{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"Rec": "https://www.recordati.com",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"https://www.recordati.com/815600FBF92FD3531704-2023-12-31.xsd"
]
},
"facts": {
"f6171": {
"value": "2082331000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6173": {
"value": "1853307000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6177": {
"value": "659707000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6179": {
"value": "566737000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6182": {
"value": "1422624000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6184": {
"value": "1286570000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6188": {
"value": "472857000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SellingExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6190": {
"value": "462665000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SellingExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6194": {
"value": "255747000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6196": {
"value": "220102000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6200": {
"value": "128253000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GeneralAndAdministrativeExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6202": {
"value": "109493000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GeneralAndAdministrativeExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6206": {
"value": "-7759000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6208": {
"value": "-56984000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6211": {
"value": "558008000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6213": {
"value": "437326000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6217": {
"value": "-66972000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncomeCost",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6219": {
"value": "-35891000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncomeCost",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6222": {
"value": "491036000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6224": {
"value": "401435000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6228": {
"value": "101822000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6230": {
"value": "89099000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6233": {
"value": "389214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6235": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6239": {
"value": "389214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6241": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6244": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6246": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6250": {
"value": "1.893",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6252": {
"value": "1.519",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6255": {
"value": "1.861",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6257": {
"value": "1.494",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6286": {
"value": "178657000",
"decimals": -3,
"dimensions": {
"concept": "Rec:Propertyplantequipmentincludingrightofuse",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6288": {
"value": "159184000",
"decimals": -3,
"dimensions": {
"concept": "Rec:Propertyplantequipmentincludingrightofuse",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6292": {
"value": "1938197000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6294": {
"value": "1758173000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6298": {
"value": "778350000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6300": {
"value": "780057000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6304": {
"value": "21555000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsInEquityInstrumentsDesignatedAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6306": {
"value": "28871000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsInEquityInstrumentsDesignatedAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6310": {
"value": "12458000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6312": {
"value": "9556000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6316": {
"value": "76674000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6318": {
"value": "76895000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6321": {
"value": "3005891000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6323": {
"value": "2812736000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6328": {
"value": "404831000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InventoriesTotal",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6330": {
"value": "424080000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InventoriesTotal",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6334": {
"value": "445193000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeReceivables",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6336": {
"value": "361898000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeReceivables",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6340": {
"value": "99401000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6342": {
"value": "63915000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6346": {
"value": "19924000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6348": {
"value": "15387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6352": {
"value": "11079000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialAssetsHeldForHedging",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6354": {
"value": "23603000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialAssetsHeldForHedging",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6358": {
"value": "221812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6360": {
"value": "284734000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6363": {
"value": "1202240000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6365": {
"value": "1173617000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6369": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForDistributionToOwners",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6371": {
"value": "12470000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForDistributionToOwners",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6374": {
"value": "4208131000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-14T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6376": {
"value": "3998823000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6398": {
"value": "26141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6400": {
"value": "26141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6403": {
"value": "83719000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6405": {
"value": "83719000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6408": {
"value": "127970000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6410": {
"value": "149559000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6413": {
"value": "-286000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6415": {
"value": "5249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6418": {
"value": "-264700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6420": {
"value": "-205018000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6423": {
"value": "61219000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6425": {
"value": "62260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6428": {
"value": "1636451000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriod",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6430": {
"value": "1524099000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriod",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6433": {
"value": "389214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6435": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6438": {
"value": "-117396000",
"decimals": -3,
"dimensions": {
"concept": "Rec:InterimDividend",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6440": {
"value": "-112979000",
"decimals": -3,
"dimensions": {
"concept": "Rec:InterimDividend",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6444": {
"value": "1686392000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6446": {
"value": "1546248000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6450": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6452": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6455": {
"value": "1686392000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6457": {
"value": "1546248000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6462": {
"value": "1353216000",
"decimals": -3,
"dimensions": {
"concept": "Rec:LoansDueAfterOneYear",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6464": {
"value": "1341549000",
"decimals": -3,
"dimensions": {
"concept": "Rec:LoansDueAfterOneYear",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6468": {
"value": "21239000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6470": {
"value": "19418000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6474": {
"value": "144208000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6476": {
"value": "167865000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6479": {
"value": "1518663000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6481": {
"value": "1528832000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6486": {
"value": "263979000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6488": {
"value": "224703000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6492": {
"value": "174407000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6494": {
"value": "251136000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6498": {
"value": "67110000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6500": {
"value": "33615000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6504": {
"value": "5307000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6506": {
"value": "5740000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6510": {
"value": "16596000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6512": {
"value": "16209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6516": {
"value": "19993000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialLiabilitiesHeldForHedging",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6518": {
"value": "17369000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialLiabilitiesHeldForHedging",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6522": {
"value": "355752000",
"decimals": -3,
"dimensions": {
"concept": "Rec:LoansDueWithinOneYear",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6524": {
"value": "291546000",
"decimals": -3,
"dimensions": {
"concept": "Rec:LoansDueWithinOneYear",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6528": {
"value": "99932000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6530": {
"value": "83425000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6533": {
"value": "1003076000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6535": {
"value": "923743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6538": {
"value": "4208131000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6540": {
"value": "3998823000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6559": {
"value": "389214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6561": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6564": {
"value": "-5535000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6566": {
"value": "6223000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6569": {
"value": "-59682000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6571": {
"value": "8068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6574": {
"value": "-7238000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6576": {
"value": "-5004000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6579": {
"value": "-1398000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6581": {
"value": "1263000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6584": {
"value": "-73853000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6586": {
"value": "10550000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6589": {
"value": "315361000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6591": {
"value": "322886000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6595": {
"value": "315361000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6597": {
"value": "322886000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6600": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6602": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6606": {
"value": "1.534",
"decimals": 3,
"dimensions": {
"concept": "Rec:Basic",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6608": {
"value": "1.571",
"decimals": 3,
"dimensions": {
"concept": "Rec:Basic",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6611": {
"value": "1.508",
"decimals": 3,
"dimensions": {
"concept": "Rec:Diluited",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6613": {
"value": "1.544",
"decimals": 3,
"dimensions": {
"concept": "Rec:Diluited",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6662": {
"value": "26141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f6664": {
"value": "83719000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f6666": {
"value": "-126981000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6668": {
"value": "-974000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:EUR"
}
},
"f6670": {
"value": "-213086000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f6672": {
"value": "60207000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6674": {
"value": "1275962000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6676": {
"value": "385966000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:NetIncomeMember",
"unit": "iso4217:EUR"
}
},
"f6678": {
"value": "-109329000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:InterimDividendMember",
"unit": "iso4217:EUR"
}
},
"f6680": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f6682": {
"value": "1381625000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6686": {
"value": "385966000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6688": {
"value": "-385966000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:NetIncomeMember",
"unit": "iso4217:EUR"
}
},
"f6690": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6694": {
"value": "-226538000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6696": {
"value": "109329000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:InterimDividendMember",
"unit": "iso4217:EUR"
}
},
"f6698": {
"value": "-117209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6702": {
"value": "5794",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6704": {
"value": "2457000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6706": {
"value": "8251000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6710": {
"value": "-52267000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6712": {
"value": "-52267000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6716": {
"value": "29689000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6718": {
"value": "-16041000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6720": {
"value": "13648000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6723": {
"value": "-112979000",
"decimals": -3,
"dimensions": {
"concept": "Rec:InterimDividend",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:InterimDividendMember",
"unit": "iso4217:EUR"
}
},
"f6725": {
"value": "-112979000",
"decimals": -3,
"dimensions": {
"concept": "Rec:InterimDividend",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6728": {
"value": "102293000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6730": {
"value": "102293000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6734": {
"value": "6223000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:EUR"
}
},
"f6736": {
"value": "8068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f6738": {
"value": "-3741000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6740": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:NetIncomeMember",
"unit": "iso4217:EUR"
}
},
"f6742": {
"value": "322886000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6746": {
"value": "26141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f6748": {
"value": "83719000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f6750": {
"value": "-149559000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6752": {
"value": "5249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:EUR"
}
},
"f6754": {
"value": "-205018000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f6756": {
"value": "62260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6758": {
"value": "1524099000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6760": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:NetIncomeMember",
"unit": "iso4217:EUR"
}
},
"f6762": {
"value": "-112979000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:InterimDividendMember",
"unit": "iso4217:EUR"
}
},
"f6764": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f6766": {
"value": "1546248000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6770": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6772": {
"value": "-312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:NetIncomeMember",
"unit": "iso4217:EUR"
}
},
"f6774": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6778": {
"value": "-236218000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6780": {
"value": "112979000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:InterimDividendMember",
"unit": "iso4217:EUR"
}
},
"f6782": {
"value": "-123239000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6786": {
"value": "7595000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6788": {
"value": "3275000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6790": {
"value": "10870000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6794": {
"value": "-22710000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6796": {
"value": "-22710000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6800": {
"value": "44299000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6802": {
"value": "-14202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6804": {
"value": "30097000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6807": {
"value": "-117396000",
"decimals": -3,
"dimensions": {
"concept": "Rec:InterimDividend",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:InterimDividendMember",
"unit": "iso4217:EUR"
}
},
"f6809": {
"value": "-117396000",
"decimals": -3,
"dimensions": {
"concept": "Rec:InterimDividend",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6812": {
"value": "47161000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6814": {
"value": "47161000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6818": {
"value": "-5535000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:EUR"
}
},
"f6820": {
"value": "-59682000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f6822": {
"value": "-8636000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6824": {
"value": "389214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:NetIncomeMember",
"unit": "iso4217:EUR"
}
},
"f6826": {
"value": "315361000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6830": {
"value": "26141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f6832": {
"value": "83719000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f6834": {
"value": "-127970000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6836": {
"value": "-286000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:EUR"
}
},
"f6838": {
"value": "-264700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f6840": {
"value": "61219000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6842": {
"value": "1636451000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f6844": {
"value": "389214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:NetIncomeMember",
"unit": "iso4217:EUR"
}
},
"f6846": {
"value": "-117396000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "Rec:InterimDividendMember",
"unit": "iso4217:EUR"
}
},
"f6848": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f6850": {
"value": "1686392000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6868": {
"value": "389214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6870": {
"value": "312336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6873": {
"value": "101822000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6875": {
"value": "89101000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6878": {
"value": "67879000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6880": {
"value": "30679000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6883": {
"value": "28875000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6885": {
"value": "27289000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6888": {
"value": "113795000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6890": {
"value": "98467000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6893": {
"value": "368000",
"decimals": -3,
"dimensions": {
"concept": "Rec:WriteDowns",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6895": {
"value": "10934000",
"decimals": -3,
"dimensions": {
"concept": "Rec:WriteDowns",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6899": {
"value": "10870000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6901": {
"value": "8251000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6904": {
"value": "61970000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6906": {
"value": "70751000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6909": {
"value": "-8211000",
"decimals": -3,
"dimensions": {
"concept": "Rec:ChangeInOtherAssetsAndOtherLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6911": {
"value": "-16811000",
"decimals": -3,
"dimensions": {
"concept": "Rec:ChangeInOtherAssetsAndOtherLiabilities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6914": {
"value": "766582000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6916": {
"value": "630997000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6921": {
"value": "50337000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6923": {
"value": "65801000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6927": {
"value": "100565000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6929": {
"value": "21175000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6933": {
"value": "-40269000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6935": {
"value": "-25589000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6938": {
"value": "-110633000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6940": {
"value": "-61387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6943": {
"value": "5103000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6945": {
"value": "1938000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6948": {
"value": "-70339000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6950": {
"value": "-20093000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6953": {
"value": "-105394000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6955": {
"value": "-89764000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6958": {
"value": "485319000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6960": {
"value": "461691000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6964": {
"value": "29687000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6966": {
"value": "23887000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6969": {
"value": "329000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6971": {
"value": "1156000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6974": {
"value": "353577000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6976": {
"value": "72452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6979": {
"value": "317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6981": {
"value": "1318000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6984": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6986": {
"value": "673259000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6989": {
"value": "3000000",
"decimals": -3,
"dimensions": {
"concept": "Rec:SaleOfNonCurrentAssetsHeldForSale",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6991": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "Rec:SaleOfNonCurrentAssetsHeldForSale",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6994": {
"value": "-379618000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6996": {
"value": "-767124000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7000": {
"value": "347611000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromNoncurrentBorrowings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7002": {
"value": "1356970000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromNoncurrentBorrowings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7005": {
"value": "280234000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfNoncurrentBorrowings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7007": {
"value": "803543000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfNoncurrentBorrowings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7010": {
"value": "10172000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7012": {
"value": "10225000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7015": {
"value": "12452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7017": {
"value": "67296000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7020": {
"value": "245958000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7022": {
"value": "230602000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7025": {
"value": "22710000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7027": {
"value": "52267000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7030": {
"value": "30097000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7032": {
"value": "13648000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7035": {
"value": "-168914000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7037": {
"value": "341277000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7040": {
"value": "-63213000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7042": {
"value": "35844000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7045": {
"value": "284734000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7047": {
"value": "244578000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7050": {
"value": "291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-12-31T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7052": {
"value": "4312000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2022-12-31T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7055": {
"value": "221812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7057": {
"value": "284734000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7066": {
"value": "RECORDATI S.P.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. GENERAL INFORMATION The consolidated financial statements of the Recordati group for the year ended 31 December 2023 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 19 March 2024, 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 2023 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 40. In 2023, the scope of consolidation changed following the reorganisation of the group presence in the US, Italy, France, Spain, Germany and Australia. The companies acquired in each country in 2022, as subsidiaries of EUSA Pharma (UK) Limited, were incorporated into Recordati Rare Diseases Inc., Recordati Rare Diseases Italy S.r.l., Recordati Rare Diseases S.\u00e0 r.l., Recordati Rare Diseases Spain S.L. (Spain) and Recordati Rare Diseases GmbH (Germany), whereas EUSA Pharma (Australia) Pty Ltd was liquidated. In France, the reorganization also involved Recordati Orphan Drugs S.a.s., which merged into Recordati Rare Diseases S.\u00e0 r.l. Lastly, EUSA Pharma (Netherlands) B.V. has been renamed Recordati Netherlands B.V. 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 2022, with the exception of the adoption of the new standards and amendments in force from 1 January 2023 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 2023 totalling 5.5% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2023 accounting for 0.7% 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.
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 2022. 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. Application of new accounting principles Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1 January 2023. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31 December 2023:
\ue001 Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in estimates, changes in accounting standards and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. \ue001 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide indications, for example, to help entities apply more useful materiality judgements to accounting policy reporting by replacing the obligation for entities to disclose their \u201cmaterial\u201d accounting policies with the obligation to disclose their \u201csignificant\u201d accounting policies and adding a guideline on how entities should apply the concept of materiality when making decisions about accounting policy reporting. \ue001 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 \u2013 Income Taxes restrict the scope of application of the initial recognition exemption so that it no longer applies to transactions for which deductible as well as taxable temporary differences arise, such as leases and decommissioning liabilities. \ue001 International Tax Reform\u2010Pillar Two Model Rules \u2013 Amendments to IAS 12 The changes to IAS 12 were introduced in response to the OECD Pillar Two rules, and include: \u2013 a temporary mandatory exception to the recognition and financial reporting of deferred taxes, resulting from the jurisdictional enacting of the Pillar Two model rules; and \u2013 reporting obligations for the entities affected, to give readers a better understanding of the exposure to Pillar Two income taxes as a result of this regulation, particularly before its entry into force. The Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates. The rules will come into force for the financial year starting on 1 January 2024. As the Group is within the scope of application for Pillar Two, an evaluation is underway to assess the potential future impact resulting from the new rules, bearing in mind the changes introduced by IAS 12 \u201cIncome taxes\u201d, in this area. This evaluation is based on the last available information, including the tax returns, the country reports and latest financial information for 2023 and the rules currently in place in the various countries in which the Group has a presence. The early evaluations and best interpretation of the OECD guideline documents show that almost all the Group countries exceed the \u201ctransitional safe harbours\u201d apart from Italy, Ireland, Switzerland and the United Arab Emirates, where a minimum tax would not in any case be \u201cmaterial\u201d for each country. The Group is continuing with the evaluation and expects to complete it by the end of the first half of 2024.
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 those of the Parent Company and the enterprises controlled by it, directly or indirectly, 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 and at the same time has the capacity to affect these returns by 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 \u2013 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2013 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-term leases and leases of low value assets \u2013 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 \u2013 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 \u2013 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 \u2013 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 \u2013 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 \u2013 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\u2010in\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 \u2013 Cash in banks on demand and short\u2010term highly liquid investments measured at market value.
Non-current 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 \u2013 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 \u2013 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 \u2013 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 \u2013 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. In the consolidated financial statements, 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 \u2013 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 \u2013 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 \u2013 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.
Transactions involving share-based payments \u2013 As prescribed by IFRS 2, stock option and performance share plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the rights 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 \u2013 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 \u2013 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 \u2013 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, except for those in the cough and cold therapeutic area. Total net revenue in 2023 was \u20ac 2,082.3 million, up by 12.4% compared to 2022. They include \u20ac 25.6 million for the sales of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae, for which the sales and distribution rights have been acquired from GSK in the third quarter of the year, as well as full\u2010year revenues of \u20ac 200.9 million from the product portfolio acquired with EUSA Pharma UK Ltd (\u201cEUSA Pharma\u201d) which in 2022 were only consolidated from April, as to \u20ac 136.0 million. The increase is partly due to strong organic growth in turnover in both business sectors, despite the negative exchange effect totalling \u20ac 99.9 million, especially in the Specialty & Primary Care segment, of which \u20ac 60.1 million was due to the devaluation of the Turkish lira. Revenue can be detailed as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Net sales 2,068,054 1,838,646 229,408 Royalties 9,947 8,309 1,638 Upfront payments 1,371 2,118 (747) Various revenue 2,959 4,234 (1,275) Total net revenue 2,082,331 1,853,307 229,024 The effect of the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye, taking account of the provisions of IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d, was essentially revenue\u2010neutral. 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. Upfront payment revenue of \u20ac 1.4 million recognised in 2023 related mainly to the marketing agreements for pitavastatin, lercanidipine and the combination lercanidipine and enalapril. 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 2.9 million (\u20ac 3.9 million at 31 December 2022). The following tables show net revenue broken down by therapeutic area and geographic area by country, with an indication of the related business segments identified by the Group. THERAPEUTIC AREA \u20ac (thousands) Specialty & Primary Care 2023 Specialty & Primary Care 2022 Rare Diseases 2023 Rare Diseases 2022 Total 2023 Total 2022 Cardiovascular 365,213 351,854 \u2010 \u2010 365,213 351,854 Urology 280,375 227,444 \u2010 \u2010 280,375 227,444 Gastrointestinal 219,267 203,218 \u2010 \u2010 219,267 203,218 Cough and Cold 137,121 125,505 \u2010 \u2010 137,121 125,505 Other treatment areas 311,604 300,626 \u2010 \u2010 311,604 300,626 Pharmaceutical chemicals 54,031 48,875 \u2010 \u2010 54,031 48,875 Metabolic and other areas \u2010 \u2010 271,551 287,913 271,551 287,913 Endocrinology \u2010 \u2010 242,318 171,901 242,318 171,901 Oncology \u2010 \u2010 200,851 135,971 200,851 135,971 Total net revenue 1,367,611 1,257,522 714,720 595,785 2,082,331 1,853,307 GEOGRAPHIC AREA BY COUNTRY \u20ac (thousands) Specialty & Primary Care 2023 Specialty & Primary Care 2022 Rare Diseases 2023 Rare Diseases 2022 Total 2023 Total 2022 Pharmaceutical revenue Italy 281,562 249,503 28,198 23,216 309,760 272,719 U.S.A. \u2010 \u2010 316,072 260,455 316,072 260,455 France 143,288 134,443 36,389 34,655 179,677 169,098 Spain 135,774 118,612 29,330 24,018 165,104 142,630 Germany 106,146 128,223 44,756 39,392 150,902 167,615 Russia, Ukraine, other CIS 120,917 118,607 19,649 13,070 140,566 131,677 T\u00fcrkiye 94,056 64,557 3,461 9,786 97,517 74,343 Portugal 55,041 50,073 5,155 3,392 60,196 53,465 Other Western European countries 90,228 84,321 62,178 52,374 152,406 136,695 Other Eastern European countries 121,377 107,164 28,978 21,661 150,355 128,825 North Africa 38,701 34,709 1,515 2,955 40,216 37,664 Other international sales 126,490 118,435 139,039 110,811 265,529 229,246 Total pharmaceutical revenue 1,313,580 1,208,647 714,720 595,785 2,028,300 1,804,432
\u20ac (thousands) Specialty & Primary Care 2023 Specialty & Primary Care 2022 Rare Diseases 2023 Rare Diseases 2022 Total 2023 Total 2022 Pharmaceutical chemicals revenue Italy 3,691 2,652 \u2010 \u2010 3,691 2,652 Other European countries 15,209 14,353 \u2010 \u2010 15,209 14,353 Australasia 21,528 16,990 \u2010 \u2010 21,528 16,990 U.S.A. 6,735 7,572 \u2010 \u2010 6,735 7,572 America (U.S.A. excluded) 5,541 4,725 \u2010 \u2010 5,541 4,725 Africa 1,327 2,583 \u2010 \u2010 1,327 2,583 Total chemical pharmaceuticals revenue 54,031 48,875 0 0 54,031 48,875 Total net revenue 1,367,611 1,257,522 714,720 595,785 2,082,331 1,853,307
4. OPERATING EXPENSES Total operating expenses for 2023 amounted to \u20ac 1,524.3 million, up compared to the \u20ac 1,416.0 million of 2022, and are classified by function as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Cost of sales 659,707 566,737 92,970 Selling expenses 472,857 462,665 10,192 Research and development expenses 255,747 220,102 35,645 General and administrative expenses 128,253 109,493 18,760 Other (income)/expenses, net 7,759 56,984 (49,225) Total operating expenses 1,524,323 1,415,981 108,342
Research and development expenses were \u20ac 255.7 million, an increase of 16.2% compared to 2022, partly owing to the integration of the EUSA Pharma expenses for the full year (including \u20ac 24.6 million for the amortization of intangible assets, compared to the \u20ac 18.5 million for the nine months of 2022) and to the progress made on various life cycle management projects.
General and administrative expenses increased by 17.1% owing to the integration of EUSA Pharma for the full year and the strengthening of the overall coordination structure to support an increasingly complex products portfolio.
The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2023 2022 Changes 2023/2022 Non\u2010recurring costs: \u2010 restructuring 5,210 23,340 (18,130) \u2010 EUSA Pharma acquisition 3,791 20,317 (16,526) \u2010 earthquake emergency in T\u00fcrkiye and Syria 520 \u2010 520 \u2010 Ukraine emergency 117 2,229 (2,112) \u2010 COVID\u201019 pandemic 0 661 (661) Impairment of intangible assets and goodwill 369 10,934 (10,565) Other (2,248) (497) (1,751) Other (income)/expenses, net 7,759 56,984 (49,225)
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 linked to the targeted restructuring of the Specialty & Primary Care field force, in particular in Germany, France and Italy; \ue001 the residual costs from the acquisition of EUSA Pharma, mainly relating to tech transfer fees; \ue001 the cost of donations made after the earthquakes in T\u00fcrkiye and Syria and the Ukraine conflict. In compliance with the CONSOB Communication dated 28 July 2006, it is noted that, during 2023, there were no atypical or unusual transactions, as defined by the Communication. Total operating expenses are broken down by nature as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Material consumption 459,276 402,278 56,998 Payroll costs 363,796 324,320 39,476 Other employee costs 59,090 48,691 10,399 Variable sales expenses 103,533 125,144 (21,611) Depreciation, amortization and write\u2010downs 143,038 136,690 6,348 Utilities and consumables 55,433 41,825 13,608 Other expenses 340,157 337,033 3,124 Total operating expenses 1,524,323 1,415,981 108,342
2022. There were 4,455 employees as at 31 December 2023, an increase over the 4,369 at the end of 2022.
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 2023 income statement of \u20ac 1.5 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Amortization and depreciation amounted to \u20ac 142.7 million, of which \u20ac 113.8 million relates to intangible assets, an increase of \u20ac 15.3 million compared to the previous year. This is due in large part to the effects of the EUSA Pharma acquisition, (\u20ac 6.1 million), the recent acquisition of the rights to distribute Avodart\u00ae (dutasteride) and Combodart\u00ae/Duodart\u00ae (dutasteride/tamsulosin) from GSK (\u20ac 3.6 million) and \u20ac 28.9 million for property, plant and equipment, which has risen by \u20ac 1.6 million compared to the costs for 2022.
\u201cOther expenses\u201d includes the non\u2010cash costs of \u20ac 58.9 million for the full year from the release of the purchase price allocation of EUSA Pharma to the gross margin of inventories acquired in accordance with IFRS 3, which amounted to \u20ac 49.8 million for the nine months of 2022. 5. NET FINANCIAL INCOME AND EXPENSES In 2023 and 2022 the net balance of financial components was negative respectively of \u20ac 67.0 million and \u20ac 35.9 million. The main items are summarized as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Interest expense on loans 72,516 31,306 41,210 Net exchange rate (gains)/losses (2,158) 5,804 (7,962) Net (income)/expense on short\u2010term positions (4,181) 2,290 (6,471) Expenses on leases 1,939 852 1,087 Expenses for defined benefit plans 402 145 257 Turkish hyperinflation effects (IAS 29) (1,546) (4,506) 2,960 Total net financial (income)/expenses 66,972 35,891 31,081
The \u20ac 41.2 million increase in interest expense on loans was mainly due to the taking on new debt, both in the first half of 2022, of \u20ac 800 million in connection with the acquisition of EUSA Pharma, and of CHF 40 million Swiss francs, as well as in the second quarter of 2023, for a total of \u20ac 450 million, of which \u20ac 350 million is already disbursed, mainly in relation to the agreement with GSK. The global rise in interest rates was another factor. In view of this, the 2023 financial year was impacted by a deterioration in the rates applied, with average borrowings higher than those in the 2022 financial year. Net exchange gains, mostly unrealised, amounted to \u20ac 2.2 million, whereas in the previous year there were net exchange losses of \u20ac 5.8 million. These changes are mainly attributable to the trend in the Russian rouble. Hyperinflation had a positive impact of \u20ac 1.5 million in 2023, against \u20ac 4.5 million in 2022. Note number 22 contains the details of the loan contracts. 6. INCOME TAXES Income taxes amounted to \u20ac 101.8 million and include the income taxes levied on all consolidated companies as well as the Italian regional tax on production (IRAP) applicable to all Italian companies. This item increased by \u20ac 12.7 million compared to 2022. In 2023 there was a non\u2010recurring element of of \u20ac 2.7 million in tax income linked to the treatment of hyperinflation in Turkey, following the release of deferred tax liabilities, due to the Turkish authorities\u2019 decision to treat the hyperinflation effect as relevant for local tax purposes. In 2019, the Parent Company signed an advance agreement with the Italian Revenue Agency, to define the calculation methods and criteria for the \u201cpatent box\u201d, 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 2023, Recordati S.p.A. took part in the reverse charge regime for the same assets as in 2015\u20102019 (apart from the expired patents and brands excluded in the meantime from the objective scope of the subsidy). The Company, operating in line with the previous years, determined the tax benefit pertaining to 2023, recognised to reduce the tax amounts, as \u20ac 8.6 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: 2023 % 2022 % Standard income tax rate on pre\u2010tax income of the Parent Company 24.0 24.0 Dividends from foreign subsidiaries 0.5 0.5 Foreign tax rate differential (2.6) (1.8) ACE from reverse merger (0.3) (0.4) Tax benefit provided by the so\u2010called \u201cPatent box\u201d in Italy (1.8) (1.6) Other differences, net 0.2 0.1 Effective tax rate on income 20.0 20.8 IRAP 0.7 1.4 Effective tax rate on pre-tax income 20.7 22.2 IRAP is levied only on Italian companies and is computed applying an average rate of 4.63% 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 2022 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 Additions 9,567 3,214 14,068 19,914 46,763 Disposals (1,516) (1,087) (10,488) (263) (13,354) Change to scope of consolidation 0 0 0 0 0 Write\u2010downs 0 0 (118) 0 (118) Hyperinflation T\u00fcrkiye 5,368 7,239 1,542 130 14,279 Other changes (5,031) 1,728 (97) (12,522) (15,922) Balance at 31 December 2023 123,647 269,201 111,821 48,149 552,818 Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 7,937 9,367 11,570 0 28,874 Disposals (1,516) (1,087) (10,488) 0 (13,091) Change to scope of consolidation 0 0 0 0 0 Hyperinflation T\u00fcrkiye 606 4,598 (147) 0 5,057 Other changes (1,186) (5,349) (2,130) 0 (8,665) Balance at 31 December 2023 66,692 227,909 79,560 0 374,161 Net amount 1 January 2022 36,692 40,025 27,248 27,155 131,120 31 December 2022 54,408 37,727 26,159 40,890 159,184 31 December 2023 56,955 41,292 32,261 48,149 178,657
The increases in property, plant and equipment of \u20ac 46.8 million are mainly linked to the Parent Company (\u20ac 26.2 million, in particular for the signing of a new property lease agreement) and to the subsidiaries Recordati Ila\u00e7 (\u20ac 3.8 million), Casen Recordati (\u20ac 2.9 million) and Opalia Pharma (\u20ac 2.1 million). \"Other changes\" includes the conversion into euro of the property, plant and equipment recognised in other currencies, which led to a net decrease of \u20ac 7.4 million compared to 31 December 2022, 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 2022 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 Additions 9,119 0 8,659 17,778 Disposals (1,386) (1) (6,874) (8,261) Change to scope of consolidation 0 0 0 0 Write\u2010downs 0 0 0 0 Hyperinflation T\u00fcrkiye 612 (2) 702 1,312 Other changes (157) (110) (1,261) (1,528) Balance at 31 December 2023 40,539 1,323 21,118 62,980 Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 5,466 268 6,380 12,114 Disposals (1,386) (1) (6,874) (8,261) Change to scope of consolidation 0 0 0 0 Hyperinflation T\u00fcrkiye 314 (3) (648) (337) Other changes (383) (110) (1,077) (1,570) Balance at 31 December 2023 14,842 859 9,053 24,754 Net amount 1 January 2022 11,872 1,016 9,896 22,784 31 December 2022 21,520 731 8,620 30,871 31 December 2023 25,697 464 12,065 38,226
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. 8. INTANGIBLE ASSETS The composition and change in intangible assets are shown in the following table. \u20ac (thousands) Patent rights and marketing authorizations Distribution, licences, trademarks and similar rights Other Advance payments Total Cost Balance at 1 January 2022 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 Additions 1,066 245,602 825 17,784 265,277 Disposals (1,064) (1,755) (107) (251) (3,177) Change to scope of consolidation 0 0 0 0 0 Write\u2010downs 0 (251) 0 0 (251) Hyperinflation T\u00fcrkiye 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance at 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115
Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 51,315 61,760 720 0 113,795 Disposals (1,045) (1,755) (60) 0 (2,860) Change to scope of consolidation 0 0 0 0 0 Hyperinflation T\u00fcrkiye 2,073 712 552 0 3,337 Other changes (949) 747 (584) 0 (786) Balance at 31 December 2023 417,829 351,512 20,577 0 789,918 Net amount 1 January 2022 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 31 December 2023 723,290 1,168,794 2,526 43,587 1,938,197 Increases for the year mainly include: \ue001 \u20ac 245.0 million paid to GSK to obtain the distribution rights for Avodart\u00ae (dutasteride) and Combodart\u00ae/Duodart\u00ae (dutasteride/tamsulosin) in 21 countries; \ue001 \u20ac 6.9 million for investments in software; \ue001 \u20ac 4.9 million referring to clinical studies that comply with the criteria set by the IAS 38 accounting standard on capitalisation. \u201cOther changes\u201d includes the conversion into euro of the value of the intangible assets held and recognized in different currencies, which determined a net increase of \u20ac 27.0 million compared to 31st December 2022, mainly attributable to the revaluation of the Swiss franc for \u20ac 34.1 million and the depreciation of the Russian rouble for \u20ac 2.7 and the Turkish lira for \u20ac 2.1 million.
9. GOODWILL Goodwill at 31 December 2023 and 2022 amounted to \u20ac 778.3 million and \u20ac 780.1 million respectively. The changes, described below, come from the adequate recognition of changes in the exchange rates required under IAS 21 \u201cEffects of changes in foreign exchange rates\u201d and from the application of the requirements of IAS 29 \u201cFinancial reporting in hyperinflationary economies\u201d. \u20ac (thousands) Balance at 31 December 2022 780,057 Adjustments for hyperinflation 28,014 Exchange rate adjustments (29,721) Balance at 31 December 2023 778,350 The impairment methodology to 31 December 2023, approved by the Board of Directors on 22 February 2024, was adjusted following the changes to the CGU (cash generating units). From the 2023 financial year, the CGU have been linked to the Group\u2019s two sectors of activity, namely: \ue001 Specialty and Primary Care or SPC, which groups the various CGU that until the previous financial year had been identified by the reference geographical area; \ue001 Rare Diseases. These changes thus only affected the SPC business, whose CGU \u2010 previously identified by geographical market \u2010 have been aggregated into a single CGU coinciding with its reference sector. Conversely, no changes were made to the Rare Diseases CGU, which is already the same as the reference sector. This change originated from the set of developments occurring in the SPC sector and the evolution of the new business model and organisational structure, resulting from new management strategies. The aim of these strategies is to optimise the established brands and to maximise innovation at affordable prices in the areas of principal presence and experience: cardiovascular, urology and gastrointestinal, regardless of the geographical area of reference in each case. In particular, the strategy for the SPC segment includes: \ue001 growing the weight in the SPC segment as a fully integrated regional pharma company with the capacity to act as partner of choice, considering its scale and expertise, for the launch and development of promotionally sensitive brands at transnational level, and for the development of innovative products in the core therapeutic areas already controlled by the Company; \ue001 the governance and organisational structure of the Company has also changed, and is now defined by greater centralisation and integration in the decision\u2010making process and the monitoring of performance, at sector level rather than geographic level; \ue001 there is a continuing objective of consolidating and developing the existing synergies in the sales and retail network, between the prescription drugs area and the OTC segment, which will maintain their
own specific characteristics with the objective of offering products which can achieve a presence in multiple geographic markets. The changes and strategies now being introduced have created inconsistencies between the configuration of the previous CGU and the new business model, as they lead to an increasing interdependence of the flows of the various geographical markets with the following aspects continuing to grow in importance: \ue001 an increase in the relevance of Corporate products, even at the expense of withdrawing local products, with the success or failure of new product launches being determined on an overall level; \ue001 growing attention to minimal pricing differences in the various countries; \ue001 an organisational structure with one manager per business unit, to whom the managers by geographic area and certain central functions report; \ue001 extraordinary financial transactions that are increasingly based on a transnational perspective. For these reasons, in line with IAS 36 which defines a CGU as the smallest set of activities able to generate cashflow independently of income from other activities, the new division of the Group's operations into two CGU was adopted from the financial statements for the year ending 31 December 2023. Total net goodwill at 31 December 2023, of \u20ac 778.3 million, was divided between the two CGU as follows: \ue001 \u20ac 513.9 million to Specialty and Primary Care (SPC); \ue001 \u20ac 264.4 million to Rare Diseases. As reported in Note 2 \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 new acquisitions 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 (2024\u20102028) 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 (2024\u20102028) come from the 2024 budget approved by the Board of Directors of the Parent Company on 22 February 2024 and, for 2025 to 2028, from specific forecasts prepared for the cash\u2010generating units subject to impairment testing approved by the Board of Directors on 19 March 2024. The cashflow forecast took due account of the effects of the Russia/Ukraine conflict. In light of this analysis and taking into account the expected results and the resilience of the pharmaceutical industry, no significant impacts have as yet been identified with regard to the measurement of the Specialty & Primary Care 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. The impairment tests were approved by the Board of Directors on 19 March 2024.
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 two cash\u2010 generating units: Cash-generating unit Discount rate Specialty and Primary Care segment 9.77% Drugs for the treatment of rare diseases 8.36% The value in use, determined according to the procedures described for each cash\u2010generating unit, was examined and approved by the Board of Directors on 19 March 2024. For both CGUs it was higher, even significantly so, than the book value of the net capital invested recognized in the financial statements at 31 December 2023 and therefore no impairment of goodwill was recognized. In addition, as required by the impairment methodology approved by the Board of Directors on 22 February 2024, a sensitivity analysis was conducted to show the possible impact on the headroom value of changes in the following parameters: long\u2010term growth rate (+/\u2010 0.5%), operating profit growth rate (+/\u2010 10%) and discount rate (+/\u2010 0.5%). The result of the analysis confirmed that there were no impairment losses. Finally, only for the impairment test of 31 December 2023 with the goal of ensuring that the results are not influenced by the restructuring of the Specialty & Primary Care CGUs, a quantitative \u201cdual approach\u201d impairment test was conducted, based on the previous CGU structure. This exercise confirmed the absence of a need for writedowns.
10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31 December 2023 the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31/12/2023 31/12/2022 31/12/2023 31/12/2022 PureTech Health p.l.c. \u2010 United Kingdom 21,350 28,708 3.5% 3.3% Phaxiam Therapeutics S.A., France 198 158 0.7% 1.4% Standard BioTools Inc. \u2010 United States of America 3 1 n/a n/a Other 4 4 n/a n/a Total equity investments and securities 21,555 28,871 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 Company\u2019s were admitted for trading on the London Stock Exchange. At 31 December 2023, the total fair value of the 9,554,140 shares held was \u20ac 21.4 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 7.3 million, compared to 31 December 2022, 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. In June 2023, the company announced the merger with Pherecydes Pharma S.A., changing its name to Phaxiam Therapeutics S.A. The new shares
were admitted for trading on the French regulated market starting on 29 June 2023. The value of the investment, currently represented by 43,103 shares, was adjusted to the stock exchange value and increased, compared to that at 31 December 2022, by \u20ac 0.05 million, with a counter\u2010item accounted for, net of the related tax effect, in the statement of gains and losses recognized in equity. The US company Fluidigm Corp. has changed its name to Standard BioTools Inc.
11. OTHER NON-CURRENT ASSETS At 31 December 2023, this item amounted to \u20ac 12.5 million, increasing by \u20ac 2.9 million compared to 31 December 2022, referring mainly to the discounted receivable for \u20ac 3.6 million in respect of ARS Pharmaceuticals Inc. following the signing of the agreement in February 2023 for the return of the rights on ARS\u20101, a nasal spray containing epinephrine, at an advanced development stage, for the emergency treatment of serious allergic reactions (See Note 19).
12. DEFERRED TAX ASSETS At 31 December 2023 deferred tax assets amounted to \u20ac 76.7 million (\u20ac 76.9 million at 31 December 2022). The main deferred tax assets and their changes are presented in the two tables below: \u20ac (thousands) 2023 2022 Balance at 1 January 76,895 75,922 Additions 21,237 14,023 Utilizations (16,084) (21,248) Reclassifications (5,374) \u2010 Change to scope of consolidation \u2010 8,198 Balance at 31 December 76,674 76,895 \u20ac (thousands) Revenues/costs with deferred tax effect Realignment Tax credits Other Total Balance at 1 January 18,714 4,440 1,952 51,789 76,895 Additions 7,438 \u2010 \u2010 13,799 21,237 Utilizations (3,096) (4,440) (1,504) (7,044) (16,084) Reclassifications (5,925) 551 (5,374) Balance at 31 December 17,131 0 448 59,095 76,674 In the 2017 financial year, the Parent Company took advantage of the option, allowed by tax law, to release the differences between the higher book values of Goodwill resulting from the 2016 acquisitions of Italchimici S.p.A. and of Pro Farma AG, and the corresponding recognised fiscal values. Tax law required the payment of IRES and IRAP substitute tax at 16%, with future deductibility of the exempted amounts set at the rate of one\u2010fifth for each year from the second financial year after the one in which the substitute tax was paid. The benefit from the future tax deductibility of the exempted amounts determined the recognition of deferred tax assets of \u20ac 22.2 million. The last portion of exempted amounts was deducted in the 2023 fiscal year and the deferred tax assets were therefore reduced to zero.
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 reclassifications refer to the figures for 31 December 2022, deriving from the deferred tax liabilities, following the change of net balance for some of the companies at the 2023 year\u2010end. The tax effect of comprehensive income statement components is \u20ac 1.3 million, unchanged compared to 31 December 2022.
13. INVENTORIES Inventories at 31 December 2023 amounted to \u20ac 404.8 million (\u20ac 424.1 million at 31 December 2022), net of provisions for the impairment of pharmaceutical products nearing expiry and slow moving of \u20ac 20.1 million (\u20ac 17.5 million at 31 December 2022). The residual value of the revaluation of inventories made in the previous year, in application of IFRS 3 after the EUSA Pharma acquisition, amounts to \u20ac 33.6 million. The breakdown by category is as follows: \u20ac (thousands) 31/12/2023 31/12/2022 Changes 2023/2022 Raw materials and supplies 86,956 92,080 (5,124) Semi\u2010finished goods and work in process 85,345 78,830 6,515 Finished goods 232,530 253,170 (20,640) Total 404,831 424,080 (19,249)
14. TRADE RECEIVABLES Trade receivables at 31 December 2023 and 2022 amounted to \u20ac 445.2 million and \u20ac 361.9 million respectively. The amounts are expressed net of provisions for impairment, which at 31 December 2023 amounted to \u20ac 15.7 million (\u20ac 17.7 million at 31 December 2022). 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 66, up compared to the 63 days in 2022. Provisions for impairments fell by \u20ac 2.0 million (increase of \u20ac 3.6 million in 2022), 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) 31/12/2023 31/12/2022 Changes 2023/2022 Current (not past due) 381,744 313,885 67,859 1\u201030 days past due 28,935 15,074 13,861 31\u201060 days past due 6,367 10,940 (4,573) 61\u201090 days past due 8,918 5,131 3,787 More than 90 days past due 34,883 34,590 293 Total gross trade receivables 460,847 379,620 81,227
Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 33.
15. OTHER RECEIVABLES Other receivables amounted to \u20ac 99.4 million, up by \u20ac 35.5 million compared to 31 December 2022. The relevant details are presented in the table below: \u20ac (thousands) 31/12/2023 31/12/2022 Changes 2023/2022 Tax receivables 72,508 49,353 23,155 Advances to employees and agents 2,796 1,751 1,045 Other 24,097 12,810 11,287 Total other receivables 99,401 63,914 35,487 Tax receivables also include value added tax (VAT) receivable (\u20ac 29.5 million) and advance payments of
income tax paid in excess. Advances to employees and agents comprise advances on expense accounts and other receivables. The \u201cOther\u201d receivables item includes the advances paid to suppliers and other parties, as well as settlements due from licensors and \u20ac 6.9 million relating to the short\u2010term discounted receivable from ARS Pharmaceuticals Inc., following the signing of an agreement in February 2023 for the restitution of rights to ARS\u20101 (See Note 19). 16. OTHER CURRENT ASSETS Other current assets amounted to \u20ac 19.9 million (\u20ac 15.4 million at 31 December 2022) and relate mainly to prepaid expenses.
17. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current assets) At 31 December 2023 the value of derivative instruments included under this item amounted to \u20ac 11.1 million. The measurement at market (fair) value of the cross currency swaps, entered into by the Parent Company to hedge the US$75 million loan issued on 31 September 2014 resulted in a total asset of \u20ac 7.7 million. This amount represents the potential benefit of a lower value in euro of the future dollar denominated principal and interest flows, in view of the revaluation of the foreign currency with respect to the moment in which the loan and hedging instruments were negotiated. In particular, the change in fair value of the derivative hedging the US$ 50 million tranche of the loan, provided by Mediobanca, was positive for \u20ac 4.7 million, and that hedging the US$ 25 million tranche of the loan, provided by UniCredit, yielded a \u20ac 3.0 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 3.4 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 taken out by the Parent Company to hedge the interest rates on the syndicated loan finalised in the first half of 2022. At 31 December 2023, other hedging transactions on foreign currency positions were essentially measured at nil, compared to \u20ac 4.2 million at 31 December 2022, with the difference recognised in the
income statement, offsetting the exchange gains determined by 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) 31/12/2023 31/12/2022 Changes 2023/2022 Demand current account deposits 194,959 162,602 32,357 Short\u2010term time deposits 26,808 122,098 (95,290) Cash on hand 45 34 11 Total cash and cash equivalents 221,812 284,734 (62,922) Short\u2010term time deposits consist of tied deposits with maturities of three months or less. At 31 December 2023, cash and cash equivalents were mainly in euro (53.7 million), U.S. dollars (118.4 million, especially for the subsidiary Recordati Rare Diseases Inc.), Russian roubles (1,442.9 million, mainly from the subsidiary Rusfic LLC), Tunisian dinars (37.8 million for the subsidiaries in Tunisia), British pounds (5.4 million, mainly for the UK subsidiaries), and Swiss francs (5.6 million, mainly for the subsidiary Recordati AG).
19. NON-CURRENT ASSETS HELD FOR SALE As of 31 December 2022, the sum of \u20ac 12.5 million was posted as the estimated discounted recoverable value of the \u20ac 15.0 million milestone paid to ARS Pharmaceuticals Inc. for the ARS\u20101 licence, following the start of negotiations to return the product rights. In February 2023, the parties reached an agreement, leading to a receipt of \u20ac 3.0 million and the reclassification under Receivables of the discounted recoverable value and the zeroing of the balance under the item Non\u2010current assets held for sale.
20. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Share capital \u2010 the share capital at 31 December 2023, 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 2023, there were no changes.
Share premium reserve \u2010 At 31 December 2023, this amounted to \u20ac 83.7 million, unchanged compared to the previous year. Treasury shares \u2010 At 31 December 2023, 3,119,044 treasury shares are held in the portfolio, a decrease of 564,989 shares compared to 31 December 2022. The change was due to the disposal of 1,090,250 shares for an amount of \u20ac 30.1 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 525,261 shares for an amount of \u20ac 22.7 million.
The total cost to purchase the treasury shares in the portfolio was \u20ac 128.0 million, with an average unit price of \u20ac 41.03.
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 entry for the value of the assets and liabilities resulting from the measurement at market value of the cross\u2010currency swaps qualifying as cash flow hedges, the 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 2023 this value, net of the tax effect, was negative \u20ac 0.3 million. Other reserves \u2010 At 31 December 2023, these amounted to \u20ac 61.2 million, down by \u20ac 1.0 million compared to 31 December 2022. 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 30.9 million, while the application of IAS 19 had a negative effect of \u20ac 1.0 million. The recognition of the gains associated with the investment in Puretech Health p.l.c. determined a positive after\u2010tax effect of \u20ac 13.7 million, while the recognition of the reduced value of the investment in Phaxiam Therapeutics S.A. 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 income \u2010 At 31 December 2023, profits carried forward amounted to \u20ac 1,636.5 million, up by \u20ac 112.4 million compared to 31 December 2022 and the Group\u2019s net income was \u20ac 389.2 million, up by 24.6% compared to \u20ac 312.3 million in 2022. 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 152.2 million. In accordance with the international accounting standard IAS 12, deferred taxes are not recognized on these suspended reserves until their distribution is resolved. Interim dividend \u2010 During the year, the Board of Directors of the Parent Company resolved to distribute an interim dividend for 2023 of \u20ac 0.57 per share, for a total amount of \u20ac 117.4 million. Incentive plans \u2010 At 31 December 2023, 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. Over the course of the first six months of 2023, the 2021\u20102023 plan was revoked, limited to the allocation of options envisaged for 2023 pursuant to said plan, without prejudice, therefore, to the validity and effectiveness of the plan for the allocation of options carried out in 2021 and 2022.
Stock options outstanding at 31 December 2023 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2023 Granted 2023 Exercised in 2023 Cancelled and expired 2023 Quantity 31/12/2023 Grant date 13 April 2016 21.93 899,500 \u2010 (387,250) \u2010 512,250 03 August 2018 30.73 2,620,500 \u2010 (703,000) (24,500) 1,893,000 06 May 2021 45.97 2,614,500 \u2010 \u2010 (223,000) 2,391,500 1 December 2021 56.01 130,000 \u2010 \u2010 \u2010 130,000 24 February 2022 47.52 3,520,000 \u2010 \u2010 (427,000) 3,093,000 Total 9,784,500 - (1,090,250) (674,500) 8,019,750 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 IFRS 2 led to an expense in the 2023 income statement of \u20ac 1.5 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. In the first half of 2023, the Parent Company adopted a new long\u2010term incentive plan called \u201c2023\u20102025 Performance Shares Plan\u201d, benefiting certain Group employees. The plan provides for three grants of rights to receive Company shares free of charge, one for each year covered by the plan. On 27 June, the grant envisaged for 2023 was carried out for a total of 440,485 rights, which, following a vesting period of three years, will allow recipients to receive shares of the Parent Company up to an amount of 175% of the amount originally granted, based on the trend of certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The cost for the year, determined according to IFRS 2, amounted to \u20ac 3.0 million.
21. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON-CONTROLLING 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 3.7 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 December 2023, loans amounted to \u20ac 1,709.0 million, up by a net \u20ac 75.9 million compared to 31 December 2022. This item includes the liabilities deriving from the application of the accounting standard IFRS 16, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 37.9 million, a net decrease of \u20ac 7.1 million compared to 31 December 2022.
During 2023, the Loans item increased by \u20ac 365.4 million: \u20ac 347.6 million from opening new bank loans and \u20ac 17.8 million relating to new lease contracts. Repayments over the period totalled \u20ac 290.4 million, of which \u20ac 280.2 million were for bank loan repayments and \u20ac 10.2 million for leasing liabilities. During the year, the loan of \u20ac 150.0 million taken out with Mediobanca in 2018 matured and was paid off. 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 0.9 million compared to 31 December 2022. A breakdown of medium\u2010 and long\u2010term loans at 31 December 2023 and 2022 is shown in the following table:
\u20ac (thousands) 31/12/2023 31/12/2022 GRANTED TO RECORDATI S.p.A.: Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable\u2010rate loans repayable between 2024 and 2028 in six\u2010monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *298,052 \u2010 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi\u2010annual instalments from 2025 until 2033 *49,974 \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 *74,758 *74,736 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 *689,981 *796,518 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,608 *179,446 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi\u2010annual installments starting 2022 through 2026 *33,934 *37,905 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 *127,636 *213,207 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,930 *124,921 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 *46,444 *60,815 Loan from Mediobanca, at a variable interest rate partially hedged by an interest rate swap, repaid in 2023 \u2010 *42,733 Liabilities for leases granted to Recordati S.p.A. 7,742 2,371 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi\u2010annual instalments starting 2022 through 2025 21,328 33,767 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi\u2010annual instalments starting 2020 through 2025 24,298 38,083 Various interest\u2010free loans granted to Casen Recordati S.L. repayable within 2029 139 156 Liabilities for leases granted to the other Group companies 30,144 28,437 Total amortized cost of loans 1,708,968 1,633,095 Loans due within one year, classified among current liabilities 355,752 291,546 Loans due after one year, classified among non\u2010current liabilities 1,353,216 1,341,549
* Net of expenses incurred for placing the loans, amortized on the basis of the effective interest rate. At 31 December 2023, the remaining expenses totalled \u20ac 5.6 million, mainly related to the loans granted to Recordati S.p.A. in 2022 by a loan consortium (\u20ac 1.9 million) and in 2022 (\u20ac 2.4 million), the syndicated loan granted to Recordati S.p.A. in 2019 by a group of banks (\u20ac 0.4 million), the 2021 loan granted by a loan consortium led by Mediobanca (\u20ac 0.4 million), the bonds issued by Recordati S.p.A. in 2014, 2017 and 2022 (totalling \u20ac 0.4 million) and the loans from Cassa Depositi e Prestiti and Allied Irish Bank (\u20ac 0.1 million in total). The repayment schedule for loans due after 31 December 2024, based on their amortization plans, is as follows: \u20ac (thousands) 2025 250,279 2026 465,690 2027 338,006 2028 116,265 2029 and subsequent years 182,976 Total 1,353,216 The weighted average interest rate at 31 December 2023, calculated applying the rates resulting from the hedging instruments, is 4.74%. The main loans outstanding are: a) Loan for a total of \u20ac 400.0 million taken out on 16 May 2023 by Recordati S.p.A. with a consortium of eight national and international lenders including Mediobanca as the coordinating institution, for an individual portion of \u20ac 50.0 million. The loan is formed of two independent loans for \u20ac 300.0 million and \u20ac 100.0 million respectively, both at a variable interest rate equal to the six month Euribor (with a zero floor) plus a variable spread based on a step\u2010up/step\u2010down mechanism on changes in the Leverage Ratio, with an interest payment every 6 months and a five year term. The loan for a higher amount, disbursed on 14 June 2023, will be repaid in semi\u2010annual instalments of increasing value starting from April 2024 and with settlement in May 2028. It was partially hedged with interest rate swaps, qualifying as cash flow hedges, effectively converting the hedged portion to a fixed interest rate. At 31 December 2023, the fair value of the derivatives was measured at negative \u20ac 2.5 million, which was recognized directly as a decrease in equity and as an increase in the liability item \u201cDerivative instruments measured at fair value\u201d (see Note 30). The loan for \u20ac 100.0 million consists of a Capex Line that can be used to fund specific investments, guaranteed for 18 months and yet to be used, with semi\u2010annual repayments on a straight\u2010line basis starting from October 2025 for the principal half and May 2028 for the remaining half. The 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. From 2024 the loan includes ESG\u2010linked covenants. If respected, they will allow a reduction in the interest rate applied, or an increase if they are not reached. b) Loan for \u20ac 50.0 million negotiated by the Parent Company in April 2023 with Cassa Depositi e Prestiti. The terms of the loan provide for a variable interest rate equal to the six month Euribor (with a zero floor) plus a variable spread, an interest payment every 6 months and a ten year term with semi\u2010 annual repayments on a straight\u2010line basis starting from October 2025 for 70% of the principal and repayment in April 2033 for the remaining 30%. The disbursement took place on 18 May 2023. 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. c) 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 twelve 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. d) Loan for a total of \u20ac 800 million negotiated by Recordati S.p.A. in two different stages during 2022, paid by a consortium of national and international lenders. The terms of the loan provide for a variable interest rate at the six month 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 five year term with semi\u2010annual repayment of the principal starting 31 March 2023, with the final instalment on 3 February 2027. The outstanding debt at 31 December 2023 amounted to \u20ac 690.0 million. From July 2022, the loan was partially and progressively hedged with an interest rate swap, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. The fair\u2010value measurement of derivative instruments as at 31 December 2023 was in some cases positive, for a total of \u20ac 3.4 million, which was posted as a direct increase of net equity and an increase to the asset item \u201cDerivative instruments at fair value\u201d (see Note 14), but in other cases was negative for a total of \u20ac 0.7 million, which was directly posted as a decrease in net equity and an increase to the liability item \u201cDerivative instruments at fair value\u201d (see Note 30). 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. e) 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 2023 was \u20ac 21.3 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. f) \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 six month Euribor (with a zero floor) plus a fixed spread and a five year term and single instalment 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. g) 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 six month 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 2023 amounted to a total of \u20ac 33.9 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. h) 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 three month 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 2023 was \u20ac 24.3 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. i) 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 six month 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 five
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 2023 amounted to a total of \u20ac 127.6 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. j) 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. k) 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, US$ 10.0 million of the first tranche and US$ 3.6 million of the second tranche were repaid, and the outstanding debt at 31 December 2023 amounted to a total of US$ 51.4 million, with a counter\u2010value of \u20ac 46.5 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 38.4 million at 31 December 2023), of which \u20ac 37.3 million (\u20ac 22.4 at the date of this report) at a lower fixed rate for the tranche with maturity at 12 years and \u20ac 18.7 million (\u20ac 16.0 million at the date of this report) again at a lower fixed rate than the one maturing at 15 years. At 31 December 2023, hedging instruments measured at fair value were positive for a total of \u20ac 7.7 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 14). 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed.
23. PROVISIONS FOR EMPLOYEE BENEFITS The balance at 31 December 2023 amounted to \u20ac 21.2 million (\u20ac 19.4 million at 31 December 2022) and reflects the Group\u2019s liability towards its employees determined in accordance with IAS 19. The changes in these provision were follows: \u20ac (thousands) 2023 2022 Balance at 1 January 19,418 21,010 Additions 2,363 2,758 Utilizations (2,143) (2,660) Adjustment for actuarial (gains)/losses 1,601 (1,690) Balance at 31 December 21,239 19,418 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 5.0 million. The other liabilities are mainly due to contribution plans in being in the French company Laboratoires Bouchara Recordati (\u20ac 4.6 million), in the U.S. company Recordati Rare Diseases (\u20ac 3.2 million), in the German company Recordati Pharma (\u20ac 1.5 million), in the Swiss company Recordati AG (\u20ac 3.5 million) and in the other Recordati Rare Diseases companies (\u20ac 2.4 million). The fair value calculation made using actuarial assumptions updated to 31 December 2023 determined an increase of \u20ac 1.6 million compared to the value of the provisions at 31 December 2022 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 2023, deferred tax liabilities amounted to \u20ac 144.2 million, down by \u20ac 23.7 million compared to 31 December 2022. Their changes are shown in the table below: \u20ac (thousands) 2023 2022 Balance at 1 January 167,865 26,675 Additions 4,074 11,649 Utilizations (22,357) (13,920) Reclassifications (5,374) \u2010 Change to scope of consolidation \u2010 143,461 Balance at 31 December 144,208 167,865 The decrease is mainly determined by the recognition of the profit effects for the year from the reduction in deferred tax liabilities originally calculated on the higher measurements of intangible assets and inventories from EUSA Pharma, which were recognised as part of the allocation of the price paid for the acquisition. The reclassifications refer to the figures for 31 December 2022 which were moved to Deferred tax assets, following the change of net balance for some of the companies at the 2023 year\u2010end.
At 31 December 2023 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 0.5 million (\u20ac 2.4 million at 31 December 2022).
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 2023 and 2022 amounted to \u20ac 264.0 million and \u20ac 224.7 million respectively. 26. OTHER PAYABLES At 31 December 2023, the Other liabilities amounted to \u20ac 174.4 million (\u20ac 251.1 million at 31 December 2022). The decrease is mainly due to the payment of \u20ac 70 million to Tolmar International Ltd, made to fulfil contractual obligations following the approval of the change to the new Eligard\u00ae syringe system and the payments of the remaining 20 million US dollars following the reaching of contractual milestones in relation to the acquisition of rights to Isturisa\u00ae. A breakdown is provided in the table below: \u20ac (thousands) 31/12/2023 31/12/2022 Changes 2023/2022 Personnel 65,355 64,921 434 Social security 21,966 18,039 3,927 Agents 235 433 (198) Other 86,849 167,743 (80,894) Total other payables 174,405 251,136 (76,731) The item \u201cOther\u201d mainly includes: \ue001 the payable of \u20ac 61.8 million owed by the Group companies to national health insurers, of which: \u2013 \u20ac 27.7 million are owed by Recordati Rare Diseases Inc.; \u2013 \u20ac 13.98 million are owed by Recordati Pharma GmbH to the \u201cKrankenkassen\u201d (German health insurers); \u2013 a total of \u20ac 20.3 million are due from the Italian companies and subsidiaries in Greece, France, Switzerland, Canada and Ireland; \ue001 The payable of \u20ac 3.7 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.
27. TAX LIABILITIES Tax liabilities at 31 December 2023 amounted to \u20ac 67.1 million (\u20ac 33.6 million at 31 December 2022) 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.
28. OTHER CURRENT LIABILITIES At 31 December 2023, other current liabilities amounted to \u20ac 5.3 million, down by \u20ac 0.4 million compared to 31 December 2022. An amount of \u20ac 2.9 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 2023 amounted to \u20ac 16.6 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) 31/12/2023 31/12/2022 Changes 2023/2022 For taxes 525 531 (6) Future contingencies 16,071 15,678 393 Total other provisions 16,596 16,209 387 \u20ac (thousands) 2023 2022 Balance at 1 January 16,209 21,396 Additions 2,635 2,866 Change to scope of consolidation \u2010 284 Utilizations (2,248) (8,337) Balance at 31 December 16,596 16,209 The year\u2010end balance is mainly related to the Parent Company and to the other Italian companies (\u20ac 6.8 million), to the companies in France (\u20ac 2.5 million) and in Germany (\u20ac 2.4 million), the Spanish company Casen Recordati (\u20ac 2.2 million) and Jaba Recordati in Portugal (\u20ac 0.8 million). The various risks include provisions for restructuring costs, returned products, legal disputes and others. Despite the uncertainty surrounding the ongoing disputes and litigation, the provisions set aside are considered the best estimate of these liabilities, based on the information available on the reporting date.
30. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current liabilities) At 31 December 2023 the value of derivative instruments included under this item amounted to \u20ac 20.0 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 2023 on the outstanding loan of 73.3 million Swiss francs was a negative for \u20ac 12.9 million compared to the \u20ac 14.4 million at 31 December 2022, with the difference recognized in the income statement, offsetting the exchange losses determined by the valuation of the underlying loan at current exchange rates. The measurement at market (fair) value at 31 December 2023 of the interest rate swaps hedging a number of loans gave rise to a total liability of \u20ac 3.2 million, which represents the unrealized need to pay
in future the variable interest rates currently expected, instead of the agreed rates for the duration of the loans. The amount is related to the interest rate swaps taken out by the Parent Company to hedge the interest rates on the loans agreed with the lending consortium in 2023 (\u20ac 2.5 million) and in 2022 (\u20ac 0.7 million). At 31 December 2023, other hedging transactions were in place on foreign currency positions, the measurement of which was negative for \u20ac 3.9 million compared to the \u20ac 3.0 million at 31 December 2022, 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-TERM DEBTS TO BANKS AND OTHER LENDERS Short\u2010term debts to banks and other lenders at 31 December 2023 were \u20ac 99.9 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 2023, the Parent Company renewed the 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 had been entirely used at 31 December 2023, 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. These conditions were met.
32. FAIR VALUE OF FINANCIAL INSTRUMENTS As prescribed by IFRS 7, the book values and fair values at 31 December 2023 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 21,555 21,555 Derivative instruments measured at fair value 11,079 11,079 Financial assets not measured at fair value Cash and cash equivalents 221,812 221,812 Trade receivables 445,193 445,193 Other receivables 99,401 99,401 Financial liabilities Financial liabilities measured at fair value Derivative instruments measured at fair value 19,993 19,993 Other payables 3,680 3,680 Financial liabilities not measured at fair value Loans \u2010at variable interest rates 840,047 840,047 \u2010 at variable interest rates hedged with interest rate swaps 563,436 563,436 \u2010 at fixed interest rates 221,155 210,823 \u2010 at fixed interest rates hedged with cross currency swaps 46,444 45,745 \u2010 lease liabilities 37,886 37,886 Trade payables 263,979 263,979 Other payables 237,837 237,837 Short\u2010term debts to banks and other lenders 99,932 99,932
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 2023, 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 2023, total trade receivables of \u20ac 460.8 million included \u20ac 34.9 million in receivables past due by more than 90 days. Of these, \u20ac 11.3 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 15.7 million are considered sufficient to cover potential losses due to insolvency. The measurement of credit risk also took into account the potential impact of the Ukraine conflict.
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. In relation to the euro companies, at 31 December 2023 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \ue001 net receivables of 34.3 million Brazilian reals; \ue001 net receivables of 18.2 million Polish zloty; \ue001 net receivables of 2.6 million British pounds; \ue001 net receivables of 13.0 million Rumanian RON; \ue001 net debts of 1,833.6 million Russian roubles; \ue001 net debts of 4.4 million Swiss francs; \ue001 net debts of 4.8 million US dollars. Among the non\u2010euro companies, at 31 December 2023, the main net exposures in currencies other than the company\u2019s national currency and not hedged by derivative instruments are in euro, US dollars and Japanese yen. The net exposures in euro are mainly related to the companies based in Switzerland (net payables of 9.7 million), the United States (net payables of 7.3 million), Japan (net payables of 2.4 million), T\u00fcrkiye (net payables of 2.2 million), Australia (net payables of 1.8 million), Canada (net payables of 1.5 million), Brazil (net payables of 1.1 million), the Czech Republic (net receivables of 4.1 million) and Poland (net receivables of 2.5 million). Net exposures in U.S. dollars refer mainly to the companies in Japan (net payables of 5.5 million), Brazil (net payables of 5.2 million) and Colombia (net payables of 2.2 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 904.2 million). For consolidation purposes, the income statements and balance sheets of the non\u2010euro companies have been converted from their local currencies into euro. At 31 December 2023, the net asset values of these companies, excluding goodwill, are denominated mainly in U.S. dollars (422.9 million), pounds sterling (15.1 million), Swiss francs (379.3 million), Turkish lira (2,051.1 million), Czech crowns (470.9 million), Romanian ron (56.2 million), Russian roubles (7,601.8 million), Polish zloty (80.3 million) and Tunisian dinars (100.3 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 2023, was a negative \u20ac 264.7 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 2023, 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. 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 & 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, Turkey 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 CEO, together with the segment managers, reviews the internal management reports for each segment at least quarterly. The two following tables show financial information for these two business segments as at 31 December 2023 and include comparative data. \u20ac (thousands) Specialty & Primary Care * Rare diseases segment Values not allocated Consolidated financial statements 2023 Revenue 1,367,611 714,720 \u2010 2,082,331 Expenses (979,374) (544,949) \u2010 (1,524,323) Operating income 388,237 169,771 - 558,008 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 - 437,326 * Includes pharmaceutical chemical operations. \u20ac (thousands) Specialty & Primary Care segment* Rare diseases segment Values not allocated** Consolidated financial statements 31 December 2023 Non\u2010current assets 1,537,393 1,446,943 21,555 3,005,891 Inventories 260,945 143,886 \u2010 404,831 Trade receivables 285,246 159,947 \u2010 445,193 Other receivables and other current assets 74,802 44,523 11,079 130,404 Cash and cash equivalents \u2010 \u2010 221,812 221,812 Total assets 2,158,386 1,795,299 254,446 4,208,131 Non\u2010current liabilities 38,454 126,994 1,353,215 1,518,663 Current liabilities 308,550 218,849 475,677 1,003,076 Total liabilities 347,004 345,843 1,828,892 2,521,739 Net capital employed 1,811,382 1,449,456 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 \u2010 \u2010 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 *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 & 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 2023 or in 2022. The following table shows net revenue by geographic area: \u20ac (thousands) 2023 2022 Changes 2023/2022 Europe 1,492,071 1,361,456 130,615 of which Italy 317,144 277,322 39,822 Australasia 139,881 114,944 24,937 America 394,861 323,503 71,358 Africa 55,518 53,404 2,114 Total 2,082,331 1,853,307 229,024 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.
35. 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) 31/12/2023 31/12/2022 Changes 2023/2022 Deposits in bank current accounts and cash on hand 195,004 162,636 32,368 Short\u2010term time deposits 26,808 122,098 (95,290) Cash and cash equivalents 221,812 284,734 (62,922) Short\u2010term debts to banks and other lenders (99,932) (83,425) (16,507) Loans \u2010 due within one year (333,222) (269,586) (63,636) Notes issued (1) (10,226) (10,224) (2) Leasing liabilities \u2013 due within one year (10,249) (9,237) (1,012) Short-term borrowings (453,629) (372,472) (81,157) Short-term financial position (231,817) (87,738) (144,079) Loans \u2010 due after one year (1,091,727) (1,072,229) (19,498) Notes issued (1) (228,243) (238,371) 10,128 Leasing liabilities \u2013 due after one year (27,637) (21,571) (6,066) Non-current financial debt (1,347,607) (1,332,171) (15,436) Net financial position (1,579,424) (1,419,909) (159,515) (3) Includes the fair value measurement of the relative currency risk hedging instruments (cash flow hedge).
36. 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 31/12/2023 31/12/2022 2023 2022 Recordati S.p.A. 352,782 362,988 224,017 219,233 Consolidation adjustments: \u2010 Elimination margins in inventories (78,677) (84,561) 5,884 (11,893) \u2010 Related tax effect 22,614 24,120 (1,506) 3,675 \u2010 Other adjustments (32,082) (24,974) (6,004) (5,494) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,321,387 1,201,902 \u2010 \u2010 Net income for consolidated subsidiaries, net of amounts already recognized by Recordati S.p.A. 365,068 271,791 365,068 271,791 Dividends received from consolidated subsidiaries (198,245) (164,976) Write\u2010down of holdings in subsidiaries 0 0 Translation adjustments (264,700) (205,018) \u2010 \u2010 Consolidated financial statements 1,686,392 1,546,248 389,214 312,336
37. 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 40 million, are merely potential at the moment.
38. RELATED-PARTY 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 2023 amounted to \u20ac 2.5 million and \u20ac 0.2 million respectively.
Key management personnel compensation comprised the following: \u20ac (thousands) 2023 2022 Fixed remuneration 4,161 4,517 Non\u2010monetary benefits 263 156 Bonuses and other incentives 2,942 2,456 Share\u2010based payments 1,749 1,183 Total 9,115 8,312 Compensation of the Group\u2019s key management personnel includes salaries and non\u2010cash benefits. The executive officers also participate in the Group\u2019s stock option and performance share 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.
39. 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. Except for the above, no significant events occurred subsequent to the reporting date.
40. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AT 31 DECEMBER 2023 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 Marketing of pharmaceuticals 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 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 419,804.00 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 Consolidated companies Head office Share capital Currency Consolidation method 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 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
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES FZCO (1) Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line\u2010by\u2010line EUSA Pharma (UK) Limited (2) Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line\u2010by\u2010line RECORDATI Netherlands B.V. (2) Marketing of pharmaceuticals Netherlands 1.00 EUR Line\u2010by\u2010line EUSA Pharma (Denmark) ApS (2) Marketing of pharmaceuticals Denmark 50,000.00 EUR Line\u2010by\u2010line EUSA Pharma (CH) GmbH (2) Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line\u2010by\u2010line RECORDATI KOREA, Co. Ltd (2) Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line\u2010by\u2010line (1) Set up in 2022 (2) 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 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. 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 RARE DISEASES MIDDLE EAST FZ LLC 100.00 100.00 RECORDATI AB 100.00 100.00 RECORDATI RARE DISEASES S.\u00e0 r.l. 84.00 16.00 100.00 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 100.00 100.00 FIC MEDICAL S.\u00e0 r.l. 100.00 100.00 HERBACOS RECORDATI s.r.o. 100.00 100.00 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 (1) 100.00 100.00 EUSA Pharma (UK) Limited (2) 100.00 100.00 RECORDATI Netherlands B.V. (2) 100.00 100.00 EUSA Pharma (Denmark) ApS (2) 100.00 100.00 EUSA Pharma (CH) GmbH (2) 100.00 100.00 RECORDATI KOREA, Co. Ltd (2) 100.00 100.00 (1) Set up in 2022 (2) 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 Entity providing the service Recipient Fees Amounts in \u20ac Accounting Auditing Auditor of the Parent Company Parent Company 241,748 Accounting Auditing Auditor of the Parent Company Subsidiaries 236,630 Accounting Auditing Network of the auditor of the Parent Company Subsidiaries 733,466 Tax compliance Network of the auditor of the Parent Company Subsidiaries 47,363 Signing declarations and certificates Auditor of the Parent Company Parent Company 39,970 Signing declarations and certificates Auditor of the Parent Company Subsidiaries 3,703 Signing declarations and certificates Network of the auditor of the Parent Company Subsidiaries 180,554 Other services Network of the auditor of the Parent Company Subsidiaries 30,790
RECORDATI S.P.A. AND SUBSIDIARIES CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO ART. 154-BIS 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 2023. 2. The undersigned certify further that: 2.1 the consolidated financial statements at 31 December 2023: \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, 19 March 2024 Chief Executive Officer The Financial Reporting Manager ROBERT KOREMANS LUIGI LA CORTE
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7072": {
"value": "1. GENERAL INFORMATION The consolidated financial statements of the Recordati group for the year ended 31 December 2023 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 19 March 2024, 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 2023 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 40. In 2023, the scope of consolidation changed following the reorganisation of the group presence in the US, Italy, France, Spain, Germany and Australia. The companies acquired in each country in 2022, as subsidiaries of EUSA Pharma (UK) Limited, were incorporated into Recordati Rare Diseases Inc., Recordati Rare Diseases Italy S.r.l., Recordati Rare Diseases S.\u00e0 r.l., Recordati Rare Diseases Spain S.L. (Spain) and Recordati Rare Diseases GmbH (Germany), whereas EUSA Pharma (Australia) Pty Ltd was liquidated. In France, the reorganization also involved Recordati Orphan Drugs S.a.s., which merged into Recordati Rare Diseases S.\u00e0 r.l. Lastly, EUSA Pharma (Netherlands) B.V. has been renamed Recordati Netherlands B.V. These financial statements are presented in euro (\u20ac), rounded to thousands of euro, except where indicated otherwise. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7076": {
"value": "The consolidated financial statements of the Recordati group for the year ended 31 December 2023 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 19 March 2024, which authorized distribution to the public. The document is available at the registered office.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7080": {
"value": "Recordati Industria Chimica e Farmaceutica S.p.A.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7081": {
"value": "S.p.A.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7083": {
"value": "Via Matteo Civitali no. 1, 20148 Milan",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7084": {
"value": "Via Matteo Civitali no. 1",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7085": {
"value": "Italy",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7086": {
"value": "Italy",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7089": {
"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.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7112": {
"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 2022, with the exception of the adoption of the new standards and amendments in force from 1 January 2023 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 2023 totalling 5.5% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2023 accounting for 0.7% 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.
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 2022. 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. Application of new accounting principles Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1 January 2023. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31 December 2023:
\ue001 Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in estimates, changes in accounting standards and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. \ue001 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide indications, for example, to help entities apply more useful materiality judgements to accounting policy reporting by replacing the obligation for entities to disclose their \u201cmaterial\u201d accounting policies with the obligation to disclose their \u201csignificant\u201d accounting policies and adding a guideline on how entities should apply the concept of materiality when making decisions about accounting policy reporting. \ue001 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 \u2013 Income Taxes restrict the scope of application of the initial recognition exemption so that it no longer applies to transactions for which deductible as well as taxable temporary differences arise, such as leases and decommissioning liabilities. \ue001 International Tax Reform\u2010Pillar Two Model Rules \u2013 Amendments to IAS 12 The changes to IAS 12 were introduced in response to the OECD Pillar Two rules, and include: \u2013 a temporary mandatory exception to the recognition and financial reporting of deferred taxes, resulting from the jurisdictional enacting of the Pillar Two model rules; and \u2013 reporting obligations for the entities affected, to give readers a better understanding of the exposure to Pillar Two income taxes as a result of this regulation, particularly before its entry into force. The Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates. The rules will come into force for the financial year starting on 1 January 2024. As the Group is within the scope of application for Pillar Two, an evaluation is underway to assess the potential future impact resulting from the new rules, bearing in mind the changes introduced by IAS 12 \u201cIncome taxes\u201d, in this area. This evaluation is based on the last available information, including the tax returns, the country reports and latest financial information for 2023 and the rules currently in place in the various countries in which the Group has a presence. The early evaluations and best interpretation of the OECD guideline documents show that almost all the Group countries exceed the \u201ctransitional safe harbours\u201d apart from Italy, Ireland, Switzerland and the United Arab Emirates, where a minimum tax would not in any case be \u201cmaterial\u201d for each country. The Group is continuing with the evaluation and expects to complete it by the end of the first half of 2024.
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 those of the Parent Company and the enterprises controlled by it, directly or indirectly, 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 and at the same time has the capacity to affect these returns by 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 \u2013 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2013 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-term leases and leases of low value assets \u2013 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 \u2013 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 \u2013 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 \u2013 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 \u2013 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 \u2013 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\u2010in\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 \u2013 Cash in banks on demand and short\u2010term highly liquid investments measured at market value.
Non-current 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 \u2013 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 \u2013 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 \u2013 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 \u2013 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. In the consolidated financial statements, 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 \u2013 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 \u2013 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 \u2013 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.
Transactions involving share-based payments \u2013 As prescribed by IFRS 2, stock option and performance share plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the rights 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 \u2013 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 \u2013 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 \u2013 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.
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 2022, with the exception of the adoption of the new standards and amendments in force from 1 January 2023 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 2023 totalling 5.5% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2023 accounting for 0.7% 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.
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 2022. 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. 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 2023 totalling 5.5% of the Group's total revenue, as well as on the Ukrainian market, with revenue in 2023 accounting for 0.7% 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7195": {
"value": "Application of new accounting principles Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1 January 2023. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31 December 2023:
\ue001 Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in estimates, changes in accounting standards and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. \ue001 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide indications, for example, to help entities apply more useful materiality judgements to accounting policy reporting by replacing the obligation for entities to disclose their \u201cmaterial\u201d accounting policies with the obligation to disclose their \u201csignificant\u201d accounting policies and adding a guideline on how entities should apply the concept of materiality when making decisions about accounting policy reporting. \ue001 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 \u2013 Income Taxes restrict the scope of application of the initial recognition exemption so that it no longer applies to transactions for which deductible as well as taxable temporary differences arise, such as leases and decommissioning liabilities. \ue001 International Tax Reform\u2010Pillar Two Model Rules \u2013 Amendments to IAS 12 The changes to IAS 12 were introduced in response to the OECD Pillar Two rules, and include: \u2013 a temporary mandatory exception to the recognition and financial reporting of deferred taxes, resulting from the jurisdictional enacting of the Pillar Two model rules; and \u2013 reporting obligations for the entities affected, to give readers a better understanding of the exposure to Pillar Two income taxes as a result of this regulation, particularly before its entry into force. The Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates. The rules will come into force for the financial year starting on 1 January 2024. As the Group is within the scope of application for Pillar Two, an evaluation is underway to assess the potential future impact resulting from the new rules, bearing in mind the changes introduced by IAS 12 \u201cIncome taxes\u201d, in this area. This evaluation is based on the last available information, including the tax returns, the country reports and latest financial information for 2023 and the rules currently in place in the various countries in which the Group has a presence. The early evaluations and best interpretation of the OECD guideline documents show that almost all the Group countries exceed the \u201ctransitional safe harbours\u201d apart from Italy, Ireland, Switzerland and the United Arab Emirates, where a minimum tax would not in any case be \u201cmaterial\u201d for each country. The Group is continuing with the evaluation and expects to complete it by the end of the first half of 2024.
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. Application of new accounting principles Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1 January 2023. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31 December 2023:
\ue001 Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in estimates, changes in accounting standards and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. \ue001 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide indications, for example, to help entities apply more useful materiality judgements to accounting policy reporting by replacing the obligation for entities to disclose their \u201cmaterial\u201d accounting policies with the obligation to disclose their \u201csignificant\u201d accounting policies and adding a guideline on how entities should apply the concept of materiality when making decisions about accounting policy reporting. \ue001 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 \u2013 Income Taxes restrict the scope of application of the initial recognition exemption so that it no longer applies to transactions for which deductible as well as taxable temporary differences arise, such as leases and decommissioning liabilities. \ue001 International Tax Reform\u2010Pillar Two Model Rules \u2013 Amendments to IAS 12 The changes to IAS 12 were introduced in response to the OECD Pillar Two rules, and include: \u2013 a temporary mandatory exception to the recognition and financial reporting of deferred taxes, resulting from the jurisdictional enacting of the Pillar Two model rules; and \u2013 reporting obligations for the entities affected, to give readers a better understanding of the exposure to Pillar Two income taxes as a result of this regulation, particularly before its entry into force. The Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates. The rules will come into force for the financial year starting on 1 January 2024. As the Group is within the scope of application for Pillar Two, an evaluation is underway to assess the potential future impact resulting from the new rules, bearing in mind the changes introduced by IAS 12 \u201cIncome taxes\u201d, in this area. This evaluation is based on the last available information, including the tax returns, the country reports and latest financial information for 2023 and the rules currently in place in the various countries in which the Group has a presence. The early evaluations and best interpretation of the OECD guideline documents show that almost all the Group countries exceed the \u201ctransitional safe harbours\u201d apart from Italy, Ireland, Switzerland and the United Arab Emirates, where a minimum tax would not in any case be \u201cmaterial\u201d for each country. The Group is continuing with the evaluation and expects to complete it by the end of the first half of 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7259": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7316": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7343": {
"value": "Basis of consolidation The consolidated financial statements include those of the Parent Company and the enterprises controlled by it, directly or indirectly, 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 and at the same time has the capacity to affect these returns by 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7433": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7440": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7452": {
"value": "Leasing \u2013 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2013 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-term leases and leases of low value assets \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7532": {
"value": "Intangible assets \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7549": {
"value": "Goodwill \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7563": {
"value": "Impairment \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7600": {
"value": "Equity investments in associates \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7607": {
"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.
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7689": {
"value": "\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:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7697": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7707": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7742": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7749": {
"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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7806": {
"value": "Inventories \u2013 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\u2010in\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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7818": {
"value": "Cash and cash equivalents \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7823": {
"value": "Non-current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7835": {
"value": "Equity instruments issued by the Company are recognized at the proceeds received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7839": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7843": {
"value": "Provisions for employee benefits \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7851": {
"value": "Provisions for risks and charges \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7857": {
"value": "Transactions in foreign currencies \u2013 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. In the consolidated financial statements, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7886": {
"value": "Revenue \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7911": {
"value": "Cost of sales \u2013 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 \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7920": {
"value": "Research and development expenses \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7929": {
"value": "Transactions involving share-based payments \u2013 As prescribed by IFRS 2, stock option and performance share plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the rights 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7936": {
"value": "Financial income and expenses \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7942": {
"value": "Taxes \u2013 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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7975": {
"value": "Earnings per share \u2013 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7982": {
"value": "3. NET REVENUE The Group's revenue is derived from contracts with customers and is not subject to significant seasonal fluctuations, except for those in the cough and cold therapeutic area. Total net revenue in 2023 was \u20ac 2,082.3 million, up by 12.4% compared to 2022. They include \u20ac 25.6 million for the sales of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae, for which the sales and distribution rights have been acquired from GSK in the third quarter of the year, as well as full\u2010year revenues of \u20ac 200.9 million from the product portfolio acquired with EUSA Pharma UK Ltd (\u201cEUSA Pharma\u201d) which in 2022 were only consolidated from April, as to \u20ac 136.0 million. The increase is partly due to strong organic growth in turnover in both business sectors, despite the negative exchange effect totalling \u20ac 99.9 million, especially in the Specialty & Primary Care segment, of which \u20ac 60.1 million was due to the devaluation of the Turkish lira. Revenue can be detailed as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Net sales 2,068,054 1,838,646 229,408 Royalties 9,947 8,309 1,638 Upfront payments 1,371 2,118 (747) Various revenue 2,959 4,234 (1,275) Total net revenue 2,082,331 1,853,307 229,024 The effect of the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye, taking account of the provisions of IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d, was essentially revenue\u2010neutral. 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. Upfront payment revenue of \u20ac 1.4 million recognised in 2023 related mainly to the marketing agreements for pitavastatin, lercanidipine and the combination lercanidipine and enalapril. 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 2.9 million (\u20ac 3.9 million at 31 December 2022). The following tables show net revenue broken down by therapeutic area and geographic area by country, with an indication of the related business segments identified by the Group. THERAPEUTIC AREA \u20ac (thousands) Specialty & Primary Care 2023 Specialty & Primary Care 2022 Rare Diseases 2023 Rare Diseases 2022 Total 2023 Total 2022 Cardiovascular 365,213 351,854 \u2010 \u2010 365,213 351,854 Urology 280,375 227,444 \u2010 \u2010 280,375 227,444 Gastrointestinal 219,267 203,218 \u2010 \u2010 219,267 203,218 Cough and Cold 137,121 125,505 \u2010 \u2010 137,121 125,505 Other treatment areas 311,604 300,626 \u2010 \u2010 311,604 300,626 Pharmaceutical chemicals 54,031 48,875 \u2010 \u2010 54,031 48,875 Metabolic and other areas \u2010 \u2010 271,551 287,913 271,551 287,913 Endocrinology \u2010 \u2010 242,318 171,901 242,318 171,901 Oncology \u2010 \u2010 200,851 135,971 200,851 135,971 Total net revenue 1,367,611 1,257,522 714,720 595,785 2,082,331 1,853,307 GEOGRAPHIC AREA BY COUNTRY \u20ac (thousands) Specialty & Primary Care 2023 Specialty & Primary Care 2022 Rare Diseases 2023 Rare Diseases 2022 Total 2023 Total 2022 Pharmaceutical revenue Italy 281,562 249,503 28,198 23,216 309,760 272,719 U.S.A. \u2010 \u2010 316,072 260,455 316,072 260,455 France 143,288 134,443 36,389 34,655 179,677 169,098 Spain 135,774 118,612 29,330 24,018 165,104 142,630 Germany 106,146 128,223 44,756 39,392 150,902 167,615 Russia, Ukraine, other CIS 120,917 118,607 19,649 13,070 140,566 131,677 T\u00fcrkiye 94,056 64,557 3,461 9,786 97,517 74,343 Portugal 55,041 50,073 5,155 3,392 60,196 53,465 Other Western European countries 90,228 84,321 62,178 52,374 152,406 136,695 Other Eastern European countries 121,377 107,164 28,978 21,661 150,355 128,825 North Africa 38,701 34,709 1,515 2,955 40,216 37,664 Other international sales 126,490 118,435 139,039 110,811 265,529 229,246 Total pharmaceutical revenue 1,313,580 1,208,647 714,720 595,785 2,028,300 1,804,432
\u20ac (thousands) Specialty & Primary Care 2023 Specialty & Primary Care 2022 Rare Diseases 2023 Rare Diseases 2022 Total 2023 Total 2022 Pharmaceutical chemicals revenue Italy 3,691 2,652 \u2010 \u2010 3,691 2,652 Other European countries 15,209 14,353 \u2010 \u2010 15,209 14,353 Australasia 21,528 16,990 \u2010 \u2010 21,528 16,990 U.S.A. 6,735 7,572 \u2010 \u2010 6,735 7,572 America (U.S.A. excluded) 5,541 4,725 \u2010 \u2010 5,541 4,725 Africa 1,327 2,583 \u2010 \u2010 1,327 2,583 Total chemical pharmaceuticals revenue 54,031 48,875 0 0 54,031 48,875 Total net revenue 1,367,611 1,257,522 714,720 595,785 2,082,331 1,853,307
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8348": {
"value": "4. OPERATING EXPENSES Total operating expenses for 2023 amounted to \u20ac 1,524.3 million, up compared to the \u20ac 1,416.0 million of 2022, and are classified by function as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Cost of sales 659,707 566,737 92,970 Selling expenses 472,857 462,665 10,192 Research and development expenses 255,747 220,102 35,645 General and administrative expenses 128,253 109,493 18,760 Other (income)/expenses, net 7,759 56,984 (49,225) Total operating expenses 1,524,323 1,415,981 108,342
Research and development expenses were \u20ac 255.7 million, an increase of 16.2% compared to 2022, partly owing to the integration of the EUSA Pharma expenses for the full year (including \u20ac 24.6 million for the amortization of intangible assets, compared to the \u20ac 18.5 million for the nine months of 2022) and to the progress made on various life cycle management projects.
General and administrative expenses increased by 17.1% owing to the integration of EUSA Pharma for the full year and the strengthening of the overall coordination structure to support an increasingly complex products portfolio.
The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2023 2022 Changes 2023/2022 Non\u2010recurring costs: \u2010 restructuring 5,210 23,340 (18,130) \u2010 EUSA Pharma acquisition 3,791 20,317 (16,526) \u2010 earthquake emergency in T\u00fcrkiye and Syria 520 \u2010 520 \u2010 Ukraine emergency 117 2,229 (2,112) \u2010 COVID\u201019 pandemic 0 661 (661) Impairment of intangible assets and goodwill 369 10,934 (10,565) Other (2,248) (497) (1,751) Other (income)/expenses, net 7,759 56,984 (49,225)
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 linked to the targeted restructuring of the Specialty & Primary Care field force, in particular in Germany, France and Italy; \ue001 the residual costs from the acquisition of EUSA Pharma, mainly relating to tech transfer fees; \ue001 the cost of donations made after the earthquakes in T\u00fcrkiye and Syria and the Ukraine conflict. In compliance with the CONSOB Communication dated 28 July 2006, it is noted that, during 2023, there were no atypical or unusual transactions, as defined by the Communication. Total operating expenses are broken down by nature as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Material consumption 459,276 402,278 56,998 Payroll costs 363,796 324,320 39,476 Other employee costs 59,090 48,691 10,399 Variable sales expenses 103,533 125,144 (21,611) Depreciation, amortization and write\u2010downs 143,038 136,690 6,348 Utilities and consumables 55,433 41,825 13,608 Other expenses 340,157 337,033 3,124 Total operating expenses 1,524,323 1,415,981 108,342
2022. There were 4,455 employees as at 31 December 2023, an increase over the 4,369 at the end of 2022.
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 2023 income statement of \u20ac 1.5 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Amortization and depreciation amounted to \u20ac 142.7 million, of which \u20ac 113.8 million relates to intangible assets, an increase of \u20ac 15.3 million compared to the previous year. This is due in large part to the effects of the EUSA Pharma acquisition, (\u20ac 6.1 million), the recent acquisition of the rights to distribute Avodart\u00ae (dutasteride) and Combodart\u00ae/Duodart\u00ae (dutasteride/tamsulosin) from GSK (\u20ac 3.6 million) and \u20ac 28.9 million for property, plant and equipment, which has risen by \u20ac 1.6 million compared to the costs for 2022.
\u201cOther expenses\u201d includes the non\u2010cash costs of \u20ac 58.9 million for the full year from the release of the purchase price allocation of EUSA Pharma to the gross margin of inventories acquired in accordance with IFRS 3, which amounted to \u20ac 49.8 million for the nine months of 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8354": {
"value": "\u20ac (thousands) 2023 2022 Changes 2023/2022 Cost of sales 659,707 566,737 92,970 Selling expenses 472,857 462,665 10,192 Research and development expenses 255,747 220,102 35,645 General and administrative expenses 128,253 109,493 18,760 Other (income)/expenses, net 7,759 56,984 (49,225) Total operating expenses 1,524,323 1,415,981 108,342
\u20ac (thousands) 2023 2022 Changes 2023/2022 Cost of sales 659,707 566,737 92,970 Selling expenses 472,857 462,665 10,192 Research and development expenses 255,747 220,102 35,645 General and administrative expenses 128,253 109,493 18,760 Other (income)/expenses, net 7,759 56,984 (49,225) Total operating expenses 1,524,323 1,415,981 108,342
General and administrative expenses increased by 17.1% owing to the integration of EUSA Pharma for the full year and the strengthening of the overall coordination structure to support an increasingly complex products portfolio.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8358": {
"value": "\u20ac (thousands) 2023 2022 Changes 2023/2022 Cost of sales 659,707 566,737 92,970 Selling expenses 472,857 462,665 10,192 Research and development expenses 255,747 220,102 35,645 General and administrative expenses 128,253 109,493 18,760 Other (income)/expenses, net 7,759 56,984 (49,225) Total operating expenses 1,524,323 1,415,981 108,342
The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2023 2022 Changes 2023/2022 Non\u2010recurring costs: \u2010 restructuring 5,210 23,340 (18,130) \u2010 EUSA Pharma acquisition 3,791 20,317 (16,526) \u2010 earthquake emergency in T\u00fcrkiye and Syria 520 \u2010 520 \u2010 Ukraine emergency 117 2,229 (2,112) \u2010 COVID\u201019 pandemic 0 661 (661) Impairment of intangible assets and goodwill 369 10,934 (10,565) Other (2,248) (497) (1,751) Other (income)/expenses, net 7,759 56,984 (49,225)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8360": {
"value": "\u20ac (thousands) 2023 2022 Changes 2023/2022 Cost of sales 659,707 566,737 92,970 Selling expenses 472,857 462,665 10,192 Research and development expenses 255,747 220,102 35,645 General and administrative expenses 128,253 109,493 18,760 Other (income)/expenses, net 7,759 56,984 (49,225) Total operating expenses 1,524,323 1,415,981 108,342
Research and development expenses were \u20ac 255.7 million, an increase of 16.2% compared to 2022, partly owing to the integration of the EUSA Pharma expenses for the full year (including \u20ac 24.6 million for the amortization of intangible assets, compared to the \u20ac 18.5 million for the nine months of 2022) and to the progress made on various life cycle management projects.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8478": {
"value": "\u20ac (thousands) 2023 2022 Changes 2023/2022 Material consumption 459,276 402,278 56,998 Payroll costs 363,796 324,320 39,476 Other employee costs 59,090 48,691 10,399 Variable sales expenses 103,533 125,144 (21,611) Depreciation, amortization and write\u2010downs 143,038 136,690 6,348 Utilities and consumables 55,433 41,825 13,608 Other expenses 340,157 337,033 3,124 Total operating expenses 1,524,323 1,415,981 108,342
2022. There were 4,455 employees as at 31 December 2023, an increase over the 4,369 at the end of 2022.
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 2023 income statement of \u20ac 1.5 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Amortization and depreciation amounted to \u20ac 142.7 million, of which \u20ac 113.8 million relates to intangible assets, an increase of \u20ac 15.3 million compared to the previous year. This is due in large part to the effects of the EUSA Pharma acquisition, (\u20ac 6.1 million), the recent acquisition of the rights to distribute Avodart\u00ae (dutasteride) and Combodart\u00ae/Duodart\u00ae (dutasteride/tamsulosin) from GSK (\u20ac 3.6 million) and \u20ac 28.9 million for property, plant and equipment, which has risen by \u20ac 1.6 million compared to the costs for 2022.
\u201cOther expenses\u201d includes the non\u2010cash costs of \u20ac 58.9 million for the full year from the release of the purchase price allocation of EUSA Pharma to the gross margin of inventories acquired in accordance with IFRS 3, which amounted to \u20ac 49.8 million for the nine months of 2022. \u20ac (thousands) 2023 2022 Changes 2023/2022 Material consumption 459,276 402,278 56,998 Payroll costs 363,796 324,320 39,476 Other employee costs 59,090 48,691 10,399 Variable sales expenses 103,533 125,144 (21,611) Depreciation, amortization and write\u2010downs 143,038 136,690 6,348 Utilities and consumables 55,433 41,825 13,608 Other expenses 340,157 337,033 3,124 Total operating expenses 1,524,323 1,415,981 108,342
\u20ac (thousands) Patent rights and marketing authorizations Distribution, licences, trademarks and similar rights Other Advance payments Total Cost Balance at 1 January 2022 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 Additions 1,066 245,602 825 17,784 265,277 Disposals (1,064) (1,755) (107) (251) (3,177) Change to scope of consolidation 0 0 0 0 0 Write\u2010downs 0 (251) 0 0 (251) Hyperinflation T\u00fcrkiye 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance at 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115
\u20ac (thousands) Shareholders\u2019 equity Net income 31/12/2023 31/12/2022 2023 2022 Recordati S.p.A. 352,782 362,988 224,017 219,233 Consolidation adjustments: \u2010 Elimination margins in inventories (78,677) (84,561) 5,884 (11,893) \u2010 Related tax effect 22,614 24,120 (1,506) 3,675 \u2010 Other adjustments (32,082) (24,974) (6,004) (5,494) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,321,387 1,201,902 \u2010 \u2010 Net income for consolidated subsidiaries, net of amounts already recognized by Recordati S.p.A. 365,068 271,791 365,068 271,791 Dividends received from consolidated subsidiaries (198,245) (164,976) Write\u2010down of holdings in subsidiaries 0 0 Translation adjustments (264,700) (205,018) \u2010 \u2010 Consolidated financial statements 1,686,392 1,546,248 389,214 312,336
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8482": {
"value": "\u20ac (thousands) 2023 2022 Changes 2023/2022 Material consumption 459,276 402,278 56,998 Payroll costs 363,796 324,320 39,476 Other employee costs 59,090 48,691 10,399 Variable sales expenses 103,533 125,144 (21,611) Depreciation, amortization and write\u2010downs 143,038 136,690 6,348 Utilities and consumables 55,433 41,825 13,608 Other expenses 340,157 337,033 3,124 Total operating expenses 1,524,323 1,415,981 108,342
Amortization and depreciation amounted to \u20ac 142.7 million, of which \u20ac 113.8 million relates to intangible assets, an increase of \u20ac 15.3 million compared to the previous year. This is due in large part to the effects of the EUSA Pharma acquisition, (\u20ac 6.1 million), the recent acquisition of the rights to distribute Avodart\u00ae (dutasteride) and Combodart\u00ae/Duodart\u00ae (dutasteride/tamsulosin) from GSK (\u20ac 3.6 million) and \u20ac 28.9 million for property, plant and equipment, which has risen by \u20ac 1.6 million compared to the costs for 2022.
\u20ac (thousands) Land and buildings Plant and machinery Other equipment Investments in progress Total Cost Balance at 1 January 2022 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 Additions 9,567 3,214 14,068 19,914 46,763 Disposals (1,516) (1,087) (10,488) (263) (13,354) Change to scope of consolidation 0 0 0 0 0 Write\u2010downs 0 0 (118) 0 (118) Hyperinflation T\u00fcrkiye 5,368 7,239 1,542 130 14,279 Other changes (5,031) 1,728 (97) (12,522) (15,922) Balance at 31 December 2023 123,647 269,201 111,821 48,149 552,818 Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 7,937 9,367 11,570 0 28,874 Disposals (1,516) (1,087) (10,488) 0 (13,091) Change to scope of consolidation 0 0 0 0 0 Hyperinflation T\u00fcrkiye 606 4,598 (147) 0 5,057 Other changes (1,186) (5,349) (2,130) 0 (8,665) Balance at 31 December 2023 66,692 227,909 79,560 0 374,161 Net amount 1 January 2022 36,692 40,025 27,248 27,155 131,120 31 December 2022 54,408 37,727 26,159 40,890 159,184 31 December 2023 56,955 41,292 32,261 48,149 178,657
\u20ac (thousands) Land and Buildings Plant and machinery Other equipment Total Cost Balance at 1 January 2022 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 Additions 9,119 0 8,659 17,778 Disposals (1,386) (1) (6,874) (8,261) Change to scope of consolidation 0 0 0 0 Write\u2010downs 0 0 0 0 Hyperinflation T\u00fcrkiye 612 (2) 702 1,312 Other changes (157) (110) (1,261) (1,528) Balance at 31 December 2023 40,539 1,323 21,118 62,980 Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 5,466 268 6,380 12,114 Disposals (1,386) (1) (6,874) (8,261) Change to scope of consolidation 0 0 0 0 Hyperinflation T\u00fcrkiye 314 (3) (648) (337) Other changes (383) (110) (1,077) (1,570) Balance at 31 December 2023 14,842 859 9,053 24,754 Net amount 1 January 2022 11,872 1,016 9,896 22,784 31 December 2022 21,520 731 8,620 30,871 31 December 2023 25,697 464 12,065 38,226
\u20ac (thousands) Patent rights and marketing authorizations Distribution, licences, trademarks and similar rights Other Advance payments Total Cost Balance at 1 January 2022 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 Additions 1,066 245,602 825 17,784 265,277 Disposals (1,064) (1,755) (107) (251) (3,177) Change to scope of consolidation 0 0 0 0 0 Write\u2010downs 0 (251) 0 0 (251) Hyperinflation T\u00fcrkiye 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance at 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115
Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 51,315 61,760 720 0 113,795 Disposals (1,045) (1,755) (60) 0 (2,860) Change to scope of consolidation 0 0 0 0 0 Hyperinflation T\u00fcrkiye 2,073 712 552 0 3,337 Other changes (949) 747 (584) 0 (786) Balance at 31 December 2023 417,829 351,512 20,577 0 789,918 Net amount 1 January 2022 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 31 December 2023 723,290 1,168,794 2,526 43,587 1,938,197 2022. There were 4,455 employees as at 31 December 2023, an increase over the 4,369 at the end of 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8560": {
"value": "5. NET FINANCIAL INCOME AND EXPENSES In 2023 and 2022 the net balance of financial components was negative respectively of \u20ac 67.0 million and \u20ac 35.9 million. The main items are summarized as follows: \u20ac (thousands) 2023 2022 Changes 2023/2022 Interest expense on loans 72,516 31,306 41,210 Net exchange rate (gains)/losses (2,158) 5,804 (7,962) Net (income)/expense on short\u2010term positions (4,181) 2,290 (6,471) Expenses on leases 1,939 852 1,087 Expenses for defined benefit plans 402 145 257 Turkish hyperinflation effects (IAS 29) (1,546) (4,506) 2,960 Total net financial (income)/expenses 66,972 35,891 31,081
The \u20ac 41.2 million increase in interest expense on loans was mainly due to the taking on new debt, both in the first half of 2022, of \u20ac 800 million in connection with the acquisition of EUSA Pharma, and of CHF 40 million Swiss francs, as well as in the second quarter of 2023, for a total of \u20ac 450 million, of which \u20ac 350 million is already disbursed, mainly in relation to the agreement with GSK. The global rise in interest rates was another factor. In view of this, the 2023 financial year was impacted by a deterioration in the rates applied, with average borrowings higher than those in the 2022 financial year. Net exchange gains, mostly unrealised, amounted to \u20ac 2.2 million, whereas in the previous year there were net exchange losses of \u20ac 5.8 million. These changes are mainly attributable to the trend in the Russian rouble. Hyperinflation had a positive impact of \u20ac 1.5 million in 2023, against \u20ac 4.5 million in 2022. Note number 22 contains the details of the loan contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8567": {
"value": "\u20ac (thousands) 2023 2022 Changes 2023/2022 Interest expense on loans 72,516 31,306 41,210 Net exchange rate (gains)/losses (2,158) 5,804 (7,962) Net (income)/expense on short\u2010term positions (4,181) 2,290 (6,471) Expenses on leases 1,939 852 1,087 Expenses for defined benefit plans 402 145 257 Turkish hyperinflation effects (IAS 29) (1,546) (4,506) 2,960 Total net financial (income)/expenses 66,972 35,891 31,081
The \u20ac 41.2 million increase in interest expense on loans was mainly due to the taking on new debt, both in the first half of 2022, of \u20ac 800 million in connection with the acquisition of EUSA Pharma, and of CHF 40 million Swiss francs, as well as in the second quarter of 2023, for a total of \u20ac 450 million, of which \u20ac 350 million is already disbursed, mainly in relation to the agreement with GSK. The global rise in interest rates was another factor. In view of this, the 2023 financial year was impacted by a deterioration in the rates applied, with average borrowings higher than those in the 2022 financial year. Net exchange gains, mostly unrealised, amounted to \u20ac 2.2 million, whereas in the previous year there were net exchange losses of \u20ac 5.8 million. These changes are mainly attributable to the trend in the Russian rouble. Hyperinflation had a positive impact of \u20ac 1.5 million in 2023, against \u20ac 4.5 million in 2022. Note number 22 contains the details of the loan contracts. \u20ac (thousands) 2023 2022 Changes 2023/2022 Interest expense on loans 72,516 31,306 41,210 Net exchange rate (gains)/losses (2,158) 5,804 (7,962) Net (income)/expense on short\u2010term positions (4,181) 2,290 (6,471) Expenses on leases 1,939 852 1,087 Expenses for defined benefit plans 402 145 257 Turkish hyperinflation effects (IAS 29) (1,546) (4,506) 2,960 Total net financial (income)/expenses 66,972 35,891 31,081
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. In relation to the euro companies, at 31 December 2023 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \ue001 net receivables of 34.3 million Brazilian reals; \ue001 net receivables of 18.2 million Polish zloty; \ue001 net receivables of 2.6 million British pounds; \ue001 net receivables of 13.0 million Rumanian RON; \ue001 net debts of 1,833.6 million Russian roubles; \ue001 net debts of 4.4 million Swiss francs; \ue001 net debts of 4.8 million US dollars. Among the non\u2010euro companies, at 31 December 2023, the main net exposures in currencies other than the company\u2019s national currency and not hedged by derivative instruments are in euro, US dollars and Japanese yen. The net exposures in euro are mainly related to the companies based in Switzerland (net payables of 9.7 million), the United States (net payables of 7.3 million), Japan (net payables of 2.4 million), T\u00fcrkiye (net payables of 2.2 million), Australia (net payables of 1.8 million), Canada (net payables of 1.5 million), Brazil (net payables of 1.1 million), the Czech Republic (net receivables of 4.1 million) and Poland (net receivables of 2.5 million). Net exposures in U.S. dollars refer mainly to the companies in Japan (net payables of 5.5 million), Brazil (net payables of 5.2 million) and Colombia (net payables of 2.2 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 904.2 million). For consolidation purposes, the income statements and balance sheets of the non\u2010euro companies have been converted from their local currencies into euro. At 31 December 2023, the net asset values of these companies, excluding goodwill, are denominated mainly in U.S. dollars (422.9 million), pounds sterling (15.1 million), Swiss francs (379.3 million), Turkish lira (2,051.1 million), Czech crowns (470.9 million), Romanian ron (56.2 million), Russian roubles (7,601.8 million), Polish zloty (80.3 million) and Tunisian dinars (100.3 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 2023, was a negative \u20ac 264.7 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8614": {
"value": "6. INCOME TAXES Income taxes amounted to \u20ac 101.8 million and include the income taxes levied on all consolidated companies as well as the Italian regional tax on production (IRAP) applicable to all Italian companies. This item increased by \u20ac 12.7 million compared to 2022. In 2023 there was a non\u2010recurring element of of \u20ac 2.7 million in tax income linked to the treatment of hyperinflation in Turkey, following the release of deferred tax liabilities, due to the Turkish authorities\u2019 decision to treat the hyperinflation effect as relevant for local tax purposes. In 2019, the Parent Company signed an advance agreement with the Italian Revenue Agency, to define the calculation methods and criteria for the \u201cpatent box\u201d, 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 2023, Recordati S.p.A. took part in the reverse charge regime for the same assets as in 2015\u20102019 (apart from the expired patents and brands excluded in the meantime from the objective scope of the subsidy). The Company, operating in line with the previous years, determined the tax benefit pertaining to 2023, recognised to reduce the tax amounts, as \u20ac 8.6 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: 2023 % 2022 % Standard income tax rate on pre\u2010tax income of the Parent Company 24.0 24.0 Dividends from foreign subsidiaries 0.5 0.5 Foreign tax rate differential (2.6) (1.8) ACE from reverse merger (0.3) (0.4) Tax benefit provided by the so\u2010called \u201cPatent box\u201d in Italy (1.8) (1.6) Other differences, net 0.2 0.1 Effective tax rate on income 20.0 20.8 IRAP 0.7 1.4 Effective tax rate on pre-tax income 20.7 22.2 IRAP is levied only on Italian companies and is computed applying an average rate of 4.63% to a broader taxable base calculated before the deduction of interest.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8677": {
"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 2022 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 Additions 9,567 3,214 14,068 19,914 46,763 Disposals (1,516) (1,087) (10,488) (263) (13,354) Change to scope of consolidation 0 0 0 0 0 Write\u2010downs 0 0 (118) 0 (118) Hyperinflation T\u00fcrkiye 5,368 7,239 1,542 130 14,279 Other changes (5,031) 1,728 (97) (12,522) (15,922) Balance at 31 December 2023 123,647 269,201 111,821 48,149 552,818 Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 7,937 9,367 11,570 0 28,874 Disposals (1,516) (1,087) (10,488) 0 (13,091) Change to scope of consolidation 0 0 0 0 0 Hyperinflation T\u00fcrkiye 606 4,598 (147) 0 5,057 Other changes (1,186) (5,349) (2,130) 0 (8,665) Balance at 31 December 2023 66,692 227,909 79,560 0 374,161 Net amount 1 January 2022 36,692 40,025 27,248 27,155 131,120 31 December 2022 54,408 37,727 26,159 40,890 159,184 31 December 2023 56,955 41,292 32,261 48,149 178,657
The increases in property, plant and equipment of \u20ac 46.8 million are mainly linked to the Parent Company (\u20ac 26.2 million, in particular for the signing of a new property lease agreement) and to the subsidiaries Recordati Ila\u00e7 (\u20ac 3.8 million), Casen Recordati (\u20ac 2.9 million) and Opalia Pharma (\u20ac 2.1 million). \"Other changes\" includes the conversion into euro of the property, plant and equipment recognised in other currencies, which led to a net decrease of \u20ac 7.4 million compared to 31 December 2022, 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 2022 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 Additions 9,119 0 8,659 17,778 Disposals (1,386) (1) (6,874) (8,261) Change to scope of consolidation 0 0 0 0 Write\u2010downs 0 0 0 0 Hyperinflation T\u00fcrkiye 612 (2) 702 1,312 Other changes (157) (110) (1,261) (1,528) Balance at 31 December 2023 40,539 1,323 21,118 62,980 Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 5,466 268 6,380 12,114 Disposals (1,386) (1) (6,874) (8,261) Change to scope of consolidation 0 0 0 0 Hyperinflation T\u00fcrkiye 314 (3) (648) (337) Other changes (383) (110) (1,077) (1,570) Balance at 31 December 2023 14,842 859 9,053 24,754 Net amount 1 January 2022 11,872 1,016 9,896 22,784 31 December 2022 21,520 731 8,620 30,871 31 December 2023 25,697 464 12,065 38,226
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. 8. INTANGIBLE ASSETS The composition and change in intangible assets are shown in the following table. \u20ac (thousands) Patent rights and marketing authorizations Distribution, licences, trademarks and similar rights Other Advance payments Total Cost Balance at 1 January 2022 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 Additions 1,066 245,602 825 17,784 265,277 Disposals (1,064) (1,755) (107) (251) (3,177) Change to scope of consolidation 0 0 0 0 0 Write\u2010downs 0 (251) 0 0 (251) Hyperinflation T\u00fcrkiye 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance at 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115
Accumulated amortization Balance at 1 January 2022 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 Amortization for the year 51,315 61,760 720 0 113,795 Disposals (1,045) (1,755) (60) 0 (2,860) Change to scope of consolidation 0 0 0 0 0 Hyperinflation T\u00fcrkiye 2,073 712 552 0 3,337 Other changes (949) 747 (584) 0 (786) Balance at 31 December 2023 417,829 351,512 20,577 0 789,918 Net amount 1 January 2022 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 31 December 2023 723,290 1,168,794 2,526 43,587 1,938,197 Increases for the year mainly include: \ue001 \u20ac 245.0 million paid to GSK to obtain the distribution rights for Avodart\u00ae (dutasteride) and Combodart\u00ae/Duodart\u00ae (dutasteride/tamsulosin) in 21 countries; \ue001 \u20ac 6.9 million for investments in software; \ue001 \u20ac 4.9 million referring to clinical studies that comply with the criteria set by the IAS 38 accounting standard on capitalisation. \u201cOther changes\u201d includes the conversion into euro of the value of the intangible assets held and recognized in different currencies, which determined a net increase of \u20ac 27.0 million compared to 31st December 2022, mainly attributable to the revaluation of the Swiss franc for \u20ac 34.1 million and the depreciation of the Russian rouble for \u20ac 2.7 and the Turkish lira for \u20ac 2.1 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9329": {
"value": "9. GOODWILL Goodwill at 31 December 2023 and 2022 amounted to \u20ac 778.3 million and \u20ac 780.1 million respectively. The changes, described below, come from the adequate recognition of changes in the exchange rates required under IAS 21 \u201cEffects of changes in foreign exchange rates\u201d and from the application of the requirements of IAS 29 \u201cFinancial reporting in hyperinflationary economies\u201d. \u20ac (thousands) Balance at 31 December 2022 780,057 Adjustments for hyperinflation 28,014 Exchange rate adjustments (29,721) Balance at 31 December 2023 778,350 The impairment methodology to 31 December 2023, approved by the Board of Directors on 22 February 2024, was adjusted following the changes to the CGU (cash generating units). From the 2023 financial year, the CGU have been linked to the Group\u2019s two sectors of activity, namely: \ue001 Specialty and Primary Care or SPC, which groups the various CGU that until the previous financial year had been identified by the reference geographical area; \ue001 Rare Diseases. These changes thus only affected the SPC business, whose CGU \u2010 previously identified by geographical market \u2010 have been aggregated into a single CGU coinciding with its reference sector. Conversely, no changes were made to the Rare Diseases CGU, which is already the same as the reference sector. This change originated from the set of developments occurring in the SPC sector and the evolution of the new business model and organisational structure, resulting from new management strategies. The aim of these strategies is to optimise the established brands and to maximise innovation at affordable prices in the areas of principal presence and experience: cardiovascular, urology and gastrointestinal, regardless of the geographical area of reference in each case. In particular, the strategy for the SPC segment includes: \ue001 growing the weight in the SPC segment as a fully integrated regional pharma company with the capacity to act as partner of choice, considering its scale and expertise, for the launch and development of promotionally sensitive brands at transnational level, and for the development of innovative products in the core therapeutic areas already controlled by the Company; \ue001 the governance and organisational structure of the Company has also changed, and is now defined by greater centralisation and integration in the decision\u2010making process and the monitoring of performance, at sector level rather than geographic level; \ue001 there is a continuing objective of consolidating and developing the existing synergies in the sales and retail network, between the prescription drugs area and the OTC segment, which will maintain their
own specific characteristics with the objective of offering products which can achieve a presence in multiple geographic markets. The changes and strategies now being introduced have created inconsistencies between the configuration of the previous CGU and the new business model, as they lead to an increasing interdependence of the flows of the various geographical markets with the following aspects continuing to grow in importance: \ue001 an increase in the relevance of Corporate products, even at the expense of withdrawing local products, with the success or failure of new product launches being determined on an overall level; \ue001 growing attention to minimal pricing differences in the various countries; \ue001 an organisational structure with one manager per business unit, to whom the managers by geographic area and certain central functions report; \ue001 extraordinary financial transactions that are increasingly based on a transnational perspective. For these reasons, in line with IAS 36 which defines a CGU as the smallest set of activities able to generate cashflow independently of income from other activities, the new division of the Group's operations into two CGU was adopted from the financial statements for the year ending 31 December 2023. Total net goodwill at 31 December 2023, of \u20ac 778.3 million, was divided between the two CGU as follows: \ue001 \u20ac 513.9 million to Specialty and Primary Care (SPC); \ue001 \u20ac 264.4 million to Rare Diseases. As reported in Note 2 \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 new acquisitions 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 (2024\u20102028) 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 (2024\u20102028) come from the 2024 budget approved by the Board of Directors of the Parent Company on 22 February 2024 and, for 2025 to 2028, from specific forecasts prepared for the cash\u2010generating units subject to impairment testing approved by the Board of Directors on 19 March 2024. The cashflow forecast took due account of the effects of the Russia/Ukraine conflict. In light of this analysis and taking into account the expected results and the resilience of the pharmaceutical industry, no significant impacts have as yet been identified with regard to the measurement of the Specialty & Primary Care 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. The impairment tests were approved by the Board of Directors on 19 March 2024.
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 two cash\u2010 generating units: Cash-generating unit Discount rate Specialty and Primary Care segment 9.77% Drugs for the treatment of rare diseases 8.36% The value in use, determined according to the procedures described for each cash\u2010generating unit, was examined and approved by the Board of Directors on 19 March 2024. For both CGUs it was higher, even significantly so, than the book value of the net capital invested recognized in the financial statements at 31 December 2023 and therefore no impairment of goodwill was recognized. In addition, as required by the impairment methodology approved by the Board of Directors on 22 February 2024, a sensitivity analysis was conducted to show the possible impact on the headroom value of changes in the following parameters: long\u2010term growth rate (+/\u2010 0.5%), operating profit growth rate (+/\u2010 10%) and discount rate (+/\u2010 0.5%). The result of the analysis confirmed that there were no impairment losses. Finally, only for the impairment test of 31 December 2023 with the goal of ensuring that the results are not influenced by the restructuring of the Specialty & Primary Care CGUs, a quantitative \u201cdual approach\u201d impairment test was conducted, based on the previous CGU structure. This exercise confirmed the absence of a need for writedowns.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9480": {
"value": "10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31 December 2023 the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31/12/2023 31/12/2022 31/12/2023 31/12/2022 PureTech Health p.l.c. \u2010 United Kingdom 21,350 28,708 3.5% 3.3% Phaxiam Therapeutics S.A., France 198 158 0.7% 1.4% Standard BioTools Inc. \u2010 United States of America 3 1 n/a n/a Other 4 4 n/a n/a Total equity investments and securities 21,555 28,871 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 Company\u2019s were admitted for trading on the London Stock Exchange. At 31 December 2023, the total fair value of the 9,554,140 shares held was \u20ac 21.4 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 7.3 million, compared to 31 December 2022, 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. In June 2023, the company announced the merger with Pherecydes Pharma S.A., changing its name to Phaxiam Therapeutics S.A. The new shares
were admitted for trading on the French regulated market starting on 29 June 2023. The value of the investment, currently represented by 43,103 shares, was adjusted to the stock exchange value and increased, compared to that at 31 December 2022, by \u20ac 0.05 million, with a counter\u2010item accounted for, net of the related tax effect, in the statement of gains and losses recognized in equity. The US company Fluidigm Corp. has changed its name to Standard BioTools Inc.
10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31 December 2023 the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31/12/2023 31/12/2022 31/12/2023 31/12/2022 PureTech Health p.l.c. \u2010 United Kingdom 21,350 28,708 3.5% 3.3% Phaxiam Therapeutics S.A., France 198 158 0.7% 1.4% Standard BioTools Inc. \u2010 United States of America 3 1 n/a n/a Other 4 4 n/a n/a Total equity investments and securities 21,555 28,871 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 Company\u2019s were admitted for trading on the London Stock Exchange. At 31 December 2023, the total fair value of the 9,554,140 shares held was \u20ac 21.4 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 7.3 million, compared to 31 December 2022, 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. In June 2023, the company announced the merger with Pherecydes Pharma S.A., changing its name to Phaxiam Therapeutics S.A. The new shares
were admitted for trading on the French regulated market starting on 29 June 2023. The value of the investment, currently represented by 43,103 shares, was adjusted to the stock exchange value and increased, compared to that at 31 December 2022, by \u20ac 0.05 million, with a counter\u2010item accounted for, net of the related tax effect, in the statement of gains and losses recognized in equity. The US company Fluidigm Corp. has changed its name to Standard BioTools Inc.
21. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON-CONTROLLING 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 3.7 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.
40. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AT 31 DECEMBER 2023 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 Marketing of pharmaceuticals 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 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 419,804.00 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 Consolidated companies Head office Share capital Currency Consolidation method 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 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
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES FZCO (1) Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line\u2010by\u2010line EUSA Pharma (UK) Limited (2) Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line\u2010by\u2010line RECORDATI Netherlands B.V. (2) Marketing of pharmaceuticals Netherlands 1.00 EUR Line\u2010by\u2010line EUSA Pharma (Denmark) ApS (2) Marketing of pharmaceuticals Denmark 50,000.00 EUR Line\u2010by\u2010line EUSA Pharma (CH) GmbH (2) Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line\u2010by\u2010line RECORDATI KOREA, Co. Ltd (2) Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line\u2010by\u2010line (1) Set up in 2022 (2) Acquired in 2022
11. OTHER NON-CURRENT ASSETS At 31 December 2023, this item amounted to \u20ac 12.5 million, increasing by \u20ac 2.9 million compared to 31 December 2022, referring mainly to the discounted receivable for \u20ac 3.6 million in respect of ARS Pharmaceuticals Inc. following the signing of the agreement in February 2023 for the return of the rights on ARS\u20101, a nasal spray containing epinephrine, at an advanced development stage, for the emergency treatment of serious allergic reactions (See Note 19).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9556": {
"value": "12. DEFERRED TAX ASSETS At 31 December 2023 deferred tax assets amounted to \u20ac 76.7 million (\u20ac 76.9 million at 31 December 2022). The main deferred tax assets and their changes are presented in the two tables below: \u20ac (thousands) 2023 2022 Balance at 1 January 76,895 75,922 Additions 21,237 14,023 Utilizations (16,084) (21,248) Reclassifications (5,374) \u2010 Change to scope of consolidation \u2010 8,198 Balance at 31 December 76,674 76,895 \u20ac (thousands) Revenues/costs with deferred tax effect Realignment Tax credits Other Total Balance at 1 January 18,714 4,440 1,952 51,789 76,895 Additions 7,438 \u2010 \u2010 13,799 21,237 Utilizations (3,096) (4,440) (1,504) (7,044) (16,084) Reclassifications (5,925) 551 (5,374) Balance at 31 December 17,131 0 448 59,095 76,674 In the 2017 financial year, the Parent Company took advantage of the option, allowed by tax law, to release the differences between the higher book values of Goodwill resulting from the 2016 acquisitions of Italchimici S.p.A. and of Pro Farma AG, and the corresponding recognised fiscal values. Tax law required the payment of IRES and IRAP substitute tax at 16%, with future deductibility of the exempted amounts set at the rate of one\u2010fifth for each year from the second financial year after the one in which the substitute tax was paid. The benefit from the future tax deductibility of the exempted amounts determined the recognition of deferred tax assets of \u20ac 22.2 million. The last portion of exempted amounts was deducted in the 2023 fiscal year and the deferred tax assets were therefore reduced to zero.
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 reclassifications refer to the figures for 31 December 2022, deriving from the deferred tax liabilities, following the change of net balance for some of the companies at the 2023 year\u2010end. The tax effect of comprehensive income statement components is \u20ac 1.3 million, unchanged compared to 31 December 2022.
24. DEFERRED TAX LIABILITIES At 31 December 2023, deferred tax liabilities amounted to \u20ac 144.2 million, down by \u20ac 23.7 million compared to 31 December 2022. Their changes are shown in the table below: \u20ac (thousands) 2023 2022 Balance at 1 January 167,865 26,675 Additions 4,074 11,649 Utilizations (22,357) (13,920) Reclassifications (5,374) \u2010 Change to scope of consolidation \u2010 143,461 Balance at 31 December 144,208 167,865 The decrease is mainly determined by the recognition of the profit effects for the year from the reduction in deferred tax liabilities originally calculated on the higher measurements of intangible assets and inventories from EUSA Pharma, which were recognised as part of the allocation of the price paid for the acquisition. The reclassifications refer to the figures for 31 December 2022 which were moved to Deferred tax assets, following the change of net balance for some of the companies at the 2023 year\u2010end.
At 31 December 2023 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 0.5 million (\u20ac 2.4 million at 31 December 2022).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9648": {
"value": "13. INVENTORIES Inventories at 31 December 2023 amounted to \u20ac 404.8 million (\u20ac 424.1 million at 31 December 2022), net of provisions for the impairment of pharmaceutical products nearing expiry and slow moving of \u20ac 20.1 million (\u20ac 17.5 million at 31 December 2022). The residual value of the revaluation of inventories made in the previous year, in application of IFRS 3 after the EUSA Pharma acquisition, amounts to \u20ac 33.6 million. The breakdown by category is as follows: \u20ac (thousands) 31/12/2023 31/12/2022 Changes 2023/2022 Raw materials and supplies 86,956 92,080 (5,124) Semi\u2010finished goods and work in process 85,345 78,830 6,515 Finished goods 232,530 253,170 (20,640) Total 404,831 424,080 (19,249)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9678": {
"value": "14. TRADE RECEIVABLES Trade receivables at 31 December 2023 and 2022 amounted to \u20ac 445.2 million and \u20ac 361.9 million respectively. The amounts are expressed net of provisions for impairment, which at 31 December 2023 amounted to \u20ac 15.7 million (\u20ac 17.7 million at 31 December 2022). 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 66, up compared to the 63 days in 2022. Provisions for impairments fell by \u20ac 2.0 million (increase of \u20ac 3.6 million in 2022), 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) 31/12/2023 31/12/2022 Changes 2023/2022 Current (not past due) 381,744 313,885 67,859 1\u201030 days past due 28,935 15,074 13,861 31\u201060 days past due 6,367 10,940 (4,573) 61\u201090 days past due 8,918 5,131 3,787 More than 90 days past due 34,883 34,590 293 Total gross trade receivables 460,847 379,620 81,227
Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 33.
15. OTHER RECEIVABLES Other receivables amounted to \u20ac 99.4 million, up by \u20ac 35.5 million compared to 31 December 2022. The relevant details are presented in the table below: \u20ac (thousands) 31/12/2023 31/12/2022 Changes 2023/2022 Tax receivables 72,508 49,353 23,155 Advances to employees and agents 2,796 1,751 1,045 Other 24,097 12,810 11,287 Total other receivables 99,401 63,914 35,487 Tax receivables also include value added tax (VAT) receivable (\u20ac 29.5 million) and advance payments of
income tax paid in excess. Advances to employees and agents comprise advances on expense accounts and other receivables. The \u201cOther\u201d receivables item includes the advances paid to suppliers and other parties, as well as settlements due from licensors and \u20ac 6.9 million relating to the short\u2010term discounted receivable from ARS Pharmaceuticals Inc., following the signing of an agreement in February 2023 for the restitution of rights to ARS\u20101 (See Note 19). 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) 31/12/2023 31/12/2022 Changes 2023/2022 Current (not past due) 381,744 313,885 67,859 1\u201030 days past due 28,935 15,074 13,861 31\u201060 days past due 6,367 10,940 (4,573) 61\u201090 days past due 8,918 5,131 3,787 More than 90 days past due 34,883 34,590 293 Total gross trade receivables 460,847 379,620 81,227
Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 33.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9766": {
"value": "Tax receivables also include value added tax (VAT) receivable (\u20ac 29.5 million) and advance payments of
income tax paid in excess.27. TAX LIABILITIES Tax liabilities at 31 December 2023 amounted to \u20ac 67.1 million (\u20ac 33.6 million at 31 December 2022) 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9775": {
"value": "16. OTHER CURRENT ASSETS Other current assets amounted to \u20ac 19.9 million (\u20ac 15.4 million at 31 December 2022) and relate mainly to prepaid expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9781": {
"value": "17. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current assets) At 31 December 2023 the value of derivative instruments included under this item amounted to \u20ac 11.1 million. The measurement at market (fair) value of the cross currency swaps, entered into by the Parent Company to hedge the US$75 million loan issued on 31 September 2014 resulted in a total asset of \u20ac 7.7 million. This amount represents the potential benefit of a lower value in euro of the future dollar denominated principal and interest flows, in view of the revaluation of the foreign currency with respect to the moment in which the loan and hedging instruments were negotiated. In particular, the change in fair value of the derivative hedging the US$ 50 million tranche of the loan, provided by Mediobanca, was positive for \u20ac 4.7 million, and that hedging the US$ 25 million tranche of the loan, provided by UniCredit, yielded a \u20ac 3.0 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 3.4 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 taken out by the Parent Company to hedge the interest rates on the syndicated loan finalised in the first half of 2022. At 31 December 2023, other hedging transactions on foreign currency positions were essentially measured at nil, compared to \u20ac 4.2 million at 31 December 2022, with the difference recognised in the
income statement, offsetting the exchange gains determined by 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 2023 the value of derivative instruments included under this item amounted to \u20ac 20.0 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 2023 on the outstanding loan of 73.3 million Swiss francs was a negative for \u20ac 12.9 million compared to the \u20ac 14.4 million at 31 December 2022, with the difference recognized in the income statement, offsetting the exchange losses determined by the valuation of the underlying loan at current exchange rates. The measurement at market (fair) value at 31 December 2023 of the interest rate swaps hedging a number of loans gave rise to a total liability of \u20ac 3.2 million, which represents the unrealized need to pay
in future the variable interest rates currently expected, instead of the agreed rates for the duration of the loans. The amount is related to the interest rate swaps taken out by the Parent Company to hedge the interest rates on the loans agreed with the lending consortium in 2023 (\u20ac 2.5 million) and in 2022 (\u20ac 0.7 million). At 31 December 2023, other hedging transactions were in place on foreign currency positions, the measurement of which was negative for \u20ac 3.9 million compared to the \u20ac 3.0 million at 31 December 2022, 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9822": {
"value": "18. CASH AND CASH EQUIVALENTS A breakdown is shown in the following table: \u20ac (thousands) 31/12/2023 31/12/2022 Changes 2023/2022 Demand current account deposits 194,959 162,602 32,357 Short\u2010term time deposits 26,808 122,098 (95,290) Cash on hand 45 34 11 Total cash and cash equivalents 221,812 284,734 (62,922) Short\u2010term time deposits consist of tied deposits with maturities of three months or less. At 31 December 2023, cash and cash equivalents were mainly in euro (53.7 million), U.S. dollars (118.4 million, especially for the subsidiary Recordati Rare Diseases Inc.), Russian roubles (1,442.9 million, mainly from the subsidiary Rusfic LLC), Tunisian dinars (37.8 million for the subsidiaries in Tunisia), British pounds (5.4 million, mainly for the UK subsidiaries), and Swiss francs (5.6 million, mainly for the subsidiary Recordati AG).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9854": {
"value": "19. NON-CURRENT ASSETS HELD FOR SALE As of 31 December 2022, the sum of \u20ac 12.5 million was posted as the estimated discounted recoverable value of the \u20ac 15.0 million milestone paid to ARS Pharmaceuticals Inc. for the ARS\u20101 licence, following the start of negotiations to return the product rights. In February 2023, the parties reached an agreement, leading to a receipt of \u20ac 3.0 million and the reclassification under Receivables of the discounted recoverable value and the zeroing of the balance under the item Non\u2010current assets held for sale.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9864": {
"value": "20. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Share capital \u2010 the share capital at 31 December 2023, 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 2023, there were no changes.
Share premium reserve \u2010 At 31 December 2023, this amounted to \u20ac 83.7 million, unchanged compared to the previous year. Treasury shares \u2010 At 31 December 2023, 3,119,044 treasury shares are held in the portfolio, a decrease of 564,989 shares compared to 31 December 2022. The change was due to the disposal of 1,090,250 shares for an amount of \u20ac 30.1 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 525,261 shares for an amount of \u20ac 22.7 million.
The total cost to purchase the treasury shares in the portfolio was \u20ac 128.0 million, with an average unit price of \u20ac 41.03.
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 entry for the value of the assets and liabilities resulting from the measurement at market value of the cross\u2010currency swaps qualifying as cash flow hedges, the 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 2023 this value, net of the tax effect, was negative \u20ac 0.3 million. Other reserves \u2010 At 31 December 2023, these amounted to \u20ac 61.2 million, down by \u20ac 1.0 million compared to 31 December 2022. 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 30.9 million, while the application of IAS 19 had a negative effect of \u20ac 1.0 million. The recognition of the gains associated with the investment in Puretech Health p.l.c. determined a positive after\u2010tax effect of \u20ac 13.7 million, while the recognition of the reduced value of the investment in Phaxiam Therapeutics S.A. 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 income \u2010 At 31 December 2023, profits carried forward amounted to \u20ac 1,636.5 million, up by \u20ac 112.4 million compared to 31 December 2022 and the Group\u2019s net income was \u20ac 389.2 million, up by 24.6% compared to \u20ac 312.3 million in 2022. 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 152.2 million. In accordance with the international accounting standard IAS 12, deferred taxes are not recognized on these suspended reserves until their distribution is resolved. Interim dividend \u2010 During the year, the Board of Directors of the Parent Company resolved to distribute an interim dividend for 2023 of \u20ac 0.57 per share, for a total amount of \u20ac 117.4 million. Incentive plans \u2010 At 31 December 2023, 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. Over the course of the first six months of 2023, the 2021\u20102023 plan was revoked, limited to the allocation of options envisaged for 2023 pursuant to said plan, without prejudice, therefore, to the validity and effectiveness of the plan for the allocation of options carried out in 2021 and 2022.
Stock options outstanding at 31 December 2023 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2023 Granted 2023 Exercised in 2023 Cancelled and expired 2023 Quantity 31/12/2023 Grant date 13 April 2016 21.93 899,500 \u2010 (387,250) \u2010 512,250 03 August 2018 30.73 2,620,500 \u2010 (703,000) (24,500) 1,893,000 06 May 2021 45.97 2,614,500 \u2010 \u2010 (223,000) 2,391,500 1 December 2021 56.01 130,000 \u2010 \u2010 \u2010 130,000 24 February 2022 47.52 3,520,000 \u2010 \u2010 (427,000) 3,093,000 Total 9,784,500 - (1,090,250) (674,500) 8,019,750 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 IFRS 2 led to an expense in the 2023 income statement of \u20ac 1.5 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. In the first half of 2023, the Parent Company adopted a new long\u2010term incentive plan called \u201c2023\u20102025 Performance Shares Plan\u201d, benefiting certain Group employees. The plan provides for three grants of rights to receive Company shares free of charge, one for each year covered by the plan. On 27 June, the grant envisaged for 2023 was carried out for a total of 440,485 rights, which, following a vesting period of three years, will allow recipients to receive shares of the Parent Company up to an amount of 175% of the amount originally granted, based on the trend of certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The cost for the year, determined according to IFRS 2, amounted to \u20ac 3.0 million.
Share capital \u2010 the share capital at 31 December 2023, 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 2023, there were no changes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9878": {
"value": "Treasury shares \u2010 At 31 December 2023, 3,119,044 treasury shares are held in the portfolio, a decrease of 564,989 shares compared to 31 December 2022. The change was due to the disposal of 1,090,250 shares for an amount of \u20ac 30.1 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 525,261 shares for an amount of \u20ac 22.7 million.
The total cost to purchase the treasury shares in the portfolio was \u20ac 128.0 million, with an average unit price of \u20ac 41.03.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9930": {
"value": "Incentive plans \u2010 At 31 December 2023, 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. Over the course of the first six months of 2023, the 2021\u20102023 plan was revoked, limited to the allocation of options envisaged for 2023 pursuant to said plan, without prejudice, therefore, to the validity and effectiveness of the plan for the allocation of options carried out in 2021 and 2022.
Stock options outstanding at 31 December 2023 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2023 Granted 2023 Exercised in 2023 Cancelled and expired 2023 Quantity 31/12/2023 Grant date 13 April 2016 21.93 899,500 \u2010 (387,250) \u2010 512,250 03 August 2018 30.73 2,620,500 \u2010 (703,000) (24,500) 1,893,000 06 May 2021 45.97 2,614,500 \u2010 \u2010 (223,000) 2,391,500 1 December 2021 56.01 130,000 \u2010 \u2010 \u2010 130,000 24 February 2022 47.52 3,520,000 \u2010 \u2010 (427,000) 3,093,000 Total 9,784,500 - (1,090,250) (674,500) 8,019,750 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 IFRS 2 led to an expense in the 2023 income statement of \u20ac 1.5 million, which also includes the incentive plan granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. In the first half of 2023, the Parent Company adopted a new long\u2010term incentive plan called \u201c2023\u20102025 Performance Shares Plan\u201d, benefiting certain Group employees. The plan provides for three grants of rights to receive Company shares free of charge, one for each year covered by the plan. On 27 June, the grant envisaged for 2023 was carried out for a total of 440,485 rights, which, following a vesting period of three years, will allow recipients to receive shares of the Parent Company up to an amount of 175% of the amount originally granted, based on the trend of certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The cost for the year, determined according to IFRS 2, amounted to \u20ac 3.0 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10029": {
"value": "21. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON-CONTROLLING 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 3.7 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10042": {
"value": "22. LOANS At 31 December 2023, loans amounted to \u20ac 1,709.0 million, up by a net \u20ac 75.9 million compared to 31 December 2022. This item includes the liabilities deriving from the application of the accounting standard IFRS 16, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 37.9 million, a net decrease of \u20ac 7.1 million compared to 31 December 2022.
During 2023, the Loans item increased by \u20ac 365.4 million: \u20ac 347.6 million from opening new bank loans and \u20ac 17.8 million relating to new lease contracts. Repayments over the period totalled \u20ac 290.4 million, of which \u20ac 280.2 million were for bank loan repayments and \u20ac 10.2 million for leasing liabilities. During the year, the loan of \u20ac 150.0 million taken out with Mediobanca in 2018 matured and was paid off. 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 0.9 million compared to 31 December 2022. A breakdown of medium\u2010 and long\u2010term loans at 31 December 2023 and 2022 is shown in the following table:
\u20ac (thousands) 31/12/2023 31/12/2022 GRANTED TO RECORDATI S.p.A.: Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable\u2010rate loans repayable between 2024 and 2028 in six\u2010monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *298,052 \u2010 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi\u2010annual instalments from 2025 until 2033 *49,974 \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 *74,758 *74,736 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 *689,981 *796,518 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,608 *179,446 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi\u2010annual installments starting 2022 through 2026 *33,934 *37,905 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 *127,636 *213,207 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,930 *124,921 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 *46,444 *60,815 Loan from Mediobanca, at a variable interest rate partially hedged by an interest rate swap, repaid in 2023 \u2010 *42,733 Liabilities for leases granted to Recordati S.p.A. 7,742 2,371 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi\u2010annual instalments starting 2022 through 2025 21,328 33,767 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi\u2010annual instalments starting 2020 through 2025 24,298 38,083 Various interest\u2010free loans granted to Casen Recordati S.L. repayable within 2029 139 156 Liabilities for leases granted to the other Group companies 30,144 28,437 Total amortized cost of loans 1,708,968 1,633,095 Loans due within one year, classified among current liabilities 355,752 291,546 Loans due after one year, classified among non\u2010current liabilities 1,353,216 1,341,549
* Net of expenses incurred for placing the loans, amortized on the basis of the effective interest rate. At 31 December 2023, the remaining expenses totalled \u20ac 5.6 million, mainly related to the loans granted to Recordati S.p.A. in 2022 by a loan consortium (\u20ac 1.9 million) and in 2022 (\u20ac 2.4 million), the syndicated loan granted to Recordati S.p.A. in 2019 by a group of banks (\u20ac 0.4 million), the 2021 loan granted by a loan consortium led by Mediobanca (\u20ac 0.4 million), the bonds issued by Recordati S.p.A. in 2014, 2017 and 2022 (totalling \u20ac 0.4 million) and the loans from Cassa Depositi e Prestiti and Allied Irish Bank (\u20ac 0.1 million in total). The repayment schedule for loans due after 31 December 2024, based on their amortization plans, is as follows: \u20ac (thousands) 2025 250,279 2026 465,690 2027 338,006 2028 116,265 2029 and subsequent years 182,976 Total 1,353,216 The weighted average interest rate at 31 December 2023, calculated applying the rates resulting from the hedging instruments, is 4.74%. The main loans outstanding are: a) Loan for a total of \u20ac 400.0 million taken out on 16 May 2023 by Recordati S.p.A. with a consortium of eight national and international lenders including Mediobanca as the coordinating institution, for an individual portion of \u20ac 50.0 million. The loan is formed of two independent loans for \u20ac 300.0 million and \u20ac 100.0 million respectively, both at a variable interest rate equal to the six month Euribor (with a zero floor) plus a variable spread based on a step\u2010up/step\u2010down mechanism on changes in the Leverage Ratio, with an interest payment every 6 months and a five year term. The loan for a higher amount, disbursed on 14 June 2023, will be repaid in semi\u2010annual instalments of increasing value starting from April 2024 and with settlement in May 2028. It was partially hedged with interest rate swaps, qualifying as cash flow hedges, effectively converting the hedged portion to a fixed interest rate. At 31 December 2023, the fair value of the derivatives was measured at negative \u20ac 2.5 million, which was recognized directly as a decrease in equity and as an increase in the liability item \u201cDerivative instruments measured at fair value\u201d (see Note 30). The loan for \u20ac 100.0 million consists of a Capex Line that can be used to fund specific investments, guaranteed for 18 months and yet to be used, with semi\u2010annual repayments on a straight\u2010line basis starting from October 2025 for the principal half and May 2028 for the remaining half. The 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. From 2024 the loan includes ESG\u2010linked covenants. If respected, they will allow a reduction in the interest rate applied, or an increase if they are not reached. b) Loan for \u20ac 50.0 million negotiated by the Parent Company in April 2023 with Cassa Depositi e Prestiti. The terms of the loan provide for a variable interest rate equal to the six month Euribor (with a zero floor) plus a variable spread, an interest payment every 6 months and a ten year term with semi\u2010 annual repayments on a straight\u2010line basis starting from October 2025 for 70% of the principal and repayment in April 2033 for the remaining 30%. The disbursement took place on 18 May 2023. 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. c) 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 twelve 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. d) Loan for a total of \u20ac 800 million negotiated by Recordati S.p.A. in two different stages during 2022, paid by a consortium of national and international lenders. The terms of the loan provide for a variable interest rate at the six month 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 five year term with semi\u2010annual repayment of the principal starting 31 March 2023, with the final instalment on 3 February 2027. The outstanding debt at 31 December 2023 amounted to \u20ac 690.0 million. From July 2022, the loan was partially and progressively hedged with an interest rate swap, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. The fair\u2010value measurement of derivative instruments as at 31 December 2023 was in some cases positive, for a total of \u20ac 3.4 million, which was posted as a direct increase of net equity and an increase to the asset item \u201cDerivative instruments at fair value\u201d (see Note 14), but in other cases was negative for a total of \u20ac 0.7 million, which was directly posted as a decrease in net equity and an increase to the liability item \u201cDerivative instruments at fair value\u201d (see Note 30). 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. e) 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 2023 was \u20ac 21.3 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. f) \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 six month Euribor (with a zero floor) plus a fixed spread and a five year term and single instalment 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. g) 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 six month 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 2023 amounted to a total of \u20ac 33.9 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. h) 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 three month 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 2023 was \u20ac 24.3 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. i) 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 six month 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 five
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 2023 amounted to a total of \u20ac 127.6 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. j) 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. k) 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, US$ 10.0 million of the first tranche and US$ 3.6 million of the second tranche were repaid, and the outstanding debt at 31 December 2023 amounted to a total of US$ 51.4 million, with a counter\u2010value of \u20ac 46.5 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 38.4 million at 31 December 2023), of which \u20ac 37.3 million (\u20ac 22.4 at the date of this report) at a lower fixed rate for the tranche with maturity at 12 years and \u20ac 18.7 million (\u20ac 16.0 million at the date of this report) again at a lower fixed rate than the one maturing at 15 years. At 31 December 2023, hedging instruments measured at fair value were positive for a total of \u20ac 7.7 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 14). 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 three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed.
31. SHORT-TERM DEBTS TO BANKS AND OTHER LENDERS Short\u2010term debts to banks and other lenders at 31 December 2023 were \u20ac 99.9 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 2023, the Parent Company renewed the 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 had been entirely used at 31 December 2023, 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. These conditions were met.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10048": {
"value": "This item includes the liabilities deriving from the application of the accounting standard IFRS 16, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 37.9 million, a net decrease of \u20ac 7.1 million compared to 31 December 2022.
\u20ac (thousands) 31/12/2023 31/12/2022 GRANTED TO RECORDATI S.p.A.: Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable\u2010rate loans repayable between 2024 and 2028 in six\u2010monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *298,052 \u2010 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi\u2010annual instalments from 2025 until 2033 *49,974 \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 *74,758 *74,736 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 *689,981 *796,518 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,608 *179,446 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi\u2010annual installments starting 2022 through 2026 *33,934 *37,905 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 *127,636 *213,207 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,930 *124,921 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 *46,444 *60,815 Loan from Mediobanca, at a variable interest rate partially hedged by an interest rate swap, repaid in 2023 \u2010 *42,733 Liabilities for leases granted to Recordati S.p.A. 7,742 2,371 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi\u2010annual instalments starting 2022 through 2025 21,328 33,767 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi\u2010annual instalments starting 2020 through 2025 24,298 38,083 Various interest\u2010free loans granted to Casen Recordati S.L. repayable within 2029 139 156 Liabilities for leases granted to the other Group companies 30,144 28,437 Total amortized cost of loans 1,708,968 1,633,095 Loans due within one year, classified among current liabilities 355,752 291,546 Loans due after one year, classified among non\u2010current liabilities 1,353,216 1,341,549
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10456": {
"value": "23. PROVISIONS FOR EMPLOYEE BENEFITS The balance at 31 December 2023 amounted to \u20ac 21.2 million (\u20ac 19.4 million at 31 December 2022) and reflects the Group\u2019s liability towards its employees determined in accordance with IAS 19. The changes in these provision were follows: \u20ac (thousands) 2023 2022 Balance at 1 January 19,418 21,010 Additions 2,363 2,758 Utilizations (2,143) (2,660) Adjustment for actuarial (gains)/losses 1,601 (1,690) Balance at 31 December 21,239 19,418 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 5.0 million. The other liabilities are mainly due to contribution plans in being in the French company Laboratoires Bouchara Recordati (\u20ac 4.6 million), in the U.S. company Recordati Rare Diseases (\u20ac 3.2 million), in the German company Recordati Pharma (\u20ac 1.5 million), in the Swiss company Recordati AG (\u20ac 3.5 million) and in the other Recordati Rare Diseases companies (\u20ac 2.4 million). The fair value calculation made using actuarial assumptions updated to 31 December 2023 determined an increase of \u20ac 1.6 million compared to the value of the provisions at 31 December 2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10541": {
"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 2023 and 2022 amounted to \u20ac 264.0 million and \u20ac 224.7 million respectively. 26. OTHER PAYABLES At 31 December 2023, the Other liabilities amounted to \u20ac 174.4 million (\u20ac 251.1 million at 31 December 2022). The decrease is mainly due to the payment of \u20ac 70 million to Tolmar International Ltd, made to fulfil contractual obligations following the approval of the change to the new Eligard\u00ae syringe system and the payments of the remaining 20 million US dollars following the reaching of contractual milestones in relation to the acquisition of rights to Isturisa\u00ae. A breakdown is provided in the table below: \u20ac (thousands) 31/12/2023 31/12/2022 Changes 2023/2022 Personnel 65,355 64,921 434 Social security 21,966 18,039 3,927 Agents 235 433 (198) Other 86,849 167,743 (80,894) Total other payables 174,405 251,136 (76,731) The item \u201cOther\u201d mainly includes: \ue001 the payable of \u20ac 61.8 million owed by the Group companies to national health insurers, of which: \u2013 \u20ac 27.7 million are owed by Recordati Rare Diseases Inc.; \u2013 \u20ac 13.98 million are owed by Recordati Pharma GmbH to the \u201cKrankenkassen\u201d (German health insurers); \u2013 a total of \u20ac 20.3 million are due from the Italian companies and subsidiaries in Greece, France, Switzerland, Canada and Ireland; \ue001 The payable of \u20ac 3.7 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10613": {
"value": "28. OTHER CURRENT LIABILITIES At 31 December 2023, other current liabilities amounted to \u20ac 5.3 million, down by \u20ac 0.4 million compared to 31 December 2022. An amount of \u20ac 2.9 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": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10621": {
"value": "29. PROVISIONS FOR RISKS AND CHARGES Provisions for risks and charges set aside at 31 December 2023 amounted to \u20ac 16.6 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) 31/12/2023 31/12/2022 Changes 2023/2022 For taxes 525 531 (6) Future contingencies 16,071 15,678 393 Total other provisions 16,596 16,209 387 \u20ac (thousands) 2023 2022 Balance at 1 January 16,209 21,396 Additions 2,635 2,866 Change to scope of consolidation \u2010 284 Utilizations (2,248) (8,337) Balance at 31 December 16,596 16,209 The year\u2010end balance is mainly related to the Parent Company and to the other Italian companies (\u20ac 6.8 million), to the companies in France (\u20ac 2.5 million) and in Germany (\u20ac 2.4 million), the Spanish company Casen Recordati (\u20ac 2.2 million) and Jaba Recordati in Portugal (\u20ac 0.8 million). The various risks include provisions for restructuring costs, returned products, legal disputes and others. Despite the uncertainty surrounding the ongoing disputes and litigation, the provisions set aside are considered the best estimate of these liabilities, based on the information available on the reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10730": {
"value": "32. FAIR VALUE OF FINANCIAL INSTRUMENTS As prescribed by IFRS 7, the book values and fair values at 31 December 2023 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 21,555 21,555 Derivative instruments measured at fair value 11,079 11,079 Financial assets not measured at fair value Cash and cash equivalents 221,812 221,812 Trade receivables 445,193 445,193 Other receivables 99,401 99,401 Financial liabilities Financial liabilities measured at fair value Derivative instruments measured at fair value 19,993 19,993 Other payables 3,680 3,680 Financial liabilities not measured at fair value Loans \u2010at variable interest rates 840,047 840,047 \u2010 at variable interest rates hedged with interest rate swaps 563,436 563,436 \u2010 at fixed interest rates 221,155 210,823 \u2010 at fixed interest rates hedged with cross currency swaps 46,444 45,745 \u2010 lease liabilities 37,886 37,886 Trade payables 263,979 263,979 Other payables 237,837 237,837 Short\u2010term debts to banks and other lenders 99,932 99,932
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10791": {
"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 2023, 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 2023, total trade receivables of \u20ac 460.8 million included \u20ac 34.9 million in receivables past due by more than 90 days. Of these, \u20ac 11.3 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 15.7 million are considered sufficient to cover potential losses due to insolvency. The measurement of credit risk also took into account the potential impact of the Ukraine conflict.
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. In relation to the euro companies, at 31 December 2023 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \ue001 net receivables of 34.3 million Brazilian reals; \ue001 net receivables of 18.2 million Polish zloty; \ue001 net receivables of 2.6 million British pounds; \ue001 net receivables of 13.0 million Rumanian RON; \ue001 net debts of 1,833.6 million Russian roubles; \ue001 net debts of 4.4 million Swiss francs; \ue001 net debts of 4.8 million US dollars. Among the non\u2010euro companies, at 31 December 2023, the main net exposures in currencies other than the company\u2019s national currency and not hedged by derivative instruments are in euro, US dollars and Japanese yen. The net exposures in euro are mainly related to the companies based in Switzerland (net payables of 9.7 million), the United States (net payables of 7.3 million), Japan (net payables of 2.4 million), T\u00fcrkiye (net payables of 2.2 million), Australia (net payables of 1.8 million), Canada (net payables of 1.5 million), Brazil (net payables of 1.1 million), the Czech Republic (net receivables of 4.1 million) and Poland (net receivables of 2.5 million). Net exposures in U.S. dollars refer mainly to the companies in Japan (net payables of 5.5 million), Brazil (net payables of 5.2 million) and Colombia (net payables of 2.2 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 904.2 million). For consolidation purposes, the income statements and balance sheets of the non\u2010euro companies have been converted from their local currencies into euro. At 31 December 2023, the net asset values of these companies, excluding goodwill, are denominated mainly in U.S. dollars (422.9 million), pounds sterling (15.1 million), Swiss francs (379.3 million), Turkish lira (2,051.1 million), Czech crowns (470.9 million), Romanian ron (56.2 million), Russian roubles (7,601.8 million), Polish zloty (80.3 million) and Tunisian dinars (100.3 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 2023, was a negative \u20ac 264.7 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 2023, 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.
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 2023, 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 2023, total trade receivables of \u20ac 460.8 million included \u20ac 34.9 million in receivables past due by more than 90 days. Of these, \u20ac 11.3 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 15.7 million are considered sufficient to cover potential losses due to insolvency. The measurement of credit risk also took into account the potential impact of the Ukraine conflict.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10894": {
"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 2023, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10909": {
"value": "34. 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 & 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, Turkey 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 CEO, together with the segment managers, reviews the internal management reports for each segment at least quarterly. The two following tables show financial information for these two business segments as at 31 December 2023 and include comparative data. \u20ac (thousands) Specialty & Primary Care * Rare diseases segment Values not allocated Consolidated financial statements 2023 Revenue 1,367,611 714,720 \u2010 2,082,331 Expenses (979,374) (544,949) \u2010 (1,524,323) Operating income 388,237 169,771 - 558,008 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 - 437,326 * Includes pharmaceutical chemical operations. \u20ac (thousands) Specialty & Primary Care segment* Rare diseases segment Values not allocated** Consolidated financial statements 31 December 2023 Non\u2010current assets 1,537,393 1,446,943 21,555 3,005,891 Inventories 260,945 143,886 \u2010 404,831 Trade receivables 285,246 159,947 \u2010 445,193 Other receivables and other current assets 74,802 44,523 11,079 130,404 Cash and cash equivalents \u2010 \u2010 221,812 221,812 Total assets 2,158,386 1,795,299 254,446 4,208,131 Non\u2010current liabilities 38,454 126,994 1,353,215 1,518,663 Current liabilities 308,550 218,849 475,677 1,003,076 Total liabilities 347,004 345,843 1,828,892 2,521,739 Net capital employed 1,811,382 1,449,456 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 \u2010 \u2010 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 *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 & 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 2023 or in 2022. The following table shows net revenue by geographic area: \u20ac (thousands) 2023 2022 Changes 2023/2022 Europe 1,492,071 1,361,456 130,615 of which Italy 317,144 277,322 39,822 Australasia 139,881 114,944 24,937 America 394,861 323,503 71,358 Africa 55,518 53,404 2,114 Total 2,082,331 1,853,307 229,024 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": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10913": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11162": {
"value": "35. 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) 31/12/2023 31/12/2022 Changes 2023/2022 Deposits in bank current accounts and cash on hand 195,004 162,636 32,368 Short\u2010term time deposits 26,808 122,098 (95,290) Cash and cash equivalents 221,812 284,734 (62,922) Short\u2010term debts to banks and other lenders (99,932) (83,425) (16,507) Loans \u2010 due within one year (333,222) (269,586) (63,636) Notes issued (1) (10,226) (10,224) (2) Leasing liabilities \u2013 due within one year (10,249) (9,237) (1,012) Short-term borrowings (453,629) (372,472) (81,157) Short-term financial position (231,817) (87,738) (144,079) Loans \u2010 due after one year (1,091,727) (1,072,229) (19,498) Notes issued (1) (228,243) (238,371) 10,128 Leasing liabilities \u2013 due after one year (27,637) (21,571) (6,066) Non-current financial debt (1,347,607) (1,332,171) (15,436) Net financial position (1,579,424) (1,419,909) (159,515) (3) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11244": {
"value": "36. 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 31/12/2023 31/12/2022 2023 2022 Recordati S.p.A. 352,782 362,988 224,017 219,233 Consolidation adjustments: \u2010 Elimination margins in inventories (78,677) (84,561) 5,884 (11,893) \u2010 Related tax effect 22,614 24,120 (1,506) 3,675 \u2010 Other adjustments (32,082) (24,974) (6,004) (5,494) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,321,387 1,201,902 \u2010 \u2010 Net income for consolidated subsidiaries, net of amounts already recognized by Recordati S.p.A. 365,068 271,791 365,068 271,791 Dividends received from consolidated subsidiaries (198,245) (164,976) Write\u2010down of holdings in subsidiaries 0 0 Translation adjustments (264,700) (205,018) \u2010 \u2010 Consolidated financial statements 1,686,392 1,546,248 389,214 312,336
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11311": {
"value": "37. 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 40 million, are merely potential at the moment.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11321": {
"value": "38. RELATED-PARTY 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 2023 amounted to \u20ac 2.5 million and \u20ac 0.2 million respectively.
Key management personnel compensation comprised the following: \u20ac (thousands) 2023 2022 Fixed remuneration 4,161 4,517 Non\u2010monetary benefits 263 156 Bonuses and other incentives 2,942 2,456 Share\u2010based payments 1,749 1,183 Total 9,115 8,312 Compensation of the Group\u2019s key management personnel includes salaries and non\u2010cash benefits. The executive officers also participate in the Group\u2019s stock option and performance share 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11326": {
"value": "Rossini S.\u00e0 r.l.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11328": {
"value": "CVC Capital Partners",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11368": {
"value": "39. 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. Except for the above, no significant events occurred subsequent to the reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11387": {
"value": "40. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AT 31 DECEMBER 2023 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 Marketing of pharmaceuticals 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 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 419,804.00 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 Consolidated companies Head office Share capital Currency Consolidation method 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 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
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line\u2010by\u2010line RECORDATI RARE DISEASES FZCO (1) Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line\u2010by\u2010line EUSA Pharma (UK) Limited (2) Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line\u2010by\u2010line RECORDATI Netherlands B.V. (2) Marketing of pharmaceuticals Netherlands 1.00 EUR Line\u2010by\u2010line EUSA Pharma (Denmark) ApS (2) Marketing of pharmaceuticals Denmark 50,000.00 EUR Line\u2010by\u2010line EUSA Pharma (CH) GmbH (2) Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line\u2010by\u2010line RECORDATI KOREA, Co. Ltd (2) Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line\u2010by\u2010line (1) Set up in 2022 (2) Acquired in 2022
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11400": {
"value": "Development, production, marketing and sales of pharmaceuticals and pharmaceutical chemicals
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f12023": {
"value": "DISCLOSURE OF AUDITORS\u2019 FEES FOR ACCOUNTING AUDITS AND OTHER SERVICES Type of service Entity providing the service Recipient Fees Amounts in \u20ac Accounting Auditing Auditor of the Parent Company Parent Company 241,748 Accounting Auditing Auditor of the Parent Company Subsidiaries 236,630 Accounting Auditing Network of the auditor of the Parent Company Subsidiaries 733,466 Tax compliance Network of the auditor of the Parent Company Subsidiaries 47,363 Signing declarations and certificates Auditor of the Parent Company Parent Company 39,970 Signing declarations and certificates Auditor of the Parent Company Subsidiaries 3,703 Signing declarations and certificates Network of the auditor of the Parent Company Subsidiaries 180,554 Other services Network of the auditor of the Parent Company Subsidiaries 30,790
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}