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-5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "Fxbrl_20240228163106747": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228163056878": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228163047430": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228163037607": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228163024531": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228163014323": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CashFlowHedgesMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228162958309": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228162949087": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "aris:RetainedEarningsLossesAndOtherReservesMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228142941810": { "value": "140300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228142946145": { "value": "140300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228143035898": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240228143031772": { "value": "140300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600CC86D25A205563", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124353548": { "value": "46100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124404954": { "value": "-12500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124416841": { "value": "313300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124430944": { "value": "28300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124444329": { "value": "11400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124501514": { "value": "22800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CashFlowHedgesMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124517128": { "value": "-18700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124535589": { "value": "479000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "aris:RetainedEarningsLossesAndOtherReservesMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124552929": { "value": "140300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124610529": { "value": "1010000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124624912": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "Fxbrl_20240216124644040": { "value": "1012200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "Fxbrl_20240228012828695": { "value": "\n
6.1 Corporate information
\n
Ariston Holding N.V. (hereafter also the \u201cParent Company\u201d) is a Company listed in Euronext Milan, Italy, having its statu-
\n
tory seat in The Netherlands and enrolled in the Chamber of Commerce \u2013 KVK \u2013 of Amsterdam (CCI no. 83078738, RSIN
\n
no. 862717589, Establishment no. 000049275437, VAT Code: 01527100422, Fiscal Code 00760810572), with a secondary
\n
office in Via Broletto 44, Milano I-20121.
\n
The major business operations of the Group and of the Ariston Holding N.V. are in Italy and for that reason the Company
\n
has established a secondary seat with a permanent representative office, within the meaning of article 2508 of the Italian
\n
Civil Code.
\n
The Parent Company\u2019s primary purpose is to be a holding company and, with it, the management and coordination of a
\n
series of business processes for all the subsidiaries of the Group (hereinafter the \u201csubsidiaries\u201d). The Group, with its
\n \n
subsidiaries, is active in the business of the production and distribution of hot water and space heating and service solu-
\n
tions with cutting-edge technology serving markets all around the world.
\n \n
At 31 December 2023, voting rights are as follows (not including 0.60% of treasury shares): Merloni Holding S.p.A. 73.64%
\n
and Amaranta S.r.l. 18.60% (equating to 66.34% of the share capital) while the market is entitled for 7.76%.
\n
The issued share capital of the Company is held by Merloni Holding S.p.A. for 58.38%, Amaranta S.r.l. for 7.96%, the
\n
market for 21.95%, Centrotec SE for 11.12% and for 0.60% Ariston Holding (treasury shares).
\n \n
The consolidated financial statements of the Ariston Group for the year ending 31 December 2023 were approved on 5
\n
March 2024 by the Board of the Parent Company and recognised for issue.
\n \n
The consolidated financial statements comprise the following: income statement, statement of other comprehensive
\n
income, statement of financial position, statement of cash flows, statement of changes equity (in millions of Euro) and
\n
these notes to the financial statements.
\n \n
The statement of cash flows has been prepared using the \u201cindirect method\u201d and shows the changes that occurred, during
\n
the period, in the \u201cshort-term financial position\u201d which measures the cash and cash equivalents (short-term and high
\n
liquidity financial investments promptly convertible and not subject to the risk of a change in value), classifying the finan-
\n
cial flows according to their origins, from operating activities, investments or financing.
\n \n
These financial statements have been prepared in euro, the currency used in most of the Group\u2019s transactions. Transac-
\n
tions with foreign companies are included in the consolidated financial statements in compliance with the standards
\n
described hereafter.
\n \n \n
6.2
\n
Significant events of the year
\n \n \n \n
Significant events during the year relating to corporate actions, acquisition agreements and other significant events im-
\n
pacting the results are reported in a dedicated section in the Directors\u2019 report of this annual report. We summarise here
\n
below the main events of the year:
\n \n \n
\u2022
\n
On 2 January 2023, the Ariston Group completed the acquisition of 100% of the share capital of CENTROTEC Climate
\n
Systems (now called Wolf-Brink) for \u20ac 625.8 million in cash, plus 41,416,667 Ariston Holding N.V. shares. The trans-
\n
action, announced in September 2022, was the largest deal in the Group\u2019s history and contributed to the increase in
\n
the Ariston Group\u2019s ESG focus, also reinforcing its portfolio of brands and its mid-to high-end offer of climate solu-
\n
tions. Moreover, it further consolidated its positioning in Europe, with Germany becoming the first market;
\n \n \n
\u2022
\n
On 26 April 2023, the Chinese subsidiary named \u2018Atmor (Dongguan) Electronic Technology Co\u2019 was put into liquida-
\n
tion. As at 31 December 2023 the liquidation process is still ongoing. The contribution of the Chinese entity to the
\n
Net Revenue and Total Assets of the Group is not material;
\n \n \n
\u2022
\n
2023 will once again be marked by the evolution of events connected with the military conflict between Russia and
\n
Ukraine, with direct impacts on geopolitical and social stability on a global scale. The world context is involved in and
\n
impacted by the evolution of the military conflict, which is still causing serious social and economic consequences
\n
for the countries directly or indirectly involved. Tensions between countries have increased over the last few months,
\n
exacerbated by the fact that there is no obvious end in sight for the Russia-Ukraine conflict and the emergence of
\n
strains in Asia and other parts of the world.
\n
Despite the ongoing conflict, Ariston\u2019s operations in Russia and Ukraine
\n
are not experiencing significant impacts on their business and no going concern issue nor impairment indicators have
\n
been identified;
\n
\u2022
\n
The effects of the \u2018Swords of Iron\u2019 war can be summarised as follows. In October 2023, the \u2018Swords of Iron\u2019 war broke
\n
out in Israel (\"the war\"). The ongoing war has led to a slowdown in business activity throughout the Israeli economy,
\n
as a result, among others, of the shutdown of enterprises in the south and north of Israel, the damage to local infra-
\n
structure, the nationwide military reserve draft for an indefinite period and the disruption of economic activity in the
\n
entire country. The prolongation of the war is likely to have extensive nationwide effects on numerous business and
\n
geographic segments. The potential fluctuations in commodity prices, foreign currency exchange rates, availability
\n
of materials and manpower, local services and access to local resources are all liable to affect entities whose main
\n
operations are conducted in or with Israel. Nevertheless and despite the above, an assessment of the principal effects
\n
of the war on the Israel subsidiary Chromagen Ltd has been carried out with immaterial impact on net revenue, EBIT
\n
and Operative Cash Flows.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228013340568": { "value": "6.1 Corporate information\n
The consolidated financial statements of the Ariston Group for the year ending 31 December 2023 were approved on 5
\n
March 2024 by the Board of the Parent Company and recognised for issue.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228043431392": { "value": "6.1 Corporate information\n
The statement of cash flows has been prepared using the \u201cindirect method\u201d and shows the changes that occurred, during
\n
the period, in the \u201cshort-term financial position\u201d which measures the cash and cash equivalents (short-term and high
\n
liquidity financial investments promptly convertible and not subject to the risk of a change in value), classifying the finan-
\n
cial flows according to their origins, from operating activities, investments or financing.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012119046": { "value": "Ariston Holding N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012629528": { "value": "Ariston Holding N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012653648": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012400936": { "value": "Italy", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012200720": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012252992": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012336343": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012500149": { "value": "The Group, with its\n subsidiaries, is active in the business of the production and distribution of hot water and space heating and service solu-\n tions with cutting-edge technology serving markets all around the world.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228012718233": { "value": "Merloni Holding S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228111218156": { "value": "\n \n \n \n
6.2
\n
Significant events of the year
\n \n \n \n \n \n \n
Significant events during the year relating to corporate actions, acquisition agreements and other significant events im-
\n
pacting the results are reported in a dedicated section in the Directors\u2019 report of this annual report. We summarise here
\n
below the main events of the year:
\n \n \n \n \n
\u2022
\n
On 2 January 2023, the Ariston Group completed the acquisition of 100% of the share capital of CENTROTEC Climate
\n
Systems (now called Wolf-Brink) for \u20ac 625.8 million in cash, plus 41,416,667 Ariston Holding N.V. shares. The trans-
\n
action, announced in September 2022, was the largest deal in the Group\u2019s history and contributed to the increase in
\n
the Ariston Group\u2019s ESG focus, also reinforcing its portfolio of brands and its mid-to high-end offer of climate solu-
\n
tions. Moreover, it further consolidated its positioning in Europe, with Germany becoming the first market;
\n \n \n
Accounting treatment of the Chromagen Group Reps & Warranties
\n
On 5 January 2022, the Ariston Group acquired 100% of the shares and voting rights of the Chromagen Group that oper-
\n
ates in Israel, Australia and Spain.
\n
The agreement set forth a series of representation and warranty clauses to cover the Ariston Group against previous
\n
undisclosed liabilities not known at the date of the agreement. The Ariston Group withheld from the Purchase Price an
\n
amount to cover those risks which will be paid to the seller as per the agreement.
\n
The present value of this amount is equal to \u20ac 2.4 million and it is classified under current liabilities given that at the date
\n
of the approval of these Consolidated financial statements it has been paid, precisely in January 2024.
\n \n
Accounting treatment of the MTG Service Single Member reps & warranties
\n
On 14 June 2023, the Ariston Group acquired 100% of the shares and voting rights of MTG Service Single Member that
\n
operates in Greece.
\n \n
The agreement set forth representation and warranty clauses to cover the Ariston Group against previous undisclosed
\n
liabilities not known at the date of the agreement. Ariston Group withheld from the Purchase Price an amount to cover
\n
those risks which will be paid to the seller as per the agreement.
\n
The present value of this amount is equal to \u20ac 0.2 million and it is classified under non-current liabilities given that the
\n
expiry date is in 2026.
\n \n
Note 2.1.1 \u2013 Business combinations
\n
Wolf-Brink Business combinations
\n
As mentioned in paragraph \u20182 - Significant events of the year\u2019, on 2 January 2023 (the \u201cclosing date\u201d), the Ariston Group
\n
completed the acquisition from CENTROTEC SE (the \u201cSeller\u201d) of 100% of the share capital of CENTROTEC Climate Systems
\n
GmbH (hereinafter the \u201ctransaction\u201d and \u201cWolf-Brink\u201d or the \u201cacquired group\u201d).
\n
The acquired group operates through four brands Wolf, Brink, Ned Air and Pro-Klima: Wolf is a pioneer in the develop-
\n
ment of new-generation heat pumps with natural refrigerants characterised by high efficiency and low noise levels; Brink
\n
is a prominent European player in domestic heat-recovery ventilation, while through Pro-Klima and Ned Air the acquired
\n
group also operates in air-handling, offering high-efficiency systems for flow control and air conditioning in commercial
\n
applications.
\n
Wolf-Brink employs 2,792 people, with solid market positioning in Germany and the Netherlands, and a significant pres-
\n
ence in other European markets. Manufacturing plants are located in Germany, the Netherlands and Croatia.
\n
The transaction consideration amounted to \u20ac 1,024.5 million and was paid partially in cash and partially in kind through
\n
41.4 million Ariston Holding N.V. shares.
\n
The consideration paid in cash amounted to \u20ac 625.8 million: the agreed base cash consideration of \u20ac 703 million was
\n
adjusted at closing to reflect the actual cash, debt and working capital at the closing date.
\n
With reference to the consideration paid in kind, pursuant to the Board resolution of 15 September 2022 and following
\n
the authorisation of the transaction by the general meeting of 19 December 2022, Ariston Holding N.V. executed at the
\n
closing date a dedicated capital increase, with the issuance of 19,321,473 ordinary shares and 22,095,194 shares of the
\n
new \u201cnon-listed ordinary share\u201d class (which the Seller is entitled to convert into ordinary shares starting from 12 months
\n
after issuance). Overall, the newly issued shares represent approximately 11.1% of total Ariston shares and 2.6% of voting
\n
rights, with a total value of \u20ac 398.6 million, based on the price of Ariston shares as of 2 January 2023.
\n
The transaction was accounted for in accordance with IFRS 3 by applying the acquisition method. The IFRS 3 acquisition
\n
method of accounting applies the fair value concepts defined in
\n
IFRS 13 - Fair Value Measurement
\n
and requires, among
\n
other things, the assets acquired and the liabilities assumed in a business combination to be recognised by the acquirer
\n
at their fair values as of the acquisition date.
\n
Based on the above, the Group performed the purchase price allocation with the support of an independent external
\n
expert and it was finalised in a period not exceeding 12 months from the closing date, in compliance with the applicable
\n
accounting standards.
\n \n
The book value and the fair value of the identifiable assets and liabilities of the Wolf-Brink group as at the date of acqui-
\n
sition were as follows:
\n \n \n
(in \u20ac million)
\n
Book value at the
\n
acquisition date
\n
Fair value at the
\n
acquisition date
\n
ASSETS
\n
Non-current assets
\n
Goodwill
\n
135.6
\n
-
\n
Other intangible assets
\n
41.3
\n
491.1
\n
Land and buildings
\n
42.6
\n
64.2
\n
Plant and machinery
\n
9.5
\n
18.8
\n
Other property, plant and equipment
\n
43.8
\n
53.6
\n
Deferred tax assets
\n
2.7
\n
2.7
\n
Financial assets
\n
0.2
\n
0.2
\n
Other non-current assets
\n
0.3
\n
0.3
\n
Total non-current assets
\n
276.0
\n
630.9
\n
Current assets
\n
Inventories
\n
105.7
\n
113.7
\n
Trade receivables
\n
50.8
\n
50.8
\n
Tax receivables
\n
1.4
\n
1.4
\n
Current financial assets
\n
1.0
\n
1.0
\n
Other current assets
\n
12.0
\n
12.0
\n
Cash and cash equivalents
\n
79.1
\n
79.1
\n
Total current assets
\n
250.0
\n
258.0
\n
TOTAL ASSETS
\n
526.0
\n
888.9
\n
LIABILITIES
\n
Non-current liabilities
\n
Deferred tax liabilities
\n
9.4
\n
158,0
\n
Non-current provisions
\n
3.4
\n
3.4
\n
Post-employment benefits
\n
44.6
\n
44.6
\n
Non-current financing
\n
101.2
\n
101.2
\n
Other non-current liabilities
\n
0.03
\n
0.0
\n
Total non-current liabilities
\n
158.6
\n
307.2
\n
Current liabilities
\n
Trade payables
\n
33.1
\n
33.1
\n
Tax payables
\n
18.7
\n
18.7
\n
Current provisions
\n
20.1
\n
20.1
\n
Current financial liabilities
\n
2.1
\n
2.1
\n
Current loans
\n
4.9
\n
4.9
\n
Other current liabilities
\n
66.0
\n
66.0
\n
Total current liabilities
\n
144.9
\n
144.9
\n
Total Liabilities
\n
303.5
\n
452.1
\n
NET EQUITY ACQUIRED
\n
222.5
\n
A
\n
436.8
\n
Total consideration, of which:
\n
B
\n
1,024.5
\n
Price paid in cash
\n
625.8
\n
Price paid in kind (Ariston ordinary shares)
\n
398.6
\n
Goodwill arising on acquisition (C=B-A)
\n
C
\n
587.6
\n \n \n
The fair value of buildings, land and machinery and equipment has been determined using respectively the income ap-
\n
proach for buildings, the market approach for land and the cost approach for machinery and equipment (in particular the
\n
fair value has been determined by adjusting the asset\u2019s new costs for losses in value attributable to physical, functional
\n \n
and economic obsolescence \u2013 for this purpose, it both the indirect cost approach and the direct cost approach have been
\n
used for more material assets utilising modern replacement costs).
\n
The fair value of work-in-process and finished goods inventories has been determined at the estimated selling prices, less
\n
the cost of disposal and an implied brand royalty charge. The book value of all other raw materials which are measured
\n
at the lower of cost and net realisable value and which have a high turnover, are considered at approximate fair value.
\n
Regarding the identified intangible assets, the fair value has been determined using the income approach (in particular
\n
for trademark and technology the relief from royalty method has been used and for the customer list the multi-period
\n
excess of earning method).
\n \n \n
Based on the results of the purchase price allocation process, the residual goodwill amounts to \u20ac 587.6 million and rep-
\n
resents the excess of the purchase price paid over of the fair value of the net assets acquired.
\n
The above mentioned goodwill has been separately recognised by Ariston given it represents the future economic bene-
\n
fits considered arising from the business combination, as well as synergies expected from the integration of the acquired
\n
business, together with the assembled workforce in place. The emerging goodwill has been allocated to the Thermal
\n
Comfort CGU and is not tax-deductible based on the relevant local regulations.
\n \n \n
From the date of acquisition (i.e. from the beginning of 2023), the Wolf-Brink group contributed \u20ac 808.2 million in reve-
\n
nue and \u20ac 87.7 million to profit before tax from continuing operations of the Group.
\n
MTG Service business combinations
\n
As mentioned in paragraph \u201c3.iv. Basis of consolidation\u201d, in June 2023 the Ariston Group acquired 100% of the shares of
\n
the Greek entity \u2018MTG Service Single Member\u2019. The total consideration amounts to \u20ac 1.5 million and consisted of the
\n
following:
\n
\u2022
\n
the price paid for 100% of the capital of the company totalled \u20ac 1.1 million;
\n
\u2022
\n
the acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out
\n
and retentions). The amount is equal to \u20ac 0.4 million.
\n \n \n
The Greek entity is a service provider for maintenance or repairs. The Group separately recognised goodwill arising from
\n
the acquisition (\u20ac 1.3 million) given that it represents the future economic benefits considered arising from the business
\n
combination performed by the Group. Goodwill is not tax-deductible based on the relevant local regulations.
\n
From the acquisition date, the Greek entity contributed to Ariston Group's results for \u20ac 0.7 million to net revenue.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228105727729": { "value": "\n \n \n
6.2
\n
Significant events of the year
\n \n \n \n \n \n \n
Significant events during the year relating to corporate actions, acquisition agreements and other significant events im-
\n
pacting the results are reported in a dedicated section in the Directors\u2019 report of this annual report. We summarise here
\n
below the main events of the year:
\n \n \n \n \n \n \n
\u2022
\n
On 26 April 2023, the Chinese subsidiary named \u2018Atmor (Dongguan) Electronic Technology Co\u2019 was put into liquida-
\n
tion. As at 31 December 2023 the liquidation process is still ongoing. The contribution of the Chinese entity to the
\n
Net Revenue and Total Assets of the Group is not material;
\n \n \n Accounting treatment of the Haas Heating BV earn-out\n \n \n
On 10 June 2021, 24.5% of the shares of the Dutch company Haas Heating B.V. were acquired by the Group through ATAG
\n
Heating B.V.
\n
The acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based
\n
on a sales scheme at specific dates falling under IAS 28
\n
Investment in Associates and Joint Ventures
\n
.
\n
Therefore, a liability equal to the current value of the estimated obligation as at the date of its eventual future exercise,
\n
was recognised in the financial statements against the equity participation value.
\n
A Share Purchase Agreement defined the purchase price at \u20ac 0.8 million and a liability for \u20ac 1.4 million is related to the
\n
earn-out program.
\n
For the remaining shares the agreement foresees a series of call options divided in three tranches expiring in 2024, 2025
\n
and 2026 that are not reflected in the Financial Statements and are not material in terms of the amount.
\n
The company is treated as a joint venture due to the fact that the shareholder has a right of veto on important business
\n
decisions, thus valuing the participation with the equity method with the existence of a financial liability to be paid for
\n
acquiring the entity.
\n \n \n Note 2.3 \u2013 Investments in associates & Joint venturesAssociates\n \n \n
In October 2023, the Ariston Group acquired the % of the UK company Thermal Earth Limited. The investment was around
\n
\u20ac 3.5 million. The company delivers a comprehensive range of services that encompass both product supply and installa-
\n
tion for both domestic and non-domestic clients. The Group\u2019s interest in Thermal Earth Limited is accounted for using
\n
the equity method in the consolidated financial statements.
\n \n \n \n
Joint ventures
\n \n \n
From June 2021 the Ariston Group holds 24.5% of the shares of the Dutch company Haas Heating B.V. which was acquired
\n
by the Group through ATAG Heating B.V.
\n
The company is treated as a joint venture, thus valuing the participation with the equity method with the existence of a
\n
financial liability to be paid for acquiring the associate.
\n
The acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based
\n
on a sales scheme at specific dates falling under IAS 28
\n
Investment in Associates and Joint Ventures
\n
.
\n
Therefore, a liability equal to the current value of the estimated obligation as at the date of its eventual future exercise,
\n
was recognised in the financial statements against the equity method.
\n \n \n \n \n \n
The Shares Purchase Agreement defined the purchase price at \u20ac 0.8 million and a liability for \u20ac 1.4 million is related to
\n
the earn-out program.
\n
For the remaining shares the agreement foresees a series of call options divided in three tranches expiring in 2024, 2025
\n
and 2026.
\n \n \n \n \n
\n LIST OF COMPANIES AT 31 DECEMBER 2023\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
1
\n 		\n
Ariston Holding N.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
46,476,002
\n 		\n
TC
\n 		\u00a0\u00a0\u00a0\u00a0
\n
2
\n 		\n
Air Install B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Air Install Group B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
3
\n 		\n
Air Install Group B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
18,154
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
4
\n 		\n
AR1 S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
200,000
\n 		\n
TC
\n 		\n
Ariston S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
5
\n 		\n
Ariston Benelux S.A./N.V.
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
15,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
6
\n 		\n
Ariston Climate Solutions
\n
D.o.o. Svilajnac
\n 		\n
Serbia
\n 		\n
RSD
\n 		\n
11,740,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
7
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
2,350,000,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Atag Heating B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
8
\n 		\n
Ariston Climate Systems GmbH
\n
(1)
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
25,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
9
\n 		\n
Ariston Croatia d.o.o.
\n 		\n
Croatia
\n 		\n
EUR
\n 		\n
110,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
10
\n 		\n
Ariston CZ S.r.o.
\n 		\n
Czech Republic
\n 		\n
CZK
\n 		\n
30,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
11
\n 		\n
Ariston Deutschland GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
255,700
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
12
\n 		\n
Ariston Egypt LLC
\n 		\n
Egypt
\n 		\n
EGP
\n 		\n
10,900,000
\n 		\n
TC
\n 		\n
Ariston Group Water Heating
\n
Solutions Egypt LLC
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
0.01
\n 		\u00a0\u00a0
\n
13
\n 		\n
Ariston France S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
54,682,110
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Elco International GmbH
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
14
\n 		\n
Ariston Group Greece P.C.
\n
(1)
\n 		\n
Greece
\n 		\n
EUR
\n 		\n
2,500,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
15
\n 		\n
Ariston Group India Private
\n
Limited
\n 		\n
India
\n 		\n
INR
\n 		\n
457,500,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston S.p.A.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
16
\n 		\n
Ariston Group Water Heating
\n
Solutions Egypt LLC
\n 		\n
Egypt
\n 		\n
EGP
\n 		\n
100,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
99.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
0.01
\n 		\u00a0\u00a0
\n
17
\n 		\n
Ariston Gulf Water Heating LLC
\n 		\n
UAE
\n 		\n
AED
\n 		\n
400,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
18
\n 		\n
Ariston Heating Solutions
\n
(China) Co. Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
145,885,010
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
19
\n 		\n
Ariston Heating Technology
\n
Nigeria Ltd.
\n 		\n
Nigeria
\n 		\n
NGN
\n 		\n
10,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
20
\n 		\n
Ariston Holding USA LLC
\n 		\n
USA
\n 		\n
USD
\n 		\n
77,037,666
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
21
\n 		\n
Ariston Hung\u00e1ria Kft.
\n 		\n
Hungary
\n 		\n
HUF
\n 		\n
131,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
22
\n 		\n
Ariston Iberica S.L.
\n 		\n
Spain
\n 		\n
EUR
\n 		\n
800,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
23
\n 		\n
Ariston Industrial Vietnam Co.
\n
Ltd.
\n 		\n
Vietnam
\n 		\n
VND
\n 		\n
41,600,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
24
\n 		\n
Ariston Kazakhstan LLP
\n 		\n
Kazakhstan
\n 		\n
KZT
\n 		\n
212,100
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
25
\n 		\n
Ariston Maroc SA
\n 		\n
Morocco
\n 		\n
MAD
\n 		\n
3,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
26
\n 		\n
Ariston Polska Sp. zo.o.
\n 		\n
Poland
\n 		\n
PLN
\n 		\n
12,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
27
\n 		\n
Ariston Pte Ltd.
\n 		\n
Singapore
\n 		\n
SGD
\n 		\n
100,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
28
\n 		\n
Ariston S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
30,100,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
29
\n 		\n
Ariston Sales Mexico S.A. de
\n
C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
302,188,920
\n 		\n
TC
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\u00a0\n
0.03
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Calentadores de America S.A.
\n
de C.V.
\n 		\u00a0\n
99.97
\n 		\u00a0
\n
30
\n 		\n
Ariston South Africa (Pty) Ltd.
\n 		\n
South Africa
\n 		\n
ZAR
\n 		\n
100
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
31
\n 		\n
Ariston Thermo Argentina S.r.l.
\n 		\n
Argentina
\n 		\n
ARS
\n 		\n
16,805,269
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.64
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Thermowatt S.p.A.
\n 		\u00a0\n
0.36
\n 		\u00a0
\n
32
\n 		\n
Ariston Thermo Romania S.r.l.
\n 		\n
Romania
\n 		\n
RON
\n 		\n
29,041,740
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
33
\n 		\n
Ariston Thermo Rus LLC
\n 		\n
Russia
\n 		\n
RUB
\n 		\n
1,403,787,727
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
34
\n 		\n
Ariston Thermo Tunisie SA
\n 		\n
Tunisia
\n 		\n
EUR
\n 		\n
500,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
66.70
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Third parties
\n 		\u00a0\u00a0\n
33.30
\n
\n
35
\n 		\n
Ariston U.K. Ltd.
\n 		\n
UK
\n 		\n
GBP
\n 		\n
7,500,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
36
\n 		\n
Ariston Ukraine LLC
\n 		\n
Ukraine
\n 		\n
UAH
\n 		\n
38,705,753
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
37
\n 		\n
Ariston USA LLC
\n 		\n
USA
\n 		\n
USD
\n 		\n
10,275,184
\n 		\n
TC
\n 		\n
Ariston Holding USA LLC
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
38
\n 		\n
Ariston Vietnam CO. Ltd.
\n 		\n
Vietnam
\n 		\n
VND
\n 		\n
31,471,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
39
\n 		\n
Atag Construction B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
40
\n 		\n
Atag Electronics B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
41
\n 		\n
Atag Engineering B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
42
\n 		\n
Atag Heating B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
43
\n 		\n
Atag Heizungstechnik GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
512,000
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
44
\n 		\n
Atag Verwarming Belgie B.V.BA
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
18,600
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
45
\n 		\n
ATM1 HR S.A. de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n
Elcotherm AG
\n 		\u00a0\n
99.99
\n
0.01
\n 		\u00a0
\n
46
\n 		\n
Atmor (Dongguan) Electronic
\n
Technology Co. Ltd.
\n 		\n
China
\n 		\n
USD
\n 		\n
1,000,000
\n 		\n
TC
\n 		\n
Atmor Electronic Technology
\n
Company Ltd
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
47
\n 		\n
Atmor Electronic Technology
\n
Company Ltd.
\n 		\n
Hong Kong
\n 		\n
HKD
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Atmor Industries LTD
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
48
\n 		\n
Atmor Industries Ltd.
\n 		\n
Israel
\n 		\n
USD
\n 		\n
1,790,409
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
49
\n 		\n
BCE S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
10,400
\n 		\n
BUR
\n 		\n
Ecoflam Bruciatori S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
50
\n 		\n
(1)
\n
Brink Climate Systems B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
20,004
\n 		\n
TC
\n 		\n
Ariston Climate Systems
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
51
\n 		\n
Brink Climate Systems
\n
(1)
\n
Deutschland GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
450,000
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
52
\n 		\n
Brink Climate Systems France
\n
(1)
\n
S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
53
\n 		\n
Calentadores de America S.A.
\n
de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
1,226,593,637
\n 		\n
TC
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Atag Heating B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
54
\n 		\n
Chromagen Australia PTY Ltd.
\n 		\n
Australia
\n 		\n
AUD
\n 		\n
10,358,995
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
51.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Third parties
\n 		\u00a0\u00a0\n
49.00
\n
\n
55
\n 		\n
Chromagen Israel Ltd.
\n 		\n
Israel
\n 		\n
ILS
\n 		\n
10,901
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
56
\n 		\n
ComfortExpert B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Air Install Group B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
57
\n 		\n
Cuenod S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
15,422,390
\n 		\n
BUR
\n 		\n
Ariston France sas
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
58
\n 		\n
Domotec AG
\n 		\n
Switzerland
\n 		\n
CHF
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
59
\n 		\n
Ecoflam Bruciatori S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
3,690,000
\n 		\n
BUR
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
60
\n 		\n
Elco Austria GmbH
\n 		\n
Austria
\n 		\n
EUR
\n 		\n
35,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
61
\n 		\n
Elco B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
2,046,004
\n 		\n
TC
\n 		\n
Elco Burners B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
62
\n 		\n
Elco Belgium S.A./N.V.
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
2,650,000
\n 		\n
TC
\n 		\n
Ariston Benelux S.A./N.V.
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Elco B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
63
\n 		\n
Elco Burners B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
22,734
\n 		\n
BUR
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
64
\n 		\n
Elco Burners GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
25,000
\n 		\n
BUR
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
65
\n 		\n
Elco GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
66
\n 		\n
Elco Heating Solutions Ltd.
\n 		\n
UK
\n 		\n
GPB
\n 		\n
3,001,750
\n 		\n
TC
\n 		\n
Ariston U.K. Ltd.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
67
\n 		\n
Elco International GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
8,691,962
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
68
\n 		\n
Elco Italia S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
3,500,000
\n 		\n
TC
\n 		\n
Ariston S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
69
\n 		\n
Elcotherm AG
\n 		\n
Switzerland
\n 		\n
CHF
\n 		\n
1,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
70
\n 		\n
Gastech-Energi A/S
\n 		\n
Denmark
\n 		\n
DKK
\n 		\n
7,554,935
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
71
\n 		\n
Holmak export import
\n
(1)
\n
D.o.o.e.l.
\n 		\n
Macedonia
\n 		\n
MKD
\n 		\n
816,651
\n 		\n
TC
\n 		\n
Holmak HeatX B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
72
\n 		\n
Holmak HeatX B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
38,500
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
73
\n 		\n
Ingrado S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
74
\n 		\n
Innosource B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
18,000
\n 		\n
TC
\n 		\n
Holmak HeatX B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
75
\n 		\n
Instachauf S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
200,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
76
\n 		\n
MTG Service Single Member
\n
(1)
\n
P.C.
\n 		\n
Greece
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Group Greece P.C.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
77
\n 		\n
(1)
\n
Ned Air B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
54,000
\n 		\n
TC
\n 		\n
Ariston Climate System
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
78
\n 		\n
NTI Boilers Inc.
\n 		\n
Canada
\n 		\n
CAD
\n 		\n
43,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
79
\n 		\n
NTI USA Inc.
\n 		\n
USA
\n 		\n
USD
\n 		\n
100
\n 		\n
TC
\n 		\n
NTI Boilers Inc.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
80
\n 		\n
Pro-Klima D.o.o.
\n
(1)
\n 		\n
Croatia
\n 		\n
EUR
\n 		\n
1,208,786
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
81
\n 		\n
PT Ariston Group Indonesia
\n
Ltd.
\n 		\n
Indonesia
\n 		\n
IDR
\n 		\n
16,260,750,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.93
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Pte Ltd.
\n 		\u00a0\n
0.07
\n 		\u00a0
\n
82
\n 		\n
Racold Thermo Private Ltd.
\n 		\n
India
\n 		\n
INR
\n 		\n
262,134,750
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston S.p.A.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
83
\n 		\n
S.H.E. d.o.o. Svilajnac
\n 		\n
Serbia
\n 		\n
RSD
\n 		\n
35,432,220
\n 		\n
COM
\n 		\n
Thermowatt S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
84
\n 		\n
SPM Innovation S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
750,020
\n 		\n
BUR
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
85
\n 		\n
Tasfiye Halinde Ariston
\n
Thermo Is\u0131tma ve So\u011futma
\n
Sistemleri \u0130thalat ve \u0130hracat ve
\n
Da\u011f\u0131t\u0131m Ltd.\u015eti.
\n 		\n
Turkey
\n 		\n
TRY
\n 		\n
66,157,500
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
86
\n 		\n
Thermowatt (Wuxi) Electric Co.
\n
Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
82,769,200
\n 		\n
COM
\n 		\n
Ariston Heating Solutions
\n
(China) Co. Ltd.
\n 		\u00a0\n
70.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
30.00
\n 		\u00a0\u00a0
\n
87
\n 		\n
Thermowatt Professional S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
100,000
\n 		\n
COM
\n 		\n
Thermowatt S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
88
\n 		\n
Thermowatt S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
7,700,000
\n 		\n
COM
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
89
\n 		\n
WOLF Energiesparsysteme
\n
(1)
\n
O.O.O.
\n 		\n
Russia
\n 		\n
RUB
\n 		\n
113,200,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
99.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Wolf Power Systems
\n 		\u00a0\n
1.00
\n 		\u00a0
\n
90
\n 		\n
Wolf Energiesystemen B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
150,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
91
\n 		\n
Wolf France S.a.s.
\n
(1)
\n 		\n
France
\n 		\n
EUR
\n 		\n
1,040,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
92
\n 		\n
(1)
\n
Wolf GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
20,000,000
\n 		\n
TC
\n 		\n
Ariston Climate Systems
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
93
\n 		\n
Wolf HVAC HK Ltd.
\n
(1)
\n 		\n
Hong Kong
\n 		\n
HKD
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
94
\n 		\n
Wolf HVAC Systems
\n
(1)
\n
(Shanghai) Co. Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
14,512,361
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
95
\n 		\n
Wolf Iberica Climatization Y
\n
(1)
\n
Calefacion SA
\n 		\n
Spain
\n 		\n
EUR
\n 		\n
1,181,315.74
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
96
\n 		\n
Wolf Italia S.r.l.
\n
(1)
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
100,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
97
\n 		\n
Wolf Power Systems GmbH
\n
(1)
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
500,000
\n 		\n
TC
\n 		\n
Wolf Power Systems Holding
\n 		\u00a0\n
89.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Wolf GmbH
\n 		\u00a0\n
11.00
\n 		\u00a0
\n
98
\n 		\n
Wolf Power Systems Holding
\n
GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
83,333
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
99
\n 		\n
Wolf Technika Grzewcza
\n
(1)
\n
Sp.zo.o.
\n 		\n
Poland
\n 		\n
PLN
\n 		\n
3,189,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
The participation shares in this table are the ones relevant for determining the Consolidated financial statements. The companies acquired with the put/call
\n
contracts to be exercised on the remaining shares of the share capital were fully consolidated, together with the acquisition agreement based on the provisions
\n
set forth in IFRS3 (see the specific treatment of the individual put/call options in the notes).
\n
All companies summarised in the table above are consolidated using the line by line method.
\n
(1)
\n
Entities in perimeter variation 2023.
\n
(*)
\n
Refers to the main Division.
\n \n \n \n \n
LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION
\n \n \n \n
No.
\n
Company
\n
Registered office
\n
Curr.
\n
Share capital
\n
Business
\n
unit (*)
\n
Investing companies
\n
Direct
\n
controlling
\n
interest
\n
Subsidiaries'
\n
controlling
\n
interest
\n
Minority
\n
interest
\n
1
\n
Joint venture \"Ariston Thermo -
\n
UTG LLC\" (**)
\n
Uzbekistan
\n
EUR
\n
1,000,000
\n
TC
\n
Ariston Holding N.V.
\n
51.00
\n
49.00
\n
2
\n
Haas Heating B.V.
\n
Netherlands
\n
EUR
\n
100
\n
TC
\n
Atag Heating B.V.
\n
24.50
\n
75.50
\n
3
\n
Thermal Earth Ltd
\n
UK
\n
GBP
\n
81
\n
TC
\n
Ariston U.K. Ltd.
\n
30.00
\n
70.00
\n
(**)
\n
The company was not included in the scope of consolidation because of its limited area of operation and significance.
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228114358839": { "value": "\n
6.2
\n
Significant events of the year
\n \n
Significant events during the year relating to corporate actions, acquisition agreements and other significant events im-
\n
pacting the results are reported in a dedicated section in the Directors\u2019 report of this annual report. We summarise here
\n
below the main events of the year:
\n \n
\u2022
\n
On 26 April 2023, the Chinese subsidiary named \u2018Atmor (Dongguan) Electronic Technology Co\u2019 was put into liquida-
\n
tion. As at 31 December 2023 the liquidation process is still ongoing. The contribution of the Chinese entity to the
\n
Net Revenue and Total Assets of the Group is not material;
\n \n
\n LIST OF COMPANIES AT 31 DECEMBER 2023\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
1
\n 		\n
Ariston Holding N.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
46,476,002
\n 		\n
TC
\n 		\u00a0\u00a0\u00a0\u00a0
\n
2
\n 		\n
Air Install B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Air Install Group B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
3
\n 		\n
Air Install Group B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
18,154
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
4
\n 		\n
AR1 S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
200,000
\n 		\n
TC
\n 		\n
Ariston S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
5
\n 		\n
Ariston Benelux S.A./N.V.
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
15,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
6
\n 		\n
Ariston Climate Solutions
\n
D.o.o. Svilajnac
\n 		\n
Serbia
\n 		\n
RSD
\n 		\n
11,740,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
7
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
2,350,000,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Atag Heating B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
8
\n 		\n
Ariston Climate Systems GmbH
\n
(1)
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
25,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
9
\n 		\n
Ariston Croatia d.o.o.
\n 		\n
Croatia
\n 		\n
EUR
\n 		\n
110,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
10
\n 		\n
Ariston CZ S.r.o.
\n 		\n
Czech Republic
\n 		\n
CZK
\n 		\n
30,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
11
\n 		\n
Ariston Deutschland GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
255,700
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
12
\n 		\n
Ariston Egypt LLC
\n 		\n
Egypt
\n 		\n
EGP
\n 		\n
10,900,000
\n 		\n
TC
\n 		\n
Ariston Group Water Heating
\n
Solutions Egypt LLC
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
0.01
\n 		\u00a0\u00a0
\n
13
\n 		\n
Ariston France S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
54,682,110
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Elco International GmbH
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
14
\n 		\n
Ariston Group Greece P.C.
\n
(1)
\n 		\n
Greece
\n 		\n
EUR
\n 		\n
2,500,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
15
\n 		\n
Ariston Group India Private
\n
Limited
\n 		\n
India
\n 		\n
INR
\n 		\n
457,500,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston S.p.A.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
16
\n 		\n
Ariston Group Water Heating
\n
Solutions Egypt LLC
\n 		\n
Egypt
\n 		\n
EGP
\n 		\n
100,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
99.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
0.01
\n 		\u00a0\u00a0
\n
17
\n 		\n
Ariston Gulf Water Heating LLC
\n 		\n
UAE
\n 		\n
AED
\n 		\n
400,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
18
\n 		\n
Ariston Heating Solutions
\n
(China) Co. Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
145,885,010
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
19
\n 		\n
Ariston Heating Technology
\n
Nigeria Ltd.
\n 		\n
Nigeria
\n 		\n
NGN
\n 		\n
10,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
20
\n 		\n
Ariston Holding USA LLC
\n 		\n
USA
\n 		\n
USD
\n 		\n
77,037,666
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
21
\n 		\n
Ariston Hung\u00e1ria Kft.
\n 		\n
Hungary
\n 		\n
HUF
\n 		\n
131,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
22
\n 		\n
Ariston Iberica S.L.
\n 		\n
Spain
\n 		\n
EUR
\n 		\n
800,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
23
\n 		\n
Ariston Industrial Vietnam Co.
\n
Ltd.
\n 		\n
Vietnam
\n 		\n
VND
\n 		\n
41,600,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
24
\n 		\n
Ariston Kazakhstan LLP
\n 		\n
Kazakhstan
\n 		\n
KZT
\n 		\n
212,100
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
25
\n 		\n
Ariston Maroc SA
\n 		\n
Morocco
\n 		\n
MAD
\n 		\n
3,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
26
\n 		\n
Ariston Polska Sp. zo.o.
\n 		\n
Poland
\n 		\n
PLN
\n 		\n
12,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
27
\n 		\n
Ariston Pte Ltd.
\n 		\n
Singapore
\n 		\n
SGD
\n 		\n
100,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
28
\n 		\n
Ariston S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
30,100,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
29
\n 		\n
Ariston Sales Mexico S.A. de
\n
C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
302,188,920
\n 		\n
TC
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\u00a0\n
0.03
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Calentadores de America S.A.
\n
de C.V.
\n 		\u00a0\n
99.97
\n 		\u00a0
\n
30
\n 		\n
Ariston South Africa (Pty) Ltd.
\n 		\n
South Africa
\n 		\n
ZAR
\n 		\n
100
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
31
\n 		\n
Ariston Thermo Argentina S.r.l.
\n 		\n
Argentina
\n 		\n
ARS
\n 		\n
16,805,269
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.64
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Thermowatt S.p.A.
\n 		\u00a0\n
0.36
\n 		\u00a0
\n
32
\n 		\n
Ariston Thermo Romania S.r.l.
\n 		\n
Romania
\n 		\n
RON
\n 		\n
29,041,740
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
33
\n 		\n
Ariston Thermo Rus LLC
\n 		\n
Russia
\n 		\n
RUB
\n 		\n
1,403,787,727
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
34
\n 		\n
Ariston Thermo Tunisie SA
\n 		\n
Tunisia
\n 		\n
EUR
\n 		\n
500,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
66.70
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Third parties
\n 		\u00a0\u00a0\n
33.30
\n
\n
35
\n 		\n
Ariston U.K. Ltd.
\n 		\n
UK
\n 		\n
GBP
\n 		\n
7,500,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
36
\n 		\n
Ariston Ukraine LLC
\n 		\n
Ukraine
\n 		\n
UAH
\n 		\n
38,705,753
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
37
\n 		\n
Ariston USA LLC
\n 		\n
USA
\n 		\n
USD
\n 		\n
10,275,184
\n 		\n
TC
\n 		\n
Ariston Holding USA LLC
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
38
\n 		\n
Ariston Vietnam CO. Ltd.
\n 		\n
Vietnam
\n 		\n
VND
\n 		\n
31,471,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
39
\n 		\n
Atag Construction B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
40
\n 		\n
Atag Electronics B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
41
\n 		\n
Atag Engineering B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
42
\n 		\n
Atag Heating B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
43
\n 		\n
Atag Heizungstechnik GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
512,000
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
44
\n 		\n
Atag Verwarming Belgie B.V.BA
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
18,600
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
45
\n 		\n
ATM1 HR S.A. de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n
Elcotherm AG
\n 		\u00a0\n
99.99
\n
0.01
\n 		\u00a0
\n
46
\n 		\n
Atmor (Dongguan) Electronic
\n
Technology Co. Ltd.
\n 		\n
China
\n 		\n
USD
\n 		\n
1,000,000
\n 		\n
TC
\n 		\n
Atmor Electronic Technology
\n
Company Ltd
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
47
\n 		\n
Atmor Electronic Technology
\n
Company Ltd.
\n 		\n
Hong Kong
\n 		\n
HKD
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Atmor Industries LTD
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
48
\n 		\n
Atmor Industries Ltd.
\n 		\n
Israel
\n 		\n
USD
\n 		\n
1,790,409
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
49
\n 		\n
BCE S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
10,400
\n 		\n
BUR
\n 		\n
Ecoflam Bruciatori S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
50
\n 		\n
(1)
\n
Brink Climate Systems B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
20,004
\n 		\n
TC
\n 		\n
Ariston Climate Systems
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
51
\n 		\n
Brink Climate Systems
\n
(1)
\n
Deutschland GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
450,000
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
52
\n 		\n
Brink Climate Systems France
\n
(1)
\n
S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
53
\n 		\n
Calentadores de America S.A.
\n
de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
1,226,593,637
\n 		\n
TC
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Atag Heating B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
54
\n 		\n
Chromagen Australia PTY Ltd.
\n 		\n
Australia
\n 		\n
AUD
\n 		\n
10,358,995
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
51.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Third parties
\n 		\u00a0\u00a0\n
49.00
\n
\n
55
\n 		\n
Chromagen Israel Ltd.
\n 		\n
Israel
\n 		\n
ILS
\n 		\n
10,901
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
56
\n 		\n
ComfortExpert B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Air Install Group B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
57
\n 		\n
Cuenod S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
15,422,390
\n 		\n
BUR
\n 		\n
Ariston France sas
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
58
\n 		\n
Domotec AG
\n 		\n
Switzerland
\n 		\n
CHF
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
59
\n 		\n
Ecoflam Bruciatori S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
3,690,000
\n 		\n
BUR
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
60
\n 		\n
Elco Austria GmbH
\n 		\n
Austria
\n 		\n
EUR
\n 		\n
35,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
61
\n 		\n
Elco B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
2,046,004
\n 		\n
TC
\n 		\n
Elco Burners B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
62
\n 		\n
Elco Belgium S.A./N.V.
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
2,650,000
\n 		\n
TC
\n 		\n
Ariston Benelux S.A./N.V.
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Elco B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
63
\n 		\n
Elco Burners B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
22,734
\n 		\n
BUR
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
64
\n 		\n
Elco Burners GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
25,000
\n 		\n
BUR
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
65
\n 		\n
Elco GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
66
\n 		\n
Elco Heating Solutions Ltd.
\n 		\n
UK
\n 		\n
GPB
\n 		\n
3,001,750
\n 		\n
TC
\n 		\n
Ariston U.K. Ltd.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
67
\n 		\n
Elco International GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
8,691,962
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
68
\n 		\n
Elco Italia S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
3,500,000
\n 		\n
TC
\n 		\n
Ariston S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
69
\n 		\n
Elcotherm AG
\n 		\n
Switzerland
\n 		\n
CHF
\n 		\n
1,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
70
\n 		\n
Gastech-Energi A/S
\n 		\n
Denmark
\n 		\n
DKK
\n 		\n
7,554,935
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
71
\n 		\n
Holmak export import
\n
(1)
\n
D.o.o.e.l.
\n 		\n
Macedonia
\n 		\n
MKD
\n 		\n
816,651
\n 		\n
TC
\n 		\n
Holmak HeatX B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
72
\n 		\n
Holmak HeatX B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
38,500
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
73
\n 		\n
Ingrado S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
74
\n 		\n
Innosource B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
18,000
\n 		\n
TC
\n 		\n
Holmak HeatX B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
75
\n 		\n
Instachauf S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
200,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
76
\n 		\n
MTG Service Single Member
\n
(1)
\n
P.C.
\n 		\n
Greece
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Group Greece P.C.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
77
\n 		\n
(1)
\n
Ned Air B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
54,000
\n 		\n
TC
\n 		\n
Ariston Climate System
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
78
\n 		\n
NTI Boilers Inc.
\n 		\n
Canada
\n 		\n
CAD
\n 		\n
43,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
79
\n 		\n
NTI USA Inc.
\n 		\n
USA
\n 		\n
USD
\n 		\n
100
\n 		\n
TC
\n 		\n
NTI Boilers Inc.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
80
\n 		\n
Pro-Klima D.o.o.
\n
(1)
\n 		\n
Croatia
\n 		\n
EUR
\n 		\n
1,208,786
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
81
\n 		\n
PT Ariston Group Indonesia
\n
Ltd.
\n 		\n
Indonesia
\n 		\n
IDR
\n 		\n
16,260,750,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.93
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Pte Ltd.
\n 		\u00a0\n
0.07
\n 		\u00a0
\n
82
\n 		\n
Racold Thermo Private Ltd.
\n 		\n
India
\n 		\n
INR
\n 		\n
262,134,750
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston S.p.A.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
83
\n 		\n
S.H.E. d.o.o. Svilajnac
\n 		\n
Serbia
\n 		\n
RSD
\n 		\n
35,432,220
\n 		\n
COM
\n 		\n
Thermowatt S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
84
\n 		\n
SPM Innovation S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
750,020
\n 		\n
BUR
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
85
\n 		\n
Tasfiye Halinde Ariston
\n
Thermo Is\u0131tma ve So\u011futma
\n
Sistemleri \u0130thalat ve \u0130hracat ve
\n
Da\u011f\u0131t\u0131m Ltd.\u015eti.
\n 		\n
Turkey
\n 		\n
TRY
\n 		\n
66,157,500
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
86
\n 		\n
Thermowatt (Wuxi) Electric Co.
\n
Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
82,769,200
\n 		\n
COM
\n 		\n
Ariston Heating Solutions
\n
(China) Co. Ltd.
\n 		\u00a0\n
70.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
30.00
\n 		\u00a0\u00a0
\n
87
\n 		\n
Thermowatt Professional S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
100,000
\n 		\n
COM
\n 		\n
Thermowatt S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
88
\n 		\n
Thermowatt S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
7,700,000
\n 		\n
COM
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
89
\n 		\n
WOLF Energiesparsysteme
\n
(1)
\n
O.O.O.
\n 		\n
Russia
\n 		\n
RUB
\n 		\n
113,200,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
99.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Wolf Power Systems
\n 		\u00a0\n
1.00
\n 		\u00a0
\n
90
\n 		\n
Wolf Energiesystemen B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
150,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
91
\n 		\n
Wolf France S.a.s.
\n
(1)
\n 		\n
France
\n 		\n
EUR
\n 		\n
1,040,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
92
\n 		\n
(1)
\n
Wolf GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
20,000,000
\n 		\n
TC
\n 		\n
Ariston Climate Systems
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
93
\n 		\n
Wolf HVAC HK Ltd.
\n
(1)
\n 		\n
Hong Kong
\n 		\n
HKD
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
94
\n 		\n
Wolf HVAC Systems
\n
(1)
\n
(Shanghai) Co. Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
14,512,361
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
95
\n 		\n
Wolf Iberica Climatization Y
\n
(1)
\n
Calefacion SA
\n 		\n
Spain
\n 		\n
EUR
\n 		\n
1,181,315.74
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
96
\n 		\n
Wolf Italia S.r.l.
\n
(1)
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
100,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
97
\n 		\n
Wolf Power Systems GmbH
\n
(1)
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
500,000
\n 		\n
TC
\n 		\n
Wolf Power Systems Holding
\n 		\u00a0\n
89.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Wolf GmbH
\n 		\u00a0\n
11.00
\n 		\u00a0
\n
98
\n 		\n
Wolf Power Systems Holding
\n
GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
83,333
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
99
\n 		\n
Wolf Technika Grzewcza
\n
(1)
\n
Sp.zo.o.
\n 		\n
Poland
\n 		\n
PLN
\n 		\n
3,189,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
The participation shares in this table are the ones relevant for determining the Consolidated financial statements. The companies acquired with the put/call
\n
contracts to be exercised on the remaining shares of the share capital were fully consolidated, together with the acquisition agreement based on the provisions
\n
set forth in IFRS3 (see the specific treatment of the individual put/call options in the notes).
\n
All companies summarised in the table above are consolidated using the line by line method.
\n
(1)
\n
Entities in perimeter variation 2023.
\n
(*)
\n
Refers to the main Division.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228013112401": { "value": "\n \n \n
6.3
\n
Basis of accounting preparation
\n \n
The consolidated financial statements have been prepared in compliance with the International Financial Reporting
\n
Standards (\u201cIFRS\u201d as adopted by the EU), which include all International Accounting Standards in force as well as all inter-
\n
pretations provided by the IFRS Interpretations Committee previously known as International Financial Reporting Inter-
\n
pretations Committee (\u201cIFRIC\u201d) and in accordance with Part 9 Book 2 of the Dutch Civil Code.
\n \n
The Parent Company prepares separate financial statements in compliance with the \u201caccounting standards\u201d under Sec-
\n
tion 2:362 (8) of the Dutch Civil Code, pursuant to Part 9 of Book 2. These accounting policies are applied in the consoli-
\n
dated IFRS financial statements and in the separate financial statements.
\n
The financial statements were prepared based on the going concern principle, on the cost basis and taking any value
\n
adjustments into account where appropriate, this is with the exception of the statement of financial position items, such
\n
as financial instruments, which, under the IFRS, must be recognised at fair value and except in cases in which the IFRS
\n
allow a different valuation criterion to be used. The carrying amount of assets and liabilities subject to fair value hedging
\n
transactions, which would otherwise be recorded at cost, has been adjusted to take account of the changes in fair value
\n
attributable to the risk being hedged.
\n
The recognised financial statements provide comparative information in respect of the previous period.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228013209296": { "value": "\n \n
6.3
\n
Basis of accounting preparation
\n \n
The consolidated financial statements have been prepared in compliance with the International Financial Reporting
\n
Standards (\u201cIFRS\u201d as adopted by the EU), which include all International Accounting Standards in force as well as all inter-
\n
pretations provided by the IFRS Interpretations Committee previously known as International Financial Reporting Inter-
\n
pretations Committee (\u201cIFRIC\u201d) and in accordance with Part 9 Book 2 of the Dutch Civil Code.
\n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228202434461": { "value": "\n
6.3
\n
Basis of accounting preparation
\n \n
iii.
\n
Principles and basis of consolidation
\n Accounting treatment of the Haas Heating BV earn-out\n
On 10 June 2021, 24.5% of the shares of the Dutch company Haas Heating B.V. were acquired by the Group through ATAG
\n
Heating B.V.
\n
The acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based
\n
on a sales scheme at specific dates falling under IAS 28
\n
Investment in Associates and Joint Ventures
\n
.
\n
Therefore, a liability equal to the current value of the estimated obligation as at the date of its eventual future exercise,
\n
was recognised in the financial statements against the equity participation value.
\n
A Share Purchase Agreement defined the purchase price at \u20ac 0.8 million and a liability for \u20ac 1.4 million is related to the
\n
earn-out program.
\n
For the remaining shares the agreement foresees a series of call options divided in three tranches expiring in 2024, 2025
\n
and 2026 that are not reflected in the Financial Statements and are not material in terms of the amount.
\n
The company is treated as a joint venture due to the fact that the shareholder has a right of veto on important business
\n
decisions, thus valuing the participation with the equity method with the existence of a financial liability to be paid for
\n
acquiring the entity.
\n Note 2.3 \u2013 Investments in associates & Joint venturesAssociates\n
In October 2023, the Ariston Group acquired the % of the UK company Thermal Earth Limited. The investment was around
\n
\u20ac 3.5 million. The company delivers a comprehensive range of services that encompass both product supply and installa-
\n
tion for both domestic and non-domestic clients. The Group\u2019s interest in Thermal Earth Limited is accounted for using
\n
the equity method in the consolidated financial statements.
\n Joint ventures\n
From June 2021 the Ariston Group holds 24.5% of the shares of the Dutch company Haas Heating B.V. which was acquired
\n
by the Group through ATAG Heating B.V.
\n
The company is treated as a joint venture, thus valuing the participation with the equity method with the existence of a
\n
financial liability to be paid for acquiring the associate.
\n
The acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based
\n
on a sales scheme at specific dates falling under IAS 28
\n
Investment in Associates and Joint Ventures
\n
.
\n
Therefore, a liability equal to the current value of the estimated obligation as at the date of its eventual future exercise,
\n
was recognised in the financial statements against the equity method.
\n \n
The Shares Purchase Agreement defined the purchase price at \u20ac 0.8 million and a liability for \u20ac 1.4 million is related to
\n
the earn-out program.
\n
For the remaining shares the agreement foresees a series of call options divided in three tranches expiring in 2024, 2025
\n
and 2026.
\n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION\n
No.
\n
Company
\n
Registered office
\n
Curr.
\n
Share capital
\n
Business
\n
unit (*)
\n
Investing companies
\n
Direct
\n
controlling
\n
interest
\n
Subsidiaries'
\n
controlling
\n
interest
\n
Minority
\n
interest
\n
1
\n
Joint venture \"Ariston Thermo -
\n
UTG LLC\" (**)
\n
Uzbekistan
\n
EUR
\n
1,000,000
\n
TC
\n
Ariston Holding N.V.
\n
51.00
\n
49.00
\n
2
\n
Haas Heating B.V.
\n
Netherlands
\n
EUR
\n
100
\n
TC
\n
Atag Heating B.V.
\n
24.50
\n
75.50
\n
3
\n
Thermal Earth Ltd
\n
UK
\n
GBP
\n
81
\n
TC
\n
Ariston U.K. Ltd.
\n
30.00
\n
70.00
\n
(**)
\n
The company was not included in the scope of consolidation because of its limited area of operation and significance.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228013944895": { "value": "\n
i.
\n
Going concern
\n
The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption.
\n
They have formed a judgment that there is a reasonable expectation that the Group has adequate resources to
\n
continue in operational existence for the foreseeable future, and not less than 12 months from the date of signing
\n
the Company\u2019s consolidated financial statements.
\n
In compliance with IAS 38 and IAS 36, on a yearly basis, the Group verifies the recoverable value of intangible assets
\n
with an indefinite life, the values were tested at aggregate level based on the values allocated to the three cash-
\n
generating units (CGUs), identified as the lowest level at which the goodwill is monitored by the Group and is con-
\n
sidered appropriate, given the synergies and efficiencies obtained.
\n
The Group continues to be very sound, in all the economic and financial ratios, protecting its operations, revamping
\n
the investment plans and not exposed to any going concern issues.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228020002098": { "value": "\n
ii.
\n
Segment reporting
\n
For management purposes, the Group is organised into 3 business divisions (representing the three CGUs Thermal
\n
Comfort, Burners and Components), however from a segment reporting perspective, the Group discloses a unique
\n
reportable segment, in accordance with IFRS 8 \u2013 Operating Segments.
\n
In assessing performance, management reviews financial information on an integrated basis for the Group as a
\n
whole, substantially in the form of, and on the same basis as, the Group\u2019s IFRS Financial Statements.
\n
The information required as per IFRS 8.31-34 has been disclosed in the Section \u20186. Disclosure to the Financial State-
\n
ments\u2019.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228014356851": { "value": "\n \n
iii.
\n
Principles and basis of consolidation
\n \n
The consolidated financial statements include the financial statements of the Parent Company and of the Italian and
\n
foreign subsidiaries.
\n
For the purposes of preparing the IFRS-compliant consolidated financial statements, all consolidated companies
\n
have prepared a specific reporting package, at the same reference date, based on the IFRS standards that the Group
\n
has adopted and which are described below, entailing the reclassification and/or rectification of their accounting
\n
data prepared for disclosure purposes on a local level.
\n
The consolidated financial statements reflect the financial position and economic result of the Parent Company and
\n
of its subsidiaries, both directly and indirectly controlled. In particular, the consolidated entities are those under the
\n
control of Ariston Holding N.V. either through a direct or indirect equity ownership, with the majority of voting rights
\n
at the general meeting, or through the exercise of a dominant influence over the financial and operating policies of
\n
the companies/entities, thus obtaining the related benefits, even without regard to equity ownership.
\n \n
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the
\n
investee and has the ability to affect those returns through its power over the investee. Specifically, the Group
\n
controls an investee if, and only if, the Group has:
\n
\u2022
\n
Power over the investee (i.e. existing rights that give it the current ability to direct the significant activities of the
\n
investee);
\n
\u2022
\n
Exposure, or rights, to variable returns from its involvement with the investee;
\n
\u2022
\n
The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a ma-
\n
jority of voting rights results in control. To support this presumption and when the Group has less than a majority
\n
of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing
\n
whether it has power over an investee, including: the contractual arrangement(s) with the other vote holders of the
\n
investee; rights arising from other contractual arrangements and the Group\u2019s voting rights and potential voting
\n
rights.
\n
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are
\n
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
\n
obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities,
\n
income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated finan-
\n
cial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
\n
All subsidiaries are consolidated from the date when the Group acquired their control. The entities are excluded
\n
from the consolidation area from the date when the Group ceases or loses control of them.
\n
The Income statement and each component of the OCI are attributed to the equity holders of the parent of the
\n
Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit bal-
\n
ance.
\n
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies
\n
in line with the Group\u2019s accounting policies.
\n
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between mem-
\n
bers of the Group are eliminated in full on consolidation.
\n
Compared to 31 December 2022, the scope of consolidation changed due to the following transactions:
\n
\u2022
\n
On 2 January, the Ariston Group completed the acquisition of Wolf-Brink (previously announced as \u201cCEN-
\n
TROTEC Climate Systems\u201d). Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. Wolf-Brink is
\n
included in the Ariston Group\u2019s perimeter starting from the acquisition date.
\n
\u2022
\n
In January 2023, the Spanish subsidiary \u2018Chromagen Espana S.L.\u2019 merged by incorporation into \u2018Ariston
\n
Iberica SL\u2019 with retroactive accounting effects as from 1 January 2023.
\n
\u2022
\n
In January 2023, the Dutch subsidiary \u2018ATAG Verwarming Nederland B.V.\u2019 merged by incorporation into
\n
\u2018ATAG Heating B.V.\u2019 with retroactive accounting effects as from 1 January 2023.
\n
\u2022
\n
In January 2023, the Group acquired the remaining 51% of the subsidiary \u2018Ariston Gulf Water Heating LLC\u2019;
\n
\u2022
\n
In April 2023, a French entity, named \u2018Instachauf Soci\u00e9t\u00e9 Par Actions Simplifi\u00e9e\u2019, was established. The 100%
\n
shares are owned by Ariston Holding N.V.
\n
\u2022
\n
In April 2023, a Greek entity, named \u2018Ariston Group Greece P.C.\u2019, was established. The 100% shares are
\n
owned by the Dutch subsidiary ATAG Heating B.V.
\n
\u2022
\n
In May 2023, the Swiss subsidiary \u2018Ariston Thermo Parts & Service SA\u2019 merged by incorporation into \u2018El-
\n
cotherm AG\u2019 with retroactive accounting effects as from 1 January 2023.
\n
\u2022
\n
On 31 May, the Ariston Group signed a Put and Call option agreement for the acquisition of 49% of \u2018Chro-
\n
magen Australia Pty LTD\u2019. The Ariston Group already owned 51% of the shares of Chromagen Australia,
\n
acquired in 2022.
\n \n
\u2022
\n
On 14 June, the Ariston Group acquired 100% of the shares of the Greek entity \u2018MTG Service Single Mem-
\n
ber\u2019. The acquisition was performed by the Greek entity \u2018Ariston Group Greece P.C.\u2019. The acquisition agree-
\n
ment sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based on the
\n
results for 2022. Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. \u2018MTG Service Single
\n
Member\u2019 is included in the Ariston Group\u2019s perimeter starting from the acquisition date.
\n
\u2022
\n
In June 2023, a Serbian entity, named \u2018Ariston Climate Solutions d.o.o.\u2019, was established. 100% of the
\n
shares are owned by the Dutch subsidiary ATAG Heating B.V.
\n
\u2022
\n
In June 2023, the Bahrain entity \u2018Ariston Thermo MEA SPC\u2019 was liquidated and ceased to exist. The entity
\n
was put in liquidation on 14 June 2022. Financial consequences are not material.
\n
For further details on transactions that occurred in the year, reference should be made to the following section
\n
\u201cPrinciples and basis of consolidation\u201d.
\n
The list of the companies included in the basis of consolidation at 31 December 2023 is presented in the \u201cList of
\n
companies at 31 December 2023\u201d.
\n
Subsidiaries
\n \n
A subsidiary is a company where the financial and operating policies are determined by the Parent Company which aims
\n
to benefit from their activities.
\n
The economic result of the subsidiaries, whether acquired or transferred during the period, are included in the consoli-
\n
dated income statement from the actual acquisition date to the actual transfer date.
\n
The share of non-controlling interests in the net assets of the consolidated subsidiaries is identified separately from the
\n
equity attributable to owners of the Parent. This share is determined based on their percentage of interest held:
\n
a.
\n
in the fair values of the assets and liabilities recognised at the date of the business combination. As regards the sym-
\n
metric put and call contracts connected to the new acquisitions, they have been represented by recognising under
\n
financial liabilities in the statement of financial position the fair value of the payable arising from the purchase and
\n
sale options signed at the moment of the acquisition on all the shares held by the minority shareholders, and without
\n
the recognition of the residual equity attributable to non-controlling interests (see the subsequent section: \u201cBusiness
\n
combinations\u201d);
\n
b.
\n
in the changes in equity after that date. Subsequently, the losses attributable to non-controlling interests exceeding
\n
the equity attributable to them, are recognised under non-controlling interests.
\n \n \n \n \n
Associates and joint ventures
\n
The consolidated financial statements include the portion of associates\u2019 economic results attributable to the Group. As-
\n
sociates are companies over which the Group has a significant influence, in terms of financial and operating policies,
\n
although not holding control or joint control. The portion of these companies\u2019 economic results attributable to the Group
\n
is recognised according to the equity method, from the date when the significant influence starts until it ceases to exist.
\n
If the portion of losses of an associate attributable to the Group exceeds the carrying value of the investment recognised
\n
in the financial statements, the amount of this investment is waived and the portion of exceeding losses is not recognised,
\n
except and to the extent of the obligations assumed by the Group.
\n
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights
\n
to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which
\n
exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
\n
The considerations made in determining significant influence or joint control are similar to those necessary to determine
\n
control over subsidiaries. The Group\u2019s investment in its associates and joint ventures are accounted for using the equity
\n
method. Under the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\n
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate
\n
or joint venture since the acquisition date.
\n \n \n \n \n \n \n \n
The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change
\n
in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog-
\n
nised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when appli-
\n
cable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group
\n
and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.
\n
The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of
\n
the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the
\n
subsidiaries of the associate or joint venture.
\n
The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When
\n
necessary, adjustments are made to bring the accounting policies in line with those of the Group.
\n
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on
\n
its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective
\n
evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates
\n
the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its
\n
carrying value, and then recognises the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement.
\n
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and
\n
recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint
\n
venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from
\n
disposal is recognised in the income statement.
\n \n \n \n
Transactions excluded from the consolidation process
\n
All significant intra-group balances and transactions arising from intra-group transactions are eliminated in preparing the
\n
Consolidated Financial Statements.
\n \n
Consolidation of foreign companies
\n
All assets and liabilities of foreign companies in a functional currency other than the euro, falling within the consolidation
\n
area, are converted using the exchange rates in effect at the reference date of the financial statements (current exchange
\n
rate method). Income and expenses are converted at the average exchange rate for the period. Should it be possible to
\n
identify the specific exchange rate for individual transactions, these items are converted at the related spot rate.
\n
The differences in the exchange rates on assets and liabilities of foreign companies in currencies other than the euro
\n
arising from application of this method are recognised in the OCI and under equity until the shareholding is transferred.
\n
Goodwill and adjustments to the fair values generated by the acquisition of a foreign company, are recognised in their
\n
currency and converted using the exchange rate at the end of the reporting period.
\n
The following table contains the exchange rates against the euro applied in the translation of financial statements ex-
\n
pressed in another currency: (exchange rate = euro/currency).
\n \n \n \n
2023
\n
2022
\n
Average
\n
exch. Rate
\n
Exch. Rate
\n
at 31.12
\n
Average
\n
exch. Rate
\n
Exch. Rate
\n
at 31.12
\n
Currency
\n
Emirati Dirham
\n
AED
\n
3.9895
\n
4.0581
\n
3.8903
\n
3.9171
\n
Argentine Peso
\n
ARS
\n
892.9239
\n
892.9239
\n
188.5033
\n
188.5033
\n
Canadian Dollar
\n
CAD
\n
1.4611
\n
1.4642
\n
1.3674
\n
1.4440
\n
Swiss Franc
\n
CHF
\n
0.9715
\n
0.9260
\n
1.0034
\n
0.9847
\n
Chinese Renminbi
\n
CNY
\n
7.6669
\n
7.8509
\n
7.0931
\n
7.3582
\n
Czech Koruna
\n
CZK
\n
23.8223
\n
24.7240
\n
24.5718
\n
24.1160
\n
Danish Crown
\n
DKK
\n
7.4527
\n
7.4529
\n
7.4394
\n
7.4365
\n
Egyptian Pound
\n
EGP
\n
33.5101
\n
34.1589
\n
20.0382
\n
26.3990
\n
English Sterling
\n
GBP
\n
0.8695
\n
0.8691
\n
0.8526
\n
0.8869
\n
Croatian Kuna
\n
HRK
\n
7.5345
\n
7.5345
\n
7.5357
\n
7.5365
\n
Hungarian Forint
\n
HUF
\n
381.9359
\n
382.8000
\n
392.4311
\n
400.8700
\n
Indonesian Rupiah
\n
IDR
\n
16,457.0319
\n
17,079.7100
\n
15,608.3120
\n
16,519.8200
\n
Indian Rupiah
\n
INR
\n
89.4022
\n
91.9045
\n
82.4618
\n
88.1710
\n
Kazakhstani Tenge
\n
KZT
\n
494.2175
\n
502.4800
\n
481.4668
\n
492.9000
\n
Morocco Dirham
\n
MAD
\n
10.9737
\n
10.9280
\n
10.6757
\n
11.1580
\n
Mexican Peso
\n
MXN
\n
19.1258
\n
18.7231
\n
20.9434
\n
20.8560
\n
Nigerian Naira
\n
NGN
\n
986.1960
\n
1,180.7533
\n
596.1000
\n
653.8300
\n
Polish Zloty
\n
PLN
\n
4.5511
\n
4.3395
\n
4.6931
\n
4.6808
\n
Romanian New Leu
\n
RON
\n
4.9509
\n
4.9756
\n
4.9299
\n
4.9495
\n
Singapore Dollar
\n
SGD
\n
1.4533
\n
1.4591
\n
1.4534
\n
1.4300
\n
Tunisian Dinar
\n
TND
\n
3.3560
\n
3.3936
\n
3.2514
\n
3.3221
\n
Ukrainian Hryvnia
\n
UAH
\n
39.7440
\n
41.9960
\n
34.5027
\n
39.0370
\n
US Dollar
\n
USD
\n
1.0805
\n
1.1050
\n
1.0536
\n
1.0666
\n
Vietnam Dong
\n
VND
\n
25,922.9780
\n
26,808.0000
\n
24,497.4172
\n
25,183.0000
\n
Israeli New Shekel
\n
ILS
\n
3.9995
\n
3.9993
\n
3.5400
\n
3.7554
\n
Serbian Dinar
\n
RSD
\n
117.2537
\n
116.9841
\n
117.4202
\n
117.3246
\n
Australian Dollar
\n
AUD
\n
1.6340
\n
1.6263
\n
1.5156
\n
1.5693
\n
South African Rand
\n
ZAR
\n
19.9940
\n
20.3477
\n
17.1696
\n
18.0986
\n
The exchange rate used for the translation of the Nigerian naira into the presentation currency is that at which future
\n
cash flows would be realised, in accordance with IAS 21.
\n \n \n
Hyperinflation
\n
If a subsidiary operates in a hyperinflationary economy, the related economic and financial results are adjusted in accord-
\n
ance with the method established by the IFRS, before being translated into the functional currency of the Group. The
\n
economic and financial data are restated in local currency, taking into account the current purchasing power of the cur-
\n
rency on the financial statement date.
\n
Argentina and Turkey fulfilled the conditions which determine the presence of hyperinflation in accordance with the IFRS
\n
(International Financial Reporting Standards). Consequently, as of 1 July 2018, all the companies operating in Argentina
\n
and as of 30 June 2022 all companies operating in Turkey have been required to apply IAS 29
\n
Financial Reporting in
\n
Hyperinflationary Economies
\n
in preparing the financial reports.
\n
With reference to the Group, the consolidated financial results at 31 December 2023 include the effects from the appli-
\n
cation of the aforementioned accounting standard as in the prior year.
\n
In accordance with the provisions of IAS 29, the remeasurement of the values in the financial statements overall requires
\n
the application of specific procedures and a measurement process which the Group had already started in 2018 for Ar-
\n
gentina and of 2022 for Turkey. In particular:
\n
\u2022
\n
in relation to the income statement, costs and revenue were restated applying the change in the general consumer
\n
price index, in order to reflect the fall in purchasing power experienced by the local currency at 31 December 2023.
\n
For the purposes of the translation into euro of the income statement thus restated, the spot exchange rate at 31
\n
December 2023 was consistently applied rather than the average exchange rate for the period. With reference to
\n
consolidated net revenue in the period, the effect from the application of the standard entailed a negative change of
\n \n \n \n
Argentine peso 489.0 million equal to \u20ac 0.5 million in 2023. The effect of the hyperinflation for the Turkish entity has
\n
not been considered in the income statement given that the impact is not material and the entity has been in liquida-
\n
tion since July 2022;
\n
\u2022
\n
as regards the statement of financial position, the monetary elements were not restated, since they are already ex-
\n
pressed in the current unit of measurement at the end date of the period; the non-monetary assets and liabilities
\n
were instead restated to reflect the fall in purchasing power of the local currency that occurred from the date on
\n
which the assets and liabilities were initially recorded, at the end of the period.
\n
The Argentinian entity is now dormant. Financial consequences are not material.
\n
The liquidation process of the Turkish entity is still ongoing. The process started in July 2022. Financial consequences are
\n
not material.
\n \n \n
Business combinations
\n \n
Business combinations are accounted for using the acquisition method.
\n
The Group verifies that a business combination falls within the definition of the IFRS guidance hence only if it is an inte-
\n
grated set of activities and assets that, with the input and process, contribute to the output creation.
\n
The cost of acquisition is calculated as the sum of payments transferred as part of a business combination, measured at
\n
fair value, on the acquisition date and at the value of the portion of the shareholders\u2019 equity relating to non-controlling
\n
interests, measured at fair value of the net interest recognised for the acquired entity.
\n
Ancillary costs related to the transactions are recorded in the income statement at the time they are incurred. The Group
\n
determines that it has acquired a business when the acquired set of activities and assets include an input and a substan-
\n
tive process that together significantly contribute to the ability to create outputs.
\n
The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs
\n
acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or
\n
it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be
\n
replaced without significant cost, effort, or delay in the ability to continue producing outputs.
\n
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification
\n
and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the
\n
acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.
\n
Should the business combination be done in instalments, the interest previously held by the Group in the acquired busi-
\n
ness is revealed at fair value on the date control is acquired, and any resulting gains or losses are recognised in the income
\n
statement.
\n
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date.
\n
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
\n
equity. Contingent consideration, classified as an asset or liability that is a financial instrument and within the scope of
\n \n
IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement
\n \n
in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is remeasured at fair
\n
value at each reporting date with changes in fair value recognised in the income statement.
\n
Any changes in the fair value of the net assets acquired, occurring once further information is available during the meas-
\n
urement period \u2013 12 months from the acquisition date \u2013 are included retrospectively in goodwill.
\n \n \n
Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred,
\n
the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest
\n
previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities
\n
and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the
\n
acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of
\n
shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is ac-
\n
counted for in profit and loss as income from the transaction.
\n
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair-
\n
ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\n
cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities
\n
of the acquiree are assigned to those units.
\n \n \n \n \n \n \n
Recognition of non-controlling interests
\n
Non-controlling interests relate to the portion of a subsidiary\u2019s shareholders\u2019 equity that is not directly or indirectly at-
\n
tributable to the Group.
\n
Should cross-mechanisms, which give the Group the right to acquire the non-controlling interests (call option agree-
\n
ments) or rights to sell the same to the Group (put option agreements) or a combination of both (put and call option
\n
agreements) be in place, an analysis is made as to whether the risks and benefits connected with the share of legal
\n
ownership of the business to which the non-controlling interests pertain are broadly attributable to the latter or to the
\n
Group. These rights to purchase or sell the non-controlling interests may be set at a fixed price, a variable price or a fair
\n
value, and may be exercisable on a fixed date or at any time in the future. Each of these variables is examined to determine
\n
the effects on the presentation of the accounts.
\n
If the non-controlling interests have an effective involvement in the conduct of the business, those interest must continue
\n
to be represented in addition to the Group\u2019s shareholders\u2019 equity and, at the same time, the financial liability relating to
\n
the put and/or call option agreements must be recorded.
\n \n
Accounting treatment of the Haas Heating BV earn-out
\n \n \n \n
On 10 June 2021, 24.5% of the shares of the Dutch company Haas Heating B.V. were acquired by the Group through ATAG
\n
Heating B.V.
\n
The acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based
\n
on a sales scheme at specific dates falling under IAS 28
\n
Investment in Associates and Joint Ventures
\n
.
\n
Therefore, a liability equal to the current value of the estimated obligation as at the date of its eventual future exercise,
\n
was recognised in the financial statements against the equity participation value.
\n
A Share Purchase Agreement defined the purchase price at \u20ac 0.8 million and a liability for \u20ac 1.4 million is related to the
\n
earn-out program.
\n
For the remaining shares the agreement foresees a series of call options divided in three tranches expiring in 2024, 2025
\n
and 2026 that are not reflected in the Financial Statements and are not material in terms of the amount.
\n
The company is treated as a joint venture due to the fact that the shareholder has a right of veto on important business
\n
decisions, thus valuing the participation with the equity method with the existence of a financial liability to be paid for
\n
acquiring the entity.
\n \n \n \n \n
Accounting treatment of the Chromagen Group Reps & Warranties
\n
On 5 January 2022, the Ariston Group acquired 100% of the shares and voting rights of the Chromagen Group that oper-
\n
ates in Israel, Australia and Spain.
\n
The agreement set forth a series of representation and warranty clauses to cover the Ariston Group against previous
\n
undisclosed liabilities not known at the date of the agreement. The Ariston Group withheld from the Purchase Price an
\n
amount to cover those risks which will be paid to the seller as per the agreement.
\n
The present value of this amount is equal to \u20ac 2.4 million and it is classified under current liabilities given that at the date
\n
of the approval of these Consolidated financial statements it has been paid, precisely in January 2024.
\n \n \n
Accounting treatment of the Put and Call Agreement for the non-controlling interest in Chromagen Australia
\n
On 31 May 2023, the Group entered into an agreement with the Minority for the acquisition of the remaining shares. The
\n
agreement establishes both a call option, granting the Group the right to purchase the shares, and a put option, affording
\n
the Minority the right to sell the shares. The present value of this amount is equal to \u20ac 6.7 million. The exercise date is
\n
set within 2 months following the approval of the Financial Statement for the FY 2025.
\n \n \n
Accounting treatment of the MTG Service Single Member reps & warranties
\n
On 14 June 2023, the Ariston Group acquired 100% of the shares and voting rights of MTG Service Single Member that
\n
operates in Greece.
\n \n \n \n
The agreement set forth representation and warranty clauses to cover the Ariston Group against previous undisclosed
\n
liabilities not known at the date of the agreement. Ariston Group withheld from the Purchase Price an amount to cover
\n
those risks which will be paid to the seller as per the agreement.
\n
The present value of this amount is equal to \u20ac 0.2 million and it is classified under non-current liabilities given that the
\n
expiry date is in 2026.
\n \n
Accounting treatment of the Stenkilde VVS earn-out
\n
During the year, the Group signed an Asset Purchase Agreement about a customer list with Stenkilde which foresees a
\n
future payment based on the performance of the assets acquired.
\n
The payment is scheduled annually for the five next years.
\n
The following table summarises the fair value of the financial liabilities described above:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Company
\n 		\n
Type
\n 		\n
% Owner-
\n
ship
\n 		\n
Execution
\n
Date
\n 		\n
Local
\n
Currency
\n 		\n
\u20ac
\n
\n
Chromagen Group
\n 		\n
Reps and Warranties
\n 		\n
n.a.
\n 		\n
2024
\n 		\n
7.5 ILS
\n 		\n
2.4
\n
\n
Chromagen Australia
\n 		\n
Put and Call
\n 		\n
49%
\n 		\n
2026
\n 		\n
10.9 AUD
\n 		\n
6.7
\n
\n
MTG Service Single Member
\n 		\n
Reps and Warranties
\n 		\n
n.a.
\n 		\n
2026
\n 		\n
0.2 EUR
\n 		\n
0.2
\n
\n
Financial liabilities related to Invest-
\n
ments in Subsidiaries
\n 		\u00a0\u00a0\u00a0\u00a0\n
9.3
\n
\n
Haas Heating BV
\n 		\n
Earn-out
\n 		\n
n.a.
\n 		\n
2024
\n 		\n
1.4 EUR
\n 		\n
1.4
\n
\n
Financial liabilities related to Invest-
\n
ments in Joint ventures
\n 		\u00a0\u00a0\u00a0\u00a0\n
1.4
\n
\n
Stenkilde VVS
\n 		\n
Earn-out
\n 		\n
n.a.
\n 		\n
From 2024
\n
to
\n
2028
\n 		\n
1.9 DKK
\n 		\n
0.3
\n
\n
Financial liabilities to third parties
\n 		\u00a0\u00a0\u00a0\u00a0\n
0.3
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228180835214": { "value": "Subsidiaries\n
A subsidiary is a company where the financial and operating policies are determined by the Parent Company which aims
\n
to benefit from their activities.
\n
The economic result of the subsidiaries, whether acquired or transferred during the period, are included in the consoli-
\n
dated income statement from the actual acquisition date to the actual transfer date.
\n
The share of non-controlling interests in the net assets of the consolidated subsidiaries is identified separately from the
\n
equity attributable to owners of the Parent. This share is determined based on their percentage of interest held:
\n
a.
\n
in the fair values of the assets and liabilities recognised at the date of the business combination. As regards the sym-
\n
metric put and call contracts connected to the new acquisitions, they have been represented by recognising under
\n
financial liabilities in the statement of financial position the fair value of the payable arising from the purchase and
\n
sale options signed at the moment of the acquisition on all the shares held by the minority shareholders, and without
\n
the recognition of the residual equity attributable to non-controlling interests (see the subsequent section: \u201cBusiness
\n
combinations\u201d);
\n
b.
\n
in the changes in equity after that date. Subsequently, the losses attributable to non-controlling interests exceeding
\n
the equity attributable to them, are recognised under non-controlling interests.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228022524510": { "value": "\n \n \n
Associates and joint ventures
\n
The consolidated financial statements include the portion of associates\u2019 economic results attributable to the Group. As-
\n
sociates are companies over which the Group has a significant influence, in terms of financial and operating policies,
\n
although not holding control or joint control. The portion of these companies\u2019 economic results attributable to the Group
\n
is recognised according to the equity method, from the date when the significant influence starts until it ceases to exist.
\n
If the portion of losses of an associate attributable to the Group exceeds the carrying value of the investment recognised
\n
in the financial statements, the amount of this investment is waived and the portion of exceeding losses is not recognised,
\n
except and to the extent of the obligations assumed by the Group.
\n
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights
\n
to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which
\n
exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
\n
The considerations made in determining significant influence or joint control are similar to those necessary to determine
\n
control over subsidiaries. The Group\u2019s investment in its associates and joint ventures are accounted for using the equity
\n
method. Under the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\n
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate
\n
or joint venture since the acquisition date.
\n \n \n \n \n \n
The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change
\n
in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog-
\n
nised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when appli-
\n
cable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group
\n
and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.
\n
The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of
\n
the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the
\n
subsidiaries of the associate or joint venture.
\n
The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When
\n
necessary, adjustments are made to bring the accounting policies in line with those of the Group.
\n
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on
\n
its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective
\n
evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates
\n
the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its
\n
carrying value, and then recognises the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement.
\n
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and
\n
recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint
\n
venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from
\n
disposal is recognised in the income statement.
\n \n \n \n \n
viii.
\n
Investments in associates
\n
Investments in associates are recognised according to the equity method, starting from the date of the significant influ-
\n
ence by the Group up to the time when this influence ceases to exist, as described in the previous paragraph \u201cPrinciples
\n
and basis of consolidation\u201d.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228023456254": { "value": "\n \n
Associates and joint ventures
\n
The consolidated financial statements include the portion of associates\u2019 economic results attributable to the Group. As-
\n
sociates are companies over which the Group has a significant influence, in terms of financial and operating policies,
\n
although not holding control or joint control. The portion of these companies\u2019 economic results attributable to the Group
\n
is recognised according to the equity method, from the date when the significant influence starts until it ceases to exist.
\n
If the portion of losses of an associate attributable to the Group exceeds the carrying value of the investment recognised
\n
in the financial statements, the amount of this investment is waived and the portion of exceeding losses is not recognised,
\n
except and to the extent of the obligations assumed by the Group.
\n
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights
\n
to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which
\n
exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
\n
The considerations made in determining significant influence or joint control are similar to those necessary to determine
\n
control over subsidiaries. The Group\u2019s investment in its associates and joint ventures are accounted for using the equity
\n
method. Under the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\n
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate
\n
or joint venture since the acquisition date.
\n \n \n \n
The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change
\n
in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog-
\n
nised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when appli-
\n
cable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group
\n
and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.
\n
The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of
\n
the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the
\n
subsidiaries of the associate or joint venture.
\n
The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When
\n
necessary, adjustments are made to bring the accounting policies in line with those of the Group.
\n
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on
\n
its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective
\n
evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates
\n
the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its
\n
carrying value, and then recognises the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement.
\n
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and
\n
recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint
\n
venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from
\n
disposal is recognised in the income statement.
\n \n \n
viii.
\n
Investments in associates
\n
Investments in associates are recognised according to the equity method, starting from the date of the significant influ-
\n
ence by the Group up to the time when this influence ceases to exist, as described in the previous paragraph \u201cPrinciples
\n
and basis of consolidation\u201d.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228023814094": { "value": "\n
Associates and joint ventures
\n
The consolidated financial statements include the portion of associates\u2019 economic results attributable to the Group. As-
\n
sociates are companies over which the Group has a significant influence, in terms of financial and operating policies,
\n
although not holding control or joint control. The portion of these companies\u2019 economic results attributable to the Group
\n
is recognised according to the equity method, from the date when the significant influence starts until it ceases to exist.
\n
If the portion of losses of an associate attributable to the Group exceeds the carrying value of the investment recognised
\n
in the financial statements, the amount of this investment is waived and the portion of exceeding losses is not recognised,
\n
except and to the extent of the obligations assumed by the Group.
\n
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights
\n
to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which
\n
exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
\n
The considerations made in determining significant influence or joint control are similar to those necessary to determine
\n
control over subsidiaries. The Group\u2019s investment in its associates and joint ventures are accounted for using the equity
\n
method. Under the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\n
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate
\n
or joint venture since the acquisition date.
\n \n
The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change
\n
in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog-
\n
nised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when appli-
\n
cable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group
\n
and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.
\n
The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of
\n
the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the
\n
subsidiaries of the associate or joint venture.
\n
The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When
\n
necessary, adjustments are made to bring the accounting policies in line with those of the Group.
\n
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on
\n
its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective
\n
evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates
\n
the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its
\n
carrying value, and then recognises the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement.
\n
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and
\n
recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint
\n
venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from
\n
disposal is recognised in the income statement.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228024600710": { "value": "\n
Consolidation of foreign companies
\n
All assets and liabilities of foreign companies in a functional currency other than the euro, falling within the consolidation
\n
area, are converted using the exchange rates in effect at the reference date of the financial statements (current exchange
\n
rate method). Income and expenses are converted at the average exchange rate for the period. Should it be possible to
\n
identify the specific exchange rate for individual transactions, these items are converted at the related spot rate.
\n
The differences in the exchange rates on assets and liabilities of foreign companies in currencies other than the euro
\n
arising from application of this method are recognised in the OCI and under equity until the shareholding is transferred.
\n
Goodwill and adjustments to the fair values generated by the acquisition of a foreign company, are recognised in their
\n
currency and converted using the exchange rate at the end of the reporting period.
\n
The following table contains the exchange rates against the euro applied in the translation of financial statements ex-
\n
pressed in another currency: (exchange rate = euro/currency).
\n \n
2023
\n
2022
\n
Average
\n
exch. Rate
\n
Exch. Rate
\n
at 31.12
\n
Average
\n
exch. Rate
\n
Exch. Rate
\n
at 31.12
\n
Currency
\n
Emirati Dirham
\n
AED
\n
3.9895
\n
4.0581
\n
3.8903
\n
3.9171
\n
Argentine Peso
\n
ARS
\n
892.9239
\n
892.9239
\n
188.5033
\n
188.5033
\n
Canadian Dollar
\n
CAD
\n
1.4611
\n
1.4642
\n
1.3674
\n
1.4440
\n
Swiss Franc
\n
CHF
\n
0.9715
\n
0.9260
\n
1.0034
\n
0.9847
\n
Chinese Renminbi
\n
CNY
\n
7.6669
\n
7.8509
\n
7.0931
\n
7.3582
\n
Czech Koruna
\n
CZK
\n
23.8223
\n
24.7240
\n
24.5718
\n
24.1160
\n
Danish Crown
\n
DKK
\n
7.4527
\n
7.4529
\n
7.4394
\n
7.4365
\n
Egyptian Pound
\n
EGP
\n
33.5101
\n
34.1589
\n
20.0382
\n
26.3990
\n
English Sterling
\n
GBP
\n
0.8695
\n
0.8691
\n
0.8526
\n
0.8869
\n
Croatian Kuna
\n
HRK
\n
7.5345
\n
7.5345
\n
7.5357
\n
7.5365
\n
Hungarian Forint
\n
HUF
\n
381.9359
\n
382.8000
\n
392.4311
\n
400.8700
\n
Indonesian Rupiah
\n
IDR
\n
16,457.0319
\n
17,079.7100
\n
15,608.3120
\n
16,519.8200
\n
Indian Rupiah
\n
INR
\n
89.4022
\n
91.9045
\n
82.4618
\n
88.1710
\n
Kazakhstani Tenge
\n
KZT
\n
494.2175
\n
502.4800
\n
481.4668
\n
492.9000
\n
Morocco Dirham
\n
MAD
\n
10.9737
\n
10.9280
\n
10.6757
\n
11.1580
\n
Mexican Peso
\n
MXN
\n
19.1258
\n
18.7231
\n
20.9434
\n
20.8560
\n
Nigerian Naira
\n
NGN
\n
986.1960
\n
1,180.7533
\n
596.1000
\n
653.8300
\n
Polish Zloty
\n
PLN
\n
4.5511
\n
4.3395
\n
4.6931
\n
4.6808
\n
Romanian New Leu
\n
RON
\n
4.9509
\n
4.9756
\n
4.9299
\n
4.9495
\n
Singapore Dollar
\n
SGD
\n
1.4533
\n
1.4591
\n
1.4534
\n
1.4300
\n
Tunisian Dinar
\n
TND
\n
3.3560
\n
3.3936
\n
3.2514
\n
3.3221
\n
Ukrainian Hryvnia
\n
UAH
\n
39.7440
\n
41.9960
\n
34.5027
\n
39.0370
\n
US Dollar
\n
USD
\n
1.0805
\n
1.1050
\n
1.0536
\n
1.0666
\n
Vietnam Dong
\n
VND
\n
25,922.9780
\n
26,808.0000
\n
24,497.4172
\n
25,183.0000
\n
Israeli New Shekel
\n
ILS
\n
3.9995
\n
3.9993
\n
3.5400
\n
3.7554
\n
Serbian Dinar
\n
RSD
\n
117.2537
\n
116.9841
\n
117.4202
\n
117.3246
\n
Australian Dollar
\n
AUD
\n
1.6340
\n
1.6263
\n
1.5156
\n
1.5693
\n
South African Rand
\n
ZAR
\n
19.9940
\n
20.3477
\n
17.1696
\n
18.0986
\n
The exchange rate used for the translation of the Nigerian naira into the presentation currency is that at which future
\n
cash flows would be realised, in accordance with IAS 21.
\n \n
xx.
\n
Transactions in a foreign currency
\n
Should a company in the Group have a monetary item to be received or to be paid in regard to another foreign subsidiary,
\n
for which settlement is not planned nor is it likely that it may occur in the foreseeable future and is substantially part of
\n
the entity\u2019s net investment in this foreign operation, it is recognised in accordance with the provisions of IAS 21 (para-
\n
graphs 32 and 33). This envisages the treatment of the related differences in exchange rates be recognised under the
\n
items of the statement of comprehensive income in the consolidated financial statements which include this foreign
\n
operation.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228025018588": { "value": "\n
Hyperinflation
\n
If a subsidiary operates in a hyperinflationary economy, the related economic and financial results are adjusted in accord-
\n
ance with the method established by the IFRS, before being translated into the functional currency of the Group. The
\n
economic and financial data are restated in local currency, taking into account the current purchasing power of the cur-
\n
rency on the financial statement date.
\n
Argentina and Turkey fulfilled the conditions which determine the presence of hyperinflation in accordance with the IFRS
\n
(International Financial Reporting Standards). Consequently, as of 1 July 2018, all the companies operating in Argentina
\n
and as of 30 June 2022 all companies operating in Turkey have been required to apply IAS 29
\n
Financial Reporting in
\n
Hyperinflationary Economies
\n
in preparing the financial reports.
\n
With reference to the Group, the consolidated financial results at 31 December 2023 include the effects from the appli-
\n
cation of the aforementioned accounting standard as in the prior year.
\n
In accordance with the provisions of IAS 29, the remeasurement of the values in the financial statements overall requires
\n
the application of specific procedures and a measurement process which the Group had already started in 2018 for Ar-
\n
gentina and of 2022 for Turkey. In particular:
\n
\u2022
\n
in relation to the income statement, costs and revenue were restated applying the change in the general consumer
\n
price index, in order to reflect the fall in purchasing power experienced by the local currency at 31 December 2023.
\n
For the purposes of the translation into euro of the income statement thus restated, the spot exchange rate at 31
\n
December 2023 was consistently applied rather than the average exchange rate for the period. With reference to
\n
consolidated net revenue in the period, the effect from the application of the standard entailed a negative change of
\n \n
Argentine peso 489.0 million equal to \u20ac 0.5 million in 2023. The effect of the hyperinflation for the Turkish entity has
\n
not been considered in the income statement given that the impact is not material and the entity has been in liquida-
\n
tion since July 2022;
\n
\u2022
\n
as regards the statement of financial position, the monetary elements were not restated, since they are already ex-
\n
pressed in the current unit of measurement at the end date of the period; the non-monetary assets and liabilities
\n
were instead restated to reflect the fall in purchasing power of the local currency that occurred from the date on
\n
which the assets and liabilities were initially recorded, at the end of the period.
\n
The Argentinian entity is now dormant. Financial consequences are not material.
\n
The liquidation process of the Turkish entity is still ongoing. The process started in July 2022. Financial consequences are
\n
not material.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228025330904": { "value": "\n
Business combinations
\n \n
Business combinations are accounted for using the acquisition method.
\n
The Group verifies that a business combination falls within the definition of the IFRS guidance hence only if it is an inte-
\n
grated set of activities and assets that, with the input and process, contribute to the output creation.
\n
The cost of acquisition is calculated as the sum of payments transferred as part of a business combination, measured at
\n
fair value, on the acquisition date and at the value of the portion of the shareholders\u2019 equity relating to non-controlling
\n
interests, measured at fair value of the net interest recognised for the acquired entity.
\n
Ancillary costs related to the transactions are recorded in the income statement at the time they are incurred. The Group
\n
determines that it has acquired a business when the acquired set of activities and assets include an input and a substan-
\n
tive process that together significantly contribute to the ability to create outputs.
\n
The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs
\n
acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or
\n
it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be
\n
replaced without significant cost, effort, or delay in the ability to continue producing outputs.
\n
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification
\n
and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the
\n
acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.
\n
Should the business combination be done in instalments, the interest previously held by the Group in the acquired busi-
\n
ness is revealed at fair value on the date control is acquired, and any resulting gains or losses are recognised in the income
\n
statement.
\n
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date.
\n
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
\n
equity. Contingent consideration, classified as an asset or liability that is a financial instrument and within the scope of
\n \n
IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement
\n \n
in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is remeasured at fair
\n
value at each reporting date with changes in fair value recognised in the income statement.
\n
Any changes in the fair value of the net assets acquired, occurring once further information is available during the meas-
\n
urement period \u2013 12 months from the acquisition date \u2013 are included retrospectively in goodwill.
\n \n \n
Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred,
\n
the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest
\n
previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities
\n
and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the
\n
acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of
\n
shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is ac-
\n
counted for in profit and loss as income from the transaction.
\n
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair-
\n
ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\n
cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities
\n
of the acquiree are assigned to those units.
\n \n \n \n \n \n
iii.
\n
Intangible assets
\n \n \n \n
Goodwill
\n
Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at-
\n
tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and potential liabilities at the
\n
acquisition date (IAS
\n
36). Goodwill is recognised as an asset and undergoes an impairment test on an annual basis, or
\n
more frequently if there are events or changes in the circumstances that may result in impairment losses.
\n
For this purpose, the goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units
\n
(CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any loss in value is identified
\n
through valuations that are based on the capacity of each unit to produce financial flows capable of recovering the part
\n
of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the
\n
value recoverable by the cash generating unit is below the attributed carrying value, the related impairment loss is rec-
\n
ognised. This impairment loss is not restored if the reasons that have generated it cease to exist.
\n
If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation
\n
of the gain or loss on disposal.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228025725526": { "value": "Business combinations\n \n
Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred,
\n
the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest
\n
previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities
\n
and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the
\n
acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of
\n
shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is ac-
\n
counted for in profit and loss as income from the transaction.
\n
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair-
\n
ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\n
cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities
\n
of the acquiree are assigned to those units.
\n \n \n \n \n
iii.
\n
Intangible assets
\n \n \n \n
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in
\n
a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are
\n
carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles,
\n
excluding capitalised development costs, are not capitalised and the related expenditure is reflected in the income state-
\n
ment in the period in which the expenditure is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amor-
\n
tised over the useful economic life and assessed for impairment
\n
whenever there is an indication that the intangible asset
\n
may be impaired. The amortisation period and the
\n
amortisation method for an intangible asset with a finite useful life are
\n
reviewed at least at the end of each
\n
reporting period. Changes in the expected useful life or the expected pattern of
\n
consumption of future
\n
economic benefits embodied in the asset are considered to modify the amortisation period or
\n
method, as
\n
appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible
\n
assets with finite lives is recognised in the income statement in the expense category that is
\n
consistent with the function
\n
of the intangible assets.
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
\n
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
\n
basis.
\n
An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future eco-
\n
nomic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated
\n
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income
\n
statement.
\n \n \n \n
Goodwill
\n
Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at-
\n
tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and potential liabilities at the
\n
acquisition date (IAS
\n
36). Goodwill is recognised as an asset and undergoes an impairment test on an annual basis, or
\n
more frequently if there are events or changes in the circumstances that may result in impairment losses.
\n
For this purpose, the goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units
\n
(CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any loss in value is identified
\n
through valuations that are based on the capacity of each unit to produce financial flows capable of recovering the part
\n
of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the
\n
value recoverable by the cash generating unit is below the attributed carrying value, the related impairment loss is rec-
\n
ognised. This impairment loss is not restored if the reasons that have generated it cease to exist.
\n
If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation
\n
of the gain or loss on disposal.
\n \n \n \n \n
Internally generated intangible assets \u2013 Research and development costs
\n
Research costs are recognised in the income statement for the period in which they are incurred.
\n
Internally generated intangible assets deriving from the development of the Group\u2019s products are recognised under as-
\n
sets, only if all of the following conditions are met:
\n
\u2022
\n
The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\n
\u2022
\n
Its intention to complete and its ability and intention to use or sell the asset
\n
\u2022
\n
How the asset will generate future economic benefits
\n
\u2022
\n
The availability of resources to complete the asset
\n
\u2022
\n
The ability to reliably measure the expenditure during development
\n \n \n \n \n \n
The capitalised development costs include only the expense incurred which may be attributed directly to the develop-
\n
ment process.
\n
These intangible assets with definite useful life are amortised on a straight-line basis over the respective useful life of the
\n
product, which is normally 5 years. Any impairment losses, and any restatement, are based on the same methods de-
\n
scribed in the section \u201cImpairment of assets\u201d.
\n
If the internally generated assets cannot be recognised in the financial statements, the development costs are recognised
\n
in the income statement for the period in which they are incurred.
\n \n
Other intangible assets
\n
Other intangible assets, whether purchased or internally produced, are recognised under assets in compliance with IAS
\n
38
\n
Intangible Assets
\n
, if it is likely that the use of the assets will generate future economic benefits and when the cost of
\n
the asset can be accurately measured.
\n
These assets (such as concessions, licences, trademarks and software) with a definite useful life are recognised at pur-
\n
chase or production cost and amortised on a straight-line basis over their estimated useful life. Any impairment losses,
\n
and any restatement, are based on the same methods described in the section \u201cImpairment of assets\u201d.
\n
Intangible assets with an indefinite useful life are not amortised but are subject to evaluation in order to identify any
\n
impairment loss, yearly or more frequently, at any time there is an indication that the asset may have been impaired.
\n
The other intangible assets recognised following the acquisition of a company are recognised separately from the good-
\n
will, if their current value can be accurately measured.
\n
Here below are the principles applied by the Group for intangible assets (IAS 38.118) (a) (b):
\n
Licences
\n
Trademarks
\n
Development costs
\n
Software
\n
Useful life
\n
Definite (5 years)
\n
Indefinite
\n
Definite (5 years)
\n
Definite (4 years)
\n
Amortisation
\n
method used
\n
Amortised on a straight-
\n
line basis over the period
\n
of the licence itself
\n
No amortisation
\n
Amortised on a straight-
\n
line basis over the pe-
\n
riod of expected future
\n
sales resulting from the
\n
related project
\n
Amortised on a
\n
straight-line basis
\n
over the period of
\n
the usage of the soft-
\n
ware itself
\n
Internally generated
\n
or purchased
\n
Purchased
\n
Purchased
\n
Internally generated
\n
Purchased
\n
The residual other intangible assets mainly included the purchased customer list with an average useful life of 20 years,
\n
amortised on a straight-line basis over the period of the expected future sales from the customer relationship.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Development costs
\n \n \n
The Group capitalises costs for product development projects. Initial capitalisation of costs is based on management\u2019s
\n
judgement that technological and economic feasibility is confirmed, usually when a product development project has
\n
reached a defined milestone according to an established project management model. In determining the amounts to be
\n
capitalised, management makes assumptions regarding the expected future cash generation of the project, discount
\n
rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.
\n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228031418218": { "value": "Business combinations\n
Business combinations are accounted for using the acquisition method.
\n
The Group verifies that a business combination falls within the definition of the IFRS guidance hence only if it is an inte-
\n
grated set of activities and assets that, with the input and process, contribute to the output creation.
\n
The cost of acquisition is calculated as the sum of payments transferred as part of a business combination, measured at
\n
fair value, on the acquisition date and at the value of the portion of the shareholders\u2019 equity relating to non-controlling
\n
interests, measured at fair value of the net interest recognised for the acquired entity.
\n
Ancillary costs related to the transactions are recorded in the income statement at the time they are incurred. The Group
\n
determines that it has acquired a business when the acquired set of activities and assets include an input and a substan-
\n
tive process that together significantly contribute to the ability to create outputs.
\n
The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs
\n
acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or
\n
it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be
\n
replaced without significant cost, effort, or delay in the ability to continue producing outputs.
\n
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification
\n
and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the
\n
acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.
\n
Should the business combination be done in instalments, the interest previously held by the Group in the acquired busi-
\n
ness is revealed at fair value on the date control is acquired, and any resulting gains or losses are recognised in the income
\n
statement.
\n
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date.
\n
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
\n
equity. Contingent consideration, classified as an asset or liability that is a financial instrument and within the scope of
\n \n
IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement
\n \n
in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is remeasured at fair
\n
value at each reporting date with changes in fair value recognised in the income statement.
\n
Any changes in the fair value of the net assets acquired, occurring once further information is available during the meas-
\n
urement period \u2013 12 months from the acquisition date \u2013 are included retrospectively in goodwill.
\n \n \n
Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred,
\n
the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest
\n
previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities
\n
and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the
\n
acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of
\n
shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is ac-
\n
counted for in profit and loss as income from the transaction.
\n
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair-
\n
ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\n
cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities
\n
of the acquiree are assigned to those units.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228032213726": { "value": "Business combinations\n
Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred,
\n
the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest
\n
previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities
\n
and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the
\n
acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of
\n
shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is ac-
\n
counted for in profit and loss as income from the transaction.
\n
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair-
\n
ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\n
cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities
\n
of the acquiree are assigned to those units.
\n \n
Goodwill
\n
Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at-
\n
tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and potential liabilities at the
\n
acquisition date (IAS
\n
36). Goodwill is recognised as an asset and undergoes an impairment test on an annual basis, or
\n
more frequently if there are events or changes in the circumstances that may result in impairment losses.
\n
For this purpose, the goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units
\n
(CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any loss in value is identified
\n
through valuations that are based on the capacity of each unit to produce financial flows capable of recovering the part
\n
of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the
\n
value recoverable by the cash generating unit is below the attributed carrying value, the related impairment loss is rec-
\n
ognised. This impairment loss is not restored if the reasons that have generated it cease to exist.
\n
If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation
\n
of the gain or loss on disposal.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228163322890": { "value": "Business combinationsContingent consideration, classified as an asset or liability that is a financial instrument and within the scope of\n
IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement
\n in accordance with IFRS 9.\n
ix.
\n
Financial instruments - initial recognition and subsequent measurement
\n \n
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
\n
instrument of another entity.
\n Financial assetsInitial recognition and measurement\n \n \n \n
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
\n
comprehensive income (OCI), and fair value through profit or loss.
\n
In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables,
\n
etc.), are classified on the basis of the business model (the way the Group manages financial assets in order to generate
\n
cash flows) and the contractual characteristics of the cash flows (the so-called SPPI test, \u201csolely payment of principal and
\n
interest\u201d), in one of the following categories:
\n \n \n \n \n \n
\u2022
\n
amortised cost, for the financial assets held with the aim of receiving the contractual cash flows which pass the SPPI
\n
test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables,
\n
other operational receivables included in other current and non-current assets, and financial receivables included in
\n
other current and non-current financial assets;
\n \n \n
\u2022
\n
fair value through shareholders\u2019 equity (FVOCI), for financial assets held with the aim of collecting cash flows, both
\n
contractual, which represent solely payments of principal and interest, and from sales. The changes in fair value sub-
\n
sequent to initial recognition are offset under OCI and are recycled to the income statement upon derecognition;
\n \n \n \n
\u2022
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the Income statement. This category mainly includes derivative instruments.
\n \n
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow charac-
\n
teristics and the Group\u2019s business model for managing them.
\n \n
With the exception of trade receivables that do not contain a significant financing component or for which the Group has
\n
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial
\n
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing
\n
component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed
\n
in section (e) Revenue from contracts with customers.
\n \n
The Group envisages, as per the provisions of the new IFRS 9, the treatment of non-strategic investments and investment
\n
funds shares at FVTPL; while other investments, which are considered strategic, are treated individually and, at the mo-
\n
ment, are all valued at FVTOCI.
\n \n
Contingent consideration classified as an asset (or liability) that is a financial instrument and within the scope of IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement in
\n
accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at
\n
each reporting date with changes in fair value recognised in the income statement.
\n \n Subsequent measurement\n \n
For purposes of subsequent measurement, financial assets are classified in four categories:
\n
\u2022
\n
Financial assets at amortised cost (debt instruments)
\n
\u2022
\n
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
\n
\u2022
\n
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecog-
\n
nition (equity instruments)
\n
\u2022
\n
Financial assets at fair value through profit or loss
\n \n
-
\n
Financial assets at amortised cost (debt instruments)
\n
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
\n
subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised,
\n
modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, a loan to an associate
\n
and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary
\n
course of business and are held within a business model with the objective to hold the receivables in order to collect
\n
contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they
\n
are measured at amortised cost using the effective interest rate method. The Group applies the amortised cost only
\n
for trade receivables with maturities greater than one year and are discounted to present value.
\n \n
-
\n
Financial assets at fair value through OCI (debt instruments)
\n
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses
\n
or reversals are recognised in the income statement and computed in the same manner as for financial assets meas-
\n
ured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative
\n
fair value change recognised in OCI is recycled to the income statement. The Group\u2019s debt instruments at fair value
\n
through OCI include investments in quoted debt instruments included under other non-current financial assets.
\n \n \n \n
-
\n
Financial assets designated at fair value through OCI (equity instruments)
\n
Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des-
\n
ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen-
\n
tation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and
\n
losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income
\n
in the income statement when the right of payment has been established, except when the Group benefits from such
\n
proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity
\n
instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to
\n
irrevocably classify its non-listed equity investments under this category.
\n \n \n \n \n
-
\n
Financial assets at fair value through profit or loss
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the income statement.
\n
This category includes derivative instruments and listed
\n
equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on
\n
listed equity investments are recognised as other income in the income statement when the right of payment has
\n
been established.
\n \n \n Derecognition\n \n \n
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
\n
derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when:
\n
\u2022
\n
The rights to receive cash flows from the asset have expired
\n
Or
\n
\u2022
\n
The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\n
received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a)
\n
the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred
\n
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
\n \n \n Impairment\n \n \n \n
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\n
\u2022
\n
Disclosures for significant assumptions \u2013 refer to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates
\n
and assumptions\u2019
\n
\u2022
\n
Trade receivables, including contract assets as described below
\n
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
\n
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
\n
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
\n
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that
\n
are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not
\n
been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n
events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has
\n
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected
\n
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
\n
Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each re-
\n
porting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
\n
for forward-looking factors specific to the debtors and the economic environment.
\n \n \n \n Financial liabilitiesInitial recognition and measurement\n \n \n \n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
\n
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi-
\n
nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
\n
attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
\n
including bank overdrafts and derivative financial instruments.
\n \n \n \n Subsequent measurement\n \n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
\n
Financial liabilities at fair value through profit or loss
\n
\u2022
\n
Financial liabilities at amortised cost (loans and borrowings)
\n \n \n
-
\n
Financial liabilities at fair value through profit or loss
\n
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as
\n
at fair value through profit or loss. Financial liabilities as at fair value through profit or loss also include derivative
\n
financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships
\n
as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied.
\n \n \n \n
-
\n
Financial liabilities at amortised cost (loans and borrowings)
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
\n
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-
\n
ment when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calcu-
\n
lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
\n
EIR. The EIR amortisation is included as finance costs in the income statement. This category generally applies to
\n
interest-bearing loans and borrowings.
\n \n \n Derecognition\n \n \n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
\n
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
\n \n \n \n \n \n
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
\n
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the in-
\n
come statement.
\n \n \n \n \n \n \n \n \n \n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n \n \n \n \n \n \n \n
xi.
\n
Cash and cash equivalents
\n \n \n \n
Cash and cash equivalents are recognised at their nominal value and include numeric values, i.e. those values that meet
\n
the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity
\n
of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of
\n
changes in value. This item also includes the collection and payment instruments that have been subject to an account
\n
recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent differ-
\n
ent accounting records.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets\n \n \n \n \n \n \n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n \n \n \n \n \n \n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n \n \n \n \n \n CREDIT RISK\n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n \n \n \n \n \n \n
Depreciation grid
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228032709524": { "value": "\n
Recognition of non-controlling interests
\n
Non-controlling interests relate to the portion of a subsidiary\u2019s shareholders\u2019 equity that is not directly or indirectly at-
\n
tributable to the Group.
\n
Should cross-mechanisms, which give the Group the right to acquire the non-controlling interests (call option agree-
\n
ments) or rights to sell the same to the Group (put option agreements) or a combination of both (put and call option
\n
agreements) be in place, an analysis is made as to whether the risks and benefits connected with the share of legal
\n
ownership of the business to which the non-controlling interests pertain are broadly attributable to the latter or to the
\n
Group. These rights to purchase or sell the non-controlling interests may be set at a fixed price, a variable price or a fair
\n
value, and may be exercisable on a fixed date or at any time in the future. Each of these variables is examined to determine
\n
the effects on the presentation of the accounts.
\n
If the non-controlling interests have an effective involvement in the conduct of the business, those interest must continue
\n
to be represented in addition to the Group\u2019s shareholders\u2019 equity and, at the same time, the financial liability relating to
\n
the put and/or call option agreements must be recorded.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228145000669": { "value": "Accounting treatment of the Haas Heating BV earn-out\n \n
On 10 June 2021, 24.5% of the shares of the Dutch company Haas Heating B.V. were acquired by the Group through ATAG
\n
Heating B.V.
\n
The acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based
\n
on a sales scheme at specific dates falling under IAS 28
\n
Investment in Associates and Joint Ventures
\n
.
\n
Therefore, a liability equal to the current value of the estimated obligation as at the date of its eventual future exercise,
\n
was recognised in the financial statements against the equity participation value.
\n
A Share Purchase Agreement defined the purchase price at \u20ac 0.8 million and a liability for \u20ac 1.4 million is related to the
\n
earn-out program.
\n
For the remaining shares the agreement foresees a series of call options divided in three tranches expiring in 2024, 2025
\n
and 2026 that are not reflected in the Financial Statements and are not material in terms of the amount.
\n
The company is treated as a joint venture due to the fact that the shareholder has a right of veto on important business
\n
decisions, thus valuing the participation with the equity method with the existence of a financial liability to be paid for
\n
acquiring the entity.
\n \n Joint ventures\n \n
From June 2021 the Ariston Group holds 24.5% of the shares of the Dutch company Haas Heating B.V. which was acquired
\n
by the Group through ATAG Heating B.V.
\n
The company is treated as a joint venture, thus valuing the participation with the equity method with the existence of a
\n
financial liability to be paid for acquiring the associate.
\n
The acquisition agreement sets forth a mechanism for a subsequent adjustment of the purchase price (earn-out) based
\n
on a sales scheme at specific dates falling under IAS 28
\n
Investment in Associates and Joint Ventures
\n
.
\n
Therefore, a liability equal to the current value of the estimated obligation as at the date of its eventual future exercise,
\n
was recognised in the financial statements against the equity method.
\n \n \n \n
The Shares Purchase Agreement defined the purchase price at \u20ac 0.8 million and a liability for \u20ac 1.4 million is related to
\n
the earn-out program.
\n
For the remaining shares the agreement foresees a series of call options divided in three tranches expiring in 2024, 2025
\n
and 2026.
\n \n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION\n \n \n
No.
\n
Company
\n
Registered office
\n
Curr.
\n
Share capital
\n
Business
\n
unit (*)
\n
Investing companies
\n
Direct
\n
controlling
\n
interest
\n
Subsidiaries'
\n
controlling
\n
interest
\n
Minority
\n
interest
\n
1
\n
Joint venture \"Ariston Thermo -
\n
UTG LLC\" (**)
\n
Uzbekistan
\n
EUR
\n
1,000,000
\n
TC
\n
Ariston Holding N.V.
\n
51.00
\n
49.00
\n
2
\n
Haas Heating B.V.
\n
Netherlands
\n
EUR
\n
100
\n
TC
\n
Atag Heating B.V.
\n
24.50
\n
75.50
\n
3
\n
Thermal Earth Ltd
\n
UK
\n
GBP
\n
81
\n
TC
\n
Ariston U.K. Ltd.
\n
30.00
\n
70.00
\n
(**)
\n
The company was not included in the scope of consolidation because of its limited area of operation and significance.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228161617443": { "value": "\n
Accounting treatment of the Put and Call Agreement for the non-controlling interest in Chromagen Australia
\n
On 31 May 2023, the Group entered into an agreement with the Minority for the acquisition of the remaining shares. The
\n
agreement establishes both a call option, granting the Group the right to purchase the shares, and a put option, affording
\n
the Minority the right to sell the shares. The present value of this amount is equal to \u20ac 6.7 million. The exercise date is
\n
set within 2 months following the approval of the Financial Statement for the FY 2025.
\n Note 3.6 \u2013 Other non-current liabilities\n
\u201cOther non-current liabilities\u201d largely reflected the fair value of the debt resulting from the measurement of the individual
\n
obligations associated with Put and Call options on non-controlling interests in the recently acquired entities, primarily
\n
the newly Put and Call option agreement signed in May 2023 for the acquisition of the remaining 49% of the shares of
\n
the subsidiary Chromagen Australia. The option as at December 2023 is equal to \u20ac 6.7 million and will expire in 2026.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228021005451": { "value": "\n
6.4
\n
Material accounting policies
\n
i.
\n
Current versus non-current classification
\n
The Group presents assets and liabilities in the statement of financial position based on a current/non-current classifica-
\n
tion. An asset is current when it is:
\n
\u2022
\n
Expected to be realised or intended to be sold or consumed in the normal operating cycle
\n
\u2022
\n
Held primarily for the purpose of trading
\n
\u2022
\n
Expected to be realised within twelve months after the reporting period
\n
Or
\n
\u2022
\n
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
\n
after the reporting period.
\n
All other assets are classified as non-current.
\n
A liability is current when:
\n
\u2022
\n
It is expected to be settled in the normal operating cycle
\n
\u2022
\n
It is held primarily for the purpose of trading
\n
\u2022
\n
It is due to be settled within twelve months after the reporting period
\n
Or
\n
\u2022
\n
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
\n
period
\n
The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity
\n
instruments do not affect its classification.
\n
The Group classifies all other liabilities as non-current.
\n
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
\n \n
ii.
\n
Fair value measurement
\n \n \n
The Group measures financial instruments such as derivatives, and non-financial assets at fair value at each balance sheet
\n
date.
\n
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\n
market participants at the measurement date. The fair value measurement is based on the presumption that the trans-
\n
action to sell the asset or transfer the liability takes place either:
\n
\u2022
\n
In the principal market for the asset or liability
\n
Or
\n
\u2022
\n
In the absence of a principal market, in the most advantageous market for the asset or liability, the principal or the
\n
most advantageous market accessible by the Group.
\n
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
\n
the asset or liability, assuming that market participants act in their economic best interest.
\n
A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic
\n
benefits by using the asset in its best use or by selling it to another market participant that would use the asset in its best
\n
use.
\n
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available
\n
to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
\n
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within
\n
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measure-
\n
ment as a whole:
\n
\u2022
\n
Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\n
\u2022
\n
Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is
\n
directly or indirectly observable
\n
\u2022
\n
Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is
\n
unobservable
\n \n \n \n
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group de-
\n
termines whether transfers have occurred between levels in the hierarchy by re-assessing their categorisation (based on
\n
the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
\n \n \n \n \n
iii.
\n
Intangible assets
\n \n \n \n
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in
\n
a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are
\n
carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles,
\n
excluding capitalised development costs, are not capitalised and the related expenditure is reflected in the income state-
\n
ment in the period in which the expenditure is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amor-
\n
tised over the useful economic life and assessed for impairment
\n
whenever there is an indication that the intangible asset
\n
may be impaired. The amortisation period and the
\n
amortisation method for an intangible asset with a finite useful life are
\n
reviewed at least at the end of each
\n
reporting period. Changes in the expected useful life or the expected pattern of
\n
consumption of future
\n
economic benefits embodied in the asset are considered to modify the amortisation period or
\n
method, as
\n
appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible
\n
assets with finite lives is recognised in the income statement in the expense category that is
\n
consistent with the function
\n
of the intangible assets.
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
\n
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
\n
basis.
\n
An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future eco-
\n
nomic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated
\n
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income
\n
statement.
\n \n \n \n
Goodwill
\n
Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at-
\n
tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and potential liabilities at the
\n
acquisition date (IAS
\n
36). Goodwill is recognised as an asset and undergoes an impairment test on an annual basis, or
\n
more frequently if there are events or changes in the circumstances that may result in impairment losses.
\n
For this purpose, the goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units
\n
(CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any loss in value is identified
\n
through valuations that are based on the capacity of each unit to produce financial flows capable of recovering the part
\n
of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the
\n
value recoverable by the cash generating unit is below the attributed carrying value, the related impairment loss is rec-
\n
ognised. This impairment loss is not restored if the reasons that have generated it cease to exist.
\n
If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation
\n
of the gain or loss on disposal.
\n \n \n \n \n
Internally generated intangible assets \u2013 Research and development costs
\n
Research costs are recognised in the income statement for the period in which they are incurred.
\n
Internally generated intangible assets deriving from the development of the Group\u2019s products are recognised under as-
\n
sets, only if all of the following conditions are met:
\n
\u2022
\n
The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\n
\u2022
\n
Its intention to complete and its ability and intention to use or sell the asset
\n
\u2022
\n
How the asset will generate future economic benefits
\n
\u2022
\n
The availability of resources to complete the asset
\n
\u2022
\n
The ability to reliably measure the expenditure during development
\n \n \n \n \n \n \n \n
The capitalised development costs include only the expense incurred which may be attributed directly to the develop-
\n
ment process.
\n
These intangible assets with definite useful life are amortised on a straight-line basis over the respective useful life of the
\n
product, which is normally 5 years. Any impairment losses, and any restatement, are based on the same methods de-
\n
scribed in the section \u201cImpairment of assets\u201d.
\n
If the internally generated assets cannot be recognised in the financial statements, the development costs are recognised
\n
in the income statement for the period in which they are incurred.
\n \n
Other intangible assets
\n
Other intangible assets, whether purchased or internally produced, are recognised under assets in compliance with IAS
\n
38
\n
Intangible Assets
\n
, if it is likely that the use of the assets will generate future economic benefits and when the cost of
\n
the asset can be accurately measured.
\n
These assets (such as concessions, licences, trademarks and software) with a definite useful life are recognised at pur-
\n
chase or production cost and amortised on a straight-line basis over their estimated useful life. Any impairment losses,
\n
and any restatement, are based on the same methods described in the section \u201cImpairment of assets\u201d.
\n
Intangible assets with an indefinite useful life are not amortised but are subject to evaluation in order to identify any
\n
impairment loss, yearly or more frequently, at any time there is an indication that the asset may have been impaired.
\n
The other intangible assets recognised following the acquisition of a company are recognised separately from the good-
\n
will, if their current value can be accurately measured.
\n
Here below are the principles applied by the Group for intangible assets (IAS 38.118) (a) (b):
\n
Licences
\n
Trademarks
\n
Development costs
\n
Software
\n
Useful life
\n
Definite (5 years)
\n
Indefinite
\n
Definite (5 years)
\n
Definite (4 years)
\n
Amortisation
\n
method used
\n
Amortised on a straight-
\n
line basis over the period
\n
of the licence itself
\n
No amortisation
\n
Amortised on a straight-
\n
line basis over the pe-
\n
riod of expected future
\n
sales resulting from the
\n
related project
\n
Amortised on a
\n
straight-line basis
\n
over the period of
\n
the usage of the soft-
\n
ware itself
\n
Internally generated
\n
or purchased
\n
Purchased
\n
Purchased
\n
Internally generated
\n
Purchased
\n
The residual other intangible assets mainly included the purchased customer list with an average useful life of 20 years,
\n
amortised on a straight-line basis over the period of the expected future sales from the customer relationship.
\n \n \n \n \n \n
iv.
\n
Property, plant and equipment
\n \n \n
Property, plant and equipment are recognized at cost, net of accumulated depreciation and impairment losses, if any.
\n
Construction in progress is stated at cost, net of accumulated impairment losses, if any.
\n
The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the
\n
respective asset if the recognition criteria for a provision are met.
\n
Assets with components of a significant value and with a different useful life are recognised separately when depreciated.
\n
Under IAS 16 Property, Plant and Equipment an entity has a policy choice for the measurement of property, plant and
\n
equipment after initial recognition. An entity may choose either the cost model or the revaluation model for entire classes
\n
of property, plant and equipment. The Group has elected to use the cost model for all class of assets.
\n \n
The depreciation is calculated on a straight-line basis, according to the cost of the asset net of all residual values, on its
\n
estimated useful economic-technical life through the use of depreciation rates that accurately represent it. If significant
\n
parts of these tangible assets have a different useful life, they will be stated separately. The depreciation will be based
\n
on the following percentage rates:
\n \n \n \n \n \n
Buildings and light constructions
\n
from 1.8 to 3.0
\n
Plant and machinery
\n
from 6.0 to 15.5
\n
Industrial and commercial equipment
\n
from 10.0 to 25.0
\n
Cars and internal transport vehicles
\n
from 20.0 to 25.0
\n
Furniture, office equipment, data processing systems
\n
from 12.0 to 20.0
\n
The Group reviews the estimated residual values and expected useful lives of assets at least annually.
\n
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
\n
financial year end and adjusted prospectively, if appropriate.
\n
Land with no construction or annexed to residential and industrial buildings, is not depreciated since it has an unlimited
\n
useful life.
\n \n
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e.
\n
at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal.
\n
Gains and losses arising from the sale or disposal of assets are calculated as the difference between revenue from sales
\n
and the net carrying value of the asset, and are recognised in the income statement for the year.
\n \n \n
v.
\n
Leases
\n \n \n
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the
\n
right to control the use of an identified asset for a period of time in exchange for consideration.
\n
The rights of use relating to leases are recognised in a single accounting model to recognise the lease. In accordance with
\n
this model, the entity recognizes: (1) assets and liabilities for all leases with a duration of over twelve months; (2) sepa-
\n
rately in the income statement, the amortisation/depreciation of the recognised asset and the interest on the financial
\n
payable recorded.
\n
More specifically, in order to determine the value of the assets with \u201cright of use\u201d, the value of the related discounted
\n
liabilities, any payments made to the lessor before signing the contract, net of the incentives received, the initial direct
\n
costs incurred by the lessee as well as the provisions for removal and dismantling, if any, were taken into account.
\n
Lease agreements in place within the Group include offices, warehouses, plants, machinery and vehicles and low value
\n
assets belonging to third parties.
\n
Lease terms generally range from 1-10 years but may contains options to extend them. Lease terms may also contain a
\n
wide range of different conditions.
\n
Falling under the IFRS 16 guidelines, the rights of use are valued at cost, net of accumulated amortisation and impairment
\n
losses and are adjusted after any remeasurement of the lease liabilities. The value assigned to the rights of use corre-
\n
sponds to the amount of the lease liabilities recognised, plus initial direct costs incurred, lease payments settled on the
\n
start date of the agreement or previously, and restoration costs, net of any lease incentives received.
\n
The value of the liability, discounted to its present value, as determined above, increases the right of use of the underlying
\n
asset, and a dedicated liability is created as a contra-entry. The rights of use are amortised on a straight-line basis over
\n
its estimated useful life or the term of the agreement, whichever is the shorter. The financial liability for leases is recog-
\n
nised on the start date of the agreement at a total value equal to the present value of the lease payments to be made
\n
during the term of the agreement, discounted to present value using incremental borrowing rates (IBR) when the implicit
\n
interest rate in the lease agreement cannot easily be determined. Variable lease payments which are not linked to an
\n
index or rate continue to be charged to the income statement as costs for the period.
\n
After the start date, the amount recorded for the liabilities relating to lease contracts increases to reflect the accrual of
\n
interest and reduces to reflect the payments made. Each lease payment is divided into a repayment of the capital portion
\n
of the liability and a financial cost. The financial cost is charged to the income statement over the term of the agreement
\n
to reflect a constant interest rate on the remaining debt portion of the liability for each period.
\n
The term of the lease is calculated taking into account the non-cancellable period of the lease together with the periods
\n
covered by an option to extend the agreement if it is reasonably certain that it will be exercised, or any period covered
\n
by an option to terminate the lease contract, if it is reasonably certain it will not be exercised. The Group assesses whether
\n
it is reasonably certain that it will exercise the options to extend or will terminate the agreements, taking into account all
\n
the relevant factors that create a financial incentive for such decisions.
\n \n \n \n
On the basis of practical expedients, recognition of exemptions for low-value and short-term leases, equal to \u20ac 30.2 mil-
\n
lion for 2023 (\u20ac 14.6 million for 2022), was not considered and \u20ac 5.5 million for 2023 (\u20ac 5.2 million for 2022) out of scope
\n
IFRS 16 which comprise mainly tolls and rent contracts for IT equipment.
\n
The agreements are either included or excluded from the application of the standard based on detailed analysis carried
\n
out for each agreement and in line with the rules laid down by IFRS standards.
\n
Financial liabilities relating to IFRS 16 leases are initially measured at the present value of the lease payments still to be
\n
paid.
\n
With respect to some of its leases, the Group has the option to extend or terminate them. The Group applies judgement
\n
when assessing whether it is reasonably certain to exercise renewal options. That said, the Group considers all relevant
\n
factors that may create an economic incentive to exercise the options to renew or terminate the lease. After the com-
\n
mencement date, the Group reassesses the lease term upon the occurrence of a significant event or a significant change
\n
in circumstances which are within its control and affect whether it can exercise (or not exercise) an option to renew or
\n
terminate the lease (e.g. investments in leasehold improvements or specific material changes to the leased asset). In
\n
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
\n
change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to de-
\n
termine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
\n
The exercise price for the underlying asset, in the presence of purchase options, and/or the contractual value of the
\n
penalties, in the case of early termination of the lease, are included in the value of the financial liability only if their
\n
exercise is reasonably certain.
\n
Following initial recognition, financial liabilities relating to IFRS 16 leases are valued using the amortised cost method.
\n
The discount rate at which the lease payments that are still to be paid are discounted is called the lessee\u2019s incremental
\n
borrowing rate and is equal to the interest rate the lessee would have paid if they had borrowed money to the value of
\n
the right of use, with payment terms similar to the contractual duration of the lease in a similar economic environment.
\n
Management estimated the discount rate by individual country, on the basis of the contractual duration and the total
\n
amount of the current \u201clease portfolios with similar characteristics\u201d.
\n \n \n \n
vi.
\n
Impairment of assets
\n \n \n \n \n
At each reporting date, the Group reviews the carrying value of its tangible and intangible assets to verify whether there
\n
is any indication that they were subject to an impairment loss. If there are indications of impairment, the Group estimates
\n
the recoverable amount of the assets to calculate the related impairment loss. If it is not possible to estimate individually
\n
the recoverable amount of an asset, the Group estimates the recoverable value of the cash generating unit to which the
\n
asset belongs.
\n
Intangible assets with an indefinite useful life, including goodwill, are assessed on an annual basis or more frequently if
\n
there is an indication of possible impairment losses.
\n
The recoverable amount is the higher of fair value less costs of disposal and value in use. In calculating the value in use,
\n
the estimated future cash flows are discounted to their current value using a discount rate that reflects the current mar-
\n
ket values relating to money and the risks associated with the asset.
\n
If the recoverable amount of an asset (or of the CGU) is estimated to be lower than its carrying value, it is reduced to the
\n
lower recoverable amount. Impairment losses are immediately recognised in the income statement.
\n
If an impairment no longer has a reason to exist, the carrying value of the asset (or of the CGU), excluding the goodwill,
\n
is increased to the new amount resulting from the estimate of its recoverable value, but not above the net carrying value
\n
that the asset would have had if the impairment loss had not occurred. The difference is recognised in the income state-
\n
ment.
\n \n \n \n \n \n
vii.
\n
Non-current assets held for sale and discontinued operations
\n \n \n \n \n \n \n
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying
\n
value and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an
\n
asset (disposal group), excluding finance costs and income tax expense.
\n
Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying value
\n
will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly
\n \n \n \n \n \n \n \n
probable, the asset (or group of assets) is held for immediate sale in its current condition, and Management has commit-
\n
ted to the sale, which should occur within 12 months from the date of classification of this item.
\n
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
\n
position.
\n
Financial activities related to ceased or discontinued operations, net of tax effects, are recognised under one single item
\n
in the consolidated income statement, including the comparative data of the relevant period.
\n \n \n \n \n \n
viii.
\n
Investments in associates
\n
Investments in associates are recognised according to the equity method, starting from the date of the significant influ-
\n
ence by the Group up to the time when this influence ceases to exist, as described in the previous paragraph \u201cPrinciples
\n
and basis of consolidation\u201d.
\n \n \n \n
ix.
\n
Financial instruments - initial recognition and subsequent measurement
\n \n \n
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
\n
instrument of another entity.
\n \n \n
Financial assets
\n
Initial recognition and measurement
\n \n \n \n \n
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
\n
comprehensive income (OCI), and fair value through profit or loss.
\n
In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables,
\n
etc.), are classified on the basis of the business model (the way the Group manages financial assets in order to generate
\n
cash flows) and the contractual characteristics of the cash flows (the so-called SPPI test, \u201csolely payment of principal and
\n
interest\u201d), in one of the following categories:
\n \n \n \n \n \n \n \n \n
\u2022
\n
amortised cost, for the financial assets held with the aim of receiving the contractual cash flows which pass the SPPI
\n
test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables,
\n
other operational receivables included in other current and non-current assets, and financial receivables included in
\n
other current and non-current financial assets;
\n \n \n
\u2022
\n
fair value through shareholders\u2019 equity (FVOCI), for financial assets held with the aim of collecting cash flows, both
\n
contractual, which represent solely payments of principal and interest, and from sales. The changes in fair value sub-
\n
sequent to initial recognition are offset under OCI and are recycled to the income statement upon derecognition;
\n \n \n \n \n
\u2022
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the Income statement. This category mainly includes derivative instruments.
\n \n
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow charac-
\n
teristics and the Group\u2019s business model for managing them.
\n \n
With the exception of trade receivables that do not contain a significant financing component or for which the Group has
\n
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial
\n
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing
\n
component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed
\n
in section (e) Revenue from contracts with customers.
\n \n
The Group envisages, as per the provisions of the new IFRS 9, the treatment of non-strategic investments and investment
\n
funds shares at FVTPL; while other investments, which are considered strategic, are treated individually and, at the mo-
\n
ment, are all valued at FVTOCI.
\n \n
Contingent consideration classified as an asset (or liability) that is a financial instrument and within the scope of IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement in
\n
accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at
\n
each reporting date with changes in fair value recognised in the income statement.
\n \n \n \n \n
Subsequent measurement
\n \n \n
For purposes of subsequent measurement, financial assets are classified in four categories:
\n
\u2022
\n
Financial assets at amortised cost (debt instruments)
\n
\u2022
\n
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
\n
\u2022
\n
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecog-
\n
nition (equity instruments)
\n
\u2022
\n
Financial assets at fair value through profit or loss
\n \n
-
\n
Financial assets at amortised cost (debt instruments)
\n
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
\n
subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised,
\n
modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, a loan to an associate
\n
and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary
\n
course of business and are held within a business model with the objective to hold the receivables in order to collect
\n
contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they
\n
are measured at amortised cost using the effective interest rate method. The Group applies the amortised cost only
\n
for trade receivables with maturities greater than one year and are discounted to present value.
\n \n
-
\n
Financial assets at fair value through OCI (debt instruments)
\n
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses
\n
or reversals are recognised in the income statement and computed in the same manner as for financial assets meas-
\n
ured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative
\n
fair value change recognised in OCI is recycled to the income statement. The Group\u2019s debt instruments at fair value
\n
through OCI include investments in quoted debt instruments included under other non-current financial assets.
\n \n \n \n \n \n
-
\n
Financial assets designated at fair value through OCI (equity instruments)
\n
Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des-
\n
ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen-
\n
tation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and
\n
losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income
\n
in the income statement when the right of payment has been established, except when the Group benefits from such
\n
proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity
\n
instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to
\n
irrevocably classify its non-listed equity investments under this category.
\n \n \n \n \n \n \n
-
\n
Financial assets at fair value through profit or loss
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the income statement.
\n
This category includes derivative instruments and listed
\n
equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on
\n
listed equity investments are recognised as other income in the income statement when the right of payment has
\n
been established.
\n \n \n \n
Derecognition
\n \n \n \n
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
\n
derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when:
\n
\u2022
\n
The rights to receive cash flows from the asset have expired
\n
Or
\n
\u2022
\n
The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\n
received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a)
\n
the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred
\n
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
\n \n \n \n \n
Impairment
\n \n \n \n \n \n
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\n
\u2022
\n
Disclosures for significant assumptions \u2013 refer to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates
\n
and assumptions\u2019
\n
\u2022
\n
Trade receivables, including contract assets as described below
\n
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
\n
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
\n
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
\n
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that
\n
are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not
\n
been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n
events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has
\n
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected
\n
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
\n
Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each re-
\n
porting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
\n
for forward-looking factors specific to the debtors and the economic environment.
\n \n \n \n \n \n
Financial liabilities
\n
Initial recognition and measurement
\n \n \n \n \n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
\n
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi-
\n
nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
\n
attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
\n
including bank overdrafts and derivative financial instruments.
\n \n \n \n \n
Subsequent measurement
\n \n \n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
\n
Financial liabilities at fair value through profit or loss
\n
\u2022
\n
Financial liabilities at amortised cost (loans and borrowings)
\n \n \n
-
\n
Financial liabilities at fair value through profit or loss
\n
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as
\n
at fair value through profit or loss. Financial liabilities as at fair value through profit or loss also include derivative
\n
financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships
\n
as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied.
\n \n \n \n
-
\n
Financial liabilities at amortised cost (loans and borrowings)
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
\n
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-
\n
ment when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calcu-
\n
lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
\n
EIR. The EIR amortisation is included as finance costs in the income statement. This category generally applies to
\n
interest-bearing loans and borrowings.
\n \n \n \n
Derecognition
\n \n \n \n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
\n
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
\n \n \n \n \n \n \n \n
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
\n
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the in-
\n
come statement.
\n \n \n \n
Derivatives
\n \n \n \n \n \n \n \n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n \n \n \n \n \n \n \n
x.
\n
Inventories
\n
Inventories are recognised at the lesser value between purchase and production cost, according to the weighted average
\n
cost method and their net realisable value.
\n
Cost includes direct materials and direct labour general production costs and other costs incurred to bring inventories to
\n
their current location and condition.
\n
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
\n
and the estimated costs necessary to make the sale.
\n
Lastly, some obsolete stock provisions are calculated for materials, finished goods and spare parts that are considered
\n
obsolete or slow moving, keeping into account their expected future use and realisable value.
\n \n \n \n \n
xi.
\n
Cash and cash equivalents
\n \n \n \n \n
Cash and cash equivalents are recognised at their nominal value and include numeric values, i.e. those values that meet
\n
the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity
\n
of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of
\n
changes in value. This item also includes the collection and payment instruments that have been subject to an account
\n
recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent differ-
\n
ent accounting records.
\n \n \n \n \n \n
xii.
\n
Treasury shares
\n
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain
\n
or loss is recognised in the Income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity
\n
instruments. Any gain or loss resulting from subsequent sales is recognised in equity.
\n \n \n \n
xiii.
\n
Provisions for risks and charges
\n \n \n \n
General
\n
The Group recognises provisions for risks and charges when it has a present obligation, either legal or constructive, to-
\n
ward third parties arising from a past event, and it is likely that it will be necessary to use the resources of the Group to
\n
meet the obligation, and when it is possible to make an accurate estimate of the amount of the obligation itself.
\n
When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
\n
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense
\n
relating to a provision is presented in the income statement net of any reimbursement. If the effect of the time value of
\n
money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific
\n
to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a
\n
finance cost.
\n
Changes in estimates are reflected in the income statement of the period when the change has occurred.
\n
Disclosures about provisions follow IAS 37 (paragraph 92) which regulates and limits these indications when they might
\n
prejudice the company\u2019s position in any disputes.
\n \n
\u00a0
\n \n
Uncertain tax position
\n \n \n \n \n
IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 to clarify the accounting for uncertainties in income tax is applied.
\n
The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused
\n
tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12.
\n
In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity
\n
has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat-
\n
ments, that it has used or plans to use in its income tax filling.
\n
If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable
\n
profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included
\n
in its income tax filings.
\n
If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most
\n
likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused
\n
tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions
\n
of the resolution of the uncertainty.
\n
In case facts and circumstances changes, the entity shall reassess its judgements and estimates.
\n \n \n \n \n \n \n
Warranty provisions
\n
The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions
\n
related to these assurance-type warranties are recognised when the product is sold, or the service is provided to the
\n
customer. Initial recognition is based on historical experience. The estimate of warranty-related costs is revised annually.
\n
Restructuring provisions
\n
Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: (i) there is a
\n
detailed formal plan that identifies the business or part of the business concerned, the location and number of employees
\n
affected, the detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been noti-
\n
fied of the plan\u2019s main features.
\n \n \n \n \n
xiv.
\n
Employment benefits
\n \n \n \n \n
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.
\n
The procedures for providing these benefits vary depending on the legal, fiscal and economic conditions in each country
\n
in which the Group operates.
\n
Employee benefits are accounted under IAS 19 and IFRS 2.
\n
Group companies provide post-employment benefits through defined contribution and/or defined benefit plans.
\n \n \n
Post-employment benefits
\n
i. Defined benefit plans
\n \n \n
The Group\u2019s obligations and the annual cost reported in the income statement are determined by independent actuaries
\n
using the projected unit credit method.
\n
The net cumulative value of actuarial gains and losses is recorded directly in the statement of other comprehensive in-
\n
come and is not subsequently recognised in the income statement. The costs associated with an increase in the present
\n
value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses.
\n
Service costs are posted to the income statement.
\n
The liability recognised represents the present value of the defined benefit obligation, less the present value of plan
\n
assets. If an amendment to the plan changes the benefits accruing from past service, the costs arising from past service
\n
are recognised in the income statement at the time the change to the plan is made. The same treatment is applied if
\n
there is a change to the plan that reduces the number of employees or that amends the terms and conditions of the plan
\n
(the treatment is the same, regardless of whether the final result is a profit or a loss).
\n
For defined benefit plans, remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding
\n
amounts included in net interest on the net defined benefit/contribution liability and the return on plan assets (excluding
\n
amounts included in net interest on the net defined benefit/contribution liability), are recognised immediately in the
\n
statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in
\n
which they occur. Remeasurements are not reclassified to the income statement in subsequent periods.
\n
Past service costs are recognised in the income statement on the earlier of:
\n
\u2022
\n
The date of the plan amendment or curtailment, and
\n
\u2022
\n
The date that the Group recognises related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit/contribution liability or asset. The Group
\n
recognises the following changes in the net defined benefit/contribution obligation under \u2018cost of sales\u2019, \u2018administration
\n
expenses\u2019 and \u2018selling and distribution expenses\u2019 in the consolidated income statement (by nature):
\n
\u2022
\n
Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
\n
settlements
\n
\u2022
\n
Net interest expense or income
\n \n \n
ii. Defined contribution plans
\n \n
Since the Group fulfils its obligations by paying contributions to a separate entity (a fund), with no further obligations,
\n
the company records its contributions to the fund in respect of employees\u2019 service, without making any actuarial calcu-
\n
lation.
\n
Where these contributions have already been paid at the reporting date, no liabilities are recorded in the financial state-
\n
ments.
\n \n
Share-based payments
\n \n \n
Employees (including senior executives) of the Group receive remuneration in the form of share-based payments,
\n
whereby employees render services as consideration for equity instruments (equity-settled transactions).
\n \n \n
Equity-settled transactions
\n \n \n
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an ap-
\n
propriate valuation model.
\n \n \n \n \n \n
That cost is recognised in employee benefits expense, together with a corresponding increase in equity (other capital
\n
reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting
\n
period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date
\n
reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instru-
\n
ments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in
\n
cumulative expense recognised at the beginning and end of that period. Service and non-market performance conditions
\n
are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions
\n
being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award,
\n
but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\n
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service
\n
and/or performance conditions.
\n
No expense is recognised for awards that do not ultimately vest because non-market performance and/or service condi-
\n
tions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested
\n
irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or ser-
\n
vice conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognised
\n
is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An addi-
\n
tional expense, measured as at the date of modification, is recognised for any modification that increases the total fair
\n
value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled
\n
by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately
\n
through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computa-
\n
tion of diluted earnings per share.
\n \n \n \n
xv.
\n
Grants
\n
Government grants, obtained against investments, are recognised in the income statement when the conditions for
\n
recognition are met (i.e. when there is reasonable certainty of recognition) as deferred income, over the period required
\n
to relate them to their respective costs.
\n
When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related
\n
asset.
\n
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and
\n
released to the income statement over the expected useful life of the asset, based on the pattern of consumption of the
\n
benefits of the underlying asset by equal annual instalments.
\n \n \n
xvi.
\n
Revenue and income
\n \n \n
Revenue is recognised when control of the goods and services has been transferred and the Group\u2019s performance obli-
\n
gations to its customers have been satisfied. Revenue is measured as the amount of consideration the Group expects to
\n
receive in exchange for transferring goods or providing services. The timing of when the Group transfers the goods or
\n
services to the customer may differ from the timing of the customer\u2019s payment. Revenues are stated net of discounts,
\n
allowances, settlement discounts and rebates.
\n
The Ariston Group typically provides warranties for general repairs of defects that existed at the time of sale, as required
\n
by law. Contractual warranties required by law do not represent a separate performance obligation and the cost of such
\n
warranties is recognised at the time of the transfer of control of the related good.
\n
The Group also provides extended warranty. These service-type warranties are sold either separately or bundled together
\n
with the sale of products and represent a separate performance obligation, in accordance with accounting principle IFRS
\n
15. The revenue from extended warranties is generally recognised over the time, on the basis of the period in which the
\n
service is provided.
\n
Ariston Group revenue streams are described in the following table.
\n \n \n \n
Revenue stream
\n
Revenue stream description
\n
% Revenues
\n
2023
\n
% Revenues
\n
2022
\n
Professional
\n
Customers are mainly installers, medium-large distribu-
\n
tors and professionals in the field of Thermal Comfort.
\n
Standard T&Cs apply and the main performance obliga-
\n
tion is characterised by the sale of finished products in-
\n
cluding variable considerations too.
\n
The Group acts as principal.
\n
79%
\n
73%
\n
DIY (Do it yourself)
\n
Customers are large retailers. The main performance obli-
\n
gation is characterised by the sale of finished products
\n
and the variable considerations are significant.
\n
T&Cs are decided by the customer by means
\n
of annual framework agreements.
\n
The Group acts as principal.
\n
5%
\n
7%
\n
Business-to-business
\n
(B2B)
\n
The main performance obligation is characterised by the
\n
sale of components, burners and heating only for specific
\n
projects: e.g., for institutions (schools, hospitals, etc.).
\n
The Group acts as principal.
\n
6%
\n
8%
\n
Service
\n
Indirect service
\n
: maintenance and repair services offered
\n
through Technical Support to the end customer.
\n
Direct service
\n
: maintenance and repair services offered di-
\n
rectly to the end customer.
\n
Spare Parts
\n
: Related to Service activities (in PL reported as
\n
Net Revenue from Sales).
\n
The Group acts as principal.
\n
10%
\n
12%
\n
Total
\n
100%
\n
100%
\n \n \n
Assets and liabilities arising from rights of return
\n
Right of return assets
\n
A right-of-return asset is recognised for the right to recover the goods expected to be returned by customers. The asset
\n
is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any po-
\n
tential decreases in value. The Group updates the measurement of the asset for any revisions to the expected level of
\n
returns and any additional decreases in the value of the returned products.
\n
Refund liabilities
\n
A refund liability is recognised for the obligation to refund some or all of the consideration received (or receivable) from
\n
a customer. The Group\u2019s refund liabilities arise from customers\u2019 right of return. The liability is measured at the amount
\n
the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities
\n
(and the corresponding change in the transaction price) at the end of each reporting period.
\n
Regarding the use of significant assumptions refer to sub-paragraph \u2018
\n
Revenue recognition\u2019
\n
included in the paragraph
\n
\u2018
\n
Significant assumptions\u2019.
\n \n \n
xvii.
\n
Taxes
\n
Current income tax
\n
Current taxes are based on the taxable income for the year. The taxable income is different from the profit/loss recog-
\n
nised in the income statement since it excludes positive and negative items which are taxable or deductible in other years
\n
and it also excludes items that will never be taxable or deductible.
\n
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxa-
\n
tion authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
\n
enacted at the reporting date in the countries where the Group operates and generates taxable income.
\n \n \n \n
Current income tax relating to items recognised directly in equity is recognised in equity and not in the income statement.
\n
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
\n
regulations are subject to interpretation and establishes provisions where appropriate.
\n \n
Deferred tax
\n \n \n
Deferred taxes are those that the Group expects to settle or recover based on the temporary differences between the
\n
carrying value of assets and liabilities and their corresponding tax values used for calculating taxable income. They are
\n
recognised using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem-
\n
porary differences, whereas deferred tax assets are recognised only if it is probable that there will be future taxable
\n
income against which deductible temporary differences can be used. Deferred tax liabilities are recognised for all taxable
\n
temporary differences, except:
\n
\u2022
\n
if the temporary differences derive from goodwill or the initial recognition (not in business combinations) of
\n
other assets or liabilities in transactions that do not affect the profit (loss) for the year or the taxable income;
\n
\u2022
\n
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests
\n
in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is
\n
probable that the temporary differences will not reverse in the foreseeable future.
\n
The carrying value of deferred tax assets is reviewed at each reporting date and impaired, if it is no longer probable that
\n
sufficient taxable income exists that can enable recovery of all or part of the assets.
\n
In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in
\n
joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differ-
\n
ences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences
\n
can be utilised.
\n
Deferred taxes are calculated at the tax rate that is expected to be applied when the asset is realised or the liability
\n
extinguished. Deferred taxes are recognised directly in the income statement, except for those related to items recog-
\n
nised directly under equity, in which case the deferred taxes are also recognised under equity.
\n
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
\n
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
\n
levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either
\n
to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in
\n
each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recov-
\n
ered.
\n \n \n \n
xviii.
\n
Earnings per share
\n
The basic earnings per share are calculated by dividing the portion of profit/loss attributable to the Group by the weighted
\n
average of the outstanding shares of the year.
\n
The diluted earnings per share are calculated by taking into account, both as regards the portion of profit/loss attributable
\n
to the Group and the above-mentioned weighted average, the impact deriving from the total subscription/conversion of
\n
all potential shares that may be issued through the exercise of outstanding options.
\n \n \n
xix.
\n
Dividends
\n
Dividends are recognised as changes in equity in the year when the Group\u2019s unconditional right to receive payment arises,
\n
that is when the general meeting approves the distribution of dividends.
\n \n \n
xx.
\n
Transactions in a foreign currency
\n
Should a company in the Group have a monetary item to be received or to be paid in regard to another foreign subsidiary,
\n
for which settlement is not planned nor is it likely that it may occur in the foreseeable future and is substantially part of
\n
the entity\u2019s net investment in this foreign operation, it is recognised in accordance with the provisions of IAS 21 (para-
\n
graphs 32 and 33). This envisages the treatment of the related differences in exchange rates be recognised under the
\n
items of the statement of comprehensive income in the consolidated financial statements which include this foreign
\n
operation.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates
\n
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
\n
disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjust-
\n
ment to the carrying amount of assets or liabilities affected in future periods.
\n \n \n \n
Judgements
\n
Determining the lease term of contracts with renewal and termination options
\n \n \n \n \n
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
\n
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
\n
lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and
\n
termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer-
\n
cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive
\n
for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term
\n
if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not
\n
to exercise the option to renew or to terminate. The Group included the renewal period as part of the lease term for
\n
leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination
\n
options are included as part of the lease term only when they are reasonably certain not to be exercised.
\n \n \n \n \n
Estimates and assumptions
\n \n \n \n
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which
\n
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
\n
financial year, are described below. The Group based its assumptions and estimates on parameters available when the
\n
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments,
\n
however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such
\n
changes are reflected in the assumptions when they occur.
\n \n \n \n
Impairment of non-financial assets
\n \n \n \n \n \n
When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest-
\n
ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of
\n
disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions
\n
of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally
\n
adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis-
\n
counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value
\n
of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most
\n
recent business plan, approved by the management, containing forecasts for volumes, revenue, operating costs.
\n
Regarding climate-related matters, the expected future cash flows incorporated certain climate-related risks to pursue
\n
the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note
\n
\u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual in-
\n
come. Nevertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based
\n
could generate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires
\n
management to use estimates and assumptions considered prudent and reasonable in the specific circumstances.
\n \n \n \n \n \n
Provision for expected credit losses of trade receivables and contract assets
\n \n \n \n \n \n \n \n \n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n \n \n \n \n \n \n \n \n
Taxes
\n \n \n \n \n \n
Income taxes include all taxes based upon the taxable profits of the Group. Taxes on income are recognised in the income
\n
statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in
\n
which case the related tax effects are recognised directly in equity or in other comprehensive income. Deferred taxes are
\n
calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol-
\n
idated Financial Statements, Deferred tax assets relating to the carry-forward of unused tax losses are recognised to the
\n
extent it is probable future profits will be available against which they can be utilised. Current and deferred income tax
\n
assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a
\n
legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted
\n
tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in
\n
which the temporary differences reverse. Other taxes not based on taxable profits, such as property taxes and taxes on
\n
capital, are included in operating expenses. Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax
\n
assets and liabilities\u2019.
\n \n \n \n \n \n \n
Defined benefit plans (pension benefits)
\n \n \n \n \n
The cost of the defined benefit pension plan and other post-employment medical benefits and the present value of the
\n
pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions
\n
that may differ from actual developments in the future. These include the determination of the discount rate, future
\n
salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its
\n
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
\n
reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appro-
\n
priate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the cur-
\n
rencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally
\n
acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of
\n
the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads
\n
are excluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high
\n
quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those
\n
mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension
\n
increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013
\n
Post-employment benefits\u2019.
\n \n \n \n \n
Fair value measurement of financial instruments
\n \n \n \n
When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be
\n
measured based on listed prices in active markets, their fair value is measured using valuation techniques including the
\n
discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but
\n
where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations
\n
of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the
\n
reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at
\n
fair value at the acquisition date as part of the business combination. When the contingent consideration meets the
\n
definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of
\n
the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting
\n
each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20186.4
\n
-
\n
Other information\u2019.
\n \n \n \n \n \n \n \n \n \n
Development costs
\n \n \n
The Group capitalises costs for product development projects. Initial capitalisation of costs is based on management\u2019s
\n
judgement that technological and economic feasibility is confirmed, usually when a product development project has
\n
reached a defined milestone according to an established project management model. In determining the amounts to be
\n
capitalised, management makes assumptions regarding the expected future cash generation of the project, discount
\n
rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.
\n \n \n \n \n \n \n \n
Revenue recognition - Estimating variable consideration for returns and volume rebates
\n \n \n \n \n
The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of
\n
return and volume rebates.
\n
The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of
\n
each product to come up with expected return percentages. These percentages are applied to determine the expected
\n
value of the variable consideration. Any significant changes in experience as compared to the historical return pattern
\n
will impact the expected return percentages estimated by the Group.
\n
The Group\u2019s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single
\n
volume threshold. Determining whether a customer will be likely entitled to a rebate will depend on the customer\u2019s
\n
historical rebates entitlement and accumulated purchases to date.
\n
The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his-
\n
torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the
\n
expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing
\n
patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group.
\n
Further disclosure is in \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n \n \n \n \n
Leases - Estimating the incremental borrowing rate
\n \n \n \n \n
The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured
\n
loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest
\n
rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil-
\n
ity:
\n
\u2022
\n
The credit rating;
\n
\u2022
\n
The term of the loan;
\n
\u2022
\n
The currency of denomination;
\n
\u2022
\n
The geographies (depending on the cases, countries or regions);
\n
\u2022
\n
The industry of the borrowing entity.
\n
In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be
\n
preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is
\n
negative, a zero floor to the base rate is applied.
\n
For more information on leases, please see note 2.2 and 3.5.
\n \n \n \n \n \n \n
Contingent liabilities
\n \n \n
The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable
\n
event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be-
\n
comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
\n
Statements. The Group could be subject of legal and tax proceedings from various jurisdictions and for complex issues
\n
therefore eventually monitoring the status of pending legal proceedings consulting with experts on a regular basis. Due
\n
to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
\n
disputes with any certainty.
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228172954551": { "value": "\n
ii.
\n
Fair value measurement
\n \n
The Group measures financial instruments such as derivatives, and non-financial assets at fair value at each balance sheet
\n
date.
\n
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\n
market participants at the measurement date. The fair value measurement is based on the presumption that the trans-
\n
action to sell the asset or transfer the liability takes place either:
\n
\u2022
\n
In the principal market for the asset or liability
\n
Or
\n
\u2022
\n
In the absence of a principal market, in the most advantageous market for the asset or liability, the principal or the
\n
most advantageous market accessible by the Group.
\n
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
\n
the asset or liability, assuming that market participants act in their economic best interest.
\n
A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic
\n
benefits by using the asset in its best use or by selling it to another market participant that would use the asset in its best
\n
use.
\n
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available
\n
to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
\n
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within
\n
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measure-
\n
ment as a whole:
\n
\u2022
\n
Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\n
\u2022
\n
Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is
\n
directly or indirectly observable
\n
\u2022
\n
Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is
\n
unobservable
\n \n
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group de-
\n
termines whether transfers have occurred between levels in the hierarchy by re-assessing their categorisation (based on
\n
the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n Fair value measurement of financial instruments\n \n
When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be
\n
measured based on listed prices in active markets, their fair value is measured using valuation techniques including the
\n
discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but
\n
where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations
\n
of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the
\n
reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at
\n
fair value at the acquisition date as part of the business combination. When the contingent consideration meets the
\n
definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of
\n
the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting
\n
each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20186.4
\n
-
\n
Other information\u2019.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228033636083": { "value": "\n
iii.
\n
Intangible assets
\n \n
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in
\n
a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are
\n
carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles,
\n
excluding capitalised development costs, are not capitalised and the related expenditure is reflected in the income state-
\n
ment in the period in which the expenditure is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amor-
\n
tised over the useful economic life and assessed for impairment
\n
whenever there is an indication that the intangible asset
\n
may be impaired. The amortisation period and the
\n
amortisation method for an intangible asset with a finite useful life are
\n
reviewed at least at the end of each
\n
reporting period. Changes in the expected useful life or the expected pattern of
\n
consumption of future
\n
economic benefits embodied in the asset are considered to modify the amortisation period or
\n
method, as
\n
appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible
\n
assets with finite lives is recognised in the income statement in the expense category that is
\n
consistent with the function
\n
of the intangible assets.
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
\n
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
\n
basis.
\n
An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future eco-
\n
nomic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated
\n
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income
\n
statement.
\n \n \n
Internally generated intangible assets \u2013 Research and development costs
\n
Research costs are recognised in the income statement for the period in which they are incurred.
\n
Internally generated intangible assets deriving from the development of the Group\u2019s products are recognised under as-
\n
sets, only if all of the following conditions are met:
\n
\u2022
\n
The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\n
\u2022
\n
Its intention to complete and its ability and intention to use or sell the asset
\n
\u2022
\n
How the asset will generate future economic benefits
\n
\u2022
\n
The availability of resources to complete the asset
\n
\u2022
\n
The ability to reliably measure the expenditure during development
\n \n \n \n
The capitalised development costs include only the expense incurred which may be attributed directly to the develop-
\n
ment process.
\n
These intangible assets with definite useful life are amortised on a straight-line basis over the respective useful life of the
\n
product, which is normally 5 years. Any impairment losses, and any restatement, are based on the same methods de-
\n
scribed in the section \u201cImpairment of assets\u201d.
\n
If the internally generated assets cannot be recognised in the financial statements, the development costs are recognised
\n
in the income statement for the period in which they are incurred.
\n \n
Other intangible assets
\n
Other intangible assets, whether purchased or internally produced, are recognised under assets in compliance with IAS
\n
38
\n
Intangible Assets
\n
, if it is likely that the use of the assets will generate future economic benefits and when the cost of
\n
the asset can be accurately measured.
\n
These assets (such as concessions, licences, trademarks and software) with a definite useful life are recognised at pur-
\n
chase or production cost and amortised on a straight-line basis over their estimated useful life. Any impairment losses,
\n
and any restatement, are based on the same methods described in the section \u201cImpairment of assets\u201d.
\n
Intangible assets with an indefinite useful life are not amortised but are subject to evaluation in order to identify any
\n
impairment loss, yearly or more frequently, at any time there is an indication that the asset may have been impaired.
\n
The other intangible assets recognised following the acquisition of a company are recognised separately from the good-
\n
will, if their current value can be accurately measured.
\n
Here below are the principles applied by the Group for intangible assets (IAS 38.118) (a) (b):
\n
Licences
\n
Trademarks
\n
Development costs
\n
Software
\n
Useful life
\n
Definite (5 years)
\n
Indefinite
\n
Definite (5 years)
\n
Definite (4 years)
\n
Amortisation
\n
method used
\n
Amortised on a straight-
\n
line basis over the period
\n
of the licence itself
\n
No amortisation
\n
Amortised on a straight-
\n
line basis over the pe-
\n
riod of expected future
\n
sales resulting from the
\n
related project
\n
Amortised on a
\n
straight-line basis
\n
over the period of
\n
the usage of the soft-
\n
ware itself
\n
Internally generated
\n
or purchased
\n
Purchased
\n
Purchased
\n
Internally generated
\n
Purchased
\n
The residual other intangible assets mainly included the purchased customer list with an average useful life of 20 years,
\n
amortised on a straight-line basis over the period of the expected future sales from the customer relationship.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Development costs
\n \n \n
The Group capitalises costs for product development projects. Initial capitalisation of costs is based on management\u2019s
\n
judgement that technological and economic feasibility is confirmed, usually when a product development project has
\n
reached a defined milestone according to an established project management model. In determining the amounts to be
\n
capitalised, management makes assumptions regarding the expected future cash generation of the project, discount
\n
rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228034109196": { "value": "\n
Internally generated intangible assets \u2013 Research and development costs
\n
Research costs are recognised in the income statement for the period in which they are incurred.
\n
Internally generated intangible assets deriving from the development of the Group\u2019s products are recognised under as-
\n
sets, only if all of the following conditions are met:
\n
\u2022
\n
The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\n
\u2022
\n
Its intention to complete and its ability and intention to use or sell the asset
\n
\u2022
\n
How the asset will generate future economic benefits
\n
\u2022
\n
The availability of resources to complete the asset
\n
\u2022
\n
The ability to reliably measure the expenditure during development
\n \n
The capitalised development costs include only the expense incurred which may be attributed directly to the develop-
\n
ment process.
\n
These intangible assets with definite useful life are amortised on a straight-line basis over the respective useful life of the
\n
product, which is normally 5 years. Any impairment losses, and any restatement, are based on the same methods de-
\n
scribed in the section \u201cImpairment of assets\u201d.
\n
If the internally generated assets cannot be recognised in the financial statements, the development costs are recognised
\n
in the income statement for the period in which they are incurred.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Development costs
\n \n \n
The Group capitalises costs for product development projects. Initial capitalisation of costs is based on management\u2019s
\n
judgement that technological and economic feasibility is confirmed, usually when a product development project has
\n
reached a defined milestone according to an established project management model. In determining the amounts to be
\n
capitalised, management makes assumptions regarding the expected future cash generation of the project, discount
\n
rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228034502826": { "value": "\n \n \n
iv.
\n
Property, plant and equipment
\n \n \n
Property, plant and equipment are recognized at cost, net of accumulated depreciation and impairment losses, if any.
\n
Construction in progress is stated at cost, net of accumulated impairment losses, if any.
\n
The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the
\n
respective asset if the recognition criteria for a provision are met.
\n
Assets with components of a significant value and with a different useful life are recognised separately when depreciated.
\n
Under IAS 16 Property, Plant and Equipment an entity has a policy choice for the measurement of property, plant and
\n
equipment after initial recognition. An entity may choose either the cost model or the revaluation model for entire classes
\n
of property, plant and equipment. The Group has elected to use the cost model for all class of assets.
\n \n
The depreciation is calculated on a straight-line basis, according to the cost of the asset net of all residual values, on its
\n
estimated useful economic-technical life through the use of depreciation rates that accurately represent it. If significant
\n
parts of these tangible assets have a different useful life, they will be stated separately. The depreciation will be based
\n
on the following percentage rates:
\n \n \n \n
Buildings and light constructions
\n
from 1.8 to 3.0
\n
Plant and machinery
\n
from 6.0 to 15.5
\n
Industrial and commercial equipment
\n
from 10.0 to 25.0
\n
Cars and internal transport vehicles
\n
from 20.0 to 25.0
\n
Furniture, office equipment, data processing systems
\n
from 12.0 to 20.0
\n
The Group reviews the estimated residual values and expected useful lives of assets at least annually.
\n
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
\n
financial year end and adjusted prospectively, if appropriate.
\n
Land with no construction or annexed to residential and industrial buildings, is not depreciated since it has an unlimited
\n
useful life.
\n \n
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e.
\n
at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal.
\n
Gains and losses arising from the sale or disposal of assets are calculated as the difference between revenue from sales
\n
and the net carrying value of the asset, and are recognised in the income statement for the year.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228034643156": { "value": "\n \n
iv.
\n
Property, plant and equipment
\n \n \n
The depreciation is calculated on a straight-line basis, according to the cost of the asset net of all residual values, on its
\n
estimated useful economic-technical life through the use of depreciation rates that accurately represent it. If significant
\n
parts of these tangible assets have a different useful life, they will be stated separately. The depreciation will be based
\n
on the following percentage rates:
\n \n
Buildings and light constructions
\n
from 1.8 to 3.0
\n
Plant and machinery
\n
from 6.0 to 15.5
\n
Industrial and commercial equipment
\n
from 10.0 to 25.0
\n
Cars and internal transport vehicles
\n
from 20.0 to 25.0
\n
Furniture, office equipment, data processing systems
\n
from 12.0 to 20.0
\n
The Group reviews the estimated residual values and expected useful lives of assets at least annually.
\n
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
\n
financial year end and adjusted prospectively, if appropriate.
\n
Land with no construction or annexed to residential and industrial buildings, is not depreciated since it has an unlimited
\n
useful life.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228035008556": { "value": "\n
iv.
\n
Property, plant and equipment
\n Construction in progress is stated at cost, net of accumulated impairment losses, if any.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228150914760": { "value": "\n
v.
\n
Leases
\n \n
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the
\n
right to control the use of an identified asset for a period of time in exchange for consideration.
\n
The rights of use relating to leases are recognised in a single accounting model to recognise the lease. In accordance with
\n
this model, the entity recognizes: (1) assets and liabilities for all leases with a duration of over twelve months; (2) sepa-
\n
rately in the income statement, the amortisation/depreciation of the recognised asset and the interest on the financial
\n
payable recorded.
\n
More specifically, in order to determine the value of the assets with \u201cright of use\u201d, the value of the related discounted
\n
liabilities, any payments made to the lessor before signing the contract, net of the incentives received, the initial direct
\n
costs incurred by the lessee as well as the provisions for removal and dismantling, if any, were taken into account.
\n
Lease agreements in place within the Group include offices, warehouses, plants, machinery and vehicles and low value
\n
assets belonging to third parties.
\n
Lease terms generally range from 1-10 years but may contains options to extend them. Lease terms may also contain a
\n
wide range of different conditions.
\n
Falling under the IFRS 16 guidelines, the rights of use are valued at cost, net of accumulated amortisation and impairment
\n
losses and are adjusted after any remeasurement of the lease liabilities. The value assigned to the rights of use corre-
\n
sponds to the amount of the lease liabilities recognised, plus initial direct costs incurred, lease payments settled on the
\n
start date of the agreement or previously, and restoration costs, net of any lease incentives received.
\n
The value of the liability, discounted to its present value, as determined above, increases the right of use of the underlying
\n
asset, and a dedicated liability is created as a contra-entry. The rights of use are amortised on a straight-line basis over
\n
its estimated useful life or the term of the agreement, whichever is the shorter. The financial liability for leases is recog-
\n
nised on the start date of the agreement at a total value equal to the present value of the lease payments to be made
\n
during the term of the agreement, discounted to present value using incremental borrowing rates (IBR) when the implicit
\n
interest rate in the lease agreement cannot easily be determined. Variable lease payments which are not linked to an
\n
index or rate continue to be charged to the income statement as costs for the period.
\n
After the start date, the amount recorded for the liabilities relating to lease contracts increases to reflect the accrual of
\n
interest and reduces to reflect the payments made. Each lease payment is divided into a repayment of the capital portion
\n
of the liability and a financial cost. The financial cost is charged to the income statement over the term of the agreement
\n
to reflect a constant interest rate on the remaining debt portion of the liability for each period.
\n
The term of the lease is calculated taking into account the non-cancellable period of the lease together with the periods
\n
covered by an option to extend the agreement if it is reasonably certain that it will be exercised, or any period covered
\n
by an option to terminate the lease contract, if it is reasonably certain it will not be exercised. The Group assesses whether
\n
it is reasonably certain that it will exercise the options to extend or will terminate the agreements, taking into account all
\n
the relevant factors that create a financial incentive for such decisions.
\n \n
On the basis of practical expedients, recognition of exemptions for low-value and short-term leases, equal to \u20ac 30.2 mil-
\n
lion for 2023 (\u20ac 14.6 million for 2022), was not considered and \u20ac 5.5 million for 2023 (\u20ac 5.2 million for 2022) out of scope
\n
IFRS 16 which comprise mainly tolls and rent contracts for IT equipment.
\n
The agreements are either included or excluded from the application of the standard based on detailed analysis carried
\n
out for each agreement and in line with the rules laid down by IFRS standards.
\n
Financial liabilities relating to IFRS 16 leases are initially measured at the present value of the lease payments still to be
\n
paid.
\n
With respect to some of its leases, the Group has the option to extend or terminate them. The Group applies judgement
\n
when assessing whether it is reasonably certain to exercise renewal options. That said, the Group considers all relevant
\n
factors that may create an economic incentive to exercise the options to renew or terminate the lease. After the com-
\n
mencement date, the Group reassesses the lease term upon the occurrence of a significant event or a significant change
\n
in circumstances which are within its control and affect whether it can exercise (or not exercise) an option to renew or
\n
terminate the lease (e.g. investments in leasehold improvements or specific material changes to the leased asset). In
\n
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
\n
change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to de-
\n
termine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
\n
The exercise price for the underlying asset, in the presence of purchase options, and/or the contractual value of the
\n
penalties, in the case of early termination of the lease, are included in the value of the financial liability only if their
\n
exercise is reasonably certain.
\n
Following initial recognition, financial liabilities relating to IFRS 16 leases are valued using the amortised cost method.
\n
The discount rate at which the lease payments that are still to be paid are discounted is called the lessee\u2019s incremental
\n
borrowing rate and is equal to the interest rate the lessee would have paid if they had borrowed money to the value of
\n
the right of use, with payment terms similar to the contractual duration of the lease in a similar economic environment.
\n
Management estimated the discount rate by individual country, on the basis of the contractual duration and the total
\n
amount of the current \u201clease portfolios with similar characteristics\u201d.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Determining the lease term of contracts with renewal and termination options\n \n \n \n
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
\n
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
\n
lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and
\n
termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer-
\n
cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive
\n
for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term
\n
if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not
\n
to exercise the option to renew or to terminate. The Group included the renewal period as part of the lease term for
\n
leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination
\n
options are included as part of the lease term only when they are reasonably certain not to be exercised.
\n \n \n \n Leases - Estimating the incremental borrowing rate\n \n \n \n
The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured
\n
loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest
\n
rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil-
\n
ity:
\n
\u2022
\n
The credit rating;
\n
\u2022
\n
The term of the loan;
\n
\u2022
\n
The currency of denomination;
\n
\u2022
\n
The geographies (depending on the cases, countries or regions);
\n
\u2022
\n
The industry of the borrowing entity.
\n
In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be
\n
preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is
\n
negative, a zero floor to the base rate is applied.
\n
For more information on leases, please see note 2.2 and 3.5.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228155532452": { "value": "\n \n
vi.
\n
Impairment of assets
\n \n \n \n
At each reporting date, the Group reviews the carrying value of its tangible and intangible assets to verify whether there
\n
is any indication that they were subject to an impairment loss. If there are indications of impairment, the Group estimates
\n
the recoverable amount of the assets to calculate the related impairment loss. If it is not possible to estimate individually
\n
the recoverable amount of an asset, the Group estimates the recoverable value of the cash generating unit to which the
\n
asset belongs.
\n
Intangible assets with an indefinite useful life, including goodwill, are assessed on an annual basis or more frequently if
\n
there is an indication of possible impairment losses.
\n
The recoverable amount is the higher of fair value less costs of disposal and value in use. In calculating the value in use,
\n
the estimated future cash flows are discounted to their current value using a discount rate that reflects the current mar-
\n
ket values relating to money and the risks associated with the asset.
\n
If the recoverable amount of an asset (or of the CGU) is estimated to be lower than its carrying value, it is reduced to the
\n
lower recoverable amount. Impairment losses are immediately recognised in the income statement.
\n
If an impairment no longer has a reason to exist, the carrying value of the asset (or of the CGU), excluding the goodwill,
\n
is increased to the new amount resulting from the estimate of its recoverable value, but not above the net carrying value
\n
that the asset would have had if the impairment loss had not occurred. The difference is recognised in the income state-
\n
ment.
\n \n Financial assetsImpairment\n \n \n \n \n
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\n
\u2022
\n
Disclosures for significant assumptions \u2013 refer to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates
\n
and assumptions\u2019
\n
\u2022
\n
Trade receivables, including contract assets as described below
\n
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
\n
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
\n
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
\n
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that
\n
are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not
\n
been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n
events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has
\n
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected
\n
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
\n
Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each re-
\n
porting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
\n
for forward-looking factors specific to the debtors and the economic environment.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of non-financial assets\n \n \n \n \n
When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest-
\n
ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of
\n
disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions
\n
of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally
\n
adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis-
\n
counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value
\n
of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most
\n
recent business plan, approved by the management, containing forecasts for volumes, revenue, operating costs.
\n
Regarding climate-related matters, the expected future cash flows incorporated certain climate-related risks to pursue
\n
the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note
\n
\u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual in-
\n
come. Nevertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based
\n
could generate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires
\n
management to use estimates and assumptions considered prudent and reasonable in the specific circumstances.
\n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets\n \n \n \n \n \n \n \n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n \n \n \n \n \n \n
Depreciation grid
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190014952": { "value": "\n
vi.
\n
Impairment of assets
\n \n
At each reporting date, the Group reviews the carrying value of its tangible and intangible assets to verify whether there
\n
is any indication that they were subject to an impairment loss. If there are indications of impairment, the Group estimates
\n
the recoverable amount of the assets to calculate the related impairment loss. If it is not possible to estimate individually
\n
the recoverable amount of an asset, the Group estimates the recoverable value of the cash generating unit to which the
\n
asset belongs.
\n
Intangible assets with an indefinite useful life, including goodwill, are assessed on an annual basis or more frequently if
\n
there is an indication of possible impairment losses.
\n
The recoverable amount is the higher of fair value less costs of disposal and value in use. In calculating the value in use,
\n
the estimated future cash flows are discounted to their current value using a discount rate that reflects the current mar-
\n
ket values relating to money and the risks associated with the asset.
\n
If the recoverable amount of an asset (or of the CGU) is estimated to be lower than its carrying value, it is reduced to the
\n
lower recoverable amount. Impairment losses are immediately recognised in the income statement.
\n
If an impairment no longer has a reason to exist, the carrying value of the asset (or of the CGU), excluding the goodwill,
\n
is increased to the new amount resulting from the estimate of its recoverable value, but not above the net carrying value
\n
that the asset would have had if the impairment loss had not occurred. The difference is recognised in the income state-
\n
ment.
\n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n Impairment of non-financial assets\n \n
When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest-
\n
ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of
\n
disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions
\n
of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally
\n
adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis-
\n
counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value
\n
of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most
\n
recent business plan, approved by the management, containing forecasts for volumes, revenue, operating costs.
\n
Regarding climate-related matters, the expected future cash flows incorporated certain climate-related risks to pursue
\n
the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note
\n
\u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual in-
\n
come. Nevertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based
\n
could generate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires
\n
management to use estimates and assumptions considered prudent and reasonable in the specific circumstances.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228162454075": { "value": "\n \n \n
vii.
\n
Non-current assets held for sale and discontinued operations
\n \n \n \n \n \n
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying
\n
value and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an
\n
asset (disposal group), excluding finance costs and income tax expense.
\n
Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying value
\n
will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly
\n \n \n \n \n \n
probable, the asset (or group of assets) is held for immediate sale in its current condition, and Management has commit-
\n
ted to the sale, which should occur within 12 months from the date of classification of this item.
\n
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
\n
position.
\n
Financial activities related to ceased or discontinued operations, net of tax effects, are recognised under one single item
\n
in the consolidated income statement, including the comparative data of the relevant period.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228180425971": { "value": "\n \n
vii.
\n
Non-current assets held for sale and discontinued operations
\n \n \n \n
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying
\n
value and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an
\n
asset (disposal group), excluding finance costs and income tax expense.
\n
Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying value
\n
will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly
\n \n \n \n
probable, the asset (or group of assets) is held for immediate sale in its current condition, and Management has commit-
\n
ted to the sale, which should occur within 12 months from the date of classification of this item.
\n
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
\n
position.
\n
Financial activities related to ceased or discontinued operations, net of tax effects, are recognised under one single item
\n
in the consolidated income statement, including the comparative data of the relevant period.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228180603451": { "value": "\n
vii.
\n
Non-current assets held for sale and discontinued operations
\n \n
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying
\n
value and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an
\n
asset (disposal group), excluding finance costs and income tax expense.
\n
Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying value
\n
will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly
\n \n
probable, the asset (or group of assets) is held for immediate sale in its current condition, and Management has commit-
\n
ted to the sale, which should occur within 12 months from the date of classification of this item.
\n
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
\n
position.
\n
Financial activities related to ceased or discontinued operations, net of tax effects, are recognised under one single item
\n
in the consolidated income statement, including the comparative data of the relevant period.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228095120914": { "value": "\n
Financial assets
\n
Initial recognition and measurement
\n \n \n \n \n
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
\n
comprehensive income (OCI), and fair value through profit or loss.
\n
In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables,
\n
etc.), are classified on the basis of the business model (the way the Group manages financial assets in order to generate
\n
cash flows) and the contractual characteristics of the cash flows (the so-called SPPI test, \u201csolely payment of principal and
\n
interest\u201d), in one of the following categories:
\n \n \n \n \n \n
\u2022
\n
fair value through shareholders\u2019 equity (FVOCI), for financial assets held with the aim of collecting cash flows, both
\n
contractual, which represent solely payments of principal and interest, and from sales. The changes in fair value sub-
\n
sequent to initial recognition are offset under OCI and are recycled to the income statement upon derecognition;
\n Subsequent measurement\n \n \n
-
\n
Financial assets designated at fair value through OCI (equity instruments)
\n
Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des-
\n
ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen-
\n
tation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and
\n
losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income
\n
in the income statement when the right of payment has been established, except when the Group benefits from such
\n
proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity
\n
instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to
\n
irrevocably classify its non-listed equity investments under this category.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228181713426": { "value": "Financial assetsImpairment\n \n \n
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\n
\u2022
\n
Disclosures for significant assumptions \u2013 refer to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates
\n
and assumptions\u2019
\n
\u2022
\n
Trade receivables, including contract assets as described below
\n
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
\n
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
\n
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
\n
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that
\n
are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not
\n
been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n
events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has
\n
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected
\n
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
\n
Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each re-
\n
porting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
\n
for forward-looking factors specific to the debtors and the economic environment.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets\n \n \n \n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n CREDIT RISK\n \n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n \n \n \n Depreciation grid\n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228182616480": { "value": "Financial assetsInitial recognition and measurement\n \n \n
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
\n
comprehensive income (OCI), and fair value through profit or loss.
\n
In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables,
\n
etc.), are classified on the basis of the business model (the way the Group manages financial assets in order to generate
\n
cash flows) and the contractual characteristics of the cash flows (the so-called SPPI test, \u201csolely payment of principal and
\n
interest\u201d), in one of the following categories:
\n \n \n \n \n \n
\u2022
\n
amortised cost, for the financial assets held with the aim of receiving the contractual cash flows which pass the SPPI
\n
test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables,
\n
other operational receivables included in other current and non-current assets, and financial receivables included in
\n
other current and non-current financial assets;
\n \n \n
\u2022
\n
fair value through shareholders\u2019 equity (FVOCI), for financial assets held with the aim of collecting cash flows, both
\n
contractual, which represent solely payments of principal and interest, and from sales. The changes in fair value sub-
\n
sequent to initial recognition are offset under OCI and are recycled to the income statement upon derecognition;
\n \n \n \n \n
\u2022
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the Income statement. This category mainly includes derivative instruments.
\n \n
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow charac-
\n
teristics and the Group\u2019s business model for managing them.
\n \n
With the exception of trade receivables that do not contain a significant financing component or for which the Group has
\n
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial
\n
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing
\n
component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed
\n
in section (e) Revenue from contracts with customers.
\n \n
The Group envisages, as per the provisions of the new IFRS 9, the treatment of non-strategic investments and investment
\n
funds shares at FVTPL; while other investments, which are considered strategic, are treated individually and, at the mo-
\n
ment, are all valued at FVTOCI.
\n \n
Contingent consideration classified as an asset (or liability) that is a financial instrument and within the scope of IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement in
\n
accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at
\n
each reporting date with changes in fair value recognised in the income statement.
\n \n \n Subsequent measurement\n
For purposes of subsequent measurement, financial assets are classified in four categories:
\n
\u2022
\n
Financial assets at amortised cost (debt instruments)
\n
\u2022
\n
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
\n
\u2022
\n
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecog-
\n
nition (equity instruments)
\n
\u2022
\n
Financial assets at fair value through profit or loss
\n \n
-
\n
Financial assets at amortised cost (debt instruments)
\n
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
\n
subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised,
\n
modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, a loan to an associate
\n
and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary
\n
course of business and are held within a business model with the objective to hold the receivables in order to collect
\n
contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they
\n
are measured at amortised cost using the effective interest rate method. The Group applies the amortised cost only
\n
for trade receivables with maturities greater than one year and are discounted to present value.
\n \n
-
\n
Financial assets at fair value through OCI (debt instruments)
\n
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses
\n
or reversals are recognised in the income statement and computed in the same manner as for financial assets meas-
\n
ured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative
\n
fair value change recognised in OCI is recycled to the income statement. The Group\u2019s debt instruments at fair value
\n
through OCI include investments in quoted debt instruments included under other non-current financial assets.
\n \n
-
\n
Financial assets designated at fair value through OCI (equity instruments)
\n
Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des-
\n
ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen-
\n
tation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and
\n
losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income
\n
in the income statement when the right of payment has been established, except when the Group benefits from such
\n
proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity
\n
instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to
\n
irrevocably classify its non-listed equity investments under this category.
\n \n \n
-
\n
Financial assets at fair value through profit or loss
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the income statement.
\n
This category includes derivative instruments and listed
\n
equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on
\n
listed equity investments are recognised as other income in the income statement when the right of payment has
\n
been established.
\n \n Derecognition\n
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
\n
derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when:
\n
\u2022
\n
The rights to receive cash flows from the asset have expired
\n
Or
\n
\u2022
\n
The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\n
received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a)
\n
the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred
\n
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
\n Impairment\n \n
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\n
\u2022
\n
Disclosures for significant assumptions \u2013 refer to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates
\n
and assumptions\u2019
\n
\u2022
\n
Trade receivables, including contract assets as described below
\n
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
\n
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
\n
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
\n
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that
\n
are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not
\n
been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n
events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has
\n
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected
\n
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
\n
Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each re-
\n
porting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
\n
for forward-looking factors specific to the debtors and the economic environment.
\n \n Derivatives\n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n
xi.
\n
Cash and cash equivalents
\n \n
Cash and cash equivalents are recognised at their nominal value and include numeric values, i.e. those values that meet
\n
the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity
\n
of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of
\n
changes in value. This item also includes the collection and payment instruments that have been subject to an account
\n
recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent differ-
\n
ent accounting records.
\n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n Provision for expected credit losses of trade receivables and contract assets\n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n \n \n CREDIT RISK\n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n Method used to calculate the bad debt provision\n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n Depreciation grid\n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228183613291": { "value": "Financial assetsInitial recognition and measurement\n \n
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
\n
comprehensive income (OCI), and fair value through profit or loss.
\n
In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables,
\n
etc.), are classified on the basis of the business model (the way the Group manages financial assets in order to generate
\n
cash flows) and the contractual characteristics of the cash flows (the so-called SPPI test, \u201csolely payment of principal and
\n
interest\u201d), in one of the following categories:
\n \n \n
\u2022
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the Income statement. This category mainly includes derivative instruments.
\n \n
Contingent consideration classified as an asset (or liability) that is a financial instrument and within the scope of IFRS 9
\n
Financial Instruments
\n
, is measured at fair value with the changes in fair value recognised in the income statement in
\n
accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at
\n
each reporting date with changes in fair value recognised in the income statement.
\n Subsequent measurement\n
-
\n
Financial assets at fair value through profit or loss
\n
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
\n
net changes in fair value recognised in the income statement.
\n
This category includes derivative instruments and listed
\n
equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on
\n
listed equity investments are recognised as other income in the income statement when the right of payment has
\n
been established.
\n Financial liabilitiesInitial recognition and measurement\n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
\n
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi-
\n
nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
\n
attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
\n
including bank overdrafts and derivative financial instruments.
\n Subsequent measurement\n \n
-
\n
Financial liabilities at fair value through profit or loss
\n
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as
\n
at fair value through profit or loss. Financial liabilities as at fair value through profit or loss also include derivative
\n
financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships
\n
as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied.
\n \n Derivatives\n \n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240229021838142": { "value": "Financial assetsInitial recognition and measurement\n
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
\n
comprehensive income (OCI), and fair value through profit or loss.
\n
In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables,
\n
etc.), are classified on the basis of the business model (the way the Group manages financial assets in order to generate
\n
cash flows) and the contractual characteristics of the cash flows (the so-called SPPI test, \u201csolely payment of principal and
\n
interest\u201d), in one of the following categories:
\n \n
\u2022
\n
amortised cost, for the financial assets held with the aim of receiving the contractual cash flows which pass the SPPI
\n
test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables,
\n
other operational receivables included in other current and non-current assets, and financial receivables included in
\n
other current and non-current financial assets;
\n \n
With the exception of trade receivables that do not contain a significant financing component or for which the Group has
\n
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial
\n
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing
\n
component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed
\n
in section (e) Revenue from contracts with customers.
\n Subsequent measurement\n
-
\n
Financial assets at amortised cost (debt instruments)
\n
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
\n
subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised,
\n
modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, a loan to an associate
\n
and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary
\n
course of business and are held within a business model with the objective to hold the receivables in order to collect
\n
contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they
\n
are measured at amortised cost using the effective interest rate method. The Group applies the amortised cost only
\n
for trade receivables with maturities greater than one year and are discounted to present value.
\n Impairment\n
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\n
\u2022
\n
Disclosures for significant assumptions \u2013 refer to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates
\n
and assumptions\u2019
\n
\u2022
\n
Trade receivables, including contract assets as described below
\n
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
\n
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
\n
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
\n
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that
\n
are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not
\n
been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n
events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has
\n
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected
\n
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
\n
Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each re-
\n
porting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
\n
for forward-looking factors specific to the debtors and the economic environment.
\n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n Provision for expected credit losses of trade receivables and contract assets\n \n \n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n \n CREDIT RISK\n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228173604608": { "value": "Derecognition\n \n
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
\n
derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when:
\n
\u2022
\n
The rights to receive cash flows from the asset have expired
\n
Or
\n
\u2022
\n
The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\n
received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a)
\n
the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred
\n
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
\n \n Derecognition\n \n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
\n
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
\n \n \n \n
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
\n
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the in-
\n
come statement.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228180950763": { "value": "Financial liabilitiesInitial recognition and measurement\n \n \n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
\n
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi-
\n
nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
\n
attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
\n
including bank overdrafts and derivative financial instruments.
\n \n \n Subsequent measurement\n
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\n
\u2022
\n
Financial liabilities at fair value through profit or loss
\n
\u2022
\n
Financial liabilities at amortised cost (loans and borrowings)
\n \n \n
-
\n
Financial liabilities at fair value through profit or loss
\n
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as
\n
at fair value through profit or loss. Financial liabilities as at fair value through profit or loss also include derivative
\n
financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships
\n
as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied.
\n \n \n \n
-
\n
Financial liabilities at amortised cost (loans and borrowings)
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
\n
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-
\n
ment when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calcu-
\n
lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
\n
EIR. The EIR amortisation is included as finance costs in the income statement. This category generally applies to
\n
interest-bearing loans and borrowings.
\n \n Derecognition\n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
\n
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
\n \n
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
\n
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the in-
\n
come statement.
\n Derivatives\n \n \n \n \n \n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228183303051": { "value": "Financial liabilitiesInitial recognition and measurement\n \n
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
\n
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi-
\n
nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
\n
attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
\n
including bank overdrafts and derivative financial instruments.
\n \n Subsequent measurement\n
-
\n
Financial liabilities at amortised cost (loans and borrowings)
\n
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
\n
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-
\n
ment when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calcu-
\n
lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
\n
EIR. The EIR amortisation is included as finance costs in the income statement. This category generally applies to
\n
interest-bearing loans and borrowings.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240229151031387": { "value": "\n
-
\n
Financial liabilities at fair value through profit or loss
\n
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as
\n
at fair value through profit or loss. Financial liabilities as at fair value through profit or loss also include derivative
\n
financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships
\n
as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are
\n
designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied.
\n Note 1.11 \u2013 Profit (loss) on investments\n
The item \u201cProfit (loss) on investments\u201d was negative for \u20ac 1.3 million, down by \u20ac 6.0 million compared with the previous
\n
year, mainly due to the remeasuring of the value in an \u201cInvestment company in risk capital (SICAR) provision\u201d, with the
\n
recognition in the income statement of any valuation differences.
\n
As at December 2022 the Put and Call option of HTP Comfort Solutions LLC was equal to \u20ac 4.9 million and was executed
\n
in May 2022.
\n Note 2.5 \u2013 Financial assets\n
\u201cFinancial assets\u201d amounted to \u20ac 4.4 million at 31 December 2023, down by \u20ac 1.7 million compared to December 2022.
\n
This item mainly consists of the value of \u201cOther investments\u201d held for the medium/long term, measured at fair value,
\n
since they are largely classified as \u201cFinancial instruments at fair value through profit or loss (FVTPL)\u201d.
\n
The decrease during the period is due to the remeasurement (refer to \u2018Note 1.11 \u2013 Profit (loss) on investments\u2019 for further
\n
information), in accordance with IFRS 9, of the equity investment in an \u201cInvestment company in risk capital (SICAR) pro-
\n
vision\u201d specialising in interventions in sectors where the Group operates, by the parent company Ariston Holding N.V.
\n FINANCIAL INSTRUMENTS\n
Below are the Group's financial instruments recognised by category and the level of confidence of their fair value meas-
\n
urements at 31 December 2023:
\n
31.12.2023
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through
\n
P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabili-
\n
ties at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
451.2
\n
0.0
\n
451.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
361.3
\n
0.0
\n
361.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
17.1
\n
18.0
\n
0.0
\n
35.1
\n
0.0
\n
17.1
\n
0.0
\n
17.1
\n
Financial assets
\n
2.5
\n
2.4
\n
1.1
\n
0.8
\n
0.0
\n
4.4
\n
0.0
\n
0.0
\n
3.6
\n
3.6
\n
Total
\n
2.4
\n
18.2
\n
831.3
\n
0.0
\n
852.0
\n
0.0
\n
17.1
\n
3.6
\n
20.7
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
459.2
\n
459.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
19.1
\n
0.0
\n
53.4
\n
72.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
46.7
\n
46.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non-current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
942.1
\n
942.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
19.1
\n
0.0
\n
1,501.4
\n
1,520.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Financial instruments bal-
\n
ance
\n
2.4
\n
-0.9
\n
831.3
\n
-1,501.4
\n
-668.5
\n
0.0
\n
-2.0
\n
3.6
\n
1.6
\n
(*)
\n
For such categories the carrying amount approximates the fair value
\n \n
The financial instruments of the Group, recognised in the financial statements with a similar breakdown at 31 December
\n
2022, are shown in the table below:
\n
31.12.2022
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabilities
\n
at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
999.3
\n
0.0
\n
999.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
308.4
\n
0.0
\n
308.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
34.8
\n
10.2
\n
2.0
\n
47.1
\n
0.0
\n
34.8
\n
0.0
\n
34.8
\n
Financial assets
\n
2.5
\n
4.0
\n
1.1
\n
1.0
\n
0.0
\n
6.1
\n
0.0
\n
0.0
\n
5.1
\n
5.1
\n
Total
\n
4.0
\n
35.9
\n
1,318.9
\n
2.0
\n
1,360.8
\n
0.0
\n
34.8
\n
5.1
\n
39.9
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
481.4
\n
481.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
4.8
\n
0.0
\n
44.8
\n
49.7
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
32.7
\n
32.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non
\n
-
\n
current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
865.2
\n
865.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
4.8
\n
0.0
\n
1,424.0
\n
1,428.8
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Financial instruments
\n
balance
\n
4.0
\n
31.1
\n
1,318.9
\n
-1,422.0
\n
-68.0
\n
0.0
\n
30.0
\n
5.1
\n
35.0
\n
(*) For such categories the carrying amount approximates the fair value
\n
Notes:
\n
Level 1: listed prices on an active market for the asset or liability being measured.
\n
Level 2: inputs other than listed prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived
\n
from prices).
\n
Level 3: unobservable inputs for the asset or liability.
\n
As the above table shows, at the reporting date, there were no differences between the carrying amounts of financial
\n
instruments and the corresponding fair value. In particular, among the non-current financial assets, obligations are mainly
\n
stated at fair value.
\n \n
Current and non-current loans are at both fixed and floating rates and are recognised at their amortised cost.
\n
As already described in \u2018Note 3.11 \u2013 Current financial liabilities\u2019 and in \u2018Note 2.11 \u2013 Current financial assets\u2019 of these
\n
notes, current financial assets/liabilities include the fair value, at the end of the reporting period, of the derivative finan-
\n
cial instruments used to hedge the purchase of commodities (negative for \u20ac 0.7 million), exchange rates (negative for \u20ac
\n
9.3 million) and interest rates (positive for \u20ac 8.0 million).
\n
For details on these transactions, see the section \u201cHedging instruments\u201d.
\n \n
The Group is exposed to operations with related financial risks, including credit risk, liquidity risk and market risk, and
\n
constantly monitors them.
\n
The following section provides qualitative and quantitative information about the impact of these risks on the Group.
\n \n
Financial instruments at fair value through OCI include the fair value of derivatives mainly on interest rates, exchange
\n
rates and commodities for which the Group has applied \u2018Cash flow hedging\u2019 (IFRS 9 - Hedge Accounting).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190043741": { "value": "Derivatives\n \n \n \n \n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190326140": { "value": "Derivatives\n \n \n \n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190448507": { "value": "Derivatives\n \n \n
The Group uses financial derivative instruments mainly to hedge its exposure to exchange rate risk, interest rate risk and
\n
commodity price fluctuation risk.
\n
With reference to the classification of hedging transactions, the provisions of IFRS 9 require that:
\n
\u2022
\n
there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related
\n
changes in value;
\n
\u2022
\n
this ability to offset is not undermined by the counterparty\u2019s credit risk level;
\n
\u2022
\n
a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the
\n
derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing
\n
where necessary.
\n
Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans-
\n
actions or rebalancing lead to the future, total or partial, discontinuation of the hedge.
\n
Financial instruments are recognized according to hedge accounting rules when:
\n
\u2022
\n
at the beginning of the hedging, the formal designation and documentation of the hedging exist;
\n
\u2022
\n
the hedging is assumed to be effective;
\n
\u2022
\n
the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods.
\n
The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from
\n
an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could
\n
have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented.
\n
Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognised in
\n
the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative,
\n
even if created with non-speculative intent, does not meet all the formal requirements necessary to be designated in
\n
hedge accounting, the changes in fair value are recognised in the income statement, under the same line of the changes
\n
in the hedged item.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228040354135": { "value": "\n
x.
\n
Inventories
\n
Inventories are recognised at the lesser value between purchase and production cost, according to the weighted average
\n
cost method and their net realisable value.
\n
Cost includes direct materials and direct labour general production costs and other costs incurred to bring inventories to
\n
their current location and condition.
\n
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
\n
and the estimated costs necessary to make the sale.
\n
Lastly, some obsolete stock provisions are calculated for materials, finished goods and spare parts that are considered
\n
obsolete or slow moving, keeping into account their expected future use and realisable value.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228040542070": { "value": "\n \n \n
xi.
\n
Cash and cash equivalents
\n \n \n \n \n
Cash and cash equivalents are recognised at their nominal value and include numeric values, i.e. those values that meet
\n
the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity
\n
of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of
\n
changes in value. This item also includes the collection and payment instruments that have been subject to an account
\n
recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent differ-
\n
ent accounting records.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228040655703": { "value": "\n
xii.
\n
Treasury shares
\n
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain
\n
or loss is recognised in the Income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity
\n
instruments. Any gain or loss resulting from subsequent sales is recognised in equity.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240229015837214": { "value": "\n \n
xiii.
\n
Provisions for risks and charges
\n \n Uncertain tax position\n \n
IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 to clarify the accounting for uncertainties in income tax is applied.
\n
The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused
\n
tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12.
\n
In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity
\n
has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat-
\n
ments, that it has used or plans to use in its income tax filling.
\n
If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable
\n
profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included
\n
in its income tax filings.
\n
If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most
\n
likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused
\n
tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions
\n
of the resolution of the uncertainty.
\n
In case facts and circumstances changes, the entity shall reassess its judgements and estimates.
\n \n \n
xvii.
\n
Taxes
\n
Current income tax
\n
Current taxes are based on the taxable income for the year. The taxable income is different from the profit/loss recog-
\n
nised in the income statement since it excludes positive and negative items which are taxable or deductible in other years
\n
and it also excludes items that will never be taxable or deductible.
\n
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxa-
\n
tion authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
\n
enacted at the reporting date in the countries where the Group operates and generates taxable income.
\n \n
Current income tax relating to items recognised directly in equity is recognised in equity and not in the income statement.
\n
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
\n
regulations are subject to interpretation and establishes provisions where appropriate.
\n Deferred tax\n
Deferred taxes are those that the Group expects to settle or recover based on the temporary differences between the
\n
carrying value of assets and liabilities and their corresponding tax values used for calculating taxable income. They are
\n
recognised using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem-
\n
porary differences, whereas deferred tax assets are recognised only if it is probable that there will be future taxable
\n
income against which deductible temporary differences can be used. Deferred tax liabilities are recognised for all taxable
\n
temporary differences, except:
\n
\u2022
\n
if the temporary differences derive from goodwill or the initial recognition (not in business combinations) of
\n
other assets or liabilities in transactions that do not affect the profit (loss) for the year or the taxable income;
\n
\u2022
\n
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests
\n
in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is
\n
probable that the temporary differences will not reverse in the foreseeable future.
\n
The carrying value of deferred tax assets is reviewed at each reporting date and impaired, if it is no longer probable that
\n
sufficient taxable income exists that can enable recovery of all or part of the assets.
\n
In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in
\n
joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differ-
\n
ences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences
\n
can be utilised.
\n
Deferred taxes are calculated at the tax rate that is expected to be applied when the asset is realised or the liability
\n
extinguished. Deferred taxes are recognised directly in the income statement, except for those related to items recog-
\n
nised directly under equity, in which case the deferred taxes are also recognised under equity.
\n
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
\n
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
\n
levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either
\n
to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in
\n
each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recov-
\n
ered.
\n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n Taxes\n
Income taxes include all taxes based upon the taxable profits of the Group. Taxes on income are recognised in the income
\n
statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in
\n
which case the related tax effects are recognised directly in equity or in other comprehensive income. Deferred taxes are
\n
calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol-
\n
idated Financial Statements, Deferred tax assets relating to the carry-forward of unused tax losses are recognised to the
\n
extent it is probable future profits will be available against which they can be utilised. Current and deferred income tax
\n
assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a
\n
legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted
\n
tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in
\n
which the temporary differences reverse. Other taxes not based on taxable profits, such as property taxes and taxes on
\n
capital, are included in operating expenses. Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax
\n
assets and liabilities\u2019.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240229020943206": { "value": "\n
xiii.
\n
Provisions for risks and charges
\n \n
General
\n
The Group recognises provisions for risks and charges when it has a present obligation, either legal or constructive, to-
\n
ward third parties arising from a past event, and it is likely that it will be necessary to use the resources of the Group to
\n
meet the obligation, and when it is possible to make an accurate estimate of the amount of the obligation itself.
\n
When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
\n
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense
\n
relating to a provision is presented in the income statement net of any reimbursement. If the effect of the time value of
\n
money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific
\n
to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a
\n
finance cost.
\n
Changes in estimates are reflected in the income statement of the period when the change has occurred.
\n
Disclosures about provisions follow IAS 37 (paragraph 92) which regulates and limits these indications when they might
\n
prejudice the company\u2019s position in any disputes.
\n Uncertain tax position\n
IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 to clarify the accounting for uncertainties in income tax is applied.
\n
The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused
\n
tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12.
\n
In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity
\n
has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat-
\n
ments, that it has used or plans to use in its income tax filling.
\n
If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable
\n
profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included
\n
in its income tax filings.
\n
If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most
\n
likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused
\n
tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions
\n
of the resolution of the uncertainty.
\n
In case facts and circumstances changes, the entity shall reassess its judgements and estimates.
\n \n
Warranty provisions
\n
The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions
\n
related to these assurance-type warranties are recognised when the product is sold, or the service is provided to the
\n
customer. Initial recognition is based on historical experience. The estimate of warranty-related costs is revised annually.
\n
Restructuring provisions
\n
Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: (i) there is a
\n
detailed formal plan that identifies the business or part of the business concerned, the location and number of employees
\n
affected, the detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been noti-
\n
fied of the plan\u2019s main features.
\n \n
xiv.
\n
Employment benefits
\n \n
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.
\n
The procedures for providing these benefits vary depending on the legal, fiscal and economic conditions in each country
\n
in which the Group operates.
\n
Employee benefits are accounted under IAS 19 and IFRS 2.
\n
Group companies provide post-employment benefits through defined contribution and/or defined benefit plans.
\n Post-employment benefitsi. Defined benefit plans\n
The Group\u2019s obligations and the annual cost reported in the income statement are determined by independent actuaries
\n
using the projected unit credit method.
\n
The net cumulative value of actuarial gains and losses is recorded directly in the statement of other comprehensive in-
\n
come and is not subsequently recognised in the income statement. The costs associated with an increase in the present
\n
value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses.
\n
Service costs are posted to the income statement.
\n
The liability recognised represents the present value of the defined benefit obligation, less the present value of plan
\n
assets. If an amendment to the plan changes the benefits accruing from past service, the costs arising from past service
\n
are recognised in the income statement at the time the change to the plan is made. The same treatment is applied if
\n
there is a change to the plan that reduces the number of employees or that amends the terms and conditions of the plan
\n
(the treatment is the same, regardless of whether the final result is a profit or a loss).
\n
For defined benefit plans, remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding
\n
amounts included in net interest on the net defined benefit/contribution liability and the return on plan assets (excluding
\n
amounts included in net interest on the net defined benefit/contribution liability), are recognised immediately in the
\n
statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in
\n
which they occur. Remeasurements are not reclassified to the income statement in subsequent periods.
\n
Past service costs are recognised in the income statement on the earlier of:
\n
\u2022
\n
The date of the plan amendment or curtailment, and
\n
\u2022
\n
The date that the Group recognises related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit/contribution liability or asset. The Group
\n
recognises the following changes in the net defined benefit/contribution obligation under \u2018cost of sales\u2019, \u2018administration
\n
expenses\u2019 and \u2018selling and distribution expenses\u2019 in the consolidated income statement (by nature):
\n
\u2022
\n
Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
\n
settlements
\n
\u2022
\n
Net interest expense or income
\n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n Defined benefit plans (pension benefits)\n
The cost of the defined benefit pension plan and other post-employment medical benefits and the present value of the
\n
pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions
\n
that may differ from actual developments in the future. These include the determination of the discount rate, future
\n
salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its
\n
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
\n
reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appro-
\n
priate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the cur-
\n
rencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally
\n
acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of
\n
the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads
\n
are excluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high
\n
quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those
\n
mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension
\n
increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013
\n
Post-employment benefits\u2019.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228170941082": { "value": "\n
Uncertain tax position
\n \n \n \n \n
IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 to clarify the accounting for uncertainties in income tax is applied.
\n
The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused
\n
tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12.
\n
In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity
\n
has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat-
\n
ments, that it has used or plans to use in its income tax filling.
\n
If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable
\n
profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included
\n
in its income tax filings.
\n
If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most
\n
likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused
\n
tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions
\n
of the resolution of the uncertainty.
\n
In case facts and circumstances changes, the entity shall reassess its judgements and estimates.
\n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n
The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates
\n
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
\n
disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjust-
\n
ment to the carrying amount of assets or liabilities affected in future periods.
\n JudgementsDetermining the lease term of contracts with renewal and termination options\n
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
\n
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
\n
lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and
\n
termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer-
\n
cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive
\n
for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term
\n
if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not
\n
to exercise the option to renew or to terminate. The Group included the renewal period as part of the lease term for
\n
leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination
\n
options are included as part of the lease term only when they are reasonably certain not to be exercised.
\n Estimates and assumptions\n
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which
\n
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
\n
financial year, are described below. The Group based its assumptions and estimates on parameters available when the
\n
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments,
\n
however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such
\n
changes are reflected in the assumptions when they occur.
\n Impairment of non-financial assets\n
When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest-
\n
ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of
\n
disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions
\n
of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally
\n
adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis-
\n
counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value
\n
of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most
\n
recent business plan, approved by the management, containing forecasts for volumes, revenue, operating costs.
\n
Regarding climate-related matters, the expected future cash flows incorporated certain climate-related risks to pursue
\n
the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note
\n
\u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual in-
\n
come. Nevertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based
\n
could generate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires
\n
management to use estimates and assumptions considered prudent and reasonable in the specific circumstances.
\n Provision for expected credit losses of trade receivables and contract assets\n \n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n \n \n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n \n \n \n \n \n \n Taxes\n \n \n \n \n
Income taxes include all taxes based upon the taxable profits of the Group. Taxes on income are recognised in the income
\n
statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in
\n
which case the related tax effects are recognised directly in equity or in other comprehensive income. Deferred taxes are
\n
calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol-
\n
idated Financial Statements, Deferred tax assets relating to the carry-forward of unused tax losses are recognised to the
\n
extent it is probable future profits will be available against which they can be utilised. Current and deferred income tax
\n
assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a
\n
legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted
\n
tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in
\n
which the temporary differences reverse. Other taxes not based on taxable profits, such as property taxes and taxes on
\n
capital, are included in operating expenses. Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax
\n
assets and liabilities\u2019.
\n \n \n \n \n \n
Defined benefit plans (pension benefits)
\n \n \n \n \n
The cost of the defined benefit pension plan and other post-employment medical benefits and the present value of the
\n
pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions
\n
that may differ from actual developments in the future. These include the determination of the discount rate, future
\n
salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its
\n
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
\n
reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appro-
\n
priate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the cur-
\n
rencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally
\n
acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of
\n
the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads
\n
are excluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high
\n
quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those
\n
mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension
\n
increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013
\n
Post-employment benefits\u2019.
\n \n \n \n \n
Fair value measurement of financial instruments
\n \n \n \n
When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be
\n
measured based on listed prices in active markets, their fair value is measured using valuation techniques including the
\n
discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but
\n
where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations
\n
of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the
\n
reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at
\n
fair value at the acquisition date as part of the business combination. When the contingent consideration meets the
\n
definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of
\n
the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting
\n
each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20186.4
\n
-
\n
Other information\u2019.
\n \n \n \n \n
Development costs
\n \n \n
The Group capitalises costs for product development projects. Initial capitalisation of costs is based on management\u2019s
\n
judgement that technological and economic feasibility is confirmed, usually when a product development project has
\n
reached a defined milestone according to an established project management model. In determining the amounts to be
\n
capitalised, management makes assumptions regarding the expected future cash generation of the project, discount
\n
rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.
\n \n \n \n
Revenue recognition - Estimating variable consideration for returns and volume rebates
\n \n \n \n \n
The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of
\n
return and volume rebates.
\n
The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of
\n
each product to come up with expected return percentages. These percentages are applied to determine the expected
\n
value of the variable consideration. Any significant changes in experience as compared to the historical return pattern
\n
will impact the expected return percentages estimated by the Group.
\n
The Group\u2019s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single
\n
volume threshold. Determining whether a customer will be likely entitled to a rebate will depend on the customer\u2019s
\n
historical rebates entitlement and accumulated purchases to date.
\n
The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his-
\n
torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the
\n
expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing
\n
patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group.
\n
Further disclosure is in \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n \n \n \n Leases - Estimating the incremental borrowing rate\n \n \n
The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured
\n
loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest
\n
rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil-
\n
ity:
\n
\u2022
\n
The credit rating;
\n
\u2022
\n
The term of the loan;
\n
\u2022
\n
The currency of denomination;
\n
\u2022
\n
The geographies (depending on the cases, countries or regions);
\n
\u2022
\n
The industry of the borrowing entity.
\n
In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be
\n
preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is
\n
negative, a zero floor to the base rate is applied.
\n
For more information on leases, please see note 2.2 and 3.5.
\n \n \n \n
Contingent liabilities
\n \n \n
The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable
\n
event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be-
\n
comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
\n
Statements. The Group could be subject of legal and tax proceedings from various jurisdictions and for complex issues
\n
therefore eventually monitoring the status of pending legal proceedings consulting with experts on a regular basis. Due
\n
to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
\n
disputes with any certainty.
\n \n \n \n
Climate change
\n \n \n
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather, such
\n
as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with
\n
greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
\n
and international climate change policies and regulations.
\n
In the climate change context, the Ariston Group is moving towards anticipating structural changes driven by regulations
\n
and the market. Our goal is to continue designing and offering highly energy efficient solutions, which increasingly rely
\n
on renewable sources of energy, while improving the efficiency of the installed park. The Group can act as a principal in
\n
the context of decarbonisation as an enabler of climate change mitigation.
\n
To achieve this across all our product lines, we are channelling investments in R&D, production capacity and the necessary
\n
skills and resources needed to contribute to the transition, which will lead to a significant avoidance of CO2 emissions.
\n
The Group effort in boosting highly efficient products and solutions that rely on renewable technology will also contribute
\n
to the reduction of Scope 3 emissions, whose greatest impact is generated by the use of sold products.
\n
In applying the Accounting Standards, the Group summarised the impacts arising from climate change topic by topic,
\n
providing the approach used by the Group.
\n \n \n \n \n
Account
\n
Approach
\n
Estimates and judgments
\n
concerning cli-
\n
mate change
\n
\u2022
\n
The Management adopted a critical approach in using the estimates
\n
and judgments with regard to climate change
\n
\u2022
\n
The Management adopted a critical approach in using the estimates
\n
and judgments based on the multi-peril preliminary analysis of nat-
\n
ural hazards and exposures performed by insurance companies
\n
\u2022
\n
The Management focused on estimating expected cash flows from
\n
specific assets/CGUs
\n
Sustainable investment
\n
Ariston Group is directing significant investments towards heat
\n
pumps, working hard to open new markets and supporting their mass
\n
roll-out, also considering the higher purchase price with respect to
\n
other solutions and the different features in existing buildings. With
\n
regards to electric heat pumps, which rely on an electrically-driven va-
\n
pour compression cycle, transporting heat through refrigerant gases
\n
from the source to the sink, the Group is looking to replace currently
\n
used refrigerant gases with natural ones that have a much lower
\n
Global Warming Potential (GWP). These include propane, a group of
\n
liquefied petroleum gases, the suitability of which is still being re-
\n
searched with products likely being released in upcoming years.
\n
Further, the Wolf-Brink business combination contributed to the in-
\n
crease of Ariston Group\u2019s ESG focus, reinforcing its portfolio of brands
\n
and its mid- to high-end offer of climate solutions.
\n \n \n Note 2.1 \u2013 Intangible assets\n
Impairment test
\n \n \n \n \n
In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks)
\n
are not amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
\n
asset may be impaired.
\n
Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment.
\n
The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has
\n
been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use.
\n \n \n \n \n \n \n \n \n \n
The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to
\n
CGU Thermal Comfort (\u20ac 1,114.4 million in 2023 and \u20ac 343.9 million in 2022), while other goodwill balances relate to
\n
CGUs Burners (\u20ac 12.5 million in 2023 with no variation compared to 2022) and Components (\u20ac 5.5 million in 2023 with
\n
no variation compared to 2022).
\n
The balance of goodwill allocated to CGU Thermal Comfort
\n
significantly increased compared to 31 December 2022 due
\n
to the goodwill from the Purchase Price Allocation process related to the acquisition of Wolf-Brink which occurred in
\n
2023.
\n
In line with previous years, the Group considered the long-term business plan, which includes the latest available finan-
\n
cials from the 3-year plan 2024 - 2026 which are approved by the Board, as the base for the impairment test.
\n
The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGU
\n
is determined using value-in-use and was based on the following assumptions:
\n
\u2022
\n
the expected future cash flows covering the period from 1 January 2024 through 31 December 2026. These
\n
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
\n
as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the
\n
expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat-
\n
egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state-
\n
ments and exclude the estimated cash flows that might arise from restructuring plans or other structural
\n
changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con-
\n
sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market
\n
trends and the segment for the respective CGU over the period considered. The expected future cash flows
\n
include a terminal period to estimate the future result beyond the time period explicitly considered which incor-
\n
porated a long-term growth rate assumption of 1.77%. The growth rate is determined by weighting the GDP
\n
growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such
\n
markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2023
\n
release);
\n
\u2022
\n
the estimated future cash flows are discounted to their present value using a discount rate that reflects current
\n
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
\n
in the estimated future cash flows;
\n
\u2022
\n
pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
\n
the time value of money for the period being considered, and the risks specific to those cash flows under con-
\n
sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal
\n
to:
\n
\u2022
\n
TCO for 10.64%;
\n
\u2022
\n
BUR for 11.36%;
\n
\u2022
\n
COM for 11.26%.
\n
As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any
\n
further market shock. The stress tests included:
\n
\u2022
\n
a reduction of 5%, 10% and 15% in EBIDTA and Capex over the entire test period and for all markets and brands;
\n
\u2022
\n
increase of WACC by +1% and decrease of growth rate by -1%.
\n
Each stress test is performed on a stand-alone basis. Any reasonable possible change for the key assumptions re-
\n
ported above would not cause any impairment loss.
\n
Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow
\n
percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon:
\n
\u2022
\n
WACC percentage increase on a weighted average of more than 31%;
\n
\u2022
\n
Cash Flow percentage decrease: Thermal Comfort 34.0%, Burners 46.3%, Components 80.5%.
\n \n \n \n \n
Assumptions related to the impairment plan
\n \n \n \n \n \n
Below is a summary of the main assumptions used within the impairment test for each CGU:
\n
2023
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
2,505.0
\n
54.0
\n
33.8
\n
Goodwill (\u20ac/000)
\n
876.1
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.80%
\n
1.18%
\n
1.21%
\n
WACC (%)
\n
10.64%
\n
11.36%
\n
11.26%
\n
2022
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
1,050.0
\n
50.2
\n
39.3
\n
Goodwill (\u20ac/000)
\n
294.7
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.91%
\n
1.06%
\n
1.05%
\n
WACC (%)
\n
14.28%
\n
14.33%
\n
15.96%
\n \n \n \n \n
Impairment test results
\n \n \n \n \n
The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each
\n
CGU to which goodwill is allocated. As such, no impairment charges were recognised for goodwill and intangible assets
\n
with indefinite useful lives for the year ended 31 December 2023.
\n \n \n \n \n Note 3.4 \u2013 Post-employment benefits\n \n \n
The Group has two defined benefit plans for employees, the first one is employee severance indemnity, due from Italian
\n
companies to their employees in compliance with laws in force until 31 December 2015, and other current pension plans
\n
mostly in Switzerland and Germany.
\n
Until 31 December 2006, in Italy, the employee severance indemnity provision (
\n
Trattamento di fine rapporto
\n
, TFR) was
\n
considered a defined benefit plan. The regulation of this provision was amended by Law no. 296 of 27 December 2006
\n
(\u201c2007 Financial Law\u201d) and subsequent Decrees and Regulations issued in the first few months of 2007. Given these
\n
amendments and in particular in reference to companies with at least 50 employees, this is now considered a defined
\n
benefit plan only for the portions of benefits accrued before 1 January 2007 (and not yet paid as at the end of the report-
\n
ing period, while subsequent to this date, it is comparable to a defined contribution plan).
\n
IAS 19 expressly envisages the adoption of the \u201cprojected unit credit method\u201d, which is based on quantifying the actuarial
\n
liability by considering only the service accrued at the evaluation date, in accordance with the actuarial approach of so-
\n
called \u201caccrued benefits\u201d. In particular, in the projected unit credit method, this characteristic is integrated with the
\n
forecast of the salary trend up to the time that the TFR will probably be paid; the consequent liability is then re-propor-
\n
tioned on the basis of the ratio between the years worked up to the assessment period and the total service at the
\n
probable date of payment of the TFR (should the right already be completely accrued at the evaluation date, there will
\n
then be no re-proportioning of the liability).
\n
Since as from 1 January 2007, for employees belonging to companies with at least 50 employees, no amount is any longer
\n
internally provisioned, but the amounts of TFR accrued subsequent to that period are assigned to the Complementary
\n
Pension Fund or to the INPS (Italian National Social Security Institute) Treasury Fund and the company remains solely
\n
responsible for the duty of re-evaluating the amount accrued at 31 December 2006, the actuarial calculation must esti-
\n
mate, in correspondence to every possible event which leads to the payment of TFR to the worker, the associated prob-
\n
ability, the consequent amount paid and the years of service corresponding to the payment date. The latter, in particular,
\n
is a random variable that can take on any value between initial service and the maximum service that the worker can
\n
perform in correspondence with retirement, with probabilities that can be deduced from the economic and demographic
\n
technical bases used in the evaluation.
\n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
The pension funds of the German companies are regulated on a pension system based on three pillars.
\n
The \u201cfirst pillar\u201d (state and obligatory pension insurance contribution (RV-Beitrag)) is a defined contribution pension plan,
\n
established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It
\n
covers employees in the public and private sector and some categories of self-employed workers and is mainly financed
\n
through social security contributions paid by workers and employers in equal measure.
\n
The \u201csecond pillar\u201d (company pension scheme (BAV: Betriebliche Altersvorsorge) is represented by voluntary supplemen-
\n
tary pensions on a pay-as-you-go basis, and thus with defined benefits falling on the company.
\n
There
\n
are
\n
different
\n
types
\n
of
\n
BAV
\n
pension
\n
plans
\n
that
\n
qualify
\n
as
\n
defined
\n
benefit
\n
plans / defined benefit obligations.
\n
Pension
\n
plans
\n
have
\n
developed
\n
differently
\n
in
\n
the
\n
Group\u2019s
\n
companies
\n
in
\n
Germany.
\n \n \n \n \n \n \n \n
\u2022
\n
ELCO:
\n
a)
\n
T
\n
here
\n
are
\n
currently
\n
two
\n
different pension plans considered as defined benefits plans: the
\n
so-called BVO
\n
74/79 (based on employees\u2019 pension commitments) which
\n
covers
\n
all
\n
the
\n
people
\n
who
\n
were
\n
working
\n
on
\n
1
\n
March
\n
1979
\n
and
\n
up
\n
to
\n
31
\n
December 1994;\u00b7the so-called \u201c1995 Pension\u201d which was applied for all
\n
employees, including those who benefited from the BVO 74/79, as from 1 January 1995 to date;
\n
b)
\n
For all employees who started to work in the period March 1979-December 1994 a different defined con-
\n
tribution pension plan (OLS 79) was applied until December 1994 (BVO 79, based on one-off payments).
\n
For a) + b) the related actuarial assessments, the demographic and economic-financial assumptions set out
\n
in the attached table have been adopted.
\n
Both pension plans are closed. The measurement is split between pensioners and vested rights for early
\n
leavers and active employees.
\n
c)
\n
The \u201cBASIS Versorgung\u201d, based on direct insurance; and \u201cZUSATZ Versorgung\u201d, based on employee pension
\n
commitments (both still active).
\n
\u2022
\n
WOLF:
\n
Under the second pillar Wolf GmbH has the so-called \u201cPlan 1\u201d (still active) which contains three direct pension
\n
commitments,
\n
a)
\n
the \u201cEssener Verband\u201d which covers all People on Top Management Level;
\n
b)
\n
the \u201cSalzgitterrichtlinie (alt)\u201d which covers all the people who joined the Company before 1 January 1986;
\n
c)
\n
the \u201cSalzgitterrichtline neu\u201d which covers all the people who joined from 1 January 1986.
\n
For a) - c) the related actuarial assessments, the demographic and economic financial assumptions set out in the
\n
attached table have been adopted.
\n
The \u201cthird pillar\u201d is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax
\n
incentives an
\n
d
\n
subsidies.
\n
\u2022
\n
ELCO: Deferred compensation (Gehaltsumwandlungen) / provident fund (closed, but vested rights) (Unter-
\n
st\u00fctzungskasse).
\n
\u2022
\n
WOLF: \u201cPlan 2\u201d for deferred compensation (Gehaltsumwandlungen).
\n \n \n \n \n
The pension funds of the Swiss companies are regulated on the basis of three pillars:
\n
\u2022
\n
Public Pillar (AHV/IV): defined benefits, based on the pay-as-you-go principle, regulated at federal level and managed
\n
by a public fund (AVS-Fund), obligatory and aimed at covering basic needs;
\n
\u2022
\n
Occupational Pillar (BVG): based on the funded principle, regulated at federal level, quasi-obligatory, with the collec-
\n
tive financing principle, but with private cover and management risk;
\n
\u2022
\n
Private Savings: at the discretion of each resident, in various forms (cash, securities, real estate, personal pension
\n
plans, life insurance).
\n
The pension funds set up pursuant to the second pillar and which affect the Group most directly must be legally inde-
\n
pendent from the sponsor company, segregated in terms of equity and independently managed in the legal form of
\n
cooperative foundations or associations registered with a regulatory authority. The administrative bodies of such associ-
\n
ations consist of an equal number of representatives from the sponsor companies and employees with equal voting rights,
\n
are supported by a management consultant recognised by the law and by qualified actuarial experts, and are subject to
\n
supervision by the regional authorities.
\n
The funds are financed through the contribution of the employee\u2019s sponsor company. The sponsor\u2019s contribution must
\n
be at least 50% (obligatory minimum by law) and the contributions vary from pension fund to pension fund.
\n
The contributions and the return on the market of the invested capital contribute to defining the benefits. A guarantee
\n
is envisaged for a minimum nominal return and a minimum interest rate on the amount paid in. Should it be underfunded,
\n
which is not the case of the Group\u2019s pension funds in Switzerland, it is the responsibility of the sponsor company which
\n
is obligated by law to recapitalise within a reasonable timeframe, not exceeding 10 years.
\n
In the current situation of the Group\u2019s pension funds in Switzerland, the investment risks are met by fluctuation reserves
\n
(i.e. by assets which exceed the actuarial liabilities) and the level of actuarial cover is over 100%; therefore, there is cur-
\n
rently no need for recapitalisation measures.
\n \n \n \n \n \n \n \n \n \n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
In relation to the recognition of the Group\u2019s pension funds:
\n
\u2022
\n
current employment-related costs have been recognised in the income statement, under Personnel costs;
\n
\u2022
\n
financial charges on the assumed obligations and the financial gains expected on the plan assets are recognised under
\n
financial income and expense;
\n
\u2022
\n
actuarial gains and losses are recognised in a specific valuation reserve under equity.
\n
The plan assets do not include the Group\u2019s treasury shares, nor property occupied or used by the Group. The expected
\n
return on plan assets is defined on the basis of the current market conditions.
\n
At December 2023, the remeasurement emerging in the period amounted to a negative \u20ac 6.9 million against the positive
\n
\u20ac 11.4 million of December 2022. The negative effect was mainly due to the perimeter variation of Wolf-Brink which
\n
increased the net liability by \u20ac 45.8 million. The other impacts were affected mainly by the change in the financial and
\n
demographic assumptions used, especially at the Swiss subsidiaries, compensated by the Asset ceiling recorded in Swiss
\n
and German companies as shown in the description below. Finally, a Swiss subsidiary recognised a surplus on the pension
\n
fund under \u201cother non-current assets\u201d totalling \u20ac 0.6 million.
\n
This was mainly the result of the trend in rates and the returns on investments.
\n
The item \u201cForeign exchange gains (losses)\u201d shows the differences in exchange rates due to the translation of the Swiss
\n
franc into the consolidation currency.
\n \n \n \n \n
The following table shows the changes in the provisions for employee benefits that occurred during the period:
\n
Employee Benefits
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
(in million \u20ac)
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
Amounts recognised in the in-
\n
come statement
\n
Current service cost
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service cost
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense for obligations
\n
-3.4
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.9
\n
-0.4
\n
-7.0
\n
-1.4
\n
Financial income on plan assets
\n
3.5
\n
0.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.2
\n
0.1
\n
3.7
\n
0.8
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Other pension cost
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
Net periodical cost
\n
-3.1
\n
-4.8
\n
-4.2
\n
-0.2
\n
-0.5
\n
-0.1
\n
-1.6
\n
-1.2
\n
-9.5
\n
-6.3
\n
Group obligations
\n
Current value of defined benefit
\n
plans
\n
-223.7
\n
-184.6
\n
-67.6
\n
-19.4
\n
-12.6
\n
-12.0
\n
-12.1
\n
-11.2
\n
-316.0
\n
-227.2
\n
Fair value of plan assets
\n
237.3
\n
207.3
\n
2.8
\n
0.0
\n
0.0
\n
0.0
\n
4.7
\n
4.4
\n
244.9
\n
211.7
\n
Total
\n
13.6
\n
22.8
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-71.1
\n
-15.5
\n
Unrecognised plan assets
\n
-15.6
\n
-22.5
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-15.6
\n
-22.5
\n
Unrecognised current and past
\n
service cost
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Unrecognised actuarial gains and
\n
losses
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
-1.9
\n
0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-86.8
\n
-38.0
\n
of which: Post employee benefits
\n
-2.5
\n
-0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-87.2
\n
-38.6
\n
Other non-current assets
\n
0.6
\n
0.6
\n
0.6
\n
0.6
\n
Changes in obligations during the
\n
year
\n
BEGINNING OF THE PERIOD
\n
-184.6
\n
-213.8
\n
-19.4
\n
-26.9
\n
-12.0
\n
-13.9
\n
-11.2
\n
-12.0
\n
-227.2
\n
-266.6
\n
Perimeter variation
\n
0.0
\n
0.0
\n
-47.5
\n
0.0
\n
-0.4
\n
0.0
\n
0.0
\n
0.0
\n
-47.9
\n
0.0
\n
Current service
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense
\n
-4.5
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.6
\n
-0.4
\n
-7.8
\n
-1.4
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Gains (losses) resulting from ex-
\n
perience
\n
-2.2
\n
-3.0
\n
0.8
\n
0.2
\n
0.0
\n
-0.7
\n
0.1
\n
-0.4
\n
-1.3
\n
-4.0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Employee Benefits
\n
(in million \u20ac)
\n 		\n
Switzerland
\n 		\u00a0\n
Germany
\n 		\u00a0\n
Italy
\n 		\u00a0\n
Other
\n 		\u00a0\n
Total
\n 		\u00a0
\n
Actuarial gains (losses) resulting
\n
from changes in demographic as-
\n
sumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial assump-
\n
tions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Foreign exchange gains (losses)
\n 		\n
-11.6
\n 		\n
-10.6
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.4
\n 		\n
-0.2
\n 		\n
-12.0
\n 		\n
-10.9
\n
\n
Paid benefits
\n 		\n
11.1
\n 		\n
10.7
\n 		\n
5.5
\n 		\n
1.5
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
0.6
\n 		\n
0.9
\n 		\n
17.8
\n 		\n
14.0
\n
\n
Other
\n 		\n
-4.9
\n 		\n
-4.5
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
-0.3
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
0.1
\n 		\n
-4.9
\n 		\n
-4.2
\n
\n
Total change
\n 		\n
-39.0
\n 		\n
29.2
\n 		\n
-48.3
\n 		\n
7.4
\n 		\n
-0.6
\n 		\n
1.9
\n 		\n
-1.0
\n 		\n
0.8
\n 		\n
-88.8
\n 		\n
39.4
\n
\n
END OF THE PERIOD
\n 		\n
-223.7
\n 		\n
-184.6
\n 		\n
-67.6
\n 		\n
-19.4
\n 		\n
-12.6
\n 		\n
-12.0
\n 		\n
-12.1
\n 		\n
-11.2
\n 		\n
-316.0
\n 		\n
-227.2
\n
\n
Changes in assets during the year
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD
\n 		\n
207.3
\n 		\n
232.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.4
\n 		\n
4.8
\n 		\n
211.7
\n 		\n
237.1
\n
\n
Perimeter variation
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n
\n
Financial income on plan assets
\n 		\n
4.6
\n 		\n
0.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.1
\n 		\n
4.8
\n 		\n
0.8
\n
\n
Company\u2019s contributions
\n 		\n
6.1
\n 		\n
5.7
\n 		\n
0.1
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.2
\n 		\n
6.5
\n 		\n
5.9
\n
\n
Employees\u2019 contributions
\n 		\n
4.9
\n 		\n
4.5
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.1
\n 		\n
0.1
\n 		\n
5.0
\n 		\n
4.6
\n
\n
Curtailment, settlement, plan
\n
amendment
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Payments
\n 		\n
-11.1
\n 		\n
-10.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.5
\n 		\n
-11.2
\n 		\n
-11.2
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Foreign exchange gains (losses)
\n 		\n
13.4
\n 		\n
11.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
13.4
\n 		\n
11.4
\n
\n
Asset ceiling
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Other
\n 		\n
-0.2
\n 		\n
-0.3
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.5
\n 		\n
-0.3
\n
\n
Total change
\n 		\n
30.0
\n 		\n
-25.0
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
-0.4
\n 		\n
33.1
\n 		\n
-25.4
\n
\n
END OF THE PERIOD
\n 		\n
237.3
\n 		\n
207.3
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.7
\n 		\n
4.4
\n 		\n
244.9
\n 		\n
211.7
\n
\n
Remeasurements recognised in
\n
OCI
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD \u2013
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Other Comprehensive Income
\n
(OCI)
\n 		\n
-17.9
\n 		\n
-21.0
\n 		\n
-4.0
\n 		\n
-10.1
\n 		\n
-2.7
\n 		\n
-3.9
\n 		\n
-1.5
\n 		\n
-2.6
\n 		\n
-26.2
\n 		\n
-37.6
\n
\n
Other changes
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) following
\n
adoption of IAS 19R
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in demographic
\n
assumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial as-
\n
sumptions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Gains (losses) resulting from ex-
\n
perience
\n 		\n
-2.2
\n 		\n
-3.0
\n 		\n
0.8
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
-0.7
\n 		\n
0.1
\n 		\n
-0.4
\n 		\n
-1.3
\n 		\n
-4.0
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Asset ceiling
\n 		\n
8.8
\n 		\n
0.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
8.9
\n 		\n
0.3
\n
\n
Total change
\n 		\n
-4.7
\n 		\n
3.0
\n 		\n
-2.1
\n 		\n
6.1
\n 		\n
-0.1
\n 		\n
1.1
\n 		\n
0.0
\n 		\n
1.1
\n 		\n
-6.9
\n 		\n
11.4
\n
\n
END OF THE PERIOD
\n 		\n
-22.7
\n 		\n
-17.9
\n 		\n
-6.1
\n 		\n
-4.0
\n 		\n
-2.9
\n 		\n
-2.7
\n 		\n
-1.5
\n 		\n
-1.5
\n 		\n
-33.1
\n 		\n
-26.2
\n
\n
Plan assets structure
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Shares
\n 		\n
23.9%
\n 		\n
6.5%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
23.9%
\n 		\n
6.5%
\n
\n
Securities
\n 		\n
59.5%
\n 		\n
14.4%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
59.5%
\n 		\n
14.4%
\n
\n
Cash
\n 		\n
1.7%
\n 		\n
0.3%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.7%
\n 		\n
0.3%
\n
\n
Other assets
\n 		\n
15.0%
\n 		\n
78.8%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
15.0%
\n 		\n
78.8%
\n
\n
END OF THE PERIOD
\n 		\n
100.0%
\n 		\n
100.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
100.0%
\n 		\n
100.0%
\n
\n
Assumptions used
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Discount rate
\n 		\n
1.3%
\n 		\n
2.2%
\n 		\n
3.5%
\n 		\n
3.9%
\n 		\n
3.1%
\n 		\n
3.3%
\n 		\n
6.4%
\n 		\n
6.1%
\n 		\u00a0\u00a0
\n
Inflation rate
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
2.0%
\n 		\n
3.4%
\n 		\n
3.0%
\n 		\n
3.0%
\n 		\u00a0\u00a0
\n
Future salary rises
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
3.0%
\n 		\n
1.0%
\n 		\n
4.5%
\n 		\n
4.7%
\n 		\u00a0\u00a0
\n
Future pension rises
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
3.0%
\n 		\n
4.1%
\n 		\n
1.5%
\n 		\n
2.5%
\n 		\u00a0\u00a0
\n \n \n \n \n \n
The liability recognised under the \u201cProvision for employee benefits\u201d, at 31 December 2023, stood at \u20ac 87.2 million, out
\n
of which \u20ac 84.5 million was unfunded, with an increase of \u20ac 48.6 million compared with the net liability of \u20ac 38.6 million
\n
at 31 December 2022.
\n
A quantitative sensitivity analysis of the significant assumptions used at 31 December 2023 is provided below. Specifically,
\n
it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assumption
\n
used.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
Discount rate
\n
-6.2%
\n
7.0%
\n
-5.7%
\n
6.3%
\n
-3.2%
\n
3.4%
\n
-2.8%
\n
3.0%
\n
-5.8%
\n
6.5%
\n
Future salary
\n
0.9%
\n
-0.9%
\n
0.2%
\n
-0.2%
\n
0.0%
\n
0.0%
\n
0.5%
\n
-0.5%
\n
0.7%
\n
-0.7%
\n
Future pension
\n
3.8%
\n
0.0%
\n
4.8%
\n
-4.5%
\n
0.0%
\n
0.0%
\n
0.0%
\n
0.0%
\n
3.7%
\n
-1.0%
\n
Future inflation rate
\n
0.0%
\n
0.0%
\n
3.5%
\n
-3.2%
\n
1.9%
\n
-1.9%
\n
0.0%
\n
0.0%
\n
0.8%
\n
-0.8%
\n
The sensitivity analysis shown above is based on a method involving extrapolation of the impact on the net obligation for
\n
defined benefit plans of reasonable changes to the key assumptions made at the end of the financial year.
\n
The following payments are the expected contributions that will be made in future years to provide for the obligations of
\n
the defined benefit plans.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
Within 12 months
\n
-11.9
\n
-5.0
\n
-0.9
\n
-0.5
\n
-18.4
\n
From 1 to 5 years
\n
-65.3
\n
-18.3
\n
-3.5
\n
-2.7
\n
-89.8
\n
From 5 to 10 years
\n
-68.7
\n
-17.8
\n
-6.3
\n
-6.3
\n
-99.0
\n
Total
\n
-145.9
\n
-41.1
\n
-10.7
\n
-9.6
\n
-207.2
\n
Average plan duration (years)
\n
12.9
\n
9.8
\n
7.9
\n
12.9
\n
10.9
\n \n \n Note 3.13 \u2013 Other current liabilities\n \n \n \n \n \n \n \n
In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.
\n
Contract liabilities include:
\n
\u2022
\n
Rights of Return
\n
\u2022
\n
After-sales service, which include Service maintenance contracts and Service type warranties
\n
\u2022
\n
Loyalty program
\n
31.12.2023
\n
31.12.2022
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Right of returns
\n
2.5
\n
0.0
\n
0.0
\n
2.5
\n
2.7
\n
0.0
\n
0.0
\n
2.7
\n
After-sales services
\n
47.0
\n
4.2
\n
7.2
\n
58.3
\n
39.1
\n
3.7
\n
7.8
\n
50.6
\n
Loyalty program
\n
17.8
\n
0.0
\n
0.0
\n
17.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
67.2
\n
4.2
\n
7.2
\n
78.6
\n
41.9
\n
3.7
\n
7.8
\n
53.4
\n \n \n \n \n \n \n \n \n \n \n
The table below presents the opening and closing balances of contract liabilities as well as movements during the years:
\n
Right of returns
\n
After-sales services
\n
Loyalty program
\n
Total
\n
Opening Balance 01.01.2023
\n
2.7
\n
50.6
\n
0.0
\n
53.4
\n
Perimeter variation
\n
0.0
\n
0.0
\n
11.8
\n
11.8
\n
Increase recognised
\n
0.0
\n
109.2
\n
18.8
\n
128.0
\n
Revenue recognised
\n
0.0
\n
-99.3
\n
-8.6
\n
-107.9
\n
Contracts cancelled
\n
0.0
\n
-3.9
\n
0.0
\n
-3.9
\n
Net variation invoicing
\n
0.0
\n
-0.8
\n
0.0
\n
-0.8
\n
Pay out
\n
0.0
\n
0.0
\n
-5.0
\n
-5.0
\n
Other changes to contract balances
\n
-0.3
\n
2.5
\n
0.8
\n
3.0
\n
Closing balance 31.12.2023
\n
2.5
\n
58.3
\n
17.8
\n
78.6
\n \n \n \n \n \n \n \n \n \n \n
6.6.4
\n
Other disclosures
\n \n \n FINANCIAL INSTRUMENTS\n \n \n \n \n
Below are the Group's financial instruments recognised by category and the level of confidence of their fair value meas-
\n
urements at 31 December 2023:
\n
31.12.2023
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through
\n
P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabili-
\n
ties at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
451.2
\n
0.0
\n
451.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
361.3
\n
0.0
\n
361.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
17.1
\n
18.0
\n
0.0
\n
35.1
\n
0.0
\n
17.1
\n
0.0
\n
17.1
\n
Financial assets
\n
2.5
\n
2.4
\n
1.1
\n
0.8
\n
0.0
\n
4.4
\n
0.0
\n
0.0
\n
3.6
\n
3.6
\n
Total
\n
2.4
\n
18.2
\n
831.3
\n
0.0
\n
852.0
\n
0.0
\n
17.1
\n
3.6
\n
20.7
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
459.2
\n
459.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
19.1
\n
0.0
\n
53.4
\n
72.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
46.7
\n
46.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non-current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
942.1
\n
942.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
19.1
\n
0.0
\n
1,501.4
\n
1,520.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Financial instruments bal-
\n
ance
\n
2.4
\n
-0.9
\n
831.3
\n
-1,501.4
\n
-668.5
\n
0.0
\n
-2.0
\n
3.6
\n
1.6
\n
(*)
\n
For such categories the carrying amount approximates the fair value
\n \n \n \n \n
The financial instruments of the Group, recognised in the financial statements with a similar breakdown at 31 December
\n
2022, are shown in the table below:
\n
31.12.2022
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabilities
\n
at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
999.3
\n
0.0
\n
999.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
308.4
\n
0.0
\n
308.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
34.8
\n
10.2
\n
2.0
\n
47.1
\n
0.0
\n
34.8
\n
0.0
\n
34.8
\n
Financial assets
\n
2.5
\n
4.0
\n
1.1
\n
1.0
\n
0.0
\n
6.1
\n
0.0
\n
0.0
\n
5.1
\n
5.1
\n
Total
\n
4.0
\n
35.9
\n
1,318.9
\n
2.0
\n
1,360.8
\n
0.0
\n
34.8
\n
5.1
\n
39.9
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
481.4
\n
481.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
4.8
\n
0.0
\n
44.8
\n
49.7
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
32.7
\n
32.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non
\n
-
\n
current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
865.2
\n
865.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
4.8
\n
0.0
\n
1,424.0
\n
1,428.8
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Financial instruments
\n
balance
\n
4.0
\n
31.1
\n
1,318.9
\n
-1,422.0
\n
-68.0
\n
0.0
\n
30.0
\n
5.1
\n
35.0
\n
(*) For such categories the carrying amount approximates the fair value
\n
Notes:
\n
Level 1: listed prices on an active market for the asset or liability being measured.
\n
Level 2: inputs other than listed prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived
\n
from prices).
\n
Level 3: unobservable inputs for the asset or liability.
\n
As the above table shows, at the reporting date, there were no differences between the carrying amounts of financial
\n
instruments and the corresponding fair value. In particular, among the non-current financial assets, obligations are mainly
\n
stated at fair value.
\n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision\n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n Depreciation grid\n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228171341454": { "value": "Uncertain tax position\n \n \n \n IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 to clarify the accounting for uncertainties in income tax is applied.\n The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused\n tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12.\n In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity\n has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat-\n ments, that it has used or plans to use in its income tax filling.\n If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable\n profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included\n in its income tax filings.\n If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most\n likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused\n tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions\n of the resolution of the uncertainty.\n In case facts and circumstances changes, the entity shall reassess its judgements and estimates.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi.\n Significant accounting judgements, estimates and assumptions\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates\n and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying\n disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjust-\n ment to the carrying amount of assets or liabilities affected in future periods.\n \n \n JudgementsDetermining the lease term of contracts with renewal and termination options\n \n \n The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an\n option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the\n lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and\n termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer-\n cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive\n for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term\n if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not\n to exercise the option to renew or to terminate. The Group included the renewal period as part of the lease term for\n leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination\n options are included as part of the lease term only when they are reasonably certain not to be exercised.\n \n \n Estimates and assumptions\n \n \n The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which\n have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next\n financial year, are described below. The Group based its assumptions and estimates on parameters available when the\n consolidated financial statements were prepared. Existing circumstances and assumptions about future developments,\n however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such\n changes are reflected in the assumptions when they occur.\n \n \n Impairment of non-financial assets\n \n \n \n When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest-\n ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of\n disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions\n of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally\n adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis-\n counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value\n of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most\n recent business plan, approved by the management, containing forecasts for volumes, revenue, operating costs.\n Regarding climate-related matters, the expected future cash flows incorporated certain climate-related risks to pursue\n the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note\n \u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual in-\n come. Nevertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based\n could generate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires\n management to use estimates and assumptions considered prudent and reasonable in the specific circumstances.\n \n \n \n Provision for expected credit losses of trade receivables and contract assets\n \n \n \n \n \n The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are\n based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,\n and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s\n historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with\n forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year\n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.\n \n \n \n \n \n \n \n \n \n \n The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a\n significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.\n The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a\n customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract\n assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -\n Other information\u2019.\n \n \n \n \n Taxes\n \n \n \n Income taxes include all taxes based upon the taxable profits of the Group. Taxes on income are recognised in the income\n statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in\n which case the related tax effects are recognised directly in equity or in other comprehensive income. Deferred taxes are\n calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol-\n idated Financial Statements, Deferred tax assets relating to the carry-forward of unused tax losses are recognised to the\n extent it is probable future profits will be available against which they can be utilised. Current and deferred income tax\n assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a\n legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted\n tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in\n which the temporary differences reverse. Other taxes not based on taxable profits, such as property taxes and taxes on\n capital, are included in operating expenses. Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax\n assets and liabilities\u2019.\n \n \n \n Defined benefit plans (pension benefits)\n \n \n \n The cost of the defined benefit pension plan and other post-employment medical benefits and the present value of the\n pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions\n that may differ from actual developments in the future. These include the determination of the discount rate, future\n salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its\n long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are\n reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appro-\n priate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the cur-\n rencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally\n acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of\n the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads\n are excluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high\n quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those\n mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension\n increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013\n Post-employment benefits\u2019.\n \n \n \n Fair value measurement of financial instruments\n \n \n When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be\n measured based on listed prices in active markets, their fair value is measured using valuation techniques including the\n discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but\n where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations\n of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the\n reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at\n fair value at the acquisition date as part of the business combination. When the contingent consideration meets the\n definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of\n the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting\n each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20186.4\n -\n Other information\u2019.\n \n \n Development costs\n \n The Group capitalises costs for product development projects. Initial capitalisation of costs is based on management\u2019s\n judgement that technological and economic feasibility is confirmed, usually when a product development project has\n reached a defined milestone according to an established project management model. In determining the amounts to be\n capitalised, management makes assumptions regarding the expected future cash generation of the project, discount\n rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.\n \n Revenue recognition - Estimating variable consideration for returns and volume rebates\n \n \n \n The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of\n return and volume rebates.\n The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of\n each product to come up with expected return percentages. These percentages are applied to determine the expected\n value of the variable consideration. Any significant changes in experience as compared to the historical return pattern\n will impact the expected return percentages estimated by the Group.\n The Group\u2019s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single\n volume threshold. Determining whether a customer will be likely entitled to a rebate will depend on the customer\u2019s\n historical rebates entitlement and accumulated purchases to date.\n The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his-\n torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the\n expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing\n patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group.\n Further disclosure is in \u2018Note 3.13 \u2013 Other current liabilities\u2019.\n \n \n \n Leases - Estimating the incremental borrowing rate\n \n The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured\n loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest\n rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil-\n ity:\n \u2022\n The credit rating;\n \u2022\n The term of the loan;\n \u2022\n The currency of denomination;\n \u2022\n The geographies (depending on the cases, countries or regions);\n \u2022\n The industry of the borrowing entity.\n In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be\n preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is\n negative, a zero floor to the base rate is applied.\n For more information on leases, please see note 2.2 and 3.5.\n \n Contingent liabilities\n \n The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable\n event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be-\n comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial\n Statements. The Group could be subject of legal and tax proceedings from various jurisdictions and for complex issues\n therefore eventually monitoring the status of pending legal proceedings consulting with experts on a regular basis. Due\n to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such\n disputes with any certainty.\n \n Climate change\n \n Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather, such\n as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with\n greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national\n and international climate change policies and regulations.\n In the climate change context, the Ariston Group is moving towards anticipating structural changes driven by regulations\n and the market. Our goal is to continue designing and offering highly energy efficient solutions, which increasingly rely\n on renewable sources of energy, while improving the efficiency of the installed park. The Group can act as a principal in\n the context of decarbonisation as an enabler of climate change mitigation.\n To achieve this across all our product lines, we are channelling investments in R&D, production capacity and the necessary\n skills and resources needed to contribute to the transition, which will lead to a significant avoidance of CO2 emissions.\n The Group effort in boosting highly efficient products and solutions that rely on renewable technology will also contribute\n to the reduction of Scope 3 emissions, whose greatest impact is generated by the use of sold products.\n In applying the Accounting Standards, the Group summarised the impacts arising from climate change topic by topic,\n providing the approach used by the Group.\n \n \n \n Account\n Approach\n Estimates and judgments\n concerning cli-\n mate change\n \u2022\n The Management adopted a critical approach in using the estimates\n and judgments with regard to climate change\n \u2022\n The Management adopted a critical approach in using the estimates\n and judgments based on the multi-peril preliminary analysis of nat-\n ural hazards and exposures performed by insurance companies\n \u2022\n The Management focused on estimating expected cash flows from\n specific assets/CGUs\n Sustainable investment\n Ariston Group is directing significant investments towards heat\n pumps, working hard to open new markets and supporting their mass\n roll-out, also considering the higher purchase price with respect to\n other solutions and the different features in existing buildings. With\n regards to electric heat pumps, which rely on an electrically-driven va-\n pour compression cycle, transporting heat through refrigerant gases\n from the source to the sink, the Group is looking to replace currently\n used refrigerant gases with natural ones that have a much lower\n Global Warming Potential (GWP). These include propane, a group of\n liquefied petroleum gases, the suitability of which is still being re-\n searched with products likely being released in upcoming years.\n Further, the Wolf-Brink business combination contributed to the in-\n crease of Ariston Group\u2019s ESG focus, reinforcing its portfolio of brands\n and its mid- to high-end offer of climate solutions.\n \n Note 2.1 \u2013 Intangible assetsImpairment test\n \n \n \n In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks)\n are not amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the\n asset may be impaired.\n Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment.\n The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has\n been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use.\n \n \n \n \n \n \n \n The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to\n CGU Thermal Comfort (\u20ac 1,114.4 million in 2023 and \u20ac 343.9 million in 2022), while other goodwill balances relate to\n CGUs Burners (\u20ac 12.5 million in 2023 with no variation compared to 2022) and Components (\u20ac 5.5 million in 2023 with\n no variation compared to 2022).\n The balance of goodwill allocated to CGU Thermal Comfort\n significantly increased compared to 31 December 2022 due\n to the goodwill from the Purchase Price Allocation process related to the acquisition of Wolf-Brink which occurred in\n 2023.\n In line with previous years, the Group considered the long-term business plan, which includes the latest available finan-\n cials from the 3-year plan 2024 - 2026 which are approved by the Board, as the base for the impairment test.\n The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGU\n is determined using value-in-use and was based on the following assumptions:\n \u2022\n the expected future cash flows covering the period from 1 January 2024 through 31 December 2026. These\n expected cash flows reflect the current expectations regarding economic conditions and market trends as well\n as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the\n expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat-\n egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state-\n ments and exclude the estimated cash flows that might arise from restructuring plans or other structural\n changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con-\n sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market\n trends and the segment for the respective CGU over the period considered. The expected future cash flows\n include a terminal period to estimate the future result beyond the time period explicitly considered which incor-\n porated a long-term growth rate assumption of 1.77%. The growth rate is determined by weighting the GDP\n growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such\n markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2023\n release);\n \u2022\n the estimated future cash flows are discounted to their present value using a discount rate that reflects current\n market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected\n in the estimated future cash flows;\n \u2022\n pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of\n the time value of money for the period being considered, and the risks specific to those cash flows under con-\n sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal\n to:\n \u2022\n TCO for 10.64%;\n \u2022\n BUR for 11.36%;\n \u2022\n COM for 11.26%.\n As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any\n further market shock. The stress tests included:\n \u2022\n a reduction of 5%, 10% and 15% in EBIDTA and Capex over the entire test period and for all markets and brands;\n \u2022\n increase of WACC by +1% and decrease of growth rate by -1%.\n Each stress test is performed on a stand-alone basis. Any reasonable possible change for the key assumptions re-\n ported above would not cause any impairment loss.\n Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow\n percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon:\n \u2022\n WACC percentage increase on a weighted average of more than 31%;\n \u2022\n Cash Flow percentage decrease: Thermal Comfort 34.0%, Burners 46.3%, Components 80.5%.\n \n \n \n Assumptions related to the impairment plan\n \n \n \n Below is a summary of the main assumptions used within the impairment test for each CGU:\n 2023\n Thermal Comfort (TCO)\n Burners (BUR)\n Components (COM)\n Net invested capital (\u20ac/000)\n 2,505.0\n 54.0\n 33.8\n Goodwill (\u20ac/000)\n 876.1\n 12.5\n 5.5\n Growth rate (%)\n 1.80%\n 1.18%\n 1.21%\n WACC (%)\n 10.64%\n 11.36%\n 11.26%\n 2022\n Thermal Comfort (TCO)\n Burners (BUR)\n Components (COM)\n Net invested capital (\u20ac/000)\n 1,050.0\n 50.2\n 39.3\n Goodwill (\u20ac/000)\n 294.7\n 12.5\n 5.5\n Growth rate (%)\n 1.91%\n 1.06%\n 1.05%\n WACC (%)\n 14.28%\n 14.33%\n 15.96%\n \n \n \n Impairment test results\n \n \n \n The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each\n CGU to which goodwill is allocated. As such, no impairment charges were recognised for goodwill and intangible assets\n with indefinite useful lives for the year ended 31 December 2023.\n \n \n \n Note 3.4 \u2013 Post-employment benefits\n \n The Group has two defined benefit plans for employees, the first one is employee severance indemnity, due from Italian\n companies to their employees in compliance with laws in force until 31 December 2015, and other current pension plans\n mostly in Switzerland and Germany.\n Until 31 December 2006, in Italy, the employee severance indemnity provision (\n Trattamento di fine rapporto\n , TFR) was\n considered a defined benefit plan. The regulation of this provision was amended by Law no. 296 of 27 December 2006\n (\u201c2007 Financial Law\u201d) and subsequent Decrees and Regulations issued in the first few months of 2007. Given these\n amendments and in particular in reference to companies with at least 50 employees, this is now considered a defined\n benefit plan only for the portions of benefits accrued before 1 January 2007 (and not yet paid as at the end of the report-\n ing period, while subsequent to this date, it is comparable to a defined contribution plan).\n IAS 19 expressly envisages the adoption of the \u201cprojected unit credit method\u201d, which is based on quantifying the actuarial\n liability by considering only the service accrued at the evaluation date, in accordance with the actuarial approach of so-\n called \u201caccrued benefits\u201d. In particular, in the projected unit credit method, this characteristic is integrated with the\n forecast of the salary trend up to the time that the TFR will probably be paid; the consequent liability is then re-propor-\n tioned on the basis of the ratio between the years worked up to the assessment period and the total service at the\n probable date of payment of the TFR (should the right already be completely accrued at the evaluation date, there will\n then be no re-proportioning of the liability).\n Since as from 1 January 2007, for employees belonging to companies with at least 50 employees, no amount is any longer\n internally provisioned, but the amounts of TFR accrued subsequent to that period are assigned to the Complementary\n Pension Fund or to the INPS (Italian National Social Security Institute) Treasury Fund and the company remains solely\n responsible for the duty of re-evaluating the amount accrued at 31 December 2006, the actuarial calculation must esti-\n mate, in correspondence to every possible event which leads to the payment of TFR to the worker, the associated prob-\n ability, the consequent amount paid and the years of service corresponding to the payment date. The latter, in particular,\n is a random variable that can take on any value between initial service and the maximum service that the worker can\n perform in correspondence with retirement, with probabilities that can be deduced from the economic and demographic\n technical bases used in the evaluation.\n For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table\n have been adopted.\n The pension funds of the German companies are regulated on a pension system based on three pillars.\n The \u201cfirst pillar\u201d (state and obligatory pension insurance contribution (RV-Beitrag)) is a defined contribution pension plan,\n established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It\n covers employees in the public and private sector and some categories of self-employed workers and is mainly financed\n through social security contributions paid by workers and employers in equal measure.\n The \u201csecond pillar\u201d (company pension scheme (BAV: Betriebliche Altersvorsorge) is represented by voluntary supplemen-\n tary pensions on a pay-as-you-go basis, and thus with defined benefits falling on the company.\n There\n are\n different\n types\n of\n BAV\n pension\n plans\n that\n qualify\n as\n defined\n benefit\n plans / defined benefit obligations.\n Pension\n plans\n have\n developed\n differently\n in\n the\n Group\u2019s\n companies\n in\n Germany.\n \n \n \n \n \n \u2022\n ELCO:\n a)\n T\n here\n are\n currently\n two\n different pension plans considered as defined benefits plans: the\n so-called BVO\n 74/79 (based on employees\u2019 pension commitments) which\n covers\n all\n the\n people\n who\n were\n working\n on\n 1\n March\n 1979\n and\n up\n to\n 31\n December 1994;\u00b7the so-called \u201c1995 Pension\u201d which was applied for all\n employees, including those who benefited from the BVO 74/79, as from 1 January 1995 to date;\n b)\n For all employees who started to work in the period March 1979-December 1994 a different defined con-\n tribution pension plan (OLS 79) was applied until December 1994 (BVO 79, based on one-off payments).\n For a) + b) the related actuarial assessments, the demographic and economic-financial assumptions set out\n in the attached table have been adopted.\n Both pension plans are closed. The measurement is split between pensioners and vested rights for early\n leavers and active employees.\n c)\n The \u201cBASIS Versorgung\u201d, based on direct insurance; and \u201cZUSATZ Versorgung\u201d, based on employee pension\n commitments (both still active).\n \u2022\n WOLF:\n Under the second pillar Wolf GmbH has the so-called \u201cPlan 1\u201d (still active) which contains three direct pension\n commitments,\n a)\n the \u201cEssener Verband\u201d which covers all People on Top Management Level;\n b)\n the \u201cSalzgitterrichtlinie (alt)\u201d which covers all the people who joined the Company before 1 January 1986;\n c)\n the \u201cSalzgitterrichtline neu\u201d which covers all the people who joined from 1 January 1986.\n For a) - c) the related actuarial assessments, the demographic and economic financial assumptions set out in the\n attached table have been adopted.\n The \u201cthird pillar\u201d is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax\n incentives an\n d\n subsidies.\n \u2022\n ELCO: Deferred compensation (Gehaltsumwandlungen) / provident fund (closed, but vested rights) (Unter-\n st\u00fctzungskasse).\n \u2022\n WOLF: \u201cPlan 2\u201d for deferred compensation (Gehaltsumwandlungen).\n \n \n \n \n The pension funds of the Swiss companies are regulated on the basis of three pillars:\n \u2022\n Public Pillar (AHV/IV): defined benefits, based on the pay-as-you-go principle, regulated at federal level and managed\n by a public fund (AVS-Fund), obligatory and aimed at covering basic needs;\n \u2022\n Occupational Pillar (BVG): based on the funded principle, regulated at federal level, quasi-obligatory, with the collec-\n tive financing principle, but with private cover and management risk;\n \u2022\n Private Savings: at the discretion of each resident, in various forms (cash, securities, real estate, personal pension\n plans, life insurance).\n The pension funds set up pursuant to the second pillar and which affect the Group most directly must be legally inde-\n pendent from the sponsor company, segregated in terms of equity and independently managed in the legal form of\n cooperative foundations or associations registered with a regulatory authority. The administrative bodies of such associ-\n ations consist of an equal number of representatives from the sponsor companies and employees with equal voting rights,\n are supported by a management consultant recognised by the law and by qualified actuarial experts, and are subject to\n supervision by the regional authorities.\n The funds are financed through the contribution of the employee\u2019s sponsor company. The sponsor\u2019s contribution must\n be at least 50% (obligatory minimum by law) and the contributions vary from pension fund to pension fund.\n The contributions and the return on the market of the invested capital contribute to defining the benefits. A guarantee\n is envisaged for a minimum nominal return and a minimum interest rate on the amount paid in. Should it be underfunded,\n which is not the case of the Group\u2019s pension funds in Switzerland, it is the responsibility of the sponsor company which\n is obligated by law to recapitalise within a reasonable timeframe, not exceeding 10 years.\n In the current situation of the Group\u2019s pension funds in Switzerland, the investment risks are met by fluctuation reserves\n (i.e. by assets which exceed the actuarial liabilities) and the level of actuarial cover is over 100%; therefore, there is cur-\n rently no need for recapitalisation measures.\n \n \n \n \n \n \n \n For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table\n have been adopted.\n In relation to the recognition of the Group\u2019s pension funds:\n \u2022\n current employment-related costs have been recognised in the income statement, under Personnel costs;\n \u2022\n financial charges on the assumed obligations and the financial gains expected on the plan assets are recognised under\n financial income and expense;\n \u2022\n actuarial gains and losses are recognised in a specific valuation reserve under equity.\n The plan assets do not include the Group\u2019s treasury shares, nor property occupied or used by the Group. The expected\n return on plan assets is defined on the basis of the current market conditions.\n At December 2023, the remeasurement emerging in the period amounted to a negative \u20ac 6.9 million against the positive\n \u20ac 11.4 million of December 2022. The negative effect was mainly due to the perimeter variation of Wolf-Brink which\n increased the net liability by \u20ac 45.8 million. The other impacts were affected mainly by the change in the financial and\n demographic assumptions used, especially at the Swiss subsidiaries, compensated by the Asset ceiling recorded in Swiss\n and German companies as shown in the description below. Finally, a Swiss subsidiary recognised a surplus on the pension\n fund under \u201cother non-current assets\u201d totalling \u20ac 0.6 million.\n This was mainly the result of the trend in rates and the returns on investments.\n The item \u201cForeign exchange gains (losses)\u201d shows the differences in exchange rates due to the translation of the Swiss\n franc into the consolidation currency.\n \n \n \n \n The following table shows the changes in the provisions for employee benefits that occurred during the period:\n Employee Benefits\n Switzerland\n Germany\n Italy\n Other\n Total\n (in million \u20ac)\n 31.12.2023\n 31.12.2022\n 31.12.2023\n 31.12.2022\n 31.12.2023\n 31.12.2022\n 31.12.2023\n 31.12.2022\n 31.12.2023\n 31.12.2022\n Amounts recognised in the in-\n come statement\n Current service cost\n -3.4\n -5.0\n -1.9\n -0.1\n -0.1\n 0.0\n -0.8\n -0.9\n -6.2\n -5.9\n Past service cost\n 0.1\n 0.1\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.1\n 0.1\n Financial expense for obligations\n -3.4\n -0.6\n -2.3\n -0.3\n -0.4\n -0.1\n -0.9\n -0.4\n -7.0\n -1.4\n Financial income on plan assets\n 3.5\n 0.7\n 0.0\n 0.0\n 0.0\n 0.0\n 0.2\n 0.1\n 3.7\n 0.8\n Curtailment, settlement, plan\n amendment\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n Other pension cost\n 0.0\n 0.0\n -0.1\n 0.2\n 0.0\n 0.0\n 0.0\n 0.0\n -0.1\n 0.2\n Net periodical cost\n -3.1\n -4.8\n -4.2\n -0.2\n -0.5\n -0.1\n -1.6\n -1.2\n -9.5\n -6.3\n Group obligations\n Current value of defined benefit\n plans\n -223.7\n -184.6\n -67.6\n -19.4\n -12.6\n -12.0\n -12.1\n -11.2\n -316.0\n -227.2\n Fair value of plan assets\n 237.3\n 207.3\n 2.8\n 0.0\n 0.0\n 0.0\n 4.7\n 4.4\n 244.9\n 211.7\n Total\n 13.6\n 22.8\n -64.8\n -19.4\n -12.6\n -12.0\n -7.4\n -6.8\n -71.1\n -15.5\n Unrecognised plan assets\n -15.6\n -22.5\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n -15.6\n -22.5\n Unrecognised current and past\n service cost\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n Unrecognised actuarial gains and\n losses\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n Total\n -1.9\n 0.3\n -64.8\n -19.4\n -12.6\n -12.0\n -7.4\n -6.8\n -86.8\n -38.0\n of which: Post employee benefits\n -2.5\n -0.3\n -64.8\n -19.4\n -12.6\n -12.0\n -7.4\n -6.8\n -87.2\n -38.6\n Other non-current assets\n 0.6\n 0.6\n 0.6\n 0.6\n Changes in obligations during the\n year\n BEGINNING OF THE PERIOD\n -184.6\n -213.8\n -19.4\n -26.9\n -12.0\n -13.9\n -11.2\n -12.0\n -227.2\n -266.6\n Perimeter variation\n 0.0\n 0.0\n -47.5\n 0.0\n -0.4\n 0.0\n 0.0\n 0.0\n -47.9\n 0.0\n Current service\n -3.4\n -5.0\n -1.9\n -0.1\n -0.1\n 0.0\n -0.8\n -0.9\n -6.2\n -5.9\n Past service\n 0.1\n 0.1\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.1\n 0.1\n Financial expense\n -4.5\n -0.6\n -2.3\n -0.3\n -0.4\n -0.1\n -0.6\n -0.4\n -7.8\n -1.4\n Curtailment, settlement, plan\n amendment\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n 0.0\n Gains (losses) resulting from ex-\n perience\n -2.2\n -3.0\n 0.8\n 0.2\n 0.0\n -0.7\n 0.1\n -0.4\n -1.3\n -4.0\n \n \n \n \n \n \n \n \n \n Employee Benefits\n (in million \u20ac)\n \n \n Switzerland\n \n \u00a0\n \n Germany\n \n \u00a0\n \n Italy\n \n \u00a0\n \n Other\n \n \u00a0\n \n Total\n \n \u00a0\n \n \n \n Actuarial gains (losses) resulting\n from changes in demographic as-\n sumptions\n \n \n 0.2\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.2\n \n \n 0.0\n \n \n \n \n Actuarial gains (losses) resulting\n from changes in financial assump-\n tions\n \n \n -23.9\n \n \n 42.1\n \n \n -2.9\n \n \n 5.9\n \n \n 0.0\n \n \n 1.8\n \n \n -0.2\n \n \n 1.7\n \n \n -27.0\n \n \n 51.6\n \n \n \n \n Foreign exchange gains (losses)\n \n \n -11.6\n \n \n -10.6\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n -0.4\n \n \n -0.2\n \n \n -12.0\n \n \n -10.9\n \n \n \n \n Paid benefits\n \n \n 11.1\n \n \n 10.7\n \n \n 5.5\n \n \n 1.5\n \n \n 0.7\n \n \n 0.9\n \n \n 0.6\n \n \n 0.9\n \n \n 17.8\n \n \n 14.0\n \n \n \n \n Other\n \n \n -4.9\n \n \n -4.5\n \n \n 0.0\n \n \n 0.2\n \n \n -0.3\n \n \n 0.0\n \n \n 0.3\n \n \n 0.1\n \n \n -4.9\n \n \n -4.2\n \n \n \n \n Total change\n \n \n -39.0\n \n \n 29.2\n \n \n -48.3\n \n \n 7.4\n \n \n -0.6\n \n \n 1.9\n \n \n -1.0\n \n \n 0.8\n \n \n -88.8\n \n \n 39.4\n \n \n \n \n END OF THE PERIOD\n \n \n -223.7\n \n \n -184.6\n \n \n -67.6\n \n \n -19.4\n \n \n -12.6\n \n \n -12.0\n \n \n -12.1\n \n \n -11.2\n \n \n -316.0\n \n \n -227.2\n \n \n \n \n Changes in assets during the year\n \n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n \n \n BEGINNING OF THE PERIOD\n \n \n 207.3\n \n \n 232.3\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 4.4\n \n \n 4.8\n \n \n 211.7\n \n \n 237.1\n \n \n \n \n Perimeter variation\n \n \n 0.0\n \n \n 0.0\n \n \n 2.9\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 2.9\n \n \n 0.0\n \n \n \n \n Financial income on plan assets\n \n \n 4.6\n \n \n 0.7\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.2\n \n \n 0.1\n \n \n 4.8\n \n \n 0.8\n \n \n \n \n Company\u2019s contributions\n \n \n 6.1\n \n \n 5.7\n \n \n 0.1\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.2\n \n \n 0.2\n \n \n 6.5\n \n \n 5.9\n \n \n \n \n Employees\u2019 contributions\n \n \n 4.9\n \n \n 4.5\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.1\n \n \n 0.1\n \n \n 5.0\n \n \n 4.6\n \n \n \n \n Curtailment, settlement, plan\n amendment\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n \n \n Payments\n \n \n -11.1\n \n \n -10.7\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n -0.1\n \n \n -0.5\n \n \n -11.2\n \n \n -11.2\n \n \n \n \n Actuarial gains (losses) from plan\n assets\n \n \n 12.3\n \n \n -36.4\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n -0.1\n \n \n 12.3\n \n \n -36.5\n \n \n \n \n Foreign exchange gains (losses)\n \n \n 13.4\n \n \n 11.4\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 13.4\n \n \n 11.4\n \n \n \n \n Asset ceiling\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n \n \n Other\n \n \n -0.2\n \n \n -0.3\n \n \n -0.2\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n -0.5\n \n \n -0.3\n \n \n \n \n Total change\n \n \n 30.0\n \n \n -25.0\n \n \n 2.8\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.3\n \n \n -0.4\n \n \n 33.1\n \n \n -25.4\n \n \n \n \n END OF THE PERIOD\n \n \n 237.3\n \n \n 207.3\n \n \n 2.8\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 4.7\n \n \n 4.4\n \n \n 244.9\n \n \n 211.7\n \n \n \n \n Remeasurements recognised in\n OCI\n \n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n \n \n BEGINNING OF THE PERIOD \u2013\n \n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n \n \n Other Comprehensive Income\n (OCI)\n \n \n -17.9\n \n \n -21.0\n \n \n -4.0\n \n \n -10.1\n \n \n -2.7\n \n \n -3.9\n \n \n -1.5\n \n \n -2.6\n \n \n -26.2\n \n \n -37.6\n \n \n \n \n Other changes\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n -0.2\n \n \n 0.0\n \n \n 0.2\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n \n \n Actuarial gains (losses) following\n adoption of IAS 19R\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n \n \n Actuarial gains (losses) resulting\n from changes in demographic\n assumptions\n \n \n 0.2\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.2\n \n \n 0.0\n \n \n \n \n Actuarial gains (losses) resulting\n from changes in financial as-\n sumptions\n \n \n -23.9\n \n \n 42.1\n \n \n -2.9\n \n \n 5.9\n \n \n 0.0\n \n \n 1.8\n \n \n -0.2\n \n \n 1.7\n \n \n -27.0\n \n \n 51.6\n \n \n \n \n Gains (losses) resulting from ex-\n perience\n \n \n -2.2\n \n \n -3.0\n \n \n 0.8\n \n \n 0.2\n \n \n 0.0\n \n \n -0.7\n \n \n 0.1\n \n \n -0.4\n \n \n -1.3\n \n \n -4.0\n \n \n \n \n Actuarial gains (losses) from plan\n assets\n \n \n 12.3\n \n \n -36.4\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n -0.1\n \n \n 12.3\n \n \n -36.5\n \n \n \n \n Asset ceiling\n \n \n 8.8\n \n \n 0.3\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 0.0\n \n \n 8.9\n \n \n 0.3\n \n \n \n \n Total change\n \n \n -4.7\n \n \n 3.0\n \n \n -2.1\n \n \n 6.1\n \n \n -0.1\n \n \n 1.1\n \n \n 0.0\n \n \n 1.1\n \n \n -6.9\n \n \n 11.4\n \n \n \n \n END OF THE PERIOD\n \n \n -22.7\n \n \n -17.9\n \n \n -6.1\n \n \n -4.0\n \n \n -2.9\n \n \n -2.7\n \n \n -1.5\n \n \n -1.5\n \n \n -33.1\n \n \n -26.2\n \n \n \n \n Plan assets structure\n \n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n \n \n Shares\n \n \n 23.9%\n \n \n 6.5%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 23.9%\n \n \n 6.5%\n \n \n \n \n Securities\n \n \n 59.5%\n \n \n 14.4%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 59.5%\n \n \n 14.4%\n \n \n \n \n Cash\n \n \n 1.7%\n \n \n 0.3%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 1.7%\n \n \n 0.3%\n \n \n \n \n Other assets\n \n \n 15.0%\n \n \n 78.8%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 15.0%\n \n \n 78.8%\n \n \n \n \n END OF THE PERIOD\n \n \n 100.0%\n \n \n 100.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 0.0%\n \n \n 100.0%\n \n \n 100.0%\n \n \n \n \n Assumptions used\n \n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n \n \n Discount rate\n \n \n 1.3%\n \n \n 2.2%\n \n \n 3.5%\n \n \n 3.9%\n \n \n 3.1%\n \n \n 3.3%\n \n \n 6.4%\n \n \n 6.1%\n \n \u00a0\n \u00a0\n \n \n \n Inflation rate\n \n \n 2.0%\n \n \n 2.0%\n \n \n 1.5%\n \n \n 1.5%\n \n \n 2.0%\n \n \n 3.4%\n \n \n 3.0%\n \n \n 3.0%\n \n \u00a0\n \u00a0\n \n \n \n Future salary rises\n \n \n 2.0%\n \n \n 2.0%\n \n \n 2.0%\n \n \n 2.0%\n \n \n 3.0%\n \n \n 1.0%\n \n \n 4.5%\n \n \n 4.7%\n \n \u00a0\n \u00a0\n \n \n \n Future pension rises\n \n \n 0.0%\n \n \n 0.0%\n \n \n 1.5%\n \n \n 1.5%\n \n \n 3.0%\n \n \n 4.1%\n \n \n 1.5%\n \n \n 2.5%\n \n \u00a0\n \u00a0\n \n \n \n \n \n \n The liability recognised under the \u201cProvision for employee benefits\u201d, at 31 December 2023, stood at \u20ac 87.2 million, out\n of which \u20ac 84.5 million was unfunded, with an increase of \u20ac 48.6 million compared with the net liability of \u20ac 38.6 million\n at 31 December 2022.\n A quantitative sensitivity analysis of the significant assumptions used at 31 December 2023 is provided below. Specifically,\n it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assumption\n used.\n Switzerland\n Germany\n Italy\n Other\n Total\n +0.5%\n -0.5%\n +0.5%\n -0.5%\n +0.5%\n -0.5%\n +0.5%\n -0.5%\n +0.5%\n -0.5%\n Discount rate\n -6.2%\n 7.0%\n -5.7%\n 6.3%\n -3.2%\n 3.4%\n -2.8%\n 3.0%\n -5.8%\n 6.5%\n Future salary\n 0.9%\n -0.9%\n 0.2%\n -0.2%\n 0.0%\n 0.0%\n 0.5%\n -0.5%\n 0.7%\n -0.7%\n Future pension\n 3.8%\n 0.0%\n 4.8%\n -4.5%\n 0.0%\n 0.0%\n 0.0%\n 0.0%\n 3.7%\n -1.0%\n Future inflation rate\n 0.0%\n 0.0%\n 3.5%\n -3.2%\n 1.9%\n -1.9%\n 0.0%\n 0.0%\n 0.8%\n -0.8%\n The sensitivity analysis shown above is based on a method involving extrapolation of the impact on the net obligation for\n defined benefit plans of reasonable changes to the key assumptions made at the end of the financial year.\n The following payments are the expected contributions that will be made in future years to provide for the obligations of\n the defined benefit plans.\n Switzerland\n Germany\n Italy\n Other\n Total\n Within 12 months\n -11.9\n -5.0\n -0.9\n -0.5\n -18.4\n From 1 to 5 years\n -65.3\n -18.3\n -3.5\n -2.7\n -89.8\n From 5 to 10 years\n -68.7\n -17.8\n -6.3\n -6.3\n -99.0\n Total\n -145.9\n -41.1\n -10.7\n -9.6\n -207.2\n Average plan duration (years)\n 12.9\n 9.8\n 7.9\n 12.9\n 10.9\n \n Note 3.13 \u2013 Other current liabilities\n \n \n \n \n \n \n In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.\n Contract liabilities include:\n \u2022\n Rights of Return\n \u2022\n After-sales service, which include Service maintenance contracts and Service type warranties\n \u2022\n Loyalty program\n 31.12.2023\n 31.12.2022\n Up to 1\n year\n From 1 to 5\n years\n Over 5\n years\n To-\n tal\n Up to 1\n year\n From 1 to 5\n years\n Over 5\n years\n To-\n tal\n Right of returns\n 2.5\n 0.0\n 0.0\n 2.5\n 2.7\n 0.0\n 0.0\n 2.7\n After-sales services\n 47.0\n 4.2\n 7.2\n 58.3\n 39.1\n 3.7\n 7.8\n 50.6\n Loyalty program\n 17.8\n 0.0\n 0.0\n 17.8\n 0.0\n 0.0\n 0.0\n 0.0\n Total\n 67.2\n 4.2\n 7.2\n 78.6\n 41.9\n 3.7\n 7.8\n 53.4\n \n \n \n \n \n \n \n \n \n \n The table below presents the opening and closing balances of contract liabilities as well as movements during the years:\n Right of returns\n After-sales services\n Loyalty program\n Total\n Opening Balance 01.01.2023\n 2.7\n 50.6\n 0.0\n 53.4\n Perimeter variation\n 0.0\n 0.0\n 11.8\n 11.8\n Increase recognised\n 0.0\n 109.2\n 18.8\n 128.0\n Revenue recognised\n 0.0\n -99.3\n -8.6\n -107.9\n Contracts cancelled\n 0.0\n -3.9\n 0.0\n -3.9\n Net variation invoicing\n 0.0\n -0.8\n 0.0\n -0.8\n Pay out\n 0.0\n 0.0\n -5.0\n -5.0\n Other changes to contract balances\n -0.3\n 2.5\n 0.8\n 3.0\n Closing balance 31.12.2023\n 2.5\n 58.3\n 17.8\n 78.6\n \n \n \n \n \n \n \n \n 6.6.4\n Other disclosures\n \n FINANCIAL INSTRUMENTS\n \n \n \n Below are the Group's financial instruments recognised by category and the level of confidence of their fair value meas-\n urements at 31 December 2023:\n 31.12.2023\n (in \u20ac million)\n Note\n Carrying value per type\n Fair value\n Fin. instr.\n at\n fair value\n through\n P&L\n Fin. instr.\n at\n fair value\n through OCI\n Loans & re-\n ceivables\n Fin.\n liabili-\n ties at\n amortised\n cost\n Total\n Level 1\n Level 2\n Level 3\n Total\n Measured at :\n Fair value\n Fair value\n Amortised\n cost\n Amortised\n cost\n Financial assets\n Cash and cash equiva-\n lents\n 2.13\n 0.0\n 0.0\n 451.2\n 0.0\n 451.2\n 0.0\n 0.0\n 0.0\n 0.0\n Trade receivables\n 2.9\n 0.0\n 0.0\n 361.3\n 0.0\n 361.3\n 0.0\n 0.0\n 0.0\n 0.0\n Current financial assets\n 2.11\n 0.0\n 17.1\n 18.0\n 0.0\n 35.1\n 0.0\n 17.1\n 0.0\n 17.1\n Financial assets\n 2.5\n 2.4\n 1.1\n 0.8\n 0.0\n 4.4\n 0.0\n 0.0\n 3.6\n 3.6\n Total\n 2.4\n 18.2\n 831.3\n 0.0\n 852.0\n 0.0\n 17.1\n 3.6\n 20.7\n Financial liabilities\n Trade payables\n 3.8\n 0.0\n 0.0\n 0.0\n 459.2\n 459.2\n 0.0\n 0.0\n 0.0\n 0.0\n Current financial liabili-\n ties\n 3.11\n 0.0\n 19.1\n 0.0\n 53.4\n 72.5\n 0.0\n 19.1\n 0.0\n 19.1\n Current loans\n 3.12\n 0.0\n 0.0\n 0.0\n 46.7\n 46.7\n 0.0\n 0.0\n 0.0\n 0.0\n Non-current financing\n 3.5\n 0.0\n 0.0\n 0.0\n 942.1\n 942.1\n 0.0\n 0.0\n 0.0\n 0.0\n Total\n 0.0\n 19.1\n 0.0\n 1,501.4\n 1,520.5\n 0.0\n 19.1\n 0.0\n 19.1\n Financial instruments bal-\n ance\n 2.4\n -0.9\n 831.3\n -1,501.4\n -668.5\n 0.0\n -2.0\n 3.6\n 1.6\n (*)\n For such categories the carrying amount approximates the fair value\n \n \n \n \n The financial instruments of the Group, recognised in the financial statements with a similar breakdown at 31 December\n 2022, are shown in the table below:\n 31.12.2022\n (in \u20ac million)\n Note\n Carrying value per type\n Fair value\n Fin. instr.\n at\n fair value\n through P&L\n Fin. instr.\n at\n fair value\n through OCI\n Loans & re-\n ceivables\n Fin.\n liabilities\n at\n amortised\n cost\n Total\n Level 1\n Level 2\n Level 3\n Total\n Measured at :\n Fair value\n Fair value\n Amortised\n cost\n Amortised\n cost\n Financial assets\n Cash and cash equiva-\n lents\n 2.13\n 0.0\n 0.0\n 999.3\n 0.0\n 999.3\n 0.0\n 0.0\n 0.0\n 0.0\n Trade receivables\n 2.9\n 0.0\n 0.0\n 308.4\n 0.0\n 308.4\n 0.0\n 0.0\n 0.0\n 0.0\n Current financial assets\n 2.11\n 0.0\n 34.8\n 10.2\n 2.0\n 47.1\n 0.0\n 34.8\n 0.0\n 34.8\n Financial assets\n 2.5\n 4.0\n 1.1\n 1.0\n 0.0\n 6.1\n 0.0\n 0.0\n 5.1\n 5.1\n Total\n 4.0\n 35.9\n 1,318.9\n 2.0\n 1,360.8\n 0.0\n 34.8\n 5.1\n 39.9\n Financial liabilities\n Trade payables\n 3.8\n 0.0\n 0.0\n 0.0\n 481.4\n 481.4\n 0.0\n 0.0\n 0.0\n 0.0\n Current financial liabili-\n ties\n 3.11\n 0.0\n 4.8\n 0.0\n 44.8\n 49.7\n 0.0\n 4.8\n 0.0\n 4.8\n Current loans\n 3.12\n 0.0\n 0.0\n 0.0\n 32.7\n 32.7\n 0.0\n 0.0\n 0.0\n 0.0\n Non\n -\n current financing\n 3.5\n 0.0\n 0.0\n 0.0\n 865.2\n 865.2\n 0.0\n 0.0\n 0.0\n 0.0\n Total\n 0.0\n 4.8\n 0.0\n 1,424.0\n 1,428.8\n 0.0\n 4.8\n 0.0\n 4.8\n Financial instruments\n balance\n 4.0\n 31.1\n 1,318.9\n -1,422.0\n -68.0\n 0.0\n 30.0\n 5.1\n 35.0\n (*) For such categories the carrying amount approximates the fair value\n Notes:\n Level 1: listed prices on an active market for the asset or liability being measured.\n Level 2: inputs other than listed prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived\n from prices).\n Level 3: unobservable inputs for the asset or liability.\n As the above table shows, at the reporting date, there were no differences between the carrying amounts of financial\n instruments and the corresponding fair value. In particular, among the non-current financial assets, obligations are mainly\n stated at fair value.\n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,\n for trade receivables, the simplified approach using a provision matrix.\n In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type\n (ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance\n outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at\n one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions\n for which the extension is planned to start from the following year.\n As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various\n countries where the Group companies are present.\n \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n \n \n \n \n \n The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:\n Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection\n agency are subject to a specific impairment loss according to the progress of their recovery and the information provided\n by the attorneys.\n \n Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical\n loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a\n forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are\n the percentages used for the simplified IFRS 9 (ECL).\n \n \n \n \n \n \n \n \n \n \n \n Depreciation grid\n \n \n \n \n \n \n \n \n \n \n \n \n Trade receivables ageing\n Country risk A\n Country risk B\n Country risk C\n Country risk D\n Overdue > 360 days\n 54.3%\n 73.9%\n 66.6%\n 49.0%\n Overdue 271- 360\n 39.6%\n 59.8%\n 36.5%\n 25.3%\n Overdue 181- 270\n 24.6%\n 38.5%\n 18.5%\n 19.2%\n Overdue 121-180\n 14.1%\n 22.9%\n 8.4%\n 11.8%\n Overdue 91-120\n 9.4%\n 14.6%\n 3.4%\n 8.5%\n Overdue 61-90\n 5.2%\n 8.3%\n 1.5%\n 4.4%\n Overdue 31-60\n 2.0%\n 3.1%\n 0.6%\n 1.8%\n Overdue 0-30\n 0.4%\n 0.5%\n 0.2%\n 0.4%\n Current (not overdue)\n 0.1%\n 0.1%\n 0.1%\n 0.2%\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface\n country rating, adjusting them according to Ariston companies past credit experience in performances, business relations\n and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from\n A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk\n assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:\n Analysis of bad debt provision\n 31.12.2023\n 31.12.2022\n Total receivables\n Gross\n 382.5\n 325.4\n Provision\n 21.2\n 17.0\n Net\n 361.3\n 308.4\n Receivables impaired on a specific basis\n Gross\n 4.2\n 5.2\n Provision\n 4.1\n 4.7\n Net\n 0.1\n 0.5\n Receivables impaired on a simplified ECLs\n Gross\n 378.3\n 320.2\n Provision\n 17.1\n 12.3\n Net\n 361.2\n 307.9\n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228173634600": { "value": "Uncertain tax position\n \n \n
IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 to clarify the accounting for uncertainties in income tax is applied.
\n
The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused
\n
tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12.
\n
In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity
\n
has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat-
\n
ments, that it has used or plans to use in its income tax filling.
\n
If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable
\n
profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included
\n
in its income tax filings.
\n
If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most
\n
likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused
\n
tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions
\n
of the resolution of the uncertainty.
\n
In case facts and circumstances changes, the entity shall reassess its judgements and estimates.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates
\n
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
\n
disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjust-
\n
ment to the carrying amount of assets or liabilities affected in future periods.
\n \n JudgementsDetermining the lease term of contracts with renewal and termination options\n \n
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
\n
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
\n
lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and
\n
termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer-
\n
cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive
\n
for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term
\n
if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not
\n
to exercise the option to renew or to terminate. The Group included the renewal period as part of the lease term for
\n
leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination
\n
options are included as part of the lease term only when they are reasonably certain not to be exercised.
\n \n Estimates and assumptions\n \n
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which
\n
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
\n
financial year, are described below. The Group based its assumptions and estimates on parameters available when the
\n
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments,
\n
however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such
\n
changes are reflected in the assumptions when they occur.
\n \n Impairment of non-financial assets\n \n \n
When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest-
\n
ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of
\n
disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions
\n
of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally
\n
adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis-
\n
counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value
\n
of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most
\n
recent business plan, approved by the management, containing forecasts for volumes, revenue, operating costs.
\n
Regarding climate-related matters, the expected future cash flows incorporated certain climate-related risks to pursue
\n
the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note
\n
\u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual in-
\n
come. Nevertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based
\n
could generate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires
\n
management to use estimates and assumptions considered prudent and reasonable in the specific circumstances.
\n \n \n Provision for expected credit losses of trade receivables and contract assets\n \n \n \n \n
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are
\n
based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography,
\n
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s
\n
historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
\n
forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year
\n
which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted.
\n \n \n \n \n \n \n \n \n
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a
\n
significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions.
\n
The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a
\n
customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract
\n
assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 -
\n
Other information\u2019.
\n \n \n \n Taxes\n \n \n
Income taxes include all taxes based upon the taxable profits of the Group. Taxes on income are recognised in the income
\n
statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in
\n
which case the related tax effects are recognised directly in equity or in other comprehensive income. Deferred taxes are
\n
calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol-
\n
idated Financial Statements, Deferred tax assets relating to the carry-forward of unused tax losses are recognised to the
\n
extent it is probable future profits will be available against which they can be utilised. Current and deferred income tax
\n
assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a
\n
legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted
\n
tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in
\n
which the temporary differences reverse. Other taxes not based on taxable profits, such as property taxes and taxes on
\n
capital, are included in operating expenses. Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax
\n
assets and liabilities\u2019.
\n \n \n Defined benefit plans (pension benefits)\n \n \n
The cost of the defined benefit pension plan and other post-employment medical benefits and the present value of the
\n
pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions
\n
that may differ from actual developments in the future. These include the determination of the discount rate, future
\n
salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its
\n
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
\n
reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appro-
\n
priate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the cur-
\n
rencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally
\n
acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of
\n
the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads
\n
are excluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high
\n
quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those
\n
mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension
\n
increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013
\n
Post-employment benefits\u2019.
\n \n \n Fair value measurement of financial instruments\n
When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be
\n
measured based on listed prices in active markets, their fair value is measured using valuation techniques including the
\n
discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but
\n
where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations
\n
of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the
\n
reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at
\n
fair value at the acquisition date as part of the business combination. When the contingent consideration meets the
\n
definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of
\n
the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting
\n
each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20186.4
\n
-
\n
Other information\u2019.
\n Development costs\n
The Group capitalises costs for product development projects. Initial capitalisation of costs is based on management\u2019s
\n
judgement that technological and economic feasibility is confirmed, usually when a product development project has
\n
reached a defined milestone according to an established project management model. In determining the amounts to be
\n
capitalised, management makes assumptions regarding the expected future cash generation of the project, discount
\n
rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.
\n Revenue recognition - Estimating variable consideration for returns and volume rebates\n \n \n
The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of
\n
return and volume rebates.
\n
The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of
\n
each product to come up with expected return percentages. These percentages are applied to determine the expected
\n
value of the variable consideration. Any significant changes in experience as compared to the historical return pattern
\n
will impact the expected return percentages estimated by the Group.
\n
The Group\u2019s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single
\n
volume threshold. Determining whether a customer will be likely entitled to a rebate will depend on the customer\u2019s
\n
historical rebates entitlement and accumulated purchases to date.
\n
The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his-
\n
torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the
\n
expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing
\n
patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group.
\n
Further disclosure is in \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n \n Leases - Estimating the incremental borrowing rate\n
The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured
\n
loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest
\n
rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil-
\n
ity:
\n
\u2022
\n
The credit rating;
\n
\u2022
\n
The term of the loan;
\n
\u2022
\n
The currency of denomination;
\n
\u2022
\n
The geographies (depending on the cases, countries or regions);
\n
\u2022
\n
The industry of the borrowing entity.
\n
In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be
\n
preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is
\n
negative, a zero floor to the base rate is applied.
\n
For more information on leases, please see note 2.2 and 3.5.
\n Contingent liabilities\n
The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable
\n
event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be-
\n
comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
\n
Statements. The Group could be subject of legal and tax proceedings from various jurisdictions and for complex issues
\n
therefore eventually monitoring the status of pending legal proceedings consulting with experts on a regular basis. Due
\n
to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
\n
disputes with any certainty.
\n Climate change\n
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather, such
\n
as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with
\n
greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
\n
and international climate change policies and regulations.
\n
In the climate change context, the Ariston Group is moving towards anticipating structural changes driven by regulations
\n
and the market. Our goal is to continue designing and offering highly energy efficient solutions, which increasingly rely
\n
on renewable sources of energy, while improving the efficiency of the installed park. The Group can act as a principal in
\n
the context of decarbonisation as an enabler of climate change mitigation.
\n
To achieve this across all our product lines, we are channelling investments in R&D, production capacity and the necessary
\n
skills and resources needed to contribute to the transition, which will lead to a significant avoidance of CO2 emissions.
\n
The Group effort in boosting highly efficient products and solutions that rely on renewable technology will also contribute
\n
to the reduction of Scope 3 emissions, whose greatest impact is generated by the use of sold products.
\n
In applying the Accounting Standards, the Group summarised the impacts arising from climate change topic by topic,
\n
providing the approach used by the Group.
\n \n
Account
\n
Approach
\n
Estimates and judgments
\n
concerning cli-
\n
mate change
\n
\u2022
\n
The Management adopted a critical approach in using the estimates
\n
and judgments with regard to climate change
\n
\u2022
\n
The Management adopted a critical approach in using the estimates
\n
and judgments based on the multi-peril preliminary analysis of nat-
\n
ural hazards and exposures performed by insurance companies
\n
\u2022
\n
The Management focused on estimating expected cash flows from
\n
specific assets/CGUs
\n
Sustainable investment
\n
Ariston Group is directing significant investments towards heat
\n
pumps, working hard to open new markets and supporting their mass
\n
roll-out, also considering the higher purchase price with respect to
\n
other solutions and the different features in existing buildings. With
\n
regards to electric heat pumps, which rely on an electrically-driven va-
\n
pour compression cycle, transporting heat through refrigerant gases
\n
from the source to the sink, the Group is looking to replace currently
\n
used refrigerant gases with natural ones that have a much lower
\n
Global Warming Potential (GWP). These include propane, a group of
\n
liquefied petroleum gases, the suitability of which is still being re-
\n
searched with products likely being released in upcoming years.
\n
Further, the Wolf-Brink business combination contributed to the in-
\n
crease of Ariston Group\u2019s ESG focus, reinforcing its portfolio of brands
\n
and its mid- to high-end offer of climate solutions.
\n Note 2.1 \u2013 Intangible assetsImpairment test\n \n \n
In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks)
\n
are not amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
\n
asset may be impaired.
\n
Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment.
\n
The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has
\n
been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use.
\n \n \n \n \n \n
The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to
\n
CGU Thermal Comfort (\u20ac 1,114.4 million in 2023 and \u20ac 343.9 million in 2022), while other goodwill balances relate to
\n
CGUs Burners (\u20ac 12.5 million in 2023 with no variation compared to 2022) and Components (\u20ac 5.5 million in 2023 with
\n
no variation compared to 2022).
\n
The balance of goodwill allocated to CGU Thermal Comfort
\n
significantly increased compared to 31 December 2022 due
\n
to the goodwill from the Purchase Price Allocation process related to the acquisition of Wolf-Brink which occurred in
\n
2023.
\n
In line with previous years, the Group considered the long-term business plan, which includes the latest available finan-
\n
cials from the 3-year plan 2024 - 2026 which are approved by the Board, as the base for the impairment test.
\n
The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGU
\n
is determined using value-in-use and was based on the following assumptions:
\n
\u2022
\n
the expected future cash flows covering the period from 1 January 2024 through 31 December 2026. These
\n
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
\n
as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the
\n
expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat-
\n
egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state-
\n
ments and exclude the estimated cash flows that might arise from restructuring plans or other structural
\n
changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con-
\n
sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market
\n
trends and the segment for the respective CGU over the period considered. The expected future cash flows
\n
include a terminal period to estimate the future result beyond the time period explicitly considered which incor-
\n
porated a long-term growth rate assumption of 1.77%. The growth rate is determined by weighting the GDP
\n
growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such
\n
markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2023
\n
release);
\n
\u2022
\n
the estimated future cash flows are discounted to their present value using a discount rate that reflects current
\n
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
\n
in the estimated future cash flows;
\n
\u2022
\n
pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
\n
the time value of money for the period being considered, and the risks specific to those cash flows under con-
\n
sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal
\n
to:
\n
\u2022
\n
TCO for 10.64%;
\n
\u2022
\n
BUR for 11.36%;
\n
\u2022
\n
COM for 11.26%.
\n
As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any
\n
further market shock. The stress tests included:
\n
\u2022
\n
a reduction of 5%, 10% and 15% in EBIDTA and Capex over the entire test period and for all markets and brands;
\n
\u2022
\n
increase of WACC by +1% and decrease of growth rate by -1%.
\n
Each stress test is performed on a stand-alone basis. Any reasonable possible change for the key assumptions re-
\n
ported above would not cause any impairment loss.
\n
Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow
\n
percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon:
\n
\u2022
\n
WACC percentage increase on a weighted average of more than 31%;
\n
\u2022
\n
Cash Flow percentage decrease: Thermal Comfort 34.0%, Burners 46.3%, Components 80.5%.
\n \n \n Assumptions related to the impairment plan\n \n \n
Below is a summary of the main assumptions used within the impairment test for each CGU:
\n
2023
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
2,505.0
\n
54.0
\n
33.8
\n
Goodwill (\u20ac/000)
\n
876.1
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.80%
\n
1.18%
\n
1.21%
\n
WACC (%)
\n
10.64%
\n
11.36%
\n
11.26%
\n
2022
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
1,050.0
\n
50.2
\n
39.3
\n
Goodwill (\u20ac/000)
\n
294.7
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.91%
\n
1.06%
\n
1.05%
\n
WACC (%)
\n
14.28%
\n
14.33%
\n
15.96%
\n \n \n Impairment test results\n \n \n
The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each
\n
CGU to which goodwill is allocated. As such, no impairment charges were recognised for goodwill and intangible assets
\n
with indefinite useful lives for the year ended 31 December 2023.
\n \n \n Note 3.4 \u2013 Post-employment benefits\n
The Group has two defined benefit plans for employees, the first one is employee severance indemnity, due from Italian
\n
companies to their employees in compliance with laws in force until 31 December 2015, and other current pension plans
\n
mostly in Switzerland and Germany.
\n
Until 31 December 2006, in Italy, the employee severance indemnity provision (
\n
Trattamento di fine rapporto
\n
, TFR) was
\n
considered a defined benefit plan. The regulation of this provision was amended by Law no. 296 of 27 December 2006
\n
(\u201c2007 Financial Law\u201d) and subsequent Decrees and Regulations issued in the first few months of 2007. Given these
\n
amendments and in particular in reference to companies with at least 50 employees, this is now considered a defined
\n
benefit plan only for the portions of benefits accrued before 1 January 2007 (and not yet paid as at the end of the report-
\n
ing period, while subsequent to this date, it is comparable to a defined contribution plan).
\n
IAS 19 expressly envisages the adoption of the \u201cprojected unit credit method\u201d, which is based on quantifying the actuarial
\n
liability by considering only the service accrued at the evaluation date, in accordance with the actuarial approach of so-
\n
called \u201caccrued benefits\u201d. In particular, in the projected unit credit method, this characteristic is integrated with the
\n
forecast of the salary trend up to the time that the TFR will probably be paid; the consequent liability is then re-propor-
\n
tioned on the basis of the ratio between the years worked up to the assessment period and the total service at the
\n
probable date of payment of the TFR (should the right already be completely accrued at the evaluation date, there will
\n
then be no re-proportioning of the liability).
\n
Since as from 1 January 2007, for employees belonging to companies with at least 50 employees, no amount is any longer
\n
internally provisioned, but the amounts of TFR accrued subsequent to that period are assigned to the Complementary
\n
Pension Fund or to the INPS (Italian National Social Security Institute) Treasury Fund and the company remains solely
\n
responsible for the duty of re-evaluating the amount accrued at 31 December 2006, the actuarial calculation must esti-
\n
mate, in correspondence to every possible event which leads to the payment of TFR to the worker, the associated prob-
\n
ability, the consequent amount paid and the years of service corresponding to the payment date. The latter, in particular,
\n
is a random variable that can take on any value between initial service and the maximum service that the worker can
\n
perform in correspondence with retirement, with probabilities that can be deduced from the economic and demographic
\n
technical bases used in the evaluation.
\n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
The pension funds of the German companies are regulated on a pension system based on three pillars.
\n
The \u201cfirst pillar\u201d (state and obligatory pension insurance contribution (RV-Beitrag)) is a defined contribution pension plan,
\n
established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It
\n
covers employees in the public and private sector and some categories of self-employed workers and is mainly financed
\n
through social security contributions paid by workers and employers in equal measure.
\n
The \u201csecond pillar\u201d (company pension scheme (BAV: Betriebliche Altersvorsorge) is represented by voluntary supplemen-
\n
tary pensions on a pay-as-you-go basis, and thus with defined benefits falling on the company.
\n
There
\n
are
\n
different
\n
types
\n
of
\n
BAV
\n
pension
\n
plans
\n
that
\n
qualify
\n
as
\n
defined
\n
benefit
\n
plans / defined benefit obligations.
\n
Pension
\n
plans
\n
have
\n
developed
\n
differently
\n
in
\n
the
\n
Group\u2019s
\n
companies
\n
in
\n
Germany.
\n \n \n \n
\u2022
\n
ELCO:
\n
a)
\n
T
\n
here
\n
are
\n
currently
\n
two
\n
different pension plans considered as defined benefits plans: the
\n
so-called BVO
\n
74/79 (based on employees\u2019 pension commitments) which
\n
covers
\n
all
\n
the
\n
people
\n
who
\n
were
\n
working
\n
on
\n
1
\n
March
\n
1979
\n
and
\n
up
\n
to
\n
31
\n
December 1994;\u00b7the so-called \u201c1995 Pension\u201d which was applied for all
\n
employees, including those who benefited from the BVO 74/79, as from 1 January 1995 to date;
\n
b)
\n
For all employees who started to work in the period March 1979-December 1994 a different defined con-
\n
tribution pension plan (OLS 79) was applied until December 1994 (BVO 79, based on one-off payments).
\n
For a) + b) the related actuarial assessments, the demographic and economic-financial assumptions set out
\n
in the attached table have been adopted.
\n
Both pension plans are closed. The measurement is split between pensioners and vested rights for early
\n
leavers and active employees.
\n
c)
\n
The \u201cBASIS Versorgung\u201d, based on direct insurance; and \u201cZUSATZ Versorgung\u201d, based on employee pension
\n
commitments (both still active).
\n
\u2022
\n
WOLF:
\n
Under the second pillar Wolf GmbH has the so-called \u201cPlan 1\u201d (still active) which contains three direct pension
\n
commitments,
\n
a)
\n
the \u201cEssener Verband\u201d which covers all People on Top Management Level;
\n
b)
\n
the \u201cSalzgitterrichtlinie (alt)\u201d which covers all the people who joined the Company before 1 January 1986;
\n
c)
\n
the \u201cSalzgitterrichtline neu\u201d which covers all the people who joined from 1 January 1986.
\n
For a) - c) the related actuarial assessments, the demographic and economic financial assumptions set out in the
\n
attached table have been adopted.
\n
The \u201cthird pillar\u201d is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax
\n
incentives an
\n
d
\n
subsidies.
\n
\u2022
\n
ELCO: Deferred compensation (Gehaltsumwandlungen) / provident fund (closed, but vested rights) (Unter-
\n
st\u00fctzungskasse).
\n
\u2022
\n
WOLF: \u201cPlan 2\u201d for deferred compensation (Gehaltsumwandlungen).
\n \n \n \n \n
The pension funds of the Swiss companies are regulated on the basis of three pillars:
\n
\u2022
\n
Public Pillar (AHV/IV): defined benefits, based on the pay-as-you-go principle, regulated at federal level and managed
\n
by a public fund (AVS-Fund), obligatory and aimed at covering basic needs;
\n
\u2022
\n
Occupational Pillar (BVG): based on the funded principle, regulated at federal level, quasi-obligatory, with the collec-
\n
tive financing principle, but with private cover and management risk;
\n
\u2022
\n
Private Savings: at the discretion of each resident, in various forms (cash, securities, real estate, personal pension
\n
plans, life insurance).
\n
The pension funds set up pursuant to the second pillar and which affect the Group most directly must be legally inde-
\n
pendent from the sponsor company, segregated in terms of equity and independently managed in the legal form of
\n
cooperative foundations or associations registered with a regulatory authority. The administrative bodies of such associ-
\n
ations consist of an equal number of representatives from the sponsor companies and employees with equal voting rights,
\n
are supported by a management consultant recognised by the law and by qualified actuarial experts, and are subject to
\n
supervision by the regional authorities.
\n
The funds are financed through the contribution of the employee\u2019s sponsor company. The sponsor\u2019s contribution must
\n
be at least 50% (obligatory minimum by law) and the contributions vary from pension fund to pension fund.
\n
The contributions and the return on the market of the invested capital contribute to defining the benefits. A guarantee
\n
is envisaged for a minimum nominal return and a minimum interest rate on the amount paid in. Should it be underfunded,
\n
which is not the case of the Group\u2019s pension funds in Switzerland, it is the responsibility of the sponsor company which
\n
is obligated by law to recapitalise within a reasonable timeframe, not exceeding 10 years.
\n
In the current situation of the Group\u2019s pension funds in Switzerland, the investment risks are met by fluctuation reserves
\n
(i.e. by assets which exceed the actuarial liabilities) and the level of actuarial cover is over 100%; therefore, there is cur-
\n
rently no need for recapitalisation measures.
\n \n \n \n \n \n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
In relation to the recognition of the Group\u2019s pension funds:
\n
\u2022
\n
current employment-related costs have been recognised in the income statement, under Personnel costs;
\n
\u2022
\n
financial charges on the assumed obligations and the financial gains expected on the plan assets are recognised under
\n
financial income and expense;
\n
\u2022
\n
actuarial gains and losses are recognised in a specific valuation reserve under equity.
\n
The plan assets do not include the Group\u2019s treasury shares, nor property occupied or used by the Group. The expected
\n
return on plan assets is defined on the basis of the current market conditions.
\n
At December 2023, the remeasurement emerging in the period amounted to a negative \u20ac 6.9 million against the positive
\n
\u20ac 11.4 million of December 2022. The negative effect was mainly due to the perimeter variation of Wolf-Brink which
\n
increased the net liability by \u20ac 45.8 million. The other impacts were affected mainly by the change in the financial and
\n
demographic assumptions used, especially at the Swiss subsidiaries, compensated by the Asset ceiling recorded in Swiss
\n
and German companies as shown in the description below. Finally, a Swiss subsidiary recognised a surplus on the pension
\n
fund under \u201cother non-current assets\u201d totalling \u20ac 0.6 million.
\n
This was mainly the result of the trend in rates and the returns on investments.
\n
The item \u201cForeign exchange gains (losses)\u201d shows the differences in exchange rates due to the translation of the Swiss
\n
franc into the consolidation currency.
\n \n \n \n \n
The following table shows the changes in the provisions for employee benefits that occurred during the period:
\n
Employee Benefits
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
(in million \u20ac)
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
Amounts recognised in the in-
\n
come statement
\n
Current service cost
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service cost
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense for obligations
\n
-3.4
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.9
\n
-0.4
\n
-7.0
\n
-1.4
\n
Financial income on plan assets
\n
3.5
\n
0.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.2
\n
0.1
\n
3.7
\n
0.8
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Other pension cost
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
Net periodical cost
\n
-3.1
\n
-4.8
\n
-4.2
\n
-0.2
\n
-0.5
\n
-0.1
\n
-1.6
\n
-1.2
\n
-9.5
\n
-6.3
\n
Group obligations
\n
Current value of defined benefit
\n
plans
\n
-223.7
\n
-184.6
\n
-67.6
\n
-19.4
\n
-12.6
\n
-12.0
\n
-12.1
\n
-11.2
\n
-316.0
\n
-227.2
\n
Fair value of plan assets
\n
237.3
\n
207.3
\n
2.8
\n
0.0
\n
0.0
\n
0.0
\n
4.7
\n
4.4
\n
244.9
\n
211.7
\n
Total
\n
13.6
\n
22.8
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-71.1
\n
-15.5
\n
Unrecognised plan assets
\n
-15.6
\n
-22.5
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-15.6
\n
-22.5
\n
Unrecognised current and past
\n
service cost
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Unrecognised actuarial gains and
\n
losses
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
-1.9
\n
0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-86.8
\n
-38.0
\n
of which: Post employee benefits
\n
-2.5
\n
-0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-87.2
\n
-38.6
\n
Other non-current assets
\n
0.6
\n
0.6
\n
0.6
\n
0.6
\n
Changes in obligations during the
\n
year
\n
BEGINNING OF THE PERIOD
\n
-184.6
\n
-213.8
\n
-19.4
\n
-26.9
\n
-12.0
\n
-13.9
\n
-11.2
\n
-12.0
\n
-227.2
\n
-266.6
\n
Perimeter variation
\n
0.0
\n
0.0
\n
-47.5
\n
0.0
\n
-0.4
\n
0.0
\n
0.0
\n
0.0
\n
-47.9
\n
0.0
\n
Current service
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense
\n
-4.5
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.6
\n
-0.4
\n
-7.8
\n
-1.4
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Gains (losses) resulting from ex-
\n
perience
\n
-2.2
\n
-3.0
\n
0.8
\n
0.2
\n
0.0
\n
-0.7
\n
0.1
\n
-0.4
\n
-1.3
\n
-4.0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Employee Benefits
\n
(in million \u20ac)
\n 		\n
Switzerland
\n 		\u00a0\n
Germany
\n 		\u00a0\n
Italy
\n 		\u00a0\n
Other
\n 		\u00a0\n
Total
\n 		\u00a0
\n
Actuarial gains (losses) resulting
\n
from changes in demographic as-
\n
sumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial assump-
\n
tions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Foreign exchange gains (losses)
\n 		\n
-11.6
\n 		\n
-10.6
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.4
\n 		\n
-0.2
\n 		\n
-12.0
\n 		\n
-10.9
\n
\n
Paid benefits
\n 		\n
11.1
\n 		\n
10.7
\n 		\n
5.5
\n 		\n
1.5
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
0.6
\n 		\n
0.9
\n 		\n
17.8
\n 		\n
14.0
\n
\n
Other
\n 		\n
-4.9
\n 		\n
-4.5
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
-0.3
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
0.1
\n 		\n
-4.9
\n 		\n
-4.2
\n
\n
Total change
\n 		\n
-39.0
\n 		\n
29.2
\n 		\n
-48.3
\n 		\n
7.4
\n 		\n
-0.6
\n 		\n
1.9
\n 		\n
-1.0
\n 		\n
0.8
\n 		\n
-88.8
\n 		\n
39.4
\n
\n
END OF THE PERIOD
\n 		\n
-223.7
\n 		\n
-184.6
\n 		\n
-67.6
\n 		\n
-19.4
\n 		\n
-12.6
\n 		\n
-12.0
\n 		\n
-12.1
\n 		\n
-11.2
\n 		\n
-316.0
\n 		\n
-227.2
\n
\n
Changes in assets during the year
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD
\n 		\n
207.3
\n 		\n
232.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.4
\n 		\n
4.8
\n 		\n
211.7
\n 		\n
237.1
\n
\n
Perimeter variation
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n
\n
Financial income on plan assets
\n 		\n
4.6
\n 		\n
0.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.1
\n 		\n
4.8
\n 		\n
0.8
\n
\n
Company\u2019s contributions
\n 		\n
6.1
\n 		\n
5.7
\n 		\n
0.1
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.2
\n 		\n
6.5
\n 		\n
5.9
\n
\n
Employees\u2019 contributions
\n 		\n
4.9
\n 		\n
4.5
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.1
\n 		\n
0.1
\n 		\n
5.0
\n 		\n
4.6
\n
\n
Curtailment, settlement, plan
\n
amendment
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Payments
\n 		\n
-11.1
\n 		\n
-10.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.5
\n 		\n
-11.2
\n 		\n
-11.2
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Foreign exchange gains (losses)
\n 		\n
13.4
\n 		\n
11.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
13.4
\n 		\n
11.4
\n
\n
Asset ceiling
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Other
\n 		\n
-0.2
\n 		\n
-0.3
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.5
\n 		\n
-0.3
\n
\n
Total change
\n 		\n
30.0
\n 		\n
-25.0
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
-0.4
\n 		\n
33.1
\n 		\n
-25.4
\n
\n
END OF THE PERIOD
\n 		\n
237.3
\n 		\n
207.3
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.7
\n 		\n
4.4
\n 		\n
244.9
\n 		\n
211.7
\n
\n
Remeasurements recognised in
\n
OCI
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD \u2013
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Other Comprehensive Income
\n
(OCI)
\n 		\n
-17.9
\n 		\n
-21.0
\n 		\n
-4.0
\n 		\n
-10.1
\n 		\n
-2.7
\n 		\n
-3.9
\n 		\n
-1.5
\n 		\n
-2.6
\n 		\n
-26.2
\n 		\n
-37.6
\n
\n
Other changes
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) following
\n
adoption of IAS 19R
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in demographic
\n
assumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial as-
\n
sumptions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Gains (losses) resulting from ex-
\n
perience
\n 		\n
-2.2
\n 		\n
-3.0
\n 		\n
0.8
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
-0.7
\n 		\n
0.1
\n 		\n
-0.4
\n 		\n
-1.3
\n 		\n
-4.0
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Asset ceiling
\n 		\n
8.8
\n 		\n
0.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
8.9
\n 		\n
0.3
\n
\n
Total change
\n 		\n
-4.7
\n 		\n
3.0
\n 		\n
-2.1
\n 		\n
6.1
\n 		\n
-0.1
\n 		\n
1.1
\n 		\n
0.0
\n 		\n
1.1
\n 		\n
-6.9
\n 		\n
11.4
\n
\n
END OF THE PERIOD
\n 		\n
-22.7
\n 		\n
-17.9
\n 		\n
-6.1
\n 		\n
-4.0
\n 		\n
-2.9
\n 		\n
-2.7
\n 		\n
-1.5
\n 		\n
-1.5
\n 		\n
-33.1
\n 		\n
-26.2
\n
\n
Plan assets structure
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Shares
\n 		\n
23.9%
\n 		\n
6.5%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
23.9%
\n 		\n
6.5%
\n
\n
Securities
\n 		\n
59.5%
\n 		\n
14.4%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
59.5%
\n 		\n
14.4%
\n
\n
Cash
\n 		\n
1.7%
\n 		\n
0.3%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.7%
\n 		\n
0.3%
\n
\n
Other assets
\n 		\n
15.0%
\n 		\n
78.8%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
15.0%
\n 		\n
78.8%
\n
\n
END OF THE PERIOD
\n 		\n
100.0%
\n 		\n
100.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
100.0%
\n 		\n
100.0%
\n
\n
Assumptions used
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Discount rate
\n 		\n
1.3%
\n 		\n
2.2%
\n 		\n
3.5%
\n 		\n
3.9%
\n 		\n
3.1%
\n 		\n
3.3%
\n 		\n
6.4%
\n 		\n
6.1%
\n 		\u00a0\u00a0
\n
Inflation rate
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
2.0%
\n 		\n
3.4%
\n 		\n
3.0%
\n 		\n
3.0%
\n 		\u00a0\u00a0
\n
Future salary rises
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
3.0%
\n 		\n
1.0%
\n 		\n
4.5%
\n 		\n
4.7%
\n 		\u00a0\u00a0
\n
Future pension rises
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
3.0%
\n 		\n
4.1%
\n 		\n
1.5%
\n 		\n
2.5%
\n 		\u00a0\u00a0
\n \n
The liability recognised under the \u201cProvision for employee benefits\u201d, at 31 December 2023, stood at \u20ac 87.2 million, out
\n
of which \u20ac 84.5 million was unfunded, with an increase of \u20ac 48.6 million compared with the net liability of \u20ac 38.6 million
\n
at 31 December 2022.
\n
A quantitative sensitivity analysis of the significant assumptions used at 31 December 2023 is provided below. Specifically,
\n
it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assumption
\n
used.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
Discount rate
\n
-6.2%
\n
7.0%
\n
-5.7%
\n
6.3%
\n
-3.2%
\n
3.4%
\n
-2.8%
\n
3.0%
\n
-5.8%
\n
6.5%
\n
Future salary
\n
0.9%
\n
-0.9%
\n
0.2%
\n
-0.2%
\n
0.0%
\n
0.0%
\n
0.5%
\n
-0.5%
\n
0.7%
\n
-0.7%
\n
Future pension
\n
3.8%
\n
0.0%
\n
4.8%
\n
-4.5%
\n
0.0%
\n
0.0%
\n
0.0%
\n
0.0%
\n
3.7%
\n
-1.0%
\n
Future inflation rate
\n
0.0%
\n
0.0%
\n
3.5%
\n
-3.2%
\n
1.9%
\n
-1.9%
\n
0.0%
\n
0.0%
\n
0.8%
\n
-0.8%
\n
The sensitivity analysis shown above is based on a method involving extrapolation of the impact on the net obligation for
\n
defined benefit plans of reasonable changes to the key assumptions made at the end of the financial year.
\n
The following payments are the expected contributions that will be made in future years to provide for the obligations of
\n
the defined benefit plans.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
Within 12 months
\n
-11.9
\n
-5.0
\n
-0.9
\n
-0.5
\n
-18.4
\n
From 1 to 5 years
\n
-65.3
\n
-18.3
\n
-3.5
\n
-2.7
\n
-89.8
\n
From 5 to 10 years
\n
-68.7
\n
-17.8
\n
-6.3
\n
-6.3
\n
-99.0
\n
Total
\n
-145.9
\n
-41.1
\n
-10.7
\n
-9.6
\n
-207.2
\n
Average plan duration (years)
\n
12.9
\n
9.8
\n
7.9
\n
12.9
\n
10.9
\n Note 3.13 \u2013 Other current liabilities\n \n \n \n \n \n
In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.
\n
Contract liabilities include:
\n
\u2022
\n
Rights of Return
\n
\u2022
\n
After-sales service, which include Service maintenance contracts and Service type warranties
\n
\u2022
\n
Loyalty program
\n
31.12.2023
\n
31.12.2022
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Right of returns
\n
2.5
\n
0.0
\n
0.0
\n
2.5
\n
2.7
\n
0.0
\n
0.0
\n
2.7
\n
After-sales services
\n
47.0
\n
4.2
\n
7.2
\n
58.3
\n
39.1
\n
3.7
\n
7.8
\n
50.6
\n
Loyalty program
\n
17.8
\n
0.0
\n
0.0
\n
17.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
67.2
\n
4.2
\n
7.2
\n
78.6
\n
41.9
\n
3.7
\n
7.8
\n
53.4
\n \n \n \n \n \n \n \n \n \n \n
The table below presents the opening and closing balances of contract liabilities as well as movements during the years:
\n
Right of returns
\n
After-sales services
\n
Loyalty program
\n
Total
\n
Opening Balance 01.01.2023
\n
2.7
\n
50.6
\n
0.0
\n
53.4
\n
Perimeter variation
\n
0.0
\n
0.0
\n
11.8
\n
11.8
\n
Increase recognised
\n
0.0
\n
109.2
\n
18.8
\n
128.0
\n
Revenue recognised
\n
0.0
\n
-99.3
\n
-8.6
\n
-107.9
\n
Contracts cancelled
\n
0.0
\n
-3.9
\n
0.0
\n
-3.9
\n
Net variation invoicing
\n
0.0
\n
-0.8
\n
0.0
\n
-0.8
\n
Pay out
\n
0.0
\n
0.0
\n
-5.0
\n
-5.0
\n
Other changes to contract balances
\n
-0.3
\n
2.5
\n
0.8
\n
3.0
\n
Closing balance 31.12.2023
\n
2.5
\n
58.3
\n
17.8
\n
78.6
\n \n \n \n \n \n \n
6.6.4
\n
Other disclosures
\n FINANCIAL INSTRUMENTS\n \n \n
Below are the Group's financial instruments recognised by category and the level of confidence of their fair value meas-
\n
urements at 31 December 2023:
\n
31.12.2023
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through
\n
P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabili-
\n
ties at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
451.2
\n
0.0
\n
451.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
361.3
\n
0.0
\n
361.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
17.1
\n
18.0
\n
0.0
\n
35.1
\n
0.0
\n
17.1
\n
0.0
\n
17.1
\n
Financial assets
\n
2.5
\n
2.4
\n
1.1
\n
0.8
\n
0.0
\n
4.4
\n
0.0
\n
0.0
\n
3.6
\n
3.6
\n
Total
\n
2.4
\n
18.2
\n
831.3
\n
0.0
\n
852.0
\n
0.0
\n
17.1
\n
3.6
\n
20.7
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
459.2
\n
459.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
19.1
\n
0.0
\n
53.4
\n
72.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
46.7
\n
46.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non-current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
942.1
\n
942.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
19.1
\n
0.0
\n
1,501.4
\n
1,520.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Financial instruments bal-
\n
ance
\n
2.4
\n
-0.9
\n
831.3
\n
-1,501.4
\n
-668.5
\n
0.0
\n
-2.0
\n
3.6
\n
1.6
\n
(*)
\n
For such categories the carrying amount approximates the fair value
\n \n \n \n \n
The financial instruments of the Group, recognised in the financial statements with a similar breakdown at 31 December
\n
2022, are shown in the table below:
\n
31.12.2022
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabilities
\n
at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
999.3
\n
0.0
\n
999.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
308.4
\n
0.0
\n
308.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
34.8
\n
10.2
\n
2.0
\n
47.1
\n
0.0
\n
34.8
\n
0.0
\n
34.8
\n
Financial assets
\n
2.5
\n
4.0
\n
1.1
\n
1.0
\n
0.0
\n
6.1
\n
0.0
\n
0.0
\n
5.1
\n
5.1
\n
Total
\n
4.0
\n
35.9
\n
1,318.9
\n
2.0
\n
1,360.8
\n
0.0
\n
34.8
\n
5.1
\n
39.9
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
481.4
\n
481.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
4.8
\n
0.0
\n
44.8
\n
49.7
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
32.7
\n
32.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non
\n
-
\n
current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
865.2
\n
865.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
4.8
\n
0.0
\n
1,424.0
\n
1,428.8
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Financial instruments
\n
balance
\n
4.0
\n
31.1
\n
1,318.9
\n
-1,422.0
\n
-68.0
\n
0.0
\n
30.0
\n
5.1
\n
35.0
\n
(*) For such categories the carrying amount approximates the fair value
\n
Notes:
\n
Level 1: listed prices on an active market for the asset or liability being measured.
\n
Level 2: inputs other than listed prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived
\n
from prices).
\n
Level 3: unobservable inputs for the asset or liability.
\n
As the above table shows, at the reporting date, there were no differences between the carrying amounts of financial
\n
instruments and the corresponding fair value. In particular, among the non-current financial assets, obligations are mainly
\n
stated at fair value.
\n \n \n CREDIT RISK\n \n \n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n \n \n \n \n Depreciation grid\n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228193447620": { "value": "\n \n
xiv.
\n
Employment benefits
\n \n \n \n
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.
\n
The procedures for providing these benefits vary depending on the legal, fiscal and economic conditions in each country
\n
in which the Group operates.
\n
Employee benefits are accounted under IAS 19 and IFRS 2.
\n
Group companies provide post-employment benefits through defined contribution and/or defined benefit plans.
\n \n Post-employment benefitsi. Defined benefit plans\n \n
The Group\u2019s obligations and the annual cost reported in the income statement are determined by independent actuaries
\n
using the projected unit credit method.
\n
The net cumulative value of actuarial gains and losses is recorded directly in the statement of other comprehensive in-
\n
come and is not subsequently recognised in the income statement. The costs associated with an increase in the present
\n
value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses.
\n
Service costs are posted to the income statement.
\n
The liability recognised represents the present value of the defined benefit obligation, less the present value of plan
\n
assets. If an amendment to the plan changes the benefits accruing from past service, the costs arising from past service
\n
are recognised in the income statement at the time the change to the plan is made. The same treatment is applied if
\n
there is a change to the plan that reduces the number of employees or that amends the terms and conditions of the plan
\n
(the treatment is the same, regardless of whether the final result is a profit or a loss).
\n
For defined benefit plans, remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding
\n
amounts included in net interest on the net defined benefit/contribution liability and the return on plan assets (excluding
\n
amounts included in net interest on the net defined benefit/contribution liability), are recognised immediately in the
\n
statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in
\n
which they occur. Remeasurements are not reclassified to the income statement in subsequent periods.
\n
Past service costs are recognised in the income statement on the earlier of:
\n
\u2022
\n
The date of the plan amendment or curtailment, and
\n
\u2022
\n
The date that the Group recognises related restructuring costs
\n
Net interest is calculated by applying the discount rate to the net defined benefit/contribution liability or asset. The Group
\n
recognises the following changes in the net defined benefit/contribution obligation under \u2018cost of sales\u2019, \u2018administration
\n
expenses\u2019 and \u2018selling and distribution expenses\u2019 in the consolidated income statement (by nature):
\n
\u2022
\n
Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
\n
settlements
\n
\u2022
\n
Net interest expense or income
\n \n ii. Defined contribution plans\n
Since the Group fulfils its obligations by paying contributions to a separate entity (a fund), with no further obligations,
\n
the company records its contributions to the fund in respect of employees\u2019 service, without making any actuarial calcu-
\n
lation.
\n
Where these contributions have already been paid at the reporting date, no liabilities are recorded in the financial state-
\n
ments.
\n Share-based payments\n \n
Employees (including senior executives) of the Group receive remuneration in the form of share-based payments,
\n
whereby employees render services as consideration for equity instruments (equity-settled transactions).
\n \n Equity-settled transactions\n \n
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an ap-
\n
propriate valuation model.
\n \n \n \n
That cost is recognised in employee benefits expense, together with a corresponding increase in equity (other capital
\n
reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting
\n
period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date
\n
reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instru-
\n
ments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in
\n
cumulative expense recognised at the beginning and end of that period. Service and non-market performance conditions
\n
are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions
\n
being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award,
\n
but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\n
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service
\n
and/or performance conditions.
\n
No expense is recognised for awards that do not ultimately vest because non-market performance and/or service condi-
\n
tions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested
\n
irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or ser-
\n
vice conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognised
\n
is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An addi-
\n
tional expense, measured as at the date of modification, is recognised for any modification that increases the total fair
\n
value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled
\n
by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately
\n
through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computa-
\n
tion of diluted earnings per share.
\n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n Defined benefit plans (pension benefits)\n \n
The cost of the defined benefit pension plan and other post-employment medical benefits and the present value of the
\n
pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions
\n
that may differ from actual developments in the future. These include the determination of the discount rate, future
\n
salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its
\n
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
\n
reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appro-
\n
priate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the cur-
\n
rencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally
\n
acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of
\n
the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads
\n
are excluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high
\n
quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those
\n
mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension
\n
increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013
\n
Post-employment benefits\u2019.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201225687": { "value": "Share-based payments\n
Employees (including senior executives) of the Group receive remuneration in the form of share-based payments,
\n
whereby employees render services as consideration for equity instruments (equity-settled transactions).
\n Equity-settled transactions\n
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an ap-
\n
propriate valuation model.
\n \n
That cost is recognised in employee benefits expense, together with a corresponding increase in equity (other capital
\n
reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting
\n
period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date
\n
reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instru-
\n
ments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in
\n
cumulative expense recognised at the beginning and end of that period. Service and non-market performance conditions
\n
are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions
\n
being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award,
\n
but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\n
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service
\n
and/or performance conditions.
\n
No expense is recognised for awards that do not ultimately vest because non-market performance and/or service condi-
\n
tions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested
\n
irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or ser-
\n
vice conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognised
\n
is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An addi-
\n
tional expense, measured as at the date of modification, is recognised for any modification that increases the total fair
\n
value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled
\n
by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately
\n
through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computa-
\n
tion of diluted earnings per share.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228041031599": { "value": "\n
xv.
\n
Grants
\n
Government grants, obtained against investments, are recognised in the income statement when the conditions for
\n
recognition are met (i.e. when there is reasonable certainty of recognition) as deferred income, over the period required
\n
to relate them to their respective costs.
\n
When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related
\n
asset.
\n
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and
\n
released to the income statement over the expected useful life of the asset, based on the pattern of consumption of the
\n
benefits of the underlying asset by equal annual instalments.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201744966": { "value": "\n
xvi.
\n
Revenue and income
\n \n
Revenue is recognised when control of the goods and services has been transferred and the Group\u2019s performance obli-
\n
gations to its customers have been satisfied. Revenue is measured as the amount of consideration the Group expects to
\n
receive in exchange for transferring goods or providing services. The timing of when the Group transfers the goods or
\n
services to the customer may differ from the timing of the customer\u2019s payment. Revenues are stated net of discounts,
\n
allowances, settlement discounts and rebates.
\n
The Ariston Group typically provides warranties for general repairs of defects that existed at the time of sale, as required
\n
by law. Contractual warranties required by law do not represent a separate performance obligation and the cost of such
\n
warranties is recognised at the time of the transfer of control of the related good.
\n
The Group also provides extended warranty. These service-type warranties are sold either separately or bundled together
\n
with the sale of products and represent a separate performance obligation, in accordance with accounting principle IFRS
\n
15. The revenue from extended warranties is generally recognised over the time, on the basis of the period in which the
\n
service is provided.
\n
Ariston Group revenue streams are described in the following table.
\n \n
Revenue stream
\n
Revenue stream description
\n
% Revenues
\n
2023
\n
% Revenues
\n
2022
\n
Professional
\n
Customers are mainly installers, medium-large distribu-
\n
tors and professionals in the field of Thermal Comfort.
\n
Standard T&Cs apply and the main performance obliga-
\n
tion is characterised by the sale of finished products in-
\n
cluding variable considerations too.
\n
The Group acts as principal.
\n
79%
\n
73%
\n
DIY (Do it yourself)
\n
Customers are large retailers. The main performance obli-
\n
gation is characterised by the sale of finished products
\n
and the variable considerations are significant.
\n
T&Cs are decided by the customer by means
\n
of annual framework agreements.
\n
The Group acts as principal.
\n
5%
\n
7%
\n
Business-to-business
\n
(B2B)
\n
The main performance obligation is characterised by the
\n
sale of components, burners and heating only for specific
\n
projects: e.g., for institutions (schools, hospitals, etc.).
\n
The Group acts as principal.
\n
6%
\n
8%
\n
Service
\n
Indirect service
\n
: maintenance and repair services offered
\n
through Technical Support to the end customer.
\n
Direct service
\n
: maintenance and repair services offered di-
\n
rectly to the end customer.
\n
Spare Parts
\n
: Related to Service activities (in PL reported as
\n
Net Revenue from Sales).
\n
The Group acts as principal.
\n
10%
\n
12%
\n
Total
\n
100%
\n
100%
\n \n
Assets and liabilities arising from rights of return
\n
Right of return assets
\n
A right-of-return asset is recognised for the right to recover the goods expected to be returned by customers. The asset
\n
is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any po-
\n
tential decreases in value. The Group updates the measurement of the asset for any revisions to the expected level of
\n
returns and any additional decreases in the value of the returned products.
\n
Refund liabilities
\n
A refund liability is recognised for the obligation to refund some or all of the consideration received (or receivable) from
\n
a customer. The Group\u2019s refund liabilities arise from customers\u2019 right of return. The liability is measured at the amount
\n
the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities
\n
(and the corresponding change in the transaction price) at the end of each reporting period.
\n
Regarding the use of significant assumptions refer to sub-paragraph \u2018
\n
Revenue recognition\u2019
\n
included in the paragraph
\n
\u2018
\n
Significant assumptions\u2019.
\n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n Revenue recognition - Estimating variable consideration for returns and volume rebates\n
The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of
\n
return and volume rebates.
\n
The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of
\n
each product to come up with expected return percentages. These percentages are applied to determine the expected
\n
value of the variable consideration. Any significant changes in experience as compared to the historical return pattern
\n
will impact the expected return percentages estimated by the Group.
\n
The Group\u2019s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single
\n
volume threshold. Determining whether a customer will be likely entitled to a rebate will depend on the customer\u2019s
\n
historical rebates entitlement and accumulated purchases to date.
\n
The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his-
\n
torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the
\n
expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing
\n
patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group.
\n
Further disclosure is in \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228202607695": { "value": "Deferred tax\n \n
Deferred taxes are those that the Group expects to settle or recover based on the temporary differences between the
\n
carrying value of assets and liabilities and their corresponding tax values used for calculating taxable income. They are
\n
recognised using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem-
\n
porary differences, whereas deferred tax assets are recognised only if it is probable that there will be future taxable
\n
income against which deductible temporary differences can be used. Deferred tax liabilities are recognised for all taxable
\n
temporary differences, except:
\n
\u2022
\n
if the temporary differences derive from goodwill or the initial recognition (not in business combinations) of
\n
other assets or liabilities in transactions that do not affect the profit (loss) for the year or the taxable income;
\n
\u2022
\n
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests
\n
in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is
\n
probable that the temporary differences will not reverse in the foreseeable future.
\n
The carrying value of deferred tax assets is reviewed at each reporting date and impaired, if it is no longer probable that
\n
sufficient taxable income exists that can enable recovery of all or part of the assets.
\n
In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in
\n
joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differ-
\n
ences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences
\n
can be utilised.
\n
Deferred taxes are calculated at the tax rate that is expected to be applied when the asset is realised or the liability
\n
extinguished. Deferred taxes are recognised directly in the income statement, except for those related to items recog-
\n
nised directly under equity, in which case the deferred taxes are also recognised under equity.
\n
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
\n
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
\n
levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either
\n
to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in
\n
each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recov-
\n
ered.
\n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n Taxes\n \n
Income taxes include all taxes based upon the taxable profits of the Group. Taxes on income are recognised in the income
\n
statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in
\n
which case the related tax effects are recognised directly in equity or in other comprehensive income. Deferred taxes are
\n
calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol-
\n
idated Financial Statements, Deferred tax assets relating to the carry-forward of unused tax losses are recognised to the
\n
extent it is probable future profits will be available against which they can be utilised. Current and deferred income tax
\n
assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a
\n
legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted
\n
tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in
\n
which the temporary differences reverse. Other taxes not based on taxable profits, such as property taxes and taxes on
\n
capital, are included in operating expenses. Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax
\n
assets and liabilities\u2019.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228041510405": { "value": "\n
xviii.
\n
Earnings per share
\n
The basic earnings per share are calculated by dividing the portion of profit/loss attributable to the Group by the weighted
\n
average of the outstanding shares of the year.
\n
The diluted earnings per share are calculated by taking into account, both as regards the portion of profit/loss attributable
\n
to the Group and the above-mentioned weighted average, the impact deriving from the total subscription/conversion of
\n
all potential shares that may be issued through the exercise of outstanding options.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228041627854": { "value": "\n
xix.
\n
Dividends
\n
Dividends are recognised as changes in equity in the year when the Group\u2019s unconditional right to receive payment arises,
\n
that is when the general meeting approves the distribution of dividends.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228103638729": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Contingent liabilities
\n \n \n
The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable
\n
event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be-
\n
comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial
\n
Statements. The Group could be subject of legal and tax proceedings from various jurisdictions and for complex issues
\n
therefore eventually monitoring the status of pending legal proceedings consulting with experts on a regular basis. Due
\n
to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such
\n
disputes with any certainty.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190410355": { "value": "\n \n \n \n \n \n \n \n \n
xxi.
\n
Significant accounting judgements, estimates and assumptions
\n \n \n \n \n \n \n \n \n Revenue recognition - Estimating variable consideration for returns and volume rebates\n \n
The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of
\n
return and volume rebates.
\n
The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of
\n
each product to come up with expected return percentages. These percentages are applied to determine the expected
\n
value of the variable consideration. Any significant changes in experience as compared to the historical return pattern
\n
will impact the expected return percentages estimated by the Group.
\n
The Group\u2019s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single
\n
volume threshold. Determining whether a customer will be likely entitled to a rebate will depend on the customer\u2019s
\n
historical rebates entitlement and accumulated purchases to date.
\n
The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his-
\n
torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the
\n
expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing
\n
patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group.
\n
Further disclosure is in \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228112912566": { "value": "TaxesOther taxes not based on taxable profits, such as property taxes and taxes oncapital, are included in operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228042149124": { "value": "\n \n
6.5
\n
Changes in accounting standards
\n
The accounting policies adopted in the preparation of the Consolidated Financial Statements as of 31 December 2023 are
\n
consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year
\n
ended 31 December 2022, except for the adoption of new standards effective as of 1 January 2023. The Group has not
\n
early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
\n
Several amendments apply for the first time in 2023, but do not have an impact on the Consolidated Financial Statements
\n
of the Group.
\n
i.
\n
Summary of the new accounting standards adopted by the Group from 1 January 2023
\n
As from 1 January 2023 the following amendments of accounting standards have become applicable to the Group:
\n
\u2022
\n
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
\n
The IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as
\n
current or non-current by clarifying:
\n
-
\n
What is meant by a right to defer settlement
\n
-
\n
That a right to defer must exist at the end of the reporting period
\n
-
\n
That classification is unaffected by the likelihood that an entity will exercise its deferral right
\n
-
\n
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a
\n
liability not impact its classification.
\n
These amendments were applied for the first time in 2023 with the disclosures of these consolidated financial state-
\n
ments, which were adapted accordingly.
\n
\u2022
\n
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2
\n
In February 2021 the IASB issued amendments to IAS 1
\n
Presentation of Financial Statements
\n
and IFRS
\n
Practice State-
\n
ment 2: Disclosure of Accounting policies
\n
which require companies to disclose their material accounting policy infor-
\n
mation rather than their material accounting policies and provide guidance on how to apply the concept of materiality
\n
to accounting policy disclosures.
\n
Ariston has updated the Consolidated Financial Statements in compliance with these amendments.
\n
\u2022
\n
Definition of Accounting Estimates - Amendments to IAS 8
\n
In February 2021 the IASB issued amendments to IAS 8
\n
Accounting Policies, Changes in Accounting Estimates and
\n
Errors: Definition of Accounting Estimates
\n
which clarify how companies should distinguish changes in accounting pol-
\n
icies from changes in accounting estimates.
\n
These amendments had no impact on the Consolidated Financial Statements of the Group because there were no
\n
changes in accounting policies and accounting estimates.
\n
\u2022
\n
IFRS 17 - Insurance Contracts
\n
In May 2017 the IASB issued IFRS 17
\n
Insurance Contracts
\n
, which establishes principles for the recognition, measure-
\n
ment, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts
\n
held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amend-
\n
ments to IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their
\n
financial performance.
\n
The new standard and amendments had no impact on the Consolidated Financial Statements of the Group given that
\n
Ariston did not issue any insurance contracts.
\n
\u2022
\n
Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12
\n
In May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial recognition exception
\n
under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary
\n
differences.
\n
The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative
\n
period presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset
\n \n \n \n
(provided that sufficient taxable profit is available) and a deferred tax liability should also be recognised for all deduct-
\n
ible and taxable temporary differences associated with leases and decommissioning obligations.
\n
These amendments had no impact on the Consolidated Financial Statements of the Group because the accounting in
\n
place was already in line with amendments required.
\n
\u2022
\n
International Tax Reform - Pillar two model rules - Amendments to IAS 12
\n
On 23 May 2023 the IASB issued the International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 to
\n
provide relief to entities impacted by the Base Erosion and Profit Sharing (\u201cBEPS\u201d) Pillar Two model rules. The amend-
\n
ments aim to avoid inconsistent interpretations of IAS 12 Income Taxes and to improve the information provided to
\n
users of financial statements before and after Pillar Two legislation comes into effect. The amendments introduce a
\n
mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation
\n
of the Pillar Two model rules. The amendments also include disclosure requirements to help users of the financial
\n
statements to better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, partic-
\n
ularly before its effective date. The mandatory temporary exception was effective immediately upon issuance of the
\n
amendment, while the disclosure requirements apply for annual reporting periods beginning on or after 1 January
\n
2023, but not for any interim periods ending on or before 31 December
\n
2023. On 8 November
\n
2023, the EU Regula-
\n
tions 2023/2468 has adopted the IAS 12 Pillar Two changes.
\n
For further information please refer to \u2018Note 1.12 \u2013 Taxes\u2019.
\n
ii.
\n
Accounting standards, amendments and interpretations issued but not yet effective
\n
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of
\n
the Group\u2019s Consolidated Financial Statements are disclosed below. The Group intends to adopt these new and amended
\n
standards and interpretations, if applicable, when they become effective.
\n
\u2022
\n
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
\n
In September 2022, the International Accounting Standards Board (IASB)
\n
issued 'Lease Liability in a Sale and Lease-
\n
back (Amendments to IFRS 16)' with amendments that clarify how a seller-lessee subsequently measures sale and
\n
leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.
\n
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) requires a seller-lessee to subsequently measure
\n
lease liabilities arising from a leaseback in a way that does not recognise any amount of the gain or loss that relates
\n
to the right of use it retains. The new requirements do not prevent a seller-lessee from recognising in the income
\n
statement any gain or loss relating to the partial or full termination of a lease.
\n
The new amendments are effective on or after 1 January 2024. The amendments are not expected to have a material
\n
impact on the Group.
\n
\u2022
\n
Classification of debt with covenants \u2013 Amendments to IAS 1
\n
In October 2022, the International Accounting Standards Board (IASB) issued amendments to \u2018IAS 1 \u2014 Presentation
\n
of Financial Statements: Non-current Liabilities with Covenants\u2019, that clarify how conditions which an entity must
\n
comply with within twelve months after the reporting period affect the classification of a liability.
\n
The new amendments are effective on or after 1 January 2024. The amendments are not expected to have a material
\n
impact on the Group.
\n
\u2022
\n
Supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7
\n
On 25 May 2023, the IASB issued Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) to add disclosure
\n
requirements, and \u2018signposts\u2019 within existing disclosure requirements, that ask entities to provide qualitative and
\n
quantitative information about supplier finance arrangements. The amendments are intended to enable users of fi-
\n
nancial statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows and on the
\n
entity\u2019s exposure to liquidity risk.
\n
The amendments require an entity to disclose the following for its supplier finance arrangements:
\n
-
\n
the terms and conditions of the arrangements
\n \n \n \n
-
\n
the carrying amounts and associated line items of financial liabilities in the statement of financial position that
\n
are part of a supplier finance arrangement, with a breakdown of the amounts for which the suppliers have already
\n
received payment from the finance providers
\n
-
\n
ranges of payment due dates; and
\n
-
\n
liquidity risk information.
\n
The Group is evaluating the potential impact from the adoption of these amendments.
\n
\u2022
\n
Lack of Exchangeability \u2013 Amendments to IAS 21
\n
On 15 August 2023, the IASB issued Lack of Exchangeability (Amendments to IAS 21). The amendments clarify how an
\n
entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when
\n
there is no exchangeability, as well as require the disclosure of information that enables users of financial statements
\n
to understand the impact of a currency not being exchangeable.
\n
The new amendments are effective on 1 January 2025. The Group is evaluating the potential impact from the adoption
\n
of these amendments.
\n \n Note 1.12 \u2013 Taxes\n \n
Pillar two
\n
The OECD Pillar Two initiative aims to ensure that multinational corporations pay a minimum effective tax rate of 15
\n
percent on a jurisdictional basis. The implementation of the Global Minimum Tax, provided for in Directive No. 2022/2523
\n
of 15 December 2022 (implementing the OECD/G20 Pillar II proposal), is effective in Italy as from 1 January 2024 and it
\n
was implemented with Legislative Decree No. 209 of 27 December 2023. The Italian legislation related to Pillar Two will
\n
apply to Ariston Holding NV being a Duch company which is fiscally resident in Italy. Many other countries have initiated
\n
domestic legislative procedures to enact the related tax legislation as well.
\n
Since the Pillar II regulation is not effective at the 31 December 2023 closing, no current taxes arising from its application
\n
have been accounted for in these financial statements. Moreover, the Group has also applied the temporary exception,
\n \n \n \n
introduced in May 2023, regarding the accounting requirements for deferred taxes under IAS 12; therefore, no infor-
\n
mation on deferred tax assets and liabilities resulting from the application of Pillar II is herein provided.
\n
Given the complexity of the rules outlined in the above legislation, for the first three tax periods (for the Ariston Group -
\n
financial years 2024 to 2026) the possibility of applying a simplified regime has been provided for (so-called \u201ctransitional
\n
safe harbours\u201d). This simplified regime is primarily based on the application of three tests (De Minimis test, Simplified
\n
Effective Tax Rate test and Routine Profits test) for each jurisdiction. Passing at least one of these tests allows the non-
\n
application of Pillar Two\u2019s more detailed rules and the reduction in compliance burdens.
\n
Based on the analysis performed in relation to the 2022 safe harbour tests, the Ariston Group's exposure arising from the
\n
application of Pillar Two is evaluated as not material. However, the Ariston Group\u2019s assessment is in progress in relation
\n
to 2023 and it includes the analysis of the application of the transitional safe harbours in the jurisdictions in which the
\n
Group operates and the presence of a Pillar Two effective tax rate below 15 percent. The Company expects to complete
\n
the assessment in the first half of 2024.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228042522096": { "value": "\n
6.5
\n
Changes in accounting standards
\n
The accounting policies adopted in the preparation of the Consolidated Financial Statements as of 31 December 2023 are
\n
consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year
\n
ended 31 December 2022, except for the adoption of new standards effective as of 1 January 2023. The Group has not
\n
early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
\n
Several amendments apply for the first time in 2023, but do not have an impact on the Consolidated Financial Statements
\n
of the Group.
\n
i.
\n
Summary of the new accounting standards adopted by the Group from 1 January 2023
\n
As from 1 January 2023 the following amendments of accounting standards have become applicable to the Group:
\n
\u2022
\n
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
\n
The IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as
\n
current or non-current by clarifying:
\n
-
\n
What is meant by a right to defer settlement
\n
-
\n
That a right to defer must exist at the end of the reporting period
\n
-
\n
That classification is unaffected by the likelihood that an entity will exercise its deferral right
\n
-
\n
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a
\n
liability not impact its classification.
\n
These amendments were applied for the first time in 2023 with the disclosures of these consolidated financial state-
\n
ments, which were adapted accordingly.
\n
\u2022
\n
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2
\n
In February 2021 the IASB issued amendments to IAS 1
\n
Presentation of Financial Statements
\n
and IFRS
\n
Practice State-
\n
ment 2: Disclosure of Accounting policies
\n
which require companies to disclose their material accounting policy infor-
\n
mation rather than their material accounting policies and provide guidance on how to apply the concept of materiality
\n
to accounting policy disclosures.
\n
Ariston has updated the Consolidated Financial Statements in compliance with these amendments.
\n
\u2022
\n
Definition of Accounting Estimates - Amendments to IAS 8
\n
In February 2021 the IASB issued amendments to IAS 8
\n
Accounting Policies, Changes in Accounting Estimates and
\n
Errors: Definition of Accounting Estimates
\n
which clarify how companies should distinguish changes in accounting pol-
\n
icies from changes in accounting estimates.
\n
These amendments had no impact on the Consolidated Financial Statements of the Group because there were no
\n
changes in accounting policies and accounting estimates.
\n
\u2022
\n
IFRS 17 - Insurance Contracts
\n
In May 2017 the IASB issued IFRS 17
\n
Insurance Contracts
\n
, which establishes principles for the recognition, measure-
\n
ment, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts
\n
held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amend-
\n
ments to IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their
\n
financial performance.
\n
The new standard and amendments had no impact on the Consolidated Financial Statements of the Group given that
\n
Ariston did not issue any insurance contracts.
\n
\u2022
\n
Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12
\n
In May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial recognition exception
\n
under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary
\n
differences.
\n
The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative
\n
period presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset
\n \n
(provided that sufficient taxable profit is available) and a deferred tax liability should also be recognised for all deduct-
\n
ible and taxable temporary differences associated with leases and decommissioning obligations.
\n
These amendments had no impact on the Consolidated Financial Statements of the Group because the accounting in
\n
place was already in line with amendments required.
\n
\u2022
\n
International Tax Reform - Pillar two model rules - Amendments to IAS 12
\n
On 23 May 2023 the IASB issued the International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 to
\n
provide relief to entities impacted by the Base Erosion and Profit Sharing (\u201cBEPS\u201d) Pillar Two model rules. The amend-
\n
ments aim to avoid inconsistent interpretations of IAS 12 Income Taxes and to improve the information provided to
\n
users of financial statements before and after Pillar Two legislation comes into effect. The amendments introduce a
\n
mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation
\n
of the Pillar Two model rules. The amendments also include disclosure requirements to help users of the financial
\n
statements to better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, partic-
\n
ularly before its effective date. The mandatory temporary exception was effective immediately upon issuance of the
\n
amendment, while the disclosure requirements apply for annual reporting periods beginning on or after 1 January
\n
2023, but not for any interim periods ending on or before 31 December
\n
2023. On 8 November
\n
2023, the EU Regula-
\n
tions 2023/2468 has adopted the IAS 12 Pillar Two changes.
\n
For further information please refer to \u2018Note 1.12 \u2013 Taxes\u2019.
\n
ii.
\n
Accounting standards, amendments and interpretations issued but not yet effective
\n
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of
\n
the Group\u2019s Consolidated Financial Statements are disclosed below. The Group intends to adopt these new and amended
\n
standards and interpretations, if applicable, when they become effective.
\n
\u2022
\n
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
\n
In September 2022, the International Accounting Standards Board (IASB)
\n
issued 'Lease Liability in a Sale and Lease-
\n
back (Amendments to IFRS 16)' with amendments that clarify how a seller-lessee subsequently measures sale and
\n
leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.
\n
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) requires a seller-lessee to subsequently measure
\n
lease liabilities arising from a leaseback in a way that does not recognise any amount of the gain or loss that relates
\n
to the right of use it retains. The new requirements do not prevent a seller-lessee from recognising in the income
\n
statement any gain or loss relating to the partial or full termination of a lease.
\n
The new amendments are effective on or after 1 January 2024. The amendments are not expected to have a material
\n
impact on the Group.
\n
\u2022
\n
Classification of debt with covenants \u2013 Amendments to IAS 1
\n
In October 2022, the International Accounting Standards Board (IASB) issued amendments to \u2018IAS 1 \u2014 Presentation
\n
of Financial Statements: Non-current Liabilities with Covenants\u2019, that clarify how conditions which an entity must
\n
comply with within twelve months after the reporting period affect the classification of a liability.
\n
The new amendments are effective on or after 1 January 2024. The amendments are not expected to have a material
\n
impact on the Group.
\n
\u2022
\n
Supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7
\n
On 25 May 2023, the IASB issued Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) to add disclosure
\n
requirements, and \u2018signposts\u2019 within existing disclosure requirements, that ask entities to provide qualitative and
\n
quantitative information about supplier finance arrangements. The amendments are intended to enable users of fi-
\n
nancial statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows and on the
\n
entity\u2019s exposure to liquidity risk.
\n
The amendments require an entity to disclose the following for its supplier finance arrangements:
\n
-
\n
the terms and conditions of the arrangements
\n \n
-
\n
the carrying amounts and associated line items of financial liabilities in the statement of financial position that
\n
are part of a supplier finance arrangement, with a breakdown of the amounts for which the suppliers have already
\n
received payment from the finance providers
\n
-
\n
ranges of payment due dates; and
\n
-
\n
liquidity risk information.
\n
The Group is evaluating the potential impact from the adoption of these amendments.
\n
\u2022
\n
Lack of Exchangeability \u2013 Amendments to IAS 21
\n
On 15 August 2023, the IASB issued Lack of Exchangeability (Amendments to IAS 21). The amendments clarify how an
\n
entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when
\n
there is no exchangeability, as well as require the disclosure of information that enables users of financial statements
\n
to understand the impact of a currency not being exchangeable.
\n
The new amendments are effective on 1 January 2025. The Group is evaluating the potential impact from the adoption
\n
of these amendments.
\n Note 1.12 \u2013 Taxes\n
Pillar two
\n
The OECD Pillar Two initiative aims to ensure that multinational corporations pay a minimum effective tax rate of 15
\n
percent on a jurisdictional basis. The implementation of the Global Minimum Tax, provided for in Directive No. 2022/2523
\n
of 15 December 2022 (implementing the OECD/G20 Pillar II proposal), is effective in Italy as from 1 January 2024 and it
\n
was implemented with Legislative Decree No. 209 of 27 December 2023. The Italian legislation related to Pillar Two will
\n
apply to Ariston Holding NV being a Duch company which is fiscally resident in Italy. Many other countries have initiated
\n
domestic legislative procedures to enact the related tax legislation as well.
\n
Since the Pillar II regulation is not effective at the 31 December 2023 closing, no current taxes arising from its application
\n
have been accounted for in these financial statements. Moreover, the Group has also applied the temporary exception,
\n \n
introduced in May 2023, regarding the accounting requirements for deferred taxes under IAS 12; therefore, no infor-
\n
mation on deferred tax assets and liabilities resulting from the application of Pillar II is herein provided.
\n
Given the complexity of the rules outlined in the above legislation, for the first three tax periods (for the Ariston Group -
\n
financial years 2024 to 2026) the possibility of applying a simplified regime has been provided for (so-called \u201ctransitional
\n
safe harbours\u201d). This simplified regime is primarily based on the application of three tests (De Minimis test, Simplified
\n
Effective Tax Rate test and Routine Profits test) for each jurisdiction. Passing at least one of these tests allows the non-
\n
application of Pillar Two\u2019s more detailed rules and the reduction in compliance burdens.
\n
Based on the analysis performed in relation to the 2022 safe harbour tests, the Ariston Group's exposure arising from the
\n
application of Pillar Two is evaluated as not material. However, the Ariston Group\u2019s assessment is in progress in relation
\n
to 2023 and it includes the analysis of the application of the transitional safe harbours in the jurisdictions in which the
\n
Group operates and the presence of a Pillar Two effective tax rate below 15 percent. The Company expects to complete
\n
the assessment in the first half of 2024.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228115537430": { "value": "\n
6.6
\n
Disclosure to the Financial Statements
\n
This section details the results and performance for the period ended 31 December 2023.
\n
During the year ending 31 December 2023 certain reclassifications on the consolidated accounts were recorded for a
\n
better representation of the business transactions within the nature accounts lines and therefore the comparative Finan-
\n
cial
\n
Statements. These reclassifications impacted the \u201cServices\u201d and \u201cProvisions\u201d accounts.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228043213381": { "value": "\n
Note 1.1 \u2013 Revenue and Income
\n \n
During 2023, the Group recorded revenue of \u20ac 3,091.8 million, compared to \u20ac 2,378.8 million in the previous year, with
\n
an increase of \u20ac 713.0 million (+30.0%).
\n \n \n \n
The increase arises from the organic growth of the Group and from a perimeter variation related to the business combi-
\n
nation with Wolf-Brink concluded in January 2023. The Revenue item can be broken down as follows:
\n \n \n \n \n \n
Revenue and Income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Revenue from sales
\n
2,903.2
\n
2,223.7
\n
Revenue from services
\n
174.2
\n
140.5
\n
Other revenue
\n
14.4
\n
14.6
\n
Net revenue
\n
3,091.8
\n
2,378.8
\n
Other revenue and income
\n
58.3
\n
42.7
\n
Total
\n
3,150.1
\n
2,421.5
\n
\u201cOther revenue and income\u201d totalled \u20ac 58.3 million at 31 December 2023 and \u20ac 42.7 million at 31 December 2022.
\n
\u201cOther revenue and income\u201d is represented by items that do not directly refer to the production activities of the Group
\n
but are all the same connected to the core business.
\n
They included income related to no longer due payables, the gains on the disposal of fixed assets, and other income.
\n
At 31 December 2023, they totalled \u20ac 58.3 million, an increase of \u20ac 15.6 million compared to the same period of the
\n
previous year, mainly due to an insurance reimbursement linked to the extraordinary flash floods which occurred on 15
\n
September 2022 in Marche region in Italy and to a perimeter variation.
\n \n \n \n \n \n
Revenue by business line
\n
Thermal Comfort
\n
. Serves the Group's three main business categories, Hot Water, Heating and Air Treatment, and repre-
\n
sents the Group's largest division, recording revenue for 2023 of \u20ac 2,910.5 million, or 94.1% of total revenue, compared
\n
to \u20ac 2,187.4 million in 2022, or 92.0%, up \u20ac 723.1 million or 33.1% (of which -2.0%
\n
organic and foreign exchange impact).
\n
On 2 January, the Ariston Group completed the acquisition of Wolf-Brink (previously called \u201cCENTROTEC Climate Sys-
\n
tems\u201d) which is included in the Ariston Group\u2019s perimeter starting from January 2023. The revenue increase related to
\n
the perimeter variation as at 31 December 2023 is equal to \u20ac 808.2 million, entirely included in the Thermal Comfort
\n
perimeter. Wolf-Brink is active mainly in Germany and the Netherlands with the Wolf, Brink and Nedair brands in the
\n
heating, air handling and ventilation industries.
\n
Components
\n
. Recorded net revenue of \u20ac 88.4 million for 2023, or 2.9% of total net revenue, compared to \u20ac 95.5 million
\n
in 2022, or 4.0%, down \u20ac 7.1 million or 7.4% (of which -6.6% organic and foreign exchange impact). The decrease in
\n
revenue was driven by a slowdown both in the Professional business due to a general crisis on the Ho.Re.Ca market and
\n
in Domestic business due to customers\u2019 high stock levels.
\n \n \n \n \n \n
Burners
\n
. Recorded net revenue of \u20ac 92.9 million for 2023, or 3.0% of total net revenue, compared to \u20ac 95.9 million in
\n
2022, or 4.0% of total revenue, with a \u20ac 3.0 million or 3.1% decrease (of which -3.0% organic and foreign exchange im-
\n
pact). The lower turnover is essentially due to a strong market slowdown in France and China that leads to a decrease in
\n
volumes partially offset by price increases and a more favourable mix.
\n \n \n
Net revenue by geographical area
\n \n \n
At 31 December 2023 the net revenue by main country is detailed below:
\n
Country
\n
2023
\n
2022
\n
Netherlands (country of domicile)
\n
132.5
\n
56.6
\n
Germany
\n
811.7
\n
110.2
\n
Italy
\n
310.6
\n
374.6
\n
France
\n
230.0
\n
219.9
\n
Other countries
\n
1,607.0
\n
1,617.5
\n
Total
\n
3,091.8
\n
2,378.8
\n
Europe
\n
. Represents the Group's largest market, recording net revenue of \u20ac 2,281.4 million for 2023, or 73.8% of total
\n
revenue, compared to \u20ac 1,536.7 million, or 64.6%, in 2022, up \u20ac 744.7 million or 48.5% (of which -2.8% organic and
\n
foreign exchange impact). The decrease was entirely driven by the strong heating market slowdown in Italy due to the
\n
end of a government incentive scheme on renewable and high efficiency products. The growth on some important mar-
\n
kets \u2013 such as Germany, Switzerland, and France \u2013 was not able to compensate the strong heating market slowdown in
\n
Italy. On the water heating side with general stability in terms of volumes, the performance was driven by pricing that
\n
offset an unfavourable mix effect.
\n
Asia, Pacific & MEA
\n
. Represents the second largest market for the Group, recording net revenue of \u20ac 535.9 million for
\n
2023, or 17.3% of total revenue, compared to \u20ac 541.8 million, or 22.8%, in 2022, down \u20ac 5.9 million or -1.1% (of which
\n
4.2% organic and foreign exchange impact). The decrease was driven by the negative effect of the local currencies (mainly
\n
Chinese Renminbi, Australian Dollar, Israeli Shekel and South African Rand). The organic growth was driven by a booming
\n
water heating renewable market in Australia fuelled by a government incentive scheme and an overall positive effect on
\n
prices, partially offset by lower volumes essentially due to the decision to exit the Chinese domestic water heating market
\n
starting from Q2 2023.
\n
Americas
\n
. Represents the Group's third largest market and reported revenue of \u20ac 274.5 million for 2023, or 8.9% of total
\n
net revenue, compared to \u20ac 300.3 million, or 12.6%, in 2022, with a decrease of \u20ac 25.8 million, or -8.6% (of which -10.3%
\n
organic and foreign exchange impact). The decrease was due to a strong reduction on the US and Canadian heating
\n
market.
\n
On the water heating business the high level of customers\u2019 stock led to substantially stable volumes with a positive effect
\n
from prices associated with an unfavourable mix.
\n
Furthermore, the Group decided to stop its activities on the Argentinian market.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228120419652": { "value": "Note 1.1 \u2013 Revenue and Income\n \n
Revenue by business line
\n
Thermal Comfort
\n
. Serves the Group's three main business categories, Hot Water, Heating and Air Treatment, and repre-
\n
sents the Group's largest division, recording revenue for 2023 of \u20ac 2,910.5 million, or 94.1% of total revenue, compared
\n
to \u20ac 2,187.4 million in 2022, or 92.0%, up \u20ac 723.1 million or 33.1% (of which -2.0%
\n
organic and foreign exchange impact).
\n
On 2 January, the Ariston Group completed the acquisition of Wolf-Brink (previously called \u201cCENTROTEC Climate Sys-
\n
tems\u201d) which is included in the Ariston Group\u2019s perimeter starting from January 2023. The revenue increase related to
\n
the perimeter variation as at 31 December 2023 is equal to \u20ac 808.2 million, entirely included in the Thermal Comfort
\n
perimeter. Wolf-Brink is active mainly in Germany and the Netherlands with the Wolf, Brink and Nedair brands in the
\n
heating, air handling and ventilation industries.
\n
Components
\n
. Recorded net revenue of \u20ac 88.4 million for 2023, or 2.9% of total net revenue, compared to \u20ac 95.5 million
\n
in 2022, or 4.0%, down \u20ac 7.1 million or 7.4% (of which -6.6% organic and foreign exchange impact). The decrease in
\n
revenue was driven by a slowdown both in the Professional business due to a general crisis on the Ho.Re.Ca market and
\n
in Domestic business due to customers\u2019 high stock levels.
\n \n \n \n
Burners
\n
. Recorded net revenue of \u20ac 92.9 million for 2023, or 3.0% of total net revenue, compared to \u20ac 95.9 million in
\n
2022, or 4.0% of total revenue, with a \u20ac 3.0 million or 3.1% decrease (of which -3.0% organic and foreign exchange im-
\n
pact). The lower turnover is essentially due to a strong market slowdown in France and China that leads to a decrease in
\n
volumes partially offset by price increases and a more favourable mix.
\n \n Net revenue by geographical area\n \n
At 31 December 2023 the net revenue by main country is detailed below:
\n
Country
\n
2023
\n
2022
\n
Netherlands (country of domicile)
\n
132.5
\n
56.6
\n
Germany
\n
811.7
\n
110.2
\n
Italy
\n
310.6
\n
374.6
\n
France
\n
230.0
\n
219.9
\n
Other countries
\n
1,607.0
\n
1,617.5
\n
Total
\n
3,091.8
\n
2,378.8
\n
Europe
\n
. Represents the Group's largest market, recording net revenue of \u20ac 2,281.4 million for 2023, or 73.8% of total
\n
revenue, compared to \u20ac 1,536.7 million, or 64.6%, in 2022, up \u20ac 744.7 million or 48.5% (of which -2.8% organic and
\n
foreign exchange impact). The decrease was entirely driven by the strong heating market slowdown in Italy due to the
\n
end of a government incentive scheme on renewable and high efficiency products. The growth on some important mar-
\n
kets \u2013 such as Germany, Switzerland, and France \u2013 was not able to compensate the strong heating market slowdown in
\n
Italy. On the water heating side with general stability in terms of volumes, the performance was driven by pricing that
\n
offset an unfavourable mix effect.
\n
Asia, Pacific & MEA
\n
. Represents the second largest market for the Group, recording net revenue of \u20ac 535.9 million for
\n
2023, or 17.3% of total revenue, compared to \u20ac 541.8 million, or 22.8%, in 2022, down \u20ac 5.9 million or -1.1% (of which
\n
4.2% organic and foreign exchange impact). The decrease was driven by the negative effect of the local currencies (mainly
\n
Chinese Renminbi, Australian Dollar, Israeli Shekel and South African Rand). The organic growth was driven by a booming
\n
water heating renewable market in Australia fuelled by a government incentive scheme and an overall positive effect on
\n
prices, partially offset by lower volumes essentially due to the decision to exit the Chinese domestic water heating market
\n
starting from Q2 2023.
\n
Americas
\n
. Represents the Group's third largest market and reported revenue of \u20ac 274.5 million for 2023, or 8.9% of total
\n
net revenue, compared to \u20ac 300.3 million, or 12.6%, in 2022, with a decrease of \u20ac 25.8 million, or -8.6% (of which -10.3%
\n
organic and foreign exchange impact). The decrease was due to a strong reduction on the US and Canadian heating
\n
market.
\n
On the water heating business the high level of customers\u2019 stock led to substantially stable volumes with a positive effect
\n
from prices associated with an unfavourable mix.
\n
Furthermore, the Group decided to stop its activities on the Argentinian market.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228181437884": { "value": "Note 1.1 \u2013 Revenue and IncomeThe Revenue item can be broken down as follows:\n \n \n
Revenue and Income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Revenue from sales
\n
2,903.2
\n
2,223.7
\n
Revenue from services
\n
174.2
\n
140.5
\n
Other revenue
\n
14.4
\n
14.6
\n
Net revenue
\n
3,091.8
\n
2,378.8
\n
Other revenue and income
\n
58.3
\n
42.7
\n
Total
\n
3,150.1
\n
2,421.5
\n
\u201cOther revenue and income\u201d totalled \u20ac 58.3 million at 31 December 2023 and \u20ac 42.7 million at 31 December 2022.
\n
\u201cOther revenue and income\u201d is represented by items that do not directly refer to the production activities of the Group
\n
but are all the same connected to the core business.
\n
They included income related to no longer due payables, the gains on the disposal of fixed assets, and other income.
\n
At 31 December 2023, they totalled \u20ac 58.3 million, an increase of \u20ac 15.6 million compared to the same period of the
\n
previous year, mainly due to an insurance reimbursement linked to the extraordinary flash floods which occurred on 15
\n
September 2022 in Marche region in Italy and to a perimeter variation.
\n \n \n Note 1.6 \u2013 Other operating expenses\n \n
\u201cOther operating expenses\u201d amounted to \u20ac 32.5 million, versus \u20ac 30.4 million of the same period in the previous year,
\n
and can be detailed as follows:
\n
Other operating expenses
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Non-income tax and other levies
\n
11.5
\n
10.8
\n
Concession rights and other
\n
4.1
\n
2.6
\n
Losses on receivables
\n
0.9
\n
0.9
\n
Losses on assets
\n
0.3
\n
0.9
\n
Other operating expenses
\n
15.7
\n
15.2
\n
Total
\n
32.5
\n
30.4
\n
This item includes all ordinary operating expenses that cannot be recognised under other items.
\n \n \u2018Other operating expenses\u2019 mainly included office supplies, printing, subsidies, and contributions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228203631843": { "value": "Note 1.1 \u2013 Revenue and Income\n \n
The increase arises from the organic growth of the Group and from a perimeter variation related to the business combi-
\n
nation with Wolf-Brink concluded in January 2023. The Revenue item can be broken down as follows:
\n \n \n \n
Revenue and Income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Revenue from sales
\n
2,903.2
\n
2,223.7
\n
Revenue from services
\n
174.2
\n
140.5
\n
Other revenue
\n
14.4
\n
14.6
\n
Net revenue
\n
3,091.8
\n
2,378.8
\n
Other revenue and income
\n
58.3
\n
42.7
\n
Total
\n
3,150.1
\n
2,421.5
\n
\u201cOther revenue and income\u201d totalled \u20ac 58.3 million at 31 December 2023 and \u20ac 42.7 million at 31 December 2022.
\n
\u201cOther revenue and income\u201d is represented by items that do not directly refer to the production activities of the Group
\n
but are all the same connected to the core business.
\n
They included income related to no longer due payables, the gains on the disposal of fixed assets, and other income.
\n
At 31 December 2023, they totalled \u20ac 58.3 million, an increase of \u20ac 15.6 million compared to the same period of the
\n
previous year, mainly due to an insurance reimbursement linked to the extraordinary flash floods which occurred on 15
\n
September 2022 in Marche region in Italy and to a perimeter variation.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240229035930098": { "value": "Note 1.1 \u2013 Revenue and Income\n
During 2023, the Group recorded revenue of \u20ac 3,091.8 million, compared to \u20ac 2,378.8 million in the previous year, with
\n
an increase of \u20ac 713.0 million (+30.0%).
\n \n
The increase arises from the organic growth of the Group and from a perimeter variation related to the business combi-
\n
nation with Wolf-Brink concluded in January 2023. The Revenue item can be broken down as follows:
\n \n
Revenue and Income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Revenue from sales
\n
2,903.2
\n
2,223.7
\n
Revenue from services
\n
174.2
\n
140.5
\n
Other revenue
\n
14.4
\n
14.6
\n
Net revenue
\n
3,091.8
\n
2,378.8
\n
Other revenue and income
\n
58.3
\n
42.7
\n
Total
\n
3,150.1
\n
2,421.5
\n
\u201cOther revenue and income\u201d totalled \u20ac 58.3 million at 31 December 2023 and \u20ac 42.7 million at 31 December 2022.
\n
\u201cOther revenue and income\u201d is represented by items that do not directly refer to the production activities of the Group
\n
but are all the same connected to the core business.
\n
They included income related to no longer due payables, the gains on the disposal of fixed assets, and other income.
\n
At 31 December 2023, they totalled \u20ac 58.3 million, an increase of \u20ac 15.6 million compared to the same period of the
\n
previous year, mainly due to an insurance reimbursement linked to the extraordinary flash floods which occurred on 15
\n
September 2022 in Marche region in Italy and to a perimeter variation.
\n \n
Revenue by business line
\n
Thermal Comfort
\n
. Serves the Group's three main business categories, Hot Water, Heating and Air Treatment, and repre-
\n
sents the Group's largest division, recording revenue for 2023 of \u20ac 2,910.5 million, or 94.1% of total revenue, compared
\n
to \u20ac 2,187.4 million in 2022, or 92.0%, up \u20ac 723.1 million or 33.1% (of which -2.0%
\n
organic and foreign exchange impact).
\n
On 2 January, the Ariston Group completed the acquisition of Wolf-Brink (previously called \u201cCENTROTEC Climate Sys-
\n
tems\u201d) which is included in the Ariston Group\u2019s perimeter starting from January 2023. The revenue increase related to
\n
the perimeter variation as at 31 December 2023 is equal to \u20ac 808.2 million, entirely included in the Thermal Comfort
\n
perimeter. Wolf-Brink is active mainly in Germany and the Netherlands with the Wolf, Brink and Nedair brands in the
\n
heating, air handling and ventilation industries.
\n
Components
\n
. Recorded net revenue of \u20ac 88.4 million for 2023, or 2.9% of total net revenue, compared to \u20ac 95.5 million
\n
in 2022, or 4.0%, down \u20ac 7.1 million or 7.4% (of which -6.6% organic and foreign exchange impact). The decrease in
\n
revenue was driven by a slowdown both in the Professional business due to a general crisis on the Ho.Re.Ca market and
\n
in Domestic business due to customers\u2019 high stock levels.
\n \n
Burners
\n
. Recorded net revenue of \u20ac 92.9 million for 2023, or 3.0% of total net revenue, compared to \u20ac 95.9 million in
\n
2022, or 4.0% of total revenue, with a \u20ac 3.0 million or 3.1% decrease (of which -3.0% organic and foreign exchange im-
\n
pact). The lower turnover is essentially due to a strong market slowdown in France and China that leads to a decrease in
\n
volumes partially offset by price increases and a more favourable mix.
\n Net revenue by geographical area\n
At 31 December 2023 the net revenue by main country is detailed below:
\n
Country
\n
2023
\n
2022
\n
Netherlands (country of domicile)
\n
132.5
\n
56.6
\n
Germany
\n
811.7
\n
110.2
\n
Italy
\n
310.6
\n
374.6
\n
France
\n
230.0
\n
219.9
\n
Other countries
\n
1,607.0
\n
1,617.5
\n
Total
\n
3,091.8
\n
2,378.8
\n
Europe
\n
. Represents the Group's largest market, recording net revenue of \u20ac 2,281.4 million for 2023, or 73.8% of total
\n
revenue, compared to \u20ac 1,536.7 million, or 64.6%, in 2022, up \u20ac 744.7 million or 48.5% (of which -2.8% organic and
\n
foreign exchange impact). The decrease was entirely driven by the strong heating market slowdown in Italy due to the
\n
end of a government incentive scheme on renewable and high efficiency products. The growth on some important mar-
\n
kets \u2013 such as Germany, Switzerland, and France \u2013 was not able to compensate the strong heating market slowdown in
\n
Italy. On the water heating side with general stability in terms of volumes, the performance was driven by pricing that
\n
offset an unfavourable mix effect.
\n
Asia, Pacific & MEA
\n
. Represents the second largest market for the Group, recording net revenue of \u20ac 535.9 million for
\n
2023, or 17.3% of total revenue, compared to \u20ac 541.8 million, or 22.8%, in 2022, down \u20ac 5.9 million or -1.1% (of which
\n
4.2% organic and foreign exchange impact). The decrease was driven by the negative effect of the local currencies (mainly
\n
Chinese Renminbi, Australian Dollar, Israeli Shekel and South African Rand). The organic growth was driven by a booming
\n
water heating renewable market in Australia fuelled by a government incentive scheme and an overall positive effect on
\n
prices, partially offset by lower volumes essentially due to the decision to exit the Chinese domestic water heating market
\n
starting from Q2 2023.
\n
Americas
\n
. Represents the Group's third largest market and reported revenue of \u20ac 274.5 million for 2023, or 8.9% of total
\n
net revenue, compared to \u20ac 300.3 million, or 12.6%, in 2022, with a decrease of \u20ac 25.8 million, or -8.6% (of which -10.3%
\n
organic and foreign exchange impact). The decrease was due to a strong reduction on the US and Canadian heating
\n
market.
\n
On the water heating business the high level of customers\u2019 stock led to substantially stable volumes with a positive effect
\n
from prices associated with an unfavourable mix.
\n
Furthermore, the Group decided to stop its activities on the Argentinian market.
\n Note 3.13 \u2013 Other current liabilities\n \n
In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.
\n
Contract liabilities include:
\n
\u2022
\n
Rights of Return
\n
\u2022
\n
After-sales service, which include Service maintenance contracts and Service type warranties
\n
\u2022
\n
Loyalty program
\n
31.12.2023
\n
31.12.2022
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Right of returns
\n
2.5
\n
0.0
\n
0.0
\n
2.5
\n
2.7
\n
0.0
\n
0.0
\n
2.7
\n
After-sales services
\n
47.0
\n
4.2
\n
7.2
\n
58.3
\n
39.1
\n
3.7
\n
7.8
\n
50.6
\n
Loyalty program
\n
17.8
\n
0.0
\n
0.0
\n
17.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
67.2
\n
4.2
\n
7.2
\n
78.6
\n
41.9
\n
3.7
\n
7.8
\n
53.4
\n \n \n \n
The table below presents the opening and closing balances of contract liabilities as well as movements during the years:
\n
Right of returns
\n
After-sales services
\n
Loyalty program
\n
Total
\n
Opening Balance 01.01.2023
\n
2.7
\n
50.6
\n
0.0
\n
53.4
\n
Perimeter variation
\n
0.0
\n
0.0
\n
11.8
\n
11.8
\n
Increase recognised
\n
0.0
\n
109.2
\n
18.8
\n
128.0
\n
Revenue recognised
\n
0.0
\n
-99.3
\n
-8.6
\n
-107.9
\n
Contracts cancelled
\n
0.0
\n
-3.9
\n
0.0
\n
-3.9
\n
Net variation invoicing
\n
0.0
\n
-0.8
\n
0.0
\n
-0.8
\n
Pay out
\n
0.0
\n
0.0
\n
-5.0
\n
-5.0
\n
Other changes to contract balances
\n
-0.3
\n
2.5
\n
0.8
\n
3.0
\n
Closing balance 31.12.2023
\n
2.5
\n
58.3
\n
17.8
\n
78.6
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228163607539": { "value": "\n \n
Note 1.2 \u2013 Raw materials, consumables and goods for resale
\n
At 31 December 2023, the purchase cost of \u201cRaw materials, consumables and goods for resale\u201d amounted to \u20ac 1,475.8
\n
million, up by \u20ac 232.5 million compared with the same period of the previous year.
\n
As a percentage of net sales, the trend in purchases and the change in inventories shows a decrease from 48.4% in 2022,
\n
to 46.5% in 2023, mainly driven by better raw material cost absorption and the Wolf-Brink business contribution.
\n \n \n \n
Note 1.3 \u2013 Services
\n
\u201cServices\u201d amounted to \u20ac 517.3 million versus \u20ac 464.0 million at December 2022, up by \u20ac 53.3 million, and can be detailed
\n
as follows:
\n
Services
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Logistics and transport
\n
149.7
\n
158.1
\n
Sub-contracted work and maintenance
\n
103.0
\n
77.3
\n
Advertising and promotion
\n
47.6
\n
41.2
\n
Consulting services
\n
37.9
\n
28.6
\n
Utilities
\n
36.6
\n
29.6
\n
Rental and lease expenses
\n
35.7
\n
19.8
\n
Travel expenses
\n
29.0
\n
14.8
\n
Bonuses and commissions
\n
27.8
\n
31.7
\n
Insurance
\n
13.7
\n
10.0
\n
Facilities management services
\n
10.8
\n
12.5
\n
Directors and Statutory Auditors' Fees
\n
7.7
\n
7.6
\n
Technical support
\n
4.4
\n
16.9
\n
Other services
\n
13.4
\n
16.0
\n
Total
\n
517.3
\n
464.0
\n
The service fee increased in absolute terms due to the perimeter variation since the acquired Wolf-Brink added service
\n
costs for \u20ac 80.8 million. In an organic view, the service fees decreased by \u20ac 27.6 million.
\n
As a percentage of net sales, they stood at 16.7%, lower than the 19.5% recorded in 2022. The Group's continued expan-
\n
sion in the various Climate Solutions sectors had an impact on the variable costs related to sales and production during
\n
2023. The increases were primarily seen in \"Subcontracted work and maintenance\" (an increase of \u20ac 25.7 million), \"Ad-
\n
vertising and promotion\" (an increase of \u20ac 6.4 million), and \"Consulting services\" (an increase of \u20ac 9.3 million) but offset
\n
by a decrease in \"Logistic and transport\" for \u20ac 8.4 million.
\n
Note 1.4 \u2013 Personnel
\n \n
A breakdown of personnel costs by nature is shown in the table below:
\n
Personnel
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Wages and salaries
\n
535.3
\n
362.5
\n
Social security costs
\n
116.3
\n
77.2
\n
Provision for Employees severance indemnity
\n
9.1
\n
7.2
\n
Provision for retirement benefits and other funds
\n
-0.9
\n
-1.0
\n
Other personnel costs
\n
14.8
\n
13.2
\n
Total
\n
674.6
\n
459.0
\n
In December 2023, costs related to \u201cPersonnel\u201d amounted to \u20ac 674.6 million, up by \u20ac 215.6 million compared with the
\n
same period of the previous year, due to the regular trend in salary inflation (fixed and variable components) in the
\n
various countries where the Group operates, as well as the organisational changes and the acquisition of Wolf-Brink in
\n
January 2023.
\n
\u201cWages and salaries\u201d totalled \u20ac 535.3 million at 31 December 2023 and \u20ac 362.5 million at 31 December 2022.
\n
\u201cProvision for Employees severance indemnity\u201d and \u201cProvision for retirement benefits and other funds\u201d include the net
\n
impact of accruals and releases for the period.
\n \n \n \n \n \n \n
At 31 December 2023, the Group\u2019s workforce increased from 7,975 at 31 December 2022 to 10,769.
\n
The headcount by category of employee as follow:
\n
Headcount
\n
31.12.2023
\n
31.12.2022
\n
Average
\n
Delta
\n
(number of people)
\n
Managers and white collars
\n
5,837
\n
4,059
\n
4,948
\n
1,778
\n
Blue collars
\n
4,932
\n
3,916
\n
4,424
\n
1,016
\n
Total
\n
10,769
\n
7,975
\n
9,372
\n
2,794
\n
The Wolf-Brink acquisition added 2,792 employees to Ariston Group\u2019s headcount.
\n
At 31 December 2023, the number of employees was 10,769 (7,975 at 31 December 2022) of whom 1,976 (1,847 at 31
\n
December 2022) were based in Italy, 8,159 (5,834 at 31 December 2022) were based all around the world and 634 (294
\n
at 31 December 2022) were based in the Netherlands.
\n \n \n \n \n
Note 1.5 \u2013 Additions and release of provisions
\n
During 2023, \u201cAdditions and release of provisions\u201d were recognised for \u20ac 67.8 million versus \u20ac 31.2 million in the same
\n
period of 2022. In detail:
\n
Additions and release of provisions
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac millions)
\n
Product warranty
\n
50.3
\n
28.3
\n
Bad debt
\n
3.7
\n
-0.6
\n
Installation
\n
2.1
\n
3.4
\n
Legal disputes
\n
2.1
\n
-0.4
\n
Restructuring
\n
-1.6
\n
0.6
\n
Other
\n
11.3
\n
-0.1
\n
Total
\n
67.8
\n
31.2
\n
The increase is mainly due to the warranty provision, legal and other provisions while the other items are basically in line
\n
with the same period of the previous year.
\n
The increases are mainly related to the perimeter variation following the Wolf-Brink acquisition. The perimeter variation
\n
led to higher provisions for warranties (\u20ac 18.9 million), legal disputes (\u20ac 1.9 million) and other risks (\u20ac 7.5 million).
\n
For further details about movements in the period, refer to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for \u2018Bad Debt provision\u2019 and
\n
\u2018Note 3.3 - Non-Current Provisions\u2019.
\n \n \n
Note 1.6 \u2013 Other operating expenses
\n \n \n
\u201cOther operating expenses\u201d amounted to \u20ac 32.5 million, versus \u20ac 30.4 million of the same period in the previous year,
\n
and can be detailed as follows:
\n
Other operating expenses
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Non-income tax and other levies
\n
11.5
\n
10.8
\n
Concession rights and other
\n
4.1
\n
2.6
\n
Losses on receivables
\n
0.9
\n
0.9
\n
Losses on assets
\n
0.3
\n
0.9
\n
Other operating expenses
\n
15.7
\n
15.2
\n
Total
\n
32.5
\n
30.4
\n
This item includes all ordinary operating expenses that cannot be recognised under other items.
\n \n \n \n \u2018Other operating expenses\u2019 mainly included office supplies, printing, subsidies, and contributions.Note 2.1 \u2013 Intangible assets\n \n \n \n \n \n
At 31 December 2023, \u201cIntangible assets\u201d amounted to \u20ac 1,512.4 million, up by a net \u20ac 1,069.8 million compared to 31
\n
December 2022, net of the amortisation expense for the period of \u20ac 45.0 million, in addition to other changes.
\n
The amortisation expense for the period is recognised under the appropriate item in the income statement.
\n
Changes during the period are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Intangible assets
\n
(in \u20ac million)
\n 		\n
Goodwill
\n 		\n
Other intangible
\n
assets
\n 		\n
Total
\n
\n
Cost net of accumulated impairment losses
\n 		\n
312.7
\n 		\n
254.0
\n 		\n
566.7
\n
\n
Accumulated amortization
\n 		\u00a0\n
-124.0
\n 		\n
-124.0
\n
\n
As at 31.12.2022
\n 		\n
312.7
\n 		\n
130.0
\n 		\n
442.7
\n
\n
Perimeter variation
\n 		\n
588.9
\n 		\n
491.1
\n 		\n
1,080.1
\n
\n
Increases
\n 		\n
0.0
\n 		\n
30.2
\n 		\n
30.2
\n
\n
Decreases
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.1
\n
\n
Remeasurements and Impairment
\n 		\n
0.0
\n 		\n
-1.1
\n 		\n
-1.1
\n
\n
Amortisation
\n 		\n
0.0
\n 		\n
-45.0
\n 		\n
-45.0
\n
\n
Exchange rate effect
\n 		\n
2.8
\n 		\n
2.2
\n 		\n
5.0
\n
\n
Other
\n 		\n
-10.4
\n 		\n
11.1
\n 		\n
0.8
\n
\n
Total changes
\n 		\n
581.4
\n 		\n
488.4
\n 		\n
1,069.8
\n
\n
Cost net of accumulated impairment losses
\n 		\n
894.1
\n 		\n
780.2
\n 		\n
1,674.3
\n
\n
Accumulated amortization
\n 		\u00a0\n
-161.8
\n 		\n
-161.8
\n
\n
As at 31.12.2023
\n 		\n
894.1
\n 		\n
618.3
\n 		\n
1,512.4
\n
\n \n \n \n \n \n \n \n \n
Details of and changes in \u201cOther intangible assets\u201d are the following:
\n
Other intangible assets
\n
Development
\n
costs
\n
Software
\n
Concessions,
\n
licenses, tra-
\n
demarks
\n
Other Intan-
\n
gible
\n
Assets
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
75.1
\n
55.4
\n
55.1
\n
68.4
\n
254.0
\n
Accumulated amortization
\n
-57.6
\n
-37.8
\n
-5.9
\n
-22.7
\n
-124.0
\n
As at 31.12.2022
\n
17.5
\n
17.5
\n
49.2
\n
45.8
\n
129.9
\n
Perimeter variation
\n
27.8
\n
5.6
\n
184.9
\n
272.9
\n
491.2
\n
Increases
\n
3.3
\n
2.0
\n
1.0
\n
23.8
\n
30.2
\n
Decreases
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Remeasurements and
\n
impairment
\n
0.0
\n
0.0
\n
-1.0
\n
-0.1
\n
-1.1
\n
Amortisation
\n
-11.4
\n
-13.1
\n
-1.3
\n
-19.3
\n
-45.1
\n
Exchange rate effect
\n
0.0
\n
0.1
\n
1.2
\n
0.9
\n
2.2
\n
Other
\n
11.2
\n
15.6
\n
4.3
\n
-20.1
\n
11.1
\n
Total changes
\n
30.9
\n
10.2
\n
189.1
\n
258.1
\n
488.3
\n
Cost net of accumulated impairment losses
\n
112.0
\n
76.6
\n
246.0
\n
345.7
\n
780.3
\n
Accumulated amortization
\n
-63.5
\n
-48.9
\n
-7.8
\n
-41.8
\n
-161.9
\n
As at 31.12.2023
\n
48.4
\n
27.7
\n
238.2
\n
304.0
\n
618.3
\n \n \n Note 2.2 \u2013 Property, plant and equipment\n \n \n \n
At 31 December 2023, \u201cProperty, plant and equipment\u201d amounted to \u20ac 619.4 million, up by a net \u20ac 214.4 million com-
\n
pared to 31 December 2022.
\n
The depreciation expense for the period is recognised under the appropriate item in the income statement and amounted
\n
to \u20ac 86.4 million.
\n
Details of and changes in \u201cProperty, plant and equipment\u201d are as follows:
\n
Property, plant and
\n
equipment
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
336.3
\n
444.6
\n
371.1
\n
1,152.2
\n
Accumulated depreciation
\n
-163.0
\n
-333.8
\n
-250.1
\n
-746.9
\n
As at 31.12.2022
\n
173.3
\n
110.8
\n
121.1
\n
405.1
\n
Perimeter variation
\n
64.2
\n
18.7
\n
53.6
\n
136.6
\n
Increases
\n
37.9
\n
11.3
\n
116.8
\n
166.0
\n
of which for right of use
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Decreases
\n
0.2
\n
-0.1
\n
0.2
\n
0.3
\n
Remeasurements and
\n
Impairment
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Depreciation
\n
-26.1
\n
-21.3
\n
-39.0
\n
-86.4
\n
of which for right of use
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
0.1
\n
-0.9
\n
-0.5
\n
-1.3
\n
Other
\n
4.0
\n
19.1
\n
-23.9
\n
-0.7
\n
Total changes
\n
80.3
\n
26.9
\n
107.1
\n
214.4
\n
Cost net of accumulated impairment losses
\n
431.6
\n
485.0
\n
497.8
\n
1,414.4
\n
Accumulated depreciation
\n
-177.9
\n
-347.3
\n
-269.7
\n
-795.0
\n
As at 31.12.2023
\n
253.7
\n
137.7
\n
228.1
\n
619.4
\n
The net increase was largely attributable to the perimeter variation related to the Wolf-Brink business combination. The
\n
capital expenditure for the period, totalling \u20ac 166.0 million, is only partly offset by \u20ac 86.4 million in depreciation.
\n \n \n \n \n \n \n
In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the
\n
period:
\n
Right of use assets
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
85.0
\n
2.4
\n
42.2
\n
129.7
\n
Accumulated depreciation
\n
-37.7
\n
-0.9
\n
-20.4
\n
-58.9
\n
As at 31.12.2022
\n
47.3
\n
1.5
\n
21.8
\n
70.7
\n
Perimeter variation
\n
4.0
\n
0.0
\n
5.0
\n
9.0
\n
Increases
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Depreciation
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
-0.4
\n
0.0
\n
0.4
\n
-0.1
\n
Other
\n
-0.1
\n
0.2
\n
-0.4
\n
-0.4
\n
Total changes
\n
8.9
\n
0.0
\n
7.7
\n
16.4
\n
Cost net of accumulated impairment losses
\n
98.8
\n
2.4
\n
55.1
\n
156.2
\n
Accumulated depreciation
\n
-42.6
\n
-1.0
\n
-25.5
\n
-69.1
\n
As at 31.12.2023
\n
56.3
\n
1.4
\n
29.5
\n
87.2
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228164851171": { "value": "\n
Note 1.2 \u2013 Raw materials, consumables and goods for resale
\n
At 31 December 2023, the purchase cost of \u201cRaw materials, consumables and goods for resale\u201d amounted to \u20ac 1,475.8
\n
million, up by \u20ac 232.5 million compared with the same period of the previous year.
\n
As a percentage of net sales, the trend in purchases and the change in inventories shows a decrease from 48.4% in 2022,
\n
to 46.5% in 2023, mainly driven by better raw material cost absorption and the Wolf-Brink business contribution.
\n \n
Note 1.3 \u2013 Services
\n
\u201cServices\u201d amounted to \u20ac 517.3 million versus \u20ac 464.0 million at December 2022, up by \u20ac 53.3 million, and can be detailed
\n
as follows:
\n
Services
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Logistics and transport
\n
149.7
\n
158.1
\n
Sub-contracted work and maintenance
\n
103.0
\n
77.3
\n
Advertising and promotion
\n
47.6
\n
41.2
\n
Consulting services
\n
37.9
\n
28.6
\n
Utilities
\n
36.6
\n
29.6
\n
Rental and lease expenses
\n
35.7
\n
19.8
\n
Travel expenses
\n
29.0
\n
14.8
\n
Bonuses and commissions
\n
27.8
\n
31.7
\n
Insurance
\n
13.7
\n
10.0
\n
Facilities management services
\n
10.8
\n
12.5
\n
Directors and Statutory Auditors' Fees
\n
7.7
\n
7.6
\n
Technical support
\n
4.4
\n
16.9
\n
Other services
\n
13.4
\n
16.0
\n
Total
\n
517.3
\n
464.0
\n
The service fee increased in absolute terms due to the perimeter variation since the acquired Wolf-Brink added service
\n
costs for \u20ac 80.8 million. In an organic view, the service fees decreased by \u20ac 27.6 million.
\n
As a percentage of net sales, they stood at 16.7%, lower than the 19.5% recorded in 2022. The Group's continued expan-
\n
sion in the various Climate Solutions sectors had an impact on the variable costs related to sales and production during
\n
2023. The increases were primarily seen in \"Subcontracted work and maintenance\" (an increase of \u20ac 25.7 million), \"Ad-
\n
vertising and promotion\" (an increase of \u20ac 6.4 million), and \"Consulting services\" (an increase of \u20ac 9.3 million) but offset
\n
by a decrease in \"Logistic and transport\" for \u20ac 8.4 million.
\n
Note 1.4 \u2013 Personnel
\n \n
A breakdown of personnel costs by nature is shown in the table below:
\n
Personnel
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Wages and salaries
\n
535.3
\n
362.5
\n
Social security costs
\n
116.3
\n
77.2
\n
Provision for Employees severance indemnity
\n
9.1
\n
7.2
\n
Provision for retirement benefits and other funds
\n
-0.9
\n
-1.0
\n
Other personnel costs
\n
14.8
\n
13.2
\n
Total
\n
674.6
\n
459.0
\n
In December 2023, costs related to \u201cPersonnel\u201d amounted to \u20ac 674.6 million, up by \u20ac 215.6 million compared with the
\n
same period of the previous year, due to the regular trend in salary inflation (fixed and variable components) in the
\n
various countries where the Group operates, as well as the organisational changes and the acquisition of Wolf-Brink in
\n
January 2023.
\n
\u201cWages and salaries\u201d totalled \u20ac 535.3 million at 31 December 2023 and \u20ac 362.5 million at 31 December 2022.
\n
\u201cProvision for Employees severance indemnity\u201d and \u201cProvision for retirement benefits and other funds\u201d include the net
\n
impact of accruals and releases for the period.
\n \n \n \n \n
At 31 December 2023, the Group\u2019s workforce increased from 7,975 at 31 December 2022 to 10,769.
\n
The headcount by category of employee as follow:
\n
Headcount
\n
31.12.2023
\n
31.12.2022
\n
Average
\n
Delta
\n
(number of people)
\n
Managers and white collars
\n
5,837
\n
4,059
\n
4,948
\n
1,778
\n
Blue collars
\n
4,932
\n
3,916
\n
4,424
\n
1,016
\n
Total
\n
10,769
\n
7,975
\n
9,372
\n
2,794
\n
The Wolf-Brink acquisition added 2,792 employees to Ariston Group\u2019s headcount.
\n
At 31 December 2023, the number of employees was 10,769 (7,975 at 31 December 2022) of whom 1,976 (1,847 at 31
\n
December 2022) were based in Italy, 8,159 (5,834 at 31 December 2022) were based all around the world and 634 (294
\n
at 31 December 2022) were based in the Netherlands.
\n \n \n \n \n
Note 1.5 \u2013 Additions and release of provisions
\n
During 2023, \u201cAdditions and release of provisions\u201d were recognised for \u20ac 67.8 million versus \u20ac 31.2 million in the same
\n
period of 2022. In detail:
\n
Additions and release of provisions
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac millions)
\n
Product warranty
\n
50.3
\n
28.3
\n
Bad debt
\n
3.7
\n
-0.6
\n
Installation
\n
2.1
\n
3.4
\n
Legal disputes
\n
2.1
\n
-0.4
\n
Restructuring
\n
-1.6
\n
0.6
\n
Other
\n
11.3
\n
-0.1
\n
Total
\n
67.8
\n
31.2
\n
The increase is mainly due to the warranty provision, legal and other provisions while the other items are basically in line
\n
with the same period of the previous year.
\n
The increases are mainly related to the perimeter variation following the Wolf-Brink acquisition. The perimeter variation
\n
led to higher provisions for warranties (\u20ac 18.9 million), legal disputes (\u20ac 1.9 million) and other risks (\u20ac 7.5 million).
\n
For further details about movements in the period, refer to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for \u2018Bad Debt provision\u2019 and
\n
\u2018Note 3.3 - Non-Current Provisions\u2019.
\n \n \n
Note 1.6 \u2013 Other operating expenses
\n \n \n
\u201cOther operating expenses\u201d amounted to \u20ac 32.5 million, versus \u20ac 30.4 million of the same period in the previous year,
\n
and can be detailed as follows:
\n
Other operating expenses
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Non-income tax and other levies
\n
11.5
\n
10.8
\n
Concession rights and other
\n
4.1
\n
2.6
\n
Losses on receivables
\n
0.9
\n
0.9
\n
Losses on assets
\n
0.3
\n
0.9
\n
Other operating expenses
\n
15.7
\n
15.2
\n
Total
\n
32.5
\n
30.4
\n
This item includes all ordinary operating expenses that cannot be recognised under other items.
\n \n \n \u2018Other operating expenses\u2019 mainly included office supplies, printing, subsidies, and contributions.Note 2.1 \u2013 Intangible assets\n \n \n \n
At 31 December 2023, \u201cIntangible assets\u201d amounted to \u20ac 1,512.4 million, up by a net \u20ac 1,069.8 million compared to 31
\n
December 2022, net of the amortisation expense for the period of \u20ac 45.0 million, in addition to other changes.
\n
The amortisation expense for the period is recognised under the appropriate item in the income statement.
\n
Changes during the period are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Intangible assets
\n
(in \u20ac million)
\n 		\n
Goodwill
\n 		\n
Other intangible
\n
assets
\n 		\n
Total
\n
\n
Cost net of accumulated impairment losses
\n 		\n
312.7
\n 		\n
254.0
\n 		\n
566.7
\n
\n
Accumulated amortization
\n 		\u00a0\n
-124.0
\n 		\n
-124.0
\n
\n
As at 31.12.2022
\n 		\n
312.7
\n 		\n
130.0
\n 		\n
442.7
\n
\n
Perimeter variation
\n 		\n
588.9
\n 		\n
491.1
\n 		\n
1,080.1
\n
\n
Increases
\n 		\n
0.0
\n 		\n
30.2
\n 		\n
30.2
\n
\n
Decreases
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.1
\n
\n
Remeasurements and Impairment
\n 		\n
0.0
\n 		\n
-1.1
\n 		\n
-1.1
\n
\n
Amortisation
\n 		\n
0.0
\n 		\n
-45.0
\n 		\n
-45.0
\n
\n
Exchange rate effect
\n 		\n
2.8
\n 		\n
2.2
\n 		\n
5.0
\n
\n
Other
\n 		\n
-10.4
\n 		\n
11.1
\n 		\n
0.8
\n
\n
Total changes
\n 		\n
581.4
\n 		\n
488.4
\n 		\n
1,069.8
\n
\n
Cost net of accumulated impairment losses
\n 		\n
894.1
\n 		\n
780.2
\n 		\n
1,674.3
\n
\n
Accumulated amortization
\n 		\u00a0\n
-161.8
\n 		\n
-161.8
\n
\n
As at 31.12.2023
\n 		\n
894.1
\n 		\n
618.3
\n 		\n
1,512.4
\n
\n \n \n \n \n
Details of and changes in \u201cOther intangible assets\u201d are the following:
\n
Other intangible assets
\n
Development
\n
costs
\n
Software
\n
Concessions,
\n
licenses, tra-
\n
demarks
\n
Other Intan-
\n
gible
\n
Assets
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
75.1
\n
55.4
\n
55.1
\n
68.4
\n
254.0
\n
Accumulated amortization
\n
-57.6
\n
-37.8
\n
-5.9
\n
-22.7
\n
-124.0
\n
As at 31.12.2022
\n
17.5
\n
17.5
\n
49.2
\n
45.8
\n
129.9
\n
Perimeter variation
\n
27.8
\n
5.6
\n
184.9
\n
272.9
\n
491.2
\n
Increases
\n
3.3
\n
2.0
\n
1.0
\n
23.8
\n
30.2
\n
Decreases
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Remeasurements and
\n
impairment
\n
0.0
\n
0.0
\n
-1.0
\n
-0.1
\n
-1.1
\n
Amortisation
\n
-11.4
\n
-13.1
\n
-1.3
\n
-19.3
\n
-45.1
\n
Exchange rate effect
\n
0.0
\n
0.1
\n
1.2
\n
0.9
\n
2.2
\n
Other
\n
11.2
\n
15.6
\n
4.3
\n
-20.1
\n
11.1
\n
Total changes
\n
30.9
\n
10.2
\n
189.1
\n
258.1
\n
488.3
\n
Cost net of accumulated impairment losses
\n
112.0
\n
76.6
\n
246.0
\n
345.7
\n
780.3
\n
Accumulated amortization
\n
-63.5
\n
-48.9
\n
-7.8
\n
-41.8
\n
-161.9
\n
As at 31.12.2023
\n
48.4
\n
27.7
\n
238.2
\n
304.0
\n
618.3
\n Note 2.2 \u2013 Property, plant and equipment\n \n \n
At 31 December 2023, \u201cProperty, plant and equipment\u201d amounted to \u20ac 619.4 million, up by a net \u20ac 214.4 million com-
\n
pared to 31 December 2022.
\n
The depreciation expense for the period is recognised under the appropriate item in the income statement and amounted
\n
to \u20ac 86.4 million.
\n
Details of and changes in \u201cProperty, plant and equipment\u201d are as follows:
\n
Property, plant and
\n
equipment
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
336.3
\n
444.6
\n
371.1
\n
1,152.2
\n
Accumulated depreciation
\n
-163.0
\n
-333.8
\n
-250.1
\n
-746.9
\n
As at 31.12.2022
\n
173.3
\n
110.8
\n
121.1
\n
405.1
\n
Perimeter variation
\n
64.2
\n
18.7
\n
53.6
\n
136.6
\n
Increases
\n
37.9
\n
11.3
\n
116.8
\n
166.0
\n
of which for right of use
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Decreases
\n
0.2
\n
-0.1
\n
0.2
\n
0.3
\n
Remeasurements and
\n
Impairment
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Depreciation
\n
-26.1
\n
-21.3
\n
-39.0
\n
-86.4
\n
of which for right of use
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
0.1
\n
-0.9
\n
-0.5
\n
-1.3
\n
Other
\n
4.0
\n
19.1
\n
-23.9
\n
-0.7
\n
Total changes
\n
80.3
\n
26.9
\n
107.1
\n
214.4
\n
Cost net of accumulated impairment losses
\n
431.6
\n
485.0
\n
497.8
\n
1,414.4
\n
Accumulated depreciation
\n
-177.9
\n
-347.3
\n
-269.7
\n
-795.0
\n
As at 31.12.2023
\n
253.7
\n
137.7
\n
228.1
\n
619.4
\n
The net increase was largely attributable to the perimeter variation related to the Wolf-Brink business combination. The
\n
capital expenditure for the period, totalling \u20ac 166.0 million, is only partly offset by \u20ac 86.4 million in depreciation.
\n \n \n \n \n
In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the
\n
period:
\n
Right of use assets
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
85.0
\n
2.4
\n
42.2
\n
129.7
\n
Accumulated depreciation
\n
-37.7
\n
-0.9
\n
-20.4
\n
-58.9
\n
As at 31.12.2022
\n
47.3
\n
1.5
\n
21.8
\n
70.7
\n
Perimeter variation
\n
4.0
\n
0.0
\n
5.0
\n
9.0
\n
Increases
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Depreciation
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
-0.4
\n
0.0
\n
0.4
\n
-0.1
\n
Other
\n
-0.1
\n
0.2
\n
-0.4
\n
-0.4
\n
Total changes
\n
8.9
\n
0.0
\n
7.7
\n
16.4
\n
Cost net of accumulated impairment losses
\n
98.8
\n
2.4
\n
55.1
\n
156.2
\n
Accumulated depreciation
\n
-42.6
\n
-1.0
\n
-25.5
\n
-69.1
\n
As at 31.12.2023
\n
56.3
\n
1.4
\n
29.5
\n
87.2
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228195249827": { "value": "Note 1.4 \u2013 Personnel\n \n
At 31 December 2023, the Group\u2019s workforce increased from 7,975 at 31 December 2022 to 10,769.
\n
The headcount by category of employee as follow:
\n
Headcount
\n
31.12.2023
\n
31.12.2022
\n
Average
\n
Delta
\n
(number of people)
\n
Managers and white collars
\n
5,837
\n
4,059
\n
4,948
\n
1,778
\n
Blue collars
\n
4,932
\n
3,916
\n
4,424
\n
1,016
\n
Total
\n
10,769
\n
7,975
\n
9,372
\n
2,794
\n
The Wolf-Brink acquisition added 2,792 employees to Ariston Group\u2019s headcount.
\n
At 31 December 2023, the number of employees was 10,769 (7,975 at 31 December 2022) of whom 1,976 (1,847 at 31
\n
December 2022) were based in Italy, 8,159 (5,834 at 31 December 2022) were based all around the world and 634 (294
\n
at 31 December 2022) were based in the Netherlands.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228195459050": { "value": "Note 1.4 \u2013 Personnel\n
A breakdown of personnel costs by nature is shown in the table below:
\n
Personnel
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Wages and salaries
\n
535.3
\n
362.5
\n
Social security costs
\n
116.3
\n
77.2
\n
Provision for Employees severance indemnity
\n
9.1
\n
7.2
\n
Provision for retirement benefits and other funds
\n
-0.9
\n
-1.0
\n
Other personnel costs
\n
14.8
\n
13.2
\n
Total
\n
674.6
\n
459.0
\n
In December 2023, costs related to \u201cPersonnel\u201d amounted to \u20ac 674.6 million, up by \u20ac 215.6 million compared with the
\n
same period of the previous year, due to the regular trend in salary inflation (fixed and variable components) in the
\n
various countries where the Group operates, as well as the organisational changes and the acquisition of Wolf-Brink in
\n
January 2023.
\n
\u201cWages and salaries\u201d totalled \u20ac 535.3 million at 31 December 2023 and \u20ac 362.5 million at 31 December 2022.
\n
\u201cProvision for Employees severance indemnity\u201d and \u201cProvision for retirement benefits and other funds\u201d include the net
\n
impact of accruals and releases for the period.
\n \n
At 31 December 2023, the Group\u2019s workforce increased from 7,975 at 31 December 2022 to 10,769.
\n
The headcount by category of employee as follow:
\n
Headcount
\n
31.12.2023
\n
31.12.2022
\n
Average
\n
Delta
\n
(number of people)
\n
Managers and white collars
\n
5,837
\n
4,059
\n
4,948
\n
1,778
\n
Blue collars
\n
4,932
\n
3,916
\n
4,424
\n
1,016
\n
Total
\n
10,769
\n
7,975
\n
9,372
\n
2,794
\n
The Wolf-Brink acquisition added 2,792 employees to Ariston Group\u2019s headcount.
\n
At 31 December 2023, the number of employees was 10,769 (7,975 at 31 December 2022) of whom 1,976 (1,847 at 31
\n
December 2022) were based in Italy, 8,159 (5,834 at 31 December 2022) were based all around the world and 634 (294
\n
at 31 December 2022) were based in the Netherlands.
\n Note 3.4 \u2013 Post-employment benefits\n \n \n \n \n
The Group has two defined benefit plans for employees, the first one is employee severance indemnity, due from Italian
\n
companies to their employees in compliance with laws in force until 31 December 2015, and other current pension plans
\n
mostly in Switzerland and Germany.
\n
Until 31 December 2006, in Italy, the employee severance indemnity provision (
\n
Trattamento di fine rapporto
\n
, TFR) was
\n
considered a defined benefit plan. The regulation of this provision was amended by Law no. 296 of 27 December 2006
\n
(\u201c2007 Financial Law\u201d) and subsequent Decrees and Regulations issued in the first few months of 2007. Given these
\n
amendments and in particular in reference to companies with at least 50 employees, this is now considered a defined
\n
benefit plan only for the portions of benefits accrued before 1 January 2007 (and not yet paid as at the end of the report-
\n
ing period, while subsequent to this date, it is comparable to a defined contribution plan).
\n
IAS 19 expressly envisages the adoption of the \u201cprojected unit credit method\u201d, which is based on quantifying the actuarial
\n
liability by considering only the service accrued at the evaluation date, in accordance with the actuarial approach of so-
\n
called \u201caccrued benefits\u201d. In particular, in the projected unit credit method, this characteristic is integrated with the
\n
forecast of the salary trend up to the time that the TFR will probably be paid; the consequent liability is then re-propor-
\n
tioned on the basis of the ratio between the years worked up to the assessment period and the total service at the
\n
probable date of payment of the TFR (should the right already be completely accrued at the evaluation date, there will
\n
then be no re-proportioning of the liability).
\n
Since as from 1 January 2007, for employees belonging to companies with at least 50 employees, no amount is any longer
\n
internally provisioned, but the amounts of TFR accrued subsequent to that period are assigned to the Complementary
\n
Pension Fund or to the INPS (Italian National Social Security Institute) Treasury Fund and the company remains solely
\n
responsible for the duty of re-evaluating the amount accrued at 31 December 2006, the actuarial calculation must esti-
\n
mate, in correspondence to every possible event which leads to the payment of TFR to the worker, the associated prob-
\n
ability, the consequent amount paid and the years of service corresponding to the payment date. The latter, in particular,
\n
is a random variable that can take on any value between initial service and the maximum service that the worker can
\n
perform in correspondence with retirement, with probabilities that can be deduced from the economic and demographic
\n
technical bases used in the evaluation.
\n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
The pension funds of the German companies are regulated on a pension system based on three pillars.
\n
The \u201cfirst pillar\u201d (state and obligatory pension insurance contribution (RV-Beitrag)) is a defined contribution pension plan,
\n
established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It
\n
covers employees in the public and private sector and some categories of self-employed workers and is mainly financed
\n
through social security contributions paid by workers and employers in equal measure.
\n
The \u201csecond pillar\u201d (company pension scheme (BAV: Betriebliche Altersvorsorge) is represented by voluntary supplemen-
\n
tary pensions on a pay-as-you-go basis, and thus with defined benefits falling on the company.
\n
There
\n
are
\n
different
\n
types
\n
of
\n
BAV
\n
pension
\n
plans
\n
that
\n
qualify
\n
as
\n
defined
\n
benefit
\n
plans / defined benefit obligations.
\n
Pension
\n
plans
\n
have
\n
developed
\n
differently
\n
in
\n
the
\n
Group\u2019s
\n
companies
\n
in
\n
Germany.
\n \n \n \n \n \n \n
\u2022
\n
ELCO:
\n
a)
\n
T
\n
here
\n
are
\n
currently
\n
two
\n
different pension plans considered as defined benefits plans: the
\n
so-called BVO
\n
74/79 (based on employees\u2019 pension commitments) which
\n
covers
\n
all
\n
the
\n
people
\n
who
\n
were
\n
working
\n
on
\n
1
\n
March
\n
1979
\n
and
\n
up
\n
to
\n
31
\n
December 1994;\u00b7the so-called \u201c1995 Pension\u201d which was applied for all
\n
employees, including those who benefited from the BVO 74/79, as from 1 January 1995 to date;
\n
b)
\n
For all employees who started to work in the period March 1979-December 1994 a different defined con-
\n
tribution pension plan (OLS 79) was applied until December 1994 (BVO 79, based on one-off payments).
\n
For a) + b) the related actuarial assessments, the demographic and economic-financial assumptions set out
\n
in the attached table have been adopted.
\n
Both pension plans are closed. The measurement is split between pensioners and vested rights for early
\n
leavers and active employees.
\n
c)
\n
The \u201cBASIS Versorgung\u201d, based on direct insurance; and \u201cZUSATZ Versorgung\u201d, based on employee pension
\n
commitments (both still active).
\n
\u2022
\n
WOLF:
\n
Under the second pillar Wolf GmbH has the so-called \u201cPlan 1\u201d (still active) which contains three direct pension
\n
commitments,
\n
a)
\n
the \u201cEssener Verband\u201d which covers all People on Top Management Level;
\n
b)
\n
the \u201cSalzgitterrichtlinie (alt)\u201d which covers all the people who joined the Company before 1 January 1986;
\n
c)
\n
the \u201cSalzgitterrichtline neu\u201d which covers all the people who joined from 1 January 1986.
\n
For a) - c) the related actuarial assessments, the demographic and economic financial assumptions set out in the
\n
attached table have been adopted.
\n
The \u201cthird pillar\u201d is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax
\n
incentives an
\n
d
\n
subsidies.
\n
\u2022
\n
ELCO: Deferred compensation (Gehaltsumwandlungen) / provident fund (closed, but vested rights) (Unter-
\n
st\u00fctzungskasse).
\n
\u2022
\n
WOLF: \u201cPlan 2\u201d for deferred compensation (Gehaltsumwandlungen).
\n \n \n \n
The pension funds of the Swiss companies are regulated on the basis of three pillars:
\n
\u2022
\n
Public Pillar (AHV/IV): defined benefits, based on the pay-as-you-go principle, regulated at federal level and managed
\n
by a public fund (AVS-Fund), obligatory and aimed at covering basic needs;
\n
\u2022
\n
Occupational Pillar (BVG): based on the funded principle, regulated at federal level, quasi-obligatory, with the collec-
\n
tive financing principle, but with private cover and management risk;
\n
\u2022
\n
Private Savings: at the discretion of each resident, in various forms (cash, securities, real estate, personal pension
\n
plans, life insurance).
\n
The pension funds set up pursuant to the second pillar and which affect the Group most directly must be legally inde-
\n
pendent from the sponsor company, segregated in terms of equity and independently managed in the legal form of
\n
cooperative foundations or associations registered with a regulatory authority. The administrative bodies of such associ-
\n
ations consist of an equal number of representatives from the sponsor companies and employees with equal voting rights,
\n
are supported by a management consultant recognised by the law and by qualified actuarial experts, and are subject to
\n
supervision by the regional authorities.
\n
The funds are financed through the contribution of the employee\u2019s sponsor company. The sponsor\u2019s contribution must
\n
be at least 50% (obligatory minimum by law) and the contributions vary from pension fund to pension fund.
\n
The contributions and the return on the market of the invested capital contribute to defining the benefits. A guarantee
\n
is envisaged for a minimum nominal return and a minimum interest rate on the amount paid in. Should it be underfunded,
\n
which is not the case of the Group\u2019s pension funds in Switzerland, it is the responsibility of the sponsor company which
\n
is obligated by law to recapitalise within a reasonable timeframe, not exceeding 10 years.
\n
In the current situation of the Group\u2019s pension funds in Switzerland, the investment risks are met by fluctuation reserves
\n
(i.e. by assets which exceed the actuarial liabilities) and the level of actuarial cover is over 100%; therefore, there is cur-
\n
rently no need for recapitalisation measures.
\n \n \n \n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
In relation to the recognition of the Group\u2019s pension funds:
\n
\u2022
\n
current employment-related costs have been recognised in the income statement, under Personnel costs;
\n
\u2022
\n
financial charges on the assumed obligations and the financial gains expected on the plan assets are recognised under
\n
financial income and expense;
\n
\u2022
\n
actuarial gains and losses are recognised in a specific valuation reserve under equity.
\n
The plan assets do not include the Group\u2019s treasury shares, nor property occupied or used by the Group. The expected
\n
return on plan assets is defined on the basis of the current market conditions.
\n
At December 2023, the remeasurement emerging in the period amounted to a negative \u20ac 6.9 million against the positive
\n
\u20ac 11.4 million of December 2022. The negative effect was mainly due to the perimeter variation of Wolf-Brink which
\n
increased the net liability by \u20ac 45.8 million. The other impacts were affected mainly by the change in the financial and
\n
demographic assumptions used, especially at the Swiss subsidiaries, compensated by the Asset ceiling recorded in Swiss
\n
and German companies as shown in the description below. Finally, a Swiss subsidiary recognised a surplus on the pension
\n
fund under \u201cother non-current assets\u201d totalling \u20ac 0.6 million.
\n
This was mainly the result of the trend in rates and the returns on investments.
\n
The item \u201cForeign exchange gains (losses)\u201d shows the differences in exchange rates due to the translation of the Swiss
\n
franc into the consolidation currency.
\n \n \n \n
The following table shows the changes in the provisions for employee benefits that occurred during the period:
\n
Employee Benefits
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
(in million \u20ac)
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
Amounts recognised in the in-
\n
come statement
\n
Current service cost
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service cost
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense for obligations
\n
-3.4
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.9
\n
-0.4
\n
-7.0
\n
-1.4
\n
Financial income on plan assets
\n
3.5
\n
0.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.2
\n
0.1
\n
3.7
\n
0.8
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Other pension cost
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
Net periodical cost
\n
-3.1
\n
-4.8
\n
-4.2
\n
-0.2
\n
-0.5
\n
-0.1
\n
-1.6
\n
-1.2
\n
-9.5
\n
-6.3
\n
Group obligations
\n
Current value of defined benefit
\n
plans
\n
-223.7
\n
-184.6
\n
-67.6
\n
-19.4
\n
-12.6
\n
-12.0
\n
-12.1
\n
-11.2
\n
-316.0
\n
-227.2
\n
Fair value of plan assets
\n
237.3
\n
207.3
\n
2.8
\n
0.0
\n
0.0
\n
0.0
\n
4.7
\n
4.4
\n
244.9
\n
211.7
\n
Total
\n
13.6
\n
22.8
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-71.1
\n
-15.5
\n
Unrecognised plan assets
\n
-15.6
\n
-22.5
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-15.6
\n
-22.5
\n
Unrecognised current and past
\n
service cost
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Unrecognised actuarial gains and
\n
losses
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
-1.9
\n
0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-86.8
\n
-38.0
\n
of which: Post employee benefits
\n
-2.5
\n
-0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-87.2
\n
-38.6
\n
Other non-current assets
\n
0.6
\n
0.6
\n
0.6
\n
0.6
\n
Changes in obligations during the
\n
year
\n
BEGINNING OF THE PERIOD
\n
-184.6
\n
-213.8
\n
-19.4
\n
-26.9
\n
-12.0
\n
-13.9
\n
-11.2
\n
-12.0
\n
-227.2
\n
-266.6
\n
Perimeter variation
\n
0.0
\n
0.0
\n
-47.5
\n
0.0
\n
-0.4
\n
0.0
\n
0.0
\n
0.0
\n
-47.9
\n
0.0
\n
Current service
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense
\n
-4.5
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.6
\n
-0.4
\n
-7.8
\n
-1.4
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Gains (losses) resulting from ex-
\n
perience
\n
-2.2
\n
-3.0
\n
0.8
\n
0.2
\n
0.0
\n
-0.7
\n
0.1
\n
-0.4
\n
-1.3
\n
-4.0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Employee Benefits
\n
(in million \u20ac)
\n 		\n
Switzerland
\n 		\u00a0\n
Germany
\n 		\u00a0\n
Italy
\n 		\u00a0\n
Other
\n 		\u00a0\n
Total
\n 		\u00a0
\n
Actuarial gains (losses) resulting
\n
from changes in demographic as-
\n
sumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial assump-
\n
tions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Foreign exchange gains (losses)
\n 		\n
-11.6
\n 		\n
-10.6
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.4
\n 		\n
-0.2
\n 		\n
-12.0
\n 		\n
-10.9
\n
\n
Paid benefits
\n 		\n
11.1
\n 		\n
10.7
\n 		\n
5.5
\n 		\n
1.5
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
0.6
\n 		\n
0.9
\n 		\n
17.8
\n 		\n
14.0
\n
\n
Other
\n 		\n
-4.9
\n 		\n
-4.5
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
-0.3
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
0.1
\n 		\n
-4.9
\n 		\n
-4.2
\n
\n
Total change
\n 		\n
-39.0
\n 		\n
29.2
\n 		\n
-48.3
\n 		\n
7.4
\n 		\n
-0.6
\n 		\n
1.9
\n 		\n
-1.0
\n 		\n
0.8
\n 		\n
-88.8
\n 		\n
39.4
\n
\n
END OF THE PERIOD
\n 		\n
-223.7
\n 		\n
-184.6
\n 		\n
-67.6
\n 		\n
-19.4
\n 		\n
-12.6
\n 		\n
-12.0
\n 		\n
-12.1
\n 		\n
-11.2
\n 		\n
-316.0
\n 		\n
-227.2
\n
\n
Changes in assets during the year
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD
\n 		\n
207.3
\n 		\n
232.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.4
\n 		\n
4.8
\n 		\n
211.7
\n 		\n
237.1
\n
\n
Perimeter variation
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n
\n
Financial income on plan assets
\n 		\n
4.6
\n 		\n
0.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.1
\n 		\n
4.8
\n 		\n
0.8
\n
\n
Company\u2019s contributions
\n 		\n
6.1
\n 		\n
5.7
\n 		\n
0.1
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.2
\n 		\n
6.5
\n 		\n
5.9
\n
\n
Employees\u2019 contributions
\n 		\n
4.9
\n 		\n
4.5
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.1
\n 		\n
0.1
\n 		\n
5.0
\n 		\n
4.6
\n
\n
Curtailment, settlement, plan
\n
amendment
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Payments
\n 		\n
-11.1
\n 		\n
-10.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.5
\n 		\n
-11.2
\n 		\n
-11.2
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Foreign exchange gains (losses)
\n 		\n
13.4
\n 		\n
11.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
13.4
\n 		\n
11.4
\n
\n
Asset ceiling
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Other
\n 		\n
-0.2
\n 		\n
-0.3
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.5
\n 		\n
-0.3
\n
\n
Total change
\n 		\n
30.0
\n 		\n
-25.0
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
-0.4
\n 		\n
33.1
\n 		\n
-25.4
\n
\n
END OF THE PERIOD
\n 		\n
237.3
\n 		\n
207.3
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.7
\n 		\n
4.4
\n 		\n
244.9
\n 		\n
211.7
\n
\n
Remeasurements recognised in
\n
OCI
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD \u2013
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Other Comprehensive Income
\n
(OCI)
\n 		\n
-17.9
\n 		\n
-21.0
\n 		\n
-4.0
\n 		\n
-10.1
\n 		\n
-2.7
\n 		\n
-3.9
\n 		\n
-1.5
\n 		\n
-2.6
\n 		\n
-26.2
\n 		\n
-37.6
\n
\n
Other changes
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) following
\n
adoption of IAS 19R
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in demographic
\n
assumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial as-
\n
sumptions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Gains (losses) resulting from ex-
\n
perience
\n 		\n
-2.2
\n 		\n
-3.0
\n 		\n
0.8
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
-0.7
\n 		\n
0.1
\n 		\n
-0.4
\n 		\n
-1.3
\n 		\n
-4.0
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Asset ceiling
\n 		\n
8.8
\n 		\n
0.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
8.9
\n 		\n
0.3
\n
\n
Total change
\n 		\n
-4.7
\n 		\n
3.0
\n 		\n
-2.1
\n 		\n
6.1
\n 		\n
-0.1
\n 		\n
1.1
\n 		\n
0.0
\n 		\n
1.1
\n 		\n
-6.9
\n 		\n
11.4
\n
\n
END OF THE PERIOD
\n 		\n
-22.7
\n 		\n
-17.9
\n 		\n
-6.1
\n 		\n
-4.0
\n 		\n
-2.9
\n 		\n
-2.7
\n 		\n
-1.5
\n 		\n
-1.5
\n 		\n
-33.1
\n 		\n
-26.2
\n
\n
Plan assets structure
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Shares
\n 		\n
23.9%
\n 		\n
6.5%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
23.9%
\n 		\n
6.5%
\n
\n
Securities
\n 		\n
59.5%
\n 		\n
14.4%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
59.5%
\n 		\n
14.4%
\n
\n
Cash
\n 		\n
1.7%
\n 		\n
0.3%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.7%
\n 		\n
0.3%
\n
\n
Other assets
\n 		\n
15.0%
\n 		\n
78.8%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
15.0%
\n 		\n
78.8%
\n
\n
END OF THE PERIOD
\n 		\n
100.0%
\n 		\n
100.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
100.0%
\n 		\n
100.0%
\n
\n
Assumptions used
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Discount rate
\n 		\n
1.3%
\n 		\n
2.2%
\n 		\n
3.5%
\n 		\n
3.9%
\n 		\n
3.1%
\n 		\n
3.3%
\n 		\n
6.4%
\n 		\n
6.1%
\n 		\u00a0\u00a0
\n
Inflation rate
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
2.0%
\n 		\n
3.4%
\n 		\n
3.0%
\n 		\n
3.0%
\n 		\u00a0\u00a0
\n
Future salary rises
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
3.0%
\n 		\n
1.0%
\n 		\n
4.5%
\n 		\n
4.7%
\n 		\u00a0\u00a0
\n
Future pension rises
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
3.0%
\n 		\n
4.1%
\n 		\n
1.5%
\n 		\n
2.5%
\n 		\u00a0\u00a0
\n \n \n \n \n \n \n \n \n \n
The liability recognised under the \u201cProvision for employee benefits\u201d, at 31 December 2023, stood at \u20ac 87.2 million, out
\n
of which \u20ac 84.5 million was unfunded, with an increase of \u20ac 48.6 million compared with the net liability of \u20ac 38.6 million
\n
at 31 December 2022.
\n
A quantitative sensitivity analysis of the significant assumptions used at 31 December 2023 is provided below. Specifically,
\n
it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assumption
\n
used.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
Discount rate
\n
-6.2%
\n
7.0%
\n
-5.7%
\n
6.3%
\n
-3.2%
\n
3.4%
\n
-2.8%
\n
3.0%
\n
-5.8%
\n
6.5%
\n
Future salary
\n
0.9%
\n
-0.9%
\n
0.2%
\n
-0.2%
\n
0.0%
\n
0.0%
\n
0.5%
\n
-0.5%
\n
0.7%
\n
-0.7%
\n
Future pension
\n
3.8%
\n
0.0%
\n
4.8%
\n
-4.5%
\n
0.0%
\n
0.0%
\n
0.0%
\n
0.0%
\n
3.7%
\n
-1.0%
\n
Future inflation rate
\n
0.0%
\n
0.0%
\n
3.5%
\n
-3.2%
\n
1.9%
\n
-1.9%
\n
0.0%
\n
0.0%
\n
0.8%
\n
-0.8%
\n
The sensitivity analysis shown above is based on a method involving extrapolation of the impact on the net obligation for
\n
defined benefit plans of reasonable changes to the key assumptions made at the end of the financial year.
\n
The following payments are the expected contributions that will be made in future years to provide for the obligations of
\n
the defined benefit plans.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
Within 12 months
\n
-11.9
\n
-5.0
\n
-0.9
\n
-0.5
\n
-18.4
\n
From 1 to 5 years
\n
-65.3
\n
-18.3
\n
-3.5
\n
-2.7
\n
-89.8
\n
From 5 to 10 years
\n
-68.7
\n
-17.8
\n
-6.3
\n
-6.3
\n
-99.0
\n
Total
\n
-145.9
\n
-41.1
\n
-10.7
\n
-9.6
\n
-207.2
\n
Average plan duration (years)
\n
12.9
\n
9.8
\n
7.9
\n
12.9
\n
10.9
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190624282": { "value": "\n \n
Note 1.5 \u2013 Additions and release of provisions
\n
During 2023, \u201cAdditions and release of provisions\u201d were recognised for \u20ac 67.8 million versus \u20ac 31.2 million in the same
\n
period of 2022. In detail:
\n
Additions and release of provisions
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac millions)
\n
Product warranty
\n
50.3
\n
28.3
\n
Bad debt
\n
3.7
\n
-0.6
\n
Installation
\n
2.1
\n
3.4
\n
Legal disputes
\n
2.1
\n
-0.4
\n
Restructuring
\n
-1.6
\n
0.6
\n
Other
\n
11.3
\n
-0.1
\n
Total
\n
67.8
\n
31.2
\n
The increase is mainly due to the warranty provision, legal and other provisions while the other items are basically in line
\n
with the same period of the previous year.
\n
The increases are mainly related to the perimeter variation following the Wolf-Brink acquisition. The perimeter variation
\n
led to higher provisions for warranties (\u20ac 18.9 million), legal disputes (\u20ac 1.9 million) and other risks (\u20ac 7.5 million).
\n
For further details about movements in the period, refer to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for \u2018Bad Debt provision\u2019 and
\n
\u2018Note 3.3 - Non-Current Provisions\u2019.
\n \n \n
Note 3.3 \u2013 Non-current provisions
\n
Current and non-current \u201cProvisions for risks and charges\u201d totalled \u20ac 142.6 million, up by \u20ac 46.8 million compared with
\n
the previous year.
\n
The following table shows the composition of this item and the changes occurring during the year:
\n
Non-current
\n
and current
\n
provisions
\n
Agent
\n
supplementary
\n
indemnity
\n
provision
\n
Product
\n
warranty
\n
provision
\n
First
\n
installation
\n
provision
\n
Other Provi-
\n
sions
\n
Total
\n
(in \u20ac millions)
\n
As at
\n
31.12.2022
\n
2.8
\n
65.1
\n
7.5
\n
20.4
\n
95.8
\n
of which:
\n
- Current
\n
0.0
\n
21.2
\n
2.4
\n
12.7
\n
36.2
\n
- Not Current
\n
2.8
\n
43.9
\n
5.1
\n
7.8
\n
59.6
\n
Perimeter variation
\n
0.2
\n
20.9
\n
0.7
\n
1.7
\n
23.5
\n
Increases
\n
0.5
\n
53.9
\n
2.2
\n
14.7
\n
71.3
\n
Decreases
\n
-0.6
\n
-35.4
\n
-2.6
\n
-2.9
\n
-41.5
\n
Releases
\n
0.0
\n
-3.6
\n
-0.1
\n
-3.0
\n
-6.7
\n
Other
\n
0.0
\n
-0.0
\n
-0.2
\n
0.4
\n
0.2
\n
Total changes
\n
0.2
\n
35.8
\n
0.0
\n
10.9
\n
46.8
\n
As at
\n
31.12.2023
\n
3.0
\n
100.9
\n
7.5
\n
31.3
\n
142.6
\n
of which :
\n
- Current
\n
0.0
\n
46.7
\n
2.6
\n
19.6
\n
68.9
\n
- Not Current
\n
3.0
\n
54.2
\n
4.9
\n
11.7
\n
73.8
\n
Details of and changes in \u201cother provisions\u201d are the following:
\n
Other provisions
\n
Legal Dispute
\n
Provision
\n
Restructuring
\n
Provision
\n
Other Provision
\n
Total
\n
(in \u20ac millions)
\n
As at
\n
31.12.2022
\n
5.5
\n
1.9
\n
13.0
\n
20.4
\n
of which:
\n
- Current
\n
5.1
\n
1.9
\n
5.7
\n
12.7
\n
- Not Current
\n
0.5
\n
0.0
\n
7.3
\n
7.8
\n
Perimeter variation
\n
0.4
\n
0.0
\n
1.4
\n
1.7
\n
Increases
\n
2.1
\n
0.0
\n
12.6
\n
14.7
\n
Decreases
\n
-0.1
\n
-0.1
\n
-2.7
\n
-2.9
\n
Releases
\n
-0.1
\n
-1.6
\n
-1.3
\n
-3.0
\n
Other
\n
0.0
\n
0.0
\n
0.3
\n
0.4
\n
Total changes
\n
2.3
\n
-1.7
\n
10.3
\n
10.9
\n
As at
\n
31.12.2023
\n
7.9
\n
0.2
\n
23.3
\n
31.3
\n
of which :
\n
- Current
\n
7.3
\n
0.2
\n
12.2
\n
19.6
\n
- Not Current
\n
0.6
\n
0.0
\n
11.1
\n
11.7
\n
\u201cCurrent provisions for risks and charges\u201d amounted to \u20ac 68.9 million versus \u20ac 36.2 million at 31 December 2022, whereas
\n
\u201cNon-current provisions for risks and charges\u201d amounted to \u20ac 73.8 million versus \u20ac 59.6 million in the previous year.
\n
More specifically, the \u201cAgent supplementary indemnity provision\u201d recognises the accruals for covering indemnities that
\n
may be due to agents on their employment termination. The provision shows a limited increase of \u20ac 0.2 million compared
\n
to the previous year.
\n
The \u201cProduct warranty provision\u201d, which represents estimated costs to be borne for technical support of products sold
\n
under warranty, is appropriate in order to hedge the related risk.
\n \n
The method used to determine this provision is based on historical/statistical data concerning warranty work performed,
\n
costs incurred for such work and products sold on the market which are still under warranty at the evaluation date.
\n
The provision had a net \u20ac 35.8 million increase mainly due to the normal management activities of the warranty on
\n
manufactured and sold products and for the perimeter variation of Wolf-Brink for \u20ac 20.9 million.
\n
The \u201cFirst installation provision\u201d represents the estimated expense that the Group must bear for interventions of this
\n
type on products. The movements of the period did not impact the closing balance which was the same as the previous
\n
year.
\n
The item \u201cOther provisions\u201d includes estimated future charges for corporate restructuring, pending legal disputes and
\n
other risks that it was deemed necessary to cover with appropriate provisions which were estimated based on the avail-
\n
able information.
\n
The increase in 2023 primarily regarded estimated future charges for ongoing litigation and other Group risks.
\n
The item \u201cOther\u201d includes the effect of exchange rates for the period and reclassifications.
\n \n
Note 3.10 \u2013 Current provisions
\n
This item amounts to \u20ac 68.9 million and is described in \u2018Note 3.3 - Non-current provisions for risks and charges\u2019, to which
\n
reference should be made.
\n Overdue financial assets\n
The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables
\n
are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days).
\n
The amount of receivables past-due within 60 days is \u20ac 24.3 million (versus \u20ac 26.0 million at December 2022) whereas
\n
the amount of receivables past-due beyond 60 days is \u20ac 20.2 million (versus \u20ac 16.2 million at December 2022).
\n
For the purposes of representing trade receivables for issued invoices by past-due ranges, the following table is provided:
\n \n
Overdue ageing
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Overdue 0-30
\n
17.6
\n
4.9%
\n
19.3
\n
6.3%
\n
Overdue 31-60
\n
6.7
\n
1.9%
\n
6.7
\n
2.2%
\n
Overdue 61-120
\n
7.9
\n
2.2%
\n
3.9
\n
1.2%
\n
Due after 120 and legal
\n
12.3
\n
3.4%
\n
12.3
\n
4.0%
\n
The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country
\n
risk class where the trade receivable amount is allocated.
\n
The current (not overdue) receivables amounted to \u20ac 316.8 million. Also these amounts are allocated to their country
\n
risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad
\n
debt amounted to \u20ac 5.4 million.
\n
Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to
\n
impairment up to overdue below 180 days, while over 180 days the percentages remain the same.
\n
As at 31 December 2023 there is no significant financing component identified for trade receivables.
\n Method used to calculate the bad debt provision\n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n Depreciation grid\n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240229033357991": { "value": "\n
Note 1.5 \u2013 Additions and release of provisions
\n
During 2023, \u201cAdditions and release of provisions\u201d were recognised for \u20ac 67.8 million versus \u20ac 31.2 million in the same
\n
period of 2022. In detail:
\n
Additions and release of provisions
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac millions)
\n
Product warranty
\n
50.3
\n
28.3
\n
Bad debt
\n
3.7
\n
-0.6
\n
Installation
\n
2.1
\n
3.4
\n
Legal disputes
\n
2.1
\n
-0.4
\n
Restructuring
\n
-1.6
\n
0.6
\n
Other
\n
11.3
\n
-0.1
\n
Total
\n
67.8
\n
31.2
\n
The increase is mainly due to the warranty provision, legal and other provisions while the other items are basically in line
\n
with the same period of the previous year.
\n
The increases are mainly related to the perimeter variation following the Wolf-Brink acquisition. The perimeter variation
\n
led to higher provisions for warranties (\u20ac 18.9 million), legal disputes (\u20ac 1.9 million) and other risks (\u20ac 7.5 million).
\n
For further details about movements in the period, refer to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for \u2018Bad Debt provision\u2019 and
\n
\u2018Note 3.3 - Non-Current Provisions\u2019.
\n Note 2.9 \u2013 Trade receivables\n
The bad debt provision of \u20ac 21.2 million shows a net increase by \u20ac 4.3 million compared with 31 December 2022. This
\n
increase is mainly attributable to the acquisition of Wolf-Brink. For Trade Receivables, the Group, applies a simplified
\n
approach using a provision matrix in the calculation of expected losses based on historical loss rates and then adjusting
\n
for forward-looking information. Based on this model, according to IFRS9, the policy defines a percentage of statistical
\n
devaluation based on the division of trade receivables into clusters of ageing and country risk and then applying a forward-
\n
looking factor determined by the counterparty Probability of Default (PD) at 1 year obtained from external resources. A
\n
specific fund is provided for legal and specific devaluation due to the situation of single clients and their economic envi-
\n
ronment.
\n
At 31 December 2023, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed
\n
receivables.
\n \n
ollowing are the changes in the bad debt provision:
\n
Bad debt provision
\n
Short-term
\n
Medium/long-
\n
term
\n
Total
\n
(in \u20ac million)
\n
As at 31.12.2022
\n
12.3
\n
4.7
\n
17.0
\n
Perimeter variation
\n
2.6
\n
0.0
\n
2.6
\n
Increases
\n
6.6
\n
0.6
\n
7.1
\n
Decreases
\n
-1.3
\n
-0.7
\n
-1.9
\n
Release
\n
-2.9
\n
-0.6
\n
-3.5
\n
Exchange rate effect
\n
-0.2
\n
0.0
\n
-0.2
\n
Other
\n
-0.0
\n
0.1
\n
0.1
\n
Total changes
\n
4.9
\n
-0.6
\n
4.3
\n
As at 31.12.2023
\n
17.1
\n
4.1
\n
21.2
\n Please refer to paragraph \u2018Credit Risk\u2019 for further details on ageing and the related Bad Debt Provision.\n \n
Note 3.3 \u2013 Non-current provisions
\n
Current and non-current \u201cProvisions for risks and charges\u201d totalled \u20ac 142.6 million, up by \u20ac 46.8 million compared with
\n
the previous year.
\n
The following table shows the composition of this item and the changes occurring during the year:
\n
Non-current
\n
and current
\n
provisions
\n
Agent
\n
supplementary
\n
indemnity
\n
provision
\n
Product
\n
warranty
\n
provision
\n
First
\n
installation
\n
provision
\n
Other Provi-
\n
sions
\n
Total
\n
(in \u20ac millions)
\n
As at
\n
31.12.2022
\n
2.8
\n
65.1
\n
7.5
\n
20.4
\n
95.8
\n
of which:
\n
- Current
\n
0.0
\n
21.2
\n
2.4
\n
12.7
\n
36.2
\n
- Not Current
\n
2.8
\n
43.9
\n
5.1
\n
7.8
\n
59.6
\n
Perimeter variation
\n
0.2
\n
20.9
\n
0.7
\n
1.7
\n
23.5
\n
Increases
\n
0.5
\n
53.9
\n
2.2
\n
14.7
\n
71.3
\n
Decreases
\n
-0.6
\n
-35.4
\n
-2.6
\n
-2.9
\n
-41.5
\n
Releases
\n
0.0
\n
-3.6
\n
-0.1
\n
-3.0
\n
-6.7
\n
Other
\n
0.0
\n
-0.0
\n
-0.2
\n
0.4
\n
0.2
\n
Total changes
\n
0.2
\n
35.8
\n
0.0
\n
10.9
\n
46.8
\n
As at
\n
31.12.2023
\n
3.0
\n
100.9
\n
7.5
\n
31.3
\n
142.6
\n
of which :
\n
- Current
\n
0.0
\n
46.7
\n
2.6
\n
19.6
\n
68.9
\n
- Not Current
\n
3.0
\n
54.2
\n
4.9
\n
11.7
\n
73.8
\n
Details of and changes in \u201cother provisions\u201d are the following:
\n
Other provisions
\n
Legal Dispute
\n
Provision
\n
Restructuring
\n
Provision
\n
Other Provision
\n
Total
\n
(in \u20ac millions)
\n
As at
\n
31.12.2022
\n
5.5
\n
1.9
\n
13.0
\n
20.4
\n
of which:
\n
- Current
\n
5.1
\n
1.9
\n
5.7
\n
12.7
\n
- Not Current
\n
0.5
\n
0.0
\n
7.3
\n
7.8
\n
Perimeter variation
\n
0.4
\n
0.0
\n
1.4
\n
1.7
\n
Increases
\n
2.1
\n
0.0
\n
12.6
\n
14.7
\n
Decreases
\n
-0.1
\n
-0.1
\n
-2.7
\n
-2.9
\n
Releases
\n
-0.1
\n
-1.6
\n
-1.3
\n
-3.0
\n
Other
\n
0.0
\n
0.0
\n
0.3
\n
0.4
\n
Total changes
\n
2.3
\n
-1.7
\n
10.3
\n
10.9
\n
As at
\n
31.12.2023
\n
7.9
\n
0.2
\n
23.3
\n
31.3
\n
of which :
\n
- Current
\n
7.3
\n
0.2
\n
12.2
\n
19.6
\n
- Not Current
\n
0.6
\n
0.0
\n
11.1
\n
11.7
\n
\u201cCurrent provisions for risks and charges\u201d amounted to \u20ac 68.9 million versus \u20ac 36.2 million at 31 December 2022, whereas
\n
\u201cNon-current provisions for risks and charges\u201d amounted to \u20ac 73.8 million versus \u20ac 59.6 million in the previous year.
\n
More specifically, the \u201cAgent supplementary indemnity provision\u201d recognises the accruals for covering indemnities that
\n
may be due to agents on their employment termination. The provision shows a limited increase of \u20ac 0.2 million compared
\n
to the previous year.
\n
The \u201cProduct warranty provision\u201d, which represents estimated costs to be borne for technical support of products sold
\n
under warranty, is appropriate in order to hedge the related risk.
\n \n \n \n
The method used to determine this provision is based on historical/statistical data concerning warranty work performed,
\n
costs incurred for such work and products sold on the market which are still under warranty at the evaluation date.
\n
The provision had a net \u20ac 35.8 million increase mainly due to the normal management activities of the warranty on
\n
manufactured and sold products and for the perimeter variation of Wolf-Brink for \u20ac 20.9 million.
\n
The \u201cFirst installation provision\u201d represents the estimated expense that the Group must bear for interventions of this
\n
type on products. The movements of the period did not impact the closing balance which was the same as the previous
\n
year.
\n
The item \u201cOther provisions\u201d includes estimated future charges for corporate restructuring, pending legal disputes and
\n
other risks that it was deemed necessary to cover with appropriate provisions which were estimated based on the avail-
\n
able information.
\n
The increase in 2023 primarily regarded estimated future charges for ongoing litigation and other Group risks.
\n
The item \u201cOther\u201d includes the effect of exchange rates for the period and reclassifications.
\n \n Note 3.4 \u2013 Post-employment benefits\n \n \n \n
The Group has two defined benefit plans for employees, the first one is employee severance indemnity, due from Italian
\n
companies to their employees in compliance with laws in force until 31 December 2015, and other current pension plans
\n
mostly in Switzerland and Germany.
\n
Until 31 December 2006, in Italy, the employee severance indemnity provision (
\n
Trattamento di fine rapporto
\n
, TFR) was
\n
considered a defined benefit plan. The regulation of this provision was amended by Law no. 296 of 27 December 2006
\n
(\u201c2007 Financial Law\u201d) and subsequent Decrees and Regulations issued in the first few months of 2007. Given these
\n
amendments and in particular in reference to companies with at least 50 employees, this is now considered a defined
\n
benefit plan only for the portions of benefits accrued before 1 January 2007 (and not yet paid as at the end of the report-
\n
ing period, while subsequent to this date, it is comparable to a defined contribution plan).
\n
IAS 19 expressly envisages the adoption of the \u201cprojected unit credit method\u201d, which is based on quantifying the actuarial
\n
liability by considering only the service accrued at the evaluation date, in accordance with the actuarial approach of so-
\n
called \u201caccrued benefits\u201d. In particular, in the projected unit credit method, this characteristic is integrated with the
\n
forecast of the salary trend up to the time that the TFR will probably be paid; the consequent liability is then re-propor-
\n
tioned on the basis of the ratio between the years worked up to the assessment period and the total service at the
\n
probable date of payment of the TFR (should the right already be completely accrued at the evaluation date, there will
\n
then be no re-proportioning of the liability).
\n
Since as from 1 January 2007, for employees belonging to companies with at least 50 employees, no amount is any longer
\n
internally provisioned, but the amounts of TFR accrued subsequent to that period are assigned to the Complementary
\n
Pension Fund or to the INPS (Italian National Social Security Institute) Treasury Fund and the company remains solely
\n
responsible for the duty of re-evaluating the amount accrued at 31 December 2006, the actuarial calculation must esti-
\n
mate, in correspondence to every possible event which leads to the payment of TFR to the worker, the associated prob-
\n
ability, the consequent amount paid and the years of service corresponding to the payment date. The latter, in particular,
\n
is a random variable that can take on any value between initial service and the maximum service that the worker can
\n
perform in correspondence with retirement, with probabilities that can be deduced from the economic and demographic
\n
technical bases used in the evaluation.
\n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
The pension funds of the German companies are regulated on a pension system based on three pillars.
\n
The \u201cfirst pillar\u201d (state and obligatory pension insurance contribution (RV-Beitrag)) is a defined contribution pension plan,
\n
established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It
\n
covers employees in the public and private sector and some categories of self-employed workers and is mainly financed
\n
through social security contributions paid by workers and employers in equal measure.
\n
The \u201csecond pillar\u201d (company pension scheme (BAV: Betriebliche Altersvorsorge) is represented by voluntary supplemen-
\n
tary pensions on a pay-as-you-go basis, and thus with defined benefits falling on the company.
\n
There
\n
are
\n
different
\n
types
\n
of
\n
BAV
\n
pension
\n
plans
\n
that
\n
qualify
\n
as
\n
defined
\n
benefit
\n
plans / defined benefit obligations.
\n
Pension
\n
plans
\n
have
\n
developed
\n
differently
\n
in
\n
the
\n
Group\u2019s
\n
companies
\n
in
\n
Germany.
\n \n \n \n \n
\u2022
\n
ELCO:
\n
a)
\n
T
\n
here
\n
are
\n
currently
\n
two
\n
different pension plans considered as defined benefits plans: the
\n
so-called BVO
\n
74/79 (based on employees\u2019 pension commitments) which
\n
covers
\n
all
\n
the
\n
people
\n
who
\n
were
\n
working
\n
on
\n
1
\n
March
\n
1979
\n
and
\n
up
\n
to
\n
31
\n
December 1994;\u00b7the so-called \u201c1995 Pension\u201d which was applied for all
\n
employees, including those who benefited from the BVO 74/79, as from 1 January 1995 to date;
\n
b)
\n
For all employees who started to work in the period March 1979-December 1994 a different defined con-
\n
tribution pension plan (OLS 79) was applied until December 1994 (BVO 79, based on one-off payments).
\n
For a) + b) the related actuarial assessments, the demographic and economic-financial assumptions set out
\n
in the attached table have been adopted.
\n
Both pension plans are closed. The measurement is split between pensioners and vested rights for early
\n
leavers and active employees.
\n
c)
\n
The \u201cBASIS Versorgung\u201d, based on direct insurance; and \u201cZUSATZ Versorgung\u201d, based on employee pension
\n
commitments (both still active).
\n
\u2022
\n
WOLF:
\n
Under the second pillar Wolf GmbH has the so-called \u201cPlan 1\u201d (still active) which contains three direct pension
\n
commitments,
\n
a)
\n
the \u201cEssener Verband\u201d which covers all People on Top Management Level;
\n
b)
\n
the \u201cSalzgitterrichtlinie (alt)\u201d which covers all the people who joined the Company before 1 January 1986;
\n
c)
\n
the \u201cSalzgitterrichtline neu\u201d which covers all the people who joined from 1 January 1986.
\n
For a) - c) the related actuarial assessments, the demographic and economic financial assumptions set out in the
\n
attached table have been adopted.
\n
The \u201cthird pillar\u201d is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax
\n
incentives an
\n
d
\n
subsidies.
\n
\u2022
\n
ELCO: Deferred compensation (Gehaltsumwandlungen) / provident fund (closed, but vested rights) (Unter-
\n
st\u00fctzungskasse).
\n
\u2022
\n
WOLF: \u201cPlan 2\u201d for deferred compensation (Gehaltsumwandlungen).
\n \n
The pension funds of the Swiss companies are regulated on the basis of three pillars:
\n
\u2022
\n
Public Pillar (AHV/IV): defined benefits, based on the pay-as-you-go principle, regulated at federal level and managed
\n
by a public fund (AVS-Fund), obligatory and aimed at covering basic needs;
\n
\u2022
\n
Occupational Pillar (BVG): based on the funded principle, regulated at federal level, quasi-obligatory, with the collec-
\n
tive financing principle, but with private cover and management risk;
\n
\u2022
\n
Private Savings: at the discretion of each resident, in various forms (cash, securities, real estate, personal pension
\n
plans, life insurance).
\n
The pension funds set up pursuant to the second pillar and which affect the Group most directly must be legally inde-
\n
pendent from the sponsor company, segregated in terms of equity and independently managed in the legal form of
\n
cooperative foundations or associations registered with a regulatory authority. The administrative bodies of such associ-
\n
ations consist of an equal number of representatives from the sponsor companies and employees with equal voting rights,
\n
are supported by a management consultant recognised by the law and by qualified actuarial experts, and are subject to
\n
supervision by the regional authorities.
\n
The funds are financed through the contribution of the employee\u2019s sponsor company. The sponsor\u2019s contribution must
\n
be at least 50% (obligatory minimum by law) and the contributions vary from pension fund to pension fund.
\n
The contributions and the return on the market of the invested capital contribute to defining the benefits. A guarantee
\n
is envisaged for a minimum nominal return and a minimum interest rate on the amount paid in. Should it be underfunded,
\n
which is not the case of the Group\u2019s pension funds in Switzerland, it is the responsibility of the sponsor company which
\n
is obligated by law to recapitalise within a reasonable timeframe, not exceeding 10 years.
\n
In the current situation of the Group\u2019s pension funds in Switzerland, the investment risks are met by fluctuation reserves
\n
(i.e. by assets which exceed the actuarial liabilities) and the level of actuarial cover is over 100%; therefore, there is cur-
\n
rently no need for recapitalisation measures.
\n \n
For the related actuarial assessments, the demographic and economic-financial assumptions set out in the attached table
\n
have been adopted.
\n
In relation to the recognition of the Group\u2019s pension funds:
\n
\u2022
\n
current employment-related costs have been recognised in the income statement, under Personnel costs;
\n
\u2022
\n
financial charges on the assumed obligations and the financial gains expected on the plan assets are recognised under
\n
financial income and expense;
\n
\u2022
\n
actuarial gains and losses are recognised in a specific valuation reserve under equity.
\n
The plan assets do not include the Group\u2019s treasury shares, nor property occupied or used by the Group. The expected
\n
return on plan assets is defined on the basis of the current market conditions.
\n
At December 2023, the remeasurement emerging in the period amounted to a negative \u20ac 6.9 million against the positive
\n
\u20ac 11.4 million of December 2022. The negative effect was mainly due to the perimeter variation of Wolf-Brink which
\n
increased the net liability by \u20ac 45.8 million. The other impacts were affected mainly by the change in the financial and
\n
demographic assumptions used, especially at the Swiss subsidiaries, compensated by the Asset ceiling recorded in Swiss
\n
and German companies as shown in the description below. Finally, a Swiss subsidiary recognised a surplus on the pension
\n
fund under \u201cother non-current assets\u201d totalling \u20ac 0.6 million.
\n
This was mainly the result of the trend in rates and the returns on investments.
\n
The item \u201cForeign exchange gains (losses)\u201d shows the differences in exchange rates due to the translation of the Swiss
\n
franc into the consolidation currency.
\n \n
The following table shows the changes in the provisions for employee benefits that occurred during the period:
\n
Employee Benefits
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
(in million \u20ac)
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
31.12.2023
\n
31.12.2022
\n
Amounts recognised in the in-
\n
come statement
\n
Current service cost
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service cost
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense for obligations
\n
-3.4
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.9
\n
-0.4
\n
-7.0
\n
-1.4
\n
Financial income on plan assets
\n
3.5
\n
0.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.2
\n
0.1
\n
3.7
\n
0.8
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Other pension cost
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
0.2
\n
Net periodical cost
\n
-3.1
\n
-4.8
\n
-4.2
\n
-0.2
\n
-0.5
\n
-0.1
\n
-1.6
\n
-1.2
\n
-9.5
\n
-6.3
\n
Group obligations
\n
Current value of defined benefit
\n
plans
\n
-223.7
\n
-184.6
\n
-67.6
\n
-19.4
\n
-12.6
\n
-12.0
\n
-12.1
\n
-11.2
\n
-316.0
\n
-227.2
\n
Fair value of plan assets
\n
237.3
\n
207.3
\n
2.8
\n
0.0
\n
0.0
\n
0.0
\n
4.7
\n
4.4
\n
244.9
\n
211.7
\n
Total
\n
13.6
\n
22.8
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-71.1
\n
-15.5
\n
Unrecognised plan assets
\n
-15.6
\n
-22.5
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
-15.6
\n
-22.5
\n
Unrecognised current and past
\n
service cost
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Unrecognised actuarial gains and
\n
losses
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
-1.9
\n
0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-86.8
\n
-38.0
\n
of which: Post employee benefits
\n
-2.5
\n
-0.3
\n
-64.8
\n
-19.4
\n
-12.6
\n
-12.0
\n
-7.4
\n
-6.8
\n
-87.2
\n
-38.6
\n
Other non-current assets
\n
0.6
\n
0.6
\n
0.6
\n
0.6
\n
Changes in obligations during the
\n
year
\n
BEGINNING OF THE PERIOD
\n
-184.6
\n
-213.8
\n
-19.4
\n
-26.9
\n
-12.0
\n
-13.9
\n
-11.2
\n
-12.0
\n
-227.2
\n
-266.6
\n
Perimeter variation
\n
0.0
\n
0.0
\n
-47.5
\n
0.0
\n
-0.4
\n
0.0
\n
0.0
\n
0.0
\n
-47.9
\n
0.0
\n
Current service
\n
-3.4
\n
-5.0
\n
-1.9
\n
-0.1
\n
-0.1
\n
0.0
\n
-0.8
\n
-0.9
\n
-6.2
\n
-5.9
\n
Past service
\n
0.1
\n
0.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
0.1
\n
Financial expense
\n
-4.5
\n
-0.6
\n
-2.3
\n
-0.3
\n
-0.4
\n
-0.1
\n
-0.6
\n
-0.4
\n
-7.8
\n
-1.4
\n
Curtailment, settlement, plan
\n
amendment
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Gains (losses) resulting from ex-
\n
perience
\n
-2.2
\n
-3.0
\n
0.8
\n
0.2
\n
0.0
\n
-0.7
\n
0.1
\n
-0.4
\n
-1.3
\n
-4.0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Employee Benefits
\n
(in million \u20ac)
\n 		\n
Switzerland
\n 		\u00a0\n
Germany
\n 		\u00a0\n
Italy
\n 		\u00a0\n
Other
\n 		\u00a0\n
Total
\n 		\u00a0
\n
Actuarial gains (losses) resulting
\n
from changes in demographic as-
\n
sumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial assump-
\n
tions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Foreign exchange gains (losses)
\n 		\n
-11.6
\n 		\n
-10.6
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.4
\n 		\n
-0.2
\n 		\n
-12.0
\n 		\n
-10.9
\n
\n
Paid benefits
\n 		\n
11.1
\n 		\n
10.7
\n 		\n
5.5
\n 		\n
1.5
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
0.6
\n 		\n
0.9
\n 		\n
17.8
\n 		\n
14.0
\n
\n
Other
\n 		\n
-4.9
\n 		\n
-4.5
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
-0.3
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
0.1
\n 		\n
-4.9
\n 		\n
-4.2
\n
\n
Total change
\n 		\n
-39.0
\n 		\n
29.2
\n 		\n
-48.3
\n 		\n
7.4
\n 		\n
-0.6
\n 		\n
1.9
\n 		\n
-1.0
\n 		\n
0.8
\n 		\n
-88.8
\n 		\n
39.4
\n
\n
END OF THE PERIOD
\n 		\n
-223.7
\n 		\n
-184.6
\n 		\n
-67.6
\n 		\n
-19.4
\n 		\n
-12.6
\n 		\n
-12.0
\n 		\n
-12.1
\n 		\n
-11.2
\n 		\n
-316.0
\n 		\n
-227.2
\n
\n
Changes in assets during the year
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD
\n 		\n
207.3
\n 		\n
232.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.4
\n 		\n
4.8
\n 		\n
211.7
\n 		\n
237.1
\n
\n
Perimeter variation
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
2.9
\n 		\n
0.0
\n
\n
Financial income on plan assets
\n 		\n
4.6
\n 		\n
0.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.1
\n 		\n
4.8
\n 		\n
0.8
\n
\n
Company\u2019s contributions
\n 		\n
6.1
\n 		\n
5.7
\n 		\n
0.1
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.2
\n 		\n
6.5
\n 		\n
5.9
\n
\n
Employees\u2019 contributions
\n 		\n
4.9
\n 		\n
4.5
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.1
\n 		\n
0.1
\n 		\n
5.0
\n 		\n
4.6
\n
\n
Curtailment, settlement, plan
\n
amendment
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Payments
\n 		\n
-11.1
\n 		\n
-10.7
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.5
\n 		\n
-11.2
\n 		\n
-11.2
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Foreign exchange gains (losses)
\n 		\n
13.4
\n 		\n
11.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
13.4
\n 		\n
11.4
\n
\n
Asset ceiling
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Other
\n 		\n
-0.2
\n 		\n
-0.3
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.5
\n 		\n
-0.3
\n
\n
Total change
\n 		\n
30.0
\n 		\n
-25.0
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.3
\n 		\n
-0.4
\n 		\n
33.1
\n 		\n
-25.4
\n
\n
END OF THE PERIOD
\n 		\n
237.3
\n 		\n
207.3
\n 		\n
2.8
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
4.7
\n 		\n
4.4
\n 		\n
244.9
\n 		\n
211.7
\n
\n
Remeasurements recognised in
\n
OCI
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
BEGINNING OF THE PERIOD \u2013
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Other Comprehensive Income
\n
(OCI)
\n 		\n
-17.9
\n 		\n
-21.0
\n 		\n
-4.0
\n 		\n
-10.1
\n 		\n
-2.7
\n 		\n
-3.9
\n 		\n
-1.5
\n 		\n
-2.6
\n 		\n
-26.2
\n 		\n
-37.6
\n
\n
Other changes
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.2
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) following
\n
adoption of IAS 19R
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in demographic
\n
assumptions
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.2
\n 		\n
0.0
\n
\n
Actuarial gains (losses) resulting
\n
from changes in financial as-
\n
sumptions
\n 		\n
-23.9
\n 		\n
42.1
\n 		\n
-2.9
\n 		\n
5.9
\n 		\n
0.0
\n 		\n
1.8
\n 		\n
-0.2
\n 		\n
1.7
\n 		\n
-27.0
\n 		\n
51.6
\n
\n
Gains (losses) resulting from ex-
\n
perience
\n 		\n
-2.2
\n 		\n
-3.0
\n 		\n
0.8
\n 		\n
0.2
\n 		\n
0.0
\n 		\n
-0.7
\n 		\n
0.1
\n 		\n
-0.4
\n 		\n
-1.3
\n 		\n
-4.0
\n
\n
Actuarial gains (losses) from plan
\n
assets
\n 		\n
12.3
\n 		\n
-36.4
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
12.3
\n 		\n
-36.5
\n
\n
Asset ceiling
\n 		\n
8.8
\n 		\n
0.3
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
0.0
\n 		\n
8.9
\n 		\n
0.3
\n
\n
Total change
\n 		\n
-4.7
\n 		\n
3.0
\n 		\n
-2.1
\n 		\n
6.1
\n 		\n
-0.1
\n 		\n
1.1
\n 		\n
0.0
\n 		\n
1.1
\n 		\n
-6.9
\n 		\n
11.4
\n
\n
END OF THE PERIOD
\n 		\n
-22.7
\n 		\n
-17.9
\n 		\n
-6.1
\n 		\n
-4.0
\n 		\n
-2.9
\n 		\n
-2.7
\n 		\n
-1.5
\n 		\n
-1.5
\n 		\n
-33.1
\n 		\n
-26.2
\n
\n
Plan assets structure
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Shares
\n 		\n
23.9%
\n 		\n
6.5%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
23.9%
\n 		\n
6.5%
\n
\n
Securities
\n 		\n
59.5%
\n 		\n
14.4%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
59.5%
\n 		\n
14.4%
\n
\n
Cash
\n 		\n
1.7%
\n 		\n
0.3%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.7%
\n 		\n
0.3%
\n
\n
Other assets
\n 		\n
15.0%
\n 		\n
78.8%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
15.0%
\n 		\n
78.8%
\n
\n
END OF THE PERIOD
\n 		\n
100.0%
\n 		\n
100.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
100.0%
\n 		\n
100.0%
\n
\n
Assumptions used
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Discount rate
\n 		\n
1.3%
\n 		\n
2.2%
\n 		\n
3.5%
\n 		\n
3.9%
\n 		\n
3.1%
\n 		\n
3.3%
\n 		\n
6.4%
\n 		\n
6.1%
\n 		\u00a0\u00a0
\n
Inflation rate
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
2.0%
\n 		\n
3.4%
\n 		\n
3.0%
\n 		\n
3.0%
\n 		\u00a0\u00a0
\n
Future salary rises
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
2.0%
\n 		\n
3.0%
\n 		\n
1.0%
\n 		\n
4.5%
\n 		\n
4.7%
\n 		\u00a0\u00a0
\n
Future pension rises
\n 		\n
0.0%
\n 		\n
0.0%
\n 		\n
1.5%
\n 		\n
1.5%
\n 		\n
3.0%
\n 		\n
4.1%
\n 		\n
1.5%
\n 		\n
2.5%
\n 		\u00a0\u00a0
\n \n \n \n \n \n \n \n
The liability recognised under the \u201cProvision for employee benefits\u201d, at 31 December 2023, stood at \u20ac 87.2 million, out
\n
of which \u20ac 84.5 million was unfunded, with an increase of \u20ac 48.6 million compared with the net liability of \u20ac 38.6 million
\n
at 31 December 2022.
\n
A quantitative sensitivity analysis of the significant assumptions used at 31 December 2023 is provided below. Specifically,
\n
it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assumption
\n
used.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
+0.5%
\n
-0.5%
\n
Discount rate
\n
-6.2%
\n
7.0%
\n
-5.7%
\n
6.3%
\n
-3.2%
\n
3.4%
\n
-2.8%
\n
3.0%
\n
-5.8%
\n
6.5%
\n
Future salary
\n
0.9%
\n
-0.9%
\n
0.2%
\n
-0.2%
\n
0.0%
\n
0.0%
\n
0.5%
\n
-0.5%
\n
0.7%
\n
-0.7%
\n
Future pension
\n
3.8%
\n
0.0%
\n
4.8%
\n
-4.5%
\n
0.0%
\n
0.0%
\n
0.0%
\n
0.0%
\n
3.7%
\n
-1.0%
\n
Future inflation rate
\n
0.0%
\n
0.0%
\n
3.5%
\n
-3.2%
\n
1.9%
\n
-1.9%
\n
0.0%
\n
0.0%
\n
0.8%
\n
-0.8%
\n
The sensitivity analysis shown above is based on a method involving extrapolation of the impact on the net obligation for
\n
defined benefit plans of reasonable changes to the key assumptions made at the end of the financial year.
\n
The following payments are the expected contributions that will be made in future years to provide for the obligations of
\n
the defined benefit plans.
\n
Switzerland
\n
Germany
\n
Italy
\n
Other
\n
Total
\n
Within 12 months
\n
-11.9
\n
-5.0
\n
-0.9
\n
-0.5
\n
-18.4
\n
From 1 to 5 years
\n
-65.3
\n
-18.3
\n
-3.5
\n
-2.7
\n
-89.8
\n
From 5 to 10 years
\n
-68.7
\n
-17.8
\n
-6.3
\n
-6.3
\n
-99.0
\n
Total
\n
-145.9
\n
-41.1
\n
-10.7
\n
-9.6
\n
-207.2
\n
Average plan duration (years)
\n
12.9
\n
9.8
\n
7.9
\n
12.9
\n
10.9
\n \n \n \n \n \n
Note 3.10 \u2013 Current provisions
\n
This item amounts to \u20ac 68.9 million and is described in \u2018Note 3.3 - Non-current provisions for risks and charges\u2019, to which
\n
reference should be made.
\n \n CREDIT RISK\n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n Overdue financial assets\n \n
The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables
\n
are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days).
\n
The amount of receivables past-due within 60 days is \u20ac 24.3 million (versus \u20ac 26.0 million at December 2022) whereas
\n
the amount of receivables past-due beyond 60 days is \u20ac 20.2 million (versus \u20ac 16.2 million at December 2022).
\n
For the purposes of representing trade receivables for issued invoices by past-due ranges, the following table is provided:
\n \n \n \n
Overdue ageing
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Overdue 0-30
\n
17.6
\n
4.9%
\n
19.3
\n
6.3%
\n
Overdue 31-60
\n
6.7
\n
1.9%
\n
6.7
\n
2.2%
\n
Overdue 61-120
\n
7.9
\n
2.2%
\n
3.9
\n
1.2%
\n
Due after 120 and legal
\n
12.3
\n
3.4%
\n
12.3
\n
4.0%
\n
The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country
\n
risk class where the trade receivable amount is allocated.
\n
The current (not overdue) receivables amounted to \u20ac 316.8 million. Also these amounts are allocated to their country
\n
risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad
\n
debt amounted to \u20ac 5.4 million.
\n
Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to
\n
impairment up to overdue below 180 days, while over 180 days the percentages remain the same.
\n
As at 31 December 2023 there is no significant financing component identified for trade receivables.
\n \n Method used to calculate the bad debt provision\n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n Depreciation grid\n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228205824737": { "value": "Note 1.6 \u2013 Other operating expenses\n
\u201cOther operating expenses\u201d amounted to \u20ac 32.5 million, versus \u20ac 30.4 million of the same period in the previous year,
\n
and can be detailed as follows:
\n
Other operating expenses
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Non-income tax and other levies
\n
11.5
\n
10.8
\n
Concession rights and other
\n
4.1
\n
2.6
\n
Losses on receivables
\n
0.9
\n
0.9
\n
Losses on assets
\n
0.3
\n
0.9
\n
Other operating expenses
\n
15.7
\n
15.2
\n
Total
\n
32.5
\n
30.4
\n
This item includes all ordinary operating expenses that cannot be recognised under other items.
\n \u2018Other operating expenses\u2019 mainly included office supplies, printing, subsidies, and contributions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228044521377": { "value": "\n
Note 1.7 \u2013 Operating profit
\n
In December 2023 \u201cOperating profit\u201d, amounted to \u20ac 285.7 million compared to \u20ac 193.7 million as of December 2022.
\n
The significant increase is explained by the above detailed variances.
\n
During 2023 Operating profit (EBIT) confirmed the favourable trend of the previous year, more specifically in the rising
\n
mix and price effect. In addition, the contribution of Wolf-Brink and a better absorption of raw material and logistic costs,
\n
led to an increase in the percentage of EBIT to net revenue of +1.1pts compared to 2022.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228124453892": { "value": "Note 1.8 \u2013 Financial income\n \n \n \n \n
In 2023, \u201cFinancial income\u201d amounted to \u20ac 11.6 million, a better result than the previous year when the same item
\n
amounted to \u20ac 6.0 million. The item is as follows:
\n
Financial income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest Income from bank
\n
6.2
\n
2.9
\n
Employee benefits
\n
3.7
\n
0.6
\n
State Green Programmes
\n
1.1
\n
2.2
\n
Other financial income
\n
0.6
\n
0.3
\n
Total
\n
11.6
\n
6.0
\n
The year-on-year change was largely attributable to the item \u201cInterest income from bank\u201d, resulting from an increase in
\n
interest rate conditions remunerating our liquidity. The other items making up the total were largely unchanged.
\n \n \n \n \n Note 1.9 \u2013 Financial expense\n \n \n \n \n
\u201cFinancial Expense\u201d amounted to \u20ac 44.0 million at the end December 2023 versus \u20ac 15.7 million realised in 2022. This
\n
line item can be detailed as follows:
\n
Financial expense
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest and other expenses due to bank
\n
32.9
\n
10.3
\n
Employee benefits
\n
7.0
\n
1.4
\n
Leases
\n
2.9
\n
1.9
\n
Business Combinations
\n
1.0
\n
1.4
\n
Other financial expense
\n
0.3
\n
0.7
\n
Total
\n
44.0
\n
15.7
\n
Compared to the previous year, \u201cFinancial Expense\u201d increased by \u20ac 28.3 million, mainly due to \u201cInterest and other ex-
\n
penses due to bank\u201d reflecting the impact of the debt raised to fund the Wolf-Brink acquisition along with the interest
\n
rate hikes in 2023.
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228124745569": { "value": "Note 1.8 \u2013 Financial income\n \n \n \n
In 2023, \u201cFinancial income\u201d amounted to \u20ac 11.6 million, a better result than the previous year when the same item
\n
amounted to \u20ac 6.0 million. The item is as follows:
\n
Financial income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest Income from bank
\n
6.2
\n
2.9
\n
Employee benefits
\n
3.7
\n
0.6
\n
State Green Programmes
\n
1.1
\n
2.2
\n
Other financial income
\n
0.6
\n
0.3
\n
Total
\n
11.6
\n
6.0
\n
The year-on-year change was largely attributable to the item \u201cInterest income from bank\u201d, resulting from an increase in
\n
interest rate conditions remunerating our liquidity. The other items making up the total were largely unchanged.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228191020911": { "value": "Note 1.8 \u2013 Financial income\n \n \n
In 2023, \u201cFinancial income\u201d amounted to \u20ac 11.6 million, a better result than the previous year when the same item
\n
amounted to \u20ac 6.0 million. The item is as follows:
\n
Financial income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest Income from bank
\n
6.2
\n
2.9
\n
Employee benefits
\n
3.7
\n
0.6
\n
State Green Programmes
\n
1.1
\n
2.2
\n
Other financial income
\n
0.6
\n
0.3
\n
Total
\n
11.6
\n
6.0
\n
The year-on-year change was largely attributable to the item \u201cInterest income from bank\u201d, resulting from an increase in
\n
interest rate conditions remunerating our liquidity. The other items making up the total were largely unchanged.
\n \n \n Note 1.9 \u2013 Financial expense\n \n \n
\u201cFinancial Expense\u201d amounted to \u20ac 44.0 million at the end December 2023 versus \u20ac 15.7 million realised in 2022. This
\n
line item can be detailed as follows:
\n
Financial expense
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest and other expenses due to bank
\n
32.9
\n
10.3
\n
Employee benefits
\n
7.0
\n
1.4
\n
Leases
\n
2.9
\n
1.9
\n
Business Combinations
\n
1.0
\n
1.4
\n
Other financial expense
\n
0.3
\n
0.7
\n
Total
\n
44.0
\n
15.7
\n
Compared to the previous year, \u201cFinancial Expense\u201d increased by \u20ac 28.3 million, mainly due to \u201cInterest and other ex-
\n
penses due to bank\u201d reflecting the impact of the debt raised to fund the Wolf-Brink acquisition along with the interest
\n
rate hikes in 2023.
\n \n \n Note 1.11 \u2013 Profit (loss) on investments\n \n
The item \u201cProfit (loss) on investments\u201d was negative for \u20ac 1.3 million, down by \u20ac 6.0 million compared with the previous
\n
year, mainly due to the remeasuring of the value in an \u201cInvestment company in risk capital (SICAR) provision\u201d, with the
\n
recognition in the income statement of any valuation differences.
\n
As at December 2022 the Put and Call option of HTP Comfort Solutions LLC was equal to \u20ac 4.9 million and was executed
\n
in May 2022.
\n \n Note 2.5 \u2013 Financial assets\n \n
\u201cFinancial assets\u201d amounted to \u20ac 4.4 million at 31 December 2023, down by \u20ac 1.7 million compared to December 2022.
\n
This item mainly consists of the value of \u201cOther investments\u201d held for the medium/long term, measured at fair value,
\n
since they are largely classified as \u201cFinancial instruments at fair value through profit or loss (FVTPL)\u201d.
\n
The decrease during the period is due to the remeasurement (refer to \u2018Note 1.11 \u2013 Profit (loss) on investments\u2019 for further
\n
information), in accordance with IFRS 9, of the equity investment in an \u201cInvestment company in risk capital (SICAR) pro-
\n
vision\u201d specialising in interventions in sectors where the Group operates, by the parent company Ariston Holding N.V.
\n \n Note 2.6 \u2013 Other non-current assets\n \n
\u201cOther non-current assets\u201d includes primarily the security deposits due beyond the year and other assets with a financial
\n
impact spreading beyond one year.
\n
At 31 December 2023, the item amounted to \u20ac 7.8 million, up compared with \u20ac 7.0 million in 2022.
\n \n Note 2.9 \u2013 Trade receivables\n \n
Trade receivables amounted to \u20ac 361.3 million, net of a bad debt provision of \u20ac 21.2 million.
\n
Compared with 31 December 2022, the net balance shows a \u20ac 52.9 million increase in absolute values. This increase is
\n
attributable to, in addition to the effects of the geographical mix, the acquisition of Wolf-Brink in early 2023, partially
\n
compensated by the strong collection performance of the Group.
\n
The percentage of trade receivables on the turnover of the last 12 months was equal to 11.7% compared with 13.0%
\n
recorded at 31 December 2022.
\n \n \n \n \n
The bad debt provision of \u20ac 21.2 million shows a net increase by \u20ac 4.3 million compared with 31 December 2022. This
\n
increase is mainly attributable to the acquisition of Wolf-Brink. For Trade Receivables, the Group, applies a simplified
\n
approach using a provision matrix in the calculation of expected losses based on historical loss rates and then adjusting
\n
for forward-looking information. Based on this model, according to IFRS9, the policy defines a percentage of statistical
\n
devaluation based on the division of trade receivables into clusters of ageing and country risk and then applying a forward-
\n
looking factor determined by the counterparty Probability of Default (PD) at 1 year obtained from external resources. A
\n
specific fund is provided for legal and specific devaluation due to the situation of single clients and their economic envi-
\n
ronment.
\n
At 31 December 2023, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed
\n
receivables.
\n \n \n \n \n \n \n \n \n \n
F
\n \n
ollowing are the changes in the bad debt provision:
\n
Bad debt provision
\n
Short-term
\n
Medium/long-
\n
term
\n
Total
\n
(in \u20ac million)
\n
As at 31.12.2022
\n
12.3
\n
4.7
\n
17.0
\n
Perimeter variation
\n
2.6
\n
0.0
\n
2.6
\n
Increases
\n
6.6
\n
0.6
\n
7.1
\n
Decreases
\n
-1.3
\n
-0.7
\n
-1.9
\n
Release
\n
-2.9
\n
-0.6
\n
-3.5
\n
Exchange rate effect
\n
-0.2
\n
0.0
\n
-0.2
\n
Other
\n
-0.0
\n
0.1
\n
0.1
\n
Total changes
\n
4.9
\n
-0.6
\n
4.3
\n
As at 31.12.2023
\n
17.1
\n
4.1
\n
21.2
\n \n
The item \u201cOther\u201d includes primarily the reclassifications made for the period in order to ensure the correct recognition
\n
of receivables subject to special valuation, such as those in legal proceedings or in litigation.
\n
Please refer to paragraph \u2018Credit Risk\u2019 for further details on ageing and the related Bad Debt Provision.
\n \n \n \n Note 2.11 \u2013 Current financial assets\n
As at 31 December 2023, the item \u201cCurrent financial assets\u201d amounted to \u20ac 35.1 million, down from \u20ac 47.1 million re-
\n
ported at the end of 2022.
\n The item includes:\n
\u2022
\n
\u201cShort-term financial receivables\u201d, including primarily security deposits, which amounted to \u20ac 7.9 million as at 31
\n
December 2023 (\u20ac 2.2 million as at 31 December 2022);
\n \n \n
\u2022
\n
the positive impact of \u201cFinancial derivative assets\u201d for \u20ac 17.1 million (\u20ac 34.8 million as at 31 December 2022) is gen-
\n
erated by the fair value measurement of derivative financial instruments. The fair value of financial derivatives in-
\n
cluded hedges on commodities for \u20ac 0.2 million, on interest rates for \u20ac 16.5 million and on foreign exchange for \u20ac 0.4
\n
million.
\n
The amount of derivatives closed but not yet collected amounted to \u20ac 4.9 million (\u20ac 2.0 million as at 31 December
\n
2022);
\n \n \n
\u2022
\n
the short-term bank notes or similar tradable instruments held by subsidiaries in China amounted to \u20ac 2.6 million (\u20ac
\n
2.5 million as at 31 December 2022), issued and backed up by leading domestic banks and used in commercial trans-
\n
actions with customers and suppliers in order to settle supply agreements.
\n Note 2.12 \u2013 Other current assets\n \n
\u201cOther current assets\u201d amounted to \u20ac 87.4 million versus \u20ac 50.8 million at 31 December 2022. The main items are:
\n
Other current assets
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Indirect tax receivables
\n
52.9
\n
25.0
\n
Prepaid expenses
\n
12.3
\n
8.8
\n
Advances to suppliers
\n
10.4
\n
8.2
\n
State Green Programmes
\n
0.9
\n
1.2
\n
Credits from government
\n
0.9
\n
3.8
\n
Receivables from employees
\n
0.9
\n
1.2
\n
Other receivables
\n
9.1
\n
2.5
\n
Total
\n
87.4
\n
50.8
\n
The increase in \u2018Other current assets\u2019 is mainly related to indirect tax receivables and prepaid expenses.
\n
The reasons for the increase are a mixed effect of perimeter variation and business activity.
\n \n Note 2.13 \u2013 Cash and cash equivalents\n \n
\u201cCash and cash equivalents\u201d, amounting to \u20ac 451.2 million as at the end of December 2023, are represented almost
\n
entirely by cash on hand, as shown in the following table:
\n
Cash and cash equivalents
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Bank and postal deposits
\n
385.6
\n
961.2
\n
Short-Term Investments
\n
63.7
\n
38.0
\n
Cash on hand
\n
1.9
\n
0.2
\n
Total
\n
451.2
\n
999.3
\n
The amount shown in the line \u201cBank and postal deposits\u201d primarily consists of credit balances on current accounts and
\n
compared to 31 December 2022, it decreased by \u20ac 575.6 million mainly due to the Wolf-Brink acquisition payment cash
\n
out executed on 2 January 2023. \u201cShort-term Investments\u201d increased by \u20ac 25.7 million compared to 31 December 2022.
\n
The amount of cash on hand with a pre-determined use is not significant.
\n \n \n
The reconciliation between Cash & Cash Equivalents and the Consolidated statement of cash flows is provided below:
\n
Table of Reconciliation between Cash & Cash Equivalents and the Consolidated state-
\n
ment of cash flows
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Cash and cash equivalents
\n
(as included in the Consolidated statement of financial position)
\n
451.2
\n
999.3
\n
Short-term bank notes or similar tradable instruments and others
\n
3.3
\n
3.3
\n
Bank overdrafts
\n
-1.0
\n
-7.4
\n
Notes payable
\n
-13.5
\n
-17.6
\n
Cash and cash equivalents
\n
(as included in the Consolidated statement of cash flows)
\n
440.0
\n
977.5
\n \n \n
For the purpose of the \u2018Consolidated Statement of Cash flow\u2019, the Group included within \u2018Cash and cash equivalents\u2019 the
\n
financial instruments reported above in the table (bank overdrafts, short-term bank notes and notes payable) since these
\n
instruments are readily convertible and repayable on demand. With particular reference to the short-term bank notes
\n
and notes payable, such instruments are similar to bank overdrafts and are used especially in China to settle commercial
\n
transactions, with the net balance of such notes fluctuating throughout the year.
\n \n Note 3.5 \u2013 Non-current financing and current loans\n \n
As at 31 December 2023, \u201cNon-current financing and current loans\u201d amounted to \u20ac 988.8 million versus \u20ac 897.8 million
\n
in the previous year, and was as follows:
\n
31.12.2023
\n
31.12.2022
\n
< 1 year
\n
< 5 years
\n
> 5 years
\n
Total
\n
< 1 year
\n
< 5 years
\n
> 5 years
\n
Total
\n
Fair value of Current and
\n
Non-current Financing
\n
46.7
\n
492.3
\n
449.8
\n
988.8
\n
32.7
\n
704.9
\n
160.2
\n
897.8
\n
\u201cCurrent financing\u201d for loans was up \u20ac 14.0 million on the previous year; this is essentially attributable to the normal
\n
amortisation plan of medium/long-term debt. Meanwhile \u201cNon-current financing\u201d compared to 31 December 2022 was
\n
up \u20ac 77.0 million mainly due to new financing taken out in 2023.
\n \n \n
In accordance with IFRS 16, below are the carrying amounts of financial liabilities arising from right-of-use assets broken
\n
down by maturity at 31 December 2023:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 31.12.2023
\n
(in \u20ac million)
\n 		\n
0-12 months
\n 		\n
2-5 years
\n 		\n
>5 years
\n 		\n
Total
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0
\n
- non-current loans
\n 		\u00a0\n
51.8
\n 		\n
11.3
\n 		\n
63.1
\n
\n
- current loans
\n 		\n
25.1
\n 		\u00a0\u00a0\n
25.1
\n
\n
Financial payables
\n 		\n
25.1
\n 		\n
51.8
\n 		\n
11.3
\n 		\n
88.2
\n
\n Note 3.6 \u2013 Other non-current liabilities\n
\u201cOther non-current liabilities\u201d amounted to \u20ac 20.5 million versus \u20ac 12.0 million in the previous year. These liabilities are
\n
represented primarily by debts to be extinguished beyond the year and non-current contract liabilities. For the disclosure
\n
about contract liabilities, refer to \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n
\u201cOther non-current liabilities\u201d largely reflected the fair value of the debt resulting from the measurement of the individual
\n
obligations associated with Put and Call options on non-controlling interests in the recently acquired entities, primarily
\n
the newly Put and Call option agreement signed in May 2023 for the acquisition of the remaining 49% of the shares of
\n
the subsidiary Chromagen Australia. The option as at December 2023 is equal to \u20ac 6.7 million and will expire in 2026.
\n \n Note 3.8 \u2013 Trade payables\n
\u201cTrade payables\u201d at 31 December 2023 amounted to \u20ac 463.7 million, showing a decrease of \u20ac 17.7 million, compared
\n
with 31 December 2022. They are not subject to interest and their carrying value is believed to be close to the fair value
\n
at the end of the reporting period.
\n
Trade payables in terms of the average number of days for payment, amounted to 91.0 days in 2023 and 97.6 days in
\n
2022. The decrease of the DPO is due to the perimeter variation of Wolf-Brink.
\n
The reduction of trade payables is linked to careful management of procurement contracts and relevant terms and con-
\n
ditions.
\n Note 3.11 \u2013 Current financial liabilities\n \n \n
As at 31 December 2023, \u201cCurrent financial liabilities\u201d amounted to \u20ac 72.5 million versus \u20ac 49.7 million in the previous
\n
year.
\n
Liabilities are as follows:
\n
Current financial liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Financial derivative liabilities
\n
23.9
\n
10.5
\n
Short-term debt due to bank
\n
18.1
\n
21.6
\n
Financial notes payable
\n
13.5
\n
13.2
\n
Other current financial liabilities
\n
17.0
\n
4.4
\n
Total
\n
72.5
\n
49.7
\n \n \n \n \n
As at 31 December 2023, \u201cFinancial derivative liabilities\u201d amounted to \u20ac 23.9 million and included the negative fair value
\n
and derivatives closed but not paid yet of financial derivative instruments.
\n
The fair value of financial derivatives included hedges on foreign exchange for \u20ac 9.7 million (\u20ac 3.5 million as at 31 Decem-
\n
ber 2022), on interest rates for \u20ac 8.5 (\u20ac0 million as at 31 December 2022), and on commodities for \u20ac 0.9 million (\u20ac 1.3
\n
million as at 31 December 2022).
\n \n \n
The negative accruals to financial derivatives closed but not yet paid at the reporting date amounted to \u20ac 4.9 million.
\n
The change in commodity, foreign exchange and interest rate hedges was offset by the change in the underlying hedged
\n
items. The fair value measurement of the derivative instruments has a direct contra-entry in the equity reserve related
\n
to the cash flow hedge for a total of \u20ac 24.4 million. For a more detailed explanation of hedging instruments, see the
\n
section on the instruments for financial risk management.
\n \n \n \n
Short-term debt due to banks showed a \u20ac 3.5 million decrease as result of a lower draw-down of short-term lines.
\n
Short-term uncommitted credit lines amounted to approximately \u20ac 423.8 million and consisted almost entirely of current
\n
account credit lines and advances utilised as at 31 December 2023 for \u20ac 51.8 million (\u20ac 49.0 million as at 31 December
\n
2022).
\n \n \n
\u201cFinancial notes payable\u201d amounted to \u20ac 13.5 million (\u20ac13.2 million as at 31 December 2022) and consisted of short-
\n
term debt for bank notes or similar tradable instruments issued, held by subsidiaries in China, and used in commercial
\n
transactions with customers and suppliers in order to settle supply agreements.
\n
The item \u201cOther current financial liabilities\u201d amounted to \u20ac 17.0 million (\u20ac 4.4 million as at 31 December 2022) and mainly
\n
consisted of interest accrual on medium/long-term loans.
\n \n \n
Note 3.12 \u2013 Current loans
\n
The balance of \u201cCurrent loans\u201d amounted to \u20ac 46.7 million versus \u20ac 32.7 million at 31 December 2022.
\n
The item consists primarily of the short-term portion of medium/long-term bank loans, the details of which are attached
\n
to \u2018Note 3.5 - Non-current financing and current loans\u2019
\n \n Note 3.13 \u2013 Other current liabilities\n
\u201cOther current liabilities\u201d amounted to \u20ac 288.2 million, up by \u20ac 113.6 million on \u20ac 174.5 million at 31 December 2022.
\n
Other current liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Current payables due to personnel
\n
73.9
\n
51.7
\n
Contract liabilities
\n
67.2
\n
41.9
\n
Customers credit balance
\n
60.1
\n
13.1
\n
Indirect tax payables
\n
38.3
\n
29.2
\n
Current payables for social security contributions
\n
22.3
\n
19.1
\n
Advances from customers
\n
10.5
\n
5.6
\n
Deferred income
\n
8.1
\n
4.8
\n
Short-Term put/call debts
\n
3.2
\n
3.8
\n
Long-Term employees incentive scheme (current)
\n
0.2
\n
0.3
\n
State Green Programmes - Other payables
\n
0.1
\n
0.0
\n
Other current payables
\n
4.2
\n
5.1
\n
Total
\n
288.2
\n
174.5
\n \n
The \u201cShort-term put/call debts\u201d arises from purchase agreements that are to be settled in the near future. The item
\n
showed a decrease, discussed below, of \u20ac 0.6 million. The balance as at 31 December 2023 includes the liability for the
\n
Put and Call on HAAS B.V. and the Chromagen Group.
\n FINANCIAL INSTRUMENTS\n \n \n \n \n \n
Below are the Group's financial instruments recognised by category and the level of confidence of their fair value meas-
\n
urements at 31 December 2023:
\n
31.12.2023
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through
\n
P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabili-
\n
ties at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
451.2
\n
0.0
\n
451.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
361.3
\n
0.0
\n
361.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
17.1
\n
18.0
\n
0.0
\n
35.1
\n
0.0
\n
17.1
\n
0.0
\n
17.1
\n
Financial assets
\n
2.5
\n
2.4
\n
1.1
\n
0.8
\n
0.0
\n
4.4
\n
0.0
\n
0.0
\n
3.6
\n
3.6
\n
Total
\n
2.4
\n
18.2
\n
831.3
\n
0.0
\n
852.0
\n
0.0
\n
17.1
\n
3.6
\n
20.7
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
459.2
\n
459.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
19.1
\n
0.0
\n
53.4
\n
72.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
46.7
\n
46.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non-current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
942.1
\n
942.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
19.1
\n
0.0
\n
1,501.4
\n
1,520.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Financial instruments bal-
\n
ance
\n
2.4
\n
-0.9
\n
831.3
\n
-1,501.4
\n
-668.5
\n
0.0
\n
-2.0
\n
3.6
\n
1.6
\n
(*)
\n
For such categories the carrying amount approximates the fair value
\n \n \n \n \n
The financial instruments of the Group, recognised in the financial statements with a similar breakdown at 31 December
\n
2022, are shown in the table below:
\n
31.12.2022
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabilities
\n
at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
999.3
\n
0.0
\n
999.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
308.4
\n
0.0
\n
308.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
34.8
\n
10.2
\n
2.0
\n
47.1
\n
0.0
\n
34.8
\n
0.0
\n
34.8
\n
Financial assets
\n
2.5
\n
4.0
\n
1.1
\n
1.0
\n
0.0
\n
6.1
\n
0.0
\n
0.0
\n
5.1
\n
5.1
\n
Total
\n
4.0
\n
35.9
\n
1,318.9
\n
2.0
\n
1,360.8
\n
0.0
\n
34.8
\n
5.1
\n
39.9
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
481.4
\n
481.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
4.8
\n
0.0
\n
44.8
\n
49.7
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
32.7
\n
32.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non
\n
-
\n
current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
865.2
\n
865.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
4.8
\n
0.0
\n
1,424.0
\n
1,428.8
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Financial instruments
\n
balance
\n
4.0
\n
31.1
\n
1,318.9
\n
-1,422.0
\n
-68.0
\n
0.0
\n
30.0
\n
5.1
\n
35.0
\n
(*) For such categories the carrying amount approximates the fair value
\n
Notes:
\n
Level 1: listed prices on an active market for the asset or liability being measured.
\n
Level 2: inputs other than listed prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived
\n
from prices).
\n
Level 3: unobservable inputs for the asset or liability.
\n
As the above table shows, at the reporting date, there were no differences between the carrying amounts of financial
\n
instruments and the corresponding fair value. In particular, among the non-current financial assets, obligations are mainly
\n
stated at fair value.
\n \n \n \n \n \n \n \n
Current and non-current loans are at both fixed and floating rates and are recognised at their amortised cost.
\n
As already described in \u2018Note 3.11 \u2013 Current financial liabilities\u2019 and in \u2018Note 2.11 \u2013 Current financial assets\u2019 of these
\n
notes, current financial assets/liabilities include the fair value, at the end of the reporting period, of the derivative finan-
\n
cial instruments used to hedge the purchase of commodities (negative for \u20ac 0.7 million), exchange rates (negative for \u20ac
\n
9.3 million) and interest rates (positive for \u20ac 8.0 million).
\n
For details on these transactions, see the section \u201cHedging instruments\u201d.
\n \n
The Group is exposed to operations with related financial risks, including credit risk, liquidity risk and market risk, and
\n
constantly monitors them.
\n
The following section provides qualitative and quantitative information about the impact of these risks on the Group.
\n \n
Financial instruments at fair value through OCI include the fair value of derivatives mainly on interest rates, exchange
\n
rates and commodities for which the Group has applied \u2018Cash flow hedging\u2019 (IFRS 9 - Hedge Accounting).
\n \n CREDIT RISK\n \n
Credit risk is the Group\u2019s exposure to potential losses from failure by commercial counterparties to fulfil obligations they
\n
have entered into. Failure to collect or late collection of trade receivables could impact negatively on the Group\u2019s eco-
\n
nomic results and financial equilibrium.
\n
The Group\u2019s policy for managing credit risk from commercial activities envisages the preliminary assessment of counter-
\n
parties\u2019 creditworthiness, the management of credit limits and the adoption of risk mitigation instruments, such as the
\n
acquisition of bank guarantees, letters of credit and the external transfer of part of the insolvency risk through a global
\n
program of credit insurance.
\n
The portion of secured receivables, at 31 December 2023, was 63.7% of the total exposure.
\n
In order to mitigate credit risk, the Group has also adopted a policy which defines the strategic guidelines and operating
\n
rules for an effective system to control each company\u2019s credit.
\n
In addition, the policy defines the means for estimating expected losses, in accordance with the means set out hereafter
\n
and taking account of the mitigating factor represented by the aforementioned instruments for insured credit.
\n \n \n \n \n \n \n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n \n \n \n \n \n \n \n Maximum risk exposure\n \n \n \n
The maximum exposure to risk, net of guarantees, at 31 December 2023 was \u20ac 131.1 million. The Group has not identified
\n
any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk port-
\n
folio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing
\n
its liquidity in leading bank and corporate counterparties selected according to their credit quality. All receivables on book
\n
have a credit risk rating minimum.
\n
The table below summarises the types of instruments protecting against credit risk used by the Group:
\n
Type
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Receivables under insurance policies
\n
211.5
\n
58.5%
\n
192.4
\n
62.4%
\n
Other financial means of securing
\n
18.7
\n
5.2%
\n
5.7
\n
1.9%
\n
Total secured receivables
\n
230.2
\n
63.7%
\n
198.1
\n
64.2%
\n
Non-secured receivables
\n
131.1
\n
36.3%
\n
110.3
\n
35.8%
\n
Total receivables
\n
361.3
\n
100.0%
\n
308.4
\n
100.0%
\n
\u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees and different methods of cov-
\n
ering the default risk though a system introduced by the acquisition of Wolf-Brink called the Central Payment Regulator
\n
System.
\n \n \n \n Overdue financial assets\n \n \n \n \n \n
The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables
\n
are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days).
\n
The amount of receivables past-due within 60 days is \u20ac 24.3 million (versus \u20ac 26.0 million at December 2022) whereas
\n
the amount of receivables past-due beyond 60 days is \u20ac 20.2 million (versus \u20ac 16.2 million at December 2022).
\n
For the purposes of representing trade receivables for issued invoices by past-due ranges, the following table is provided:
\n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Overdue 0-30
\n
17.6
\n
4.9%
\n
19.3
\n
6.3%
\n
Overdue 31-60
\n
6.7
\n
1.9%
\n
6.7
\n
2.2%
\n
Overdue 61-120
\n
7.9
\n
2.2%
\n
3.9
\n
1.2%
\n
Due after 120 and legal
\n
12.3
\n
3.4%
\n
12.3
\n
4.0%
\n
The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country
\n
risk class where the trade receivable amount is allocated.
\n
The current (not overdue) receivables amounted to \u20ac 316.8 million. Also these amounts are allocated to their country
\n
risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad
\n
debt amounted to \u20ac 5.4 million.
\n
Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to
\n
impairment up to overdue below 180 days, while over 180 days the percentages remain the same.
\n
As at 31 December 2023 there is no significant financing component identified for trade receivables.
\n \n \n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n \n Depreciation grid\n \n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n \n \n \n \n \n \n \n LIQUIDITY RISK\n \n
As at 31 December 2023, the Group\u2019s \u201cOverall available liquidity\u201d, defined as the sum of cash and cash equivalents and
\n
the unused portion of committed credit lines (equal to \u20ac 895 million at December month-end) amounted to approxi-
\n
mately \u20ac 1,346 million.
\n
As of 31 December 2023, the Group's overall bank credit lines, including the used and unused credit lines (both committed
\n
and uncommitted) totalled approximately \u20ac2.2 billion, of which approximately 43% was drawn.
\n
Cash generated from operations and bank financing are the primary sources of liquidity.
\n
The Group periodically assesses its financial needs, in order to act promptly and implement the necessary actions to find
\n
additional resources when needed. The Group seeks to maintain an adequate mix of resources in terms of maturities,
\n
financial instruments and available amounts.
\n
The following table shows the contractual expiry dates for the financial liabilities other than derivatives. These figures are
\n
based on non-discounted cash flows, including financial charges, as at the next closest date when the Group may be asked
\n
for the payment.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 2023
\n
(in \u20ac million)
\n 		\n
< 1 month
\n 		\n
2-6 months
\n 		\n
6-12 months
\n 		\n
1-5 years
\n 		\n
> 5 years
\n 		\n
Total
\n
\n
Trade payables
\n 		\n
146.2
\n 		\n
313.4
\n 		\n
3.6
\n 		\n
0.5
\n 		\u00a0\n
463.7
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
-
\n
Current financial liabilities
\n 		\n
6.0
\n 		\n
50.5
\n 		\n
16.6
\n 		\u00a0\u00a0\n
73.1
\n
\n
-
\n
Current loans
\n 		\u00a0\u00a0\n
46.6
\n 		\u00a0\u00a0\n
46.6
\n
\n
-
\n
Non-current financial liabilities
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\n
0.0
\n
\n
-
\n
Non-current loans
\n 		\n
10.0
\n 		\n
6.7
\n 		\n
15.1
\n 		\n
592.9
\n 		\n
475.6
\n 		\n
1,100.3
\n
\n
Total financial payables
\n 		\n
16.0
\n 		\n
57.2
\n 		\n
78.3
\n 		\n
592.9
\n 		\n
475.6
\n 		\n
1,220.0
\n
\n
Expiry dates
\n 		\n
162.2
\n 		\n
370.6
\n 		\n
81.9
\n 		\n
593.4
\n 		\n
475.6
\n 		\n
1,683.7
\n
\n
The details for the expiry dates of financial and trade payables as at 31 December 2022 are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 2022
\n
(in \u20ac million)
\n 		\n
< 1 month
\n 		\n
2-6 months
\n 		\n
6-12 months
\n 		\n
1-5 years
\n 		\n
> 5 years
\n 		\n
Total
\n
\n
Trade payables
\n 		\n
121.1
\n 		\n
359.9
\n 		\n
0.0
\n 		\n
0.4
\n 		\u00a0\n
481.4
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
-
\n
Current financial liabilities
\n 		\n
10.7
\n 		\n
18.0
\n 		\n
20.9
\n 		\u00a0\u00a0\n
49.7
\n
\n
-
\n
Current loans
\n 		\u00a0\n
4.1
\n 		\n
28.6
\n 		\u00a0\u00a0\n
32.7
\n
\n
-
\n
Non-current financial liabilities
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\n
0.0
\n
\n
-
\n
Non-current loans
\n 		\u00a0\n
5.4
\n 		\n
5.0
\n 		\n
736.4
\n 		\n
169.9
\n 		\n
916.7
\n
\n
Total financial payables
\n 		\n
10.7
\n 		\n
27.5
\n 		\n
54.5
\n 		\n
736.4
\n 		\n
169.9
\n 		\n
999.1
\n
\n
Expiry dates
\n 		\n
131.8
\n 		\n
387.4
\n 		\n
54.5
\n 		\n
736.8
\n 		\n
169.9
\n 		\n
1,480.5
\n
\n \n MARKET RISK\n \n
The Group is exposed to several market risks and, in particular, to the possibility that fluctuation in exchange rates, inter-
\n
est rates and commodity prices may affect the value of assets, liabilities and the expected cash flows.
\n
The market risk management policies applied to interest rates, exchange rates and commodities, are centrally defined to
\n
mitigate the above risks in a structured and proactive manner in the advancement of the Group's objectives.
\n
The three types of market risk can be characterised as described here below.
\n \n Exchange rate risk\n \n \n
The international context where the Group operates exposes the Group to the risk that changes in exchange rates may
\n
affect its financial results.
\n
The exposure to exchange rate risk determines:
\n
a)
\n
impacts on the operating result due to the different valuation of income and expense in another currency compared
\n
to the time when the price conditions were agreed upon (economic risk);
\n
b)
\n
impacts on the operating result due to the translation of trade or financial receivables/payables denominated in
\n
another currency (transaction risk);
\n
c)
\n
impacts on the consolidated financial statements due to the translation of assets and liabilities held by companies
\n
that prepare their financial statements in a currency other than the euro (translation risk).
\n
The most significant exposure in other currencies of the Group concerns the exchange rate of the euro against the US
\n
dollar, Chinese renminbi, Swiss franc and several other currencies for lower amounts.
\n
The economic risk is hedged through average rate forward financial instruments, i.e. hedging agreements against the
\n
volatility that characterises the currency markets, using as a reference the monthly average exchange rates, and that
\n
allow the Group to achieve the goals set out in its market risk management policy. In order to pursue these goals, the
\n
Group put into derivatives hedging a set proportion of net exposure in currencies other than the Group's currency. At
\n
each reporting date, the exposure is presented in the financial statements using hedge accounting, which requires rec-
\n
ognising derivatives at their fair value in the statement of financial position. The Group considered it possible to use hedge
\n
accounting since the hedging relationship is effective in accordance with IFRS 9.
\n
In order to minimise the exposure to the transaction risk, the Group uses derivative forward instruments which allow for
\n
protection against revaluations/write-downs at the due date of the credit and debit positions of a financial and commer-
\n
cial nature.
\n
The Group does not hedge the translation risk except for any distribution of intergroup dividends.
\n \n \n \n \n
At the reporting date, the notional amount of forward currency contracts (sale and purchase) entered into by the Group,
\n
can be summarised as follows:
\n
(in \u20ac million)
\n
Notional amount in
\n
Currency
\n
Notional amount in \u20ac
\n
CHF
\n
150.3
\n
162.3
\n
GBP
\n
14.3
\n
16.4
\n
CNY
\n
367.7
\n
46.8
\n
USD
\n
12.5
\n
11.3
\n
At the same date, the fair value of the foreign exchange derivatives was overall negative, standing at \u20ac 9.2 million.
\n
In relation to exchange rate risk, the Group performed sensitivity analysis to measure how exchange rate fluctuations
\n
against the euro may affect pre-tax profitability. The sensitivity analysis was performed on the currencies to which the
\n
Group is exposed. The hypothesised scenario envisages a general variation in exchange rates of 2% and the following
\n
table shows the sensitivity, while keeping all the other variables fixed, in terms of the profit before tax and equity, gross
\n
of the tax effect. The biggest exposures are CHF and CNY, in the sensitivity analysis the two exposures tend to offset each
\n
other as they are in the opposite side.
\n \n \n \n \n
(in \u20ac million)
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n
31.12.2023
\n
Foreign currency revaluation
\n
1.1
\n
1.1
\n
Foreign currency devaluation
\n
-1.1
\n
-1.1
\n \n Commodity price fluctuation risk\n \n
Profit and loss are affected by the performance of the prices of raw materials, in particular as regards non-ferrous metals
\n
such as copper, nickel and aluminium, as well as precious metals like silver, which represent one of the primary compo-
\n
nents of the majority of products traded by the Group.
\n
For hedging purposes against the risk of fluctuating prices for copper, silver and nickel, the Group provided, through the
\n
parent company Ariston Holding N.V., for the necessary hedging measures in line with the procedures already adopted
\n
in the previous years aimed at reducing the impact of price volatility in purchases over coming years.
\n
Thus, the Group partly hedged purchases also for the years 2024, 2025 and 2026.
\n
In order to achieve the goals set out in the market risk management policy, the Group entered into derivatives, hedging
\n
a set proportion of raw material purchases. At each reporting date, the exposure is presented in the financial statements
\n
using hedge accounting, which requires recognising derivatives at their fair value in the statement of financial position.
\n
The Group considered it possible to use hedge accounting since the hedging relationship is effective in accordance with
\n
IFRS 9.
\n
When these instruments no longer qualify for hedge accounting, they are recognised as trading instruments.
\n
At the reporting date, the notional amount of forward commodity contracts entered into by the Group, can be summa-
\n
rised as follows:
\n
Commodity
\n
Financial
\n
instruments
\n
Quantity/ton
\n
Total price
\n
(in \u20ac million)
\n
Copper
\n
Forward
\n
1,680.0
\n
13.2
\n
Nickel
\n
Average Forward
\n
46.0
\n
0.9
\n
Silver
\n
Average Forward
\n
2.6
\n
1.8
\n
Aluminium
\n
Forward
\n
1,175.0
\n
2.9
\n
At the same date, the fair value measurement of the derivatives on commodities showed a net negative amount of \u20ac 0.7
\n
million.
\n
Derivatives contracts entered into and closed during the year realised a negative result amounting to approximately \u20ac 0.2
\n
million which impacted the purchase cost of commodities.
\n \n Interest rate risk\n \n
Interest rate risk refers to the possible impact on the income statement deriving from fluctuations in the interest rates
\n
applied to the Group\u2019s loans.
\n
The amount of the Group\u2019s variable rate debt exposure, not hedged against interest rate risk, represents the main ele-
\n
ment of risk for the negative impact from an increase in market interest rates. The interest rate risk to which the Group
\n
is exposed originates primarily from bank financing.
\n
The Group's policy for managing this risk seeks to strike a balance between fixed and variable rate debts, taking into
\n
account the maturity profile, the short-term market outlook, with the purpose of containing funding costs.
\n
As at 31 December 2023, the Group had, for hedging purposes, interest rate swap (IRS) transactions for a total notional
\n
amount of \u20ac 535.5 million.
\n
At the same date, 64% of bank financing was hedged or fixed and 36% was at a variable rate, consistent with the Group
\n
policy.
\n
The sensitivity analysis of interest rate risk is conducted under the delta margin approach and is aimed at measuring how
\n
a given change in interest rates would affect financial expense associated with variable rate debt over the next 12 months.
\n \n \n \n
The sensitivity of the interest rate spread, assuming a generalised +/- 50 basis point change in interest rates, amounted
\n
to \u20ac +1.5 million and \u20ac -1.5 million, respectively, at the end of December 2023.
\n \n HEDGING INSTRUMENTS\n \n
In summary, at 31 December 2023, the following financial hedging instruments are in place:
\n
\u2022
\n
against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2
\n
years;
\n
\u2022
\n
against commodities \u2013 copper, nickel, silver, aluminium and steel with maturities up to 3 years;
\n
\u2022
\n
against interest rates \u2013 medium/long-term floating rate loans with maturities up to 8 years.
\n
The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac-
\n
tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognised in hedge
\n
accounting.
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The high volatility on IRS
\n
price curve in 2023 generated the biggest change in values compared to the previous years. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2023
\n
(in \u20ac million)
\n
Nature of
\n
risk
\n
covered
\n
Fair value
\n
31.12.2023
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent finan-
\n
cial liabili-
\n
ties
\n
Current fi-
\n
nancial
\n
liabilities
\n
Total
\n
Interest Rate Swap
\n
Interest
\n
rate
\n
8.0
\n
-
\n
16.5
\n
-
\n
-8.5
\n
8.0
\n
Average Forward
\n
FX
\n
-9.3
\n
-
\n
0.4
\n
-9.7
\n
-9.3
\n
Forward
\n
Commodity
\n
-0.5
\n
-
\n
0.2
\n
-
\n
-0.7
\n
-0.5
\n
Average Forward
\n
Commodity
\n
-0.2
\n
-
\n
-
\n
-
\n
-0.2
\n
-0.2
\n
Hedging instruments
\n
-2.0
\n
-
\n
17.1
\n
-
\n
-19.1
\n
-2.0
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2022
\n
(in \u20ac million)
\n
Nature of risk
\n
covered
\n
Fair value
\n
31.12.2022
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent
\n
financial
\n
liabilities
\n
Current fi-
\n
nancial li-
\n
abilities
\n
Total
\n
Interest Rate Swap
\n
Interest rate
\n
32.5
\n
32.5
\n
32.5
\n
Average Forward
\n
FX
\n
-2.0
\n
1.5
\n
-3.5
\n
-2.0
\n
Forward
\n
Commodity
\n
-1.1
\n
0.2
\n
-1.3
\n
-1.1
\n
Average Forward
\n
Commodity
\n
0.5
\n
0.5
\n
0.0
\n
0.5
\n
Hedging instruments
\n
30.0
\n
34.8
\n
-4.8
\n
30.0
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228203020902": { "value": "Note 1.8 \u2013 Financial income\n \n
In 2023, \u201cFinancial income\u201d amounted to \u20ac 11.6 million, a better result than the previous year when the same item
\n
amounted to \u20ac 6.0 million. The item is as follows:
\n
Financial income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest Income from bank
\n
6.2
\n
2.9
\n
Employee benefits
\n
3.7
\n
0.6
\n
State Green Programmes
\n
1.1
\n
2.2
\n
Other financial income
\n
0.6
\n
0.3
\n
Total
\n
11.6
\n
6.0
\n
The year-on-year change was largely attributable to the item \u201cInterest income from bank\u201d, resulting from an increase in
\n
interest rate conditions remunerating our liquidity. The other items making up the total were largely unchanged.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228203135678": { "value": "Note 1.8 \u2013 Financial income\n
In 2023, \u201cFinancial income\u201d amounted to \u20ac 11.6 million, a better result than the previous year when the same item
\n
amounted to \u20ac 6.0 million. The item is as follows:
\n
Financial income
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest Income from bank
\n
6.2
\n
2.9
\n
Employee benefits
\n
3.7
\n
0.6
\n
State Green Programmes
\n
1.1
\n
2.2
\n
Other financial income
\n
0.6
\n
0.3
\n
Total
\n
11.6
\n
6.0
\n
The year-on-year change was largely attributable to the item \u201cInterest income from bank\u201d, resulting from an increase in
\n
interest rate conditions remunerating our liquidity. The other items making up the total were largely unchanged.
\n Note 1.9 \u2013 Financial expense\n
\u201cFinancial Expense\u201d amounted to \u20ac 44.0 million at the end December 2023 versus \u20ac 15.7 million realised in 2022. This
\n
line item can be detailed as follows:
\n
Financial expense
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest and other expenses due to bank
\n
32.9
\n
10.3
\n
Employee benefits
\n
7.0
\n
1.4
\n
Leases
\n
2.9
\n
1.9
\n
Business Combinations
\n
1.0
\n
1.4
\n
Other financial expense
\n
0.3
\n
0.7
\n
Total
\n
44.0
\n
15.7
\n
Compared to the previous year, \u201cFinancial Expense\u201d increased by \u20ac 28.3 million, mainly due to \u201cInterest and other ex-
\n
penses due to bank\u201d reflecting the impact of the debt raised to fund the Wolf-Brink acquisition along with the interest
\n
rate hikes in 2023.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228164452856": { "value": "Note 1.9 \u2013 Financial expense\n \n \n \n
\u201cFinancial Expense\u201d amounted to \u20ac 44.0 million at the end December 2023 versus \u20ac 15.7 million realised in 2022. This
\n
line item can be detailed as follows:
\n
Financial expense
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest and other expenses due to bank
\n
32.9
\n
10.3
\n
Employee benefits
\n
7.0
\n
1.4
\n
Leases
\n
2.9
\n
1.9
\n
Business Combinations
\n
1.0
\n
1.4
\n
Other financial expense
\n
0.3
\n
0.7
\n
Total
\n
44.0
\n
15.7
\n
Compared to the previous year, \u201cFinancial Expense\u201d increased by \u20ac 28.3 million, mainly due to \u201cInterest and other ex-
\n
penses due to bank\u201d reflecting the impact of the debt raised to fund the Wolf-Brink acquisition along with the interest
\n
rate hikes in 2023.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228202933952": { "value": "Note 1.9 \u2013 Financial expense\n \n
\u201cFinancial Expense\u201d amounted to \u20ac 44.0 million at the end December 2023 versus \u20ac 15.7 million realised in 2022. This
\n
line item can be detailed as follows:
\n
Financial expense
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Interest and other expenses due to bank
\n
32.9
\n
10.3
\n
Employee benefits
\n
7.0
\n
1.4
\n
Leases
\n
2.9
\n
1.9
\n
Business Combinations
\n
1.0
\n
1.4
\n
Other financial expense
\n
0.3
\n
0.7
\n
Total
\n
44.0
\n
15.7
\n
Compared to the previous year, \u201cFinancial Expense\u201d increased by \u20ac 28.3 million, mainly due to \u201cInterest and other ex-
\n
penses due to bank\u201d reflecting the impact of the debt raised to fund the Wolf-Brink acquisition along with the interest
\n
rate hikes in 2023.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228202826988": { "value": "\n
Note 1.10 \u2013 Exchange rate gains/losses
\n
\u201cExchange rate gains/losses\u201d showed a positive result of \u20ac 1.5 million, which can be broken down as follows:
\n
Exchange rate gains/losses
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Exchange rate gains
\n
16.1
\n
43.2
\n
Exchange rate losses
\n
-16.6
\n
-52.1
\n
Unrealised exchange rate gains
\n
3.0
\n
7.5
\n
Unrealised exchange rate losses
\n
-1.0
\n
-7.5
\n
Total
\n
1.5
\n
-8.9
\n
\u201cExchange rate gains/losses\u201d include the monetary changes on the accounting entries that were realised at the end of
\n
the reporting period; \u201cUnrealised exchange rate gains\u201d and \u201cUnrealised exchange rate losses\u201d include the monetary
\n
changes that are not yet realised because they refer to financial transactions that were not closed at the end of the
\n
reporting period.
\n
The result for the period relating to realised and unrealised exchange differences on financial transactions was mostly
\n
positive due to the revaluations of the Swiss Franc against the Euro.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228165736501": { "value": "\n
Note 1.12 \u2013 Taxes
\n
Tax expense (income) and the related profit before tax for the years ended as at 31 December 2023 and 2022 consisted
\n
of the following:
\n
Taxes
\n
2023
\n
2022
\n
Delta
\n
(in \u20ac million)
\n
Profit before taxes
\n
253.6
\n
179.8
\n
73.8
\n
Current taxes
\n
72.3
\n
41.3
\n
31.0
\n
Deferred taxes
\n
-9.9
\n
-1.7
\n
-8.2
\n
Total taxes
\n
62.4
\n
39.5
\n
22.9
\n
In 2023 total taxes of \u20ac 62.4 million show a significant increase in comparison to the 2022 taxes of \u20ac 39.5 million, equal
\n
to \u20ac 22.9 million, mainly deriving from the increase in the profit before taxes of \u20ac73.7 million. The reason for the profit
\n
increase lies in the ACS acquisition that significantly contributed to Group profitability in 2023, leading to a corresponding
\n
increase in taxes.
\n
For the same reason, the 2023 current taxes show an increase of \u20ac 31.0 million compared to current taxes in 2022, partly
\n
offset by an increase in deferred taxes for \u20ac 8.1 million.
\n
Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident of Italy. The reconciliation of the differences
\n
between the theoretical income taxes at the parent local rate and total income taxes is presented based on the Italian
\n
local corporation income tax rate in force in 2023 of 24%. A reconciliation of Ariston\u2019s income tax expense for the year
\n
ended as at 31 December 2023 is as follows:
\n \n
Effective tax rate reconciliation
\n
2023
\n
%
\n
(in \u20ac million)
\n
Taxes at nominal Tax Rate
\n
60.9
\n
24.0%
\n
Foreign income at different tax rate
\n
0.7
\n
0.3%
\n
Deferred taxes not recognised and write-down
\n
7.9
\n
3.3%
\n
Italian IRAP
\n
5.9
\n
2.3%
\n
Recognition or use of previously unrecognised DTA
\n
-5.9
\n
-2.3%
\n
Permanent differences
\n
-1.3
\n
-0.5%
\n
Italian revaluation
\n
-4.7
\n
-1.8%
\n
Prior year taxes
\n
-1.2
\n
-0.5%
\n
Other
\n
0.0
\n
-0.2%
\n
Effective Tax Charge
\n
62.4
\n
24.6%
\n
For comparative purposes, here below is a reconciliation of Ariston\u2019s income tax expense for the year ended as at 31
\n
December 2022:
\n
Effective tax rate reconciliation
\n
2022
\n
%
\n
(in \u20ac million)
\n
Taxes at nominal Tax Rate
\n
43.2
\n
24.0%
\n
Foreign income taxed at different rates
\n
-3.5
\n
-1.9%
\n
Deferred taxes not recognised and write-down
\n
2.1
\n
1.2%
\n
Italian IRAP
\n
5.5
\n
3.1%
\n
Recognition or use of previously unrecognised DTA
\n
-1.6
\n
-0.9%
\n
Permanent differences
\n
-1.7
\n
-1.0%
\n
Italian revaluation
\n
-7.2
\n
-4.0%
\n
Prior year taxes
\n
2.3
\n
1.3%
\n
Other
\n
0.5
\n
0.3%
\n
Effective Tax Charge
\n
39.5
\n
22.0%
\n
The 2.6% increase in the 2023 tax rate of 24.6% compared to the 2022 tax rate of 22.0% is mainly a structural increase
\n
deriving from the different country mix in which the Group operates after the Wolf-Brink business acquisition. The Wolf-
\n
Brink group is highly focussed on Germany, even if it has operations in other EU and non-EU countries and Germany has
\n
a level of corporate income tax higher than the average Ariston tax rate. In the tax rate reconciliation, this is reflected in
\n
the 2.2% worsening of Foreign income taxed at different rates line which shows the difference between the Italian nom-
\n
inal tax rate (24%) and the foreign entities\u2019 nominal tax rate.
\n
The deferred taxes not recognised and write-down derive from the realisation of losses in countries where a deferred tax
\n
asset has not been recognised and it includes the write-down of deferred taxes accrued in previous years mainly in the
\n
United States. The negative impact has been partially offset by the recognition of previously unrecognised deferred taxes
\n
on losses carried forward mainly in Germany.
\n
The 2023 effective tax rate is positively impacted by the on-going net benefit connected to the revaluation of tangible
\n
and intangible assets carried out for both Local GAAP and tax purposes in Italy in 2021. In addition to the initial positive
\n
impact of the revaluation accrued in the 2021 financial statements and equal to the expected tax benefit for the first five-
\n
year business plan, in the 2023 financial statement the expected benefit for the additional year of the new five-year
\n
business plan period has been recognised positively thus impacting the tax rate.
\n \n \n
Pillar two
\n
The OECD Pillar Two initiative aims to ensure that multinational corporations pay a minimum effective tax rate of 15
\n
percent on a jurisdictional basis. The implementation of the Global Minimum Tax, provided for in Directive No. 2022/2523
\n
of 15 December 2022 (implementing the OECD/G20 Pillar II proposal), is effective in Italy as from 1 January 2024 and it
\n
was implemented with Legislative Decree No. 209 of 27 December 2023. The Italian legislation related to Pillar Two will
\n
apply to Ariston Holding NV being a Duch company which is fiscally resident in Italy. Many other countries have initiated
\n
domestic legislative procedures to enact the related tax legislation as well.
\n
Since the Pillar II regulation is not effective at the 31 December 2023 closing, no current taxes arising from its application
\n
have been accounted for in these financial statements. Moreover, the Group has also applied the temporary exception,
\n \n \n \n \n \n
introduced in May 2023, regarding the accounting requirements for deferred taxes under IAS 12; therefore, no infor-
\n
mation on deferred tax assets and liabilities resulting from the application of Pillar II is herein provided.
\n
Given the complexity of the rules outlined in the above legislation, for the first three tax periods (for the Ariston Group -
\n
financial years 2024 to 2026) the possibility of applying a simplified regime has been provided for (so-called \u201ctransitional
\n
safe harbours\u201d). This simplified regime is primarily based on the application of three tests (De Minimis test, Simplified
\n
Effective Tax Rate test and Routine Profits test) for each jurisdiction. Passing at least one of these tests allows the non-
\n
application of Pillar Two\u2019s more detailed rules and the reduction in compliance burdens.
\n
Based on the analysis performed in relation to the 2022 safe harbour tests, the Ariston Group's exposure arising from the
\n
application of Pillar Two is evaluated as not material. However, the Ariston Group\u2019s assessment is in progress in relation
\n
to 2023 and it includes the analysis of the application of the transitional safe harbours in the jurisdictions in which the
\n
Group operates and the presence of a Pillar Two effective tax rate below 15 percent. The Company expects to complete
\n
the assessment in the first half of 2024.
\n \n \n Notes 2.4 \u2013 Deferred tax assets and liabilities\n
The deferred taxes show a negative net balance of \u20ac 99.7 million in comparison with a positive net balance of deferred
\n
taxes of \u20ac 39.4 million of 2022, with an overall variation of \u20ac 139.1 million. The main reason for the change derives from
\n
the Wolf-Brink business acquisition, the purchase price allocation of which led to the recognition of intangible and tan-
\n
gible assets for an amount of \u20ac 520.2 million with the related tax effect equal to \u20ac 154.7 million of deferred tax liability.
\n
The reversal of the deferred tax liability related to the purchase price allocation in 2023 is \u20ac 6.2 million and the deferred
\n
tax liabilities related to the purchase price allocation is equal to \u20ac 148.5 million as at 31 December 2023.
\n
The components of net deferred tax assets and liabilities as at 31 December 2023 and 2022 are as follows:
\n
Deferred tax assets
\n
(in \u20ac million)
\n
31.12.2022
\n
P&L
\n
Equity
\n
Translation
\n
differences
\n
and others
\n
Acquisitions
\n
31.12.2023
\n
Brand and patents
\n
20.5
\n
-0.1
\n
0.0
\n
0.0
\n
0.0
\n
20.4
\n
Research and development
\n
7.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
7.8
\n
Tangible assets and leasing
\n
12.9
\n
-2.7
\n
0.0
\n
5.2
\n
0.2
\n
15.7
\n
Provisions for risks
\n
30.5
\n
-3.0
\n
0.0
\n
0.6
\n
0.1
\n
28.2
\n
Inventory
\n
14.0
\n
2.8
\n
0.8
\n
-0.1
\n
0.0
\n
17.6
\n
Hedging
\n
1.3
\n
-2.3
\n
3.4
\n
0.0
\n
0.0
\n
2.3
\n
Tax timing differences
\n
7.4
\n
-3.9
\n
0.0
\n
0.2
\n
2.4
\n
6.0
\n
Tax losses
\n
4.1
\n
5.8
\n
0.0
\n
-0.2
\n
0.0
\n
9.7
\n
Other
\n
2.7
\n
-0.6
\n
0.0
\n
4.7
\n
0.0
\n
6.9
\n
Total
\n
101.2
\n
-4.0
\n
4.2
\n
10.4
\n
2.7
\n
114.6
\n
Deferred tax liabilities
\n
(in \u20ac million)
\n
31.12.2022
\n
P&L
\n
Equity
\n
Translation
\n
differences
\n
and others
\n
Acquisitions
\n
31.12.2023
\n
Brand and intellectual property
\n
-11.6
\n
0.0
\n
0.0
\n
2.9
\n
-133.8
\n
-142.5
\n
Tangible assets and leasing
\n
-7.2
\n
0.7
\n
0.0
\n
-6.9
\n
-13.6
\n
-26.9
\n
Inventory
\n
-1.5
\n
1.3
\n
0.0
\n
-0.7
\n
-2.4
\n
-3.3
\n
Taxes on undistributed profits
\n
-16.8
\n
-3.0
\n
0.0
\n
0.0
\n
-4.8
\n
-24.6
\n
Hedging and exchange gain or loss
\n
-11.0
\n
2.0
\n
4.3
\n
0.0
\n
0.0
\n
-4.6
\n
Tax timing differences
\n
-6.9
\n
2.2
\n
0.0
\n
-3.8
\n
0.0
\n
-8.5
\n
Other
\n
-6.8
\n
10.7
\n
0.5
\n
-4.9
\n
-3.3
\n
-3.8
\n
Total
\n
-61.8
\n
13.9
\n
4.8
\n
-13.3
\n
-158.0
\n
-214.3
\n
The column acquisitions includes the effects of the Wolf-Brink business acquisition, mainly consisting of the purchase
\n
price allocation.
\n
Starting from 2021, a deferred tax liability on the undistributed earnings in Ariston subsidiaries is recorded equal to the
\n
expected tax burden on the remittance of earnings from those jurisdictions The amount of the deferred tax liabilities on
\n
undistributed earnings recorded in 2023 is equal to \u20ac 24.6 million with an increase of \u20ac 7.8 million in respect to the
\n
previous year. Part of this increase, \u20ac 4.8 million, relates to the undistributed earnings of the Wolf-Brink group recorded
\n
in the purchase price allocation. The remaining part, equal to \u20ac 3.0 million, relates to the profits realised in 2023 by the
\n
Ariston and Wolf-Brink companies in the countries in which they operate.
\n
The decision to recognise deferred tax assets is made for each legal entity in the Group by critically assessing whether
\n
the conditions exist for the future recoverability of such assets on the basis of actual results, as well as updated plans.
\n \n \n
Ariston recognises in its consolidated statement of financial position under deferred tax assets the amount of deferred
\n
tax assets less the deferred tax liabilities of the individual consolidated legal entities, where these may be offset.
\n \n \n
Note 2.7 \u2013 Non-current tax receivables
\n \n
\u201cNon-current tax receivables\u201d amounted to \u20ac 1.4 million at 31 December 2023, slightly down on \u20ac 0.7 million in the same
\n
period of 2022. The item includes receivables from tax authorities payable to the Group.
\n \n \n
Note 2.10 \u2013 Tax receivables
\n \n
The item \u201cTax receivables\u201d includes primarily the amounts due to the companies of the Group from the taxation author-
\n
ities in several countries where the Group operates. At 31 December 2023, the item amounted to \u20ac 47.8 million versus \u20ac
\n
28.4 million in 2022, mainly due to:
\n
Tax receivables
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Tax receivables for taxes paid in excess
\n
26.1
\n
16.7
\n
Tax receivables from Parent company
\n
16.3
\n
7.1
\n
Other short-term tax receivables
\n
5.4
\n
4.6
\n
Total
\n
47.8
\n
28.4
\n
Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident of Italy and is controlled by Merloni Holding
\n
S.p.A. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem-
\n
ber 2023, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively,
\n
Merloni Holding S.p.A. These amounts are included in the \u201cTax receivables\u201d from the controlling shareholder for the tax
\n
consolidation. The increase amounts to \u20ac 9.2 million and mainly derives from higher tax losses accrued in Italy in 2023.
\n \n \n
Notes 3.2 \u2013 Deferred tax liabilities
\n
Comments on \u201cDeferred tax liabilities\u201d are included in \u2018Note 2.4 - Deferred tax assets and liabilities\u2019, to which reference
\n
should be made.
\n \n
Note 3.7 \u2013 Non-current tax liabilities
\n \n
\u201cNon-current tax liabilities\u201d amounted to \u20ac 3.9 million as 31 December 2023 up by \u20ac 2.1 million compared to the amount
\n
as at 31 December 2022. The increase was mainly due to the Tax claim regarding Ariston France.
\n \n \n
Note 3.9 \u2013 Tax payables
\n \n
\u201cTax payables\u201d amounted to \u20ac 83.9 million versus \u20ac 53.0 million in 2022.
\n
Tax payables
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Income tax payables
\n
54.6
\n
30.5
\n
Tax payables due to Parent company
\n
17.5
\n
13.6
\n
Other tax payables
\n
11.8
\n
8.8
\n
Total
\n
83.9
\n
53.0
\n
This item includes the income tax payables related to Italian and foreign companies. The increase in tax payables in 2023
\n
is mainly reflected in the perimeter variation equal to \u20ac 29.4 million.
\n
Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident of Italy and is controlled by Merloni Holding
\n
S.p.A.. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem-
\n
ber 2023, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively,
\n
Merloni Holding S.p.A.. These amounts are included in the \u201cTax payables\u201d due to the controlling shareholder for tax
\n
consolidation.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228051103636": { "value": "\n
Note 1.13 \u2013 Basic and diluted earnings per share
\n
Basic earnings per share are determined as the ratio of the Group\u2019s portion of net profits for the year to the weighted
\n
average number of ordinary shares outstanding during the year. The Group\u2019s treasury shares are included in this calcula-
\n
tion for 2023. Diluted earnings per share are determined taking the potential effect resulting from options allocated to
\n
beneficiaries of dilutive stock option plans into account in the calculation of the number of outstanding shares.
\n
Basic earnings per share at 31 December 2023 amounted to \u20ac 0.52 and are calculated by dividing the net profit for the
\n
year attributable to the ordinary shareholders of the Parent Company, of \u20ac 191.2 million, by the number of total shares
\n
\u2013 ordinary and multiple voting \u2013 outstanding during the period, that is
\n
371,032,052.
\n
Diluted earnings per share amounted to \u20ac 0.51 and are calculated by dividing the net profit for the year attributable to
\n
the ordinary shareholders of the Parent Company, of \u20ac 191.2 million, by the number of total shares and potential shares
\n
to be issued for the LTI plan which totalled 371,886,058.
\n
Basic and diluted earnings per share are calculated as shown in the table below.
\n
2023
\n
2022
\n
Net profit attributable to ordinary shareholders
\n
\u20ac million
\n
191.2
\n
140.3
\n
Weighted average of ordinary and multiple voting shares outstanding
\n
number
\n
371,032,052
\n
329,827,838
\n
Basic earnings per share
\n
\u20ac
\n
0.52
\n
0.43
\n
Net profit attributable to ordinary shares outstanding net of dilution
\n
\u20ac million
\n
191.2
\n
140.3
\n
Weighted average of ordinary and multiple voting shares outstanding
\n
number
\n
371,032,052
\n
329,827,838
\n
Potential shares to be issued for LTI plan
\n
number
\n
854,006
\n
1,131,189
\n
Weighted average of ordinary and multiple voting shares outstanding net of dilution
\n
number
\n
371,886,058
\n
330,959,027
\n
Diluted earnings per share
\n
\u20ac
\n
0.51
\n
0.42
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228101701640": { "value": "Note 2.1 \u2013 Intangible assets\n \n \n
The item \u201cOther intangible assets\u201d can be detailed as follows:
\n
Other intangible assets
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Concessions, licences, trademarks
\n
238.3
\n
49.2
\n
Development costs
\n
48.4
\n
17.5
\n
Intangible assets in progress
\n
31.1
\n
23.7
\n
Software
\n
27.7
\n
17.5
\n
Other
\n
272.7
\n
22.1
\n
Total
\n
618.3
\n
129.9
\n \n \n \n \n \n \n \n
Details of and changes in \u201cOther intangible assets\u201d are the following:
\n
Other intangible assets
\n
Development
\n
costs
\n
Software
\n
Concessions,
\n
licenses, tra-
\n
demarks
\n
Other Intan-
\n
gible
\n
Assets
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
75.1
\n
55.4
\n
55.1
\n
68.4
\n
254.0
\n
Accumulated amortization
\n
-57.6
\n
-37.8
\n
-5.9
\n
-22.7
\n
-124.0
\n
As at 31.12.2022
\n
17.5
\n
17.5
\n
49.2
\n
45.8
\n
129.9
\n
Perimeter variation
\n
27.8
\n
5.6
\n
184.9
\n
272.9
\n
491.2
\n
Increases
\n
3.3
\n
2.0
\n
1.0
\n
23.8
\n
30.2
\n
Decreases
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Remeasurements and
\n
impairment
\n
0.0
\n
0.0
\n
-1.0
\n
-0.1
\n
-1.1
\n
Amortisation
\n
-11.4
\n
-13.1
\n
-1.3
\n
-19.3
\n
-45.1
\n
Exchange rate effect
\n
0.0
\n
0.1
\n
1.2
\n
0.9
\n
2.2
\n
Other
\n
11.2
\n
15.6
\n
4.3
\n
-20.1
\n
11.1
\n
Total changes
\n
30.9
\n
10.2
\n
189.1
\n
258.1
\n
488.3
\n
Cost net of accumulated impairment losses
\n
112.0
\n
76.6
\n
246.0
\n
345.7
\n
780.3
\n
Accumulated amortization
\n
-63.5
\n
-48.9
\n
-7.8
\n
-41.8
\n
-161.9
\n
As at 31.12.2023
\n
48.4
\n
27.7
\n
238.2
\n
304.0
\n
618.3
\n \n \n \n \n \n
Development costs refer to products for which the return on investments occurs within a five-year period, on average.
\n
The capitalised costs for the period, attributable only to product development projects, amounted to \u20ac 9.5 million (\u20ac 7.5
\n
million in 2022) out of a total of \u20ac 48.4 million (\u20ac 17.5 million in 2022) reported in the financial statements. The amount
\n
of \u2018Development costs\u2019 internally generated is equal to \u20ac 13.0 million, while the rest was acquired through business com-
\n
binations (mainly Wolf-Brink for \u20ac 27.8 million).
\n \n
The Group evaluated the development costs related to products based on the criteria outlined in the Climate Delegated
\n
Act only for objective mitigation of climate change.
\n
As evidence of the commitment to promote a more efficient and
\n
renewable product portfolio, these investments have been capitalised. The impairment of the carrying amount of the
\n
development costs previously capitalized was charged to the income statement against the respective products' sales.
\n
In order to determine the loss in value of capitalised development costs, in addition to the assessment of the economic
\n
return from each development project, the Group arranged to allocate them to the Net capital employed of the related
\n
CGUs and assesses their recoverability together with the related tangible assets, determining their value in use with the
\n
discounted cash flow method.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228120934125": { "value": "Note 2.1 \u2013 Intangible assets\n
At 31 December 2023, \u201cIntangible assets\u201d amounted to \u20ac 1,512.4 million, up by a net \u20ac 1,069.8 million compared to 31
\n
December 2022, net of the amortisation expense for the period of \u20ac 45.0 million, in addition to other changes.
\n
The amortisation expense for the period is recognised under the appropriate item in the income statement.
\n
Changes during the period are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Intangible assets
\n
(in \u20ac million)
\n 		\n
Goodwill
\n 		\n
Other intangible
\n
assets
\n 		\n
Total
\n
\n
Cost net of accumulated impairment losses
\n 		\n
312.7
\n 		\n
254.0
\n 		\n
566.7
\n
\n
Accumulated amortization
\n 		\u00a0\n
-124.0
\n 		\n
-124.0
\n
\n
As at 31.12.2022
\n 		\n
312.7
\n 		\n
130.0
\n 		\n
442.7
\n
\n
Perimeter variation
\n 		\n
588.9
\n 		\n
491.1
\n 		\n
1,080.1
\n
\n
Increases
\n 		\n
0.0
\n 		\n
30.2
\n 		\n
30.2
\n
\n
Decreases
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.1
\n
\n
Remeasurements and Impairment
\n 		\n
0.0
\n 		\n
-1.1
\n 		\n
-1.1
\n
\n
Amortisation
\n 		\n
0.0
\n 		\n
-45.0
\n 		\n
-45.0
\n
\n
Exchange rate effect
\n 		\n
2.8
\n 		\n
2.2
\n 		\n
5.0
\n
\n
Other
\n 		\n
-10.4
\n 		\n
11.1
\n 		\n
0.8
\n
\n
Total changes
\n 		\n
581.4
\n 		\n
488.4
\n 		\n
1,069.8
\n
\n
Cost net of accumulated impairment losses
\n 		\n
894.1
\n 		\n
780.2
\n 		\n
1,674.3
\n
\n
Accumulated amortization
\n 		\u00a0\n
-161.8
\n 		\n
-161.8
\n
\n
As at 31.12.2023
\n 		\n
894.1
\n 		\n
618.3
\n 		\n
1,512.4
\n
\n \n \n \n
The net total amount of goodwill was \u20ac 894.1 million, compared to \u20ac 312.7 million at 2022 year-end, and shows a change
\n
largely due to:
\n
-
\n
Goodwill arising from the business combination with Wolf-Brink, amounting to \u20ac 587.6 million. Refer to \u2018Note
\n
2.1.1 \u2013 Business combinations\u2019 for further details.
\n
-
\n
Goodwill arising from the business combination with MTG Service Single Member, amounting to \u20ac 1.3 million.
\n
Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details.
\n
-
\n
The changes in exchange rates, positive for \u20ac 2.8 million.
\n \n
The total amount of goodwill recognised in the statement of financial position is not amortised but is subject at least
\n
annually to an impairment test (together with the other intangible and tangible assets) to assess its recoverability, as
\n
envisaged by IAS 36.
\n
Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re-
\n
lated to the acquisition are expected.
\n
Consequently, at 31 December 2023, the impairment test was carried out as described hereinafter.
\n \n \n \n \n \n
The item \u201cOther intangible assets\u201d can be detailed as follows:
\n
Other intangible assets
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Concessions, licences, trademarks
\n
238.3
\n
49.2
\n
Development costs
\n
48.4
\n
17.5
\n
Intangible assets in progress
\n
31.1
\n
23.7
\n
Software
\n
27.7
\n
17.5
\n
Other
\n
272.7
\n
22.1
\n
Total
\n
618.3
\n
129.9
\n \n \n \n \n \n \n \n
Details of and changes in \u201cOther intangible assets\u201d are the following:
\n
Other intangible assets
\n
Development
\n
costs
\n
Software
\n
Concessions,
\n
licenses, tra-
\n
demarks
\n
Other Intan-
\n
gible
\n
Assets
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
75.1
\n
55.4
\n
55.1
\n
68.4
\n
254.0
\n
Accumulated amortization
\n
-57.6
\n
-37.8
\n
-5.9
\n
-22.7
\n
-124.0
\n
As at 31.12.2022
\n
17.5
\n
17.5
\n
49.2
\n
45.8
\n
129.9
\n
Perimeter variation
\n
27.8
\n
5.6
\n
184.9
\n
272.9
\n
491.2
\n
Increases
\n
3.3
\n
2.0
\n
1.0
\n
23.8
\n
30.2
\n
Decreases
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Remeasurements and
\n
impairment
\n
0.0
\n
0.0
\n
-1.0
\n
-0.1
\n
-1.1
\n
Amortisation
\n
-11.4
\n
-13.1
\n
-1.3
\n
-19.3
\n
-45.1
\n
Exchange rate effect
\n
0.0
\n
0.1
\n
1.2
\n
0.9
\n
2.2
\n
Other
\n
11.2
\n
15.6
\n
4.3
\n
-20.1
\n
11.1
\n
Total changes
\n
30.9
\n
10.2
\n
189.1
\n
258.1
\n
488.3
\n
Cost net of accumulated impairment losses
\n
112.0
\n
76.6
\n
246.0
\n
345.7
\n
780.3
\n
Accumulated amortization
\n
-63.5
\n
-48.9
\n
-7.8
\n
-41.8
\n
-161.9
\n
As at 31.12.2023
\n
48.4
\n
27.7
\n
238.2
\n
304.0
\n
618.3
\n \n \n \n \n \n \n
Other intangible assets have a definite useful life and are consequently amortised as necessary.
\n
The change in \u2018Other intangible assets\u2019 from the start of the period amounted to \u20ac 258.1 million and was primarily due
\n
to the perimeter variation related to the Wolf-Brink business combination, as a result of which the Group performed the
\n
purchase price allocation where customer lists have been recognised for a net amount equal to \u20ac 249.0 million. Refer to
\n
\u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. Additional changes in \u2018Other intangible assets\u2019 are related to
\n
investments for the period and the exchange rate effect not fully offset by \u20ac 19.3 million in amortisation for the period.
\n \n \n \n \n
Development costs refer to products for which the return on investments occurs within a five-year period, on average.
\n
The capitalised costs for the period, attributable only to product development projects, amounted to \u20ac 9.5 million (\u20ac 7.5
\n
million in 2022) out of a total of \u20ac 48.4 million (\u20ac 17.5 million in 2022) reported in the financial statements. The amount
\n
of \u2018Development costs\u2019 internally generated is equal to \u20ac 13.0 million, while the rest was acquired through business com-
\n
binations (mainly Wolf-Brink for \u20ac 27.8 million).
\n \n
\u2018Concessions, licences, trademarks\u2019 increased for \u20ac 189.1 million and was primarily due to the perimeter variation related
\n
to the Wolf-Brink business combination, as a result of which the Group performed the purchase price allocation where
\n
trademarks have been recognised. Trademarks have an indefinite useful life and are subject to impairment testing. For
\n
further details, please refer to the next sub-paragraph \u2018Impairment Test\u2019.
\n \n
The Group evaluated the development costs related to products based on the criteria outlined in the Climate Delegated
\n
Act only for objective mitigation of climate change.
\n
As evidence of the commitment to promote a more efficient and
\n
renewable product portfolio, these investments have been capitalised. The impairment of the carrying amount of the
\n
development costs previously capitalized was charged to the income statement against the respective products' sales.
\n
In order to determine the loss in value of capitalised development costs, in addition to the assessment of the economic
\n
return from each development project, the Group arranged to allocate them to the Net capital employed of the related
\n
CGUs and assesses their recoverability together with the related tangible assets, determining their value in use with the
\n
discounted cash flow method.
\n \n \n \n \n \n
Impairment test
\n \n \n \n \n
In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks)
\n
are not amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
\n
asset may be impaired.
\n
Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment.
\n
The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has
\n
been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to
\n
CGU Thermal Comfort (\u20ac 1,114.4 million in 2023 and \u20ac 343.9 million in 2022), while other goodwill balances relate to
\n
CGUs Burners (\u20ac 12.5 million in 2023 with no variation compared to 2022) and Components (\u20ac 5.5 million in 2023 with
\n
no variation compared to 2022).
\n
The balance of goodwill allocated to CGU Thermal Comfort
\n
significantly increased compared to 31 December 2022 due
\n
to the goodwill from the Purchase Price Allocation process related to the acquisition of Wolf-Brink which occurred in
\n
2023.
\n
In line with previous years, the Group considered the long-term business plan, which includes the latest available finan-
\n
cials from the 3-year plan 2024 - 2026 which are approved by the Board, as the base for the impairment test.
\n
The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGU
\n
is determined using value-in-use and was based on the following assumptions:
\n
\u2022
\n
the expected future cash flows covering the period from 1 January 2024 through 31 December 2026. These
\n
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
\n
as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the
\n
expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat-
\n
egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state-
\n
ments and exclude the estimated cash flows that might arise from restructuring plans or other structural
\n
changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con-
\n
sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market
\n
trends and the segment for the respective CGU over the period considered. The expected future cash flows
\n
include a terminal period to estimate the future result beyond the time period explicitly considered which incor-
\n
porated a long-term growth rate assumption of 1.77%. The growth rate is determined by weighting the GDP
\n
growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such
\n
markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2023
\n
release);
\n
\u2022
\n
the estimated future cash flows are discounted to their present value using a discount rate that reflects current
\n
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
\n
in the estimated future cash flows;
\n
\u2022
\n
pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
\n
the time value of money for the period being considered, and the risks specific to those cash flows under con-
\n
sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal
\n
to:
\n
\u2022
\n
TCO for 10.64%;
\n
\u2022
\n
BUR for 11.36%;
\n
\u2022
\n
COM for 11.26%.
\n
As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any
\n
further market shock. The stress tests included:
\n
\u2022
\n
a reduction of 5%, 10% and 15% in EBIDTA and Capex over the entire test period and for all markets and brands;
\n
\u2022
\n
increase of WACC by +1% and decrease of growth rate by -1%.
\n
Each stress test is performed on a stand-alone basis. Any reasonable possible change for the key assumptions re-
\n
ported above would not cause any impairment loss.
\n
Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow
\n
percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon:
\n
\u2022
\n
WACC percentage increase on a weighted average of more than 31%;
\n
\u2022
\n
Cash Flow percentage decrease: Thermal Comfort 34.0%, Burners 46.3%, Components 80.5%.
\n \n \n \n \n
Assumptions related to the impairment plan
\n \n \n \n \n \n \n \n \n \n
Below is a summary of the main assumptions used within the impairment test for each CGU:
\n
2023
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
2,505.0
\n
54.0
\n
33.8
\n
Goodwill (\u20ac/000)
\n
876.1
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.80%
\n
1.18%
\n
1.21%
\n
WACC (%)
\n
10.64%
\n
11.36%
\n
11.26%
\n
2022
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
1,050.0
\n
50.2
\n
39.3
\n
Goodwill (\u20ac/000)
\n
294.7
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.91%
\n
1.06%
\n
1.05%
\n
WACC (%)
\n
14.28%
\n
14.33%
\n
15.96%
\n \n \n \n \n
Impairment test results
\n \n \n \n \n
The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each
\n
CGU to which goodwill is allocated. As such, no impairment charges were recognised for goodwill and intangible assets
\n
with indefinite useful lives for the year ended 31 December 2023.
\n \n \n \n \n \n \n Note 2.1.1 \u2013 Business combinations\n
(in \u20ac million)
\n
Book value at the
\n
acquisition date
\n
Fair value at the
\n
acquisition date
\n
ASSETS
\n
Non-current assets
\n
Goodwill
\n
135.6
\n
-
\n
Other intangible assets
\n
41.3
\n
491.1
\n
Land and buildings
\n
42.6
\n
64.2
\n
Plant and machinery
\n
9.5
\n
18.8
\n
Other property, plant and equipment
\n
43.8
\n
53.6
\n
Deferred tax assets
\n
2.7
\n
2.7
\n
Financial assets
\n
0.2
\n
0.2
\n
Other non-current assets
\n
0.3
\n
0.3
\n
Total non-current assets
\n
276.0
\n
630.9
\n
Current assets
\n
Inventories
\n
105.7
\n
113.7
\n
Trade receivables
\n
50.8
\n
50.8
\n
Tax receivables
\n
1.4
\n
1.4
\n
Current financial assets
\n
1.0
\n
1.0
\n
Other current assets
\n
12.0
\n
12.0
\n
Cash and cash equivalents
\n
79.1
\n
79.1
\n
Total current assets
\n
250.0
\n
258.0
\n
TOTAL ASSETS
\n
526.0
\n
888.9
\n
LIABILITIES
\n
Non-current liabilities
\n
Deferred tax liabilities
\n
9.4
\n
158,0
\n
Non-current provisions
\n
3.4
\n
3.4
\n
Post-employment benefits
\n
44.6
\n
44.6
\n
Non-current financing
\n
101.2
\n
101.2
\n
Other non-current liabilities
\n
0.03
\n
0.0
\n
Total non-current liabilities
\n
158.6
\n
307.2
\n
Current liabilities
\n
Trade payables
\n
33.1
\n
33.1
\n
Tax payables
\n
18.7
\n
18.7
\n
Current provisions
\n
20.1
\n
20.1
\n
Current financial liabilities
\n
2.1
\n
2.1
\n
Current loans
\n
4.9
\n
4.9
\n
Other current liabilities
\n
66.0
\n
66.0
\n
Total current liabilities
\n
144.9
\n
144.9
\n
Total Liabilities
\n
303.5
\n
452.1
\n
NET EQUITY ACQUIRED
\n
222.5
\n
A
\n
436.8
\n
Total consideration, of which:
\n
B
\n
1,024.5
\n
Price paid in cash
\n
625.8
\n
Price paid in kind (Ariston ordinary shares)
\n
398.6
\n
Goodwill arising on acquisition (C=B-A)
\n
C
\n
587.6
\n \n \n
Based on the results of the purchase price allocation process, the residual goodwill amounts to \u20ac 587.6 million and rep-
\n
resents the excess of the purchase price paid over of the fair value of the net assets acquired.
\n
The above mentioned goodwill has been separately recognised by Ariston given it represents the future economic bene-
\n
fits considered arising from the business combination, as well as synergies expected from the integration of the acquired
\n
business, together with the assembled workforce in place. The emerging goodwill has been allocated to the Thermal
\n
Comfort CGU and is not tax-deductible based on the relevant local regulations.
\n \n \n \n
The Greek entity is a service provider for maintenance or repairs. The Group separately recognised goodwill arising from
\n
the acquisition (\u20ac 1.3 million) given that it represents the future economic benefits considered arising from the business
\n
combination performed by the Group. Goodwill is not tax-deductible based on the relevant local regulations.
\n
From the acquisition date, the Greek entity contributed to Ariston Group's results for \u20ac 0.7 million to net revenue.
\n \n \n \n
Note 2.2.1 \u2013 Information of tangible and intangible assets by main country
\n
At 31 December 2023 the information of tangible and intangible assets (excluding goodwill) by main country is detailed
\n
below:
\n
Country
\n
31.12.2023
\n
31.12.2022
\n
Netherlands (country of domicile)
\n
90.1
\n
16.5
\n
Germany
\n
561.6
\n
11.7
\n
Italy
\n
301.3
\n
261.5
\n
France
\n
25.0
\n
18.8
\n
Other countries
\n
259.6
\n
226.5
\n
Total
\n
1,237.7
\n
535.0
\n
The total perimeter variation related to the Wolf-Brink business combination was equal to \u20ac 549.1 million for Germany,
\n
while for the Country of domicile (Netherlands) it was equal to \u20ac 75.8 million.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228124917471": { "value": "Note 2.1 \u2013 Intangible assets\n \n
At 31 December 2023, \u201cIntangible assets\u201d amounted to \u20ac 1,512.4 million, up by a net \u20ac 1,069.8 million compared to 31
\n
December 2022, net of the amortisation expense for the period of \u20ac 45.0 million, in addition to other changes.
\n
The amortisation expense for the period is recognised under the appropriate item in the income statement.
\n
Changes during the period are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Intangible assets
\n
(in \u20ac million)
\n 		\n
Goodwill
\n 		\n
Other intangible
\n
assets
\n 		\n
Total
\n
\n
Cost net of accumulated impairment losses
\n 		\n
312.7
\n 		\n
254.0
\n 		\n
566.7
\n
\n
Accumulated amortization
\n 		\u00a0\n
-124.0
\n 		\n
-124.0
\n
\n
As at 31.12.2022
\n 		\n
312.7
\n 		\n
130.0
\n 		\n
442.7
\n
\n
Perimeter variation
\n 		\n
588.9
\n 		\n
491.1
\n 		\n
1,080.1
\n
\n
Increases
\n 		\n
0.0
\n 		\n
30.2
\n 		\n
30.2
\n
\n
Decreases
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.1
\n
\n
Remeasurements and Impairment
\n 		\n
0.0
\n 		\n
-1.1
\n 		\n
-1.1
\n
\n
Amortisation
\n 		\n
0.0
\n 		\n
-45.0
\n 		\n
-45.0
\n
\n
Exchange rate effect
\n 		\n
2.8
\n 		\n
2.2
\n 		\n
5.0
\n
\n
Other
\n 		\n
-10.4
\n 		\n
11.1
\n 		\n
0.8
\n
\n
Total changes
\n 		\n
581.4
\n 		\n
488.4
\n 		\n
1,069.8
\n
\n
Cost net of accumulated impairment losses
\n 		\n
894.1
\n 		\n
780.2
\n 		\n
1,674.3
\n
\n
Accumulated amortization
\n 		\u00a0\n
-161.8
\n 		\n
-161.8
\n
\n
As at 31.12.2023
\n 		\n
894.1
\n 		\n
618.3
\n 		\n
1,512.4
\n
\n \n \n \n
The net total amount of goodwill was \u20ac 894.1 million, compared to \u20ac 312.7 million at 2022 year-end, and shows a change
\n
largely due to:
\n
-
\n
Goodwill arising from the business combination with Wolf-Brink, amounting to \u20ac 587.6 million. Refer to \u2018Note
\n
2.1.1 \u2013 Business combinations\u2019 for further details.
\n
-
\n
Goodwill arising from the business combination with MTG Service Single Member, amounting to \u20ac 1.3 million.
\n
Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details.
\n
-
\n
The changes in exchange rates, positive for \u20ac 2.8 million.
\n \n
The total amount of goodwill recognised in the statement of financial position is not amortised but is subject at least
\n
annually to an impairment test (together with the other intangible and tangible assets) to assess its recoverability, as
\n
envisaged by IAS 36.
\n
Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re-
\n
lated to the acquisition are expected.
\n
Consequently, at 31 December 2023, the impairment test was carried out as described hereinafter.
\n \n \n \n
The item \u201cOther intangible assets\u201d can be detailed as follows:
\n
Other intangible assets
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Concessions, licences, trademarks
\n
238.3
\n
49.2
\n
Development costs
\n
48.4
\n
17.5
\n
Intangible assets in progress
\n
31.1
\n
23.7
\n
Software
\n
27.7
\n
17.5
\n
Other
\n
272.7
\n
22.1
\n
Total
\n
618.3
\n
129.9
\n \n \n \n \n
Details of and changes in \u201cOther intangible assets\u201d are the following:
\n
Other intangible assets
\n
Development
\n
costs
\n
Software
\n
Concessions,
\n
licenses, tra-
\n
demarks
\n
Other Intan-
\n
gible
\n
Assets
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
75.1
\n
55.4
\n
55.1
\n
68.4
\n
254.0
\n
Accumulated amortization
\n
-57.6
\n
-37.8
\n
-5.9
\n
-22.7
\n
-124.0
\n
As at 31.12.2022
\n
17.5
\n
17.5
\n
49.2
\n
45.8
\n
129.9
\n
Perimeter variation
\n
27.8
\n
5.6
\n
184.9
\n
272.9
\n
491.2
\n
Increases
\n
3.3
\n
2.0
\n
1.0
\n
23.8
\n
30.2
\n
Decreases
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Remeasurements and
\n
impairment
\n
0.0
\n
0.0
\n
-1.0
\n
-0.1
\n
-1.1
\n
Amortisation
\n
-11.4
\n
-13.1
\n
-1.3
\n
-19.3
\n
-45.1
\n
Exchange rate effect
\n
0.0
\n
0.1
\n
1.2
\n
0.9
\n
2.2
\n
Other
\n
11.2
\n
15.6
\n
4.3
\n
-20.1
\n
11.1
\n
Total changes
\n
30.9
\n
10.2
\n
189.1
\n
258.1
\n
488.3
\n
Cost net of accumulated impairment losses
\n
112.0
\n
76.6
\n
246.0
\n
345.7
\n
780.3
\n
Accumulated amortization
\n
-63.5
\n
-48.9
\n
-7.8
\n
-41.8
\n
-161.9
\n
As at 31.12.2023
\n
48.4
\n
27.7
\n
238.2
\n
304.0
\n
618.3
\n \n \n \n \n
Other intangible assets have a definite useful life and are consequently amortised as necessary.
\n
The change in \u2018Other intangible assets\u2019 from the start of the period amounted to \u20ac 258.1 million and was primarily due
\n
to the perimeter variation related to the Wolf-Brink business combination, as a result of which the Group performed the
\n
purchase price allocation where customer lists have been recognised for a net amount equal to \u20ac 249.0 million. Refer to
\n
\u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. Additional changes in \u2018Other intangible assets\u2019 are related to
\n
investments for the period and the exchange rate effect not fully offset by \u20ac 19.3 million in amortisation for the period.
\n \n \n
Development costs refer to products for which the return on investments occurs within a five-year period, on average.
\n
The capitalised costs for the period, attributable only to product development projects, amounted to \u20ac 9.5 million (\u20ac 7.5
\n
million in 2022) out of a total of \u20ac 48.4 million (\u20ac 17.5 million in 2022) reported in the financial statements. The amount
\n
of \u2018Development costs\u2019 internally generated is equal to \u20ac 13.0 million, while the rest was acquired through business com-
\n
binations (mainly Wolf-Brink for \u20ac 27.8 million).
\n \n
\u2018Concessions, licences, trademarks\u2019 increased for \u20ac 189.1 million and was primarily due to the perimeter variation related
\n
to the Wolf-Brink business combination, as a result of which the Group performed the purchase price allocation where
\n
trademarks have been recognised. Trademarks have an indefinite useful life and are subject to impairment testing. For
\n
further details, please refer to the next sub-paragraph \u2018Impairment Test\u2019.
\n \n
The Group evaluated the development costs related to products based on the criteria outlined in the Climate Delegated
\n
Act only for objective mitigation of climate change.
\n
As evidence of the commitment to promote a more efficient and
\n
renewable product portfolio, these investments have been capitalised. The impairment of the carrying amount of the
\n
development costs previously capitalized was charged to the income statement against the respective products' sales.
\n
In order to determine the loss in value of capitalised development costs, in addition to the assessment of the economic
\n
return from each development project, the Group arranged to allocate them to the Net capital employed of the related
\n
CGUs and assesses their recoverability together with the related tangible assets, determining their value in use with the
\n
discounted cash flow method.
\n \n \n \n
Impairment test
\n \n \n \n \n
In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks)
\n
are not amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
\n
asset may be impaired.
\n
Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment.
\n
The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has
\n
been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use.
\n \n \n \n \n \n \n \n \n \n \n \n
The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to
\n
CGU Thermal Comfort (\u20ac 1,114.4 million in 2023 and \u20ac 343.9 million in 2022), while other goodwill balances relate to
\n
CGUs Burners (\u20ac 12.5 million in 2023 with no variation compared to 2022) and Components (\u20ac 5.5 million in 2023 with
\n
no variation compared to 2022).
\n
The balance of goodwill allocated to CGU Thermal Comfort
\n
significantly increased compared to 31 December 2022 due
\n
to the goodwill from the Purchase Price Allocation process related to the acquisition of Wolf-Brink which occurred in
\n
2023.
\n
In line with previous years, the Group considered the long-term business plan, which includes the latest available finan-
\n
cials from the 3-year plan 2024 - 2026 which are approved by the Board, as the base for the impairment test.
\n
The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGU
\n
is determined using value-in-use and was based on the following assumptions:
\n
\u2022
\n
the expected future cash flows covering the period from 1 January 2024 through 31 December 2026. These
\n
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
\n
as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the
\n
expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat-
\n
egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state-
\n
ments and exclude the estimated cash flows that might arise from restructuring plans or other structural
\n
changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con-
\n
sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market
\n
trends and the segment for the respective CGU over the period considered. The expected future cash flows
\n
include a terminal period to estimate the future result beyond the time period explicitly considered which incor-
\n
porated a long-term growth rate assumption of 1.77%. The growth rate is determined by weighting the GDP
\n
growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such
\n
markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2023
\n
release);
\n
\u2022
\n
the estimated future cash flows are discounted to their present value using a discount rate that reflects current
\n
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
\n
in the estimated future cash flows;
\n
\u2022
\n
pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
\n
the time value of money for the period being considered, and the risks specific to those cash flows under con-
\n
sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal
\n
to:
\n
\u2022
\n
TCO for 10.64%;
\n
\u2022
\n
BUR for 11.36%;
\n
\u2022
\n
COM for 11.26%.
\n
As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any
\n
further market shock. The stress tests included:
\n
\u2022
\n
a reduction of 5%, 10% and 15% in EBIDTA and Capex over the entire test period and for all markets and brands;
\n
\u2022
\n
increase of WACC by +1% and decrease of growth rate by -1%.
\n
Each stress test is performed on a stand-alone basis. Any reasonable possible change for the key assumptions re-
\n
ported above would not cause any impairment loss.
\n
Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow
\n
percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon:
\n
\u2022
\n
WACC percentage increase on a weighted average of more than 31%;
\n
\u2022
\n
Cash Flow percentage decrease: Thermal Comfort 34.0%, Burners 46.3%, Components 80.5%.
\n \n \n \n \n
Assumptions related to the impairment plan
\n \n \n \n \n \n \n \n
Below is a summary of the main assumptions used within the impairment test for each CGU:
\n
2023
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
2,505.0
\n
54.0
\n
33.8
\n
Goodwill (\u20ac/000)
\n
876.1
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.80%
\n
1.18%
\n
1.21%
\n
WACC (%)
\n
10.64%
\n
11.36%
\n
11.26%
\n
2022
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
1,050.0
\n
50.2
\n
39.3
\n
Goodwill (\u20ac/000)
\n
294.7
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.91%
\n
1.06%
\n
1.05%
\n
WACC (%)
\n
14.28%
\n
14.33%
\n
15.96%
\n \n \n \n \n
Impairment test results
\n \n \n \n \n
The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each
\n
CGU to which goodwill is allocated. As such, no impairment charges were recognised for goodwill and intangible assets
\n
with indefinite useful lives for the year ended 31 December 2023.
\n \n \n \n \n \n \n
Note 2.2.1 \u2013 Information of tangible and intangible assets by main country
\n
At 31 December 2023 the information of tangible and intangible assets (excluding goodwill) by main country is detailed
\n
below:
\n
Country
\n
31.12.2023
\n
31.12.2022
\n
Netherlands (country of domicile)
\n
90.1
\n
16.5
\n
Germany
\n
561.6
\n
11.7
\n
Italy
\n
301.3
\n
261.5
\n
France
\n
25.0
\n
18.8
\n
Other countries
\n
259.6
\n
226.5
\n
Total
\n
1,237.7
\n
535.0
\n
The total perimeter variation related to the Wolf-Brink business combination was equal to \u20ac 549.1 million for Germany,
\n
while for the Country of domicile (Netherlands) it was equal to \u20ac 75.8 million.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228164817271": { "value": "Note 2.1 \u2013 Intangible assets\n \n \n \n \n
At 31 December 2023, \u201cIntangible assets\u201d amounted to \u20ac 1,512.4 million, up by a net \u20ac 1,069.8 million compared to 31
\n
December 2022, net of the amortisation expense for the period of \u20ac 45.0 million, in addition to other changes.
\n
The amortisation expense for the period is recognised under the appropriate item in the income statement.
\n
Changes during the period are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Intangible assets
\n
(in \u20ac million)
\n 		\n
Goodwill
\n 		\n
Other intangible
\n
assets
\n 		\n
Total
\n
\n
Cost net of accumulated impairment losses
\n 		\n
312.7
\n 		\n
254.0
\n 		\n
566.7
\n
\n
Accumulated amortization
\n 		\u00a0\n
-124.0
\n 		\n
-124.0
\n
\n
As at 31.12.2022
\n 		\n
312.7
\n 		\n
130.0
\n 		\n
442.7
\n
\n
Perimeter variation
\n 		\n
588.9
\n 		\n
491.1
\n 		\n
1,080.1
\n
\n
Increases
\n 		\n
0.0
\n 		\n
30.2
\n 		\n
30.2
\n
\n
Decreases
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.1
\n
\n
Remeasurements and Impairment
\n 		\n
0.0
\n 		\n
-1.1
\n 		\n
-1.1
\n
\n
Amortisation
\n 		\n
0.0
\n 		\n
-45.0
\n 		\n
-45.0
\n
\n
Exchange rate effect
\n 		\n
2.8
\n 		\n
2.2
\n 		\n
5.0
\n
\n
Other
\n 		\n
-10.4
\n 		\n
11.1
\n 		\n
0.8
\n
\n
Total changes
\n 		\n
581.4
\n 		\n
488.4
\n 		\n
1,069.8
\n
\n
Cost net of accumulated impairment losses
\n 		\n
894.1
\n 		\n
780.2
\n 		\n
1,674.3
\n
\n
Accumulated amortization
\n 		\u00a0\n
-161.8
\n 		\n
-161.8
\n
\n
As at 31.12.2023
\n 		\n
894.1
\n 		\n
618.3
\n 		\n
1,512.4
\n
\n \n \n \n \n \n \n
Details of and changes in \u201cOther intangible assets\u201d are the following:
\n
Other intangible assets
\n
Development
\n
costs
\n
Software
\n
Concessions,
\n
licenses, tra-
\n
demarks
\n
Other Intan-
\n
gible
\n
Assets
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
75.1
\n
55.4
\n
55.1
\n
68.4
\n
254.0
\n
Accumulated amortization
\n
-57.6
\n
-37.8
\n
-5.9
\n
-22.7
\n
-124.0
\n
As at 31.12.2022
\n
17.5
\n
17.5
\n
49.2
\n
45.8
\n
129.9
\n
Perimeter variation
\n
27.8
\n
5.6
\n
184.9
\n
272.9
\n
491.2
\n
Increases
\n
3.3
\n
2.0
\n
1.0
\n
23.8
\n
30.2
\n
Decreases
\n
0.0
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Remeasurements and
\n
impairment
\n
0.0
\n
0.0
\n
-1.0
\n
-0.1
\n
-1.1
\n
Amortisation
\n
-11.4
\n
-13.1
\n
-1.3
\n
-19.3
\n
-45.1
\n
Exchange rate effect
\n
0.0
\n
0.1
\n
1.2
\n
0.9
\n
2.2
\n
Other
\n
11.2
\n
15.6
\n
4.3
\n
-20.1
\n
11.1
\n
Total changes
\n
30.9
\n
10.2
\n
189.1
\n
258.1
\n
488.3
\n
Cost net of accumulated impairment losses
\n
112.0
\n
76.6
\n
246.0
\n
345.7
\n
780.3
\n
Accumulated amortization
\n
-63.5
\n
-48.9
\n
-7.8
\n
-41.8
\n
-161.9
\n
As at 31.12.2023
\n
48.4
\n
27.7
\n
238.2
\n
304.0
\n
618.3
\n \n Note 2.2 \u2013 Property, plant and equipment\n \n
At 31 December 2023, \u201cProperty, plant and equipment\u201d amounted to \u20ac 619.4 million, up by a net \u20ac 214.4 million com-
\n
pared to 31 December 2022.
\n
The depreciation expense for the period is recognised under the appropriate item in the income statement and amounted
\n
to \u20ac 86.4 million.
\n
Details of and changes in \u201cProperty, plant and equipment\u201d are as follows:
\n
Property, plant and
\n
equipment
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
336.3
\n
444.6
\n
371.1
\n
1,152.2
\n
Accumulated depreciation
\n
-163.0
\n
-333.8
\n
-250.1
\n
-746.9
\n
As at 31.12.2022
\n
173.3
\n
110.8
\n
121.1
\n
405.1
\n
Perimeter variation
\n
64.2
\n
18.7
\n
53.6
\n
136.6
\n
Increases
\n
37.9
\n
11.3
\n
116.8
\n
166.0
\n
of which for right of use
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Decreases
\n
0.2
\n
-0.1
\n
0.2
\n
0.3
\n
Remeasurements and
\n
Impairment
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Depreciation
\n
-26.1
\n
-21.3
\n
-39.0
\n
-86.4
\n
of which for right of use
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
0.1
\n
-0.9
\n
-0.5
\n
-1.3
\n
Other
\n
4.0
\n
19.1
\n
-23.9
\n
-0.7
\n
Total changes
\n
80.3
\n
26.9
\n
107.1
\n
214.4
\n
Cost net of accumulated impairment losses
\n
431.6
\n
485.0
\n
497.8
\n
1,414.4
\n
Accumulated depreciation
\n
-177.9
\n
-347.3
\n
-269.7
\n
-795.0
\n
As at 31.12.2023
\n
253.7
\n
137.7
\n
228.1
\n
619.4
\n
The net increase was largely attributable to the perimeter variation related to the Wolf-Brink business combination. The
\n
capital expenditure for the period, totalling \u20ac 166.0 million, is only partly offset by \u20ac 86.4 million in depreciation.
\n \n \n
In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the
\n
period:
\n
Right of use assets
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
85.0
\n
2.4
\n
42.2
\n
129.7
\n
Accumulated depreciation
\n
-37.7
\n
-0.9
\n
-20.4
\n
-58.9
\n
As at 31.12.2022
\n
47.3
\n
1.5
\n
21.8
\n
70.7
\n
Perimeter variation
\n
4.0
\n
0.0
\n
5.0
\n
9.0
\n
Increases
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Depreciation
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
-0.4
\n
0.0
\n
0.4
\n
-0.1
\n
Other
\n
-0.1
\n
0.2
\n
-0.4
\n
-0.4
\n
Total changes
\n
8.9
\n
0.0
\n
7.7
\n
16.4
\n
Cost net of accumulated impairment losses
\n
98.8
\n
2.4
\n
55.1
\n
156.2
\n
Accumulated depreciation
\n
-42.6
\n
-1.0
\n
-25.5
\n
-69.1
\n
As at 31.12.2023
\n
56.3
\n
1.4
\n
29.5
\n
87.2
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228202427563": { "value": "Note 2.1 \u2013 Intangible assets\n
The total amount of goodwill recognised in the statement of financial position is not amortised but is subject at least
\n
annually to an impairment test (together with the other intangible and tangible assets) to assess its recoverability, as
\n
envisaged by IAS 36.
\n
Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re-
\n
lated to the acquisition are expected.
\n
Consequently, at 31 December 2023, the impairment test was carried out as described hereinafter.
\n Impairment test\n \n
In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks)
\n
are not amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
\n
asset may be impaired.
\n
Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment.
\n
The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has
\n
been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use.
\n \n \n \n
The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to
\n
CGU Thermal Comfort (\u20ac 1,114.4 million in 2023 and \u20ac 343.9 million in 2022), while other goodwill balances relate to
\n
CGUs Burners (\u20ac 12.5 million in 2023 with no variation compared to 2022) and Components (\u20ac 5.5 million in 2023 with
\n
no variation compared to 2022).
\n
The balance of goodwill allocated to CGU Thermal Comfort
\n
significantly increased compared to 31 December 2022 due
\n
to the goodwill from the Purchase Price Allocation process related to the acquisition of Wolf-Brink which occurred in
\n
2023.
\n
In line with previous years, the Group considered the long-term business plan, which includes the latest available finan-
\n
cials from the 3-year plan 2024 - 2026 which are approved by the Board, as the base for the impairment test.
\n
The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGU
\n
is determined using value-in-use and was based on the following assumptions:
\n
\u2022
\n
the expected future cash flows covering the period from 1 January 2024 through 31 December 2026. These
\n
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
\n
as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the
\n
expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat-
\n
egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state-
\n
ments and exclude the estimated cash flows that might arise from restructuring plans or other structural
\n
changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con-
\n
sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market
\n
trends and the segment for the respective CGU over the period considered. The expected future cash flows
\n
include a terminal period to estimate the future result beyond the time period explicitly considered which incor-
\n
porated a long-term growth rate assumption of 1.77%. The growth rate is determined by weighting the GDP
\n
growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such
\n
markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2023
\n
release);
\n
\u2022
\n
the estimated future cash flows are discounted to their present value using a discount rate that reflects current
\n
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
\n
in the estimated future cash flows;
\n
\u2022
\n
pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
\n
the time value of money for the period being considered, and the risks specific to those cash flows under con-
\n
sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal
\n
to:
\n
\u2022
\n
TCO for 10.64%;
\n
\u2022
\n
BUR for 11.36%;
\n
\u2022
\n
COM for 11.26%.
\n
As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any
\n
further market shock. The stress tests included:
\n
\u2022
\n
a reduction of 5%, 10% and 15% in EBIDTA and Capex over the entire test period and for all markets and brands;
\n
\u2022
\n
increase of WACC by +1% and decrease of growth rate by -1%.
\n
Each stress test is performed on a stand-alone basis. Any reasonable possible change for the key assumptions re-
\n
ported above would not cause any impairment loss.
\n
Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow
\n
percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon:
\n
\u2022
\n
WACC percentage increase on a weighted average of more than 31%;
\n
\u2022
\n
Cash Flow percentage decrease: Thermal Comfort 34.0%, Burners 46.3%, Components 80.5%.
\n \n Assumptions related to the impairment plan\n \n
Below is a summary of the main assumptions used within the impairment test for each CGU:
\n
2023
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
2,505.0
\n
54.0
\n
33.8
\n
Goodwill (\u20ac/000)
\n
876.1
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.80%
\n
1.18%
\n
1.21%
\n
WACC (%)
\n
10.64%
\n
11.36%
\n
11.26%
\n
2022
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
1,050.0
\n
50.2
\n
39.3
\n
Goodwill (\u20ac/000)
\n
294.7
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.91%
\n
1.06%
\n
1.05%
\n
WACC (%)
\n
14.28%
\n
14.33%
\n
15.96%
\n \n Impairment test results\n \n
The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each
\n
CGU to which goodwill is allocated. As such, no impairment charges were recognised for goodwill and intangible assets
\n
with indefinite useful lives for the year ended 31 December 2023.
\n \n Note 2.2 \u2013 Property, plant and equipment\n \n
In order to recognise any impairment loss to tangible assets, in the presence of impairment indicators, the Group attrib-
\n
utes these assets to the Net invested capital of the related CGUs and assesses their recoverability by determining their
\n
value in use with the discounted cash flow method.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228203435007": { "value": "Note 2.1 \u2013 Intangible assets\n \n \n
At 31 December 2023, \u201cIntangible assets\u201d amounted to \u20ac 1,512.4 million, up by a net \u20ac 1,069.8 million compared to 31
\n
December 2022, net of the amortisation expense for the period of \u20ac 45.0 million, in addition to other changes.
\n
The amortisation expense for the period is recognised under the appropriate item in the income statement.
\n
Changes during the period are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Intangible assets
\n
(in \u20ac million)
\n 		\n
Goodwill
\n 		\n
Other intangible
\n
assets
\n 		\n
Total
\n
\n
Cost net of accumulated impairment losses
\n 		\n
312.7
\n 		\n
254.0
\n 		\n
566.7
\n
\n
Accumulated amortization
\n 		\u00a0\n
-124.0
\n 		\n
-124.0
\n
\n
As at 31.12.2022
\n 		\n
312.7
\n 		\n
130.0
\n 		\n
442.7
\n
\n
Perimeter variation
\n 		\n
588.9
\n 		\n
491.1
\n 		\n
1,080.1
\n
\n
Increases
\n 		\n
0.0
\n 		\n
30.2
\n 		\n
30.2
\n
\n
Decreases
\n 		\n
0.0
\n 		\n
-0.1
\n 		\n
-0.1
\n
\n
Remeasurements and Impairment
\n 		\n
0.0
\n 		\n
-1.1
\n 		\n
-1.1
\n
\n
Amortisation
\n 		\n
0.0
\n 		\n
-45.0
\n 		\n
-45.0
\n
\n
Exchange rate effect
\n 		\n
2.8
\n 		\n
2.2
\n 		\n
5.0
\n
\n
Other
\n 		\n
-10.4
\n 		\n
11.1
\n 		\n
0.8
\n
\n
Total changes
\n 		\n
581.4
\n 		\n
488.4
\n 		\n
1,069.8
\n
\n
Cost net of accumulated impairment losses
\n 		\n
894.1
\n 		\n
780.2
\n 		\n
1,674.3
\n
\n
Accumulated amortization
\n 		\u00a0\n
-161.8
\n 		\n
-161.8
\n
\n
As at 31.12.2023
\n 		\n
894.1
\n 		\n
618.3
\n 		\n
1,512.4
\n
\n \n \n \n
The net total amount of goodwill was \u20ac 894.1 million, compared to \u20ac 312.7 million at 2022 year-end, and shows a change
\n
largely due to:
\n
-
\n
Goodwill arising from the business combination with Wolf-Brink, amounting to \u20ac 587.6 million. Refer to \u2018Note
\n
2.1.1 \u2013 Business combinations\u2019 for further details.
\n
-
\n
Goodwill arising from the business combination with MTG Service Single Member, amounting to \u20ac 1.3 million.
\n
Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details.
\n
-
\n
The changes in exchange rates, positive for \u20ac 2.8 million.
\n \n
The total amount of goodwill recognised in the statement of financial position is not amortised but is subject at least
\n
annually to an impairment test (together with the other intangible and tangible assets) to assess its recoverability, as
\n
envisaged by IAS 36.
\n
Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re-
\n
lated to the acquisition are expected.
\n
Consequently, at 31 December 2023, the impairment test was carried out as described hereinafter.
\n \n Impairment test\n
In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks)
\n
are not amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
\n
asset may be impaired.
\n
Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment.
\n
The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has
\n
been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use.
\n \n
The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to
\n
CGU Thermal Comfort (\u20ac 1,114.4 million in 2023 and \u20ac 343.9 million in 2022), while other goodwill balances relate to
\n
CGUs Burners (\u20ac 12.5 million in 2023 with no variation compared to 2022) and Components (\u20ac 5.5 million in 2023 with
\n
no variation compared to 2022).
\n
The balance of goodwill allocated to CGU Thermal Comfort
\n
significantly increased compared to 31 December 2022 due
\n
to the goodwill from the Purchase Price Allocation process related to the acquisition of Wolf-Brink which occurred in
\n
2023.
\n
In line with previous years, the Group considered the long-term business plan, which includes the latest available finan-
\n
cials from the 3-year plan 2024 - 2026 which are approved by the Board, as the base for the impairment test.
\n
The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGU
\n
is determined using value-in-use and was based on the following assumptions:
\n
\u2022
\n
the expected future cash flows covering the period from 1 January 2024 through 31 December 2026. These
\n
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
\n
as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the
\n
expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat-
\n
egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state-
\n
ments and exclude the estimated cash flows that might arise from restructuring plans or other structural
\n
changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con-
\n
sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market
\n
trends and the segment for the respective CGU over the period considered. The expected future cash flows
\n
include a terminal period to estimate the future result beyond the time period explicitly considered which incor-
\n
porated a long-term growth rate assumption of 1.77%. The growth rate is determined by weighting the GDP
\n
growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such
\n
markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2023
\n
release);
\n
\u2022
\n
the estimated future cash flows are discounted to their present value using a discount rate that reflects current
\n
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
\n
in the estimated future cash flows;
\n
\u2022
\n
pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
\n
the time value of money for the period being considered, and the risks specific to those cash flows under con-
\n
sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal
\n
to:
\n
\u2022
\n
TCO for 10.64%;
\n
\u2022
\n
BUR for 11.36%;
\n
\u2022
\n
COM for 11.26%.
\n
As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any
\n
further market shock. The stress tests included:
\n
\u2022
\n
a reduction of 5%, 10% and 15% in EBIDTA and Capex over the entire test period and for all markets and brands;
\n
\u2022
\n
increase of WACC by +1% and decrease of growth rate by -1%.
\n
Each stress test is performed on a stand-alone basis. Any reasonable possible change for the key assumptions re-
\n
ported above would not cause any impairment loss.
\n
Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow
\n
percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon:
\n
\u2022
\n
WACC percentage increase on a weighted average of more than 31%;
\n
\u2022
\n
Cash Flow percentage decrease: Thermal Comfort 34.0%, Burners 46.3%, Components 80.5%.
\n Assumptions related to the impairment plan\n
Below is a summary of the main assumptions used within the impairment test for each CGU:
\n
2023
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
2,505.0
\n
54.0
\n
33.8
\n
Goodwill (\u20ac/000)
\n
876.1
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.80%
\n
1.18%
\n
1.21%
\n
WACC (%)
\n
10.64%
\n
11.36%
\n
11.26%
\n
2022
\n
Thermal Comfort (TCO)
\n
Burners (BUR)
\n
Components (COM)
\n
Net invested capital (\u20ac/000)
\n
1,050.0
\n
50.2
\n
39.3
\n
Goodwill (\u20ac/000)
\n
294.7
\n
12.5
\n
5.5
\n
Growth rate (%)
\n
1.91%
\n
1.06%
\n
1.05%
\n
WACC (%)
\n
14.28%
\n
14.33%
\n
15.96%
\n Impairment test results\n
The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each
\n
CGU to which goodwill is allocated. As such, no impairment charges were recognised for goodwill and intangible assets
\n
with indefinite useful lives for the year ended 31 December 2023.
\n Note 2.1.1 \u2013 Business combinations\n \n
(in \u20ac million)
\n
Book value at the
\n
acquisition date
\n
Fair value at the
\n
acquisition date
\n
ASSETS
\n
Non-current assets
\n
Goodwill
\n
135.6
\n
-
\n
Other intangible assets
\n
41.3
\n
491.1
\n
Land and buildings
\n
42.6
\n
64.2
\n
Plant and machinery
\n
9.5
\n
18.8
\n
Other property, plant and equipment
\n
43.8
\n
53.6
\n
Deferred tax assets
\n
2.7
\n
2.7
\n
Financial assets
\n
0.2
\n
0.2
\n
Other non-current assets
\n
0.3
\n
0.3
\n
Total non-current assets
\n
276.0
\n
630.9
\n
Current assets
\n
Inventories
\n
105.7
\n
113.7
\n
Trade receivables
\n
50.8
\n
50.8
\n
Tax receivables
\n
1.4
\n
1.4
\n
Current financial assets
\n
1.0
\n
1.0
\n
Other current assets
\n
12.0
\n
12.0
\n
Cash and cash equivalents
\n
79.1
\n
79.1
\n
Total current assets
\n
250.0
\n
258.0
\n
TOTAL ASSETS
\n
526.0
\n
888.9
\n
LIABILITIES
\n
Non-current liabilities
\n
Deferred tax liabilities
\n
9.4
\n
158,0
\n
Non-current provisions
\n
3.4
\n
3.4
\n
Post-employment benefits
\n
44.6
\n
44.6
\n
Non-current financing
\n
101.2
\n
101.2
\n
Other non-current liabilities
\n
0.03
\n
0.0
\n
Total non-current liabilities
\n
158.6
\n
307.2
\n
Current liabilities
\n
Trade payables
\n
33.1
\n
33.1
\n
Tax payables
\n
18.7
\n
18.7
\n
Current provisions
\n
20.1
\n
20.1
\n
Current financial liabilities
\n
2.1
\n
2.1
\n
Current loans
\n
4.9
\n
4.9
\n
Other current liabilities
\n
66.0
\n
66.0
\n
Total current liabilities
\n
144.9
\n
144.9
\n
Total Liabilities
\n
303.5
\n
452.1
\n
NET EQUITY ACQUIRED
\n
222.5
\n
A
\n
436.8
\n
Total consideration, of which:
\n
B
\n
1,024.5
\n
Price paid in cash
\n
625.8
\n
Price paid in kind (Ariston ordinary shares)
\n
398.6
\n
Goodwill arising on acquisition (C=B-A)
\n
C
\n
587.6
\n \n \n
Based on the results of the purchase price allocation process, the residual goodwill amounts to \u20ac 587.6 million and rep-
\n
resents the excess of the purchase price paid over of the fair value of the net assets acquired.
\n
The above mentioned goodwill has been separately recognised by Ariston given it represents the future economic bene-
\n
fits considered arising from the business combination, as well as synergies expected from the integration of the acquired
\n
business, together with the assembled workforce in place. The emerging goodwill has been allocated to the Thermal
\n
Comfort CGU and is not tax-deductible based on the relevant local regulations.
\n \n
The Greek entity is a service provider for maintenance or repairs. The Group separately recognised goodwill arising from
\n
the acquisition (\u20ac 1.3 million) given that it represents the future economic benefits considered arising from the business
\n
combination performed by the Group. Goodwill is not tax-deductible based on the relevant local regulations.
\n
From the acquisition date, the Greek entity contributed to Ariston Group's results for \u20ac 0.7 million to net revenue.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228112134116": { "value": "Note 2.2 \u2013 Property, plant and equipment\n \n \n \n
In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the
\n
period:
\n
Right of use assets
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
85.0
\n
2.4
\n
42.2
\n
129.7
\n
Accumulated depreciation
\n
-37.7
\n
-0.9
\n
-20.4
\n
-58.9
\n
As at 31.12.2022
\n
47.3
\n
1.5
\n
21.8
\n
70.7
\n
Perimeter variation
\n
4.0
\n
0.0
\n
5.0
\n
9.0
\n
Increases
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Depreciation
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
-0.4
\n
0.0
\n
0.4
\n
-0.1
\n
Other
\n
-0.1
\n
0.2
\n
-0.4
\n
-0.4
\n
Total changes
\n
8.9
\n
0.0
\n
7.7
\n
16.4
\n
Cost net of accumulated impairment losses
\n
98.8
\n
2.4
\n
55.1
\n
156.2
\n
Accumulated depreciation
\n
-42.6
\n
-1.0
\n
-25.5
\n
-69.1
\n
As at 31.12.2023
\n
56.3
\n
1.4
\n
29.5
\n
87.2
\n \n \n \n Note 3.5 \u2013 Non-current financing and current loans\n \n
In accordance with IFRS 16, below are the carrying amounts of financial liabilities arising from right-of-use assets broken
\n
down by maturity at 31 December 2023:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 31.12.2023
\n
(in \u20ac million)
\n 		\n
0-12 months
\n 		\n
2-5 years
\n 		\n
>5 years
\n 		\n
Total
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0
\n
- non-current loans
\n 		\u00a0\n
51.8
\n 		\n
11.3
\n 		\n
63.1
\n
\n
- current loans
\n 		\n
25.1
\n 		\u00a0\u00a0\n
25.1
\n
\n
Financial payables
\n 		\n
25.1
\n 		\n
51.8
\n 		\n
11.3
\n 		\n
88.2
\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228120540906": { "value": "Note 2.2 \u2013 Property, plant and equipment\n
At 31 December 2023, \u201cProperty, plant and equipment\u201d amounted to \u20ac 619.4 million, up by a net \u20ac 214.4 million com-
\n
pared to 31 December 2022.
\n
The depreciation expense for the period is recognised under the appropriate item in the income statement and amounted
\n
to \u20ac 86.4 million.
\n
Details of and changes in \u201cProperty, plant and equipment\u201d are as follows:
\n
Property, plant and
\n
equipment
\n
Land and buildings
\n
Plant and
\n
machinery
\n
Other property,
\n
plant and
\n
equipment
\n
Total
\n
(in \u20ac million)
\n
Cost net of accumulated impairment losses
\n
336.3
\n
444.6
\n
371.1
\n
1,152.2
\n
Accumulated depreciation
\n
-163.0
\n
-333.8
\n
-250.1
\n
-746.9
\n
As at 31.12.2022
\n
173.3
\n
110.8
\n
121.1
\n
405.1
\n
Perimeter variation
\n
64.2
\n
18.7
\n
53.6
\n
136.6
\n
Increases
\n
37.9
\n
11.3
\n
116.8
\n
166.0
\n
of which for right of use
\n
21.4
\n
0.0
\n
16.2
\n
37.6
\n
Decreases
\n
0.2
\n
-0.1
\n
0.2
\n
0.3
\n
Remeasurements and
\n
Impairment
\n
0.0
\n
0.0
\n
-0.1
\n
-0.1
\n
Depreciation
\n
-26.1
\n
-21.3
\n
-39.0
\n
-86.4
\n
of which for right of use
\n
-16.1
\n
-0.3
\n
-13.4
\n
-29.8
\n
Exchange rate effect
\n
0.1
\n
-0.9
\n
-0.5
\n
-1.3
\n
Other
\n
4.0
\n
19.1
\n
-23.9
\n
-0.7
\n
Total changes
\n
80.3
\n
26.9
\n
107.1
\n
214.4
\n
Cost net of accumulated impairment losses
\n
431.6
\n
485.0
\n
497.8
\n
1,414.4
\n
Accumulated depreciation
\n
-177.9
\n
-347.3
\n
-269.7
\n
-795.0
\n
As at 31.12.2023
\n
253.7
\n
137.7
\n
228.1
\n
619.4
\n
The net increase was largely attributable to the perimeter variation related to the Wolf-Brink business combination. The
\n
capital expenditure for the period, totalling \u20ac 166.0 million, is only partly offset by \u20ac 86.4 million in depreciation.
\n \n
In order to recognise any impairment loss to tangible assets, in the presence of impairment indicators, the Group attrib-
\n
utes these assets to the Net invested capital of the related CGUs and assesses their recoverability by determining their
\n
value in use with the discounted cash flow method.
\n \n
The item \u201cOther property, plant and equipment\u201d amounted to \u20ac 228.1 million, up by \u20ac 107.1 million compared with 31
\n
December 2022.
\n
The breakdown is detailed below:
\n
Other property, plant and equipment
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Assets under construction
\n
106.6
\n
44.5
\n
Industrial and commercial equipment
\n
70.1
\n
46.8
\n
Vehicles & transportation equipment
\n
28.8
\n
19.0
\n
Furniture and office equipment
\n
13.8
\n
3.5
\n
EDP machinery
\n
3.3
\n
3.3
\n
Other
\n
5.5
\n
4.0
\n
Total
\n
228.1
\n
121.1
\n \n \n \n
Note 2.2.1 \u2013 Information of tangible and intangible assets by main country
\n
At 31 December 2023 the information of tangible and intangible assets (excluding goodwill) by main country is detailed
\n
below:
\n
Country
\n
31.12.2023
\n
31.12.2022
\n
Netherlands (country of domicile)
\n
90.1
\n
16.5
\n
Germany
\n
561.6
\n
11.7
\n
Italy
\n
301.3
\n
261.5
\n
France
\n
25.0
\n
18.8
\n
Other countries
\n
259.6
\n
226.5
\n
Total
\n
1,237.7
\n
535.0
\n
The total perimeter variation related to the Wolf-Brink business combination was equal to \u20ac 549.1 million for Germany,
\n
while for the Country of domicile (Netherlands) it was equal to \u20ac 75.8 million.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228114002491": { "value": "Associates\n \n
In October 2023, the Ariston Group acquired the % of the UK company Thermal Earth Limited. The investment was around
\n
\u20ac 3.5 million. The company delivers a comprehensive range of services that encompass both product supply and installa-
\n
tion for both domestic and non-domestic clients. The Group\u2019s interest in Thermal Earth Limited is accounted for using
\n
the equity method in the consolidated financial statements.
\n \n \n
LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION
\n \n \n \n
No.
\n
Company
\n
Registered office
\n
Curr.
\n
Share capital
\n
Business
\n
unit (*)
\n
Investing companies
\n
Direct
\n
controlling
\n
interest
\n
Subsidiaries'
\n
controlling
\n
interest
\n
Minority
\n
interest
\n
1
\n
Joint venture \"Ariston Thermo -
\n
UTG LLC\" (**)
\n
Uzbekistan
\n
EUR
\n
1,000,000
\n
TC
\n
Ariston Holding N.V.
\n
51.00
\n
49.00
\n
2
\n
Haas Heating B.V.
\n
Netherlands
\n
EUR
\n
100
\n
TC
\n
Atag Heating B.V.
\n
24.50
\n
75.50
\n
3
\n
Thermal Earth Ltd
\n
UK
\n
GBP
\n
81
\n
TC
\n
Ariston U.K. Ltd.
\n
30.00
\n
70.00
\n
(**)
\n
The company was not included in the scope of consolidation because of its limited area of operation and significance.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228161144893": { "value": "Notes 2.4 \u2013 Deferred tax assets and liabilities\n \n
The deferred taxes show a negative net balance of \u20ac 99.7 million in comparison with a positive net balance of deferred
\n
taxes of \u20ac 39.4 million of 2022, with an overall variation of \u20ac 139.1 million. The main reason for the change derives from
\n
the Wolf-Brink business acquisition, the purchase price allocation of which led to the recognition of intangible and tan-
\n
gible assets for an amount of \u20ac 520.2 million with the related tax effect equal to \u20ac 154.7 million of deferred tax liability.
\n
The reversal of the deferred tax liability related to the purchase price allocation in 2023 is \u20ac 6.2 million and the deferred
\n
tax liabilities related to the purchase price allocation is equal to \u20ac 148.5 million as at 31 December 2023.
\n
The components of net deferred tax assets and liabilities as at 31 December 2023 and 2022 are as follows:
\n
Deferred tax assets
\n
(in \u20ac million)
\n
31.12.2022
\n
P&L
\n
Equity
\n
Translation
\n
differences
\n
and others
\n
Acquisitions
\n
31.12.2023
\n
Brand and patents
\n
20.5
\n
-0.1
\n
0.0
\n
0.0
\n
0.0
\n
20.4
\n
Research and development
\n
7.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
7.8
\n
Tangible assets and leasing
\n
12.9
\n
-2.7
\n
0.0
\n
5.2
\n
0.2
\n
15.7
\n
Provisions for risks
\n
30.5
\n
-3.0
\n
0.0
\n
0.6
\n
0.1
\n
28.2
\n
Inventory
\n
14.0
\n
2.8
\n
0.8
\n
-0.1
\n
0.0
\n
17.6
\n
Hedging
\n
1.3
\n
-2.3
\n
3.4
\n
0.0
\n
0.0
\n
2.3
\n
Tax timing differences
\n
7.4
\n
-3.9
\n
0.0
\n
0.2
\n
2.4
\n
6.0
\n
Tax losses
\n
4.1
\n
5.8
\n
0.0
\n
-0.2
\n
0.0
\n
9.7
\n
Other
\n
2.7
\n
-0.6
\n
0.0
\n
4.7
\n
0.0
\n
6.9
\n
Total
\n
101.2
\n
-4.0
\n
4.2
\n
10.4
\n
2.7
\n
114.6
\n
Deferred tax liabilities
\n
(in \u20ac million)
\n
31.12.2022
\n
P&L
\n
Equity
\n
Translation
\n
differences
\n
and others
\n
Acquisitions
\n
31.12.2023
\n
Brand and intellectual property
\n
-11.6
\n
0.0
\n
0.0
\n
2.9
\n
-133.8
\n
-142.5
\n
Tangible assets and leasing
\n
-7.2
\n
0.7
\n
0.0
\n
-6.9
\n
-13.6
\n
-26.9
\n
Inventory
\n
-1.5
\n
1.3
\n
0.0
\n
-0.7
\n
-2.4
\n
-3.3
\n
Taxes on undistributed profits
\n
-16.8
\n
-3.0
\n
0.0
\n
0.0
\n
-4.8
\n
-24.6
\n
Hedging and exchange gain or loss
\n
-11.0
\n
2.0
\n
4.3
\n
0.0
\n
0.0
\n
-4.6
\n
Tax timing differences
\n
-6.9
\n
2.2
\n
0.0
\n
-3.8
\n
0.0
\n
-8.5
\n
Other
\n
-6.8
\n
10.7
\n
0.5
\n
-4.9
\n
-3.3
\n
-3.8
\n
Total
\n
-61.8
\n
13.9
\n
4.8
\n
-13.3
\n
-158.0
\n
-214.3
\n
The column acquisitions includes the effects of the Wolf-Brink business acquisition, mainly consisting of the purchase
\n
price allocation.
\n
Starting from 2021, a deferred tax liability on the undistributed earnings in Ariston subsidiaries is recorded equal to the
\n
expected tax burden on the remittance of earnings from those jurisdictions The amount of the deferred tax liabilities on
\n
undistributed earnings recorded in 2023 is equal to \u20ac 24.6 million with an increase of \u20ac 7.8 million in respect to the
\n
previous year. Part of this increase, \u20ac 4.8 million, relates to the undistributed earnings of the Wolf-Brink group recorded
\n
in the purchase price allocation. The remaining part, equal to \u20ac 3.0 million, relates to the profits realised in 2023 by the
\n
Ariston and Wolf-Brink companies in the countries in which they operate.
\n
The decision to recognise deferred tax assets is made for each legal entity in the Group by critically assessing whether
\n
the conditions exist for the future recoverability of such assets on the basis of actual results, as well as updated plans.
\n \n \n
Ariston recognises in its consolidated statement of financial position under deferred tax assets the amount of deferred
\n
tax assets less the deferred tax liabilities of the individual consolidated legal entities, where these may be offset.
\n \n \n
Notes 3.2 \u2013 Deferred tax liabilities
\n
Comments on \u201cDeferred tax liabilities\u201d are included in \u2018Note 2.4 - Deferred tax assets and liabilities\u2019, to which reference
\n
should be made.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228100057764": { "value": "\n
Note 2.6 \u2013 Other non-current assets
\n \n \n \n
\u201cOther non-current assets\u201d includes primarily the security deposits due beyond the year and other assets with a financial
\n
impact spreading beyond one year.
\n
At 31 December 2023, the item amounted to \u20ac 7.8 million, up compared with \u20ac 7.0 million in 2022.
\n \n \n \n \n
Note 2.12 \u2013 Other current assets
\n \n \n \n
\u201cOther current assets\u201d amounted to \u20ac 87.4 million versus \u20ac 50.8 million at 31 December 2022. The main items are:
\n
Other current assets
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Indirect tax receivables
\n
52.9
\n
25.0
\n
Prepaid expenses
\n
12.3
\n
8.8
\n
Advances to suppliers
\n
10.4
\n
8.2
\n
State Green Programmes
\n
0.9
\n
1.2
\n
Credits from government
\n
0.9
\n
3.8
\n
Receivables from employees
\n
0.9
\n
1.2
\n
Other receivables
\n
9.1
\n
2.5
\n
Total
\n
87.4
\n
50.8
\n
The increase in \u2018Other current assets\u2019 is mainly related to indirect tax receivables and prepaid expenses.
\n
The reasons for the increase are a mixed effect of perimeter variation and business activity.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228165636345": { "value": "Note 2.6 \u2013 Other non-current assets\n \n \n
\u201cOther non-current assets\u201d includes primarily the security deposits due beyond the year and other assets with a financial
\n
impact spreading beyond one year.
\n
At 31 December 2023, the item amounted to \u20ac 7.8 million, up compared with \u20ac 7.0 million in 2022.
\n \n \n Note 2.12 \u2013 Other current assets\n \n \n
\u201cOther current assets\u201d amounted to \u20ac 87.4 million versus \u20ac 50.8 million at 31 December 2022. The main items are:
\n
Other current assets
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Indirect tax receivables
\n
52.9
\n
25.0
\n
Prepaid expenses
\n
12.3
\n
8.8
\n
Advances to suppliers
\n
10.4
\n
8.2
\n
State Green Programmes
\n
0.9
\n
1.2
\n
Credits from government
\n
0.9
\n
3.8
\n
Receivables from employees
\n
0.9
\n
1.2
\n
Other receivables
\n
9.1
\n
2.5
\n
Total
\n
87.4
\n
50.8
\n
The increase in \u2018Other current assets\u2019 is mainly related to indirect tax receivables and prepaid expenses.
\n
The reasons for the increase are a mixed effect of perimeter variation and business activity.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228202238271": { "value": "Note 2.6 \u2013 Other non-current assets\n
\u201cOther non-current assets\u201d includes primarily the security deposits due beyond the year and other assets with a financial
\n
impact spreading beyond one year.
\n
At 31 December 2023, the item amounted to \u20ac 7.8 million, up compared with \u20ac 7.0 million in 2022.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201954960": { "value": "Note 2.7 \u2013 Non-current tax receivables\n
\u201cNon-current tax receivables\u201d amounted to \u20ac 1.4 million at 31 December 2023, slightly down on \u20ac 0.7 million in the same
\n
period of 2022. The item includes receivables from tax authorities payable to the Group.
\n Note 2.10 \u2013 Tax receivables\n
The item \u201cTax receivables\u201d includes primarily the amounts due to the companies of the Group from the taxation author-
\n
ities in several countries where the Group operates. At 31 December 2023, the item amounted to \u20ac 47.8 million versus \u20ac
\n
28.4 million in 2022, mainly due to:
\n
Tax receivables
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Tax receivables for taxes paid in excess
\n
26.1
\n
16.7
\n
Tax receivables from Parent company
\n
16.3
\n
7.1
\n
Other short-term tax receivables
\n
5.4
\n
4.6
\n
Total
\n
47.8
\n
28.4
\n
Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident of Italy and is controlled by Merloni Holding
\n
S.p.A. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem-
\n
ber 2023, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively,
\n
Merloni Holding S.p.A. These amounts are included in the \u201cTax receivables\u201d from the controlling shareholder for the tax
\n
consolidation. The increase amounts to \u20ac 9.2 million and mainly derives from higher tax losses accrued in Italy in 2023.
\n Note 3.7 \u2013 Non-current tax liabilities\n
\u201cNon-current tax liabilities\u201d amounted to \u20ac 3.9 million as 31 December 2023 up by \u20ac 2.1 million compared to the amount
\n
as at 31 December 2022. The increase was mainly due to the Tax claim regarding Ariston France.
\n Note 3.9 \u2013 Tax payables\n
\u201cTax payables\u201d amounted to \u20ac 83.9 million versus \u20ac 53.0 million in 2022.
\n
Tax payables
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Income tax payables
\n
54.6
\n
30.5
\n
Tax payables due to Parent company
\n
17.5
\n
13.6
\n
Other tax payables
\n
11.8
\n
8.8
\n
Total
\n
83.9
\n
53.0
\n
This item includes the income tax payables related to Italian and foreign companies. The increase in tax payables in 2023
\n
is mainly reflected in the perimeter variation equal to \u20ac 29.4 million.
\n
Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident of Italy and is controlled by Merloni Holding
\n
S.p.A.. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem-
\n
ber 2023, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively,
\n
Merloni Holding S.p.A.. These amounts are included in the \u201cTax payables\u201d due to the controlling shareholder for tax
\n
consolidation.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228051250823": { "value": "\n
Note 2.8 \u2013 Inventories
\n
Below is the composition of \u201cInventories\u201d at 31 December 2023 and at 31 December 2022, net of the obsolete stock
\n
provision.
\n
Inventories
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Raw materials
\n
204.6
\n
158.1
\n
Work in progress and semi-finished goods
\n
40.5
\n
20.4
\n
Finished goods and goods for resale
\n
373.9
\n
298.2
\n
Total
\n
619.0
\n
476.8
\n
The gross value of inventories, at 31 December 2023, amounted to \u20ac 686.5 million (\u20ac 525.6 million at 31 December 2022),
\n
whereas the provision amounted to \u20ac 67.5 million (\u20ac 48.8 million at 31 December 2022).
\n
Inventories totalled \u20ac 619.0 million at 31 December 2023, up by \u20ac 142.2 million on 31 December 2022. This change is
\n
essentially attributable to several factors, as summarised below:
\n
\u2022
\n
Perimeter variation equal to \u20ac 123.5 million for the business combination with Wolf-Brink;
\n
\u2022
\n
Organic change of \u20ac 23.5 million mainly driven by the increase in heating finished products associated with the slow-
\n
down in some important markets;
\n
\u2022
\n
Negative exchange rate effect of \u20ac 4.7 million.
\n
Inventories are recognised at the lesser value between purchase and production cost, according to the weighted average
\n
cost method and their net realisable value which includes costs necessary to sell inventories and based on that for the
\n
Group they did not have a material impact.
\n
The provision set up for obsolete or slow-moving stock is substantially in line with the previous year in terms of the
\n
percentage on the gross amount of Inventories, meanwhile showing an absolute variation equal to \u20ac 18.7 million.
\n \n
The obsolescence risk is measured taking into account stock rotation, calculated monthly as the ratio of inventories to
\n
consumption over the last twelve months for raw materials (forty-eight months for spare parts with a life cycle defined
\n
as \u201cinactive\u201d), and the product life cycle. In the obsolescence risk, the Group has considered for materials and products
\n
in stock the technological obsolescence which can arise from climate change and the energy transition. On the basis of
\n
the parameters mentioned above, impairment percentages are applied which increase in proportion to the estimated
\n
risk.
\n
The change in the obsolete stock provision was as follows:
\n
Obsolete stock provision
\n
Raw materials
\n
Work in
\n
progress and
\n
semi-finished
\n
goods
\n
Finished goods
\n
and goods for
\n
resale
\n
Total
\n
(in \u20ac million)
\n
As at 31.12.2022
\n
11.4
\n
1.9
\n
35.6
\n
48.8
\n
Perimeter variation
\n
5.1
\n
0.4
\n
5.7
\n
11.2
\n
Increases
\n
18.1
\n
2.7
\n
31.4
\n
52.2
\n
Decreases
\n
-7.3
\n
-0.2
\n
-8.3
\n
-15.8
\n
Release
\n
-10.2
\n
-1.7
\n
-16.8
\n
-28.7
\n
Exchange rate effect
\n
-0.1
\n
0.0
\n
0.1
\n
0.0
\n
Other
\n
-0.4
\n
-0.2
\n
0.4
\n
-0.2
\n
Total changes
\n
5.2
\n
1.0
\n
12.5
\n
18.7
\n
As at 31.12.2023
\n
16.6
\n
2.9
\n
48.1
\n
67.5
\n
The recognition of inventories according to the weighted average cost method does not show any significant differences
\n
compared with a valuation at current costs.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228185751449": { "value": "Note 2.9 \u2013 Trade receivables\n \n \n \n
The bad debt provision of \u20ac 21.2 million shows a net increase by \u20ac 4.3 million compared with 31 December 2022. This
\n
increase is mainly attributable to the acquisition of Wolf-Brink. For Trade Receivables, the Group, applies a simplified
\n
approach using a provision matrix in the calculation of expected losses based on historical loss rates and then adjusting
\n
for forward-looking information. Based on this model, according to IFRS9, the policy defines a percentage of statistical
\n
devaluation based on the division of trade receivables into clusters of ageing and country risk and then applying a forward-
\n
looking factor determined by the counterparty Probability of Default (PD) at 1 year obtained from external resources. A
\n
specific fund is provided for legal and specific devaluation due to the situation of single clients and their economic envi-
\n
ronment.
\n
At 31 December 2023, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed
\n
receivables.
\n \n \n \n \n \n \n \n \n
F
\n \n
ollowing are the changes in the bad debt provision:
\n
Bad debt provision
\n
Short-term
\n
Medium/long-
\n
term
\n
Total
\n
(in \u20ac million)
\n
As at 31.12.2022
\n
12.3
\n
4.7
\n
17.0
\n
Perimeter variation
\n
2.6
\n
0.0
\n
2.6
\n
Increases
\n
6.6
\n
0.6
\n
7.1
\n
Decreases
\n
-1.3
\n
-0.7
\n
-1.9
\n
Release
\n
-2.9
\n
-0.6
\n
-3.5
\n
Exchange rate effect
\n
-0.2
\n
0.0
\n
-0.2
\n
Other
\n
-0.0
\n
0.1
\n
0.1
\n
Total changes
\n
4.9
\n
-0.6
\n
4.3
\n
As at 31.12.2023
\n
17.1
\n
4.1
\n
21.2
\n \n
The item \u201cOther\u201d includes primarily the reclassifications made for the period in order to ensure the correct recognition
\n
of receivables subject to special valuation, such as those in legal proceedings or in litigation.
\n
Please refer to paragraph \u2018Credit Risk\u2019 for further details on ageing and the related Bad Debt Provision.
\n \n \n \n \n CREDIT RISK\n \n \n
Credit risk is the Group\u2019s exposure to potential losses from failure by commercial counterparties to fulfil obligations they
\n
have entered into. Failure to collect or late collection of trade receivables could impact negatively on the Group\u2019s eco-
\n
nomic results and financial equilibrium.
\n
The Group\u2019s policy for managing credit risk from commercial activities envisages the preliminary assessment of counter-
\n
parties\u2019 creditworthiness, the management of credit limits and the adoption of risk mitigation instruments, such as the
\n
acquisition of bank guarantees, letters of credit and the external transfer of part of the insolvency risk through a global
\n
program of credit insurance.
\n
The portion of secured receivables, at 31 December 2023, was 63.7% of the total exposure.
\n
In order to mitigate credit risk, the Group has also adopted a policy which defines the strategic guidelines and operating
\n
rules for an effective system to control each company\u2019s credit.
\n
In addition, the policy defines the means for estimating expected losses, in accordance with the means set out hereafter
\n
and taking account of the mitigating factor represented by the aforementioned instruments for insured credit.
\n \n \n \n \n \n \n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n Maximum risk exposure\n \n \n \n \n
The maximum exposure to risk, net of guarantees, at 31 December 2023 was \u20ac 131.1 million. The Group has not identified
\n
any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk port-
\n
folio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing
\n
its liquidity in leading bank and corporate counterparties selected according to their credit quality. All receivables on book
\n
have a credit risk rating minimum.
\n
The table below summarises the types of instruments protecting against credit risk used by the Group:
\n
Type
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Receivables under insurance policies
\n
211.5
\n
58.5%
\n
192.4
\n
62.4%
\n
Other financial means of securing
\n
18.7
\n
5.2%
\n
5.7
\n
1.9%
\n
Total secured receivables
\n
230.2
\n
63.7%
\n
198.1
\n
64.2%
\n
Non-secured receivables
\n
131.1
\n
36.3%
\n
110.3
\n
35.8%
\n
Total receivables
\n
361.3
\n
100.0%
\n
308.4
\n
100.0%
\n
\u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees and different methods of cov-
\n
ering the default risk though a system introduced by the acquisition of Wolf-Brink called the Central Payment Regulator
\n
System.
\n \n \n \n \n Overdue financial assets\n \n \n \n \n \n \n
The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables
\n
are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days).
\n
The amount of receivables past-due within 60 days is \u20ac 24.3 million (versus \u20ac 26.0 million at December 2022) whereas
\n
the amount of receivables past-due beyond 60 days is \u20ac 20.2 million (versus \u20ac 16.2 million at December 2022).
\n
For the purposes of representing trade receivables for issued invoices by past-due ranges, the following table is provided:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Overdue 0-30
\n
17.6
\n
4.9%
\n
19.3
\n
6.3%
\n
Overdue 31-60
\n
6.7
\n
1.9%
\n
6.7
\n
2.2%
\n
Overdue 61-120
\n
7.9
\n
2.2%
\n
3.9
\n
1.2%
\n
Due after 120 and legal
\n
12.3
\n
3.4%
\n
12.3
\n
4.0%
\n
The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country
\n
risk class where the trade receivable amount is allocated.
\n
The current (not overdue) receivables amounted to \u20ac 316.8 million. Also these amounts are allocated to their country
\n
risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad
\n
debt amounted to \u20ac 5.4 million.
\n
Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to
\n
impairment up to overdue below 180 days, while over 180 days the percentages remain the same.
\n
As at 31 December 2023 there is no significant financing component identified for trade receivables.
\n \n \n \n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n \n \n Depreciation grid\n \n \n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201409761": { "value": "Note 2.9 \u2013 Trade receivables\n \n \n
The bad debt provision of \u20ac 21.2 million shows a net increase by \u20ac 4.3 million compared with 31 December 2022. This
\n
increase is mainly attributable to the acquisition of Wolf-Brink. For Trade Receivables, the Group, applies a simplified
\n
approach using a provision matrix in the calculation of expected losses based on historical loss rates and then adjusting
\n
for forward-looking information. Based on this model, according to IFRS9, the policy defines a percentage of statistical
\n
devaluation based on the division of trade receivables into clusters of ageing and country risk and then applying a forward-
\n
looking factor determined by the counterparty Probability of Default (PD) at 1 year obtained from external resources. A
\n
specific fund is provided for legal and specific devaluation due to the situation of single clients and their economic envi-
\n
ronment.
\n
At 31 December 2023, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed
\n
receivables.
\n \n \n \n \n \n
F
\n \n
ollowing are the changes in the bad debt provision:
\n
Bad debt provision
\n
Short-term
\n
Medium/long-
\n
term
\n
Total
\n
(in \u20ac million)
\n
As at 31.12.2022
\n
12.3
\n
4.7
\n
17.0
\n
Perimeter variation
\n
2.6
\n
0.0
\n
2.6
\n
Increases
\n
6.6
\n
0.6
\n
7.1
\n
Decreases
\n
-1.3
\n
-0.7
\n
-1.9
\n
Release
\n
-2.9
\n
-0.6
\n
-3.5
\n
Exchange rate effect
\n
-0.2
\n
0.0
\n
-0.2
\n
Other
\n
-0.0
\n
0.1
\n
0.1
\n
Total changes
\n
4.9
\n
-0.6
\n
4.3
\n
As at 31.12.2023
\n
17.1
\n
4.1
\n
21.2
\n \n
The item \u201cOther\u201d includes primarily the reclassifications made for the period in order to ensure the correct recognition
\n
of receivables subject to special valuation, such as those in legal proceedings or in litigation.
\n
Please refer to paragraph \u2018Credit Risk\u2019 for further details on ageing and the related Bad Debt Provision.
\n \n \n CREDIT RISK\n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n Maximum risk exposure\n \n \n
The maximum exposure to risk, net of guarantees, at 31 December 2023 was \u20ac 131.1 million. The Group has not identified
\n
any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk port-
\n
folio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing
\n
its liquidity in leading bank and corporate counterparties selected according to their credit quality. All receivables on book
\n
have a credit risk rating minimum.
\n
The table below summarises the types of instruments protecting against credit risk used by the Group:
\n
Type
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Receivables under insurance policies
\n
211.5
\n
58.5%
\n
192.4
\n
62.4%
\n
Other financial means of securing
\n
18.7
\n
5.2%
\n
5.7
\n
1.9%
\n
Total secured receivables
\n
230.2
\n
63.7%
\n
198.1
\n
64.2%
\n
Non-secured receivables
\n
131.1
\n
36.3%
\n
110.3
\n
35.8%
\n
Total receivables
\n
361.3
\n
100.0%
\n
308.4
\n
100.0%
\n
\u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees and different methods of cov-
\n
ering the default risk though a system introduced by the acquisition of Wolf-Brink called the Central Payment Regulator
\n
System.
\n \n \n Overdue financial assets\n \n \n \n \n
The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables
\n
are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days).
\n
The amount of receivables past-due within 60 days is \u20ac 24.3 million (versus \u20ac 26.0 million at December 2022) whereas
\n
the amount of receivables past-due beyond 60 days is \u20ac 20.2 million (versus \u20ac 16.2 million at December 2022).
\n
For the purposes of representing trade receivables for issued invoices by past-due ranges, the following table is provided:
\n \n \n \n \n \n \n \n \n \n
Overdue ageing
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Overdue 0-30
\n
17.6
\n
4.9%
\n
19.3
\n
6.3%
\n
Overdue 31-60
\n
6.7
\n
1.9%
\n
6.7
\n
2.2%
\n
Overdue 61-120
\n
7.9
\n
2.2%
\n
3.9
\n
1.2%
\n
Due after 120 and legal
\n
12.3
\n
3.4%
\n
12.3
\n
4.0%
\n
The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country
\n
risk class where the trade receivable amount is allocated.
\n
The current (not overdue) receivables amounted to \u20ac 316.8 million. Also these amounts are allocated to their country
\n
risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad
\n
debt amounted to \u20ac 5.4 million.
\n
Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to
\n
impairment up to overdue below 180 days, while over 180 days the percentages remain the same.
\n
As at 31 December 2023 there is no significant financing component identified for trade receivables.
\n \n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n \n Depreciation grid\n \n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201838376": { "value": "Note 2.9 \u2013 Trade receivables\n
Trade receivables amounted to \u20ac 361.3 million, net of a bad debt provision of \u20ac 21.2 million.
\n
Compared with 31 December 2022, the net balance shows a \u20ac 52.9 million increase in absolute values. This increase is
\n
attributable to, in addition to the effects of the geographical mix, the acquisition of Wolf-Brink in early 2023, partially
\n
compensated by the strong collection performance of the Group.
\n
The percentage of trade receivables on the turnover of the last 12 months was equal to 11.7% compared with 13.0%
\n
recorded at 31 December 2022.
\n \n \n \n \n
The bad debt provision of \u20ac 21.2 million shows a net increase by \u20ac 4.3 million compared with 31 December 2022. This
\n
increase is mainly attributable to the acquisition of Wolf-Brink. For Trade Receivables, the Group, applies a simplified
\n
approach using a provision matrix in the calculation of expected losses based on historical loss rates and then adjusting
\n
for forward-looking information. Based on this model, according to IFRS9, the policy defines a percentage of statistical
\n
devaluation based on the division of trade receivables into clusters of ageing and country risk and then applying a forward-
\n
looking factor determined by the counterparty Probability of Default (PD) at 1 year obtained from external resources. A
\n
specific fund is provided for legal and specific devaluation due to the situation of single clients and their economic envi-
\n
ronment.
\n
At 31 December 2023, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed
\n
receivables.
\n \n \n \n \n \n \n
F
\n \n
ollowing are the changes in the bad debt provision:
\n
Bad debt provision
\n
Short-term
\n
Medium/long-
\n
term
\n
Total
\n
(in \u20ac million)
\n
As at 31.12.2022
\n
12.3
\n
4.7
\n
17.0
\n
Perimeter variation
\n
2.6
\n
0.0
\n
2.6
\n
Increases
\n
6.6
\n
0.6
\n
7.1
\n
Decreases
\n
-1.3
\n
-0.7
\n
-1.9
\n
Release
\n
-2.9
\n
-0.6
\n
-3.5
\n
Exchange rate effect
\n
-0.2
\n
0.0
\n
-0.2
\n
Other
\n
-0.0
\n
0.1
\n
0.1
\n
Total changes
\n
4.9
\n
-0.6
\n
4.3
\n
As at 31.12.2023
\n
17.1
\n
4.1
\n
21.2
\n \n
The item \u201cOther\u201d includes primarily the reclassifications made for the period in order to ensure the correct recognition
\n
of receivables subject to special valuation, such as those in legal proceedings or in litigation.
\n
Please refer to paragraph \u2018Credit Risk\u2019 for further details on ageing and the related Bad Debt Provision.
\n \n CREDIT RISK\n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n Maximum risk exposure\n \n
The maximum exposure to risk, net of guarantees, at 31 December 2023 was \u20ac 131.1 million. The Group has not identified
\n
any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk port-
\n
folio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing
\n
its liquidity in leading bank and corporate counterparties selected according to their credit quality. All receivables on book
\n
have a credit risk rating minimum.
\n
The table below summarises the types of instruments protecting against credit risk used by the Group:
\n
Type
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Receivables under insurance policies
\n
211.5
\n
58.5%
\n
192.4
\n
62.4%
\n
Other financial means of securing
\n
18.7
\n
5.2%
\n
5.7
\n
1.9%
\n
Total secured receivables
\n
230.2
\n
63.7%
\n
198.1
\n
64.2%
\n
Non-secured receivables
\n
131.1
\n
36.3%
\n
110.3
\n
35.8%
\n
Total receivables
\n
361.3
\n
100.0%
\n
308.4
\n
100.0%
\n
\u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees and different methods of cov-
\n
ering the default risk though a system introduced by the acquisition of Wolf-Brink called the Central Payment Regulator
\n
System.
\n \n Overdue financial assets\n \n \n \n
The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables
\n
are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days).
\n
The amount of receivables past-due within 60 days is \u20ac 24.3 million (versus \u20ac 26.0 million at December 2022) whereas
\n
the amount of receivables past-due beyond 60 days is \u20ac 20.2 million (versus \u20ac 16.2 million at December 2022).
\n
For the purposes of representing trade receivables for issued invoices by past-due ranges, the following table is provided:
\n \n \n \n \n \n \n \n
Overdue ageing
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Overdue 0-30
\n
17.6
\n
4.9%
\n
19.3
\n
6.3%
\n
Overdue 31-60
\n
6.7
\n
1.9%
\n
6.7
\n
2.2%
\n
Overdue 61-120
\n
7.9
\n
2.2%
\n
3.9
\n
1.2%
\n
Due after 120 and legal
\n
12.3
\n
3.4%
\n
12.3
\n
4.0%
\n
The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country
\n
risk class where the trade receivable amount is allocated.
\n
The current (not overdue) receivables amounted to \u20ac 316.8 million. Also these amounts are allocated to their country
\n
risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad
\n
debt amounted to \u20ac 5.4 million.
\n
Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to
\n
impairment up to overdue below 180 days, while over 180 days the percentages remain the same.
\n
As at 31 December 2023 there is no significant financing component identified for trade receivables.
\n \n \n \n Method used to calculate the bad debt provision\n \n \n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n \n \n Depreciation grid\n \n \n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240229032112397": { "value": "Note 2.9 \u2013 Trade receivables\n \n
The bad debt provision of \u20ac 21.2 million shows a net increase by \u20ac 4.3 million compared with 31 December 2022. This
\n
increase is mainly attributable to the acquisition of Wolf-Brink. For Trade Receivables, the Group, applies a simplified
\n
approach using a provision matrix in the calculation of expected losses based on historical loss rates and then adjusting
\n
for forward-looking information. Based on this model, according to IFRS9, the policy defines a percentage of statistical
\n
devaluation based on the division of trade receivables into clusters of ageing and country risk and then applying a forward-
\n
looking factor determined by the counterparty Probability of Default (PD) at 1 year obtained from external resources. A
\n
specific fund is provided for legal and specific devaluation due to the situation of single clients and their economic envi-
\n
ronment.
\n
At 31 December 2023, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed
\n
receivables.
\n \n \n
F
\n \n
ollowing are the changes in the bad debt provision:
\n
Bad debt provision
\n
Short-term
\n
Medium/long-
\n
term
\n
Total
\n
(in \u20ac million)
\n
As at 31.12.2022
\n
12.3
\n
4.7
\n
17.0
\n
Perimeter variation
\n
2.6
\n
0.0
\n
2.6
\n
Increases
\n
6.6
\n
0.6
\n
7.1
\n
Decreases
\n
-1.3
\n
-0.7
\n
-1.9
\n
Release
\n
-2.9
\n
-0.6
\n
-3.5
\n
Exchange rate effect
\n
-0.2
\n
0.0
\n
-0.2
\n
Other
\n
-0.0
\n
0.1
\n
0.1
\n
Total changes
\n
4.9
\n
-0.6
\n
4.3
\n
As at 31.12.2023
\n
17.1
\n
4.1
\n
21.2
\n \n
The item \u201cOther\u201d includes primarily the reclassifications made for the period in order to ensure the correct recognition
\n
of receivables subject to special valuation, such as those in legal proceedings or in litigation.
\n
Please refer to paragraph \u2018Credit Risk\u2019 for further details on ageing and the related Bad Debt Provision.
\n FINANCIAL INSTRUMENTS\n
The Group is exposed to operations with related financial risks, including credit risk, liquidity risk and market risk, and
\n
constantly monitors them.
\n
The following section provides qualitative and quantitative information about the impact of these risks on the Group.
\n CREDIT RISK\n
Credit risk is the Group\u2019s exposure to potential losses from failure by commercial counterparties to fulfil obligations they
\n
have entered into. Failure to collect or late collection of trade receivables could impact negatively on the Group\u2019s eco-
\n
nomic results and financial equilibrium.
\n
The Group\u2019s policy for managing credit risk from commercial activities envisages the preliminary assessment of counter-
\n
parties\u2019 creditworthiness, the management of credit limits and the adoption of risk mitigation instruments, such as the
\n
acquisition of bank guarantees, letters of credit and the external transfer of part of the insolvency risk through a global
\n
program of credit insurance.
\n
The portion of secured receivables, at 31 December 2023, was 63.7% of the total exposure.
\n
In order to mitigate credit risk, the Group has also adopted a policy which defines the strategic guidelines and operating
\n
rules for an effective system to control each company\u2019s credit.
\n
In addition, the policy defines the means for estimating expected losses, in accordance with the means set out hereafter
\n
and taking account of the mitigating factor represented by the aforementioned instruments for insured credit.
\n \n \n \n \n \n \n \n \n \n \n \n
In accordance with IFRS9 and the impairment requirement based on Expected Credit Losses (\u201cECL\u201d), the Group applies,
\n
for trade receivables, the simplified approach using a provision matrix.
\n
In particular, the Group applies a new Policy based on the division of trade receivables into clusters on the basis of type
\n
(ordinary/legal), ageing (past-due ranges) and country rating and applying the relevant historical loss rates to the balance
\n
outstanding and then adjusting for forward-looking factors determined by the counterparty Probability of Default (PD) at
\n
one year obtained from external resources. The policy is applied to the Group perimeter excluding the new acquisitions
\n
for which the extension is planned to start from the following year.
\n
As regards the write-off criteria, these are clearly based on the specific statutory and tax rules in force in the various
\n
countries where the Group companies are present.
\n \n \n \n \n \n \n \n \n \n \n \n Maximum risk exposure\n
The maximum exposure to risk, net of guarantees, at 31 December 2023 was \u20ac 131.1 million. The Group has not identified
\n
any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk port-
\n
folio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing
\n
its liquidity in leading bank and corporate counterparties selected according to their credit quality. All receivables on book
\n
have a credit risk rating minimum.
\n
The table below summarises the types of instruments protecting against credit risk used by the Group:
\n
Type
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Receivables under insurance policies
\n
211.5
\n
58.5%
\n
192.4
\n
62.4%
\n
Other financial means of securing
\n
18.7
\n
5.2%
\n
5.7
\n
1.9%
\n
Total secured receivables
\n
230.2
\n
63.7%
\n
198.1
\n
64.2%
\n
Non-secured receivables
\n
131.1
\n
36.3%
\n
110.3
\n
35.8%
\n
Total receivables
\n
361.3
\n
100.0%
\n
308.4
\n
100.0%
\n
\u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees and different methods of cov-
\n
ering the default risk though a system introduced by the acquisition of Wolf-Brink called the Central Payment Regulator
\n
System.
\n Overdue financial assets\n \n \n
The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables
\n
are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days).
\n
The amount of receivables past-due within 60 days is \u20ac 24.3 million (versus \u20ac 26.0 million at December 2022) whereas
\n
the amount of receivables past-due beyond 60 days is \u20ac 20.2 million (versus \u20ac 16.2 million at December 2022).
\n
For the purposes of representing trade receivables for issued invoices by past-due ranges, the following table is provided:
\n \n \n \n \n \n
Overdue ageing
\n
(in \u20ac million)
\n
31.12.2023
\n
%
\n
31.12.2022
\n
%
\n
Overdue 0-30
\n
17.6
\n
4.9%
\n
19.3
\n
6.3%
\n
Overdue 31-60
\n
6.7
\n
1.9%
\n
6.7
\n
2.2%
\n
Overdue 61-120
\n
7.9
\n
2.2%
\n
3.9
\n
1.2%
\n
Due after 120 and legal
\n
12.3
\n
3.4%
\n
12.3
\n
4.0%
\n
The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country
\n
risk class where the trade receivable amount is allocated.
\n
The current (not overdue) receivables amounted to \u20ac 316.8 million. Also these amounts are allocated to their country
\n
risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad
\n
debt amounted to \u20ac 5.4 million.
\n
Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to
\n
impairment up to overdue below 180 days, while over 180 days the percentages remain the same.
\n
As at 31 December 2023 there is no significant financing component identified for trade receivables.
\n \n \n Method used to calculate the bad debt provision\n \n \n \n \n
The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below:
\n
Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection
\n
agency are subject to a specific impairment loss according to the progress of their recovery and the information provided
\n
by the attorneys.
\n \n
Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical
\n
loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a
\n
forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are
\n
the percentages used for the simplified IFRS 9 (ECL).
\n \n \n \n Depreciation grid\n \n \n \n \n
Trade receivables ageing
\n
Country risk A
\n
Country risk B
\n
Country risk C
\n
Country risk D
\n
Overdue > 360 days
\n
54.3%
\n
73.9%
\n
66.6%
\n
49.0%
\n
Overdue 271- 360
\n
39.6%
\n
59.8%
\n
36.5%
\n
25.3%
\n
Overdue 181- 270
\n
24.6%
\n
38.5%
\n
18.5%
\n
19.2%
\n
Overdue 121-180
\n
14.1%
\n
22.9%
\n
8.4%
\n
11.8%
\n
Overdue 91-120
\n
9.4%
\n
14.6%
\n
3.4%
\n
8.5%
\n
Overdue 61-90
\n
5.2%
\n
8.3%
\n
1.5%
\n
4.4%
\n
Overdue 31-60
\n
2.0%
\n
3.1%
\n
0.6%
\n
1.8%
\n
Overdue 0-30
\n
0.4%
\n
0.5%
\n
0.2%
\n
0.4%
\n
Current (not overdue)
\n
0.1%
\n
0.1%
\n
0.1%
\n
0.2%
\n
The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface
\n
country rating, adjusting them according to Ariston companies past credit experience in performances, business relations
\n
and control of the market. This allows to classify all the countries where Ariston group operates in 4 risk categories from
\n
A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk
\n
assigned.
\n \n \n \n \n \n \n \n
Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision:
\n
Analysis of bad debt provision
\n
31.12.2023
\n
31.12.2022
\n
Total receivables
\n
Gross
\n
382.5
\n
325.4
\n
Provision
\n
21.2
\n
17.0
\n
Net
\n
361.3
\n
308.4
\n
Receivables impaired on a specific basis
\n
Gross
\n
4.2
\n
5.2
\n
Provision
\n
4.1
\n
4.7
\n
Net
\n
0.1
\n
0.5
\n
Receivables impaired on a simplified ECLs
\n
Gross
\n
378.3
\n
320.2
\n
Provision
\n
17.1
\n
12.3
\n
Net
\n
361.2
\n
307.9
\n \n \n LIQUIDITY RISK\n
As at 31 December 2023, the Group\u2019s \u201cOverall available liquidity\u201d, defined as the sum of cash and cash equivalents and
\n
the unused portion of committed credit lines (equal to \u20ac 895 million at December month-end) amounted to approxi-
\n
mately \u20ac 1,346 million.
\n
As of 31 December 2023, the Group's overall bank credit lines, including the used and unused credit lines (both committed
\n
and uncommitted) totalled approximately \u20ac2.2 billion, of which approximately 43% was drawn.
\n
Cash generated from operations and bank financing are the primary sources of liquidity.
\n
The Group periodically assesses its financial needs, in order to act promptly and implement the necessary actions to find
\n
additional resources when needed. The Group seeks to maintain an adequate mix of resources in terms of maturities,
\n
financial instruments and available amounts.
\n
The following table shows the contractual expiry dates for the financial liabilities other than derivatives. These figures are
\n
based on non-discounted cash flows, including financial charges, as at the next closest date when the Group may be asked
\n
for the payment.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 2023
\n
(in \u20ac million)
\n 		\n
< 1 month
\n 		\n
2-6 months
\n 		\n
6-12 months
\n 		\n
1-5 years
\n 		\n
> 5 years
\n 		\n
Total
\n
\n
Trade payables
\n 		\n
146.2
\n 		\n
313.4
\n 		\n
3.6
\n 		\n
0.5
\n 		\u00a0\n
463.7
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
-
\n
Current financial liabilities
\n 		\n
6.0
\n 		\n
50.5
\n 		\n
16.6
\n 		\u00a0\u00a0\n
73.1
\n
\n
-
\n
Current loans
\n 		\u00a0\u00a0\n
46.6
\n 		\u00a0\u00a0\n
46.6
\n
\n
-
\n
Non-current financial liabilities
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\n
0.0
\n
\n
-
\n
Non-current loans
\n 		\n
10.0
\n 		\n
6.7
\n 		\n
15.1
\n 		\n
592.9
\n 		\n
475.6
\n 		\n
1,100.3
\n
\n
Total financial payables
\n 		\n
16.0
\n 		\n
57.2
\n 		\n
78.3
\n 		\n
592.9
\n 		\n
475.6
\n 		\n
1,220.0
\n
\n
Expiry dates
\n 		\n
162.2
\n 		\n
370.6
\n 		\n
81.9
\n 		\n
593.4
\n 		\n
475.6
\n 		\n
1,683.7
\n
\n
The details for the expiry dates of financial and trade payables as at 31 December 2022 are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 2022
\n
(in \u20ac million)
\n 		\n
< 1 month
\n 		\n
2-6 months
\n 		\n
6-12 months
\n 		\n
1-5 years
\n 		\n
> 5 years
\n 		\n
Total
\n
\n
Trade payables
\n 		\n
121.1
\n 		\n
359.9
\n 		\n
0.0
\n 		\n
0.4
\n 		\u00a0\n
481.4
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
-
\n
Current financial liabilities
\n 		\n
10.7
\n 		\n
18.0
\n 		\n
20.9
\n 		\u00a0\u00a0\n
49.7
\n
\n
-
\n
Current loans
\n 		\u00a0\n
4.1
\n 		\n
28.6
\n 		\u00a0\u00a0\n
32.7
\n
\n
-
\n
Non-current financial liabilities
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\n
0.0
\n
\n
-
\n
Non-current loans
\n 		\u00a0\n
5.4
\n 		\n
5.0
\n 		\n
736.4
\n 		\n
169.9
\n 		\n
916.7
\n
\n
Total financial payables
\n 		\n
10.7
\n 		\n
27.5
\n 		\n
54.5
\n 		\n
736.4
\n 		\n
169.9
\n 		\n
999.1
\n
\n
Expiry dates
\n 		\n
131.8
\n 		\n
387.4
\n 		\n
54.5
\n 		\n
736.8
\n 		\n
169.9
\n 		\n
1,480.5
\n
\n MARKET RISK\n
The Group is exposed to several market risks and, in particular, to the possibility that fluctuation in exchange rates, inter-
\n
est rates and commodity prices may affect the value of assets, liabilities and the expected cash flows.
\n
The market risk management policies applied to interest rates, exchange rates and commodities, are centrally defined to
\n
mitigate the above risks in a structured and proactive manner in the advancement of the Group's objectives.
\n
The three types of market risk can be characterised as described here below.
\n Exchange rate risk\n
The international context where the Group operates exposes the Group to the risk that changes in exchange rates may
\n
affect its financial results.
\n
The exposure to exchange rate risk determines:
\n
a)
\n
impacts on the operating result due to the different valuation of income and expense in another currency compared
\n
to the time when the price conditions were agreed upon (economic risk);
\n
b)
\n
impacts on the operating result due to the translation of trade or financial receivables/payables denominated in
\n
another currency (transaction risk);
\n
c)
\n
impacts on the consolidated financial statements due to the translation of assets and liabilities held by companies
\n
that prepare their financial statements in a currency other than the euro (translation risk).
\n
The most significant exposure in other currencies of the Group concerns the exchange rate of the euro against the US
\n
dollar, Chinese renminbi, Swiss franc and several other currencies for lower amounts.
\n
The economic risk is hedged through average rate forward financial instruments, i.e. hedging agreements against the
\n
volatility that characterises the currency markets, using as a reference the monthly average exchange rates, and that
\n
allow the Group to achieve the goals set out in its market risk management policy. In order to pursue these goals, the
\n
Group put into derivatives hedging a set proportion of net exposure in currencies other than the Group's currency. At
\n
each reporting date, the exposure is presented in the financial statements using hedge accounting, which requires rec-
\n
ognising derivatives at their fair value in the statement of financial position. The Group considered it possible to use hedge
\n
accounting since the hedging relationship is effective in accordance with IFRS 9.
\n
In order to minimise the exposure to the transaction risk, the Group uses derivative forward instruments which allow for
\n
protection against revaluations/write-downs at the due date of the credit and debit positions of a financial and commer-
\n
cial nature.
\n
The Group does not hedge the translation risk except for any distribution of intergroup dividends.
\n \n
At the reporting date, the notional amount of forward currency contracts (sale and purchase) entered into by the Group,
\n
can be summarised as follows:
\n
(in \u20ac million)
\n
Notional amount in
\n
Currency
\n
Notional amount in \u20ac
\n
CHF
\n
150.3
\n
162.3
\n
GBP
\n
14.3
\n
16.4
\n
CNY
\n
367.7
\n
46.8
\n
USD
\n
12.5
\n
11.3
\n
At the same date, the fair value of the foreign exchange derivatives was overall negative, standing at \u20ac 9.2 million.
\n
In relation to exchange rate risk, the Group performed sensitivity analysis to measure how exchange rate fluctuations
\n
against the euro may affect pre-tax profitability. The sensitivity analysis was performed on the currencies to which the
\n
Group is exposed. The hypothesised scenario envisages a general variation in exchange rates of 2% and the following
\n
table shows the sensitivity, while keeping all the other variables fixed, in terms of the profit before tax and equity, gross
\n
of the tax effect. The biggest exposures are CHF and CNY, in the sensitivity analysis the two exposures tend to offset each
\n
other as they are in the opposite side.
\n \n
(in \u20ac million)
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n
31.12.2023
\n
Foreign currency revaluation
\n
1.1
\n
1.1
\n
Foreign currency devaluation
\n
-1.1
\n
-1.1
\n Commodity price fluctuation risk\n
Profit and loss are affected by the performance of the prices of raw materials, in particular as regards non-ferrous metals
\n
such as copper, nickel and aluminium, as well as precious metals like silver, which represent one of the primary compo-
\n
nents of the majority of products traded by the Group.
\n
For hedging purposes against the risk of fluctuating prices for copper, silver and nickel, the Group provided, through the
\n
parent company Ariston Holding N.V., for the necessary hedging measures in line with the procedures already adopted
\n
in the previous years aimed at reducing the impact of price volatility in purchases over coming years.
\n
Thus, the Group partly hedged purchases also for the years 2024, 2025 and 2026.
\n
In order to achieve the goals set out in the market risk management policy, the Group entered into derivatives, hedging
\n
a set proportion of raw material purchases. At each reporting date, the exposure is presented in the financial statements
\n
using hedge accounting, which requires recognising derivatives at their fair value in the statement of financial position.
\n
The Group considered it possible to use hedge accounting since the hedging relationship is effective in accordance with
\n
IFRS 9.
\n
When these instruments no longer qualify for hedge accounting, they are recognised as trading instruments.
\n
At the reporting date, the notional amount of forward commodity contracts entered into by the Group, can be summa-
\n
rised as follows:
\n
Commodity
\n
Financial
\n
instruments
\n
Quantity/ton
\n
Total price
\n
(in \u20ac million)
\n
Copper
\n
Forward
\n
1,680.0
\n
13.2
\n
Nickel
\n
Average Forward
\n
46.0
\n
0.9
\n
Silver
\n
Average Forward
\n
2.6
\n
1.8
\n
Aluminium
\n
Forward
\n
1,175.0
\n
2.9
\n
At the same date, the fair value measurement of the derivatives on commodities showed a net negative amount of \u20ac 0.7
\n
million.
\n
Derivatives contracts entered into and closed during the year realised a negative result amounting to approximately \u20ac 0.2
\n
million which impacted the purchase cost of commodities.
\n Interest rate risk\n
Interest rate risk refers to the possible impact on the income statement deriving from fluctuations in the interest rates
\n
applied to the Group\u2019s loans.
\n
The amount of the Group\u2019s variable rate debt exposure, not hedged against interest rate risk, represents the main ele-
\n
ment of risk for the negative impact from an increase in market interest rates. The interest rate risk to which the Group
\n
is exposed originates primarily from bank financing.
\n
The Group's policy for managing this risk seeks to strike a balance between fixed and variable rate debts, taking into
\n
account the maturity profile, the short-term market outlook, with the purpose of containing funding costs.
\n
As at 31 December 2023, the Group had, for hedging purposes, interest rate swap (IRS) transactions for a total notional
\n
amount of \u20ac 535.5 million.
\n
At the same date, 64% of bank financing was hedged or fixed and 36% was at a variable rate, consistent with the Group
\n
policy.
\n
The sensitivity analysis of interest rate risk is conducted under the delta margin approach and is aimed at measuring how
\n
a given change in interest rates would affect financial expense associated with variable rate debt over the next 12 months.
\n \n
The sensitivity of the interest rate spread, assuming a generalised +/- 50 basis point change in interest rates, amounted
\n
to \u20ac +1.5 million and \u20ac -1.5 million, respectively, at the end of December 2023.
\n \n
In summary, at 31 December 2023, the following financial hedging instruments are in place:
\n
\u2022
\n
against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2
\n
years;
\n
\u2022
\n
against commodities \u2013 copper, nickel, silver, aluminium and steel with maturities up to 3 years;
\n
\u2022
\n
against interest rates \u2013 medium/long-term floating rate loans with maturities up to 8 years.
\n
The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac-
\n
tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognised in hedge
\n
accounting.
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The high volatility on IRS
\n
price curve in 2023 generated the biggest change in values compared to the previous years. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2023
\n
(in \u20ac million)
\n
Nature of
\n
risk
\n
covered
\n
Fair value
\n
31.12.2023
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent finan-
\n
cial liabili-
\n
ties
\n
Current fi-
\n
nancial
\n
liabilities
\n
Total
\n
Interest Rate Swap
\n
Interest
\n
rate
\n
8.0
\n
-
\n
16.5
\n
-
\n
-8.5
\n
8.0
\n
Average Forward
\n
FX
\n
-9.3
\n
-
\n
0.4
\n
-9.7
\n
-9.3
\n
Forward
\n
Commodity
\n
-0.5
\n
-
\n
0.2
\n
-
\n
-0.7
\n
-0.5
\n
Average Forward
\n
Commodity
\n
-0.2
\n
-
\n
-
\n
-
\n
-0.2
\n
-0.2
\n
Hedging instruments
\n
-2.0
\n
-
\n
17.1
\n
-
\n
-19.1
\n
-2.0
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2022
\n
(in \u20ac million)
\n
Nature of risk
\n
covered
\n
Fair value
\n
31.12.2022
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent
\n
financial
\n
liabilities
\n
Current fi-
\n
nancial li-
\n
abilities
\n
Total
\n
Interest Rate Swap
\n
Interest rate
\n
32.5
\n
32.5
\n
32.5
\n
Average Forward
\n
FX
\n
-2.0
\n
1.5
\n
-3.5
\n
-2.0
\n
Forward
\n
Commodity
\n
-1.1
\n
0.2
\n
-1.3
\n
-1.1
\n
Average Forward
\n
Commodity
\n
0.5
\n
0.5
\n
0.0
\n
0.5
\n
Hedging instruments
\n
30.0
\n
34.8
\n
-4.8
\n
30.0
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228162628314": { "value": "Note 2.11 \u2013 Current financial assetsThe item includes:\n \n
\u2022
\n
the positive impact of \u201cFinancial derivative assets\u201d for \u20ac 17.1 million (\u20ac 34.8 million as at 31 December 2022) is gen-
\n
erated by the fair value measurement of derivative financial instruments. The fair value of financial derivatives in-
\n
cluded hedges on commodities for \u20ac 0.2 million, on interest rates for \u20ac 16.5 million and on foreign exchange for \u20ac 0.4
\n
million.
\n
The amount of derivatives closed but not yet collected amounted to \u20ac 4.9 million (\u20ac 2.0 million as at 31 December
\n
2022);
\n \n Note 3.11 \u2013 Current financial liabilities\n
As at 31 December 2023, \u201cFinancial derivative liabilities\u201d amounted to \u20ac 23.9 million and included the negative fair value
\n
and derivatives closed but not paid yet of financial derivative instruments.
\n
The fair value of financial derivatives included hedges on foreign exchange for \u20ac 9.7 million (\u20ac 3.5 million as at 31 Decem-
\n
ber 2022), on interest rates for \u20ac 8.5 (\u20ac0 million as at 31 December 2022), and on commodities for \u20ac 0.9 million (\u20ac 1.3
\n
million as at 31 December 2022).
\n \n
The negative accruals to financial derivatives closed but not yet paid at the reporting date amounted to \u20ac 4.9 million.
\n
The change in commodity, foreign exchange and interest rate hedges was offset by the change in the underlying hedged
\n
items. The fair value measurement of the derivative instruments has a direct contra-entry in the equity reserve related
\n
to the cash flow hedge for a total of \u20ac 24.4 million. For a more detailed explanation of hedging instruments, see the
\n
section on the instruments for financial risk management.
\n \n
FINANCIAL INSTRUMENTS
\n \n \n \n \n \n \n
Below are the Group's financial instruments recognised by category and the level of confidence of their fair value meas-
\n
urements at 31 December 2023:
\n
31.12.2023
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through
\n
P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabili-
\n
ties at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
451.2
\n
0.0
\n
451.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
361.3
\n
0.0
\n
361.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
17.1
\n
18.0
\n
0.0
\n
35.1
\n
0.0
\n
17.1
\n
0.0
\n
17.1
\n
Financial assets
\n
2.5
\n
2.4
\n
1.1
\n
0.8
\n
0.0
\n
4.4
\n
0.0
\n
0.0
\n
3.6
\n
3.6
\n
Total
\n
2.4
\n
18.2
\n
831.3
\n
0.0
\n
852.0
\n
0.0
\n
17.1
\n
3.6
\n
20.7
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
459.2
\n
459.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
19.1
\n
0.0
\n
53.4
\n
72.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
46.7
\n
46.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non-current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
942.1
\n
942.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
19.1
\n
0.0
\n
1,501.4
\n
1,520.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Financial instruments bal-
\n
ance
\n
2.4
\n
-0.9
\n
831.3
\n
-1,501.4
\n
-668.5
\n
0.0
\n
-2.0
\n
3.6
\n
1.6
\n
(*)
\n
For such categories the carrying amount approximates the fair value
\n \n \n \n \n
The financial instruments of the Group, recognised in the financial statements with a similar breakdown at 31 December
\n
2022, are shown in the table below:
\n
31.12.2022
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabilities
\n
at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
999.3
\n
0.0
\n
999.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
308.4
\n
0.0
\n
308.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
34.8
\n
10.2
\n
2.0
\n
47.1
\n
0.0
\n
34.8
\n
0.0
\n
34.8
\n
Financial assets
\n
2.5
\n
4.0
\n
1.1
\n
1.0
\n
0.0
\n
6.1
\n
0.0
\n
0.0
\n
5.1
\n
5.1
\n
Total
\n
4.0
\n
35.9
\n
1,318.9
\n
2.0
\n
1,360.8
\n
0.0
\n
34.8
\n
5.1
\n
39.9
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
481.4
\n
481.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
4.8
\n
0.0
\n
44.8
\n
49.7
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
32.7
\n
32.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non
\n
-
\n
current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
865.2
\n
865.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
4.8
\n
0.0
\n
1,424.0
\n
1,428.8
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Financial instruments
\n
balance
\n
4.0
\n
31.1
\n
1,318.9
\n
-1,422.0
\n
-68.0
\n
0.0
\n
30.0
\n
5.1
\n
35.0
\n
(*) For such categories the carrying amount approximates the fair value
\n
Notes:
\n
Level 1: listed prices on an active market for the asset or liability being measured.
\n
Level 2: inputs other than listed prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived
\n
from prices).
\n
Level 3: unobservable inputs for the asset or liability.
\n
As the above table shows, at the reporting date, there were no differences between the carrying amounts of financial
\n
instruments and the corresponding fair value. In particular, among the non-current financial assets, obligations are mainly
\n
stated at fair value.
\n \n \n \n \n \n \n \n \n \n
Current and non-current loans are at both fixed and floating rates and are recognised at their amortised cost.
\n
As already described in \u2018Note 3.11 \u2013 Current financial liabilities\u2019 and in \u2018Note 2.11 \u2013 Current financial assets\u2019 of these
\n
notes, current financial assets/liabilities include the fair value, at the end of the reporting period, of the derivative finan-
\n
cial instruments used to hedge the purchase of commodities (negative for \u20ac 0.7 million), exchange rates (negative for \u20ac
\n
9.3 million) and interest rates (positive for \u20ac 8.0 million).
\n
For details on these transactions, see the section \u201cHedging instruments\u201d.
\n \n
The Group is exposed to operations with related financial risks, including credit risk, liquidity risk and market risk, and
\n
constantly monitors them.
\n
The following section provides qualitative and quantitative information about the impact of these risks on the Group.
\n \n
Financial instruments at fair value through OCI include the fair value of derivatives mainly on interest rates, exchange
\n
rates and commodities for which the Group has applied \u2018Cash flow hedging\u2019 (IFRS 9 - Hedge Accounting).
\n \n \n HEDGING INSTRUMENTS\n \n \n \n \n
In summary, at 31 December 2023, the following financial hedging instruments are in place:
\n
\u2022
\n
against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2
\n
years;
\n
\u2022
\n
against commodities \u2013 copper, nickel, silver, aluminium and steel with maturities up to 3 years;
\n
\u2022
\n
against interest rates \u2013 medium/long-term floating rate loans with maturities up to 8 years.
\n
The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac-
\n
tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognised in hedge
\n
accounting.
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The high volatility on IRS
\n
price curve in 2023 generated the biggest change in values compared to the previous years. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2023
\n
(in \u20ac million)
\n
Nature of
\n
risk
\n
covered
\n
Fair value
\n
31.12.2023
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent finan-
\n
cial liabili-
\n
ties
\n
Current fi-
\n
nancial
\n
liabilities
\n
Total
\n
Interest Rate Swap
\n
Interest
\n
rate
\n
8.0
\n
-
\n
16.5
\n
-
\n
-8.5
\n
8.0
\n
Average Forward
\n
FX
\n
-9.3
\n
-
\n
0.4
\n
-9.7
\n
-9.3
\n
Forward
\n
Commodity
\n
-0.5
\n
-
\n
0.2
\n
-
\n
-0.7
\n
-0.5
\n
Average Forward
\n
Commodity
\n
-0.2
\n
-
\n
-
\n
-
\n
-0.2
\n
-0.2
\n
Hedging instruments
\n
-2.0
\n
-
\n
17.1
\n
-
\n
-19.1
\n
-2.0
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2022
\n
(in \u20ac million)
\n
Nature of risk
\n
covered
\n
Fair value
\n
31.12.2022
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent
\n
financial
\n
liabilities
\n
Current fi-
\n
nancial li-
\n
abilities
\n
Total
\n
Interest Rate Swap
\n
Interest rate
\n
32.5
\n
32.5
\n
32.5
\n
Average Forward
\n
FX
\n
-2.0
\n
1.5
\n
-3.5
\n
-2.0
\n
Forward
\n
Commodity
\n
-1.1
\n
0.2
\n
-1.3
\n
-1.1
\n
Average Forward
\n
Commodity
\n
0.5
\n
0.5
\n
0.0
\n
0.5
\n
Hedging instruments
\n
30.0
\n
34.8
\n
-4.8
\n
30.0
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228175444860": { "value": "Note 2.11 \u2013 Current financial assets\n \n
As at 31 December 2023, the item \u201cCurrent financial assets\u201d amounted to \u20ac 35.1 million, down from \u20ac 47.1 million re-
\n
ported at the end of 2022.
\n \n
The item includes:
\n \n
\u2022
\n
the positive impact of \u201cFinancial derivative assets\u201d for \u20ac 17.1 million (\u20ac 34.8 million as at 31 December 2022) is gen-
\n
erated by the fair value measurement of derivative financial instruments. The fair value of financial derivatives in-
\n
cluded hedges on commodities for \u20ac 0.2 million, on interest rates for \u20ac 16.5 million and on foreign exchange for \u20ac 0.4
\n
million.
\n
The amount of derivatives closed but not yet collected amounted to \u20ac 4.9 million (\u20ac 2.0 million as at 31 December
\n
2022);
\n Note 3.11 \u2013 Current financial liabilities\n
As at 31 December 2023, \u201cCurrent financial liabilities\u201d amounted to \u20ac 72.5 million versus \u20ac 49.7 million in the previous
\n
year.
\n
Liabilities are as follows:
\n
Current financial liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Financial derivative liabilities
\n
23.9
\n
10.5
\n
Short-term debt due to bank
\n
18.1
\n
21.6
\n
Financial notes payable
\n
13.5
\n
13.2
\n
Other current financial liabilities
\n
17.0
\n
4.4
\n
Total
\n
72.5
\n
49.7
\n \n \n
As at 31 December 2023, \u201cFinancial derivative liabilities\u201d amounted to \u20ac 23.9 million and included the negative fair value
\n
and derivatives closed but not paid yet of financial derivative instruments.
\n
The fair value of financial derivatives included hedges on foreign exchange for \u20ac 9.7 million (\u20ac 3.5 million as at 31 Decem-
\n
ber 2022), on interest rates for \u20ac 8.5 (\u20ac0 million as at 31 December 2022), and on commodities for \u20ac 0.9 million (\u20ac 1.3
\n
million as at 31 December 2022).
\n \n \n
The negative accruals to financial derivatives closed but not yet paid at the reporting date amounted to \u20ac 4.9 million.
\n
The change in commodity, foreign exchange and interest rate hedges was offset by the change in the underlying hedged
\n
items. The fair value measurement of the derivative instruments has a direct contra-entry in the equity reserve related
\n
to the cash flow hedge for a total of \u20ac 24.4 million. For a more detailed explanation of hedging instruments, see the
\n
section on the instruments for financial risk management.
\n \n HEDGING INSTRUMENTS\n \n \n \n
In summary, at 31 December 2023, the following financial hedging instruments are in place:
\n
\u2022
\n
against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2
\n
years;
\n
\u2022
\n
against commodities \u2013 copper, nickel, silver, aluminium and steel with maturities up to 3 years;
\n
\u2022
\n
against interest rates \u2013 medium/long-term floating rate loans with maturities up to 8 years.
\n
The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac-
\n
tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognised in hedge
\n
accounting.
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The high volatility on IRS
\n
price curve in 2023 generated the biggest change in values compared to the previous years. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2023
\n
(in \u20ac million)
\n
Nature of
\n
risk
\n
covered
\n
Fair value
\n
31.12.2023
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent finan-
\n
cial liabili-
\n
ties
\n
Current fi-
\n
nancial
\n
liabilities
\n
Total
\n
Interest Rate Swap
\n
Interest
\n
rate
\n
8.0
\n
-
\n
16.5
\n
-
\n
-8.5
\n
8.0
\n
Average Forward
\n
FX
\n
-9.3
\n
-
\n
0.4
\n
-9.7
\n
-9.3
\n
Forward
\n
Commodity
\n
-0.5
\n
-
\n
0.2
\n
-
\n
-0.7
\n
-0.5
\n
Average Forward
\n
Commodity
\n
-0.2
\n
-
\n
-
\n
-
\n
-0.2
\n
-0.2
\n
Hedging instruments
\n
-2.0
\n
-
\n
17.1
\n
-
\n
-19.1
\n
-2.0
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2022
\n
(in \u20ac million)
\n
Nature of risk
\n
covered
\n
Fair value
\n
31.12.2022
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent
\n
financial
\n
liabilities
\n
Current fi-
\n
nancial li-
\n
abilities
\n
Total
\n
Interest Rate Swap
\n
Interest rate
\n
32.5
\n
32.5
\n
32.5
\n
Average Forward
\n
FX
\n
-2.0
\n
1.5
\n
-3.5
\n
-2.0
\n
Forward
\n
Commodity
\n
-1.1
\n
0.2
\n
-1.3
\n
-1.1
\n
Average Forward
\n
Commodity
\n
0.5
\n
0.5
\n
0.0
\n
0.5
\n
Hedging instruments
\n
30.0
\n
34.8
\n
-4.8
\n
30.0
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201208760": { "value": "Note 2.12 \u2013 Other current assets\n
\u201cOther current assets\u201d amounted to \u20ac 87.4 million versus \u20ac 50.8 million at 31 December 2022. The main items are:
\n
Other current assets
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Indirect tax receivables
\n
52.9
\n
25.0
\n
Prepaid expenses
\n
12.3
\n
8.8
\n
Advances to suppliers
\n
10.4
\n
8.2
\n
State Green Programmes
\n
0.9
\n
1.2
\n
Credits from government
\n
0.9
\n
3.8
\n
Receivables from employees
\n
0.9
\n
1.2
\n
Other receivables
\n
9.1
\n
2.5
\n
Total
\n
87.4
\n
50.8
\n
The increase in \u2018Other current assets\u2019 is mainly related to indirect tax receivables and prepaid expenses.
\n
The reasons for the increase are a mixed effect of perimeter variation and business activity.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228104444498": { "value": "Note 2.13 \u2013 Cash and cash equivalents\n \n
The reconciliation between Cash & Cash Equivalents and the Consolidated statement of cash flows is provided below:
\n
Table of Reconciliation between Cash & Cash Equivalents and the Consolidated state-
\n
ment of cash flows
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Cash and cash equivalents
\n
(as included in the Consolidated statement of financial position)
\n
451.2
\n
999.3
\n
Short-term bank notes or similar tradable instruments and others
\n
3.3
\n
3.3
\n
Bank overdrafts
\n
-1.0
\n
-7.4
\n
Notes payable
\n
-13.5
\n
-17.6
\n
Cash and cash equivalents
\n
(as included in the Consolidated statement of cash flows)
\n
440.0
\n
977.5
\n \n \n
For the purpose of the \u2018Consolidated Statement of Cash flow\u2019, the Group included within \u2018Cash and cash equivalents\u2019 the
\n
financial instruments reported above in the table (bank overdrafts, short-term bank notes and notes payable) since these
\n
instruments are readily convertible and repayable on demand. With particular reference to the short-term bank notes
\n
and notes payable, such instruments are similar to bank overdrafts and are used especially in China to settle commercial
\n
transactions, with the net balance of such notes fluctuating throughout the year.
\n Note 3.5 \u2013 Non-current financing and current loans\n
A reconciliation of the changes in financial assets and liabilities used in financing activities indicated in the cash flow
\n
statement and the balances shown on the financial statements is provided below:
\n
Non-current
\n
financing
\n
Current
\n
financial
\n
liabilities
\n
Current loans
\n
Current
\n
financial
\n
assets
\n
Total Net
\n
impact
\n
31.12.2022
\n
865.2
\n
49.7
\n
32.7
\n
-47.1
\n
900.4
\n
Increase/decrease in
\n
short-term
\n
financial payables (1)
\n
0.0
\n
15.1
\n
3.9
\n
-4.5
\n
14.5
\n
New loans (1)
\n
388.6
\n
0.0
\n
0.0
\n
0.0
\n
388.6
\n
Loans repayment (1)
\n
-444.7
\n
0.0
\n
0.0
\n
0.0
\n
-444.7
\n
New lease contracts
\n
37.6
\n
0.0
\n
0.0
\n
0.0
\n
37.6
\n
Reclassification
\n
-5.2
\n
0.0
\n
5.2
\n
0.0
\n
-0.0
\n
Exchange rate effects
\n
-0.5
\n
-1.9
\n
0.1
\n
0.2
\n
-2.1
\n
Perimeter variation
\n
101.2
\n
2.1
\n
4.9
\n
-1.0
\n
107.3
\n
Net variation positive
\n
MTM
\n
0.0
\n
0.0
\n
0.0
\n
17.7
\n
17.7
\n
Other movements
\n
0.0
\n
7.6
\n
-0.1
\n
-0.4
\n
7.1
\n
31.12.2023
\n
942.1
\n
72.5
\n
46.7
\n
-35.1
\n
1,026.2
\n
(1): Included in the Cash flow Statement.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201000435": { "value": "Note 2.13 \u2013 Cash and cash equivalents\n
\u201cCash and cash equivalents\u201d, amounting to \u20ac 451.2 million as at the end of December 2023, are represented almost
\n
entirely by cash on hand, as shown in the following table:
\n
Cash and cash equivalents
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Bank and postal deposits
\n
385.6
\n
961.2
\n
Short-Term Investments
\n
63.7
\n
38.0
\n
Cash on hand
\n
1.9
\n
0.2
\n
Total
\n
451.2
\n
999.3
\n
The amount shown in the line \u201cBank and postal deposits\u201d primarily consists of credit balances on current accounts and
\n
compared to 31 December 2022, it decreased by \u20ac 575.6 million mainly due to the Wolf-Brink acquisition payment cash
\n
out executed on 2 January 2023. \u201cShort-term Investments\u201d increased by \u20ac 25.7 million compared to 31 December 2022.
\n
The amount of cash on hand with a pre-determined use is not significant.
\n \n \n \n
The reconciliation between Cash & Cash Equivalents and the Consolidated statement of cash flows is provided below:
\n
Table of Reconciliation between Cash & Cash Equivalents and the Consolidated state-
\n
ment of cash flows
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Cash and cash equivalents
\n
(as included in the Consolidated statement of financial position)
\n
451.2
\n
999.3
\n
Short-term bank notes or similar tradable instruments and others
\n
3.3
\n
3.3
\n
Bank overdrafts
\n
-1.0
\n
-7.4
\n
Notes payable
\n
-13.5
\n
-17.6
\n
Cash and cash equivalents
\n
(as included in the Consolidated statement of cash flows)
\n
440.0
\n
977.5
\n \n \n \n \n
For the purpose of the \u2018Consolidated Statement of Cash flow\u2019, the Group included within \u2018Cash and cash equivalents\u2019 the
\n
financial instruments reported above in the table (bank overdrafts, short-term bank notes and notes payable) since these
\n
instruments are readily convertible and repayable on demand. With particular reference to the short-term bank notes
\n
and notes payable, such instruments are similar to bank overdrafts and are used especially in China to settle commercial
\n
transactions, with the net balance of such notes fluctuating throughout the year.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228044133170": { "value": "\n \n
Note 2.14 \u2013 Assets held for sale
\n
At 31 December 2023, the item \u201cAssets held for sale\u201d amounted to \u20ac 0.3 million, down by \u20ac 1.0 million compared with
\n
31 December 2022. The item includes the assets held for sale by the Romanian subsidiary, recognised, as stated in IFRS
\n
5, at the lower of the net book value and the fair value (net of sale costs).
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228044322361": { "value": "\n
Note 2.14 \u2013 Assets held for sale
\n
At 31 December 2023, the item \u201cAssets held for sale\u201d amounted to \u20ac 0.3 million, down by \u20ac 1.0 million compared with
\n
31 December 2022. The item includes the assets held for sale by the Romanian subsidiary, recognised, as stated in IFRS
\n
5, at the lower of the net book value and the fair value (net of sale costs).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228101432366": { "value": "\n
Note 3.1 \u2013 Equity
\n \n \n
At 31 December 2023, the fully paid up share capital of Ariston Holding N.V. was \u20ac 46,476,001.99, comprising 125,505,005
\n
ordinary shares and 22,095,194 non-listed ordinary shares with a nominal value of \u20ac 0.01 each, and 225,000,000 multiple
\n
voting shares with a nominal value of \u20ac 0.20 each. The capital structure as at 31 December 2023 for ordinary shares, non-
\n
listed ordinary shares and multiple voting shares is reported below.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Shareholders
\n 		\n
Ordinary
\n
shares
\n
(1)
\n 		\n
Non-listed ordi-
\n
nary shares
\n
(2)
\n 		\n
% of total ordi-
\n
nary shares and
\n
non-listed ordi-
\n
nary shares
\n 		\n
Multiple voting
\n
shares
\n
(3)
\n 		\n
Total number of
\n
shares
\n
(6)
\n 		\n
% of total
\n
shares
\n
\n
Merloni Holding
\n
S.p.A.
\n 		\n
(4)
\n
19,506,000
\n 		\u00a0\n
13.22%
\n 		\n
198,000,000
\n 		\n
217,506,000
\n 		\n
58.38%
\n
\n
Amaranta S.r.l.
\n 		\n
2,649,000
\n 		\u00a0\n
1.79%
\n 		\n
27,000,000
\n 		\n
29,649,000
\n 		\n
7.96%
\n
\n
Treasury shares
\n 		\n
2,237,346
\n 		\u00a0\n
1.52%
\n 		\u00a0\n
2,237,346
\n 		\n
0.60%
\n
\n
(4)
\n
Centrotec SE
\n 		\n
19,321,473
\n 		\n
22,095,194
\n 		\n
28.06%
\n 		\u00a0\n
41,416,667
\n 		\n
11.12%
\n
\n
Other share-
\n
holders
\n 		\n
(5)
\n
81,791,186
\n 		\u00a0\n
55.41%
\n 		\u00a0\n
81,791,186
\n 		\n
21.95%
\n
\n
Total
\n 		\n
125,505,005
\n 		\n
22,095,194
\n 		\n
100.00%
\n 		\n
225,000,000
\n 		\n
372,600,199
\n 		\n
100.00%
\n
\n
(1) Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote.
\n
(2) Non
\n
-
\n
listed ordinary shares are not listed, freely transferable (subject to lock
\n
-
\n
up provisions, see (5) below) and each
\n
of them confers the right to cast one
\n
vote.
\n
(3) Multiple voting shares confer economic rights equal to the ordinary shares, are not listed and confer the right to cast t
\n
wenty votes, subject to a voting
\n
threshold. See \"Share capital and general meeting\", subparagraph \"Voting rights and adoption of resolutions\" in the Governance report. If a holder of
\n
multiple voting shares intends to transfer to any third party (be it a shareholder or not) one or more multiple voting shares, the other holders of multiple
\n
voting shares shall have the right, in accordance with the procedure outlined in article 16 of the articles of association, to exercise a
\n
right of first refusal.
\n
(4) Pursuant to the lock
\n
-
\n
up provisions included in the agreement for the sale and purchase o
\n
f CENTROTEC Climate Systems GmbH entered into between
\n
CENTROTEC SE and Ariston Holding N.V. on 15 September 2022, CENTROTEC SE may not transfer the 41,416,667 ordinary shares and non-listed ordinary
\n
shares it holds in the capital of the Company following the sale of CENTROTEC Climate Systems GmbH until 2 January 2024 and may not transfer more
\n
than 20,708,332 ordinary shares and non-listed ordinary shares until 2 January 2025.
\n
(5) Including 442,558 ordinary shares held by Paolo Merloni.
\n
(6) Each issued and outstanding share ranks equally with, and will be eligible for any dividends that may be declared on, all other shares, and will be equally
\n
entitled to the profits and (other) reserves of the company, except for the entitlement to the conversion reserve and the liquidation distribution. All profit
\n
distributions and repayment of capital will be made in such a way that on each share the same amount or value is distributed.
\n \n \n The overall change is the result of the sum of positive and negative items, such as:\n
\u2022
\n
in September 2023, the Ariston Group started a treasury share buyback program to serve the Group\u2019s LTI plans with
\n
a number of Ariston shares to be acquired equal to 1,500,000. The treasury share buyback program ended on 27
\n
October 2023. The total amount of treasury shares at 31 December 2023 was equal to \u20ac 14.8 million;
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228170108105": { "value": "Note 3.1 \u2013 Equity\n
At 31 December 2023, the fully paid up share capital of Ariston Holding N.V. was \u20ac 46,476,001.99, comprising 125,505,005
\n
ordinary shares and 22,095,194 non-listed ordinary shares with a nominal value of \u20ac 0.01 each, and 225,000,000 multiple
\n
voting shares with a nominal value of \u20ac 0.20 each. The capital structure as at 31 December 2023 for ordinary shares, non-
\n
listed ordinary shares and multiple voting shares is reported below.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Shareholders
\n 		\n
Ordinary
\n
shares
\n
(1)
\n 		\n
Non-listed ordi-
\n
nary shares
\n
(2)
\n 		\n
% of total ordi-
\n
nary shares and
\n
non-listed ordi-
\n
nary shares
\n 		\n
Multiple voting
\n
shares
\n
(3)
\n 		\n
Total number of
\n
shares
\n
(6)
\n 		\n
% of total
\n
shares
\n
\n
Merloni Holding
\n
S.p.A.
\n 		\n
(4)
\n
19,506,000
\n 		\u00a0\n
13.22%
\n 		\n
198,000,000
\n 		\n
217,506,000
\n 		\n
58.38%
\n
\n
Amaranta S.r.l.
\n 		\n
2,649,000
\n 		\u00a0\n
1.79%
\n 		\n
27,000,000
\n 		\n
29,649,000
\n 		\n
7.96%
\n
\n
Treasury shares
\n 		\n
2,237,346
\n 		\u00a0\n
1.52%
\n 		\u00a0\n
2,237,346
\n 		\n
0.60%
\n
\n
(4)
\n
Centrotec SE
\n 		\n
19,321,473
\n 		\n
22,095,194
\n 		\n
28.06%
\n 		\u00a0\n
41,416,667
\n 		\n
11.12%
\n
\n
Other share-
\n
holders
\n 		\n
(5)
\n
81,791,186
\n 		\u00a0\n
55.41%
\n 		\u00a0\n
81,791,186
\n 		\n
21.95%
\n
\n
Total
\n 		\n
125,505,005
\n 		\n
22,095,194
\n 		\n
100.00%
\n 		\n
225,000,000
\n 		\n
372,600,199
\n 		\n
100.00%
\n
\n
(1) Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote.
\n
(2) Non
\n
-
\n
listed ordinary shares are not listed, freely transferable (subject to lock
\n
-
\n
up provisions, see (5) below) and each
\n
of them confers the right to cast one
\n
vote.
\n
(3) Multiple voting shares confer economic rights equal to the ordinary shares, are not listed and confer the right to cast t
\n
wenty votes, subject to a voting
\n
threshold. See \"Share capital and general meeting\", subparagraph \"Voting rights and adoption of resolutions\" in the Governance report. If a holder of
\n
multiple voting shares intends to transfer to any third party (be it a shareholder or not) one or more multiple voting shares, the other holders of multiple
\n
voting shares shall have the right, in accordance with the procedure outlined in article 16 of the articles of association, to exercise a
\n
right of first refusal.
\n
(4) Pursuant to the lock
\n
-
\n
up provisions included in the agreement for the sale and purchase o
\n
f CENTROTEC Climate Systems GmbH entered into between
\n
CENTROTEC SE and Ariston Holding N.V. on 15 September 2022, CENTROTEC SE may not transfer the 41,416,667 ordinary shares and non-listed ordinary
\n
shares it holds in the capital of the Company following the sale of CENTROTEC Climate Systems GmbH until 2 January 2024 and may not transfer more
\n
than 20,708,332 ordinary shares and non-listed ordinary shares until 2 January 2025.
\n
(5) Including 442,558 ordinary shares held by Paolo Merloni.
\n
(6) Each issued and outstanding share ranks equally with, and will be eligible for any dividends that may be declared on, all other shares, and will be equally
\n
entitled to the profits and (other) reserves of the company, except for the entitlement to the conversion reserve and the liquidation distribution. All profit
\n
distributions and repayment of capital will be made in such a way that on each share the same amount or value is distributed.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228170250580": { "value": "Note 3.1 \u2013 EquityDividends paid\n \n \n
The table below shows the dividends approved and paid during the year and in the previous years:
\n
DIVIDENDS to the parents
\n
(in \u20ac thousand)
\n
2023
\n
2022
\n
2021
\n
Dividends paid during the period
\n
48,342
\n
46,366
\n
48,268
\n
As at the reporting date, there were no dividends approved by the general meeting yet to be paid.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228200052917": { "value": "Note 3.1 \u2013 Equity\n \n
The total consolidated equity at 31 December 2023 amounted to \u20ac 1,502.5 million, up compared with \u20ac 1,012.2 million
\n
at 31 December 2022.
\n \n \n
The overall change is the result of the sum of positive and negative items, such as:
\n
\u2022
\n
the increase in Group net profit for the period, amounting to \u20ac 191.2 million;
\n
\u2022
\n
the increase in \u201cShare capital\u201d (\u20ac 0.4 million) and the additional \u201cShare premium reserve\u201d (\u20ac 398.2 million) made on
\n
2 January 2023 relates to the share-based payment transaction used as a partial payment method to finalise the total
\n
acquisition price of Wolf-Brink;
\n \n
\u2022
\n
in September 2023, the Ariston Group started a treasury share buyback program to serve the Group\u2019s LTI plans with
\n
a number of Ariston shares to be acquired equal to 1,500,000. The treasury share buyback program ended on 27
\n
October 2023. The total amount of treasury shares at 31 December 2023 was equal to \u20ac 14.8 million;
\n \n
\u2022
\n
the financial statements conversion reserve in Group currency, used to recognise differences in exchange rates deriv-
\n
ing from the translation of the financial statements of foreign subsidiaries not included in the Euro area, had a positive
\n
impact of \u20ac 6.9 million;
\n
\u2022
\n
the decrease in \u201cRetained Earnings and other reserves\u201d for the dividends paid in May 2023 for a total amount equal
\n
to \u20ac 48.3 million;
\n \n \n \n
\u2022
\n
the negative change due to the remeasurement of the pension provisions, for \u20ac 5.2 million, mainly following changes
\n
in the financial and demographic assumptions, recognised in equity in compliance with the revised IAS 19. The re-
\n
measurement reserve shows an additional decrease in other changes, equal to \u20ac 9.8 million, due to the perimeter
\n
variation following the Wolf-Brink acquisition;
\n
\u2022
\n
the decrease in the \u201cReserve for gains/losses\u201d for a total amount equal to \u20ac 24.4 million due to the positive MTM in
\n
cash flow hedge accounting;
\n
\u2022
\n
Ariston Group has, from 2021, equity incentive plans under which a combination of performance share units (\u201cPSUs\u201d),
\n
which each represent the right to receive one Ariston common share, have been awarded to the executive directors
\n
and non-executive directors. The \u201cStock-based incentive plans reserve\u201d, during the year, increased for \u20ac 5.4 million
\n
for the expense of LTI plans for 2023 and decreased for \u20ac 7.8 million following the assignment of shares for LTI plans
\n
for 2020. As at 31 December 2023 the reserve was equal to \u20ac 9.0 million (\u20ac 11.4 million as at 31 December 2022) and
\n
it is related to long-term incentive plans for 2021-2023:
\n
-
\n
2021: \u20ac 6.0 million
\n
-
\n
2022: \u20ac 2.0 million
\n
-
\n
2023: \u20ac 1.1 million
\n
For further detail, refer to \u2018Note 3.1.1 - Stock-based incentive plans payments\u2019.
\n \n Dividends paid\n \n
The table below shows the dividends approved and paid during the year and in the previous years:
\n
DIVIDENDS to the parents
\n
(in \u20ac thousand)
\n
2023
\n
2022
\n
2021
\n
Dividends paid during the period
\n
48,342
\n
46,366
\n
48,268
\n
As at the reporting date, there were no dividends approved by the general meeting yet to be paid.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228201524431": { "value": "Note 3.1 \u2013 Equity\n \n
At 31 December 2023, the fully paid up share capital of Ariston Holding N.V. was \u20ac 46,476,001.99, comprising 125,505,005
\n
ordinary shares and 22,095,194 non-listed ordinary shares with a nominal value of \u20ac 0.01 each, and 225,000,000 multiple
\n
voting shares with a nominal value of \u20ac 0.20 each. The capital structure as at 31 December 2023 for ordinary shares, non-
\n
listed ordinary shares and multiple voting shares is reported below.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Shareholders
\n 		\n
Ordinary
\n
shares
\n
(1)
\n 		\n
Non-listed ordi-
\n
nary shares
\n
(2)
\n 		\n
% of total ordi-
\n
nary shares and
\n
non-listed ordi-
\n
nary shares
\n 		\n
Multiple voting
\n
shares
\n
(3)
\n 		\n
Total number of
\n
shares
\n
(6)
\n 		\n
% of total
\n
shares
\n
\n
Merloni Holding
\n
S.p.A.
\n 		\n
(4)
\n
19,506,000
\n 		\u00a0\n
13.22%
\n 		\n
198,000,000
\n 		\n
217,506,000
\n 		\n
58.38%
\n
\n
Amaranta S.r.l.
\n 		\n
2,649,000
\n 		\u00a0\n
1.79%
\n 		\n
27,000,000
\n 		\n
29,649,000
\n 		\n
7.96%
\n
\n
Treasury shares
\n 		\n
2,237,346
\n 		\u00a0\n
1.52%
\n 		\u00a0\n
2,237,346
\n 		\n
0.60%
\n
\n
(4)
\n
Centrotec SE
\n 		\n
19,321,473
\n 		\n
22,095,194
\n 		\n
28.06%
\n 		\u00a0\n
41,416,667
\n 		\n
11.12%
\n
\n
Other share-
\n
holders
\n 		\n
(5)
\n
81,791,186
\n 		\u00a0\n
55.41%
\n 		\u00a0\n
81,791,186
\n 		\n
21.95%
\n
\n
Total
\n 		\n
125,505,005
\n 		\n
22,095,194
\n 		\n
100.00%
\n 		\n
225,000,000
\n 		\n
372,600,199
\n 		\n
100.00%
\n
\n
(1) Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote.
\n
(2) Non
\n
-
\n
listed ordinary shares are not listed, freely transferable (subject to lock
\n
-
\n
up provisions, see (5) below) and each
\n
of them confers the right to cast one
\n
vote.
\n
(3) Multiple voting shares confer economic rights equal to the ordinary shares, are not listed and confer the right to cast t
\n
wenty votes, subject to a voting
\n
threshold. See \"Share capital and general meeting\", subparagraph \"Voting rights and adoption of resolutions\" in the Governance report. If a holder of
\n
multiple voting shares intends to transfer to any third party (be it a shareholder or not) one or more multiple voting shares, the other holders of multiple
\n
voting shares shall have the right, in accordance with the procedure outlined in article 16 of the articles of association, to exercise a
\n
right of first refusal.
\n
(4) Pursuant to the lock
\n
-
\n
up provisions included in the agreement for the sale and purchase o
\n
f CENTROTEC Climate Systems GmbH entered into between
\n
CENTROTEC SE and Ariston Holding N.V. on 15 September 2022, CENTROTEC SE may not transfer the 41,416,667 ordinary shares and non-listed ordinary
\n
shares it holds in the capital of the Company following the sale of CENTROTEC Climate Systems GmbH until 2 January 2024 and may not transfer more
\n
than 20,708,332 ordinary shares and non-listed ordinary shares until 2 January 2025.
\n
(5) Including 442,558 ordinary shares held by Paolo Merloni.
\n
(6) Each issued and outstanding share ranks equally with, and will be eligible for any dividends that may be declared on, all other shares, and will be equally
\n
entitled to the profits and (other) reserves of the company, except for the entitlement to the conversion reserve and the liquidation distribution. All profit
\n
distributions and repayment of capital will be made in such a way that on each share the same amount or value is distributed.
\n \n \n
The total consolidated equity at 31 December 2023 amounted to \u20ac 1,502.5 million, up compared with \u20ac 1,012.2 million
\n
at 31 December 2022.
\n \n
The overall change is the result of the sum of positive and negative items, such as:
\n
\u2022
\n
the increase in Group net profit for the period, amounting to \u20ac 191.2 million;
\n
\u2022
\n
the increase in \u201cShare capital\u201d (\u20ac 0.4 million) and the additional \u201cShare premium reserve\u201d (\u20ac 398.2 million) made on
\n
2 January 2023 relates to the share-based payment transaction used as a partial payment method to finalise the total
\n
acquisition price of Wolf-Brink;
\n \n
\u2022
\n
in September 2023, the Ariston Group started a treasury share buyback program to serve the Group\u2019s LTI plans with
\n
a number of Ariston shares to be acquired equal to 1,500,000. The treasury share buyback program ended on 27
\n
October 2023. The total amount of treasury shares at 31 December 2023 was equal to \u20ac 14.8 million;
\n \n
\u2022
\n
the financial statements conversion reserve in Group currency, used to recognise differences in exchange rates deriv-
\n
ing from the translation of the financial statements of foreign subsidiaries not included in the Euro area, had a positive
\n
impact of \u20ac 6.9 million;
\n
\u2022
\n
the decrease in \u201cRetained Earnings and other reserves\u201d for the dividends paid in May 2023 for a total amount equal
\n
to \u20ac 48.3 million;
\n \n
\u2022
\n
the negative change due to the remeasurement of the pension provisions, for \u20ac 5.2 million, mainly following changes
\n
in the financial and demographic assumptions, recognised in equity in compliance with the revised IAS 19. The re-
\n
measurement reserve shows an additional decrease in other changes, equal to \u20ac 9.8 million, due to the perimeter
\n
variation following the Wolf-Brink acquisition;
\n
\u2022
\n
the decrease in the \u201cReserve for gains/losses\u201d for a total amount equal to \u20ac 24.4 million due to the positive MTM in
\n
cash flow hedge accounting;
\n
\u2022
\n
Ariston Group has, from 2021, equity incentive plans under which a combination of performance share units (\u201cPSUs\u201d),
\n
which each represent the right to receive one Ariston common share, have been awarded to the executive directors
\n
and non-executive directors. The \u201cStock-based incentive plans reserve\u201d, during the year, increased for \u20ac 5.4 million
\n
for the expense of LTI plans for 2023 and decreased for \u20ac 7.8 million following the assignment of shares for LTI plans
\n
for 2020. As at 31 December 2023 the reserve was equal to \u20ac 9.0 million (\u20ac 11.4 million as at 31 December 2022) and
\n
it is related to long-term incentive plans for 2021-2023:
\n
-
\n
2021: \u20ac 6.0 million
\n
-
\n
2022: \u20ac 2.0 million
\n
-
\n
2023: \u20ac 1.1 million
\n
For further detail, refer to \u2018Note 3.1.1 - Stock-based incentive plans payments\u2019.
\n Dividends paid\n
The table below shows the dividends approved and paid during the year and in the previous years:
\n
DIVIDENDS to the parents
\n
(in \u20ac thousand)
\n
2023
\n
2022
\n
2021
\n
Dividends paid during the period
\n
48,342
\n
46,366
\n
48,268
\n
As at the reporting date, there were no dividends approved by the general meeting yet to be paid.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228112525578": { "value": "\n \n
Note 3.1.1 \u2013 Stock-based incentive plans payments
\n
2023 remuneration of the executive directors
\n \n
The remuneration of the executive directors is in accordance with the remuneration policy. There are no loans, advances
\n
or guarantees provided by the Company or any undertaking belonging to the same group of the Company to or on behalf
\n
of an executive director.
\n
The following table summarises the remuneration received by the executive directors for the years ended 31 December
\n
2023 and 2022:
\n
Director, Position, Year
\n
Base remuneration
\n
Variable incentive
\n
Extraordinary
\n
items
\n
Pension
\n
expense
\n
Total
\n
remuneration
\n
Proportion of
\n
fixed and
\n
variable
\n
remuneration
\n
Fixed Remu-
\n
nerations
\n
Fees
\n
Benefits and
\n
perquisites
\n
Short
\n
-
\n
term
\n
incentive
\n
Long
\n
-
\n
term in-
\n
centive*
\n
Paolo Merloni
\n
Executive
\n
Chair
\n
2023
\n
1,100
\n
80
\n
61
\n
541
\n
981
\n
(1)
\n
-
\n
50
\n
2,813
\n
46% fixed
\n
54% variable
\n
2022
\n
1,000
\n
80
\n
38
\n
666
\n
1,696
\n
(2)
\n
-
\n
43
\n
3,523
\n
33% fixed
\n
67% variable
\n
Maurizio Bru-
\n
sadelli
\n
Chief Executive
\n
Officer
\n
(3)
\n
2023
\n
913
\n
(4)
\n
21
\n
41
\n
406
\n
0
\n
-
\n
19
\n
1,399
\n
not applicable
\n
Laurent
\n
Jacquemin
\n
Chief Executive
\n
Officer
\n
(5)
\n
2023
\n
583
\n
50
\n
37
\n
0
\n
981
\n
(1)
\n
1,000
\n
(6)
\n
-
\n
2,652
\n
not applicable
\n
2022
\n
900
\n
50
\n
79
\n
555
\n
1,017
\n
(7)
\n
-
\n
-
\n
2,601
\n
40% fixed
\n
60% variable
\n
Notes
\n
:
\n
\u25a0
\n
Fixed remuneration represents for the executive chair the base salary and the executive director fee. On 20 February 2023, the compensation and
\n
talent development committee unanimously resolved to increase the fixed remuneration to further align on median and LTI. Therefore, the fol-
\n
lowing proposal for the executive directors\u2019 compensation for 2023 was presented to the Board: executive chair base salary at \u20ac 1.1 million with
\n
a short-term incentive target of \u20ac 600,000 and LTI of \u20ac 1.1 million (award counter value) and former CEO fixed remuneration at \u20ac 1 million and
\n
LTI of \u20ac 1 million (award counter value). The Board unanimously approved the proposal on 2 March 2023.
\n
\u25a0
\n
Fees represent the Board fee and the committee membership fees.
\n \n \n \n \n \n
\u25a0
\n
The short-term incentive represents the incentive to be paid for 2023 performance.
\n
\u25a0
\n
The long-term incentive value is calculated as follows: (i) for 2023, the LTI is valued referring to the share price of 29 December 2023 at the close
\n
of trading (\u20ac 6.26) (and it refers to the vesting of the 2020 converted LTI phantom stock option plan) and (ii) for 2022, the LTI is valued referring
\n
to the share price of 30 December 2022 at the close of trading (\u20ac 9.62) (and it refers to the vesting of the 2019 converted LTI phantom stock option
\n
plan).
\n
(8)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,607 thousand.
\n
(9)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,807 thousand.
\n
(10)
\n
Since 3 August 2023.
\n
(11)
\n
Maurizio Brusadelli\u2019s fixed remuneration consists of (i) \u20ac 400,000 per annum for his position as general manager, (ii) \u20ac 800,000 per annum for his
\n
position as executive director, and (iii) \u20ac 700,000 per annum for his non-compete consideration.
\n
(12)
\n
As until 27 July 2023.
\n
(13)
\n
On 3 May 2023 the Board, at the proposal of the compensation & talent development committee, approved a retention package to incentivise
\n
Laurent Jacquemin to stay as non-executive director in case of his early resignation as chief executive officer, considering his 30+ years in the
\n
Company, his profound knowledge of the business and his vision for the long term plans for the Group. This retention package includes the pay-
\n
ment of a \u20ac 1 million lump sum, the continuation of his rights under the 2021 LTIP and maintenance of benefits for a value of \u20ac 35,000.
\n
(14)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,084 thousand.
\n \n
Long-term incentive
\n \n
Until Admission, the executive directors participated in the long-term incentive plan providing for phantom stock. Upon
\n
Admission this plan was terminated and the outstanding phantom stock options were converted (a) at the option of the
\n
beneficiaries, into ordinary shares at the offer price of the Company's initial public offering or cash (in relation to vested
\n
phantom stock options) and (b) into restricted share units (in relation to unvested phantom stock options), with a vesting
\n
period of three years from the date of the original grant (phantom stock options granted in 2019 vest in 2022, phantom
\n
stock options granted in 2020 vest in 2023). In addition, a new long-term incentive plan was approved by the general
\n
meeting providing for awards in the form of performance share units as from 2021.
\n
The executive directors chose to convert the vested phantom stock options entirely into ordinary shares.
\n
The table below provides an overview of ordinary shares held by executive directors as of 31 December 2023.
\n
Executive director
\n
Number of ordinary shares
\n
Paolo Merloni
\n
442,558
\n
Laurent Jacquemin
\n
415,235
\n
Maurizio Brusadelli
\n
50,000
\n
The table below provides an overview of the conversion result for the phantom stock options awarded in 2020 that were
\n
unvested at Admission and converted into restricted share units at the offer price of the Company's initial public offering
\n
and the LTIP 2021, 2022 and 2023 award of performance share units.
\n
Director,
\n
position
\n
Main conditions of performance share plans
\n
Information regarding 2023
\n
Opening
\n
balance
\n
During the year
\n
Closing balance
\n
Plan
\n
Performance
\n
period
\n
Vesting start
\n
date
\n
Vesting end
\n
date
\n
Perfor-
\n
mance
\n
shares on
\n
1 January
\n
2023
\n
(1)
\n
Perfor-
\n
mance
\n
shares
\n
awarded
\n
Perfor-
\n
mance
\n
shares
\n
vested
\n
Shares
\n
vested
\n
Share
\n
awarded
\n
and un-
\n
vested
\n
Unexer-
\n
cised
\n
shares
\n
Paolo Merloni
\n
Executive Chair
\n
2020
\n
2020-2022
\n
31.03.2020
\n
31.03.2023
\n
156,737
\n
0
\n
156,737
\n
156,737
\n
0
\n
156,737
\n
2021
\n
2021-2023
\n
31.03.2021
\n
31.03.2024
\n
112,000
\n
0
\n
0
\n
0
\n
112,000
\n
0
\n
2022
\n
2022-2024
\n
28.04.2022
\n
31.03.2025
\n
104,948
\n
0
\n
0
\n
0
\n
104,948
\n
0
\n
2023
\n
2023-2025
\n
04.05.2023
\n
30.03.2026
\n
0
\n
110,741
\n
(2)
\n
0
\n
0
\n
110,741
\n
0
\n
Maurizio Brusadelli
\n
Chief Executive Of-
\n
ficer
\n
(3)
\n
2023
\n
2023-2025
\n
03.08.2023
\n
30.03.2026
\n
0
\n
208,776
\n
(4)
\n
0
\n
0
\n
208,776
\n
(
\n
0
\n
Laurent Jacquemin
\n
Chief Executive Of-
\n
ficer
\n
(5)
\n
2020
\n
2020-2022
\n
31.03.2020
\n
31.03.2023
\n
156,737
\n
0
\n
156,737
\n
156,737
\n
0
\n
156,737
\n
2021
\n
2021-2023
\n
31.03.2021
\n
31.03.2024
\n
112,000
\n
0
\n
0
\n
0
\n
112,000
\n
0
\n
2022
\n
2022-2024
\n
28.04.2022
\n
31.03.2025
\n
94,453
\n
0
\n
0
\n
0
\n
94,453
\n
0
\n
2023
\n
2023-2025
\n
04.05.2023
\n
30.03.2026
\n
0
\n
0
\n
(6)
\n
0
\n
0
\n
0
\n
0
\n
(7)
\n
Unvested share units.
\n
(8)
\n
The number of PSUs to be granted to the executive chair, as resolved by the Board on 2 March 2023 on the proposal of the compensation
\n
and talent development committee, is determined by dividing the individual award by the average closing price of the Company\u2019s shares on
\n
the 30 trading days before the award. Specifically, for 2023 the average closing price on 3the 0 trading days before the award was \u20ac 9.9331.
\n \n \n \n \n \n
(9)
\n
Since 3 August 2023.
\n
(10)
\n
The number of PSUs to be granted to the chief executive officer, as resolved by the Board on 3 August 2023 on the proposal of the compen-
\n
sation and talent development committee, is determined by dividing the individual award by the average closing price of the Company\u2019s
\n
shares on the 30 trading days before the grant. Specifically, the average closing price on the 30 trading days before the award was \u20ac 9.1007.
\n
(11)
\n
As until 27 July 2023.
\n
(12)
\n
Following the communication by the former chief executive officer to the Board of 3 May 2023 about his decision to step down and resign as
\n
CEO and executive director of the Company, no LTIP 2023 has been awarded.
\n \n
Change of remuneration of executive directors and Company performance
\n \n
The requirement in the Dutch Civil Code is to disclose this information over five financial years. However, as the Company
\n
was incorporated in its current structure in November 2021, meaningful total remuneration information is only available
\n
and relevant from 2021 onwards.
\n
The following table shows a comparison of the fixed remuneration of the executive directors over the last five years who
\n
served as executive directors in 2023.
\n
Annual change
\n
2019
\n
2020
\n
2021
\n
2022
\n
2023
\n
Executive directors' fixed remuneration
\n
(in \u20ac thousand)
\n
Paolo Merloni
\n
Executive Chair
\n
1,005
\n
995
\n
1,003
\n
1,118
\n
1,241
\n
Maurizio Brusadelli
\n
Chief Executive Officer
\n
(1)
\n
N.A.
\n
N.A.
\n
N.A.
\n
N.A.
\n
974
\n
Laurent Jacquemin
\n
Chief Executive Officer
\n
(2)
\n
718
\n
782
\n
880
\n
1,029
\n
670
\n
Executive directors' total remuneration
\n
(in \u20ac million)
\n
Paolo Merloni
\n
Executive Chair
\n
N.A.
\n
N.A.
\n
2,879
\n
3,523
\n
2,813
\n
Maurizio Brusadelli
\n
Chief Executive Officer
\n
(1)
\n
N.A.
\n
N.A.
\n
N.A.
\n
N.A.
\n
1,399
\n
Laurent Jacquemin
\n
Chief Executive Officer
\n
(2)
\n
N.A.
\n
N.A.
\n
2,128
\n
2,601
\n
2,652
\n
Company performance
\n
(in \u20ac million)
\n
EBIT
\n
134
\n
149
\n
171
\n
194
\n
285
\n
EBITDA
\n
209
\n
227
\n
247
\n
283
\n
417
\n
EBIT Adjusted
\n
149
\n
164
\n
203
\n
223
\n
314
\n
EBITDA Adjusted
\n
223
\n
239
\n
277
\n
305
\n
422
\n
Average remuneration on a full-time equivalent basis of employees
\n
(3)
\n
Employees of the Group
\n
N.A
\n
N.A
\n
54
\n
59
\n
65
\n
Internal pay ratio Chief Executive Officer
\n
(3)
\n
Chief executive officer vs em-
\n
ployees of the Group
\n
N.A
\n
(4)
\n
N.A
\n
(4)
\n
40
\n
44
\n
N.A.
\n
(6)
\n
Since 3 August 2023
\n
(7)
\n
As until 27 July 2023
\n
(8)
\n
The population composition changes among the years in terms of FTE, mix and countries
\n
(9)
\n
Not available as the Company was not listed in 2019 and 2020
\n \n
Internal pay ratio chief executive officer based on fixed remuneration
\n \n
In accordance with Dutch law and the Dutch corporate governance code, the internal pay ratio is an important factor for
\n
determining the remuneration policy. The Dutch corporate governance code was amended on 20 December 2022 and
\n
entered into force as for the financial year beginning on or after 1 January 2023. Pursuant to the new version of the Dutch
\n
corporate governance code 'pay ratios' is understood to mean the ratio between (a) the total annual remuneration of
\n
the chief executive officer and (b) the average annual remuneration of the employees of the company and the group
\n
companies whose financial data the company consolidates, where: (i) the total annual remuneration of the chief execu-
\n
tive officer includes all remuneration components (such as fixed remuneration, variable remuneration in cash (bonus),
\n
the share-based part of the remuneration, social security contributions, pension, expense allowance, etc.), as included in
\n
the (consolidated) financial statements; (ii) the average annual remuneration of the employees is determined by dividing
\n \n \n \n \n \n
the total wage costs in the financial year (as included in the (consolidated) financial statements) by the average number
\n
of FTEs during the financial year; and (iii) the value of the share-based remuneration is determined at the time of assign-
\n
ment, in line with the applicable rules under the applied reporting requirements. The Company has elected to follow this
\n
methodology from 2022. In 2023, given the change of chief executive officer, it is not possible to determine the annual
\n
remuneration of the chief executive officer. The pay ratio based on the annualised total remuneration (fixed remunera-
\n
tion and variable incentive) of the new chief executive officer is equal to 75. The difference between the pay ratio of the
\n
former and the new Chief executive officer is linked to the higher overall remuneration package of the latter.
\n \n
2023 remuneration of the non-executive directors
\n \n
The remuneration of the non-executive directors is in accordance with the remuneration policy. There are no loans, ad-
\n
vances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to the
\n
non-executive directors.
\n
The following table summarises the remuneration received by the non-executive directors for the years ended 31 De-
\n
cember 2023 and 2022.
\n
Non-executive director
\n
(in \u20ac thousand)
\n
Fee
\n
2023
\n
Supplementary committee
\n
Fee 2023
\n
Remuneration
\n
2023
\n
Remuneration
\n
2022
\n
Laurent Jacquemin
\n
(1)
\n
50
\n
0
\n
50
\n
50
\n
Francesco Merloni
\n
50
\n
0
\n
50
\n
50
\n
Marinella Soldi
\n
50
\n
20
\n
70
\n
70
\n
Antonia Di Bella
\n
50
\n
10
\n
60
\n
0
\n
Guido Krass
\n
50
\n
10
\n
60
\n
0
\n
Roberto Guidetti
\n
50
\n
40
\n
90
\n
90
\n
Maria Francesca Merloni
\n
50
\n
0
\n
50
\n
50
\n
Lorenzo Pozza
\n
50
\n
20
\n
70
\n
70
\n
Ignazio Rocco di
\n
Torrepadula
\n
50
\n
20
\n
70
\n
60
\n
Enrico Vita
\n
50
\n
10
\n
60
\n
60
\n
(1) As since 27 July 2023.
\n
The following table shows a comparison of the fixed remuneration of non-executive directors over the last five years who
\n
served as non-executive directors in 2022:
\n
Non-executive director
\n
(in \u20ac thousand)
\n
2019
\n
2020
\n
2021
\n
2022
\n
2023
\n
Laurent Jacquemin
\n
(1)
\n
50
\n
(2)
\n
50
\n
(2)
\n
48
\n
(2)
\n
50
\n
(2)
\n
50
\n
Francesco Merloni
\n
50
\n
50
\n
48
\n
50
\n
50
\n
Marinella Soldi
\n
74
\n
74
\n
67
\n
70
\n
70
\n
Antonia Di Bella
\n
0
\n
0
\n
0
\n
0
\n
60
\n
Guido Krass
\n
0
\n
0
\n
0
\n
0
\n
60
\n
Roberto Guidetti
\n
59
\n
59
\n
71
\n
90
\n
90
\n
Maria Francesca Merloni
\n
50
\n
50
\n
48
\n
50
\n
50
\n
Lorenzo Pozza
\n
0
\n
0
\n
38
\n
(3)
\n
70
\n
70
\n
Ignazio Rocco di Torrepadula
\n
0
\n
0
\n
38
\n
(3)
\n
60
\n
70
\n
Enrico Vita
\n
56
\n
53
\n
52
\n
60
\n
50
\n
(1) Since 27 July 2023.
\n
(2) Fees received when CEO.
\n
(3) Since 15 June 2021.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228113132734": { "value": "\n
Note 3.1.1 \u2013 Stock-based incentive plans payments
\n
2023 remuneration of the executive directors
\n \n
The remuneration of the executive directors is in accordance with the remuneration policy. There are no loans, advances
\n
or guarantees provided by the Company or any undertaking belonging to the same group of the Company to or on behalf
\n
of an executive director.
\n
The following table summarises the remuneration received by the executive directors for the years ended 31 December
\n
2023 and 2022:
\n
Director, Position, Year
\n
Base remuneration
\n
Variable incentive
\n
Extraordinary
\n
items
\n
Pension
\n
expense
\n
Total
\n
remuneration
\n
Proportion of
\n
fixed and
\n
variable
\n
remuneration
\n
Fixed Remu-
\n
nerations
\n
Fees
\n
Benefits and
\n
perquisites
\n
Short
\n
-
\n
term
\n
incentive
\n
Long
\n
-
\n
term in-
\n
centive*
\n
Paolo Merloni
\n
Executive
\n
Chair
\n
2023
\n
1,100
\n
80
\n
61
\n
541
\n
981
\n
(1)
\n
-
\n
50
\n
2,813
\n
46% fixed
\n
54% variable
\n
2022
\n
1,000
\n
80
\n
38
\n
666
\n
1,696
\n
(2)
\n
-
\n
43
\n
3,523
\n
33% fixed
\n
67% variable
\n
Maurizio Bru-
\n
sadelli
\n
Chief Executive
\n
Officer
\n
(3)
\n
2023
\n
913
\n
(4)
\n
21
\n
41
\n
406
\n
0
\n
-
\n
19
\n
1,399
\n
not applicable
\n
Laurent
\n
Jacquemin
\n
Chief Executive
\n
Officer
\n
(5)
\n
2023
\n
583
\n
50
\n
37
\n
0
\n
981
\n
(1)
\n
1,000
\n
(6)
\n
-
\n
2,652
\n
not applicable
\n
2022
\n
900
\n
50
\n
79
\n
555
\n
1,017
\n
(7)
\n
-
\n
-
\n
2,601
\n
40% fixed
\n
60% variable
\n
Notes
\n
:
\n
\u25a0
\n
Fixed remuneration represents for the executive chair the base salary and the executive director fee. On 20 February 2023, the compensation and
\n
talent development committee unanimously resolved to increase the fixed remuneration to further align on median and LTI. Therefore, the fol-
\n
lowing proposal for the executive directors\u2019 compensation for 2023 was presented to the Board: executive chair base salary at \u20ac 1.1 million with
\n
a short-term incentive target of \u20ac 600,000 and LTI of \u20ac 1.1 million (award counter value) and former CEO fixed remuneration at \u20ac 1 million and
\n
LTI of \u20ac 1 million (award counter value). The Board unanimously approved the proposal on 2 March 2023.
\n
\u25a0
\n
Fees represent the Board fee and the committee membership fees.
\n \n \n \n
\u25a0
\n
The short-term incentive represents the incentive to be paid for 2023 performance.
\n
\u25a0
\n
The long-term incentive value is calculated as follows: (i) for 2023, the LTI is valued referring to the share price of 29 December 2023 at the close
\n
of trading (\u20ac 6.26) (and it refers to the vesting of the 2020 converted LTI phantom stock option plan) and (ii) for 2022, the LTI is valued referring
\n
to the share price of 30 December 2022 at the close of trading (\u20ac 9.62) (and it refers to the vesting of the 2019 converted LTI phantom stock option
\n
plan).
\n
(8)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,607 thousand.
\n
(9)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,807 thousand.
\n
(10)
\n
Since 3 August 2023.
\n
(11)
\n
Maurizio Brusadelli\u2019s fixed remuneration consists of (i) \u20ac 400,000 per annum for his position as general manager, (ii) \u20ac 800,000 per annum for his
\n
position as executive director, and (iii) \u20ac 700,000 per annum for his non-compete consideration.
\n
(12)
\n
As until 27 July 2023.
\n
(13)
\n
On 3 May 2023 the Board, at the proposal of the compensation & talent development committee, approved a retention package to incentivise
\n
Laurent Jacquemin to stay as non-executive director in case of his early resignation as chief executive officer, considering his 30+ years in the
\n
Company, his profound knowledge of the business and his vision for the long term plans for the Group. This retention package includes the pay-
\n
ment of a \u20ac 1 million lump sum, the continuation of his rights under the 2021 LTIP and maintenance of benefits for a value of \u20ac 35,000.
\n
(14)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,084 thousand.
\n \n
Long-term incentive
\n \n
Until Admission, the executive directors participated in the long-term incentive plan providing for phantom stock. Upon
\n
Admission this plan was terminated and the outstanding phantom stock options were converted (a) at the option of the
\n
beneficiaries, into ordinary shares at the offer price of the Company's initial public offering or cash (in relation to vested
\n
phantom stock options) and (b) into restricted share units (in relation to unvested phantom stock options), with a vesting
\n
period of three years from the date of the original grant (phantom stock options granted in 2019 vest in 2022, phantom
\n
stock options granted in 2020 vest in 2023). In addition, a new long-term incentive plan was approved by the general
\n
meeting providing for awards in the form of performance share units as from 2021.
\n
The executive directors chose to convert the vested phantom stock options entirely into ordinary shares.
\n
The table below provides an overview of ordinary shares held by executive directors as of 31 December 2023.
\n
Executive director
\n
Number of ordinary shares
\n
Paolo Merloni
\n
442,558
\n
Laurent Jacquemin
\n
415,235
\n
Maurizio Brusadelli
\n
50,000
\n
The table below provides an overview of the conversion result for the phantom stock options awarded in 2020 that were
\n
unvested at Admission and converted into restricted share units at the offer price of the Company's initial public offering
\n
and the LTIP 2021, 2022 and 2023 award of performance share units.
\n
Director,
\n
position
\n
Main conditions of performance share plans
\n
Information regarding 2023
\n
Opening
\n
balance
\n
During the year
\n
Closing balance
\n
Plan
\n
Performance
\n
period
\n
Vesting start
\n
date
\n
Vesting end
\n
date
\n
Perfor-
\n
mance
\n
shares on
\n
1 January
\n
2023
\n
(1)
\n
Perfor-
\n
mance
\n
shares
\n
awarded
\n
Perfor-
\n
mance
\n
shares
\n
vested
\n
Shares
\n
vested
\n
Share
\n
awarded
\n
and un-
\n
vested
\n
Unexer-
\n
cised
\n
shares
\n
Paolo Merloni
\n
Executive Chair
\n
2020
\n
2020-2022
\n
31.03.2020
\n
31.03.2023
\n
156,737
\n
0
\n
156,737
\n
156,737
\n
0
\n
156,737
\n
2021
\n
2021-2023
\n
31.03.2021
\n
31.03.2024
\n
112,000
\n
0
\n
0
\n
0
\n
112,000
\n
0
\n
2022
\n
2022-2024
\n
28.04.2022
\n
31.03.2025
\n
104,948
\n
0
\n
0
\n
0
\n
104,948
\n
0
\n
2023
\n
2023-2025
\n
04.05.2023
\n
30.03.2026
\n
0
\n
110,741
\n
(2)
\n
0
\n
0
\n
110,741
\n
0
\n
Maurizio Brusadelli
\n
Chief Executive Of-
\n
ficer
\n
(3)
\n
2023
\n
2023-2025
\n
03.08.2023
\n
30.03.2026
\n
0
\n
208,776
\n
(4)
\n
0
\n
0
\n
208,776
\n
(
\n
0
\n
Laurent Jacquemin
\n
Chief Executive Of-
\n
ficer
\n
(5)
\n
2020
\n
2020-2022
\n
31.03.2020
\n
31.03.2023
\n
156,737
\n
0
\n
156,737
\n
156,737
\n
0
\n
156,737
\n
2021
\n
2021-2023
\n
31.03.2021
\n
31.03.2024
\n
112,000
\n
0
\n
0
\n
0
\n
112,000
\n
0
\n
2022
\n
2022-2024
\n
28.04.2022
\n
31.03.2025
\n
94,453
\n
0
\n
0
\n
0
\n
94,453
\n
0
\n
2023
\n
2023-2025
\n
04.05.2023
\n
30.03.2026
\n
0
\n
0
\n
(6)
\n
0
\n
0
\n
0
\n
0
\n
(7)
\n
Unvested share units.
\n
(8)
\n
The number of PSUs to be granted to the executive chair, as resolved by the Board on 2 March 2023 on the proposal of the compensation
\n
and talent development committee, is determined by dividing the individual award by the average closing price of the Company\u2019s shares on
\n
the 30 trading days before the award. Specifically, for 2023 the average closing price on 3the 0 trading days before the award was \u20ac 9.9331.
\n \n \n \n
(9)
\n
Since 3 August 2023.
\n
(10)
\n
The number of PSUs to be granted to the chief executive officer, as resolved by the Board on 3 August 2023 on the proposal of the compen-
\n
sation and talent development committee, is determined by dividing the individual award by the average closing price of the Company\u2019s
\n
shares on the 30 trading days before the grant. Specifically, the average closing price on the 30 trading days before the award was \u20ac 9.1007.
\n
(11)
\n
As until 27 July 2023.
\n
(12)
\n
Following the communication by the former chief executive officer to the Board of 3 May 2023 about his decision to step down and resign as
\n
CEO and executive director of the Company, no LTIP 2023 has been awarded.
\n \n
Change of remuneration of executive directors and Company performance
\n \n
The requirement in the Dutch Civil Code is to disclose this information over five financial years. However, as the Company
\n
was incorporated in its current structure in November 2021, meaningful total remuneration information is only available
\n
and relevant from 2021 onwards.
\n
The following table shows a comparison of the fixed remuneration of the executive directors over the last five years who
\n
served as executive directors in 2023.
\n
Annual change
\n
2019
\n
2020
\n
2021
\n
2022
\n
2023
\n
Executive directors' fixed remuneration
\n
(in \u20ac thousand)
\n
Paolo Merloni
\n
Executive Chair
\n
1,005
\n
995
\n
1,003
\n
1,118
\n
1,241
\n
Maurizio Brusadelli
\n
Chief Executive Officer
\n
(1)
\n
N.A.
\n
N.A.
\n
N.A.
\n
N.A.
\n
974
\n
Laurent Jacquemin
\n
Chief Executive Officer
\n
(2)
\n
718
\n
782
\n
880
\n
1,029
\n
670
\n
Executive directors' total remuneration
\n
(in \u20ac million)
\n
Paolo Merloni
\n
Executive Chair
\n
N.A.
\n
N.A.
\n
2,879
\n
3,523
\n
2,813
\n
Maurizio Brusadelli
\n
Chief Executive Officer
\n
(1)
\n
N.A.
\n
N.A.
\n
N.A.
\n
N.A.
\n
1,399
\n
Laurent Jacquemin
\n
Chief Executive Officer
\n
(2)
\n
N.A.
\n
N.A.
\n
2,128
\n
2,601
\n
2,652
\n
Company performance
\n
(in \u20ac million)
\n
EBIT
\n
134
\n
149
\n
171
\n
194
\n
285
\n
EBITDA
\n
209
\n
227
\n
247
\n
283
\n
417
\n
EBIT Adjusted
\n
149
\n
164
\n
203
\n
223
\n
314
\n
EBITDA Adjusted
\n
223
\n
239
\n
277
\n
305
\n
422
\n
Average remuneration on a full-time equivalent basis of employees
\n
(3)
\n
Employees of the Group
\n
N.A
\n
N.A
\n
54
\n
59
\n
65
\n
Internal pay ratio Chief Executive Officer
\n
(3)
\n
Chief executive officer vs em-
\n
ployees of the Group
\n
N.A
\n
(4)
\n
N.A
\n
(4)
\n
40
\n
44
\n
N.A.
\n
(6)
\n
Since 3 August 2023
\n
(7)
\n
As until 27 July 2023
\n
(8)
\n
The population composition changes among the years in terms of FTE, mix and countries
\n
(9)
\n
Not available as the Company was not listed in 2019 and 2020
\n \n
Internal pay ratio chief executive officer based on fixed remuneration
\n \n
In accordance with Dutch law and the Dutch corporate governance code, the internal pay ratio is an important factor for
\n
determining the remuneration policy. The Dutch corporate governance code was amended on 20 December 2022 and
\n
entered into force as for the financial year beginning on or after 1 January 2023. Pursuant to the new version of the Dutch
\n
corporate governance code 'pay ratios' is understood to mean the ratio between (a) the total annual remuneration of
\n
the chief executive officer and (b) the average annual remuneration of the employees of the company and the group
\n
companies whose financial data the company consolidates, where: (i) the total annual remuneration of the chief execu-
\n
tive officer includes all remuneration components (such as fixed remuneration, variable remuneration in cash (bonus),
\n
the share-based part of the remuneration, social security contributions, pension, expense allowance, etc.), as included in
\n
the (consolidated) financial statements; (ii) the average annual remuneration of the employees is determined by dividing
\n \n \n \n
the total wage costs in the financial year (as included in the (consolidated) financial statements) by the average number
\n
of FTEs during the financial year; and (iii) the value of the share-based remuneration is determined at the time of assign-
\n
ment, in line with the applicable rules under the applied reporting requirements. The Company has elected to follow this
\n
methodology from 2022. In 2023, given the change of chief executive officer, it is not possible to determine the annual
\n
remuneration of the chief executive officer. The pay ratio based on the annualised total remuneration (fixed remunera-
\n
tion and variable incentive) of the new chief executive officer is equal to 75. The difference between the pay ratio of the
\n
former and the new Chief executive officer is linked to the higher overall remuneration package of the latter.
\n \n
2023 remuneration of the non-executive directors
\n \n
The remuneration of the non-executive directors is in accordance with the remuneration policy. There are no loans, ad-
\n
vances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to the
\n
non-executive directors.
\n
The following table summarises the remuneration received by the non-executive directors for the years ended 31 De-
\n
cember 2023 and 2022.
\n
Non-executive director
\n
(in \u20ac thousand)
\n
Fee
\n
2023
\n
Supplementary committee
\n
Fee 2023
\n
Remuneration
\n
2023
\n
Remuneration
\n
2022
\n
Laurent Jacquemin
\n
(1)
\n
50
\n
0
\n
50
\n
50
\n
Francesco Merloni
\n
50
\n
0
\n
50
\n
50
\n
Marinella Soldi
\n
50
\n
20
\n
70
\n
70
\n
Antonia Di Bella
\n
50
\n
10
\n
60
\n
0
\n
Guido Krass
\n
50
\n
10
\n
60
\n
0
\n
Roberto Guidetti
\n
50
\n
40
\n
90
\n
90
\n
Maria Francesca Merloni
\n
50
\n
0
\n
50
\n
50
\n
Lorenzo Pozza
\n
50
\n
20
\n
70
\n
70
\n
Ignazio Rocco di
\n
Torrepadula
\n
50
\n
20
\n
70
\n
60
\n
Enrico Vita
\n
50
\n
10
\n
60
\n
60
\n
(1) As since 27 July 2023.
\n
The following table shows a comparison of the fixed remuneration of non-executive directors over the last five years who
\n
served as non-executive directors in 2022:
\n
Non-executive director
\n
(in \u20ac thousand)
\n
2019
\n
2020
\n
2021
\n
2022
\n
2023
\n
Laurent Jacquemin
\n
(1)
\n
50
\n
(2)
\n
50
\n
(2)
\n
48
\n
(2)
\n
50
\n
(2)
\n
50
\n
Francesco Merloni
\n
50
\n
50
\n
48
\n
50
\n
50
\n
Marinella Soldi
\n
74
\n
74
\n
67
\n
70
\n
70
\n
Antonia Di Bella
\n
0
\n
0
\n
0
\n
0
\n
60
\n
Guido Krass
\n
0
\n
0
\n
0
\n
0
\n
60
\n
Roberto Guidetti
\n
59
\n
59
\n
71
\n
90
\n
90
\n
Maria Francesca Merloni
\n
50
\n
50
\n
48
\n
50
\n
50
\n
Lorenzo Pozza
\n
0
\n
0
\n
38
\n
(3)
\n
70
\n
70
\n
Ignazio Rocco di Torrepadula
\n
0
\n
0
\n
38
\n
(3)
\n
60
\n
70
\n
Enrico Vita
\n
56
\n
53
\n
52
\n
60
\n
50
\n
(1) Since 27 July 2023.
\n
(2) Fees received when CEO.
\n
(3) Since 15 June 2021.
\n \n \n
REMUNERATION PAID TO THE PARENT COMPANY\u2019S BOARD OF DIRECTORS
\n \n
Fees attributable to the year and represented by remuneration to Directors of the Parent Company, at 31 December
\n
2023, are summarised as follow:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Office
\n 		\n
Year
\n 		\n
Fixed remuneration
\n 		\n
Variable remuneration
\n 		\n
Extraordinary item
\n
\n
(in \u20ac million)
\n 		\u00a0\n
Base salary
\n 		\n
Fees
\n 		\n
Short-term incentive
\n 		\u00a0
\n
Directors
\n 		\n
2023
\n 		\n
2.6
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
1.0
\n
\n
Total
\n 		\u00a0\n
2.6
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
1.0
\n
\n
Notes:
\n
-
\n
Fixed remuneration does not include Benefits and Perks
\n
-
\n
Variable remuneration does not include the Long-term incentive
\n
-
\n
Base Salary includes: i. for the Executive Chair, the employee gross salary as well as the executive director fee; ii. for the former chief executive officer
\n
the executive director fee; iii. for the new chief executive officer the employee gross salary , the executive director fee and the non-compete consider-
\n
ation
\n
-
\n
Fees include the non-executive directors\u2019 fees as well as the committee membership remuneration
\n
-
\n
Short-term incentive includes: the actual amount for the year of performance, not yet paid
\n
-
\n
Extraordinary item includes the retention one-off payment to the former chief executive officer
\n
Both the remuneration of the executive directors and the non-executive directors have been included in \u2018Note 3.1.1 \u2013
\n
Stock-based incentive plan payments\u2019.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228181858987": { "value": "Note 3.1.1 \u2013 Stock-based incentive plans payments2023 remuneration of the executive directors\n
The remuneration of the executive directors is in accordance with the remuneration policy. There are no loans, advances
\n
or guarantees provided by the Company or any undertaking belonging to the same group of the Company to or on behalf
\n
of an executive director.
\n
The following table summarises the remuneration received by the executive directors for the years ended 31 December
\n
2023 and 2022:
\n
Director, Position, Year
\n
Base remuneration
\n
Variable incentive
\n
Extraordinary
\n
items
\n
Pension
\n
expense
\n
Total
\n
remuneration
\n
Proportion of
\n
fixed and
\n
variable
\n
remuneration
\n
Fixed Remu-
\n
nerations
\n
Fees
\n
Benefits and
\n
perquisites
\n
Short
\n
-
\n
term
\n
incentive
\n
Long
\n
-
\n
term in-
\n
centive*
\n
Paolo Merloni
\n
Executive
\n
Chair
\n
2023
\n
1,100
\n
80
\n
61
\n
541
\n
981
\n
(1)
\n
-
\n
50
\n
2,813
\n
46% fixed
\n
54% variable
\n
2022
\n
1,000
\n
80
\n
38
\n
666
\n
1,696
\n
(2)
\n
-
\n
43
\n
3,523
\n
33% fixed
\n
67% variable
\n
Maurizio Bru-
\n
sadelli
\n
Chief Executive
\n
Officer
\n
(3)
\n
2023
\n
913
\n
(4)
\n
21
\n
41
\n
406
\n
0
\n
-
\n
19
\n
1,399
\n
not applicable
\n
Laurent
\n
Jacquemin
\n
Chief Executive
\n
Officer
\n
(5)
\n
2023
\n
583
\n
50
\n
37
\n
0
\n
981
\n
(1)
\n
1,000
\n
(6)
\n
-
\n
2,652
\n
not applicable
\n
2022
\n
900
\n
50
\n
79
\n
555
\n
1,017
\n
(7)
\n
-
\n
-
\n
2,601
\n
40% fixed
\n
60% variable
\n
Notes
\n
:
\n
\u25a0
\n
Fixed remuneration represents for the executive chair the base salary and the executive director fee. On 20 February 2023, the compensation and
\n
talent development committee unanimously resolved to increase the fixed remuneration to further align on median and LTI. Therefore, the fol-
\n
lowing proposal for the executive directors\u2019 compensation for 2023 was presented to the Board: executive chair base salary at \u20ac 1.1 million with
\n
a short-term incentive target of \u20ac 600,000 and LTI of \u20ac 1.1 million (award counter value) and former CEO fixed remuneration at \u20ac 1 million and
\n
LTI of \u20ac 1 million (award counter value). The Board unanimously approved the proposal on 2 March 2023.
\n
\u25a0
\n
Fees represent the Board fee and the committee membership fees.
\n \n
\u25a0
\n
The short-term incentive represents the incentive to be paid for 2023 performance.
\n
\u25a0
\n
The long-term incentive value is calculated as follows: (i) for 2023, the LTI is valued referring to the share price of 29 December 2023 at the close
\n
of trading (\u20ac 6.26) (and it refers to the vesting of the 2020 converted LTI phantom stock option plan) and (ii) for 2022, the LTI is valued referring
\n
to the share price of 30 December 2022 at the close of trading (\u20ac 9.62) (and it refers to the vesting of the 2019 converted LTI phantom stock option
\n
plan).
\n
(8)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,607 thousand.
\n
(9)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,807 thousand.
\n
(10)
\n
Since 3 August 2023.
\n
(11)
\n
Maurizio Brusadelli\u2019s fixed remuneration consists of (i) \u20ac 400,000 per annum for his position as general manager, (ii) \u20ac 800,000 per annum for his
\n
position as executive director, and (iii) \u20ac 700,000 per annum for his non-compete consideration.
\n
(12)
\n
As until 27 July 2023.
\n
(13)
\n
On 3 May 2023 the Board, at the proposal of the compensation & talent development committee, approved a retention package to incentivise
\n
Laurent Jacquemin to stay as non-executive director in case of his early resignation as chief executive officer, considering his 30+ years in the
\n
Company, his profound knowledge of the business and his vision for the long term plans for the Group. This retention package includes the pay-
\n
ment of a \u20ac 1 million lump sum, the continuation of his rights under the 2021 LTIP and maintenance of benefits for a value of \u20ac 35,000.
\n
(14)
\n
LTI accrued value based on IFRS2 expenses is \u20ac 1,084 thousand.
\n Long-term incentive\n
Until Admission, the executive directors participated in the long-term incentive plan providing for phantom stock. Upon
\n
Admission this plan was terminated and the outstanding phantom stock options were converted (a) at the option of the
\n
beneficiaries, into ordinary shares at the offer price of the Company's initial public offering or cash (in relation to vested
\n
phantom stock options) and (b) into restricted share units (in relation to unvested phantom stock options), with a vesting
\n
period of three years from the date of the original grant (phantom stock options granted in 2019 vest in 2022, phantom
\n
stock options granted in 2020 vest in 2023). In addition, a new long-term incentive plan was approved by the general
\n
meeting providing for awards in the form of performance share units as from 2021.
\n
The executive directors chose to convert the vested phantom stock options entirely into ordinary shares.
\n
The table below provides an overview of ordinary shares held by executive directors as of 31 December 2023.
\n
Executive director
\n
Number of ordinary shares
\n
Paolo Merloni
\n
442,558
\n
Laurent Jacquemin
\n
415,235
\n
Maurizio Brusadelli
\n
50,000
\n
The table below provides an overview of the conversion result for the phantom stock options awarded in 2020 that were
\n
unvested at Admission and converted into restricted share units at the offer price of the Company's initial public offering
\n
and the LTIP 2021, 2022 and 2023 award of performance share units.
\n
Director,
\n
position
\n
Main conditions of performance share plans
\n
Information regarding 2023
\n
Opening
\n
balance
\n
During the year
\n
Closing balance
\n
Plan
\n
Performance
\n
period
\n
Vesting start
\n
date
\n
Vesting end
\n
date
\n
Perfor-
\n
mance
\n
shares on
\n
1 January
\n
2023
\n
(1)
\n
Perfor-
\n
mance
\n
shares
\n
awarded
\n
Perfor-
\n
mance
\n
shares
\n
vested
\n
Shares
\n
vested
\n
Share
\n
awarded
\n
and un-
\n
vested
\n
Unexer-
\n
cised
\n
shares
\n
Paolo Merloni
\n
Executive Chair
\n
2020
\n
2020-2022
\n
31.03.2020
\n
31.03.2023
\n
156,737
\n
0
\n
156,737
\n
156,737
\n
0
\n
156,737
\n
2021
\n
2021-2023
\n
31.03.2021
\n
31.03.2024
\n
112,000
\n
0
\n
0
\n
0
\n
112,000
\n
0
\n
2022
\n
2022-2024
\n
28.04.2022
\n
31.03.2025
\n
104,948
\n
0
\n
0
\n
0
\n
104,948
\n
0
\n
2023
\n
2023-2025
\n
04.05.2023
\n
30.03.2026
\n
0
\n
110,741
\n
(2)
\n
0
\n
0
\n
110,741
\n
0
\n
Maurizio Brusadelli
\n
Chief Executive Of-
\n
ficer
\n
(3)
\n
2023
\n
2023-2025
\n
03.08.2023
\n
30.03.2026
\n
0
\n
208,776
\n
(4)
\n
0
\n
0
\n
208,776
\n
(
\n
0
\n
Laurent Jacquemin
\n
Chief Executive Of-
\n
ficer
\n
(5)
\n
2020
\n
2020-2022
\n
31.03.2020
\n
31.03.2023
\n
156,737
\n
0
\n
156,737
\n
156,737
\n
0
\n
156,737
\n
2021
\n
2021-2023
\n
31.03.2021
\n
31.03.2024
\n
112,000
\n
0
\n
0
\n
0
\n
112,000
\n
0
\n
2022
\n
2022-2024
\n
28.04.2022
\n
31.03.2025
\n
94,453
\n
0
\n
0
\n
0
\n
94,453
\n
0
\n
2023
\n
2023-2025
\n
04.05.2023
\n
30.03.2026
\n
0
\n
0
\n
(6)
\n
0
\n
0
\n
0
\n
0
\n
(7)
\n
Unvested share units.
\n
(8)
\n
The number of PSUs to be granted to the executive chair, as resolved by the Board on 2 March 2023 on the proposal of the compensation
\n
and talent development committee, is determined by dividing the individual award by the average closing price of the Company\u2019s shares on
\n
the 30 trading days before the award. Specifically, for 2023 the average closing price on 3the 0 trading days before the award was \u20ac 9.9331.
\n \n
(9)
\n
Since 3 August 2023.
\n
(10)
\n
The number of PSUs to be granted to the chief executive officer, as resolved by the Board on 3 August 2023 on the proposal of the compen-
\n
sation and talent development committee, is determined by dividing the individual award by the average closing price of the Company\u2019s
\n
shares on the 30 trading days before the grant. Specifically, the average closing price on the 30 trading days before the award was \u20ac 9.1007.
\n
(11)
\n
As until 27 July 2023.
\n
(12)
\n
Following the communication by the former chief executive officer to the Board of 3 May 2023 about his decision to step down and resign as
\n
CEO and executive director of the Company, no LTIP 2023 has been awarded.
\n Change of remuneration of executive directors and Company performance\n
The requirement in the Dutch Civil Code is to disclose this information over five financial years. However, as the Company
\n
was incorporated in its current structure in November 2021, meaningful total remuneration information is only available
\n
and relevant from 2021 onwards.
\n
The following table shows a comparison of the fixed remuneration of the executive directors over the last five years who
\n
served as executive directors in 2023.
\n
Annual change
\n
2019
\n
2020
\n
2021
\n
2022
\n
2023
\n
Executive directors' fixed remuneration
\n
(in \u20ac thousand)
\n
Paolo Merloni
\n
Executive Chair
\n
1,005
\n
995
\n
1,003
\n
1,118
\n
1,241
\n
Maurizio Brusadelli
\n
Chief Executive Officer
\n
(1)
\n
N.A.
\n
N.A.
\n
N.A.
\n
N.A.
\n
974
\n
Laurent Jacquemin
\n
Chief Executive Officer
\n
(2)
\n
718
\n
782
\n
880
\n
1,029
\n
670
\n
Executive directors' total remuneration
\n
(in \u20ac million)
\n
Paolo Merloni
\n
Executive Chair
\n
N.A.
\n
N.A.
\n
2,879
\n
3,523
\n
2,813
\n
Maurizio Brusadelli
\n
Chief Executive Officer
\n
(1)
\n
N.A.
\n
N.A.
\n
N.A.
\n
N.A.
\n
1,399
\n
Laurent Jacquemin
\n
Chief Executive Officer
\n
(2)
\n
N.A.
\n
N.A.
\n
2,128
\n
2,601
\n
2,652
\n
Company performance
\n
(in \u20ac million)
\n
EBIT
\n
134
\n
149
\n
171
\n
194
\n
285
\n
EBITDA
\n
209
\n
227
\n
247
\n
283
\n
417
\n
EBIT Adjusted
\n
149
\n
164
\n
203
\n
223
\n
314
\n
EBITDA Adjusted
\n
223
\n
239
\n
277
\n
305
\n
422
\n
Average remuneration on a full-time equivalent basis of employees
\n
(3)
\n
Employees of the Group
\n
N.A
\n
N.A
\n
54
\n
59
\n
65
\n
Internal pay ratio Chief Executive Officer
\n
(3)
\n
Chief executive officer vs em-
\n
ployees of the Group
\n
N.A
\n
(4)
\n
N.A
\n
(4)
\n
40
\n
44
\n
N.A.
\n
(6)
\n
Since 3 August 2023
\n
(7)
\n
As until 27 July 2023
\n
(8)
\n
The population composition changes among the years in terms of FTE, mix and countries
\n
(9)
\n
Not available as the Company was not listed in 2019 and 2020
\n Internal pay ratio chief executive officer based on fixed remuneration\n
In accordance with Dutch law and the Dutch corporate governance code, the internal pay ratio is an important factor for
\n
determining the remuneration policy. The Dutch corporate governance code was amended on 20 December 2022 and
\n
entered into force as for the financial year beginning on or after 1 January 2023. Pursuant to the new version of the Dutch
\n
corporate governance code 'pay ratios' is understood to mean the ratio between (a) the total annual remuneration of
\n
the chief executive officer and (b) the average annual remuneration of the employees of the company and the group
\n
companies whose financial data the company consolidates, where: (i) the total annual remuneration of the chief execu-
\n
tive officer includes all remuneration components (such as fixed remuneration, variable remuneration in cash (bonus),
\n
the share-based part of the remuneration, social security contributions, pension, expense allowance, etc.), as included in
\n
the (consolidated) financial statements; (ii) the average annual remuneration of the employees is determined by dividing
\n \n
the total wage costs in the financial year (as included in the (consolidated) financial statements) by the average number
\n
of FTEs during the financial year; and (iii) the value of the share-based remuneration is determined at the time of assign-
\n
ment, in line with the applicable rules under the applied reporting requirements. The Company has elected to follow this
\n
methodology from 2022. In 2023, given the change of chief executive officer, it is not possible to determine the annual
\n
remuneration of the chief executive officer. The pay ratio based on the annualised total remuneration (fixed remunera-
\n
tion and variable incentive) of the new chief executive officer is equal to 75. The difference between the pay ratio of the
\n
former and the new Chief executive officer is linked to the higher overall remuneration package of the latter.
\n 2023 remuneration of the non-executive directors\n
The remuneration of the non-executive directors is in accordance with the remuneration policy. There are no loans, ad-
\n
vances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to the
\n
non-executive directors.
\n
The following table summarises the remuneration received by the non-executive directors for the years ended 31 De-
\n
cember 2023 and 2022.
\n
Non-executive director
\n
(in \u20ac thousand)
\n
Fee
\n
2023
\n
Supplementary committee
\n
Fee 2023
\n
Remuneration
\n
2023
\n
Remuneration
\n
2022
\n
Laurent Jacquemin
\n
(1)
\n
50
\n
0
\n
50
\n
50
\n
Francesco Merloni
\n
50
\n
0
\n
50
\n
50
\n
Marinella Soldi
\n
50
\n
20
\n
70
\n
70
\n
Antonia Di Bella
\n
50
\n
10
\n
60
\n
0
\n
Guido Krass
\n
50
\n
10
\n
60
\n
0
\n
Roberto Guidetti
\n
50
\n
40
\n
90
\n
90
\n
Maria Francesca Merloni
\n
50
\n
0
\n
50
\n
50
\n
Lorenzo Pozza
\n
50
\n
20
\n
70
\n
70
\n
Ignazio Rocco di
\n
Torrepadula
\n
50
\n
20
\n
70
\n
60
\n
Enrico Vita
\n
50
\n
10
\n
60
\n
60
\n
(1) As since 27 July 2023.
\n
The following table shows a comparison of the fixed remuneration of non-executive directors over the last five years who
\n
served as non-executive directors in 2022:
\n
Non-executive director
\n
(in \u20ac thousand)
\n
2019
\n
2020
\n
2021
\n
2022
\n
2023
\n
Laurent Jacquemin
\n
(1)
\n
50
\n
(2)
\n
50
\n
(2)
\n
48
\n
(2)
\n
50
\n
(2)
\n
50
\n
Francesco Merloni
\n
50
\n
50
\n
48
\n
50
\n
50
\n
Marinella Soldi
\n
74
\n
74
\n
67
\n
70
\n
70
\n
Antonia Di Bella
\n
0
\n
0
\n
0
\n
0
\n
60
\n
Guido Krass
\n
0
\n
0
\n
0
\n
0
\n
60
\n
Roberto Guidetti
\n
59
\n
59
\n
71
\n
90
\n
90
\n
Maria Francesca Merloni
\n
50
\n
50
\n
48
\n
50
\n
50
\n
Lorenzo Pozza
\n
0
\n
0
\n
38
\n
(3)
\n
70
\n
70
\n
Ignazio Rocco di Torrepadula
\n
0
\n
0
\n
38
\n
(3)
\n
60
\n
70
\n
Enrico Vita
\n
56
\n
53
\n
52
\n
60
\n
50
\n
(1) Since 27 July 2023.
\n
(2) Fees received when CEO.
\n
(3) Since 15 June 2021.
\n RELATED PARTY DISCLOSURES\n
At 31 December 2023 Ariston Holding N.V., controlled by Merloni Holding S.p.A., and its Italian subsidiaries, adopted the
\n
national tax consolidation scheme. At 31 December 2023, the income tax receivables and payables of the individual Italian
\n
companies were recorded from or to, respectively, Merloni Holding S.p.A. At 31 December 2023, the Company and its
\n
Italian subsidiaries had a payable position from Merloni Holding S.p.A. for \u20ac 11.7 million. All tax receivables and payables
\n
are non-interest-bearing.
\n
All transactions with related parties were carried out in the Group\u2019s interest.
\n
Based on the transactions carried out by the Ariston Group during 2023, related parties are mainly represented by:
\n
\u2022
\n
companies directly and/or indirectly related to the majority shareholder of Ariston Holding N.V.;
\n
\u2022
\n
directors and/or companies related to the same.
\n
The following table shows the figures of the main transactions with related parties:
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Receivables
\n
Payables
\n
Revenue
\n
Costs
\n
Receivables
\n
Payables
\n
Revenue
\n
Costs
\n
Merloni Holding S.p.A.
\n
16.4
\n
28.1
\n
0.1
\n
0.1
\n
7.2
\n
13.8
\n
0.1
\n
0.1
\n
Novapower S.r.l.
\n
0.0
\n
0.2
\n
0.0
\n
0.3
\n
0.0
\n
0.3
\n
0.0
\n
0.3
\n
Fondazione A. Merloni
\n
0.0
\n
0.0
\n
0.0
\n
0.5
\n
0.0
\n
0.0
\n
0.0
\n
0.5
\n
Nova Re S.r.l.
\n
0.0
\n
0.1
\n
0.0
\n
0.3
\n
0.0
\n
0.3
\n
0.0
\n
0.2
\n
Novacapital S.r.l.
\n
0.1
\n
0.0
\n
0.1
\n
0.0
\n
0.1
\n
0.2
\n
0.1
\n
0.2
\n
Centrotec Building Technology
\n
0.1
\n
1.7
\n
0.3
\n
5.0
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Centrotec Immobilien GmbH
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Centrotec SE
\n
0.0
\n
0.0
\n
0.0
\n
0.7
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Centrotherm Gas Flue Technologies
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Centrotherm Systemtechnik GmbH
\n
0.0
\n
0.1
\n
0.0
\n
3.8
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
CS Wismar GmbH
\n
0.0
\n
0.0
\n
0.0
\n
2.2
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Hardpark F\u00fcrth GmbH
\n
0.0
\n
0.0
\n
0.0
\n
0.1
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
XCNT GmbH
\n
0.0
\n
0.0
\n
0.0
\n
0.3
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Ubbink BV
\n
0.0
\n
0.1
\n
0.4
\n
2.5
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Ubbink NL
\n
0.1
\n
0.0
\n
3.7
\n
0.1
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Ubbink UK Ltd.
\n
0.0
\n
0.0
\n
0.0
\n
0.3
\n
n/a
\n
n/a
\n
n/a
\n
n/a
\n
Total
\n
16.7
\n
30.4
\n
4.8
\n
16.2
\n
7.3
\n
14.6
\n
0.1
\n
1.3
\n
As regards transactions with related parties, it should be noted that they are not to be qualified as atypical or unusual but
\n
should be included in the normal course of operations carried out by Group companies. These transactions are regulated
\n
by market conditions and based on the characteristics of the services provided. Transactions carried out by the Group
\n
with these related parties are primarily of a commercial nature except for Merloni Holding S.p.A. where transactions
\n
mainly consisted in the relationship for the national tax consolidation.
\n
In addition, members of the Ariston Board and executives with strategic responsibilities and their families are also con-
\n
sidered related parties.
\n REMUNERATION PAID TO THE PARENT COMPANY\u2019S BOARD OF DIRECTORS\n
Fees attributable to the year and represented by remuneration to Directors of the Parent Company, at 31 December
\n
2023, are summarised as follow:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Office
\n 		\n
Year
\n 		\n
Fixed remuneration
\n 		\n
Variable remuneration
\n 		\n
Extraordinary item
\n
\n
(in \u20ac million)
\n 		\u00a0\n
Base salary
\n 		\n
Fees
\n 		\n
Short-term incentive
\n 		\u00a0
\n
Directors
\n 		\n
2023
\n 		\n
2.6
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
1.0
\n
\n
Total
\n 		\u00a0\n
2.6
\n 		\n
0.7
\n 		\n
0.9
\n 		\n
1.0
\n
\n
Notes:
\n
-
\n
Fixed remuneration does not include Benefits and Perks
\n
-
\n
Variable remuneration does not include the Long-term incentive
\n
-
\n
Base Salary includes: i. for the Executive Chair, the employee gross salary as well as the executive director fee; ii. for the former chief executive officer
\n
the executive director fee; iii. for the new chief executive officer the employee gross salary , the executive director fee and the non-compete consider-
\n
ation
\n
-
\n
Fees include the non-executive directors\u2019 fees as well as the committee membership remuneration
\n
-
\n
Short-term incentive includes: the actual amount for the year of performance, not yet paid
\n
-
\n
Extraordinary item includes the retention one-off payment to the former chief executive officer
\n
Both the remuneration of the executive directors and the non-executive directors have been included in \u2018Note 3.1.1 \u2013
\n
Stock-based incentive plan payments\u2019.
\n LIST OF COMPANIES AT 31 DECEMBER 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
1
\n 		\n
Ariston Holding N.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
46,476,002
\n 		\n
TC
\n 		\u00a0\u00a0\u00a0\u00a0
\n
2
\n 		\n
Air Install B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Air Install Group B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
3
\n 		\n
Air Install Group B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
18,154
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
4
\n 		\n
AR1 S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
200,000
\n 		\n
TC
\n 		\n
Ariston S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
5
\n 		\n
Ariston Benelux S.A./N.V.
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
15,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
6
\n 		\n
Ariston Climate Solutions
\n
D.o.o. Svilajnac
\n 		\n
Serbia
\n 		\n
RSD
\n 		\n
11,740,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
7
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
2,350,000,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Atag Heating B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
8
\n 		\n
Ariston Climate Systems GmbH
\n
(1)
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
25,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
9
\n 		\n
Ariston Croatia d.o.o.
\n 		\n
Croatia
\n 		\n
EUR
\n 		\n
110,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
10
\n 		\n
Ariston CZ S.r.o.
\n 		\n
Czech Republic
\n 		\n
CZK
\n 		\n
30,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
11
\n 		\n
Ariston Deutschland GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
255,700
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
12
\n 		\n
Ariston Egypt LLC
\n 		\n
Egypt
\n 		\n
EGP
\n 		\n
10,900,000
\n 		\n
TC
\n 		\n
Ariston Group Water Heating
\n
Solutions Egypt LLC
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
0.01
\n 		\u00a0\u00a0
\n
13
\n 		\n
Ariston France S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
54,682,110
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Elco International GmbH
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
14
\n 		\n
Ariston Group Greece P.C.
\n
(1)
\n 		\n
Greece
\n 		\n
EUR
\n 		\n
2,500,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
15
\n 		\n
Ariston Group India Private
\n
Limited
\n 		\n
India
\n 		\n
INR
\n 		\n
457,500,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston S.p.A.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
16
\n 		\n
Ariston Group Water Heating
\n
Solutions Egypt LLC
\n 		\n
Egypt
\n 		\n
EGP
\n 		\n
100,000
\n 		\n
TC
\n 		\n
ATAG Heating B.V.
\n 		\u00a0\n
99.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
0.01
\n 		\u00a0\u00a0
\n
17
\n 		\n
Ariston Gulf Water Heating LLC
\n 		\n
UAE
\n 		\n
AED
\n 		\n
400,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
18
\n 		\n
Ariston Heating Solutions
\n
(China) Co. Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
145,885,010
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
19
\n 		\n
Ariston Heating Technology
\n
Nigeria Ltd.
\n 		\n
Nigeria
\n 		\n
NGN
\n 		\n
10,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
20
\n 		\n
Ariston Holding USA LLC
\n 		\n
USA
\n 		\n
USD
\n 		\n
77,037,666
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
21
\n 		\n
Ariston Hung\u00e1ria Kft.
\n 		\n
Hungary
\n 		\n
HUF
\n 		\n
131,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
22
\n 		\n
Ariston Iberica S.L.
\n 		\n
Spain
\n 		\n
EUR
\n 		\n
800,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
23
\n 		\n
Ariston Industrial Vietnam Co.
\n
Ltd.
\n 		\n
Vietnam
\n 		\n
VND
\n 		\n
41,600,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
24
\n 		\n
Ariston Kazakhstan LLP
\n 		\n
Kazakhstan
\n 		\n
KZT
\n 		\n
212,100
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
25
\n 		\n
Ariston Maroc SA
\n 		\n
Morocco
\n 		\n
MAD
\n 		\n
3,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
26
\n 		\n
Ariston Polska Sp. zo.o.
\n 		\n
Poland
\n 		\n
PLN
\n 		\n
12,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
27
\n 		\n
Ariston Pte Ltd.
\n 		\n
Singapore
\n 		\n
SGD
\n 		\n
100,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
28
\n 		\n
Ariston S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
30,100,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
29
\n 		\n
Ariston Sales Mexico S.A. de
\n
C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
302,188,920
\n 		\n
TC
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\u00a0\n
0.03
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Calentadores de America S.A.
\n
de C.V.
\n 		\u00a0\n
99.97
\n 		\u00a0
\n
30
\n 		\n
Ariston South Africa (Pty) Ltd.
\n 		\n
South Africa
\n 		\n
ZAR
\n 		\n
100
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
31
\n 		\n
Ariston Thermo Argentina S.r.l.
\n 		\n
Argentina
\n 		\n
ARS
\n 		\n
16,805,269
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.64
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Thermowatt S.p.A.
\n 		\u00a0\n
0.36
\n 		\u00a0
\n
32
\n 		\n
Ariston Thermo Romania S.r.l.
\n 		\n
Romania
\n 		\n
RON
\n 		\n
29,041,740
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
33
\n 		\n
Ariston Thermo Rus LLC
\n 		\n
Russia
\n 		\n
RUB
\n 		\n
1,403,787,727
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
34
\n 		\n
Ariston Thermo Tunisie SA
\n 		\n
Tunisia
\n 		\n
EUR
\n 		\n
500,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
66.70
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Third parties
\n 		\u00a0\u00a0\n
33.30
\n
\n
35
\n 		\n
Ariston U.K. Ltd.
\n 		\n
UK
\n 		\n
GBP
\n 		\n
7,500,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
36
\n 		\n
Ariston Ukraine LLC
\n 		\n
Ukraine
\n 		\n
UAH
\n 		\n
38,705,753
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
37
\n 		\n
Ariston USA LLC
\n 		\n
USA
\n 		\n
USD
\n 		\n
10,275,184
\n 		\n
TC
\n 		\n
Ariston Holding USA LLC
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
38
\n 		\n
Ariston Vietnam CO. Ltd.
\n 		\n
Vietnam
\n 		\n
VND
\n 		\n
31,471,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
39
\n 		\n
Atag Construction B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
40
\n 		\n
Atag Electronics B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
41
\n 		\n
Atag Engineering B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
1
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
42
\n 		\n
Atag Heating B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
43
\n 		\n
Atag Heizungstechnik GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
512,000
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
44
\n 		\n
Atag Verwarming Belgie B.V.BA
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
18,600
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
45
\n 		\n
ATM1 HR S.A. de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Atag Heating B.V.
\n
Elcotherm AG
\n 		\u00a0\n
99.99
\n
0.01
\n 		\u00a0
\n
46
\n 		\n
Atmor (Dongguan) Electronic
\n
Technology Co. Ltd.
\n 		\n
China
\n 		\n
USD
\n 		\n
1,000,000
\n 		\n
TC
\n 		\n
Atmor Electronic Technology
\n
Company Ltd
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
47
\n 		\n
Atmor Electronic Technology
\n
Company Ltd.
\n 		\n
Hong Kong
\n 		\n
HKD
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Atmor Industries LTD
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
48
\n 		\n
Atmor Industries Ltd.
\n 		\n
Israel
\n 		\n
USD
\n 		\n
1,790,409
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
49
\n 		\n
BCE S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
10,400
\n 		\n
BUR
\n 		\n
Ecoflam Bruciatori S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
50
\n 		\n
(1)
\n
Brink Climate Systems B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
20,004
\n 		\n
TC
\n 		\n
Ariston Climate Systems
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
51
\n 		\n
Brink Climate Systems
\n
(1)
\n
Deutschland GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
450,000
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
52
\n 		\n
Brink Climate Systems France
\n
(1)
\n
S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
53
\n 		\n
Calentadores de America S.A.
\n
de C.V.
\n 		\n
Mexico
\n 		\n
MXN
\n 		\n
1,226,593,637
\n 		\n
TC
\n 		\n
Ariston Climate Solutions
\n
Mexico S.A. de C.V.
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Atag Heating B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
54
\n 		\n
Chromagen Australia PTY Ltd.
\n 		\n
Australia
\n 		\n
AUD
\n 		\n
10,358,995
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
51.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Third parties
\n 		\u00a0\u00a0\n
49.00
\n
\n
55
\n 		\n
Chromagen Israel Ltd.
\n 		\n
Israel
\n 		\n
ILS
\n 		\n
10,901
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
56
\n 		\n
ComfortExpert B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Air Install Group B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
57
\n 		\n
Cuenod S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
15,422,390
\n 		\n
BUR
\n 		\n
Ariston France sas
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
58
\n 		\n
Domotec AG
\n 		\n
Switzerland
\n 		\n
CHF
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
59
\n 		\n
Ecoflam Bruciatori S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
3,690,000
\n 		\n
BUR
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
60
\n 		\n
Elco Austria GmbH
\n 		\n
Austria
\n 		\n
EUR
\n 		\n
35,000
\n 		\n
TC
\n 		\n
Elcotherm AG
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
61
\n 		\n
Elco B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
2,046,004
\n 		\n
TC
\n 		\n
Elco Burners B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
62
\n 		\n
Elco Belgium S.A./N.V.
\n 		\n
Belgium
\n 		\n
EUR
\n 		\n
2,650,000
\n 		\n
TC
\n 		\n
Ariston Benelux S.A./N.V.
\n 		\u00a0\n
99.99
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Elco B.V.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
63
\n 		\n
Elco Burners B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
22,734
\n 		\n
BUR
\n 		\n
Atag Heating B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
64
\n 		\n
Elco Burners GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
25,000
\n 		\n
BUR
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
65
\n 		\n
Elco GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
50,000
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
66
\n 		\n
Elco Heating Solutions Ltd.
\n 		\n
UK
\n 		\n
GPB
\n 		\n
3,001,750
\n 		\n
TC
\n 		\n
Ariston U.K. Ltd.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
67
\n 		\n
Elco International GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
8,691,962
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
68
\n 		\n
Elco Italia S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
3,500,000
\n 		\n
TC
\n 		\n
Ariston S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
69
\n 		\n
Elcotherm AG
\n 		\n
Switzerland
\n 		\n
CHF
\n 		\n
1,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
70
\n 		\n
Gastech-Energi A/S
\n 		\n
Denmark
\n 		\n
DKK
\n 		\n
7,554,935
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
71
\n 		\n
Holmak export import
\n
(1)
\n
D.o.o.e.l.
\n 		\n
Macedonia
\n 		\n
MKD
\n 		\n
816,651
\n 		\n
TC
\n 		\n
Holmak HeatX B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
72
\n 		\n
Holmak HeatX B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
38,500
\n 		\n
TC
\n 		\n
Brink Climate Systems B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
73
\n 		\n
Ingrado S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
74
\n 		\n
Innosource B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
18,000
\n 		\n
TC
\n 		\n
Holmak HeatX B.V.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
75
\n 		\n
Instachauf S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
200,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
No.
\n 		\n
Company
\n 		\n
Registered office
\n 		\n
Curr.
\n 		\n
Share capital
\n 		\n
Business
\n
unit (*)
\n 		\n
Investing companies
\n 		\n
Direct
\n
controlling
\n
interest
\n 		\n
Subsidiaries'
\n
controlling
\n
interest
\n 		\n
Minority
\n
interest
\n
\n
76
\n 		\n
MTG Service Single Member
\n
(1)
\n
P.C.
\n 		\n
Greece
\n 		\n
EUR
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Ariston Group Greece P.C.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
77
\n 		\n
(1)
\n
Ned Air B.V.
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
54,000
\n 		\n
TC
\n 		\n
Ariston Climate System
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
78
\n 		\n
NTI Boilers Inc.
\n 		\n
Canada
\n 		\n
CAD
\n 		\n
43,000,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
79
\n 		\n
NTI USA Inc.
\n 		\n
USA
\n 		\n
USD
\n 		\n
100
\n 		\n
TC
\n 		\n
NTI Boilers Inc.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
80
\n 		\n
Pro-Klima D.o.o.
\n
(1)
\n 		\n
Croatia
\n 		\n
EUR
\n 		\n
1,208,786
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
81
\n 		\n
PT Ariston Group Indonesia
\n
Ltd.
\n 		\n
Indonesia
\n 		\n
IDR
\n 		\n
16,260,750,000
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.93
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Pte Ltd.
\n 		\u00a0\n
0.07
\n 		\u00a0
\n
82
\n 		\n
Racold Thermo Private Ltd.
\n 		\n
India
\n 		\n
INR
\n 		\n
262,134,750
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
99.99
\n 		\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston S.p.A.
\n 		\u00a0\n
0.01
\n 		\u00a0
\n
83
\n 		\n
S.H.E. d.o.o. Svilajnac
\n 		\n
Serbia
\n 		\n
RSD
\n 		\n
35,432,220
\n 		\n
COM
\n 		\n
Thermowatt S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
84
\n 		\n
SPM Innovation S.a.s.
\n 		\n
France
\n 		\n
EUR
\n 		\n
750,020
\n 		\n
BUR
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
85
\n 		\n
Tasfiye Halinde Ariston
\n
Thermo Is\u0131tma ve So\u011futma
\n
Sistemleri \u0130thalat ve \u0130hracat ve
\n
Da\u011f\u0131t\u0131m Ltd.\u015eti.
\n 		\n
Turkey
\n 		\n
TRY
\n 		\n
66,157,500
\n 		\n
TC
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
86
\n 		\n
Thermowatt (Wuxi) Electric Co.
\n
Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
82,769,200
\n 		\n
COM
\n 		\n
Ariston Heating Solutions
\n
(China) Co. Ltd.
\n 		\u00a0\n
70.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Ariston Holding N.V.
\n 		\n
30.00
\n 		\u00a0\u00a0
\n
87
\n 		\n
Thermowatt Professional S.r.l.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
100,000
\n 		\n
COM
\n 		\n
Thermowatt S.p.A.
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
88
\n 		\n
Thermowatt S.p.A.
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
7,700,000
\n 		\n
COM
\n 		\n
Ariston Holding N.V.
\n 		\n
100.00
\n 		\u00a0\u00a0
\n
89
\n 		\n
WOLF Energiesparsysteme
\n
(1)
\n
O.O.O.
\n 		\n
Russia
\n 		\n
RUB
\n 		\n
113,200,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
99.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Wolf Power Systems
\n 		\u00a0\n
1.00
\n 		\u00a0
\n
90
\n 		\n
Wolf Energiesystemen B.V.
\n
(1)
\n 		\n
Netherlands
\n 		\n
EUR
\n 		\n
150,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
91
\n 		\n
Wolf France S.a.s.
\n
(1)
\n 		\n
France
\n 		\n
EUR
\n 		\n
1,040,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
92
\n 		\n
(1)
\n
Wolf GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
20,000,000
\n 		\n
TC
\n 		\n
Ariston Climate Systems
\n
GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
93
\n 		\n
Wolf HVAC HK Ltd.
\n
(1)
\n 		\n
Hong Kong
\n 		\n
HKD
\n 		\n
10,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
94
\n 		\n
Wolf HVAC Systems
\n
(1)
\n
(Shanghai) Co. Ltd.
\n 		\n
China
\n 		\n
CNY
\n 		\n
14,512,361
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
95
\n 		\n
Wolf Iberica Climatization Y
\n
(1)
\n
Calefacion SA
\n 		\n
Spain
\n 		\n
EUR
\n 		\n
1,181,315.74
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
96
\n 		\n
Wolf Italia S.r.l.
\n
(1)
\n 		\n
Italy
\n 		\n
EUR
\n 		\n
100,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
97
\n 		\n
Wolf Power Systems GmbH
\n
(1)
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
500,000
\n 		\n
TC
\n 		\n
Wolf Power Systems Holding
\n 		\u00a0\n
89.00
\n 		\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n
Wolf GmbH
\n 		\u00a0\n
11.00
\n 		\u00a0
\n
98
\n 		\n
Wolf Power Systems Holding
\n
GmbH
\n 		\n
Germany
\n 		\n
EUR
\n 		\n
83,333
\n 		\n
TC
\n 		\n
Elco International GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
99
\n 		\n
Wolf Technika Grzewcza
\n
(1)
\n
Sp.zo.o.
\n 		\n
Poland
\n 		\n
PLN
\n 		\n
3,189,000
\n 		\n
TC
\n 		\n
Wolf GmbH
\n 		\u00a0\n
100.00
\n 		\u00a0
\n
The participation shares in this table are the ones relevant for determining the Consolidated financial statements. The companies acquired with the put/call
\n
contracts to be exercised on the remaining shares of the share capital were fully consolidated, together with the acquisition agreement based on the provisions
\n
set forth in IFRS3 (see the specific treatment of the individual put/call options in the notes).
\n
All companies summarised in the table above are consolidated using the line by line method.
\n
(1)
\n
Entities in perimeter variation 2023.
\n
(*)
\n
Refers to the main Division.
\n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION\n \n
No.
\n
Company
\n
Registered office
\n
Curr.
\n
Share capital
\n
Business
\n
unit (*)
\n
Investing companies
\n
Direct
\n
controlling
\n
interest
\n
Subsidiaries'
\n
controlling
\n
interest
\n
Minority
\n
interest
\n
1
\n
Joint venture \"Ariston Thermo -
\n
UTG LLC\" (**)
\n
Uzbekistan
\n
EUR
\n
1,000,000
\n
TC
\n
Ariston Holding N.V.
\n
51.00
\n
49.00
\n
2
\n
Haas Heating B.V.
\n
Netherlands
\n
EUR
\n
100
\n
TC
\n
Atag Heating B.V.
\n
24.50
\n
75.50
\n
3
\n
Thermal Earth Ltd
\n
UK
\n
GBP
\n
81
\n
TC
\n
Ariston U.K. Ltd.
\n
30.00
\n
70.00
\n
(**)
\n
The company was not included in the scope of consolidation because of its limited area of operation and significance.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228160307985": { "value": "Note 3.5 \u2013 Non-current financing and current loans\n
As at 31 December 2023, \u201cNon-current financing and current loans\u201d amounted to \u20ac 988.8 million versus \u20ac 897.8 million
\n
in the previous year, and was as follows:
\n
31.12.2023
\n
31.12.2022
\n
< 1 year
\n
< 5 years
\n
> 5 years
\n
Total
\n
< 1 year
\n
< 5 years
\n
> 5 years
\n
Total
\n
Fair value of Current and
\n
Non-current Financing
\n
46.7
\n
492.3
\n
449.8
\n
988.8
\n
32.7
\n
704.9
\n
160.2
\n
897.8
\n
\u201cCurrent financing\u201d for loans was up \u20ac 14.0 million on the previous year; this is essentially attributable to the normal
\n
amortisation plan of medium/long-term debt. Meanwhile \u201cNon-current financing\u201d compared to 31 December 2022 was
\n
up \u20ac 77.0 million mainly due to new financing taken out in 2023.
\n \n \n \n
In accordance with IFRS 16, below are the carrying amounts of financial liabilities arising from right-of-use assets broken
\n
down by maturity at 31 December 2023:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 31.12.2023
\n
(in \u20ac million)
\n 		\n
0-12 months
\n 		\n
2-5 years
\n 		\n
>5 years
\n 		\n
Total
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0
\n
- non-current loans
\n 		\u00a0\n
51.8
\n 		\n
11.3
\n 		\n
63.1
\n
\n
- current loans
\n 		\n
25.1
\n 		\u00a0\u00a0\n
25.1
\n
\n
Financial payables
\n 		\n
25.1
\n 		\n
51.8
\n 		\n
11.3
\n 		\n
88.2
\n
\n \n \n Note 3.11 \u2013 Current financial liabilities\n \n
As at 31 December 2023, \u201cCurrent financial liabilities\u201d amounted to \u20ac 72.5 million versus \u20ac 49.7 million in the previous
\n
year.
\n
Liabilities are as follows:
\n
Current financial liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Financial derivative liabilities
\n
23.9
\n
10.5
\n
Short-term debt due to bank
\n
18.1
\n
21.6
\n
Financial notes payable
\n
13.5
\n
13.2
\n
Other current financial liabilities
\n
17.0
\n
4.4
\n
Total
\n
72.5
\n
49.7
\n \n \n
Short-term debt due to banks showed a \u20ac 3.5 million decrease as result of a lower draw-down of short-term lines.
\n
Short-term uncommitted credit lines amounted to approximately \u20ac 423.8 million and consisted almost entirely of current
\n
account credit lines and advances utilised as at 31 December 2023 for \u20ac 51.8 million (\u20ac 49.0 million as at 31 December
\n
2022).
\n \n
\u201cFinancial notes payable\u201d amounted to \u20ac 13.5 million (\u20ac13.2 million as at 31 December 2022) and consisted of short-
\n
term debt for bank notes or similar tradable instruments issued, held by subsidiaries in China, and used in commercial
\n
transactions with customers and suppliers in order to settle supply agreements.
\n
The item \u201cOther current financial liabilities\u201d amounted to \u20ac 17.0 million (\u20ac 4.4 million as at 31 December 2022) and mainly
\n
consisted of interest accrual on medium/long-term loans.
\n \n
Note 3.12 \u2013 Current loans
\n
The balance of \u201cCurrent loans\u201d amounted to \u20ac 46.7 million versus \u20ac 32.7 million at 31 December 2022.
\n
The item consists primarily of the short-term portion of medium/long-term bank loans, the details of which are attached
\n
to \u2018Note 3.5 - Non-current financing and current loans\u2019
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228170548578": { "value": "Note 3.6 \u2013 Other non-current liabilities\n \n \n \n
\u201cOther non-current liabilities\u201d amounted to \u20ac 20.5 million versus \u20ac 12.0 million in the previous year. These liabilities are
\n
represented primarily by debts to be extinguished beyond the year and non-current contract liabilities. For the disclosure
\n
about contract liabilities, refer to \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n
\u201cOther non-current liabilities\u201d largely reflected the fair value of the debt resulting from the measurement of the individual
\n
obligations associated with Put and Call options on non-controlling interests in the recently acquired entities, primarily
\n
the newly Put and Call option agreement signed in May 2023 for the acquisition of the remaining 49% of the shares of
\n
the subsidiary Chromagen Australia. The option as at December 2023 is equal to \u20ac 6.7 million and will expire in 2026.
\n \n \n \n \n Note 3.13 \u2013 Other current liabilities\n \n \n \n
\u201cOther current liabilities\u201d amounted to \u20ac 288.2 million, up by \u20ac 113.6 million on \u20ac 174.5 million at 31 December 2022.
\n
Other current liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Current payables due to personnel
\n
73.9
\n
51.7
\n
Contract liabilities
\n
67.2
\n
41.9
\n
Customers credit balance
\n
60.1
\n
13.1
\n
Indirect tax payables
\n
38.3
\n
29.2
\n
Current payables for social security contributions
\n
22.3
\n
19.1
\n
Advances from customers
\n
10.5
\n
5.6
\n
Deferred income
\n
8.1
\n
4.8
\n
Short-Term put/call debts
\n
3.2
\n
3.8
\n
Long-Term employees incentive scheme (current)
\n
0.2
\n
0.3
\n
State Green Programmes - Other payables
\n
0.1
\n
0.0
\n
Other current payables
\n
4.2
\n
5.1
\n
Total
\n
288.2
\n
174.5
\n \n \n \n \n \n \n \n \n
In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.
\n
Contract liabilities include:
\n
\u2022
\n
Rights of Return
\n
\u2022
\n
After-sales service, which include Service maintenance contracts and Service type warranties
\n
\u2022
\n
Loyalty program
\n
31.12.2023
\n
31.12.2022
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Right of returns
\n
2.5
\n
0.0
\n
0.0
\n
2.5
\n
2.7
\n
0.0
\n
0.0
\n
2.7
\n
After-sales services
\n
47.0
\n
4.2
\n
7.2
\n
58.3
\n
39.1
\n
3.7
\n
7.8
\n
50.6
\n
Loyalty program
\n
17.8
\n
0.0
\n
0.0
\n
17.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
67.2
\n
4.2
\n
7.2
\n
78.6
\n
41.9
\n
3.7
\n
7.8
\n
53.4
\n \n \n \n \n \n \n \n
The table below presents the opening and closing balances of contract liabilities as well as movements during the years:
\n
Right of returns
\n
After-sales services
\n
Loyalty program
\n
Total
\n
Opening Balance 01.01.2023
\n
2.7
\n
50.6
\n
0.0
\n
53.4
\n
Perimeter variation
\n
0.0
\n
0.0
\n
11.8
\n
11.8
\n
Increase recognised
\n
0.0
\n
109.2
\n
18.8
\n
128.0
\n
Revenue recognised
\n
0.0
\n
-99.3
\n
-8.6
\n
-107.9
\n
Contracts cancelled
\n
0.0
\n
-3.9
\n
0.0
\n
-3.9
\n
Net variation invoicing
\n
0.0
\n
-0.8
\n
0.0
\n
-0.8
\n
Pay out
\n
0.0
\n
0.0
\n
-5.0
\n
-5.0
\n
Other changes to contract balances
\n
-0.3
\n
2.5
\n
0.8
\n
3.0
\n
Closing balance 31.12.2023
\n
2.5
\n
58.3
\n
17.8
\n
78.6
\n \n \n \n
\u201cCurrent payables due to personnel\u201d include the amounts accrued by personnel and not yet disbursed. The increase is
\n
mainly related to the perimeter variation that was equal to \u20ac 24.4 million at 31 December 2023.
\n \n
The item \u201cIndirect tax payables\u201d includes the VAT payables due to tax authorities. The \u20ac 9.1 million increase was linked
\n
to the business and the acquisition of Wolf-Brink.
\n \n \n \n \n
\u201cCurrent payables for social security contributions\u201d included all relationships that the company is required to maintain
\n
with social security and insurance entities for its employees and workers with atypical contracts (
\n
parasubordinati
\n
). It was
\n
up by \u20ac 3.2 million compared with 31 December 2022.
\n
The item \u201cAdvances from customers\u201d shows all advances received from customers for supplies not yet delivered. It was
\n
up by \u20ac 4.9 million compared to 31 December 2022.
\n \n
\u201cDeferred income\u201d included adjustments of costs and revenues for the year in order to comply with the competence
\n
principle and the accrual principle (accruals and deferred income, also relating to financial liabilities).
\n \n \n
The \u201cShort-term put/call debts\u201d arises from purchase agreements that are to be settled in the near future. The item
\n
showed a decrease, discussed below, of \u20ac 0.6 million. The balance as at 31 December 2023 includes the liability for the
\n
Put and Call on HAAS B.V. and the Chromagen Group.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228174213305": { "value": "Note 3.6 \u2013 Other non-current liabilities\n \n \n
\u201cOther non-current liabilities\u201d amounted to \u20ac 20.5 million versus \u20ac 12.0 million in the previous year. These liabilities are
\n
represented primarily by debts to be extinguished beyond the year and non-current contract liabilities. For the disclosure
\n
about contract liabilities, refer to \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n
\u201cOther non-current liabilities\u201d largely reflected the fair value of the debt resulting from the measurement of the individual
\n
obligations associated with Put and Call options on non-controlling interests in the recently acquired entities, primarily
\n
the newly Put and Call option agreement signed in May 2023 for the acquisition of the remaining 49% of the shares of
\n
the subsidiary Chromagen Australia. The option as at December 2023 is equal to \u20ac 6.7 million and will expire in 2026.
\n \n \n \n Note 3.13 \u2013 Other current liabilities\n \n \n
\u201cOther current liabilities\u201d amounted to \u20ac 288.2 million, up by \u20ac 113.6 million on \u20ac 174.5 million at 31 December 2022.
\n
Other current liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Current payables due to personnel
\n
73.9
\n
51.7
\n
Contract liabilities
\n
67.2
\n
41.9
\n
Customers credit balance
\n
60.1
\n
13.1
\n
Indirect tax payables
\n
38.3
\n
29.2
\n
Current payables for social security contributions
\n
22.3
\n
19.1
\n
Advances from customers
\n
10.5
\n
5.6
\n
Deferred income
\n
8.1
\n
4.8
\n
Short-Term put/call debts
\n
3.2
\n
3.8
\n
Long-Term employees incentive scheme (current)
\n
0.2
\n
0.3
\n
State Green Programmes - Other payables
\n
0.1
\n
0.0
\n
Other current payables
\n
4.2
\n
5.1
\n
Total
\n
288.2
\n
174.5
\n \n \n \n \n \n \n
In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.
\n
Contract liabilities include:
\n
\u2022
\n
Rights of Return
\n
\u2022
\n
After-sales service, which include Service maintenance contracts and Service type warranties
\n
\u2022
\n
Loyalty program
\n
31.12.2023
\n
31.12.2022
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Right of returns
\n
2.5
\n
0.0
\n
0.0
\n
2.5
\n
2.7
\n
0.0
\n
0.0
\n
2.7
\n
After-sales services
\n
47.0
\n
4.2
\n
7.2
\n
58.3
\n
39.1
\n
3.7
\n
7.8
\n
50.6
\n
Loyalty program
\n
17.8
\n
0.0
\n
0.0
\n
17.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
67.2
\n
4.2
\n
7.2
\n
78.6
\n
41.9
\n
3.7
\n
7.8
\n
53.4
\n \n \n \n \n \n \n \n \n
The table below presents the opening and closing balances of contract liabilities as well as movements during the years:
\n
Right of returns
\n
After-sales services
\n
Loyalty program
\n
Total
\n
Opening Balance 01.01.2023
\n
2.7
\n
50.6
\n
0.0
\n
53.4
\n
Perimeter variation
\n
0.0
\n
0.0
\n
11.8
\n
11.8
\n
Increase recognised
\n
0.0
\n
109.2
\n
18.8
\n
128.0
\n
Revenue recognised
\n
0.0
\n
-99.3
\n
-8.6
\n
-107.9
\n
Contracts cancelled
\n
0.0
\n
-3.9
\n
0.0
\n
-3.9
\n
Net variation invoicing
\n
0.0
\n
-0.8
\n
0.0
\n
-0.8
\n
Pay out
\n
0.0
\n
0.0
\n
-5.0
\n
-5.0
\n
Other changes to contract balances
\n
-0.3
\n
2.5
\n
0.8
\n
3.0
\n
Closing balance 31.12.2023
\n
2.5
\n
58.3
\n
17.8
\n
78.6
\n \n \n \n \n \n \n
\u201cCurrent payables for social security contributions\u201d included all relationships that the company is required to maintain
\n
with social security and insurance entities for its employees and workers with atypical contracts (
\n
parasubordinati
\n
). It was
\n
up by \u20ac 3.2 million compared with 31 December 2022.
\n
The item \u201cAdvances from customers\u201d shows all advances received from customers for supplies not yet delivered. It was
\n
up by \u20ac 4.9 million compared to 31 December 2022.
\n \n
\u201cDeferred income\u201d included adjustments of costs and revenues for the year in order to comply with the competence
\n
principle and the accrual principle (accruals and deferred income, also relating to financial liabilities).
\n \n \n
The \u201cShort-term put/call debts\u201d arises from purchase agreements that are to be settled in the near future. The item
\n
showed a decrease, discussed below, of \u20ac 0.6 million. The balance as at 31 December 2023 includes the liability for the
\n
Put and Call on HAAS B.V. and the Chromagen Group.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190731532": { "value": "Note 3.6 \u2013 Other non-current liabilities\n \n
\u201cOther non-current liabilities\u201d amounted to \u20ac 20.5 million versus \u20ac 12.0 million in the previous year. These liabilities are
\n
represented primarily by debts to be extinguished beyond the year and non-current contract liabilities. For the disclosure
\n
about contract liabilities, refer to \u2018Note 3.13 \u2013 Other current liabilities\u2019.
\n \n
\u201cOther non-current liabilities\u201d largely reflected the fair value of the debt resulting from the measurement of the individual
\n
obligations associated with Put and Call options on non-controlling interests in the recently acquired entities, primarily
\n
the newly Put and Call option agreement signed in May 2023 for the acquisition of the remaining 49% of the shares of
\n
the subsidiary Chromagen Australia. The option as at December 2023 is equal to \u20ac 6.7 million and will expire in 2026.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190613778": { "value": "Note 3.8 \u2013 Trade payables\n \n
\u201cTrade payables\u201d at 31 December 2023 amounted to \u20ac 463.7 million, showing a decrease of \u20ac 17.7 million, compared
\n
with 31 December 2022. They are not subject to interest and their carrying value is believed to be close to the fair value
\n
at the end of the reporting period.
\n
Trade payables in terms of the average number of days for payment, amounted to 91.0 days in 2023 and 97.6 days in
\n
2022. The decrease of the DPO is due to the perimeter variation of Wolf-Brink.
\n
The reduction of trade payables is linked to careful management of procurement contracts and relevant terms and con-
\n
ditions.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228120017862": { "value": "Note 3.13 \u2013 Other current liabilities\n \n \n \n \n
\u201cOther current liabilities\u201d amounted to \u20ac 288.2 million, up by \u20ac 113.6 million on \u20ac 174.5 million at 31 December 2022.
\n
Other current liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Current payables due to personnel
\n
73.9
\n
51.7
\n
Contract liabilities
\n
67.2
\n
41.9
\n
Customers credit balance
\n
60.1
\n
13.1
\n
Indirect tax payables
\n
38.3
\n
29.2
\n
Current payables for social security contributions
\n
22.3
\n
19.1
\n
Advances from customers
\n
10.5
\n
5.6
\n
Deferred income
\n
8.1
\n
4.8
\n
Short-Term put/call debts
\n
3.2
\n
3.8
\n
Long-Term employees incentive scheme (current)
\n
0.2
\n
0.3
\n
State Green Programmes - Other payables
\n
0.1
\n
0.0
\n
Other current payables
\n
4.2
\n
5.1
\n
Total
\n
288.2
\n
174.5
\n \n \n \n \n \n
In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.
\n
Contract liabilities include:
\n
\u2022
\n
Rights of Return
\n
\u2022
\n
After-sales service, which include Service maintenance contracts and Service type warranties
\n
\u2022
\n
Loyalty program
\n
31.12.2023
\n
31.12.2022
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Right of returns
\n
2.5
\n
0.0
\n
0.0
\n
2.5
\n
2.7
\n
0.0
\n
0.0
\n
2.7
\n
After-sales services
\n
47.0
\n
4.2
\n
7.2
\n
58.3
\n
39.1
\n
3.7
\n
7.8
\n
50.6
\n
Loyalty program
\n
17.8
\n
0.0
\n
0.0
\n
17.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
67.2
\n
4.2
\n
7.2
\n
78.6
\n
41.9
\n
3.7
\n
7.8
\n
53.4
\n \n
The table below presents the opening and closing balances of contract liabilities as well as movements during the years:
\n
Right of returns
\n
After-sales services
\n
Loyalty program
\n
Total
\n
Opening Balance 01.01.2023
\n
2.7
\n
50.6
\n
0.0
\n
53.4
\n
Perimeter variation
\n
0.0
\n
0.0
\n
11.8
\n
11.8
\n
Increase recognised
\n
0.0
\n
109.2
\n
18.8
\n
128.0
\n
Revenue recognised
\n
0.0
\n
-99.3
\n
-8.6
\n
-107.9
\n
Contracts cancelled
\n
0.0
\n
-3.9
\n
0.0
\n
-3.9
\n
Net variation invoicing
\n
0.0
\n
-0.8
\n
0.0
\n
-0.8
\n
Pay out
\n
0.0
\n
0.0
\n
-5.0
\n
-5.0
\n
Other changes to contract balances
\n
-0.3
\n
2.5
\n
0.8
\n
3.0
\n
Closing balance 31.12.2023
\n
2.5
\n
58.3
\n
17.8
\n
78.6
\n \n
The item \u201cIndirect tax payables\u201d includes the VAT payables due to tax authorities. The \u20ac 9.1 million increase was linked
\n
to the business and the acquisition of Wolf-Brink.
\n \n
\u201cDeferred income\u201d included adjustments of costs and revenues for the year in order to comply with the competence
\n
principle and the accrual principle (accruals and deferred income, also relating to financial liabilities).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228190336435": { "value": "Note 3.13 \u2013 Other current liabilities\n \n
\u201cOther current liabilities\u201d amounted to \u20ac 288.2 million, up by \u20ac 113.6 million on \u20ac 174.5 million at 31 December 2022.
\n
Other current liabilities
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Current payables due to personnel
\n
73.9
\n
51.7
\n
Contract liabilities
\n
67.2
\n
41.9
\n
Customers credit balance
\n
60.1
\n
13.1
\n
Indirect tax payables
\n
38.3
\n
29.2
\n
Current payables for social security contributions
\n
22.3
\n
19.1
\n
Advances from customers
\n
10.5
\n
5.6
\n
Deferred income
\n
8.1
\n
4.8
\n
Short-Term put/call debts
\n
3.2
\n
3.8
\n
Long-Term employees incentive scheme (current)
\n
0.2
\n
0.3
\n
State Green Programmes - Other payables
\n
0.1
\n
0.0
\n
Other current payables
\n
4.2
\n
5.1
\n
Total
\n
288.2
\n
174.5
\n \n \n \n \n
In accordance with IFRS 15, performance obligations to customers at contract level are presented as contract liabilities.
\n
Contract liabilities include:
\n
\u2022
\n
Rights of Return
\n
\u2022
\n
After-sales service, which include Service maintenance contracts and Service type warranties
\n
\u2022
\n
Loyalty program
\n
31.12.2023
\n
31.12.2022
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Up to 1
\n
year
\n
From 1 to 5
\n
years
\n
Over 5
\n
years
\n
To-
\n
tal
\n
Right of returns
\n
2.5
\n
0.0
\n
0.0
\n
2.5
\n
2.7
\n
0.0
\n
0.0
\n
2.7
\n
After-sales services
\n
47.0
\n
4.2
\n
7.2
\n
58.3
\n
39.1
\n
3.7
\n
7.8
\n
50.6
\n
Loyalty program
\n
17.8
\n
0.0
\n
0.0
\n
17.8
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
67.2
\n
4.2
\n
7.2
\n
78.6
\n
41.9
\n
3.7
\n
7.8
\n
53.4
\n \n \n \n \n \n \n
The table below presents the opening and closing balances of contract liabilities as well as movements during the years:
\n
Right of returns
\n
After-sales services
\n
Loyalty program
\n
Total
\n
Opening Balance 01.01.2023
\n
2.7
\n
50.6
\n
0.0
\n
53.4
\n
Perimeter variation
\n
0.0
\n
0.0
\n
11.8
\n
11.8
\n
Increase recognised
\n
0.0
\n
109.2
\n
18.8
\n
128.0
\n
Revenue recognised
\n
0.0
\n
-99.3
\n
-8.6
\n
-107.9
\n
Contracts cancelled
\n
0.0
\n
-3.9
\n
0.0
\n
-3.9
\n
Net variation invoicing
\n
0.0
\n
-0.8
\n
0.0
\n
-0.8
\n
Pay out
\n
0.0
\n
0.0
\n
-5.0
\n
-5.0
\n
Other changes to contract balances
\n
-0.3
\n
2.5
\n
0.8
\n
3.0
\n
Closing balance 31.12.2023
\n
2.5
\n
58.3
\n
17.8
\n
78.6
\n \n \n \n \n
\u201cCurrent payables for social security contributions\u201d included all relationships that the company is required to maintain
\n
with social security and insurance entities for its employees and workers with atypical contracts (
\n
parasubordinati
\n
). It was
\n
up by \u20ac 3.2 million compared with 31 December 2022.
\n
The item \u201cAdvances from customers\u201d shows all advances received from customers for supplies not yet delivered. It was
\n
up by \u20ac 4.9 million compared to 31 December 2022.
\n \n
\u201cDeferred income\u201d included adjustments of costs and revenues for the year in order to comply with the competence
\n
principle and the accrual principle (accruals and deferred income, also relating to financial liabilities).
\n \n \n
The \u201cShort-term put/call debts\u201d arises from purchase agreements that are to be settled in the near future. The item
\n
showed a decrease, discussed below, of \u20ac 0.6 million. The balance as at 31 December 2023 includes the liability for the
\n
Put and Call on HAAS B.V. and the Chromagen Group.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228050835113": { "value": "\n
Note 3.14 \u2013 Liabilities held for sale
\n
There are no \u201cLiabilities held for sale\u201d.
\n ", "dimensions": { "concept": "aris:DisclosureOfLiabilitiesHeldForSaleExplanatoryTextBlock", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228050527348": { "value": "\n \n
COMMITMENTS
\n
Commitments
\n
The commitments outstanding at 31 December 2023, equal to \u20ac 0.1 million, referred to the equivalent value of the pay-
\n
ments (USD 0.1 million) of additional shares in an ''Investment company in risk capital (SICAR) provision'' specializing in
\n
interventions in sectors in which the Group operates, to be carried out when they are called up by the fund managers for
\n
the commitment established.
\n
At 31 December 2023, there were no other commitments to be mentioned except for the ones concerning the call and
\n
put options entered into as part of the recent acquisitions and already accounted for as \u201cOther liabilities\u201d.
\n
Guarantees issued
\n
The sureties issued in favour of third parties amounted to \u20ac 0.6 million.
\n
Third-party assets in deposit accounts amounted to \u20ac 13.5 million.
\n
No collateral guarantees are issued by the Group.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228050547315": { "value": "\n
COMMITMENTS
\n
Commitments
\n
The commitments outstanding at 31 December 2023, equal to \u20ac 0.1 million, referred to the equivalent value of the pay-
\n
ments (USD 0.1 million) of additional shares in an ''Investment company in risk capital (SICAR) provision'' specializing in
\n
interventions in sectors in which the Group operates, to be carried out when they are called up by the fund managers for
\n
the commitment established.
\n
At 31 December 2023, there were no other commitments to be mentioned except for the ones concerning the call and
\n
put options entered into as part of the recent acquisitions and already accounted for as \u201cOther liabilities\u201d.
\n
Guarantees issued
\n
The sureties issued in favour of third parties amounted to \u20ac 0.6 million.
\n
Third-party assets in deposit accounts amounted to \u20ac 13.5 million.
\n
No collateral guarantees are issued by the Group.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228174722662": { "value": "Guarantees issuedNo collateral guarantees are issued by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228181126585": { "value": "FINANCIAL INSTRUMENTS\n \n
Below are the Group's financial instruments recognised by category and the level of confidence of their fair value meas-
\n
urements at 31 December 2023:
\n
31.12.2023
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through
\n
P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabili-
\n
ties at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
451.2
\n
0.0
\n
451.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
361.3
\n
0.0
\n
361.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
17.1
\n
18.0
\n
0.0
\n
35.1
\n
0.0
\n
17.1
\n
0.0
\n
17.1
\n
Financial assets
\n
2.5
\n
2.4
\n
1.1
\n
0.8
\n
0.0
\n
4.4
\n
0.0
\n
0.0
\n
3.6
\n
3.6
\n
Total
\n
2.4
\n
18.2
\n
831.3
\n
0.0
\n
852.0
\n
0.0
\n
17.1
\n
3.6
\n
20.7
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
459.2
\n
459.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
19.1
\n
0.0
\n
53.4
\n
72.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
46.7
\n
46.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non-current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
942.1
\n
942.1
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
19.1
\n
0.0
\n
1,501.4
\n
1,520.5
\n
0.0
\n
19.1
\n
0.0
\n
19.1
\n
Financial instruments bal-
\n
ance
\n
2.4
\n
-0.9
\n
831.3
\n
-1,501.4
\n
-668.5
\n
0.0
\n
-2.0
\n
3.6
\n
1.6
\n
(*)
\n
For such categories the carrying amount approximates the fair value
\n \n \n \n
The financial instruments of the Group, recognised in the financial statements with a similar breakdown at 31 December
\n
2022, are shown in the table below:
\n
31.12.2022
\n
(in \u20ac million)
\n
Note
\n
Carrying value per type
\n
Fair value
\n
Fin. instr.
\n
at
\n
fair value
\n
through P&L
\n
Fin. instr.
\n
at
\n
fair value
\n
through OCI
\n
Loans & re-
\n
ceivables
\n
Fin.
\n
liabilities
\n
at
\n
amortised
\n
cost
\n
Total
\n
Level 1
\n
Level 2
\n
Level 3
\n
Total
\n
Measured at :
\n
Fair value
\n
Fair value
\n
Amortised
\n
cost
\n
Amortised
\n
cost
\n
Financial assets
\n
Cash and cash equiva-
\n
lents
\n
2.13
\n
0.0
\n
0.0
\n
999.3
\n
0.0
\n
999.3
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Trade receivables
\n
2.9
\n
0.0
\n
0.0
\n
308.4
\n
0.0
\n
308.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial assets
\n
2.11
\n
0.0
\n
34.8
\n
10.2
\n
2.0
\n
47.1
\n
0.0
\n
34.8
\n
0.0
\n
34.8
\n
Financial assets
\n
2.5
\n
4.0
\n
1.1
\n
1.0
\n
0.0
\n
6.1
\n
0.0
\n
0.0
\n
5.1
\n
5.1
\n
Total
\n
4.0
\n
35.9
\n
1,318.9
\n
2.0
\n
1,360.8
\n
0.0
\n
34.8
\n
5.1
\n
39.9
\n
Financial liabilities
\n
Trade payables
\n
3.8
\n
0.0
\n
0.0
\n
0.0
\n
481.4
\n
481.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Current financial liabili-
\n
ties
\n
3.11
\n
0.0
\n
4.8
\n
0.0
\n
44.8
\n
49.7
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Current loans
\n
3.12
\n
0.0
\n
0.0
\n
0.0
\n
32.7
\n
32.7
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Non
\n
-
\n
current financing
\n
3.5
\n
0.0
\n
0.0
\n
0.0
\n
865.2
\n
865.2
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Total
\n
0.0
\n
4.8
\n
0.0
\n
1,424.0
\n
1,428.8
\n
0.0
\n
4.8
\n
0.0
\n
4.8
\n
Financial instruments
\n
balance
\n
4.0
\n
31.1
\n
1,318.9
\n
-1,422.0
\n
-68.0
\n
0.0
\n
30.0
\n
5.1
\n
35.0
\n
(*) For such categories the carrying amount approximates the fair value
\n
Notes:
\n
Level 1: listed prices on an active market for the asset or liability being measured.
\n
Level 2: inputs other than listed prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived
\n
from prices).
\n
Level 3: unobservable inputs for the asset or liability.
\n
As the above table shows, at the reporting date, there were no differences between the carrying amounts of financial
\n
instruments and the corresponding fair value. In particular, among the non-current financial assets, obligations are mainly
\n
stated at fair value.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228185606005": { "value": "LIQUIDITY RISK\n \n \n
As at 31 December 2023, the Group\u2019s \u201cOverall available liquidity\u201d, defined as the sum of cash and cash equivalents and
\n
the unused portion of committed credit lines (equal to \u20ac 895 million at December month-end) amounted to approxi-
\n
mately \u20ac 1,346 million.
\n
As of 31 December 2023, the Group's overall bank credit lines, including the used and unused credit lines (both committed
\n
and uncommitted) totalled approximately \u20ac2.2 billion, of which approximately 43% was drawn.
\n
Cash generated from operations and bank financing are the primary sources of liquidity.
\n
The Group periodically assesses its financial needs, in order to act promptly and implement the necessary actions to find
\n
additional resources when needed. The Group seeks to maintain an adequate mix of resources in terms of maturities,
\n
financial instruments and available amounts.
\n
The following table shows the contractual expiry dates for the financial liabilities other than derivatives. These figures are
\n
based on non-discounted cash flows, including financial charges, as at the next closest date when the Group may be asked
\n
for the payment.
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 2023
\n
(in \u20ac million)
\n 		\n
< 1 month
\n 		\n
2-6 months
\n 		\n
6-12 months
\n 		\n
1-5 years
\n 		\n
> 5 years
\n 		\n
Total
\n
\n
Trade payables
\n 		\n
146.2
\n 		\n
313.4
\n 		\n
3.6
\n 		\n
0.5
\n 		\u00a0\n
463.7
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
-
\n
Current financial liabilities
\n 		\n
6.0
\n 		\n
50.5
\n 		\n
16.6
\n 		\u00a0\u00a0\n
73.1
\n
\n
-
\n
Current loans
\n 		\u00a0\u00a0\n
46.6
\n 		\u00a0\u00a0\n
46.6
\n
\n
-
\n
Non-current financial liabilities
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\n
0.0
\n
\n
-
\n
Non-current loans
\n 		\n
10.0
\n 		\n
6.7
\n 		\n
15.1
\n 		\n
592.9
\n 		\n
475.6
\n 		\n
1,100.3
\n
\n
Total financial payables
\n 		\n
16.0
\n 		\n
57.2
\n 		\n
78.3
\n 		\n
592.9
\n 		\n
475.6
\n 		\n
1,220.0
\n
\n
Expiry dates
\n 		\n
162.2
\n 		\n
370.6
\n 		\n
81.9
\n 		\n
593.4
\n 		\n
475.6
\n 		\n
1,683.7
\n
\n
The details for the expiry dates of financial and trade payables as at 31 December 2022 are shown in the table below:
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Expiry dates 2022
\n
(in \u20ac million)
\n 		\n
< 1 month
\n 		\n
2-6 months
\n 		\n
6-12 months
\n 		\n
1-5 years
\n 		\n
> 5 years
\n 		\n
Total
\n
\n
Trade payables
\n 		\n
121.1
\n 		\n
359.9
\n 		\n
0.0
\n 		\n
0.4
\n 		\u00a0\n
481.4
\n
\n
Financial payables
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
-
\n
Current financial liabilities
\n 		\n
10.7
\n 		\n
18.0
\n 		\n
20.9
\n 		\u00a0\u00a0\n
49.7
\n
\n
-
\n
Current loans
\n 		\u00a0\n
4.1
\n 		\n
28.6
\n 		\u00a0\u00a0\n
32.7
\n
\n
-
\n
Non-current financial liabilities
\n 		\u00a0\u00a0\u00a0\u00a0\u00a0\n
0.0
\n
\n
-
\n
Non-current loans
\n 		\u00a0\n
5.4
\n 		\n
5.0
\n 		\n
736.4
\n 		\n
169.9
\n 		\n
916.7
\n
\n
Total financial payables
\n 		\n
10.7
\n 		\n
27.5
\n 		\n
54.5
\n 		\n
736.4
\n 		\n
169.9
\n 		\n
999.1
\n
\n
Expiry dates
\n 		\n
131.8
\n 		\n
387.4
\n 		\n
54.5
\n 		\n
736.8
\n 		\n
169.9
\n 		\n
1,480.5
\n
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228184641778": { "value": "MARKET RISK\n \n \n
The Group is exposed to several market risks and, in particular, to the possibility that fluctuation in exchange rates, inter-
\n
est rates and commodity prices may affect the value of assets, liabilities and the expected cash flows.
\n
The market risk management policies applied to interest rates, exchange rates and commodities, are centrally defined to
\n
mitigate the above risks in a structured and proactive manner in the advancement of the Group's objectives.
\n
The three types of market risk can be characterised as described here below.
\n \n \n Exchange rate risk\n \n
The international context where the Group operates exposes the Group to the risk that changes in exchange rates may
\n
affect its financial results.
\n
The exposure to exchange rate risk determines:
\n
a)
\n
impacts on the operating result due to the different valuation of income and expense in another currency compared
\n
to the time when the price conditions were agreed upon (economic risk);
\n
b)
\n
impacts on the operating result due to the translation of trade or financial receivables/payables denominated in
\n
another currency (transaction risk);
\n
c)
\n
impacts on the consolidated financial statements due to the translation of assets and liabilities held by companies
\n
that prepare their financial statements in a currency other than the euro (translation risk).
\n
The most significant exposure in other currencies of the Group concerns the exchange rate of the euro against the US
\n
dollar, Chinese renminbi, Swiss franc and several other currencies for lower amounts.
\n
The economic risk is hedged through average rate forward financial instruments, i.e. hedging agreements against the
\n
volatility that characterises the currency markets, using as a reference the monthly average exchange rates, and that
\n
allow the Group to achieve the goals set out in its market risk management policy. In order to pursue these goals, the
\n
Group put into derivatives hedging a set proportion of net exposure in currencies other than the Group's currency. At
\n
each reporting date, the exposure is presented in the financial statements using hedge accounting, which requires rec-
\n
ognising derivatives at their fair value in the statement of financial position. The Group considered it possible to use hedge
\n
accounting since the hedging relationship is effective in accordance with IFRS 9.
\n
In order to minimise the exposure to the transaction risk, the Group uses derivative forward instruments which allow for
\n
protection against revaluations/write-downs at the due date of the credit and debit positions of a financial and commer-
\n
cial nature.
\n
The Group does not hedge the translation risk except for any distribution of intergroup dividends.
\n \n \n \n
At the reporting date, the notional amount of forward currency contracts (sale and purchase) entered into by the Group,
\n
can be summarised as follows:
\n
(in \u20ac million)
\n
Notional amount in
\n
Currency
\n
Notional amount in \u20ac
\n
CHF
\n
150.3
\n
162.3
\n
GBP
\n
14.3
\n
16.4
\n
CNY
\n
367.7
\n
46.8
\n
USD
\n
12.5
\n
11.3
\n
At the same date, the fair value of the foreign exchange derivatives was overall negative, standing at \u20ac 9.2 million.
\n
In relation to exchange rate risk, the Group performed sensitivity analysis to measure how exchange rate fluctuations
\n
against the euro may affect pre-tax profitability. The sensitivity analysis was performed on the currencies to which the
\n
Group is exposed. The hypothesised scenario envisages a general variation in exchange rates of 2% and the following
\n
table shows the sensitivity, while keeping all the other variables fixed, in terms of the profit before tax and equity, gross
\n
of the tax effect. The biggest exposures are CHF and CNY, in the sensitivity analysis the two exposures tend to offset each
\n
other as they are in the opposite side.
\n \n \n \n \n
(in \u20ac million)
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n
31.12.2023
\n
Foreign currency revaluation
\n
1.1
\n
1.1
\n
Foreign currency devaluation
\n
-1.1
\n
-1.1
\n \n \n Commodity price fluctuation risk\n \n \n
Profit and loss are affected by the performance of the prices of raw materials, in particular as regards non-ferrous metals
\n
such as copper, nickel and aluminium, as well as precious metals like silver, which represent one of the primary compo-
\n
nents of the majority of products traded by the Group.
\n
For hedging purposes against the risk of fluctuating prices for copper, silver and nickel, the Group provided, through the
\n
parent company Ariston Holding N.V., for the necessary hedging measures in line with the procedures already adopted
\n
in the previous years aimed at reducing the impact of price volatility in purchases over coming years.
\n
Thus, the Group partly hedged purchases also for the years 2024, 2025 and 2026.
\n
In order to achieve the goals set out in the market risk management policy, the Group entered into derivatives, hedging
\n
a set proportion of raw material purchases. At each reporting date, the exposure is presented in the financial statements
\n
using hedge accounting, which requires recognising derivatives at their fair value in the statement of financial position.
\n
The Group considered it possible to use hedge accounting since the hedging relationship is effective in accordance with
\n
IFRS 9.
\n
When these instruments no longer qualify for hedge accounting, they are recognised as trading instruments.
\n
At the reporting date, the notional amount of forward commodity contracts entered into by the Group, can be summa-
\n
rised as follows:
\n
Commodity
\n
Financial
\n
instruments
\n
Quantity/ton
\n
Total price
\n
(in \u20ac million)
\n
Copper
\n
Forward
\n
1,680.0
\n
13.2
\n
Nickel
\n
Average Forward
\n
46.0
\n
0.9
\n
Silver
\n
Average Forward
\n
2.6
\n
1.8
\n
Aluminium
\n
Forward
\n
1,175.0
\n
2.9
\n
At the same date, the fair value measurement of the derivatives on commodities showed a net negative amount of \u20ac 0.7
\n
million.
\n
Derivatives contracts entered into and closed during the year realised a negative result amounting to approximately \u20ac 0.2
\n
million which impacted the purchase cost of commodities.
\n \n \n Interest rate risk\n \n \n
Interest rate risk refers to the possible impact on the income statement deriving from fluctuations in the interest rates
\n
applied to the Group\u2019s loans.
\n
The amount of the Group\u2019s variable rate debt exposure, not hedged against interest rate risk, represents the main ele-
\n
ment of risk for the negative impact from an increase in market interest rates. The interest rate risk to which the Group
\n
is exposed originates primarily from bank financing.
\n
The Group's policy for managing this risk seeks to strike a balance between fixed and variable rate debts, taking into
\n
account the maturity profile, the short-term market outlook, with the purpose of containing funding costs.
\n
As at 31 December 2023, the Group had, for hedging purposes, interest rate swap (IRS) transactions for a total notional
\n
amount of \u20ac 535.5 million.
\n
At the same date, 64% of bank financing was hedged or fixed and 36% was at a variable rate, consistent with the Group
\n
policy.
\n
The sensitivity analysis of interest rate risk is conducted under the delta margin approach and is aimed at measuring how
\n
a given change in interest rates would affect financial expense associated with variable rate debt over the next 12 months.
\n \n \n \n \n \n
The sensitivity of the interest rate spread, assuming a generalised +/- 50 basis point change in interest rates, amounted
\n
to \u20ac +1.5 million and \u20ac -1.5 million, respectively, at the end of December 2023.
\n \n \n HEDGING INSTRUMENTS\n \n \n
In summary, at 31 December 2023, the following financial hedging instruments are in place:
\n
\u2022
\n
against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2
\n
years;
\n
\u2022
\n
against commodities \u2013 copper, nickel, silver, aluminium and steel with maturities up to 3 years;
\n
\u2022
\n
against interest rates \u2013 medium/long-term floating rate loans with maturities up to 8 years.
\n
The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac-
\n
tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognised in hedge
\n
accounting.
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The high volatility on IRS
\n
price curve in 2023 generated the biggest change in values compared to the previous years. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2023
\n
(in \u20ac million)
\n
Nature of
\n
risk
\n
covered
\n
Fair value
\n
31.12.2023
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent finan-
\n
cial liabili-
\n
ties
\n
Current fi-
\n
nancial
\n
liabilities
\n
Total
\n
Interest Rate Swap
\n
Interest
\n
rate
\n
8.0
\n
-
\n
16.5
\n
-
\n
-8.5
\n
8.0
\n
Average Forward
\n
FX
\n
-9.3
\n
-
\n
0.4
\n
-9.7
\n
-9.3
\n
Forward
\n
Commodity
\n
-0.5
\n
-
\n
0.2
\n
-
\n
-0.7
\n
-0.5
\n
Average Forward
\n
Commodity
\n
-0.2
\n
-
\n
-
\n
-
\n
-0.2
\n
-0.2
\n
Hedging instruments
\n
-2.0
\n
-
\n
17.1
\n
-
\n
-19.1
\n
-2.0
\n
The following table shows the details of hedging instruments in use as at 31 December 2023. The amounts are expressed
\n
in millions of euro:
\n
Hedging instruments
\n
31.12.2022
\n
(in \u20ac million)
\n
Nature of risk
\n
covered
\n
Fair value
\n
31.12.2022
\n
Non-current
\n
financial
\n
assets
\n
Current
\n
financial
\n
assets
\n
Non-cur-
\n
rent
\n
financial
\n
liabilities
\n
Current fi-
\n
nancial li-
\n
abilities
\n
Total
\n
Interest Rate Swap
\n
Interest rate
\n
32.5
\n
32.5
\n
32.5
\n
Average Forward
\n
FX
\n
-2.0
\n
1.5
\n
-3.5
\n
-2.0
\n
Forward
\n
Commodity
\n
-1.1
\n
0.2
\n
-1.3
\n
-1.1
\n
Average Forward
\n
Commodity
\n
0.5
\n
0.5
\n
0.0
\n
0.5
\n
Hedging instruments
\n
30.0
\n
34.8
\n
-4.8
\n
30.0
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228044950505": { "value": "\n
AUDIT FEES
\n
The fees for services provided by the Company\u2019s independent auditors to the Company and its subsidiaries are broken
\n
down as follows:
\n
Audit fee
\n
31.12.2023
\n
31.12.2022
\n
(in \u20ac million)
\n
Audit fees
\n
2.3
\n
2.0
\n
Other non-audit services
\n
0.0
\n
0.0
\n
Total
\n
2.3
\n
2.0
\n
The fees for audit services provided in 2023 by Ernst & Young Accountants LLP are equal to \u20ac 0.2 million (\u20ac 0.3 million in
\n
2022).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "Fxbrl_20240228044858954": { "value": "\n
EVENTS AFTER THE REPORTING PERIOD
\n
There are no significant events after the reporting date to be mentioned in this report.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }