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"value": "RECORDATI S.P.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1. GENERAL INFORMATION The consolidated financial statements of the Recordati group for the year ended 31 December 2022 were prepared by Recordati Industria Chimica e Farmaceutica S.p.A. (the \u201cCompany\u201d or the \u201cParent Company\u201d), with headquarters at Via Matteo Civitali no. 1, 20148 Milan, Italy, and was approved by the Board of Directors\u2019 on 16 March 2023, which authorized distribution to the public. The document is available at the registered office. The consolidated financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union, and with the Italian regulations implementing article 9 of Italian Legislative Decree no. 38/2005. In order to better represent the Group\u2019s operations, the profit and loss accounts are classified by function, while they are classified by nature in the financial statements of the Parent. The distinction between current and non\u2010current was adopted for the presentation of assets and liabilities in the balance sheet. In preparing the cash flow statement, the indirect method was used. Details regarding the accounting standards adopted by the Group are specified in Note 2. The consolidated financial statements at 31 December 2022 comprise those of the Parent Company and all its subsidiaries. The companies included in the consolidation scope, the consolidation method applied, their percentage of ownership and a description of their activity are set out in Note 41. In 2022, the scope of consolidation changed following the parent company's acquisition of EUSA Pharma (UK) Limited (\u201cEUSA Pharma\u201d) with its eleven subsidiaries, including EUSA Pharma Brasil, which was subsequently liquidated in the second half of the year. EUSA Pharma is a leading pharmaceutical company with a portfolio of four products in the niche and rare cancer segment. Following completion of the acquisition on 16 March 2022, consolidation of economic results began on 1 April 2022, with a contribution of \u20ac 136.0 million to net revenue over nine months, while equity figures were consolidated for the first time on 31 March and are broken down in Note 34. The new company Recordati Rare Diseases FZCO was also established in the Middle East during the period. These financial statements are presented in euro (\u20ac), rounded to thousands of euro, except where indicated otherwise. 2. SUMMARY OF ACCOUNTING STANDARDS The financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union and with the Italian regulations implementing Article 9 of Italian Legislative Decree no. 38/2005, in continuity with what was done for the consolidated financial statements at 31 December 2021, with the exception of the adoption of the new standards and amendments in force from 1 January 2022 described in the following paragraph \u201cApplication of new standards\u201d. The Group did not adopt any new standard, interpretation or amendment in advance that was issued but not yet in force. The financial statements were prepared on a going concern basis because the Directors verified the non\u2010 existence of indicators of a financial, operational or other nature which could signal critical issues on the Group\u2019s ability to meet its obligations in the foreseeable future and, in particular, in the next twelve months. Specifically, in making the estimates and assumptions related to the preparation of the consolidated financial statements, the impacts, including potential ones, deriving from the war in progress between Russia and Ukraine. The Group operates on the Russian market, in compliance with current regulations, with revenue in 2022 totalling 6.0% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2022 accounting for 0.6% of the total. The Group continues to monitor the conflict, as well as any geopolitical developments and related consequences on corporate strategies, to adopt mechanisms to protect its competitive position, investments, corporate performance, and resources. In light of the analysis done, also in consideration of the achievement of the expected results and the relevant sector, in preparing these financial statements, no effects were currently identified that could have a significant impact on the financial statement figures. With regard to the COVID\u201019 pandemic, to face the emergency, in Italy, and subsequently also in other countries, since 2020, the Group has implemented all possible measures and initiatives to guarantee the supply of medicines to its patients and the safety of its employees, while also succeeding in obtaining results in line with forecasts. Even as the epidemiological situation improves, the Group is ready to implement appropriate actions to guarantee business continuity in the case it becomes necessary. The financial statements for the consolidated companies, prepared by the Board of Directors or the Sole Director for submission to the respective Shareholders\u2019 Meetings, have been reclassified and adjusted as required in accordance with International Financial Reporting Standards. The criteria applied is consistent with that of the consolidated financial statements at 31 December 2021. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19. Economies experiencing hyperinflation The Group controls companies based in T\u00fcrkiye, a country in which, following a long period of inflation rates under observation, has now reached a situation in which the presence of hyperinflation is the consensus, in line with the international accounting standards, starting in the first half of 2022. In fact, the local currency of T\u00fcrkiye has experienced significant devaluation and accelerated inflation, with cumulative levels for consumer price indices reaching 156% over the last three years. Based on the parameters mentioned above, as of 1 January 2022 the relevant standard IAS 29 has been applied, \u201cFinancial Reporting in Hyperinflationary Economies\u201d, the effects of which are seen in the Group\u2019s consolidated results at 31 December 2022. In particular, in accordance with the standard, the restatement of balance sheet values as a whole require application of specific procedures and an evaluation process. For the income statement, all items were restated applying the change in the general level of prices in effect at the date on which the revenue and costs were initially recorded in the financial statements at the reporting date. For the purpose of converting the income statement thus restated into euro, the exact exchange rate at 31 December 2022 was applied consistently instead of the average exchange rate for the period. Effects deriving from the application of this standard for the final results for the Turkish subsidiaries led to a positive increase in revenue of \u20ac 0.8 million and a negative impact on net profit of \u20ac 6.9 million. With regard to the balance sheet, the cash elements have not been restated, as they were already expressed in the unit of measurement as at the closing date of the period. Non\u2010cash assets and liabilities were instead revalued from the date on which the assets and liabilities were initially recognised until the end of the period. This led to the recognition of gain of \u20ac 4.5 million, which was allocated to the income statement among net financial income/(expense), while the effects of first\u2010time application of the standard at 1 January 2022 were registered directly as an equity component for \u20ac 59.3 million. At 31 December 2022, the total effect on equity was \u20ac 79.4 million, net of impairment of goodwill for \u20ac 5.4 million. Application of new accounting principles Several amendments applied for the first time in 2022 but had no impact on the Group\u2019s consolidated financial statements. These included: \ue001 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 An onerous contract is a contract in which the unavoidable costs (e.g. costs which the Group cannot avoid as they are a part of the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendment clarifies that when determining whether a contract is onerous or generates losses, an entity must consider the costs that relate directly to the contract for the supply of goods and services, including incremental costs (e.g. the direct cost of labour and materials) and costs directly attributable to contractual activities (e.g. depreciation of equipment used to fulfil the contract, as well as costs to manage and supervise the contract). General and administrative expenses are not directly associated with a contract and are excluded, unless they can explicitly be charged back to the counterparty based on the contract. \ue001 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The purpose of the amendments is to replace references to the Framework for the Preparation and Presentation of Financial Statements with references to the Conceptual Framework for Financial Reporting published in March 2018, without making significant changes to the requirements of the standard. The Board has also added an exception to IFRS 3 evaluation principles to avoid the risk of potential \u201cday after\u201d losses or profits falling within the scope of IAS 37 or IFRIC 21 Levies if contracted separately. The exemption requires entities to apply the requirements of IAS 37 or IFRIC 21, rather than those of the Conceptual Framework, to determine whether a current obligation exists at the acquisition date. The amendment also added a new section to IFRS 3 to clarify that potential assets are not classified as assets that can be recognised on the acquisition date. \ue001 Property, Plant and Equipment: Proceeds Before Intended Use \u2013 Amendments to IAS 16 The amendments prohibit entities from deducting from the cost of an element of property, plant and equipment any revenue from products sold during the period in which the asset is brought to the location or the conditions necessary for it to operate in the manner intended by management. On the other hand, an entity recognises revenue deriving from the sales of such products and the costs to produce such products in the income statement. \ue001 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities This amendment clarifies which fees an entity includes when determining whether the terms and conditions of a new or modified financial liability are substantially different from the original conditions of the financial liability. These fees include only those paid or received between the debtor and lender, including fees paid or received by the debtor or the lender on behalf of third parties. No similar amendment has been proposed with reference to IAS 39 Financial Instruments: Recognition and Measurement. Use of estimates The preparation of the financial statements by management requires estimates and assumptions to be made, based on management\u2019s best judgement, that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. If in the future these estimates and assumptions differ from the actual circumstances, they will be amended as appropriate when circumstances change. The balance sheet accounts which require, more than others, a higher degree of subjectivity on the part of management when making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data are hereunder briefly described. \ue001 Goodwill: according to the accounting standards applied by the Group, goodwill is subject to annual impairment testing in order to ascertain whether a reduction in value has occurred. These tests require, on the part of management, subjective evaluations based on available information within the Group and from the market, as well as historical experience. They also depend on factors that could change over time, influencing the valuations and estimates made by management. Furthermore, when it has been determined that a potential reduction in value may have occurred, the Group proceeds to determine it by using the evaluation methods deemed to be most adequate. \ue001 Provisions for risks: the identification of the existence or not of a current obligation (legal or implicit) is not easy to determine in some cases. Management evaluates these events on a case\u2010by\u2010case basis together with an estimate of the amount of financial resources required to comply with the obligation. When management considers that the generation of a liability is only possible, the risks are disclosed in the appropriate information section on risks and liabilities, and no accruals are made. \ue001 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \ue001 Inventories: inventories which appear to be obsolete or slow\u2010moving are periodically tested and written down if their recoverable value in less than their book value. Write\u2010downs are based on assumptions and estimates which derive from experience and the historical results obtained. \ue001 Financial instruments: trade receivables are reduced by their relative provision for bad debts in order to take into account their effective recoverable value. The determination of the amounts to be written down requires that management make subjective evaluations which take into account past events, current conditions and expectations of future economic conditions. In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarized below with regard to the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortized cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \ue001 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \ue001 Level 2: inputs other than prices listed under the previous point, which are observable directly (prices) or indirectly (derivatives from the prices) on the market; \ue001 Level 3: input which is not based on observable market data. Basis of consolidation The consolidated financial statements include the financial statements for the Parent Company and the enterprises controlled by it, prepared at 31 December each year. Control is attained when the Group is exposed or has the right to variable returns originating from its relationship with the investee entity, at the same time, having the capacity to affect these returns, exerting its power over that entity. Specifically, the Group controls an investee if and only if the Group has: \ue001 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \ue001 exposure or rights to variable returns originating from the relationship with the investee entity; \ue001 the ability to exert power over the investee entity to affect the total returns. Generally, it is presumed that having the majority of voting rights leads to control. In support of this assumption and when the Group does not hold the majority of voting (or similar) rights, the Group considers all the relevant facts and circumstances to establish whether it controls the investee entity, including: \ue001 Contractual agreements with other voting rights holders; \ue001 Rights originating from contractual agreements; \ue001 The Group's voting rights and potential voting rights. The Group reconsiders whether it has control of an investee or not if the facts and circumstances indicate that there have been changes in one or more of the three relevant factors which define control. Consolidation of a subsidiary begins when the Group gains control of it and ceases when the Group loses control. The assets, liabilities, revenue and costs of the subsidiary acquired or disposed of during the year are included in the consolidated financial statement from the date the Group obtains control until the date the Group can no longer exert control over the company. The financial statements of the subsidiaries are prepared according to the same accounting standards adopted by the Parent Company. Where necessary, consolidation adjustments are made to bring the accounting policies used in line with those used by the Company. All intercompany transactions and balances between group enterprises, including unrealized gains, are eliminated on consolidation. Unrealized losses are also eliminated, unless they cannot be recovered later. The consolidation is made with the full line\u2010by\u2010line method. The criteria adopted for the application of this method include, among others: a. elimination of the book value of investments in consolidated companies against the related shareholders\u2019 equity and the assumption at the same time of all their assets and liabilities; b. elimination of intercompany payables and receivables and transactions, as well as intercompany profits and losses not yet realized; c. any excess of the cost of acquisition over the value of equity at the date of acquisition is recognized as goodwill; d. non\u2010controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non\u2010controlling interests in the net income of these companies are shown separately in the consolidated income statement. The financial statements of foreign subsidiaries expressed in currencies other than Euro are translated into Euro as follows: \ue001 assets and liabilities, with the exception of shareholders\u2019 equity, at year\u2010end exchange rates; \ue001 shareholders\u2019 equity at historical exchange rates, for year of formation; \ue001 income and expense items at the average exchange rates for the year; \ue001 the goodwill resulting from the acquisition of a foreign company is recognized in the currency of the country in question and translated at year\u2010end exchange rates. Translation differences arising from this process are shown in the consolidated statement of comprehensive income. Balance Sheet Property, plant and equipment \u2013 Property, plant and equipment is sated at purchase cost less accumulated depreciation and any recognized impairment loss. Reviews are performed when events or situations occur which indicate that the carrying amount of the assets can no longer be recovered (see paragraph on impairment). Depreciation is computed on a straight\u2010line basis using rates which are held to be representative of the estimated useful life of the assets: \ue001 Industrial buildings 2.5% \u2010 5.5% \ue001 Plant and machinery 10% \u2010 17.5% \ue001 Other equipment 12% \u2010 40% Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the net carrying amount of the asset and are recognized in income. Leasing \u2010 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2010 At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non\u2010lease component on the basis of its related stand\u2010alone price. The Group recognizes a right\u2010of\u2010use asset and a lease liability at the lease commencement date. The right\u2010of\u2010use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received. The right\u2010of\u2010use asset is subsequently depreciated using the straight\u2010line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right\u2010of\u2010use asset reflects that the Group will exercise a purchase option. In this case the right\u2010of\u2010use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis of those of property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted to reflect any changes deriving from remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interests rate implicit in the lease. If that rate cannot be readily determined, the Group uses the incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the assets leased. The payments due for the lease included in the measurements of the lease liability comprise: \ue001 fixed payments (including substantially fixed payments); \ue001 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \ue001 amounts expected to be payable under a residual value guarantee; and \ue001 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in\u2010substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right\u2010of\u2010use asset. If the carrying amount of the right\u2010of\u2010use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right\u2010of\u2010use assets that do not meet the definition of investments property in \u201cProperty, plant and equipment\u201d and lease liabilities in \u201cLoans\u201d in the balance sheet. Short\u2010term leases and leases of low value assets \u2010 The Group has elected not to recognise right\u2010of\u2010use assets and lease liabilities for leases of low value assets and short\u2010term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight\u2010line basis over the lease term. Intangible assets \u2010 An intangible asset is recognized in the accounts only if identifiable, likely to generate future economic benefits and its cost can be reliably determined. Intangible assets are recognized at purchase cost, net of amortization calculated on a straight line basis and on the basis of their estimated useful life which, however, cannot exceed 20 years. Patents, licenses and know\u2010how are amortized as from the year of the first sale of relevant products. Amortization of distribution and license rights is calculated over the duration of the contract, using the following rates which are held to be representative of the estimated useful life of the assets. \ue001 Industrial patent rights and marketing authorizations 5% \u2010 33% \ue001 Distribution licenses, trademarks and similar rights 5% \u2010 25%. Goodwill \u2010 Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly\u2010controlled entity at the date of acquisition. Transaction costs associated with a business combination are not considered acquisition costs, but are recognized as expenses in the year they are incurred. Goodwill is recognized as an asset and subjected annually to an impairment test in order to determine any loss of value. This test is performed with reference to a cash\u2010generating unit, or CGU, to which goodwill is attributed and at the level at which it is monitored. Goodwill arising on the acquisition of an associate is included within the carrying amount of the associate. On disposal of a subsidiary, associate or jointly\u2010controlled entity, the attributable amount of remaining goodwill is included in the determination of the gain or loss on disposal. Impairment \u2010 At each reporting date, or more frequently if necessary, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If these indications exist, the recoverable amount of these assets is estimated to determine the amount of the write\u2010down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash\u2010 generating unit to which the asset belongs. The recoverable amount is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using an after\u2010tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In the context of determining estimated future cash flow, the Group takes into consideration risks associated with issues linked to climate change, including applicable regulations, assessing whether these may have a significant impact on estimates of the recoverable value and, when necessary, including the effects on cash flow forecasts for estimates of value in use. If the recoverable amount of an asset (or cash\u2010generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash\u2010 generating unit) is reduced to its recoverable amount. Impairment losses are recognized as an expense immediately. When an impairment loss subsequently reverses, the carrying amount of the asset (cash\u2010generating unit) is increased to the revised estimate of its recoverable amount. However, the increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognized. A reversal of an impairment loss is recognized as income immediately. Losses resulting from the impairment of goodwill cannot be reversed. Equity investments in associates \u2010 An associate is an enterprise over which the Group is in a position to exercise significant influence, but not control, through participation in the financial and operating policy decisions of the investee. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. Financial instruments Recognition and measurement Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and liabilities are initially recognized when the Group becomes a party to the contractual provisions of the financial instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) \u2010 debt security; (FVOCI) \u2010 equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortized cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \ue001 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss for the year. \ue001 Financial assets measured at amortized cost These assets are subsequently measured at amortized cost in conformity with the effective interest criterion. The amortized cost is decreased by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as are any gains or losses on derecognition. \ue001 Debt investments measured at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. \ue001 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. Financial liabilities: classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or at FVTPL. A financial liability is classified as at FVTPL when it is held for trading, represents a derivative or is designated as such at the moment of initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost in using the effective interest criterion. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the assets transferred are not derecognized. Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group derecognizes a financial liability also in the case of a change in the related contractual terms and the cash flows of the modified liability are substantially different. In this case, a new financial liability is recognized at fair value on the basis of the modified contractual terms. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non\u2010cash assets transferred or liabilities assumed) is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivative instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non\u2010derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non\u2010financial item, it is included in the cost of the non\u2010financial item on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non\u2010derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non\u2010derivative, foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. Inventories \u2010 Inventories are stated at the lower of cost and net realizable value, where the market value of raw materials and subsidiaries is their substitution cost while that related to finished goods and work\u2010 in\u2010process is their net realizable value. Inventories of raw materials, supplies and promotional material are valued at their average acquisition cost including costs incurred in bringing the inventories to their location and condition at year end. Inventories of work\u2010in\u2010process and finished goods are valued at their average manufacturing cost which includes the cost of raw materials, consumables, direct labour and indirect costs of production. Inventories are written\u2010down if market value is lower than cost as described above or in the case of obsolescence resulting from slow moving stocks. Cash and cash equivalents \u2010 Cash in banks on demand and short\u2010term highly liquid investments measured at market value. Non\u2010current assets classified as held for sale and discontinued operations \u2013 These consist of components of an entity, whose operations and cash flows can be distinguished operationally and for financial reporting purposes, which have either been disposed of or satisfy the criteria to be classified as held for sale. A non\u2010current asset (or disposal group) classified as held for sale is measured at the lower of fair value less costs to sell it and its carrying amount. Non\u2010current assets or disposal groups that are classified as held for sale are not depreciated. Shareholders\u2019 equity \u2010 Equity instruments issued by the Company are recognized at the proceeds received. Dividends distributed by the Parent Company are recognized as payables at the moment of the resolution to distribute them. The purchase cost and selling price of treasury shares are recognized directly in equity and are therefore not recognized in the income statement. Provisions for employee benefits \u2010 Employee benefits are recognized on the basis of the results of the measurements made according to what is established by the accounting standard IAS 19. The liability recognized in the balance sheet for post\u2010employment benefit plans is the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. In particular the Projected Unit Credit Method is applied. Provisions for risks and charges \u2010 Provisions for risks and charges made when the Group has a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. Transactions in foreign currencies \u2010 Transactions in currencies other than the euro are initially recognized at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on exchange are included in net profit or loss for the period. Non\u2010monetary assets and liabilities recognized at the exchange rates prevailing on the dates of the transactions are not retranslated on the reporting date. On consolidation, the assets and liabilities of the Group\u2019s foreign currency operations are translated at the exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in the consolidated statement of comprehensive income and included in the item \u201creserve from translation of financial statements in foreign currencies\u201d. This reserve is recognized as income or as expenses in the period in which the subsidiary is disposed of. Income statement Revenue \u2010 Revenue is measured based on the consideration specified in a contract with a customer. The Group recognizes revenue when it transfers control over a good or service to a customer. Revenues are stated net of discounts, rebates and returns. Information about the nature and the timing of the satisfaction of performance obligations in contracts with customers and the related revenue recognition policies are as follows. Revenues mainly comprise product sales and revenue from licensing\u2010out agreements. Product sales represent net invoice value less estimated rebates, returns and chargebacks and are recognized when control of the goods has been transferred to a third party. This is usually when ownership passes to the customer, either on shipment or on receipt of goods by the customer, depending on the specific trading terms. Revenue from licensing\u2010out agreements includes income from collaborative arrangements on the Group\u2019s products where the Group has licensed certain rights associated with those products, but retains a significant ongoing economic interest, through for example the ongoing supply of finished goods. Income may take the form of up\u2010front payments, profit sharing and royalties. Where control of a right to use of intangible assets passes at the outset of an arrangement, revenue is recognized at one point in time. Where the substance of an arrangement is that of a right to access intangible assets, revenue is recognized over time, normally on a straight\u2010line basis over the life of the contract. Where the Group provides ongoing services (i.e. supply of products), revenue in respect of this element is recognized over the duration of these services. Sales performance milestones are accounted for when the licensee achieves the sales target, so these are recognized at one point in time. Royalties received from the licensee are accounted for when the licensor is entitled to the payment, so these are to be recognized at one point in time. Cost of sales \u2010 This represents the cost of the goods sold. It includes the cost of raw materials, supplies and consumables, finished goods, and direct and indirect production expenses. Selling expenses \u2010 These include all expenses incurred in connection with the products sold during the year, such as payroll and other costs for sales and marketing personnel, promotional expenses and all distribution costs. Research and development expenses \u2010 Research and development costs are expensed in the income statement in the year in which they are incurred in accordance with IAS 38, except the cases for which the same IAS 38 prescribes the capitalization. IAS 38 prescribes that development costs must be capitalized when, in relation to the products of the activity, technical and commercial feasibility is achieved with high probability of success and future economic benefits are probable. These costs include amounts due under collaboration agreements with third parties. Grants from public bodies \u2010 Public grants towards investment in plant are recognized as income over the periods necessary to match them with the related costs and are presented in the balance sheet as deferred income. Operating grants, including those for research, are booked on an accrual basis and are recognized in the income statement as \u201cother revenue\u201d. Transactions involving share\u2010based payments \u2010 As prescribed by IFRS 2, stock option plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the stock options at the date they are granted. This cost is recognized in profit and loss linearly distributed over the vesting period with a counter\u2010item booked directly to equity. Financial income and expenses \u2010 These include interest income and expenses, foreign exchange gains and losses, both realized and unrealized, and differences arising from the valuation of securities. Interest income and expenses are recognized in profit and loss using the effective interest method. Taxes \u2010 Income taxes are the sum of current and deferred taxes. Current taxes are based on taxable profit for the year and the tax rates in force at the reporting date are applied. Deferred taxes are taxes expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable income. Deferred tax liabilities are generally recognized all taxable temporary differences, while deferred tax assets are recognized to the extent to which it is considered probable that there will be taxable fiscal results in the future that will enable the use of the deductible temporary differences. Assets and liabilities are not recognized if the temporary differences derive from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realized. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognized in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Earnings per share \u2010 Earnings per share is the net income for the period attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the number of shares outstanding for the effects of all dilutive potential ordinary shares. 3. NET REVENUE The Group's revenue is derived from contracts with customers and is not subject to significant seasonal fluctuations. Total net revenue in 2022 was \u20ac 1,853.3 million, up by 17.3% compared to 2021. The increase is mainly due to revenue for \u20ac 136.0 million following the consolidation of the portfolio of rare oncology products acquired with EUSA Pharma, consolidated as of the second quarter of the year, as well as strong organic growth in sales in both business segments. Revenue can be detailed as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Net sales 1,838,646 1,536,231 302,415 Royalties 8,309 5,436 2,873 Upfront payments 2,118 6,055 (3,937) Various revenue 4,234 32,352 (28,118) Total net revenue 1,853,307 1,580,074 273,233 The effect of applying IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye caused a positive effect on sales revenue of \u20ac 0.8 million. Revenue for up\u2010front payments is related to the activity of licensing and distribution of products in the portfolio and is recognized when it accrues along the time horizon of collaboration with customers. Revenue for up\u2010front payments of \u20ac 2.1 million recorded in 2022 refers mainly to marketing agreements for Cystadrops\u00ae (cysteamine hydrochloride) (\u20ac 0.7 million), for lercanidipine (\u20ac 0.6 million) and the combination lercanidipine+enalapril (\u20ac 0.2 million). The remaining balance of amounts already paid in advance by customers, which will be recognized for accounting purposes as revenue in future periods, s recognized under deferred revenue (see Note 28, Current liabilities) and amounted to \u20ac 3.9 million (\u20ac 5.9 million at 31 December 2021). In 2021, \u201cVarious revenue\u201d included \u20ac 26.2 million, corresponding to the sales margin for Eligard\u00ae \u2014 a medicinal product for the treatment of prostate cancer \u2014 earned by Astellas Pharma Europe Ltd., as the previous licensee, and retroceded to Recordati following the January 2021 contract between Tolmar International Ltd. and Recordati S.p.A. for the assignment of the new product license. Following the gradual transfer to direct sales starting in the second quarter of 2021, revenues associated with Eligard\u00ae for 2022 are entirely classified under the item \u201cNet sales\u201d. In the tables below, net revenue is disaggregated by product or product class and by geographic area by country. The tables also include a reconciliation of the disaggregated revenue with the Group's reportable segments. PRODUCT OR PRODUCT CLASS \u20ac (thousands) Specialty and Primary Care 2022 Specialty and Primary Care 2021 Rare diseases 2022 Rare diseases 2021 Total 2022 Total 2021 Zanidip\u00ae 130,521 136,736 130,521 136,736 Zanipress\u00ae 37,486 41,188 37,486 41,188 Urorec\u00ae 60,702 60,685 60,702 60,685 Livazo\u00ae 44,073 42,761 44,073 42,761 Seloken\u00ae/Logimax\u00ae 97,806 98,057 97,806 98,057 Eligard\u00ae 104,081 85,268 104,081 85,268 Other corporate products 188,821 170,563 188,821 170,563 Drugs for rare diseases 595,785 383,852 595,785 383,852 OTC 300,697 277,037 300,697 277,037 Local product portfolios 237,130 223,209 237,130 223,209 Other revenue 7,330 12,236 7,330 12,236 Pharmaceutical chemicals 48,875 48,482 48,875 48,482 Total net revenue 1,257,522 1,196,222 595,785 383,852 1,853,307 1,580,074 GEOGRAPHIC AREA BY COUNTRY \u20ac (thousands) Specialty and Primary Care 2022 Specialty and Primary Care 2021 Rare diseases 2022 Rare diseases 2021 Total 2022 Total 2021 Pharmaceutical revenue Italy 249,503 239,441 23,216 18,803 272,719 258,244 France 134,443 120,550 34,655 31,138 169,098 151,688 Russia, Ukraine, other CIS 118,607 94,954 13,070 4,641 131,677 99,595 Germany 128,223 132,079 39,392 20,789 167,615 152,868 Spain 118,612 106,596 24,018 13,438 142,630 120,034 T\u00fcrkiye 64,557 65,486 9,786 4,821 74,343 70,307 Portugal 50,073 43,550 3,392 1,882 53,465 45,432 Other Eastern European countries 107,164 102,211 21,661 9,837 128,825 112,048 Other Western European countries 84,321 75,799 52,374 28,558 136,695 104,357 North Africa 34,709 34,086 2,955 1,816 37,664 35,902 Other international sales 118,435 132,988 110,811 71,226 229,246 204,214 U.S.A. \u2010 \u2010 260,455 176,903 260,455 176,903 Total pharmaceutical revenue 1,208,647 1,147,740 595,785 383,852 1,804,432 1,531,592 Pharmaceutical chemicals revenue Italy 2,652 4,833 \u2010 \u2010 2,652 4,833 Other European countries 14,353 17,138 \u2010 \u2010 14,353 17,138 U.S.A. 7,572 5,554 \u2010 \u2010 7,572 5,554 America (U.S.A. excluded) 4,725 4,762 \u2010 \u2010 4,725 4,762 Australasia 16,990 14,517 \u2010 \u2010 16,990 14,517 Africa 2,583 1,678 \u2010 \u2010 2,583 1,678 Total chemical pharmaceuticals revenue 48,875 48,482 0 0 48,875 48,482 Total net revenue 1,257,522 1,196,222 595,785 383,852 1,853,307 1,580,074 4. OPERATING EXPENSES Total operating expenses for 2022 amounted to \u20ac 1,416.0 million, up compared to the \u20ac 1,089.9 million of 2021, and are classified by function as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Cost of sales 566,737 427,727 139,010 Selling expenses 462,665 396,394 66,271 Research and development expenses 220,102 166,138 53,964 General and administrative expenses 109,493 84,495 24,998 Other (income)/expenses, net 56,984 15,130 41,854 Total operating expenses 1,415,981 1,089,884 326,097 The cost of sales totals \u20ac 566.7 million, up compared to the previous year and representing 30.6% of revenue, higher than the 27.1% in 2021. The higher ratio was due mainly to the revaluation in line with the provisions of accounting standard IFRS 3 of the EUSA Pharma inventories acquired, the negative effect of which on the income statement calculated on the basis of the units sold in the period amounted to \u20ac 49.8 million, the effect of \u20ac 9.1 million for the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye and the effect of \u20ac 9.9 million for the gradual switch to direct sales for Eligard\u00ae, starting in the second quarter of 2021, and now sold directly by Group companies. Selling expenses increased by 16.7% due to the consolidation of EUSA Pharma, the recovery of promotional activities compared to the previous year (which was still affected by the COVID\u201019 pandemic) and the increased resources needed to support the growth of endocrinology products. This increase was nonetheless partially offset by the benefits of the efficiency measures put in place at the end of 2021 with regard to the organization of the Specialty and Primary Care sector sales force, primarily in Germany and T\u00fcrkiye. Expenses as a percentage of revenue came down slightly compared to the previous year due to a positive revenue performance. Research and development expenses were \u20ac 220.1 million, an increase of 32.5% compared to 2021, owing both to the integration of the EUSA Pharma expenses (including \u20ac 18.5 million of amortization of intangible fixed assets) and to the increase in investments in support of products for endocrinology. General and administrative expenses increased by 29.6% owing to the integration of EUSA Pharma and the strengthening of the general coordination structure to support an increasingly complex portfolio resulting from recent acquisitions. The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2022 2021 Changes 2022/2021 Non\u2010recurring costs: \u2010 EUSA Pharma acquisition 20,317 \u2010 20,317 \u2010 restructuring 23,340 11,732 11,608 \u2010 Ukraine emergency 2,229 \u2010 2,229 \u2010 COVID\u201019 pandemic 661 2,453 (1,792) \u2010 reverse merger 0 241 (241) Impairment of intangible assets and goodwill 10,934 52 10,882 Other (497) 652 (1,149) Other (income)/expenses, net 56,984 15,130 41,854 Under the terms of the CONSOB Communication of 28 July 2006, on events, transactions and matters which are non\u2010recurring or do not occur frequently in the normal course of business we can note: \ue001 the costs associated with the acquisition of EUSA Pharma mainly relate to Tech Transfer fees, a specific insurance policy to cover potential risks from limitations of warranties provided by previous shareholders and management of the company during the due diligence process, and the registry tax paid on the acquisition. \ue001 the costs linked to targeted restructuring of the Specialty & Primary Care sector field force, in particular in Italy, Germany and France, impacting around 170 FTE; \ue001 the costs incurred to support the Ukrainian population after the start of the war with Russia and for the COVID\u201019 epidemic, for donations in favour of hospitals and national health services, but also to make work environments safe and for the purchase of personal protective equipment; In compliance with the CONSOB Communication dated 28 July 2006, it is noted that, during 2022, there were no atypical or unusual transactions, as defined by the Communication. Impairment mainly refers to goodwill of the Turkish cash generating unit for \u20ac 5.4 million (see Note 9), the intangible asset Fortacin\u00ae for \u20ac 2.2 million, following the reduction in future expected cash flow and the license obtained from ARS Pharmaceuticals for \u20ac 2.8 million, following the start of negotiations to return the rights with consequent reclassification of the recoverable value among \u201cnon\u2010current assets held for sale\u201d (see Note 19). Total operating expenses are broken down by nature as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Material consumption 402,278 326,980 75,298 Payroll costs 324,320 276,886 47,434 Other employee costs 48,691 30,836 17,855 Variable sales expenses 125,144 113,551 11,593 Amortization and write\u2010downs 136,690 97,637 39,053 Utilities and consumables 41,825 35,663 6,162 Other expenses 337,033 208,331 128,702 Total operating expenses 1,415,981 1,089,884 326,097 The proportion of raw material consumption to net revenue was 21.7%, up compared to the 20.7% of 2021. This increase was mainly determined by the effect of hyperinflation in T\u00fcrkiye of \u20ac 9.1 million and by the different sales method adopted for Eligard\u00ae. While in 2022, revenue was almost all derived from direct sales made by Recordati, in the first half of 2021, it was mainly made up of the transfer to Recordati of gross profit made by the previous licensee Astellas. Personnel costs increased compared to 2021 due to the integration of EUSA Pharma personnel and pay increases recognised in the initial months of the year. The item \u201cPayroll costs\u201d includes \u20ac 8.3 million in charges for stock option plans, up by \u20ac 3.2 million compared to the previous year due to more beneficiary employees. The average number of employees in 2022 was 4,253, which is less than the 4,270 of 2021. There were 4,369 employees as at 31 December 2022, up when compared to the 4,303 at the end of 2021. Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5\u2010 year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plan term if they have met a number of performance conditions. The measurement according to the accounting standard IFRS 2 led to an expense in the 2022 income statement of \u20ac 1.4 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Amortisation and depreciation come to \u20ac 125.8 million, of which \u20ac 98.5 million for intangible assets, up by \u20ac 26.2 million compared to the previous year, in large part due to the effects of the EUSA Pharma acquisition, and \u20ac 27.3 million for property, plant and equipment, up by \u20ac 2.0 million compared to the amount in 2021. The change in \u201cOther expenses\u201d is mainly attributable to higher non\u2010recurring items and to the non\u2010 cash charges of \u20ac 49.8 million arising from the release of the purchase price allocation of EUSA Pharma to the gross margin of acquired inventories pursuant to IFRS 3. 5. NET FINANCIAL INCOME AND EXPENSES In 2022 and 2021 the net balance of financial components was negative respectively of \u20ac 35.9 million and \u20ac 26.8 million. The main items are summarized as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Interest expense on loans 31,306 16,661 14,645 Net exchange rate (gains)/losses 5,804 5,817 (13) Net (income)/expense on short\u2010term positions 2,290 3,481 (1,191) Expenses on leases 852 759 93 Expenses for defined benefit plans 145 123 22 Turkish hyperinflation effects (IAS 29) (4,506) \u2010 (4,506) Total net financial (income)/expenses 35,891 26,841 9,050 The increase in interest expense on loans was mainly due to the opening of new debt by the Parent Company to make the investment in EUSA Pharma. During the first quarter two distinct loans had been taken out for an overall total of \u20ac 650.0 million: loan of \u20ac 200.0 million with a term of 5 years and a \u201cBridge Facility\u201d of \u20ac 450.0 million with a maximum term of 12 months, extendible at the Company\u2019s discretion for a further 6 months, to enable in the meantime to enter into definitive loan instruments. On 28 June 2022 the loan of \u20ac 200.0 million was modified increasing the total debt to \u20ac 800.0 million with the involvement of other credit institutions and the \u201cBridge Facility\u201d loan was repaid entirely. Treatment of transactions based on IFRS 9 led to total charges of \u20ac 15.8 million accruing in 2022, partially offset by savings on loans repaid. Note number 22 contains the details of the loan contracts. 6. INCOME TAXES Income taxes, at \u20ac 89.1 million, include income taxes levied on all consolidated companies, as well as the regional tax on production (IRAP) which is levied on all companies domiciled in Italy, and increased by \u20ac 11.7 million compared to 2021, when non\u2010recurring tax benefits of \u20ac 27.8 were recognised. In 2019, the Parent Company signed an advance agreement with the Italian Tax Authority to define the calculation methods and criteria for a discount on taxable income connected with the direct use of intangible assets for the 2015 to 2019 tax years. As in the previous year, again in tax year 2022, Recordati S.p.A. took part in the reverse charge regime with reference to the same assets as in 2015\u20102019 (with the exception of expired patents and brands excluded in the meantime from the objective scope of subsidy). The Company, operating in line with the previous years, determined the tax benefit pertaining to 2022, recognised to reduce the tax amounts, as \u20ac 6.3 million. The current standard corporate income tax rate in Italy can be reconciled with the tax rate effectively incurred on consolidated pre\u2010tax income, as follows: 2022 % 2021 % Standard income tax rate on pre\u2010tax income of the Parent Company 24.0 24.0 Dividends from foreign subsidiaries 0.5 0.3 Foreign tax rate differential (1.8) (1.5) ACE from reverse merger (0.4) (3.2) Revaluation of Magnesio Supremo\u00ae \u2010 (2.9) Realignment of Reuflor\u00ae \u2010 (0.3) Tax benefit provided by the so\u2010called \u201cPatent box\u201d in Italy (1.6) (1.4) Other differences, net 0.1 0.1 Effective tax rate on income 20.8 15.1 IRAP 1.4 1.6 Effective tax rate on pre\u2010tax income 22.2 16.7 IRAP is levied only on Italian companies and is computed applying an average rate of 5.12% to a broader taxable base calculated before the deduction of interest. 7. PROPERTY, PLANT AND EQUIPMENT The composition and change to property, plant and equipment, including the valuation of the right to use the assets conveyed under leases, are shown in the table below. \u20ac (thousands) Land and buildings Plant and machinery Other equipment Investments in progress Total Cost Balance at 1 January 2021 90,930 241,577 98,712 21,817 453,036 Additions 2,188 2,931 6,957 16,643 28,719 Disposals (1,668) (3,355) (5,924) (139) (11,086) Other changes 944 2,387 (9) (11,166) (7,844) Balance at 31 December 2021 92,394 243,540 99,736 27,155 462,825 Additions 12,058 2,483 7,170 17,330 39,041 Disposals (3,074) (1,236) (5,874) (326) (10,510) Change to scope of consolidation 2,716 0 2,093 0 4,809 Write\u2010downs (313) 0 0 0 (313) Hyperinflation T\u00fcrkiye 12,277 13,220 3,639 0 29,136 Other changes (799) 100 150 (3,269) (3,818) Balance at 31 December 2022 115,259 258,107 106,914 40,890 521,170 Accumulated amortization Balance at 1 January 2021 51,670 200,268 67,848 0 319,786 Amortization for the year 5,972 8,336 10,986 0 25,294 Disposals (1,601) (3,325) (5,679) 0 (10,605) Other changes (339) (1,764) (667) 0 (2,770) Balance at 31 December 2021 55,702 203,515 72,488 0 331,705 Amortization for the year 7,021 8,966 11,302 0 27,289 Disposals (2,582) (856) (5,735) 0 (9,173) Change to scope of consolidation 98 0 900 0 998 Hyperinflation T\u00fcrkiye 1,111 9,545 2,644 0 13,300 Other changes (499) (790) (844) 0 (2,133) Balance at 31 December 2022 60,851 220,380 80,755 0 361,986 Net amount 1 January 2021 39,260 41,309 30,864 21,817 133,250 31 December 2021 36,692 40,025 27,248 27,155 131,120 31 December 2022 54,408 37,727 26,159 40,890 159,184 The increases in property, plant and equipment for \u20ac 39.0 million refers mainly to the Parent Company (\u20ac 18.1 million, especially for the Campoverde and Milan plants) and the subsidiaries Recordati AG (\u20ac 7.9 million), Casen Recordati (\u20ac 1.9 million) and Recordati Rare Diseases Inc. (\u20ac 1.6 million). Application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d led to a net increase of \u20ac 15.8 million in property, plant and equipment owned in T\u00fcrkiye. \u201cOther changes\u201d includes the effect of the conversion to Euro of the value of property, plant and equipment held and recognised in other currencies, which led to a net decrease of \u20ac 1.7 million compared to 31 December 2021, primarily due to the devaluation of the Turkish lira. The following table shows the measurement of the right to use the assets conveyed under leases, determined as prescribed by the accounting standard IFRS 16. \u20ac (thousands) Land and Buildings Plant and machinery Other equipment Total Cost Balance at 1 January 2021 20,619 1,082 19,861 41,562 Additions 1,759 357 4,810 6,926 Disposals (1,668) (4) (4,690) (6,362) Other changes (22) (2) (896) (920) Balance at 31 December 2021 20,688 1,433 19,085 41,206 Additions 11,481 0 3,759 15,240 Disposals (3,027) 0 (4,242) (7,269) Change to scope of consolidation 2,539 0 848 3,387 Write\u2010downs (313) 0 0 (313) Hyperinflation T\u00fcrkiye 1,242 4 1,325 2,571 Other changes (259) (1) (883) (1,143) Balance at 31 December 2022 32,351 1,436 19,892 53,679 Accumulated amortization Balance at 1 January 2021 6,684 188 8,255 15,127 Amortization for the year 3,756 233 5,942 9,931 Disposals (1,601) (4) (4,466) (6,071) Other changes (23) 0 (542) (565) Balance at 31 December 2021 8,816 417 9,189 18,422 Amortization for the year 4,402 288 6,334 11,024 Disposals (2,556) 0 (4,170) (6,726) Change to scope of consolidation 0 0 0 0 Hyperinflation T\u00fcrkiye 476 0 687 1,163 Other changes (307) 0 (768) (1,075) Balance at 31 December 2022 10,831 705 11,272 22,808 Net amount 1 January 2021 13,935 894 11,606 26,435 31 December 2021 11,872 1,016 9,896 22,784 31 December 2022 21,520 731 8,620 30,871 Rights of use of leased assets refer mainly to the office premises of several Group companies and to the cars used by medical representatives operating in their territories. Based on the agreements signed with Novartis Pharma, following regulatory approval from the relevant Swiss authorities, effective 1 October 2022, Recordati AG took over control and risks associated with assets to obtain microparticles for Signifor\u00ae LAR, also signing a lease for the Basel plant owned by Novartis Pharma within which production is now carried out directly by the subsidiary. The initial value of the rights of use was \u20ac 7.3 million, amortised based on the duration of the contract, taking into account reasonably expected renewals. 8. INTANGIBLE ASSETS The composition and change in intangible assets are shown in the following table. \u20ac (thousands) Patent rights and marketing authorizations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance at 1 January 2021 1,029,335 504,149 20,651 48,436 1,602,571 Additions 6,920 50,521 514 7,450 65,405 Disposals (1) (69) (669) 0 (739) Write\u2010downs 0 0 0 (52) (52) Other changes 30,765 6,668 (18) (1,085) 36,330 Balance at 31 December 2021 1,067,019 561,269 20,478 54,749 1,703,515 Additions 272 84,687 360 83,767 169,086 Disposals (77) (1,075) (364) (1,072) (2,588) Change to scope of consolidation 0 532,270 565 0 532,835 Write\u2010downs 0 (2,428) 0 (2,834) (5,262) Hyperinflation T\u00fcrkiye 7,825 1,164 1,408 5 10,402 Other changes 41,803 17,538 (19) (32,705) 26,617 Balance at 31 December 2022 1,116,842 1,193,425 22,428 101,910 2,434,605 Accumulated amortization Balance at 1 January 2021 253,685 214,572 18,503 0 486,760 Amortization for the year 46,355 25,366 570 0 72,291 Disposals (1) (69) (663) 0 (733) Other changes 5,666 920 (175) 0 6,411 Balance at 31 December 2021 305,705 240,789 18,235 0 564,729 Amortization for the year 50,685 47,127 655 0 98,467 Disposals (77) (1,015) (364) 0 (1,456) Change to scope of consolidation 0 2,088 433 0 2,521 Hyperinflation T\u00fcrkiye 3,912 625 1,077 0 5,614 Other changes 6,210 434 (87) 0 6,557 Balance at 31 December 2022 366,435 290,048 19,949 0 676,432 Net amount 1 January 2021 775,650 289,577 2,148 48,436 1,115,811 31 December 2021 761,314 320,480 2,243 54,749 1,138,786 31 December 2022 750,407 903,377 2,479 101,910 1,758,173 Increases for the period include: \ue001 \u20ac 105.0 million for the license agreement with Tolmar International Ltd for marketing Eligard\u00ae (leuprorelin acetate), a prostate cancer medicine, in Europe, T\u00fcrkiye, Russia and other countries, of which \u20ac 70.0 million following approval of the variation involving the new device to administer the product, for which payment is expected during 2023; \ue001 \u20ac 35.4 million for assets for the production stage for Signifor\u00ae LAR microparticles, carried out in the Novartis production plant in Basel, as part of the acquisition of Signifor\u00ae LAR rights completed in October 2019 and based on subsequent agreements, were transferred by Novartis Pharma to Recordati AG, effective 1 October 2022.Of this, \u20ac 13.6 million was paid during the year after authorisation was granted by the relevant Swiss regulatory authorities and \u20ac 21.8 million paid as an advance in 2021, now reclassified from the item \u201cOther non\u2010current assets\u201d; \ue001 \u20ac 10.2 million referring to clinical studies that comply with the criteria set by the IAS 38 accounting standard on capitalisation; \ue001 \u20ac 7.5 million for the milestone included in the license agreement with Helsinn Healthcare relating to the marketing of Ledaga\u00ae; \ue001 \u20ac 5.1 million for investments in software; \ue001 \u20ac 2.3 million for the value of the Telefil\u00ae brand, a pharmaceutical speciality based on tadalafil for treatment of erectile dysfunction and benign prostatic hyperplasia, part of the business unit acquired from V.I.M. G. Ottaviani S.p.A. in December. Intangible assets deriving from the acquisition of EUSA Pharma were recognized in \u201cChange to scope of consolidation\u201d, for a net total amount of \u20ac 530.3 million, mainly for the products Qarziba\u00ae, Sylvant\u00ae, Fotivda\u00ae and Caphosol\u00ae after purchase price allocation performed in compliance with IFRS 3, described in Note 34. On the basis of the knowledge of the market in which the company acquired operates and considering the trend in sales of specialties, a useful life of 20 years was estimated for these assets. Impairment mainly refers to the intangible asset Fortacin\u00ae (\u20ac 2.2 million), following the decrease in expected future cash flow, and the license obtained from ARS Pharmaceuticals (\u20ac 2.8 million) to adjust the discounted recoverable value following the start of negotiations to return the rights over ARS\u20101, a nasal spray containing epinephrine, at an advanced development stage, for emergency treatment of serious allergic reactions. The application of IAS 29 \u201cFinancial reporting in hyperinflationary economies\u201d, led to a net increase of \u20ac 4.8 million in intangible assets held in T\u00fcrkiye. The \u201cOther changes\u201d includes the conversion into euro of the value of the intangible assets held and booked in different currencies, which determined a net increase of \u20ac 32.5 million compared to 31 December 2021, mainly attributable to the revaluation of the Swiss franc for \u20ac 27.5 million, of the U.S. dollar for \u20ac 4.2 million and of the Russian rouble for \u20ac 1.2 million, to the devaluation of the Turkish lira for \u20ac 0.4 million. They also include a reduction of \u20ac 12.5 million for reclassification to \u201cNon\u2010current assets held for sale\u201d of the discounted recoverable value of the license obtained from ARS Pharmaceuticals (see Note 19). 9. GOODWILL Goodwill at 31 December 2022 and 2021 amounted to \u20ac 780.1 million and \u20ac 553.2 million respectively and changed as follows: \u20ac (thousands) Balance at 31 December 2021 553,209 Change to scope of consolidation for EUSA Pharma acquisition 153,850 Change to scope of consolidation for TELEFIL\u00ae acquisition 16,944 Effects of T\u00fcrkiye hyperinflation 74,149 Impairment of T\u00fcrkiye Cash Generating Unit goodwill (5,359) Exchange rate adjustments (12,736) Balance at 31 December 2022 780,057 As required by the accounting standard IFRS 3 and outlined in more detail in Note 34, the purchase price allocation of the price to acquire EUSA Pharma and its subsidiaries was carried out. As part of the PPA, goodwill amounting to \u20ac 153.9 million was recognized and allocated to the treatment of rare diseases cash generating unit. In December, the parent company acquired from V.I.M. G. Ottaviani S.p.A. a business unit associated with the pharmaceutical specialty Telefil\u00ae. As explained in Note 34, the price paid was allocated to the business unit components based on their fair value and the residual difference was recognised as goodwill in the amount of \u20ac 16.9 million, included under the Italy cash generating unit. Following the inclusion of T\u00fcrkiye in the list of countries with hyperinflation, followed by consequent application of accounting standard IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to assets in this country, taking into account the provisions of IAS 21 \u201cEffects of changes in foreign exchange rates\u201d, goodwill associated with the T\u00fcrkiye cash generating unit was revalued by \u20ac 74.1 million and subsequently written down by \u20ac 5.4 million following the annual impairment test. The exchange rate adjustments are related to the goodwill associated with the acquisitions made in countries having currencies different from the euro: goodwill calculated in local currency is translated into euro for the preparation of the consolidated financial statements using the year\u2010end exchange rates. Compared to 31 December 2021, this determined a total net decrease of \u20ac 12.7 million attributable to the acquisitions made in T\u00fcrkiye (decrease of \u20ac 14.4 million), Poland (decrease of \u20ac 0.2 million), Tunisia (decrease of \u20ac 0.1 million), Switzerland (increase of \u20ac 0.4 million), Czech Republic (increase of \u20ac 0.5 million) and Russia (increase of \u20ac 1.1 million). Net goodwill at 31 December 2022, amounting to \u20ac 780.1 million, is divided among the following operational areas, which represent the same number of cash\u2010generating units: \ue001 Business dedicated to medication for the treatment of rare diseases: \u20ac 264.4 million; \ue001 Italy for \u20ac 150.1 million; \ue001 France for \u20ac 74.2 million; \ue001 T\u00fcrkiye for \u20ac 70.7 million; \ue001 Spain for \u20ac 58.1 million; \ue001 Germany for \u20ac 48.8 million; \ue001 Portugal for \u20ac 32.8 million; \ue001 Russia for \u20ac 26.0 million; \ue001 Tunisia for \u20ac 16.6 million: \ue001 Czech Republic for \u20ac 14.7 million; \ue001 Poland for \u20ac 14.1 million; \ue001 Switzerland for \u20ac 9.4 million; \ue001 Romania for \u20ac 0.2 million. As reported in Note 2 above \u2010 \u201cSummary of significant accounting policies\u201d, goodwill is not amortized systematically but is subject to impairment tests at least once a year to determine its recoverable value. Goodwill is allocated to the individual cash\u2010generating units identified on the basis of the business segments and the markets on which the companies acquired operate. A cash\u2010generating unit to which goodwill has been allocated shall be tested for impairment annually, and when there is any indication that it may be impaired, by comparing the carrying amount of the unit, including goodwill, with the recoverable amount of the unit. If the recoverable amount of the unit exceeds the carrying amount of the unit, the unit and the goodwill allocated to that unit is not impaired. If the carrying amount of the unit exceeds the recoverable amount of the unit, the entity must recognize an impairment loss. The recoverable amount was determined by calculating the value in use of the individual cash\u2010 generating units based on discounted cash flow (DCF analysis) originating from operating cash flow forecasts for the period used explicitly for the calculation (2023\u20102027) and from the cash flow beyond that period, according to the net operating income model expected in perpetuity. The main assumptions used for calculating the value in use concern the expected operating cash flows during the period assumed for the calculation, the discount rate and the growth rate. Operating cash flow forecasts for the period explicitly used for the calculation (2023\u20102027) derive from the business plan approved by the parent company Board of Directors on 21 February 2023. The effects of the Russia/Ukraine war were duly considered in the cash flow forecasts. In light of the analysis and in consideration of the achievement of expected results and the resilience of the pharmaceutical sector, currently, no significant impacts have been identified with regard to measurement of the Russia CGU. Nonetheless, given the complexity of the situation and uncertainties about developments in the crisis and their possible impacts, the Company continues to monitor the situation. With regard to risks associated with climate change, as highlighted in the section of the Annual Report on corporate risks, the Company has determined that this risk does not have a significant impact on the pharmaceutical sector or the estimate of the recoverable value of assets. It was, therefore, not deemed necessary to carry out a sensitivity analysis of potential impacts deriving from climate risks. Finally, it was not held necessary to assume specific effects from the COVID\u201019 pandemic due to the company's sector and the reduced impact of the virus. The impairment tests were approved by the Board of Directors on 16 March 2023. The discount rate used for estimates is the after\u2010tax average weighted cost of capital which reflects current market valuations of the cost of money and the specific risk associated with the cash\u2010generating units. The growth rates used for the period subsequent to the explicit forecast period were prudently estimated and take into account the specific features of each country involved. The following table shows the discount rates used for the impairment test for each of the main cash\u2010 generating units, which show a significant increase compared to the rates used in 2021 due to the significant rise in interest rates: Cash\u2010generating unit Discount rate Business dedicated to treatments for rare diseases 10.02% Italy 11.20% France 9.45% T\u00fcrkiye 22.96% Spain 9.96% Germany 9.28% Portugal 9.98% Russia 22.64% Tunisia 23.25% Czech Republic 9.89% Poland 11.88% Switzerland 8.62% The value in use, calculated according to the procedures described for each cash\u2010generating unit, was examined and approved by the Board of Directors. For the T\u00fcrkiye cash generating unit, for which goodwill was written down together with other non\u2010monetary assets and equity, in compliance with IAS 29, the value in use was found to be lower than the book value, which led to impairment of \u20ac 5.4 million, recognised in the income statement under other net operating expense. In all other cases, value in use was higher, even significantly so, than the book value of the net capital invested recognized in the financial statements at 31 December 2022, even when the growth rates and the discount rates used in impairment testing were changed, and therefore no further impairment of goodwill was recognized. 10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31 December 2022 the details of other equity investments and securities were as follows: \u20ac (migliaia) Book value Percentage stake 31/12/2022 31/12/2021 31/12/2022 31/12/2021 PureTech Health p.l.c. \u2010 United Kingdom 28,708 33,201 3.3% 3.3% Erytech Pharma S.A. \u2010 France 158 914 1.4% 1.4% Fluidigm Corp. \u2010 United States of America 1 4 n.s. n.s. Other 4 5 n.s. n.s. Total equity investments and securities 28,871 34,124 The main investment refers to the U.K. company PureTech Health plc, specializing in investments in start\u2010up companies dedicated to innovative therapies, medical devices and new research technologies. Starting from 19 June 2015, the shares of the Company were admitted for trading on the London Stock Exchange. At 31 December 2022, the total fair value of the 9,554,140 shares held was \u20ac 28.7 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 4.5 million, compared to 31 December 2021, with a counter\u2010item accounted for, net of the related tax effect, in the statement of gains and losses recognized in shareholders\u2019 equity. This item also includes \u20ac 0.2 million regarding an investment made during 2012 in Erytech Pharma S.A., a listed French biopharmaceutical company, focused on developing new therapies for rare oncological pathologies and orphan diseases. The investment, originally structured as a non\u2010interest\u2010bearing loan, was converted into 431,034 company shares in May 2013. The value of the investment was adjusted to the stock exchange value and decreased by \u20ac 0.7 million, compared to 31 December 2021, with a counter\u2010item accounted for, net of the related tax effect, in the statement of gains and losses recognized in shareholders\u2019 equity. 11. OTHER NON\u2010CURRENT ASSETS At 31 December 2022, this item amounted to \u20ac 9.6 million, down by \u20ac 23.4 million compared to 31 December 2021, mainly due to reclassification of advances paid in 2021 to \u201cIntangible assets\u201d, for assets associated with the production of Signifor\u00ae LAR microparticles at the Novartis production plant in Basel, transferred to Recordati AG by Novartis Pharma effective 1 October 2022. The effect of the EUSA Pharma consolidation was \u20ac 1.0 million. 12. DEFERRED TAX ASSETS At 31 December 2022 deferred tax assets amounted to \u20ac 76.9 million (\u20ac 75.9 million at 31 December 2021). The main deferred tax assets and their changes are presented in the two tables below: \u20ac (thousands) 2022 2021 Balance at 1 January 75,922 75,084 Additions 14,023 19,326 Utilizations (21,248) (18,488) Change to scope of consolidation 8,198 0 Balance at 31 December 76,895 75,922 \u20ac (thousands) Revenues/costs with deferred tax effect Tax Realignment Tax credits Other Total Balance at 1 January 10,871 8,879 1,648 54,524 75,922 Additions 4,395 0 304 9,324 14,023 Utilizations (4,750) (4,439) 0 (12,059) (21,248) Change to scope of consolidation 8,198 0 0 0 8,198 Balance at 31 December 18,714 4,440 1,952 51,789 76,895 During 2017, the Parent Company and the subsidiary Italchimici S.p.A. took advantage of the option, allowed by tax law, to realign the differences between the higher book value of Goodwill and intangible assets determined by extraordinary transactions and the corresponding recognized fiscal values. Tax law provides for the payment of an IRES and IRAP substitute tax of 16% and the subsequent deductibility of the realigned values in the amount of one fifth per year starting, as the case may be, from the first or the second fiscal year subsequent to that in which the substitute tax was paid. In the case of the Parent Company, the amounts relate to the tax realignment of goodwill, determined according to fiscal rules, arising from the acquisition of Italchimici S.p.A. and Pro Farma AG, both in 2016. The benefit deriving from the future tax deductibility of the franked amounts determined the recognition of deferred tax assets of \u20ac 22.2 million. The tax step up of Italchimici S.p.A. relates to the goodwill, determined according to fiscal rules, arising from a merger independently realized before their entry into the Recordati group. The benefit deriving from the future fiscal deductibility resulted in the recognition of deferred tax assets for an amount of \u20ac 8.6 million. The tax credits relate to the tax incentives associated with the construction of the production plant in T\u00fcrkiye. The item \u201cOther\u201d mainly refers to temporary differences deriving from the elimination of unrealised profits on intercompany sales. The tax effect of comprehensive income statement components is \u20ac 1.3 million (\u20ac 1.1 million at 31 December 2021). 13. INVENTORIES Inventories at 31 December 2022 amounted to \u20ac 424.1 million (\u20ac 228.7 million at 31 December 2021), net of provisions for the impairment of pharmaceutical products nearing expiry and slow moving of \u20ac 17.5 million (\u20ac 10.3 million at 31 December 2021). The increase in value is mainly due to the inventories of the companies in the EUSA Pharma group, which totalled \u20ac 125.2 million (including the effects of revaluation under IFRS 3 of \u20ac 92.1 million) at 31 December 2022. The breakdown by category is as follows: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Raw materials and supplies 92,080 67,202 24,878 Semi\u2010finished goods and work in process 78,830 44,053 34,777 Finished goods 253,170 117,477 135,693 Total 424,080 228,732 195,348 14. TRADE RECEIVABLES Trade receivables at 31 December 2022 and 2021 amounted to \u20ac 361.9 million and \u20ac 307.8 million respectively. The net effect of EUSA Pharma on trade receivables on 31 December 2022 was \u20ac 43.9 million. The amounts are expressed net of provisions for impairment, which at 31 December 2022 amounted to \u20ac 17.7 million (\u20ac 14.2 million at 31 December 2021). This item is considered consistent with positions which, for the particular nature of the customers or the destination markets, may be difficult to collect. The average number of days of exposure was 63, up compared to the 60 days in 2021. Provisions for doubtful accounts increased by \u20ac 3.6 million (decrease of \u20ac 1.0 million in 2021), and this difference is classified in selling expenses. The Group uses a matrix to measure the expected credit losses on trade receivables from individual customers, which comprise a very large number of small balances. Losses are estimated using a method based on the probability of a receivable progressing through successive stages of insolvencies calculated separately for exposures in different segments based on common credit risk characteristics, such as geographical region and duration of the customer relationship. The following table provides information about the exposure to credit risk for trade receivables: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Current (not past due) 313,885 280,060 33,825 1\u201030 days past due 15,074 7,614 7,460 31\u201060 days past due 10,940 8,236 2,704 61\u201090 days past due 5,131 4,794 337 More than 90 days past due 34,590 21,233 13,357 Total gross trade receivables 379,620 321,937 57,683 Additional information about how the Group assesses the exposure to credit risk and provisions for doubtful accounts is provided in Note 33. 15. OTHER RECEIVABLES Other receivables totalled \u20ac 63.9 million, up by \u20ac 19.0 million compared to 31 December 2021, in part due to the balance of \u20ac 7.0 million for EUSA Pharma. The relevant details are presented in the table below: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Tax receivables 49,353 34,943 14,410 Advances to employees and agents 1,751 2,323 (572) Other 12,810 7,614 5,196 Total other receivables 63,914 44,880 19,034 Tax receivables also include value added tax (VAT) receivable (\u20ac 24.5 million) and advance payments of income tax paid in excess. Advances to employees and agents comprise advances on expense accounts and other receivables. \u201cOther\u201d includes advances paid to suppliers and other parties and to computed credits under licensing\u2010in agreements. 16. OTHER CURRENT ASSETS Other current assets amounted to \u20ac 15.4 million (\u20ac 13.0 million at 31 December 2021), of which \u20ac 2.8 million for EUSA Pharma, and relate mainly to prepaid expenses. 17. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current assets) At 31 December 2022 the value of derivative instruments included under this item amounted to \u20ac 23.6 million. The measurement at market (fair) value of the cross currency swaps, entered into by the Parent Company to hedge the US$75 million loan issued on 31 September 2014 resulted in a total asset of \u20ac 11.9 million. This amount represents the potential benefit of a lower value in euro of the future dollar denominated principal and interest flows, in view of the revaluation of the foreign currency with respect to the moment in which the loan and hedging instruments were negotiated. In particular, the change in fair value of the derivative hedging the US$ 50 million tranche of the loan, provided by Mediobanca, was positive for \u20ac 7.5 million, and that hedging the US$ 25 million tranche of the loan, provided by UniCredit, yielded a \u20ac 4.4 million positive change. The measurement at market (fair) value of the interest rate swaps hedging a number of loans gave rise to total assets of \u20ac 7.5 million, representing the opportunity of paying in the future, for the term of the loans, the agreed interest rates rather than the variable rates currently expected. The measurement relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on the syndicated loan finalized in the first half of the year (\u20ac 6.7 million) and the loan with Mediobanca (\u20ac 0.8 million). At 31 December 2022, other hedging transactions were in place on foreign currency positions, the measurement of which was positive for \u20ac 4.2 million against \u20ac 0.1 million at 31 December 2021, with the difference recognized to the income statement and offsetting the exchange losses arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level 2 of the hierarchy provided for in the accounting standard IFRS 13 (see note 2). The fair value is equal to the current value of the estimated future cash flows. Estimates of future floating\u2010rate cash flows are based on quoted swap rates futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for pricing interest rate swaps. 18. CASH AND CASH EQUIVALENTS A breakdown is shown in the following table: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Demand current account deposits 162,602 230,883 (68,281) Short\u2010term time deposits 122,098 13,654 108,444 Cash on hand 34 41 (7) Total cash and cash equivalents 284,734 244,578 40,156 Short\u2010term time deposits consist of tied deposits with maturities of three months or less. At 31 December 2022, cash and cash equivalents were mainly in euro (87.4 million), U.S. dollars (150.7 million, especially for the subsidiary Recordati Rare Diseases Inc.), Russian roubles (1,479.3 million, mainly associated with the subsidiary Rusfic LLC), Tunisian dinars (29.4 million with subsidiaries in Tunisia) and British pounds (7.8 million, mainly for subsidiaries in the United Kingdom). 19. NON\u2010CURRENT ASSETS HELD FOR SALE This item includes \u20ac 12.5 million for the estimated discounted recoverable value of the milestone paid to ARS Pharmaceuticals for the ARS\u20101 license, a nasal spray containing epinephrine, at an advanced stage of development, for emergency treatment of serious allergic reactions, following the start of negotiations to return product rights, which were successfully completed in February 2023. 20. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Share capital \u2010 the share capital at 31 December 2022, of \u20ac 26,140,644.50, was fully paid up and consisted of 209,125,156 ordinary shares with a par value of \u20ac 0.125 each. During 2022, there were no changes. Share premium reserve \u2013 At 31 December 2022, this amounted to \u20ac 83.7 million, unchanged compared to the previous year. Treasury shares \u2010 As at 31 December 2022, 3,684,033 treasury shares are held in the portfolio, an increase of 469,733 shares compared to 31 December 2021. The change was due to the disposal of 729,250 shares for an amount of \u20ac 13.6 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 1,198,983 shares for an amount of \u20ac 52.3 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 149.6 million, with an average unit price of \u20ac 40.60. Reserve for derivative instruments measured at fair value \u2010 In accordance with the provisions of the international accounting standard IFRS 9, this shareholders\u2019 equity reserve contains the contra entry for the value of the assets and liabilities resulting from the measurement at market value of the cross\u2010 currency swaps qualifying as cash flow hedges, the contra entry for the recognition in the income statement offsetting the valuation at year\u2010end exchange rates of the foreign currency loans hedged, and the assets and liabilities resulting from the measurement at market value of the interest rate swaps also qualifying as cash flow hedges. At 31 December 2022, this value, net of the tax effect, was positive \u20ac 6.2 million. Other reserves \u2010 At 31 December 2022, these amounted to \u20ac 62.3 million, up by \u20ac 2.1 million compared to 31 December 2021. Other reserves include the statutory reserve of the Parent Company (\u20ac 5.2 million), reserves for grants received (\u20ac 15.5 million) and reserves for amounts booked directly to equity in application of the international accounting standards. The application of IFRS 2 had a positive effect of \u20ac 23.3 million, while the application of IAS 19 had a positive effect of \u20ac 0.4 million. The recognition of the gains associated with the investment in Puretech Health determined a positive after\u2010tax effect of \u20ac 21.0 million, while the recognition of the reduced value of the investment in Erytech Pharma determined an after\u2010tax negative effect of \u20ac 3.5 million. The completion of the reverse merger in 2021 led to the recognition of a reserve for \u20ac 0.4 million. Profits carried forward and net profit \u2013 At 31 December 2022, retained profits amounted to \u20ac 1,524.1 million, up by \u20ac 248.1 million compared to 31 December 2021 and the Group\u2019s net profit was \u20ac 312.3 million, down by 19.1% compared to \u20ac 386.0 million in 2021. Some of the shareholders\u2019 equity reserves recognised in the Group\u2019s Italian companies are in tax suspension and, according to the fiscal rules, their distribution is subject to taxation. These reserves, net of the substitute taxes already paid of \u20ac 18.4 million, amounted to \u20ac 152.1 million. In accordance with the international accounting standard IAS 12, deferred taxes are not recognized on these suspended reserves until their distribution is resolved. The application of IAS 29 in T\u00fcrkiye had positive effects of \u20ac 101.1 million. Interim dividend \u2013 During the year, the Board of Directors of the Parent Company resolved to distribute an interim dividend for 2022 of \u20ac 0.55 per share, for a total amount of \u20ac 113.0 million. Incentive plans \u2010 At 31 December 2022, the Company has three stock option plans benefiting certain Group employees: the 2014\u20102018 plan with the grant on 13 April 2016, the 2018\u20102022 plan, with the grant of 3 August 2018, and the 2021\u20102023 plan with the grants of 6 May 2021, 1 December 2021 and 24 February 2022. The strike price for the options is the average of the Parent Company's listed share price during the 30 days prior to the grant date. The options are vested over a period of five years, over four tranches starting from the second year, in the case of the less recent grants and three years for the 2021 and 2022 grants, payable in a single tranche. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested. Stock options outstanding at 31 December 2022 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2022 Granted 2022 Exercised in 2022 Cancelled and expired 2022 Quantity 31/12/2022 Grant date 29 July 2014 12.29 476,500 \u2010 (461,500) (15,000) \u2010 13 April 2016 21.93 934,000 \u2010 (28,500) (6,000) 899,500 3 August 2018 30.73 2,896,000 \u2010 (239,250) (36,250) 2,620,500 6 May 2021 45.97 2,925,500 \u2010 \u2010 (311,000) 2,614,500 1 December 2021 56.01 130,000 \u2010 \u2010 \u2010 130,000 24 February 2022 47.52 \u2010 3,553,000 \u2010 (33,000) 3,520,000 Total 7,362,000 3,553,000 (729,250) (401,250) 9,784,500 Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5\u2010 year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plan term if they have met a number of performance conditions. The measurement according to the accounting standard IFRS 2 led to an expense in the 2022 income statement of \u20ac 1.4 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. 21. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON\u2010CONTROLLING INTERESTS All consolidated companies are 100% owned, except for the Tunisian company Opalia Pharma, which is 90% owned. The company has, however, been 100% consolidated by applying the anticipated acquisition method allowed by IAS 32. Consequently, the amount estimated for the acquisition of the remaining 10%, of \u20ac 3.5 million, was recognized as a liability since the transfer of this remaining quota is covered by contractual agreements which provide for reciprocal put and call options between the parties which have a high probability of being exercised. Subsequent changes of the estimate will be recognized in a shareholders\u2019 equity reserve. This accounting method is not detrimental to the rights of the non\u2010controlling shareholders during the period until all capital shares are transferred. 22. LOANS At 31 September 2022, loans amounted to \u20ac 1,633.1 million, up by a net \u20ac 649.6 million compared to 31 December 2021. This item includes the liabilities deriving from the application of the IFRS 16 accounting standard, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 30.8 million, a net decrease of \u20ac 7.6 million compared to 31 December 2021. During 2022, loans increased by \u20ac 1,453.8 million: \u20ac 1,357.0 million for the opening of new bank loans, \u20ac 78.2 million included among the acquired liabilities of EUSA Pharma and \u20ac 18.6 million related to new leases, of which \u20ac 3.4 million deriving from the first consolidation of the new companies acquired. Repayments for a total of \u20ac 813.7 million were made in the year, of which \u20ac 725.3 million for the repayment of bank loans, \u20ac 78.2 million for total repayment of the debt undertaken to acquire EUSA Pharma and \u20ac 10.2 million relating to lease liabilities. The values of bank loans reflect the opening and subsequent \"take out\" with definitive financing of the \"Bridge Facility\" relating to the acquisition of EUSA Pharma, as illustrated below. During the year, some loans reached maturity and were extinguished. Specifically: \ue001 in August, the loan of 71.6 million Turkish lira, disbursed on 16 October 2014 to the subsidiary Recordati Ila\u00e7 by IFC\u2010World Bank, ended with full repayment; \ue001 the 2017 loan with UBI Banca (now Intesa Sanpaolo) ended in September with the single instalment repayment of \u20ac 50.0 million; \ue001 in November, after payment of the last instalment of \u20ac 5.0 million, the \u20ac 15.0 million loan from Banca Passadore was closed. With the aim of improving management of its overall debt, the Parent Company ended two loans in advance of their natural maturity. Specifically: \ue001 the loan from Intesa Sanpaolo, expiring in October 2025, ended in August with the repayment of the outstanding debt of \u20ac 37.5 million; \ue001 the loan from Mediobanca, maturing in July 2024, was extinguished in September with the repayment of the residual debt of \u20ac 22.5 million; The effect of the translation of loans in foreign currencies and of expenses incurred to place the loans, together with the early termination of a number of leases, determined a total net increase of \u20ac 9.5 million compared to 31 December 2021. A breakdown of medium\u2010 and long\u2010term loans at 31 December 2022 and 2021 is shown in the following table: \u20ac (thousands) 31/12/2022 31/12/2021 GRANTED TO RECORDATI S.P.A.: Loan from a pool of national and international banks, specifically Mediobanca, JP Morgan, UniCredit and Banca Nazionale del Lavoro, subsequently syndicated with the involvement of other international credit institutions, at a variable interest rate, repayable starting in 2023 and through 2027. The payable was partially converted to a fixed interest rate through interest rate swap transactions *796,518 \u2010 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,736 \u2010 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,446 *179,284 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi\u2010annual installments starting 2022 through 2026 *37,905 *39,875 Loan from Mediobanca, Natixis and Unicredit, syndicated involving a pool of Italian and international banks, at a variable interest rate, repayable in semi\u2010annual installments starting 2020 through 2024 *213,207 *282,479 Loan from Mediobanca, at a variable interest rate hedged by an interest rate swap, repayable in semi\u2010annual installments starting 2020 through 2023 *42,733 *85,456 Loan from Banca Passadore, at a variable interest rate of 3\u2010month Euribor plus a fixed spread, repaid in 2022 \u2010 *4,999 Loan from Intesa Sanpaolo, at a variable interest rate hedged by an interest rate swap, repayable in semi\u2010annual instalments starting 2019 through 2025, extinguished in advance in 2022 \u2010 *42,749 Loan from Intesa Sanpaolo (formerly UBI Banca), at a variable interest rate hedged by an interest rate swap, repaid in a lump sum in 2022 \u2010 *49,993 Loan from Mediobanca, at a variable interest rate hedged by an interest rate swap, repayable in annual instalments starting 2018 through 2024, extinguished in advance in 2022 \u2010 33,000 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,921 *124,913 Guaranteed senior notes privately placed in 2014 with international institutional investors, structured in two tranches: US$50 million at fixed interest rate repayable in semi\u2010annual installments starting 2022 through 2026, converted with cross currency swap into a debt of \u20ac 37.3 million at fixed interest rate, US$25 million at fixed interest rate repayable in semi\u2010annual installments starting 2023 through 2029, converted with cross currency swap into a debt of \u20ac 18.7 million at fixed interest rate *60,815 *66,065 Liabilities for leases granted to Recordati S.p.A. 2,371 3,152 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AB to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi\u2010annual installments starting 2022 through 2025 33,767 \u2010 Loan from UBS Switzerland AB to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi\u2010annual installments starting 2020 through 2025 38,083 50,818 \u20ac (thousands) 31/12/2022 31/12/2021 Loan from IFC\u2010World Bank to Recordati Ila\u00e7 for TRY 71.6 million, at variable interest rate, repaid in 2022 \u2010 *539 Various interest\u2010free loans granted to Casen Recordati S.L. repayable within 2029 156 173 Liabilities for leases granted to the other Group companies 28,437 20,039 Total amortized cost of loans 1,633,095 983,534 Loans due within one year, classified among current liabilities 291,546 223,061 Loans due after one year, classified among non\u2010current liabilities 1,341,549 760,473 * Net of expenses incurred for placing the loans, amortized on the basis of the effective interest rate. At 31 December 2022, the remaining expenses amounted to a total of \u20ac 5.8 million, mainly related to the pool loan granted to Recordati S.p.A. in 2022 (\u20ac 3.5 million), the syndicated loan granted to Recordati S.p.A. by a pool of banks in 2019 (\u20ac 1.1 million), the loan from a consortium of lenders led by Mediobanca in 2021 (\u20ac 0.5 million), the guaranteed senior notes issued by Recordati S.p.A. in 2014, 2017 and 2022 (\u20ac 0.5 million) and loans from Mediobanca (\u20ac 0.1 million) and Allied Irish Bank (\u20ac 0.1 million). The repayment schedule for loans due after 31 December 2023, based on their amortization plans, is as follows: \u20ac (thousands) 2024 309,187 2025 201,109 2026 400,320 2027 271,438 2028 and subsequent years 159,495 Total 1,341,549 The weighted average interest rate at 31 December 2022, calculated applying the rates resulting from the hedging instruments, is 3.14%. The main loans outstanding are: a) Bond issued by the parent company on 12 September 2022 for \u20ac 75.0 million, placed privately and fully with companies in the Prudential group. The main terms provide for a fixed rate with interest payments every six months and a term of 12 years, with repayment of the principal in five annual instalments starting in September 2030 and expiring on 12 September 2034. The transaction, aimed at continuing to raise medium\u2010 to long\u2010term funds to further support the Group's growth, has facilitated access to favourable market conditions. It has standard market characteristics typical of the US private placement market and is substantially in line with the bond issued by the Parent Company in 2017. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. b) Loan for a total of \u20ac 800,0 million negotiated by Recordati S.p.A. in two different stages. On 3 February 2022 the Parent Company signed a loan contract for \u20ac 200.0 million for the purpose of acquiring EUSA Pharma (UK) Limited, disbursed by a consortium of national and international lenders made up of Mediobanca, JP Morgan, UniCredit and Banca Nazionale del Lavoro. The terms of the loan provide for a variable interest rate at the 6\u2010month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a 5\u2010year term with semi\u2010annual repayment of the principal starting 31 March 2023, with the final instalment on 3 February 2027. Disbursement, net of structuring and up\u2010front fees, took place on 15 March 2022. Again on 3 February 2022 the Parent Company agreed a \u201cBridge Facility\u201d for a total of \u20ac 450.0 million again for the purpose of financing the acquisition of EUSA Pharma (UK) Limited. The financial institutions are Mediobanca, which also serves as the agent, and JP Morgan with a portion of \u20ac 157.5 million, UniCredit for \u20ac 67.5 million, Banca Nazionale del Lavoro for \u20ac 54.0 million, and BNP Paribas for \u20ac 13.5 million. The maximum term of the loan is 12 months and may be extended, at the Company's discretion, for 6 more months to allow for final financial instruments to be negotiated in the meantime. The terms include a variable interest rate at the Euribor rate at the time of use (with floor to zero) plus a variable spread. The disbursement, net of fees, took place on 15 March 2022. In the second quarter, Recordati S.p.A. finalized the negotiation of a syndicated loan for the repayment of the bridge loan. The interest shown by both partner banks and by new international credit institutions was significant. It was therefore possible to proceed to the collection of an additional \u20ac 150.0 million. This operation was formalised on 28 June 2022 through the signing of an \u201camendment and restatement\u201d of the \u20ac 200.0 million loan negotiated in February 2022. The amendment in question made it possible to increase the value of the loan to \u20ac 600.0 million, of which \u20ac 450.0 million deriving from replacement of the \u201cBridge\u201d plus an additional \u20ac 150.0 million. The main economic terms of the loan remained substantially in line with the original ones, with a variable interest rate at the 6\u2010month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a 5\u2010year term with semi\u2010annual repayment of the principal starting 31 March 2023, with the final instalment on 3 February 2027. In July 2022, the loan was partially hedged with an interest rate swap, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. At 31 December 2022, the fair value of the derivatives was measured as a positive \u20ac 6.7 million, which was recognized directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. c) Loan for 40.0 million Swiss francs taken out on 16 March 2022 by the subsidiary Recordati AG with UBS Switzerland AG, at a fixed interest rate, with quarterly interest payments and semi\u2010annual repayment of principal starting September 2022 through March 2025. The value in euro of the outstanding loan at 31 December 2022 was \u20ac 33.8 million. The loan, guaranteed by the Parent Company, includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. d) \u20ac 180.0 million loan negotiated by the Parent Company in May 2021, provided by a consortium of national and international lenders led by Mediobanca. The main terms include a variable interest rate of the 6\u2010month Euribor (with a zero floor) plus a fixed spread and a 5\u2010year term and single installment repayment on maturity. Disbursement, net of structuring and up\u2010front fees, took place on 21 May 2021. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. e) Loan for \u20ac 40.0 million entered into by the Parent Company on 30 March 2021 with Allied Irish Bank at a variable interest rate of the 6\u2010month Euribor (with floor to zero) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, with six\u2010monthly interest payments and principal repayment, again on a semi\u2010annual basis, starting from March 2022 until March 2026. The debt outstanding recognized at 31 December 2022 amounted to a total of \u20ac 37.9 million. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. f) Loan for 75.0 million Swiss francs taken out on 17 April 2020 by the subsidiary Recordati AG with UBS Switzerland AG, at a variable interest rate of the 3\u2010months Libor on the Swiss currency (with a zero floor) plus a fixed spread, with quarterly interest payments and semi\u2010annual repayment of principal starting September 2020 through March 2025. The value in euro of the outstanding loan at 31 December 2022 was \u20ac 38.1 million. The loan, guaranteed by the Parent Company, includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. g) Loan for \u20ac 400.0 million negotiated by the Parent Company in June 2019 aimed at supporting the Group's growth strategy. The loan, initially agreed with Mediobanca, Natixis and Unicredit was subsequently syndicated involving a pool of Italian and international banks. The terms of the loan provide for a variable interest rate at the 6\u2010month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a duration of 5 years with semi\u2010annual repayment of the principal starting 30 June 2020 through June 2024. The disbursement, net of upfront commissions, took place on 30 July 2019. The debt outstanding recognized at 31 December 2022 amounted to a total of \u20ac 213.2 million. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. h) Loan for \u20ac 150.0 million taken out by the Parent Company in November 2018 with Mediobanca, at a variable interest rate of the 6\u2010month Euribor plus a variable spread based on a step up mechanism on changes in the Leverage Ratio, with quarterly interest payments and a duration of 5 years with semi\u2010annual repayments of principal starting November 2020 through November 2023. The debt outstanding at 31 December 2022 amounted to \u20ac 42.7 million. The loan was hedged with an interest rate swap, qualifying as a cash flow hedge, effectively converting the entire debt to a fixed interest rate. At 31 December 2022, the fair value of the derivative was measured as a positive \u20ac 0.8 million, which was recognized directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. i) Privately placed guaranteed senior notes by the Parent Company in May 2017 for an overall amount of \u20ac 125.0 million at a fixed interest rate with repayment in annual instalments starting on 31 May 2025 through 31 May 2032. The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. j) Guaranteed senior notes issued by the Parent Company on 30 September 2014 for a total of US$ 75 million, divided into two tranches: US$ 50 million at fixed rate, repayable semi\u2010annually starting 30 March 2022 and with maturity 30 September 2026, and US$ 25 million again at fixed rate, repayable semi\u2010annually starting 30 March 2023 and with maturity 30 September 2029. During the period, 10 million US dollars of the first tranche was repaid, and the outstanding debt at 31 December 2022 amounted to a total of 65 million US dollars, equalling a counter\u2010value of \u20ac 60.9 million. The loan was hedged at the same time with two cross\u2010currency swaps which provide for the conversion of the original debt into a total of \u20ac 56.0 million (\u20ac 48.5 million at 31 December 2022), of which \u20ac 37.3 million (\u20ac 29.8 at the date of this Annual Report) at a lower fixed rate for the tranche with maturity at 12 years and \u20ac 18.7 million again at a lower fixed rate for the one maturing at 15 years. At 31 December 2022, hedging instruments measured at fair value were positive for a total of \u20ac 11.9 million, which was recognized directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. 23. PROVISIONS FOR EMPLOYEE BENEFITS The balance at 31 December 2022 amounted to \u20ac 19.4 million (\u20ac 21.0 million at 31 December 2021) and reflects the Group\u2019s liability towards its employees determined in accordance with IAS 19. The changes in these provision were follows: \u20ac (thousands) 2022 2021 Balance at 1 January 21,010 21,174 Additions 2,758 1,408 Utilizations (2,660) (2,380) Adjustment for actuarial (gains)/losses (1,690) 808 Balance at 31 December 19,418 21,010 This liability is mainly due to the severance indemnities (TFR, Trattamento Fine Rapporto) in the Italian companies. The value of these provisions, measured in accordance with IAS 19, amounted to \u20ac 5.7 million. The other liabilities are mainly due to contribution plans in being in the French company Laboratoires Bouchara Recordati (\u20ac 4.9 million), in the U.S. company Recordati Rare Diseases (\u20ac 2.6 million), in the German company Recordati Pharma (\u20ac 1.6 million), in the Swiss company Recordati AG (\u20ac 1.5 million) and in the other Recordati Rare Diseases companies (\u20ac 1.8 million). The fair value calculation made using actuarial assumptions updated to 31 December 2022 determined a decrease of \u20ac 1.7 million compared to the value of the provisions at 31 December 2021 which is recognized in the statement of comprehensive income, net of the tax effect, as prescribed by the relevant accounting standard. 24. DEFERRED TAX LIABILITIES At 31 December 2022, deferred tax liabilities amounted to \u20ac 167.9 million, up by a net \u20ac 141.2 million compared to 31 December 2021. Their changes are shown in the table below: \u20ac (thousands) 2022 2021 Balance at 1 January 26,675 41,219 Additions 11,649 3,847 Utilizations (13,920) (18,391) Change to scope of consolidation 143,461 \u2010 Balance at 31 December 167,865 26,675 The increase is mainly due to the effects of the consolidation of EUSA Pharma. At the first consolidation date, deferred tax liabilities, calculated as part of the preliminary purchase price allocation based on the provisions established by accounting standard IFRS 3, stood at \u20ac 143.5 million, as shown in Note n. 34. At 31 December 2022 no deferred tax liabilities were calculated on subsidiaries\u2019 undistributed profits as, considering the current dividend policy applied by the Group and thanks to the substantial exemption from double income taxation, no significant additional tax would have to be paid by the Group. The tax effect of comprehensive income statement components is \u20ac 2.4 million (\u20ac 0.2 million at 31 December 2021). 25. TRADE PAYABLES Trade payables, which are entirely of a commercial nature and include end\u2010of\u2010year provisions for invoices to be received, at 31 December 2022 and 2021 amounted respectively to \u20ac 224.7 million and \u20ac 177.9 million and include the balance for EUSA Pharma of \u20ac 22.9 million. 26. OTHER PAYABLES Other payables at 31 December 2022 amounted to \u20ac 251.1 million (\u20ac 145.2 million at 31 December 2021), including \u20ac 15.6 million for EUSA Pharma. A breakdown is provided in the table below: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Personnel 64,921 39,364 25,557 Social security 18,039 16,827 1,212 Agents 433 524 (91) Other 167,743 88,455 79,288 Total other payables 251,136 145,170 105,966 The item \u201cOther\u201d mainly includes: \ue001 the payable of \u20ac 70.0 million due to Tolmar International Ltd from Recordati S.p.A., deemed probable, due to the meeting of contractual conditions after approval of the variation for the new device to administer Eligard\u00ae; \ue001 \u20ac 18.8 million for Recordati AG in respect of Novartis AG, on the occurrence of contract conditions in the scope of acquiring the rights for Isturisa\u00ae; \ue001 \u20ac 14.4 million to be paid to the Krankenkassen (German health insurance schemes) by Recordati Pharma GmbH; \ue001 \u20ac 11.3 million which Recordati Rare Diseases Inc. must pay to the U.S. health care insurance schemes; \ue001 The payable of \u20ac 3.5 million related to the acquisition of a further 10% of the capital of Opalia Pharma reclassified among current liabilities on the basis of the put and call options provided for contractually. The fair value of this purchase option is measured at level 2 as the valuation model considers the present value of the expected payments; \ue001 \u20ac 1.5 million to be paid to the Italian National Health Service resulting from the 1.83% discount applicable to the retail price of reimbursed pharmaceutical products before VAT. 27. TAX LIABILITIES Tax liabilities at 31 December 2022 amounted to \u20ac 33.6 million (\u20ac 29.5 million at 31 December 2021) and include mainly tax payables, net of advances already paid, computed by the companies on the basis of estimated taxable income, and withholding taxes payable. The balance related to EUSA Pharma amounted to \u20ac 3.1 million. 28. OTHER CURRENT LIABILITIES At 31 December 2022, other current liabilities amounted to \u20ac 5.7 million, down by \u20ac 0.8 million compared to 31 December 2021. An amount of \u20ac 3.9 million is attributable to the adoption of the IFRS 15 accounting principle, based on which some deferred revenue is recognized in the income statement in variable instalments based on the fulfilment of the conditions for revenue recognition. 29. PROVISIONS FOR RISKS AND CHARGES Provisions for risks and charges set aside at 31 December 2022 amounted to \u20ac 16.2 million and include tax provisions and other provisions for future contingencies to cover liabilities of uncertain timing and value. The following tables show their composition and changes. \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 For taxes 531 1,048 (517) Future contingencies 15,678 20,348 (4,670) Total other provisions 16,209 21,396 (5,187) \u20ac (thousands) 2022 2021 Balance at 1 January 21,396 17,113 Additions 2,866 8,138 Change to scope of consolidation 284 0 Utilizations (8,337) (3,855) Balance at 31 December 16,209 21,396 The year\u2010end balance is mainly related to the Parent Company and to the other Italian companies (\u20ac 6.2 million), to the companies in France (\u20ac 3.5 million) and in Germany (\u20ac 1.7 million), the Spanish company Casen Recordati (\u20ac 2.8 million) and Jaba Recordati in Portugal (\u20ac 0.7 million). Utilisation during the year mainly refers to the finalisation of agreements with employees affected by the sales force restructuring in the Specialty and Primary Care sector, begun in certain countries in the fourth quarter of 2021. 30. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current liabilities) At 31 December 2022 the value of derivative instruments included under this item amounted to \u20ac 17.4 million. In October 2019, Recordati S.p.A. entered into forward exchange contracts to hedge the intercompany loan granted to Recordati AG for an amount of 228.9 million Swiss francs. The measurement of the derivative at 31 December 2022 on the outstanding loan of 122.6 million Swiss francs was a negative for \u20ac 14.4 million compared to the \u20ac 9.3 million at 31 December 2021, with the difference recognized in the income statement, offsetting the exchange gains determined by the valuation of the underlying loan at current exchange rates. At 31 December 2022, other hedging transactions were in place on foreign currency positions, the measurement of which was negative for \u20ac 3.0 million compared to the \u20ac 2.8 million at 31 December 2021, with the difference recognized to the income statement and offsetting the exchange gains arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level 2 of the hierarchy provided for in the accounting standard IFRS 13 (see note 2). The fair value is equal to the current value of the estimated future cash flows. Estimates of future floating\u2010rate cash flows are based on quoted swap rates futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for pricing interest rate swaps. 31. SHORT\u2010TERM DEBTS TO BANKS AND OTHER LENDERS Short\u2010term debts to banks and other lenders at 31 December 2022 were \u20ac 83.4 million and mainly comprise temporary use of short\u2010term credit lines by the parent company, as well overdrafts of a number of foreign associates and interest due on existing loans. On 1 March 2022, the Parent Company took out a revolving credit line with UniCredit, with a maximum term of 12 months and for a maximum amount of \u20ac 40 million. This credit line, which at 31 December 2022 was used for \u20ac 30.0 million, is a short\u2010term financing instrument providing financial flexibility, combining irrevocability with variability of use based on specific financial requirements. The agreement signed requires compliance with financial and income conditions similar to those for other existing loans. 32. FAIR VALUE OF FINANCIAL INSTRUMENTS As prescribed by IFRS 7, the book values and fair values at 31 December 2022 of financial assets and liabilities are resented below: \u20ac (thousands) Book value Fair value Financial assets Financial assets measured at fair value Other equity investments and securities 28,871 28,871 Derivative instruments measured at fair value 23,603 23,603 Financial assets not measured at fair value Cash and cash equivalents 284,734 284,734 Trade receivables 361,898 361,898 Other receivables 63,915 63,915 Financial liabilities Financial liabilities measured at fair value Derivative instruments measured at fair value 17,369 17,369 Other payables 3,539 3,539 Financial liabilities not measured at fair value Loans \u2010at variable interest rates 1,265,160 1,265,160 \u2010 at variable interest rates hedged with interest rate swaps 42,733 42,733 \u2010 at fixed interest rates 233,580 214,689 \u2010 at fixed interest rates hedged with cross currency swaps 60,815 57,411 \u2010 lease liabilities 30,808 30,808 Trade payables 224,703 224,703 Other payables 281,212 281,212 Short\u2010term debts to banks and other lenders 83,425 83,425 33. DISCLOSURE OF FINANCIAL RISKS The Group constantly monitors the financial risks to which it is exposed in order to take immediate mitigating actions when necessary. The Group aims at achieving a balanced and prudent financial structure as a basic condition for funding internal and external growth, minimizing financing costs and maximizing yields. Speculative investments in equities, funds or financial assets which could impair the value of the company are forbidden. The only financial investments permitted are investments in risk\u2010free assets and/or funds issued by major financial institutions. The Group monitors the financial risks to which it is exposed in order to take immediate mitigating actions, whenever necessary, in compliance with the applicable legislations and regulations. All companies belonging to the Group work only with investment grade banks. On the basis of the above and considering that the related effects would be insignificant, no sensitivity analysis has been performed. As prescribed by IFRS 7, the main financial risks to which the Group is exposed are disclosed below. Credit risk \u2010 The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. At 31 December 2022, the credit exposure was not critical due to the large number of customers, their geographic distribution and the average amount of each account receivable. In particular, at 31 December 2022, total trade receivables of \u20ac 379.6 million included \u20ac 34.6 million in receivables past due by more than 90 days. Of these, \u20ac 8.6 million are receivables from public hospitals which, despite their long collection times, do not represent a significant risk situation. The provisions for doubtful accounts of \u20ac 17.7 million are considered sufficient to cover potential losses due to insolvency. When assessing credit risk, the potential impact of the war in Ukraine was considered, while effects associated with the COVID\u201019 pandemic were not deemed relevant. Interest rate risk \u2010 The Group raises funds using debt and invests excess cash in money market and other financial instruments. The fluctuation of market interest rates influences the cost and returns of the debt and investment instruments, therefore affecting the Group\u2019s net financial expenses. The Group\u2019s policy is to limit the risk arising from interest rate fluctuations by establishing fixed interest loans or variable interest loans hedged by derivative financial instruments, which are used to hedge risk and are never of a speculative nature, to minimize such fluctuations, as described in Note 22. As a result of this policy and considering the current amount of net debt, it is believed that changes in current interest rates would not have a significant impact on net financial expenses. Foreign currency risk \u2010 The Group is exposed to foreign currency exchange rate fluctuations, which can affect its operating results and the value of its equity. All companies are subject to exchange rate fluctuations affecting trade and financial balances denominated in currencies different from their own. In order to limit this risk, in some cases, non\u2010speculative hedging instruments are negotiated. As at 31 December 2022, positions in currencies other that the euro in companies in countries belonging to the European Monetary Union not hedged by derivative instruments are the following: \ue001 net receivables of 24.4 million Polish zloty; \ue001 net receivables of 2.9 million British pounds; \ue001 net receivables of 33.8 million Mexican pesos; \ue001 net receivables of 2.2 million Canadian dollars; \ue001 net debts of 1,654.8 million Russian roubles; \ue001 net debts of 7.7 million Swiss francs. Among the companies in countries outside the European Monetary Union, at 31 December 2022, the main net exposures in currencies other than their own and not hedged by derivative instruments are in euro, U.S. dollars, and Japanese yen. Net exposures in euro refer to the companies located in Switzerland (net payables of 18.2 million), the United States (net payables of 4.5 million), Japan (net payables of 2.0 million), Australia (net payables of 1.9 million), Canada (net payables of 1.4 million), T\u00fcrkiye (net payables of 1.2 million), Sweden (net payables of 1.0 million) and Tunisia (net receivables of 1.0 million). Net exposures in U.S. dollars refer mainly to the companies in Switzerland (net payables of 7.8 million), Brazil (net payables of 3.4 million) and Colombia (net payables of 1.3 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 393.7 million). For consolidation purposes, the income statements and balance sheets of the Group companies located outside the European Monetary Union are converted from their local currencies into euro. At 31 December 2022, the net asset values of these companies, excluding goodwill, are denominated mainly in U.S. dollars (374.0 million), pounds sterling (16.8 million), Swiss francs (321.3 million), Turkish lira (1,131.0 million), Czech crowns (391.3 million), Romanian ron (40.9 million), Russian roubles (7,112.4 million), Polish zloty (59.0 million) and Tunisian dinars (85.0 million). The effect of exchange rate variations on the conversion of these amounts is recognized in the consolidated statement of comprehensive income and booked to the translation reserve in shareholders\u2019 equity which, at 31 December 2022, was a negative \u20ac 205.0 million. Liquidity risk \u2010 The liquidity risk to which the Group may be exposed is represented by the inability to raise sufficient financial resources for its ongoing business and for the development of its industrial and commercial activities. The two main factors which determine the Group\u2019s liquidity are, on the one hand, the cash generated or absorbed by operations and by investments, and on the other, the expiry and renewal terms of debt or the degree of liquidity of financial investments and market conditions. At 31 December 2022, the Group has at its disposal liquidity readily available for its operations and plentiful lines of credit granted by a number of leading Italian and international financial institutions. The terms and conditions of the Group\u2019s loans and its financial assets are set out in Notes 18, 22 and 31 which address, respectively, short\u2010term financial investments, cash and cash equivalents, medium/long\u2010term loans and payables to banks. The Group believes that the funds and credit lines currently available, in addition to those generated by operations and financing activities, are sufficient to meet investment needs, working capital requirements and the repayment of debts at their natural due dates. 34. BUSINESS COMBINATIONS EUSA Pharma On 16 March 2022 the Group acquired 100% of the shares of EUSA Pharma, a leading pharmaceutical company with a portfolio of four products in the niche rare cancer segment, with its eleven subsidiaries. For accounting purposes, the acquisition was consolidated on 31 March 2022. The table below summarises the values of the assets acquired and the liabilities assumed, expressed at their fair value. These values differ from those published in the interim report, when, given the short period of time that had passed since the acquisition date, the necessary activities had not yet been undertaken for an in\u2010depth measurement of the values acquired. \u20ac (thousands) Values at 31/03/2022 (pursuant to IFRS 3) Non\u2010current assets Property, plant and equipment 3,811 Intangible assets 530,315 Other non\u2010current assets 961 Deferred tax assets 8,198 Current assets Inventories 162,653 Trade receivables 35,069 Other receivables 7,554 Other current assets 6,815 Cash and cash equivalents 53,235 Non\u2010current liabilities Loans \u2010 due after one year (2,212) Deferred tax liabilities (143,462) Current liabilities Trade payables (17,459) Other payables (11,878) Tax liabilities (601) Other current liabilities (182) Provisions for risks and charges (275) Loans \u2010 due within one year (79,398) 553,144 Goodwill 153,850 Cost of the acquisition 706,994 The process of identifying the assets and liabilities acquired at the related fair values at the acquisition date led to the identification of a higher value of the intangible assets Qarziba\u00ae, Sylvant\u00ae, Fotivda\u00ae and Caphosol\u00ae and of the related inventories. Consequently, the difference between the cost of the business combination and the carrying amount of the assets and liabilities acquired was allocated for \u20ac 443.9 million to intangible assets, for \u20ac 141.9 million to inventories, for \u20ac 142.5 million to the related deferred tax liabilities and for \u20ac 153.9 million to the item \u201cGoodwill\u201d. The table below shows the acquisition cash flow breakdown: \u20ac (thousands) Acquired cash and cash equivalents 53,235 Amount paid (706,994) Cash flow net of acquisition (653,759) Telefil\u00ae On 21 December 2022, the parent company acquired from V.I.M. G. Ottaviani S.p.A., a business unit associated with the pharmaceutical specialty Telefil\u00ae, for treatment of erectile dysfunction and benign prostatic hyperplasia, for \u20ac 19.6 million. The process of identifying the business unit components at their related fair values at the acquisition date led to the identification of a higher value for the brand Telefil\u00ae and the related inventories. Consequently, the difference of \u20ac 19.5 million between the cost of the business combination and the carrying amount of the assets and liabilities acquired was allocated for \u20ac 2.3 million to intangible assets, for \u20ac 0.4 million to inventories, for \u20ac 0.1 million to the related deferred tax liabilities and for \u20ac 16.9 million to the item \u201cGoodwill\u201d. Acquisition of the Signifor\u00ae LAR asset As part of the acquisition of Signifor\u00ae LAR rights, finalised in October 2019, and based on subsequent agreements, effective 1 October 2022, the subsidiary Recordati AG took control of the assets for production of Signifor\u00ae LAR microparticles at the Novartis Pharma plant in Basel. The total value of the transaction is \u20ac 35.7 million and was assigned to intangible assets for the know\u2010how acquired in the amount of \u20ac 35.4 million and to property, plant and equipment for \u20ac 0.3 million. Payment was made during the year for \u20ac 13.7 million after authorisation was received from the relevant Swiss regulatory authorities, while \u20ac 22.0 million had been paid as an advance in 2021. Recordati AG has also signed a lease for the Basel plant owned by Novartis Pharma in which the production activities are carried out. The initial value of the rights of use was \u20ac 7.3 million, amortised based on the duration of the contract, taking into account reasonably expected renewals. 35. OPERATING SEGMENTS The financial information reported by line of business and geographic area, in compliance with IFRS 8 \u2013 Operating Segments, is prepared using the same accounting principles used for the preparation and disclosure of the Group\u2019s consolidated financial statements. Based on the characteristics of their business, operational and strategic models two main business segments can be identified, the Specialty and Primary Care segment and the segment dedicated to treatments for rare diseases. The identification took into account the different management and marketing strategies applied to the products belonging to the two segments. Consequently, clearly identified and separate models and organizational structures have been developed. All economic and financial data derive from precise accounting and not from generic allocation criteria. The geographic footprint of the Group\u2019s Specialty and Primary Care business is focused mainly on Europe. The Group operates in the main European markets, including Central and Eastern Europe, Russia and the other C.I.S. countries, Ukraine, T\u00fcrkiye and Tunisia, where it has established its own subsidiaries. In the rest of the world sales of Specialty and Primary Care products are carried out mainly through licensing agreements with pharmaceutical companies of high standing. The Group has gradually extended its international presence through the acquisition of existing marketing organizations with the aim of adding our proprietary products and those obtained under multi\u2010territorial licenses to the local portfolios. The Group\u2019s segment dedicated to treatments for rare diseases is a worldwide business. The Group operates through Recordati Rare Diseases, its dedicated group of subsidiaries, sharing the conviction that each person with a rare disease has the right to the best possible treatment. Our organizations work closely with specialists, health care professionals, patients, their families and associations to spread knowledge, improve diagnosis and treatment, and enable access to treatment by supporting patients. Recordati Rare Diseases operates directly in Europe, the Middle East, North Africa, the U.S.A., Canada, Mexico, Brazil, Colombia, Japan, Australia, New Zealand, China and South Korea, through its subsidiaries and highly qualified distributors in the rest of the world. The Group\u2019s chief executive officer reviews the internal management reports of each segment at least quarterly. The two following tables show financial information for these two business segments as at 31 December 2022 and include comparative data. \u20ac (thousands) Specialty and Primary Care segment* Rare diseases segment Values not allocated Consolidated financial statements 2022 Revenue 1,257,522 595,785 \u2010 1,853,307 Expenses (945,720) (470,261) \u2010 (1,415,981) Operating income 311,802 125,524 \u2010 437,326 2021 Revenue 1,196,222 383,852 \u2010 1,580,074 Expenses (852,547) (237,337) \u2010 (1,089,884) Operating income 343,675 146,515 \u2010 490,190 * Includes pharmaceutical chemical operations. \u20ac (thousands) Segment Specialty and Primary Care * Rare diseases segment Not allocated** Consolidated financial statements 31 December 2022 Non\u2010current assets 1,326,238 1,470,097 28,871 2,825,206 Inventories 229,031 195,049 \u2010 424,080 Trade receivables 226,656 135,242 \u2010 361,898 Other receivables and other current assets 47,435 31,867 23,603 102,905 Cash and cash equivalents 284,734 284,734 Total assets 1,829,360 1,832,255 337,208 3,998,823 Non\u2010current liabilities 45,941 141,342 1,341,549 1,528,832 Current liabilities 352,475 178,928 392,340 923,743 Total liabilities 398,416 320,270 1,733,889 2,452,575 Net capital employed 1,430,944 1,511,985 31 December 2021 Non\u2010current assets 1,162,131 769,843 34,124 1,966,098 Inventories 182,344 46,388 \u2010 228,732 Trade receivables 228,591 79,187 \u2010 307,778 Other receivables and other current assets 45,712 12,152 11,149 69,013 Cash and cash equivalents 244,578 244,578 Total assets 1,618,778 907,570 289,851 2,816,199 Non\u2010current liabilities 41,440 6,245 760,473 808,158 Current liabilities 249,046 131,496 245,874 626,416 Total liabilities 290,486 137,741 1,006,347 1,434,574 Net capital employed 1,328,292 769,829 * Includes pharmaceutical chemical operations. ** Amounts not allocated refer to the items other equity investments and securities, cash and cash equivalents, loans, derivative instruments and short\u2010term debts to banks and other lenders. The pharmaceutical chemical business is considered part of the Specialty and Primary Care segment as it is mainly engaged in the production of active ingredients for finished pharmaceutical products, both from a strategic and organizational point of view. No single customer contributed more than 10% to revenue in 2022 or in 2021. The following table shows net revenue by geographic area: \u20ac (thousands) 2022 2021 Changes 2022/2021 Europe 1,361,456 1,208,253 153,203 of which Italy 277,322 265,361 11,961 Australasia 114,944 99,534 15,410 America 323,503 221,764 101,739 Africa 53,404 50,523 2,881 Total 1,853,307 1,580,074 273,233 The Group\u2019s production facilities are located almost exclusively in Europe, and therefore non\u2010current assets and investments are, for the most part, in this geographic area. 36. NET FINANCIAL POSITION The following table summarizes the Group\u2019s net financial position: This situation is in line with the CONSOB call for attention 5/21 of 29 April 2021, in compliance with \u201cGuidelines on disclosure requirements pursuant to the Prospectus Regulations\u201d, published by ESMA on 4 March 2021 in the document \u201cESMA32\u2010382\u20101138\u201d. \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Deposits in bank current accounts and cash on hand 162,636 230,924 (68,288) Short\u2010term time deposits 122,098 13,654 108,444 Cash and cash equivalents 284,734 244,578 40,156 Short\u2010term debts to banks and other lenders (83,425) (8,657) (74,768) Loans \u2010 due within one year (269,586) (206,132) (63,454) Notes issued (1) (10,224) (7,354) (2,870) Leasing liabilities \u2013 due within one year (9,237) (8,100) (1,137) Short\u2010term borrowings (372,472) (230,243) (142,229) Short\u2010term financial position (87,738) 14,335 (102,073) Loans \u2010 due after one year (1,072,229) (563,233) (508,996) Notes issued (1) (238,371) (172,550) (65,821) Leasing liabilities \u2013 due after one year (21,571) (15,091) (6,480) Non\u2010current financial debt (1,332,171) (750,874) (581,297) Net financial position (1,419,909) (736,539) (683,370) (1) Includes the fair value measurement of the relative currency risk hedging instruments (cash flow hedge). 37. RECONCILIATION BETWEEN THE PARENT COMPANY\u2019S SHAREHOLDERS\u2019 EQUITY AND NET INCOME AND GROUP CONSOLIDATED SHAREHOLDERS\u2019 EQUITY AND NET INCOME The reconciliation between the Parent Company\u2019s shareholders\u2019 equity and net income and the group consolidated shareholders\u2019 equity and net income is as follows: \u20ac (thousands) Shareholders\u2019 equity Net income 31/12/2022 31/12/2021 2022 2021 Recordati S.p.A. 362,988 400,644 219,233 219,109 Consolidation adjustments: \u2010 Elimination margins in inventories (84,561) (72,668) (11,893) 3,884 \u2010 Related tax effect 24,120 20,445 3,675 (1,259) \u2010 Other adjustments (24,974) (19,535) (5,494) (3,189) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,201,902 974,550 \u2010 \u2010 Net income for consolidated subsidiaries, net of amounts already recognized by Recordati S.p.A. 271,791 291,275 271,791 291,275 Dividends received from consolidated subsidiaries (164,976) (123,854) Write\u2010down of holdings in subsidiaries 0 0 Translation adjustments (205,018) (213,086) \u2010 \u2010 Consolidated financial statements 1,546,248 1,381,625 312,336 385,966 38. LITIGATION AND CONTINGENT LIABILITIES The Parent Company and some subsidiaries are parties to minor legal actions and disputes, the outcomes of which are not expected to result in any liability. The potential liabilities that can currently be measured are not for significant amounts. Some license agreements require the payment of future milestones as certain conditions\u2014whose fulfillment is as yet uncertain\u2014occur, with the consequence that the contractually required payments, estimated at around \u20ac 32 million, are merely potential at the moment. 39. RELATED\u2010PARTY TRANSACTIONS The Group\u2019s direct parent is Rossini S.\u00e0 r.l., with headquarters in Luxembourg, which is owned by a consortium of investment funds controlled by CVC Capital Partners. In compliance with the disclosure obligations required by Article 38 of Italian Legislative Decree 127/91, it is hereby specified that the overall compensation of the Directors and Statutory Auditors of the Parent Company for the performance of their specific functions, including those in other Group companies, during 2022 amounted to \u20ac 2.3 million and \u20ac 0.2 million respectively. Key management personnel compensation comprised the following: \u20ac (thousands) 2022 2021 Fixed remuneration 4,517 5,564 Non\u2010monetary benefits 156 147 Bonuses and other incentives 2,456 2,293 Share\u2010based payments 1,183 871 Total 8.312 8,875 Compensation of the Group\u2019s key management personnel includes salaries and non\u2010cash benefits. Executive officers also participate in the Group\u2019s stock option plans. Except for what is stated above, to our knowledge, no transactions or contracts have been entered into with related parties that can be considered significant in terms of value or conditions, or which could in any way materially affect the accounts. 40. SUBSEQUENT EVENTS At the date of preparation of the financial statements, no significant events had occurred subsequent to the closing of the fiscal year that would require changes to the values of assets, liabilities or the profit and loss. With reference to the earthquake that hit T\u00fcrkiye in February 2023, Recordati is prioritising the health and safety of its employees affected by the catastrophe. The Company promptly supplied emergency housing and immediate financial support and began an internal fundraising initiative to support our colleagues most affected by the crisis. To guarantee further basic assistance, Recordati also donated medicine and medical material to areas in need, in line with the list of requirements and rules issued by the Turkish Ministry of Health and the Turkish Agency for Medicine and Medical Devices (TITCK), as well as making a donation to the Turkish Agency for Emergency and Disaster Response (AFAD), which is providing essential support to victims of the earthquake. Recordati is monitoring the situation closely and assessing how to offer additional support to local emergency organisations and NGOs for their intense on\u2010site efforts. In light of the effects of the earthquake, at present, no signs of weakness have been identified, also in consideration of the natural resilience of the pharmaceutical sector. It is difficult to predict whether there may be any potential negative effects on business performance. In February, an agreement was finalised with ARS Pharmaceuticals to return the license for ARS\u20101, a nasal spray containing epinephrine, at an advanced stage of development, for emergency treatment of serious allergic reactions, for which the discounted realisable value is estimated at \u20ac 12.5 million. Except for the above, no significant events occurred subsequent to the reporting date. 41. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AT 31 DECEMBER 2022 Consolidated companies Head office Share capital Currency Consolidation method RECORDATI S.p.A. Development, production, marketing and sales of pharmaceuticals and pharmaceutical chemicals Italy 26,140,644.50 EUR Line\u2010by\u2010line INNOVA PHARMA S.p.A. Marketing of pharmaceuticals Italy 1,920,000.00 EUR Line\u2010by\u2010line CASEN RECORDATI S.L. Development, production, and sales of pharmaceuticals Spain 238,966,000.00 EUR Line\u2010by\u2010line BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 4,600,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA Holds pharmaceutical marketing rights in Brazil Brazil 166.00 BRL Line\u2010by\u2010line RECORDATI RARE DISEASES INC. Development, production, and sales of pharmaceuticals U.S.A. 11,979,138.00 USD Line\u2010by\u2010line RECORDATI IRELAND LTD Development, production, and sales of pharmaceuticals Ireland 200,000.00 EUR Line\u2010by\u2010line LABORATOIRES BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 14,000,000.00 EUR Line\u2010by\u2010line RECORDATI PHARMA GmbH Marketing of pharmaceuticals Germany 600,000.00 EUR Line\u2010by\u2010line RECORDATI PHARMACEUTICALS LTD Marketing of pharmaceuticals United Kingdom 15,000,000.00 GBP Line\u2010by\u2010line RECORDATI HELLAS PHARMACEUTICALS S.A. Marketing of pharmaceuticals Greece 10,050,000.00 EUR Line\u2010by\u2010line JABA RECORDATI S.A. Marketing of pharmaceuticals Portugal 2,000,000.00 EUR Line\u2010by\u2010line JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line\u2010by\u2010line BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line\u2010by\u2010line RECORDATI ORPHAN DRUGS S.A.S. Holding company France 61,069,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES MIDDLE EAST FZ LLC Marketing of pharmaceuticals United Arab Emirates 100,000.00 AED Line\u2010by\u2010line RECORDATI AB Marketing of pharmaceuticals Sweden 100,000.00 SEK Line\u2010by\u2010line RECORDATI RARE DISEASES S.\u00e0 r.l. Development, production, and sales of pharmaceuticals France 320,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES UK Limited Marketing of pharmaceuticals United Kingdom 50,000.00 GBP Line\u2010by\u2010line RECORDATI RARE DISEASES GERMANY GmbH Marketing of pharmaceuticals Germany 25,600.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES SPAIN S.L. Marketing of pharmaceuticals Spain 1,775,065.49 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES ITALY S.R.L. Marketing of pharmaceuticals Italy 40,000.00 EUR Line\u2010by\u2010line RECORDATI BV Marketing of pharmaceuticals Belgium 18,600.00 EUR Line\u2010by\u2010line FIC MEDICAL S.\u00e0 r.l. Promotion of pharmaceuticals France 173,700.00 EUR Line\u2010by\u2010line HERBACOS RECORDATI s.r.o. Development, production, and sales of pharmaceuticals Czech Republic 25,600,000.00 CZK Line\u2010by\u2010line RECORDATI SK s.r.o. Marketing of pharmaceuticals Slovak Republic 33,193.92 EUR Line\u2010by\u2010line Consolidated companies Head office Share capital Currency Consolidation method RUSFIC LLC Development, promotion, and sales of pharmaceutical products Russian Federation 3,560,000.00 RUB Line\u2010by\u2010line RECOFARMA ILA\u00c7 Ve Hammaddeleri Sanayi Ve Ticaret L.\u015e. Promotion of pharmaceuticals T\u00fcrkiye 8,000,000.00 TRY Line\u2010by\u2010line RECORDATI ROM\u00c2NIA S.R.L. Marketing of pharmaceuticals Romania 5,000,000.00 RON Line\u2010by\u2010line RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. Development, production, and sales of pharmaceuticals T\u00fcrkiye 180,000,000.00 TRY Line\u2010by\u2010line RECORDATI POLSKA Sp. z o.o. Marketing of pharmaceuticals Poland 4,500,000.00 PLN Line\u2010by\u2010line ACCENT LLC Holds pharmaceutical marketing rights Russian Federation 20,000.00 RUB Line\u2010by\u2010line RECORDATI UKRAINE LLC Marketing of pharmaceuticals Ukraine 1,031,896.30 UAH Line\u2010by\u2010line CASEN RECORDATI PORTUGAL Unipessoal Lda Marketing of pharmaceuticals Portugal 100,000.00 EUR Line\u2010by\u2010line OPALIA PHARMA S.A. Development, production, and sales of pharmaceuticals Tunisia 9,656,000.00 TND Line\u2010by\u2010line OPALIA RECORDATI S.\u00e0 r.l. Promotion of pharmaceuticals Tunisia 20,000.00 TND Line\u2010by\u2010line RECORDATI RARE DISEASES S.A. DE C.V. Marketing of pharmaceuticals Mexico 16,250,000.00 MXN Line\u2010by\u2010line RECORDATI RARE DISEASES COLOMBIA S.A.S. Marketing of pharmaceuticals Colombia 150,000,000.00 COP Line\u2010by\u2010line ITALCHIMICI S.p.A. Marketing of pharmaceuticals Italy 7,646,000.00 EUR Line\u2010by\u2010line RECORDATI AG Marketing of pharmaceuticals Switzerland 15,000,000.00 CHF Line\u2010by\u2010line RECORDATI AUSTRIA GmbH Marketing of pharmaceuticals Austria 35,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES CANADA Inc. Marketing of pharmaceuticals Canada 350,000.00 CAD Line\u2010by\u2010line RECORDATI RARE DISEASES JAPAN K.K. Marketing of pharmaceuticals Japan 90,000,000.00 JPY Line\u2010by\u2010line NATURAL POINT S.r.l. Marketing of pharmaceuticals Italy 10,400.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES AUSTRALIA Pty Ltd Marketing of pharmaceuticals Australia 200,000.00 AUD Line\u2010by\u2010line TONIPHARM S.a.s. Marketing of pharmaceuticals France 257,700.00 EUR Line\u2010by\u2010line RECORDATI BULGARIA Ltd Marketing of pharmaceuticals Bulgaria 50,000.00 BGN Line\u2010by\u2010line RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) Marketing of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES FZCO (2) Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line\u2010by\u2010line EUSA Pharma (UK) Limited (3) Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line\u2010by\u2010line EUSA Pharma (Italy) S.r.l. (3) Marketing of pharmaceuticals Italy 99,000.00 EUR Line\u2010by\u2010line EUSA Pharma (France) S.A.S. (3) Marketing of pharmaceuticals France 476,522.00 EUR Line\u2010by\u2010line EUSA Pharma Iberia S.L. (3) Marketing of pharmaceuticals Spain 70,000.00 EUR Line\u2010by\u2010line EUSA Pharma (Germany) GmbH (3) Marketing of pharmaceuticals Germany 25,000.00 EUR Line\u2010by\u2010line Consolidated companies Head office Share capital Currency Consolidation method EUSA Pharma (Netherlands) B.V. (3) Marketing of pharmaceuticals Netherlands 1.00 EUR Line\u2010by\u2010line EUSA Pharma (Denmark) ApS (3) Marketing of pharmaceuticals Denmark 50,000.00 EUR Line\u2010by\u2010line EUSA Pharma (US) LLC (3) Marketing of pharmaceuticals U.S.A. 1.00 USD Line\u2010by\u2010line EUSA Pharma (Australia) Pty Ltd (3) Marketing of pharmaceuticals Australia 1.00 AUD Line\u2010by\u2010line EUSA Pharma (CH) GmbH (3) Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line\u2010by\u2010line RECORDATI KOREA, Co. Ltd (3) Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line\u2010by\u2010line (1) Set up in 2021 (2) Set up in 2022 (3) Acquired in 2022 PERCENTAGE OF OWNERSHIP Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Orphan Drugs S.a.s. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Recordati Ila\u00e7 A.\u015e. Opalia Pharma S.A. Recordati AG EUSA Pharma (UK) Ltd. Recordati Rare Diseases Italy S.r.l. Recordati Rare Diseases Germany GmbH Total INNOVA PHARMA S.P.A. 100.00 100.00 CASEN RECORDATI S.L. 100.00 100.00 BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA 100.00 100.00 RECORDATI RARE DISEASES INC. 100.00 100.00 RECORDATI IRELAND LTD 100.00 100.00 LABORATOIRES BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI PHARMA GmbH 55.00 45.00 100.00 RECORDATI PHARMACEUTICALS LTD 100.00 100.00 RECORDATI HELLAS PHARMACEUTICALS S.A. 100.00 100.00 JABA RECORDATI S.A. 100.00 100.00 JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 RECORDATI ORPHAN DRUGS S.A.S. 84.00 16.00 100.00 RECORDATI RARE DISEASES MIDDLE EAST FZ LLC 100.00 100.00 RECORDATI AB 100.00 100.00 RECORDATI RARE DISEASES S.\u00e0 r.l. 100.00 100.00 RECORDATI RARE DISEASES UK Limited 100.00 100.00 RECORDATI RARE DISEASES GERMANY GmbH 100.00 100.00 RECORDATI RARE DISEASES SPAIN S.L. 100.00 100.00 RECORDATI RARE DISEASES ITALY S.R.L. 100.00 100.00 RECORDATI BV 99.46 0.54 100.00 FIC MEDICAL S.\u00e0 r.l. 100.00 100.00 HERBACOS RECORDATI s.r.o. 100.00 100.00 Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Orphan Drugs S.a.s. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Recordati Ila\u00e7 A.\u015e. Opalia Pharma S.A. Recordati AG EUSA Pharma (UK) Ltd. Recordati Rare Diseases Italy S.r.l. Recordati Rare Diseases Germany GmbH Total RECORDATI SK s.r.o. 100.00 100.00 RUSFIC LLC 100.00 100.00 RECOFARMA ILA\u00c7 Ve Hammaddeleri Sanayi Ve Ticaret L.\u015e. 100.00 100.00 RECORDATI ROM\u00c2NIA S.R.L. 100.00 100.00 RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. 100.00 100.00 RECORDATI POLSKA Sp. z o.o 100.00 100.00 ACCENT LLC 100.00 100.00 RECORDATI UKRAINE LLC 0.01 99.99 100.00 CASEN RECORDATI PORTUGAL Unipessoal Lda 100.00 100.00 OPALIA PHARMA S.A. 90.00 90.00 OPALIA RECORDATI S.\u00e0 R.L. 1.00 99.00 100.00 RECORDATI RARE DISEASES S.A. DE C.V. 99.998 0.002 100.00 RECORDATI RARE DISEASES COLOMBIA S.A.S. 100.00 100.00 ITALCHIMICI S.p.A. 100.00 100.00 RECORDATI AG 100.00 100.00 RECORDATI AUSTRIA GmbH 100.00 100.00 RECORDATI RARE DISEASES CANADA Inc. 100.00 100.00 RECORDATI RARE DISEASES JAPAN K.K. 100.00 100.00 NATURAL POINT S.r.l. 100.00 100.00 RECORDATI RARE DISEASES AUSTRALIA Pty Ltd 100.00 100.00 TONIPHARM S.a.s. 100.00 100.00 RECORDATI BULGARIA Ltd 100.00 100.00 RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) 100.00 100.00 RECORDATI RARE DISEASES FZCO (2) 100.00 100.00 EUSA Pharma (UK) Limited (3 100.00 100.00 EUSA Pharma (Italy) S.r.l. (3) 100.00 100.00 EUSA Pharma (France) S.A.S. (3) 100.00 100.00 Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Orphan Drugs S.a.s. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Recordati Ila\u00e7 A.\u015e. Opalia Pharma S.A. Recordati AG EUSA Pharma (UK) Ltd. Recordati Rare Diseases Italy S.r.l. Recordati Rare Diseases Germany GmbH Total EUSA Pharma Iberia S.L. (3) 100.00 100.00 EUSA Pharma (Germany) GmbH (3) 100.00 100.00 EUSA Pharma (Netherlands) B.V. (3) 100.00 100.00 EUSA Pharma (Denmark) ApS (3) 100.00 100.00 EUSA Pharma (US) LLC (3) 100.00 100.00 EUSA Pharma (Australia) Pty (3) 100.00 100.00 EUSA Pharma (CH) GmbH (3) 100.00 100.00 RECORDATI KOREA, Co. Ltd (3) 100.00 100.00 (1) Set up in 2021 (2) Set up in 2022 (3) Acquired in 2022 RECORDATI S.P.A. AND SUBSIDIARIES ANNEX 1 DISCLOSURE OF AUDITORS\u2019 FEES FOR ACCOUNTING AUDITS AND OTHER SERVICES Type of service Provider of the service Recipient Fees Amounts in \u20ac Accounting audit Auditor of Parent Company Parent Company 243,308 Accounting audit Auditor of Parent Company Subsidiaries 84,517 Accounting audit Network of auditor of Parent Company Subsidiaries 890,536 Tax compliance Network of auditor of Parent Company Subsidiaries 81,575 Signatures on returns and attestations Auditor of Parent Company Parent Company 39,970 Signatures on returns and attestations Auditor of Parent Company Subsidiaries 3,701 Signatures on returns and attestations Network of auditor of Parent Company Subsidiaries 56,583 Other services Network of auditor of Parent Company Subsidiaries 11,367 RECORDATI S.P.A. AND SUBSIDIARIES Certification of the Consolidated Financial Statements PURSUANT TO ART. 154\u2010BIS OF ITALIAN LGS. DECREE 58/98 1. I, the undersigned, Robert Koremans, as the Chief Executive Officer, and Luigi La Corte, as Financial Reporting Manager of Recordati S.p.A., pursuant to the provisions or Article 154\u2010bis, paragraphs 3 and 4, of Italian Legislative Decree no. 58 of 24 February 1998, hereby certify: \ue001 the adequacy with respect to the Company structure and \ue001 the effective application of the administrative and accounting procedures applied in the preparation of the consolidated financial statements during financial year 2022. 2. The undersigned certify further that: 2.1 the consolidated financial statements at 31 December 2022: \ue001 have been prepared in accordance with the applicable International Accounting Standards, as endorsed by the European Union under the terms of Regulation (EC) no. 1606/2002 of the European Parliament and of the Council, of 19 July 2002; \ue001 correspond to the amounts shown in the Company\u2019s accounts, books and records; \ue001 provide a fair and correct representation of the financial conditions, results of operations and cash flows of the Company and its consolidated subsidiaries. 2.2 The annual report includes a reliable operating and financial review of the Company and of the Group as well as a description of the main risks and uncertainties to which they are exposed. Milan, 16 March 2023 Chief Executive Officer The Financial Reporting Manager ROBERT KOREMANS LUIGI LA CORTE ",
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"value": "1. GENERAL INFORMATION The consolidated financial statements of the Recordati group for the year ended 31 December 2022 were prepared by Recordati Industria Chimica e Farmaceutica S.p.A. (the \u201cCompany\u201d or the \u201cParent Company\u201d), with headquarters at Via Matteo Civitali no. 1, 20148 Milan, Italy, and was approved by the Board of Directors\u2019 on 16 March 2023, which authorized distribution to the public. The document is available at the registered office. The consolidated financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union, and with the Italian regulations implementing article 9 of Italian Legislative Decree no. 38/2005. In order to better represent the Group\u2019s operations, the profit and loss accounts are classified by function, while they are classified by nature in the financial statements of the Parent. The distinction between current and non\u2010current was adopted for the presentation of assets and liabilities in the balance sheet. In preparing the cash flow statement, the indirect method was used. Details regarding the accounting standards adopted by the Group are specified in Note 2. The consolidated financial statements at 31 December 2022 comprise those of the Parent Company and all its subsidiaries. The companies included in the consolidation scope, the consolidation method applied, their percentage of ownership and a description of their activity are set out in Note 41. In 2022, the scope of consolidation changed following the parent company's acquisition of EUSA Pharma (UK) Limited (\u201cEUSA Pharma\u201d) with its eleven subsidiaries, including EUSA Pharma Brasil, which was subsequently liquidated in the second half of the year. EUSA Pharma is a leading pharmaceutical company with a portfolio of four products in the niche and rare cancer segment. Following completion of the acquisition on 16 March 2022, consolidation of economic results began on 1 April 2022, with a contribution of \u20ac 136.0 million to net revenue over nine months, while equity figures were consolidated for the first time on 31 March and are broken down in Note 34. The new company Recordati Rare Diseases FZCO was also established in the Middle East during the period. These financial statements are presented in euro (\u20ac), rounded to thousands of euro, except where indicated otherwise. ",
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"value": "The consolidated financial statements of the Recordati group for the year ended 31 December 2022 were prepared by Recordati Industria Chimica e Farmaceutica S.p.A. (the \u201cCompany\u201d or the \u201cParent Company\u201d), with headquarters at Via Matteo Civitali no. 1, 20148 Milan, Italy, and was approved by the Board of Directors\u2019 on 16 March 2023, which authorized distribution to the public. The document is available at the registered office. ",
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"value": "The consolidated financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union, and with the Italian regulations implementing article 9 of Italian Legislative Decree no. 38/2005. In order to better represent the Group\u2019s operations, the profit and loss accounts are classified by function, while they are classified by nature in the financial statements of the Parent. The distinction between current and non\u2010current was adopted for the presentation of assets and liabilities in the balance sheet. In preparing the cash flow statement, the indirect method was used. ",
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"f6236": {
"value": "2. SUMMARY OF ACCOUNTING STANDARDS The financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union and with the Italian regulations implementing Article 9 of Italian Legislative Decree no. 38/2005, in continuity with what was done for the consolidated financial statements at 31 December 2021, with the exception of the adoption of the new standards and amendments in force from 1 January 2022 described in the following paragraph \u201cApplication of new standards\u201d. The Group did not adopt any new standard, interpretation or amendment in advance that was issued but not yet in force. The financial statements were prepared on a going concern basis because the Directors verified the non\u2010 existence of indicators of a financial, operational or other nature which could signal critical issues on the Group\u2019s ability to meet its obligations in the foreseeable future and, in particular, in the next twelve months. Specifically, in making the estimates and assumptions related to the preparation of the consolidated financial statements, the impacts, including potential ones, deriving from the war in progress between Russia and Ukraine. The Group operates on the Russian market, in compliance with current regulations, with revenue in 2022 totalling 6.0% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2022 accounting for 0.6% of the total. The Group continues to monitor the conflict, as well as any geopolitical developments and related consequences on corporate strategies, to adopt mechanisms to protect its competitive position, investments, corporate performance, and resources. In light of the analysis done, also in consideration of the achievement of the expected results and the relevant sector, in preparing these financial statements, no effects were currently identified that could have a significant impact on the financial statement figures. With regard to the COVID\u201019 pandemic, to face the emergency, in Italy, and subsequently also in other countries, since 2020, the Group has implemented all possible measures and initiatives to guarantee the supply of medicines to its patients and the safety of its employees, while also succeeding in obtaining results in line with forecasts. Even as the epidemiological situation improves, the Group is ready to implement appropriate actions to guarantee business continuity in the case it becomes necessary. The financial statements for the consolidated companies, prepared by the Board of Directors or the Sole Director for submission to the respective Shareholders\u2019 Meetings, have been reclassified and adjusted as required in accordance with International Financial Reporting Standards. The criteria applied is consistent with that of the consolidated financial statements at 31 December 2021. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19. Economies experiencing hyperinflation The Group controls companies based in T\u00fcrkiye, a country in which, following a long period of inflation rates under observation, has now reached a situation in which the presence of hyperinflation is the consensus, in line with the international accounting standards, starting in the first half of 2022. In fact, the local currency of T\u00fcrkiye has experienced significant devaluation and accelerated inflation, with cumulative levels for consumer price indices reaching 156% over the last three years. Based on the parameters mentioned above, as of 1 January 2022 the relevant standard IAS 29 has been applied, \u201cFinancial Reporting in Hyperinflationary Economies\u201d, the effects of which are seen in the Group\u2019s consolidated results at 31 December 2022. In particular, in accordance with the standard, the restatement of balance sheet values as a whole require application of specific procedures and an evaluation process. For the income statement, all items were restated applying the change in the general level of prices in effect at the date on which the revenue and costs were initially recorded in the financial statements at the reporting date. For the purpose of converting the income statement thus restated into euro, the exact exchange rate at 31 December 2022 was applied consistently instead of the average exchange rate for the period. Effects deriving from the application of this standard for the final results for the Turkish subsidiaries led to a positive increase in revenue of \u20ac 0.8 million and a negative impact on net profit of \u20ac 6.9 million. With regard to the balance sheet, the cash elements have not been restated, as they were already expressed in the unit of measurement as at the closing date of the period. Non\u2010cash assets and liabilities were instead revalued from the date on which the assets and liabilities were initially recognised until the end of the period. This led to the recognition of gain of \u20ac 4.5 million, which was allocated to the income statement among net financial income/(expense), while the effects of first\u2010time application of the standard at 1 January 2022 were registered directly as an equity component for \u20ac 59.3 million. At 31 December 2022, the total effect on equity was \u20ac 79.4 million, net of impairment of goodwill for \u20ac 5.4 million. Application of new accounting principles Several amendments applied for the first time in 2022 but had no impact on the Group\u2019s consolidated financial statements. These included: \ue001 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 An onerous contract is a contract in which the unavoidable costs (e.g. costs which the Group cannot avoid as they are a part of the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendment clarifies that when determining whether a contract is onerous or generates losses, an entity must consider the costs that relate directly to the contract for the supply of goods and services, including incremental costs (e.g. the direct cost of labour and materials) and costs directly attributable to contractual activities (e.g. depreciation of equipment used to fulfil the contract, as well as costs to manage and supervise the contract). General and administrative expenses are not directly associated with a contract and are excluded, unless they can explicitly be charged back to the counterparty based on the contract. \ue001 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The purpose of the amendments is to replace references to the Framework for the Preparation and Presentation of Financial Statements with references to the Conceptual Framework for Financial Reporting published in March 2018, without making significant changes to the requirements of the standard. The Board has also added an exception to IFRS 3 evaluation principles to avoid the risk of potential \u201cday after\u201d losses or profits falling within the scope of IAS 37 or IFRIC 21 Levies if contracted separately. The exemption requires entities to apply the requirements of IAS 37 or IFRIC 21, rather than those of the Conceptual Framework, to determine whether a current obligation exists at the acquisition date. The amendment also added a new section to IFRS 3 to clarify that potential assets are not classified as assets that can be recognised on the acquisition date. \ue001 Property, Plant and Equipment: Proceeds Before Intended Use \u2013 Amendments to IAS 16 The amendments prohibit entities from deducting from the cost of an element of property, plant and equipment any revenue from products sold during the period in which the asset is brought to the location or the conditions necessary for it to operate in the manner intended by management. On the other hand, an entity recognises revenue deriving from the sales of such products and the costs to produce such products in the income statement. \ue001 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities This amendment clarifies which fees an entity includes when determining whether the terms and conditions of a new or modified financial liability are substantially different from the original conditions of the financial liability. These fees include only those paid or received between the debtor and lender, including fees paid or received by the debtor or the lender on behalf of third parties. No similar amendment has been proposed with reference to IAS 39 Financial Instruments: Recognition and Measurement. Use of estimates The preparation of the financial statements by management requires estimates and assumptions to be made, based on management\u2019s best judgement, that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. If in the future these estimates and assumptions differ from the actual circumstances, they will be amended as appropriate when circumstances change. The balance sheet accounts which require, more than others, a higher degree of subjectivity on the part of management when making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data are hereunder briefly described. \ue001 Goodwill: according to the accounting standards applied by the Group, goodwill is subject to annual impairment testing in order to ascertain whether a reduction in value has occurred. These tests require, on the part of management, subjective evaluations based on available information within the Group and from the market, as well as historical experience. They also depend on factors that could change over time, influencing the valuations and estimates made by management. Furthermore, when it has been determined that a potential reduction in value may have occurred, the Group proceeds to determine it by using the evaluation methods deemed to be most adequate. \ue001 Provisions for risks: the identification of the existence or not of a current obligation (legal or implicit) is not easy to determine in some cases. Management evaluates these events on a case\u2010by\u2010case basis together with an estimate of the amount of financial resources required to comply with the obligation. When management considers that the generation of a liability is only possible, the risks are disclosed in the appropriate information section on risks and liabilities, and no accruals are made. \ue001 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \ue001 Inventories: inventories which appear to be obsolete or slow\u2010moving are periodically tested and written down if their recoverable value in less than their book value. Write\u2010downs are based on assumptions and estimates which derive from experience and the historical results obtained. \ue001 Financial instruments: trade receivables are reduced by their relative provision for bad debts in order to take into account their effective recoverable value. The determination of the amounts to be written down requires that management make subjective evaluations which take into account past events, current conditions and expectations of future economic conditions. In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarized below with regard to the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortized cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \ue001 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \ue001 Level 2: inputs other than prices listed under the previous point, which are observable directly (prices) or indirectly (derivatives from the prices) on the market; \ue001 Level 3: input which is not based on observable market data. Basis of consolidation The consolidated financial statements include the financial statements for the Parent Company and the enterprises controlled by it, prepared at 31 December each year. Control is attained when the Group is exposed or has the right to variable returns originating from its relationship with the investee entity, at the same time, having the capacity to affect these returns, exerting its power over that entity. Specifically, the Group controls an investee if and only if the Group has: \ue001 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \ue001 exposure or rights to variable returns originating from the relationship with the investee entity; \ue001 the ability to exert power over the investee entity to affect the total returns. Generally, it is presumed that having the majority of voting rights leads to control. In support of this assumption and when the Group does not hold the majority of voting (or similar) rights, the Group considers all the relevant facts and circumstances to establish whether it controls the investee entity, including: \ue001 Contractual agreements with other voting rights holders; \ue001 Rights originating from contractual agreements; \ue001 The Group's voting rights and potential voting rights. The Group reconsiders whether it has control of an investee or not if the facts and circumstances indicate that there have been changes in one or more of the three relevant factors which define control. Consolidation of a subsidiary begins when the Group gains control of it and ceases when the Group loses control. The assets, liabilities, revenue and costs of the subsidiary acquired or disposed of during the year are included in the consolidated financial statement from the date the Group obtains control until the date the Group can no longer exert control over the company. The financial statements of the subsidiaries are prepared according to the same accounting standards adopted by the Parent Company. Where necessary, consolidation adjustments are made to bring the accounting policies used in line with those used by the Company. All intercompany transactions and balances between group enterprises, including unrealized gains, are eliminated on consolidation. Unrealized losses are also eliminated, unless they cannot be recovered later. The consolidation is made with the full line\u2010by\u2010line method. The criteria adopted for the application of this method include, among others: a. elimination of the book value of investments in consolidated companies against the related shareholders\u2019 equity and the assumption at the same time of all their assets and liabilities; b. elimination of intercompany payables and receivables and transactions, as well as intercompany profits and losses not yet realized; c. any excess of the cost of acquisition over the value of equity at the date of acquisition is recognized as goodwill; d. non\u2010controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non\u2010controlling interests in the net income of these companies are shown separately in the consolidated income statement. The financial statements of foreign subsidiaries expressed in currencies other than Euro are translated into Euro as follows: \ue001 assets and liabilities, with the exception of shareholders\u2019 equity, at year\u2010end exchange rates; \ue001 shareholders\u2019 equity at historical exchange rates, for year of formation; \ue001 income and expense items at the average exchange rates for the year; \ue001 the goodwill resulting from the acquisition of a foreign company is recognized in the currency of the country in question and translated at year\u2010end exchange rates. Translation differences arising from this process are shown in the consolidated statement of comprehensive income. Balance Sheet Property, plant and equipment \u2013 Property, plant and equipment is sated at purchase cost less accumulated depreciation and any recognized impairment loss. Reviews are performed when events or situations occur which indicate that the carrying amount of the assets can no longer be recovered (see paragraph on impairment). Depreciation is computed on a straight\u2010line basis using rates which are held to be representative of the estimated useful life of the assets: \ue001 Industrial buildings 2.5% \u2010 5.5% \ue001 Plant and machinery 10% \u2010 17.5% \ue001 Other equipment 12% \u2010 40% Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the net carrying amount of the asset and are recognized in income. Leasing \u2010 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2010 At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non\u2010lease component on the basis of its related stand\u2010alone price. The Group recognizes a right\u2010of\u2010use asset and a lease liability at the lease commencement date. The right\u2010of\u2010use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received. The right\u2010of\u2010use asset is subsequently depreciated using the straight\u2010line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right\u2010of\u2010use asset reflects that the Group will exercise a purchase option. In this case the right\u2010of\u2010use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis of those of property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted to reflect any changes deriving from remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interests rate implicit in the lease. If that rate cannot be readily determined, the Group uses the incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the assets leased. The payments due for the lease included in the measurements of the lease liability comprise: \ue001 fixed payments (including substantially fixed payments); \ue001 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \ue001 amounts expected to be payable under a residual value guarantee; and \ue001 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in\u2010substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right\u2010of\u2010use asset. If the carrying amount of the right\u2010of\u2010use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right\u2010of\u2010use assets that do not meet the definition of investments property in \u201cProperty, plant and equipment\u201d and lease liabilities in \u201cLoans\u201d in the balance sheet. Short\u2010term leases and leases of low value assets \u2010 The Group has elected not to recognise right\u2010of\u2010use assets and lease liabilities for leases of low value assets and short\u2010term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight\u2010line basis over the lease term. Intangible assets \u2010 An intangible asset is recognized in the accounts only if identifiable, likely to generate future economic benefits and its cost can be reliably determined. Intangible assets are recognized at purchase cost, net of amortization calculated on a straight line basis and on the basis of their estimated useful life which, however, cannot exceed 20 years. Patents, licenses and know\u2010how are amortized as from the year of the first sale of relevant products. Amortization of distribution and license rights is calculated over the duration of the contract, using the following rates which are held to be representative of the estimated useful life of the assets. \ue001 Industrial patent rights and marketing authorizations 5% \u2010 33% \ue001 Distribution licenses, trademarks and similar rights 5% \u2010 25%. Goodwill \u2010 Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly\u2010controlled entity at the date of acquisition. Transaction costs associated with a business combination are not considered acquisition costs, but are recognized as expenses in the year they are incurred. Goodwill is recognized as an asset and subjected annually to an impairment test in order to determine any loss of value. This test is performed with reference to a cash\u2010generating unit, or CGU, to which goodwill is attributed and at the level at which it is monitored. Goodwill arising on the acquisition of an associate is included within the carrying amount of the associate. On disposal of a subsidiary, associate or jointly\u2010controlled entity, the attributable amount of remaining goodwill is included in the determination of the gain or loss on disposal. Impairment \u2010 At each reporting date, or more frequently if necessary, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If these indications exist, the recoverable amount of these assets is estimated to determine the amount of the write\u2010down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash\u2010 generating unit to which the asset belongs. The recoverable amount is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using an after\u2010tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In the context of determining estimated future cash flow, the Group takes into consideration risks associated with issues linked to climate change, including applicable regulations, assessing whether these may have a significant impact on estimates of the recoverable value and, when necessary, including the effects on cash flow forecasts for estimates of value in use. If the recoverable amount of an asset (or cash\u2010generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash\u2010 generating unit) is reduced to its recoverable amount. Impairment losses are recognized as an expense immediately. When an impairment loss subsequently reverses, the carrying amount of the asset (cash\u2010generating unit) is increased to the revised estimate of its recoverable amount. However, the increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognized. A reversal of an impairment loss is recognized as income immediately. Losses resulting from the impairment of goodwill cannot be reversed. Equity investments in associates \u2010 An associate is an enterprise over which the Group is in a position to exercise significant influence, but not control, through participation in the financial and operating policy decisions of the investee. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. Financial instruments Recognition and measurement Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and liabilities are initially recognized when the Group becomes a party to the contractual provisions of the financial instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) \u2010 debt security; (FVOCI) \u2010 equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortized cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \ue001 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss for the year. \ue001 Financial assets measured at amortized cost These assets are subsequently measured at amortized cost in conformity with the effective interest criterion. The amortized cost is decreased by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as are any gains or losses on derecognition. \ue001 Debt investments measured at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. \ue001 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. Financial liabilities: classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or at FVTPL. A financial liability is classified as at FVTPL when it is held for trading, represents a derivative or is designated as such at the moment of initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost in using the effective interest criterion. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the assets transferred are not derecognized. Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group derecognizes a financial liability also in the case of a change in the related contractual terms and the cash flows of the modified liability are substantially different. In this case, a new financial liability is recognized at fair value on the basis of the modified contractual terms. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non\u2010cash assets transferred or liabilities assumed) is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivative instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non\u2010derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non\u2010financial item, it is included in the cost of the non\u2010financial item on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non\u2010derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non\u2010derivative, foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. Inventories \u2010 Inventories are stated at the lower of cost and net realizable value, where the market value of raw materials and subsidiaries is their substitution cost while that related to finished goods and work\u2010 in\u2010process is their net realizable value. Inventories of raw materials, supplies and promotional material are valued at their average acquisition cost including costs incurred in bringing the inventories to their location and condition at year end. Inventories of work\u2010in\u2010process and finished goods are valued at their average manufacturing cost which includes the cost of raw materials, consumables, direct labour and indirect costs of production. Inventories are written\u2010down if market value is lower than cost as described above or in the case of obsolescence resulting from slow moving stocks. Cash and cash equivalents \u2010 Cash in banks on demand and short\u2010term highly liquid investments measured at market value. Non\u2010current assets classified as held for sale and discontinued operations \u2013 These consist of components of an entity, whose operations and cash flows can be distinguished operationally and for financial reporting purposes, which have either been disposed of or satisfy the criteria to be classified as held for sale. A non\u2010current asset (or disposal group) classified as held for sale is measured at the lower of fair value less costs to sell it and its carrying amount. Non\u2010current assets or disposal groups that are classified as held for sale are not depreciated. Shareholders\u2019 equity \u2010 Equity instruments issued by the Company are recognized at the proceeds received. Dividends distributed by the Parent Company are recognized as payables at the moment of the resolution to distribute them. The purchase cost and selling price of treasury shares are recognized directly in equity and are therefore not recognized in the income statement. Provisions for employee benefits \u2010 Employee benefits are recognized on the basis of the results of the measurements made according to what is established by the accounting standard IAS 19. The liability recognized in the balance sheet for post\u2010employment benefit plans is the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. In particular the Projected Unit Credit Method is applied. Provisions for risks and charges \u2010 Provisions for risks and charges made when the Group has a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. Transactions in foreign currencies \u2010 Transactions in currencies other than the euro are initially recognized at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on exchange are included in net profit or loss for the period. Non\u2010monetary assets and liabilities recognized at the exchange rates prevailing on the dates of the transactions are not retranslated on the reporting date. On consolidation, the assets and liabilities of the Group\u2019s foreign currency operations are translated at the exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in the consolidated statement of comprehensive income and included in the item \u201creserve from translation of financial statements in foreign currencies\u201d. This reserve is recognized as income or as expenses in the period in which the subsidiary is disposed of. Income statement Revenue \u2010 Revenue is measured based on the consideration specified in a contract with a customer. The Group recognizes revenue when it transfers control over a good or service to a customer. Revenues are stated net of discounts, rebates and returns. Information about the nature and the timing of the satisfaction of performance obligations in contracts with customers and the related revenue recognition policies are as follows. Revenues mainly comprise product sales and revenue from licensing\u2010out agreements. Product sales represent net invoice value less estimated rebates, returns and chargebacks and are recognized when control of the goods has been transferred to a third party. This is usually when ownership passes to the customer, either on shipment or on receipt of goods by the customer, depending on the specific trading terms. Revenue from licensing\u2010out agreements includes income from collaborative arrangements on the Group\u2019s products where the Group has licensed certain rights associated with those products, but retains a significant ongoing economic interest, through for example the ongoing supply of finished goods. Income may take the form of up\u2010front payments, profit sharing and royalties. Where control of a right to use of intangible assets passes at the outset of an arrangement, revenue is recognized at one point in time. Where the substance of an arrangement is that of a right to access intangible assets, revenue is recognized over time, normally on a straight\u2010line basis over the life of the contract. Where the Group provides ongoing services (i.e. supply of products), revenue in respect of this element is recognized over the duration of these services. Sales performance milestones are accounted for when the licensee achieves the sales target, so these are recognized at one point in time. Royalties received from the licensee are accounted for when the licensor is entitled to the payment, so these are to be recognized at one point in time. Cost of sales \u2010 This represents the cost of the goods sold. It includes the cost of raw materials, supplies and consumables, finished goods, and direct and indirect production expenses. Selling expenses \u2010 These include all expenses incurred in connection with the products sold during the year, such as payroll and other costs for sales and marketing personnel, promotional expenses and all distribution costs. Research and development expenses \u2010 Research and development costs are expensed in the income statement in the year in which they are incurred in accordance with IAS 38, except the cases for which the same IAS 38 prescribes the capitalization. IAS 38 prescribes that development costs must be capitalized when, in relation to the products of the activity, technical and commercial feasibility is achieved with high probability of success and future economic benefits are probable. These costs include amounts due under collaboration agreements with third parties. Grants from public bodies \u2010 Public grants towards investment in plant are recognized as income over the periods necessary to match them with the related costs and are presented in the balance sheet as deferred income. Operating grants, including those for research, are booked on an accrual basis and are recognized in the income statement as \u201cother revenue\u201d. Transactions involving share\u2010based payments \u2010 As prescribed by IFRS 2, stock option plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the stock options at the date they are granted. This cost is recognized in profit and loss linearly distributed over the vesting period with a counter\u2010item booked directly to equity. Financial income and expenses \u2010 These include interest income and expenses, foreign exchange gains and losses, both realized and unrealized, and differences arising from the valuation of securities. Interest income and expenses are recognized in profit and loss using the effective interest method. Taxes \u2010 Income taxes are the sum of current and deferred taxes. Current taxes are based on taxable profit for the year and the tax rates in force at the reporting date are applied. Deferred taxes are taxes expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable income. Deferred tax liabilities are generally recognized all taxable temporary differences, while deferred tax assets are recognized to the extent to which it is considered probable that there will be taxable fiscal results in the future that will enable the use of the deductible temporary differences. Assets and liabilities are not recognized if the temporary differences derive from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realized. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognized in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Earnings per share \u2010 Earnings per share is the net income for the period attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the number of shares outstanding for the effects of all dilutive potential ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6239": {
"value": "The financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union and with the Italian regulations implementing Article 9 of Italian Legislative Decree no. 38/2005, in continuity with what was done for the consolidated financial statements at 31 December 2021, with the exception of the adoption of the new standards and amendments in force from 1 January 2022 described in the following paragraph \u201cApplication of new standards\u201d. The Group did not adopt any new standard, interpretation or amendment in advance that was issued but not yet in force. The financial statements were prepared on a going concern basis because the Directors verified the non\u2010 existence of indicators of a financial, operational or other nature which could signal critical issues on the Group\u2019s ability to meet its obligations in the foreseeable future and, in particular, in the next twelve months. Specifically, in making the estimates and assumptions related to the preparation of the consolidated financial statements, the impacts, including potential ones, deriving from the war in progress between Russia and Ukraine. The Group operates on the Russian market, in compliance with current regulations, with revenue in 2022 totalling 6.0% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2022 accounting for 0.6% of the total. The Group continues to monitor the conflict, as well as any geopolitical developments and related consequences on corporate strategies, to adopt mechanisms to protect its competitive position, investments, corporate performance, and resources. In light of the analysis done, also in consideration of the achievement of the expected results and the relevant sector, in preparing these financial statements, no effects were currently identified that could have a significant impact on the financial statement figures. With regard to the COVID\u201019 pandemic, to face the emergency, in Italy, and subsequently also in other countries, since 2020, the Group has implemented all possible measures and initiatives to guarantee the supply of medicines to its patients and the safety of its employees, while also succeeding in obtaining results in line with forecasts. Even as the epidemiological situation improves, the Group is ready to implement appropriate actions to guarantee business continuity in the case it becomes necessary. The financial statements for the consolidated companies, prepared by the Board of Directors or the Sole Director for submission to the respective Shareholders\u2019 Meetings, have been reclassified and adjusted as required in accordance with International Financial Reporting Standards. The criteria applied is consistent with that of the consolidated financial statements at 31 December 2021. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6259": {
"value": "The financial statements were prepared on a going concern basis because the Directors verified the non\u2010 existence of indicators of a financial, operational or other nature which could signal critical issues on the Group\u2019s ability to meet its obligations in the foreseeable future and, in particular, in the next twelve months. Specifically, in making the estimates and assumptions related to the preparation of the consolidated financial statements, the impacts, including potential ones, deriving from the war in progress between Russia and Ukraine. The Group operates on the Russian market, in compliance with current regulations, with revenue in 2022 totalling 6.0% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2022 accounting for 0.6% of the total. The Group continues to monitor the conflict, as well as any geopolitical developments and related consequences on corporate strategies, to adopt mechanisms to protect its competitive position, investments, corporate performance, and resources. In light of the analysis done, also in consideration of the achievement of the expected results and the relevant sector, in preparing these financial statements, no effects were currently identified that could have a significant impact on the financial statement figures. With regard to the COVID\u201019 pandemic, to face the emergency, in Italy, and subsequently also in other countries, since 2020, the Group has implemented all possible measures and initiatives to guarantee the supply of medicines to its patients and the safety of its employees, while also succeeding in obtaining results in line with forecasts. Even as the epidemiological situation improves, the Group is ready to implement appropriate actions to guarantee business continuity in the case it becomes necessary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6288": {
"value": "The financial statements for the consolidated companies, prepared by the Board of Directors or the Sole Director for submission to the respective Shareholders\u2019 Meetings, have been reclassified and adjusted as required in accordance with International Financial Reporting Standards. The criteria applied is consistent with that of the consolidated financial statements at 31 December 2021. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6335": {
"value": "Application of new accounting principles Several amendments applied for the first time in 2022 but had no impact on the Group\u2019s consolidated financial statements. These included: \ue001 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 An onerous contract is a contract in which the unavoidable costs (e.g. costs which the Group cannot avoid as they are a part of the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendment clarifies that when determining whether a contract is onerous or generates losses, an entity must consider the costs that relate directly to the contract for the supply of goods and services, including incremental costs (e.g. the direct cost of labour and materials) and costs directly attributable to contractual activities (e.g. depreciation of equipment used to fulfil the contract, as well as costs to manage and supervise the contract). General and administrative expenses are not directly associated with a contract and are excluded, unless they can explicitly be charged back to the counterparty based on the contract. \ue001 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The purpose of the amendments is to replace references to the Framework for the Preparation and Presentation of Financial Statements with references to the Conceptual Framework for Financial Reporting published in March 2018, without making significant changes to the requirements of the standard. The Board has also added an exception to IFRS 3 evaluation principles to avoid the risk of potential \u201cday after\u201d losses or profits falling within the scope of IAS 37 or IFRIC 21 Levies if contracted separately. The exemption requires entities to apply the requirements of IAS 37 or IFRIC 21, rather than those of the Conceptual Framework, to determine whether a current obligation exists at the acquisition date. The amendment also added a new section to IFRS 3 to clarify that potential assets are not classified as assets that can be recognised on the acquisition date. \ue001 Property, Plant and Equipment: Proceeds Before Intended Use \u2013 Amendments to IAS 16 The amendments prohibit entities from deducting from the cost of an element of property, plant and equipment any revenue from products sold during the period in which the asset is brought to the location or the conditions necessary for it to operate in the manner intended by management. On the other hand, an entity recognises revenue deriving from the sales of such products and the costs to produce such products in the income statement. \ue001 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities This amendment clarifies which fees an entity includes when determining whether the terms and conditions of a new or modified financial liability are substantially different from the original conditions of the financial liability. These fees include only those paid or received between the debtor and lender, including fees paid or received by the debtor or the lender on behalf of third parties. No similar amendment has been proposed with reference to IAS 39 Financial Instruments: Recognition and Measurement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6336": {
"value": "Application of new accounting principles Several amendments applied for the first time in 2022 but had no impact on the Group\u2019s consolidated financial statements. These included: \ue001 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 An onerous contract is a contract in which the unavoidable costs (e.g. costs which the Group cannot avoid as they are a part of the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendment clarifies that when determining whether a contract is onerous or generates losses, an entity must consider the costs that relate directly to the contract for the supply of goods and services, including incremental costs (e.g. the direct cost of labour and materials) and costs directly attributable to contractual activities (e.g. depreciation of equipment used to fulfil the contract, as well as costs to manage and supervise the contract). General and administrative expenses are not directly associated with a contract and are excluded, unless they can explicitly be charged back to the counterparty based on the contract. \ue001 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The purpose of the amendments is to replace references to the Framework for the Preparation and Presentation of Financial Statements with references to the Conceptual Framework for Financial Reporting published in March 2018, without making significant changes to the requirements of the standard. The Board has also added an exception to IFRS 3 evaluation principles to avoid the risk of potential \u201cday after\u201d losses or profits falling within the scope of IAS 37 or IFRIC 21 Levies if contracted separately. The exemption requires entities to apply the requirements of IAS 37 or IFRIC 21, rather than those of the Conceptual Framework, to determine whether a current obligation exists at the acquisition date. The amendment also added a new section to IFRS 3 to clarify that potential assets are not classified as assets that can be recognised on the acquisition date. \ue001 Property, Plant and Equipment: Proceeds Before Intended Use \u2013 Amendments to IAS 16 The amendments prohibit entities from deducting from the cost of an element of property, plant and equipment any revenue from products sold during the period in which the asset is brought to the location or the conditions necessary for it to operate in the manner intended by management. On the other hand, an entity recognises revenue deriving from the sales of such products and the costs to produce such products in the income statement. \ue001 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities This amendment clarifies which fees an entity includes when determining whether the terms and conditions of a new or modified financial liability are substantially different from the original conditions of the financial liability. These fees include only those paid or received between the debtor and lender, including fees paid or received by the debtor or the lender on behalf of third parties. No similar amendment has been proposed with reference to IAS 39 Financial Instruments: Recognition and Measurement. Use of estimates The preparation of the financial statements by management requires estimates and assumptions to be made, based on management\u2019s best judgement, that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. If in the future these estimates and assumptions differ from the actual circumstances, they will be amended as appropriate when circumstances change. The balance sheet accounts which require, more than others, a higher degree of subjectivity on the part of management when making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data are hereunder briefly described. \ue001 Goodwill: according to the accounting standards applied by the Group, goodwill is subject to annual impairment testing in order to ascertain whether a reduction in value has occurred. These tests require, on the part of management, subjective evaluations based on available information within the Group and from the market, as well as historical experience. They also depend on factors that could change over time, influencing the valuations and estimates made by management. Furthermore, when it has been determined that a potential reduction in value may have occurred, the Group proceeds to determine it by using the evaluation methods deemed to be most adequate. \ue001 Provisions for risks: the identification of the existence or not of a current obligation (legal or implicit) is not easy to determine in some cases. Management evaluates these events on a case\u2010by\u2010case basis together with an estimate of the amount of financial resources required to comply with the obligation. When management considers that the generation of a liability is only possible, the risks are disclosed in the appropriate information section on risks and liabilities, and no accruals are made. \ue001 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \ue001 Inventories: inventories which appear to be obsolete or slow\u2010moving are periodically tested and written down if their recoverable value in less than their book value. Write\u2010downs are based on assumptions and estimates which derive from experience and the historical results obtained. \ue001 Financial instruments: trade receivables are reduced by their relative provision for bad debts in order to take into account their effective recoverable value. The determination of the amounts to be written down requires that management make subjective evaluations which take into account past events, current conditions and expectations of future economic conditions. In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarized below with regard to the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortized cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \ue001 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \ue001 Level 2: inputs other than prices listed under the previous point, which are observable directly (prices) or indirectly (derivatives from the prices) on the market; \ue001 Level 3: input which is not based on observable market data. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6385": {
"value": "Use of estimates The preparation of the financial statements by management requires estimates and assumptions to be made, based on management\u2019s best judgement, that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. If in the future these estimates and assumptions differ from the actual circumstances, they will be amended as appropriate when circumstances change. The balance sheet accounts which require, more than others, a higher degree of subjectivity on the part of management when making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data are hereunder briefly described. \ue001 Goodwill: according to the accounting standards applied by the Group, goodwill is subject to annual impairment testing in order to ascertain whether a reduction in value has occurred. These tests require, on the part of management, subjective evaluations based on available information within the Group and from the market, as well as historical experience. They also depend on factors that could change over time, influencing the valuations and estimates made by management. Furthermore, when it has been determined that a potential reduction in value may have occurred, the Group proceeds to determine it by using the evaluation methods deemed to be most adequate. \ue001 Provisions for risks: the identification of the existence or not of a current obligation (legal or implicit) is not easy to determine in some cases. Management evaluates these events on a case\u2010by\u2010case basis together with an estimate of the amount of financial resources required to comply with the obligation. When management considers that the generation of a liability is only possible, the risks are disclosed in the appropriate information section on risks and liabilities, and no accruals are made. \ue001 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \ue001 Inventories: inventories which appear to be obsolete or slow\u2010moving are periodically tested and written down if their recoverable value in less than their book value. Write\u2010downs are based on assumptions and estimates which derive from experience and the historical results obtained. \ue001 Financial instruments: trade receivables are reduced by their relative provision for bad debts in order to take into account their effective recoverable value. The determination of the amounts to be written down requires that management make subjective evaluations which take into account past events, current conditions and expectations of future economic conditions. In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarized below with regard to the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortized cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \ue001 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \ue001 Level 2: inputs other than prices listed under the previous point, which are observable directly (prices) or indirectly (derivatives from the prices) on the market; \ue001 Level 3: input which is not based on observable market data. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6437": {
"value": "In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarized below with regard to the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortized cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \ue001 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \ue001 Level 2: inputs other than prices listed under the previous point, which are observable directly (prices) or indirectly (derivatives from the prices) on the market; \ue001 Level 3: input which is not based on observable market data. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6469": {
"value": "Basis of consolidation The consolidated financial statements include the financial statements for the Parent Company and the enterprises controlled by it, prepared at 31 December each year. Control is attained when the Group is exposed or has the right to variable returns originating from its relationship with the investee entity, at the same time, having the capacity to affect these returns, exerting its power over that entity. Specifically, the Group controls an investee if and only if the Group has: \ue001 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \ue001 exposure or rights to variable returns originating from the relationship with the investee entity; \ue001 the ability to exert power over the investee entity to affect the total returns. Generally, it is presumed that having the majority of voting rights leads to control. In support of this assumption and when the Group does not hold the majority of voting (or similar) rights, the Group considers all the relevant facts and circumstances to establish whether it controls the investee entity, including: \ue001 Contractual agreements with other voting rights holders; \ue001 Rights originating from contractual agreements; \ue001 The Group's voting rights and potential voting rights. The Group reconsiders whether it has control of an investee or not if the facts and circumstances indicate that there have been changes in one or more of the three relevant factors which define control. Consolidation of a subsidiary begins when the Group gains control of it and ceases when the Group loses control. The assets, liabilities, revenue and costs of the subsidiary acquired or disposed of during the year are included in the consolidated financial statement from the date the Group obtains control until the date the Group can no longer exert control over the company. The financial statements of the subsidiaries are prepared according to the same accounting standards adopted by the Parent Company. Where necessary, consolidation adjustments are made to bring the accounting policies used in line with those used by the Company. All intercompany transactions and balances between group enterprises, including unrealized gains, are eliminated on consolidation. Unrealized losses are also eliminated, unless they cannot be recovered later. The consolidation is made with the full line\u2010by\u2010line method. The criteria adopted for the application of this method include, among others: a. elimination of the book value of investments in consolidated companies against the related shareholders\u2019 equity and the assumption at the same time of all their assets and liabilities; b. elimination of intercompany payables and receivables and transactions, as well as intercompany profits and losses not yet realized; c. any excess of the cost of acquisition over the value of equity at the date of acquisition is recognized as goodwill; d. non\u2010controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non\u2010controlling interests in the net income of these companies are shown separately in the consolidated income statement. The financial statements of foreign subsidiaries expressed in currencies other than Euro are translated into Euro as follows: \ue001 assets and liabilities, with the exception of shareholders\u2019 equity, at year\u2010end exchange rates; \ue001 shareholders\u2019 equity at historical exchange rates, for year of formation; \ue001 income and expense items at the average exchange rates for the year; \ue001 the goodwill resulting from the acquisition of a foreign company is recognized in the currency of the country in question and translated at year\u2010end exchange rates. Translation differences arising from this process are shown in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6544": {
"value": "Property, plant and equipment \u2013 Property, plant and equipment is sated at purchase cost less accumulated depreciation and any recognized impairment loss. Reviews are performed when events or situations occur which indicate that the carrying amount of the assets can no longer be recovered (see paragraph on impairment). Depreciation is computed on a straight\u2010line basis using rates which are held to be representative of the estimated useful life of the assets: \ue001 Industrial buildings 2.5% \u2010 5.5% \ue001 Plant and machinery 10% \u2010 17.5% \ue001 Other equipment 12% \u2010 40% Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the net carrying amount of the asset and are recognized in income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6551": {
"value": "Depreciation is computed on a straight\u2010line basis using rates which are held to be representative of the estimated useful life of the assets: \ue001 Industrial buildings 2.5% \u2010 5.5% \ue001 Plant and machinery 10% \u2010 17.5% \ue001 Other equipment 12% \u2010 40% Amortization of distribution and license rights is calculated over the duration of the contract, using the following rates which are held to be representative of the estimated useful life of the assets. \ue001 Industrial patent rights and marketing authorizations 5% \u2010 33% \ue001 Distribution licenses, trademarks and similar rights 5% \u2010 25%. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6562": {
"value": "Leasing \u2010 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2010 At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non\u2010lease component on the basis of its related stand\u2010alone price. The Group recognizes a right\u2010of\u2010use asset and a lease liability at the lease commencement date. The right\u2010of\u2010use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received. The right\u2010of\u2010use asset is subsequently depreciated using the straight\u2010line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right\u2010of\u2010use asset reflects that the Group will exercise a purchase option. In this case the right\u2010of\u2010use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis of those of property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted to reflect any changes deriving from remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interests rate implicit in the lease. If that rate cannot be readily determined, the Group uses the incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the assets leased. The payments due for the lease included in the measurements of the lease liability comprise: \ue001 fixed payments (including substantially fixed payments); \ue001 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \ue001 amounts expected to be payable under a residual value guarantee; and \ue001 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in\u2010substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right\u2010of\u2010use asset. If the carrying amount of the right\u2010of\u2010use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right\u2010of\u2010use assets that do not meet the definition of investments property in \u201cProperty, plant and equipment\u201d and lease liabilities in \u201cLoans\u201d in the balance sheet. Short\u2010term leases and leases of low value assets \u2010 The Group has elected not to recognise right\u2010of\u2010use assets and lease liabilities for leases of low value assets and short\u2010term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight\u2010line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6637": {
"value": "Intangible assets \u2010 An intangible asset is recognized in the accounts only if identifiable, likely to generate future economic benefits and its cost can be reliably determined. Intangible assets are recognized at purchase cost, net of amortization calculated on a straight line basis and on the basis of their estimated useful life which, however, cannot exceed 20 years. Patents, licenses and know\u2010how are amortized as from the year of the first sale of relevant products. Amortization of distribution and license rights is calculated over the duration of the contract, using the following rates which are held to be representative of the estimated useful life of the assets. \ue001 Industrial patent rights and marketing authorizations 5% \u2010 33% \ue001 Distribution licenses, trademarks and similar rights 5% \u2010 25%. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6653": {
"value": "Goodwill \u2010 Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly\u2010controlled entity at the date of acquisition. Transaction costs associated with a business combination are not considered acquisition costs, but are recognized as expenses in the year they are incurred. Goodwill is recognized as an asset and subjected annually to an impairment test in order to determine any loss of value. This test is performed with reference to a cash\u2010generating unit, or CGU, to which goodwill is attributed and at the level at which it is monitored. Goodwill arising on the acquisition of an associate is included within the carrying amount of the associate. On disposal of a subsidiary, associate or jointly\u2010controlled entity, the attributable amount of remaining goodwill is included in the determination of the gain or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6676": {
"value": "Impairment \u2010 At each reporting date, or more frequently if necessary, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If these indications exist, the recoverable amount of these assets is estimated to determine the amount of the write\u2010down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash\u2010 generating unit to which the asset belongs. The recoverable amount is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using an after\u2010tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In the context of determining estimated future cash flow, the Group takes into consideration risks associated with issues linked to climate change, including applicable regulations, assessing whether these may have a significant impact on estimates of the recoverable value and, when necessary, including the effects on cash flow forecasts for estimates of value in use. If the recoverable amount of an asset (or cash\u2010generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash\u2010 generating unit) is reduced to its recoverable amount. Impairment losses are recognized as an expense immediately. When an impairment loss subsequently reverses, the carrying amount of the asset (cash\u2010generating unit) is increased to the revised estimate of its recoverable amount. However, the increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognized. A reversal of an impairment loss is recognized as income immediately. Losses resulting from the impairment of goodwill cannot be reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6700": {
"value": "Equity investments in associates \u2010 An associate is an enterprise over which the Group is in a position to exercise significant influence, but not control, through participation in the financial and operating policy decisions of the investee. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6707": {
"value": "Financial instruments Recognition and measurement Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and liabilities are initially recognized when the Group becomes a party to the contractual provisions of the financial instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) \u2010 debt security; (FVOCI) \u2010 equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortized cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \ue001 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss for the year. \ue001 Financial assets measured at amortized cost These assets are subsequently measured at amortized cost in conformity with the effective interest criterion. The amortized cost is decreased by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as are any gains or losses on derecognition. \ue001 Debt investments measured at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. \ue001 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. Financial liabilities: classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or at FVTPL. A financial liability is classified as at FVTPL when it is held for trading, represents a derivative or is designated as such at the moment of initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost in using the effective interest criterion. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the assets transferred are not derecognized. Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group derecognizes a financial liability also in the case of a change in the related contractual terms and the cash flows of the modified liability are substantially different. In this case, a new financial liability is recognized at fair value on the basis of the modified contractual terms. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non\u2010cash assets transferred or liabilities assumed) is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6717": {
"value": "Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) \u2010 debt security; (FVOCI) \u2010 equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortized cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \ue001 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss for the year. \ue001 Financial assets measured at amortized cost These assets are subsequently measured at amortized cost in conformity with the effective interest criterion. The amortized cost is decreased by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as are any gains or losses on derecognition. \ue001 Debt investments measured at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. \ue001 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6718": {
"value": "Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) \u2010 debt security; (FVOCI) \u2010 equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \ue001 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \ue001 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortized cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \ue001 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss for the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6782": {
"value": "Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6788": {
"value": "Financial liabilities: classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or at FVTPL. A financial liability is classified as at FVTPL when it is held for trading, represents a derivative or is designated as such at the moment of initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost in using the effective interest criterion. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6808": {
"value": "Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the assets transferred are not derecognized. Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group derecognizes a financial liability also in the case of a change in the related contractual terms and the cash flows of the modified liability are substantially different. In this case, a new financial liability is recognized at fair value on the basis of the modified contractual terms. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non\u2010cash assets transferred or liabilities assumed) is recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6827": {
"value": "Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6833": {
"value": "Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivative instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non\u2010derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non\u2010financial item, it is included in the cost of the non\u2010financial item on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non\u2010derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non\u2010derivative, foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6834": {
"value": "Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivative instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non\u2010derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non\u2010financial item, it is included in the cost of the non\u2010financial item on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non\u2010derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non\u2010derivative, foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6884": {
"value": "Inventories \u2010 Inventories are stated at the lower of cost and net realizable value, where the market value of raw materials and subsidiaries is their substitution cost while that related to finished goods and work\u2010 in\u2010process is their net realizable value. Inventories of raw materials, supplies and promotional material are valued at their average acquisition cost including costs incurred in bringing the inventories to their location and condition at year end. Inventories of work\u2010in\u2010process and finished goods are valued at their average manufacturing cost which includes the cost of raw materials, consumables, direct labour and indirect costs of production. Inventories are written\u2010down if market value is lower than cost as described above or in the case of obsolescence resulting from slow moving stocks. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6896": {
"value": "Cash and cash equivalents \u2010 Cash in banks on demand and short\u2010term highly liquid investments measured at market value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6900": {
"value": "Non\u2010current assets classified as held for sale and discontinued operations \u2013 These consist of components of an entity, whose operations and cash flows can be distinguished operationally and for financial reporting purposes, which have either been disposed of or satisfy the criteria to be classified as held for sale. A non\u2010current asset (or disposal group) classified as held for sale is measured at the lower of fair value less costs to sell it and its carrying amount. Non\u2010current assets or disposal groups that are classified as held for sale are not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6921": {
"value": "Equity instruments issued by the Company are recognized at the proceeds received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6926": {
"value": "The purchase cost and selling price of treasury shares are recognized directly in equity and are therefore not recognized in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6929": {
"value": "Provisions for employee benefits \u2010 Employee benefits are recognized on the basis of the results of the measurements made according to what is established by the accounting standard IAS 19. The liability recognized in the balance sheet for post\u2010employment benefit plans is the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. In particular the Projected Unit Credit Method is applied. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6937": {
"value": "Provisions for risks and charges \u2010 Provisions for risks and charges made when the Group has a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6943": {
"value": "Transactions in foreign currencies \u2010 Transactions in currencies other than the euro are initially recognized at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on exchange are included in net profit or loss for the period. Non\u2010monetary assets and liabilities recognized at the exchange rates prevailing on the dates of the transactions are not retranslated on the reporting date. On consolidation, the assets and liabilities of the Group\u2019s foreign currency operations are translated at the exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in the consolidated statement of comprehensive income and included in the item \u201creserve from translation of financial statements in foreign currencies\u201d. This reserve is recognized as income or as expenses in the period in which the subsidiary is disposed of. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6958": {
"value": "Revenue \u2010 Revenue is measured based on the consideration specified in a contract with a customer. The Group recognizes revenue when it transfers control over a good or service to a customer. Revenues are stated net of discounts, rebates and returns. Information about the nature and the timing of the satisfaction of performance obligations in contracts with customers and the related revenue recognition policies are as follows. Revenues mainly comprise product sales and revenue from licensing\u2010out agreements. Product sales represent net invoice value less estimated rebates, returns and chargebacks and are recognized when control of the goods has been transferred to a third party. This is usually when ownership passes to the customer, either on shipment or on receipt of goods by the customer, depending on the specific trading terms. Revenue from licensing\u2010out agreements includes income from collaborative arrangements on the Group\u2019s products where the Group has licensed certain rights associated with those products, but retains a significant ongoing economic interest, through for example the ongoing supply of finished goods. Income may take the form of up\u2010front payments, profit sharing and royalties. Where control of a right to use of intangible assets passes at the outset of an arrangement, revenue is recognized at one point in time. Where the substance of an arrangement is that of a right to access intangible assets, revenue is recognized over time, normally on a straight\u2010line basis over the life of the contract. Where the Group provides ongoing services (i.e. supply of products), revenue in respect of this element is recognized over the duration of these services. Sales performance milestones are accounted for when the licensee achieves the sales target, so these are recognized at one point in time. Royalties received from the licensee are accounted for when the licensor is entitled to the payment, so these are to be recognized at one point in time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6992": {
"value": "Cost of sales \u2010 This represents the cost of the goods sold. It includes the cost of raw materials, supplies and consumables, finished goods, and direct and indirect production expenses. Selling expenses \u2010 These include all expenses incurred in connection with the products sold during the year, such as payroll and other costs for sales and marketing personnel, promotional expenses and all distribution costs. Research and development expenses \u2010 Research and development costs are expensed in the income statement in the year in which they are incurred in accordance with IAS 38, except the cases for which the same IAS 38 prescribes the capitalization. IAS 38 prescribes that development costs must be capitalized when, in relation to the products of the activity, technical and commercial feasibility is achieved with high probability of success and future economic benefits are probable. These costs include amounts due under collaboration agreements with third parties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7001": {
"value": "Research and development expenses \u2010 Research and development costs are expensed in the income statement in the year in which they are incurred in accordance with IAS 38, except the cases for which the same IAS 38 prescribes the capitalization. IAS 38 prescribes that development costs must be capitalized when, in relation to the products of the activity, technical and commercial feasibility is achieved with high probability of success and future economic benefits are probable. These costs include amounts due under collaboration agreements with third parties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7010": {
"value": "Grants from public bodies \u2010 Public grants towards investment in plant are recognized as income over the periods necessary to match them with the related costs and are presented in the balance sheet as deferred income. Operating grants, including those for research, are booked on an accrual basis and are recognized in the income statement as \u201cother revenue\u201d. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7017": {
"value": "Transactions involving share\u2010based payments \u2010 As prescribed by IFRS 2, stock option plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the stock options at the date they are granted. This cost is recognized in profit and loss linearly distributed over the vesting period with a counter\u2010item booked directly to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7024": {
"value": "Financial income and expenses \u2010 These include interest income and expenses, foreign exchange gains and losses, both realized and unrealized, and differences arising from the valuation of securities. Interest income and expenses are recognized in profit and loss using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7030": {
"value": "Taxes \u2010 Income taxes are the sum of current and deferred taxes. Current taxes are based on taxable profit for the year and the tax rates in force at the reporting date are applied. Deferred taxes are taxes expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable income. Deferred tax liabilities are generally recognized all taxable temporary differences, while deferred tax assets are recognized to the extent to which it is considered probable that there will be taxable fiscal results in the future that will enable the use of the deductible temporary differences. Assets and liabilities are not recognized if the temporary differences derive from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realized. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognized in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7044": {
"value": "Deferred taxes are taxes expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable income. Deferred tax liabilities are generally recognized all taxable temporary differences, while deferred tax assets are recognized to the extent to which it is considered probable that there will be taxable fiscal results in the future that will enable the use of the deductible temporary differences. Assets and liabilities are not recognized if the temporary differences derive from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realized. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognized in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7059": {
"value": "Earnings per share \u2010 Earnings per share is the net income for the period attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the number of shares outstanding for the effects of all dilutive potential ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7065": {
"value": "3. NET REVENUE The Group's revenue is derived from contracts with customers and is not subject to significant seasonal fluctuations. Total net revenue in 2022 was \u20ac 1,853.3 million, up by 17.3% compared to 2021. The increase is mainly due to revenue for \u20ac 136.0 million following the consolidation of the portfolio of rare oncology products acquired with EUSA Pharma, consolidated as of the second quarter of the year, as well as strong organic growth in sales in both business segments. Revenue can be detailed as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Net sales 1,838,646 1,536,231 302,415 Royalties 8,309 5,436 2,873 Upfront payments 2,118 6,055 (3,937) Various revenue 4,234 32,352 (28,118) Total net revenue 1,853,307 1,580,074 273,233 The effect of applying IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye caused a positive effect on sales revenue of \u20ac 0.8 million. Revenue for up\u2010front payments is related to the activity of licensing and distribution of products in the portfolio and is recognized when it accrues along the time horizon of collaboration with customers. Revenue for up\u2010front payments of \u20ac 2.1 million recorded in 2022 refers mainly to marketing agreements for Cystadrops\u00ae (cysteamine hydrochloride) (\u20ac 0.7 million), for lercanidipine (\u20ac 0.6 million) and the combination lercanidipine+enalapril (\u20ac 0.2 million). The remaining balance of amounts already paid in advance by customers, which will be recognized for accounting purposes as revenue in future periods, is recognized under deferred revenue (see Note 28, Current liabilities) and amounted to \u20ac 3.9 million (\u20ac 5.9 million at 31 December 2021). In 2021, \u201cVarious revenue\u201d included \u20ac 26.2 million, corresponding to the sales margin for Eligard\u00ae \u2014 a medicinal product for the treatment of prostate cancer \u2014 earned by Astellas Pharma Europe Ltd., as the previous licensee, and retroceded to Recordati following the January 2021 contract between Tolmar International Ltd. and Recordati S.p.A. for the assignment of the new product license. Following the gradual transfer to direct sales starting in the second quarter of 2021, revenues associated with Eligard\u00ae for 2022 are entirely classified under the item \u201cNet sales\u201d. In the tables below, net revenue is disaggregated by product or product class and by geographic area by country. The tables also include a reconciliation of the disaggregated revenue with the Group's reportable segments. PRODUCT OR PRODUCT CLASS \u20ac (thousands) Specialty and Primary Care 2022 Specialty and Primary Care 2021 Rare diseases 2022 Rare diseases 2021 Total 2022 Total 2021 Zanidip\u00ae 130,521 136,736 130,521 136,736 Zanipress\u00ae 37,486 41,188 37,486 41,188 Urorec\u00ae 60,702 60,685 60,702 60,685 Livazo\u00ae 44,073 42,761 44,073 42,761 Seloken\u00ae/Logimax\u00ae 97,806 98,057 97,806 98,057 Eligard\u00ae 104,081 85,268 104,081 85,268 Other corporate products 188,821 170,563 188,821 170,563 Drugs for rare diseases 595,785 383,852 595,785 383,852 OTC 300,697 277,037 300,697 277,037 Local product portfolios 237,130 223,209 237,130 223,209 Other revenue 7,330 12,236 7,330 12,236 Pharmaceutical chemicals 48,875 48,482 48,875 48,482 Total net revenue 1,257,522 1,196,222 595,785 383,852 1,853,307 1,580,074 GEOGRAPHIC AREA BY COUNTRY \u20ac (thousands) Specialty and Primary Care 2022 Specialty and Primary Care 2021 Rare diseases 2022 Rare diseases 2021 Total 2022 Total 2021 Pharmaceutical revenue Italy 249,503 239,441 23,216 18,803 272,719 258,244 France 134,443 120,550 34,655 31,138 169,098 151,688 Russia, Ukraine, other CIS 118,607 94,954 13,070 4,641 131,677 99,595 Germany 128,223 132,079 39,392 20,789 167,615 152,868 Spain 118,612 106,596 24,018 13,438 142,630 120,034 T\u00fcrkiye 64,557 65,486 9,786 4,821 74,343 70,307 Portugal 50,073 43,550 3,392 1,882 53,465 45,432 Other Eastern European countries 107,164 102,211 21,661 9,837 128,825 112,048 Other Western European countries 84,321 75,799 52,374 28,558 136,695 104,357 North Africa 34,709 34,086 2,955 1,816 37,664 35,902 Other international sales 118,435 132,988 110,811 71,226 229,246 204,214 U.S.A. \u2010 \u2010 260,455 176,903 260,455 176,903 Total pharmaceutical revenue 1,208,647 1,147,740 595,785 383,852 1,804,432 1,531,592 Pharmaceutical chemicals revenue Italy 2,652 4,833 \u2010 \u2010 2,652 4,833 Other European countries 14,353 17,138 \u2010 \u2010 14,353 17,138 U.S.A. 7,572 5,554 \u2010 \u2010 7,572 5,554 America (U.S.A. excluded) 4,725 4,762 \u2010 \u2010 4,725 4,762 Australasia 16,990 14,517 \u2010 \u2010 16,990 14,517 Africa 2,583 1,678 \u2010 \u2010 2,583 1,678 Total chemical pharmaceuticals revenue 48,875 48,482 0 0 48,875 48,482 Total net revenue 1,257,522 1,196,222 595,785 383,852 1,853,307 1,580,074 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7410": {
"value": "4. OPERATING EXPENSES Total operating expenses for 2022 amounted to \u20ac 1,416.0 million, up compared to the \u20ac 1,089.9 million of 2021, and are classified by function as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Cost of sales 566,737 427,727 139,010 Selling expenses 462,665 396,394 66,271 Research and development expenses 220,102 166,138 53,964 General and administrative expenses 109,493 84,495 24,998 Other (income)/expenses, net 56,984 15,130 41,854 Total operating expenses 1,415,981 1,089,884 326,097 The cost of sales totals \u20ac 566.7 million, up compared to the previous year and representing 30.6% of revenue, higher than the 27.1% in 2021. The higher ratio was due mainly to the revaluation in line with the provisions of accounting standard IFRS 3 of the EUSA Pharma inventories acquired, the negative effect of which on the income statement calculated on the basis of the units sold in the period amounted to \u20ac 49.8 million, the effect of \u20ac 9.1 million for the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye and the effect of \u20ac 9.9 million for the gradual switch to direct sales for Eligard\u00ae, starting in the second quarter of 2021, and now sold directly by Group companies. Selling expenses increased by 16.7% due to the consolidation of EUSA Pharma, the recovery of promotional activities compared to the previous year (which was still affected by the COVID\u201019 pandemic) and the increased resources needed to support the growth of endocrinology products. This increase was nonetheless partially offset by the benefits of the efficiency measures put in place at the end of 2021 with regard to the organization of the Specialty and Primary Care sector sales force, primarily in Germany and T\u00fcrkiye. Expenses as a percentage of revenue came down slightly compared to the previous year due to a positive revenue performance. Research and development expenses were \u20ac 220.1 million, an increase of 32.5% compared to 2021, owing both to the integration of the EUSA Pharma expenses (including \u20ac 18.5 million of amortization of intangible fixed assets) and to the increase in investments in support of products for endocrinology. General and administrative expenses increased by 29.6% owing to the integration of EUSA Pharma and the strengthening of the general coordination structure to support an increasingly complex portfolio resulting from recent acquisitions. The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2022 2021 Changes 2022/2021 Non\u2010recurring costs: \u2010 EUSA Pharma acquisition 20,317 \u2010 20,317 \u2010 restructuring 23,340 11,732 11,608 \u2010 Ukraine emergency 2,229 \u2010 2,229 \u2010 COVID\u201019 pandemic 661 2,453 (1,792) \u2010 reverse merger 0 241 (241) Impairment of intangible assets and goodwill 10,934 52 10,882 Other (497) 652 (1,149) Other (income)/expenses, net 56,984 15,130 41,854 Under the terms of the CONSOB Communication of 28 July 2006, on events, transactions and matters which are non\u2010recurring or do not occur frequently in the normal course of business we can note: \ue001 the costs associated with the acquisition of EUSA Pharma mainly relate to Tech Transfer fees, a specific insurance policy to cover potential risks from limitations of warranties provided by previous shareholders and management of the company during the due diligence process, and the registry tax paid on the acquisition. \ue001 the costs linked to targeted restructuring of the Specialty & Primary Care sector field force, in particular in Italy, Germany and France, impacting around 170 FTE; \ue001 the costs incurred to support the Ukrainian population after the start of the war with Russia and for the COVID\u201019 epidemic, for donations in favour of hospitals and national health services, but also to make work environments safe and for the purchase of personal protective equipment; In compliance with the CONSOB Communication dated 28 July 2006, it is noted that, during 2022, there were no atypical or unusual transactions, as defined by the Communication. Impairment mainly refers to goodwill of the Turkish cash generating unit for \u20ac 5.4 million (see Note 9), the intangible asset Fortacin\u00ae for \u20ac 2.2 million, following the reduction in future expected cash flow and the license obtained from ARS Pharmaceuticals for \u20ac 2.8 million, following the start of negotiations to return the rights with consequent reclassification of the recoverable value among \u201cnon\u2010current assets held for sale\u201d (see Note 19). Total operating expenses are broken down by nature as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Material consumption 402,278 326,980 75,298 Payroll costs 324,320 276,886 47,434 Other employee costs 48,691 30,836 17,855 Variable sales expenses 125,144 113,551 11,593 Amortization and write\u2010downs 136,690 97,637 39,053 Utilities and consumables 41,825 35,663 6,162 Other expenses 337,033 208,331 128,702 Total operating expenses 1,415,981 1,089,884 326,097 The proportion of raw material consumption to net revenue was 21.7%, up compared to the 20.7% of 2021. This increase was mainly determined by the effect of hyperinflation in T\u00fcrkiye of \u20ac 9.1 million and by the different sales method adopted for Eligard\u00ae. While in 2022, revenue was almost all derived from direct sales made by Recordati, in the first half of 2021, it was mainly made up of the transfer to Recordati of gross profit made by the previous licensee Astellas. Personnel costs increased compared to 2021 due to the integration of EUSA Pharma personnel and pay increases recognised in the initial months of the year. The item \u201cPayroll costs\u201d includes \u20ac 8.3 million in charges for stock option plans, up by \u20ac 3.2 million compared to the previous year due to more beneficiary employees. The average number of employees in 2022 was 4,253, which is less than the 4,270 of 2021. There were 4,369 employees as at 31 December 2022, up when compared to the 4,303 at the end of 2021. Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5\u2010 year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plan term if they have met a number of performance conditions. The measurement according to the accounting standard IFRS 2 led to an expense in the 2022 income statement of \u20ac 1.4 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Amortisation and depreciation come to \u20ac 125.8 million, of which \u20ac 98.5 million for intangible assets, up by \u20ac 26.2 million compared to the previous year, in large part due to the effects of the EUSA Pharma acquisition, and \u20ac 27.3 million for property, plant and equipment, up by \u20ac 2.0 million compared to the amount in 2021. The change in \u201cOther expenses\u201d is mainly attributable to higher non\u2010recurring items and to the non\u2010 cash charges of \u20ac 49.8 million arising from the release of the purchase price allocation of EUSA Pharma to the gross margin of acquired inventories pursuant to IFRS 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7424": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Cost of sales 566,737 427,727 139,010 Selling expenses 462,665 396,394 66,271 Research and development expenses 220,102 166,138 53,964 General and administrative expenses 109,493 84,495 24,998 Other (income)/expenses, net 56,984 15,130 41,854 Total operating expenses 1,415,981 1,089,884 326,097 The cost of sales totals \u20ac 566.7 million, up compared to the previous year and representing 30.6% of revenue, higher than the 27.1% in 2021. The higher ratio was due mainly to the revaluation in line with the provisions of accounting standard IFRS 3 of the EUSA Pharma inventories acquired, the negative effect of which on the income statement calculated on the basis of the units sold in the period amounted to \u20ac 49.8 million, the effect of \u20ac 9.1 million for the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye and the effect of \u20ac 9.9 million for the gradual switch to direct sales for Eligard\u00ae, starting in the second quarter of 2021, and now sold directly by Group companies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7425": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Cost of sales 566,737 427,727 139,010 Selling expenses 462,665 396,394 66,271 Research and development expenses 220,102 166,138 53,964 General and administrative expenses 109,493 84,495 24,998 Other (income)/expenses, net 56,984 15,130 41,854 Total operating expenses 1,415,981 1,089,884 326,097 Research and development expenses were \u20ac 220.1 million, an increase of 32.5% compared to 2021, owing both to the integration of the EUSA Pharma expenses (including \u20ac 18.5 million of amortization of intangible fixed assets) and to the increase in investments in support of products for endocrinology. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7426": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Cost of sales 566,737 427,727 139,010 Selling expenses 462,665 396,394 66,271 Research and development expenses 220,102 166,138 53,964 General and administrative expenses 109,493 84,495 24,998 Other (income)/expenses, net 56,984 15,130 41,854 Total operating expenses 1,415,981 1,089,884 326,097 The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2022 2021 Changes 2022/2021 Non\u2010recurring costs: \u2010 EUSA Pharma acquisition 20,317 \u2010 20,317 \u2010 restructuring 23,340 11,732 11,608 \u2010 Ukraine emergency 2,229 \u2010 2,229 \u2010 COVID\u201019 pandemic 661 2,453 (1,792) \u2010 reverse merger 0 241 (241) Impairment of intangible assets and goodwill 10,934 52 10,882 Other (497) 652 (1,149) Other (income)/expenses, net 56,984 15,130 41,854 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7427": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Cost of sales 566,737 427,727 139,010 Selling expenses 462,665 396,394 66,271 Research and development expenses 220,102 166,138 53,964 General and administrative expenses 109,493 84,495 24,998 Other (income)/expenses, net 56,984 15,130 41,854 Total operating expenses 1,415,981 1,089,884 326,097 General and administrative expenses increased by 29.6% owing to the integration of EUSA Pharma and the strengthening of the general coordination structure to support an increasingly complex portfolio resulting from recent acquisitions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7551": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Material consumption 402,278 326,980 75,298 Payroll costs 324,320 276,886 47,434 Other employee costs 48,691 30,836 17,855 Variable sales expenses 125,144 113,551 11,593 Amortization and write\u2010downs 136,690 97,637 39,053 Utilities and consumables 41,825 35,663 6,162 Other expenses 337,033 208,331 128,702 Total operating expenses 1,415,981 1,089,884 326,097 The proportion of raw material consumption to net revenue was 21.7%, up compared to the 20.7% of 2021. This increase was mainly determined by the effect of hyperinflation in T\u00fcrkiye of \u20ac 9.1 million and by the different sales method adopted for Eligard\u00ae. While in 2022, revenue was almost all derived from direct sales made by Recordati, in the first half of 2021, it was mainly made up of the transfer to Recordati of gross profit made by the previous licensee Astellas. Personnel costs increased compared to 2021 due to the integration of EUSA Pharma personnel and pay increases recognised in the initial months of the year. The item \u201cPayroll costs\u201d includes \u20ac 8.3 million in charges for stock option plans, up by \u20ac 3.2 million compared to the previous year due to more beneficiary employees. The average number of employees in 2022 was 4,253, which is less than the 4,270 of 2021. There were 4,369 employees as at 31 December 2022, up when compared to the 4,303 at the end of 2021. Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5\u2010 year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plan term if they have met a number of performance conditions. The measurement according to the accounting standard IFRS 2 led to an expense in the 2022 income statement of \u20ac 1.4 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Amortisation and depreciation come to \u20ac 125.8 million, of which \u20ac 98.5 million for intangible assets, up by \u20ac 26.2 million compared to the previous year, in large part due to the effects of the EUSA Pharma acquisition, and \u20ac 27.3 million for property, plant and equipment, up by \u20ac 2.0 million compared to the amount in 2021. The change in \u201cOther expenses\u201d is mainly attributable to higher non\u2010recurring items and to the non\u2010 cash charges of \u20ac 49.8 million arising from the release of the purchase price allocation of EUSA Pharma to the gross margin of acquired inventories pursuant to IFRS 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7552": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Material consumption 402,278 326,980 75,298 Payroll costs 324,320 276,886 47,434 Other employee costs 48,691 30,836 17,855 Variable sales expenses 125,144 113,551 11,593 Amortization and write\u2010downs 136,690 97,637 39,053 Utilities and consumables 41,825 35,663 6,162 Other expenses 337,033 208,331 128,702 Total operating expenses 1,415,981 1,089,884 326,097 Amortisation and depreciation come to \u20ac 125.8 million, of which \u20ac 98.5 million for intangible assets, up by \u20ac 26.2 million compared to the previous year, in large part due to the effects of the EUSA Pharma acquisition, and \u20ac 27.3 million for property, plant and equipment, up by \u20ac 2.0 million compared to the amount in 2021. \u20ac (thousands) Land and buildings Plant and machinery Other equipment Investments in progress Total Cost Balance at 1 January 2021 90,930 241,577 98,712 21,817 453,036 Additions 2,188 2,931 6,957 16,643 28,719 Disposals (1,668) (3,355) (5,924) (139) (11,086) Other changes 944 2,387 (9) (11,166) (7,844) Balance at 31 December 2021 92,394 243,540 99,736 27,155 462,825 Additions 12,058 2,483 7,170 17,330 39,041 Disposals (3,074) (1,236) (5,874) (326) (10,510) Change to scope of consolidation 2,716 0 2,093 0 4,809 Write\u2010downs (313) 0 0 0 (313) Hyperinflation T\u00fcrkiye 12,277 13,220 3,639 0 29,136 Other changes (799) 100 150 (3,269) (3,818) Balance at 31 December 2022 115,259 258,107 106,914 40,890 521,170 Accumulated amortization Balance at 1 January 2021 51,670 200,268 67,848 0 319,786 Amortization for the year 5,972 8,336 10,986 0 25,294 Disposals (1,601) (3,325) (5,679) 0 (10,605) Other changes (339) (1,764) (667) 0 (2,770) Balance at 31 December 2021 55,702 203,515 72,488 0 331,705 Amortization for the year 7,021 8,966 11,302 0 27,289 Disposals (2,582) (856) (5,735) 0 (9,173) Change to scope of consolidation 98 0 900 0 998 Hyperinflation T\u00fcrkiye 1,111 9,545 2,644 0 13,300 Other changes (499) (790) (844) 0 (2,133) Balance at 31 December 2022 60,851 220,380 80,755 0 361,986 Net amount 1 January 2021 39,260 41,309 30,864 21,817 133,250 31 December 2021 36,692 40,025 27,248 27,155 131,120 31 December 2022 54,408 37,727 26,159 40,890 159,184 \u20ac (thousands) Land and Buildings Plant and machinery Other equipment Total Cost Balance at 1 January 2021 20,619 1,082 19,861 41,562 Additions 1,759 357 4,810 6,926 Disposals (1,668) (4) (4,690) (6,362) Other changes (22) (2) (896) (920) Balance at 31 December 2021 20,688 1,433 19,085 41,206 Additions 11,481 0 3,759 15,240 Disposals (3,027) 0 (4,242) (7,269) Change to scope of consolidation 2,539 0 848 3,387 Write\u2010downs (313) 0 0 (313) Hyperinflation T\u00fcrkiye 1,242 4 1,325 2,571 Other changes (259) (1) (883) (1,143) Balance at 31 December 2022 32,351 1,436 19,892 53,679 Accumulated amortization Balance at 1 January 2021 6,684 188 8,255 15,127 Amortization for the year 3,756 233 5,942 9,931 Disposals (1,601) (4) (4,466) (6,071) Other changes (23) 0 (542) (565) Balance at 31 December 2021 8,816 417 9,189 18,422 Amortization for the year 4,402 288 6,334 11,024 Disposals (2,556) 0 (4,170) (6,726) Change to scope of consolidation 0 0 0 0 Hyperinflation T\u00fcrkiye 476 0 687 1,163 Other changes (307) 0 (768) (1,075) Balance at 31 December 2022 10,831 705 11,272 22,808 Net amount 1 January 2021 13,935 894 11,606 26,435 31 December 2021 11,872 1,016 9,896 22,784 31 December 2022 21,520 731 8,620 30,871 \u20ac (thousands) Patent rights and marketing authorizations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance at 1 January 2021 1,029,335 504,149 20,651 48,436 1,602,571 Additions 6,920 50,521 514 7,450 65,405 Disposals (1) (69) (669) 0 (739) Write\u2010downs 0 0 0 (52) (52) Other changes 30,765 6,668 (18) (1,085) 36,330 Balance at 31 December 2021 1,067,019 561,269 20,478 54,749 1,703,515 Additions 272 84,687 360 83,767 169,086 Disposals (77) (1,075) (364) (1,072) (2,588) Change to scope of consolidation 0 532,270 565 0 532,835 Write\u2010downs 0 (2,428) 0 (2,834) (5,262) Hyperinflation T\u00fcrkiye 7,825 1,164 1,408 5 10,402 Other changes 41,803 17,538 (19) (32,705) 26,617 Balance at 31 December 2022 1,116,842 1,193,425 22,428 101,910 2,434,605 Accumulated amortization Balance at 1 January 2021 253,685 214,572 18,503 0 486,760 Amortization for the year 46,355 25,366 570 0 72,291 Disposals (1) (69) (663) 0 (733) Other changes 5,666 920 (175) 0 6,411 Balance at 31 December 2021 305,705 240,789 18,235 0 564,729 Amortization for the year 50,685 47,127 655 0 98,467 Disposals (77) (1,015) (364) 0 (1,456) Change to scope of consolidation 0 2,088 433 0 2,521 Hyperinflation T\u00fcrkiye 3,912 625 1,077 0 5,614 Other changes 6,210 434 (87) 0 6,557 Balance at 31 December 2022 366,435 290,048 19,949 0 676,432 Net amount 1 January 2021 775,650 289,577 2,148 48,436 1,115,811 31 December 2021 761,314 320,480 2,243 54,749 1,138,786 31 December 2022 750,407 903,377 2,479 101,910 1,758,173 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7553": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Material consumption 402,278 326,980 75,298 Payroll costs 324,320 276,886 47,434 Other employee costs 48,691 30,836 17,855 Variable sales expenses 125,144 113,551 11,593 Amortization and write\u2010downs 136,690 97,637 39,053 Utilities and consumables 41,825 35,663 6,162 Other expenses 337,033 208,331 128,702 Total operating expenses 1,415,981 1,089,884 326,097 \u20ac (thousands) Patent rights and marketing authorizations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance at 1 January 2021 1,029,335 504,149 20,651 48,436 1,602,571 Additions 6,920 50,521 514 7,450 65,405 Disposals (1) (69) (669) 0 (739) Write\u2010downs 0 0 0 (52) (52) Other changes 30,765 6,668 (18) (1,085) 36,330 Balance at 31 December 2021 1,067,019 561,269 20,478 54,749 1,703,515 Additions 272 84,687 360 83,767 169,086 Disposals (77) (1,075) (364) (1,072) (2,588) Change to scope of consolidation 0 532,270 565 0 532,835 Write\u2010downs 0 (2,428) 0 (2,834) (5,262) Hyperinflation T\u00fcrkiye 7,825 1,164 1,408 5 10,402 Other changes 41,803 17,538 (19) (32,705) 26,617 Balance at 31 December 2022 1,116,842 1,193,425 22,428 101,910 2,434,605 \u20ac (thousands) Shareholders\u2019 equity Net income 31/12/2022 31/12/2021 2022 2021 Recordati S.p.A. 362,988 400,644 219,233 219,109 Consolidation adjustments: \u2010 Elimination margins in inventories (84,561) (72,668) (11,893) 3,884 \u2010 Related tax effect 24,120 20,445 3,675 (1,259) \u2010 Other adjustments (24,974) (19,535) (5,494) (3,189) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,201,902 974,550 \u2010 \u2010 Net income for consolidated subsidiaries, net of amounts already recognized by Recordati S.p.A. 271,791 291,275 271,791 291,275 Dividends received from consolidated subsidiaries (164,976) (123,854) Write\u2010down of holdings in subsidiaries 0 0 Translation adjustments (205,018) (213,086) \u2010 \u2010 Consolidated financial statements 1,546,248 1,381,625 312,336 385,966 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7600": {
"value": "The average number of employees in 2022 was 4,253, which is less than the 4,270 of 2021. There were 4,369 employees as at 31 December 2022, up when compared to the 4,303 at the end of 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7628": {
"value": "5. NET FINANCIAL INCOME AND EXPENSES In 2022 and 2021 the net balance of financial components was negative respectively of \u20ac 35.9 million and \u20ac 26.8 million. The main items are summarized as follows: \u20ac (thousands) 2022 2021 Changes 2022/2021 Interest expense on loans 31,306 16,661 14,645 Net exchange rate (gains)/losses 5,804 5,817 (13) Net (income)/expense on short\u2010term positions 2,290 3,481 (1,191) Expenses on leases 852 759 93 Expenses for defined benefit plans 145 123 22 Turkish hyperinflation effects (IAS 29) (4,506) \u2010 (4,506) Total net financial (income)/expenses 35,891 26,841 9,050 The increase in interest expense on loans was mainly due to the opening of new debt by the Parent Company to make the investment in EUSA Pharma. During the first quarter two distinct loans had been taken out for an overall total of \u20ac 650.0 million: loan of \u20ac 200.0 million with a term of 5 years and a \u201cBridge Facility\u201d of \u20ac 450.0 million with a maximum term of 12 months, extendible at the Company\u2019s discretion for a further 6 months, to enable in the meantime to enter into definitive loan instruments. On 28 June 2022 the loan of \u20ac 200.0 million was modified increasing the total debt to \u20ac 800.0 million with the involvement of other credit institutions and the \u201cBridge Facility\u201d loan was repaid entirely. Treatment of transactions based on IFRS 9 led to total charges of \u20ac 15.8 million accruing in 2022, partially offset by savings on loans repaid. Note number 22 contains the details of the loan contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7634": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Interest expense on loans 31,306 16,661 14,645 Net exchange rate (gains)/losses 5,804 5,817 (13) Net (income)/expense on short\u2010term positions 2,290 3,481 (1,191) Expenses on leases 852 759 93 Expenses for defined benefit plans 145 123 22 Turkish hyperinflation effects (IAS 29) (4,506) \u2010 (4,506) Total net financial (income)/expenses 35,891 26,841 9,050 The increase in interest expense on loans was mainly due to the opening of new debt by the Parent Company to make the investment in EUSA Pharma. During the first quarter two distinct loans had been taken out for an overall total of \u20ac 650.0 million: loan of \u20ac 200.0 million with a term of 5 years and a \u201cBridge Facility\u201d of \u20ac 450.0 million with a maximum term of 12 months, extendible at the Company\u2019s discretion for a further 6 months, to enable in the meantime to enter into definitive loan instruments. On 28 June 2022 the loan of \u20ac 200.0 million was modified increasing the total debt to \u20ac 800.0 million with the involvement of other credit institutions and the \u201cBridge Facility\u201d loan was repaid entirely. Treatment of transactions based on IFRS 9 led to total charges of \u20ac 15.8 million accruing in 2022, partially offset by savings on loans repaid. Note number 22 contains the details of the loan contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7635": {
"value": "\u20ac (thousands) 2022 2021 Changes 2022/2021 Interest expense on loans 31,306 16,661 14,645 Net exchange rate (gains)/losses 5,804 5,817 (13) Net (income)/expense on short\u2010term positions 2,290 3,481 (1,191) Expenses on leases 852 759 93 Expenses for defined benefit plans 145 123 22 Turkish hyperinflation effects (IAS 29) (4,506) \u2010 (4,506) Total net financial (income)/expenses 35,891 26,841 9,050 Foreign currency risk \u2010 The Group is exposed to foreign currency exchange rate fluctuations, which can affect its operating results and the value of its equity. All companies are subject to exchange rate fluctuations affecting trade and financial balances denominated in currencies different from their own. In order to limit this risk, in some cases, non\u2010speculative hedging instruments are negotiated. As at 31 December 2022, positions in currencies other that the euro in companies in countries belonging to the European Monetary Union not hedged by derivative instruments are the following: \ue001 net receivables of 24.4 million Polish zloty; \ue001 net receivables of 2.9 million British pounds; \ue001 net receivables of 33.8 million Mexican pesos; \ue001 net receivables of 2.2 million Canadian dollars; \ue001 net debts of 1,654.8 million Russian roubles; \ue001 net debts of 7.7 million Swiss francs. Among the companies in countries outside the European Monetary Union, at 31 December 2022, the main net exposures in currencies other than their own and not hedged by derivative instruments are in euro, U.S. dollars, and Japanese yen. Net exposures in euro refer to the companies located in Switzerland (net payables of 18.2 million), the United States (net payables of 4.5 million), Japan (net payables of 2.0 million), Australia (net payables of 1.9 million), Canada (net payables of 1.4 million), T\u00fcrkiye (net payables of 1.2 million), Sweden (net payables of 1.0 million) and Tunisia (net receivables of 1.0 million). Net exposures in U.S. dollars refer mainly to the companies in Switzerland (net payables of 7.8 million), Brazil (net payables of 3.4 million) and Colombia (net payables of 1.3 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 393.7 million). For consolidation purposes, the income statements and balance sheets of the Group companies located outside the European Monetary Union are converted from their local currencies into euro. At 31 December 2022, the net asset values of these companies, excluding goodwill, are denominated mainly in U.S. dollars (374.0 million), pounds sterling (16.8 million), Swiss francs (321.3 million), Turkish lira (1,131.0 million), Czech crowns (391.3 million), Romanian ron (40.9 million), Russian roubles (7,112.4 million), Polish zloty (59.0 million) and Tunisian dinars (85.0 million). The effect of exchange rate variations on the conversion of these amounts is recognized in the consolidated statement of comprehensive income and booked to the translation reserve in shareholders\u2019 equity which, at 31 December 2022, was a negative \u20ac 205.0 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7679": {
"value": "6. INCOME TAXES Income taxes, at \u20ac 89.1 million, include income taxes levied on all consolidated companies, as well as the regional tax on production (IRAP) which is levied on all companies domiciled in Italy, and increased by \u20ac 11.7 million compared to 2021, when non\u2010recurring tax benefits of \u20ac 27.8 were recognised. In 2019, the Parent Company signed an advance agreement with the Italian Tax Authority to define the calculation methods and criteria for a discount on taxable income connected with the direct use of intangible assets for the 2015 to 2019 tax years. As in the previous year, again in tax year 2022, Recordati S.p.A. took part in the reverse charge regime with reference to the same assets as in 2015\u20102019 (with the exception of expired patents and brands excluded in the meantime from the objective scope of subsidy). The Company, operating in line with the previous years, determined the tax benefit pertaining to 2022, recognised to reduce the tax amounts, as \u20ac 6.3 million. The current standard corporate income tax rate in Italy can be reconciled with the tax rate effectively incurred on consolidated pre\u2010tax income, as follows: 2022 % 2021 % Standard income tax rate on pre\u2010tax income of the Parent Company 24.0 24.0 Dividends from foreign subsidiaries 0.5 0.3 Foreign tax rate differential (1.8) (1.5) ACE from reverse merger (0.4) (3.2) Revaluation of Magnesio Supremo\u00ae \u2010 (2.9) Realignment of Reuflor\u00ae \u2010 (0.3) Tax benefit provided by the so\u2010called \u201cPatent box\u201d in Italy (1.6) (1.4) Other differences, net 0.1 0.1 Effective tax rate on income 20.8 15.1 IRAP 1.4 1.6 Effective tax rate on pre\u2010tax income 22.2 16.7 IRAP is levied only on Italian companies and is computed applying an average rate of 5.12% to a broader taxable base calculated before the deduction of interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7744": {
"value": "7. PROPERTY, PLANT AND EQUIPMENT The composition and change to property, plant and equipment, including the valuation of the right to use the assets conveyed under leases, are shown in the table below. \u20ac (thousands) Land and buildings Plant and machinery Other equipment Investments in progress Total Cost Balance at 1 January 2021 90,930 241,577 98,712 21,817 453,036 Additions 2,188 2,931 6,957 16,643 28,719 Disposals (1,668) (3,355) (5,924) (139) (11,086) Other changes 944 2,387 (9) (11,166) (7,844) Balance at 31 December 2021 92,394 243,540 99,736 27,155 462,825 Additions 12,058 2,483 7,170 17,330 39,041 Disposals (3,074) (1,236) (5,874) (326) (10,510) Change to scope of consolidation 2,716 0 2,093 0 4,809 Write\u2010downs (313) 0 0 0 (313) Hyperinflation T\u00fcrkiye 12,277 13,220 3,639 0 29,136 Other changes (799) 100 150 (3,269) (3,818) Balance at 31 December 2022 115,259 258,107 106,914 40,890 521,170 Accumulated amortization Balance at 1 January 2021 51,670 200,268 67,848 0 319,786 Amortization for the year 5,972 8,336 10,986 0 25,294 Disposals (1,601) (3,325) (5,679) 0 (10,605) Other changes (339) (1,764) (667) 0 (2,770) Balance at 31 December 2021 55,702 203,515 72,488 0 331,705 Amortization for the year 7,021 8,966 11,302 0 27,289 Disposals (2,582) (856) (5,735) 0 (9,173) Change to scope of consolidation 98 0 900 0 998 Hyperinflation T\u00fcrkiye 1,111 9,545 2,644 0 13,300 Other changes (499) (790) (844) 0 (2,133) Balance at 31 December 2022 60,851 220,380 80,755 0 361,986 Net amount 1 January 2021 39,260 41,309 30,864 21,817 133,250 31 December 2021 36,692 40,025 27,248 27,155 131,120 31 December 2022 54,408 37,727 26,159 40,890 159,184 The increases in property, plant and equipment for \u20ac 39.0 million refers mainly to the Parent Company (\u20ac 18.1 million, especially for the Campoverde and Milan plants) and the subsidiaries Recordati AG (\u20ac 7.9 million), Casen Recordati (\u20ac 1.9 million) and Recordati Rare Diseases Inc. (\u20ac 1.6 million). Application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d led to a net increase of \u20ac 15.8 million in property, plant and equipment owned in T\u00fcrkiye. \u201cOther changes\u201d includes the effect of the conversion to Euro of the value of property, plant and equipment held and recognised in other currencies, which led to a net decrease of \u20ac 1.7 million compared to 31 December 2021, primarily due to the devaluation of the Turkish lira. The following table shows the measurement of the right to use the assets conveyed under leases, determined as prescribed by the accounting standard IFRS 16. \u20ac (thousands) Land and Buildings Plant and machinery Other equipment Total Cost Balance at 1 January 2021 20,619 1,082 19,861 41,562 Additions 1,759 357 4,810 6,926 Disposals (1,668) (4) (4,690) (6,362) Other changes (22) (2) (896) (920) Balance at 31 December 2021 20,688 1,433 19,085 41,206 Additions 11,481 0 3,759 15,240 Disposals (3,027) 0 (4,242) (7,269) Change to scope of consolidation 2,539 0 848 3,387 Write\u2010downs (313) 0 0 (313) Hyperinflation T\u00fcrkiye 1,242 4 1,325 2,571 Other changes (259) (1) (883) (1,143) Balance at 31 December 2022 32,351 1,436 19,892 53,679 Accumulated amortization Balance at 1 January 2021 6,684 188 8,255 15,127 Amortization for the year 3,756 233 5,942 9,931 Disposals (1,601) (4) (4,466) (6,071) Other changes (23) 0 (542) (565) Balance at 31 December 2021 8,816 417 9,189 18,422 Amortization for the year 4,402 288 6,334 11,024 Disposals (2,556) 0 (4,170) (6,726) Change to scope of consolidation 0 0 0 0 Hyperinflation T\u00fcrkiye 476 0 687 1,163 Other changes (307) 0 (768) (1,075) Balance at 31 December 2022 10,831 705 11,272 22,808 Net amount 1 January 2021 13,935 894 11,606 26,435 31 December 2021 11,872 1,016 9,896 22,784 31 December 2022 21,520 731 8,620 30,871 Rights of use of leased assets refer mainly to the office premises of several Group companies and to the cars used by medical representatives operating in their territories. Based on the agreements signed with Novartis Pharma, following regulatory approval from the relevant Swiss authorities, effective 1 October 2022, Recordati AG took over control and risks associated with assets to obtain microparticles for Signifor\u00ae LAR, also signing a lease for the Basel plant owned by Novartis Pharma within which production is now carried out directly by the subsidiary. The initial value of the rights of use was \u20ac 7.3 million, amortised based on the duration of the contract, taking into account reasonably expected renewals. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8098": {
"value": "8. INTANGIBLE ASSETS The composition and change in intangible assets are shown in the following table. \u20ac (thousands) Patent rights and marketing authorizations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance at 1 January 2021 1,029,335 504,149 20,651 48,436 1,602,571 Additions 6,920 50,521 514 7,450 65,405 Disposals (1) (69) (669) 0 (739) Write\u2010downs 0 0 0 (52) (52) Other changes 30,765 6,668 (18) (1,085) 36,330 Balance at 31 December 2021 1,067,019 561,269 20,478 54,749 1,703,515 Additions 272 84,687 360 83,767 169,086 Disposals (77) (1,075) (364) (1,072) (2,588) Change to scope of consolidation 0 532,270 565 0 532,835 Write\u2010downs 0 (2,428) 0 (2,834) (5,262) Hyperinflation T\u00fcrkiye 7,825 1,164 1,408 5 10,402 Other changes 41,803 17,538 (19) (32,705) 26,617 Balance at 31 December 2022 1,116,842 1,193,425 22,428 101,910 2,434,605 Accumulated amortization Balance at 1 January 2021 253,685 214,572 18,503 0 486,760 Amortization for the year 46,355 25,366 570 0 72,291 Disposals (1) (69) (663) 0 (733) Other changes 5,666 920 (175) 0 6,411 Balance at 31 December 2021 305,705 240,789 18,235 0 564,729 Amortization for the year 50,685 47,127 655 0 98,467 Disposals (77) (1,015) (364) 0 (1,456) Change to scope of consolidation 0 2,088 433 0 2,521 Hyperinflation T\u00fcrkiye 3,912 625 1,077 0 5,614 Other changes 6,210 434 (87) 0 6,557 Balance at 31 December 2022 366,435 290,048 19,949 0 676,432 Net amount 1 January 2021 775,650 289,577 2,148 48,436 1,115,811 31 December 2021 761,314 320,480 2,243 54,749 1,138,786 31 December 2022 750,407 903,377 2,479 101,910 1,758,173 Increases for the period include: \ue001 \u20ac 105.0 million for the license agreement with Tolmar International Ltd for marketing Eligard\u00ae (leuprorelin acetate), a prostate cancer medicine, in Europe, T\u00fcrkiye, Russia and other countries, of which \u20ac 70.0 million following approval of the variation involving the new device to administer the product, for which payment is expected during 2023; \ue001 \u20ac 35.4 million for assets for the production stage for Signifor\u00ae LAR microparticles, carried out in the Novartis production plant in Basel, as part of the acquisition of Signifor\u00ae LAR rights completed in October 2019 and based on subsequent agreements, were transferred by Novartis Pharma to Recordati AG, effective 1 October 2022.Of this, \u20ac 13.6 million was paid during the year after authorisation was granted by the relevant Swiss regulatory authorities and \u20ac 21.8 million paid as an advance in 2021, now reclassified from the item \u201cOther non\u2010current assets\u201d; \ue001 \u20ac 10.2 million referring to clinical studies that comply with the criteria set by the IAS 38 accounting standard on capitalisation; \ue001 \u20ac 7.5 million for the milestone included in the license agreement with Helsinn Healthcare relating to the marketing of Ledaga\u00ae; \ue001 \u20ac 5.1 million for investments in software; \ue001 \u20ac 2.3 million for the value of the Telefil\u00ae brand, a pharmaceutical speciality based on tadalafil for treatment of erectile dysfunction and benign prostatic hyperplasia, part of the business unit acquired from V.I.M. G. Ottaviani S.p.A. in December. Intangible assets deriving from the acquisition of EUSA Pharma were recognized in \u201cChange to scope of consolidation\u201d, for a net total amount of \u20ac 530.3 million, mainly for the products Qarziba\u00ae, Sylvant\u00ae, Fotivda\u00ae and Caphosol\u00ae after purchase price allocation performed in compliance with IFRS 3, described in Note 34. On the basis of the knowledge of the market in which the company acquired operates and considering the trend in sales of specialties, a useful life of 20 years was estimated for these assets. Impairment mainly refers to the intangible asset Fortacin\u00ae (\u20ac 2.2 million), following the decrease in expected future cash flow, and the license obtained from ARS Pharmaceuticals (\u20ac 2.8 million) to adjust the discounted recoverable value following the start of negotiations to return the rights over ARS\u20101, a nasal spray containing epinephrine, at an advanced development stage, for emergency treatment of serious allergic reactions. The application of IAS 29 \u201cFinancial reporting in hyperinflationary economies\u201d, led to a net increase of \u20ac 4.8 million in intangible assets held in T\u00fcrkiye. The \u201cOther changes\u201d includes the conversion into euro of the value of the intangible assets held and booked in different currencies, which determined a net increase of \u20ac 32.5 million compared to 31 December 2021, mainly attributable to the revaluation of the Swiss franc for \u20ac 27.5 million, of the U.S. dollar for \u20ac 4.2 million and of the Russian rouble for \u20ac 1.2 million, to the devaluation of the Turkish lira for \u20ac 0.4 million. They also include a reduction of \u20ac 12.5 million for reclassification to \u201cNon\u2010current assets held for sale\u201d of the discounted recoverable value of the license obtained from ARS Pharmaceuticals (see Note 19). ",
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"f8345": {
"value": "9. GOODWILL Goodwill at 31 December 2022 and 2021 amounted to \u20ac 780.1 million and \u20ac 553.2 million respectively and changed as follows: \u20ac (thousands) Balance at 31 December 2021 553,209 Change to scope of consolidation for EUSA Pharma acquisition 153,850 Change to scope of consolidation for TELEFIL\u00ae acquisition 16,944 Effects of T\u00fcrkiye hyperinflation 74,149 Impairment of T\u00fcrkiye Cash Generating Unit goodwill (5,359) Exchange rate adjustments (12,736) Balance at 31 December 2022 780,057 As required by the accounting standard IFRS 3 and outlined in more detail in Note 34, the purchase price allocation of the price to acquire EUSA Pharma and its subsidiaries was carried out. As part of the PPA, goodwill amounting to \u20ac 153.9 million was recognized and allocated to the treatment of rare diseases cash generating unit. In December, the parent company acquired from V.I.M. G. Ottaviani S.p.A. a business unit associated with the pharmaceutical specialty Telefil\u00ae. As explained in Note 34, the price paid was allocated to the business unit components based on their fair value and the residual difference was recognised as goodwill in the amount of \u20ac 16.9 million, included under the Italy cash generating unit. Following the inclusion of T\u00fcrkiye in the list of countries with hyperinflation, followed by consequent application of accounting standard IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to assets in this country, taking into account the provisions of IAS 21 \u201cEffects of changes in foreign exchange rates\u201d, goodwill associated with the T\u00fcrkiye cash generating unit was revalued by \u20ac 74.1 million and subsequently written down by \u20ac 5.4 million following the annual impairment test. The exchange rate adjustments are related to the goodwill associated with the acquisitions made in countries having currencies different from the euro: goodwill calculated in local currency is translated into euro for the preparation of the consolidated financial statements using the year\u2010end exchange rates. Compared to 31 December 2021, this determined a total net decrease of \u20ac 12.7 million attributable to the acquisitions made in T\u00fcrkiye (decrease of \u20ac 14.4 million), Poland (decrease of \u20ac 0.2 million), Tunisia (decrease of \u20ac 0.1 million), Switzerland (increase of \u20ac 0.4 million), Czech Republic (increase of \u20ac 0.5 million) and Russia (increase of \u20ac 1.1 million). Net goodwill at 31 December 2022, amounting to \u20ac 780.1 million, is divided among the following operational areas, which represent the same number of cash\u2010generating units: \ue001 Business dedicated to medication for the treatment of rare diseases: \u20ac 264.4 million; \ue001 Italy for \u20ac 150.1 million; \ue001 France for \u20ac 74.2 million; \ue001 T\u00fcrkiye for \u20ac 70.7 million; \ue001 Spain for \u20ac 58.1 million; \ue001 Germany for \u20ac 48.8 million; \ue001 Portugal for \u20ac 32.8 million; \ue001 Russia for \u20ac 26.0 million; \ue001 Tunisia for \u20ac 16.6 million: \ue001 Czech Republic for \u20ac 14.7 million; \ue001 Poland for \u20ac 14.1 million; \ue001 Switzerland for \u20ac 9.4 million; \ue001 Romania for \u20ac 0.2 million. As reported in Note 2 above \u2010 \u201cSummary of significant accounting policies\u201d, goodwill is not amortized systematically but is subject to impairment tests at least once a year to determine its recoverable value. Goodwill is allocated to the individual cash\u2010generating units identified on the basis of the business segments and the markets on which the companies acquired operate. A cash\u2010generating unit to which goodwill has been allocated shall be tested for impairment annually, and when there is any indication that it may be impaired, by comparing the carrying amount of the unit, including goodwill, with the recoverable amount of the unit. If the recoverable amount of the unit exceeds the carrying amount of the unit, the unit and the goodwill allocated to that unit is not impaired. If the carrying amount of the unit exceeds the recoverable amount of the unit, the entity must recognize an impairment loss. The recoverable amount was determined by calculating the value in use of the individual cash\u2010 generating units based on discounted cash flow (DCF analysis) originating from operating cash flow forecasts for the period used explicitly for the calculation (2023\u20102027) and from the cash flow beyond that period, according to the net operating income model expected in perpetuity. The main assumptions used for calculating the value in use concern the expected operating cash flows during the period assumed for the calculation, the discount rate and the growth rate. Operating cash flow forecasts for the period explicitly used for the calculation (2023\u20102027) derive from the business plan approved by the parent company Board of Directors on 21 February 2023. The effects of the Russia/Ukraine war were duly considered in the cash flow forecasts. In light of the analysis and in consideration of the achievement of expected results and the resilience of the pharmaceutical sector, currently, no significant impacts have been identified with regard to measurement of the Russia CGU. Nonetheless, given the complexity of the situation and uncertainties about developments in the crisis and their possible impacts, the Company continues to monitor the situation. With regard to risks associated with climate change, as highlighted in the section of the Annual Report on corporate risks, the Company has determined that this risk does not have a significant impact on the pharmaceutical sector or the estimate of the recoverable value of assets. It was, therefore, not deemed necessary to carry out a sensitivity analysis of potential impacts deriving from climate risks. Finally, it was not held necessary to assume specific effects from the COVID\u201019 pandemic due to the company's sector and the reduced impact of the virus. The impairment tests were approved by the Board of Directors on 16 March 2023. The discount rate used for estimates is the after\u2010tax average weighted cost of capital which reflects current market valuations of the cost of money and the specific risk associated with the cash\u2010generating units. The growth rates used for the period subsequent to the explicit forecast period were prudently estimated and take into account the specific features of each country involved. The following table shows the discount rates used for the impairment test for each of the main cash\u2010 generating units, which show a significant increase compared to the rates used in 2021 due to the significant rise in interest rates: Cash\u2010generating unit Discount rate Business dedicated to treatments for rare diseases 10.02% Italy 11.20% France 9.45% T\u00fcrkiye 22.96% Spain 9.96% Germany 9.28% Portugal 9.98% Russia 22.64% Tunisia 23.25% Czech Republic 9.89% Poland 11.88% Switzerland 8.62% The value in use, calculated according to the procedures described for each cash\u2010generating unit, was examined and approved by the Board of Directors. For the T\u00fcrkiye cash generating unit, for which goodwill was written down together with other non\u2010monetary assets and equity, in compliance with IAS 29, the value in use was found to be lower than the book value, which led to impairment of \u20ac 5.4 million, recognised in the income statement under other net operating expense. In all other cases, value in use was higher, even significantly so, than the book value of the net capital invested recognized in the financial statements at 31 December 2022, even when the growth rates and the discount rates used in impairment testing were changed, and therefore no further impairment of goodwill was recognized. ",
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"f8511": {
"value": "10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31 December 2022 the details of other equity investments and securities were as follows: \u20ac (migliaia) Book value Percentage stake 31/12/2022 31/12/2021 31/12/2022 31/12/2021 PureTech Health p.l.c. \u2010 United Kingdom 28,708 33,201 3.3% 3.3% Erytech Pharma S.A. \u2010 France 158 914 1.4% 1.4% Fluidigm Corp. \u2010 United States of America 1 4 n.s. n.s. Other 4 5 n.s. n.s. Total equity investments and securities 28,871 34,124 The main investment refers to the U.K. company PureTech Health plc, specializing in investments in start\u2010up companies dedicated to innovative therapies, medical devices and new research technologies. Starting from 19 June 2015, the shares of the Company were admitted for trading on the London Stock Exchange. At 31 December 2022, the total fair value of the 9,554,140 shares held was \u20ac 28.7 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 4.5 million, compared to 31 December 2021, with a counter\u2010item accounted for, net of the related tax effect, in the statement of gains and losses recognized in shareholders\u2019 equity. This item also includes \u20ac 0.2 million regarding an investment made during 2012 in Erytech Pharma S.A., a listed French biopharmaceutical company, focused on developing new therapies for rare oncological pathologies and orphan diseases. The investment, originally structured as a non\u2010interest\u2010bearing loan, was converted into 431,034 company shares in May 2013. The value of the investment was adjusted to the stock exchange value and decreased by \u20ac 0.7 million, compared to 31 December 2021, with a counter\u2010item accounted for, net of the related tax effect, in the statement of gains and losses recognized in shareholders\u2019 equity. ",
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"f8559": {
"value": "11. OTHER NON\u2010CURRENT ASSETS At 31 December 2022, this item amounted to \u20ac 9.6 million, down by \u20ac 23.4 million compared to 31 December 2021, mainly due to reclassification of advances paid in 2021 to \u201cIntangible assets\u201d, for assets associated with the production of Signifor\u00ae LAR microparticles at the Novartis production plant in Basel, transferred to Recordati AG by Novartis Pharma effective 1 October 2022. The effect of the EUSA Pharma consolidation was \u20ac 1.0 million. ",
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"f8567": {
"value": "12. DEFERRED TAX ASSETS At 31 December 2022 deferred tax assets amounted to \u20ac 76.9 million (\u20ac 75.9 million at 31 December 2021). The main deferred tax assets and their changes are presented in the two tables below: \u20ac (thousands) 2022 2021 Balance at 1 January 75,922 75,084 Additions 14,023 19,326 Utilizations (21,248) (18,488) Change to scope of consolidation 8,198 0 Balance at 31 December 76,895 75,922 \u20ac (thousands) Revenues/costs with deferred tax effect Tax Realignment Tax credits Other Total Balance at 1 January 10,871 8,879 1,648 54,524 75,922 Additions 4,395 0 304 9,324 14,023 Utilizations (4,750) (4,439) 0 (12,059) (21,248) Change to scope of consolidation 8,198 0 0 0 8,198 Balance at 31 December 18,714 4,440 1,952 51,789 76,895 During 2017, the Parent Company and the subsidiary Italchimici S.p.A. took advantage of the option, allowed by tax law, to realign the differences between the higher book value of Goodwill and intangible assets determined by extraordinary transactions and the corresponding recognized fiscal values. Tax law provides for the payment of an IRES and IRAP substitute tax of 16% and the subsequent deductibility of the realigned values in the amount of one fifth per year starting, as the case may be, from the first or the second fiscal year subsequent to that in which the substitute tax was paid. In the case of the Parent Company, the amounts relate to the tax realignment of goodwill, determined according to fiscal rules, arising from the acquisition of Italchimici S.p.A. and Pro Farma AG, both in 2016. The benefit deriving from the future tax deductibility of the franked amounts determined the recognition of deferred tax assets of \u20ac 22.2 million. The tax step up of Italchimici S.p.A. relates to the goodwill, determined according to fiscal rules, arising from a merger independently realized before their entry into the Recordati group. The benefit deriving from the future fiscal deductibility resulted in the recognition of deferred tax assets for an amount of \u20ac 8.6 million. The tax credits relate to the tax incentives associated with the construction of the production plant in T\u00fcrkiye. The item \u201cOther\u201d mainly refers to temporary differences deriving from the elimination of unrealised profits on intercompany sales. The tax effect of comprehensive income statement components is \u20ac 1.3 million (\u20ac 1.1 million at 31 December 2021). 24. DEFERRED TAX LIABILITIES At 31 December 2022, deferred tax liabilities amounted to \u20ac 167.9 million, up by a net \u20ac 141.2 million compared to 31 December 2021. Their changes are shown in the table below: \u20ac (thousands) 2022 2021 Balance at 1 January 26,675 41,219 Additions 11,649 3,847 Utilizations (13,920) (18,391) Change to scope of consolidation 143,461 \u2010 Balance at 31 December 167,865 26,675 The increase is mainly due to the effects of the consolidation of EUSA Pharma. At the first consolidation date, deferred tax liabilities, calculated as part of the preliminary purchase price allocation based on the provisions established by accounting standard IFRS 3, stood at \u20ac 143.5 million, as shown in Note n. 34. At 31 December 2022 no deferred tax liabilities were calculated on subsidiaries\u2019 undistributed profits as, considering the current dividend policy applied by the Group and thanks to the substantial exemption from double income taxation, no significant additional tax would have to be paid by the Group. The tax effect of comprehensive income statement components is \u20ac 2.4 million (\u20ac 0.2 million at 31 December 2021). ",
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"f8658": {
"value": "13. INVENTORIES Inventories at 31 December 2022 amounted to \u20ac 424.1 million (\u20ac 228.7 million at 31 December 2021), net of provisions for the impairment of pharmaceutical products nearing expiry and slow moving of \u20ac 17.5 million (\u20ac 10.3 million at 31 December 2021). The increase in value is mainly due to the inventories of the companies in the EUSA Pharma group, which totalled \u20ac 125.2 million (including the effects of revaluation under IFRS 3 of \u20ac 92.1 million) at 31 December 2022. The breakdown by category is as follows: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Raw materials and supplies 92,080 67,202 24,878 Semi\u2010finished goods and work in process 78,830 44,053 34,777 Finished goods 253,170 117,477 135,693 Total 424,080 228,732 195,348 ",
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"f8697": {
"value": "14. TRADE RECEIVABLES Trade receivables at 31 December 2022 and 2021 amounted to \u20ac 361.9 million and \u20ac 307.8 million respectively. The net effect of EUSA Pharma on trade receivables on 31 December 2022 was \u20ac 43.9 million. The amounts are expressed net of provisions for impairment, which at 31 December 2022 amounted to \u20ac 17.7 million (\u20ac 14.2 million at 31 December 2021). This item is considered consistent with positions which, for the particular nature of the customers or the destination markets, may be difficult to collect. The average number of days of exposure was 63, up compared to the 60 days in 2021. Provisions for doubtful accounts increased by \u20ac 3.6 million (decrease of \u20ac 1.0 million in 2021), and this difference is classified in selling expenses. The Group uses a matrix to measure the expected credit losses on trade receivables from individual customers, which comprise a very large number of small balances. Losses are estimated using a method based on the probability of a receivable progressing through successive stages of insolvencies calculated separately for exposures in different segments based on common credit risk characteristics, such as geographical region and duration of the customer relationship. The following table provides information about the exposure to credit risk for trade receivables: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Current (not past due) 313,885 280,060 33,825 1\u201030 days past due 15,074 7,614 7,460 31\u201060 days past due 10,940 8,236 2,704 61\u201090 days past due 5,131 4,794 337 More than 90 days past due 34,590 21,233 13,357 Total gross trade receivables 379,620 321,937 57,683 Additional information about how the Group assesses the exposure to credit risk and provisions for doubtful accounts is provided in Note 33. 15. OTHER RECEIVABLES Other receivables totalled \u20ac 63.9 million, up by \u20ac 19.0 million compared to 31 December 2021, in part due to the balance of \u20ac 7.0 million for EUSA Pharma. The relevant details are presented in the table below: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Tax receivables 49,353 34,943 14,410 Advances to employees and agents 1,751 2,323 (572) Other 12,810 7,614 5,196 Total other receivables 63,914 44,880 19,034 Tax receivables also include value added tax (VAT) receivable (\u20ac 24.5 million) and advance payments of income tax paid in excess. Advances to employees and agents comprise advances on expense accounts and other receivables. \u201cOther\u201d includes advances paid to suppliers and other parties and to computed credits under licensing\u2010in agreements. ",
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"f8708": {
"value": "The Group uses a matrix to measure the expected credit losses on trade receivables from individual customers, which comprise a very large number of small balances. Losses are estimated using a method based on the probability of a receivable progressing through successive stages of insolvencies calculated separately for exposures in different segments based on common credit risk characteristics, such as geographical region and duration of the customer relationship. The following table provides information about the exposure to credit risk for trade receivables: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Current (not past due) 313,885 280,060 33,825 1\u201030 days past due 15,074 7,614 7,460 31\u201060 days past due 10,940 8,236 2,704 61\u201090 days past due 5,131 4,794 337 More than 90 days past due 34,590 21,233 13,357 Total gross trade receivables 379,620 321,937 57,683 ",
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
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"f8781": {
"value": "Tax receivables also include value added tax (VAT) receivable (\u20ac 24.5 million) and advance payments of income tax paid in excess.27. TAX LIABILITIES Tax liabilities at 31 December 2022 amounted to \u20ac 33.6 million (\u20ac 29.5 million at 31 December 2021) and include mainly tax payables, net of advances already paid, computed by the companies on the basis of estimated taxable income, and withholding taxes payable. The balance related to EUSA Pharma amounted to \u20ac 3.1 million. ",
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
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"f8787": {
"value": "16. OTHER CURRENT ASSETS Other current assets amounted to \u20ac 15.4 million (\u20ac 13.0 million at 31 December 2021), of which \u20ac 2.8 million for EUSA Pharma, and relate mainly to prepaid expenses. ",
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"f8792": {
"value": "17. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current assets) At 31 December 2022 the value of derivative instruments included under this item amounted to \u20ac 23.6 million. The measurement at market (fair) value of the cross currency swaps, entered into by the Parent Company to hedge the US$75 million loan issued on 31 September 2014 resulted in a total asset of \u20ac 11.9 million. This amount represents the potential benefit of a lower value in euro of the future dollar denominated principal and interest flows, in view of the revaluation of the foreign currency with respect to the moment in which the loan and hedging instruments were negotiated. In particular, the change in fair value of the derivative hedging the US$ 50 million tranche of the loan, provided by Mediobanca, was positive for \u20ac 7.5 million, and that hedging the US$ 25 million tranche of the loan, provided by UniCredit, yielded a \u20ac 4.4 million positive change. The measurement at market (fair) value of the interest rate swaps hedging a number of loans gave rise to total assets of \u20ac 7.5 million, representing the opportunity of paying in the future, for the term of the loans, the agreed interest rates rather than the variable rates currently expected. The measurement relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on the syndicated loan finalized in the first half of the year (\u20ac 6.7 million) and the loan with Mediobanca (\u20ac 0.8 million). At 31 December 2022, other hedging transactions were in place on foreign currency positions, the measurement of which was positive for \u20ac 4.2 million against \u20ac 0.1 million at 31 December 2021, with the difference recognized to the income statement and offsetting the exchange losses arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level 2 of the hierarchy provided for in the accounting standard IFRS 13 (see note 2). The fair value is equal to the current value of the estimated future cash flows. Estimates of future floating\u2010rate cash flows are based on quoted swap rates futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for pricing interest rate swaps. 30. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current liabilities) At 31 December 2022 the value of derivative instruments included under this item amounted to \u20ac 17.4 million. In October 2019, Recordati S.p.A. entered into forward exchange contracts to hedge the intercompany loan granted to Recordati AG for an amount of 228.9 million Swiss francs. The measurement of the derivative at 31 December 2022 on the outstanding loan of 122.6 million Swiss francs was a negative for \u20ac 14.4 million compared to the \u20ac 9.3 million at 31 December 2021, with the difference recognized in the income statement, offsetting the exchange gains determined by the valuation of the underlying loan at current exchange rates. At 31 December 2022, other hedging transactions were in place on foreign currency positions, the measurement of which was negative for \u20ac 3.0 million compared to the \u20ac 2.8 million at 31 December 2021, with the difference recognized to the income statement and offsetting the exchange gains arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level 2 of the hierarchy provided for in the accounting standard IFRS 13 (see note 2). The fair value is equal to the current value of the estimated future cash flows. Estimates of future floating\u2010rate cash flows are based on quoted swap rates futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for pricing interest rate swaps. ",
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"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f8829": {
"value": "18. CASH AND CASH EQUIVALENTS A breakdown is shown in the following table: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Demand current account deposits 162,602 230,883 (68,281) Short\u2010term time deposits 122,098 13,654 108,444 Cash on hand 34 41 (7) Total cash and cash equivalents 284,734 244,578 40,156 Short\u2010term time deposits consist of tied deposits with maturities of three months or less. At 31 December 2022, cash and cash equivalents were mainly in euro (87.4 million), U.S. dollars (150.7 million, especially for the subsidiary Recordati Rare Diseases Inc.), Russian roubles (1,479.3 million, mainly associated with the subsidiary Rusfic LLC), Tunisian dinars (29.4 million with subsidiaries in Tunisia) and British pounds (7.8 million, mainly for subsidiaries in the United Kingdom). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f8859": {
"value": "19. NON\u2010CURRENT ASSETS HELD FOR SALE This item includes \u20ac 12.5 million for the estimated discounted recoverable value of the milestone paid to ARS Pharmaceuticals for the ARS\u20101 license, a nasal spray containing epinephrine, at an advanced stage of development, for emergency treatment of serious allergic reactions, following the start of negotiations to return product rights, which were successfully completed in February 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8866": {
"value": "20. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Share capital \u2010 the share capital at 31 December 2022, of \u20ac 26,140,644.50, was fully paid up and consisted of 209,125,156 ordinary shares with a par value of \u20ac 0.125 each. During 2022, there were no changes. Share premium reserve \u2013 At 31 December 2022, this amounted to \u20ac 83.7 million, unchanged compared to the previous year. Treasury shares \u2010 As at 31 December 2022, 3,684,033 treasury shares are held in the portfolio, an increase of 469,733 shares compared to 31 December 2021. The change was due to the disposal of 729,250 shares for an amount of \u20ac 13.6 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 1,198,983 shares for an amount of \u20ac 52.3 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 149.6 million, with an average unit price of \u20ac 40.60. Reserve for derivative instruments measured at fair value \u2010 In accordance with the provisions of the international accounting standard IFRS 9, this shareholders\u2019 equity reserve contains the contra entry for the value of the assets and liabilities resulting from the measurement at market value of the cross\u2010 currency swaps qualifying as cash flow hedges, the contra entry for the recognition in the income statement offsetting the valuation at year\u2010end exchange rates of the foreign currency loans hedged, and the assets and liabilities resulting from the measurement at market value of the interest rate swaps also qualifying as cash flow hedges. At 31 December 2022, this value, net of the tax effect, was positive \u20ac 6.2 million. Other reserves \u2010 At 31 December 2022, these amounted to \u20ac 62.3 million, up by \u20ac 2.1 million compared to 31 December 2021. Other reserves include the statutory reserve of the Parent Company (\u20ac 5.2 million), reserves for grants received (\u20ac 15.5 million) and reserves for amounts booked directly to equity in application of the international accounting standards. The application of IFRS 2 had a positive effect of \u20ac 23.3 million, while the application of IAS 19 had a positive effect of \u20ac 0.4 million. The recognition of the gains associated with the investment in Puretech Health determined a positive after\u2010tax effect of \u20ac 21.0 million, while the recognition of the reduced value of the investment in Erytech Pharma determined an after\u2010tax negative effect of \u20ac 3.5 million. The completion of the reverse merger in 2021 led to the recognition of a reserve for \u20ac 0.4 million. Profits carried forward and net profit \u2013 At 31 December 2022, retained profits amounted to \u20ac 1,524.1 million, up by \u20ac 248.1 million compared to 31 December 2021 and the Group\u2019s net profit was \u20ac 312.3 million, down by 19.1% compared to \u20ac 386.0 million in 2021. Some of the shareholders\u2019 equity reserves recognised in the Group\u2019s Italian companies are in tax suspension and, according to the fiscal rules, their distribution is subject to taxation. These reserves, net of the substitute taxes already paid of \u20ac 18.4 million, amounted to \u20ac 152.1 million. In accordance with the international accounting standard IAS 12, deferred taxes are not recognized on these suspended reserves until their distribution is resolved. The application of IAS 29 in T\u00fcrkiye had positive effects of \u20ac 101.1 million. Interim dividend \u2013 During the year, the Board of Directors of the Parent Company resolved to distribute an interim dividend for 2022 of \u20ac 0.55 per share, for a total amount of \u20ac 113.0 million. Incentive plans \u2010 At 31 December 2022, the Company has three stock option plans benefiting certain Group employees: the 2014\u20102018 plan with the grant on 13 April 2016, the 2018\u20102022 plan, with the grant of 3 August 2018, and the 2021\u20102023 plan with the grants of 6 May 2021, 1 December 2021 and 24 February 2022. The strike price for the options is the average of the Parent Company's listed share price during the 30 days prior to the grant date. The options are vested over a period of five years, over four tranches starting from the second year, in the case of the less recent grants and three years for the 2021 and 2022 grants, payable in a single tranche. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested. Stock options outstanding at 31 December 2022 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2022 Granted 2022 Exercised in 2022 Cancelled and expired 2022 Quantity 31/12/2022 Grant date 29 July 2014 12.29 476,500 \u2010 (461,500) (15,000) \u2010 13 April 2016 21.93 934,000 \u2010 (28,500) (6,000) 899,500 3 August 2018 30.73 2,896,000 \u2010 (239,250) (36,250) 2,620,500 6 May 2021 45.97 2,925,500 \u2010 \u2010 (311,000) 2,614,500 1 December 2021 56.01 130,000 \u2010 \u2010 \u2010 130,000 24 February 2022 47.52 \u2010 3,553,000 \u2010 (33,000) 3,520,000 Total 7,362,000 3,553,000 (729,250) (401,250) 9,784,500 Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5\u2010 year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plan term if they have met a number of performance conditions. The measurement according to the accounting standard IFRS 2 led to an expense in the 2022 income statement of \u20ac 1.4 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. ",
"dimensions": {
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8869": {
"value": "Share capital \u2010 the share capital at 31 December 2022, of \u20ac 26,140,644.50, was fully paid up and consisted of 209,125,156 ordinary shares with a par value of \u20ac 0.125 each. During 2022, there were no changes. ",
"dimensions": {
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8878": {
"value": "Treasury shares \u2010 As at 31 December 2022, 3,684,033 treasury shares are held in the portfolio, an increase of 469,733 shares compared to 31 December 2021. The change was due to the disposal of 729,250 shares for an amount of \u20ac 13.6 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 1,198,983 shares for an amount of \u20ac 52.3 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 149.6 million, with an average unit price of \u20ac 40.60. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8930": {
"value": "Incentive plans \u2010 At 31 December 2022, the Company has three stock option plans benefiting certain Group employees: the 2014\u20102018 plan with the grant on 13 April 2016, the 2018\u20102022 plan, with the grant of 3 August 2018, and the 2021\u20102023 plan with the grants of 6 May 2021, 1 December 2021 and 24 February 2022. The strike price for the options is the average of the Parent Company's listed share price during the 30 days prior to the grant date. The options are vested over a period of five years, over four tranches starting from the second year, in the case of the less recent grants and three years for the 2021 and 2022 grants, payable in a single tranche. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested. Stock options outstanding at 31 December 2022 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2022 Granted 2022 Exercised in 2022 Cancelled and expired 2022 Quantity 31/12/2022 Grant date 29 July 2014 12.29 476,500 \u2010 (461,500) (15,000) \u2010 13 April 2016 21.93 934,000 \u2010 (28,500) (6,000) 899,500 3 August 2018 30.73 2,896,000 \u2010 (239,250) (36,250) 2,620,500 6 May 2021 45.97 2,925,500 \u2010 \u2010 (311,000) 2,614,500 1 December 2021 56.01 130,000 \u2010 \u2010 \u2010 130,000 24 February 2022 47.52 \u2010 3,553,000 \u2010 (33,000) 3,520,000 Total 7,362,000 3,553,000 (729,250) (401,250) 9,784,500 Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5\u2010 year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plan term if they have met a number of performance conditions. The measurement according to the accounting standard IFRS 2 led to an expense in the 2022 income statement of \u20ac 1.4 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f9020": {
"value": "21. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON\u2010CONTROLLING INTERESTS All consolidated companies are 100% owned, except for the Tunisian company Opalia Pharma, which is 90% owned. The company has, however, been 100% consolidated by applying the anticipated acquisition method allowed by IAS 32. Consequently, the amount estimated for the acquisition of the remaining 10%, of \u20ac 3.5 million, was recognized as a liability since the transfer of this remaining quota is covered by contractual agreements which provide for reciprocal put and call options between the parties which have a high probability of being exercised. Subsequent changes of the estimate will be recognized in a shareholders\u2019 equity reserve. This accounting method is not detrimental to the rights of the non\u2010controlling shareholders during the period until all capital shares are transferred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f9031": {
"value": "22. LOANS At 31 September 2022, loans amounted to \u20ac 1,633.1 million, up by a net \u20ac 649.6 million compared to 31 December 2021. This item includes the liabilities deriving from the application of the IFRS 16 accounting standard, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 30.8 million, a net decrease of \u20ac 7.6 million compared to 31 December 2021. During 2022, loans increased by \u20ac 1,453.8 million: \u20ac 1,357.0 million for the opening of new bank loans, \u20ac 78.2 million included among the acquired liabilities of EUSA Pharma and \u20ac 18.6 million related to new leases, of which \u20ac 3.4 million deriving from the first consolidation of the new companies acquired. Repayments for a total of \u20ac 813.7 million were made in the year, of which \u20ac 725.3 million for the repayment of bank loans, \u20ac 78.2 million for total repayment of the debt undertaken to acquire EUSA Pharma and \u20ac 10.2 million relating to lease liabilities. The values of bank loans reflect the opening and subsequent \"take out\" with definitive financing of the \"Bridge Facility\" relating to the acquisition of EUSA Pharma, as illustrated below. During the year, some loans reached maturity and were extinguished. Specifically: \ue001 in August, the loan of 71.6 million Turkish lira, disbursed on 16 October 2014 to the subsidiary Recordati Ila\u00e7 by IFC\u2010World Bank, ended with full repayment; \ue001 the 2017 loan with UBI Banca (now Intesa Sanpaolo) ended in September with the single instalment repayment of \u20ac 50.0 million; \ue001 in November, after payment of the last instalment of \u20ac 5.0 million, the \u20ac 15.0 million loan from Banca Passadore was closed. With the aim of improving management of its overall debt, the Parent Company ended two loans in advance of their natural maturity. Specifically: \ue001 the loan from Intesa Sanpaolo, expiring in October 2025, ended in August with the repayment of the outstanding debt of \u20ac 37.5 million; \ue001 the loan from Mediobanca, maturing in July 2024, was extinguished in September with the repayment of the residual debt of \u20ac 22.5 million; The effect of the translation of loans in foreign currencies and of expenses incurred to place the loans, together with the early termination of a number of leases, determined a total net increase of \u20ac 9.5 million compared to 31 December 2021. A breakdown of medium\u2010 and long\u2010term loans at 31 December 2022 and 2021 is shown in the following table: \u20ac (thousands) 31/12/2022 31/12/2021 GRANTED TO RECORDATI S.P.A.: Loan from a pool of national and international banks, specifically Mediobanca, JP Morgan, UniCredit and Banca Nazionale del Lavoro, subsequently syndicated with the involvement of other international credit institutions, at a variable interest rate, repayable starting in 2023 and through 2027. The payable was partially converted to a fixed interest rate through interest rate swap transactions *796,518 \u2010 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,736 \u2010 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,446 *179,284 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi\u2010annual installments starting 2022 through 2026 *37,905 *39,875 Loan from Mediobanca, Natixis and Unicredit, syndicated involving a pool of Italian and international banks, at a variable interest rate, repayable in semi\u2010annual installments starting 2020 through 2024 *213,207 *282,479 Loan from Mediobanca, at a variable interest rate hedged by an interest rate swap, repayable in semi\u2010annual installments starting 2020 through 2023 *42,733 *85,456 Loan from Banca Passadore, at a variable interest rate of 3\u2010month Euribor plus a fixed spread, repaid in 2022 \u2010 *4,999 Loan from Intesa Sanpaolo, at a variable interest rate hedged by an interest rate swap, repayable in semi\u2010annual instalments starting 2019 through 2025, extinguished in advance in 2022 \u2010 *42,749 Loan from Intesa Sanpaolo (formerly UBI Banca), at a variable interest rate hedged by an interest rate swap, repaid in a lump sum in 2022 \u2010 *49,993 Loan from Mediobanca, at a variable interest rate hedged by an interest rate swap, repayable in annual instalments starting 2018 through 2024, extinguished in advance in 2022 \u2010 33,000 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,921 *124,913 Guaranteed senior notes privately placed in 2014 with international institutional investors, structured in two tranches: US$50 million at fixed interest rate repayable in semi\u2010annual installments starting 2022 through 2026, converted with cross currency swap into a debt of \u20ac 37.3 million at fixed interest rate, US$25 million at fixed interest rate repayable in semi\u2010annual installments starting 2023 through 2029, converted with cross currency swap into a debt of \u20ac 18.7 million at fixed interest rate *60,815 *66,065 Liabilities for leases granted to Recordati S.p.A. 2,371 3,152 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AB to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi\u2010annual installments starting 2022 through 2025 33,767 \u2010 Loan from UBS Switzerland AB to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi\u2010annual installments starting 2020 through 2025 38,083 50,818 \u20ac (thousands) 31/12/2022 31/12/2021 Loan from IFC\u2010World Bank to Recordati Ila\u00e7 for TRY 71.6 million, at variable interest rate, repaid in 2022 \u2010 *539 Various interest\u2010free loans granted to Casen Recordati S.L. repayable within 2029 156 173 Liabilities for leases granted to the other Group companies 28,437 20,039 Total amortized cost of loans 1,633,095 983,534 Loans due within one year, classified among current liabilities 291,546 223,061 Loans due after one year, classified among non\u2010current liabilities 1,341,549 760,473 * Net of expenses incurred for placing the loans, amortized on the basis of the effective interest rate. At 31 December 2022, the remaining expenses amounted to a total of \u20ac 5.8 million, mainly related to the pool loan granted to Recordati S.p.A. in 2022 (\u20ac 3.5 million), the syndicated loan granted to Recordati S.p.A. by a pool of banks in 2019 (\u20ac 1.1 million), the loan from a consortium of lenders led by Mediobanca in 2021 (\u20ac 0.5 million), the guaranteed senior notes issued by Recordati S.p.A. in 2014, 2017 and 2022 (\u20ac 0.5 million) and loans from Mediobanca (\u20ac 0.1 million) and Allied Irish Bank (\u20ac 0.1 million). The repayment schedule for loans due after 31 December 2023, based on their amortization plans, is as follows: \u20ac (thousands) 2024 309,187 2025 201,109 2026 400,320 2027 271,438 2028 and subsequent years 159,495 Total 1,341,549 The weighted average interest rate at 31 December 2022, calculated applying the rates resulting from the hedging instruments, is 3.14%. The main loans outstanding are: a) Bond issued by the parent company on 12 September 2022 for \u20ac 75.0 million, placed privately and fully with companies in the Prudential group. The main terms provide for a fixed rate with interest payments every six months and a term of 12 years, with repayment of the principal in five annual instalments starting in September 2030 and expiring on 12 September 2034. The transaction, aimed at continuing to raise medium\u2010 to long\u2010term funds to further support the Group's growth, has facilitated access to favourable market conditions. It has standard market characteristics typical of the US private placement market and is substantially in line with the bond issued by the Parent Company in 2017. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. b) Loan for a total of \u20ac 800,0 million negotiated by Recordati S.p.A. in two different stages. On 3 February 2022 the Parent Company signed a loan contract for \u20ac 200.0 million for the purpose of acquiring EUSA Pharma (UK) Limited, disbursed by a consortium of national and international lenders made up of Mediobanca, JP Morgan, UniCredit and Banca Nazionale del Lavoro. The terms of the loan provide for a variable interest rate at the 6\u2010month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a 5\u2010year term with semi\u2010annual repayment of the principal starting 31 March 2023, with the final instalment on 3 February 2027. Disbursement, net of structuring and up\u2010front fees, took place on 15 March 2022. Again on 3 February 2022 the Parent Company agreed a \u201cBridge Facility\u201d for a total of \u20ac 450.0 million again for the purpose of financing the acquisition of EUSA Pharma (UK) Limited. The financial institutions are Mediobanca, which also serves as the agent, and JP Morgan with a portion of \u20ac 157.5 million, UniCredit for \u20ac 67.5 million, Banca Nazionale del Lavoro for \u20ac 54.0 million, and BNP Paribas for \u20ac 13.5 million. The maximum term of the loan is 12 months and may be extended, at the Company's discretion, for 6 more months to allow for final financial instruments to be negotiated in the meantime. The terms include a variable interest rate at the Euribor rate at the time of use (with floor to zero) plus a variable spread. The disbursement, net of fees, took place on 15 March 2022. In the second quarter, Recordati S.p.A. finalized the negotiation of a syndicated loan for the repayment of the bridge loan. The interest shown by both partner banks and by new international credit institutions was significant. It was therefore possible to proceed to the collection of an additional \u20ac 150.0 million. This operation was formalised on 28 June 2022 through the signing of an \u201camendment and restatement\u201d of the \u20ac 200.0 million loan negotiated in February 2022. The amendment in question made it possible to increase the value of the loan to \u20ac 600.0 million, of which \u20ac 450.0 million deriving from replacement of the \u201cBridge\u201d plus an additional \u20ac 150.0 million. The main economic terms of the loan remained substantially in line with the original ones, with a variable interest rate at the 6\u2010month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a 5\u2010year term with semi\u2010annual repayment of the principal starting 31 March 2023, with the final instalment on 3 February 2027. In July 2022, the loan was partially hedged with an interest rate swap, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. At 31 December 2022, the fair value of the derivatives was measured as a positive \u20ac 6.7 million, which was recognized directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. c) Loan for 40.0 million Swiss francs taken out on 16 March 2022 by the subsidiary Recordati AG with UBS Switzerland AG, at a fixed interest rate, with quarterly interest payments and semi\u2010annual repayment of principal starting September 2022 through March 2025. The value in euro of the outstanding loan at 31 December 2022 was \u20ac 33.8 million. The loan, guaranteed by the Parent Company, includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. d) \u20ac 180.0 million loan negotiated by the Parent Company in May 2021, provided by a consortium of national and international lenders led by Mediobanca. The main terms include a variable interest rate of the 6\u2010month Euribor (with a zero floor) plus a fixed spread and a 5\u2010year term and single installment repayment on maturity. Disbursement, net of structuring and up\u2010front fees, took place on 21 May 2021. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. e) Loan for \u20ac 40.0 million entered into by the Parent Company on 30 March 2021 with Allied Irish Bank at a variable interest rate of the 6\u2010month Euribor (with floor to zero) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, with six\u2010monthly interest payments and principal repayment, again on a semi\u2010annual basis, starting from March 2022 until March 2026. The debt outstanding recognized at 31 December 2022 amounted to a total of \u20ac 37.9 million. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. f) Loan for 75.0 million Swiss francs taken out on 17 April 2020 by the subsidiary Recordati AG with UBS Switzerland AG, at a variable interest rate of the 3\u2010months Libor on the Swiss currency (with a zero floor) plus a fixed spread, with quarterly interest payments and semi\u2010annual repayment of principal starting September 2020 through March 2025. The value in euro of the outstanding loan at 31 December 2022 was \u20ac 38.1 million. The loan, guaranteed by the Parent Company, includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. g) Loan for \u20ac 400.0 million negotiated by the Parent Company in June 2019 aimed at supporting the Group's growth strategy. The loan, initially agreed with Mediobanca, Natixis and Unicredit was subsequently syndicated involving a pool of Italian and international banks. The terms of the loan provide for a variable interest rate at the 6\u2010month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a duration of 5 years with semi\u2010annual repayment of the principal starting 30 June 2020 through June 2024. The disbursement, net of upfront commissions, took place on 30 July 2019. The debt outstanding recognized at 31 December 2022 amounted to a total of \u20ac 213.2 million. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi\u2010annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. h) Loan for \u20ac 150.0 million taken out by the Parent Company in November 2018 with Mediobanca, at a variable interest rate of the 6\u2010month Euribor plus a variable spread based on a step up mechanism on changes in the Leverage Ratio, with quarterly interest payments and a duration of 5 years with semi\u2010annual repayments of principal starting November 2020 through November 2023. The debt outstanding at 31 December 2022 amounted to \u20ac 42.7 million. The loan was hedged with an interest rate swap, qualifying as a cash flow hedge, effectively converting the entire debt to a fixed interest rate. At 31 December 2022, the fair value of the derivative was measured as a positive \u20ac 0.8 million, which was recognized directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. i) Privately placed guaranteed senior notes by the Parent Company in May 2017 for an overall amount of \u20ac 125.0 million at a fixed interest rate with repayment in annual instalments starting on 31 May 2025 through 31 May 2032. The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. j) Guaranteed senior notes issued by the Parent Company on 30 September 2014 for a total of US$ 75 million, divided into two tranches: US$ 50 million at fixed rate, repayable semi\u2010annually starting 30 March 2022 and with maturity 30 September 2026, and US$ 25 million again at fixed rate, repayable semi\u2010annually starting 30 March 2023 and with maturity 30 September 2029. During the period, 10 million US dollars of the first tranche was repaid, and the outstanding debt at 31 December 2022 amounted to a total of 65 million US dollars, equalling a counter\u2010value of \u20ac 60.9 million. The loan was hedged at the same time with two cross\u2010currency swaps which provide for the conversion of the original debt into a total of \u20ac 56.0 million (\u20ac 48.5 million at 31 December 2022), of which \u20ac 37.3 million (\u20ac 29.8 at the date of this Annual Report) at a lower fixed rate for the tranche with maturity at 12 years and \u20ac 18.7 million again at a lower fixed rate for the one maturing at 15 years. At 31 December 2022, hedging instruments measured at fair value were positive for a total of \u20ac 11.9 million, which was recognized directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 3; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than 3. These parameters are being observed. 31. SHORT\u2010TERM DEBTS TO BANKS AND OTHER LENDERS Short\u2010term debts to banks and other lenders at 31 December 2022 were \u20ac 83.4 million and mainly comprise temporary use of short\u2010term credit lines by the parent company, as well overdrafts of a number of foreign associates and interest due on existing loans. On 1 March 2022, the Parent Company took out a revolving credit line with UniCredit, with a maximum term of 12 months and for a maximum amount of \u20ac 40 million. This credit line, which at 31 December 2022 was used for \u20ac 30.0 million, is a short\u2010term financing instrument providing financial flexibility, combining irrevocability with variability of use based on specific financial requirements. The agreement signed requires compliance with financial and income conditions similar to those for other existing loans. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9036": {
"value": "This item includes the liabilities deriving from the application of the IFRS 16 accounting standard, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 30.8 million, a net decrease of \u20ac 7.6 million compared to 31 December 2021. \u20ac (thousands) 31/12/2022 31/12/2021 GRANTED TO RECORDATI S.P.A.: Loan from a pool of national and international banks, specifically Mediobanca, JP Morgan, UniCredit and Banca Nazionale del Lavoro, subsequently syndicated with the involvement of other international credit institutions, at a variable interest rate, repayable starting in 2023 and through 2027. The payable was partially converted to a fixed interest rate through interest rate swap transactions *796,518 \u2010 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,736 \u2010 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,446 *179,284 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi\u2010annual installments starting 2022 through 2026 *37,905 *39,875 Loan from Mediobanca, Natixis and Unicredit, syndicated involving a pool of Italian and international banks, at a variable interest rate, repayable in semi\u2010annual installments starting 2020 through 2024 *213,207 *282,479 Loan from Mediobanca, at a variable interest rate hedged by an interest rate swap, repayable in semi\u2010annual installments starting 2020 through 2023 *42,733 *85,456 Loan from Banca Passadore, at a variable interest rate of 3\u2010month Euribor plus a fixed spread, repaid in 2022 \u2010 *4,999 Loan from Intesa Sanpaolo, at a variable interest rate hedged by an interest rate swap, repayable in semi\u2010annual instalments starting 2019 through 2025, extinguished in advance in 2022 \u2010 *42,749 Loan from Intesa Sanpaolo (formerly UBI Banca), at a variable interest rate hedged by an interest rate swap, repaid in a lump sum in 2022 \u2010 *49,993 Loan from Mediobanca, at a variable interest rate hedged by an interest rate swap, repayable in annual instalments starting 2018 through 2024, extinguished in advance in 2022 \u2010 33,000 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,921 *124,913 Guaranteed senior notes privately placed in 2014 with international institutional investors, structured in two tranches: US$50 million at fixed interest rate repayable in semi\u2010annual installments starting 2022 through 2026, converted with cross currency swap into a debt of \u20ac 37.3 million at fixed interest rate, US$25 million at fixed interest rate repayable in semi\u2010annual installments starting 2023 through 2029, converted with cross currency swap into a debt of \u20ac 18.7 million at fixed interest rate *60,815 *66,065 Liabilities for leases granted to Recordati S.p.A. 2,371 3,152 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AB to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi\u2010annual installments starting 2022 through 2025 33,767 \u2010 Loan from UBS Switzerland AB to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi\u2010annual installments starting 2020 through 2025 38,083 50,818 \u20ac (thousands) 31/12/2022 31/12/2021 Loan from IFC\u2010World Bank to Recordati Ila\u00e7 for TRY 71.6 million, at variable interest rate, repaid in 2022 \u2010 *539 Various interest\u2010free loans granted to Casen Recordati S.L. repayable within 2029 156 173 Liabilities for leases granted to the other Group companies 28,437 20,039 Total amortized cost of loans 1,633,095 983,534 Loans due within one year, classified among current liabilities 291,546 223,061 Loans due after one year, classified among non\u2010current liabilities 1,341,549 760,473 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9453": {
"value": "23. PROVISIONS FOR EMPLOYEE BENEFITS The balance at 31 December 2022 amounted to \u20ac 19.4 million (\u20ac 21.0 million at 31 December 2021) and reflects the Group\u2019s liability towards its employees determined in accordance with IAS 19. The changes in these provision were follows: \u20ac (thousands) 2022 2021 Balance at 1 January 21,010 21,174 Additions 2,758 1,408 Utilizations (2,660) (2,380) Adjustment for actuarial (gains)/losses (1,690) 808 Balance at 31 December 19,418 21,010 This liability is mainly due to the severance indemnities (TFR, Trattamento Fine Rapporto) in the Italian companies. The value of these provisions, measured in accordance with IAS 19, amounted to \u20ac 5.7 million. The other liabilities are mainly due to contribution plans in being in the French company Laboratoires Bouchara Recordati (\u20ac 4.9 million), in the U.S. company Recordati Rare Diseases (\u20ac 2.6 million), in the German company Recordati Pharma (\u20ac 1.6 million), in the Swiss company Recordati AG (\u20ac 1.5 million) and in the other Recordati Rare Diseases companies (\u20ac 1.8 million). The fair value calculation made using actuarial assumptions updated to 31 December 2022 determined a decrease of \u20ac 1.7 million compared to the value of the provisions at 31 December 2021 which is recognized in the statement of comprehensive income, net of the tax effect, as prescribed by the relevant accounting standard. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9528": {
"value": "25. TRADE PAYABLES Trade payables, which are entirely of a commercial nature and include end\u2010of\u2010year provisions for invoices to be received, at 31 December 2022 and 2021 amounted respectively to \u20ac 224.7 million and \u20ac 177.9 million and include the balance for EUSA Pharma of \u20ac 22.9 million. 26. OTHER PAYABLES Other payables at 31 December 2022 amounted to \u20ac 251.1 million (\u20ac 145.2 million at 31 December 2021), including \u20ac 15.6 million for EUSA Pharma. A breakdown is provided in the table below: \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Personnel 64,921 39,364 25,557 Social security 18,039 16,827 1,212 Agents 433 524 (91) Other 167,743 88,455 79,288 Total other payables 251,136 145,170 105,966 The item \u201cOther\u201d mainly includes: \ue001 the payable of \u20ac 70.0 million due to Tolmar International Ltd from Recordati S.p.A., deemed probable, due to the meeting of contractual conditions after approval of the variation for the new device to administer Eligard\u00ae; \ue001 \u20ac 18.8 million for Recordati AG in respect of Novartis AG, on the occurrence of contract conditions in the scope of acquiring the rights for Isturisa\u00ae; \ue001 \u20ac 14.4 million to be paid to the Krankenkassen (German health insurance schemes) by Recordati Pharma GmbH; \ue001 \u20ac 11.3 million which Recordati Rare Diseases Inc. must pay to the U.S. health care insurance schemes; \ue001 The payable of \u20ac 3.5 million related to the acquisition of a further 10% of the capital of Opalia Pharma reclassified among current liabilities on the basis of the put and call options provided for contractually. The fair value of this purchase option is measured at level 2 as the valuation model considers the present value of the expected payments; \ue001 \u20ac 1.5 million to be paid to the Italian National Health Service resulting from the 1.83% discount applicable to the retail price of reimbursed pharmaceutical products before VAT. ",
"dimensions": {
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f9600": {
"value": "28. OTHER CURRENT LIABILITIES At 31 December 2022, other current liabilities amounted to \u20ac 5.7 million, down by \u20ac 0.8 million compared to 31 December 2021. An amount of \u20ac 3.9 million is attributable to the adoption of the IFRS 15 accounting principle, based on which some deferred revenue is recognized in the income statement in variable instalments based on the fulfilment of the conditions for revenue recognition. ",
"dimensions": {
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f9607": {
"value": "29. PROVISIONS FOR RISKS AND CHARGES Provisions for risks and charges set aside at 31 December 2022 amounted to \u20ac 16.2 million and include tax provisions and other provisions for future contingencies to cover liabilities of uncertain timing and value. The following tables show their composition and changes. \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 For taxes 531 1,048 (517) Future contingencies 15,678 20,348 (4,670) Total other provisions 16,209 21,396 (5,187) \u20ac (thousands) 2022 2021 Balance at 1 January 21,396 17,113 Additions 2,866 8,138 Change to scope of consolidation 284 0 Utilizations (8,337) (3,855) Balance at 31 December 16,209 21,396 The year\u2010end balance is mainly related to the Parent Company and to the other Italian companies (\u20ac 6.2 million), to the companies in France (\u20ac 3.5 million) and in Germany (\u20ac 1.7 million), the Spanish company Casen Recordati (\u20ac 2.8 million) and Jaba Recordati in Portugal (\u20ac 0.7 million). Utilisation during the year mainly refers to the finalisation of agreements with employees affected by the sales force restructuring in the Specialty and Primary Care sector, begun in certain countries in the fourth quarter of 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9695": {
"value": "32. FAIR VALUE OF FINANCIAL INSTRUMENTS As prescribed by IFRS 7, the book values and fair values at 31 December 2022 of financial assets and liabilities are resented below: \u20ac (thousands) Book value Fair value Financial assets Financial assets measured at fair value Other equity investments and securities 28,871 28,871 Derivative instruments measured at fair value 23,603 23,603 Financial assets not measured at fair value Cash and cash equivalents 284,734 284,734 Trade receivables 361,898 361,898 Other receivables 63,915 63,915 Financial liabilities Financial liabilities measured at fair value Derivative instruments measured at fair value 17,369 17,369 Other payables 3,539 3,539 Financial liabilities not measured at fair value Loans \u2010at variable interest rates 1,265,160 1,265,160 \u2010 at variable interest rates hedged with interest rate swaps 42,733 42,733 \u2010 at fixed interest rates 233,580 214,689 \u2010 at fixed interest rates hedged with cross currency swaps 60,815 57,411 \u2010 lease liabilities 30,808 30,808 Trade payables 224,703 224,703 Other payables 281,212 281,212 Short\u2010term debts to banks and other lenders 83,425 83,425 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9764": {
"value": "33. DISCLOSURE OF FINANCIAL RISKS The Group constantly monitors the financial risks to which it is exposed in order to take immediate mitigating actions when necessary. The Group aims at achieving a balanced and prudent financial structure as a basic condition for funding internal and external growth, minimizing financing costs and maximizing yields. Speculative investments in equities, funds or financial assets which could impair the value of the company are forbidden. The only financial investments permitted are investments in risk\u2010free assets and/or funds issued by major financial institutions. The Group monitors the financial risks to which it is exposed in order to take immediate mitigating actions, whenever necessary, in compliance with the applicable legislations and regulations. All companies belonging to the Group work only with investment grade banks. On the basis of the above and considering that the related effects would be insignificant, no sensitivity analysis has been performed. As prescribed by IFRS 7, the main financial risks to which the Group is exposed are disclosed below. Credit risk \u2010 The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. At 31 December 2022, the credit exposure was not critical due to the large number of customers, their geographic distribution and the average amount of each account receivable. In particular, at 31 December 2022, total trade receivables of \u20ac 379.6 million included \u20ac 34.6 million in receivables past due by more than 90 days. Of these, \u20ac 8.6 million are receivables from public hospitals which, despite their long collection times, do not represent a significant risk situation. The provisions for doubtful accounts of \u20ac 17.7 million are considered sufficient to cover potential losses due to insolvency. When assessing credit risk, the potential impact of the war in Ukraine was considered, while effects associated with the COVID\u201019 pandemic were not deemed relevant. Interest rate risk \u2010 The Group raises funds using debt and invests excess cash in money market and other financial instruments. The fluctuation of market interest rates influences the cost and returns of the debt and investment instruments, therefore affecting the Group\u2019s net financial expenses. The Group\u2019s policy is to limit the risk arising from interest rate fluctuations by establishing fixed interest loans or variable interest loans hedged by derivative financial instruments, which are used to hedge risk and are never of a speculative nature, to minimize such fluctuations, as described in Note 22. As a result of this policy and considering the current amount of net debt, it is believed that changes in current interest rates would not have a significant impact on net financial expenses. Foreign currency risk \u2010 The Group is exposed to foreign currency exchange rate fluctuations, which can affect its operating results and the value of its equity. All companies are subject to exchange rate fluctuations affecting trade and financial balances denominated in currencies different from their own. In order to limit this risk, in some cases, non\u2010speculative hedging instruments are negotiated. As at 31 December 2022, positions in currencies other that the euro in companies in countries belonging to the European Monetary Union not hedged by derivative instruments are the following: \ue001 net receivables of 24.4 million Polish zloty; \ue001 net receivables of 2.9 million British pounds; \ue001 net receivables of 33.8 million Mexican pesos; \ue001 net receivables of 2.2 million Canadian dollars; \ue001 net debts of 1,654.8 million Russian roubles; \ue001 net debts of 7.7 million Swiss francs. Among the companies in countries outside the European Monetary Union, at 31 December 2022, the main net exposures in currencies other than their own and not hedged by derivative instruments are in euro, U.S. dollars, and Japanese yen. Net exposures in euro refer to the companies located in Switzerland (net payables of 18.2 million), the United States (net payables of 4.5 million), Japan (net payables of 2.0 million), Australia (net payables of 1.9 million), Canada (net payables of 1.4 million), T\u00fcrkiye (net payables of 1.2 million), Sweden (net payables of 1.0 million) and Tunisia (net receivables of 1.0 million). Net exposures in U.S. dollars refer mainly to the companies in Switzerland (net payables of 7.8 million), Brazil (net payables of 3.4 million) and Colombia (net payables of 1.3 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 393.7 million). For consolidation purposes, the income statements and balance sheets of the Group companies located outside the European Monetary Union are converted from their local currencies into euro. At 31 December 2022, the net asset values of these companies, excluding goodwill, are denominated mainly in U.S. dollars (374.0 million), pounds sterling (16.8 million), Swiss francs (321.3 million), Turkish lira (1,131.0 million), Czech crowns (391.3 million), Romanian ron (40.9 million), Russian roubles (7,112.4 million), Polish zloty (59.0 million) and Tunisian dinars (85.0 million). The effect of exchange rate variations on the conversion of these amounts is recognized in the consolidated statement of comprehensive income and booked to the translation reserve in shareholders\u2019 equity which, at 31 December 2022, was a negative \u20ac 205.0 million. Liquidity risk \u2010 The liquidity risk to which the Group may be exposed is represented by the inability to raise sufficient financial resources for its ongoing business and for the development of its industrial and commercial activities. The two main factors which determine the Group\u2019s liquidity are, on the one hand, the cash generated or absorbed by operations and by investments, and on the other, the expiry and renewal terms of debt or the degree of liquidity of financial investments and market conditions. At 31 December 2022, the Group has at its disposal liquidity readily available for its operations and plentiful lines of credit granted by a number of leading Italian and international financial institutions. The terms and conditions of the Group\u2019s loans and its financial assets are set out in Notes 18, 22 and 31 which address, respectively, short\u2010term financial investments, cash and cash equivalents, medium/long\u2010term loans and payables to banks. The Group believes that the funds and credit lines currently available, in addition to those generated by operations and financing activities, are sufficient to meet investment needs, working capital requirements and the repayment of debts at their natural due dates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f9780": {
"value": "Credit risk \u2010 The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. At 31 December 2022, the credit exposure was not critical due to the large number of customers, their geographic distribution and the average amount of each account receivable. In particular, at 31 December 2022, total trade receivables of \u20ac 379.6 million included \u20ac 34.6 million in receivables past due by more than 90 days. Of these, \u20ac 8.6 million are receivables from public hospitals which, despite their long collection times, do not represent a significant risk situation. The provisions for doubtful accounts of \u20ac 17.7 million are considered sufficient to cover potential losses due to insolvency. When assessing credit risk, the potential impact of the war in Ukraine was considered, while effects associated with the COVID\u201019 pandemic were not deemed relevant. ",
"dimensions": {
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9849": {
"value": "Liquidity risk \u2010 The liquidity risk to which the Group may be exposed is represented by the inability to raise sufficient financial resources for its ongoing business and for the development of its industrial and commercial activities. The two main factors which determine the Group\u2019s liquidity are, on the one hand, the cash generated or absorbed by operations and by investments, and on the other, the expiry and renewal terms of debt or the degree of liquidity of financial investments and market conditions. At 31 December 2022, the Group has at its disposal liquidity readily available for its operations and plentiful lines of credit granted by a number of leading Italian and international financial institutions. The terms and conditions of the Group\u2019s loans and its financial assets are set out in Notes 18, 22 and 31 which address, respectively, short\u2010term financial investments, cash and cash equivalents, medium/long\u2010term loans and payables to banks. The Group believes that the funds and credit lines currently available, in addition to those generated by operations and financing activities, are sufficient to meet investment needs, working capital requirements and the repayment of debts at their natural due dates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9974": {
"value": "35. OPERATING SEGMENTS The financial information reported by line of business and geographic area, in compliance with IFRS 8 \u2013 Operating Segments, is prepared using the same accounting principles used for the preparation and disclosure of the Group\u2019s consolidated financial statements. Based on the characteristics of their business, operational and strategic models two main business segments can be identified, the Specialty and Primary Care segment and the segment dedicated to treatments for rare diseases. The identification took into account the different management and marketing strategies applied to the products belonging to the two segments. Consequently, clearly identified and separate models and organizational structures have been developed. All economic and financial data derive from precise accounting and not from generic allocation criteria. The geographic footprint of the Group\u2019s Specialty and Primary Care business is focused mainly on Europe. The Group operates in the main European markets, including Central and Eastern Europe, Russia and the other C.I.S. countries, Ukraine, T\u00fcrkiye and Tunisia, where it has established its own subsidiaries. In the rest of the world sales of Specialty and Primary Care products are carried out mainly through licensing agreements with pharmaceutical companies of high standing. The Group has gradually extended its international presence through the acquisition of existing marketing organizations with the aim of adding our proprietary products and those obtained under multi\u2010territorial licenses to the local portfolios. The Group\u2019s segment dedicated to treatments for rare diseases is a worldwide business. The Group operates through Recordati Rare Diseases, its dedicated group of subsidiaries, sharing the conviction that each person with a rare disease has the right to the best possible treatment. Our organizations work closely with specialists, health care professionals, patients, their families and associations to spread knowledge, improve diagnosis and treatment, and enable access to treatment by supporting patients. Recordati Rare Diseases operates directly in Europe, the Middle East, North Africa, the U.S.A., Canada, Mexico, Brazil, Colombia, Japan, Australia, New Zealand, China and South Korea, through its subsidiaries and highly qualified distributors in the rest of the world. The Group\u2019s chief executive officer reviews the internal management reports of each segment at least quarterly. The two following tables show financial information for these two business segments as at 31 December 2022 and include comparative data. \u20ac (thousands) Specialty and Primary Care segment* Rare diseases segment Values not allocated Consolidated financial statements 2022 Revenue 1,257,522 595,785 \u2010 1,853,307 Expenses (945,720) (470,261) \u2010 (1,415,981) Operating income 311,802 125,524 \u2010 437,326 2021 Revenue 1,196,222 383,852 \u2010 1,580,074 Expenses (852,547) (237,337) \u2010 (1,089,884) Operating income 343,675 146,515 \u2010 490,190 * Includes pharmaceutical chemical operations. \u20ac (thousands) Segment Specialty and Primary Care * Rare diseases segment Not allocated** Consolidated financial statements 31 December 2022 Non\u2010current assets 1,326,238 1,470,097 28,871 2,825,206 Inventories 229,031 195,049 \u2010 424,080 Trade receivables 226,656 135,242 \u2010 361,898 Other receivables and other current assets 47,435 31,867 23,603 102,905 Cash and cash equivalents 284,734 284,734 Total assets 1,829,360 1,832,255 337,208 3,998,823 Non\u2010current liabilities 45,941 141,342 1,341,549 1,528,832 Current liabilities 352,475 178,928 392,340 923,743 Total liabilities 398,416 320,270 1,733,889 2,452,575 Net capital employed 1,430,944 1,511,985 31 December 2021 Non\u2010current assets 1,162,131 769,843 34,124 1,966,098 Inventories 182,344 46,388 \u2010 228,732 Trade receivables 228,591 79,187 \u2010 307,778 Other receivables and other current assets 45,712 12,152 11,149 69,013 Cash and cash equivalents 244,578 244,578 Total assets 1,618,778 907,570 289,851 2,816,199 Non\u2010current liabilities 41,440 6,245 760,473 808,158 Current liabilities 249,046 131,496 245,874 626,416 Total liabilities 290,486 137,741 1,006,347 1,434,574 Net capital employed 1,328,292 769,829 * Includes pharmaceutical chemical operations. ** Amounts not allocated refer to the items other equity investments and securities, cash and cash equivalents, loans, derivative instruments and short\u2010term debts to banks and other lenders. The pharmaceutical chemical business is considered part of the Specialty and Primary Care segment as it is mainly engaged in the production of active ingredients for finished pharmaceutical products, both from a strategic and organizational point of view. No single customer contributed more than 10% to revenue in 2022 or in 2021. The following table shows net revenue by geographic area: \u20ac (thousands) 2022 2021 Changes 2022/2021 Europe 1,361,456 1,208,253 153,203 of which Italy 277,322 265,361 11,961 Australasia 114,944 99,534 15,410 America 323,503 221,764 101,739 Africa 53,404 50,523 2,881 Total 1,853,307 1,580,074 273,233 The Group\u2019s production facilities are located almost exclusively in Europe, and therefore non\u2010current assets and investments are, for the most part, in this geographic area. ",
"dimensions": {
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"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9977": {
"value": "The financial information reported by line of business and geographic area, in compliance with IFRS 8 \u2013 Operating Segments, is prepared using the same accounting principles used for the preparation and disclosure of the Group\u2019s consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10225": {
"value": "36. NET FINANCIAL POSITION The following table summarizes the Group\u2019s net financial position: This situation is in line with the CONSOB call for attention 5/21 of 29 April 2021, in compliance with \u201cGuidelines on disclosure requirements pursuant to the Prospectus Regulations\u201d, published by ESMA on 4 March 2021 in the document \u201cESMA32\u2010382\u20101138\u201d. \u20ac (thousands) 31/12/2022 31/12/2021 Changes 2022/2021 Deposits in bank current accounts and cash on hand 162,636 230,924 (68,288) Short\u2010term time deposits 122,098 13,654 108,444 Cash and cash equivalents 284,734 244,578 40,156 Short\u2010term debts to banks and other lenders (83,425) (8,657) (74,768) Loans \u2010 due within one year (269,586) (206,132) (63,454) Notes issued (1) (10,224) (7,354) (2,870) Leasing liabilities \u2013 due within one year (9,237) (8,100) (1,137) Short\u2010term borrowings (372,472) (230,243) (142,229) Short\u2010term financial position (87,738) 14,335 (102,073) Loans \u2010 due after one year (1,072,229) (563,233) (508,996) Notes issued (1) (238,371) (172,550) (65,821) Leasing liabilities \u2013 due after one year (21,571) (15,091) (6,480) Non\u2010current financial debt (1,332,171) (750,874) (581,297) Net financial position (1,419,909) (736,539) (683,370) (1) Includes the fair value measurement of the relative currency risk hedging instruments (cash flow hedge). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10369": {
"value": "38. LITIGATION AND CONTINGENT LIABILITIES The Parent Company and some subsidiaries are parties to minor legal actions and disputes, the outcomes of which are not expected to result in any liability. The potential liabilities that can currently be measured are not for significant amounts. Some license agreements require the payment of future milestones as certain conditions\u2014whose fulfillment is as yet uncertain\u2014occur, with the consequence that the contractually required payments, estimated at around \u20ac 32 million, are merely potential at the moment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10378": {
"value": "39. RELATED\u2010PARTY TRANSACTIONS The Group\u2019s direct parent is Rossini S.\u00e0 r.l., with headquarters in Luxembourg, which is owned by a consortium of investment funds controlled by CVC Capital Partners. In compliance with the disclosure obligations required by Article 38 of Italian Legislative Decree 127/91, it is hereby specified that the overall compensation of the Directors and Statutory Auditors of the Parent Company for the performance of their specific functions, including those in other Group companies, during 2022 amounted to \u20ac 2.3 million and \u20ac 0.2 million respectively. Key management personnel compensation comprised the following: \u20ac (thousands) 2022 2021 Fixed remuneration 4,517 5,564 Non\u2010monetary benefits 156 147 Bonuses and other incentives 2,456 2,293 Share\u2010based payments 1,183 871 Total 8.312 8,875 Compensation of the Group\u2019s key management personnel includes salaries and non\u2010cash benefits. Executive officers also participate in the Group\u2019s stock option plans. Except for what is stated above, to our knowledge, no transactions or contracts have been entered into with related parties that can be considered significant in terms of value or conditions, or which could in any way materially affect the accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10382": {
"value": "Rossini S.\u00e0 r.l",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10384": {
"value": "CVC Capital Partners",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10422": {
"value": "40. SUBSEQUENT EVENTS At the date of preparation of the financial statements, no significant events had occurred subsequent to the closing of the fiscal year that would require changes to the values of assets, liabilities or the profit and loss. With reference to the earthquake that hit T\u00fcrkiye in February 2023, Recordati is prioritising the health and safety of its employees affected by the catastrophe. The Company promptly supplied emergency housing and immediate financial support and began an internal fundraising initiative to support our colleagues most affected by the crisis. To guarantee further basic assistance, Recordati also donated medicine and medical material to areas in need, in line with the list of requirements and rules issued by the Turkish Ministry of Health and the Turkish Agency for Medicine and Medical Devices (TITCK), as well as making a donation to the Turkish Agency for Emergency and Disaster Response (AFAD), which is providing essential support to victims of the earthquake. Recordati is monitoring the situation closely and assessing how to offer additional support to local emergency organisations and NGOs for their intense on\u2010site efforts. In light of the effects of the earthquake, at present, no signs of weakness have been identified, also in consideration of the natural resilience of the pharmaceutical sector. It is difficult to predict whether there may be any potential negative effects on business performance. In February, an agreement was finalised with ARS Pharmaceuticals to return the license for ARS\u20101, a nasal spray containing epinephrine, at an advanced stage of development, for emergency treatment of serious allergic reactions, for which the discounted realisable value is estimated at \u20ac 12.5 million. Except for the above, no significant events occurred subsequent to the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10452": {
"value": "41. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AT 31 DECEMBER 2022 Consolidated companies Head office Share capital Currency Consolidation method RECORDATI S.p.A. Development, production, marketing and sales of pharmaceuticals and pharmaceutical chemicals Italy 26,140,644.50 EUR Line\u2010by\u2010line INNOVA PHARMA S.p.A. Marketing of pharmaceuticals Italy 1,920,000.00 EUR Line\u2010by\u2010line CASEN RECORDATI S.L. Development, production, and sales of pharmaceuticals Spain 238,966,000.00 EUR Line\u2010by\u2010line BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 4,600,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA Holds pharmaceutical marketing rights in Brazil Brazil 166.00 BRL Line\u2010by\u2010line RECORDATI RARE DISEASES INC. Development, production, and sales of pharmaceuticals U.S.A. 11,979,138.00 USD Line\u2010by\u2010line RECORDATI IRELAND LTD Development, production, and sales of pharmaceuticals Ireland 200,000.00 EUR Line\u2010by\u2010line LABORATOIRES BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 14,000,000.00 EUR Line\u2010by\u2010line RECORDATI PHARMA GmbH Marketing of pharmaceuticals Germany 600,000.00 EUR Line\u2010by\u2010line RECORDATI PHARMACEUTICALS LTD Marketing of pharmaceuticals United Kingdom 15,000,000.00 GBP Line\u2010by\u2010line RECORDATI HELLAS PHARMACEUTICALS S.A. Marketing of pharmaceuticals Greece 10,050,000.00 EUR Line\u2010by\u2010line JABA RECORDATI S.A. Marketing of pharmaceuticals Portugal 2,000,000.00 EUR Line\u2010by\u2010line JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line\u2010by\u2010line BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line\u2010by\u2010line RECORDATI ORPHAN DRUGS S.A.S. Holding company France 61,069,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES MIDDLE EAST FZ LLC Marketing of pharmaceuticals United Arab Emirates 100,000.00 AED Line\u2010by\u2010line RECORDATI AB Marketing of pharmaceuticals Sweden 100,000.00 SEK Line\u2010by\u2010line RECORDATI RARE DISEASES S.\u00e0 r.l. Development, production, and sales of pharmaceuticals France 320,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES UK Limited Marketing of pharmaceuticals United Kingdom 50,000.00 GBP Line\u2010by\u2010line RECORDATI RARE DISEASES GERMANY GmbH Marketing of pharmaceuticals Germany 25,600.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES SPAIN S.L. Marketing of pharmaceuticals Spain 1,775,065.49 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES ITALY S.R.L. Marketing of pharmaceuticals Italy 40,000.00 EUR Line\u2010by\u2010line RECORDATI BV Marketing of pharmaceuticals Belgium 18,600.00 EUR Line\u2010by\u2010line FIC MEDICAL S.\u00e0 r.l. Promotion of pharmaceuticals France 173,700.00 EUR Line\u2010by\u2010line HERBACOS RECORDATI s.r.o. Development, production, and sales of pharmaceuticals Czech Republic 25,600,000.00 CZK Line\u2010by\u2010line RECORDATI SK s.r.o. Marketing of pharmaceuticals Slovak Republic 33,193.92 EUR Line\u2010by\u2010line Consolidated companies Head office Share capital Currency Consolidation method RUSFIC LLC Development, promotion, and sales of pharmaceutical products Russian Federation 3,560,000.00 RUB Line\u2010by\u2010line RECOFARMA ILA\u00c7 Ve Hammaddeleri Sanayi Ve Ticaret L.\u015e. Promotion of pharmaceuticals T\u00fcrkiye 8,000,000.00 TRY Line\u2010by\u2010line RECORDATI ROM\u00c2NIA S.R.L. Marketing of pharmaceuticals Romania 5,000,000.00 RON Line\u2010by\u2010line RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. Development, production, and sales of pharmaceuticals T\u00fcrkiye 180,000,000.00 TRY Line\u2010by\u2010line RECORDATI POLSKA Sp. z o.o. Marketing of pharmaceuticals Poland 4,500,000.00 PLN Line\u2010by\u2010line ACCENT LLC Holds pharmaceutical marketing rights Russian Federation 20,000.00 RUB Line\u2010by\u2010line RECORDATI UKRAINE LLC Marketing of pharmaceuticals Ukraine 1,031,896.30 UAH Line\u2010by\u2010line CASEN RECORDATI PORTUGAL Unipessoal Lda Marketing of pharmaceuticals Portugal 100,000.00 EUR Line\u2010by\u2010line OPALIA PHARMA S.A. Development, production, and sales of pharmaceuticals Tunisia 9,656,000.00 TND Line\u2010by\u2010line OPALIA RECORDATI S.\u00e0 r.l. Promotion of pharmaceuticals Tunisia 20,000.00 TND Line\u2010by\u2010line RECORDATI RARE DISEASES S.A. DE C.V. Marketing of pharmaceuticals Mexico 16,250,000.00 MXN Line\u2010by\u2010line RECORDATI RARE DISEASES COLOMBIA S.A.S. Marketing of pharmaceuticals Colombia 150,000,000.00 COP Line\u2010by\u2010line ITALCHIMICI S.p.A. Marketing of pharmaceuticals Italy 7,646,000.00 EUR Line\u2010by\u2010line RECORDATI AG Marketing of pharmaceuticals Switzerland 15,000,000.00 CHF Line\u2010by\u2010line RECORDATI AUSTRIA GmbH Marketing of pharmaceuticals Austria 35,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES CANADA Inc. Marketing of pharmaceuticals Canada 350,000.00 CAD Line\u2010by\u2010line RECORDATI RARE DISEASES JAPAN K.K. Marketing of pharmaceuticals Japan 90,000,000.00 JPY Line\u2010by\u2010line NATURAL POINT S.r.l. Marketing of pharmaceuticals Italy 10,400.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES AUSTRALIA Pty Ltd Marketing of pharmaceuticals Australia 200,000.00 AUD Line\u2010by\u2010line TONIPHARM S.a.s. Marketing of pharmaceuticals France 257,700.00 EUR Line\u2010by\u2010line RECORDATI BULGARIA Ltd Marketing of pharmaceuticals Bulgaria 50,000.00 BGN Line\u2010by\u2010line RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) Marketing of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES FZCO (2) Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line\u2010by\u2010line EUSA Pharma (UK) Limited (3) Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line\u2010by\u2010line EUSA Pharma (Italy) S.r.l. (3) Marketing of pharmaceuticals Italy 99,000.00 EUR Line\u2010by\u2010line EUSA Pharma (France) S.A.S. (3) Marketing of pharmaceuticals France 476,522.00 EUR Line\u2010by\u2010line EUSA Pharma Iberia S.L. (3) Marketing of pharmaceuticals Spain 70,000.00 EUR Line\u2010by\u2010line EUSA Pharma (Germany) GmbH (3) Marketing of pharmaceuticals Germany 25,000.00 EUR Line\u2010by\u2010line Consolidated companies Head office Share capital Currency Consolidation method EUSA Pharma (Netherlands) B.V. (3) Marketing of pharmaceuticals Netherlands 1.00 EUR Line\u2010by\u2010line EUSA Pharma (Denmark) ApS (3) Marketing of pharmaceuticals Denmark 50,000.00 EUR Line\u2010by\u2010line EUSA Pharma (US) LLC (3) Marketing of pharmaceuticals U.S.A. 1.00 USD Line\u2010by\u2010line EUSA Pharma (Australia) Pty Ltd (3) Marketing of pharmaceuticals Australia 1.00 AUD Line\u2010by\u2010line EUSA Pharma (CH) GmbH (3) Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line\u2010by\u2010line RECORDATI KOREA, Co. Ltd (3) Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line\u2010by\u2010line (1) Set up in 2021 (2) Set up in 2022 (3) Acquired in 2022 PERCENTAGE OF OWNERSHIP Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Orphan Drugs S.a.s. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Recordati Ila\u00e7 A.\u015e. Opalia Pharma S.A. Recordati AG EUSA Pharma (UK) Ltd. Recordati Rare Diseases Italy S.r.l. Recordati Rare Diseases Germany GmbH Total INNOVA PHARMA S.P.A. 100.00 100.00 CASEN RECORDATI S.L. 100.00 100.00 BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA 100.00 100.00 RECORDATI RARE DISEASES INC. 100.00 100.00 RECORDATI IRELAND LTD 100.00 100.00 LABORATOIRES BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI PHARMA GmbH 55.00 45.00 100.00 RECORDATI PHARMACEUTICALS LTD 100.00 100.00 RECORDATI HELLAS PHARMACEUTICALS S.A. 100.00 100.00 JABA RECORDATI S.A. 100.00 100.00 JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 RECORDATI ORPHAN DRUGS S.A.S. 84.00 16.00 100.00 RECORDATI RARE DISEASES MIDDLE EAST FZ LLC 100.00 100.00 RECORDATI AB 100.00 100.00 RECORDATI RARE DISEASES S.\u00e0 r.l. 100.00 100.00 RECORDATI RARE DISEASES UK Limited 100.00 100.00 RECORDATI RARE DISEASES GERMANY GmbH 100.00 100.00 RECORDATI RARE DISEASES SPAIN S.L. 100.00 100.00 RECORDATI RARE DISEASES ITALY S.R.L. 100.00 100.00 RECORDATI BV 99.46 0.54 100.00 FIC MEDICAL S.\u00e0 r.l. 100.00 100.00 HERBACOS RECORDATI s.r.o. 100.00 100.00 Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Orphan Drugs S.a.s. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Recordati Ila\u00e7 A.\u015e. Opalia Pharma S.A. Recordati AG EUSA Pharma (UK) Ltd. Recordati Rare Diseases Italy S.r.l. Recordati Rare Diseases Germany GmbH Total RECORDATI SK s.r.o. 100.00 100.00 RUSFIC LLC 100.00 100.00 RECOFARMA ILA\u00c7 Ve Hammaddeleri Sanayi Ve Ticaret L.\u015e. 100.00 100.00 RECORDATI ROM\u00c2NIA S.R.L. 100.00 100.00 RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. 100.00 100.00 RECORDATI POLSKA Sp. z o.o 100.00 100.00 ACCENT LLC 100.00 100.00 RECORDATI UKRAINE LLC 0.01 99.99 100.00 CASEN RECORDATI PORTUGAL Unipessoal Lda 100.00 100.00 OPALIA PHARMA S.A. 90.00 90.00 OPALIA RECORDATI S.\u00e0 R.L. 1.00 99.00 100.00 RECORDATI RARE DISEASES S.A. DE C.V. 99.998 0.002 100.00 RECORDATI RARE DISEASES COLOMBIA S.A.S. 100.00 100.00 ITALCHIMICI S.p.A. 100.00 100.00 RECORDATI AG 100.00 100.00 RECORDATI AUSTRIA GmbH 100.00 100.00 RECORDATI RARE DISEASES CANADA Inc. 100.00 100.00 RECORDATI RARE DISEASES JAPAN K.K. 100.00 100.00 NATURAL POINT S.r.l. 100.00 100.00 RECORDATI RARE DISEASES AUSTRALIA Pty Ltd 100.00 100.00 TONIPHARM S.a.s. 100.00 100.00 RECORDATI BULGARIA Ltd 100.00 100.00 RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) 100.00 100.00 RECORDATI RARE DISEASES FZCO (2) 100.00 100.00 EUSA Pharma (UK) Limited (3 100.00 100.00 EUSA Pharma (Italy) S.r.l. (3) 100.00 100.00 EUSA Pharma (France) S.A.S. (3) 100.00 100.00 Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Orphan Drugs S.a.s. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Recordati Ila\u00e7 A.\u015e. Opalia Pharma S.A. Recordati AG EUSA Pharma (UK) Ltd. Recordati Rare Diseases Italy S.r.l. Recordati Rare Diseases Germany GmbH Total EUSA Pharma Iberia S.L. (3) 100.00 100.00 EUSA Pharma (Germany) GmbH (3) 100.00 100.00 EUSA Pharma (Netherlands) B.V. (3) 100.00 100.00 EUSA Pharma (Denmark) ApS (3) 100.00 100.00 EUSA Pharma (US) LLC (3) 100.00 100.00 EUSA Pharma (Australia) Pty (3) 100.00 100.00 EUSA Pharma (CH) GmbH (3) 100.00 100.00 RECORDATI KOREA, Co. Ltd (3) 100.00 100.00 (1) Set up in 2021 (2) Set up in 2022 (3) Acquired in 2022 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10464": {
"value": "Development, production, marketing and sales of pharmaceuticals and pharmaceutical chemicals ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10468": {
"value": "Italy ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11349": {
"value": "DISCLOSURE OF AUDITORS\u2019 FEES FOR ACCOUNTING AUDITS AND OTHER SERVICES Type of service Provider of the service Recipient Fees Amounts in \u20ac Accounting audit Auditor of Parent Company Parent Company 243,308 Accounting audit Auditor of Parent Company Subsidiaries 84,517 Accounting audit Network of auditor of Parent Company Subsidiaries 890,536 Tax compliance Network of auditor of Parent Company Subsidiaries 81,575 Signatures on returns and attestations Auditor of Parent Company Parent Company 39,970 Signatures on returns and attestations Auditor of Parent Company Subsidiaries 3,701 Signatures on returns and attestations Network of auditor of Parent Company Subsidiaries 56,583 Other services Network of auditor of Parent Company Subsidiaries 11,367 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}