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"value": "RECORDATI S.P.A. AND SUBSIDIARIES EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. GENERAL INFORMATION The consolidated financial statements of the Recordati Group for the year ended 31st December 2024 were prepared by Recordati Industria Chimica e Farmaceutica
S.p.A.
(the \u201cCompany\u201d or the \u201cParent
Company\u201d and, together with its subsidiaries, the \u201cGroup\u201d), with headquarters at
Via Matteo Civitali no.
1
, 20148 Milan,
Italy
, and was approved by the Board of Directors\u2019 on 18th March 2025, which
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. 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-current 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 as of 31st December 2024 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 39. The scope of consolidation changed in 2024 following the establishment of Recordati Rare Diseases MENA RHQ, operating in Saudi Arabia and Recordati Argentina S.r.l., operating in Argentina. Furthermore, Tonipharm S.A.S. was merged into Bouchara Recordati S.A.S., EUSA Pharma (Denmark) ApS was liquidated and EUSA Pharma (UK) Ltd. was renamed Recordati UK LTD. In November 2024 the global rights to Enjaymo\u00ae were acquired from Sanofi. Enjaymo\u00ae (sutimlimab) is a biologic product and it\u2019s the only approved targeted product for the treatment of cold agglutinin disease (CAD), a rare B-cell lymphoproliferative disorder. It is a humanised monoclonal antibody indicated for the treatment of haemolysis in adults with CAD and, in 2022, it was granted approval by the United States Food and Drug Administration (FDA), the European Commission (EC) and the Japanese Ministry of Health, Labour and Welfare. The acquisition of the rights led to an overall outlay of \u20ac 781.7 million, including the costs incurred for the transaction and for the purchase of the inventory existing at the effective date of the contract. The total disbursement was shown in the cash flow statement among \u201cInvestments in intangible assets\u201d, while in the balance sheet assets it was classified under intangible assets for \u20ac 699.7 million and in inventories for \u20ac 82.0 million. 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 31st December 2023, with the exception of the adoption of the new standards and amendments in force from 1st January 2024 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- 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, and on the Ukrainian market with revenue in 2024 totalling respectively 5.2% and 0.7% of the Group's total revenue. 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 31st December 2023. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19. Economies experiencing hyperinflation The Group controls companies based in T\u00fcrkiye and, starting in the first half of 2024, in Argentina. These countries have now reached a situation in which the presence of hyperinflation is the consensus, in line with international accounting standards. As of 1st January 2022 for Turkish companies and 22nd April 2024, day of its incorporation, for that in Argentina, the reference standard IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied, the effects of which, mainly with reference to T\u00fcrkiye, are reflected in the Group\u2019s consolidated results as at 31st December 2024. In particular, in accordance with the standard, the restatement of balance sheet values as a whole requires application of specific procedures and an evaluation process. For the income statement, all items were restated applying the change in the general level of prices in effect at the date on which the revenue and costs were initially recorded in the financial statements at the reporting date. For the purpose of converting the income statement thus restated into euro, the exact exchange rate at 31st December 2024 was applied consistently, in accordance with IAS 21 in the presence of hyperinflationary economies, instead of the average exchange rate for the period. With regard to the balance sheet, the cash elements have not been restated, as they were already expressed in the unit of measurement as at the closing date of the period. Non-cash assets and liabilities were instead revalued from the date on which the assets and liabilities were initially recognised until the end of the period. Application of new accounting principles The OECD BEPS Pillar Two rules came into force with the financial year beginning 1st January 2024, based on which amendments had already been made to IAS 12 \u201cIncome taxes\u201d in 2023. Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates and based on the final figures for the entirety of 2024, all countries pass the \u201ctransitional safe harbours\u201d apart from Ireland, Switzerland and the United Arab Emirates. For these countries the effects were implemented with total provisioning of \u20ac 3.2 million, increasing the items \u201cIncome taxes\u201d in the income statement and \u201cTax liabilities\u201d in the balance sheet liabilities, of which \u20ac 1.5 million recorded by each of the subsidiaries in Ireland and Switzerland and \u20ac 0.2 million by the Parent Company. Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1st January 2024. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31st December 2024: \u2022 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, to clarify the characteristics of reverse factoring arrangements and to require that further information about such arrangements be given. The reporting requirements included in the amendments aim to assist readers in understanding the effects of reverse factoring arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The transition requirements clarify that an entity must not provide information in the interim financial statements relating to the first year of application of the amendments. \u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued an amendment to IFRS 16 to specify the requirements that a seller- lessee uses in the measurement of lease liabilities arising from a sale and leaseback transaction, to ensure that the seller-lessee does not recognise profit or loss with reference to the right of use maintained by it. \u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and October 2022, the IASB published amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2013 what is meant by right to defer settlement; \u2013 that the right to defer settlement must exist at the end of the financial year; \u2013 that the classification is not impacted by the probability that an entity will exercise its right to defer settlement; \u2013 that only if an embedded derivative in a convertible liability is an equity instrument, does the maturity of the liability have no impact on its classification. Furthermore, a requirement for additional information was introduced when a liability arising from a loan arrangement is classified as non-current and the entity\u2019s right to defer settlement is subject to compliance with covenants within twelve months.
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. \u2022 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. \u2022 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-by-case 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. \u2022 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \u2022 Inventories: inventories which appear to be obsolete or slow-moving are periodically tested and written down if their recoverable value in less than their book value. Write-downs are based on assumptions and estimates which derive from experience and the historical results obtained. \u2022 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: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 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 31st 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: \u2022 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \u2022 exposure or rights to variable returns originating from the relationship with the investee entity; \u2022 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: \u2022 Contractual agreements with other voting rights holders; \u2022 Rights originating from contractual agreements; \u2022 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-by-line 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-controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non-controlling 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: \u2022 assets and liabilities, with the exception of shareholders\u2019 equity, at year-end exchange rates; \u2022 shareholders\u2019 equity at historical exchange rates, for year of formation; \u2022 income and expense items at the average exchange rates for the year; \u2022 the goodwill resulting from the acquisition of a foreign company is recognized in the currency of the country in question and translated at year-end 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-line basis using rates which are held to be representative of the estimated useful life of the assets: \u2022 Industrial buildings 2.5% - 5.5% \u2022 Plant and machinery 10% - 17.5% \u2022 Other equipment 12% - 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-lease component on the basis of its related stand-alone price. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use 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-of-use asset is subsequently depreciated using the straight-line 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-of-use asset reflects that the Group will exercise a purchase option. In this case the right-of-use 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: \u2022 fixed payments (including substantially fixed payments); \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \u2022 amounts expected to be payable under a residual value guarantee; and \u2022 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-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the carrying amount of the right-of-use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right-of-use 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-of-use assets and lease liabilities for leases of low value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line 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-how 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. \u2022 Industrial patent rights and marketing authorizations 5% - 33% \u2022 Distribution licenses, trademarks and similar rights 5% - 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-controlled 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-generating 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-controlled 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-down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash- 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-tax 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-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash- 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-generating 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) - debt security; (FVOCI) - 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: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 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: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 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 \u2022 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.
\u2022 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. \u2022 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. \u2022 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-cash 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-derivative 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-financial item, it is included in the cost of the non-financial 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-derivative 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-derivative, 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-in-process 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-in-process 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-down 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-term 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-current 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-current 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-employment 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-monetary 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-out 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-out 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-front 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-line 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 - 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-item 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 2024 was \u20ac 2,341.6 million, up by 12.4% compared to 2023. This includes \u20ac 111.6 million for sales of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae, for which sales and distribution rights had been acquired from GSK during the third quarter of 2023, and revenue of \u20ac 10.9 million, generated in December, related to the Enjaymo\u00ae product for which Sanofi recently sold the global rights to Recordati. The increase is also attributable to strong organic growth in turnover in both business segments, despite the negative impact of the currency exchange effect, amounting to a total of \u20ac 26.9 million. Revenue can be detailed as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Net sales 2,325,679 2,068,054 257,625 Royalties 10,982 9,947 1,035 Upfront payments 1,369 1,371 (2) Various revenue 3,529 2,959 570 Total net revenue 2,341,559 2,082,331 259,228 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, had a positive effect on net revenue of \u20ac 14.4 million. It should be noted that the Argentine company did not achieve revenues. Royalties are related to products in the Rare Diseases segment for \u20ac 6.6 million and to those of the Specialty and Primary Care segment for \u20ac 4.4 million. 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 2024 Specialty & Primary Care 2023 Rare Diseases 2024 Rare Diseases 2023 Total 2024 Total 2023 Urology 399,941 280,375 - - 399,941 280,375 Cardiovascular 385,208 365,213 - - 385,208 365,213 Gastrointestinal 217,498 219,267 - - 217,498 219,267 Cough and Cold 137,280 137,121 - - 137,280 137,121 Other treatment areas 309,309 311,604 - - 309,309 311,604 Chemicals 58,468 54,031 - - 58,468 54,031 Endocrinology - - 321,686 242,318 321,686 242,318 Metabolic and other areas - - 258,941 271,551 258,941 271,551 Oncology - - 253,228 200,851 253,228 200,851 Total net revenue 1,507,704 1,367,611 833,855 714,720 2,341,559 2,082,331 GEOGRAPHIC AREA BY COUNTRY \u20ac (thousands) Specialty & Primary Care 2024 Specialty & Primary Care 2023 Rare Diseases 2024 Rare Diseases 2023 Total 2024 Total 2023 Pharmaceutical revenue Italy 299,672 281,562 30,815 28,198 330,487 309,760 U.S.A. - - 391,487 316,072 391,487 316,072 Spain 180,759 135,774 33,267 29,330 214,026 165,104 France 138,749 143,288 36,011 36,389 174,760 179,677 Germany 108,498 106,146 52,943 44,756 161,441 150,902 Russia, Ukraine, other CIS 128,569 120,917 21,933 19,649 150,502 140,566 T\u00fcrkiye 122,427 94,056 10,357 3,461 132,784 97,517 Portugal 61,904 55,041 5,276 5,155 67,180 60,196 Other Eastern European countries 135,636 121,377 32,326 28,978 167,962 150,355 Other Western European countries 98,600 90,228 65,104 62,178 163,704 152,406 North Africa 43,755 38,701 1,984 1,515 45,739 40,216 Other international sales 130,667 126,490 152,352 139,039 283,019 265,529 Total pharmaceutical revenue 1,449,236 1,313,580 833,855 714,720 2,283,091 2,028,300
\u20ac (thousands) Specialty & Primary Care 2024 Specialty & Primary Care 2023 Rare Diseases 2024 Rare Diseases 2023 Total 2024 Total 2023 Pharmaceutical chemicals revenue Italy 2,879 3,691 - - 2,879 3,691 Other European countries 16,342 15,209 - - 16,342 15,209 U.S.A. 4,723 6,735 - - 4,723 6,735 America (U.S.A. excluded) 6,012 5,541 - - 6,012 5,541 Asia and Oceania 27,911 21,528 - - 27,911 21,528 Africa 601 1,327 - - 601 1,327 Total chemical pharmaceuticals revenue 58,468 54,031 0 0 58,468 54,031 Total net revenue 1,507,704 1,367,611 833,855 714,720 2,341,559 2,082,331
4. OPERATING EXPENSES Total operating expenses for 2024 amounted to \u20ac 1,702.7 million, up compared to the \u20ac 1,524.3 million of 2023, and are classified by function as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Cost of sales 741,287 659,707 81,580 Selling expenses 497,728 472,857 24,871 Research and development expenses 286,026 255,747 30,279 General and administrative expenses 156,648 128,253 28,395 Other (income)/expenses, net 21,013 7,759 13,254 Total operating expenses 1,702,702 1,524,323 178,379
Research and development expenses, at \u20ac 286.0 million, were up by 11.8% compared to 2023. The growth is the result mainly of higher amortisation of \u20ac 12.6 million related to the intangible assets
acquired from GSK, the effects of which in 2023 had been recorded starting from the third quarter, \u20ac 2.9 million amortization, started in December 2024, related to the rights of Enjaymo\u00ae, and expenses in support of the growth of the endocrinology portfolio in the United States of America.
General and administrative expenses rose by 22.1% due to the strengthening of the general coordination structure and to investments in progress with reference to new IT systems to support the Group\u2019s growth.
The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2024 2023 Changes 2024/2023 Non-recurring costs: - restructuring 5,972 5,210 762 - EUSA Pharma acquisition 1,949 3,791 (1,842) - emergency in Ukraine and Spain 127 117 10 - earthquake in T\u00fcrkiye and Syria 0 520 (520) Impairment of intangible assets and goodwill 14,330 369 13,961 Other (1,365) (2,248) 883 Other (income)/expenses, net 21,013 7,759 13,254
Under the terms of the CONSOB Communication of 28th July 2006, on events, transactions and matters which are non-recurring or do not occur frequently in the normal course of business we can note: \u2022 the costs linked to the targeted restructuring of the Specialty & Primary Care field force, in particular in Spain and Greece; \u2022 the residual costs from the acquisition of EUSA Pharma, mainly relating to tech transfer fees; \u2022 the cost of donations made after the flooding in Spain in October 2024 and the conflict in Ukraine. In compliance with the CONSOB Communication dated 28th July 2006, it is noted that, during 2024, there were no atypical or unusual transactions, as defined by the Communication. Write-downs of intangible assets for \u20ac 14.3 million refer to the Ledaga\u00ae distribution licence for \u20ac 11.8 million, of which \u20ac 2.0 million following an amendment of the underlying agreement for the return of the rights of the Japanese market, and the \u20ac 2.5 million milestone paid to the operational partner for the development of the product REC 0559 for the treatment of neurotrophic keratitis, as the preliminary top-line data from the phase II trial shows the primary endpoint of corneal healing was not met. Total operating expenses are broken down by nature as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Material consumption 552,538 459,276 93,262 Payroll costs 410,266 363,796 46,470 Other employee costs 67,455 59,090 8,365 Variable sales expenses 96,158 103,533 (7,375) Depreciation, amortization and write-downs 181,355 143,038 38,317 Utilities and consumables 53,298 55,433 (2,135) Other expenses 341,632 340,157 1,475 Total operating expenses 1,702,702 1,524,323 178,379
The proportion of raw material consumption to net revenue was 23.6%, up compared to the 22.1% of 2023, mainly due to the integration of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae. The item \u201cPayroll costs\u201d grew by \u20ac 46.5 million due to the
higher average number of employees (4,410
people in 2024 compared to 4,301 people in 2023)
and increases in salaries. Stock option plan expenses
There were 4,583 employees as of 31st December 2023, an increase over the 4,455 at the end of 2023.
Total amortisation amounted to \u20ac 167.0 million, of which \u20ac 133.6 million related to intangible assets, up by \u20ac 19.9 million over the previous year, attributable mostly to the acquisition of rights of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae from GSK (\u20ac 16.3 million for the entire 2024 compared to \u20ac 3.6 million in 2023) and Enjaymo\u00ae from Sanofi (\u20ac 2.9 million for December 2024 only), and \u20ac 33.4 million relating to property, plant, and equipment, up by \u20ac 4.5 million over 2023.
The item \u201cUtilities and consumables\u201d mainly includes costs for electricity and gas, consumables and IT services and recorded a net decrease compared to 2023 as a result of the lower impact of the costs of energy and materials used in production. The item \u201cOther expenses\u201d includes costs for consulting and external services, promotion and clinical trials. It also includes the non-cash costs of \u20ac 37.5 million deriving from the effects of the revaluation at fair value of the inventory acquired as part of the transactions relating to EUSA Pharma and Enjaymo\u00ae in accordance with IFRS 3, which amounted to \u20ac 58.9 million in 2023. 5. NET FINANCIAL INCOME AND EXPENSES In 2024 and 2023 the net balance of financial components was negative respectively of \u20ac 91.7 million and \u20ac 67.0 million. The main items are summarized as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Interest expense on loans 78,975 72,516 6,459 Net exchange rate (gains)/losses 9,342 (2,158) 11,500 Net (income)/expense on short-term positions (5,962) (4,181) (1,781) Expenses on leases 2,186 1,939 247 Expenses for defined benefit plans 385 402 (17) Turkish hyperinflation effects (IAS 29) 6,747 (1,546) 8,293 Total net financial (income)/expenses 91,673 66,972 24,701
in the fourth quarter of 2024 for the acquisition of Enjaymo\u00ae. Note number 21 contains the details of the loan contracts. Net exchange losses, mostly unrealised, amounted to \u20ac 9.3 million, whereas in the previous year there were net exchange gains of \u20ac 2.2 million. These changes are mainly attributable to the trend in the US dollar and the Russian rouble. The hyperinflation effect was negative for \u20ac 6.7 million in 2024 following a positive impact of \u20ac 1.5 million in 2023 mainly due to the net effect of the revaluation of balance sheet entries of subsidiaries in T\u00fcrkiye.
6. INCOME TAXES Income taxes, amounting to \u20ac 130.7 million, 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 28.9 million compared to 2023. The amount includes provisioning of \u20ac 3.2 million for the effects deriving from application of the Pillar Two regulations in the tax jurisdictions of Ireland, Switzerland and the United Arab Emirates, determined as described in detail in note 2. In 2023 there was a non-recurring 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 2024, Recordati S.p.A. took part in the reverse charge regime for the same assets as in 2015-2019 (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 2024, recognised to reduce the tax amounts, as \u20ac 9.0 million. The current standard corporate income tax rate in Italy can be reconciled with the tax rate effectively incurred on consolidated pre-tax income, as follows: 2024 % 2023 % Standard income tax rate on pre-tax income of the Parent Company 24.0 24.0 Dividends from foreign subsidiaries 0.6 0.5 Pillar Two 0.6 - Foreign tax rate differential (1.1) (2.6) Tax benefit provided by the so-called \u201cPatent box\u201d in Italy (1.3) (1.8) ACE from reverse merger - (0.3) Other differences, net 0.5 0.2 Effective tax rate on income 23.3 20.0 IRAP 0.6 0.7 Effective tax rate on pre-tax income 23.9 20.7 IRAP is levied only on Italian companies and is computed applying an average rate of 4.65% 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 as of 1 January 2023 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) Write-downs 0 0 (118) 0 (118) Hyperinflation 5,368 7,239 1,542 130 14,279 Other changes (5,031) 1,728 (97) (12,522) (15,922) Balance as of 31 December 2023 123,647 269,201 111,821 48,149 552,818 Additions 17,079 5,654 16,402 21,122 60,257 Disposals (12,853) (357) (8,009) (407) (21,626) Hyperinflation 7,346 6,866 2,712 (366) 16,558 Other changes 4,839 28,273 (470) (38,297) (5,655) Balance as of 31 December 2024 140,058 309,637 122,456 30,201 602,352 Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 606 4,598 (147) 0 5,057 Other changes (1,186) (5,349) (2,130) 0 (8,665) Balance as of 31 December 2023 66,692 227,909 79,560 0 374,161 Amortization for the year 8,840 12,023 12,562 0 33,425 Disposals (8,747) (356) (7,671) 0 (16,774) Hyperinflation 2,057 4,443 1,745 0 8,245 Other changes (189) (424) (2,792) 0 (3,405) Balance as of 31 December 2024 68,653 243,595 83,404 0 395,652 Net amount 1 January 2023 54,408 37,727 26,159 40,890 159,184 31 December 2023 56,955 41,292 32,261 48,149 178,657 31 December 2024 71,405 66,042 39,052 30,201 206,700
The increases in property, plant and equipment of \u20ac 60.3 million are mainly linked to the Parent Company (\u20ac 19.3 million, largely for investments in its production plants), to the subsidiaries in France (\u20ac 9.5 million) and in the United States of America (\u20ac 7.8 million) especially in relation to the renewal of office leases, and to predominantly production investments in the plants in T\u00fcrkiye (\u20ac 5.5 million), Tunisia (\u20ac 2.6 million), Ireland (\u20ac 1.6 million) and Spain (\u20ac 1.4 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 2.4 million compared to 31st December 2023, 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 as of 1 January 2023 32,351 1,436 19,892 53,679 Additions 9,119 0 8,659 17,778 Disposals (1,386) (1) (6,874) (8,261) Hyperinflation 612 (2) 702 1,312 Other changes (157) (110) (1,261) (1,528) Balance as of 31 December 2023 40,539 1,323 21,118 62,980 Additions 15,308 0 10,679 25,987 Disposals (12,209) 0 (4,701) (16,910) Hyperinflation 641 0 1,730 2,371 Other changes (93) 0 (760) (853) Balance as of 31 December 2024 44,186 1,323 28,066 73,575 Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 314 (3) (648) (337) Other changes (383) (110) (1,077) (1,570) Balance as of 31 December 2023 14,842 859 9,053 24,754 Amortization for the year 6,129 259 6,920 13,308 Disposals (8,246) 0 (4,672) (12,918) Hyperinflation 287 0 713 1,000 Other changes (132) 0 15 (117) Balance as of 31 December 2024 12,880 1,118 12,029 26,027 Net amount 1 January 2023 21,520 731 8,620 30,871 31 December 2023 25,697 464 12,065 38,226 31 December 2024 31,306 205 16,037 47,548
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, license, trademark and similar rights Other Advance payments Total Cost Balance as of 1 January 2023 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) Write-downs 0 (251) 0 0 (251) Hyperinflation 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance as of 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115 Additions 699,672 18,824 818 12,133 731,447 Disposals (31) (7,862) (469) (37) (8,399) Write-downs 0 (11,830) 0 (2,500) (14,330) Hyperinflation 3,782 (385) 806 1 4,204 Other changes (9,758) 15,738 299 (14,218) (7,939) Balance as of 31 December 2024 1,834,784 1,534,791 24,557 38,966 3,433,098
Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 2,073 712 552 0 3,337 Other changes (949) 747 (584) 0 (786) Balance as of 31 December 2023 417,829 351,512 20,577 0 789,918 Amortization for the year 54,827 77,995 778 0 133,600 Disposals (13) (5,562) (457) 0 (6,032) Hyperinflation 2,270 (309) 618 0 2,579 Other changes (7,899) 7,432 341 0 (126) Balance as of 31 December 2024 467,014 431,068 21,857 0 919,939 Net amount 1 January 2023 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 31 December 2024 1,367,770 1,103,723 2,700 38,966 2,513,159 \u2022 \u20ac 0.8 million related to the renewal of the license for the Trasact\u00ae LAT product in Portugal; \u2022 \u20ac 0.5 million for the milestone payment relating to the distribution of Ledaga\u00ae in Spain. Write-downs for \u20ac 14.3 million refer to the Ledaga\u00ae distribution licence for \u20ac 11.8 million, of which \u20ac 2.0 million following an amendment of the underlying agreement for the return of the rights of the Japanese market, and to \u20ac 2.5 million milestone paid to the operational partner for the development of the product REC 0559 for the treatment of neurotrophic keratitis, as the preliminary top-line data from the phase II trial shows the primary endpoint of corneal healing was not met. The \u201cOther changes\u201d includes the conversion into euro of the value of the intangible assets held and booked in different currencies, which determined a net decrease of \u20ac 7.8 million compared to 31st December 2023 mainly attributable to the devaluation of the Swiss franc for \u20ac 9.6 million, of the Russian ruble for \u20ac 1.2 million and of the Turkish lira for \u20ac 0.6 million and to the revaluation of the U.S. dollar for \u20ac 3.7 million.
9. GOODWILL Goodwill as of 31st December 2024 and 2023 amounted to \u20ac 797.1 million and \u20ac 778.3 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 as of 31 December 2023 778,350 Hyperinflation adjustments 28,110 Exchange rate adjustments (9,382) Balance as of 31 December 2024 797,078 Total net goodwill as ofat 31st December 2024, of \u20ac 797.1 million, was divided between the two CGU as follows: \u2022 \u20ac 532.7 million to Specialty and Primary Care (SPC); \u2022 for \u20ac 264.4 million to the CGU referring to medicines for Rare Disease treatments. As reported in Note 2 \u201cSummary of significant accounting policies\u201d, goodwill is not amortized systematically but is subject to impairment test at least once a year to determine its recoverable value. Goodwill is allocated to the individual cash-generating units identified based on the business segments and the markets on which the new acquisitions operate. A cash-generating 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- generating units based on discounted cash flow (DCF analysis) originating from operating cash flow forecasts for the period used explicitly for the calculation (2025-2029) 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 (2025-2029) come from the 2025 budget approved by the Board of Directors of the Parent Company on 13th February 2025 and,
for 2026 to 2029, from specific forecasts prepared for the cash-generating units subject to impairment testing approved by the Board of Directors on 18th March 2025. The cashflow forecast took due account of the effects of the Russia/Ukraine conflict. Considering this analysis and based on the expected results and the resilience of the pharmaceutical industry, no significant impacts have been identified yet about 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. As highlighted in the Management Report, with regard to the potential risk related to climate change, considering the sector in which the Group operates, Recordati concluded that this risk has no concrete or significant impact on the company's operations and therefore does not have a significant impact on the estimate of the recoverable value of assets; it was therefore not deemed necessary to carry out a sensitivity analysis exercise on the potential impacts deriving from this risk. The Group will continue to monitor this potential risk over the years. The discount rate used for estimates is the after-tax average weighted cost of capital which reflects current market valuations of the cost of money and the specific risk associated with the cash-generating units. The following table shows the discount rates used for the impairment test for each of the two cash- generating units: Cash-generating unit Discount rate Specialty and Primary Care segment 9.36% Drugs for the treatment of rare diseases 8.05% The growth rates used for the period after the explicit forecast period were prudently estimated and consider the specific features of each country involved. The impairment tests, carried out according to the procedures described for each cash-generating unit, were examined and approved by the Board of Directors on 18th March 2025. For both CGUs the value in use was higher, even significantly so, than the book value of the net capital invested recognized in the financial statements as of 31st December 2024 and therefore no impairment of goodwill was recognized. In addition, as required by the impairment methodology approved by the Board of Directors on 13th February 2025, a sensitivity analysis was conducted to show the possible impact on the headroom value of changes in the following parameters: long-term growth rate (+/- 0.5%), operating profit growth rate (+/- 10%) and discount rate (+/- 0.5%). The result of the analysis confirmed that there were no impairment losses.
10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31st December 2024 the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31/12/2024 31/12/2023 31/12/2024 31/12/2023 PureTech Health p.l.c. - United Kingdom 17,307 21,350 3.7% 3.5% Phaxiam Therapeutics S.A., France 73 198 0.4% 0.7% Standard BioTools Inc. - United States of America 3 3 n.s. n.s. Other 2 4 n.s. n.s. Total equity investments and securities 17,385 21,555
The main investment refers to the U.K. company PureTech Health plc, specializing in investments in start-up companies dedicated to innovative therapies, medical devices and new research technologies. Starting from 19th June 2015, the Company\u2019s shares were admitted for trading on the London Stock Exchange. As of 31st December 2024, the total fair value of the 9,554,140 shares held was \u20ac 17.3 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 4.1 million, compared to 31st December 2023, with a counter-item 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-interest-bearing 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 29th June 2023. The value of the investment, currently represented by 43,103 shares, was adjusted to the stock exchange value and decreased by \u20ac 0.1 million compared to 31st December 2023, with a counter-item accounted for, net of the related tax effect, in the statement of gains and losses recognized in equity.
11. OTHER NON-CURRENT ASSETS As of 31st December 2024 this item amounted to \u20ac 14.2 million, an increase of \u20ac 1.7 million compared to 31st December 2023, and mainly refers to receivables falling due beyond twelve months. It includes the discounted receivable of \u20ac 4.0 million in respect of ARS Pharmaceuticals Inc. following the signing of the agreement in February 2023 for the return of the rights on ARS-1, previously recognised under intangible assets.
12. DEFERRED TAX ASSETS As of 31st December 2024 deferred tax assets amounted to \u20ac 94.5 million (\u20ac 76.7 million at 31st December 2023). The main deferred tax assets and their changes are presented in the two tables below: \u20ac (thousands) 2024 2023 Balance as of 1 January 76,674 76,895 Additions 29,764 21,237 Utilizations (11,911) (16,084) Reclassifications 0 (5,374) Balance as of 31 December 94,527 76,674 \u20ac (thousands) Revenues/costs with deferred tax effect Patent Box Tax credits Other Total Balance as of 1 January 17,131 8,392 448 50,703 76,674 Additions 12,387 6,012 - 11,365 29,764 Utilizations (4,218) (5,288) (448) (1,957) (11,911) Balance as of 31 December 25,300 9,116 0 60,111 94,527
The item Patent Box refers to the economic benefit for the direct use of intangible assets covered by subsidies and that can be used in subsequent years. The tax credit relates to the tax incentives associated with the construction of the production plant in T\u00fcrkiye, used up in 2024. The item \u201cOther\u201d mainly refers to temporary differences deriving from the elimination of unrealised profits on intercompany sales. The tax effect of comprehensive income statement components is \u20ac 1.8 million (\u20ac 1.3 million as of 31st December 2023).
13. INVENTORIES Inventories as of 31st December 2024 amounted to \u20ac 506.4 million (\u20ac 404.8 million as of 31st December 2023), net of provisions for the impairment of pharmaceutical products nearing expiry and slow moving of \u20ac 15.6 million (\u20ac 20.1 million as of 31st December 2023). The increase in the balance is mainly attributable to the effects deriving from the acquisition of Enjaymo\u00ae, the rights to which were recognised in the fourth quarter of the year (see Note 1). Specifically, the value of \u20ac 11.3 million for the acquisition of inventory at the date of the agreement with Sanofi, as well as the right to repurchase products currently sold by Sanofi in accordance with the contractual provisions, was increased by \u20ac 70.7 million to reflect the overall fair value of \u20ac 82.0 million, as required by accounting standards. This revaluation was posted to the income statement in conjunction with the sales of the products to which it refers; the portion relating to sales made in December 2024 was \u20ac 8.2 million and, as a result, the residual value as of 31st December 2024 was \u20ac 62.5 million. The residual value of the revaluation of inventories made in 2022, in application of IFRS 3 after the EUSA Pharma acquisition, amounts to \u20ac 4.3 million. Inventories by category are broken down as follows: \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Raw materials and supplies 100,906 86,956 13,950 Semi-finished goods and work in process 92,658 85,345 7,313 Finished goods 312,883 232,530 80,353 Total 506,447 404,831 101,616
14. TRADE RECEIVABLES Trade receivables as of 31st December 2024 and 2023 amounted to \u20ac 516.7 million and \u20ac 445.2 million respectively. The amounts are expressed net of provisions for impairment, which as of 31st December 2024 amounted to \u20ac 14.7 million (\u20ac 15.7 million as of 31st December 2023). This item is considered consistent with positions which, for the particular nature of the customers or the destination markets, may be difficult to collect. The average number of days of exposure was 63, down compared to the 66 days in 2023. Provisions for doubtful accounts decreased by \u20ac 1.0 million (decrease of \u20ac 2.0 million in 2023), and this difference is classified in the 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) 31/12/2024 31/12/2023 Changes 2024/2023 Current (not past due) 459,569 381,744 77,825 1-30 days past due 23,283 28,935 (5,652) 31-60 days past due 9,389 6,367 3,022 61-90 days past due 2,452 8,918 (6,466) More than 90 days past due 36,767 34,883 1,884 Total gross trade receivables 531,460 460,847 70,613 Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 32.
15. OTHER RECEIVABLES Other receivables amounted to \u20ac 109.0 million, up by \u20ac 9.6 million compared to 31st December 2023. The relevant details are presented in the table below: \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Tax receivables 79,017 72,508 6,509 Advances to employees and agents 3,369 2,796 573 Other 26,638 24,097 2,541 Total other receivables 109,024 99,401 9,623 Tax receivables also include value added tax (VAT) receivable (\u20ac 21.8 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 5.3 million relating to the short-term discounted receivable from ARS Pharmaceuticals Inc., posted following the signing of an agreement in February 2023 for the restitution of rights to ARS-1, previously recognised among the intangible assets. Following approval by the European Medicines Agency (EMA), \u20ac 2.0 million was collected in the third quarter of the year.
16. OTHER CURRENT ASSETS Other current assets amounted to \u20ac 21.4 million (\u20ac 19.9 million as of 31st December 2023) and relate mainly to prepaid expenses.
17. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current assets) As of 31st December 2024 the value of derivative instruments included under this item amounted to \u20ac 15.4 million. The measurement at market (fair) value of the cross-currency swaps, entered into by the Parent Company to hedge the US$75 million loan issued on 30th September 2014 resulted in a total asset of \u20ac
7.7 million. This amount represents the potential benefit of a lower value in euro of the future dollar denominated principal and interest flows, in view of the revaluation of the foreign currency with respect to the moment in which the loan and hedging instruments were negotiated. In particular, the change in fair value of the derivative hedging the US$ 50 million tranche of the loan, provided by Mediobanca, was positive for \u20ac 4.3 million, and that hedging the US$ 25 million tranche of the loan, provided by UniCredit, yielded a \u20ac 3.4 million positive change. The measurement at market (fair) value of the interest rate swaps hedging a number of loans gave rise to total assets of \u20ac 2.6 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 amount relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on the syndicated loan recently concluded to fund the acquisition of the rights to Enjaymo\u00ae (\u20ac 1.5 million) and on the loan finalised in the first half of 2022 (\u20ac 1.1 million) (see Note 21). As of 31st December 2024, the measurement of other hedging transactions on foreign currency positions was positive for \u20ac 5.1 million against an essentially nil balance as of 31st December 2023, with the difference recognised to the income statement and offsetting the exchange losses arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level two of the hierarchy provided for in 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-rate 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) 31/12/2024 31/12/2023 Changes 2024/2023 Demand current account deposits 293,445 194,959 98,486 Short-term time deposits 28,930 26,808 2,122 Cash on hand 48 45 3 Total cash and cash equivalents 322,423 221,812 100,611 Short-term time deposits consist of tied deposits with maturities of three months or less. At 31st December 2024, cash and cash equivalents were mainly in euros (171.8 million), US dollars (89.7 million, especially for the subsidiary Recordati Rare Diseases Inc.), Tunisian dinars (46.2 million), Japan yen (1,655.0 million, mainly for the subsidiary Recordati Rare Diseases Japan), Polish zloty (\u20ac 5.6 million), Russian roubles (567.2 million, mainly from the subsidiary Rusfic LLC) and Swiss francs (4.4 million, mainly for the subsidiary Recordati AG).
19. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Share capital - the share capital as of 31st December 2024, 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 2024, there were no changes.
Share premium reserve \u2013 As of 31st December 2024, this amounted to \u20ac 83.7 million, unchanged compared to the previous year. Treasury shares - As of 31st December 2024, 2,828,921 treasury shares are held in the portfolio, a decrease of 290,123 shares compared to 31st December 2023. The change was due to the disposal of 2,651,852 shares for an amount of \u20ac 92.3 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 2,361,729 shares for an amount of \u20ac 119.0 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 131.6 million, with an average unit price of \u20ac 46.51.
Reserve for derivative instruments measured at fair value - 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-currency swaps qualifying as cash flow hedges, the entry for the recognition in the income statement offsetting the valuation at year-end 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. As of 31st December 2024 this value, net of the tax effect, was negative \u20ac 1.7 million. Other reserves \u2013 As of 31st December 2024, these amounted to \u20ac 64.0 million, up by \u20ac 2.8 million compared to 31st December 2023. 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 36.5 million, while the application of IAS 19 had a positive effect of \u20ac 0.3 million. The recognition of the gains associated with the investment in Puretech Health p.l.c. determined a positive after-tax effect of \u20ac 9.7 million, while the recognition of the reduced value of the investment in Phaxiam Therapeutics S.A. determined an after-tax negative effect of \u20ac 3.6 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 - As of 31st December 2024, profits carried forward amounted to \u20ac 1,818.0 million, up by \u20ac 181.6 million compared to 31st December 2023 and the Group\u2019s net income was \u20ac 416.5 million, up by 7.0% compared to \u20ac 389.2 million in 2023. 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 - During the year, the Board of Directors of the Parent Company resolved to distribute an interim dividend for 2024 of \u20ac 0.60 per share, for a total amount of \u20ac 123.9 million, payable as of 20 th November. Incentive plans - As of 31st December 2024, the Company has two stock option plans benefiting certain Group employees: the 2018-2022 plan with the grant on 3rd August 2018 and the 2021-2023 plan with the grants on 6th May 2021, 1st December 2021 and 24th 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 grant in 2018 and the three years, and in a single tranche for the 2021 and 2022 grants. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested.
Stock options outstanding as of 31st December 2024 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2024 Granted 2024 Exercised in 2024 Cancelled and expired 2024 Quantity 31/12/2024 Grant date 13 April 2016 21.93 512,250 - (480,750) (31,500) - 03 August 2018 30.73 1,893,000 - (1,160,000) (17,000) 716,000 06 May 2021 45.97 2,391,500 - (1,011,102) (110,000) 1,270,398 01 December 2021 56.01 130,000 - - - 130,000 24 February 2022 47.52 3,093,000 - - (307,000) 2,786,000 Total 8,019,750 - (2,651,852) (465,500) 4,902,398 Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5- 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 several performance conditions. The measurement according to IFRS 2 led to an expense in the 2024 income statement of \u20ac 1.2 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-term incentive plan called \u201c2023-2025 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. After a three-year vesting period following the grant date, recipients receive shares from the Parent Company in an amount that can total 175% of that originally granted, based on certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The first two grants were carried out on 27th June 2023, for a total of 440,485 rights and on 9th May 2024 for a total of 437,634 rights. The cost for the year, determined according to IFRS 2, amounted to \u20ac 11.3 million.
20. 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 3.8 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-controlling shareholders during the period until all capital shares are transferred.
21. LOANS As of 31st December 2024, loans amounted to \u20ac 2,461.6 million, up by a net \u20ac 752.6 million compared to 31 December 2023. 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 48.9 million, a net decrease of \u20ac 10.9 million compared to 31st December 2023.
During 2024, loan liabilities increased by \u20ac 1,116.0 million of which \u20ac 1,090.0 million from opening new bank loans and \u20ac 26.0 million relating to new lease contracts. Repayments over the year totalled \u20ac 362.3 million, of which \u20ac 350.7 for loans and \u20ac 11.6 million for lease liabilities. During the year, the \u20ac 400.0 loan from 2019, initially agreed with Mediobanca, Natixis and Unicredit and subsequently syndicated with a pool of Italian and international banks, reached maturity and was fully repaid. The effect of the translation of loans in foreign currencies and of expenses incurred to place the loans, together with the early termination of some leases, determined a total net decrease of \u20ac 1.1 million compared to 31st December 2023. A breakdown of medium- and long-term loans as of 31st December 2024 and 2023 is shown in the following table: \u20ac (thousands) 31/12/2024 31/12/2023 GRANTED TO RECORDATI S.p.A.: Loan from Mediobanca, UniCredit and Natixisis, subsequently syndicated involving other credit institutions, at a variable interest rate, repayable in semi-annual instalments starting 2027 through 2029. The payable was partially converted to a fixed interest rate through interest rate swap transactions *844,803 - Loan from HSBC Continental Europe, at a variable interest rate, repayable in semi-annual instalments starting 2025 through 2029 *69,767 - Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable-rate loans repayable between 2024 and 2028 in six-monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *353,954 *298,052 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi-annual instalments from 2025 until 2033 *49,977 *49,974 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,781 *74,758 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 *567,191 *689,981 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,770 *179,608 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi-annual installments starting 2022 through 2026 *27,963 *33,934 Loan from Mediobanca, Natixis and UniCredit, syndicated involving a pool of Italian and international banks, at a variable interest rate, repaid in 2024 - *127,636 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,938 *124,930 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-annual 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-annual installments starting 2023 through 2029, converted with cross currency swap into a debt of \u20ac 18.7 million at fixed interest rate *36,371 *46,444 Liabilities for leases granted to Recordati S.p.A. 8,544 7,742 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 72.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2024 through 2029 68,530 -
\u20ac (thousands) 31/12/2024 31/12/2023 Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2022 through 2025 6,640 21,328 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi-annual instalments starting 2020 through 2025 7,969 24,298 Various interest-free loans granted to Casen Recordati S.L. repayable within 2029 120 139 Liabilities for leases granted to the other Group companies 40,265 30,144 Total amortized cost of loans 2,461,583 1,708,968 Loans due within one year, classified among current liabilities 287,773 355,752 Loans due after one year, classified among non-current liabilities 2,173,810 1,353,216 * Net of expenses incurred for placing the loans, amortized on the basis of the effective interest rate. At 31st December 2024, the remaining expenses totalled \u20ac 8.5 million, mainly related to the loans granted to Recordati S.p.A. by a loan consortium in 2024 (\u20ac 5.2 million), in 2023 (\u20ac 1.0 million) and in 2022 (\u20ac 1.4 million), the 2024 loan with HSBC (\u20ac 0.2 million) and the 2021 loan from a loan consortium led by Mediobanca (\u20ac 0.2 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 31st December 2025, based on their amortization plans, is as follows: \u20ac (thousands) 2026 520,840 2027 622,769 2028 422,926 2029 441,997 2030 and subsequent years 165,278 Total 2,173,810 The weighted average interest rate as of 31st December 2024, calculated applying the rates resulting from the hedging instruments, is 4.19%. The main loans outstanding are: a) Loan for a total of \u20ac 850,0 million taken out by Recordati S.p.A. in two different stages. On 30th October 2024 the Parent Company entered into a loan with Mediobanca, UniCredit and Natixis intended for the acquisition of the rights to Enjaymo\u00ae, for a total maximum amount of \u20ac 850.0 million, guaranteed for \u20ac 700.0 million on an equal basis. A syndication process was launched immediately after, which, by involving other credit institutions, made it possible to raise an additional \u20ac 150.0 million while reallocating the overall value of \u20ac 850.0 million among the participants. The terms of the loan provide for a variable interest rate at the 6-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 5-year term with semi-annual repayment of the principal starting 31st March 2027, with the final instalment on 30th October 2029. Disbursement, net of structuring and up-front fees, took place in the final quarter of 2024. The loan was partially hedged with interest rate swaps, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. As of 31st December 2024, the fair value of the derivatives was measured as positive for a total of \u20ac 1.5 million, which was recognised directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured 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. b) Loan for \u20ac 70.0 million taken out by the Parent Company on 1st March 2024 with HSBC Continental Europe at 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-annual repayment of the principal starting 31st March 2025, and final instalment on 29th February 2029. The loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Loan for 72.0 million Swiss francs taken out on 26th February 2024 by the subsidiary Recordati AG with UBS Switzerland AG, and disbursed in April of the same year, at a fixed interest rate, with quarterly interest payments and semi-annual repayment of principal starting December 2024, through April 2029. The value in euro of the outstanding loan as of 31st December 2024 was \u20ac 68.5 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-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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 400.0 million taken out on 16th 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-up/step-down mechanism on changes in the Leverage Ratio, with an interest payment every six months and a five-year term. The loan for a higher amount, disbursed on 14th June 2023, will be repaid in semi-annual instalments of increasing value starting from April 2024 and with settlement in May 2028. It was partially hedged with interest rate swaps, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. As of 31st December 2024, the fair value of the derivatives was measured at negative \u20ac 2.7 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 29). The loan for \u20ac 100.0 million, consisting of a Capex Line that can be used within 18 months to fund specific investments, was disbursed on 13th November 2024, with semi-annual repayments on a straight-line 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. The loan includes ESG-linked parameters as from 2024, which if complied with, will reduce the interest rate applied, or an increase if these are not achieved. e) 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- annual repayments on a straight-line basis starting from October 2025 for 70% of the principal and repayment in April 2033 for the remaining 30%. The disbursement took place on 18th May 2023. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following:
\u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Bond issued by the parent company on 12th 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 12th September 2034. The transaction, aimed at continuing to raise medium- to long-term 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. g) Loan for a total of \u20ac 800.0 million negotiated by Recordati S.p.A. in two different stages during 2022, disbursed by a consortium of Italian 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-annual repayment of the principal starting 31st March 2023, with the final instalment on 3rd February 2027. The outstanding debt as of 31st December 2024 amounted to \u20ac 567.2 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-value measurement of derivative instruments as at 31st December 2024 was in some cases positive, for a total of \u20ac 1.1 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 17), but in other cases was negative for a total of \u20ac 1.6 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 29). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve \u2013 onsecutive 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 40.0 million Swiss francs taken out on 16th March 2022 by the subsidiary Recordati AG with UBS Switzerland AG, at a fixed interest rate, with quarterly interest payments and semi-annual repayment of principal starting September 2022 through March 2025. The value in euro of the outstanding loan as of 31st December 2024 was \u20ac 6.6 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-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) \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-front fees, took place on 21st May 2021. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Loan for \u20ac 40.0 million entered into by the Parent Company on 30th 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-monthly interest payments and principal repayment, again on a semi-annual basis, starting from March 2022 until March 2026. The debt outstanding recognized as of 31st December 2024 amounted to a total of \u20ac 28.0 million. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Loan for 75.0 million Swiss francs taken out on 17th 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-annual repayment of principal starting September 2020 through March 2025. The value in euro of the outstanding loan at 31st December 2024 was \u20ac 8.0 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-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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. l) 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 31st May 2025 through 31st 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. m) Guaranteed senior notes issued by the Parent Company on 30th September 2014 for a total of US$ 75 million, divided into two tranches: US$ 50 million at fixed rate, repayable semi-annually starting 30th March 2022 and with maturity 30th September 2026, and US$ 25 million again at fixed rate, repayable semi-annually starting 30th March 2023 and with maturity 30th 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 as of 31st December 2024 amounted to a total of US$ 37.9 million, with a counter-value of \u20ac 36.4 million. The loan was hedged at the same time with two cross-currency swaps which provide for the conversion of the original debt into a total of \u20ac 56.0 million (\u20ac 28.2 million at 31st December 2024), of which \u20ac 37.3 million (\u20ac 14.9 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 13.3 million at the date of this report) again at a lower fixed rate than the one maturing at 15 years. As of 31st December 2024, 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 17). The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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.
22. PROVISIONS FOR EMPLOYEE BENEFITS The balance as of 31st December 2024 amounted to \u20ac 21.4 million (\u20ac 21.2 million as of 31st December 2023) and reflects the Group\u2019s liability towards its employees determined in accordance with IAS 19. The changes in these provisions were follows: \u20ac (thousands) 2024 2023 Balance as of 1 January 21,239 19,418 Additions 3,486 2,363 Utilizations (1,840) (2,143) Adjustment for actuarial (gains)/losses (1,530) 1,601 Balance as of 31 December 21,355 21,239 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 4.7 million. The other liabilities are mainly due to contribution plans in being in the French company
Laboratoires Bouchara Recordati (\u20ac 4.4 million), in the U.S. company Recordati Rare Diseases (\u20ac 3.8 million), in the German company Recordati Pharma (\u20ac 1.5 million), in the Swiss company Recordati AG (\u20ac 4.0 million) and in the other Recordati Rare Diseases companies (\u20ac 1.6 million). The fair value calculation made using actuarial assumptions updated to 31st December 2024 determined a decrease of \u20ac 1.5 million compared to the value of the provisions as of 31st December 2023, which is recognized in the statement of comprehensive income, net of the tax effect, as prescribed by the relevant accounting standard.
23. DEFERRED TAX LIABILITIES As of 31st December 2024, deferred tax liabilities amounted to \u20ac 133.4 million, down by \u20ac 10.8 million compared to 31st December 2023. Their changes are shown in the table below: \u20ac (thousands) 2024 2023 Balance as of 1 January 144,208 167,865 Additions 4,188 4,074 Utilizations (14,975) (22,357) Reclassifications 0 (5,374) Balance as of 31 December 133,422 144,208 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. As of 31st December 2024 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, unchanged compared to 31st December 2023.
24. TRADE PAYABLES Trade payables, which are entirely of a commercial nature and include end-of-year provisions for invoices to be received, as of 31st December 2024 and 2023 amounted to \u20ac 296.7 million and \u20ac 264.0 million respectively.
25. OTHER PAYABLES Other payables as of 31st December 2024 amounted to \u20ac 195.4 million, and their breakdown is provided in the table below: \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Contributions to national medical insurance schemes 77,658 61,714 15,944 Personnel 69,494 65,355 4,139 Social security 22,246 21,966 280 Other 25,987 25,370 617 Total other payables 195,385 174,405 20,980 The change compared to 31st December 2023 is largely due to the increase in contributions to be paid to national medical insurance schemes, of which: \u2022 \u20ac 47.3 million (an increase of \u20ac 19.6 million) payable by Recordati Rare Diseases Inc.; \u2022 \u20ac 8.4 million (a decrease of \u20ac 5.4 million) payable by Recordati Pharma GmbH to the \u201cKrankenkassen\u201d (German medical insurance schemes); \u2022 \u20ac 22.0 million (an increase of \u20ac 1.7 million) payable in total by Italian companies and subsidiaries in Greece, France, Switzerland, Canada and Ireland. The item \u201cOther\u201d includes the payable of \u20ac 3.8 million related to the acquisition of a further 10% of the capital of Opalia Pharma reclassified among current liabilities based on 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.
26. TAX LIABILITIES Tax liabilities as of 31st December 2024 amounted to \u20ac 93.9 million (\u20ac 67.1 million as of 31st December 2023) 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.
27. OTHER CURRENT LIABILITIES As of 31st December 2024, other current liabilities amounted to \u20ac 4.7 million, down by \u20ac 0.6 million compared to 31 December 2023. An amount of \u20ac 1.6 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.
28. PROVISIONS FOR RISKS AND CHARGES Provisions for risks and charges set aside as of 31st December 2024 amounted to \u20ac 22.1 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) 31/12/2024 31/12/2023 Changes 2024/2023 For taxes 621 525 96 Future contingencies 21,471 16,071 5,400 Total other provisions 22,092 16,596 5,496
\u20ac (thousands) 2024 2023 Balance as of 1 January 16,596 16,209 Additions 9,048 2,635 Utilizations (3,552) (2,248) Balance as of 31 December 22,092 16,596 The various risks include provisions for restructuring costs, returned products, legal disputes and others. The net change during the year was mainly due to a provision for the negotiations underway in Italy, for the possible claw back on one of our products relating to previous years, and for restructuring charges. The year-end balance is mainly related to the Parent Company and to the other Italian companies (\u20ac 11.6 million), to the Spanish company Casen Recordati (\u20ac 3.2 million), the subsidiaries in France (\u20ac 2.8 million), Germany (\u20ac 1.1 million), United States (\u20ac 0.9 million) and Portugal (\u20ac 0.7 million). 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.
29. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current liabilities) As of 31st December 2024 the value of derivative instruments included under this item amounted to \u20ac 5.6 million. The measurement at market (fair) value as of 31st December 2024 of the interest rate swaps hedging a number of loans gave rise to a total liability of \u20ac 4.3 million, which represents the unrealized opportunity to pay in future the variable interest rates currently expected, instead of the agreed rates for the duration of the loans. The amount relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on loans with lender consortia in 2023 (\u20ac 2.7 million) and in 2022 (\u20ac 1.6 million). As of 31st December 2024, other hedging transactions were in place on foreign currency positions, the measurement of which was negative for \u20ac 1.3 million compared to the \u20ac 3.9 million as of 31st December 2023, with the difference recognized to the income statement and offsetting the exchange losses arising from the valuation of the underlying positions at current exchange rates. In October 2024, with the repayment of the final instalment, the intercompany loan granted to Recordati AG in October 2019 by the Parent Company for an amount of 228.9 million Swiss francs was fully repaid. The forward exchange contracts entered into by Recordati S.p.A. to hedge exchange rate risk were consequently extinguished and the zeroing of the negative measurement of \u20ac 12.9 million as of 31st December 2023 was recognised in the income statement offsetting the exchange losses arising from the closure of the underlying loan at current exchange rates. The fair value of these hedging derivatives is measured at level two of the hierarchy provided for in 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-rate 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. SHORT-TERM DEBTS TO BANKS AND OTHER LENDERS Short-term debts to banks and other lenders as of 31st December 2024 were \u20ac 22.8 million and mainly comprise temporary use of short-term credit lines by the parent company, as well overdrafts of a number of foreign associates and interest due on existing loans. On 1st March 2024, the Parent Company renewed the revolving credit line with UniCredit, with a maximum term of 12 months and for a maximum amount of \u20ac 24 million. This credit line, which had not been used as ofat 31st December 2024, is a short-term 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 (see Note 21). These conditions were met.
31. FAIR VALUE OF FINANCIAL INSTRUMENTS As prescribed by IFRS 7, the book values and fair values as of 31st December 2024 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 17,385 17,385 Derivative instruments measured at fair value 15,376 15,376 Financial assets not measured at fair value Cash and cash equivalents 322,423 322,423 Trade receivables 516,743 516,743 Other receivables 109,024 109,024 Financial liabilities Financial liabilities measured at fair value Derivative instruments measured at fair value 5,633 5,633 Other payables 3,822 3,822 Financial liabilities not measured at fair value Loans - at variable interest rates 1,637,984 1,637,984 - at variable interest rates hedged with interest rate swaps 463,410 463,410 - at fixed interest rates 275,009 201,371 - at fixed interest rates hedged with cross currency swaps 36,371 36,224 - lease liabilities 48,809 48,809 Trade payables 296,698 296,698 Other payables 285,504 285,504 Short-term debts to banks and other lenders 22,845 22,845
32. DISCLOSURE OF RISKS 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-free 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 - The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. As of 31st December 2024, 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, as of 31st December 2024, total trade receivables of \u20ac 531.5 million included \u20ac 36.8 million in receivables past due by more than 90 days. Of these, \u20ac 7.0 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 14.7 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 - 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 21. 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 - 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-speculative hedging instruments are negotiated. In relation to the euro companies, as of 31st December 2024 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \u2022 net receivables of 27.9 million US dollars; \u2022 net receivables of 53.9 million Brazilian reals; \u2022 net receivables of 26.9 million Polish zloty; \u2022 net receivables of 22.2 million Rumanian RON; \u2022 net receivables of 69.0 million Mexican pesos; \u2022 net receivables of 2.2 million British pounds; \u2022 net debts of 3.7 million Swiss francs. Among the non-euro companies, as of 31st December 2024, 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 6.5 million), Ukraine (net payables of 3.8 million), Australia (net payables of 2.9 million), United States (net payables of 2.8 million), Brazil (net payables of 2.6 million), South Korea (net payables of 2.3 million), T\u00fcrkiye (net payables of 1.1 million), Canada (net payables of 1.1 million), Czech Republic
(net receivables of 2.9 million), Poland (net receivables of 2.4 million) and Tunisia (net receivables of 2.1 million). Net exposures in US dollars refer mainly to the companies in Brazil (net payables of 6.5 million), Colombia (net payables of 4.8 million) and Japan (net receivables of 3.3 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 843.7 million). For consolidation purposes, the income statements and balance sheets of the non-euro companies have been converted from their local currencies into euro. As of 31st December 2024, the net asset values of these companies, excluding goodwill, are denominated mainly in US dollars (481.3 million), Swiss francs (451.3 million), Turkish lira (2,952.7 million), Russian roubles (8,198.9 million), pounds sterling (14.5 million), Czech crowns (498.0 million), Romanian ron (54.1 million), Polish zloty (104.2 million) and Tunisian dinars (116.4 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, as of 31st December 2024, was a negative \u20ac 274.4 million.
Liquidity risk - 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. As of 31st December 2024, 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, 21 and 30 which address, respectively, short-term financial investments, cash and cash equivalents, medium/long- term 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.
33. 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-territorial 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 31st December 2024 and include comparative data. \u20ac (thousands) Specialty & Primary Care segment * Rare diseases segment Values not allocated Consolidated financial statements 2024 Revenue 1,507,704 833,855 - 2,341,559 Expenses (1,080,974) (621,728) - (1,702,702) Operating income 426,730 212,127 - 638,857 2023 Revenue 1,367,611 714,720 - 2,082,331 Expenses (979,374) (544,949) - (1,524,323) Operating income 388,237 169,771 - 558,008 * Includes pharmaceutical chemical operations.
\u20ac (thousands) Specialty & Primary Care segment* Rare diseases segment Not allocated** Consolidated financial statements 31 December 2024 Non-current assets 1,534,603 2,091,067 17,385 3,643,055 Inventories 293,569 212,878 - 506,447 Trade receivables 299,148 217,595 - 516,743 Other receivables and other current assets 52,772 77,639 15,376 145,787 Cash and cash equivalents - - 322,423 322,423 Total assets 2,180,092 2,599,179 355,184 5,134,455 Non-current liabilities 37,047 117,730 2,173,810 2,328,587 Current liabilities 328,477 284,331 316,251 929,059 Total liabilities 365,524 402,061 2,490,061 3,257,646 Net capital employed 1,814,568 2,197,118 31 December 2023 Non-current assets 1,537,393 1,446,943 21,555 3,005,891 Inventories 260,945 143,886 - 404,831 Trade receivables 285,246 159,947 - 445,193 Other receivables and other current assets 74,802 44,523 11,079 130,404 Cash and cash equivalents - - 221,812 221,812 Total assets 2,158,386 1,795,299 254,446 4,208,131 Non-current 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 *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-term 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 2024 or in 2023. The following table shows net revenue by geographic area: \u20ac (thousands) 2024 2023 Changes 2024/2023 Europe 1,650,059 1,492,071 157,988 of which Italy 336,264 317,144 19,120 Asia and Oceania 156,011 139,881 16,130 America 477,463 394,861 82,602 Africa 58,026 55,518 2,508 Total 2,341,559 2,082,331 259,228
The Group\u2019s production facilities are located almost exclusively in Europe, and therefore non-current assets and investments are, for the most part, in this geographic area.
34. 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 29th April 2021, in compliance with \u201cGuidelines on disclosure requirements pursuant to the Prospectus Regulations\u201d, published by ESMA on 4th March 2021 in the document \u201cESMA32-382-1138\u201d. \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Deposits in bank current accounts and cash on hand 293,493 195,004 98,489 Short-term time deposits 28,930 26,808 2,122 Cash and cash equivalents 322,423 221,812 100,611 Short-term debts to banks and other lenders (22,845) (99,932) 77,087 Loans - due within one year (248,389) (333,222) 84,833 Notes issued (1) (25,862) (10,226) (15,636) Leasing liabilities \u2013 due within one year (10,696) (10,249) (447) Short-term borrowings (307,792) (453,629) 145,837 Short-term financial position 14,631 (231,817) 246,448 Loans - due after one year (1,928,294) (1,091,727) (836,567) Notes issued (1) (202,558) (228,243) 25,685 Leasing liabilities \u2013 due after one year (38,113) (27,637) (10,476) Non-current financial debt (2,168,965) (1,347,607) (821,358) Net financial position (2,154,334) (1,579,424) (574,910) (3) Includes the fair value measurement of the relative currency risk hedging instruments (cash flow hedge).
35. 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 31/12/2024 31/12/2023 2024 2023 Recordati S.p.A. 405,246 352,782 320,830 224,017 Consolidation adjustments: - Elimination margins in inventories (94,152) (78,677) (15,475) 5,884 - Related tax effect 27,654 22,614 5,040 (1,506) - Other adjustments (42,014) (32,082) (10,367) (6,004) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,454,799 1,321,387 - - Net income for consolidated companies, net of amounts already recognized by Recordati S.p.A. 399,689 365,068 399,689 365,068 Dividends received from consolidated subsidiaries (283,209) (198,245) Write-down of holdings in subsidiaries 0 0 Translation adjustments (274,413) (264,700) - - Consolidated financial statements 1,876,809 1,686,392 416,508 389,214
36. 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. Potential liabilities currently assessed as possible are not of significant amounts. Some agreements require the payment of future milestones as certain conditions\u2014whose fulfillment is uncertain yet\u2014occur, with the consequence that the contractually required payments are now merely potential. The estimated value as of December 31, 2024 is approximately \u20ac 262 million, mainly related to the acquisition of the rights to Enjaymo\u00ae, whose agreement provides for additional payments of up to $ 250 million linked to commercial milestones, if net revenues reach certain thresholds equal to or above peak annual total sales expectations.
37. 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
.
Compensation of the Group\u2019s key management personnel includes salaries and non-cash 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.
38. SUBSEQUENT EVENTS At the date of preparation of the financial statements, no significant events had occurred after the closing of the fiscal year that would require changes to the values of assets, liabilities or the profit and loss. In February, Rossini S.\u00e0 r.l. successfully sold approximately 10.5 million ordinary shares of Recordati Industria Chimica e Farmaceutica S.p.A., amounting to approximately 5% of the Company\u2019s share capital. Following the placement, Rossini holds approximately 46.82% of the Company\u2019s share capital.
39. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AS OF 31 DECEMBER 2024 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-by-line INNOVA PHARMA S.p.A. Marketing of pharmaceuticals Italy 1,920,000.00 EUR Line-by-line CASEN RECORDATI S.L. Development, production, and sales of pharmaceuticals Spain 238,966,000.00 EUR Line-by-line BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 4,600,000.00 EUR Line-by-line RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA Marketing of pharmaceuticals Brazil 166.00 BRL Line-by-line RECORDATI RARE DISEASES INC. Development, production, and sales of pharmaceuticals U.S.A. 11,979,138.00 USD Line-by-line RECORDATI IRELAND LTD Development, production, and sales of pharmaceuticals Ireland 200,000.00 EUR Line-by-line LABORATOIRES BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 14,000,000.00 EUR Line-by-line RECORDATI PHARMA GmbH Marketing of pharmaceuticals Germany 600,000.00 EUR Line-by-line RECORDATI PHARMACEUTICALS LTD Marketing of pharmaceuticals United Kingdom 15,000,000.00 GBP Line-by-line RECORDATI HELLAS PHARMACEUTICALS S.A. Marketing of pharmaceuticals Greece 10,050,000.00 EUR Line-by-line JABA RECORDATI S.A. Marketing of pharmaceuticals Portugal 2,000,000.00 EUR Line-by-line JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line Consolidated companies Head office Share capital Currency Consolidation method RECORDATI RARE DISEASES MIDDLE EAST FZ LLC Marketing of pharmaceuticals United Arab Emirates 100,000.00 AED Line-by-line RECORDATI AB Marketing of pharmaceuticals Sweden 100,000.00 SEK Line-by-line RECORDATI RARE DISEASES S.\u00e0 r.l. Development, production, and sales of pharmaceuticals France 419,804.00 EUR Line-by-line RECORDATI RARE DISEASES UK Limited Marketing of pharmaceuticals United Kingdom 50,000.00 GBP Line-by-line RECORDATI RARE DISEASES GERMANY GmbH Marketing of pharmaceuticals Germany 25,600.00 EUR Line-by-line RECORDATI RARE DISEASES SPAIN S.L. Marketing of pharmaceuticals Spain 1,775,065.49 EUR Line-by-line RECORDATI RARE DISEASES ITALY S.R.L. Marketing of pharmaceuticals Italy 40,000.00 EUR Line-by-line RECORDATI BV Marketing of pharmaceuticals Belgium 18,600.00 EUR Line-by-line FIC MEDICAL S.\u00e0 r.l. Promotion of pharmaceuticals France 173,700.00 EUR Line-by-line HERBACOS RECORDATI s.r.o. Development, production, and sales of pharmaceuticals Czech Republic 25,600,000.00 CZK Line-by-line RECORDATI SK s.r.o. Marketing of pharmaceuticals Slovak Republic 33,193.92 EUR Line-by-line RUSFIC LLC Development, promotion, and sales of pharmaceutical products Russian Federation 3,560,000.00 RUB Line-by-line RECOFARMA ILA\u00c7 Ve Hammaddeleri Sanayi Ve Ticaret L.\u015e. Promotion of pharmaceuticals T\u00fcrkiye 8,000,000.00 TRY Line-by-line RECORDATI ROM\u00c2NIA S.R.L. Marketing of pharmaceuticals Romania 5,000,000.00 RON Line-by-line RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. Development, production, and sales of pharmaceuticals T\u00fcrkiye 180,000,000.00 TRY Line-by-line RECORDATI POLSKA Sp. z o.o. Marketing of pharmaceuticals Poland 4,500,000.00 PLN Line-by-line ACCENT LLC Holds pharmaceutical marketing rights Russian Federation 20,000.00 RUB Line-by-line RECORDATI UKRAINE LLC Marketing of pharmaceuticals Ukraine 1,031,896.30 UAH Line-by-line CASEN RECORDATI PORTUGAL Unipessoal Lda Marketing of pharmaceuticals Portugal 100,000.00 EUR Line-by-line OPALIA PHARMA S.A. Development, production, and sales of pharmaceuticals Tunisia 9,656,000.00 TND Line-by-line OPALIA RECORDATI S.\u00e0 r.l. Promotion of pharmaceuticals Tunisia 20,000.00 TND Line-by-line RECORDATI RARE DISEASES S.A. DE C.V. Marketing of pharmaceuticals Mexico 16,250,000.00 MXN Line-by-line RECORDATI RARE DISEASES COLOMBIA S.A.S. Marketing of pharmaceuticals Colombia 150,000,000.00 COP Line-by-line ITALCHIMICI S.p.A. Marketing of pharmaceuticals Italy 7,646,000.00 EUR Line-by-line
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI AG Marketing of pharmaceuticals Switzerland 15,000,000.00 CHF Line-by-line RECORDATI AUSTRIA GmbH Marketing of pharmaceuticals Austria 35,000.00 EUR Line-by-line RECORDATI RARE DISEASES CANADA Inc. Marketing of pharmaceuticals Canada 350,000.00 CAD Line-by-line RECORDATI RARE DISEASES JAPAN K.K. Marketing of pharmaceuticals Japan 90,000,000.00 JPY Line-by-line NATURAL POINT S.r.l. Marketing of pharmaceuticals Italy 10,400.00 EUR Line-by-line RECORDATI RARE DISEASES AUSTRALIA Pty Ltd Marketing of pharmaceuticals Australia 200,000.00 AUD Line-by-line RECORDATI BULGARIA Ltd Marketing of pharmaceuticals Bulgaria 50,000.00 BGN Line-by-line RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line-by-line RECORDATI RARE DISEASES FZCO Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line-by-line RECORDATI UK LTD Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line-by-line RECORDATI Netherlands B.V. Marketing of pharmaceuticals Netherlands 1.00 EUR Line-by-line EUSA Pharma (CH) GmbH Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line-by-line RECORDATI KOREA, Co. Ltd Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line-by-line RECORDATI RARE DISEASES MENA RHQ (1) Marketing of pharmaceuticals Saudi Arabia 500,000.00 SAR Line-by-line RECORDATI ARGENTINA S.R.L. (1) Marketing of pharmaceuticals Argentina 88,605,000.00 ARS Line-by-line (4) Set up in 2024
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 Recordati 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 RECORDATI BULGARIA Ltd 100.00 100.00 RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) 100.00 100.00 RECORDATI RARE DISEASES FZCO 100.00 100.00 RECORDATI UK LTD 100.00 100.00 RECORDATI Netherlands B.V. 100.00 100.00 EUSA Pharma (CH) GmbH 100.00 100.00 RECORDATI KOREA, Co. Ltd 100.00 100.00 RECORDATI RARE DISEASES MENA RHQ (1) 100.00 100.00 RECORDATI ARGENTINA SRL (1) 5.00 95.00 100.00 (1) Set up in 2024
RECORDATI S.P.A. AND SUBSIDIARIES ANNEX 1 DISCLOSURE OF AUDITORS\u2019 FEES FOR ACCOUNTING AUDITS AND OTHER SERVICES Type of service Provider of the service Recipient Fees Amounts in \u20ac Accounting Auditing Auditor of the Parent Company Parent Company 250,388 Accounting Auditing Auditor of the Parent Company Subsidiaries 253,371 Accounting Auditing Network of the auditor of the Parent Company Subsidiaries 807,452 Due diligence Auditor of the Parent Company Parent Company 185,150 Tax compliance Network of the auditor of the Parent Company Subsidiaries 35,154 Signing declarations and certificates Auditor of the Parent Company Parent Company 161,254 Signing declarations and certificates Auditor of the Parent Company Subsidiaries 7,853 Signing declarations and certificates Network of the auditor of the Parent Company Subsidiaries 274,776 Other services Network of the auditor of the Parent Company Subsidiaries 16,542
RECORDATI S.P.A. AND SUBSIDIARIES CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO ART. 154-BIS OF ITALIAN LGS. DECREE 58/98 1. The undersigned Robert Koremans, as Chief Executive Officer, and Niccol\u00f2 Giovannini, as Financial Reporting Officer of Recordati S.p.A., pursuant to the provisions or Article 154-bis, paragraphs 3 and 4, of Italian Legislative Decree no. 58 of 24 February 1998, hereby certify: \u2022 the adequacy with respect to the Company structure and \u2022 the effective application of the administrative and accounting procedures applied in the preparation of the consolidated financial statements during financial year 2024. 2. The undersigned certify further that: 2.1 the consolidated financial statements as of 31st December 2024: \u2022 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 19th July 2002; \u2022 correspond to the amounts shown in the Company\u2019s accounts, books and records; \u2022 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, 18th March 2025 Chief Executive Officer Financial Reporting Officer ROBERT KOREMANS NICCOL\u00d2 GIOVANNINI
",
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"reg-ix-289": {
"value": "1. GENERAL INFORMATION The consolidated financial statements of the Recordati Group for the year ended 31st December 2024 were prepared by Recordati Industria Chimica e Farmaceutica
S.p.A.
(the \u201cCompany\u201d or the \u201cParent
Company\u201d and, together with its subsidiaries, the \u201cGroup\u201d), with headquarters at
Via Matteo Civitali no.
1
, 20148 Milan,
Italy
, and was approved by the Board of Directors\u2019 on 18th March 2025, which
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. 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-current 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 as of 31st December 2024 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 39. The scope of consolidation changed in 2024 following the establishment of Recordati Rare Diseases MENA RHQ, operating in Saudi Arabia and Recordati Argentina S.r.l., operating in Argentina. Furthermore, Tonipharm S.A.S. was merged into Bouchara Recordati S.A.S., EUSA Pharma (Denmark) ApS was liquidated and EUSA Pharma (UK) Ltd. was renamed Recordati UK LTD. In November 2024 the global rights to Enjaymo\u00ae were acquired from Sanofi. Enjaymo\u00ae (sutimlimab) is a biologic product and it\u2019s the only approved targeted product for the treatment of cold agglutinin disease (CAD), a rare B-cell lymphoproliferative disorder. It is a humanised monoclonal antibody indicated for the treatment of haemolysis in adults with CAD and, in 2022, it was granted approval by the United States Food and Drug Administration (FDA), the European Commission (EC) and the Japanese Ministry of Health, Labour and Welfare. The acquisition of the rights led to an overall outlay of \u20ac 781.7 million, including the costs incurred for the transaction and for the purchase of the inventory existing at the effective date of the contract. The total disbursement was shown in the cash flow statement among \u201cInvestments in intangible assets\u201d, while in the balance sheet assets it was classified under intangible assets for \u20ac 699.7 million and in inventories for \u20ac 82.0 million. These financial statements are presented in euro (\u20ac), rounded to thousands of euro, except where indicated otherwise. ",
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"reg-ix-290": {
"value": "The consolidated financial statements of the Recordati Group for the year ended 31st December 2024 were prepared by Recordati Industria Chimica e Farmaceutica
S.p.A.
(the \u201cCompany\u201d or the \u201cParent
Company\u201d and, together with its subsidiaries, the \u201cGroup\u201d), with headquarters at
Via Matteo Civitali no.
1
, 20148 Milan,
Italy
, and was approved by the Board of Directors\u2019 on 18th March 2025, which
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"value": "Via Matteo Civitali no. 1",
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"value": "Via Matteo Civitali no. 1, 20148 Milan",
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"language": "en",
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"value": "Italy",
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"reg-ix-297": {
"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. 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-current was adopted for the presentation of assets and liabilities in the balance sheet. In preparing the cash flow statement, the indirect method was used.
",
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"reg-ix-298": {
"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 31st December 2023, with the exception of the adoption of the new standards and amendments in force from 1st January 2024 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- 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, and on the Ukrainian market with revenue in 2024 totalling respectively 5.2% and 0.7% of the Group's total revenue. 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 31st December 2023. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19. Economies experiencing hyperinflation The Group controls companies based in T\u00fcrkiye and, starting in the first half of 2024, in Argentina. These countries have now reached a situation in which the presence of hyperinflation is the consensus, in line with international accounting standards. As of 1st January 2022 for Turkish companies and 22nd April 2024, day of its incorporation, for that in Argentina, the reference standard IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied, the effects of which, mainly with reference to T\u00fcrkiye, are reflected in the Group\u2019s consolidated results as at 31st December 2024. In particular, in accordance with the standard, the restatement of balance sheet values as a whole requires application of specific procedures and an evaluation process. For the income statement, all items were restated applying the change in the general level of prices in effect at the date on which the revenue and costs were initially recorded in the financial statements at the reporting date. For the purpose of converting the income statement thus restated into euro, the exact exchange rate at 31st December 2024 was applied consistently, in accordance with IAS 21 in the presence of hyperinflationary economies, instead of the average exchange rate for the period. With regard to the balance sheet, the cash elements have not been restated, as they were already expressed in the unit of measurement as at the closing date of the period. Non-cash assets and liabilities were instead revalued from the date on which the assets and liabilities were initially recognised until the end of the period. Application of new accounting principles The OECD BEPS Pillar Two rules came into force with the financial year beginning 1st January 2024, based on which amendments had already been made to IAS 12 \u201cIncome taxes\u201d in 2023. Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates and based on the final figures for the entirety of 2024, all countries pass the \u201ctransitional safe harbours\u201d apart from Ireland, Switzerland and the United Arab Emirates. For these countries the effects were implemented with total provisioning of \u20ac 3.2 million, increasing the items \u201cIncome taxes\u201d in the income statement and \u201cTax liabilities\u201d in the balance sheet liabilities, of which \u20ac 1.5 million recorded by each of the subsidiaries in Ireland and Switzerland and \u20ac 0.2 million by the Parent Company. Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1st January 2024. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31st December 2024: \u2022 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, to clarify the characteristics of reverse factoring arrangements and to require that further information about such arrangements be given. The reporting requirements included in the amendments aim to assist readers in understanding the effects of reverse factoring arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The transition requirements clarify that an entity must not provide information in the interim financial statements relating to the first year of application of the amendments. \u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued an amendment to IFRS 16 to specify the requirements that a seller- lessee uses in the measurement of lease liabilities arising from a sale and leaseback transaction, to ensure that the seller-lessee does not recognise profit or loss with reference to the right of use maintained by it. \u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and October 2022, the IASB published amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2013 what is meant by right to defer settlement; \u2013 that the right to defer settlement must exist at the end of the financial year; \u2013 that the classification is not impacted by the probability that an entity will exercise its right to defer settlement; \u2013 that only if an embedded derivative in a convertible liability is an equity instrument, does the maturity of the liability have no impact on its classification. Furthermore, a requirement for additional information was introduced when a liability arising from a loan arrangement is classified as non-current and the entity\u2019s right to defer settlement is subject to compliance with covenants within twelve months.
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. \u2022 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. \u2022 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-by-case 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. \u2022 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \u2022 Inventories: inventories which appear to be obsolete or slow-moving are periodically tested and written down if their recoverable value in less than their book value. Write-downs are based on assumptions and estimates which derive from experience and the historical results obtained. \u2022 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: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 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 31st 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: \u2022 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \u2022 exposure or rights to variable returns originating from the relationship with the investee entity; \u2022 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: \u2022 Contractual agreements with other voting rights holders; \u2022 Rights originating from contractual agreements; \u2022 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-by-line 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-controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non-controlling 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: \u2022 assets and liabilities, with the exception of shareholders\u2019 equity, at year-end exchange rates; \u2022 shareholders\u2019 equity at historical exchange rates, for year of formation; \u2022 income and expense items at the average exchange rates for the year; \u2022 the goodwill resulting from the acquisition of a foreign company is recognized in the currency of the country in question and translated at year-end 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-line basis using rates which are held to be representative of the estimated useful life of the assets: \u2022 Industrial buildings 2.5% - 5.5% \u2022 Plant and machinery 10% - 17.5% \u2022 Other equipment 12% - 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-lease component on the basis of its related stand-alone price. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use 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-of-use asset is subsequently depreciated using the straight-line 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-of-use asset reflects that the Group will exercise a purchase option. In this case the right-of-use 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: \u2022 fixed payments (including substantially fixed payments); \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \u2022 amounts expected to be payable under a residual value guarantee; and \u2022 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-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the carrying amount of the right-of-use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right-of-use 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-of-use assets and lease liabilities for leases of low value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line 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-how 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. \u2022 Industrial patent rights and marketing authorizations 5% - 33% \u2022 Distribution licenses, trademarks and similar rights 5% - 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-controlled 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-generating 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-controlled 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-down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash- 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-tax 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-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash- 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-generating 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) - debt security; (FVOCI) - 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: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 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: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 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 \u2022 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.
\u2022 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. \u2022 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. \u2022 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-cash 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-derivative 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-financial item, it is included in the cost of the non-financial 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-derivative 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-derivative, 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-in-process 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-in-process 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-down 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-term 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-current 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-current 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-employment 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-monetary 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-out 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-out 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-front 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-line 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 - 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-item 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 31st December 2023, with the exception of the adoption of the new standards and amendments in force from 1st January 2024 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- 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, and on the Ukrainian market with revenue in 2024 totalling respectively 5.2% and 0.7% of the Group's total revenue. 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 31st December 2023. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-300": {
"value": "The financial statements were prepared on a going concern basis because the Directors verified the non- 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, and on the Ukrainian market with revenue in 2024 totalling respectively 5.2% and 0.7% of the Group's total revenue. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-301": {
"value": "Application of new accounting principles The OECD BEPS Pillar Two rules came into force with the financial year beginning 1st January 2024, based on which amendments had already been made to IAS 12 \u201cIncome taxes\u201d in 2023. Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates and based on the final figures for the entirety of 2024, all countries pass the \u201ctransitional safe harbours\u201d apart from Ireland, Switzerland and the United Arab Emirates. For these countries the effects were implemented with total provisioning of \u20ac 3.2 million, increasing the items \u201cIncome taxes\u201d in the income statement and \u201cTax liabilities\u201d in the balance sheet liabilities, of which \u20ac 1.5 million recorded by each of the subsidiaries in Ireland and Switzerland and \u20ac 0.2 million by the Parent Company. Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1st January 2024. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31st December 2024: \u2022 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, to clarify the characteristics of reverse factoring arrangements and to require that further information about such arrangements be given. The reporting requirements included in the amendments aim to assist readers in understanding the effects of reverse factoring arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The transition requirements clarify that an entity must not provide information in the interim financial statements relating to the first year of application of the amendments. \u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued an amendment to IFRS 16 to specify the requirements that a seller- lessee uses in the measurement of lease liabilities arising from a sale and leaseback transaction, to ensure that the seller-lessee does not recognise profit or loss with reference to the right of use maintained by it. \u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and October 2022, the IASB published amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2013 what is meant by right to defer settlement; \u2013 that the right to defer settlement must exist at the end of the financial year; \u2013 that the classification is not impacted by the probability that an entity will exercise its right to defer settlement; \u2013 that only if an embedded derivative in a convertible liability is an equity instrument, does the maturity of the liability have no impact on its classification. Furthermore, a requirement for additional information was introduced when a liability arising from a loan arrangement is classified as non-current and the entity\u2019s right to defer settlement is subject to compliance with covenants within twelve months.
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. \u2022 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. \u2022 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-by-case 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. \u2022 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \u2022 Inventories: inventories which appear to be obsolete or slow-moving are periodically tested and written down if their recoverable value in less than their book value. Write-downs are based on assumptions and estimates which derive from experience and the historical results obtained. \u2022 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: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 Level 3: input which is not based on observable market data.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-302": {
"value": "Application of new accounting principles The OECD BEPS Pillar Two rules came into force with the financial year beginning 1st January 2024, based on which amendments had already been made to IAS 12 \u201cIncome taxes\u201d in 2023. Pillar Two legislation has been substantially adopted in some of the jurisdictions in which the Group operates and based on the final figures for the entirety of 2024, all countries pass the \u201ctransitional safe harbours\u201d apart from Ireland, Switzerland and the United Arab Emirates. For these countries the effects were implemented with total provisioning of \u20ac 3.2 million, increasing the items \u201cIncome taxes\u201d in the income statement and \u201cTax liabilities\u201d in the balance sheet liabilities, of which \u20ac 1.5 million recorded by each of the subsidiaries in Ireland and Switzerland and \u20ac 0.2 million by the Parent Company. Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1st January 2024. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31st December 2024: \u2022 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, to clarify the characteristics of reverse factoring arrangements and to require that further information about such arrangements be given. The reporting requirements included in the amendments aim to assist readers in understanding the effects of reverse factoring arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The transition requirements clarify that an entity must not provide information in the interim financial statements relating to the first year of application of the amendments. \u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued an amendment to IFRS 16 to specify the requirements that a seller- lessee uses in the measurement of lease liabilities arising from a sale and leaseback transaction, to ensure that the seller-lessee does not recognise profit or loss with reference to the right of use maintained by it. \u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and October 2022, the IASB published amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2013 what is meant by right to defer settlement; \u2013 that the right to defer settlement must exist at the end of the financial year; \u2013 that the classification is not impacted by the probability that an entity will exercise its right to defer settlement; \u2013 that only if an embedded derivative in a convertible liability is an equity instrument, does the maturity of the liability have no impact on its classification. Furthermore, a requirement for additional information was introduced when a liability arising from a loan arrangement is classified as non-current and the entity\u2019s right to defer settlement is subject to compliance with covenants within twelve months.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-303": {
"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. \u2022 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. \u2022 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-by-case 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. \u2022 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \u2022 Inventories: inventories which appear to be obsolete or slow-moving are periodically tested and written down if their recoverable value in less than their book value. Write-downs are based on assumptions and estimates which derive from experience and the historical results obtained. \u2022 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: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 Level 3: input which is not based on observable market data.
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: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 Level 3: input which is not based on observable market data.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-305": {
"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 31st 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: \u2022 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \u2022 exposure or rights to variable returns originating from the relationship with the investee entity; \u2022 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: \u2022 Contractual agreements with other voting rights holders; \u2022 Rights originating from contractual agreements; \u2022 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-by-line 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-controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non-controlling 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: \u2022 assets and liabilities, with the exception of shareholders\u2019 equity, at year-end exchange rates; \u2022 shareholders\u2019 equity at historical exchange rates, for year of formation; \u2022 income and expense items at the average exchange rates for the year; \u2022 the goodwill resulting from the acquisition of a foreign company is recognized in the currency of the country in question and translated at year-end exchange rates. Translation differences arising from this process are shown in the consolidated statement of comprehensive income.
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-line basis using rates which are held to be representative of the estimated useful life of the assets: \u2022 Industrial buildings 2.5% - 5.5% \u2022 Plant and machinery 10% - 17.5% \u2022 Other equipment 12% - 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-307": {
"value": "Depreciation is computed on a straight-line basis using rates which are held to be representative of the estimated useful life of the assets: \u2022 Industrial buildings 2.5% - 5.5% \u2022 Plant and machinery 10% - 17.5% \u2022 Other equipment 12% - 40%
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-308": {
"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-lease component on the basis of its related stand-alone price. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use 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-of-use asset is subsequently depreciated using the straight-line 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-of-use asset reflects that the Group will exercise a purchase option. In this case the right-of-use 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: \u2022 fixed payments (including substantially fixed payments); \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \u2022 amounts expected to be payable under a residual value guarantee; and \u2022 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-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the carrying amount of the right-of-use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right-of-use 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-of-use assets and lease liabilities for leases of low value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-309": {
"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-how 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. \u2022 Industrial patent rights and marketing authorizations 5% - 33% \u2022 Distribution licenses, trademarks and similar rights 5% - 25%.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-310": {
"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-controlled 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-generating 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-controlled 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-311": {
"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-down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash- 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-tax 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-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash- 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-generating 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-312": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-313": {
"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) - debt security; (FVOCI) - 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: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 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: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 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 \u2022 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.
\u2022 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. \u2022 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. \u2022 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-cash 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) - debt security; (FVOCI) - 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: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 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: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 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 \u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-315": {
"value": "Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) - debt security; (FVOCI) - 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: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 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: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 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 \u2022 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.
\u2022 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. \u2022 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. \u2022 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.
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-317": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-318": {
"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-cash assets transferred or liabilities assumed) is recognized in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-319": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-320": {
"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-derivative 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-financial item, it is included in the cost of the non-financial 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-derivative 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-derivative, 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-derivative 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-financial item, it is included in the cost of the non-financial 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-derivative 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-derivative, foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognized immediately in profit or loss. The amount recognized
in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-322": {
"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-in-process 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-in-process 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-down 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-323": {
"value": "Cash and cash equivalents \u2013 Cash in banks on demand and short-term highly liquid investments measured at market value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-324": {
"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-current 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-current 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-325": {
"value": "Equity instruments issued by the Company are recognized at the proceeds
received.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-326": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-327": {
"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-employment 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-328": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-329": {
"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-monetary 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-330": {
"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-out 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-out 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-front 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-line 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-331": {
"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 - 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-332": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-333": {
"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-item booked directly to equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-334": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-335": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-337": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-338": {
"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 2024 was \u20ac 2,341.6 million, up by 12.4% compared to 2023. This includes \u20ac 111.6 million for sales of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae, for which sales and distribution rights had been acquired from GSK during the third quarter of 2023, and revenue of \u20ac 10.9 million, generated in December, related to the Enjaymo\u00ae product for which Sanofi recently sold the global rights to Recordati. The increase is also attributable to strong organic growth in turnover in both business segments, despite the negative impact of the currency exchange effect, amounting to a total of \u20ac 26.9 million. Revenue can be detailed as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Net sales 2,325,679 2,068,054 257,625 Royalties 10,982 9,947 1,035 Upfront payments 1,369 1,371 (2) Various revenue 3,529 2,959 570 Total net revenue 2,341,559 2,082,331 259,228 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, had a positive effect on net revenue of \u20ac 14.4 million. It should be noted that the Argentine company did not achieve revenues. Royalties are related to products in the Rare Diseases segment for \u20ac 6.6 million and to those of the Specialty and Primary Care segment for \u20ac 4.4 million. 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 2024 Specialty & Primary Care 2023 Rare Diseases 2024 Rare Diseases 2023 Total 2024 Total 2023 Urology 399,941 280,375 - - 399,941 280,375 Cardiovascular 385,208 365,213 - - 385,208 365,213 Gastrointestinal 217,498 219,267 - - 217,498 219,267 Cough and Cold 137,280 137,121 - - 137,280 137,121 Other treatment areas 309,309 311,604 - - 309,309 311,604 Chemicals 58,468 54,031 - - 58,468 54,031 Endocrinology - - 321,686 242,318 321,686 242,318 Metabolic and other areas - - 258,941 271,551 258,941 271,551 Oncology - - 253,228 200,851 253,228 200,851 Total net revenue 1,507,704 1,367,611 833,855 714,720 2,341,559 2,082,331 GEOGRAPHIC AREA BY COUNTRY \u20ac (thousands) Specialty & Primary Care 2024 Specialty & Primary Care 2023 Rare Diseases 2024 Rare Diseases 2023 Total 2024 Total 2023 Pharmaceutical revenue Italy 299,672 281,562 30,815 28,198 330,487 309,760 U.S.A. - - 391,487 316,072 391,487 316,072 Spain 180,759 135,774 33,267 29,330 214,026 165,104 France 138,749 143,288 36,011 36,389 174,760 179,677 Germany 108,498 106,146 52,943 44,756 161,441 150,902 Russia, Ukraine, other CIS 128,569 120,917 21,933 19,649 150,502 140,566 T\u00fcrkiye 122,427 94,056 10,357 3,461 132,784 97,517 Portugal 61,904 55,041 5,276 5,155 67,180 60,196 Other Eastern European countries 135,636 121,377 32,326 28,978 167,962 150,355 Other Western European countries 98,600 90,228 65,104 62,178 163,704 152,406 North Africa 43,755 38,701 1,984 1,515 45,739 40,216 Other international sales 130,667 126,490 152,352 139,039 283,019 265,529 Total pharmaceutical revenue 1,449,236 1,313,580 833,855 714,720 2,283,091 2,028,300
\u20ac (thousands) Specialty & Primary Care 2024 Specialty & Primary Care 2023 Rare Diseases 2024 Rare Diseases 2023 Total 2024 Total 2023 Pharmaceutical chemicals revenue Italy 2,879 3,691 - - 2,879 3,691 Other European countries 16,342 15,209 - - 16,342 15,209 U.S.A. 4,723 6,735 - - 4,723 6,735 America (U.S.A. excluded) 6,012 5,541 - - 6,012 5,541 Asia and Oceania 27,911 21,528 - - 27,911 21,528 Africa 601 1,327 - - 601 1,327 Total chemical pharmaceuticals revenue 58,468 54,031 0 0 58,468 54,031 Total net revenue 1,507,704 1,367,611 833,855 714,720 2,341,559 2,082,331
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-339": {
"value": "4. OPERATING EXPENSES Total operating expenses for 2024 amounted to \u20ac 1,702.7 million, up compared to the \u20ac 1,524.3 million of 2023, and are classified by function as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Cost of sales 741,287 659,707 81,580 Selling expenses 497,728 472,857 24,871 Research and development expenses 286,026 255,747 30,279 General and administrative expenses 156,648 128,253 28,395 Other (income)/expenses, net 21,013 7,759 13,254 Total operating expenses 1,702,702 1,524,323 178,379
Research and development expenses, at \u20ac 286.0 million, were up by 11.8% compared to 2023. The growth is the result mainly of higher amortisation of \u20ac 12.6 million related to the intangible assets
acquired from GSK, the effects of which in 2023 had been recorded starting from the third quarter, \u20ac 2.9 million amortization, started in December 2024, related to the rights of Enjaymo\u00ae, and expenses in support of the growth of the endocrinology portfolio in the United States of America.
General and administrative expenses rose by 22.1% due to the strengthening of the general coordination structure and to investments in progress with reference to new IT systems to support the Group\u2019s growth.
The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2024 2023 Changes 2024/2023 Non-recurring costs: - restructuring 5,972 5,210 762 - EUSA Pharma acquisition 1,949 3,791 (1,842) - emergency in Ukraine and Spain 127 117 10 - earthquake in T\u00fcrkiye and Syria 0 520 (520) Impairment of intangible assets and goodwill 14,330 369 13,961 Other (1,365) (2,248) 883 Other (income)/expenses, net 21,013 7,759 13,254
Under the terms of the CONSOB Communication of 28th July 2006, on events, transactions and matters which are non-recurring or do not occur frequently in the normal course of business we can note: \u2022 the costs linked to the targeted restructuring of the Specialty & Primary Care field force, in particular in Spain and Greece; \u2022 the residual costs from the acquisition of EUSA Pharma, mainly relating to tech transfer fees; \u2022 the cost of donations made after the flooding in Spain in October 2024 and the conflict in Ukraine. In compliance with the CONSOB Communication dated 28th July 2006, it is noted that, during 2024, there were no atypical or unusual transactions, as defined by the Communication. Write-downs of intangible assets for \u20ac 14.3 million refer to the Ledaga\u00ae distribution licence for \u20ac 11.8 million, of which \u20ac 2.0 million following an amendment of the underlying agreement for the return of the rights of the Japanese market, and the \u20ac 2.5 million milestone paid to the operational partner for the development of the product REC 0559 for the treatment of neurotrophic keratitis, as the preliminary top-line data from the phase II trial shows the primary endpoint of corneal healing was not met. Total operating expenses are broken down by nature as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Material consumption 552,538 459,276 93,262 Payroll costs 410,266 363,796 46,470 Other employee costs 67,455 59,090 8,365 Variable sales expenses 96,158 103,533 (7,375) Depreciation, amortization and write-downs 181,355 143,038 38,317 Utilities and consumables 53,298 55,433 (2,135) Other expenses 341,632 340,157 1,475 Total operating expenses 1,702,702 1,524,323 178,379
The proportion of raw material consumption to net revenue was 23.6%, up compared to the 22.1% of 2023, mainly due to the integration of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae. The item \u201cPayroll costs\u201d grew by \u20ac 46.5 million due to the
higher average number of employees (4,410
people in 2024 compared to 4,301 people in 2023)
and increases in salaries. Stock option plan expenses
There were 4,583 employees as of 31st December 2023, an increase over the 4,455 at the end of 2023.
Total amortisation amounted to \u20ac 167.0 million, of which \u20ac 133.6 million related to intangible assets, up by \u20ac 19.9 million over the previous year, attributable mostly to the acquisition of rights of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae from GSK (\u20ac 16.3 million for the entire 2024 compared to \u20ac 3.6 million in 2023) and Enjaymo\u00ae from Sanofi (\u20ac 2.9 million for December 2024 only), and \u20ac 33.4 million relating to property, plant, and equipment, up by \u20ac 4.5 million over 2023.
The item \u201cUtilities and consumables\u201d mainly includes costs for electricity and gas, consumables and IT services and recorded a net decrease compared to 2023 as a result of the lower impact of the costs of energy and materials used in production. The item \u201cOther expenses\u201d includes costs for consulting and external services, promotion and clinical trials. It also includes the non-cash costs of \u20ac 37.5 million deriving from the effects of the revaluation at fair value of the inventory acquired as part of the transactions relating to EUSA Pharma and Enjaymo\u00ae in accordance with IFRS 3, which amounted to \u20ac 58.9 million in 2023. \u20ac (thousands) 2024 2023 Changes 2024/2023 Cost of sales 741,287 659,707 81,580 Selling expenses 497,728 472,857 24,871 Research and development expenses 286,026 255,747 30,279 General and administrative expenses 156,648 128,253 28,395 Other (income)/expenses, net 21,013 7,759 13,254 Total operating expenses 1,702,702 1,524,323 178,379
\u20ac (thousands) 2024 2023 Changes 2024/2023 Cost of sales 741,287 659,707 81,580 Selling expenses 497,728 472,857 24,871 Research and development expenses 286,026 255,747 30,279 General and administrative expenses 156,648 128,253 28,395 Other (income)/expenses, net 21,013 7,759 13,254 Total operating expenses 1,702,702 1,524,323 178,379
The following table summarizes the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2024 2023 Changes 2024/2023 Non-recurring costs: - restructuring 5,972 5,210 762 - EUSA Pharma acquisition 1,949 3,791 (1,842) - emergency in Ukraine and Spain 127 117 10 - earthquake in T\u00fcrkiye and Syria 0 520 (520) Impairment of intangible assets and goodwill 14,330 369 13,961 Other (1,365) (2,248) 883 Other (income)/expenses, net 21,013 7,759 13,254
",
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"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"reg-ix-342": {
"value": "\u20ac (thousands) 2024 2023 Changes 2024/2023 Cost of sales 741,287 659,707 81,580 Selling expenses 497,728 472,857 24,871 Research and development expenses 286,026 255,747 30,279 General and administrative expenses 156,648 128,253 28,395 Other (income)/expenses, net 21,013 7,759 13,254 Total operating expenses 1,702,702 1,524,323 178,379
General and administrative expenses rose by 22.1% due to the strengthening of the general coordination structure and to investments in progress with reference to new IT systems to support the Group\u2019s growth.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-343": {
"value": "\u20ac (thousands) 2024 2023 Changes 2024/2023 Cost of sales 741,287 659,707 81,580 Selling expenses 497,728 472,857 24,871 Research and development expenses 286,026 255,747 30,279 General and administrative expenses 156,648 128,253 28,395 Other (income)/expenses, net 21,013 7,759 13,254 Total operating expenses 1,702,702 1,524,323 178,379
Research and development expenses, at \u20ac 286.0 million, were up by 11.8% compared to 2023. The growth is the result mainly of higher amortisation of \u20ac 12.6 million related to the intangible assets
acquired from GSK, the effects of which in 2023 had been recorded starting from the third quarter, \u20ac 2.9 million amortization, started in December 2024, related to the rights of Enjaymo\u00ae, and expenses in support of the growth of the endocrinology portfolio in the United States of America.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-344": {
"value": "\u20ac (thousands) 2024 2023 Changes 2024/2023 Material consumption 552,538 459,276 93,262 Payroll costs 410,266 363,796 46,470 Other employee costs 67,455 59,090 8,365 Variable sales expenses 96,158 103,533 (7,375) Depreciation, amortization and write-downs 181,355 143,038 38,317 Utilities and consumables 53,298 55,433 (2,135) Other expenses 341,632 340,157 1,475 Total operating expenses 1,702,702 1,524,323 178,379
\u20ac (thousands) Patent rights and marketing authorizations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance as of 1 January 2023 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) Write-downs 0 (251) 0 0 (251) Hyperinflation 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance as of 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115 Additions 699,672 18,824 818 12,133 731,447 Disposals (31) (7,862) (469) (37) (8,399) Write-downs 0 (11,830) 0 (2,500) (14,330) Hyperinflation 3,782 (385) 806 1 4,204 Other changes (9,758) 15,738 299 (14,218) (7,939) Balance as of 31 December 2024 1,834,784 1,534,791 24,557 38,966 3,433,098
\u20ac (thousands) Shareholders\u2019 equity Net income 31/12/2024 31/12/2023 2024 2023 Recordati S.p.A. 405,246 352,782 320,830 224,017 Consolidation adjustments: - Elimination margins in inventories (94,152) (78,677) (15,475) 5,884 - Related tax effect 27,654 22,614 5,040 (1,506) - Other adjustments (42,014) (32,082) (10,367) (6,004) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,454,799 1,321,387 - - Net income for consolidated companies, net of amounts already recognized by Recordati S.p.A. 399,689 365,068 399,689 365,068 Dividends received from consolidated subsidiaries (283,209) (198,245) Write-down of holdings in subsidiaries 0 0 Translation adjustments (274,413) (264,700) - - Consolidated financial statements 1,876,809 1,686,392 416,508 389,214
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-345": {
"value": "\u20ac (thousands) 2024 2023 Changes 2024/2023 Material consumption 552,538 459,276 93,262 Payroll costs 410,266 363,796 46,470 Other employee costs 67,455 59,090 8,365 Variable sales expenses 96,158 103,533 (7,375) Depreciation, amortization and write-downs 181,355 143,038 38,317 Utilities and consumables 53,298 55,433 (2,135) Other expenses 341,632 340,157 1,475 Total operating expenses 1,702,702 1,524,323 178,379
The proportion of raw material consumption to net revenue was 23.6%, up compared to the 22.1% of 2023, mainly due to the integration of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae. The item \u201cPayroll costs\u201d grew by \u20ac 46.5 million due to the
higher average number of employees (4,410
people in 2024 compared to 4,301 people in 2023)
and increases in salaries. Stock option plan expenses
There were 4,583 employees as of 31st December 2023, an increase over the 4,455 at the end of 2023.
Total amortisation amounted to \u20ac 167.0 million, of which \u20ac 133.6 million related to intangible assets, up by \u20ac 19.9 million over the previous year, attributable mostly to the acquisition of rights of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae from GSK (\u20ac 16.3 million for the entire 2024 compared to \u20ac 3.6 million in 2023) and Enjaymo\u00ae from Sanofi (\u20ac 2.9 million for December 2024 only), and \u20ac 33.4 million relating to property, plant, and equipment, up by \u20ac 4.5 million over 2023.
The item \u201cUtilities and consumables\u201d mainly includes costs for electricity and gas, consumables and IT services and recorded a net decrease compared to 2023 as a result of the lower impact of the costs of energy and materials used in production. The item \u201cOther expenses\u201d includes costs for consulting and external services, promotion and clinical trials. It also includes the non-cash costs of \u20ac 37.5 million deriving from the effects of the revaluation at fair value of the inventory acquired as part of the transactions relating to EUSA Pharma and Enjaymo\u00ae in accordance with IFRS 3, which amounted to \u20ac 58.9 million in 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-346": {
"value": "\u20ac (thousands) 2024 2023 Changes 2024/2023 Material consumption 552,538 459,276 93,262 Payroll costs 410,266 363,796 46,470 Other employee costs 67,455 59,090 8,365 Variable sales expenses 96,158 103,533 (7,375) Depreciation, amortization and write-downs 181,355 143,038 38,317 Utilities and consumables 53,298 55,433 (2,135) Other expenses 341,632 340,157 1,475 Total operating expenses 1,702,702 1,524,323 178,379
Total amortisation amounted to \u20ac 167.0 million, of which \u20ac 133.6 million related to intangible assets, up by \u20ac 19.9 million over the previous year, attributable mostly to the acquisition of rights of Avodart\u00ae and Combodart\u00ae/Duodart\u00ae from GSK (\u20ac 16.3 million for the entire 2024 compared to \u20ac 3.6 million in 2023) and Enjaymo\u00ae from Sanofi (\u20ac 2.9 million for December 2024 only), and \u20ac 33.4 million relating to property, plant, and equipment, up by \u20ac 4.5 million over 2023.
\u20ac (thousands) Land and buildings Plant and machinery Other equipment Investments in progress Total Cost Balance as of 1 January 2023 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) Write-downs 0 0 (118) 0 (118) Hyperinflation 5,368 7,239 1,542 130 14,279 Other changes (5,031) 1,728 (97) (12,522) (15,922) Balance as of 31 December 2023 123,647 269,201 111,821 48,149 552,818 Additions 17,079 5,654 16,402 21,122 60,257 Disposals (12,853) (357) (8,009) (407) (21,626) Hyperinflation 7,346 6,866 2,712 (366) 16,558 Other changes 4,839 28,273 (470) (38,297) (5,655) Balance as of 31 December 2024 140,058 309,637 122,456 30,201 602,352 Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 606 4,598 (147) 0 5,057 Other changes (1,186) (5,349) (2,130) 0 (8,665) Balance as of 31 December 2023 66,692 227,909 79,560 0 374,161 Amortization for the year 8,840 12,023 12,562 0 33,425 Disposals (8,747) (356) (7,671) 0 (16,774) Hyperinflation 2,057 4,443 1,745 0 8,245 Other changes (189) (424) (2,792) 0 (3,405) Balance as of 31 December 2024 68,653 243,595 83,404 0 395,652 Net amount 1 January 2023 54,408 37,727 26,159 40,890 159,184 31 December 2023 56,955 41,292 32,261 48,149 178,657 31 December 2024 71,405 66,042 39,052 30,201 206,700
\u20ac (thousands) Land and Buildings Plant and machinery Other equipment Total Cost Balance as of 1 January 2023 32,351 1,436 19,892 53,679 Additions 9,119 0 8,659 17,778 Disposals (1,386) (1) (6,874) (8,261) Hyperinflation 612 (2) 702 1,312 Other changes (157) (110) (1,261) (1,528) Balance as of 31 December 2023 40,539 1,323 21,118 62,980 Additions 15,308 0 10,679 25,987 Disposals (12,209) 0 (4,701) (16,910) Hyperinflation 641 0 1,730 2,371 Other changes (93) 0 (760) (853) Balance as of 31 December 2024 44,186 1,323 28,066 73,575 Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 314 (3) (648) (337) Other changes (383) (110) (1,077) (1,570) Balance as of 31 December 2023 14,842 859 9,053 24,754 Amortization for the year 6,129 259 6,920 13,308 Disposals (8,246) 0 (4,672) (12,918) Hyperinflation 287 0 713 1,000 Other changes (132) 0 15 (117) Balance as of 31 December 2024 12,880 1,118 12,029 26,027 Net amount 1 January 2023 21,520 731 8,620 30,871 31 December 2023 25,697 464 12,065 38,226 31 December 2024 31,306 205 16,037 47,548
\u20ac (thousands) Patent rights and marketing authorizations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance as of 1 January 2023 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) Write-downs 0 (251) 0 0 (251) Hyperinflation 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance as of 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115 Additions 699,672 18,824 818 12,133 731,447 Disposals (31) (7,862) (469) (37) (8,399) Write-downs 0 (11,830) 0 (2,500) (14,330) Hyperinflation 3,782 (385) 806 1 4,204 Other changes (9,758) 15,738 299 (14,218) (7,939) Balance as of 31 December 2024 1,834,784 1,534,791 24,557 38,966 3,433,098
Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 2,073 712 552 0 3,337 Other changes (949) 747 (584) 0 (786) Balance as of 31 December 2023 417,829 351,512 20,577 0 789,918 Amortization for the year 54,827 77,995 778 0 133,600 Disposals (13) (5,562) (457) 0 (6,032) Hyperinflation 2,270 (309) 618 0 2,579 Other changes (7,899) 7,432 341 0 (126) Balance as of 31 December 2024 467,014 431,068 21,857 0 919,939 Net amount 1 January 2023 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 31 December 2024 1,367,770 1,103,723 2,700 38,966 2,513,159 higher average number of employees (4,410
people in 2024 compared to 4,301 people in 2023)
There were 4,583 employees as of 31st December 2023, an increase over the 4,455 at the end of 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-348": {
"value": "5. NET FINANCIAL INCOME AND EXPENSES In 2024 and 2023 the net balance of financial components was negative respectively of \u20ac 91.7 million and \u20ac 67.0 million. The main items are summarized as follows: \u20ac (thousands) 2024 2023 Changes 2024/2023 Interest expense on loans 78,975 72,516 6,459 Net exchange rate (gains)/losses 9,342 (2,158) 11,500 Net (income)/expense on short-term positions (5,962) (4,181) (1,781) Expenses on leases 2,186 1,939 247 Expenses for defined benefit plans 385 402 (17) Turkish hyperinflation effects (IAS 29) 6,747 (1,546) 8,293 Total net financial (income)/expenses 91,673 66,972 24,701
in the fourth quarter of 2024 for the acquisition of Enjaymo\u00ae. Note number 21 contains the details of the loan contracts. Net exchange losses, mostly unrealised, amounted to \u20ac 9.3 million, whereas in the previous year there were net exchange gains of \u20ac 2.2 million. These changes are mainly attributable to the trend in the US dollar and the Russian rouble. The hyperinflation effect was negative for \u20ac 6.7 million in 2024 following a positive impact of \u20ac 1.5 million in 2023 mainly due to the net effect of the revaluation of balance sheet entries of subsidiaries in T\u00fcrkiye.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-349": {
"value": "\u20ac (thousands) 2024 2023 Changes 2024/2023 Interest expense on loans 78,975 72,516 6,459 Net exchange rate (gains)/losses 9,342 (2,158) 11,500 Net (income)/expense on short-term positions (5,962) (4,181) (1,781) Expenses on leases 2,186 1,939 247 Expenses for defined benefit plans 385 402 (17) Turkish hyperinflation effects (IAS 29) 6,747 (1,546) 8,293 Total net financial (income)/expenses 91,673 66,972 24,701
\u20ac (thousands) 2024 2023 Changes 2024/2023 Interest expense on loans 78,975 72,516 6,459 Net exchange rate (gains)/losses 9,342 (2,158) 11,500 Net (income)/expense on short-term positions (5,962) (4,181) (1,781) Expenses on leases 2,186 1,939 247 Expenses for defined benefit plans 385 402 (17) Turkish hyperinflation effects (IAS 29) 6,747 (1,546) 8,293 Total net financial (income)/expenses 91,673 66,972 24,701
Foreign currency risk - 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-speculative hedging instruments are negotiated. In relation to the euro companies, as of 31st December 2024 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \u2022 net receivables of 27.9 million US dollars; \u2022 net receivables of 53.9 million Brazilian reals; \u2022 net receivables of 26.9 million Polish zloty; \u2022 net receivables of 22.2 million Rumanian RON; \u2022 net receivables of 69.0 million Mexican pesos; \u2022 net receivables of 2.2 million British pounds; \u2022 net debts of 3.7 million Swiss francs. Among the non-euro companies, as of 31st December 2024, 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 6.5 million), Ukraine (net payables of 3.8 million), Australia (net payables of 2.9 million), United States (net payables of 2.8 million), Brazil (net payables of 2.6 million), South Korea (net payables of 2.3 million), T\u00fcrkiye (net payables of 1.1 million), Canada (net payables of 1.1 million), Czech Republic
(net receivables of 2.9 million), Poland (net receivables of 2.4 million) and Tunisia (net receivables of 2.1 million). Net exposures in US dollars refer mainly to the companies in Brazil (net payables of 6.5 million), Colombia (net payables of 4.8 million) and Japan (net receivables of 3.3 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 843.7 million). For consolidation purposes, the income statements and balance sheets of the non-euro companies have been converted from their local currencies into euro. As of 31st December 2024, the net asset values of these companies, excluding goodwill, are denominated mainly in US dollars (481.3 million), Swiss francs (451.3 million), Turkish lira (2,952.7 million), Russian roubles (8,198.9 million), pounds sterling (14.5 million), Czech crowns (498.0 million), Romanian ron (54.1 million), Polish zloty (104.2 million) and Tunisian dinars (116.4 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, as of 31st December 2024, was a negative \u20ac 274.4 million.
",
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"reg-ix-351": {
"value": "6. INCOME TAXES Income taxes, amounting to \u20ac 130.7 million, 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 28.9 million compared to 2023. The amount includes provisioning of \u20ac 3.2 million for the effects deriving from application of the Pillar Two regulations in the tax jurisdictions of Ireland, Switzerland and the United Arab Emirates, determined as described in detail in note 2. In 2023 there was a non-recurring 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 2024, Recordati S.p.A. took part in the reverse charge regime for the same assets as in 2015-2019 (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 2024, recognised to reduce the tax amounts, as \u20ac 9.0 million. The current standard corporate income tax rate in Italy can be reconciled with the tax rate effectively incurred on consolidated pre-tax income, as follows: 2024 % 2023 % Standard income tax rate on pre-tax income of the Parent Company 24.0 24.0 Dividends from foreign subsidiaries 0.6 0.5 Pillar Two 0.6 - Foreign tax rate differential (1.1) (2.6) Tax benefit provided by the so-called \u201cPatent box\u201d in Italy (1.3) (1.8) ACE from reverse merger - (0.3) Other differences, net 0.5 0.2 Effective tax rate on income 23.3 20.0 IRAP 0.6 0.7 Effective tax rate on pre-tax income 23.9 20.7 IRAP is levied only on Italian companies and is computed applying an average rate of 4.65% to a broader taxable base calculated before the deduction of interest.
",
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"reg-ix-352": {
"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 as of 1 January 2023 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) Write-downs 0 0 (118) 0 (118) Hyperinflation 5,368 7,239 1,542 130 14,279 Other changes (5,031) 1,728 (97) (12,522) (15,922) Balance as of 31 December 2023 123,647 269,201 111,821 48,149 552,818 Additions 17,079 5,654 16,402 21,122 60,257 Disposals (12,853) (357) (8,009) (407) (21,626) Hyperinflation 7,346 6,866 2,712 (366) 16,558 Other changes 4,839 28,273 (470) (38,297) (5,655) Balance as of 31 December 2024 140,058 309,637 122,456 30,201 602,352 Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 606 4,598 (147) 0 5,057 Other changes (1,186) (5,349) (2,130) 0 (8,665) Balance as of 31 December 2023 66,692 227,909 79,560 0 374,161 Amortization for the year 8,840 12,023 12,562 0 33,425 Disposals (8,747) (356) (7,671) 0 (16,774) Hyperinflation 2,057 4,443 1,745 0 8,245 Other changes (189) (424) (2,792) 0 (3,405) Balance as of 31 December 2024 68,653 243,595 83,404 0 395,652 Net amount 1 January 2023 54,408 37,727 26,159 40,890 159,184 31 December 2023 56,955 41,292 32,261 48,149 178,657 31 December 2024 71,405 66,042 39,052 30,201 206,700
The increases in property, plant and equipment of \u20ac 60.3 million are mainly linked to the Parent Company (\u20ac 19.3 million, largely for investments in its production plants), to the subsidiaries in France (\u20ac 9.5 million) and in the United States of America (\u20ac 7.8 million) especially in relation to the renewal of office leases, and to predominantly production investments in the plants in T\u00fcrkiye (\u20ac 5.5 million), Tunisia (\u20ac 2.6 million), Ireland (\u20ac 1.6 million) and Spain (\u20ac 1.4 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 2.4 million compared to 31st December 2023, 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 as of 1 January 2023 32,351 1,436 19,892 53,679 Additions 9,119 0 8,659 17,778 Disposals (1,386) (1) (6,874) (8,261) Hyperinflation 612 (2) 702 1,312 Other changes (157) (110) (1,261) (1,528) Balance as of 31 December 2023 40,539 1,323 21,118 62,980 Additions 15,308 0 10,679 25,987 Disposals (12,209) 0 (4,701) (16,910) Hyperinflation 641 0 1,730 2,371 Other changes (93) 0 (760) (853) Balance as of 31 December 2024 44,186 1,323 28,066 73,575 Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 314 (3) (648) (337) Other changes (383) (110) (1,077) (1,570) Balance as of 31 December 2023 14,842 859 9,053 24,754 Amortization for the year 6,129 259 6,920 13,308 Disposals (8,246) 0 (4,672) (12,918) Hyperinflation 287 0 713 1,000 Other changes (132) 0 15 (117) Balance as of 31 December 2024 12,880 1,118 12,029 26,027 Net amount 1 January 2023 21,520 731 8,620 30,871 31 December 2023 25,697 464 12,065 38,226 31 December 2024 31,306 205 16,037 47,548
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, license, trademark and similar rights Other Advance payments Total Cost Balance as of 1 January 2023 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) Write-downs 0 (251) 0 0 (251) Hyperinflation 3,770 1,110 754 0 5,634 Other changes 20,505 82,175 (797) (75,856) 26,027 Balance as of 31 December 2023 1,141,119 1,520,306 23,103 43,587 2,728,115 Additions 699,672 18,824 818 12,133 731,447 Disposals (31) (7,862) (469) (37) (8,399) Write-downs 0 (11,830) 0 (2,500) (14,330) Hyperinflation 3,782 (385) 806 1 4,204 Other changes (9,758) 15,738 299 (14,218) (7,939) Balance as of 31 December 2024 1,834,784 1,534,791 24,557 38,966 3,433,098
Accumulated amortization Balance as of 1 January 2023 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) Hyperinflation 2,073 712 552 0 3,337 Other changes (949) 747 (584) 0 (786) Balance as of 31 December 2023 417,829 351,512 20,577 0 789,918 Amortization for the year 54,827 77,995 778 0 133,600 Disposals (13) (5,562) (457) 0 (6,032) Hyperinflation 2,270 (309) 618 0 2,579 Other changes (7,899) 7,432 341 0 (126) Balance as of 31 December 2024 467,014 431,068 21,857 0 919,939 Net amount 1 January 2023 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 31 December 2024 1,367,770 1,103,723 2,700 38,966 2,513,159 \u2022 \u20ac 0.8 million related to the renewal of the license for the Trasact\u00ae LAT product in Portugal; \u2022 \u20ac 0.5 million for the milestone payment relating to the distribution of Ledaga\u00ae in Spain. Write-downs for \u20ac 14.3 million refer to the Ledaga\u00ae distribution licence for \u20ac 11.8 million, of which \u20ac 2.0 million following an amendment of the underlying agreement for the return of the rights of the Japanese market, and to \u20ac 2.5 million milestone paid to the operational partner for the development of the product REC 0559 for the treatment of neurotrophic keratitis, as the preliminary top-line data from the phase II trial shows the primary endpoint of corneal healing was not met. The \u201cOther changes\u201d includes the conversion into euro of the value of the intangible assets held and booked in different currencies, which determined a net decrease of \u20ac 7.8 million compared to 31st December 2023 mainly attributable to the devaluation of the Swiss franc for \u20ac 9.6 million, of the Russian ruble for \u20ac 1.2 million and of the Turkish lira for \u20ac 0.6 million and to the revaluation of the U.S. dollar for \u20ac 3.7 million.
",
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"reg-ix-354": {
"value": "9. GOODWILL Goodwill as of 31st December 2024 and 2023 amounted to \u20ac 797.1 million and \u20ac 778.3 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 as of 31 December 2023 778,350 Hyperinflation adjustments 28,110 Exchange rate adjustments (9,382) Balance as of 31 December 2024 797,078 Total net goodwill as ofat 31st December 2024, of \u20ac 797.1 million, was divided between the two CGU as follows: \u2022 \u20ac 532.7 million to Specialty and Primary Care (SPC); \u2022 for \u20ac 264.4 million to the CGU referring to medicines for Rare Disease treatments. As reported in Note 2 \u201cSummary of significant accounting policies\u201d, goodwill is not amortized systematically but is subject to impairment test at least once a year to determine its recoverable value. Goodwill is allocated to the individual cash-generating units identified based on the business segments and the markets on which the new acquisitions operate. A cash-generating 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- generating units based on discounted cash flow (DCF analysis) originating from operating cash flow forecasts for the period used explicitly for the calculation (2025-2029) 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 (2025-2029) come from the 2025 budget approved by the Board of Directors of the Parent Company on 13th February 2025 and,
for 2026 to 2029, from specific forecasts prepared for the cash-generating units subject to impairment testing approved by the Board of Directors on 18th March 2025. The cashflow forecast took due account of the effects of the Russia/Ukraine conflict. Considering this analysis and based on the expected results and the resilience of the pharmaceutical industry, no significant impacts have been identified yet about 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. As highlighted in the Management Report, with regard to the potential risk related to climate change, considering the sector in which the Group operates, Recordati concluded that this risk has no concrete or significant impact on the company's operations and therefore does not have a significant impact on the estimate of the recoverable value of assets; it was therefore not deemed necessary to carry out a sensitivity analysis exercise on the potential impacts deriving from this risk. The Group will continue to monitor this potential risk over the years. The discount rate used for estimates is the after-tax average weighted cost of capital which reflects current market valuations of the cost of money and the specific risk associated with the cash-generating units. The following table shows the discount rates used for the impairment test for each of the two cash- generating units: Cash-generating unit Discount rate Specialty and Primary Care segment 9.36% Drugs for the treatment of rare diseases 8.05% The growth rates used for the period after the explicit forecast period were prudently estimated and consider the specific features of each country involved. The impairment tests, carried out according to the procedures described for each cash-generating unit, were examined and approved by the Board of Directors on 18th March 2025. For both CGUs the value in use was higher, even significantly so, than the book value of the net capital invested recognized in the financial statements as of 31st December 2024 and therefore no impairment of goodwill was recognized. In addition, as required by the impairment methodology approved by the Board of Directors on 13th February 2025, a sensitivity analysis was conducted to show the possible impact on the headroom value of changes in the following parameters: long-term growth rate (+/- 0.5%), operating profit growth rate (+/- 10%) and discount rate (+/- 0.5%). The result of the analysis confirmed that there were no impairment losses.
",
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"reg-ix-355": {
"value": "10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31st December 2024 the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31/12/2024 31/12/2023 31/12/2024 31/12/2023 PureTech Health p.l.c. - United Kingdom 17,307 21,350 3.7% 3.5% Phaxiam Therapeutics S.A., France 73 198 0.4% 0.7% Standard BioTools Inc. - United States of America 3 3 n.s. n.s. Other 2 4 n.s. n.s. Total equity investments and securities 17,385 21,555
The main investment refers to the U.K. company PureTech Health plc, specializing in investments in start-up companies dedicated to innovative therapies, medical devices and new research technologies. Starting from 19th June 2015, the Company\u2019s shares were admitted for trading on the London Stock Exchange. As of 31st December 2024, the total fair value of the 9,554,140 shares held was \u20ac 17.3 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 4.1 million, compared to 31st December 2023, with a counter-item 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-interest-bearing 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 29th June 2023. The value of the investment, currently represented by 43,103 shares, was adjusted to the stock exchange value and decreased by \u20ac 0.1 million compared to 31st December 2023, with a counter-item accounted for, net of the related tax effect, in the statement of gains and losses recognized in equity.
20. 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 3.8 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-controlling shareholders during the period until all capital shares are transferred.
39. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AS OF 31 DECEMBER 2024 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-by-line INNOVA PHARMA S.p.A. Marketing of pharmaceuticals Italy 1,920,000.00 EUR Line-by-line CASEN RECORDATI S.L. Development, production, and sales of pharmaceuticals Spain 238,966,000.00 EUR Line-by-line BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 4,600,000.00 EUR Line-by-line RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA Marketing of pharmaceuticals Brazil 166.00 BRL Line-by-line RECORDATI RARE DISEASES INC. Development, production, and sales of pharmaceuticals U.S.A. 11,979,138.00 USD Line-by-line RECORDATI IRELAND LTD Development, production, and sales of pharmaceuticals Ireland 200,000.00 EUR Line-by-line LABORATOIRES BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 14,000,000.00 EUR Line-by-line RECORDATI PHARMA GmbH Marketing of pharmaceuticals Germany 600,000.00 EUR Line-by-line RECORDATI PHARMACEUTICALS LTD Marketing of pharmaceuticals United Kingdom 15,000,000.00 GBP Line-by-line RECORDATI HELLAS PHARMACEUTICALS S.A. Marketing of pharmaceuticals Greece 10,050,000.00 EUR Line-by-line JABA RECORDATI S.A. Marketing of pharmaceuticals Portugal 2,000,000.00 EUR Line-by-line JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line Consolidated companies Head office Share capital Currency Consolidation method RECORDATI RARE DISEASES MIDDLE EAST FZ LLC Marketing of pharmaceuticals United Arab Emirates 100,000.00 AED Line-by-line RECORDATI AB Marketing of pharmaceuticals Sweden 100,000.00 SEK Line-by-line RECORDATI RARE DISEASES S.\u00e0 r.l. Development, production, and sales of pharmaceuticals France 419,804.00 EUR Line-by-line RECORDATI RARE DISEASES UK Limited Marketing of pharmaceuticals United Kingdom 50,000.00 GBP Line-by-line RECORDATI RARE DISEASES GERMANY GmbH Marketing of pharmaceuticals Germany 25,600.00 EUR Line-by-line RECORDATI RARE DISEASES SPAIN S.L. Marketing of pharmaceuticals Spain 1,775,065.49 EUR Line-by-line RECORDATI RARE DISEASES ITALY S.R.L. Marketing of pharmaceuticals Italy 40,000.00 EUR Line-by-line RECORDATI BV Marketing of pharmaceuticals Belgium 18,600.00 EUR Line-by-line FIC MEDICAL S.\u00e0 r.l. Promotion of pharmaceuticals France 173,700.00 EUR Line-by-line HERBACOS RECORDATI s.r.o. Development, production, and sales of pharmaceuticals Czech Republic 25,600,000.00 CZK Line-by-line RECORDATI SK s.r.o. Marketing of pharmaceuticals Slovak Republic 33,193.92 EUR Line-by-line RUSFIC LLC Development, promotion, and sales of pharmaceutical products Russian Federation 3,560,000.00 RUB Line-by-line RECOFARMA ILA\u00c7 Ve Hammaddeleri Sanayi Ve Ticaret L.\u015e. Promotion of pharmaceuticals T\u00fcrkiye 8,000,000.00 TRY Line-by-line RECORDATI ROM\u00c2NIA S.R.L. Marketing of pharmaceuticals Romania 5,000,000.00 RON Line-by-line RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. Development, production, and sales of pharmaceuticals T\u00fcrkiye 180,000,000.00 TRY Line-by-line RECORDATI POLSKA Sp. z o.o. Marketing of pharmaceuticals Poland 4,500,000.00 PLN Line-by-line ACCENT LLC Holds pharmaceutical marketing rights Russian Federation 20,000.00 RUB Line-by-line RECORDATI UKRAINE LLC Marketing of pharmaceuticals Ukraine 1,031,896.30 UAH Line-by-line CASEN RECORDATI PORTUGAL Unipessoal Lda Marketing of pharmaceuticals Portugal 100,000.00 EUR Line-by-line OPALIA PHARMA S.A. Development, production, and sales of pharmaceuticals Tunisia 9,656,000.00 TND Line-by-line OPALIA RECORDATI S.\u00e0 r.l. Promotion of pharmaceuticals Tunisia 20,000.00 TND Line-by-line RECORDATI RARE DISEASES S.A. DE C.V. Marketing of pharmaceuticals Mexico 16,250,000.00 MXN Line-by-line RECORDATI RARE DISEASES COLOMBIA S.A.S. Marketing of pharmaceuticals Colombia 150,000,000.00 COP Line-by-line ITALCHIMICI S.p.A. Marketing of pharmaceuticals Italy 7,646,000.00 EUR Line-by-line
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI AG Marketing of pharmaceuticals Switzerland 15,000,000.00 CHF Line-by-line RECORDATI AUSTRIA GmbH Marketing of pharmaceuticals Austria 35,000.00 EUR Line-by-line RECORDATI RARE DISEASES CANADA Inc. Marketing of pharmaceuticals Canada 350,000.00 CAD Line-by-line RECORDATI RARE DISEASES JAPAN K.K. Marketing of pharmaceuticals Japan 90,000,000.00 JPY Line-by-line NATURAL POINT S.r.l. Marketing of pharmaceuticals Italy 10,400.00 EUR Line-by-line RECORDATI RARE DISEASES AUSTRALIA Pty Ltd Marketing of pharmaceuticals Australia 200,000.00 AUD Line-by-line RECORDATI BULGARIA Ltd Marketing of pharmaceuticals Bulgaria 50,000.00 BGN Line-by-line RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line-by-line RECORDATI RARE DISEASES FZCO Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line-by-line RECORDATI UK LTD Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line-by-line RECORDATI Netherlands B.V. Marketing of pharmaceuticals Netherlands 1.00 EUR Line-by-line EUSA Pharma (CH) GmbH Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line-by-line RECORDATI KOREA, Co. Ltd Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line-by-line RECORDATI RARE DISEASES MENA RHQ (1) Marketing of pharmaceuticals Saudi Arabia 500,000.00 SAR Line-by-line RECORDATI ARGENTINA S.R.L. (1) Marketing of pharmaceuticals Argentina 88,605,000.00 ARS Line-by-line (4) Set up in 2024
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 Recordati 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 RECORDATI BULGARIA Ltd 100.00 100.00 RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) 100.00 100.00 RECORDATI RARE DISEASES FZCO 100.00 100.00 RECORDATI UK LTD 100.00 100.00 RECORDATI Netherlands B.V. 100.00 100.00 EUSA Pharma (CH) GmbH 100.00 100.00 RECORDATI KOREA, Co. Ltd 100.00 100.00 RECORDATI RARE DISEASES MENA RHQ (1) 100.00 100.00 RECORDATI ARGENTINA SRL (1) 5.00 95.00 100.00 (1) Set up in 2024
10. OTHER EQUITY INVESTMENTS AND SECURITIES At 31st December 2024 the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31/12/2024 31/12/2023 31/12/2024 31/12/2023 PureTech Health p.l.c. - United Kingdom 17,307 21,350 3.7% 3.5% Phaxiam Therapeutics S.A., France 73 198 0.4% 0.7% Standard BioTools Inc. - United States of America 3 3 n.s. n.s. Other 2 4 n.s. n.s. Total equity investments and securities 17,385 21,555
The main investment refers to the U.K. company PureTech Health plc, specializing in investments in start-up companies dedicated to innovative therapies, medical devices and new research technologies. Starting from 19th June 2015, the Company\u2019s shares were admitted for trading on the London Stock Exchange. As of 31st December 2024, the total fair value of the 9,554,140 shares held was \u20ac 17.3 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 4.1 million, compared to 31st December 2023, with a counter-item 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-interest-bearing 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 29th June 2023. The value of the investment, currently represented by 43,103 shares, was adjusted to the stock exchange value and decreased by \u20ac 0.1 million compared to 31st December 2023, with a counter-item accounted for, net of the related tax effect, in the statement of gains and losses recognized in equity.
",
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"reg-ix-357": {
"value": "11. OTHER NON-CURRENT ASSETS As of 31st December 2024 this item amounted to \u20ac 14.2 million, an increase of \u20ac 1.7 million compared to 31st December 2023, and mainly refers to receivables falling due beyond twelve months. It includes the discounted receivable of \u20ac 4.0 million in respect of ARS Pharmaceuticals Inc. following the signing of the agreement in February 2023 for the return of the rights on ARS-1, previously recognised under intangible assets.
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"reg-ix-358": {
"value": "12. DEFERRED TAX ASSETS As of 31st December 2024 deferred tax assets amounted to \u20ac 94.5 million (\u20ac 76.7 million at 31st December 2023). The main deferred tax assets and their changes are presented in the two tables below: \u20ac (thousands) 2024 2023 Balance as of 1 January 76,674 76,895 Additions 29,764 21,237 Utilizations (11,911) (16,084) Reclassifications 0 (5,374) Balance as of 31 December 94,527 76,674 \u20ac (thousands) Revenues/costs with deferred tax effect Patent Box Tax credits Other Total Balance as of 1 January 17,131 8,392 448 50,703 76,674 Additions 12,387 6,012 - 11,365 29,764 Utilizations (4,218) (5,288) (448) (1,957) (11,911) Balance as of 31 December 25,300 9,116 0 60,111 94,527
The item Patent Box refers to the economic benefit for the direct use of intangible assets covered by subsidies and that can be used in subsequent years. The tax credit relates to the tax incentives associated with the construction of the production plant in T\u00fcrkiye, used up in 2024. The item \u201cOther\u201d mainly refers to temporary differences deriving from the elimination of unrealised profits on intercompany sales. The tax effect of comprehensive income statement components is \u20ac 1.8 million (\u20ac 1.3 million as of 31st December 2023).
23. DEFERRED TAX LIABILITIES As of 31st December 2024, deferred tax liabilities amounted to \u20ac 133.4 million, down by \u20ac 10.8 million compared to 31st December 2023. Their changes are shown in the table below: \u20ac (thousands) 2024 2023 Balance as of 1 January 144,208 167,865 Additions 4,188 4,074 Utilizations (14,975) (22,357) Reclassifications 0 (5,374) Balance as of 31 December 133,422 144,208 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. As of 31st December 2024 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, unchanged compared to 31st December 2023.
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"reg-ix-359": {
"value": "13. INVENTORIES Inventories as of 31st December 2024 amounted to \u20ac 506.4 million (\u20ac 404.8 million as of 31st December 2023), net of provisions for the impairment of pharmaceutical products nearing expiry and slow moving of \u20ac 15.6 million (\u20ac 20.1 million as of 31st December 2023). The increase in the balance is mainly attributable to the effects deriving from the acquisition of Enjaymo\u00ae, the rights to which were recognised in the fourth quarter of the year (see Note 1). Specifically, the value of \u20ac 11.3 million for the acquisition of inventory at the date of the agreement with Sanofi, as well as the right to repurchase products currently sold by Sanofi in accordance with the contractual provisions, was increased by \u20ac 70.7 million to reflect the overall fair value of \u20ac 82.0 million, as required by accounting standards. This revaluation was posted to the income statement in conjunction with the sales of the products to which it refers; the portion relating to sales made in December 2024 was \u20ac 8.2 million and, as a result, the residual value as of 31st December 2024 was \u20ac 62.5 million. The residual value of the revaluation of inventories made in 2022, in application of IFRS 3 after the EUSA Pharma acquisition, amounts to \u20ac 4.3 million. Inventories by category are broken down as follows: \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Raw materials and supplies 100,906 86,956 13,950 Semi-finished goods and work in process 92,658 85,345 7,313 Finished goods 312,883 232,530 80,353 Total 506,447 404,831 101,616
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"reg-ix-360": {
"value": "14. TRADE RECEIVABLES Trade receivables as of 31st December 2024 and 2023 amounted to \u20ac 516.7 million and \u20ac 445.2 million respectively. The amounts are expressed net of provisions for impairment, which as of 31st December 2024 amounted to \u20ac 14.7 million (\u20ac 15.7 million as of 31st December 2023). This item is considered consistent with positions which, for the particular nature of the customers or the destination markets, may be difficult to collect. The average number of days of exposure was 63, down compared to the 66 days in 2023. Provisions for doubtful accounts decreased by \u20ac 1.0 million (decrease of \u20ac 2.0 million in 2023), and this difference is classified in the 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) 31/12/2024 31/12/2023 Changes 2024/2023 Current (not past due) 459,569 381,744 77,825 1-30 days past due 23,283 28,935 (5,652) 31-60 days past due 9,389 6,367 3,022 61-90 days past due 2,452 8,918 (6,466) More than 90 days past due 36,767 34,883 1,884 Total gross trade receivables 531,460 460,847 70,613 Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 32.
15. OTHER RECEIVABLES Other receivables amounted to \u20ac 109.0 million, up by \u20ac 9.6 million compared to 31st December 2023. The relevant details are presented in the table below: \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Tax receivables 79,017 72,508 6,509 Advances to employees and agents 3,369 2,796 573 Other 26,638 24,097 2,541 Total other receivables 109,024 99,401 9,623 Tax receivables also include value added tax (VAT) receivable (\u20ac 21.8 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 5.3 million relating to the short-term discounted receivable from ARS Pharmaceuticals Inc., posted following the signing of an agreement in February 2023 for the restitution of rights to ARS-1, previously recognised among the intangible assets. Following approval by the European Medicines Agency (EMA), \u20ac 2.0 million was collected in the third quarter of the year.
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) 31/12/2024 31/12/2023 Changes 2024/2023 Current (not past due) 459,569 381,744 77,825 1-30 days past due 23,283 28,935 (5,652) 31-60 days past due 9,389 6,367 3,022 61-90 days past due 2,452 8,918 (6,466) More than 90 days past due 36,767 34,883 1,884 Total gross trade receivables 531,460 460,847 70,613 Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 32.
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"value": "\u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Tax receivables 79,017 72,508 6,509 Advances to employees and agents 3,369 2,796 573 Other 26,638 24,097 2,541 Total other receivables 109,024 99,401 9,623 Tax receivables also include value added tax (VAT) receivable (\u20ac 21.8 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 5.3 million relating to the short-term discounted receivable from ARS Pharmaceuticals Inc., posted following the signing of an agreement in February 2023 for the restitution of rights to ARS-1, previously recognised among the intangible assets. Following approval by the European Medicines Agency (EMA), \u20ac 2.0 million was collected in the third quarter of the year.
26. TAX LIABILITIES Tax liabilities as of 31st December 2024 amounted to \u20ac 93.9 million (\u20ac 67.1 million as of 31st December 2023) 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.
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"reg-ix-363": {
"value": "16. OTHER CURRENT ASSETS Other current assets amounted to \u20ac 21.4 million (\u20ac 19.9 million as of 31st December 2023) and relate mainly to prepaid expenses.
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"reg-ix-364": {
"value": "17. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current assets) As of 31st December 2024 the value of derivative instruments included under this item amounted to \u20ac 15.4 million. The measurement at market (fair) value of the cross-currency swaps, entered into by the Parent Company to hedge the US$75 million loan issued on 30th September 2014 resulted in a total asset of \u20ac
7.7 million. This amount represents the potential benefit of a lower value in euro of the future dollar denominated principal and interest flows, in view of the revaluation of the foreign currency with respect to the moment in which the loan and hedging instruments were negotiated. In particular, the change in fair value of the derivative hedging the US$ 50 million tranche of the loan, provided by Mediobanca, was positive for \u20ac 4.3 million, and that hedging the US$ 25 million tranche of the loan, provided by UniCredit, yielded a \u20ac 3.4 million positive change. The measurement at market (fair) value of the interest rate swaps hedging a number of loans gave rise to total assets of \u20ac 2.6 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 amount relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on the syndicated loan recently concluded to fund the acquisition of the rights to Enjaymo\u00ae (\u20ac 1.5 million) and on the loan finalised in the first half of 2022 (\u20ac 1.1 million) (see Note 21). As of 31st December 2024, the measurement of other hedging transactions on foreign currency positions was positive for \u20ac 5.1 million against an essentially nil balance as of 31st December 2023, with the difference recognised to the income statement and offsetting the exchange losses arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level two of the hierarchy provided for in 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-rate 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.
29. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current liabilities) As of 31st December 2024 the value of derivative instruments included under this item amounted to \u20ac 5.6 million. The measurement at market (fair) value as of 31st December 2024 of the interest rate swaps hedging a number of loans gave rise to a total liability of \u20ac 4.3 million, which represents the unrealized opportunity to pay in future the variable interest rates currently expected, instead of the agreed rates for the duration of the loans. The amount relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on loans with lender consortia in 2023 (\u20ac 2.7 million) and in 2022 (\u20ac 1.6 million). As of 31st December 2024, other hedging transactions were in place on foreign currency positions, the measurement of which was negative for \u20ac 1.3 million compared to the \u20ac 3.9 million as of 31st December 2023, with the difference recognized to the income statement and offsetting the exchange losses arising from the valuation of the underlying positions at current exchange rates. In October 2024, with the repayment of the final instalment, the intercompany loan granted to Recordati AG in October 2019 by the Parent Company for an amount of 228.9 million Swiss francs was fully repaid. The forward exchange contracts entered into by Recordati S.p.A. to hedge exchange rate risk were consequently extinguished and the zeroing of the negative measurement of \u20ac 12.9 million as of 31st December 2023 was recognised in the income statement offsetting the exchange losses arising from the closure of the underlying loan at current exchange rates. The fair value of these hedging derivatives is measured at level two of the hierarchy provided for in 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-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for pricing interest rate swaps.
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"value": "18. CASH AND CASH EQUIVALENTS A breakdown is shown in the following table: \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Demand current account deposits 293,445 194,959 98,486 Short-term time deposits 28,930 26,808 2,122 Cash on hand 48 45 3 Total cash and cash equivalents 322,423 221,812 100,611 Short-term time deposits consist of tied deposits with maturities of three months or less. At 31st December 2024, cash and cash equivalents were mainly in euros (171.8 million), US dollars (89.7 million, especially for the subsidiary Recordati Rare Diseases Inc.), Tunisian dinars (46.2 million), Japan yen (1,655.0 million, mainly for the subsidiary Recordati Rare Diseases Japan), Polish zloty (\u20ac 5.6 million), Russian roubles (567.2 million, mainly from the subsidiary Rusfic LLC) and Swiss francs (4.4 million, mainly for the subsidiary Recordati AG).
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-366": {
"value": "19. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Share capital - the share capital as of 31st December 2024, 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 2024, there were no changes.
Share premium reserve \u2013 As of 31st December 2024, this amounted to \u20ac 83.7 million, unchanged compared to the previous year. Treasury shares - As of 31st December 2024, 2,828,921 treasury shares are held in the portfolio, a decrease of 290,123 shares compared to 31st December 2023. The change was due to the disposal of 2,651,852 shares for an amount of \u20ac 92.3 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 2,361,729 shares for an amount of \u20ac 119.0 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 131.6 million, with an average unit price of \u20ac 46.51.
Reserve for derivative instruments measured at fair value - 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-currency swaps qualifying as cash flow hedges, the entry for the recognition in the income statement offsetting the valuation at year-end 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. As of 31st December 2024 this value, net of the tax effect, was negative \u20ac 1.7 million. Other reserves \u2013 As of 31st December 2024, these amounted to \u20ac 64.0 million, up by \u20ac 2.8 million compared to 31st December 2023. 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 36.5 million, while the application of IAS 19 had a positive effect of \u20ac 0.3 million. The recognition of the gains associated with the investment in Puretech Health p.l.c. determined a positive after-tax effect of \u20ac 9.7 million, while the recognition of the reduced value of the investment in Phaxiam Therapeutics S.A. determined an after-tax negative effect of \u20ac 3.6 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 - As of 31st December 2024, profits carried forward amounted to \u20ac 1,818.0 million, up by \u20ac 181.6 million compared to 31st December 2023 and the Group\u2019s net income was \u20ac 416.5 million, up by 7.0% compared to \u20ac 389.2 million in 2023. 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 - During the year, the Board of Directors of the Parent Company resolved to distribute an interim dividend for 2024 of \u20ac 0.60 per share, for a total amount of \u20ac 123.9 million, payable as of 20 th November. Incentive plans - As of 31st December 2024, the Company has two stock option plans benefiting certain Group employees: the 2018-2022 plan with the grant on 3rd August 2018 and the 2021-2023 plan with the grants on 6th May 2021, 1st December 2021 and 24th 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 grant in 2018 and the three years, and in a single tranche for the 2021 and 2022 grants. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested.
Stock options outstanding as of 31st December 2024 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2024 Granted 2024 Exercised in 2024 Cancelled and expired 2024 Quantity 31/12/2024 Grant date 13 April 2016 21.93 512,250 - (480,750) (31,500) - 03 August 2018 30.73 1,893,000 - (1,160,000) (17,000) 716,000 06 May 2021 45.97 2,391,500 - (1,011,102) (110,000) 1,270,398 01 December 2021 56.01 130,000 - - - 130,000 24 February 2022 47.52 3,093,000 - - (307,000) 2,786,000 Total 8,019,750 - (2,651,852) (465,500) 4,902,398 Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5- 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 several performance conditions. The measurement according to IFRS 2 led to an expense in the 2024 income statement of \u20ac 1.2 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-term incentive plan called \u201c2023-2025 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. After a three-year vesting period following the grant date, recipients receive shares from the Parent Company in an amount that can total 175% of that originally granted, based on certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The first two grants were carried out on 27th June 2023, for a total of 440,485 rights and on 9th May 2024 for a total of 437,634 rights. The cost for the year, determined according to IFRS 2, amounted to \u20ac 11.3 million.
",
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"reg-ix-367": {
"value": "Share capital - the share capital as of 31st December 2024, 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 2024, there were no changes.
",
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"reg-ix-368": {
"value": "Treasury shares - As of 31st December 2024, 2,828,921 treasury shares are held in the portfolio, a decrease of 290,123 shares compared to 31st December 2023. The change was due to the disposal of 2,651,852 shares for an amount of \u20ac 92.3 million to enable the exercise of the options attributed to employees as part of the stock option plans and to the purchase of 2,361,729 shares for an amount of \u20ac 119.0 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 131.6 million, with an average unit price of \u20ac 46.51.
",
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"reg-ix-369": {
"value": "Incentive plans - As of 31st December 2024, the Company has two stock option plans benefiting certain Group employees: the 2018-2022 plan with the grant on 3rd August 2018 and the 2021-2023 plan with the grants on 6th May 2021, 1st December 2021 and 24th 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 grant in 2018 and the three years, and in a single tranche for the 2021 and 2022 grants. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested.
Stock options outstanding as of 31st December 2024 are detailed in the following table: Strike price (\u20ac) Quantity 1/1/2024 Granted 2024 Exercised in 2024 Cancelled and expired 2024 Quantity 31/12/2024 Grant date 13 April 2016 21.93 512,250 - (480,750) (31,500) - 03 August 2018 30.73 1,893,000 - (1,160,000) (17,000) 716,000 06 May 2021 45.97 2,391,500 - (1,011,102) (110,000) 1,270,398 01 December 2021 56.01 130,000 - - - 130,000 24 February 2022 47.52 3,093,000 - - (307,000) 2,786,000 Total 8,019,750 - (2,651,852) (465,500) 4,902,398 Starting in 2019, some Group employees were designated as beneficiaries of an incentive plan with a 5- 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 several performance conditions. The measurement according to IFRS 2 led to an expense in the 2024 income statement of \u20ac 1.2 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-term incentive plan called \u201c2023-2025 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. After a three-year vesting period following the grant date, recipients receive shares from the Parent Company in an amount that can total 175% of that originally granted, based on certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The first two grants were carried out on 27th June 2023, for a total of 440,485 rights and on 9th May 2024 for a total of 437,634 rights. The cost for the year, determined according to IFRS 2, amounted to \u20ac 11.3 million.
20. 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 3.8 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-controlling shareholders during the period until all capital shares are transferred.
39. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AS OF 31 DECEMBER 2024 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-by-line INNOVA PHARMA S.p.A. Marketing of pharmaceuticals Italy 1,920,000.00 EUR Line-by-line CASEN RECORDATI S.L. Development, production, and sales of pharmaceuticals Spain 238,966,000.00 EUR Line-by-line BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 4,600,000.00 EUR Line-by-line RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA Marketing of pharmaceuticals Brazil 166.00 BRL Line-by-line RECORDATI RARE DISEASES INC. Development, production, and sales of pharmaceuticals U.S.A. 11,979,138.00 USD Line-by-line RECORDATI IRELAND LTD Development, production, and sales of pharmaceuticals Ireland 200,000.00 EUR Line-by-line LABORATOIRES BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 14,000,000.00 EUR Line-by-line RECORDATI PHARMA GmbH Marketing of pharmaceuticals Germany 600,000.00 EUR Line-by-line RECORDATI PHARMACEUTICALS LTD Marketing of pharmaceuticals United Kingdom 15,000,000.00 GBP Line-by-line RECORDATI HELLAS PHARMACEUTICALS S.A. Marketing of pharmaceuticals Greece 10,050,000.00 EUR Line-by-line JABA RECORDATI S.A. Marketing of pharmaceuticals Portugal 2,000,000.00 EUR Line-by-line JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line Consolidated companies Head office Share capital Currency Consolidation method RECORDATI RARE DISEASES MIDDLE EAST FZ LLC Marketing of pharmaceuticals United Arab Emirates 100,000.00 AED Line-by-line RECORDATI AB Marketing of pharmaceuticals Sweden 100,000.00 SEK Line-by-line RECORDATI RARE DISEASES S.\u00e0 r.l. Development, production, and sales of pharmaceuticals France 419,804.00 EUR Line-by-line RECORDATI RARE DISEASES UK Limited Marketing of pharmaceuticals United Kingdom 50,000.00 GBP Line-by-line RECORDATI RARE DISEASES GERMANY GmbH Marketing of pharmaceuticals Germany 25,600.00 EUR Line-by-line RECORDATI RARE DISEASES SPAIN S.L. Marketing of pharmaceuticals Spain 1,775,065.49 EUR Line-by-line RECORDATI RARE DISEASES ITALY S.R.L. Marketing of pharmaceuticals Italy 40,000.00 EUR Line-by-line RECORDATI BV Marketing of pharmaceuticals Belgium 18,600.00 EUR Line-by-line FIC MEDICAL S.\u00e0 r.l. Promotion of pharmaceuticals France 173,700.00 EUR Line-by-line HERBACOS RECORDATI s.r.o. Development, production, and sales of pharmaceuticals Czech Republic 25,600,000.00 CZK Line-by-line RECORDATI SK s.r.o. Marketing of pharmaceuticals Slovak Republic 33,193.92 EUR Line-by-line RUSFIC LLC Development, promotion, and sales of pharmaceutical products Russian Federation 3,560,000.00 RUB Line-by-line RECOFARMA ILA\u00c7 Ve Hammaddeleri Sanayi Ve Ticaret L.\u015e. Promotion of pharmaceuticals T\u00fcrkiye 8,000,000.00 TRY Line-by-line RECORDATI ROM\u00c2NIA S.R.L. Marketing of pharmaceuticals Romania 5,000,000.00 RON Line-by-line RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. Development, production, and sales of pharmaceuticals T\u00fcrkiye 180,000,000.00 TRY Line-by-line RECORDATI POLSKA Sp. z o.o. Marketing of pharmaceuticals Poland 4,500,000.00 PLN Line-by-line ACCENT LLC Holds pharmaceutical marketing rights Russian Federation 20,000.00 RUB Line-by-line RECORDATI UKRAINE LLC Marketing of pharmaceuticals Ukraine 1,031,896.30 UAH Line-by-line CASEN RECORDATI PORTUGAL Unipessoal Lda Marketing of pharmaceuticals Portugal 100,000.00 EUR Line-by-line OPALIA PHARMA S.A. Development, production, and sales of pharmaceuticals Tunisia 9,656,000.00 TND Line-by-line OPALIA RECORDATI S.\u00e0 r.l. Promotion of pharmaceuticals Tunisia 20,000.00 TND Line-by-line RECORDATI RARE DISEASES S.A. DE C.V. Marketing of pharmaceuticals Mexico 16,250,000.00 MXN Line-by-line RECORDATI RARE DISEASES COLOMBIA S.A.S. Marketing of pharmaceuticals Colombia 150,000,000.00 COP Line-by-line ITALCHIMICI S.p.A. Marketing of pharmaceuticals Italy 7,646,000.00 EUR Line-by-line
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI AG Marketing of pharmaceuticals Switzerland 15,000,000.00 CHF Line-by-line RECORDATI AUSTRIA GmbH Marketing of pharmaceuticals Austria 35,000.00 EUR Line-by-line RECORDATI RARE DISEASES CANADA Inc. Marketing of pharmaceuticals Canada 350,000.00 CAD Line-by-line RECORDATI RARE DISEASES JAPAN K.K. Marketing of pharmaceuticals Japan 90,000,000.00 JPY Line-by-line NATURAL POINT S.r.l. Marketing of pharmaceuticals Italy 10,400.00 EUR Line-by-line RECORDATI RARE DISEASES AUSTRALIA Pty Ltd Marketing of pharmaceuticals Australia 200,000.00 AUD Line-by-line RECORDATI BULGARIA Ltd Marketing of pharmaceuticals Bulgaria 50,000.00 BGN Line-by-line RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line-by-line RECORDATI RARE DISEASES FZCO Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line-by-line RECORDATI UK LTD Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line-by-line RECORDATI Netherlands B.V. Marketing of pharmaceuticals Netherlands 1.00 EUR Line-by-line EUSA Pharma (CH) GmbH Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line-by-line RECORDATI KOREA, Co. Ltd Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line-by-line RECORDATI RARE DISEASES MENA RHQ (1) Marketing of pharmaceuticals Saudi Arabia 500,000.00 SAR Line-by-line RECORDATI ARGENTINA S.R.L. (1) Marketing of pharmaceuticals Argentina 88,605,000.00 ARS Line-by-line (4) Set up in 2024
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 Recordati 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 RECORDATI BULGARIA Ltd 100.00 100.00 RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) 100.00 100.00 RECORDATI RARE DISEASES FZCO 100.00 100.00 RECORDATI UK LTD 100.00 100.00 RECORDATI Netherlands B.V. 100.00 100.00 EUSA Pharma (CH) GmbH 100.00 100.00 RECORDATI KOREA, Co. Ltd 100.00 100.00 RECORDATI RARE DISEASES MENA RHQ (1) 100.00 100.00 RECORDATI ARGENTINA SRL (1) 5.00 95.00 100.00 (1) Set up in 2024
",
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"reg-ix-371": {
"value": "20. 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 3.8 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-controlling shareholders during the period until all capital shares are transferred.
",
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"reg-ix-372": {
"value": "21. LOANS As of 31st December 2024, loans amounted to \u20ac 2,461.6 million, up by a net \u20ac 752.6 million compared to 31 December 2023. 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 48.9 million, a net decrease of \u20ac 10.9 million compared to 31st December 2023.
During 2024, loan liabilities increased by \u20ac 1,116.0 million of which \u20ac 1,090.0 million from opening new bank loans and \u20ac 26.0 million relating to new lease contracts. Repayments over the year totalled \u20ac 362.3 million, of which \u20ac 350.7 for loans and \u20ac 11.6 million for lease liabilities. During the year, the \u20ac 400.0 loan from 2019, initially agreed with Mediobanca, Natixis and Unicredit and subsequently syndicated with a pool of Italian and international banks, reached maturity and was fully repaid. The effect of the translation of loans in foreign currencies and of expenses incurred to place the loans, together with the early termination of some leases, determined a total net decrease of \u20ac 1.1 million compared to 31st December 2023. A breakdown of medium- and long-term loans as of 31st December 2024 and 2023 is shown in the following table: \u20ac (thousands) 31/12/2024 31/12/2023 GRANTED TO RECORDATI S.p.A.: Loan from Mediobanca, UniCredit and Natixisis, subsequently syndicated involving other credit institutions, at a variable interest rate, repayable in semi-annual instalments starting 2027 through 2029. The payable was partially converted to a fixed interest rate through interest rate swap transactions *844,803 - Loan from HSBC Continental Europe, at a variable interest rate, repayable in semi-annual instalments starting 2025 through 2029 *69,767 - Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable-rate loans repayable between 2024 and 2028 in six-monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *353,954 *298,052 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi-annual instalments from 2025 until 2033 *49,977 *49,974 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,781 *74,758 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 *567,191 *689,981 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,770 *179,608 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi-annual installments starting 2022 through 2026 *27,963 *33,934 Loan from Mediobanca, Natixis and UniCredit, syndicated involving a pool of Italian and international banks, at a variable interest rate, repaid in 2024 - *127,636 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,938 *124,930 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-annual 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-annual installments starting 2023 through 2029, converted with cross currency swap into a debt of \u20ac 18.7 million at fixed interest rate *36,371 *46,444 Liabilities for leases granted to Recordati S.p.A. 8,544 7,742 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 72.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2024 through 2029 68,530 -
\u20ac (thousands) 31/12/2024 31/12/2023 Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2022 through 2025 6,640 21,328 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi-annual instalments starting 2020 through 2025 7,969 24,298 Various interest-free loans granted to Casen Recordati S.L. repayable within 2029 120 139 Liabilities for leases granted to the other Group companies 40,265 30,144 Total amortized cost of loans 2,461,583 1,708,968 Loans due within one year, classified among current liabilities 287,773 355,752 Loans due after one year, classified among non-current liabilities 2,173,810 1,353,216 * Net of expenses incurred for placing the loans, amortized on the basis of the effective interest rate. At 31st December 2024, the remaining expenses totalled \u20ac 8.5 million, mainly related to the loans granted to Recordati S.p.A. by a loan consortium in 2024 (\u20ac 5.2 million), in 2023 (\u20ac 1.0 million) and in 2022 (\u20ac 1.4 million), the 2024 loan with HSBC (\u20ac 0.2 million) and the 2021 loan from a loan consortium led by Mediobanca (\u20ac 0.2 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 31st December 2025, based on their amortization plans, is as follows: \u20ac (thousands) 2026 520,840 2027 622,769 2028 422,926 2029 441,997 2030 and subsequent years 165,278 Total 2,173,810 The weighted average interest rate as of 31st December 2024, calculated applying the rates resulting from the hedging instruments, is 4.19%. The main loans outstanding are: a) Loan for a total of \u20ac 850,0 million taken out by Recordati S.p.A. in two different stages. On 30th October 2024 the Parent Company entered into a loan with Mediobanca, UniCredit and Natixis intended for the acquisition of the rights to Enjaymo\u00ae, for a total maximum amount of \u20ac 850.0 million, guaranteed for \u20ac 700.0 million on an equal basis. A syndication process was launched immediately after, which, by involving other credit institutions, made it possible to raise an additional \u20ac 150.0 million while reallocating the overall value of \u20ac 850.0 million among the participants. The terms of the loan provide for a variable interest rate at the 6-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 5-year term with semi-annual repayment of the principal starting 31st March 2027, with the final instalment on 30th October 2029. Disbursement, net of structuring and up-front fees, took place in the final quarter of 2024. The loan was partially hedged with interest rate swaps, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. As of 31st December 2024, the fair value of the derivatives was measured as positive for a total of \u20ac 1.5 million, which was recognised directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured 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. b) Loan for \u20ac 70.0 million taken out by the Parent Company on 1st March 2024 with HSBC Continental Europe at 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-annual repayment of the principal starting 31st March 2025, and final instalment on 29th February 2029. The loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Loan for 72.0 million Swiss francs taken out on 26th February 2024 by the subsidiary Recordati AG with UBS Switzerland AG, and disbursed in April of the same year, at a fixed interest rate, with quarterly interest payments and semi-annual repayment of principal starting December 2024, through April 2029. The value in euro of the outstanding loan as of 31st December 2024 was \u20ac 68.5 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-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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 400.0 million taken out on 16th 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-up/step-down mechanism on changes in the Leverage Ratio, with an interest payment every six months and a five-year term. The loan for a higher amount, disbursed on 14th June 2023, will be repaid in semi-annual instalments of increasing value starting from April 2024 and with settlement in May 2028. It was partially hedged with interest rate swaps, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. As of 31st December 2024, the fair value of the derivatives was measured at negative \u20ac 2.7 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 29). The loan for \u20ac 100.0 million, consisting of a Capex Line that can be used within 18 months to fund specific investments, was disbursed on 13th November 2024, with semi-annual repayments on a straight-line 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. The loan includes ESG-linked parameters as from 2024, which if complied with, will reduce the interest rate applied, or an increase if these are not achieved. e) 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- annual repayments on a straight-line basis starting from October 2025 for 70% of the principal and repayment in April 2033 for the remaining 30%. The disbursement took place on 18th May 2023. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following:
\u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Bond issued by the parent company on 12th 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 12th September 2034. The transaction, aimed at continuing to raise medium- to long-term 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. g) Loan for a total of \u20ac 800.0 million negotiated by Recordati S.p.A. in two different stages during 2022, disbursed by a consortium of Italian 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-annual repayment of the principal starting 31st March 2023, with the final instalment on 3rd February 2027. The outstanding debt as of 31st December 2024 amounted to \u20ac 567.2 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-value measurement of derivative instruments as at 31st December 2024 was in some cases positive, for a total of \u20ac 1.1 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 17), but in other cases was negative for a total of \u20ac 1.6 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 29). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve \u2013 onsecutive 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 40.0 million Swiss francs taken out on 16th March 2022 by the subsidiary Recordati AG with UBS Switzerland AG, at a fixed interest rate, with quarterly interest payments and semi-annual repayment of principal starting September 2022 through March 2025. The value in euro of the outstanding loan as of 31st December 2024 was \u20ac 6.6 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-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) \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-front fees, took place on 21st May 2021. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Loan for \u20ac 40.0 million entered into by the Parent Company on 30th 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-monthly interest payments and principal repayment, again on a semi-annual basis, starting from March 2022 until March 2026. The debt outstanding recognized as of 31st December 2024 amounted to a total of \u20ac 28.0 million. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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) Loan for 75.0 million Swiss francs taken out on 17th 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-annual repayment of principal starting September 2020 through March 2025. The value in euro of the outstanding loan at 31st December 2024 was \u20ac 8.0 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-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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. l) 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 31st May 2025 through 31st 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. m) Guaranteed senior notes issued by the Parent Company on 30th September 2014 for a total of US$ 75 million, divided into two tranches: US$ 50 million at fixed rate, repayable semi-annually starting 30th March 2022 and with maturity 30th September 2026, and US$ 25 million again at fixed rate, repayable semi-annually starting 30th March 2023 and with maturity 30th 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 as of 31st December 2024 amounted to a total of US$ 37.9 million, with a counter-value of \u20ac 36.4 million. The loan was hedged at the same time with two cross-currency swaps which provide for the conversion of the original debt into a total of \u20ac 56.0 million (\u20ac 28.2 million at 31st December 2024), of which \u20ac 37.3 million (\u20ac 14.9 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 13.3 million at the date of this report) again at a lower fixed rate than the one maturing at 15 years. As of 31st December 2024, 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 17). The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than 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.
30. SHORT-TERM DEBTS TO BANKS AND OTHER LENDERS Short-term debts to banks and other lenders as of 31st December 2024 were \u20ac 22.8 million and mainly comprise temporary use of short-term credit lines by the parent company, as well overdrafts of a number of foreign associates and interest due on existing loans. On 1st March 2024, the Parent Company renewed the revolving credit line with UniCredit, with a maximum term of 12 months and for a maximum amount of \u20ac 24 million. This credit line, which had not been used as ofat 31st December 2024, is a short-term 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 (see Note 21). These conditions were met.
",
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"reg-ix-373": {
"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 48.9 million, a net decrease of \u20ac 10.9 million compared to 31st December 2023.
\u20ac (thousands) 31/12/2024 31/12/2023 GRANTED TO RECORDATI S.p.A.: Loan from Mediobanca, UniCredit and Natixisis, subsequently syndicated involving other credit institutions, at a variable interest rate, repayable in semi-annual instalments starting 2027 through 2029. The payable was partially converted to a fixed interest rate through interest rate swap transactions *844,803 - Loan from HSBC Continental Europe, at a variable interest rate, repayable in semi-annual instalments starting 2025 through 2029 *69,767 - Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable-rate loans repayable between 2024 and 2028 in six-monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *353,954 *298,052 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi-annual instalments from 2025 until 2033 *49,977 *49,974 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,781 *74,758 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 *567,191 *689,981 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2026 *179,770 *179,608 Loan from Allied Irish Bank, at a variable interest rate, repayable in semi-annual installments starting 2022 through 2026 *27,963 *33,934 Loan from Mediobanca, Natixis and UniCredit, syndicated involving a pool of Italian and international banks, at a variable interest rate, repaid in 2024 - *127,636 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *124,938 *124,930 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-annual 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-annual installments starting 2023 through 2029, converted with cross currency swap into a debt of \u20ac 18.7 million at fixed interest rate *36,371 *46,444 Liabilities for leases granted to Recordati S.p.A. 8,544 7,742 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 72.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2024 through 2029 68,530 -
\u20ac (thousands) 31/12/2024 31/12/2023 Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2022 through 2025 6,640 21,328 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repayable in semi-annual instalments starting 2020 through 2025 7,969 24,298 Various interest-free loans granted to Casen Recordati S.L. repayable within 2029 120 139 Liabilities for leases granted to the other Group companies 40,265 30,144 Total amortized cost of loans 2,461,583 1,708,968 Loans due within one year, classified among current liabilities 287,773 355,752 Loans due after one year, classified among non-current liabilities 2,173,810 1,353,216 * Net of expenses incurred for placing the loans, amortized on the basis of the effective interest rate. At 31st December 2024, the remaining expenses totalled \u20ac 8.5 million, mainly related to the loans granted to Recordati S.p.A. by a loan consortium in 2024 (\u20ac 5.2 million), in 2023 (\u20ac 1.0 million) and in 2022 (\u20ac 1.4 million), the 2024 loan with HSBC (\u20ac 0.2 million) and the 2021 loan from a loan consortium led by Mediobanca (\u20ac 0.2 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).
22. PROVISIONS FOR EMPLOYEE BENEFITS The balance as of 31st December 2024 amounted to \u20ac 21.4 million (\u20ac 21.2 million as of 31st December 2023) and reflects the Group\u2019s liability towards its employees determined in accordance with IAS 19. The changes in these provisions were follows: \u20ac (thousands) 2024 2023 Balance as of 1 January 21,239 19,418 Additions 3,486 2,363 Utilizations (1,840) (2,143) Adjustment for actuarial (gains)/losses (1,530) 1,601 Balance as of 31 December 21,355 21,239 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 4.7 million. The other liabilities are mainly due to contribution plans in being in the French company
Laboratoires Bouchara Recordati (\u20ac 4.4 million), in the U.S. company Recordati Rare Diseases (\u20ac 3.8 million), in the German company Recordati Pharma (\u20ac 1.5 million), in the Swiss company Recordati AG (\u20ac 4.0 million) and in the other Recordati Rare Diseases companies (\u20ac 1.6 million). The fair value calculation made using actuarial assumptions updated to 31st December 2024 determined a decrease of \u20ac 1.5 million compared to the value of the provisions as of 31st December 2023, which is recognized in the statement of comprehensive income, net of the tax effect, as prescribed by the relevant accounting standard.
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"reg-ix-375": {
"value": "24. TRADE PAYABLES Trade payables, which are entirely of a commercial nature and include end-of-year provisions for invoices to be received, as of 31st December 2024 and 2023 amounted to \u20ac 296.7 million and \u20ac 264.0 million respectively.
25. OTHER PAYABLES Other payables as of 31st December 2024 amounted to \u20ac 195.4 million, and their breakdown is provided in the table below: \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Contributions to national medical insurance schemes 77,658 61,714 15,944 Personnel 69,494 65,355 4,139 Social security 22,246 21,966 280 Other 25,987 25,370 617 Total other payables 195,385 174,405 20,980 The change compared to 31st December 2023 is largely due to the increase in contributions to be paid to national medical insurance schemes, of which: \u2022 \u20ac 47.3 million (an increase of \u20ac 19.6 million) payable by Recordati Rare Diseases Inc.; \u2022 \u20ac 8.4 million (a decrease of \u20ac 5.4 million) payable by Recordati Pharma GmbH to the \u201cKrankenkassen\u201d (German medical insurance schemes); \u2022 \u20ac 22.0 million (an increase of \u20ac 1.7 million) payable in total by Italian companies and subsidiaries in Greece, France, Switzerland, Canada and Ireland. The item \u201cOther\u201d includes the payable of \u20ac 3.8 million related to the acquisition of a further 10% of the capital of Opalia Pharma reclassified among current liabilities based on 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.
",
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"reg-ix-376": {
"value": "27. OTHER CURRENT LIABILITIES As of 31st December 2024, other current liabilities amounted to \u20ac 4.7 million, down by \u20ac 0.6 million compared to 31 December 2023. An amount of \u20ac 1.6 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.
",
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"reg-ix-377": {
"value": "28. PROVISIONS FOR RISKS AND CHARGES Provisions for risks and charges set aside as of 31st December 2024 amounted to \u20ac 22.1 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) 31/12/2024 31/12/2023 Changes 2024/2023 For taxes 621 525 96 Future contingencies 21,471 16,071 5,400 Total other provisions 22,092 16,596 5,496
\u20ac (thousands) 2024 2023 Balance as of 1 January 16,596 16,209 Additions 9,048 2,635 Utilizations (3,552) (2,248) Balance as of 31 December 22,092 16,596 The various risks include provisions for restructuring costs, returned products, legal disputes and others. The net change during the year was mainly due to a provision for the negotiations underway in Italy, for the possible claw back on one of our products relating to previous years, and for restructuring charges. The year-end balance is mainly related to the Parent Company and to the other Italian companies (\u20ac 11.6 million), to the Spanish company Casen Recordati (\u20ac 3.2 million), the subsidiaries in France (\u20ac 2.8 million), Germany (\u20ac 1.1 million), United States (\u20ac 0.9 million) and Portugal (\u20ac 0.7 million). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-378": {
"value": "31. FAIR VALUE OF FINANCIAL INSTRUMENTS As prescribed by IFRS 7, the book values and fair values as of 31st December 2024 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 17,385 17,385 Derivative instruments measured at fair value 15,376 15,376 Financial assets not measured at fair value Cash and cash equivalents 322,423 322,423 Trade receivables 516,743 516,743 Other receivables 109,024 109,024 Financial liabilities Financial liabilities measured at fair value Derivative instruments measured at fair value 5,633 5,633 Other payables 3,822 3,822 Financial liabilities not measured at fair value Loans - at variable interest rates 1,637,984 1,637,984 - at variable interest rates hedged with interest rate swaps 463,410 463,410 - at fixed interest rates 275,009 201,371 - at fixed interest rates hedged with cross currency swaps 36,371 36,224 - lease liabilities 48,809 48,809 Trade payables 296,698 296,698 Other payables 285,504 285,504 Short-term debts to banks and other lenders 22,845 22,845
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-379": {
"value": "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-free 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 - The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. As of 31st December 2024, 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, as of 31st December 2024, total trade receivables of \u20ac 531.5 million included \u20ac 36.8 million in receivables past due by more than 90 days. Of these, \u20ac 7.0 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 14.7 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 - 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 21. 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 - 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-speculative hedging instruments are negotiated. In relation to the euro companies, as of 31st December 2024 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \u2022 net receivables of 27.9 million US dollars; \u2022 net receivables of 53.9 million Brazilian reals; \u2022 net receivables of 26.9 million Polish zloty; \u2022 net receivables of 22.2 million Rumanian RON; \u2022 net receivables of 69.0 million Mexican pesos; \u2022 net receivables of 2.2 million British pounds; \u2022 net debts of 3.7 million Swiss francs. Among the non-euro companies, as of 31st December 2024, 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 6.5 million), Ukraine (net payables of 3.8 million), Australia (net payables of 2.9 million), United States (net payables of 2.8 million), Brazil (net payables of 2.6 million), South Korea (net payables of 2.3 million), T\u00fcrkiye (net payables of 1.1 million), Canada (net payables of 1.1 million), Czech Republic
(net receivables of 2.9 million), Poland (net receivables of 2.4 million) and Tunisia (net receivables of 2.1 million). Net exposures in US dollars refer mainly to the companies in Brazil (net payables of 6.5 million), Colombia (net payables of 4.8 million) and Japan (net receivables of 3.3 million). Exposure in Japanese yen refers to the companies in Switzerland (net receivables of 843.7 million). For consolidation purposes, the income statements and balance sheets of the non-euro companies have been converted from their local currencies into euro. As of 31st December 2024, the net asset values of these companies, excluding goodwill, are denominated mainly in US dollars (481.3 million), Swiss francs (451.3 million), Turkish lira (2,952.7 million), Russian roubles (8,198.9 million), pounds sterling (14.5 million), Czech crowns (498.0 million), Romanian ron (54.1 million), Polish zloty (104.2 million) and Tunisian dinars (116.4 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, as of 31st December 2024, was a negative \u20ac 274.4 million.
Liquidity risk - 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. As of 31st December 2024, 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, 21 and 30 which address, respectively, short-term financial investments, cash and cash equivalents, medium/long- term 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 - The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. As of 31st December 2024, 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, as of 31st December 2024, total trade receivables of \u20ac 531.5 million included \u20ac 36.8 million in receivables past due by more than 90 days. Of these, \u20ac 7.0 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 14.7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-381": {
"value": "Liquidity risk - 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. As of 31st December 2024, 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, 21 and 30 which address, respectively, short-term financial investments, cash and cash equivalents, medium/long- term 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-382": {
"value": "33. 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-territorial 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 31st December 2024 and include comparative data. \u20ac (thousands) Specialty & Primary Care segment * Rare diseases segment Values not allocated Consolidated financial statements 2024 Revenue 1,507,704 833,855 - 2,341,559 Expenses (1,080,974) (621,728) - (1,702,702) Operating income 426,730 212,127 - 638,857 2023 Revenue 1,367,611 714,720 - 2,082,331 Expenses (979,374) (544,949) - (1,524,323) Operating income 388,237 169,771 - 558,008 * Includes pharmaceutical chemical operations.
\u20ac (thousands) Specialty & Primary Care segment* Rare diseases segment Not allocated** Consolidated financial statements 31 December 2024 Non-current assets 1,534,603 2,091,067 17,385 3,643,055 Inventories 293,569 212,878 - 506,447 Trade receivables 299,148 217,595 - 516,743 Other receivables and other current assets 52,772 77,639 15,376 145,787 Cash and cash equivalents - - 322,423 322,423 Total assets 2,180,092 2,599,179 355,184 5,134,455 Non-current liabilities 37,047 117,730 2,173,810 2,328,587 Current liabilities 328,477 284,331 316,251 929,059 Total liabilities 365,524 402,061 2,490,061 3,257,646 Net capital employed 1,814,568 2,197,118 31 December 2023 Non-current assets 1,537,393 1,446,943 21,555 3,005,891 Inventories 260,945 143,886 - 404,831 Trade receivables 285,246 159,947 - 445,193 Other receivables and other current assets 74,802 44,523 11,079 130,404 Cash and cash equivalents - - 221,812 221,812 Total assets 2,158,386 1,795,299 254,446 4,208,131 Non-current 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 *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-term 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 2024 or in 2023. The following table shows net revenue by geographic area: \u20ac (thousands) 2024 2023 Changes 2024/2023 Europe 1,650,059 1,492,071 157,988 of which Italy 336,264 317,144 19,120 Asia and Oceania 156,011 139,881 16,130 America 477,463 394,861 82,602 Africa 58,026 55,518 2,508 Total 2,341,559 2,082,331 259,228
The Group\u2019s production facilities are located almost exclusively in Europe, and therefore non-current assets and investments are, for the most part, in this geographic area.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-383": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-384": {
"value": "34. 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 29th April 2021, in compliance with \u201cGuidelines on disclosure requirements pursuant to the Prospectus Regulations\u201d, published by ESMA on 4th March 2021 in the document \u201cESMA32-382-1138\u201d. \u20ac (thousands) 31/12/2024 31/12/2023 Changes 2024/2023 Deposits in bank current accounts and cash on hand 293,493 195,004 98,489 Short-term time deposits 28,930 26,808 2,122 Cash and cash equivalents 322,423 221,812 100,611 Short-term debts to banks and other lenders (22,845) (99,932) 77,087 Loans - due within one year (248,389) (333,222) 84,833 Notes issued (1) (25,862) (10,226) (15,636) Leasing liabilities \u2013 due within one year (10,696) (10,249) (447) Short-term borrowings (307,792) (453,629) 145,837 Short-term financial position 14,631 (231,817) 246,448 Loans - due after one year (1,928,294) (1,091,727) (836,567) Notes issued (1) (202,558) (228,243) 25,685 Leasing liabilities \u2013 due after one year (38,113) (27,637) (10,476) Non-current financial debt (2,168,965) (1,347,607) (821,358) Net financial position (2,154,334) (1,579,424) (574,910) (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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-385": {
"value": "35. 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 31/12/2024 31/12/2023 2024 2023 Recordati S.p.A. 405,246 352,782 320,830 224,017 Consolidation adjustments: - Elimination margins in inventories (94,152) (78,677) (15,475) 5,884 - Related tax effect 27,654 22,614 5,040 (1,506) - Other adjustments (42,014) (32,082) (10,367) (6,004) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognized by Recordati S.p.A. 1,454,799 1,321,387 - - Net income for consolidated companies, net of amounts already recognized by Recordati S.p.A. 399,689 365,068 399,689 365,068 Dividends received from consolidated subsidiaries (283,209) (198,245) Write-down of holdings in subsidiaries 0 0 Translation adjustments (274,413) (264,700) - - Consolidated financial statements 1,876,809 1,686,392 416,508 389,214
36. 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. Potential liabilities currently assessed as possible are not of significant amounts. Some agreements require the payment of future milestones as certain conditions\u2014whose fulfillment is uncertain yet\u2014occur, with the consequence that the contractually required payments are now merely potential. The estimated value as of December 31, 2024 is approximately \u20ac 262 million, mainly related to the acquisition of the rights to Enjaymo\u00ae, whose agreement provides for additional payments of up to $ 250 million linked to commercial milestones, if net revenues reach certain thresholds equal to or above peak annual total sales expectations.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-387": {
"value": "37. 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
.
Compensation of the Group\u2019s key management personnel includes salaries and non-cash 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-388": {
"value": "Rossini S.\u00e0 r.l.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-389": {
"value": "CVC Capital Partners",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-390": {
"value": "38. SUBSEQUENT EVENTS At the date of preparation of the financial statements, no significant events had occurred after the closing of the fiscal year that would require changes to the values of assets, liabilities or the profit and loss. In February, Rossini S.\u00e0 r.l. successfully sold approximately 10.5 million ordinary shares of Recordati Industria Chimica e Farmaceutica S.p.A., amounting to approximately 5% of the Company\u2019s share capital. Following the placement, Rossini holds approximately 46.82% of the Company\u2019s share capital.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-391": {
"value": "Development, production, marketing and sales of pharmaceuticals and pharmaceutical chemicals ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-392": {
"value": "DISCLOSURE OF AUDITORS\u2019 FEES FOR ACCOUNTING AUDITS AND OTHER SERVICES Type of service Provider of the service Recipient Fees Amounts in \u20ac Accounting Auditing Auditor of the Parent Company Parent Company 250,388 Accounting Auditing Auditor of the Parent Company Subsidiaries 253,371 Accounting Auditing Network of the auditor of the Parent Company Subsidiaries 807,452 Due diligence Auditor of the Parent Company Parent Company 185,150 Tax compliance Network of the auditor of the Parent Company Subsidiaries 35,154 Signing declarations and certificates Auditor of the Parent Company Parent Company 161,254 Signing declarations and certificates Auditor of the Parent Company Subsidiaries 7,853 Signing declarations and certificates Network of the auditor of the Parent Company Subsidiaries 274,776 Other services Network of the auditor of the Parent Company Subsidiaries 16,542
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:815600FBF92FD3531704",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}