Trade payables (Note 16) 85,383 70,381 Other liabilities (Note 17) 68,992 75,754 Less: cash and cash equivalents (Note 9) (112,376) (134,264) Net debt (A) 726,569 696,855 Equity 53,031 136,559 Equity and net debt (B) 779,600 833,414 Gearing ratio (A/B) 93% 84% 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. 12/31/2023 12/31/2022 Net financial indebtness (Note 13) 572,194 546,340 Trade payables (Note 16) 85,383 70,381 Other liabilities (Note 17) 68,992 75,754 Current financial assets (Note 3) - 4,380 Net debt (A) 726,569 696,855 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\u2019 equity 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) (\u20ac/000)",
"dimensions": {
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},
"fact-421": {
"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, 2023, 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-422": {
"value": "On demand
Up to 3
months
3 to 12
months
1 to 5
years
Over 5
years
12/31/2023 12/31/2022
Loans and other financing - 9,768 25,402 552,860 - 588,030 568,503
Bank loans
-
105 25,402 - - 25,507 126
Bank overdraft
-
- - - - - 37
Due to other lenders
-
- - - - - 4,380
Bonds
-
9,663 - 552,860 - 562,523 563,960
Other financial liabilities - 2,410 43,830 37,200 13,100 96,540 116,481
Lease liabilities - 2,037 9,668 26,878 2,916 41,499 49,938
Earn-out
-
- 34,162 10,322 10,184 54,668 44,649
Put option on non-controlling interests
-
- - - - - 21,894
Others
-
373 - - - 373 -
Trade payables 14,430 53,595 17,358 - - 85,383 70,381
Other current liabilities 8,039 35,217 16,650 8,439 648 68,993 75,754
Total 22,469 100,990 103,240 598,499 13,748 838,946 831,119
(\u20ac/000)
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, 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.
Regarding the outstanding bond loans, one maturing in August 2025 and the other in mid-2026,
the Group has initiated appropriate activities for the repayment of the bond maturing in August
2025, assessing the best available options, including the issuance of a new five-year bond or the
utilization of cash alongside a medium to long-term bank financing. The maturity in 2026 will be
addressed, as per usual, with one year in advance in the second quarter of 2025.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-423": {
"value": "MARKET RISK - 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 medium-term
indebtedness with variable interest rates.
The Group\u2019s financial structure has benefited from relatively low interest rates over the past 4-5
years, thanks to the fixed-rate bond issuances in 2020 and 2021, minimizing exposure to interest
rate fluctuations. However, given the upcoming maturity of the 2025 bond loan, which will be
refinanced during 2024, the Group\u2019s financial structure will be impacted in the short term by the
prevailing interest rate conditions under which the instruments refinancing the 2025 and 2026
maturities will be issued.
",
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"fact-424": {
"value": "Capital management 12/31/2023 12/31/2022 Loans and other financing (Note 12) 588,030 568,503 Other financial liabilities (Note 13) 96,540 116,481 Trade payables (Note 16) 85,383 70,381 Other liabilities (Note 17) 68,992 75,754 Less: cash and cash equivalents (Note 9) (112,376) (134,264) Net debt (A) 726,569 696,855 Equity 53,031 136,559 Equity and net debt (B) 779,600 833,414 Gearing ratio (A/B) 93% 84% 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. 12/31/2023 12/31/2022 Net financial indebtness (Note 13) 572,194 546,340 Trade payables (Note 16) 85,383 70,381 Other liabilities (Note 17) 68,992 75,754 Current financial assets (Note 3) - 4,380 Net debt (A) 726,569 696,855 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\u2019 equity 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) (\u20ac/000)",
"dimensions": {
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},
"fact-425": {
"value": "Commitments and guarantees provided As at December 31, 2023, 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, 2023, amounted to \u20ac0.9 million and are related to rented operating properties.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-40": {
"value": "Commitments and guarantees provided As at December 31, 2023, 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, 2023, amounted to \u20ac0.9 million and are related to rented operating properties.",
"dimensions": {
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"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-41": {
"value": "n accordance with IFRS 8, segment reporting was prepared as a breakdown of revenues by Region, ntended as the location in which services are provided. or management purposes, the Group is organised into business units based on the geographical reas of the southern European region in which it operates following the corporate acquisitions in urope (doValue Spain at the end of June 2019 and doValue Greece in June 2020), illustrated below: \u2022 Italy: includes the companies operating in Italy, namely the Parent Company doValue, doData and doNext; \u2022 Hellenic Region: includes doValue Greece, doValue Greece RES, based in Greece, and investee companies of the doValue Spain based in Cyprus; \u2022 Iberia: includes companies based in Spain and Portugal, namely doValue Spain with the subsidiaries Adsolum and Team4, as well as doValue Portugal with the subsidiary Zarco. \u20ac/000) Year 2023 Italy Hellenic Region Iberia Infrasector Group Revenue from contracts with customers 129,354 226,045 82,954 (16,843) 421,510 Other revenues 36,753 25,112 3,442 (5,112) 60,195 Total revenue 166,107 251,157 86,396 (21,955) 481,705 Costs for services rendered (6,635) (9,131) (9,228) 1 (24,993) Personnel expenses (85,408) (78,837) (50,793) 1,941 (213,097) Administrative expenses (52,270) (21,221) (22,324) 5,154 (90,661) Other operating (expense)/income 2,306 2 2,198 583 5,089 Depreciation, amortisation and impairment (14,483) (36,629) (33,916) (7,714) (92,742) Provisions for risks and charges (1,805) (1,371) 887 - (2,289) Total costs (158,295) (147,187) (113,176) (35) (418,693) Operating income 7,812 103,970 (26,780) (21,990) 63,012 Financial (expense)/income (22,000) (4,287) (7,113) (3,730) (37,130) Profit (loss) of equity - - 768 - 768 Dividends and ordinary similar income 21,299 - 5,876 (27,175) - Profit (loss) before tax 7,111 99,683 (27,249) (52,895) 26,650 Income tax expense (7,685) (22,610) (12,992) 2,996 (40,291) Net Profit (loss) from continuing operations (574) 77,073 (40,241) (49,899) (13,641) Net profit (loss) for the period (574) 77,073 (40,241) (49,899) (13,641) Total assets (850,657) (512,243) (156,087) 487,423 (1,031,564) of which: Intangible assets (18,834) (299,331) (66,956) (88,663) (473,784) of which: Property, plant and equipment (13,661) (22,561) (12,455) - (48,677) of which: Other non-current assets (314) (2,024) (1,378) - (3,716) Total liabilities 708,042 223,319 199,890 (204,378) 926,873 ntra-sectoral revenues are derecognised at the consolidated level and are reflected in the \u201cIntrasector\u201d column.",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-42": {
"value": "Fair value recognised in acquisition Non-current assets Intangible assets 112 Property, plant and equipment 113 Other non-current assets 366 Total non-current assets 591 Current assets Trade receivables 1,793 Other current assets 107 Cash and cash equivalents 524 Total current assets 2,424 Total assets 3,015 Non-current liabilities Other non-current financial liabilities 10 Total non-current liabilities 10 Current liabilities Other current financial liabilities 43 Trade payables 307 Other current liabilities 1,514 Total current liabilities 1,864 Total liabilities 1,874 Total net identifiable assets at fair value 1,141 Goodwill/(Bargain) arising from acquisition (768) Purchase consideration 373 BUSINESS COMBINATIONS COMPLETED IN THE YEAR 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. External business combinations On December 29, 2023, the subsidiary doValue Spain signed the complete acquisition of Team 4 Collection & Consulting S.L.U. (hereinafter also referred to as \u201cTeam4\u201d), a subsidiary of the Arvato Group (Bertelsmann), aiming to expand its operations in the management of small unsecured loans. The provisional fair value of the identifiable assets and liabilities of Team4 as of the acquisition date is presented below. (\u20ac/000) The fair value assessment of the identified assets and liabilities was conducted using the acquisition method (\u201cPurchase Price Allocation\u201d), and the resulting figures cannot yet be considered final; therefore, they may need subsequent adjustments, along with a corresponding adjustment of the bargain, within one year from the transaction, in accordance with IFRS 3. The allocation of the difference between the consideration for the acquisition and the net book value of the assets and liabilities was performed by recognizing these assets and liabilities at their fair value as of December 31, 2023, considering the proximity of the transaction\u2019s closing and the fact that no significant events altering the fair value of the subsidiary\u2019s assets and liabilities were observed in this short timeframe. Therefore, Team4 contributes to the doValue Group\u2019s consolidated financial statements as of December 31, 2023, only with the balance sheet values. During the purchase price allocation, no fair value adjustments of the identified assets and liabilities were identified; hence, the bargain, albeit provisional, amounts to \u20ac768 thousand. The net cash flows of the transaction are presented below: (\u20ac/000) Breakdown of acquisition cash flows Net liquidity acquired with the subsidiary 524 Purchase consideration paid (373) Net acquisition cash flows 151 BUSINESS COMBINATIONS COMPLETED AFTER THE END OF THE YEAR The doValue Group did not carry out any internal or external business combinations after December 31, 2023. RETROSPECTIVE ADJUSTMENTS As at December 31, 2023, there were no retrospective adjustments relating to previous business combinations.",
"dimensions": {
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"fact-43": {
"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: \u2022 the Parent Company; \u2022 the companies that jointly control or exercise significant influence over the company; \u2022 the subsidiaries; \u2022 the associates; \u2022 the joint ventures; \u2022 key management personnel; \u2022 close family members of key management personnel and subsidiaries, including jointly, by key management personnel or their close family; \u2022 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. (\u20ac/000) Remuneration breakdown 12/31/2023 Short term benefits 6,009 Post-employment benefits 205 Severance indemnity 250 Share-based payments 708 Total 7,172 (\u20ac/000) Financial Transactions Amount related to \"Other related parties\" Total as per financial statement % of financial statement total Non-current financial assets 2,056 46,167 4.5% Trade receivables 15,358 199,844 7.7% Total assets 17,414 246,011 7.1% Trade payables (193) 85,383 -0.2% Total liabilities (193) 85,383 -0.2% (\u20ac/000) Costs/Revenues Amount related to \"Other related parties\" Total as per financial statement % of financial statement total Revenue from contracts with customers 54,199 421,510 12.9% Other revenues 5,184 60,195 8.6% Personnel expenses (2,009) (213,097) 0.9% Administrative expenses 14 (90,661) 0.0% Depreciation, amortisation and impairment - (92,742) 0.0% Other operating (expense)/income 100 5,089 2.0% Financial (Expense)/Income 443 (37,130) (1.2)% Total 57,931 53,164 109.0% INFORMATION ON REMUNERATION OF KEY MANAGEMENT PERSONNEL Information on the remuneration of key management personnel for the year 2023 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 executives with strategic responsibilities identified in the \u201cRelevant Personnel\u201d scope. RELATED-PARTY TRANSACTIONS During the year, 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 2023 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, 2023. 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: \u2022 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 2023 the amount of revenues from contracts with customers for this category of customers amounts to \u20ac54.1 million, while other revenues are equal to \u20ac4.7 million with corresponding trade receivables of \u20ac14.5 million at December 31, 2023; for the vehicles Romeo SPV and Mercuzio Securitisation, for which the Group holds ABS notes, \u20ac2.1 million of financial assets and \u20ac402 thousand of financial income are also recorded; \u2022 Companies affiliated to the Fortress group (FIG Italia, FIG LLC, Fortress Investment Group LLC, Arx Asset Management s.r.l.): the Group mainly carries out due diligence on the indicated company and in 2023 accrued other revenues and other operating income of \u20ac215 thousand, in addition to having trade receivables of \u20ac493 thousand at the end of the year; there is also an active staff secondment relationship with one of the companies, which generated income of \u20ac677 thousand; \u2022 Companies affiliated to the Bain Capital Credit group (Beat Capital Partners Limited, Aptia Group Limited, Bain Capital Credit, Ltd): the Group recognizes trade receivables for \u20ac13 thousand at the end of the year; \u2022 Torre SGR S.p.A.: the company rented the Group a property for one of the main offices in Rome, which was disposed; trade payables for \u20ac9 thousand is the amount at the end of the year; \u2022 ReoCo: the Group manages property assets for certain ReoCo (real estate owned companies), with other revenue and other operating income during the year of \u20ac261 thousand and trade receivables of \u20ac191 thousand; \u2022 Eurolife FFH General Insurance Single Member Societ\u00e9 Anonyme: the company manages pension funds and medical insurance for the employees of the subsidiary doValue Greece. At December 31, 2023, personnel expenses of \u20ac2.7 million and trade payables of \u20ac273 thousand were recorded. At the same time, the company has an active contract for ancillary services, which resulted in the recognition of other operating income and trade receivables amounting to \u20ac100 thousand.",
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"fact-426": {
"value": "(\u20ac/000) Remuneration breakdown 12/31/2023 Short term benefits 6,009 Post-employment benefits 205 Severance indemnity 250 Share-based payments 708 Total 7,172 INFORMATION ON REMUNERATION OF KEY MANAGEMENT PERSONNEL Information on the remuneration of key management personnel for the year 2023 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 executives with strategic responsibilities identified in the \u201cRelevant Personnel\u201d scope. ",
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}