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The consolidated Financial Statements were approved and authorised by the Directors of the Company on 30 March 2023 and were
signed on its behalf by:
Alvaro Perera
Chief Financial Officer
Allfunds Group plc
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1.\u00a0 General Information
Allfunds Group plc, (the \u201cCompany\u201d) is a public limited company domiciled in England and Wales, United Kingdom. The address of the
registered office is at 2 Fitzroy Place, 8 Mortimer Street, London, United Kingdom, W1T 3JJ.
The Company was formerly named Allfunds (UK) Limited, until 14 April 2021 when the name was changed to Allfunds Group Limited.
Following the admission to listing and trading on Euronext Amsterdam on 23 April 2021, the Company was converted into a public
company with limited liability with the name Allfunds Group plc.
The activities that the Company (the ultimate parent company) and its subsidiaries (the \u201cAllfunds Group\u201d) ultimately undertake are as
follows:
\u2022The performance of all kinds of activities, transactions and services of the banking business in general, related thereto or permitted
under current legislation and financial reporting framework applicable to the Bank of Spain;
\u2022The acquisition, holding, use, administration, and disposal of Spanish and foreign marketable securities, shares and equity interests
in companies, in accordance with current legislation; and
\u2022The provision of investment services and any applicable supplementary activity under current legislation.
As at 31 December 2022, the Company is 34.3% owned by LHC3 Limited (formerly LHC3 Plc), 5.8% by BNP Paribas S.A., 6.30% by BNP
Paribas Asset Management Holding (\u201cBNPP AM\u201d), 0.2% by the Company through Treasury Shares, while the remaining 53.4% of the
ordinary shares of the Company are listed on the Euronext Amsterdam exchange. During the year to 31 December 2022 Credit Suisse
AG sold its 8.56% interest in the Company.\u00a0
The largest shareholder, LHC3 Limited, is in turn wholly owned by LHC2 Limited having its registered address at Third Floor, 37
Esplanade, St. Helier, Jersey, JE1 1AD. Similarly LHC2 Limited is wholly owned by LHC1 Limited which indirectly holds its share of the
Company through LHC2 Limited and LHC3 Limited. LHC1 Limited is ultimately jointly controlled by Hellman & Friedman LLC and its
affiliates (\u201cH&F\u201d), and Eiffel Investment Pte Ltd, a nominated investment vehicle of GIC Special Investments Pte Ltd, a direct
subsidiary of GIC (Ventures) Pte Ltd (\u201cEiffel\u201d), with a minority holding held by LHC Manco Limited, a company owned by certain
members of senior management of the Allfunds Group.
2.b. Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial assets and liabilities at
fair value through profit and loss.
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d), rounded to the nearest thousand.
The Directors have made enquiries and, having considered the current economic climate at the time of approving the consolidated
financial statements, as well as the expected working capital requirements that the Group will have for the 12 months from the date
that these financial statements are signed and issued, they have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-290": { "value": "
1.\u00a0 General Information
Allfunds Group plc, (the \u201cCompany\u201d) is a public limited company domiciled in England and Wales, United Kingdom. The address of the
registered office is at 2 Fitzroy Place, 8 Mortimer Street, London, United Kingdom, W1T 3JJ.
The Company was formerly named Allfunds (UK) Limited, until 14 April 2021 when the name was changed to Allfunds Group Limited.
Following the admission to listing and trading on Euronext Amsterdam on 23 April 2021, the Company was converted into a public
company with limited liability with the name Allfunds Group plc.
The activities that the Company (the ultimate parent company) and its subsidiaries (the \u201cAllfunds Group\u201d) ultimately undertake are as
follows:
\u2022The performance of all kinds of activities, transactions and services of the banking business in general, related thereto or permitted
under current legislation and financial reporting framework applicable to the Bank of Spain;
\u2022The acquisition, holding, use, administration, and disposal of Spanish and foreign marketable securities, shares and equity interests
in companies, in accordance with current legislation; and
\u2022The provision of investment services and any applicable supplementary activity under current legislation.
As at 31 December 2022, the Company is 34.3% owned by LHC3 Limited (formerly LHC3 Plc), 5.8% by BNP Paribas S.A., 6.30% by BNP
Paribas Asset Management Holding (\u201cBNPP AM\u201d), 0.2% by the Company through Treasury Shares, while the remaining 53.4% of the
ordinary shares of the Company are listed on the Euronext Amsterdam exchange. During the year to 31 December 2022 Credit Suisse
AG sold its 8.56% interest in the Company.\u00a0
The largest shareholder, LHC3 Limited, is in turn wholly owned by LHC2 Limited having its registered address at Third Floor, 37
Esplanade, St. Helier, Jersey, JE1 1AD. Similarly LHC2 Limited is wholly owned by LHC1 Limited which indirectly holds its share of the
Company through LHC2 Limited and LHC3 Limited. LHC1 Limited is ultimately jointly controlled by Hellman & Friedman LLC and its
affiliates (\u201cH&F\u201d), and Eiffel Investment Pte Ltd, a nominated investment vehicle of GIC Special Investments Pte Ltd, a direct
subsidiary of GIC (Ventures) Pte Ltd (\u201cEiffel\u201d), with a minority holding held by LHC Manco Limited, a company owned by certain
members of senior management of the Allfunds Group.
2.\u00a0 Basis of Accounting
2.a. Statement of compliance
The consolidated and individual financial statements for the year ended 31 December 2022 (the \u201cFinancial Statements\u201d) have been
prepared on a going concern basis and in accordance with International Accounting Standards in conformity with the requirements of
the United Kingdom (UK) Companies Act 2006 and International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU).
2.b. Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial assets and liabilities at
fair value through profit and loss.
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d), rounded to the nearest thousand.
The Directors have made enquiries and, having considered the current economic climate at the time of approving the consolidated
financial statements, as well as the expected working capital requirements that the Group will have for the 12 months from the date
that these financial statements are signed and issued, they have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
2.c. Basis of Consolidation
Subsidiaries are all entities over which the parent company has control (see Note 41). The investor (parent company) controls an
investee if and only if the investor has all of the following: a) power over the investee; b) exposure, or rights, to variable returns from
its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor's returns.
Subsidiaries are fully consolidated from the date on which control is transferred to the parent company. They are derecognised from
the date that control ceases. The acquisition method is used by the Group to account for business combinations.
When the parent company has less than a majority of the voting rights of an investee, they consider that they have power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the
Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction process evidence of an impairment
of the transferred asset.
2.d. New standards interpretations and amendments adopted by the Group
The following amendments and interpretations became effective during the year. Their adoption has not had any significant impact on
the Group:
Effective from
IFRS 3 \u2013 Reference to the Conceptual Framework
1 January 2022
IAS 37 \u2013 Amendments regarding onerous contracts
1 January 2022
Annual improvements to IFRS Standards 2018 \u2013 2020
1 January 2022
IAS 16 \u2013 Amendments regarding proceeds before use
1 January 2022
The following amendments and interpretations became effective after the 31 December 2022:
Effective from
IFRS 17 \u2013 \"Insurance contracts\"
1 January 2023
IAS 8 \u2013 \"Accounting policies, changes in accounting estimates and errors\" - Amendments
1 January 2023
IFRS 16 \u2013\"Leases\" - Amendments
1 January 2023
IAS 12 \u2013 \"Income Taxes\" - Amendments
1 January 2023
IAS 1 \u2013 \"Presentation of financial statements\" - Amendments
1 January 2023
The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not yet
effective.
3.\u00a0 Significant Accounting Policies
The Group's accounting policies have been applied consistently by all Group entities and for all periods presented herein.
3.a. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at
the reporting date, with the foreign currency difference recognised in other operating income/(expense).
Differences arising on the translation of investments measured at fair value through OCI are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the Euro
functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that
are measured based on historical cost are translated using the exchange rate at the date of the transaction.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into
euros at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at the
exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and presented in the other reserves (translation reserve)
of equity.
3.b. Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes a
party to the contractual provisions of the instrument.
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers, the
balances required to be held at central banks, and debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents, as all financial assets at amortised cost are short-
term receivables and the recognition of interest would be immaterial. Financial assets are derecognised when the contractual right to
the cash flows from the asset expire.
iii. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
iv. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
v. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past
due by more than 90 days since agreement reached. The carrying amount of the financial assets is reduced by the use of a provision,
in general terms two years past due. When a trade receivable is considered uncollectable, it is written off against the provision.
Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the
provision are recognised in the income statement.
vi. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
vii. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other financial
liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other
payment obligations.
Financial liabilities are measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the
effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are discharged,
cancelled or they expire.
viii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the lease
term.
ix. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at
amortised cost using the effective interest method.
x. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as
a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts
of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is recognised
immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit involves
judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each of the
Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has
been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a subsequent period.
On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on
disposal.
3.d. Property, Plant and Equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2022 and 2021, over
the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction or
which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated objectively and
from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with clients
through cooperation agreements, current relations with clients through exclusivity agreements, brand name, and sub-distribution
agreement. These are stated at cost less amortisation or fair value less any recognised impairment loss. Amortisation is provided on all
intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each asset
evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2022 and 2021, as
follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Current relations with clients through exclusivity agreements
12-14.7 years
Brand name
16.5 years
Sub-distribution agreement
10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022it is technically feasible to complete the software so that it will be available for use;
\u2022management intends to complete the software and use or sell it;
\u2022there is an ability to use or sell the software;
\u2022it can be demonstrated how the software will generate probable future economic developments;
\u2022adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
3.f. Revenue recognition
Fee, commission and service revenue
The Group identifies revenue to be recognised in accordance with the provisions of the agreements signed with customers. The
services can be differentiated according to the type of service, as detailed further below. The Group recognises contract assets and
liabilities in accordance with IFRS 15 as a result of the balances generated for accrued fee, commission and service revenues. See Notes
13 and 18 for further information regarding the contract assets and liabilities, respectively.
Platform revenue:
Includes those directly related to the total market value of the volume of administrated assets (\"AuA\"). Platform Revenues can be
divided into Asset-Based Revenues and Transaction-Based Revenues. The Group considers that the service is provided (and the
performance obligation satisfied) when subscription and redemption of UCIs are settled and accordingly the positions are allocated in
the clients' securities accounts, or when the services is rendered and completed in the case of Transaction- Based Revenues.
Asset-Based Revenues:\u00a0 Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance with
the volume of activity and the contractual price, according to two models, described below:
\u2022Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services.
\u2022Rebate Model: Under the Rebate Model (applicable primarily for retail share classes), Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these fees
are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Subscription and other revenues:
\u2022Financial, legal or banking services: the service is provided (and the performance obligation satisfied) at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022Information delivery services: the service is provided (and the performance obligation satisfied) over a period of time in accordance
with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract (monthly, quarterly
or annually). The performance obligation is satisfied over a period of time as defined in the contract, and the revenue is recognised
pro-rata over this same period.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting period
as the income associated with the assets under intermediation/distribution (see\u00a0above).
The Group assesses whether it acts as a principal or an agent with regard to income earned from its platform and Allfunds has
concluded that it acts as a principal for this income. This conclusion is primarily based on the fact that Allfunds controls the services
and goods (that is, financial products) due to its primary responsibility for the services rendered through the platform, through the
risk it assumes through executing transactions, and having discretion in establishing pricing (see IFRS 15.B37). Based on these facts
and the analysis, the Group has concluded that it acts as principal and, furthermore, this being the manner in which Allfunds
Management runs the business.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service expense.
Net revenue is a gross profit measure. The Group labels this gross profit subtotal as net revenue because the directors believe it
reflects the integral interrelationship between revenue generated and the expenses concurrently incurred, while also being
comparable to measures used by peers.
3.g. Employee Benefits
3.g. i. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated sick leave that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service, are recognised in respect of
employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented within other liabilities in the consolidated statement of financial position, as long as there in no
right to deferral.
3.g. ii. Post-employment obligations \u2013 defined contribution plans
The Group\u2019s post-employment obligations to its employees are deemed to be \u201cdefined contribution plans\u201d where the Group makes
pre-determined contributions to a separate entity and will have no legal or effective obligation to make further contributions if the
separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to
the extent that a cash refund or a reduction in the future payments is available.
3.g. iii. Post-employment obligations \u2013 defined benefit plans
As of 31 December 2022, the Group maintains pension commitments with respect to certain employees of the Italian and Swiss
branches of the Group's indirect subsidiary, Allfunds Bank, S.A.U. which,\u00a0 in accordance with the provisions of the applicable
regulations, meet the conditions to be considered defined benefit. The Group records within provisions in the consolidated balance
sheet the present value of these post-employment defined benefit obligations.
3.g. iv. Long-Term Incentive Plan (\u201cLTIP\u201d)
In 2021 and 2022, the Board of Directors of the Company approved the launch of a Long-Term Incentive Plan (LTIP) as a share-based
payment scheme of Allfunds Group plc applicable to executive directors, senior management, and other employees of the Group. Two
cycles of the LTIP are granted (one in October 2021 and the other in April 2022), and both are divided into two types of incentives:
a.A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's permanence
in Allfunds until the payment date and the degree of achievement of two metrics:
a.The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a group of
comparable companies, and
b.The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance period.
The first incentive has been divided into two equal tranches, the first of which will be executed, if applicable, at the beginning of
2023, and the second tranche at the beginning of 2024 (for the second incentive the date is at the beginning of 2025).
b.A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which will also be executed in two equal instalments at the beginning of 2023 and 2024 for the first
cycle and the beginning of 2025 for the second one.
The incentives are subject to standard malus and clawback clauses normal in this type of remuneration plan.
As of 31 December 2022, both cycles of the LTIP are pending execution as no shares had either been acquired by the Company or
granted to any individual member of the scheme.
Included in these consolidated financial statements for the year ending 31 December 2022 is an accrual of EUR 7,926 thousand (EUR
1,969 thousand for the year ending 31 December 2021) for the estimated costs of the share-based payment schemes in acquiring the
required shares at a future date. This calculation has been made assuming that 100% of the performance targets will be met, for both
the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from grant dates to 31
December 2022. The estimated cost will be reviewed in subsequent reporting periods.
Post the year end the Company delivered 96,029 ordinary shares to the beneficiaries of the 2021 Employee share scheme that had
vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
In addition, in February 2023 the Company approved a LTIP award applicable to executive director, senior management and other
employees of the Group. The grant date will be 11 April 2023. The award will vest in early 2026.
3.g. v. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the nomal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
3.h. Income Tax
Current tax expense or benefit is based on the taxable profit for that year. Taxable profit differs from the profit as reported in the
consolidated statement of comprehensive income because it excludes items of income or expenses that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible. Furthermore, the accrual for current tax includes
provisions for uncertain tax positions which require estimates for each matter and the exercise of judgement in respect of the
interpretation of tax laws and the likelihood of challenge of historical tax positions.
Current tax assets and liabilities are measured as the amount expected to be paid to tax authorities, net of recoveries based on the tax
rates and laws enacted or substantively enacted at the date of the statement of financial position. The Group periodically evaluates
positions taken in the tax returns for situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the extent
that it is probable that the deductions and tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each
date of the statements of financial position and reduced to the extent it is no longer probable that the deferred or current tax assets
will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has
become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are
measured at the tax rates that are expected to prevail in the period when the asset is realised or the liability settled, based on the tax
rates and laws that have been enacted or substantively enacted at the dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability simultaneously.
3.i. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. In accordance with IFRS 16, the Group applies a single
recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group applies
the short-term lease recognition exemption to its short-term leases (that is, those leases that have a lease term of 12 months or less
from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are
recognised as expense on a straight-line basis over the lease term.
In all other cases the lessee is required to recognise a right-of-use asset representing its right to use the leased asset under \u201cProperty,
plant and equipment\u201d in the consolidated statement of financial position (see Note 9), and a lease liability representing its obligation
to make lease payments under \u201cLease liabilities\u201d in the consolidated statement of financial position (see Note 36). The depreciation of
the right-of-use asset is recognised under \u201cAmortisation and depreciation relating to other intangible assets and property, plant and
equipment\" (see Notes 9 and 10), and the finance cost associated with the lease liability under \u201cInterest expense\" (see Note 31).
The Group recognises right-of-use assets at the commencement date of the lease, that is, the date the underlying asset is available for
use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities recognised, adjusted for
any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets for both the year ended 31 December 2022 and 2021, as follows:
Vehicles
4 years
Computer hardware
5 years
Buildings
2\u201310 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease liabilities also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to
terminate. There are no variable lease payments or expected payments under residual value guarantees.
The lease liabilities are measured at amortised cost using the effective interest method.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate has been constructed as the
country risk-free rate for a period similar to the term of the lease, plus an adjustment for the lessee's credit risk (spread), plus an
adjustment for the exchange rate, in the event that the currency of the lease contract is different from the reference currency of the
country in which the lessee operates, and finally the possibility of making an adjustment for the risk associated with the type of asset
being leased is analysed.
The Group has established individual fees for each jurisdiction, following this methodology. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term as a result of a change in the
Group\u2019s assessment of whether it will exercise an extension or termination option, a change in the future lease payments arising from
a change in an index or rate or if there is a revised in-substance future lease payment, or a change in the assessment of an option to
purchase the underlying asset.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in comprehensive income if the carrying amount of the right-of-use asset has been reduced to zero.
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity
interest issued by the Group in exchange for control of the\u00a0acquiree. Acquisition-related costs are recognised in comprehensive
income as incurred and included in \"Technical reports\" in other expenses (see Note 28).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (being no longer than one year from the acquisition date), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised as of that date.
3.k. Provisions
Provisions are recognised when the Group has a present obligation, legal or constructive, as a result of a past event, and it is probable
that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows,
where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable
is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be
measured reliably.
3.l. Treasury Shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Group`s own equity instruments. Any difference between
the carrying amount and the consideration, if reissued, is recognised in the share premium.
No own shares were disposed of during 2022. In January 2023, the Company delivered 96,029 own shares to the beneficiaries of the
2021 LTIP Award that had vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
4.\u00a0 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also exercises judgement in applying the Allfunds Group's accounting policies. Detailed below is an overview of
the areas that involve a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to
estimates and assumptions being revised based on actual experience.
4.a. Critical judgements in applying the Group's accounting policies
\u2022Useful lives of property, plant and equipment and intangible assets with finite lives \u2013 The determination of the useful economic life
of these assets, as well as the determination of the most appropriate method for depreciation/amortisation, is considered a
management judgment. Adjustments to the financial statements could occur as a result of changes in the expected useful life or the
expected pattern of consumption of future economic benefits of the asset. See further information in Notes 9 and 10.
\u2022The Group has cooperation agreements with certain counterparties which allow the Group access to their underlying clients. These
agreements expire in 2023 and have an option to be extended for an additional period subject to certain terms and conditions. The
Group amortises the relationships with the underlying customers over a useful economic life based on an initial lock-in period which
is then followed by a period to which an applicable churn rate is applied. Management has made judgements in considering these
useful economic life periods and the churn rate. Please see Note 10.
\u2022The Group has exclusivity agreements with certain counterparties, which have an extension option, which allows the Group access
to their underlying clients. The Group amortises the relationships with the underlying customers over a useful economic life
whereby an applicable churn rate is applied. Management has made judgements in considering these useful economic life periods
and the churn rate. Please see Note 10.
\u2022Taxes \u2013 Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning
strategies. See Note 14.
\u2022Provisions, contingent liabilities and assets \u2013 When required, the Group records accruals for provisions and loss contingencies in
accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Such determinations are subject to interpretations
of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events affecting the
Allfunds Group and the need to recognise accruals thereon. For further information see Notes 20 and 38.
\u2022Management Investment Plan \u2013 LHC Manco Limited, a company owned by senior management of Allfunds Group, also holds a
minority interest in LHC1 Limited. Those managers purchased shares which have certain conditions attached. The determination
that these shares were purchased at an amount representative of fair value is considered a significant management judgement. See
Note 37.
4.b. Key sources of estimation uncertainty
\u2022Business Combinations \u2013 The Company accounts for business combinations under the acquisition method. The cost of an acquired
company is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair values at the
date of acquisition. Any excess of purchase price over the fair value of net tangible and intangible assets acquired is allocated to
goodwill. The determination of fair values of assets acquired and liabilities assumed requires management to make estimates and
use valuation techniques when market values are not readily available. See further information in Note 11.
\u2022Impairment of non-financial assets \u2013 Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the Discounted
Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair
value less cost of disposal was the income approach. Forecast performance figures do not include future investments that will
enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used to
calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are
most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to
determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in
Note 10.
\u2022Provision for expected credit losses (\"ECL\") of financial assets at amortised cost (mainly trade receivables and contract assets) \u2013 As
the Allfunds Group's receivables have short maturities, and the simplified method under IFRS 9 has been applied, credit losses and
other forward-looking information are not considered to have a significant impact. The Allfunds Group uses a provision matrix to
calculate ECL: this estimate was made on the basis of industry-specific information and accumulated experience and it is based in
the combination of past-due days and the credit quality of counterparties . However, the assessment of the correlation between
historical observed default rates and the ECL is a significant estimate. The Allfunds Group\u2019s historical credit loss experience may
also not be representative of customers' actual default in the future, although no significant deviations between real impairment
losses and estimated losses have been identified.
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe and Asia. The Allfunds Group reports
its results of operations through the following two reportable segments: net platform revenue and net subscription and other
revenues.
\u2022Net platform revenue is generated from commission-based and transaction-based revenues. Commission-based revenues are
generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA in UCIs on the platform, according
to the Service fee model or the Rebate Commission fee model. Transaction-based revenues are related to AuA, but are charged on a
per-transaction basis rather than based on the underlying AuA volume.
\u2022Net subscription and other revenues include Allfunds Connect (including both annual licence fees and annual membership fees) and
digital add-on solutions through among others Allfunds Tech Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s
fund research and investment services and legal and compliance services. Allfunds generates income from subscription and other
services based on fixed membership fees and licences and charges for its digital solutions and tools and other investment and legal
solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct revenue-
generating services, and the Company has determined that these represent the operating segments of the Group. On a segment basis,
the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments. Interest expense, interest
income, segment assets and segment liabilities are consistent with those included in these financial statements and no adjustments
are required to arrive at the relevant totals for the segments; it is impracticable to split these amounts and balances between the two
segments. No additional profitability or balance sheet metrics are reviewed at the segment level by the chief operating decision
makers. The operating segments have not been aggregated; thus, the reportable segments are equivalent to the operating segments.
Revenues, and their associated expenses for each segment, are recognised in accordance with the same accounting principles and
policies as those used to prepare the consolidated financial statements.
The information in the following tables is derived from the Allfunds Group\u2019s internal financial reporting used for corporate
management purposes:
For the year ended
31 December 2022
31 December 2021
EUR (\u2018000s)
EUR (\u2018000s)
Platform revenue
2,701,905
2,648,557
Asset-based revenue
2,603,596
2,534,510
Transaction-based revenue
98,309
114,047
Platform expense
(2,247,361)
(2,163,199)
Asset-based expense
(2,247,361)
(2,163,199)
Transaction-based expense
\u2014
\u2014
Net platform revenue
454,544
485,358
Subscription and other revenues
40,107
20,331
Subscription and other expenses
\u2014
\u2014
Net subscription and other revenues
40,107
20,331
Total Net Revenue
494,651
505,689
No single customer contributed 10% or more to the Allfunds Group\u2019s revenue in either the year to 31 December 2022 or 31 December
2021.
6.\u00a0 Financial Risk Management
This Note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial performance.
Current year profit and loss information has been included where relevant to add further context.
The Group's risk management is carried out by the Directors of the Company and each of the Company's subsidiaries. As such, this risk
management function has been delegated to the relevant department within a specific Group company. The Directors or the relevant
department identify, evaluate and hedge financial risks.
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated statement of
comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of instruments included in
the Group's trading portfolio, where they exist.
The Group does not have positions on or off the consolidated statement of financial position that might be affected by fair value risk
relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory requirements in
connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not
the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank Group which
forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily reports on the
exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency fluctuations and any
measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-reporting
currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
Cash, and cash
equivalents
303,147
77,838
68,690
40,162
309,939
115,114
75,760
102,370
Financial assets held at
amortised cost
165,672
5,928
3,581
65,678
61,835
21,442
2,011
9,635
Other assets
95,867
13,277
375,046
67,981
116,552
16,605
399,529
81,020
Liabilities
Financial liabilities at
amortised cost
(447,404)
(100,478)
(22,310)
(72,253)
(334,269)
(129,050)
(17,984)
(87,696)
Other liabilities
(80,226)
(10,541)
(52,849)
(41,795)
(98,272)
(12,682)
(66,064)
(48,672)
37,056
(13,976)
372,158
59,773
55,785
11,429
393,252
56,657
deem the exposures to be significant.
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations to the
Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of third-party
collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and financial
assets at amortised cost balances. Specifically, the material exposure is to regulated institutions (which are the only authorised
customers of Allfunds Bank Group) to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk Control
Unit has implemented a system of counterparty limits by the counterparty based on an internal rating assignment methodology which
results in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so
that the limits can be adjusted to each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line for each counterparty.
Expected Credit Loss Model
Per IFRS 9, the expected credit loss model has been applied to the relevant receivables as at 31 December 2022 and 2021. The
expected credit loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial
assets at amortised cost (mainly trade receivables and contract assets) are grouped into three categories based on the impairment
methodology applied, in accordance with the following structure:
\u2022Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has increased
significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be equal to the
lifetime expected credit losses.
\u2022Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has occurred or\u00a0
receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss allowance will be equal to
the expected credit losses.
The Allfunds Group uses a provision matrix to calculate ECL: this estimate was made on the basis of industry-specific information and
accumulated experience and it is based in the combination of past-due days and the credit quality of counterparties. The Group has
applied the simplified approach for trade receivables under IFRS 9, which eliminates the need to calculate a 12-month expected credit
loss or to measure increases in credit risk for the instrument.
For financial instruments at amortised cost,\u00a0 the loss allowance is measured at initial recognition and is equal to lifetime expected
credit losses. Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an
impairment provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables which are known to be uncollectable (or with more than two years past-due) are written off by reducing their
carrying amount directly; however, the Group recognised no individually impaired trade receivables during the year.
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and dynamic
ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and uses back-testing
to measure these scenarios. Additionally, Allfunds Bank, S.A.U.'s Board of Directors have established a contingency procedure to cater
for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction
Area of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group
operates, thus providing a twofold control of the Group's liquidity.
7.\u00a0 Capital Management
The Group's objectives when managing capital are to:
\u2022safeguard its ability to continue as a going concern, so that it can continue to provide returns for its shareholders and benefits for
other stakeholders; and
\u2022maintain an optimal capital structure to reduce its cost of capital.
In order to maintain or adjust its capital structure, the Group may vary the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets.
The capital structure of the Group consists of equity attributable to equity holders of the ultimate parent, comprising issued capital,
share premium, retained earnings and other reserves as disclosed in the consolidated financial statements.
Subsidiaries within the Group have capital adequacy requirements imposed primarily by the Bank of Spain along with other regulatory
bodies. Group entities are required to report on certain capital adequacy ratios on a periodic basis. The ratio is calculated as being the
percentage of capital to assets, based on the regulators' definitions of capital and assets. This ratio is required at all times to be above
a benchmark percentage provided by each of the regulators. The subsidiaries of the Group have been in compliance with the capital
adequacy requirements in respect of the period ended 31 December 2022
8.\u00a0 Taxation
8.1 Significant Tax Event
As described in the audited annual consolidated financial statements and herein in Note 8, on 2 October 2020, BP2S contributed its
BNPP LPA business to Allfunds Bank, S.A.U. in exchange for the issuance of new shares. Such BNPP LPA business was automatically
attributed to its Milan branch.
The BNPP LPA business contribution qualified as a tax neutral transaction. As a result, the BNPP LPA business goodwill and its
intangibles that were identified in the frame of the PPA process were treated as if not existing for tax purposes, meaning that their tax
base was equal to zero and, therefore, could not be tax-amortised.
However, the Italian tax laws provide for an optional tax step-up regime whereby (i) the taxpayer can opt to pay a substitute tax at a
reduced rate and (ii) the tax base of the asset is increased up to its fair value as emerging from the PPA process. Thus, by making this
election, the taxpayer is entitled to amortise the relevant stepped-asset for tax purposes.
In particular, Allfunds Bank Milan branch made the following elections:
\u2022Ordinary step-up election for the BNPP LPA business intangibles (Article 176(2-ter) of the Italian income tax code approved with
Presidential Decree No. 917 of 22 December 1986), under which:
a.Allfunds Bank Milan branch is required to make the step-up tax payment in three instalments (with a 2.5% interest accruing on
the second and third instalment): (i) EUR 11,000 thousand in June 2021 (already paid); (ii) EUR 15,000 thousand by the end of
June 2022 also currently paid; and (iii) EUR 11,600 thousand by the end of June 2023; and
b.Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business intangible assets for tax purposes over their useful
lives and starting from 1 January 2021.
\u2022Special step-up election for the BNPP LPA business goodwill (Article 15(10) of the Italian Law Decree No.185/2008), under which:
a.Allfunds Bank Milan branch was required to make a step-up tax payment amounting to EUR 35,000 thousand in one single
instalment by June 2021 (already paid); and
b.Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business goodwill for tax purposes over five years starting
from 1 January 2022.
On 7 June 2021, the Italian tax authorities confirmed Allfunds Bank Milan branch's entitlement to apply for the step-up rules in a
positive answer to a ruling application filed in March 2021.
From an accounting perspective, for FY2021, the above elections have triggered:
a.The full recognition of EUR 71,650 thousand step-up tax expense (with the exception of interest that will be due) as a charge in
the statement of comprehensive income of Allfunds Bank Milan branch.
ii.The accounting registration of EUR 72,281 thousand credit in the statement of comprehensive income of Allfunds Bank Milan
branch, with the corresponding recognition of a deferred tax asset (DTA), to reflect the future tax deductions of the BNPP
LPA business goodwill (not amortised for accounting purposes).
iii.The release of the deferred tax liability (DTL) booked in 2020 in relation to the BNPP LPA business intangibles (whose
amortisation was considered non tax-deductible before the tax step-up election) and the corresponding registration of EUR
76,270 thousand credit in the statement of comprehensive income of Allfunds Bank Milan branch.
As a result, for the year ended 31 December 2021, the Allfunds Group recognised a positive impact in the statement of comprehensive
income (tax credit/(expense) line item) of EUR 76,901 thousand (expense of EUR 71,650 thousand plus credits of EUR 72,281 thousand
and EUR 76,270 thousand).
9.\u00a0 Property, Plant and Equipment
31 Dec 2022
Furniture and
fixtures
Computer
Hardware
Right-of-use
Assets*
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2022
12,668
3,512
37,951
54,131
Additions
1,698
544
5,167
7,409
Incorporated by business combinations
1
195
187
383
Disposals
(1,086)
(918)
(1,164)
(3,168)
Other
(550)
715
(343)
(178)
Carried forward 31 Dec 2022
12,731
4,048
41,798
58,577
Accumulated depreciation:
Brought forward 1 Jan 2022
(5,203)
(2,839)
(18,043)
(26,085)
Charge for the year
(1,510)
(838)
(7,597)
(9,945)
Disposals
1,086
918
1,164
3,168
Other
\u2014
\u2014
129
129
Carried forward 31 Dec 2022
(5,627)
(2,759)
(24,347)
(32,733)
Net Book Value
7,104
1,289
17,451
25,844
Fully depreciated assets
5,539
\u2014
\u2014
5,539
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2021
12,575
2,991
30,473
46,039
Additions
274
521
8,408
9,203
Disposals
(181)
\u2014
(930)
(1,111)
Carried forward 31 Dec 2021
12,668
3,512
37,951
54,131
Accumulated depreciation:
Brought forward 1 Jan 2021
(3,956)
(1,490)
(11,292)
(16,738)
Charge for the year
(1,247)
(1,349)
(7,026)
(9,622)
Disposals
\u2014
\u2014
275
275
Carried forward 31 Dec 2021
(5,203)
(2,839)
(18,043)
(26,085)
Net Book Value
7,465
673
19,908
28,046
Fully depreciated assets
4,218
\u2014
\u2014
4,218
* Right-of-use assets are further detailed in Note 36
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated useful lives
of the assets.
There were no impairment losses for property, plant and equipment for the year ended 31 December 2022 (Nil for year ended 31
December 2021).
10.\u00a0 Goodwill and Intangible Assets
The following acquisitions by the Group resulted in goodwill upon the purchase:
Acquisition
Date
Percentage
Holding
Goodwill on
purchase
Impairment
Goodwill
31 Dec 21
Goodwill
31 Dec 22
Business Acquired
CGU
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank, S.A.U.
21 Nov 2017
100%
Allfunds Bank
962,412
(362,000)
600,412
600,412
Fintech Partners, S.L.U.
17 Jan 2018
100%
Fintech Partners
6,704
\u2014
6,704
6,704
CS - Investlab AG
26 March 2020
100%
Allfunds Investlab
158,264
\u2014
163,432
171,467
Nordic Fund Market
31 Oct 2019
100%
Allfunds Sweden
18,155
\u2014
19,041
17,548
BNPP LPA Business
2 Oct 2020
100%
BNPP LPA Business
232,447
\u2014
218,570
218,570
InstiHub Analytics Limited
4 May 2022
100%
InstiHub Analytics Limited
6,616
\u2014
\u2014
6,439
Web Financial Group
31 May 2022
100%
Web Financial Group
107,722
\u2014
\u2014
107,722
Total
1,492,320
(362,000)
1,008,159
1,128,862
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients
through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients
through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by
business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
\u2014
167,924
Translation differences
and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
\u2014
17,201
Carried forward
31.12.22
1,490,862
140,269
210,550
527,686
584,153
47,603
161,000
104,056
3,266,179
Accumulated
amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(161,119)
Translation differences
and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
\u2014
(4,937)
Carried forward
31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(176,345)
(14,748)
(37,569)
(16,059)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward
31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
407,808
32,855
123,431
87,997
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.21
1,364,105
61,758
208,633
485,858
571,946
47,603
175,636
104,056
3,019,595
Additions
\u2014
25,119
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
25,119
Translation differences
and others
6,054
\u2014
\u2014
244
7,270
\u2014
(14,636)
\u2014
(1,068)
Carried forward 31.12.21
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Accumulated
amortisation:
Brought forward 1.1.21
\u2014
(24,100)
(113,778)
(78,232)
(94,490)
(8,978)
(4,391)
(1,871)
(325,839)
Charge for:
Charge for the year
\u2014
(13,444)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(152,196)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
467
\u2014
\u2014
366
\u2014
833
Carried forward 31.12.21
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Impairment losses:
Brought forward 1.1.21
(362,000)
(7)
(750)
\u2014
\u2014
\u2014
\u2014
\u2014
(362,757)
Charge for the year
\u2014
\u2014
(551)
\u2014
\u2014
\u2014
\u2014
\u2014
(551)
Carried forward 31.12.21
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,008,159
49,326
52,826
375,524
446,267
35,740
140,203
95,091
2,203,136
Fully amortised
\u2014
10,018
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,018
Impairment Testing
At least once per year (or whenever there is any indication of impairment), the Group reviews goodwill for impairment (that is, a
potential reduction in its recoverable amount to below its carrying amount) (see Note 3c). The first step that must be taken in order to
perform this analysis is to identify each separate CGU, that is, the Group's smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or other group of assets. The carrying amount of each CGU
is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination)
of all the assets and liabilities of all the independent legal entities composing the CGU, together with the related goodwill. The carrying
amount of the CGU to be recovered is compared with its recoverable amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue operating and reportable segment.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU by
reviewing information including the following: (i) certain macroeconomic variables that might affect its investment (political situation
and economic situation, among others) and (ii) various microeconomic variables comparing the Group's investment with the financial
services industry of the country in which the CGU conducts most of its business activities (off-balance-sheet intermediated funds, net
fees and commissions, earnings, among others). Regardless of whether there is any indication of impairment, every year the Group
calculates the recoverable amount of each CGU to which goodwill has been allocated and, to this end, it uses internal estimates and
appraisals performed by independent experts. The\u00a0Group performed its annual impairment test as at 31 December 2022.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use. The value
in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d), depending upon
the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than the carrying amount. If it
is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no requirement to refine the determination
of the recoverable amount to a single number. However, if it is not greater, then more detailed work is required to determine the
recoverable amount in order to calculate the impairment loss. Therefore, it is not always necessary to determine both a CGU's fair
value less costs of disposal and value in use. In the case of all five of the CGUs tested for impairment, the value in use of the CGU is
greater than its carrying amount, thus only the value in use has been calculated.
The dividend discount model was determined to be best suited to valuing the Allfunds Bank, Allfunds Investlab, Allfunds Sweden and
BNPP LPA Business CGUs, while the discounted cash flow method was determined to be the best valuation method for the Fintech
Partners CGU. The dividend discount model is best suited for financial institutions.
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the cost of
equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical perspective, as it
effectively incorporates all the factors that affect the value of a business into the result of the valuation. The discounted cash flow
method considers the operating results as well as the capital expenditures and working capital policies to calculate a business capacity
of generating free cash flow. In order to obtain the actual value of the business, free cash flows are discounted to a present date at a
weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no special
seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the range of
comparable listed companies and comparable transactions analysed.
Following the PPA analysis performed for both Web Financial Group and Instihub Analytics Limited, there were no indications of any
impairment required for the period from date of acquisition to 31 December 2022.
See below for further details on the impairment testing methodology performed for each CGU:
2022
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.80%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
7.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13.10%
2.10%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.50%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.80%
2021
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
7.60%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
6.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.30%
1.80%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
9.40%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
9.49%
2.80%
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to be
17.5% plus the required counter cyclical buffer, which is in line with the Company's commitment and the consensual agreement with
the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the CGU
is determined. For Allfunds Bank, Allfunds Investlab, Allfunds Sweden and\u00a0 BNPP LPA Business, the recoverable amount of the CGU
has been determined using the DDM, based on income statement projections, and the carrying amount of all the assets and liabilities
allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying amount. For Fintech Partners,
the DCF projections include outflows and inflows in respect of tangible assets, intangible assets and working capital. Therefore, the
carrying amount of the CGU that is used to determine the recoverable amount includes the related assets and liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could move
and therefore have deemed it appropriate to consider the below sensitivity analysis for each CGU:
Allfunds Bank
Increase in Ke
of 2.2%
Decrease in Ke
of 2.8%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
12.0%
7.0%
3.0%
2.6%
Recoverable value (EUR (\u2018000s))
2,568,000
5,733,000
3,490,000
3,320,000
Impairment needed
No
No
No
No
Allfunds Investlab
Increase in WACC
of 1.0%
Decrease in WACC of
1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
8.8%
6.8%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
626,500
921,000
784,500
708,800
Impairment needed
No
No
No
No
Fintech Partners
Increase in WACC
of 0.5%
Decrease in WACC of
0.5%
Increase in g
of 0.5%
Decrease in g
of 0.5%
Revised factor
13.6%
12.6%
2.6%
1.6%
Recoverable value (EUR (\u2018000s))
47,539
51,739
51,183
48,050
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 1.5%
Decrease in Ke
of 1.5%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
12.0%
9.0%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
33,900
51,800
42,600
39,700
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 1.5%
Decrease in Ke
of 1.0%
Increase in g
of 0.2%
Decrease in g
of 0.3%
Revised factor
13.0%
10.5%
3.0%
2.5%
Recoverable value (EUR (\u2018000s))
773,000
1,018,000
917,000
876,000
Impairment needed
No
No
No
No
As shown below, the recoverable amount exceeded the carrying amount of the investments for each CGU and therefore, no
impairment is required.
31 Dec 2022
EUR (\u2018000s)
CGU
Carrying value
Recoverable
amount
Impairment
required on
goodwill
Allfunds Bank
1,519,000
3,389,000
\u2013
Allfunds Investlab
316,966
744,364
\u2013
Fintech Partners
9,678
49,545
\u2013
Allfunds Sweden
13,374
41,099
\u2013
BNPP LPA Business
508,000
903,000
\u2013
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2022. In this regard, and in light of recent events concerning credit institutions in both
the United States of America and Europe, the directors will continue to review and assess such indications and the potential effect in
the carrying amount of goodwill and intangible assets in future impairment assessments, especially those originated in the business
combination of CS- Investlab AG . In this sense, the Group\u2019s exclusivity agreements remain in place and are enforceable until their
expiration date, regardless of any potential changes in the ownership structure of the customers with whom these agreements were
signed. In addition, as stated in note 5, no single customer contributed 10% or more to the Allfunds Group\u00b4s revenue.
11.\u00a0 Business Combinations
Acquisitions in 2022
InstiHub Analytics
Description of the transaction
On 4 May 2022, the Group, through its fully owned subsidiary Allfunds Digital, S.L.U., obtained control over InstiHub Analytics Limited,
now renamed Allfunds Data Analytics Limited, purchasing all of its shares from a third party for a total of EUR 12,391 thousand.
Allfunds Digital, S.L.U. acquired 100% of the share capital of InstiHub Analytics Limited.
InstiHub Analytics Limited provides bespoke data solutions to derive distribution focused commercial insights for stakeholders of the
asset management industry globally in two areas:
(i) sales led generation and planning and
(ii) actual transacted pricing institutional and sub-advisory mandates.
An initial payment amounting to EUR 7,643 thousand was made on 4 May 2022 and according to the share purchase agreement
signed on that date the following payment schedule was established.
Thousands of Euros
31 December 2022
31 December 2023
31 December 2024
31 December 2025
Total
Chief Executive Officer (*)
653
653
653
653
2,612
Other shareholders
534
534
534
534
2,136
Total
1,187
1,187
1,187
1,187
4,748
(*)Also, shareholder of InstiHub Analytics Limited.
The Group has considered payments to the Chief Executive Officer as a separate transaction under IFRS 3.51 due to the fact the
remuneration is forfeited if the Chief Executive Officer leaves. Payments to the other shareholders are part of the consideration
transferred and measured at fair value except for the 2025 payments whose performance obligation and KPIs are estimated as remote
to be fulfilled by the Management. The assets and liabilities of InstiHub Analytics Limited recognised on the acquisition date were
provisionally accounted for as follows:-
4 May 2022
Eur Thousand
Unaudited
Assets
Cash, cash balances at Central Bank and other demand deposits
692
Financial assets at amortised cost
164
Tangible assets
5
Intangible assets
455
Tax assets
1
Other assets
14
Total Assets
1,331
Liabilities
Financial liabilities at amortised cost
(29)
Tax liabilities
(2)
Other liabilities
(734)
Total Liabilities
-765
Net Assets
566
Assets arising from the business acquisition
In this business acquisition, different assets were revealed as a consequence of the higher price paid on the net assets acquired. In this
sense, as of 31 December 2022, the Group had completed the process of assigning the purchase price of the business of InstiHub
Analytics Limited, taking into consideration the report made by an independent expert. Consequently, as of 31 December 2022, the
following provisional assets have been disclosed at the acquisition date:
4 May 2022
Thousands of Euros
Consideration transferred
9,204
Less: Fair value of the net assets acquired
(566)
Emerged goodwill arising in this business combination
8,638
Current relations with clients
(1,157)
Technological platform
(1,339)
Deferred tax liabilities
474
Goodwill
6,616
Assets arising from the business acquisition
In this business acquisition, different assets were revealed as a consequence of the higher price paid on the net assets acquired. In this
sense, as of 31 December 2022, the Group had completed the process of assigning the purchase price of the business of Web Financial
Group, S.A. , taking into consideration the report made by an independent expert. Consequently, as of 31 December 2022, the following
provisional assets have been disclosed at the acquisition date:\u00a0
31 May 2022
Thousands of Euros
Consideration transferred
129,713
Less: Fair value of the net assets acquired
4,389
Emerged goodwill arising in this business combination
134,102
Current relations with clients
(34,595)
Technological platform
(578)
Deferred tax liabilities
8,793
Goodwill
107,722
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
167
6,695
Allfunds Bank, Milan branch
18,915
\u2014
Allfunds Bank S.A. Singapore branch
6
7,275
Allfunds Bank Stockholm branch
9
1,197
Allfunds Bank Luxembourg branch
\u2014
4,890
Allfunds Bank Paris branch
930
2,793
Other
517
378
20,544
23,228
Deferred tax assets:
Non-deductible depreciation and amortisation (Allfunds Bank)
426
188
Non-tax-deductible provisions (Allfunds Bank)
1,304
474
Deferred tax assets \u2013 Business combinations CS InvestLab (*)
48,512
51,263
Deferred Tax assets \u2013 Business combinations BNP Italian tax step-up (**)
57,824
72,281
Other related to Allfunds Bank subsidiaries and branches
1,255
1,210
Other related to Allfunds Tech Solutions
848
\u2014
110,169
125,416
Total
130,713
148,644
(*) Valuation adjustments made in application of IAS 21
The Group has not recognised a deferred tax asset for tax losses in Singapore of EUR 20,672 thousand as at 31 December 2021 (EUR
18,267 thousand as of 31 December 2020); Spain \u2013 Liberty Partners, S.L.U. EUR 59,930 thousand as of 31 December 2021 (EUR 62,138
thousand as of 31 December 2020); UK EUR 0 thousand as of 31 December 2021 (EUR 499 thousand as of 31 December 2020) and
Switzerland EUR 179,140 thousand as of 31 December 2021 (EUR 110,817 thousand as of 31 December 2020).
Tax losses can be carried forward indefinitely, except in the case of Switzerland, where there is a 7 year limitation period for their use.
15.\u00a0 Other Assets
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Sundry accounts
6,793
9,908
Prepaid expenses
1,435
2,876
Total
8,228
12,784
EUR ('000s)
Cash at bank and in hand
15
12
Cash balances at Central Banks
948,234
1,306,516
Other demand deposits
675,092
886,102
Total
1,623,341
2,192,630
EUR ('000s)
Current tax liabilities
29,109
52,104
Deferred tax liabilities
Arising in business combinations (Notes 10 and 11)
Allfunds Bank, S.A.U.
167,909
194,028
Allfunds Digital, S.L.U.
698
859
CS Investlab
26,351
28,031
Nordic Fund Market
249
293
Allfunds Tech Solutions Group
8,523
\u2014
Allfunds Data Analytics Limited
411
\u2014
Other
7
8
204,148
223,219
Total
233,257
275,323
The balance of \u201cTax Liabilities \u2013 Current Tax Liabilities\u201d in the accompanying consolidated statement of financial position includes
mainly the income tax payable generated in Spain, Italy, Luxembourg, and the UK.
20.\u00a0 Provisions
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main changes
during the year:
Thousands of Euros
Provisions
Opening
balance
Other
adjustments
due to
business
combinations
Charge for the
year
Decrease due
to interest cost
Amounts used
Closing
balance
Pension and other post-employment defined benefit
obligations
1,690
\u2014
\u2014
(974)
\u2014
716
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
1,890
\u2014
\u2014
(974)
\u2014
916
Thousands of Euros
Provisions
Opening
balance
Other
adjustments
due to business
combinations
Charge for the
year
Unwind of
discount
Amounts used
Closing balance
Pension and other post-employment defined benefit
obligations
\u2014
601
1,243
89
(243)
1,690
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
\u2014
\u2014
200
\u2014
\u2014
200
Total
\u2014
601
1,443
89
(243)
1,890
Long-term defined benefit remuneration
The breakdown of the present value of the commitments assumed by the Group with respect to post-employment and other long-
term remuneration, of the plan assets held to cover those obligations and of unrecognised past service cost at year-end 2022 is
provided in the table below:
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Present value of obligations
10,760
12,185
Less: Fair value of plan assets
(10,044)
(9,252)
Less: Unrecognised prior service cost
\u2014
(1,243)
Non-current provisions \u2013 Non-current employee benefit obligations (asset)
716
1,690
The present value of the commitments was determined by qualified independent actuaries, who used the following criteria for
valuation purposes:
\u2022Calculation method: the \u201cprojected credit unit\u201d method, which contemplates each year of service as generating an additional unit of
right to the benefits and values each unit separately.
\u2022Actuarial assumptions made: unbiased and mutually compatible.
The most significant actuarial assumptions used in the experts' calculations were the following:
2022
Actuarial assumptions
Switzerland
Italy
Discount rate (*)
3%
3.77%
Mortality and life expectancy tables
BVG 2020.
2017 Mortality Tables
RG48
Rate of growth in social security tax limit
0,94%
2.50%
Expected return on plan assets
1,75%
n.a
(*) Discount rate based on the yield curve on a pool of corporate bonds denominated in Euros carrying AA ratings from the three main ratings agencies (Standard & Poor\u2019s, Moody\u2019s and Fitch) with
maturities as of the valuation date equal to or longer than the duration of the commitments assumed.
The rates used to discount the future cash flows were determined using high-quality corporate bonds denominated in each currency.
The expected return on the plan assets is in line with the chosen discount rates.
The retirement ages for the various commitments are set at the earliest date to which employees become entitled to retire, the
contractually stipulated date in the case of early retirements or using retirement tables.
Changes in the key assumptions could affect the measurement of the Group\u2019s obligations. The table below provides an analysis of how
sensitive the measurement is to changes in the key inputs:
Sensitivity analysis (thousands of Euros)
Change in
basis points
2022
Increase
Decrease
Discount rate
0,25%
(391)
434
Wage growth rate
0,25%
52
(49)
Increase in obligation per year of effective service
1 year
(393)
400
The sensitivity analysis was performed as of the date of the consolidated financial statements and provides the individual impact of
changes in each of the assumptions, keeping all other variables constant, such that it excludes potential combined effects.
Below is a summary of the movements in the commitments that affected the amounts recognised on the consolidated statement of
financial position in respect of the post-employment commitments assumed with current and former employees and other long-term
remuneration obligations in 2022:
2022:
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2022
10,942
(9,252)
1,690
Amounts recognised with a balancing entry in profit or loss.
Staff costs - Ordinary expense for the year
821
\u2014
821
Finance costs
67
\u2014
67
Change in\u00a0 value recognised in equity
(1,982)
1,032
(950)
Exchange differences and other
424
(424)
\u2014
Contributions
344
(1,143)
(799)
Payments made
144
(257)
(113)
Balance at 31 December 2022
10,760
(10,044)
716
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2021
8,858
(8,858)
\u2014
Amounts recognised with a balancing entry in profit or loss.
601
\u2014
601
Staff costs - Ordinary expense for the year
852
\u2014
852
Return on plan assets
\u2014
(334)
(334)
Addition to provisions (net)
1,149
\u2014
1,149
Adjustments in equity
219
(200)
19
Other
(884)
1,145
261
Contributions
296
(1,005)
(709)
Payments made
(149)
\u2014
(149)
Balance at 31 December 2021
10,942
(9,252)
1,690
The Switzerland pension fund has invested into equity instruments 47%, real estate 30%, debt instruments 10%, cash 5% and others
8%.
21.\u00a0 Other Liabilities
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
14,413
30,111
Trade payables
12,570
24,110
Other payables
5,778
10,941
Total
32,761
65,162
EUR ('000s)
Share Capital
At 1 January
1,574
1,574
Issued during the year
\u2014
\u2014
At 31 December
1,574
1,574
Share Premium
At 1 January
2,060,156
2,060,156
Premium arising on equity share issuance
\u2014
\u2014
Premium reallocation to reserves
\u2014
\u2014
At 31 December
2,060,156
2,060,156
The Company's total share capital was EUR 1,574 thousand as at 31 December 2022 (31 December 2021: EUR 1,574 thousand)
comprising 629,426,348 ordinary shares of EUR 0.0025 per share (31 December 2021 comprised 629,426,348 ordinary shares of EUR
0.0025 per share).
As part of the IPO process that occurred during 2021, each EUR 0.01 share was divided into four EUR 0.0025 shares, with no change to
each investor holding in the Company. All of the shares listed on Euronext Amsterdam were previously held by prior shareholders,
reducing the ownership percentage of the relevant shareholders, and no new shares were issued as part of the IPO process. Each
share has identical voting rights and all of the Company's allotted shares are fully paid up.
22.b. Treasury shares
During the year to 31 December 2022, 1,380,322 ordinary shares were acquired by the Company at a total cost of EUR 10,000 thousand
(31 December 2021 no shares had been acquired) which are classified in the consolidated statement of financial position as treasury
shares. No treasury shares were disposed of during the year ended 31 December 2022.
In January 2023, the Company delivered 96,029 ordinary shares to the beneficiaries of the 2021 Employee share scheme that had
vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
22.c. Other reserves
As at 31 December 2022 other reserves were comprised of 1) exchange differences on translation of foreign entities EUR 28,599 (31
December 2021: 14,495 thousand); 2) employee share scheme of EUR 9,895 thousand (31 December 2021: 1,969 thousand); and 3)
valuation adjustments related to pension commitments EUR 932 thousand (31 December 2021 nil).
23.\u00a0 Dividends
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
First dividend paid during 2022
185,000
\u2014
Final dividend paid during 2022
31,471
\u2014
During the year to 31 December 2022 the first dividend paid of EUR 185,000 thousand was at EUR 0.2939 per share and the final
dividend paid of EUR 31,471 thousand was at EUR 0.05 per share.
On 21 March 2023 Liberty Partners, S.L.U., the direct subsidiary of the Company, agreed to pay an interim dividend of EUR 30,981
thousand from the profits for the financial year ended 31 December 2022. In addition, on the same date Liberty Partners, S.L.U. also
agreed to pay an interim dividend of EUR 33,519 thousand from the profits for the financial year ended 31 December 2023. Both
dividends, totaling EUR 64,500 thousand were paid to the Company on 22 March 2023.
24.\u00a0 Off-Balance Sheet Items
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Available to third parties:
Credit Institutions
85,256
53,835
Other resident sectors
2,266
2,250
Other non-resident sectors
23,659
15,242
Total
111,181
71,327
EUR ('000s)
Platform revenue: asset based
2,603,596
2,534,510
Platform revenue: transaction based
98,309
114,047
Subscription and other revenues
40,107
20,331
Total revenue
2,742,012
2,668,888
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022the marketing of units in collective investments undertakings to asset management houses;
\u2022foreign currency exchange services;
\u2022ETFs intermediation activity;
\u2022correspondent bank services;
\u2022sub-custody services;
\u2022intermediation services to customers where the fees are calculated applying a percentage to the daily assets under administration
or distribution held for the account of the Group\u2019s customers; and
\u2022transaction fees on subscriptions and redemption orders in units of collective investments undertakings.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, primarily:
\u2022information and research services;
\u2022administration and legal services;
\u2022use of technological financial tools; and
\u2022Digital add-on services including the Web FG business acquired.
26.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been generated by Allfunds Bank, S.A.U. and its subsidiaries and recorded by the Group are
as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Total expenses
2,247,361
2,163,199
2022
2021
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
67,415
94,050
Social security costs
12,982
11,618
Expense for defined contributions pension funds
2,372
1,794
Termination benefits
1,298
325
Employee share schemes
7,926
1,969
Training expenses
411
550
Other staff costs
3,143
2,518
Total
95,547
112,824
EUR ('000s)
Audit of financial statements services
1,528
1,494
Other assurance services
303
177
Other services
\u2014
7
Total audit and related services
1,831
1,678
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favorably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favorably, foreign exchange
losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the Central
Resolution Authority within the banking union.
30.\u00a0 Interest Income
2022
2021
EUR ('000s)
EUR ('000s)
Loans and advances to credit institutions
6,312
1,078
Loans and advances to customers
1,475
1,758
Other finance income
358
1,017
Total
8,145
3,853
EUR ('000s)
Deposits and loans from credit institutions
7,587
3,998
Cash balances from central banks
4,223
7,803
Lease liabilities
339
265
Other
326
(24)
Total
12,475
12,042
EUR ('000s)
Impairment loss on non-financial assets
1
730
Impairment loss on financial assets held at amortised cost
9,040
6,043
9,041
6,773
EUR ('000s)
Allfunds Bank
24,908
22,859
Allfunds Bank \u2013 Milan branch*
24,481
(45,143)
Allfunds Bank \u2013 Paris branch
3,005
3,847
Allfunds Bank \u2013 Luxembourg branch
6,864
6,526
Allfunds Bank \u2013 Swiss branch**
273
541
Allfunds Bank \u2013 UK branch
2,786
3,649
Liberty Partners
316
1,987
Allfunds Group plc
(2,329)
(451)
Other
860
244
less:
Deferred tax on intangible assets Allfunds Bank Group
(192)
(192)
Deferred tax on intangible assets Liberty Partners Group
(26,119)
(26,250)
Deferred tax on intangible assets Digital Group
(311)
\u2014
Tax expense / (credit)
34,542
(32,383)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
22,669
55
2,184
24,908
Allfunds Bank \u2013 Milan branch
11,301
(1,276)
14,456
24,481
Allfunds Bank \u2013 Paris branch
3,005
\u2014
\u2014
3,005
Allfunds Bank \u2013 Luxembourg branch
6,864
\u2014
\u2014
6,864
Allfunds Bank \u2013 Swiss branch
327
(54)
\u2014
273
Allfunds Bank \u2013 UK branch
3,214
(41)
(387)
2,786
Liberty Partners, S.L.U.
316
\u2014
\u2014
316
Allfunds Group plc
(1,075)
(1,254)
\u2014
(2,329)
Other
5
385
470
860
less:
Deferred tax on intangible assets at Allfunds Bank Group
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets at Liberty Partners Group
\u2014
\u2014
(26,119)
(26,119)
Deferred tax on intangible assets at Digital Group
\u2014
\u2014
(311)
(311)
Tax expense / (credit)
46,626
(2,185)
(9,899)
34,542
*Main input derived from the Italian tax step-up (release of DTL associated to the BC intangibles and recognition of DTA associated to BC goodwill).
2021
Current tax expense/
(income)
EUR ('000s)
Adjustment
in\u00a0respect of
current\u00a0income tax of
prior years
EUR ('000s)
Deferred tax relating
to origination and
reversal of temporary
differences (*)
EUR ('000s)
Total Tax
(credit)/
expense
EUR ('000s)
Allfunds Bank, S.A.U.
20,384
527
1,948
22,859
Allfunds Bank, S.A.U. \u2013 Milan branch
31,491
277
(76,911)
(45,143)
Allfunds Bank, S.A.U. \u2013 Paris branch
3,853
(6)
\u2014
3,847
Allfunds Bank, S.A.U. \u2013 Luxembourg branch
6,815
(289)
\u2014
6,526
Allfunds Bank \u2013 Swiss branch
402
139
\u2014
541
Allfunds Bank \u2013 UK branch
2,362
1,377
(90)
3,649
Liberty Partners, S.L.U.
1,987
\u2014
\u2014
1,987
Allfunds Group plc
\u2014
(451)
\u2014
(451)
Other
713
(105)
(364)
244
less:
Tax relief from Liberty Partners, S.L.U. to Allfunds Bank, S.A.U.
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets
\u2014
\u2014
(26,250)
(26,250)
Tax expense / (credit)
68,007
1,469
(101,859)
(32,383)
*Related mainly to the decrease in the DTAs and DTLs arising at a consolidating level as a result of the PPA in the business combinations performed.
2022
2021
EUR ('000s)
EUR ('000s)
Consolidated Profit/(loss) before tax
83,725
75,352
Consolidation adjustments
83,092
154,076
Tax income / expense at UK tax Rate 19%
31,695
43,591
Effect on Income by different tax rate by countries
15,587
24,664
Prior year adjustments
(2,185)
1,469
Deferred expense/(income) tax
(9,899)
(101,859)
Others
(656)
(648)
Tax expense/(income)
34,542
(32,783)
The effective tax rate is as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Profit/(loss) before tax
83,725
75,352
Tax expense/(income)
34,542
(32,383)
Effective tax rate
41.26%
(42.98%)
34.\u00a0 Earnings per Share
2022
2021
EUR ('000s)
EUR ('000s)
Profit attributable to ordinary holders
49,183
107,735
31 Dec 2022
31 Dec 2021
Thousands
Thousands
Number of ordinary shares at year end
629,426
629,426
Weighted average number of ordinary shares per IAS 33
629,285
629,426
EPS (EUR)
0.0781
0.1712
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivative financial liabilities
\u2014
(759)
\u2014
Total
\u2014
0
1,621
674
31 Dec 2021
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
664
\u2014
Derivative financial assets
\u2014
377
\u2014
Sub-total
\u2014
1,041
\u2014
Derivate financial liabilities
\u2014
(396)
\u2014
Total
\u2014
645
\u2014
During the years ended 31 December 2022 and 31 December 2021, the Group did not transfer any financial instruments between Levels
1, 2 or 3.
Financial assets at fair value through profit and loss are comprised of Group equity investments.
36.\u00a0 Leases
The Group has lease contracts for buildings, vehicles, and computer hardware. The Group\u2019s obligations under its leases are secured by
the lessor\u2019s title to the leased assets.
The Group also has leases with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the
\u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.
The carrying amounts of right-of-use assets recognised as at 31 December 2022 comprised of office building EUR 14,798 thousand,
vehicles EUR 501 thousand and computer hardware EUR 1,270 thousand. (31 December 2021 comprised office buildings EUR 17,311
thousand, vehicles EUR 627 thousand and computer hardware EUR 1,960 thousand).
Set out below are the maturities of the lease liabilities:
31 Dec 2022
31 Dec 2021
EUR (\u2018000s)
EUR (\u2018000s)
6 months or less
3,017
3,732
6-12 months
2,672
3,384
Total current liabilities
5,689
7,116
1-5 years
9,755
11,549
Over 5 years
1,400
1,179
Total non-current liabilities
11,155
12,728
Total Liabilities
16,844
19,844
The following are the amounts recognised in the consolidated statement of comprehensive income:
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
Depreciation expense of right-of-use assets
7,597
7,026
Interest expense on lease liabilities
339
265
Expenses relating to short-term and low value leases
664
731
Total
8,600
8,022
The Group had cash outflows for leases of EUR 7,611 thousand for principal payments and EUR 320 thousand of interest payments for
the year ended\u00a0 31 December 2022 (31 December 2021: principal payments of EUR 7,118 thousand and interest payments of EUR 265
thousand).
37.\u00a0 Related Party Transactions
Balances and transactions between the Company and other subsidiaries of the Allfunds Group, which are related parties, have been
eliminated on consolidation and are not disclosed in this Note.
Relationships
In addition to the public float, the shareholders of the Company are LHC3 Limited, BNP Paribas S.A. and BNP Paribas Asset
Management Holding S.A. (BNPP AM). The Company is 34.3% owned by LHC3 Limited as at 31 December 2022. The remaining 12.1% is
owned between BNP Paribas SA and BNPP AM, and 0.2% by the Company in the form of Treasury shares, and and with the remainder
of free float of 53.4%.
Acquisition-related agreements
As described in the the audited annual consolidated financial statements for the year ended 31 December 2020, Allfunds Group has
entered into various cooperation, exclusivity and transitional service agreements with its shareholders, BP2S and BNPP AM. As a
result of the agreements entered into, there are revenues, expenses, assets and liability balances generated between the Allfunds
Group and these parties. The shareholders BNP Paribas SA and BNPP AM are collectively referred to as \"BNP Paribas\" below:
As at
Assets
Liabilities
31 Dec 2022
31 Dec 2021
31 Dec 2022
31 Dec 2021
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
Credit Suisse AG
\u2014
13,111
\u2014
36,026
BNP Paribas (*)
287,644
271,830
58,076
297,018
There are 13 Directors of Allfunds Group plc as at 31 December 2022 (15 Directors as at 31 December 2021), and of these 13 Directors,
10 were also Directors of Allfunds Bank, S.A.U. (of the 15 Directors as at 31 December 2021, 12 were also Directors of Allfunds Bank,
S.A.U.).
A further amount of EUR 10,400 thousand was paid in the year to 31 December 2021 by an indirect shareholder of the Company to
certain employees of Allfunds Bank, S.A.U. for their hiring to the bank.
38.\u00a0 Commitments and Contingencies
Commitments
As at 31 December 2022 the Group and its subsidiaries had the following commitments:
\u2022BNPP TSA with a cost of EUR 2,601 thousand pending as at 31 December 2022 (EUR 37,000 thousand pending 31 December 2021);
and
\u2022PAM sub distribution agreement with a cost of EUR 9,800 thousand over a 10-year period.
Contingencies
On 3 March 2011, Fairfield Sentry Limited and Fairfield Sigma Limited (hereinafter, the \"Funds\"), both in liquidation and affected by the
so-called Madoff case, filed before the Court of Bankruptcy of the Southern District of New York of the United States of Amercia,
(United States Bankruptcy Court for the Sourthern\u00a0 District of New York), a lawsuit against a distribution company outside the Group
and against Allfunds Bank, as a consequence of the reimbursements made prior to December 2008, through the Bank, following the
instructions of the aforementioned distribution company, as the liquidators of the Fund liquidators understood that, among other
reasons, there were erroneous payments and unjust enrichment in said reimbursements, in the amount of USD 3,505,471.33
(approximately EUR 3,283 thousand).
In August 2016, the plaintiff also suspended certain claims from the Court of the British Virgin Islands. The Court of the British Virgin
Islands denied the request for dismissal (although the Bank is not sued in the British Virgin Islands, there is a possibility that such
claims will be reviewed in New York).
On 13 January 2017, the group of defendants, which include Allfunds Bank, S.A.U., filed an application for dismissal of the claim. On 6
December 2018 the Court found in favour of the defendants with respect to their contractual claims, except in the cases which the
defendants were aware that the applicable net asset value at the time the redemptions were made was erroneous due to the
investments of the funds held through Madoff. In this situation, the plaintiff could take action against the defendants and where the
Bank is not included.
After the decision on 6 December 2018, the parties (plaintiffs and defendants) agreed to close the claims in order to execute that
decision. After this decision was presented to the Court, on 4 April 2019, the Court accepted the closing of the claims in relation to
Allfunds. Subsequently, the plaintiffs have appealed the decision of the Court on 6 December 2018 (including the closing order
regarding Allfunds).
On 19 July 2019, the plaintiff submitted an amendment to the claim against Allfunds, where all claims dismissed under the December
2018 decision are eliminated, except the claims related to the British Virgin Islands lawsuit on which it will submit a request for
dismissal (although the Bank is not sued in the British Virgin Islands).
On 16 March 2020, the group of defendants filed a new withdrawal action against the claim and the amendment of the claim (renewed
motion).
On 20 March 2020, several Spanish defendants filed a supplement to the new withdrawal action seeking to demonstrate that the
Spanish defendants, including Allfunds, are financial institutions eligible for the \"free port\" or safe harbour exemption under U.S. law by
providing the necessary documentation.
On 29 May 2020, the plantiffs filed their opposition to defendants\u2019 renewed motion and new action to dismiss, filing a joint response
on 19 June 2020. The Court determined that it will use two representative complaints (filed against Citibank NA London and HSBC
Private Bank (Suisse) SA) to decide certain issues presented in the renewed motion, including whether (i) the majority of redemption
payments were paid \u201cto\u201d or \u201cfor\u201d the benefit of a covered entity under the \"safe harbour defence\" under\u00a0 and (ii) whether the
Liquidators\u2019 claims against Defendants who are parties to the Hague Convention (\u201cHague Defendants\u201d) must be dismissed for
insufficient service of process, respectively. The Hague Defendants, including the Bank, did not permit or authorise the Liquidators to
serve their complaints by international mail.
On 14 December 2020, the Court issued a favourable decision to the defendants (including dismissal of the British Virgin Annulment
Claims against all defendants, including the Bank). However, the claimants intend to appeal. The new appeal will be consolidated with
the plantiffs' appeals of Judge Bernstein\u2019s previous Fairfield decisions.
On 24 February 2021, the order of implementation of the Court's decision was issued to the Bank and the final judgment of dismissal
was issued on 12 March 2021 declaring the Bank out of the case without prejudice to the intention of the platiffs to appeal.
The platiffs subsequently appealed to the same district judge handling the Fairfield II appeal. On 24 August 2022, the United States
District Court issued a decision upholding the United States Bankruptcy Court's dismissal of the claims against the Bank.
The liquidators again appealed the decision to the United States District Court. The liquidators filed their initial brief on 27 January
2023. The defendants' opposition brief will be filed on 5 May 2023.
Based on all of the foregoing, the resolution of this issue seems close, although it cannot be confirmed to date whether the final
resolution of the lawsuit will finally be favourable. In any case, the Bank and Allfunds Group considers that, ultimately, the Group will
not have to bear the possible adverse consequences of the aforementioned proceeding, since it considers that it acted merely as an
intermediary without benefiting, on any occasion, from the redemptions made, and without having reliable knowledge that the net
asset value applicable at the time of redemptions were made was erroneous, and, accordingly, therefore no provision was recognised
in this connection as at 31 December 2022 or 31 December 2021.
39.\u00a0 Going Concern
The directors have made enquiries and having considered the current economic climate, including the impact of COVID-19 and the
Ukrainian-Russian War, at the time of approving the financial statements, they have no knowledge of any material uncertainties.
Furthermore, there are sufficient resources for at least the next 12 months to cover the expected working capital requirements for
both the Allfunds Group individual Company and the consolidated Group.
As a consequence, the Directors have a reasonable expectation that the Allfunds Group and Company have adequate resources to
continue in operational existence for the foreseeable future. Accordingly, they have continued to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
40.\u00a0 Subsequent Events
Mainstreet Partners Acquisition
On 17 February 2023, an indirect subsidiary company of the Group completed the acquisition of 65% of MainStreet Capital Partners
Limited (\"MainStreet Partners\") for GBP 33,000 thousand (EUR 37,400 thousand).
To provide funding for the acquisition, the Company made a withdrawal on the existing revolving credit facility of Eur 44,000
thousand and on 8 February 2023 the Company increased its investment in Liberty Partners, S.L.U., its direct subsidiary by the same
amount of Eur 44,000 thousand. Subsequently, there were other transactions within the Group until the funding arrived at the
required destination.
For details of shares delivered post year end regarding the LTIP 1 scheme and the approval of an additional LTIP scheme please refer
to Note 3.g.iv and for dividends received please refer to Note 2
41.\u00a0 Subsidiaries
Name of the entity
Place of business/
country of
incorporation
Ownership
Direct / Indirect
Subsidiary
Share type
Principal activities
Liberty Partners, S.L.U.
C/de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Direct
Ordinary
shares
Asset holding
Allfunds Bank, S.A.U.
C/de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Indirect
Ordinary
shares
Banking and investment
services
Allfunds Nominee Limited
2 Fitzroy Place, 8 Mortimer Street
6th floor, London, W1T 3JJ
United
Kingdom
100%
Indirect
Ordinary
shares
Asset holding
Allfunds Bank Brazil Representacoes Ltda.
Rua Tabapu\u00e2, 1227, Itaim Bibi, S\u00e2o Paulo, Brazil
Brazil
100%
Indirect
Ordinary
shares
Representation services
Allfunds Digital, S.L.U.
Edificio Insomnia, Calle de la Travessia,
15B Base 2, 46024
Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Blockchain, S.L.U.
C/ de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
activities and technology
development
Allfunds Hong Kong Limited
30th Floor, One Taikoo Place, 979 Kings\u2019 Road,
Hong Kong
Hong Kong
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Data Analytics Limited (*)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Fitzroy Place, 8 Mortimer Street, London,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Computer programming
and data solutions provider
Allfunds Tech Solutions, S.A.U.(**)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Avenida de Bruselas, 20, 28108, Alcobendas,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Investment Solutions, Limited (***)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
30 Boulevard Royal, L-2249, Luxembourg
Luxembourg
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Information & Technology Services
(Shanghai) Co., Ltd (***)
Pudong New District, Shanghai, China
China
100%
Indirect
Ordinary
shares
Computer programming
*Formerly known as InsitHub Analytics Limited.
**\u00a0 Formerly known as Web Financial Group, S.A. being the principal Company of the Group.
*** Newly created Companies in 2022.
During the year to 31 December 2022, the subsidiary company MyFundMatch S.A.S. was liquidated.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-291": { "value": "Allfunds Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-292": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-293": { "value": "England and Wales,", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-294": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-295": { "value": "2 Fitzroy Place, 8 Mortimer Street", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-296": { "value": "The Company was formerly named Allfunds (UK) Limited, until 14 April 2021 when the name was changed to Allfunds Group Limited. Following the admission to listing and trading on Euronext Amsterdam on 23 April 2021, the Company was converted into a public company with limited liability with the name Allfunds Group plc.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-297": { "value": "The activities that the Company (the ultimate parent company) and its subsidiaries (the \u201cAllfunds Group\u201d) ultimately undertake are as follows:\u2022The performance of all kinds of activities, transactions and services of the banking business in general, related thereto or permitted under current legislation and financial reporting framework applicable to the Bank of Spain;\u2022The acquisition, holding, use, administration, and disposal of Spanish and foreign marketable securities, shares and equity interests in companies, in accordance with current legislation; and\u2022The provision of investment services and any applicable supplementary activity under current legislation.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-298": { "value": "
2.a. Statement of compliance
The consolidated and individual financial statements for the year ended 31 December 2022 (the \u201cFinancial Statements\u201d) have been
prepared on a going concern basis and in accordance with International Accounting Standards in conformity with the requirements of
the United Kingdom (UK) Companies Act 2006 and International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-299": { "value": "The consolidated and individual financial statements for the year ended 31 December 2022 (the \u201cFinancial Statements\u201d) have been prepared on a going concern basis
The Directors have made enquiries and, having considered the current economic climate at the time of approving the consolidated
financial statements, as well as the expected working capital requirements that the Group will have for the 12 months from the date
that these financial statements are signed and issued, they have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
39.\u00a0 Going Concern
The directors have made enquiries and having considered the current economic climate, including the impact of COVID-19 and the
Ukrainian-Russian War, at the time of approving the financial statements, they have no knowledge of any material uncertainties.
Furthermore, there are sufficient resources for at least the next 12 months to cover the expected working capital requirements for
both the Allfunds Group individual Company and the consolidated Group.
As a consequence, the Directors have a reasonable expectation that the Allfunds Group and Company have adequate resources to
continue in operational existence for the foreseeable future. Accordingly, they have continued to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-300": { "value": "
2.b. Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial assets and liabilities at
fair value through profit and loss.
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d), rounded to the nearest thousand.
The Directors have made enquiries and, having considered the current economic climate at the time of approving the consolidated
financial statements, as well as the expected working capital requirements that the Group will have for the 12 months from the date
that these financial statements are signed and issued, they have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-301": { "value": "The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group operates (the \u201cfunctional currency\u201d),", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-302": { "value": "
2.c. Basis of Consolidation
Subsidiaries are all entities over which the parent company has control (see Note 41). The investor (parent company) controls an
investee if and only if the investor has all of the following: a) power over the investee; b) exposure, or rights, to variable returns from
its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor's returns.
Subsidiaries are fully consolidated from the date on which control is transferred to the parent company. They are derecognised from
the date that control ceases. The acquisition method is used by the Group to account for business combinations.
When the parent company has less than a majority of the voting rights of an investee, they consider that they have power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the
Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction process evidence of an impairment
of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-303": { "value": "
Subsidiaries are all entities over which the parent company has control (see Note 41). The investor (parent company) controls an
investee if and only if the investor has all of the following: a) power over the investee; b) exposure, or rights, to variable returns from
its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor's returns.
Subsidiaries are fully consolidated from the date on which control is transferred to the parent company. They are derecognised from
the date that control ceases. The acquisition method is used by the Group to account for business combinations.
When the parent company has less than a majority of the voting rights of an investee, they consider that they have power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the
Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction process evidence of an impairment
of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-304": { "value": "The following amendments and interpretations became effective after the 31 December 2022:Effective fromIFRS 17 \u2013 \"Insurance contracts\"1 January 2023IAS 8 \u2013 \"Accounting policies, changes in accounting estimates and errors\" - Amendments 1 January 2023IFRS 16 \u2013\"Leases\" - Amendments1 January 2023IAS 12 \u2013 \"Income Taxes\" - Amendments1 January 2023IAS 1 \u2013 \"Presentation of financial statements\" - Amendments1 January 2023The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not yet effective. Management believe that any early adoption of these standards would not have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-305": { "value": "
The following amendments and interpretations became effective after the 31 December 2022:
Effective from
IFRS 17 \u2013 \"Insurance contracts\"
1 January 2023
IAS 8 \u2013 \"Accounting policies, changes in accounting estimates and errors\" - Amendments
1 January 2023
IFRS 16 \u2013\"Leases\" - Amendments
1 January 2023
IAS 12 \u2013 \"Income Taxes\" - Amendments
1 January 2023
IAS 1 \u2013 \"Presentation of financial statements\" - Amendments
1 January 2023
The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not yet
effective. Management believe that any early adoption of these standards would not have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-306": { "value": "
3.\u00a0 Significant Accounting Policies
The Group's accounting policies have been applied consistently by all Group entities and for all periods presented herein.
3.a. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at
the reporting date, with the foreign currency difference recognised in other operating income/(expense).
Differences arising on the translation of investments measured at fair value through OCI are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the Euro
functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that
are measured based on historical cost are translated using the exchange rate at the date of the transaction.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into
euros at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at the
exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and presented in the other reserves (translation reserve)
of equity.
3.b. Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes a
party to the contractual provisions of the instrument.
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers, the
balances required to be held at central banks, and debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents, as all financial assets at amortised cost are short-
term receivables and the recognition of interest would be immaterial. Financial assets are derecognised when the contractual right to
the cash flows from the asset expire.
iii. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
iv. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
v. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past
due by more than 90 days since agreement reached. The carrying amount of the financial assets is reduced by the use of a provision,
in general terms two years past due. When a trade receivable is considered uncollectable, it is written off against the provision.
Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the
provision are recognised in the income statement.
vi. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
vii. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other financial
liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other
payment obligations.
Financial liabilities are measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the
effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are discharged,
cancelled or they expire.
viii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the lease
term.
ix. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at
amortised cost using the effective interest method.
x. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as
a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts
of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is recognised
immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit involves
judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each of the
Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has
been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a subsequent period.
On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on
disposal.
3.d. Property, Plant and Equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2022 and 2021, over
the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction or
which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated objectively and
from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with clients
through cooperation agreements, current relations with clients through exclusivity agreements, brand name, and sub-distribution
agreement. These are stated at cost less amortisation or fair value less any recognised impairment loss. Amortisation is provided on all
intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each asset
evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2022 and 2021, as
follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Current relations with clients through exclusivity agreements
12-14.7 years
Brand name
16.5 years
Sub-distribution agreement
10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022it is technically feasible to complete the software so that it will be available for use;
\u2022management intends to complete the software and use or sell it;
\u2022there is an ability to use or sell the software;
\u2022it can be demonstrated how the software will generate probable future economic developments;
\u2022adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
3.f. Revenue recognition
Fee, commission and service revenue
The Group identifies revenue to be recognised in accordance with the provisions of the agreements signed with customers. The
services can be differentiated according to the type of service, as detailed further below. The Group recognises contract assets and
liabilities in accordance with IFRS 15 as a result of the balances generated for accrued fee, commission and service revenues. See Notes
13 and 18 for further information regarding the contract assets and liabilities, respectively.
Platform revenue:
Includes those directly related to the total market value of the volume of administrated assets (\"AuA\"). Platform Revenues can be
divided into Asset-Based Revenues and Transaction-Based Revenues. The Group considers that the service is provided (and the
performance obligation satisfied) when subscription and redemption of UCIs are settled and accordingly the positions are allocated in
the clients' securities accounts, or when the services is rendered and completed in the case of Transaction- Based Revenues.
Asset-Based Revenues:\u00a0 Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance with
the volume of activity and the contractual price, according to two models, described below:
\u2022Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services.
\u2022Rebate Model: Under the Rebate Model (applicable primarily for retail share classes), Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these fees
are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Subscription and other revenues:
\u2022Financial, legal or banking services: the service is provided (and the performance obligation satisfied) at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022Information delivery services: the service is provided (and the performance obligation satisfied) over a period of time in accordance
with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract (monthly, quarterly
or annually). The performance obligation is satisfied over a period of time as defined in the contract, and the revenue is recognised
pro-rata over this same period.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting period
as the income associated with the assets under intermediation/distribution (see\u00a0above).
The Group assesses whether it acts as a principal or an agent with regard to income earned from its platform and Allfunds has
concluded that it acts as a principal for this income. This conclusion is primarily based on the fact that Allfunds controls the services
and goods (that is, financial products) due to its primary responsibility for the services rendered through the platform, through the
risk it assumes through executing transactions, and having discretion in establishing pricing (see IFRS 15.B37). Based on these facts
and the analysis, the Group has concluded that it acts as principal and, furthermore, this being the manner in which Allfunds
Management runs the business.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service expense.
Net revenue is a gross profit measure. The Group labels this gross profit subtotal as net revenue because the directors believe it
reflects the integral interrelationship between revenue generated and the expenses concurrently incurred, while also being
comparable to measures used by peers.
3.g. Employee Benefits
3.g. i. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated sick leave that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service, are recognised in respect of
employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented within other liabilities in the consolidated statement of financial position, as long as there in no
right to deferral.
3.g. ii. Post-employment obligations \u2013 defined contribution plans
The Group\u2019s post-employment obligations to its employees are deemed to be \u201cdefined contribution plans\u201d where the Group makes
pre-determined contributions to a separate entity and will have no legal or effective obligation to make further contributions if the
separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to
the extent that a cash refund or a reduction in the future payments is available.
3.g. iii. Post-employment obligations \u2013 defined benefit plans
As of 31 December 2022, the Group maintains pension commitments with respect to certain employees of the Italian and Swiss
branches of the Group's indirect subsidiary, Allfunds Bank, S.A.U. which,\u00a0 in accordance with the provisions of the applicable
regulations, meet the conditions to be considered defined benefit. The Group records within provisions in the consolidated balance
sheet the present value of these post-employment defined benefit obligations.
3.g. iv. Long-Term Incentive Plan (\u201cLTIP\u201d)
In 2021 and 2022, the Board of Directors of the Company approved the launch of a Long-Term Incentive Plan (LTIP) as a share-based
payment scheme of Allfunds Group plc applicable to executive directors, senior management, and other employees of the Group. Two
cycles of the LTIP are granted (one in October 2021 and the other in April 2022), and both are divided into two types of incentives:
a.A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's permanence
in Allfunds until the payment date and the degree of achievement of two metrics:
a.The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a group of
comparable companies, and
b.The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance period.
The first incentive has been divided into two equal tranches, the first of which will be executed, if applicable, at the beginning of
2023, and the second tranche at the beginning of 2024 (for the second incentive the date is at the beginning of 2025).
b.A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which will also be executed in two equal instalments at the beginning of 2023 and 2024 for the first
cycle and the beginning of 2025 for the second one.
The incentives are subject to standard malus and clawback clauses normal in this type of remuneration plan.
As of 31 December 2022, both cycles of the LTIP are pending execution as no shares had either been acquired by the Company or
granted to any individual member of the scheme.
Included in these consolidated financial statements for the year ending 31 December 2022 is an accrual of EUR 7,926 thousand (EUR
1,969 thousand for the year ending 31 December 2021) for the estimated costs of the share-based payment schemes in acquiring the
required shares at a future date. This calculation has been made assuming that 100% of the performance targets will be met, for both
the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from grant dates to 31
December 2022. The estimated cost will be reviewed in subsequent reporting periods.
Post the year end the Company delivered 96,029 ordinary shares to the beneficiaries of the 2021 Employee share scheme that had
vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
In addition, in February 2023 the Company approved a LTIP award applicable to executive director, senior management and other
employees of the Group. The grant date will be 11 April 2023. The award will vest in early 2026.
3.g. v. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the nomal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
3.h. Income Tax
Current tax expense or benefit is based on the taxable profit for that year. Taxable profit differs from the profit as reported in the
consolidated statement of comprehensive income because it excludes items of income or expenses that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible. Furthermore, the accrual for current tax includes
provisions for uncertain tax positions which require estimates for each matter and the exercise of judgement in respect of the
interpretation of tax laws and the likelihood of challenge of historical tax positions.
Current tax assets and liabilities are measured as the amount expected to be paid to tax authorities, net of recoveries based on the tax
rates and laws enacted or substantively enacted at the date of the statement of financial position. The Group periodically evaluates
positions taken in the tax returns for situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the extent
that it is probable that the deductions and tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each
date of the statements of financial position and reduced to the extent it is no longer probable that the deferred or current tax assets
will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has
become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are
measured at the tax rates that are expected to prevail in the period when the asset is realised or the liability settled, based on the tax
rates and laws that have been enacted or substantively enacted at the dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability simultaneously.
3.i. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. In accordance with IFRS 16, the Group applies a single
recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group applies
the short-term lease recognition exemption to its short-term leases (that is, those leases that have a lease term of 12 months or less
from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are
recognised as expense on a straight-line basis over the lease term.
In all other cases the lessee is required to recognise a right-of-use asset representing its right to use the leased asset under \u201cProperty,
plant and equipment\u201d in the consolidated statement of financial position (see Note 9), and a lease liability representing its obligation
to make lease payments under \u201cLease liabilities\u201d in the consolidated statement of financial position (see Note 36). The depreciation of
the right-of-use asset is recognised under \u201cAmortisation and depreciation relating to other intangible assets and property, plant and
equipment\" (see Notes 9 and 10), and the finance cost associated with the lease liability under \u201cInterest expense\" (see Note 31).
The Group recognises right-of-use assets at the commencement date of the lease, that is, the date the underlying asset is available for
use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities recognised, adjusted for
any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets for both the year ended 31 December 2022 and 2021, as follows:
Vehicles
4 years
Computer hardware
5 years
Buildings
2\u201310 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease liabilities also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to
terminate. There are no variable lease payments or expected payments under residual value guarantees.
The lease liabilities are measured at amortised cost using the effective interest method.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate has been constructed as the
country risk-free rate for a period similar to the term of the lease, plus an adjustment for the lessee's credit risk (spread), plus an
adjustment for the exchange rate, in the event that the currency of the lease contract is different from the reference currency of the
country in which the lessee operates, and finally the possibility of making an adjustment for the risk associated with the type of asset
being leased is analysed.
The Group has established individual fees for each jurisdiction, following this methodology. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term as a result of a change in the
Group\u2019s assessment of whether it will exercise an extension or termination option, a change in the future lease payments arising from
a change in an index or rate or if there is a revised in-substance future lease payment, or a change in the assessment of an option to
purchase the underlying asset.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in comprehensive income if the carrying amount of the right-of-use asset has been reduced to zero.
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity
interest issued by the Group in exchange for control of the\u00a0acquiree. Acquisition-related costs are recognised in comprehensive
income as incurred and included in \"Technical reports\" in other expenses (see Note 28).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (being no longer than one year from the acquisition date), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised as of that date.
3.k. Provisions
Provisions are recognised when the Group has a present obligation, legal or constructive, as a result of a past event, and it is probable
that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows,
where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable
is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be
measured reliably.
3.l. Treasury Shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Group`s own equity instruments. Any difference between
the carrying amount and the consideration, if reissued, is recognised in the share premium.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-307": { "value": "
3.a. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at
the reporting date, with the foreign currency difference recognised in other operating income/(expense).
Differences arising on the translation of investments measured at fair value through OCI are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the Euro
functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that
are measured based on historical cost are translated using the exchange rate at the date of the transaction.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into
euros at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at the
exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and presented in the other reserves (translation reserve)
of equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-308": { "value": "
3.b. Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes a
party to the contractual provisions of the instrument.
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers, the
balances required to be held at central banks, and debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents, as all financial assets at amortised cost are short-
term receivables and the recognition of interest would be immaterial. Financial assets are derecognised when the contractual right to
the cash flows from the asset expire.
iii. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
iv. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
v. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past
due by more than 90 days since agreement reached. The carrying amount of the financial assets is reduced by the use of a provision,
in general terms two years past due. When a trade receivable is considered uncollectable, it is written off against the provision.
Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the
provision are recognised in the income statement.
vi. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
vii. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other financial
liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other
payment obligations.
Financial liabilities are measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the
effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are discharged,
cancelled or they expire.
viii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the lease
term.
ix. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at
amortised cost using the effective interest method.
x. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as
a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-309": { "value": "
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers, the
balances required to be held at central banks, and debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents, as all financial assets at amortised cost are short-
term receivables and the recognition of interest would be immaterial. Financial assets are derecognised when the contractual right to
the cash flows from the asset expire.
iii. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
iv. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
v. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past
due by more than 90 days since agreement reached. The carrying amount of the financial assets is reduced by the use of a provision,
in general terms two years past due. When a trade receivable is considered uncollectable, it is written off against the provision.
Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the
provision are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-310": { "value": "Financial assets are derecognised when the contractual right to the cash flows from the asset expire.Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are discharged, cancelled or they expire.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-311": { "value": "
iii. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-312": { "value": "
iv. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-313": { "value": "
v. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past
due by more than 90 days since agreement reached. The carrying amount of the financial assets is reduced by the use of a provision,
in general terms two years past due. When a trade receivable is considered uncollectable, it is written off against the provision.
Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the
provision are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-314": { "value": "
v. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past
due by more than 90 days since agreement reached. The carrying amount of the financial assets is reduced by the use of a provision,
in general terms two years past due. When a trade receivable is considered uncollectable, it is written off against the provision.
Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the
provision are recognised in the income statement.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit involves
judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each of the
Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has
been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a subsequent period.
On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on
disposal.
Impairment of non-financial assets \u2013 Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the Discounted
Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair
value less cost of disposal was the income approach. Forecast performance figures do not include future investments that will
enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used to
calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are
most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to
determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in
Note 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-315": { "value": "
vi. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
vii. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other financial
liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other
payment obligations.
Financial liabilities are measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the
effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are discharged,
cancelled or they expire.
viii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the lease
term.
ix. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-316": { "value": "x. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-317": { "value": "
x. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as
a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-318": { "value": "
x. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as
a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-319": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts
of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is recognised
immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit involves
judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each of the
Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has
been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a subsequent period.
On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on
disposal.
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity
interest issued by the Group in exchange for control of the\u00a0acquiree. Acquisition-related costs are recognised in comprehensive
income as incurred and included in \"Technical reports\" in other expenses (see Note 28).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (being no longer than one year from the acquisition date), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised as of that date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-320": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts
of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is recognised
immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit involves
judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each of the
Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has
been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a subsequent period.
On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on
disposal.
4.b. Key sources of estimation uncertainty
\u2022Business Combinations \u2013 The Company accounts for business combinations under the acquisition method. The cost of an acquired
company is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair values at the
date of acquisition. Any excess of purchase price over the fair value of net tangible and intangible assets acquired is allocated to
goodwill. The determination of fair values of assets acquired and liabilities assumed requires management to make estimates and
use valuation techniques when market values are not readily available. See further information in Note 11.
\u2022Impairment of non-financial assets \u2013 Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the Discounted
Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair
value less cost of disposal was the income approach. Forecast performance figures do not include future investments that will
enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used to
calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are
most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to
determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in
Note 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-321": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts
of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is recognised
immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit involves
judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each of the
Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has
been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a subsequent period.
On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on
disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-322": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts
of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is recognised
immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit involves
judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each of the
Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has
been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a subsequent period.
On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on
disposal.
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction or
which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated objectively and
from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with clients
through cooperation agreements, current relations with clients through exclusivity agreements, brand name, and sub-distribution
agreement. These are stated at cost less amortisation or fair value less any recognised impairment loss. Amortisation is provided on all
intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each asset
evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2022 and 2021, as
follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Current relations with clients through exclusivity agreements
12-14.7 years
Brand name
16.5 years
Sub-distribution agreement
10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022it is technically feasible to complete the software so that it will be available for use;
\u2022management intends to complete the software and use or sell it;
\u2022there is an ability to use or sell the software;
\u2022it can be demonstrated how the software will generate probable future economic developments;
\u2022adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-323": { "value": "
3.d. Property, Plant and Equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2022 and 2021, over
the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-324": { "value": "
3.d. Property, Plant and Equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2022 and 2021, over
the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-325": { "value": "
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2022 and 2021, over
the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-326": { "value": "
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction or
which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated objectively and
from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with clients
through cooperation agreements, current relations with clients through exclusivity agreements, brand name, and sub-distribution
agreement. These are stated at cost less amortisation or fair value less any recognised impairment loss. Amortisation is provided on all
intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each asset
evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2022 and 2021, as
follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Current relations with clients through exclusivity agreements
12-14.7 years
Brand name
16.5 years
Sub-distribution agreement
10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022it is technically feasible to complete the software so that it will be available for use;
\u2022management intends to complete the software and use or sell it;
\u2022there is an ability to use or sell the software;
\u2022it can be demonstrated how the software will generate probable future economic developments;
\u2022adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-327": { "value": "Amortisation is provided on all
intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each asset
evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2022 and 2021, as
follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Current relations with clients through exclusivity agreements
12-14.7 years
Brand name
16.5 years
Sub-distribution agreement
10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
9.\u00a0 Property, Plant and Equipment
31 Dec 2022
Furniture and
fixtures
Computer
Hardware
Right-of-use
Assets*
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2022
12,668
3,512
37,951
54,131
Additions
1,698
544
5,167
7,409
Incorporated by business combinations
1
195
187
383
Disposals
(1,086)
(918)
(1,164)
(3,168)
Other
(550)
715
(343)
(178)
Carried forward 31 Dec 2022
12,731
4,048
41,798
58,577
Accumulated depreciation:
Brought forward 1 Jan 2022
(5,203)
(2,839)
(18,043)
(26,085)
Charge for the year
(1,510)
(838)
(7,597)
(9,945)
Disposals
1,086
918
1,164
3,168
Other
\u2014
\u2014
129
129
Carried forward 31 Dec 2022
(5,627)
(2,759)
(24,347)
(32,733)
Net Book Value
7,104
1,289
17,451
25,844
Fully depreciated assets
5,539
\u2014
\u2014
5,539
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2021
12,575
2,991
30,473
46,039
Additions
274
521
8,408
9,203
Disposals
(181)
\u2014
(930)
(1,111)
Carried forward 31 Dec 2021
12,668
3,512
37,951
54,131
Accumulated depreciation:
Brought forward 1 Jan 2021
(3,956)
(1,490)
(11,292)
(16,738)
Charge for the year
(1,247)
(1,349)
(7,026)
(9,622)
Disposals
\u2014
\u2014
275
275
Carried forward 31 Dec 2021
(5,203)
(2,839)
(18,043)
(26,085)
Net Book Value
7,465
673
19,908
28,046
Fully depreciated assets
4,218
\u2014
\u2014
4,218
* Right-of-use assets are further detailed in Note 36
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated useful lives
of the assets.
There were no impairment losses for property, plant and equipment for the year ended 31 December 2022 (Nil for year ended 31
December 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-328": { "value": "
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022it is technically feasible to complete the software so that it will be available for use;
\u2022management intends to complete the software and use or sell it;
\u2022there is an ability to use or sell the software;
\u2022it can be demonstrated how the software will generate probable future economic developments;
\u2022adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-329": { "value": "
3.f. Revenue recognition
Fee, commission and service revenue
The Group identifies revenue to be recognised in accordance with the provisions of the agreements signed with customers. The
services can be differentiated according to the type of service, as detailed further below. The Group recognises contract assets and
liabilities in accordance with IFRS 15 as a result of the balances generated for accrued fee, commission and service revenues. See Notes
13 and 18 for further information regarding the contract assets and liabilities, respectively.
Platform revenue:
Includes those directly related to the total market value of the volume of administrated assets (\"AuA\"). Platform Revenues can be
divided into Asset-Based Revenues and Transaction-Based Revenues. The Group considers that the service is provided (and the
performance obligation satisfied) when subscription and redemption of UCIs are settled and accordingly the positions are allocated in
the clients' securities accounts, or when the services is rendered and completed in the case of Transaction- Based Revenues.
Asset-Based Revenues:\u00a0 Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance with
the volume of activity and the contractual price, according to two models, described below:
\u2022Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services.
\u2022Rebate Model: Under the Rebate Model (applicable primarily for retail share classes), Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these fees
are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Subscription and other revenues:
\u2022Financial, legal or banking services: the service is provided (and the performance obligation satisfied) at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022Information delivery services: the service is provided (and the performance obligation satisfied) over a period of time in accordance
with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract (monthly, quarterly
or annually). The performance obligation is satisfied over a period of time as defined in the contract, and the revenue is recognised
pro-rata over this same period.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting period
as the income associated with the assets under intermediation/distribution (see\u00a0above).
The Group assesses whether it acts as a principal or an agent with regard to income earned from its platform and Allfunds has
concluded that it acts as a principal for this income. This conclusion is primarily based on the fact that Allfunds controls the services
and goods (that is, financial products) due to its primary responsibility for the services rendered through the platform, through the
risk it assumes through executing transactions, and having discretion in establishing pricing (see IFRS 15.B37). Based on these facts
and the analysis, the Group has concluded that it acts as principal and, furthermore, this being the manner in which Allfunds
Management runs the business.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service expense.
Net revenue is a gross profit measure. The Group labels this gross profit subtotal as net revenue because the directors believe it
reflects the integral interrelationship between revenue generated and the expenses concurrently incurred, while also being
comparable to measures used by peers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-330": { "value": "
Platform revenue:
Includes those directly related to the total market value of the volume of administrated assets (\"AuA\"). Platform Revenues can be
divided into Asset-Based Revenues and Transaction-Based Revenues. The Group considers that the service is provided (and the
performance obligation satisfied) when subscription and redemption of UCIs are settled and accordingly the positions are allocated in
the clients' securities accounts, or when the services is rendered and completed in the case of Transaction- Based Revenues.
Asset-Based Revenues:\u00a0 Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance with
the volume of activity and the contractual price, according to two models, described below:
\u2022Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services.
\u2022Rebate Model: Under the Rebate Model (applicable primarily for retail share classes), Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these fees
are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Subscription and other revenues:
\u2022Financial, legal or banking services: the service is provided (and the performance obligation satisfied) at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022Information delivery services: the service is provided (and the performance obligation satisfied) over a period of time in accordance
with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract (monthly, quarterly
or annually). The performance obligation is satisfied over a period of time as defined in the contract, and the revenue is recognised
pro-rata over this same period.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting period
as the income associated with the assets under intermediation/distribution (see\u00a0above).
The Group assesses whether it acts as a principal or an agent with regard to income earned from its platform and Allfunds has
concluded that it acts as a principal for this income. This conclusion is primarily based on the fact that Allfunds controls the services
and goods (that is, financial products) due to its primary responsibility for the services rendered through the platform, through the
risk it assumes through executing transactions, and having discretion in establishing pricing (see IFRS 15.B37). Based on these facts
and the analysis, the Group has concluded that it acts as principal and, furthermore, this being the manner in which Allfunds
Management runs the business.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service expense.
Net revenue is a gross profit measure. The Group labels this gross profit subtotal as net revenue because the directors believe it
reflects the integral interrelationship between revenue generated and the expenses concurrently incurred, while also being
comparable to measures used by peers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-331": { "value": "
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting period
as the income associated with the assets under intermediation/distribution (see\u00a0above).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-332": { "value": "
3.g. Employee Benefits
3.g. i. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated sick leave that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service, are recognised in respect of
employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented within other liabilities in the consolidated statement of financial position, as long as there in no
right to deferral.
3.g. ii. Post-employment obligations \u2013 defined contribution plans
The Group\u2019s post-employment obligations to its employees are deemed to be \u201cdefined contribution plans\u201d where the Group makes
pre-determined contributions to a separate entity and will have no legal or effective obligation to make further contributions if the
separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to
the extent that a cash refund or a reduction in the future payments is available.
3.g. iii. Post-employment obligations \u2013 defined benefit plans
As of 31 December 2022, the Group maintains pension commitments with respect to certain employees of the Italian and Swiss
branches of the Group's indirect subsidiary, Allfunds Bank, S.A.U. which,\u00a0 in accordance with the provisions of the applicable
regulations, meet the conditions to be considered defined benefit. The Group records within provisions in the consolidated balance
sheet the present value of these post-employment defined benefit obligations.
3.g. iv. Long-Term Incentive Plan (\u201cLTIP\u201d)
In 2021 and 2022, the Board of Directors of the Company approved the launch of a Long-Term Incentive Plan (LTIP) as a share-based
payment scheme of Allfunds Group plc applicable to executive directors, senior management, and other employees of the Group. Two
cycles of the LTIP are granted (one in October 2021 and the other in April 2022), and both are divided into two types of incentives:
a.A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's permanence
in Allfunds until the payment date and the degree of achievement of two metrics:
a.The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a group of
comparable companies, and
b.The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance period.
The first incentive has been divided into two equal tranches, the first of which will be executed, if applicable, at the beginning of
2023, and the second tranche at the beginning of 2024 (for the second incentive the date is at the beginning of 2025).
b.A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which will also be executed in two equal instalments at the beginning of 2023 and 2024 for the first
cycle and the beginning of 2025 for the second one.
The incentives are subject to standard malus and clawback clauses normal in this type of remuneration plan.
As of 31 December 2022, both cycles of the LTIP are pending execution as no shares had either been acquired by the Company or
granted to any individual member of the scheme.
Included in these consolidated financial statements for the year ending 31 December 2022 is an accrual of EUR 7,926 thousand (EUR
1,969 thousand for the year ending 31 December 2021) for the estimated costs of the share-based payment schemes in acquiring the
required shares at a future date. This calculation has been made assuming that 100% of the performance targets will be met, for both
the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from grant dates to 31
December 2022. The estimated cost will be reviewed in subsequent reporting periods.
Post the year end the Company delivered 96,029 ordinary shares to the beneficiaries of the 2021 Employee share scheme that had
vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
In addition, in February 2023 the Company approved a LTIP award applicable to executive director, senior management and other
employees of the Group. The grant date will be 11 April 2023. The award will vest in early 2026.
3.g. v. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the nomal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-333": { "value": "
3.g. iv. Long-Term Incentive Plan (\u201cLTIP\u201d)
In 2021 and 2022, the Board of Directors of the Company approved the launch of a Long-Term Incentive Plan (LTIP) as a share-based
payment scheme of Allfunds Group plc applicable to executive directors, senior management, and other employees of the Group. Two
cycles of the LTIP are granted (one in October 2021 and the other in April 2022), and both are divided into two types of incentives:
a.A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's permanence
in Allfunds until the payment date and the degree of achievement of two metrics:
a.The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a group of
comparable companies, and
b.The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance period.
The first incentive has been divided into two equal tranches, the first of which will be executed, if applicable, at the beginning of
2023, and the second tranche at the beginning of 2024 (for the second incentive the date is at the beginning of 2025).
b.A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which will also be executed in two equal instalments at the beginning of 2023 and 2024 for the first
cycle and the beginning of 2025 for the second one.
The incentives are subject to standard malus and clawback clauses normal in this type of remuneration plan.
As of 31 December 2022, both cycles of the LTIP are pending execution as no shares had either been acquired by the Company or
granted to any individual member of the scheme.
Included in these consolidated financial statements for the year ending 31 December 2022 is an accrual of EUR 7,926 thousand (EUR
1,969 thousand for the year ending 31 December 2021) for the estimated costs of the share-based payment schemes in acquiring the
required shares at a future date. This calculation has been made assuming that 100% of the performance targets will be met, for both
the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from grant dates to 31
December 2022. The estimated cost will be reviewed in subsequent reporting periods.
Post the year end the Company delivered 96,029 ordinary shares to the beneficiaries of the 2021 Employee share scheme that had
vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
In addition, in February 2023 the Company approved a LTIP award applicable to executive director, senior management and other
employees of the Group. The grant date will be 11 April 2023. The award will vest in early 2026.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-334": { "value": "
3.g. v. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the nomal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-335": { "value": "
3.h. Income Tax
Current tax expense or benefit is based on the taxable profit for that year. Taxable profit differs from the profit as reported in the
consolidated statement of comprehensive income because it excludes items of income or expenses that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible. Furthermore, the accrual for current tax includes
provisions for uncertain tax positions which require estimates for each matter and the exercise of judgement in respect of the
interpretation of tax laws and the likelihood of challenge of historical tax positions.
Current tax assets and liabilities are measured as the amount expected to be paid to tax authorities, net of recoveries based on the tax
rates and laws enacted or substantively enacted at the date of the statement of financial position. The Group periodically evaluates
positions taken in the tax returns for situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the extent
that it is probable that the deductions and tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each
date of the statements of financial position and reduced to the extent it is no longer probable that the deferred or current tax assets
will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has
become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are
measured at the tax rates that are expected to prevail in the period when the asset is realised or the liability settled, based on the tax
rates and laws that have been enacted or substantively enacted at the dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-336": { "value": "
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the extent
that it is probable that the deductions and tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each
date of the statements of financial position and reduced to the extent it is no longer probable that the deferred or current tax assets
will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has
become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are
measured at the tax rates that are expected to prevail in the period when the asset is realised or the liability settled, based on the tax
rates and laws that have been enacted or substantively enacted at the dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-337": { "value": "
3.i. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. In accordance with IFRS 16, the Group applies a single
recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group applies
the short-term lease recognition exemption to its short-term leases (that is, those leases that have a lease term of 12 months or less
from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are
recognised as expense on a straight-line basis over the lease term.
In all other cases the lessee is required to recognise a right-of-use asset representing its right to use the leased asset under \u201cProperty,
plant and equipment\u201d in the consolidated statement of financial position (see Note 9), and a lease liability representing its obligation
to make lease payments under \u201cLease liabilities\u201d in the consolidated statement of financial position (see Note 36). The depreciation of
the right-of-use asset is recognised under \u201cAmortisation and depreciation relating to other intangible assets and property, plant and
equipment\" (see Notes 9 and 10), and the finance cost associated with the lease liability under \u201cInterest expense\" (see Note 31).
The Group recognises right-of-use assets at the commencement date of the lease, that is, the date the underlying asset is available for
use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities recognised, adjusted for
any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets for both the year ended 31 December 2022 and 2021, as follows:
Vehicles
4 years
Computer hardware
5 years
Buildings
2\u201310 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease liabilities also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to
terminate. There are no variable lease payments or expected payments under residual value guarantees.
The lease liabilities are measured at amortised cost using the effective interest method.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate has been constructed as the
country risk-free rate for a period similar to the term of the lease, plus an adjustment for the lessee's credit risk (spread), plus an
adjustment for the exchange rate, in the event that the currency of the lease contract is different from the reference currency of the
country in which the lessee operates, and finally the possibility of making an adjustment for the risk associated with the type of asset
being leased is analysed.
The Group has established individual fees for each jurisdiction, following this methodology. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term as a result of a change in the
Group\u2019s assessment of whether it will exercise an extension or termination option, a change in the future lease payments arising from
a change in an index or rate or if there is a revised in-substance future lease payment, or a change in the assessment of an option to
purchase the underlying asset.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in comprehensive income if the carrying amount of the right-of-use asset has been reduced to zero.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-338": { "value": "
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity
interest issued by the Group in exchange for control of the\u00a0acquiree. Acquisition-related costs are recognised in comprehensive
income as incurred and included in \"Technical reports\" in other expenses (see Note 28).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (being no longer than one year from the acquisition date), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised as of that date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-339": { "value": "
3.k. Provisions
Provisions are recognised when the Group has a present obligation, legal or constructive, as a result of a past event, and it is probable
that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows,
where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable
is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be
measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-340": { "value": "
3.l. Treasury Shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Group`s own equity instruments. Any difference between
the carrying amount and the consideration, if reissued, is recognised in the share premium.
No own shares were disposed of during 2022. In January 2023, the Company delivered 96,029 own shares to the beneficiaries of the
2021 LTIP Award that had vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-341": { "value": "
4.\u00a0 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also exercises judgement in applying the Allfunds Group's accounting policies. Detailed below is an overview of
the areas that involve a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to
estimates and assumptions being revised based on actual experience.
4.a. Critical judgements in applying the Group's accounting policies
\u2022Useful lives of property, plant and equipment and intangible assets with finite lives \u2013 The determination of the useful economic life
of these assets, as well as the determination of the most appropriate method for depreciation/amortisation, is considered a
management judgment. Adjustments to the financial statements could occur as a result of changes in the expected useful life or the
expected pattern of consumption of future economic benefits of the asset. See further information in Notes 9 and 10.
\u2022The Group has cooperation agreements with certain counterparties which allow the Group access to their underlying clients. These
agreements expire in 2023 and have an option to be extended for an additional period subject to certain terms and conditions. The
Group amortises the relationships with the underlying customers over a useful economic life based on an initial lock-in period which
is then followed by a period to which an applicable churn rate is applied. Management has made judgements in considering these
useful economic life periods and the churn rate. Please see Note 10.
\u2022The Group has exclusivity agreements with certain counterparties, which have an extension option, which allows the Group access
to their underlying clients. The Group amortises the relationships with the underlying customers over a useful economic life
whereby an applicable churn rate is applied. Management has made judgements in considering these useful economic life periods
and the churn rate. Please see Note 10.
\u2022Taxes \u2013 Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning
strategies. See Note 14.
\u2022Provisions, contingent liabilities and assets \u2013 When required, the Group records accruals for provisions and loss contingencies in
accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Such determinations are subject to interpretations
of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events affecting the
Allfunds Group and the need to recognise accruals thereon. For further information see Notes 20 and 38.
\u2022Management Investment Plan \u2013 LHC Manco Limited, a company owned by senior management of Allfunds Group, also holds a
minority interest in LHC1 Limited. Those managers purchased shares which have certain conditions attached. The determination
that these shares were purchased at an amount representative of fair value is considered a significant management judgement. See
Note 37.
4.b. Key sources of estimation uncertainty
\u2022Business Combinations \u2013 The Company accounts for business combinations under the acquisition method. The cost of an acquired
company is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair values at the
date of acquisition. Any excess of purchase price over the fair value of net tangible and intangible assets acquired is allocated to
goodwill. The determination of fair values of assets acquired and liabilities assumed requires management to make estimates and
use valuation techniques when market values are not readily available. See further information in Note 11.
\u2022Impairment of non-financial assets \u2013 Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the Discounted
Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair
value less cost of disposal was the income approach. Forecast performance figures do not include future investments that will
enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used to
calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are
most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to
determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in
Note 10.
\u2022Provision for expected credit losses (\"ECL\") of financial assets at amortised cost (mainly trade receivables and contract assets) \u2013 As
the Allfunds Group's receivables have short maturities, and the simplified method under IFRS 9 has been applied, credit losses and
other forward-looking information are not considered to have a significant impact. The Allfunds Group uses a provision matrix to
calculate ECL: this estimate was made on the basis of industry-specific information and accumulated experience and it is based in
the combination of past-due days and the credit quality of counterparties . However, the assessment of the correlation between
historical observed default rates and the ECL is a significant estimate. The Allfunds Group\u2019s historical credit loss experience may
also not be representative of customers' actual default in the future, although no significant deviations between real impairment
losses and estimated losses have been identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-342": { "value": "Provisions, contingent liabilities and assets \u2013 When required, the Group records accruals for provisions and loss contingencies in
accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Such determinations are subject to interpretations
of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events affecting the
Allfunds Group and the need to recognise accruals thereon. For further information see Notes 20 and 38.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-343": { "value": "
4.b. Key sources of estimation uncertainty
\u2022Business Combinations \u2013 The Company accounts for business combinations under the acquisition method. The cost of an acquired
company is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair values at the
date of acquisition. Any excess of purchase price over the fair value of net tangible and intangible assets acquired is allocated to
goodwill. The determination of fair values of assets acquired and liabilities assumed requires management to make estimates and
use valuation techniques when market values are not readily available. See further information in Note 11.
\u2022Impairment of non-financial assets \u2013 Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the Discounted
Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair
value less cost of disposal was the income approach. Forecast performance figures do not include future investments that will
enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used to
calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are
most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to
determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in
Note 10.
\u2022Provision for expected credit losses (\"ECL\") of financial assets at amortised cost (mainly trade receivables and contract assets) \u2013 As
the Allfunds Group's receivables have short maturities, and the simplified method under IFRS 9 has been applied, credit losses and
other forward-looking information are not considered to have a significant impact. The Allfunds Group uses a provision matrix to
calculate ECL: this estimate was made on the basis of industry-specific information and accumulated experience and it is based in
the combination of past-due days and the credit quality of counterparties . However, the assessment of the correlation between
historical observed default rates and the ECL is a significant estimate. The Allfunds Group\u2019s historical credit loss experience may
also not be representative of customers' actual default in the future, although no significant deviations between real impairment
losses and estimated losses have been identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-344": { "value": "4.b. Key sources of estimation uncertainty\u2022Business Combinations \u2013 The Company accounts for business combinations under the acquisition method. The cost of an acquired company is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair values at the date of acquisition. Any excess of purchase price over the fair value of net tangible and intangible assets acquired is allocated to goodwill. The determination of fair values of assets acquired and liabilities assumed requires management to make estimates and use valuation techniques when market values are not readily available. See further information in Note 11.\u2022Impairment of non-financial assets \u2013 Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the Discounted Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair value less cost of disposal was the income approach. Forecast performance figures do not include future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used to calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in Note 10.\u2022Provision for expected credit losses (\"ECL\") of financial assets at amortised cost (mainly trade receivables and contract assets) \u2013 As the Allfunds Group's receivables have short maturities, and the simplified method under IFRS 9 has been applied, credit losses and other forward-looking information are not considered to have a significant impact. The Allfunds Group uses a provision matrix to calculate ECL: this estimate was made on the basis of industry-specific information and accumulated experience and it is based in the combination of past-due days and the credit quality of counterparties . However, the assessment of the correlation between historical observed default rates and the ECL is a significant estimate. The Allfunds Group\u2019s historical credit loss experience may also not be representative of customers' actual default in the future, although no significant deviations between real impairment losses and estimated losses have been identified.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-345": { "value": "
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe and Asia. The Allfunds Group reports
its results of operations through the following two reportable segments: net platform revenue and net subscription and other
revenues.
\u2022Net platform revenue is generated from commission-based and transaction-based revenues. Commission-based revenues are
generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA in UCIs on the platform, according
to the Service fee model or the Rebate Commission fee model. Transaction-based revenues are related to AuA, but are charged on a
per-transaction basis rather than based on the underlying AuA volume.
\u2022Net subscription and other revenues include Allfunds Connect (including both annual licence fees and annual membership fees) and
digital add-on solutions through among others Allfunds Tech Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s
fund research and investment services and legal and compliance services. Allfunds generates income from subscription and other
services based on fixed membership fees and licences and charges for its digital solutions and tools and other investment and legal
solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct revenue-
generating services, and the Company has determined that these represent the operating segments of the Group. On a segment basis,
the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments. Interest expense, interest
income, segment assets and segment liabilities are consistent with those included in these financial statements and no adjustments
are required to arrive at the relevant totals for the segments; it is impracticable to split these amounts and balances between the two
segments. No additional profitability or balance sheet metrics are reviewed at the segment level by the chief operating decision
makers. The operating segments have not been aggregated; thus, the reportable segments are equivalent to the operating segments.
Revenues, and their associated expenses for each segment, are recognised in accordance with the same accounting principles and
policies as those used to prepare the consolidated financial statements.
The information in the following tables is derived from the Allfunds Group\u2019s internal financial reporting used for corporate
management purposes:
For the year ended
31 December 2022
31 December 2021
EUR (\u2018000s)
EUR (\u2018000s)
Platform revenue
2,701,905
2,648,557
Asset-based revenue
2,603,596
2,534,510
Transaction-based revenue
98,309
114,047
Platform expense
(2,247,361)
(2,163,199)
Asset-based expense
(2,247,361)
(2,163,199)
Transaction-based expense
\u2014
\u2014
Net platform revenue
454,544
485,358
Subscription and other revenues
40,107
20,331
Subscription and other expenses
\u2014
\u2014
Net subscription and other revenues
40,107
20,331
Total Net Revenue
494,651
505,689
No single customer contributed 10% or more to the Allfunds Group\u2019s revenue in either the year to 31 December 2022 or 31 December
2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-346": { "value": "
The Allfunds Group's revenues are generated through its global operations, primarily in Europe and Asia. The Allfunds Group reports
its results of operations through the following two reportable segments: net platform revenue and net subscription and other
revenues.
\u2022Net platform revenue is generated from commission-based and transaction-based revenues. Commission-based revenues are
generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA in UCIs on the platform, according
to the Service fee model or the Rebate Commission fee model. Transaction-based revenues are related to AuA, but are charged on a
per-transaction basis rather than based on the underlying AuA volume.
\u2022Net subscription and other revenues include Allfunds Connect (including both annual licence fees and annual membership fees) and
digital add-on solutions through among others Allfunds Tech Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s
fund research and investment services and legal and compliance services. Allfunds generates income from subscription and other
services based on fixed membership fees and licences and charges for its digital solutions and tools and other investment and legal
solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct revenue-
generating services, and the Company has determined that these represent the operating segments of the Group. On a segment basis,
the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments. Interest expense, interest
income, segment assets and segment liabilities are consistent with those included in these financial statements and no adjustments
are required to arrive at the relevant totals for the segments; it is impracticable to split these amounts and balances between the two
segments. No additional profitability or balance sheet metrics are reviewed at the segment level by the chief operating decision
makers. The operating segments have not been aggregated; thus, the reportable segments are equivalent to the operating segments.
Revenues, and their associated expenses for each segment, are recognised in accordance with the same accounting principles and
policies as those used to prepare the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-347": { "value": "Europe and Asia", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-348": { "value": "
6.\u00a0 Financial Risk Management
This Note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial performance.
Current year profit and loss information has been included where relevant to add further context.
The Group's risk management is carried out by the Directors of the Company and each of the Company's subsidiaries. As such, this risk
management function has been delegated to the relevant department within a specific Group company. The Directors or the relevant
department identify, evaluate and hedge financial risks.
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated statement of
comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of instruments included in
the Group's trading portfolio, where they exist.
The Group does not have positions on or off the consolidated statement of financial position that might be affected by fair value risk
relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory requirements in
connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not
the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank Group which
forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily reports on the
exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency fluctuations and any
measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-reporting
currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
Cash, and cash
equivalents
303,147
77,838
68,690
40,162
309,939
115,114
75,760
102,370
Financial assets held at
amortised cost
165,672
5,928
3,581
65,678
61,835
21,442
2,011
9,635
Other assets
95,867
13,277
375,046
67,981
116,552
16,605
399,529
81,020
Liabilities
Financial liabilities at
amortised cost
(447,404)
(100,478)
(22,310)
(72,253)
(334,269)
(129,050)
(17,984)
(87,696)
Other liabilities
(80,226)
(10,541)
(52,849)
(41,795)
(98,272)
(12,682)
(66,064)
(48,672)
37,056
(13,976)
372,158
59,773
55,785
11,429
393,252
56,657
deem the exposures to be significant.
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations to the
Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of third-party
collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and financial
assets at amortised cost balances. Specifically, the material exposure is to regulated institutions (which are the only authorised
customers of Allfunds Bank Group) to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk Control
Unit has implemented a system of counterparty limits by the counterparty based on an internal rating assignment methodology which
results in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so
that the limits can be adjusted to each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line for each counterparty.
Expected Credit Loss Model
Per IFRS 9, the expected credit loss model has been applied to the relevant receivables as at 31 December 2022 and 2021. The
expected credit loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial
assets at amortised cost (mainly trade receivables and contract assets) are grouped into three categories based on the impairment
methodology applied, in accordance with the following structure:
\u2022Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has increased
significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be equal to the
lifetime expected credit losses.
\u2022Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has occurred or\u00a0
receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss allowance will be equal to
the expected credit losses.
The Allfunds Group uses a provision matrix to calculate ECL: this estimate was made on the basis of industry-specific information and
accumulated experience and it is based in the combination of past-due days and the credit quality of counterparties. The Group has
applied the simplified approach for trade receivables under IFRS 9, which eliminates the need to calculate a 12-month expected credit
loss or to measure increases in credit risk for the instrument.
For financial instruments at amortised cost,\u00a0 the loss allowance is measured at initial recognition and is equal to lifetime expected
credit losses. Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an
impairment provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables which are known to be uncollectable (or with more than two years past-due) are written off by reducing their
carrying amount directly; however, the Group recognised no individually impaired trade receivables during the year.
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and dynamic
ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and uses back-testing
to measure these scenarios. Additionally, Allfunds Bank, S.A.U.'s Board of Directors have established a contingency procedure to cater
for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction
Area of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group
operates, thus providing a twofold control of the Group's liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-349": { "value": "
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated statement of
comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of instruments included in
the Group's trading portfolio, where they exist.
The Group does not have positions on or off the consolidated statement of financial position that might be affected by fair value risk
relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory requirements in
connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not
the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank Group which
forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily reports on the
exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency fluctuations and any
measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-reporting
currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
Cash, and cash
equivalents
303,147
77,838
68,690
40,162
309,939
115,114
75,760
102,370
Financial assets held at
amortised cost
165,672
5,928
3,581
65,678
61,835
21,442
2,011
9,635
Other assets
95,867
13,277
375,046
67,981
116,552
16,605
399,529
81,020
Liabilities
Financial liabilities at
amortised cost
(447,404)
(100,478)
(22,310)
(72,253)
(334,269)
(129,050)
(17,984)
(87,696)
Other liabilities
(80,226)
(10,541)
(52,849)
(41,795)
(98,272)
(12,682)
(66,064)
(48,672)
37,056
(13,976)
372,158
59,773
55,785
11,429
393,252
56,657
deem the exposures to be significant.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-350": { "value": "
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations to the
Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of third-party
collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and financial
assets at amortised cost balances. Specifically, the material exposure is to regulated institutions (which are the only authorised
customers of Allfunds Bank Group) to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk Control
Unit has implemented a system of counterparty limits by the counterparty based on an internal rating assignment methodology which
results in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so
that the limits can be adjusted to each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line for each counterparty.
Expected Credit Loss Model
Per IFRS 9, the expected credit loss model has been applied to the relevant receivables as at 31 December 2022 and 2021. The
expected credit loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial
assets at amortised cost (mainly trade receivables and contract assets) are grouped into three categories based on the impairment
methodology applied, in accordance with the following structure:
\u2022Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has increased
significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be equal to the
lifetime expected credit losses.
\u2022Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has occurred or\u00a0
receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss allowance will be equal to
the expected credit losses.
The Allfunds Group uses a provision matrix to calculate ECL: this estimate was made on the basis of industry-specific information and
accumulated experience and it is based in the combination of past-due days and the credit quality of counterparties. The Group has
applied the simplified approach for trade receivables under IFRS 9, which eliminates the need to calculate a 12-month expected credit
loss or to measure increases in credit risk for the instrument.
For financial instruments at amortised cost,\u00a0 the loss allowance is measured at initial recognition and is equal to lifetime expected
credit losses. Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an
impairment provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables which are known to be uncollectable (or with more than two years past-due) are written off by reducing their
carrying amount directly; however, the Group recognised no individually impaired trade receivables during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-351": { "value": "
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and dynamic
ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and uses back-testing
to measure these scenarios. Additionally, Allfunds Bank, S.A.U.'s Board of Directors have established a contingency procedure to cater
for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction
Area of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group
operates, thus providing a twofold control of the Group's liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-352": { "value": "
7.\u00a0 Capital Management
The Group's objectives when managing capital are to:
\u2022safeguard its ability to continue as a going concern, so that it can continue to provide returns for its shareholders and benefits for
other stakeholders; and
\u2022maintain an optimal capital structure to reduce its cost of capital.
In order to maintain or adjust its capital structure, the Group may vary the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets.
The capital structure of the Group consists of equity attributable to equity holders of the ultimate parent, comprising issued capital,
share premium, retained earnings and other reserves as disclosed in the consolidated financial statements.
Subsidiaries within the Group have capital adequacy requirements imposed primarily by the Bank of Spain along with other regulatory
bodies. Group entities are required to report on certain capital adequacy ratios on a periodic basis. The ratio is calculated as being the
percentage of capital to assets, based on the regulators' definitions of capital and assets. This ratio is required at all times to be above
a benchmark percentage provided by each of the regulators. The subsidiaries of the Group have been in compliance with the capital
adequacy requirements in respect of the period ended 31 December 2022", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-353": { "value": "
8.\u00a0 Taxation
8.1 Significant Tax Event
As described in the audited annual consolidated financial statements and herein in Note 8, on 2 October 2020, BP2S contributed its
BNPP LPA business to Allfunds Bank, S.A.U. in exchange for the issuance of new shares. Such BNPP LPA business was automatically
attributed to its Milan branch.
The BNPP LPA business contribution qualified as a tax neutral transaction. As a result, the BNPP LPA business goodwill and its
intangibles that were identified in the frame of the PPA process were treated as if not existing for tax purposes, meaning that their tax
base was equal to zero and, therefore, could not be tax-amortised.
However, the Italian tax laws provide for an optional tax step-up regime whereby (i) the taxpayer can opt to pay a substitute tax at a
reduced rate and (ii) the tax base of the asset is increased up to its fair value as emerging from the PPA process. Thus, by making this
election, the taxpayer is entitled to amortise the relevant stepped-asset for tax purposes.
In particular, Allfunds Bank Milan branch made the following elections:
\u2022Ordinary step-up election for the BNPP LPA business intangibles (Article 176(2-ter) of the Italian income tax code approved with
Presidential Decree No. 917 of 22 December 1986), under which:
a.Allfunds Bank Milan branch is required to make the step-up tax payment in three instalments (with a 2.5% interest accruing on
the second and third instalment): (i) EUR 11,000 thousand in June 2021 (already paid); (ii) EUR 15,000 thousand by the end of
June 2022 also currently paid; and (iii) EUR 11,600 thousand by the end of June 2023; and
b.Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business intangible assets for tax purposes over their useful
lives and starting from 1 January 2021.
\u2022Special step-up election for the BNPP LPA business goodwill (Article 15(10) of the Italian Law Decree No.185/2008), under which:
a.Allfunds Bank Milan branch was required to make a step-up tax payment amounting to EUR 35,000 thousand in one single
instalment by June 2021 (already paid); and
b.Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business goodwill for tax purposes over five years starting
from 1 January 2022.
On 7 June 2021, the Italian tax authorities confirmed Allfunds Bank Milan branch's entitlement to apply for the step-up rules in a
positive answer to a ruling application filed in March 2021.
From an accounting perspective, for FY2021, the above elections have triggered:
a.The full recognition of EUR 71,650 thousand step-up tax expense (with the exception of interest that will be due) as a charge in
the statement of comprehensive income of Allfunds Bank Milan branch.
ii.The accounting registration of EUR 72,281 thousand credit in the statement of comprehensive income of Allfunds Bank Milan
branch, with the corresponding recognition of a deferred tax asset (DTA), to reflect the future tax deductions of the BNPP
LPA business goodwill (not amortised for accounting purposes).
iii.The release of the deferred tax liability (DTL) booked in 2020 in relation to the BNPP LPA business intangibles (whose
amortisation was considered non tax-deductible before the tax step-up election) and the corresponding registration of EUR
76,270 thousand credit in the statement of comprehensive income of Allfunds Bank Milan branch.
As a result, for the year ended 31 December 2021, the Allfunds Group recognised a positive impact in the statement of comprehensive
income (tax credit/(expense) line item) of EUR 76,901 thousand (expense of EUR 71,650 thousand plus credits of EUR 72,281 thousand
and EUR 76,270 thousand).
14.\u00a0 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
167
6,695
Allfunds Bank, Milan branch
18,915
\u2014
Allfunds Bank S.A. Singapore branch
6
7,275
Allfunds Bank Stockholm branch
9
1,197
Allfunds Bank Luxembourg branch
\u2014
4,890
Allfunds Bank Paris branch
930
2,793
Other
517
378
20,544
23,228
Deferred tax assets:
Non-deductible depreciation and amortisation (Allfunds Bank)
426
188
Non-tax-deductible provisions (Allfunds Bank)
1,304
474
Deferred tax assets \u2013 Business combinations CS InvestLab (*)
48,512
51,263
Deferred Tax assets \u2013 Business combinations BNP Italian tax step-up (**)
57,824
72,281
Other related to Allfunds Bank subsidiaries and branches
1,255
1,210
Other related to Allfunds Tech Solutions
848
\u2014
110,169
125,416
Total
130,713
148,644
(*) Valuation adjustments made in application of IAS 21
The Group has not recognised a deferred tax asset for tax losses in Singapore of EUR 20,672 thousand as at 31 December 2021 (EUR
18,267 thousand as of 31 December 2020); Spain \u2013 Liberty Partners, S.L.U. EUR 59,930 thousand as of 31 December 2021 (EUR 62,138
thousand as of 31 December 2020); UK EUR 0 thousand as of 31 December 2021 (EUR 499 thousand as of 31 December 2020) and
Switzerland EUR 179,140 thousand as of 31 December 2021 (EUR 110,817 thousand as of 31 December 2020).
Tax losses can be carried forward indefinitely, except in the case of Switzerland, where there is a 7 year limitation period for their use.
19.\u00a0 Tax Liabilities
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Current tax liabilities
29,109
52,104
Deferred tax liabilities
Arising in business combinations (Notes 10 and 11)
Allfunds Bank, S.A.U.
167,909
194,028
Allfunds Digital, S.L.U.
698
859
CS Investlab
26,351
28,031
Nordic Fund Market
249
293
Allfunds Tech Solutions Group
8,523
\u2014
Allfunds Data Analytics Limited
411
\u2014
Other
7
8
204,148
223,219
Total
233,257
275,323
The balance of \u201cTax Liabilities \u2013 Current Tax Liabilities\u201d in the accompanying consolidated statement of financial position includes
mainly the income tax payable generated in Spain, Italy, Luxembourg, and the UK.
33.\u00a0 Tax Expense
The tax expense recognised by the Group for the year is as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Allfunds Bank
24,908
22,859
Allfunds Bank \u2013 Milan branch*
24,481
(45,143)
Allfunds Bank \u2013 Paris branch
3,005
3,847
Allfunds Bank \u2013 Luxembourg branch
6,864
6,526
Allfunds Bank \u2013 Swiss branch**
273
541
Allfunds Bank \u2013 UK branch
2,786
3,649
Liberty Partners
316
1,987
Allfunds Group plc
(2,329)
(451)
Other
860
244
less:
Deferred tax on intangible assets Allfunds Bank Group
(192)
(192)
Deferred tax on intangible assets Liberty Partners Group
(26,119)
(26,250)
Deferred tax on intangible assets Digital Group
(311)
\u2014
Tax expense / (credit)
34,542
(32,383)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
22,669
55
2,184
24,908
Allfunds Bank \u2013 Milan branch
11,301
(1,276)
14,456
24,481
Allfunds Bank \u2013 Paris branch
3,005
\u2014
\u2014
3,005
Allfunds Bank \u2013 Luxembourg branch
6,864
\u2014
\u2014
6,864
Allfunds Bank \u2013 Swiss branch
327
(54)
\u2014
273
Allfunds Bank \u2013 UK branch
3,214
(41)
(387)
2,786
Liberty Partners, S.L.U.
316
\u2014
\u2014
316
Allfunds Group plc
(1,075)
(1,254)
\u2014
(2,329)
Other
5
385
470
860
less:
Deferred tax on intangible assets at Allfunds Bank Group
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets at Liberty Partners Group
\u2014
\u2014
(26,119)
(26,119)
Deferred tax on intangible assets at Digital Group
\u2014
\u2014
(311)
(311)
Tax expense / (credit)
46,626
(2,185)
(9,899)
34,542
*Main input derived from the Italian tax step-up (release of DTL associated to the BC intangibles and recognition of DTA associated to BC goodwill).
2021
Current tax expense/
(income)
EUR ('000s)
Adjustment
in\u00a0respect of
current\u00a0income tax of
prior years
EUR ('000s)
Deferred tax relating
to origination and
reversal of temporary
differences (*)
EUR ('000s)
Total Tax
(credit)/
expense
EUR ('000s)
Allfunds Bank, S.A.U.
20,384
527
1,948
22,859
Allfunds Bank, S.A.U. \u2013 Milan branch
31,491
277
(76,911)
(45,143)
Allfunds Bank, S.A.U. \u2013 Paris branch
3,853
(6)
\u2014
3,847
Allfunds Bank, S.A.U. \u2013 Luxembourg branch
6,815
(289)
\u2014
6,526
Allfunds Bank \u2013 Swiss branch
402
139
\u2014
541
Allfunds Bank \u2013 UK branch
2,362
1,377
(90)
3,649
Liberty Partners, S.L.U.
1,987
\u2014
\u2014
1,987
Allfunds Group plc
\u2014
(451)
\u2014
(451)
Other
713
(105)
(364)
244
less:
Tax relief from Liberty Partners, S.L.U. to Allfunds Bank, S.A.U.
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets
\u2014
\u2014
(26,250)
(26,250)
Tax expense / (credit)
68,007
1,469
(101,859)
(32,383)
*Related mainly to the decrease in the DTAs and DTLs arising at a consolidating level as a result of the PPA in the business combinations performed.
2022
2021
EUR ('000s)
EUR ('000s)
Consolidated Profit/(loss) before tax
83,725
75,352
Consolidation adjustments
83,092
154,076
Tax income / expense at UK tax Rate 19%
31,695
43,591
Effect on Income by different tax rate by countries
15,587
24,664
Prior year adjustments
(2,185)
1,469
Deferred expense/(income) tax
(9,899)
(101,859)
Others
(656)
(648)
Tax expense/(income)
34,542
(32,783)
The effective tax rate is as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Profit/(loss) before tax
83,725
75,352
Tax expense/(income)
34,542
(32,383)
Effective tax rate
41.26%
(42.98%)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-354": { "value": "
9.\u00a0 Property, Plant and Equipment
31 Dec 2022
Furniture and
fixtures
Computer
Hardware
Right-of-use
Assets*
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2022
12,668
3,512
37,951
54,131
Additions
1,698
544
5,167
7,409
Incorporated by business combinations
1
195
187
383
Disposals
(1,086)
(918)
(1,164)
(3,168)
Other
(550)
715
(343)
(178)
Carried forward 31 Dec 2022
12,731
4,048
41,798
58,577
Accumulated depreciation:
Brought forward 1 Jan 2022
(5,203)
(2,839)
(18,043)
(26,085)
Charge for the year
(1,510)
(838)
(7,597)
(9,945)
Disposals
1,086
918
1,164
3,168
Other
\u2014
\u2014
129
129
Carried forward 31 Dec 2022
(5,627)
(2,759)
(24,347)
(32,733)
Net Book Value
7,104
1,289
17,451
25,844
Fully depreciated assets
5,539
\u2014
\u2014
5,539
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2021
12,575
2,991
30,473
46,039
Additions
274
521
8,408
9,203
Disposals
(181)
\u2014
(930)
(1,111)
Carried forward 31 Dec 2021
12,668
3,512
37,951
54,131
Accumulated depreciation:
Brought forward 1 Jan 2021
(3,956)
(1,490)
(11,292)
(16,738)
Charge for the year
(1,247)
(1,349)
(7,026)
(9,622)
Disposals
\u2014
\u2014
275
275
Carried forward 31 Dec 2021
(5,203)
(2,839)
(18,043)
(26,085)
Net Book Value
7,465
673
19,908
28,046
Fully depreciated assets
4,218
\u2014
\u2014
4,218
* Right-of-use assets are further detailed in Note 36
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated useful lives
of the assets.
There were no impairment losses for property, plant and equipment for the year ended 31 December 2022 (Nil for year ended 31
December 2021).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-355": { "value": "
There were no impairment losses for property, plant and equipment for the year ended 31 December 2022 (Nil for year ended 31
December 2021).
Impairment Testing
At least once per year (or whenever there is any indication of impairment), the Group reviews goodwill for impairment (that is, a
potential reduction in its recoverable amount to below its carrying amount) (see Note 3c). The first step that must be taken in order to
perform this analysis is to identify each separate CGU, that is, the Group's smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or other group of assets. The carrying amount of each CGU
is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination)
of all the assets and liabilities of all the independent legal entities composing the CGU, together with the related goodwill. The carrying
amount of the CGU to be recovered is compared with its recoverable amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue operating and reportable segment.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU by
reviewing information including the following: (i) certain macroeconomic variables that might affect its investment (political situation
and economic situation, among others) and (ii) various microeconomic variables comparing the Group's investment with the financial
services industry of the country in which the CGU conducts most of its business activities (off-balance-sheet intermediated funds, net
fees and commissions, earnings, among others). Regardless of whether there is any indication of impairment, every year the Group
calculates the recoverable amount of each CGU to which goodwill has been allocated and, to this end, it uses internal estimates and
appraisals performed by independent experts. The\u00a0Group performed its annual impairment test as at 31 December 2022.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use. The value
in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d), depending upon
the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than the carrying amount. If it
is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no requirement to refine the determination
of the recoverable amount to a single number. However, if it is not greater, then more detailed work is required to determine the
recoverable amount in order to calculate the impairment loss. Therefore, it is not always necessary to determine both a CGU's fair
value less costs of disposal and value in use. In the case of all five of the CGUs tested for impairment, the value in use of the CGU is
greater than its carrying amount, thus only the value in use has been calculated.
The dividend discount model was determined to be best suited to valuing the Allfunds Bank, Allfunds Investlab, Allfunds Sweden and
BNPP LPA Business CGUs, while the discounted cash flow method was determined to be the best valuation method for the Fintech
Partners CGU. The dividend discount model is best suited for financial institutions.
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the cost of
equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical perspective, as it
effectively incorporates all the factors that affect the value of a business into the result of the valuation. The discounted cash flow
method considers the operating results as well as the capital expenditures and working capital policies to calculate a business capacity
of generating free cash flow. In order to obtain the actual value of the business, free cash flows are discounted to a present date at a
weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no special
seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the range of
comparable listed companies and comparable transactions analysed.
Following the PPA analysis performed for both Web Financial Group and Instihub Analytics Limited, there were no indications of any
impairment required for the period from date of acquisition to 31 December 2022.
See below for further details on the impairment testing methodology performed for each CGU:
2022
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.80%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
7.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13.10%
2.10%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.50%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.80%
2021
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
7.60%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
6.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.30%
1.80%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
9.40%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
9.49%
2.80%
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to be
17.5% plus the required counter cyclical buffer, which is in line with the Company's commitment and the consensual agreement with
the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the CGU
is determined. For Allfunds Bank, Allfunds Investlab, Allfunds Sweden and\u00a0 BNPP LPA Business, the recoverable amount of the CGU
has been determined using the DDM, based on income statement projections, and the carrying amount of all the assets and liabilities
allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying amount. For Fintech Partners,
the DCF projections include outflows and inflows in respect of tangible assets, intangible assets and working capital. Therefore, the
carrying amount of the CGU that is used to determine the recoverable amount includes the related assets and liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could move
and therefore have deemed it appropriate to consider the below sensitivity analysis for each CGU:
Allfunds Bank
Increase in Ke
of 2.2%
Decrease in Ke
of 2.8%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
12.0%
7.0%
3.0%
2.6%
Recoverable value (EUR (\u2018000s))
2,568,000
5,733,000
3,490,000
3,320,000
Impairment needed
No
No
No
No
Allfunds Investlab
Increase in WACC
of 1.0%
Decrease in WACC of
1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
8.8%
6.8%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
626,500
921,000
784,500
708,800
Impairment needed
No
No
No
No
Fintech Partners
Increase in WACC
of 0.5%
Decrease in WACC of
0.5%
Increase in g
of 0.5%
Decrease in g
of 0.5%
Revised factor
13.6%
12.6%
2.6%
1.6%
Recoverable value (EUR (\u2018000s))
47,539
51,739
51,183
48,050
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 1.5%
Decrease in Ke
of 1.5%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
12.0%
9.0%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
33,900
51,800
42,600
39,700
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 1.5%
Decrease in Ke
of 1.0%
Increase in g
of 0.2%
Decrease in g
of 0.3%
Revised factor
13.0%
10.5%
3.0%
2.5%
Recoverable value (EUR (\u2018000s))
773,000
1,018,000
917,000
876,000
Impairment needed
No
No
No
No
As shown below, the recoverable amount exceeded the carrying amount of the investments for each CGU and therefore, no
impairment is required.
31 Dec 2022
EUR (\u2018000s)
CGU
Carrying value
Recoverable
amount
Impairment
required on
goodwill
Allfunds Bank
1,519,000
3,389,000
\u2013
Allfunds Investlab
316,966
744,364
\u2013
Fintech Partners
9,678
49,545
\u2013
Allfunds Sweden
13,374
41,099
\u2013
BNPP LPA Business
508,000
903,000
\u2013
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2022. In this regard, and in light of recent events concerning credit institutions in both
the United States of America and Europe, the directors will continue to review and assess such indications and the potential effect in
the carrying amount of goodwill and intangible assets in future impairment assessments, especially those originated in the business
combination of CS- Investlab AG . In this sense, the Group\u2019s exclusivity agreements remain in place and are enforceable until their
expiration date, regardless of any potential changes in the ownership structure of the customers with whom these agreements were
signed. In addition, as stated in note 5, no single customer contributed 10% or more to the Allfunds Group\u00b4s revenue.
32.\u00a0 Impairment Losses
2022
2021
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
1
730
Impairment loss on financial assets held at amortised cost
9,040
6,043
9,041
6,773
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank, S.A.U.
21 Nov 2017
100%
Allfunds Bank
962,412
(362,000)
600,412
600,412
Fintech Partners, S.L.U.
17 Jan 2018
100%
Fintech Partners
6,704
\u2014
6,704
6,704
CS - Investlab AG
26 March 2020
100%
Allfunds Investlab
158,264
\u2014
163,432
171,467
Nordic Fund Market
31 Oct 2019
100%
Allfunds Sweden
18,155
\u2014
19,041
17,548
BNPP LPA Business
2 Oct 2020
100%
BNPP LPA Business
232,447
\u2014
218,570
218,570
InstiHub Analytics Limited
4 May 2022
100%
InstiHub Analytics Limited
6,616
\u2014
\u2014
6,439
Web Financial Group
31 May 2022
100%
Web Financial Group
107,722
\u2014
\u2014
107,722
Total
1,492,320
(362,000)
1,008,159
1,128,862
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients
through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients
through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by
business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
\u2014
167,924
Translation differences
and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
\u2014
17,201
Carried forward
31.12.22
1,490,862
140,269
210,550
527,686
584,153
47,603
161,000
104,056
3,266,179
Accumulated
amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(161,119)
Translation differences
and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
\u2014
(4,937)
Carried forward
31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(176,345)
(14,748)
(37,569)
(16,059)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward
31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
407,808
32,855
123,431
87,997
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.21
1,364,105
61,758
208,633
485,858
571,946
47,603
175,636
104,056
3,019,595
Additions
\u2014
25,119
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
25,119
Translation differences
and others
6,054
\u2014
\u2014
244
7,270
\u2014
(14,636)
\u2014
(1,068)
Carried forward 31.12.21
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Accumulated
amortisation:
Brought forward 1.1.21
\u2014
(24,100)
(113,778)
(78,232)
(94,490)
(8,978)
(4,391)
(1,871)
(325,839)
Charge for:
Charge for the year
\u2014
(13,444)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(152,196)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
467
\u2014
\u2014
366
\u2014
833
Carried forward 31.12.21
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Impairment losses:
Brought forward 1.1.21
(362,000)
(7)
(750)
\u2014
\u2014
\u2014
\u2014
\u2014
(362,757)
Charge for the year
\u2014
\u2014
(551)
\u2014
\u2014
\u2014
\u2014
\u2014
(551)
Carried forward 31.12.21
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,008,159
49,326
52,826
375,524
446,267
35,740
140,203
95,091
2,203,136
Fully amortised
\u2014
10,018
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,018
Impairment Testing
At least once per year (or whenever there is any indication of impairment), the Group reviews goodwill for impairment (that is, a
potential reduction in its recoverable amount to below its carrying amount) (see Note 3c). The first step that must be taken in order to
perform this analysis is to identify each separate CGU, that is, the Group's smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or other group of assets. The carrying amount of each CGU
is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination)
of all the assets and liabilities of all the independent legal entities composing the CGU, together with the related goodwill. The carrying
amount of the CGU to be recovered is compared with its recoverable amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue operating and reportable segment.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU by
reviewing information including the following: (i) certain macroeconomic variables that might affect its investment (political situation
and economic situation, among others) and (ii) various microeconomic variables comparing the Group's investment with the financial
services industry of the country in which the CGU conducts most of its business activities (off-balance-sheet intermediated funds, net
fees and commissions, earnings, among others). Regardless of whether there is any indication of impairment, every year the Group
calculates the recoverable amount of each CGU to which goodwill has been allocated and, to this end, it uses internal estimates and
appraisals performed by independent experts. The\u00a0Group performed its annual impairment test as at 31 December 2022.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use. The value
in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d), depending upon
the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than the carrying amount. If it
is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no requirement to refine the determination
of the recoverable amount to a single number. However, if it is not greater, then more detailed work is required to determine the
recoverable amount in order to calculate the impairment loss. Therefore, it is not always necessary to determine both a CGU's fair
value less costs of disposal and value in use. In the case of all five of the CGUs tested for impairment, the value in use of the CGU is
greater than its carrying amount, thus only the value in use has been calculated.
The dividend discount model was determined to be best suited to valuing the Allfunds Bank, Allfunds Investlab, Allfunds Sweden and
BNPP LPA Business CGUs, while the discounted cash flow method was determined to be the best valuation method for the Fintech
Partners CGU. The dividend discount model is best suited for financial institutions.
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the cost of
equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical perspective, as it
effectively incorporates all the factors that affect the value of a business into the result of the valuation. The discounted cash flow
method considers the operating results as well as the capital expenditures and working capital policies to calculate a business capacity
of generating free cash flow. In order to obtain the actual value of the business, free cash flows are discounted to a present date at a
weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no special
seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the range of
comparable listed companies and comparable transactions analysed.
Following the PPA analysis performed for both Web Financial Group and Instihub Analytics Limited, there were no indications of any
impairment required for the period from date of acquisition to 31 December 2022.
See below for further details on the impairment testing methodology performed for each CGU:
2022
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.80%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
7.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13.10%
2.10%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.50%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.80%
2021
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
7.60%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
6.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.30%
1.80%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
9.40%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
9.49%
2.80%
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to be
17.5% plus the required counter cyclical buffer, which is in line with the Company's commitment and the consensual agreement with
the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the CGU
is determined. For Allfunds Bank, Allfunds Investlab, Allfunds Sweden and\u00a0 BNPP LPA Business, the recoverable amount of the CGU
has been determined using the DDM, based on income statement projections, and the carrying amount of all the assets and liabilities
allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying amount. For Fintech Partners,
the DCF projections include outflows and inflows in respect of tangible assets, intangible assets and working capital. Therefore, the
carrying amount of the CGU that is used to determine the recoverable amount includes the related assets and liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could move
and therefore have deemed it appropriate to consider the below sensitivity analysis for each CGU:
Allfunds Bank
Increase in Ke
of 2.2%
Decrease in Ke
of 2.8%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
12.0%
7.0%
3.0%
2.6%
Recoverable value (EUR (\u2018000s))
2,568,000
5,733,000
3,490,000
3,320,000
Impairment needed
No
No
No
No
Allfunds Investlab
Increase in WACC
of 1.0%
Decrease in WACC of
1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
8.8%
6.8%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
626,500
921,000
784,500
708,800
Impairment needed
No
No
No
No
Fintech Partners
Increase in WACC
of 0.5%
Decrease in WACC of
0.5%
Increase in g
of 0.5%
Decrease in g
of 0.5%
Revised factor
13.6%
12.6%
2.6%
1.6%
Recoverable value (EUR (\u2018000s))
47,539
51,739
51,183
48,050
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 1.5%
Decrease in Ke
of 1.5%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
12.0%
9.0%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
33,900
51,800
42,600
39,700
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 1.5%
Decrease in Ke
of 1.0%
Increase in g
of 0.2%
Decrease in g
of 0.3%
Revised factor
13.0%
10.5%
3.0%
2.5%
Recoverable value (EUR (\u2018000s))
773,000
1,018,000
917,000
876,000
Impairment needed
No
No
No
No
As shown below, the recoverable amount exceeded the carrying amount of the investments for each CGU and therefore, no
impairment is required.
31 Dec 2022
EUR (\u2018000s)
CGU
Carrying value
Recoverable
amount
Impairment
required on
goodwill
Allfunds Bank
1,519,000
3,389,000
\u2013
Allfunds Investlab
316,966
744,364
\u2013
Fintech Partners
9,678
49,545
\u2013
Allfunds Sweden
13,374
41,099
\u2013
BNPP LPA Business
508,000
903,000
\u2013
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2022. In this regard, and in light of recent events concerning credit institutions in both
the United States of America and Europe, the directors will continue to review and assess such indications and the potential effect in
the carrying amount of goodwill and intangible assets in future impairment assessments, especially those originated in the business
combination of CS- Investlab AG . In this sense, the Group\u2019s exclusivity agreements remain in place and are enforceable until their
expiration date, regardless of any potential changes in the ownership structure of the customers with whom these agreements were
signed. In addition, as stated in note 5, no single customer contributed 10% or more to the Allfunds Group\u00b4s revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-357": { "value": "
The following acquisitions by the Group resulted in goodwill upon the purchase:
Acquisition
Date
Percentage
Holding
Goodwill on
purchase
Impairment
Goodwill
31 Dec 21
Goodwill
31 Dec 22
Business Acquired
CGU
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank, S.A.U.
21 Nov 2017
100%
Allfunds Bank
962,412
(362,000)
600,412
600,412
Fintech Partners, S.L.U.
17 Jan 2018
100%
Fintech Partners
6,704
\u2014
6,704
6,704
CS - Investlab AG
26 March 2020
100%
Allfunds Investlab
158,264
\u2014
163,432
171,467
Nordic Fund Market
31 Oct 2019
100%
Allfunds Sweden
18,155
\u2014
19,041
17,548
BNPP LPA Business
2 Oct 2020
100%
BNPP LPA Business
232,447
\u2014
218,570
218,570
InstiHub Analytics Limited
4 May 2022
100%
InstiHub Analytics Limited
6,616
\u2014
\u2014
6,439
Web Financial Group
31 May 2022
100%
Web Financial Group
107,722
\u2014
\u2014
107,722
Total
1,492,320
(362,000)
1,008,159
1,128,862
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients
through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients
through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by
business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
\u2014
167,924
Translation differences
and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
\u2014
17,201
Carried forward
31.12.22
1,490,862
140,269
210,550
527,686
584,153
47,603
161,000
104,056
3,266,179
Accumulated
amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(161,119)
Translation differences
and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
\u2014
(4,937)
Carried forward
31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(176,345)
(14,748)
(37,569)
(16,059)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward
31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
407,808
32,855
123,431
87,997
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.21
1,364,105
61,758
208,633
485,858
571,946
47,603
175,636
104,056
3,019,595
Additions
\u2014
25,119
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
25,119
Translation differences
and others
6,054
\u2014
\u2014
244
7,270
\u2014
(14,636)
\u2014
(1,068)
Carried forward 31.12.21
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Accumulated
amortisation:
Brought forward 1.1.21
\u2014
(24,100)
(113,778)
(78,232)
(94,490)
(8,978)
(4,391)
(1,871)
(325,839)
Charge for:
Charge for the year
\u2014
(13,444)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(152,196)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
467
\u2014
\u2014
366
\u2014
833
Carried forward 31.12.21
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Impairment losses:
Brought forward 1.1.21
(362,000)
(7)
(750)
\u2014
\u2014
\u2014
\u2014
\u2014
(362,757)
Charge for the year
\u2014
\u2014
(551)
\u2014
\u2014
\u2014
\u2014
\u2014
(551)
Carried forward 31.12.21
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,008,159
49,326
52,826
375,524
446,267
35,740
140,203
95,091
2,203,136
Fully amortised
\u2014
10,018
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,018
Impairment Testing
At least once per year (or whenever there is any indication of impairment), the Group reviews goodwill for impairment (that is, a
potential reduction in its recoverable amount to below its carrying amount) (see Note 3c). The first step that must be taken in order to
perform this analysis is to identify each separate CGU, that is, the Group's smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or other group of assets. The carrying amount of each CGU
is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination)
of all the assets and liabilities of all the independent legal entities composing the CGU, together with the related goodwill. The carrying
amount of the CGU to be recovered is compared with its recoverable amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue operating and reportable segment.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU by
reviewing information including the following: (i) certain macroeconomic variables that might affect its investment (political situation
and economic situation, among others) and (ii) various microeconomic variables comparing the Group's investment with the financial
services industry of the country in which the CGU conducts most of its business activities (off-balance-sheet intermediated funds, net
fees and commissions, earnings, among others). Regardless of whether there is any indication of impairment, every year the Group
calculates the recoverable amount of each CGU to which goodwill has been allocated and, to this end, it uses internal estimates and
appraisals performed by independent experts. The\u00a0Group performed its annual impairment test as at 31 December 2022.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use. The value
in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d), depending upon
the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than the carrying amount. If it
is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no requirement to refine the determination
of the recoverable amount to a single number. However, if it is not greater, then more detailed work is required to determine the
recoverable amount in order to calculate the impairment loss. Therefore, it is not always necessary to determine both a CGU's fair
value less costs of disposal and value in use. In the case of all five of the CGUs tested for impairment, the value in use of the CGU is
greater than its carrying amount, thus only the value in use has been calculated.
The dividend discount model was determined to be best suited to valuing the Allfunds Bank, Allfunds Investlab, Allfunds Sweden and
BNPP LPA Business CGUs, while the discounted cash flow method was determined to be the best valuation method for the Fintech
Partners CGU. The dividend discount model is best suited for financial institutions.
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the cost of
equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical perspective, as it
effectively incorporates all the factors that affect the value of a business into the result of the valuation. The discounted cash flow
method considers the operating results as well as the capital expenditures and working capital policies to calculate a business capacity
of generating free cash flow. In order to obtain the actual value of the business, free cash flows are discounted to a present date at a
weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no special
seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the range of
comparable listed companies and comparable transactions analysed.
Following the PPA analysis performed for both Web Financial Group and Instihub Analytics Limited, there were no indications of any
impairment required for the period from date of acquisition to 31 December 2022.
See below for further details on the impairment testing methodology performed for each CGU:
2022
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.80%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
7.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13.10%
2.10%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.50%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.80%
2021
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
7.60%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
6.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.30%
1.80%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
9.40%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
9.49%
2.80%
BNPP LPA Business
Increase in Ke
of 1.5%
Decrease in Ke
of 1.0%
Increase in g
of 0.2%
Decrease in g
of 0.3%
Revised factor
13.0%
10.5%
3.0%
2.5%
Recoverable value (EUR (\u2018000s))
773,000
1,018,000
917,000
876,000
Impairment needed
No
No
No
No
As shown below, the recoverable amount exceeded the carrying amount of the investments for each CGU and therefore, no
impairment is required.
31 Dec 2022
EUR (\u2018000s)
CGU
Carrying value
Recoverable
amount
Impairment
required on
goodwill
Allfunds Bank
1,519,000
3,389,000
\u2013
Allfunds Investlab
316,966
744,364
\u2013
Fintech Partners
9,678
49,545
\u2013
Allfunds Sweden
13,374
41,099
\u2013
BNPP LPA Business
508,000
903,000
\u2013
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2022. In this regard, and in light of recent events concerning credit institutions in both
the United States of America and Europe, the directors will continue to review and assess such indications and the potential effect in
the carrying amount of goodwill and intangible assets in future impairment assessments, especially those originated in the business
combination of CS- Investlab AG . In this sense, the Group\u2019s exclusivity agreements remain in place and are enforceable until their
expiration date, regardless of any potential changes in the ownership structure of the customers with whom these agreements were
signed. In addition, as stated in note 5, no single customer contributed 10% or more to the Allfunds Group\u00b4s revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-358": { "value": "
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients
through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients
through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by
business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
\u2014
167,924
Translation differences
and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
\u2014
17,201
Carried forward
31.12.22
1,490,862
140,269
210,550
527,686
584,153
47,603
161,000
104,056
3,266,179
Accumulated
amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(161,119)
Translation differences
and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
\u2014
(4,937)
Carried forward
31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(176,345)
(14,748)
(37,569)
(16,059)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward
31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
407,808
32,855
123,431
87,997
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.21
1,364,105
61,758
208,633
485,858
571,946
47,603
175,636
104,056
3,019,595
Additions
\u2014
25,119
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
25,119
Translation differences
and others
6,054
\u2014
\u2014
244
7,270
\u2014
(14,636)
\u2014
(1,068)
Carried forward 31.12.21
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Accumulated
amortisation:
Brought forward 1.1.21
\u2014
(24,100)
(113,778)
(78,232)
(94,490)
(8,978)
(4,391)
(1,871)
(325,839)
Charge for:
Charge for the year
\u2014
(13,444)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(152,196)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
467
\u2014
\u2014
366
\u2014
833
Carried forward 31.12.21
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Impairment losses:
Brought forward 1.1.21
(362,000)
(7)
(750)
\u2014
\u2014
\u2014
\u2014
\u2014
(362,757)
Charge for the year
\u2014
\u2014
(551)
\u2014
\u2014
\u2014
\u2014
\u2014
(551)
Carried forward 31.12.21
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,008,159
49,326
52,826
375,524
446,267
35,740
140,203
95,091
2,203,136
Fully amortised
\u2014
10,018
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,018
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-359": { "value": "
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients
through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients
through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by
business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
\u2014
167,924
Translation differences
and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
\u2014
17,201
Carried forward
31.12.22
1,490,862
140,269
210,550
527,686
584,153
47,603
161,000
104,056
3,266,179
Accumulated
amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(161,119)
Translation differences
and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
\u2014
(4,937)
Carried forward
31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(176,345)
(14,748)
(37,569)
(16,059)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward
31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
407,808
32,855
123,431
87,997
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current
relations with
clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Sub-
distribution
agreement
EUR ('000s)
Current
relations with
clients through
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.21
1,364,105
61,758
208,633
485,858
571,946
47,603
175,636
104,056
3,019,595
Additions
\u2014
25,119
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
25,119
Translation differences
and others
6,054
\u2014
\u2014
244
7,270
\u2014
(14,636)
\u2014
(1,068)
Carried forward 31.12.21
1,370,159
86,877
208,633
486,102
579,216
47,603
161,000
104,056
3,043,646
Accumulated
amortisation:
Brought forward 1.1.21
\u2014
(24,100)
(113,778)
(78,232)
(94,490)
(8,978)
(4,391)
(1,871)
(325,839)
Charge for:
Charge for the year
\u2014
(13,444)
(40,728)
(32,814)
(38,459)
(2,885)
(16,772)
(7,094)
(152,196)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
467
\u2014
\u2014
366
\u2014
833
Carried forward 31.12.21
\u2014
(37,544)
(154,506)
(110,578)
(132,949)
(11,863)
(20,797)
(8,965)
(477,202)
Impairment losses:
Brought forward 1.1.21
(362,000)
(7)
(750)
\u2014
\u2014
\u2014
\u2014
\u2014
(362,757)
Charge for the year
\u2014
\u2014
(551)
\u2014
\u2014
\u2014
\u2014
\u2014
(551)
Carried forward 31.12.21
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,008,159
49,326
52,826
375,524
446,267
35,740
140,203
95,091
2,203,136
Fully amortised
\u2014
10,018
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,018
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-360": { "value": "
11.\u00a0 Business Combinations
Acquisitions in 2022
InstiHub Analytics
Description of the transaction
On 4 May 2022, the Group, through its fully owned subsidiary Allfunds Digital, S.L.U., obtained control over InstiHub Analytics Limited,
now renamed Allfunds Data Analytics Limited, purchasing all of its shares from a third party for a total of EUR 12,391 thousand.
Allfunds Digital, S.L.U. acquired 100% of the share capital of InstiHub Analytics Limited.
InstiHub Analytics Limited provides bespoke data solutions to derive distribution focused commercial insights for stakeholders of the
asset management industry globally in two areas:
(i) sales led generation and planning and
(ii) actual transacted pricing institutional and sub-advisory mandates.
An initial payment amounting to EUR 7,643 thousand was made on 4 May 2022 and according to the share purchase agreement
signed on that date the following payment schedule was established.
Thousands of Euros
31 December 2022
31 December 2023
31 December 2024
31 December 2025
Total
Chief Executive Officer (*)
653
653
653
653
2,612
Other shareholders
534
534
534
534
2,136
Total
1,187
1,187
1,187
1,187
4,748
(*)Also, shareholder of InstiHub Analytics Limited.
The Group has considered payments to the Chief Executive Officer as a separate transaction under IFRS 3.51 due to the fact the
remuneration is forfeited if the Chief Executive Officer leaves. Payments to the other shareholders are part of the consideration
transferred and measured at fair value except for the 2025 payments whose performance obligation and KPIs are estimated as remote
to be fulfilled by the Management. The assets and liabilities of InstiHub Analytics Limited recognised on the acquisition date were
provisionally accounted for as follows:-
4 May 2022
Eur Thousand
Unaudited
Assets
Cash, cash balances at Central Bank and other demand deposits
692
Financial assets at amortised cost
164
Tangible assets
5
Intangible assets
455
Tax assets
1
Other assets
14
Total Assets
1,331
Liabilities
Financial liabilities at amortised cost
(29)
Tax liabilities
(2)
Other liabilities
(734)
Total Liabilities
-765
Net Assets
566
Assets arising from the business acquisition
In this business acquisition, different assets were revealed as a consequence of the higher price paid on the net assets acquired. In this
sense, as of 31 December 2022, the Group had completed the process of assigning the purchase price of the business of InstiHub
Analytics Limited, taking into consideration the report made by an independent expert. Consequently, as of 31 December 2022, the
following provisional assets have been disclosed at the acquisition date:
4 May 2022
Thousands of Euros
Consideration transferred
9,204
Less: Fair value of the net assets acquired
(566)
Emerged goodwill arising in this business combination
8,638
Current relations with clients
(1,157)
Technological platform
(1,339)
Deferred tax liabilities
474
Goodwill
6,616
Assets arising from the business acquisition
In this business acquisition, different assets were revealed as a consequence of the higher price paid on the net assets acquired. In this
sense, as of 31 December 2022, the Group had completed the process of assigning the purchase price of the business of Web Financial
Group, S.A. , taking into consideration the report made by an independent expert. Consequently, as of 31 December 2022, the following
provisional assets have been disclosed at the acquisition date:\u00a0
31 May 2022
Thousands of Euros
Consideration transferred
129,713
Less: Fair value of the net assets acquired
4,389
Emerged goodwill arising in this business combination
134,102
Current relations with clients
(34,595)
Technological platform
(578)
Deferred tax liabilities
8,793
Goodwill
107,722
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivative financial liabilities
\u2014
(759)
\u2014
Total
\u2014
0
1,621
674
31 Dec 2021
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
664
\u2014
Derivative financial assets
\u2014
377
\u2014
Sub-total
\u2014
1,041
\u2014
Derivate financial liabilities
\u2014
(396)
\u2014
Total
\u2014
645
\u2014
During the years ended 31 December 2022 and 31 December 2021, the Group did not transfer any financial instruments between Levels
1, 2 or 3.
Financial assets at fair value through profit and loss are comprised of Group equity investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-362": { "value": "
13.\u00a0 Contract Assets
Contract assets represent accrued fees, commissions, and service revenues pursuant to IFRS 15. Accrued fees relate to UCIs
distribution services rendered to Fund Houses and the amounts that were pending to be invoiced as at 31 December 2022 were EUR
622,880 thousand (31 December 2021: EUR 713,562 thousand).
The accrued amount of EUR 713,562 thousand as at 31 December 2021 was included in the invoiced amounts which were received
during the year ended 31 December 2022 (31 December 2020 EUR: 435,606 thousand invoiced during the year to 31 December 2021).
", "dimensions": { "concept": "afb:DisclosureOfContractAssetsTextBlock", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-363": { "value": "
14.\u00a0 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
167
6,695
Allfunds Bank, Milan branch
18,915
\u2014
Allfunds Bank S.A. Singapore branch
6
7,275
Allfunds Bank Stockholm branch
9
1,197
Allfunds Bank Luxembourg branch
\u2014
4,890
Allfunds Bank Paris branch
930
2,793
Other
517
378
20,544
23,228
Deferred tax assets:
Non-deductible depreciation and amortisation (Allfunds Bank)
426
188
Non-tax-deductible provisions (Allfunds Bank)
1,304
474
Deferred tax assets \u2013 Business combinations CS InvestLab (*)
48,512
51,263
Deferred Tax assets \u2013 Business combinations BNP Italian tax step-up (**)
57,824
72,281
Other related to Allfunds Bank subsidiaries and branches
1,255
1,210
Other related to Allfunds Tech Solutions
848
\u2014
110,169
125,416
Total
130,713
148,644
(*) Valuation adjustments made in application of IAS 21
The Group has not recognised a deferred tax asset for tax losses in Singapore of EUR 20,672 thousand as at 31 December 2021 (EUR
18,267 thousand as of 31 December 2020); Spain \u2013 Liberty Partners, S.L.U. EUR 59,930 thousand as of 31 December 2021 (EUR 62,138
thousand as of 31 December 2020); UK EUR 0 thousand as of 31 December 2021 (EUR 499 thousand as of 31 December 2020) and
Switzerland EUR 179,140 thousand as of 31 December 2021 (EUR 110,817 thousand as of 31 December 2020).
Tax losses can be carried forward indefinitely, except in the case of Switzerland, where there is a 7 year limitation period for their use.
19.\u00a0 Tax Liabilities
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Current tax liabilities
29,109
52,104
Deferred tax liabilities
Arising in business combinations (Notes 10 and 11)
Allfunds Bank, S.A.U.
167,909
194,028
Allfunds Digital, S.L.U.
698
859
CS Investlab
26,351
28,031
Nordic Fund Market
249
293
Allfunds Tech Solutions Group
8,523
\u2014
Allfunds Data Analytics Limited
411
\u2014
Other
7
8
204,148
223,219
Total
233,257
275,323
The balance of \u201cTax Liabilities \u2013 Current Tax Liabilities\u201d in the accompanying consolidated statement of financial position includes
mainly the income tax payable generated in Spain, Italy, Luxembourg, and the UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-364": { "value": "
14.\u00a0 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
167
6,695
Allfunds Bank, Milan branch
18,915
\u2014
Allfunds Bank S.A. Singapore branch
6
7,275
Allfunds Bank Stockholm branch
9
1,197
Allfunds Bank Luxembourg branch
\u2014
4,890
Allfunds Bank Paris branch
930
2,793
Other
517
378
20,544
23,228
Deferred tax assets:
Non-deductible depreciation and amortisation (Allfunds Bank)
426
188
Non-tax-deductible provisions (Allfunds Bank)
1,304
474
Deferred tax assets \u2013 Business combinations CS InvestLab (*)
48,512
51,263
Deferred Tax assets \u2013 Business combinations BNP Italian tax step-up (**)
57,824
72,281
Other related to Allfunds Bank subsidiaries and branches
1,255
1,210
Other related to Allfunds Tech Solutions
848
\u2014
110,169
125,416
Total
130,713
148,644
(*) Valuation adjustments made in application of IAS 21
The Group has not recognised a deferred tax asset for tax losses in Singapore of EUR 20,672 thousand as at 31 December 2021 (EUR
18,267 thousand as of 31 December 2020); Spain \u2013 Liberty Partners, S.L.U. EUR 59,930 thousand as of 31 December 2021 (EUR 62,138
thousand as of 31 December 2020); UK EUR 0 thousand as of 31 December 2021 (EUR 499 thousand as of 31 December 2020) and
Switzerland EUR 179,140 thousand as of 31 December 2021 (EUR 110,817 thousand as of 31 December 2020).
Tax losses can be carried forward indefinitely, except in the case of Switzerland, where there is a 7 year limitation period for their use.
19.\u00a0 Tax Liabilities
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Current tax liabilities
29,109
52,104
Deferred tax liabilities
Arising in business combinations (Notes 10 and 11)
Allfunds Bank, S.A.U.
167,909
194,028
Allfunds Digital, S.L.U.
698
859
CS Investlab
26,351
28,031
Nordic Fund Market
249
293
Allfunds Tech Solutions Group
8,523
\u2014
Allfunds Data Analytics Limited
411
\u2014
Other
7
8
204,148
223,219
Total
233,257
275,323
The balance of \u201cTax Liabilities \u2013 Current Tax Liabilities\u201d in the accompanying consolidated statement of financial position includes
mainly the income tax payable generated in Spain, Italy, Luxembourg, and the UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-365": { "value": "
15.\u00a0 Other Assets
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Sundry accounts
6,793
9,908
Prepaid expenses
1,435
2,876
Total
8,228
12,784
EUR ('000s)
Sundry accounts
6,793
9,908
Prepaid expenses
1,435
2,876
Total
8,228
12,784
EUR ('000s)
Sundry accounts
6,793
9,908
Prepaid expenses
1,435
2,876
Total
8,228
12,784
EUR ('000s)
Cash at bank and in hand
15
12
Cash balances at Central Banks
948,234
1,306,516
Other demand deposits
675,092
886,102
Total
1,623,341
2,192,630
EUR ('000s)
Cash at bank and in hand
15
12
Cash balances at Central Banks
948,234
1,306,516
Other demand deposits
675,092
886,102
Total
1,623,341
2,192,630
Thousands of Euros
Provisions
Opening
balance
Other
adjustments
due to business
combinations
Charge for the
year
Unwind of
discount
Amounts used
Closing balance
Pension and other post-employment defined benefit
obligations
\u2014
601
1,243
89
(243)
1,690
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
\u2014
\u2014
200
\u2014
\u2014
200
Total
\u2014
601
1,443
89
(243)
1,890
Long-term defined benefit remuneration
The breakdown of the present value of the commitments assumed by the Group with respect to post-employment and other long-
term remuneration, of the plan assets held to cover those obligations and of unrecognised past service cost at year-end 2022 is
provided in the table below:
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Present value of obligations
10,760
12,185
Less: Fair value of plan assets
(10,044)
(9,252)
Less: Unrecognised prior service cost
\u2014
(1,243)
Non-current provisions \u2013 Non-current employee benefit obligations (asset)
716
1,690
The present value of the commitments was determined by qualified independent actuaries, who used the following criteria for
valuation purposes:
\u2022Calculation method: the \u201cprojected credit unit\u201d method, which contemplates each year of service as generating an additional unit of
right to the benefits and values each unit separately.
\u2022Actuarial assumptions made: unbiased and mutually compatible.
The most significant actuarial assumptions used in the experts' calculations were the following:
2022
Actuarial assumptions
Switzerland
Italy
Discount rate (*)
3%
3.77%
Mortality and life expectancy tables
BVG 2020.
2017 Mortality Tables
RG48
Rate of growth in social security tax limit
0,94%
2.50%
Expected return on plan assets
1,75%
n.a
(*) Discount rate based on the yield curve on a pool of corporate bonds denominated in Euros carrying AA ratings from the three main ratings agencies (Standard & Poor\u2019s, Moody\u2019s and Fitch) with
maturities as of the valuation date equal to or longer than the duration of the commitments assumed.
The rates used to discount the future cash flows were determined using high-quality corporate bonds denominated in each currency.
The expected return on the plan assets is in line with the chosen discount rates.
The retirement ages for the various commitments are set at the earliest date to which employees become entitled to retire, the
contractually stipulated date in the case of early retirements or using retirement tables.
Changes in the key assumptions could affect the measurement of the Group\u2019s obligations. The table below provides an analysis of how
sensitive the measurement is to changes in the key inputs:
Sensitivity analysis (thousands of Euros)
Change in
basis points
2022
Increase
Decrease
Discount rate
0,25%
(391)
434
Wage growth rate
0,25%
52
(49)
Increase in obligation per year of effective service
1 year
(393)
400
The sensitivity analysis was performed as of the date of the consolidated financial statements and provides the individual impact of
changes in each of the assumptions, keeping all other variables constant, such that it excludes potential combined effects.
Below is a summary of the movements in the commitments that affected the amounts recognised on the consolidated statement of
financial position in respect of the post-employment commitments assumed with current and former employees and other long-term
remuneration obligations in 2022:
2022:
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2022
10,942
(9,252)
1,690
Amounts recognised with a balancing entry in profit or loss.
Staff costs - Ordinary expense for the year
821
\u2014
821
Finance costs
67
\u2014
67
Change in\u00a0 value recognised in equity
(1,982)
1,032
(950)
Exchange differences and other
424
(424)
\u2014
Contributions
344
(1,143)
(799)
Payments made
144
(257)
(113)
Balance at 31 December 2022
10,760
(10,044)
716
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2021
8,858
(8,858)
\u2014
Amounts recognised with a balancing entry in profit or loss.
601
\u2014
601
Staff costs - Ordinary expense for the year
852
\u2014
852
Return on plan assets
\u2014
(334)
(334)
Addition to provisions (net)
1,149
\u2014
1,149
Adjustments in equity
219
(200)
19
Other
(884)
1,145
261
Contributions
296
(1,005)
(709)
Payments made
(149)
\u2014
(149)
Balance at 31 December 2021
10,942
(9,252)
1,690
The Switzerland pension fund has invested into equity instruments 47%, real estate 30%, debt instruments 10%, cash 5% and others
8%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-374": { "value": "
20.\u00a0 Provisions
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main changes
during the year:
Thousands of Euros
Provisions
Opening
balance
Other
adjustments
due to
business
combinations
Charge for the
year
Decrease due
to interest cost
Amounts used
Closing
balance
Pension and other post-employment defined benefit
obligations
1,690
\u2014
\u2014
(974)
\u2014
716
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
1,890
\u2014
\u2014
(974)
\u2014
916
Thousands of Euros
Provisions
Opening
balance
Other
adjustments
due to business
combinations
Charge for the
year
Unwind of
discount
Amounts used
Closing balance
Pension and other post-employment defined benefit
obligations
\u2014
601
1,243
89
(243)
1,690
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
\u2014
\u2014
200
\u2014
\u2014
200
Total
\u2014
601
1,443
89
(243)
1,890
Long-term defined benefit remuneration
The breakdown of the present value of the commitments assumed by the Group with respect to post-employment and other long-
term remuneration, of the plan assets held to cover those obligations and of unrecognised past service cost at year-end 2022 is
provided in the table below:
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Present value of obligations
10,760
12,185
Less: Fair value of plan assets
(10,044)
(9,252)
Less: Unrecognised prior service cost
\u2014
(1,243)
Non-current provisions \u2013 Non-current employee benefit obligations (asset)
716
1,690
The present value of the commitments was determined by qualified independent actuaries, who used the following criteria for
valuation purposes:
\u2022Calculation method: the \u201cprojected credit unit\u201d method, which contemplates each year of service as generating an additional unit of
right to the benefits and values each unit separately.
\u2022Actuarial assumptions made: unbiased and mutually compatible.
The most significant actuarial assumptions used in the experts' calculations were the following:
2022
Actuarial assumptions
Switzerland
Italy
Discount rate (*)
3%
3.77%
Mortality and life expectancy tables
BVG 2020.
2017 Mortality Tables
RG48
Rate of growth in social security tax limit
0,94%
2.50%
Expected return on plan assets
1,75%
n.a
(*) Discount rate based on the yield curve on a pool of corporate bonds denominated in Euros carrying AA ratings from the three main ratings agencies (Standard & Poor\u2019s, Moody\u2019s and Fitch) with
maturities as of the valuation date equal to or longer than the duration of the commitments assumed.
The rates used to discount the future cash flows were determined using high-quality corporate bonds denominated in each currency.
The expected return on the plan assets is in line with the chosen discount rates.
The retirement ages for the various commitments are set at the earliest date to which employees become entitled to retire, the
contractually stipulated date in the case of early retirements or using retirement tables.
Changes in the key assumptions could affect the measurement of the Group\u2019s obligations. The table below provides an analysis of how
sensitive the measurement is to changes in the key inputs:
Sensitivity analysis (thousands of Euros)
Change in
basis points
2022
Increase
Decrease
Discount rate
0,25%
(391)
434
Wage growth rate
0,25%
52
(49)
Increase in obligation per year of effective service
1 year
(393)
400
The sensitivity analysis was performed as of the date of the consolidated financial statements and provides the individual impact of
changes in each of the assumptions, keeping all other variables constant, such that it excludes potential combined effects.
Below is a summary of the movements in the commitments that affected the amounts recognised on the consolidated statement of
financial position in respect of the post-employment commitments assumed with current and former employees and other long-term
remuneration obligations in 2022:
2022:
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2022
10,942
(9,252)
1,690
Amounts recognised with a balancing entry in profit or loss.
Staff costs - Ordinary expense for the year
821
\u2014
821
Finance costs
67
\u2014
67
Change in\u00a0 value recognised in equity
(1,982)
1,032
(950)
Exchange differences and other
424
(424)
\u2014
Contributions
344
(1,143)
(799)
Payments made
144
(257)
(113)
Balance at 31 December 2022
10,760
(10,044)
716
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2021
8,858
(8,858)
\u2014
Amounts recognised with a balancing entry in profit or loss.
601
\u2014
601
Staff costs - Ordinary expense for the year
852
\u2014
852
Return on plan assets
\u2014
(334)
(334)
Addition to provisions (net)
1,149
\u2014
1,149
Adjustments in equity
219
(200)
19
Other
(884)
1,145
261
Contributions
296
(1,005)
(709)
Payments made
(149)
\u2014
(149)
Balance at 31 December 2021
10,942
(9,252)
1,690
The Switzerland pension fund has invested into equity instruments 47%, real estate 30%, debt instruments 10%, cash 5% and others
8%.
38.\u00a0 Commitments and Contingencies
Commitments
As at 31 December 2022 the Group and its subsidiaries had the following commitments:
\u2022BNPP TSA with a cost of EUR 2,601 thousand pending as at 31 December 2022 (EUR 37,000 thousand pending 31 December 2021);
and
\u2022PAM sub distribution agreement with a cost of EUR 9,800 thousand over a 10-year period.
Contingencies
On 3 March 2011, Fairfield Sentry Limited and Fairfield Sigma Limited (hereinafter, the \"Funds\"), both in liquidation and affected by the
so-called Madoff case, filed before the Court of Bankruptcy of the Southern District of New York of the United States of Amercia,
(United States Bankruptcy Court for the Sourthern\u00a0 District of New York), a lawsuit against a distribution company outside the Group
and against Allfunds Bank, as a consequence of the reimbursements made prior to December 2008, through the Bank, following the
instructions of the aforementioned distribution company, as the liquidators of the Fund liquidators understood that, among other
reasons, there were erroneous payments and unjust enrichment in said reimbursements, in the amount of USD 3,505,471.33
(approximately EUR 3,283 thousand).
In August 2016, the plaintiff also suspended certain claims from the Court of the British Virgin Islands. The Court of the British Virgin
Islands denied the request for dismissal (although the Bank is not sued in the British Virgin Islands, there is a possibility that such
claims will be reviewed in New York).
On 13 January 2017, the group of defendants, which include Allfunds Bank, S.A.U., filed an application for dismissal of the claim. On 6
December 2018 the Court found in favour of the defendants with respect to their contractual claims, except in the cases which the
defendants were aware that the applicable net asset value at the time the redemptions were made was erroneous due to the
investments of the funds held through Madoff. In this situation, the plaintiff could take action against the defendants and where the
Bank is not included.
After the decision on 6 December 2018, the parties (plaintiffs and defendants) agreed to close the claims in order to execute that
decision. After this decision was presented to the Court, on 4 April 2019, the Court accepted the closing of the claims in relation to
Allfunds. Subsequently, the plaintiffs have appealed the decision of the Court on 6 December 2018 (including the closing order
regarding Allfunds).
On 19 July 2019, the plaintiff submitted an amendment to the claim against Allfunds, where all claims dismissed under the December
2018 decision are eliminated, except the claims related to the British Virgin Islands lawsuit on which it will submit a request for
dismissal (although the Bank is not sued in the British Virgin Islands).
On 16 March 2020, the group of defendants filed a new withdrawal action against the claim and the amendment of the claim (renewed
motion).
On 20 March 2020, several Spanish defendants filed a supplement to the new withdrawal action seeking to demonstrate that the
Spanish defendants, including Allfunds, are financial institutions eligible for the \"free port\" or safe harbour exemption under U.S. law by
providing the necessary documentation.
On 29 May 2020, the plantiffs filed their opposition to defendants\u2019 renewed motion and new action to dismiss, filing a joint response
on 19 June 2020. The Court determined that it will use two representative complaints (filed against Citibank NA London and HSBC
Private Bank (Suisse) SA) to decide certain issues presented in the renewed motion, including whether (i) the majority of redemption
payments were paid \u201cto\u201d or \u201cfor\u201d the benefit of a covered entity under the \"safe harbour defence\" under\u00a0 and (ii) whether the
Liquidators\u2019 claims against Defendants who are parties to the Hague Convention (\u201cHague Defendants\u201d) must be dismissed for
insufficient service of process, respectively. The Hague Defendants, including the Bank, did not permit or authorise the Liquidators to
serve their complaints by international mail.
On 14 December 2020, the Court issued a favourable decision to the defendants (including dismissal of the British Virgin Annulment
Claims against all defendants, including the Bank). However, the claimants intend to appeal. The new appeal will be consolidated with
the plantiffs' appeals of Judge Bernstein\u2019s previous Fairfield decisions.
On 24 February 2021, the order of implementation of the Court's decision was issued to the Bank and the final judgment of dismissal
was issued on 12 March 2021 declaring the Bank out of the case without prejudice to the intention of the platiffs to appeal.
The platiffs subsequently appealed to the same district judge handling the Fairfield II appeal. On 24 August 2022, the United States
District Court issued a decision upholding the United States Bankruptcy Court's dismissal of the claims against the Bank.
The liquidators again appealed the decision to the United States District Court. The liquidators filed their initial brief on 27 January
2023. The defendants' opposition brief will be filed on 5 May 2023.
Based on all of the foregoing, the resolution of this issue seems close, although it cannot be confirmed to date whether the final
resolution of the lawsuit will finally be favourable. In any case, the Bank and Allfunds Group considers that, ultimately, the Group will
not have to bear the possible adverse consequences of the aforementioned proceeding, since it considers that it acted merely as an
intermediary without benefiting, on any occasion, from the redemptions made, and without having reliable knowledge that the net
asset value applicable at the time of redemptions were made was erroneous, and, accordingly, therefore no provision was recognised
in this connection as at 31 December 2022 or 31 December 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-375": { "value": "
21.\u00a0 Other Liabilities
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
14,413
30,111
Trade payables
12,570
24,110
Other payables
5,778
10,941
Total
32,761
65,162
EUR ('000s)
Accrued variable remuneration costs
14,413
30,111
Trade payables
12,570
24,110
Other payables
5,778
10,941
Total
32,761
65,162
EUR ('000s)
Accrued variable remuneration costs
14,413
30,111
Trade payables
12,570
24,110
Other payables
5,778
10,941
Total
32,761
65,162
EUR ('000s)
Accrued variable remuneration costs
14,413
30,111
Trade payables
12,570
24,110
Other payables
5,778
10,941
Total
32,761
65,162
EUR ('000s)
Share Capital
At 1 January
1,574
1,574
Issued during the year
\u2014
\u2014
At 31 December
1,574
1,574
Share Premium
At 1 January
2,060,156
2,060,156
Premium arising on equity share issuance
\u2014
\u2014
Premium reallocation to reserves
\u2014
\u2014
At 31 December
2,060,156
2,060,156
The Company's total share capital was EUR 1,574 thousand as at 31 December 2022 (31 December 2021: EUR 1,574 thousand)
comprising 629,426,348 ordinary shares of EUR 0.0025 per share (31 December 2021 comprised 629,426,348 ordinary shares of EUR
0.0025 per share).
As part of the IPO process that occurred during 2021, each EUR 0.01 share was divided into four EUR 0.0025 shares, with no change to
each investor holding in the Company. All of the shares listed on Euronext Amsterdam were previously held by prior shareholders,
reducing the ownership percentage of the relevant shareholders, and no new shares were issued as part of the IPO process. Each
share has identical voting rights and all of the Company's allotted shares are fully paid up.
22.b. Treasury shares
During the year to 31 December 2022, 1,380,322 ordinary shares were acquired by the Company at a total cost of EUR 10,000 thousand
(31 December 2021 no shares had been acquired) which are classified in the consolidated statement of financial position as treasury
shares. No treasury shares were disposed of during the year ended 31 December 2022.
In January 2023, the Company delivered 96,029 ordinary shares to the beneficiaries of the 2021 Employee share scheme that had
vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
22.c. Other reserves
As at 31 December 2022 other reserves were comprised of 1) exchange differences on translation of foreign entities EUR 28,599 (31
December 2021: 14,495 thousand); 2) employee share scheme of EUR 9,895 thousand (31 December 2021: 1,969 thousand); and 3)
valuation adjustments related to pension commitments EUR 932 thousand (31 December 2021 nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-380": { "value": "
22.a. Share capital and share premium
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Share Capital
At 1 January
1,574
1,574
Issued during the year
\u2014
\u2014
At 31 December
1,574
1,574
Share Premium
At 1 January
2,060,156
2,060,156
Premium arising on equity share issuance
\u2014
\u2014
Premium reallocation to reserves
\u2014
\u2014
At 31 December
2,060,156
2,060,156
The Company's total share capital was EUR 1,574 thousand as at 31 December 2022 (31 December 2021: EUR 1,574 thousand)
comprising 629,426,348 ordinary shares of EUR 0.0025 per share (31 December 2021 comprised 629,426,348 ordinary shares of EUR
0.0025 per share).
As part of the IPO process that occurred during 2021, each EUR 0.01 share was divided into four EUR 0.0025 shares, with no change to
each investor holding in the Company. All of the shares listed on Euronext Amsterdam were previously held by prior shareholders,
reducing the ownership percentage of the relevant shareholders, and no new shares were issued as part of the IPO process. Each
share has identical voting rights and all of the Company's allotted shares are fully paid up.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-381": { "value": "
22.b. Treasury shares
During the year to 31 December 2022, 1,380,322 ordinary shares were acquired by the Company at a total cost of EUR 10,000 thousand
(31 December 2021 no shares had been acquired) which are classified in the consolidated statement of financial position as treasury
shares. No treasury shares were disposed of during the year ended 31 December 2022.
In January 2023, the Company delivered 96,029 ordinary shares to the beneficiaries of the 2021 Employee share scheme that had
vested on 1 January 2023. These shares were delivered at no cost for the receiving beneficiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-382": { "value": "
22.c. Other reserves
As at 31 December 2022 other reserves were comprised of 1) exchange differences on translation of foreign entities EUR 28,599 (31
December 2021: 14,495 thousand); 2) employee share scheme of EUR 9,895 thousand (31 December 2021: 1,969 thousand); and 3)
valuation adjustments related to pension commitments EUR 932 thousand (31 December 2021 nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-383": { "value": "
23.\u00a0 Dividends
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
First dividend paid during 2022
185,000
\u2014
Final dividend paid during 2022
31,471
\u2014
During the year to 31 December 2022 the first dividend paid of EUR 185,000 thousand was at EUR 0.2939 per share and the final
dividend paid of EUR 31,471 thousand was at EUR 0.05 per share.
On 21 March 2023 Liberty Partners, S.L.U., the direct subsidiary of the Company, agreed to pay an interim dividend of EUR 30,981
thousand from the profits for the financial year ended 31 December 2022. In addition, on the same date Liberty Partners, S.L.U. also
agreed to pay an interim dividend of EUR 33,519 thousand from the profits for the financial year ended 31 December 2023. Both
dividends, totaling EUR 64,500 thousand were paid to the Company on 22 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-384": { "value": "
24.\u00a0 Off-Balance Sheet Items
31 Dec 2022
31 Dec 2021
EUR ('000s)
EUR ('000s)
Available to third parties:
Credit Institutions
85,256
53,835
Other resident sectors
2,266
2,250
Other non-resident sectors
23,659
15,242
Total
111,181
71,327
EUR ('000s)
Platform revenue: asset based
2,603,596
2,534,510
Platform revenue: transaction based
98,309
114,047
Subscription and other revenues
40,107
20,331
Total revenue
2,742,012
2,668,888
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022the marketing of units in collective investments undertakings to asset management houses;
\u2022foreign currency exchange services;
\u2022ETFs intermediation activity;
\u2022correspondent bank services;
\u2022sub-custody services;
\u2022intermediation services to customers where the fees are calculated applying a percentage to the daily assets under administration
or distribution held for the account of the Group\u2019s customers; and
\u2022transaction fees on subscriptions and redemption orders in units of collective investments undertakings.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, primarily:
\u2022information and research services;
\u2022administration and legal services;
\u2022use of technological financial tools; and
\u2022Digital add-on services including the Web FG business acquired.
26.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been generated by Allfunds Bank, S.A.U. and its subsidiaries and recorded by the Group are
as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Total expenses
2,247,361
2,163,199
EUR ('000s)
Platform revenue: asset based
2,603,596
2,534,510
Platform revenue: transaction based
98,309
114,047
Subscription and other revenues
40,107
20,331
Total revenue
2,742,012
2,668,888
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022the marketing of units in collective investments undertakings to asset management houses;
\u2022foreign currency exchange services;
\u2022ETFs intermediation activity;
\u2022correspondent bank services;
\u2022sub-custody services;
\u2022intermediation services to customers where the fees are calculated applying a percentage to the daily assets under administration
or distribution held for the account of the Group\u2019s customers; and
\u2022transaction fees on subscriptions and redemption orders in units of collective investments undertakings.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, primarily:
\u2022information and research services;
\u2022administration and legal services;
\u2022use of technological financial tools; and
\u2022Digital add-on services including the Web FG business acquired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-387": { "value": "
25.\u00a0 Fee, Commission and Service Revenue
Fee, commission and service revenue has been generated by the following segments and recorded by the Group in accordance with
IFRS 15:
2022
2021
EUR ('000s)
EUR ('000s)
Platform revenue: asset based
2,603,596
2,534,510
Platform revenue: transaction based
98,309
114,047
Subscription and other revenues
40,107
20,331
Total revenue
2,742,012
2,668,888
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022the marketing of units in collective investments undertakings to asset management houses;
\u2022foreign currency exchange services;
\u2022ETFs intermediation activity;
\u2022correspondent bank services;
\u2022sub-custody services;
\u2022intermediation services to customers where the fees are calculated applying a percentage to the daily assets under administration
or distribution held for the account of the Group\u2019s customers; and
\u2022transaction fees on subscriptions and redemption orders in units of collective investments undertakings.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, primarily:
\u2022information and research services;
\u2022administration and legal services;
\u2022use of technological financial tools; and
\u2022Digital add-on services including the Web FG business acquired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-388": { "value": "
26.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been generated by Allfunds Bank, S.A.U. and its subsidiaries and recorded by the Group are
as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Total expenses
2,247,361
2,163,199
2022
2021
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
67,415
94,050
Social security costs
12,982
11,618
Expense for defined contributions pension funds
2,372
1,794
Termination benefits
1,298
325
Employee share schemes
7,926
1,969
Training expenses
411
550
Other staff costs
3,143
2,518
Total
95,547
112,824
EUR ('000s)
Audit of financial statements services
1,528
1,494
Other assurance services
303
177
Other services
\u2014
7
Total audit and related services
1,831
1,678
EUR ('000s)
Deposits and loans from credit institutions
7,587
3,998
Cash balances from central banks
4,223
7,803
Lease liabilities
339
265
Other
326
(24)
Total
12,475
12,042
EUR ('000s)
Impairment loss on non-financial assets
1
730
Impairment loss on financial assets held at amortised cost
9,040
6,043
9,041
6,773
EUR ('000s)
Allfunds Bank
24,908
22,859
Allfunds Bank \u2013 Milan branch*
24,481
(45,143)
Allfunds Bank \u2013 Paris branch
3,005
3,847
Allfunds Bank \u2013 Luxembourg branch
6,864
6,526
Allfunds Bank \u2013 Swiss branch**
273
541
Allfunds Bank \u2013 UK branch
2,786
3,649
Liberty Partners
316
1,987
Allfunds Group plc
(2,329)
(451)
Other
860
244
less:
Deferred tax on intangible assets Allfunds Bank Group
(192)
(192)
Deferred tax on intangible assets Liberty Partners Group
(26,119)
(26,250)
Deferred tax on intangible assets Digital Group
(311)
\u2014
Tax expense / (credit)
34,542
(32,383)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
22,669
55
2,184
24,908
Allfunds Bank \u2013 Milan branch
11,301
(1,276)
14,456
24,481
Allfunds Bank \u2013 Paris branch
3,005
\u2014
\u2014
3,005
Allfunds Bank \u2013 Luxembourg branch
6,864
\u2014
\u2014
6,864
Allfunds Bank \u2013 Swiss branch
327
(54)
\u2014
273
Allfunds Bank \u2013 UK branch
3,214
(41)
(387)
2,786
Liberty Partners, S.L.U.
316
\u2014
\u2014
316
Allfunds Group plc
(1,075)
(1,254)
\u2014
(2,329)
Other
5
385
470
860
less:
Deferred tax on intangible assets at Allfunds Bank Group
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets at Liberty Partners Group
\u2014
\u2014
(26,119)
(26,119)
Deferred tax on intangible assets at Digital Group
\u2014
\u2014
(311)
(311)
Tax expense / (credit)
46,626
(2,185)
(9,899)
34,542
*Main input derived from the Italian tax step-up (release of DTL associated to the BC intangibles and recognition of DTA associated to BC goodwill).
2021
Current tax expense/
(income)
EUR ('000s)
Adjustment
in\u00a0respect of
current\u00a0income tax of
prior years
EUR ('000s)
Deferred tax relating
to origination and
reversal of temporary
differences (*)
EUR ('000s)
Total Tax
(credit)/
expense
EUR ('000s)
Allfunds Bank, S.A.U.
20,384
527
1,948
22,859
Allfunds Bank, S.A.U. \u2013 Milan branch
31,491
277
(76,911)
(45,143)
Allfunds Bank, S.A.U. \u2013 Paris branch
3,853
(6)
\u2014
3,847
Allfunds Bank, S.A.U. \u2013 Luxembourg branch
6,815
(289)
\u2014
6,526
Allfunds Bank \u2013 Swiss branch
402
139
\u2014
541
Allfunds Bank \u2013 UK branch
2,362
1,377
(90)
3,649
Liberty Partners, S.L.U.
1,987
\u2014
\u2014
1,987
Allfunds Group plc
\u2014
(451)
\u2014
(451)
Other
713
(105)
(364)
244
less:
Tax relief from Liberty Partners, S.L.U. to Allfunds Bank, S.A.U.
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets
\u2014
\u2014
(26,250)
(26,250)
Tax expense / (credit)
68,007
1,469
(101,859)
(32,383)
*Related mainly to the decrease in the DTAs and DTLs arising at a consolidating level as a result of the PPA in the business combinations performed.
2022
2021
EUR ('000s)
EUR ('000s)
Consolidated Profit/(loss) before tax
83,725
75,352
Consolidation adjustments
83,092
154,076
Tax income / expense at UK tax Rate 19%
31,695
43,591
Effect on Income by different tax rate by countries
15,587
24,664
Prior year adjustments
(2,185)
1,469
Deferred expense/(income) tax
(9,899)
(101,859)
Others
(656)
(648)
Tax expense/(income)
34,542
(32,783)
The effective tax rate is as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Profit/(loss) before tax
83,725
75,352
Tax expense/(income)
34,542
(32,383)
Effective tax rate
41.26%
(42.98%)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-389": { "value": "
26.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been generated by Allfunds Bank, S.A.U. and its subsidiaries and recorded by the Group are
as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Total expenses
2,247,361
2,163,199
2022
2021
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
67,415
94,050
Social security costs
12,982
11,618
Expense for defined contributions pension funds
2,372
1,794
Termination benefits
1,298
325
Employee share schemes
7,926
1,969
Training expenses
411
550
Other staff costs
3,143
2,518
Total
95,547
112,824
EUR ('000s)
Audit of financial statements services
1,528
1,494
Other assurance services
303
177
Other services
\u2014
7
Total audit and related services
1,831
1,678
EUR ('000s)
Deposits and loans from credit institutions
7,587
3,998
Cash balances from central banks
4,223
7,803
Lease liabilities
339
265
Other
326
(24)
Total
12,475
12,042
EUR ('000s)
Impairment loss on non-financial assets
1
730
Impairment loss on financial assets held at amortised cost
9,040
6,043
9,041
6,773
EUR ('000s)
Allfunds Bank
24,908
22,859
Allfunds Bank \u2013 Milan branch*
24,481
(45,143)
Allfunds Bank \u2013 Paris branch
3,005
3,847
Allfunds Bank \u2013 Luxembourg branch
6,864
6,526
Allfunds Bank \u2013 Swiss branch**
273
541
Allfunds Bank \u2013 UK branch
2,786
3,649
Liberty Partners
316
1,987
Allfunds Group plc
(2,329)
(451)
Other
860
244
less:
Deferred tax on intangible assets Allfunds Bank Group
(192)
(192)
Deferred tax on intangible assets Liberty Partners Group
(26,119)
(26,250)
Deferred tax on intangible assets Digital Group
(311)
\u2014
Tax expense / (credit)
34,542
(32,383)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
22,669
55
2,184
24,908
Allfunds Bank \u2013 Milan branch
11,301
(1,276)
14,456
24,481
Allfunds Bank \u2013 Paris branch
3,005
\u2014
\u2014
3,005
Allfunds Bank \u2013 Luxembourg branch
6,864
\u2014
\u2014
6,864
Allfunds Bank \u2013 Swiss branch
327
(54)
\u2014
273
Allfunds Bank \u2013 UK branch
3,214
(41)
(387)
2,786
Liberty Partners, S.L.U.
316
\u2014
\u2014
316
Allfunds Group plc
(1,075)
(1,254)
\u2014
(2,329)
Other
5
385
470
860
less:
Deferred tax on intangible assets at Allfunds Bank Group
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets at Liberty Partners Group
\u2014
\u2014
(26,119)
(26,119)
Deferred tax on intangible assets at Digital Group
\u2014
\u2014
(311)
(311)
Tax expense / (credit)
46,626
(2,185)
(9,899)
34,542
*Main input derived from the Italian tax step-up (release of DTL associated to the BC intangibles and recognition of DTA associated to BC goodwill).
2021
Current tax expense/
(income)
EUR ('000s)
Adjustment
in\u00a0respect of
current\u00a0income tax of
prior years
EUR ('000s)
Deferred tax relating
to origination and
reversal of temporary
differences (*)
EUR ('000s)
Total Tax
(credit)/
expense
EUR ('000s)
Allfunds Bank, S.A.U.
20,384
527
1,948
22,859
Allfunds Bank, S.A.U. \u2013 Milan branch
31,491
277
(76,911)
(45,143)
Allfunds Bank, S.A.U. \u2013 Paris branch
3,853
(6)
\u2014
3,847
Allfunds Bank, S.A.U. \u2013 Luxembourg branch
6,815
(289)
\u2014
6,526
Allfunds Bank \u2013 Swiss branch
402
139
\u2014
541
Allfunds Bank \u2013 UK branch
2,362
1,377
(90)
3,649
Liberty Partners, S.L.U.
1,987
\u2014
\u2014
1,987
Allfunds Group plc
\u2014
(451)
\u2014
(451)
Other
713
(105)
(364)
244
less:
Tax relief from Liberty Partners, S.L.U. to Allfunds Bank, S.A.U.
\u2014
\u2014
(192)
(192)
Deferred tax on intangible assets
\u2014
\u2014
(26,250)
(26,250)
Tax expense / (credit)
68,007
1,469
(101,859)
(32,383)
*Related mainly to the decrease in the DTAs and DTLs arising at a consolidating level as a result of the PPA in the business combinations performed.
2022
2021
EUR ('000s)
EUR ('000s)
Consolidated Profit/(loss) before tax
83,725
75,352
Consolidation adjustments
83,092
154,076
Tax income / expense at UK tax Rate 19%
31,695
43,591
Effect on Income by different tax rate by countries
15,587
24,664
Prior year adjustments
(2,185)
1,469
Deferred expense/(income) tax
(9,899)
(101,859)
Others
(656)
(648)
Tax expense/(income)
34,542
(32,783)
The effective tax rate is as follows:
2022
2021
EUR ('000s)
EUR ('000s)
Profit/(loss) before tax
83,725
75,352
Tax expense/(income)
34,542
(32,383)
Effective tax rate
41.26%
(42.98%)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-390": { "value": "
27.\u00a0 Employee Compensation and Benefits
2022
2021
Average number of employees during the year:
Senior
30
36
Manager
198
128
Technical and general
721
707
Total
949
871
2022
2021
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
67,415
94,050
Social security costs
12,982
11,618
Expense for defined contributions pension funds
2,372
1,794
Termination benefits
1,298
325
Employee share schemes
7,926
1,969
Training expenses
411
550
Other staff costs
3,143
2,518
Total
95,547
112,824
2022
2021
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
67,415
94,050
Social security costs
12,982
11,618
Expense for defined contributions pension funds
2,372
1,794
Termination benefits
1,298
325
Employee share schemes
7,926
1,969
Training expenses
411
550
Other staff costs
3,143
2,518
Total
95,547
112,824
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
67,415
94,050
Social security costs
12,982
11,618
Expense for defined contributions pension funds
2,372
1,794
Termination benefits
1,298
325
Employee share schemes
7,926
1,969
Training expenses
411
550
Other staff costs
3,143
2,518
Total
95,547
112,824
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-393": { "value": "
28.\u00a0 Other Expenses
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
Sub-contracted administrative services
68,626
65,525
Information technology
22,757
19,211
Technical Reports
10,307
39,469
Legal and professional
6,440
1,991
Communications
5,754
6,162
Insurance
4,859
3,167
Other
11,431
10,569
Total
130,174
146,094
EUR ('000s)
Audit of financial statements services
1,528
1,494
Other assurance services
303
177
Other services
\u2014
7
Total audit and related services
1,831
1,678
EUR ('000s)
Audit of financial statements services
1,528
1,494
Other assurance services
303
177
Other services
\u2014
7
Total audit and related services
1,831
1,678
EUR ('000s)
Audit of financial statements services
1,528
1,494
Other assurance services
303
177
Other services
\u2014
7
Total audit and related services
1,831
1,678
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favorably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favorably, foreign exchange
losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the Central
Resolution Authority within the banking union.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-397": { "value": "
29.\u00a0 Other Operating Income/(Expense)
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
8,743
7,064
Other operating expenses
(6,601)
(1,999)
Net (losses) on financial assets and liabilities at FVTPL
(701)
(19)
Net exchange differences
(2,211)
1,758
Other operating income / (expense)
(770)
6,804
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favorably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favorably, foreign exchange
losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the Central
Resolution Authority within the banking union.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-398": { "value": "
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
8,743
7,064
Other operating expenses
(6,601)
(1,999)
Net (losses) on financial assets and liabilities at FVTPL
(701)
(19)
Net exchange differences
(2,211)
1,758
Other operating income / (expense)
(770)
6,804
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-399": { "value": "
30.\u00a0 Interest Income
2022
2021
EUR ('000s)
EUR ('000s)
Loans and advances to credit institutions
6,312
1,078
Loans and advances to customers
1,475
1,758
Other finance income
358
1,017
Total
8,145
3,853
EUR ('000s)
Loans and advances to credit institutions
6,312
1,078
Loans and advances to customers
1,475
1,758
Other finance income
358
1,017
Total
8,145
3,853
EUR ('000s)
Loans and advances to credit institutions
6,312
1,078
Loans and advances to customers
1,475
1,758
Other finance income
358
1,017
Total
8,145
3,853
EUR ('000s)
Deposits and loans from credit institutions
7,587
3,998
Cash balances from central banks
4,223
7,803
Lease liabilities
339
265
Other
326
(24)
Total
12,475
12,042
EUR ('000s)
Loans and advances to credit institutions
6,312
1,078
Loans and advances to customers
1,475
1,758
Other finance income
358
1,017
Total
8,145
3,853
EUR ('000s)
Deposits and loans from credit institutions
7,587
3,998
Cash balances from central banks
4,223
7,803
Lease liabilities
339
265
Other
326
(24)
Total
12,475
12,042
EUR ('000s)
Deposits and loans from credit institutions
7,587
3,998
Cash balances from central banks
4,223
7,803
Lease liabilities
339
265
Other
326
(24)
Total
12,475
12,042
EUR ('000s)
Deposits and loans from credit institutions
7,587
3,998
Cash balances from central banks
4,223
7,803
Lease liabilities
339
265
Other
326
(24)
Total
12,475
12,042
EUR ('000s)
Profit attributable to ordinary holders
49,183
107,735
31 Dec 2022
31 Dec 2021
Thousands
Thousands
Number of ordinary shares at year end
629,426
629,426
Weighted average number of ordinary shares per IAS 33
629,285
629,426
EPS (EUR)
0.0781
0.1712
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivative financial liabilities
\u2014
(759)
\u2014
Total
\u2014
0
1,621
674
31 Dec 2021
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
664
\u2014
Derivative financial assets
\u2014
377
\u2014
Sub-total
\u2014
1,041
\u2014
Derivate financial liabilities
\u2014
(396)
\u2014
Total
\u2014
645
\u2014
During the years ended 31 December 2022 and 31 December 2021, the Group did not transfer any financial instruments between Levels
1, 2 or 3.
Financial assets at fair value through profit and loss are comprised of Group equity investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-407": { "value": "Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated cash flows based on the forward curves of the respective underlying, quoted in the market.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under the accounting standards issued by the International Accounting Standards Board.
An explanation of each level is as follows:
\u2022Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and held at
fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted market
price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximise the use of observable market data and rely as little as possible on equity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
\u2022Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is
the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivative financial liabilities
\u2014
(759)
\u2014
Total
\u2014
0
1,621
674
31 Dec 2021
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
664
\u2014
Derivative financial assets
\u2014
377
\u2014
Sub-total
\u2014
1,041
\u2014
Derivate financial liabilities
\u2014
(396)
\u2014
Total
\u2014
645
\u2014
During the years ended 31 December 2022 and 31 December 2021, the Group did not transfer any financial instruments between Levels
1, 2 or 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-408": { "value": "
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under the accounting standards issued by the International Accounting Standards Board.
An explanation of each level is as follows:
\u2022Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and held at
fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted market
price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximise the use of observable market data and rely as little as possible on equity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
\u2022Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is
the case for unlisted equity securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-409": { "value": "
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivative financial liabilities
\u2014
(759)
\u2014
Total
\u2014
0
1,621
674
31 Dec 2021
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
664
\u2014
Derivative financial assets
\u2014
377
\u2014
Sub-total
\u2014
1,041
\u2014
Derivate financial liabilities
\u2014
(396)
\u2014
Total
\u2014
645
\u2014
During the years ended 31 December 2022 and 31 December 2021, the Group did not transfer any financial instruments between Levels
1, 2 or 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-410": { "value": "
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivative financial liabilities
\u2014
(759)
\u2014
Total
\u2014
0
1,621
674
31 Dec 2021
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
664
\u2014
Derivative financial assets
\u2014
377
\u2014
Sub-total
\u2014
1,041
\u2014
Derivate financial liabilities
\u2014
(396)
\u2014
Total
\u2014
645
\u2014
During the years ended 31 December 2022 and 31 December 2021, the Group did not transfer any financial instruments between Levels
1, 2 or 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-411": { "value": "
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivative financial liabilities
\u2014
(759)
\u2014
Total
\u2014
0
1,621
674
31 Dec 2021
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
664
\u2014
Derivative financial assets
\u2014
377
\u2014
Sub-total
\u2014
1,041
\u2014
Derivate financial liabilities
\u2014
(396)
\u2014
Total
\u2014
645
\u2014
During the years ended 31 December 2022 and 31 December 2021, the Group did not transfer any financial instruments between Levels
1, 2 or 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-412": { "value": "
36.\u00a0 Leases
The Group has lease contracts for buildings, vehicles, and computer hardware. The Group\u2019s obligations under its leases are secured by
the lessor\u2019s title to the leased assets.
The Group also has leases with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the
\u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.
The carrying amounts of right-of-use assets recognised as at 31 December 2022 comprised of office building EUR 14,798 thousand,
vehicles EUR 501 thousand and computer hardware EUR 1,270 thousand. (31 December 2021 comprised office buildings EUR 17,311
thousand, vehicles EUR 627 thousand and computer hardware EUR 1,960 thousand).
Set out below are the maturities of the lease liabilities:
31 Dec 2022
31 Dec 2021
EUR (\u2018000s)
EUR (\u2018000s)
6 months or less
3,017
3,732
6-12 months
2,672
3,384
Total current liabilities
5,689
7,116
1-5 years
9,755
11,549
Over 5 years
1,400
1,179
Total non-current liabilities
11,155
12,728
Total Liabilities
16,844
19,844
The following are the amounts recognised in the consolidated statement of comprehensive income:
2022
2021
EUR (\u2018000s)
EUR (\u2018000s)
Depreciation expense of right-of-use assets
7,597
7,026
Interest expense on lease liabilities
339
265
Expenses relating to short-term and low value leases
664
731
Total
8,600
8,022
The Group had cash outflows for leases of EUR 7,611 thousand for principal payments and EUR 320 thousand of interest payments for
the year ended\u00a0 31 December 2022 (31 December 2021: principal payments of EUR 7,118 thousand and interest payments of EUR 265
thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-413": { "value": "
37.\u00a0 Related Party Transactions
Balances and transactions between the Company and other subsidiaries of the Allfunds Group, which are related parties, have been
eliminated on consolidation and are not disclosed in this Note.
Relationships
In addition to the public float, the shareholders of the Company are LHC3 Limited, BNP Paribas S.A. and BNP Paribas Asset
Management Holding S.A. (BNPP AM). The Company is 34.3% owned by LHC3 Limited as at 31 December 2022. The remaining 12.1% is
owned between BNP Paribas SA and BNPP AM, and 0.2% by the Company in the form of Treasury shares, and and with the remainder
of free float of 53.4%.
Acquisition-related agreements
As described in the the audited annual consolidated financial statements for the year ended 31 December 2020, Allfunds Group has
entered into various cooperation, exclusivity and transitional service agreements with its shareholders, BP2S and BNPP AM. As a
result of the agreements entered into, there are revenues, expenses, assets and liability balances generated between the Allfunds
Group and these parties. The shareholders BNP Paribas SA and BNPP AM are collectively referred to as \"BNP Paribas\" below:
As at
Assets
Liabilities
31 Dec 2022
31 Dec 2021
31 Dec 2022
31 Dec 2021
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
Credit Suisse AG
\u2014
13,111
\u2014
36,026
BNP Paribas (*)
287,644
271,830
58,076
297,018
There are 13 Directors of Allfunds Group plc as at 31 December 2022 (15 Directors as at 31 December 2021), and of these 13 Directors,
10 were also Directors of Allfunds Bank, S.A.U. (of the 15 Directors as at 31 December 2021, 12 were also Directors of Allfunds Bank,
S.A.U.).
A further amount of EUR 10,400 thousand was paid in the year to 31 December 2021 by an indirect shareholder of the Company to
certain employees of Allfunds Bank, S.A.U. for their hiring to the bank.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-414": { "value": "
Management investment plan
Certain employees of the Allfunds Group have invested in the Management Investment Plan of LHC Manco Limited. Together, these
employees through LHC Manco Limited indirectly have interests as at 31 December 2022 of 0.325% of Allfunds Group plc. (31
December 2021 of 0.325%).
Included within the 0.325% are 0.121% for Juan Alcaraz, Chief Executive Officer (CEO) (31 December 2021 0.121%); 0.006% for Amaury
Dauge, former Chief Financial Officer (CFO) (31 December 2021 0.006%); 0.001% for J.P. Rangaswami (Director) (31 December 2021
0.001%) and 0.038% for other key management, excluding both CEO and the former CFO (31 December 2021 0.0.35%).
The employees voluntarily bought into the shares at a fair market value. There are a number of conditions attached to the ownership
of these shares restricting the ability and price at which these shares can be disposed of.
As the shares have been issued and acquired at fair market value, there was no difference between the value that the employee
received, and the value paid by the employees. Consequently, no expense has been accounted for in these financial statements.
During 2021 as part of the IPO process, LHC3 Limited (the company via which LHC Manco Limited indirectly holds its shareholding in
Allfunds Group plc) disposed of 29.3% of its shareholdings in Allfunds Group plc. Some of the proceeds were used to repay debt and
other costs at LHC3 Limited, such that the net proceeds received by LHC Manco Limited represented 17.6% of the value it held prior to
the IPO.
Remuneration of key management personnel
The remuneration of the Allfunds Group\u2019s senior executives, who are key management personnel of the Allfunds Group, is set out
below:
12 months to
31 Dec 2022
31 Dec 2021
EUR (\u2018000s)
EUR (\u2018000s)
Non-executive directors
985
721
Senior management
Short-term employee benefits
11,313
24,777
Post-employment benefits
495
360
Termination benefits
273
\u2014
Total
12,081
25,137
There are 13 Directors of Allfunds Group plc as at 31 December 2022 (15 Directors as at 31 December 2021), and of these 13 Directors,
10 were also Directors of Allfunds Bank, S.A.U. (of the 15 Directors as at 31 December 2021, 12 were also Directors of Allfunds Bank,
S.A.U.).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-415": { "value": "
38.\u00a0 Commitments and Contingencies
Commitments
As at 31 December 2022 the Group and its subsidiaries had the following commitments:
\u2022BNPP TSA with a cost of EUR 2,601 thousand pending as at 31 December 2022 (EUR 37,000 thousand pending 31 December 2021);
and
\u2022PAM sub distribution agreement with a cost of EUR 9,800 thousand over a 10-year period.
Contingencies
On 3 March 2011, Fairfield Sentry Limited and Fairfield Sigma Limited (hereinafter, the \"Funds\"), both in liquidation and affected by the
so-called Madoff case, filed before the Court of Bankruptcy of the Southern District of New York of the United States of Amercia,
(United States Bankruptcy Court for the Sourthern\u00a0 District of New York), a lawsuit against a distribution company outside the Group
and against Allfunds Bank, as a consequence of the reimbursements made prior to December 2008, through the Bank, following the
instructions of the aforementioned distribution company, as the liquidators of the Fund liquidators understood that, among other
reasons, there were erroneous payments and unjust enrichment in said reimbursements, in the amount of USD 3,505,471.33
(approximately EUR 3,283 thousand).
In August 2016, the plaintiff also suspended certain claims from the Court of the British Virgin Islands. The Court of the British Virgin
Islands denied the request for dismissal (although the Bank is not sued in the British Virgin Islands, there is a possibility that such
claims will be reviewed in New York).
On 13 January 2017, the group of defendants, which include Allfunds Bank, S.A.U., filed an application for dismissal of the claim. On 6
December 2018 the Court found in favour of the defendants with respect to their contractual claims, except in the cases which the
defendants were aware that the applicable net asset value at the time the redemptions were made was erroneous due to the
investments of the funds held through Madoff. In this situation, the plaintiff could take action against the defendants and where the
Bank is not included.
After the decision on 6 December 2018, the parties (plaintiffs and defendants) agreed to close the claims in order to execute that
decision. After this decision was presented to the Court, on 4 April 2019, the Court accepted the closing of the claims in relation to
Allfunds. Subsequently, the plaintiffs have appealed the decision of the Court on 6 December 2018 (including the closing order
regarding Allfunds).
On 19 July 2019, the plaintiff submitted an amendment to the claim against Allfunds, where all claims dismissed under the December
2018 decision are eliminated, except the claims related to the British Virgin Islands lawsuit on which it will submit a request for
dismissal (although the Bank is not sued in the British Virgin Islands).
On 16 March 2020, the group of defendants filed a new withdrawal action against the claim and the amendment of the claim (renewed
motion).
On 20 March 2020, several Spanish defendants filed a supplement to the new withdrawal action seeking to demonstrate that the
Spanish defendants, including Allfunds, are financial institutions eligible for the \"free port\" or safe harbour exemption under U.S. law by
providing the necessary documentation.
On 29 May 2020, the plantiffs filed their opposition to defendants\u2019 renewed motion and new action to dismiss, filing a joint response
on 19 June 2020. The Court determined that it will use two representative complaints (filed against Citibank NA London and HSBC
Private Bank (Suisse) SA) to decide certain issues presented in the renewed motion, including whether (i) the majority of redemption
payments were paid \u201cto\u201d or \u201cfor\u201d the benefit of a covered entity under the \"safe harbour defence\" under\u00a0 and (ii) whether the
Liquidators\u2019 claims against Defendants who are parties to the Hague Convention (\u201cHague Defendants\u201d) must be dismissed for
insufficient service of process, respectively. The Hague Defendants, including the Bank, did not permit or authorise the Liquidators to
serve their complaints by international mail.
On 14 December 2020, the Court issued a favourable decision to the defendants (including dismissal of the British Virgin Annulment
Claims against all defendants, including the Bank). However, the claimants intend to appeal. The new appeal will be consolidated with
the plantiffs' appeals of Judge Bernstein\u2019s previous Fairfield decisions.
On 24 February 2021, the order of implementation of the Court's decision was issued to the Bank and the final judgment of dismissal
was issued on 12 March 2021 declaring the Bank out of the case without prejudice to the intention of the platiffs to appeal.
The platiffs subsequently appealed to the same district judge handling the Fairfield II appeal. On 24 August 2022, the United States
District Court issued a decision upholding the United States Bankruptcy Court's dismissal of the claims against the Bank.
The liquidators again appealed the decision to the United States District Court. The liquidators filed their initial brief on 27 January
2023. The defendants' opposition brief will be filed on 5 May 2023.
Based on all of the foregoing, the resolution of this issue seems close, although it cannot be confirmed to date whether the final
resolution of the lawsuit will finally be favourable. In any case, the Bank and Allfunds Group considers that, ultimately, the Group will
not have to bear the possible adverse consequences of the aforementioned proceeding, since it considers that it acted merely as an
intermediary without benefiting, on any occasion, from the redemptions made, and without having reliable knowledge that the net
asset value applicable at the time of redemptions were made was erroneous, and, accordingly, therefore no provision was recognised
in this connection as at 31 December 2022 or 31 December 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-416": { "value": "
Commitments
As at 31 December 2022 the Group and its subsidiaries had the following commitments:
\u2022BNPP TSA with a cost of EUR 2,601 thousand pending as at 31 December 2022 (EUR 37,000 thousand pending 31 December 2021);
and
\u2022PAM sub distribution agreement with a cost of EUR 9,800 thousand over a 10-year period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-417": { "value": "
Contingencies
On 3 March 2011, Fairfield Sentry Limited and Fairfield Sigma Limited (hereinafter, the \"Funds\"), both in liquidation and affected by the
so-called Madoff case, filed before the Court of Bankruptcy of the Southern District of New York of the United States of Amercia,
(United States Bankruptcy Court for the Sourthern\u00a0 District of New York), a lawsuit against a distribution company outside the Group
and against Allfunds Bank, as a consequence of the reimbursements made prior to December 2008, through the Bank, following the
instructions of the aforementioned distribution company, as the liquidators of the Fund liquidators understood that, among other
reasons, there were erroneous payments and unjust enrichment in said reimbursements, in the amount of USD 3,505,471.33
(approximately EUR 3,283 thousand).
In August 2016, the plaintiff also suspended certain claims from the Court of the British Virgin Islands. The Court of the British Virgin
Islands denied the request for dismissal (although the Bank is not sued in the British Virgin Islands, there is a possibility that such
claims will be reviewed in New York).
On 13 January 2017, the group of defendants, which include Allfunds Bank, S.A.U., filed an application for dismissal of the claim. On 6
December 2018 the Court found in favour of the defendants with respect to their contractual claims, except in the cases which the
defendants were aware that the applicable net asset value at the time the redemptions were made was erroneous due to the
investments of the funds held through Madoff. In this situation, the plaintiff could take action against the defendants and where the
Bank is not included.
After the decision on 6 December 2018, the parties (plaintiffs and defendants) agreed to close the claims in order to execute that
decision. After this decision was presented to the Court, on 4 April 2019, the Court accepted the closing of the claims in relation to
Allfunds. Subsequently, the plaintiffs have appealed the decision of the Court on 6 December 2018 (including the closing order
regarding Allfunds).
On 19 July 2019, the plaintiff submitted an amendment to the claim against Allfunds, where all claims dismissed under the December
2018 decision are eliminated, except the claims related to the British Virgin Islands lawsuit on which it will submit a request for
dismissal (although the Bank is not sued in the British Virgin Islands).
On 16 March 2020, the group of defendants filed a new withdrawal action against the claim and the amendment of the claim (renewed
motion).
On 20 March 2020, several Spanish defendants filed a supplement to the new withdrawal action seeking to demonstrate that the
Spanish defendants, including Allfunds, are financial institutions eligible for the \"free port\" or safe harbour exemption under U.S. law by
providing the necessary documentation.
On 29 May 2020, the plantiffs filed their opposition to defendants\u2019 renewed motion and new action to dismiss, filing a joint response
on 19 June 2020. The Court determined that it will use two representative complaints (filed against Citibank NA London and HSBC
Private Bank (Suisse) SA) to decide certain issues presented in the renewed motion, including whether (i) the majority of redemption
payments were paid \u201cto\u201d or \u201cfor\u201d the benefit of a covered entity under the \"safe harbour defence\" under\u00a0 and (ii) whether the
Liquidators\u2019 claims against Defendants who are parties to the Hague Convention (\u201cHague Defendants\u201d) must be dismissed for
insufficient service of process, respectively. The Hague Defendants, including the Bank, did not permit or authorise the Liquidators to
serve their complaints by international mail.
On 14 December 2020, the Court issued a favourable decision to the defendants (including dismissal of the British Virgin Annulment
Claims against all defendants, including the Bank). However, the claimants intend to appeal. The new appeal will be consolidated with
the plantiffs' appeals of Judge Bernstein\u2019s previous Fairfield decisions.
On 24 February 2021, the order of implementation of the Court's decision was issued to the Bank and the final judgment of dismissal
was issued on 12 March 2021 declaring the Bank out of the case without prejudice to the intention of the platiffs to appeal.
The platiffs subsequently appealed to the same district judge handling the Fairfield II appeal. On 24 August 2022, the United States
District Court issued a decision upholding the United States Bankruptcy Court's dismissal of the claims against the Bank.
The liquidators again appealed the decision to the United States District Court. The liquidators filed their initial brief on 27 January
2023. The defendants' opposition brief will be filed on 5 May 2023.
Based on all of the foregoing, the resolution of this issue seems close, although it cannot be confirmed to date whether the final
resolution of the lawsuit will finally be favourable. In any case, the Bank and Allfunds Group considers that, ultimately, the Group will
not have to bear the possible adverse consequences of the aforementioned proceeding, since it considers that it acted merely as an
intermediary without benefiting, on any occasion, from the redemptions made, and without having reliable knowledge that the net
asset value applicable at the time of redemptions were made was erroneous, and, accordingly, therefore no provision was recognised
in this connection as at 31 December 2022 or 31 December 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-418": { "value": "
40.\u00a0 Subsequent Events
Mainstreet Partners Acquisition
On 17 February 2023, an indirect subsidiary company of the Group completed the acquisition of 65% of MainStreet Capital Partners
Limited (\"MainStreet Partners\") for GBP 33,000 thousand (EUR 37,400 thousand).
To provide funding for the acquisition, the Company made a withdrawal on the existing revolving credit facility of Eur 44,000
thousand and on 8 February 2023 the Company increased its investment in Liberty Partners, S.L.U., its direct subsidiary by the same
amount of Eur 44,000 thousand. Subsequently, there were other transactions within the Group until the funding arrived at the
required destination.
For details of shares delivered post year end regarding the LTIP 1 scheme and the approval of an additional LTIP scheme please refer
to Note 3.g.iv and for dividends received please refer to Note 2", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-419": { "value": "
41.\u00a0 Subsidiaries
Name of the entity
Place of business/
country of
incorporation
Ownership
Direct / Indirect
Subsidiary
Share type
Principal activities
Liberty Partners, S.L.U.
C/de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Direct
Ordinary
shares
Asset holding
Allfunds Bank, S.A.U.
C/de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Indirect
Ordinary
shares
Banking and investment
services
Allfunds Nominee Limited
2 Fitzroy Place, 8 Mortimer Street
6th floor, London, W1T 3JJ
United
Kingdom
100%
Indirect
Ordinary
shares
Asset holding
Allfunds Bank Brazil Representacoes Ltda.
Rua Tabapu\u00e2, 1227, Itaim Bibi, S\u00e2o Paulo, Brazil
Brazil
100%
Indirect
Ordinary
shares
Representation services
Allfunds Digital, S.L.U.
Edificio Insomnia, Calle de la Travessia,
15B Base 2, 46024
Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Blockchain, S.L.U.
C/ de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
activities and technology
development
Allfunds Hong Kong Limited
30th Floor, One Taikoo Place, 979 Kings\u2019 Road,
Hong Kong
Hong Kong
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Data Analytics Limited (*)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Fitzroy Place, 8 Mortimer Street, London,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Computer programming
and data solutions provider
Allfunds Tech Solutions, S.A.U.(**)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Avenida de Bruselas, 20, 28108, Alcobendas,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Investment Solutions, Limited (***)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
30 Boulevard Royal, L-2249, Luxembourg
Luxembourg
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Information & Technology Services
(Shanghai) Co., Ltd (***)
Pudong New District, Shanghai, China
China
100%
Indirect
Ordinary
shares
Computer programming
*Formerly known as InsitHub Analytics Limited.
**\u00a0 Formerly known as Web Financial Group, S.A. being the principal Company of the Group.
*** Newly created Companies in 2022.
During the year to 31 December 2022, the subsidiary company MyFundMatch S.A.S. was liquidated.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-420": { "value": "
41.\u00a0 Subsidiaries
Name of the entity
Place of business/
country of
incorporation
Ownership
Direct / Indirect
Subsidiary
Share type
Principal activities
Liberty Partners, S.L.U.
C/de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Direct
Ordinary
shares
Asset holding
Allfunds Bank, S.A.U.
C/de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Indirect
Ordinary
shares
Banking and investment
services
Allfunds Nominee Limited
2 Fitzroy Place, 8 Mortimer Street
6th floor, London, W1T 3JJ
United
Kingdom
100%
Indirect
Ordinary
shares
Asset holding
Allfunds Bank Brazil Representacoes Ltda.
Rua Tabapu\u00e2, 1227, Itaim Bibi, S\u00e2o Paulo, Brazil
Brazil
100%
Indirect
Ordinary
shares
Representation services
Allfunds Digital, S.L.U.
Edificio Insomnia, Calle de la Travessia,
15B Base 2, 46024
Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Blockchain, S.L.U.
C/ de los Padres Dominicos 28050, Madrid,
Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
activities and technology
development
Allfunds Hong Kong Limited
30th Floor, One Taikoo Place, 979 Kings\u2019 Road,
Hong Kong
Hong Kong
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Data Analytics Limited (*)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Fitzroy Place, 8 Mortimer Street, London,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Computer programming
and data solutions provider
Allfunds Tech Solutions, S.A.U.(**)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Avenida de Bruselas, 20, 28108, Alcobendas,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Investment Solutions, Limited (***)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
30 Boulevard Royal, L-2249, Luxembourg
Luxembourg
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Information & Technology Services
(Shanghai) Co., Ltd (***)
Pudong New District, Shanghai, China
China
100%
Indirect
Ordinary
shares
Computer programming
*Formerly known as InsitHub Analytics Limited.
**\u00a0 Formerly known as Web Financial Group, S.A. being the principal Company of the Group.
*** Newly created Companies in 2022.
During the year to 31 December 2022, the subsidiary company MyFundMatch S.A.S. was liquidated.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }