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"value": "Deezer\u00a0S.A. 24, rue de Calais, 75009 ParisThe Company or the Parent is a private limited company incorporated and domiciled in France, with a registered office located 24, rue de Calais 75009 Paris. The Group comprises the Company and its subsidiaries (the \u201cGroup\u201d). The Company is the holding company of the Group that operates a streaming music service through the Deezer.com website and a mobile application and operates in more than 180\u00a0countries. Deezer Group makes more than 90\u00a0million music tracks available to its customers. The main activities of the Group\u2019s companies are: an online music listening service, provided free of charge to \u25cf users (financed by advertising) or by way of subscriptions; advertising sales (sale of advertising space online). \u25cf Significant events 1.2 On April\u00a018, 2022, I2PO\u00a0S.A., a special purpose acquisition company publicly traded company on the professional segment of the regulated market of Euronext Paris, and Deezer\u00a0S.A. entered into a definitive agreement for a business combination that resulted in the merger of Deezer\u00a0S.A. with and into I2PO\u00a0S.A.. On May\u00a024, 2022, Deezer\u00a0S.A. entered into a second investment agreement with Dreamstage,\u00a0Inc. Under this investment contract, Deezer\u00a0S.A. subscribed to a share capital increase of US$2\u00a0million granting Deezer\u00a0S.A. a total ownership of 77.2%, in terms of share capital and vote rights. On July\u00a05, 2022, Deezer\u00a0S.A. legally merged with and into I2PO\u00a0S.A., whose registered office was located 12, rue Fran\u00e7ois 1er, 75008 Paris, France, registered with the Registre du commerce et des soci\u00e9t\u00e9s under number\u00a0898,969,852 RCS Paris. As part of the merger, Deezer\u00a0S.A. was dissolved and all its assets and liabilities were automatically transferred to I2PO\u00a0S.A. by operation of law and I2PO\u00a0S.A. encompassing the activities and business of Deezer\u00a0S.A. was renamed \u201cDeezer\u00a0S.A.\u201d. On the same day, I2PO\u00a0S.A. received \u20ac119\u00a0million through subscription agreements (\u201cthe PIPE\u201d) reserved to existing and new investor. Concomitantly, the registered office of I2PO\u00a0S.A. was transferred to 24, rue de Calais, 75009 Paris, France. held by its dissenting\u00a0market shareholders for an amount of \u20ac251.3\u00a0million and repaid this amount to those shareholders. The Company kept \u20ac23.7\u00a0million in cash at bank. On August\u00a03, 2022, the Company released \u20ac275\u00a0million from its escrow account, redeemed the class B preferred shares On August\u00a016, 2022, RTL Deutschland announced the launch of music streaming app RTL+ Musik. Through\u00a0its partnership with\u00a0the Company, paying subscribers of RTL+ in Germany have access to 90\u00a0million tracks, more than 5,000 curated playlists, and a user-friendly interface with key music streaming features. On September\u00a07, 2022, the Company announced the conclusion of a partnership with French e-commerce leader Cdiscount. On September\u00a029, 2022, the Company acquired additional minority shares of Dreamstage\u00a0Inc. and strengthened its majority shareholder position with a total ownership of 86.0% in terms of share capital and vote rights. The Company sold its investment in Dreamstage\u00a0Inc. in exchange of shares of Driift Holdings Limited and subscribed to a share capital increase of \u00a34\u00a0million of Driift Holdings Limited. As a result of the additional investment and the business combination, the Company became the largest shareholder of Driift Holdings Limited with a 45.5% ownership and became the indirect majority shareholder of Dreamstage\u00a0Inc. fully owned by Driift Holdings Limited since then. The transaction brings together Driift Holdings Limited\u2019s production capabilities with Dreamstage\u00a0Inc.\u2019s technology and commerce platform. On December\u00a013, 2022, Ingrid Bojner and Mark Simonian were co-opted by the Board of Directors to replace Alban Gr\u00e9get and Jeronimo Folgueira, who resigned from their positions as directors. Jeronimo Folgueira, who stepped down in order to allow for an additional independent director to join the Board of Directors, continues his mandate as Chief Executive Officer. On December\u00a021, 2022, the Company launched\u00a0ZEN by Deezer\u00a0in France. The new paid subscription features adaptive music and audio experiences for sleep and relaxation. The app also includes guides, exercises and other content created by psychologists, coaches, teachers and other recognized experts. On December\u00a031, 2022, Guillaume d\u2019Hauteville resigned from his office as Chairman of the Board of Directors, and Iris Knobloch was appointed chairwoman of the Board, effective January\u00a01, 2023. Following the change, Guillaume d\u2019Hauteville was appointed Vice-Chairman of the Board of Directors, a position previously held by Iris Knobloch. The Group\u2019s operations in Russia and in Ukraine are impacted by the consequences of the war in Ukraine. As\u00a0these operations are non-significant, their impacts are limited on the consolidated financial statements for the year ended December\u00a031, 2022. Summary of significant accounting policies Note\u00a02 The consolidated financial statements as of and for the year ended December\u00a031, 2022 were prepared under management\u2019s supervision and were authorized for issue by the Board of Directors on February\u00a028, 2023. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation 2.1 Compliance with IFRS 2.1.1 The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Union and whose application is mandatory as of December\u00a031, 2022. The preparation of the consolidated financial statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note\u00a03. On February\u00a028, 2023, the Board of Directors has reviewed the financial position of the Group, together with its forecast cash flows and financing facilities available and have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12\u00a0months following the signing of these financial statements. For this reason, the Group has adopted the going concern basis in preparing the financial statements. New and amended standards adopted 2.1.2 by\u00a0the\u00a0Group The application of standards, amendments to existing standards and interpretations published by the IASB whose application has been mandatory since January\u00a01, 2022 had no significant impact on the Company\u2019s consolidated financial statements as of December\u00a031, 2022. They primarily concern: amendments to IFRS\u00a03 related to the conceptual framework; \u25cf amendments to IAS\u00a037 related to onerous contracts; \u25cf amendments to IAS\u00a016 related to proceed before intended \u25cf use; IFRIC decision of March\u00a02021 on configuration or \u25cf customization costs in a cloud computing arrangement (IAS\u00a038). New standards and interpretations 2.1.3 not\u00a0yet\u00a0effective Certain new accounting standards and interpretations have been published that are not mandatory for December\u00a031, 2022 reporting periods and have not been early adopted by the Group: IFRS\u00a017, Insurance contracts and amendments to IFRS\u00a017; \u25cf amendments to IAS\u00a01, Classification of liabilities as current \u25cf or non-current; Disclosure of accounting policies; amendments to IAS\u00a08, Definition of accounting estimates; \u25cf amendments to IAS\u00a012 Income Taxes, Deferred Tax related \u25cf to Assets and Liabilities arising from a Single Transaction; amendments to IFRS\u00a016, Leases Lease Liability in a Sale \u25cf and Leaseback. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. Basis of consolidation 2.2 Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated. Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method. Foreign currency translation 2.3 Functional and reporting currency 2.3.1 Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the reporting currency and the functional and presentation currency of the ParentFinancial statements Consolidated financial statements for the fiscal year ended December\u00a031,\u00a02022 Transactions and balances 2.3.2 Transactions in foreign currencies are translated into their respective functional currencies using the exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rate effective at that date. The resulting exchange gains or losses are recorded in the consolidated income statement. Group companies 2.3.3 The financial statements of consolidated foreign subsidiaries whose functional currency is not the Euro are translated into Euros: for statement of financial position items at the closing \u25cf exchange rate at the date of the statement of financial position; and for the income statements, statement of comprehensive loss \u25cf and statement of cash flows items at the average rate for the period presented; except where this method cannot be applied due to significant exchange rate fluctuations during the applicable period. The closing and average Euro to Brazilian Real exchange rates used in the consolidated financial statements to convert the operations of the Brazilian subsidiary have changed significantly in 2022 compared to 2021. The resulting currency translation adjustments are recorded in other comprehensive income (loss) as a cumulative currency translation adjustment. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Revenue Recognition 2.4 Direct Revenue \u2013 B2C and Indirect Revenue \u2013 2.4.1 B2B The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue \u2013 B2C\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cIndirect Revenue \u2013 B2B\u201d). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance. Direct Revenue \u2013 B2C and Stand-Alone 2.4.2 subscriptions (Indirect Revenue \u2013 B2B) These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example: subscriptions sold by the Group and collected through \u25cf payment platforms as well as subscriptions taken out through \u201cStores\u201d (Apple, Android) are recognized for their gross value. The commission charged by the platform is included in \u201cCost of Revenue\u201d; for subscriptions subscribed through distribution partners \u25cf (\u201cStand-Alone\u201d): where the Group concludes that it is principal in the \u25cf transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its gross value. If a commission is invoiced by the distributor in accordance with the distribution agreement, it is recorded as an expense in \u201cSales and Marketing\u201d, where the Group concludes that the distribution partner \u25cf is principal in the transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its net value, having deducted the sales commission. Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service. Revenue from Bundle (Indirect Revenue \u2013 B2B) 2.4.3 When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days). The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor. The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract. 2022 Universal registration document 6 Financial statements Consolidated financial statements for the fiscal year ended December\u00a031,\u00a02022 Other Revenue 2.4.4 The Group has two other sources of revenue: The Group\u2019s advertising revenue is primarily generated \u25cf through display, audio, and video advertising delivered through impressions on the Deezer free service. The Group enters into arrangements with advertising agencies that purchase advertising on its platform on behalf of the agencies\u2019 clients, or enters into arrangements directly with advertisers. These advertising arrangements are typically sold on a cost-per-thousand basis and are evidenced by an Insertion Order (\u201cIO\u201d), a submission of order placements through a self-serve platform that includes the online acceptance of terms and conditions, or contracts that specify the terms of the arrangement such as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. Advertising revenue is recognized in the period in which the advertising service is provided. Ancillary revenue corresponds to income received by the \u25cf Deezer Group from partners, in particular from sales of access codes. Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed. Cost of revenue 2.5 Cost of revenue consists predominantly of royalty and distribution costs related to content streaming. Royalty and guaranteed minimum costs 2.5.1 Royalty and guaranteed minimum costs include the royalties due to rights holders as a result of content streaming. Royalties are typically calculated using negotiated rates in accordance with license agreements and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination of the amount of the rights holders\u2019 costs is based on a number of variables, including the revenue recognized, the type of content streamed and the country in which it is streamed, identification of the appropriate license holder and size of user base. Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made. When signing multi-annual royalty contracts with minimum guaranteed amounts the Group assesses the amount of royalties to be consumed over the entire contractual period. Any difference between the guaranteed minimum and the royalties assessed is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. When the amount of the guaranteed minimum cannot be allocated to accounting periods covered by the term of the contract, this amount is spread prorata temporis. For onerous contracts, any difference between the guaranteed minimum and the royalties over the entire contractual period assessed on the date on which the contract is signed is recognized as an intangible asset (access right according to the criteria of IAS\u00a038). This intangible asset is amortized over the contract term and the annual amortization charge is presented under Product and Development. At the end of each financial year, the Group updates the estimated unused minimum guaranteed. If the new estimate is higher than the initial amount of the intangible asset, a charge in Cost of Revenue is recognized for the difference through an impairment of advance payments on music rights, if any, or through a provision for onerous contract if such difference is higher than advance payments. Distribution and other costs 2.5.2 Distribution and other costs of revenue include commissions charged by the sales platforms, server hosting and network bandwidth. Product and development expenses 2.6 Product and development expenses are primarily comprised of costs incurred for the development and improvements of the product and its interfaces. The costs incurred mainly include related salaries and social contributions. Sales and marketing expenses 2.7 Sales and marketing expenses are predominantly comprised of subscriber acquisition costs, communication expenses relating to public relations, commissions paid to distributors, as well as the costs of providing free trials of the Deezer subscriptions. They also include salaries, social contributions and expenses relating to employees assigned to advertising sales, central and local marketing teams, as well as customer support teams. Expenses included in the costs of providing free trials are primarily derived from per user royalty fees determined in accordance with the rights holder agreements. General and administrative expenses 2.8 General and administrative expenses are primarily comprised of salaries, social contributions and expenses relating to employees assigned to management and support functions such as Content, Finance, Human Resources, Legal and Strategy, to the department in charge of relations with the right holders, as well as costs related to premises. Income tax 2.9 The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statements except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax 2.9.1 The current tax represents the amount of income tax based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Deferred tax 2.9.2 Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset. Earnings per share 2.10 Basic earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of ordinary shares existing during the period, less the average number of ordinary shares bought and held as treasury shares. Diluted earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of shares issued or to be issued at the end of the period, excluding treasury shares and including the impact of all potentially dilutive ordinary shares and in particular the exercise of stock options. The calculation of basic earnings per share as a result of the merger is detailed in Note\u00a010 \u201cLoss per share\u201d. Goodwill 2.11 Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined. The key assumptions used for these tests are as follows: business plan of the activity supported by the goodwill \u25cf prepared by Management on the basis of growth and profitability, and consistent with the Deezer Group\u2019s business plan validated by the Board of Directors; exit revenue multiple; \u25cf revenue growth rate; \u25cf gross margin growth rate; \u25cf discount rate. \u25cf Intangible assets 2.12 Development costs 2.12.1 Internal development costs may be capitalized when the following criteria are met: high probability of technical success allowing the completion \u25cf of the intangible asset for commissioning or sale; the intention to complete the intangible asset and use or sell \u25cf it; the ability to use or sell the intangible asset; \u25cf how the intangible asset will generate probable future \u25cf economic benefits; the availability of appropriate resources (technical, financial \u25cf and other) to complete the development and use or sell the intangible asset; the ability to reliably measure the expenses spent on the \u25cf intangible asset development. Some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses. Software and licenses 2.12.2 Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life. Other intangible assets 2.12.3 Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life. Amortization 2.12.4 Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively. Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong. The estimated useful lives are the following: licenses: 1 to 3\u00a0years; \u25cf websites:1\u00a0year; \u25cf customer database:between 1 and 2\u00a0years; \u25cf other assets: between 1 and 3\u00a0years; \u25cf exclusive rights and access rights: term of the contract. \u25cf Property and equipment 2.13 Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group. When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment. Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment. The estimated useful lives used are as follows: building improvements: 5 to 10\u00a0years; \u25cf technical equipment and tools: 3\u00a0years; \u25cf fixtures and fittings: between 5 and 8\u00a0years; \u25cf vehicles: 5\u00a0years; \u25cf office and computer equipment: 3\u00a0years; \u25cf furniture: 5\u00a0years. \u25cf The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired. Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use. Right-of-use assets and lease liabilities 2.14 At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: the contract involves the use of an identified asset \u2013 this \u25cf may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; the Group has the right to obtain substantially all of the \u25cf economic benefits from the use of the asset throughout the period of use; and the Group has the right to direct the use of the asset. The \u25cf Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. As a lessee, the Group recognizes: an asset corresponding to the right of using such asset \u25cf during the lease term At the effective date of the lease agreement, the right-of-use is measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any leases incentives received, any initial directs costs and restoration costs. The right-of-use is amortized over the useful life of the underlying asset. This useful life always corresponds to the lease contract period, given the nature of assets leased by the Group; a lease liability resulting from the obligation to pay this \u25cf right-of-use At the effective date of the lease agreement, the lease liability include the net present value of the fixed payments, less any lease and incentives receivable, variable lease payment that are based on an index or a rate, amounts expected to be payable by the Group under residual value guarantees, the exercise price of a purchase option if the Group reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease reflects the Group exercising that option. Discounting rentals is carried out by using an incremental borrowing rate specific to each country and specific to each lessee; These rates correspond to interest rates which the lessee would have to pay in order to borrow, for the same period and with a similar guarantee, the necessary amount to purchase a similar asset in a similar economic environment. During the lease term, the lease liability and the right-of-use asset may be adjusted based on events resulting in an increase or decrease of the lease term and of the rental. The duration of the contract considered is the reasonably certain duration including the non-cancellable period, the periods possibly covered by renewal or termination options.\u00a0This duration is assessed on the date of the lease start and this assessment must consider all the facts or circumstances creating an economic incentive. Main simplified measures allowed by IFRS\u00a016 are used by the Group. Financial statements Consolidated financial statements for the fiscal year ended December\u00a031,\u00a02022 Leases meeting the following conditions are excluded from the scope of IFRS\u00a016: leases in relation to assets with a value lower than \u20ac5,000; \u25cf short-term leases with a term of 12\u00a0months or less; \u25cf Rentals in relation to leases excluded from the scope of IFRS\u00a016 are directly booked as operating costs. Impairment of non-financial assets 2.15 Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting period. Financial instruments 2.16 Financial assets 2.16.1 Initial recognition and measurement The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period. Derecognition Financial assets are derecognized when the rights to receive cash flows from the asset have expired. Impairment of financial assets Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument. Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays. Financial liabilities 2.16.2 Initial recognition and measurement The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value. The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses. Subsequent measurements Financial liabilities at amortized cost After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized. Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations. Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires. Fair value measurements 2.16.3 For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole: level\u00a01: quoted (unadjusted) prices in active markets for \u25cf identical assets or liabilities; level\u00a02: other techniques for which inputs are based on \u25cf quoted prices for identical or similar instruments in markets that are not active, quoted prices for similar instruments in active markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the asset or liability; level\u00a03: techniques which use inputs that have a significant \u25cf effect on the recognized fair value and require the Group to use its own assumptions about market participant assumptions. The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties. Derivative instruments 2.16.4 The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations. Cash and cash equivalents 2.17 Cash and cash equivalents comprise cash at bank and in hand, as well as short-term deposits with maturities of three months or less and any money-market investment subject to an insignificant risk of changes in value. Short-term investments are considered as being held-for-trading and measured at fair value on the closing date. Changes in fair value are recognized in profit or loss. Share capital 2.18 Ordinary shares are classified as equity. (ii)\u00a0include no obligation for the company to deliver cash. These shares \u2013 i.e. the A2 and A3 preferred shares \u2013 are therefore classified as equity instruments in accordance with IAS\u00a032.16. I2PO\u00a0S.A. issued shares to its founders that (i)\u00a0are not convertible into a variable number of equity instruments, and Share-based payments 2.19 The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants. For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded. The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters: valuation of Deezer\u00a0S.A. on the date the financial instrument \u25cf is granted; maturity of the financial instrument (estimated date of its \u25cf liquidity); government bond yields on the date of valuation of the \u25cf financial instrument; company volatility index based on comparable companies; \u25cf exercise value of the financial instrument. \u25cf The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares. The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019 s equity. The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity. Provisions for risks 2.20 Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation. Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability. Provision for employee benefits 2.21 the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement. The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period. The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income. Preparing financial statements under IFRS requires management to make estimates and assumptions that affect the application of accounting policies and the amounts of assets and liabilities, income and expenses. The underlying estimates and assumptions are based on past experience and other factors considered reasonable under the circumstances. They act as a basis for making assumptions necessary to the determination of the carrying amount of assets and liabilities, which cannot be obtained directly from other sources. Actual values may differ from these estimates. The underlying estimates and assumptions are regularly reviewed. The impact of changes in accounting estimates is recognized in the period in which the change is made and in all subsequent affected periods. Information on the key assumptions underpinning the estimates made in application of the accounting policies, that materially affect the amounts recognized in the financial statements, can be found in the following notes: Cost of revenue 3.1 The Group assesses the royalties over the entire contractual period for license agreements which include a guaranteed minimum. This assessment is based on variables such as forecast revenue and market shares per label. Any difference between the guaranteed minimum and the royalties estimated over the entire contractual period is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. The Group measures costs of revenue including costs relating to equity warrants issued in March\u00a02021 and in September\u00a02021, as presented in Notes\u00a019 and 20 These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised, based on the estimated royalty costs compared to minimum guaranteed costs over the contractual period, and the value per share estimated at the effective date of the contract. The Group has recognized costs amounting to \u20ac20,033\u00a0thousands and \u20ac21,153\u00a0thousands for the years ended December\u00a031, 2022 and 2021, respectively. Sales and Marketing costs 3.2 The Group measures sales and marketing costs including costs relating to a media-for-equity agreement entered into in May\u00a02020 with Estudios Azteca,\u00a0S.A. de C.V., as presented in Notes\u00a019 and 20. These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised at termination of the contract and estimated based on new subscribers forecast in Mexico, the value per share estimated at the end of each period, the portion of media used out of a media volume agreed and estimated at \u20ac5,549\u00a0thousands as at December\u00a031, 2021. Based on actual figures of new subscribers in Mexico and on a business plan, Deezer\u00a0S.A. estimated the number of warrants which could be exercised at 140,494 and recognized costs amounting to \u20ac2,501\u00a0thousands for the year ended December\u00a031, 2021. At the contract termination in May\u00a02022, the number of warrants which could be definitively exercised was 140,494 and a cost of \u20ac1,566\u00a0thousands was recognized during the year ended December\u00a031, 2022. At the warrant exercise date, the value per share was estimated at a value similar to the value per share used at the contract signature date. Share-based payments 3.3 The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020). Goodwill 3.4 Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02 (l) \u201cGoodwill\u201d. Provisions for claims and litigation 3.5 Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff. Provisions for impairment of advances 3.6 paid to record companies minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared. A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast. On April\u00a018, 2022, I2PO\u00a0S.A. and Deezer\u00a0S.A. entered into a merger agreement. Pursuant to this agreement, Deezer\u00a0S.A. merged with and into I2PO\u00a0S.A. As a result, I2PO\u00a0S.A. legally acquired all assets and liabilities of Deezer\u00a0S.A. through the merger and the latest was dissolved. Additionally, I2PO\u00a0S.A. and Deezer\u00a0S.A. entered into subscription agreements with Group Artemis, one founder of I2PO\u00a0S.A., certain shareholders of Deezer\u00a0S.A. and new investors (the \u201cPIPE\u00a0investors\u201d) for the purpose of a placement reserved to a specific category of investors (the \u201cPIPE\u201d). In return for their investment, the PIPE investors received new ordinary shares of the Company. The merger and the PIPE were completed on July\u00a05, 2022 following the approval of the merger by the shareholders of I2PO\u00a0S.A. and Deezer\u00a0S.A. For accounting purposes, the management of I2PO\u00a0S.A. and Deezer\u00a0S.A. first assessed the different factors described in IFRS\u00a03, Business Combinations, (in particular paragraphs\u00a06-7 and B13-B18) to determine the accounting treatment of the merger. While the legal acquirer is usually the entity that transfers shares, other pertinent facts and circumstances had to be considered, including the following: (i)\u00a0Deezer former shareholders having a larger portion of voting rights in the entity after completion of the merger and the PIPE, (ii)\u00a0Deezer representatives having a larger presence in the governance and senior management of the entity after completion of the merger and the PIPE and (iii)\u00a0Deezer being the operational entity generating revenue. Based on these assessments, the management of I2PO\u00a0S.A. and Deezer\u00a0S.A. concluded that Deezer\u00a0S.A. was the acquirer of I2PO\u00a0S.A. for accounting purposes although, from a legal perspective, I2PO\u00a0S.A. was the surviving entity of the merger. shares deemed to be issued over the fair value of I2PO\u00a0S.A.\u2019s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred at the date of the merger. Furthermore, since I2PO\u00a0S.A. did not meet the definition of a business in accordance with IFRS\u00a03, the merger was treated as a capital reorganization, which enters in the scope of IFRS\u00a02, Share-based payments, and as the reverse acquisition of I2PO\u00a0S.A.\u2019s assets and liabilities. Accordingly, the merger was treated as the equivalent of Deezer\u00a0S.A. issuing shares at the closing of the merger in exchange for the assets and liabilities of I2PO\u00a0S.A. at that date, accompanied by a recapitalization. Any excess of the fair value of Deezer\u00a0S.A.\u2019s After the merger and the redemption, the founders and former shareholders of I2PO\u00a0S.A. who did not redeem their shares converted all the 2,291,664 class A1\u00a0shares and 2,366,819 market shares they hold into ordinary shares of I2PO\u00a0S.A. and received an aggregate number of 4,658,483 ordinary shares of I2PO\u00a0S.A. The 4,583,334 remaining class A2\u00a0shares and class A3\u00a0shares were not converted at the closing of the merger. The ordinary shares deemed issued were valued at \u20ac46.6\u00a0million based on a price per share of \u20ac10, corresponding to the price per share considered in the merger agreement. Class A2\u00a0shares and class\u00a0A3\u00a0shares deemed issued were valued at \u20ac18.8\u00a0million using the Monte Carlo model. In exchange for the deemed issue of these shares, from an IFRS standpoint, Deezer\u00a0S.A. received the net assets of I2PO\u00a0S.A., a public listed entity. The net assets of I2PO\u00a0S.A. were valued at \u20ac10.5\u00a0million. This amount corresponded to current financial assets of \u20ac275\u00a0million, to current financial liabilities of \u20ac251.3\u00a0million, to net current assets and liabilities of \u20ac8.7\u00a0million, to cash and cash equivalent for \u20ac0.1\u00a0million and to the warrant liability of \u20ac4.7\u00a0million. The \u20ac275\u00a0million escrow account was released to the Company on August\u00a03, 2023 in order to settle the \u20ac251.3\u00a0million liability to the dissenting shareholders. This settlement occurred on the same day. IFRS\u00a02 applies to transactions where an entity grants equity instruments in return of goods and service, or where it cannot identify specifically some or all of the goods or service received in return. The fair value of the shares deemed issued was in excess of the fair value of the net assets of I2PO\u00a0S.A. received. Based\u00a0on IFRS\u00a02, this difference corresponded to the deemed cost of the listing service provided by I2PO\u00a0S.A. to Deezer\u00a0S.A. and was recognized as a charge. Number of shares Share value (in \u20ac) Total (in \u20ac thousands) Ordinary shares 4,658,483 10.00 46,585 Class A2\u00a0shares 2,291,667 4.33 9,923 Class A3\u00a0shares 2,291,667 3.88 8,892 Total shares deemed issued (a) 65,400 Net assets of I2PO\u00a0S.A. (b) 10,456 Non-cash listing service charge (b)-(a) (54,944) The \u20ac54.9\u00a0million non-cash listing service charge is classified under General and administrative external expenses (See Note\u00a06.1 \u201cExpenses per nature\u201d) and is shown as part of Combination between I2PO and Deezer in 2022 variations in the consolidated statements of changes in shareholders\u2019 equity. In accordance with IFRS\u00a03, Business Combinations, as applied to a reverse acquisition, the share capital shown in the consolidated statements of financial position and in the consolidated statements of changes in shareholders\u2019 equity has been restated, in the comparative financial information, in order to reflect the share capital of the legal acquirer, I2PO\u00a0S.A., with the difference between share capital of the legal acquirer and the accounting acquirer, Deezer\u00a0S.A., being aggregated and shown as part of share premium (See Note\u00a019 \u201cShare capital and share premium\u201d). Investments 4.2 On May\u00a024, 2022, Deezer\u00a0S.A. entered into a second investment agreement with Dreamstage,\u00a0Inc. Under this investment contract, Deezer\u00a0S.A. subscribed to a share capital increase of US$2\u00a0million granting it a total ownership of 77.2%, in terms of share capital and vote rights. Dreamstage\u00a0Inc. was consolidated under the equity method in the Group\u2019s consolidated financial statements until May\u00a024, 2022. It has been consolidated under the full consolidation method since this date. On September\u00a029, 2022, the Company acquired additional minority shares of Dreamstage\u00a0Inc. and strengthened its majority shareholder position with a total ownership of 86.0% in terms of share capital and vote rights. The Company sold its investment in Dreamstage\u00a0Inc. in exchange of shares of Driift Holdings Limited and subscribed to a share capital increase of \u00a34\u00a0million of Driift Holdings Limited. As a result of the additional investment and the business combination, the Company became the largest shareholder of Driift Holdings Limited with a 45.5% ownership and became the indirect majority shareholder of Dreamstage\u00a0Inc. fully owned by Driift Holdings Limited since then. Driift Holdings Limited is fully consolidated, according to the criteria of IFRS\u00a010. The Company has the ability to make key decisions relating to the management of Driift Holdings Limited with regard to the appointment of Board members and receives the subsidiary\u2019s variable resultsSegment financial information is presented in accordance with IFRS\u00a08, Operating Segments, and is based solely on the internal reporting (\u201cAdjusted EBITDA\u201d and \u201cAdjusted Gross Profit\u201d) used by the Board of Directors \u2013\u00a0considered to be the Company\u2019s chief operating decision maker within the meaning of IFRS\u00a08\u00a0\u2013 to make decisions about resources to be allocated to the segments and assess their performances. These segments reflect the basis on which management analyses the business. The Group has identified three operating segments: Direct \u2013 B2C: Subscriptions to the Deezer service are taken \u25cf out directly by users; Indirect \u2013 B2B: Subscriptions to the Deezer service are \u25cf taken out through a distribution partner or are included in the service or product sold by a distribution partner (as a bundle); other: This segment includes Advertising and Ancillary \u25cf revenue. The Group monitors its operations through the use of non-generally accepted accounting principles (\u201cnon-GAAP\u201d) financial measures: adjusted Cost of Revenue and Gross Profit. These non-GAAP financial measures provide useful and relevant information regarding the Group\u2019s operating results and enhance the overall ability to assess its financial performance. They provide comparable measures which facilitate management\u2019s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d). Revenue, Cost of revenue and Gross Profit by segment are detailed below with a reconciliation between adjusted data and consolidated accounts. (in \u20ac thousands) Revenue Cost of revenue Gross Profit Year ended December\u00a031, 2022 Direct 317,237 (240,786) 76,451 Indirect 118,511 (94,053) 24,458 Other 15,451 (18,402) (2,951) Total adjusted 451,199 (353,241) 97,958 Adjustments - (32,863) (32,863) Total consolidated 451,199 (386,103) 65,095 Year ended December\u00a031, 2021 Direct 282,719 (212,231) 70,488 Indirect 107,393 (86,215) 21,177 Other 9,907 (17,482) (7,574) Total adjusted 400,019 (315,928) 84,090 Adjustments - (35,562) (35,562) Total consolidated 400,019 (351,490) 48,529 Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table. These costs were not split per segment in the consolidated financial statements for the years ended December\u00a031, 2021, 2020 and 2019 authorized for issue by the Board of Directors on March\u00a023, 2022. Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants (in 2022 and 2021), (ii)\u00a0licence agreements unused minimum guarantees (in 2022 and 2021) and (iii)\u00a0onerous contract related depreciation (in 2022 and 2021). These adjustments are not included in the adjusted Gross Profit. Revenue by geographical area breakdowns as follows: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 France 273,192 242,646 Rest of the world 178,007 157,373 451,199 400,019 One distribution partner represents more than 10% of total revenue, both in 2022 and 2021 (See Note\u00a028 \u201cRelated party transactions\u201d). Costs by nature comprise the following items: 2022 (in \u20ac thousands) Product and Development Sales and Marketing General and Administrative Total Employee costs (24,889) (16,891) (38,077) (79,856) External expenses (5,629) (1,974) (75,534) (83,138) Marketing costs (209) (55,928) (290) (56,426) Miscellaneous taxes (132) (69) (3,510) (3,710) Amortization (3,167) (1,111) (4,433) (8,710) (34,025) (75,973) (121,843) (231,841) General and administrative external expenses include the non-cash listing service charge of \u20ac54,944\u00a0thousands (see Note\u00a04.1 \u201cCombination between I2PO\u00a0S.A. and Deezer\u00a0S.A.\u201d). 2021 (in \u20ac thousands) Product and Development Sales and Marketing General and Administrative Total Employee costs (19,909) (16,517) (31,534) (67,960) External expenses (1,715) (1,027) (10,496) (13,237) Marketing costs - (73,220) - (73,220) Miscellaneous taxes (320) (201) (2,290) (2,811) Amortization (3,676) (3,737) (4,441) (11,854) (25,620) (94,702) (48,761) (169,083) Employee costs per nature breaks down as follows (in \u20ac thousands) 2022 2021 Wages and salaries (46,655) (41,471) Social costs (21,287) (17,779) Share-based compensation (11,692) (8,511) Employee retirement benefit costs (222) (199) (79,856) (67,960) Average headcount 589 575 During the year ended December\u00a031, 2022, the Company booked a \u20ac467\u00a0thousands French tax credit relating to research and development in respect of 2021 expenses. The research and development expenses incurred by the Company in 2022 will give rise to a French tax credit to be assessed and recorded in 2023. During the year ended December\u00a031, 2021, Deezer\u00a0S.A. booked a \u20ac520\u00a0thousands French tax credit relating to research and development in respect of 2020 expenses. These tax credits are included in wages and salaries. (in \u20ac thousands) 2022 2021 Ernst & Young Audit Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements 494 - Other work and services directly related to the responsibilities of statutory auditors 13 - Mazars Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements 210 23 Other work and services directly related to the responsibilities of statutory auditors 115 65 Grant Thornton Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements 202 23 Other work and services directly related to the responsibilities of statutory auditors 110 65 1,143 176 On June\u00a030, 2022, Ernst & Young Audit was appointed statutory auditor of I2PO\u00a0S.A., in addition to Mazars and Grant Thornton. Ernst & Young Audit\u2019s fees amounted to \u20ac1,092\u00a0thousands for the year ended December\u00a031, 2021: \u20ac230\u00a0thousands for audit services and \u20ac862\u00a0thousands for non-audit services. \u00a0(in \u20ac thousands) 2022 2021 Interest from short-term security deposits 414 133 Foreign exchange gain 2,075 1,393 Fair value adjustment of financial liabilities (A and B BSARs) 1,830 - Other - - Finance income 4,319 1,526 Interest on financial liabilities (264) (112) Interest on lease liabilities (647) (620) Foreign exchange loss (1,564) (1,565) Other (1,210) - Finance costs (3,685) (2,304) Financial result - Net 634 (778) Net interest paid (including finance leases) (1,617) (519) Gains and losses relating to bank accounts in currencies other than Euro, to intercompany loans and current accounts between the Company and its subsidiaries are included in the foreign exchange gain and loss. In 2022, the foreign exchange gain of \u20ac2,075\u00a0thousands is mainly explained by the positive effect of the revaluation of intercompany debts expressed in euros of Deezer Music Brazil LTDA whose functional currency is Brazilian Real (\u20ac1,484\u00a0thousands). The foreign exchange loss of \u20ac1,564\u00a0thousands in 2022 is explained by the revaluation of bank accounts and intercompany current accounts denominated in foreign currencies in the Company (\u20ac1,551\u00a0thousands). The variation resulting from the A and B BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1,830\u00a0thousands. Other financial costs of \u20ac1,210\u00a0thousands mainly comprise interest on extended terms of payment granted before the merger. The Company and its subsidiaries have not identified any and past financial years and as future taxable profits are not source of deferred tax liability as at December\u00a031, 2022, and deemed sufficient to allow all or part of the tax losses to be December\u00a031, 2021. As the Company and some of its utilized, no deferred tax assets have been recognized on subsidiaries have no taxable profits for fiscal years 2022, 2021 existing tax losses. (in \u20ac thousands) 2022 2021 Current tax expense (997) (72) Income tax expense (997) (72) A reconciliation between the reported tax expense for the year and the theoretical tax expense that would arise when applying the statutory tax rate in France of 25%, and 27.5% to the consolidated loss before taxes for the years ended December\u00a031, 2022 and 2021, respectively, is shown in the table below: (in \u20ac thousands) 2022 2021 Loss before tax (166,112) (121,332) Theoretical income tax rate 25.0% 27.5% Theoretical tax income 41,528 33,366 Permanent differences 2,345 1,359 Effect of tax rates in foreign jurisdictions (28) (1,119) Share-based payments (6,880) (6,824) Deferred tax not recognized 1,441 1,860 Deezer\u00a0S.A.\u2019s tax losses not giving rise to deferred tax asset (26,862) (27,390) Subsidiaries\u2019 tax losses not giving rise to deferred tax asset (1,249) (1,582) Other (11,292) 258 Effective tax charge (997) (72) Effective income tax rate 0.6% 0.0% The Group\u2019s accumulated tax losses not giving rise to deferred tax assets amount to \u20ac720,729\u00a0thousands and \u20ac603,445\u00a0thousands as at December\u00a031, 2022 and 2021, respectively. Tax loss carry-forwards (in \u20ac thousands) 31/12/2022 31/12/2021 France 677,710 572,243 Brazil 30,871 25,353 Germany 5,558 5,523 Russia 462 327 Singapore 19 - United Kingdom 1,887 - United States of America 4,222 - 720,729 603,445 Above tax losses are available to carry forward over an unlimited period of time, but may be capped in some jurisdictions. I2PO\u00a0S.A. and Deezer\u00a0S.A. in May\u00a02022. The ruling request is still being examined by the French tax authorities. As at December\u00a031, 2022, the Company\u2019s accumulated tax losses amount to \u20ac674,997\u00a0thousands, including \u20ac572,243\u00a0thousands of tax losses initially generated by Deezer\u00a0S.A. and for the transfer of which a ruling was filed by The Group\u2019s most significant tax jurisdictions are France and Brazil. An examination was carried out by the French tax authorities on Deezer\u00a0S.A.\u2019s accounts for fiscal tax years 2015-2019. The tax audit phase ended in September\u00a02021. The French tax authorities issued their tax reassessment notice in authorities issued their reply in March\u00a02022 where they November\u00a02021 which outcome resulted solely in a potential accepted Deezer\u00a0S.A.\u2019s partial challenge of one tax reduction of tax losses available to carry forward for fiscal reassessment leading to a reduction of the amount of tax years 2018 and 2019. Deezer\u00a0S.A. filed its response to the losses challenged. Deezer\u00a0S.A. accepted the revised French tax authorities in January\u00a02022. The French tax consequences of such tax audit which is now closedBasic loss per share is computed using the weighted-average number of outstanding ordinary shares during the period. Diluted loss per share is computed using the treasury stock method to the extent that the effect is dilutive by using the weighted-average number of outstanding ordinary shares and potential ordinary shares during the period. The Group\u2019s potential ordinary shares consist of incremental shares issuable upon the assumed exercise of stock options and warrants, and the incremental shares issuable upon the assumed vesting of free shares, excluding all anti-dilutive ordinary shares outstanding during the period. The Group used the if-converted method to calculate the dilutive impact of the warrants and adjusted the numerator for changes in profit or loss. For the year ended December\u00a031, 2021, the weighted-average number of shares outstanding was restated for the purpose of comparability before and after the merger. The weighted-average number of 92,929,080\u00a0shares was obtained from the number of outstanding shares of Deezer\u00a0S.A. multiplied by the exchange ratio par category of shares: exchange ratio of 4,348 for Class A12 preferred shares; \u25cf exchange ratio of 2,942 for Class A16 Tranche\u00a01 preferred \u25cf shares; exchange ratio of 2,942 for Class A16 Tranche\u00a02 preferred \u25cf shares; exchange ratio of 4,348 for Class A18 preferred shares; \u25cf exchange ratio of 2,942 for Class B preferred shares. \u25cf As a result of the above, the computation of loss per share for the respective periods is as follows: (in \u20ac thousands, except share and per share data) 2022 Restated 2021 Basic loss per share Net loss attributable to owners of the parent (167,702) (123,258) Shares used in computation: Weighted-average shares outstanding 108,475,324 92,929,080 Basic net loss per share attributable to owners of the parent (1.55) (1.33) Diluted loss per share Net loss attributable to owners of the parent (167,702) (123,258) Shares used in computation: Weighted-average shares outstanding 108,475,324 92,929,080 Diluted weighted average ordinary shares 108,475,324 92,929,080 Diluted net loss per share attributable to owners of the parent (1.55) (1.33) Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: 2022 2021 Free shares 2,385,634 1,217,358 Warrants 28,676,119 1,996,996 Stock-options 702,572 706,072 31,764,325 3,920,426 (in \u20ac thousands) Licenses Exclusive rights and access rights Customer Database Other Intangible assets in progress Total Goodwill Total Cost At January\u00a01, 2021 7,562 1,441 7,140 13,724 174 30,041 7,487 37,528 Additions 10 - - - 46 56 - 56 Exchange differences 2 - - - - 2 - 2 At December\u00a031, 2021 7,574 1,441 7,140 13,724 220 30,099 7,487 37,586 Additions 468 - - - - 468 7,712 8,180 Reclassification 221 - - - (220) 1 - 1 Exchange differences 2 - - 22 - 24 (129) (105) At December\u00a031, 2022 8,265 1,441 7,140 13,746 - 30,591 15,070 45,662 Accumulated amortization At January\u00a01, 2021 (7,257) (648) (5,114) (10,932) - (23,951) - (23,951) Amortization charge (243) (288) (2,026) (2,163) - (4,720) - (4,720) Reclassification - - - - - - - - Exchange differences (1) - - - - (1) - (1) At December\u00a031, 2021 (7,501) (936) (7,140) (13,095) - (28,672) - (28,672) Amortization charge (476) (288) - (631) - (1,394) - (1,394) Exchange differences (2) - - - - (2) - (2) At December\u00a031, 2022 (7,978) (1,224) (7,140) (13,726) - (30,068) - (30,068) Costs, net accumulated amortization At December\u00a031, 2021 73 505 - 629 220 1,427 7,487 8,914 At December\u00a031, 2022 286 217 - 20 - 523 15,070 15,594 The exclusive rights and access rights of \u20ac1,441\u00a0thousands correspond to the Company\u2019s assessment of the unused guaranteed minimum at the effective date of the licence agreement with Rotana Studios FZ-LLC. The intangible assets in progress relate to the implementation of new software used internally. The \u20ac7,487\u00a0thousands goodwill arose from the acquisition of Magic Internet Musik\u00a0GmbH from the ProSieben media group in August\u00a02014. The acquired entity operated a music streaming service in Germany called \u201cAmpya\u201d. The entity valued at \u20ac20\u00a0million included a contract with a telecom company, a right to use TV advertising spots on the German TV channel, ProSieben TV, up to 2019. The \u20ac7,487\u00a0thousands goodwill was tested for impairment in accordance with the method described in Note\u00a02. (k) \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0% from 2023 and discount rate of 11%. Based on this analysis, the recoverable amount exceeded the \u20ac7,487\u00a0thousands carrying value as at December\u00a031, 2022. A \u20ac7,712\u00a0thousands of preliminary goodwill was recorded to reflect the additional investments in Dreamstage\u00a0Inc. and in Driift Holdings Limited and its subsidiaries, which have been fully consolidated since May and September\u00a02022, respectively (see Note\u00a04.2). \u00a0(in \u20ac thousands) Deezer\u00a0S.A. Dreamstage\u00a0Inc. Driift Holdings Limited Total Group At December\u00a031, 2021 7,487 - - 7,487 Additions - 2,413 5,299 7,712 Exchange differences - 144 (273) (129) At December\u00a031, 2022 7,487 2,557 5,026 15,070 The book value and depreciation of property and equipment are shown in the table below: (in \u20ac thousands) Technical equipment Office and IT equipment Other Tangible assets in progress Total Cost At January\u00a01, 2021 10,696 4,073 4,286 - 19,055 Additions 1,254 557 136 51 5,112 Disposals - Write-offs - (350) (209) - (1,156) Reclassification 87 (107) 19 - (7) Exchange differences 1 4 25 - (64) At December\u00a031, 2021 12,038 4,177 4,257 51 20,523 Scope variation 28 - 21 - 49 Additions 1,760 454 266 99 2,578 Disposals \u2013 Write-offs (12) (2) (353) - (366) Reclassification - - 88 (88) - Exchange differences 2 15 29 - 46 At December\u00a031, 2022 13,816 4,645 4,307 62 22,830 Accumulated amortization At January\u00a01, 2021 (8,130) (3,066) (1,286) - (12,482) Depreciation charge (1,288) (658) (797) - (2,743) Disposals - Write-offs - 350 209 - 559 Reclassification (14) 17 (3) - - Exchange differences (1) (3) (15) - (19) At December\u00a031, 2021 (9,433) (3,360) (1,892) - (14,685) Depreciation charge (1,493) (557) (507) - (2,557) Scope variation (8) - (6) - (14) Disposals - Write-offs 3 2 340 - 344 Exchange differences (2) (10) (26) - (37) At December\u00a031, 2022 (10,933) (3,925) (2,091) - (16,950) Costs, net accumulated amortization - At December\u00a031, 2021 2,605 817 2,365 51 5,838 At December\u00a031, 2022 2,883 720 2,216 62 5,881 The table below details the cash flow impact of the purchases of property and equipment and intangible assets: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 Intangible asset additions/disposals (468) (56) Tangible asset additions/disposals (2,600) (1,998) Variation in trade payables in relation to fixed-assets (15) - Purchases of property and equipment and intangible assets - Cash flow impact (3,053) (2,054) The Group leases certain properties under lease agreements relating to office space and server bays. The expected lease terms are between one and nine years. The\u00a0Group currently does not act in the capacity of a lessor. The book value and depreciation of right-of-use assets are detailed in the roll-forward below: (in \u20ac thousands) Cost At January\u00a01, 2021 31,604 New or amended leases 3,974 Leases expired or early terminated (3,085) Exchange differences 25 At December\u00a031, 2021 32,521 New or amended leases 1,158 Leases expired or early terminated - Exchange differences (3) At December\u00a031, 2022 33,676 Accumulated depreciation At January\u00a01, 2021 (5,008) Depreciation charge (4,391) Leases expired or early terminated 1,564 Exchange differences (21) At December\u00a031, 2021 (7,856) Depreciation charge (4,759) Leases expired or early terminated - Exchange differences - At December\u00a031, 2022 (12,615) Cost, net accumulated depreciation At December\u00a031, 2021 24,663 At December\u00a031, 2022 21,061 The below roll-forward shows the variations of lease liabilities during the years ended December\u00a031, 2022, and 2021: Lease liabilities (in \u20ac thousands) 2022 2021 At January\u00a01 26,454 28,248 New or amended leases 1,158 3,974 Repayment of leases* (5,159) (4,796) Leases early terminated* - (1,598) Interest* 647 620 Exchange differences - 5 At December\u00a031 23,100 26,454 Current lease liabilities 4,060 5,001 Non-current lease liabilities 19,040 21,454 Included within the consolidated statement of cash flows. Below\u00a0is\u00a0the\u00a0maturity\u00a0analysis\u00a0of\u00a0lease\u00a0liabilities: Lease liabilities Maturity analysis (in \u20ac thousands) December\u00a031, 2022 Less than one year 4,060 One to five years 16,398 More than five years 2,641 Total lease liabilities 23,100 Current lease liabilities 4,060 Non-current lease liabilities 19,040 Total lease liabilities 23,100 Excluded from the lease commitments above are short-term leases and leases in relation to low value assets. Expenses relating to those leases were approximately \u20ac470\u00a0thousands and \u20ac244\u00a0thousands for the years ended December\u00a031, 2022 and 2021, respectively. The weighted average incremental\u00a0borrowing rate applied\u00a0to lease liabilities recognized in the statement of financial position was 2.4%, and 2.3% as of December\u00a031, 2022, and\u00a0December\u00a031, 2021\u00a0respectivelyAs described in Note\u00a04 \u201cBusiness combinations\u201d, Dreamstage Inc. was consolidated using the equity method until May\u00a024, 2022 and has been consolidated using the full consolidation method since that date. Driift Holdings Limited was consolidated using the equity method until September\u00a029, 2022 and has been fully consolidated since that date. The equity affiliates amounts are detailed in the roll-forward below: Carrying amount of investments as of January\u00a01, 2021 -\u00a0\u00a0\u00a0Dreamstage - Additions 4,970 Driift - Additions 2,330 Dreamstage \u2013 Share of loss in equity affiliates (1,753) Driift \u2013 Share of loss in equity affiliates (101) Exchange differences 54 Carrying amount of investments as of January\u00a01, 2022 5,500 Dreamstage - Share of loss of equity affiliates (299) Driift - Share of loss of equity affiliates (60) Driift - Change of consolidation method (2,150) Dreamstage - Change of consolidation method (2,991) Exchange differences 1 Carrying amount of investments as of December\u00a031, 2022 0 Deposits mainly relate to office space leases and to a contract with a payment service provider. Bank\u00a0guarantees relate to office space leases. \u00a0(in \u20ac thousands) 2022 2021 Deposits 4,021 3,903 Guarantees 1,419 1,419 5,440 5,321 At merger completion date, I2PO\u00a0S.A. had \u20ac275\u00a0million in an escrow account, which was released on August\u00a03, 2023 in order to settle the \u20ac251.3\u00a0million liability to the dissenting shareholders. The remaining \u20ac23.7\u00a0million was transferred to a bank account. Other non-current assets Note\u00a016 (in \u20ac thousands) 2022 2021 Advance payments on royalties 22,764 21,442 Provision for impairment of above assets (21,059) (19,158) 1,705 2,284 Other non-current assets correspond to advance payments made mainly to Rotana Studios FZ-LLC in respect of the exclusive license agreement disclosed in Note\u00a028 and relating to 5 financial years. The provision for impairment corresponds to the difference between the contractual obligation (minimum guaranteed amount) and the proportional rights assessed for the 5-year contract term, after deduction of the intangible asset of \u20ac1,441\u00a0thousands assessed at the effective date of the license agreement (Note\u00a011). The difference is determined based on key assumptions such as revenue and market shares forecast until the end of the contract. Trade and other receivables Note\u00a017 \u00a0(in \u20ac thousands) 2022 2021 Trade receivables 31,506 22,697 Less: Provision for impairment (875) (697) Trade receivables - net 30,630 22,000 Unbilled revenue 17,083 11,986 47,713 33,986 Trade receivables are non-interest bearing and generally have payment terms of 30 to 60\u00a0days. Due to their comparatively short maturities, the carrying value of trade and other receivables approximate their fair value. The ageing of the Group\u2019s net trade receivables is as follows: (in \u20ac thousands) 2022 2021 Current 21,700 13,548 Overdue 1-30\u00a0days 2,053 2,528 Overdue 31-60\u00a0days 452 300 Overdue 61-90\u00a0days 2,350 1,181 Overdue more than 90\u00a0days 4,075 4,443 30,630 22,000 The movements in the Group\u2019s allowance for expected credit losses are as follows: (in \u20ac thousands) 2022 2021 At January\u00a01, 2022 (697) (551) Provision for impairment (184) (149) Reversal of unutilized provisions 11 - Receivables written off - 7 Exchange differences (5) (4) At December\u00a031, 2022 (875) (697) \u00a0(in \u20ac thousands) 2022 2021 Advance payments on royalties - 1,126 Trade payables - Advance payments 6,317 64 Trade payables - Credit notes to be received 306 281 Employees and social contributions 568 60 State and local authorities 14,326 8,937 Sundry debtors 807 849 Prepaid expenses 1,996 2,444 Other current assets - Gross 24,320 13,761 Provision for impairment (1,269) (884) Other current assets - Net 23,051 12,877 Below is the detail of the current receivables from state and local authorities: \u00a0(in \u20ac thousands) 2022 2021 Deductible VAT on purchases made in France and abroad 10,070 5,225 Tax receivables relating to research and development 1,750 1,524 Tax credit for competitiveness and employment - 479 Withholding tax receivables 2,494 1,472 Other 12 237 State and local authorities 14,326 8,937 The provision for impairment of other current assets is detailed below: \u00a0(in \u20ac thousands) 2022 2021 At January\u00a01 2022 (884) (567) Provision for impairment (397) 48 Reversal for unused provision 11 - Other current assets written off (365) At December\u00a031, 2022 (1,269) (884) As at December\u00a031, 2022, the Company\u2019s share capital is divided into 121,087,670\u00a0shares, each with a par value of \u20ac0.01. and the accounting acquirer, Deezer\u00a0S.A. being aggregated and shown as part of share premium. The restated number of shares as at December\u00a031, 2021 and 2020 has been obtained from the number of outstanding shares of Deezer\u00a0S.A. In accordance with IFRS\u00a03, Business Combinations, as applied multiplied by the exchange ratio per category of shares (see to a reverse acquisition, the share capital has been restated Note\u00a010 \u201cLoss per share\u201d). and reflects the share capital of the legal acquirer, I2PO\u00a0S.A., with the difference between share capital of the legal acquirer The Company\u2019s share capital is divided in the following classes as of December\u00a031: (in number of shares) 2022 Restated 2021 Restated 2020 Class A12 preferred shares - 12,549,684 12,549,684 Class A16 Tranche 1 preferred shares - 10,068,447 10,068,447 Class A16 Tranche 2 preferred shares - 10,068,447 10,068,447 Class A18 preferred shares - 20,102,511 20,102,511 Class B preferred shares - 41,597,040 39,552,980 Ordinary shares 116,504,336 - - Class A2 preferred shares 2,291,667 - - Class A3 preferred shares 2,291,667 - - 121,087,670 94,386,129 92,342,069 During the fiscal years ended on December\u00a031, 2022 and commercial partners and directors. During the fiscal year 2021, Deezer\u00a0S.A. before the merger granted free shares to ended on December\u00a031, 2022, the Company granted free the benefit of certain employees and officers of the Group shares to the benefit of certain employees and officers of the and also issued equity warrants to the benefit of certain of its Group. The below table shows the variations in number of shares for the years 2022 and 2021: 2022 2021 At January\u00a01 - Restated 94,386,129 92,342,069 Ordinary shares issued from the PIPE 11,900,000 - Ordinary shares issued from the merger 36,429,486 - Class B preferred shares cancelled from the redemption (25,133,181) - Ordinary shares issued from the vesting of free shares 71,055 606,911 Ordinary shares issued from the exercise of warrants 3,434,181 1,437,149 \u00a0At December\u00a031 \u2013 Not restated/Restated 121,087,670 94,386,129 On February\u00a024, 2021, the Board of Directors of Deezer\u00a0S.A.: decided the issuance of 130,953 (385,264 using the \u25cf exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees and officer of the Group; issued 488,050 equity warrants K (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to one of its commercial partners; issued 6,000 equity warrants 2021 (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to a director of Deezer\u00a0S.A.; granted 334,490 free class B preferred shares to certain \u25cf employees and officers of the Group; and granted 27,000\u00a0stock options 18 (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to certain employees of the Group. On April\u00a020, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 17,633 (51,876\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On June\u00a08, 2021, the Board of Directors decided to grant 200,000 free class B preferred shares to a member of the management team of the Group. On June\u00a014, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 22,943 (67,498\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On July\u00a021 2021, the Board of Directors decided to grant 24,152 free class B preferred shares to a member of the management team of the Group. On August\u00a031, 2021, the Board of Directors of Deezer\u00a0S.A. acknowledged that, following the exercise of 140,494 equity warrants held by Estudios Azteca,\u00a0S.A. de C.V., the share capital was increased by a total par value amount of \u20ac1\u00a0thousand, through the issuance of 140,494 (413,333\u00a0shares using the exchange ratio) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, Estudios Azteca,\u00a0S.A. de C.V. paid a total amount of \u20ac1\u00a0thousand (without any share premium). On September\u00a016, 2021, the Board of Directors of Deezer\u00a0S.A. issued 420,125 equity warrants L and 679,245 equity warrants M (each giving the right to subscribe one class B preferred share of Deezer\u00a0S.A.) to two of its commercial partners. On October\u00a011, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 17,445 (51,323\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On December\u00a015, 2021, the Board of Directors of Deezer\u00a0S.A. acknowledged that, following the exercise of all the equity warrants held by one of its commercial partners, the share capital was increased by a total par value amount of \u20ac0.2\u00a0thousands, through the issuance of 23,664 (69,619\u00a0shares using the exchange rate) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, this commercial partner paid a total amount of \u20ac346\u00a0thousands (share premium included). Also on December\u00a015, 2021, the Board of Directors of Deezer\u00a0S.A. decided the issuance of 17,318 (50,950\u00a0shares using the exchange rate) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On December\u00a021, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. acknowledged that, following the exercise of all the equity warrants held by two of its commercial partners, the share capital was increased by a total par value amount of \u20ac3\u00a0thousands, through the issuance of 324,336 (954,197\u00a0shares using the exchange ratio) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, this commercial partners paid a total amount of \u20ac4,739\u00a0thousands (share premium included). On July\u00a05, 2022, 96,440,617 (36,429,486, after restatement of the share capital as of January\u00a01, 2022) new ordinary shares were issued as consideration of net assets transferred by Deezer\u00a0S.A. merged with and into I2PO\u00a0S.A.. On the same day, the Company\u2019s share capital was increased by a total par value amount of \u20ac119\u00a0thousands, through the issuance, at a price per share of \u20ac10 (share premium included), of 11,900,000 new ordinary shares with a par value of \u20ac0.01 each. In the context of the PIPE reserved to existing and new investors, the Company received a total amount of \u20ac119\u00a0million (share premium included). \u20ac13.7\u00a0million fees in relation to the PIPE were recognized as a reduction of equity under share premium. On July\u00a021, 2022, the Board of Directors decided to grant 1,914,130 free shares. On August\u00a03, 2022, the Directeur g\u00e9n\u00e9ral decided to proceed with the redemption of the 25,133,181 class B preferred shares whose redemption was requested by the dissenting\u00a0market shareholders for an amount of \u20ac251.3\u00a0million, which was recognized as current financial liabilities as at June\u00a030, 2022. The share capital was reduced as a result of the cancellation of the 25,133,181 redeemed class B preferred shares. On September\u00a021, 2022, the Board of Directors of the Company acknowledged that, following the exercise of 679,245 equity warrants held by one of its commercial partners and giving rise to 679,245\u00a0shares of Deezer\u00a0S.A., the Company\u2019s share capital was increased by a total par value amount of \u20ac20\u00a0thousands, through the issuance of 1,998,338 new ordinary shares with a par value of \u20ac0.01 each. In the context of this exercise, the Company received from this commercial partner a total amount of to \u20ac7\u00a0thousands and deducted \u20ac13\u00a0thousands from the merger premium to ensure that the 1,998,338 new ordinary shares be fully paid up. On the same date, the Board of Directors of the Company acknowledged the share capital increase completed through the issuance of 71,055 new ordinary shares as a result of the acquisition on July\u00a021, 2022 of free shares granted to certain employees of the Group. On October\u00a027, 2022, the Board of Directors decided to grant 24,000 free shares. On December\u00a013, 2022, the Board of Directors of the Company acknowledged that, following the exercise of 488,050 equity warrants held by one of its commercial partners and giving rise to 488,050\u00a0shares of Deezer\u00a0S.A., the Company\u2019s share capital was increased by a total par value amount of \u20ac14\u00a0thousands, through the issuance of 1,435,843 new ordinary shares with a par value of \u20ac0.01 each. In the context of this exercise, the Company received from this commercial partner a total amount of to \u20ac14\u00a0thousands. No\u00a0dividends\u00a0were proposed or paid in 2021 or 2022. Each ordinary share carries the right to participate in, and vote at, general meetings. Class A2 and A3 preferred shares do not carry the right to vote at general meetings. Free share plans implemented by 20.1 Deezer\u00a0S.A. Deezer\u00a0S.A. granted free shares to certain employees and officers of the Group in 2017, 2019, 2021 and 2022 before the merger. The granted shares are legally owned by the beneficiaries at the end of the relevant acquisition period and subject to a continuous presence requirement during this period. Deezer\u00a0S.A. has implemented two main categories of free shares plans. initial grant as of each anniversary of the attribution date or with a vesting schedule of 12.5% of initial grant as of each 6-month anniversary of the attribution date). One category of plans provides for (i)\u00a0a 3-year acquisition period (i.e., 50% of initial grant as of the first anniversary of the attribution date and 25% of initial grant as of the second and third anniversaries of the attribution date) or (ii)\u00a0a 4-year acquisition period (whether with a vesting schedule of 25% of The other category of plans provides for a vesting at the earliest of the twentieth anniversary of the grant date and the closing of a liquidity event, being provided that 12.5% of initial grant accrues upon each 6-month anniversary of the attribution date until the fourth anniversary of the attribution date (to the extent that the employment agreement or corporate office of the beneficiary is not terminated as at each relevant date). The fair value of free shares granted is determined based on the fair value of Deezer\u00a0S.A.\u2019s shares of its latest known valuation date, usually its latest fundraising. It is recognized as a compensation cost spread over the vesting period. Movements in free shares outstanding and related information are as follows: 2017 free share plans* 2019 free share plans* 2021 free share plans* 2022 free share plans* Grant dates 09/02/2017 06/06/2017 06/02/2019 10/04/2019 11/12/2019 24/02/2021 08/06/2021 21/07/2021 23/03/2022 Number of shares granted 384,392 885,324 558,642 21,072 Outstanding at January\u00a01, 2021 223,425 788,399 - - Granted - - 558,642 - Definitively acquired (133,883) (72,409) - Lapsed - (78,956) (67,860) - Outstanding at December\u00a031, 2021 89,542 637,034 490,782 - Granted - - - 21,072 Definitively acquired (60,420) (281,850) (380,228) - Lapsed - (10,341) (9,087) - Outstanding at December\u00a031, 2022 29,122 344,843 101,467 21,072 Key assumptions used in the fair value Value per share (in \u20ac) 14.61 31.31 39.75 39.75 Illiquidity discount rate 0% 40% 25% 25% Employee turnover rate 0% 0% 7% 0% Plans granted by Deezer\u00a0S.A. before the merger with I2PO\u00a0S.A. on July\u00a05, 2022. The number of shares disclosed above is before the merger and is not * restated based on the exchange ratio disclosed in Note\u00a04.1. The values per share of \u20ac14.61 and \u20ac31.31 correspond to the Group valuations carried out for the purpose of the \u20ac100\u00a0million raised in 2016 and the \u20ac160.4\u00a0million raised in 2018 respectively. The value per share of \u20ac39.75 corresponds to the value per share available at granting dates in 2021 and 2022. Illiquidity discount rates of 40%, 25% and 25% have been applied on the free share plans initiated in 2019, 2021 and 2022, respectively, as these plans have given rise to class B preferred shares, which has not given the same rights as of the class A preferred shares in case of liquidity event. An employee turnover rate of 7% per annum has been applied on the free share plans initiated in 2021. The Company granted free shares to the employees and officers of the Group in 2022 after the merger. The granted shares are legally owned by the beneficiaries at the end of the relevant acquisition period and subject to a continuous presence requirement during this period, and, as the case may be, to performance conditions. Free share plans implemented 20.2 by the\u00a0Company The Company has implemented three free shares plans in 2022. Grant 1 plan concerns all employees (outside of two members of the management team and the top 33 managers) and provides for a 3-year acquisition period with a vesting schedule of 33.33% at each anniversary of the attribution date, subject to a continued presence the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 2 plan concerns two members of the management team and provides for a 4-year acquisition period with a vesting schedule of 25% at each anniversary of the attribution date, subject only to the continued presence of the beneficiary within the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 3 plan concerns 33 top managers and provides for a 3-year acquisition period with a vesting schedule of 33.33% at each anniversary of the attribution date, subject to a continued presence the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 3 plan vesting is subject to performance conditions. The fair value of free shares granted is determined based on the share price as of the grant date. It is recognized as a compensation cost spread over the vesting period. Movements in free shares outstanding and related information are as follows: 2022 - Grant 1 free share plan (1) 2022 - Grant 2 free share plan (1) 2022 - Grant 3 free share plan (1) Grant dates 21/07/2022 21/07/2022 21/07/2022 27/10/2022 Number of shares granted 552,000 477,250 908,880 (2) Outstanding at January\u00a01, 2022 - - - Granted 552,000 477,250 908,880 Lapsed (49,000) - - Outstanding at December\u00a031, 2022 503,000 477,250 908,880 Key assumptions used in the fair value Value per share (in \u20ac) 4.59 4.59 4.59 Employee turnover rate 24% 7% 7% Vesting condition Performance conditions during 3\u00a0years after grant Deezer\u00a0S.A. issued equity warrants to the benefit of certain of its commercial partners and directors. Warrants J, 2021, K, L and M have given rise to expenses recognized in the consolidated income statement for the years ended December\u00a031, 2022 and 2021: based on the Black-Scholes model for warrants 2021; \u25cf as described in Note\u00a03 (ii)\u00a0and in Note\u00a019 for Warrants J; \u25cf as described in Note\u00a03 (i)\u00a0and in Note\u00a019 for Warrants K, L \u25cf and M. Movements in warrants outstanding and related information is as follows: Plans Warrants 2014* Warrants G Warrants H Warrants 2017 Warrants\u00a0I Shareholders\u2019 meeting date 22/05/2014 23/12/2016 30/06/2017 23/12/2016 30/06/2017 Board members\u2019 meeting date - 09/02/2017 - 09/02/2017 25/01/2018 Expiry date 31/12/2024 31/12/2021 30/06/2027 30/11/2026 31/12/2021 Number of warrants granted 66,700 23,664 712,404 6,845 324,336 Outstanding at January\u00a01, 2021 66,700 23,664 17,319 6,845 324,336 Granted - - - - - Exercised - (23,664) - - (324,336) Outstanding at December\u00a031, 2021 66,700 - 17,319 6,845 - Exercised - - - - - Outstanding at December\u00a031, 2022 66,700 - 17,319 6,845 - Subscription price (in \u20ac) 2.59 0.01 0.01 0.01 0.01 Fair value at grant date (in \u20ac) 1.42 3.37 5.22 5.20 2.75 Exercise price (in \u20ac) 24.25 14.61 14.61 14.61 14.61 Maximum share capital increase (in \u20ac) (as at grant date, and before the merger with I2PO\u00a0S.A.) 667 237 7,124 68 3,243 Information contained herein takes into account the stock split decided by the combined general meeting of Deezer\u00a0S.A. held on October\u00a09, 2015. * Plans Warrants J Warrants 2021 Warrants K Warrants L Warrants M Shareholders\u2019 meeting date 30/06/2020 30/06/2020 30/06/2020 30/06/2021 30/06/2021 Board members\u2019 meeting date - 24/02/2021 24/02/2021 16/09/2021 16/09/2021 Expiry date 26/11/2022 31/12/2030 01/05/2027 31/10/2024 31/10/2028 Number of warrants granted 453,206 6,000 488,050 420,125 679,245 Outstanding at January\u00a01, 2021 453,206 - - - - Granted - 6,000 488,050 420,125 679,245 Exercised (140,494) - - Outstanding at December\u00a031, 2021 312,712 6,000 488,050 420,125 679,245 Exercised - - (488,050) - (679,245) Lapsed (312,712) - - - - Outstanding at December\u00a031, 2022 - 6,000 - 420,125 - Subscription price (in \u20ac) 39.75 3.98 0.01 0.01 0.01 Fair value at grant date (in \u20ac) 39.75 10.08 39.75 39.75 39.75 Exercise price (in \u20ac) 0.01 39.75 0.01 0.01 0.01 Maximum share capital increase (in \u20ac) (as at grant date) 4,532 60 4,881 4,201 6,792 Vesting condition Performance condition between 26/05/2020 and 26/05/2022 All warrants became exercisable as a result of the merger Performance condition between 01/02/2021 and 31/01/2024 All warrants became exercisable as a result of the merger Plans Warrants 2014 Warrants G Warrants H Warrants 2017 Warrants\u00a0I Volatility 50.60% 38.40% 35.60% 35.9% to 41.0% 34.70% Risk-free rate 0.71% -0.57% 0.26% 0.05% to 0.46% -0.55% Expected maturity (years) 4.00 2.45 6.59 5.31 to 6.81 1.97 Turnover rate 10.00% 0.00% 0.00% 0.00% 0.00% Dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% Illiquidity discount rate 0.00% 0.00% 0.00% 0.00% 0.00% Plans Warrants J Warrants 2021 Warrants K Warrants L Warrants M Volatility N/A* 35.7% to 37.0% N/A* N/A* N/A* Risk-free rate N/A* -0.69% to -0.62% N/A* N/A* N/A* Expected maturity (years) 2.00 5.05 to 5.61 6.18 3.13 7.13 Turnover rate N/A* 0.00% N/A* N/A* N/A* Dividend yield N/A* 0.00% N/A* N/A* N/A* Illiquidity discount rate N/A* 0.00% N/A* N/A* N/A* N/A =\u00a0Not applicable. * Warrants issued by I2PO\u00a0S.A. 20.4 Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05, 2022, and they expire five years after this date. As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. I2PO\u00a0S.A. considered that these instruments had a nil value at the date of the IPO and for as long as no announcement had been made of a planned merger. As the initial business combination relating to the agreement between Deezer\u00a0S.A. and I2PO\u00a0S.A. was issued on April\u00a019, 2022, the BSARs were measured at fair value through profit or loss in accordance with IFRS\u00a09 at June\u00a030, 2022. As the price of a BSAR was \u20ac0,165 each at June\u00a030, 2022, a \u20ac4.65\u00a0million impact was recognized in operating expenses with a corresponding adjustment to non-current financial liabilities. As at December\u00a031, 2022, this cost is part of the non-cash listing service charge of \u20ac54.9\u00a0million and the variation resulting from the BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1.8\u00a0million. Plans A BSARs B BSARs Shareholders\u2019 meeting date 05/07/2021 05/07/2021 Board members\u2019 meeting date 15/07/2021 15/07/2021 Expiry date 5\u00a0years* 5\u00a0years* Number of warrants granted 659,130 27,500,000 Outstanding at January\u00a01, 2021 - - Granted 659,130 27,500,000 Exercised - - Outstanding at December\u00a031, 2021 659,130 27,500,000 Exercised - - Outstanding at December\u00a031, 2022 659,130 27,500,000 Subscription price (in \u20ac) 0.00 0.00 Fair value at the completion date of the Business Combination (in \u20ac) 0.17 0.17 Exercise price (in \u20ac) 11.50 11.50 Maximum share capital increase (in \u20ac) (as at grant date) 2,832 118,158 Five years from the completion date of the Business Combination. Deezer\u00a0S.A. proceeded with grant of stock-options to the recognized in the consolidated income statement for the years benefit of certain employees and officers of the Group. ended December\u00a031, 2022 and 2021, based on the Stock-options granted in 2021 have given rise to expenses Black-Scholes model and on a value per share of \u20ac39.75. Activity in the stock-options outstanding and related information is as follows: Plans Stock-options 14* Stock-options 15* Stock-options 15-2* Stock-options 17 Stock-options 18 Granting dates 22/05/2014 24/10/2014 12/03/2015 23/04/2015 16/07/2015 25/07/2017 24/02/2021 Expiry date 31/12/2024 31/12/2024 31/12/2024 05/01/2023 05/01/2023 Number of stock-options granted 424,299 533,948 72,500 58,250 27,000 Outstanding at January\u00a01, 2021 55,462 533,948 58,000 31,662 - Granted - - - - 27,000 Lapsed - - - - - Outstanding at December\u00a031, 2021 55,462 533,948 58,000 31,662 27,000 Lapsed - - - - (3,500) Outstanding at December\u00a031, 2022 55,462 533,948 58,000 31,662 23,500 Exercise price (in \u20ac) 24.25 24.25 24.25 14.61 31.31 Maximum share capital increase (in \u20ac) (as at grant date) 4,243 5,339 725 583 270 Information contained herein takes into account the stock split decided by the combined general meeting of Deezer\u00a0S.A. held on October\u00a09, 2015. * Plans Stock-options 14 Stock-options 15 Stock-options 15-2 Stock-options 17 Stock-options 18 Volatility 50.60% 45.00% 45.00% 35.60% to 42.50% 36.8% to 39.40% Risk-free rate 0.71% 0.32% 0.32% -0.04% to 0.26% -0.69% to -0.62% Expected maturity (years) 4.00 4.00 4.00 5.06 to 6.56 3.43 to 4.11 Turnover rate 10.00% 22.00% 22.00% 0.00% 0.00% Dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% Illiquidity discount rate 0.00% 0.00% 0.00% 0.00% 0.00% The expense recognized in the consolidated income statement for share-based payments is as follows: (in \u20ac thousands) 2022 2021 Product and development 583 500 Sales and marketing 340 182 General and administrative 10,668 7,615 Sub-Total/Free shares 11,590 8,296 Cost of revenue 20,033 21,153 Product and development - - Sales and marketing 1,593 2,501 General and administrative 0 30 Sub-Total/Warrants 21,626 23,684 Product and development - - Sales and marketing 74 185 General and administrative - - Sub-Total/Stock-options 74 185 Total 33,291 32,165 \u00a0(in \u20ac thousands) Legal contingencies Indirect tax Other Total Carrying amount at January\u00a01, 2021 1,551 3,247 52 4,850 Charged/(credited) to the consolidated statement of operations: Additional provisions 258 1,222 5,800 7,280 Reversal of unutilized amounts (300) (236) (10) (546) Exchange differences - - 1 1 Carrying amount at January\u00a01, 2022 1,509 4,233 5,843 11,585 Charged/(credited) to the consolidated statement of operations: Additional provisions 2,081 2,474 1,292 5,847 Reversal of unutilized amounts (1,015) (179) (227) (1,421) Exchange differences 7 7 Utilized - Carrying amount at December\u00a031, 2022 2,575 6,528 6,915 16,018 As at December\u00a031, 2022 Current portion 2,575 6,528 6,915 16,018 Some legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. The results of such legal proceedings are difficult to predict and the extent of the Group\u2019s financial exposure is difficult to estimate. The Group records a provision for contingent losses when it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. Regarding the claim filed by HUZIP (Hrvatska Udruga Za Zastitu Izvodackih Prava), Croatian performers\u2019 rights collecting society, against Deezer\u00a0S.A., two hearings were held in February and June\u00a02022 and do not affect the provision booked as at December\u00a031, 2022. Taxes 22.2 The Group has indirect tax provisions which relate primarily to foreign indirect taxes and tax penalties on these. The Company recognizes provisions for claims or indirect taxes when it determines that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Other 22.3 Other provisions mainly relate to commercial risks. Provisions for employee benefits Note\u00a022 The provision for retirement benefits applicable for employees in France has been estimated on the basis of the projected unit credit method and with the following assumptions: 2022 2021 Collective agreement applied SYNTEC SYNTEC Salary increase rate 3% for all years 7.00% for 2022 and 3% for following years Annual discount rate 3.75% 1.26% Social contribution rate 50.00% 50.00% Retirement age 65\u00a0years 65\u00a0years Mortality table INSEE 2015/2017 INSEE 2015/2017 Average turnover rate 0% to 31.2% 0% to 31.2% As at December\u00a031, 2022 and December\u00a031, 2021, a balance sheet equals the actuarial liability, from the moment decreasing turnover rate depending on employees\u2019 age has there are no plan assets or unrecognized actuarial gains and been used: from 31.2% for a 20-year-old employee to 0% for a losses. 61-year-old employee. The provision in the consolidated The provision changed as follows: (in \u20ac thousands) Provision for employee retirement benefits Carrying amount at January\u00a01, 2021 852 Actuarial differences (14) Increase 199 Discounting impact 7 Carrying amount at December\u00a031, 2021 1,043 Service costs 10 Increase 222 Discounting impact (583) Carrying amount at December\u00a031, 2022 692 \u00a0(in \u20ac thousands) 2022 2021 Trade payables 7,091 16,617 Trade accrued expenses 276,282 218,935 283,373 235,552 Trade payables generally have a 30 to 60\u00a0days term and are recognized and carried at their invoiced value, inclusive of any value added tax that may be applicable. Trade payables breakdown as follows: \u00a0(in \u20ac thousands) 2022 2021 Marketing, General & Administrative and Other 4,717 6,852 Royalties 2,374 9,765 7,091 16,617 Trade accrued expenses are detailed below: \u00a0(in \u20ac thousands) 2022 2021 Marketing, General & Administrative and Other 23,181 20,651 Royalties 253,101 198,284 276,282 218,935 Tax and employee-related liabilities Note\u00a024 \u00a0(in \u20ac thousands) 2022 2021 Employee-related liabilities 4,578 5,168 Social contribution liabilities 5,676 6,228 State, revenue taxes payable 21,014 16,979 Other similar taxes and levies payable 5,254 3,981 Current income tax payable 1,468 514 37,990 32,870 Other liabilities Note\u00a025 \u00a0(in \u20ac thousands) 2022 2021 Trade receivables - Credit notes to be issued 787 435 Trade receivables with credit balances 93 94 Sundry creditors 897 266 Trade payables in relation to fixed-assets 1,456 1,441 3,234 2,236 All other liabilities are due within a year. The Group\u2019s operations are exposed to financial risks. To manage these risks efficiently, the Group has established guidelines in the form of a treasury policy that serves as a framework for the daily financial operations. The treasury policy stipulates the rules and limitations for the management of financial risks. Financial risk management is centralized within Treasury who are responsible for the management of financial risks. Treasury manages and executes the financial management activities, including monitoring the exposure of financial risks, cash management, and maintaining a liquidity reserve. Treasury operates within the limits and policies authorized by the Board of Directors. Credit risk management 26.2 The credit risk with respect to the Group\u2019s trade receivables is diversified geographically and among a large number of customers, private individuals, as well as companies in various industries, both public and private. The majority of the Group\u2019s revenue is paid monthly in advance significantly lowering the credit risk incurred for these specific counterparties. Liquidity risk management 26.3 Liquidity risk is the Group\u2019s risk of not being able to meet the short-term payment obligations due to insufficient funds. The Group has internal control\u00a0processes and contingency\u00a0plans for managing liquidity risk. The liquidity management takes into account the maturities of financial assets and financial liabilities and estimates of cash flows from operations. Before the completion of the merger on July\u00a05, 2022, the Group funded its growth through equity capital raises and had not borrowed from banks until January\u00a02021. On July\u00a05, 2022, the Company raised \u20ac119\u00a0million through subscription agreements reserved to existing and new investors and received \u20ac23.7\u00a0million corresponding to the cash held in its escrow account net of redemption. The Group has a positive net cash position at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 Interest bearing bank accounts 3,991 4,426 Cash at bank and at hand 109,618 30,671 Cash and cash equivalents 113,610 35,097 Non-current and current financial liabilities are detailed below: \u00a0(in \u20ac thousands) 2022 2021 A BSARs and B BSARs 2,816 - State-guaranteed loans 20,472 25,000 Financial liabilities - non current 23,288 25,000 State-guaranteed loans 4,949 - Accrued interests on state-guaranteed loans 38 112 Financial liabilities - current 4,988 112 Non-current financial liabilities of \u20ac2,816\u00a0thousands correspond to the value of the A BSARs and B BSARs classified as derivative liabilities at fair value through profit or loss (IFRS\u00a09), i.e. measured based on their quoted price as at December\u00a031, 2022 (\u20ac0.1). Based on the 28,159,130 BSARs outstanding at December\u00a031, 2022, the corresponding financial liability recognized amount to \u20ac2,816\u00a0thousands. The BSARs have been recognized as non-current liabilities because they are exercisable as from the merger completion date until the fifth anniversary of that date. In January\u00a02021, as part of the COVID-19 French governmental measures, Deezer\u00a0S.A. entered into three state-guaranteed loans totalling \u20ac25\u00a0million with BNP Paribas, HSBC Continental Europe and Bpifrance for an initial period of one year and then opted for an extension of these loans for an additional period of five years. The extension was effective on September\u00a021, 2021 with BNP Paribas, on October\u00a018, 2021 with Bpifrance and on November\u00a030, 2021 for HSBC Continental Europe. These loans will be reimbursed from January\u00a02023 to January\u00a02027. The ageing of the Group\u2019s financial liabilities are as follows: \u00a0Maturity analysis (in \u20ac thousands) 2022 2021 Less than one year 4,988 1,161 One to five years 23,288 23,951 Total financial liabilities 28,276 25,112 Current financial liabilities 4,988 1,161 Non-current financial liabilities 23,288 23,951 Total financial liabilities 28,276 25,112 Currency risk management 26.4 Transaction exposure relates to business transactions denominated in foreign currency required by operations (purchasing and selling) and/or financing (interest and amortization). The Group does not hedge its transaction exposure. Transaction exposure sensitivity 26.4.1 In most cases, the Group\u2019s customers are billed either in EUR, in USD or in their respective local currency. Royalty payments are primarily in EUR and USD. Payments, such as salaries, consultancy fees, and rental fees are settled in local currencies. In some instances, the Group may need to convert cash at bank in foreign currencies to proceed with payments. The Group\u2019s exposure to foreign currency risk at the end of the reporting period was as follows: (in \u20ac thousands) 2022 2021 USD GBP BRL USD GBP BRL Trade receivables 3,829 109 - 14,400 217 - Trade payables (117) (183) (474) (524) (812) (9) The aggregate net foreign exchange gains/losses recognized in profit or loss were: (in \u20ac thousands) 2022 2021 Net foreign exchange gain on trade receivables and trade payables 336 552 Foreign exchange loss on revaluation of intercompany accounts included in finance costs (585) (225) Total net foreign exchange (loss)/gain recognized in profit before income tax for the year (248) 327 As shown in the table above, the Group is primarily exposed to changes in EUR/USD, EUR/GBP and EUR/BRL exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from US, GBP and BRL denominated trade receivables, trade payables and current accounts (financial instruments). The table below shows the immediate impact on net loss before tax of a 10% strengthening and of a 10% weakening in the closing exchange rate of significant currencies to which the Group had exposure, at December\u00a031, 2022, and 2021. The impact on net loss is due primarily to monetary assets and liabilities in a transactional currency other than the functional currency of a subsidiary within the Group(in \u20ac thousands) (Increase)/ Decrease in loss before tax 2022 2021 BRL/EUR exchange rate - increase 10% 2,341 1,994 BRL/EUR exchange rate - decrease 10% (1,916) (1,631) GBP/EUR exchange rate - increase 10% (8) (65) GBP/EUR exchange rate - decrease 10% 7 53 USD/EUR exchange rate - increase 10% 901 410 USD/EUR exchange rate - decrease 10% (737) (334) The Group\u2019s exposure to other foreign exchange movements is not material. Translation exposure sensitivity 26.4.2 Translation exposure exists due to the translation of the results and financial position of all of the Group entities that have a functional currency different from the Euro. The impact on the Group\u2019s equity would be approximately \u20ac(4) million and \u20ac(3.6) million if the Euro weakened by 10% against all translation exposure currencies, based on the exposure at December\u00a031, 2022 and 2021, respectively. lnterest rate risk management 26.5 The interest rate risk is not considered as material for the Group as the interest rate applied on the three state-guaranteed loans effective in 2021 is a fixed interest rate. Financial instruments 26.6 Fair values 26.6.1 The Group has no financial asset but has one financial liability measured at fair value at December\u00a031, 2022. The different levels have been defined in Note\u00a02. Financial liabilities by fair value hierarchy level (in \u20ac thousands) Level\u00a01 Level\u00a02 Level\u00a03 December\u00a031, 2022 Financial liabilities at fair value A BSARs and B BSARs 2,816 - - - Total financial liabilities at fair value by level 2,816 - - - Recurring fair value measurements 26.6.2 The table below presents the changes in fair value of the warrant liability: (in \u20ac thousands) 2022 2021 At January\u00a01 - - Non-cash changes recognized in profit or loss Initial recognition 4,646 - Changes in fair value (1,830) - Issuance of shares upon exercise of warrants - - At December\u00a031 2,816 - Obligations resulting from leases in the scope of IFRS\u00a016 are disclosed in Note\u00a013. The Group is subject to the following future payments as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 Less than one year 20 23 One to five years 19 - More than five years - - 39 23 The Group is subject to the following minimum guarantees relating to the content on its service, the majority of which relate to minimum royalty payments associated with its license agreements for the right of access of licensed content, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 185,097 191,193 Later than one year but not more than 5\u00a0years 17,596 188,898 202,693 380,091 In addition to the minimum guarantees listed above, the Group is subject to various non-cancellable purchase obligations and service agreements with minimum spend commitments, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 826 754 Later than one year but not more than 5\u00a0years - 1,666 826 2,420 The Group is also subject to the following minimum guarantees to receive from its distribution partners, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 15,136 - Later than one year but not more than 5\u00a0years 159,256 - 174,392 - any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to Various legal actions, proceedings, and claims are pending or occur, the Group could be required to pay additional royalties, may be instituted or asserted against the Group. These may and the amounts involved could be material. The Group include but are not limited to matters arising out of alleged expenses legal fees as incurred. The Group records a provision infringement of intellectual property, alleged violations of for contingent losses when it is both probable that a liability consumer regulations, employment-related matters, and has been incurred and the amount of the loss can be disputes arising out of supplier and other contractual reasonably estimated. An unfavorable outcome to any legal relationships. As a general matter, the music and other matter, if material, could have an adverse effect on the content made available on the Group\u2019s service are licensed to Group\u2019s operations or its financial position, liquidity, or results the Group by various third parties. Many of these licenses of operations. allow rights holders to audit the Group\u2019s royalty payments, and As of December\u00a031, 2022, and 2021, key management includes members of the Company\u2019s senior management and the Board of Directors. Amounts disclosed are based on the total gross amount recognized as an expense in the consolidated income statement in the respective year. \u00a0(in \u20ac thousands) Year ended December\u00a031, 2022 2021 Gross compensation, employer social security contributions and benefits in kind 6,278 5,840 Retirement benefits 28 22 Termination benefits 1,723 541 Share-based payments 11,792 8,877 19,821 15,280 Transactions with related parties 28.2 The consolidated financial statements include related parties\u2019 transactions conducted by the Group in the normal course of its businesses. These transactions are carried out on an arm\u2019s length basis. Purchases and sales transactions with related parties are as follows: \u00a0(in \u20ac thousands) 2022 2021 Purchases 1,886 2,309 Sales 77,200 61,876 The assets and liabilities transactions with related parties are as follows: \u00a0(in \u20ac thousands) 2022 2021 Receivables 7,403 6,297 Payables 169 784 Executive license agreement with Rotana 28.3 Audio Visual\u00a0LLC An exclusive license agreement was entered into on August\u00a01, 2018 between Deezer\u00a0S.A. as licensee on the one hand and Rotana Studios FZ-LLC as licensor on the other, being specified that Rotana Studios FZ-LLC is affiliated with Rotana Audio Holding,\u00a0Ltd. which subsequently became a shareholder of Deezer\u00a0S.A. following the capital increase on August\u00a020, 2018. As per this agreement, Rotana Studios FZ-LLC grants the Company exclusive rights to an audio and video catalogue gathering a large number of artists, songs and albums and enabling it to differentiate from its competitors. This contract was transferred by Rotana Studios FZ-LLC to Rotana Audio Visual\u00a0LLC, which is also owned by the Rotana group, as per a transfer agreement effective on January\u00a015, 2019 and continued since then. As per the settlement agreement signed in September\u00a02021 and its amendment signed in February\u00a02022 and in relation to the exclusive licence agreement with Rotana Audio Visual\u00a0LLC disclosed in Note\u00a028, Deezer\u00a0S.A. paid a net amount of US$2.2\u00a0million on September\u00a030, 2021 and Rotana Audio Visual\u00a0LLC paid a net amount of US$350\u00a0thousands on December\u00a027, 2022. The table below shows the Group\u2019s fully-consolidated (\u201cFC\u201d) and equity-accounted (\u201cEM\u201d) companies at the reporting dates presented: Name 2022 2021 Consolidation method Share capital held (in %) Consolidation method Share capital held (in %) Deezer Music Brasil LTDA FC 99.99% FC 99.99% Deezer Russia\u00a0LLC FC 100.00% FC 100.00% Deezer\u00a0Inc. FC 100.00% FC 100.00% Musica Ilimitada\u00a0S.A. de C.V. FC 99.99% FC 99.99% Deezer MENA FZ-LLC FC 100.00% FC 100.00% Deezer Singapore Pte\u00a0Ltd FC 100.00% FC 100.00% Dreamstage\u00a0Inc. FC 45.50% EM 40.95% Driift Holding\u00a0Ltd FC 45.50% EM 17.40% Driift Live\u00a0Inc. FC 45.50% EM 17.40% Driift Live\u00a0Ltd FC 45.50% EM 17.40% Deezer M\u00fczik Da\u011f\u0131t\u0131m ve Organizasyon Limited \u015eirketi FC 100.00% FC 100.00% Deezer Dijital Hizmetler ve Da\u011f\u0131t\u0131m A.\u015e. FC 100.00% FC 100.00% Deezer Production\u00a0SAS FC 100.00% -\u00a0-\u00a0Magic Internet Musik GmbH FC 100.00% FC 100.00% There is no investment in non-consolidated companies as of December\u00a031, 2022. There\u00a0are\u00a0no\u00a0restrictions\u00a0on\u00a0the\u00a0net\u00a0assets\u00a0of\u00a0the\u00a0Group\u00a0companies. On February\u00a016, 2023, the Company announced a long-term partnership with Sonos to power the brand\u2019s streaming radio service Sonos Radio and its subscription service Sonos Radio HD, delivering an expansive catalog of music curated for Sonos customers. On February\u00a028, 2023, Stu Bergen was provisionally appointed by the Board of Directors to replace Amanda Cameron, who resigned from her position as director. The provisional appointment of Stu Bergen as director of the Company will have to be ratified by the next ordinary shareholders\u2019 meeting of the Company",
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"value": "Deezer\u00a0S.A. 24, rue de Calais, 75009 ParisThe Company or the Parent is a private limited company incorporated and domiciled in France, with a registered office located 24, rue de Calais 75009 Paris. The Group comprises the Company and its subsidiaries (the \u201cGroup\u201d). The Company is the holding company of the Group that operates a streaming music service through the Deezer.com website and a mobile application and operates in more than 180\u00a0countries. Deezer Group makes more than 90\u00a0million music tracks available to its customers. The main activities of the Group\u2019s companies are: an online music listening service, provided free of charge to \u25cf users (financed by advertising) or by way of subscriptions; advertising sales (sale of advertising space online). \u25cf Significant events 1.2 On April\u00a018, 2022, I2PO\u00a0S.A., a special purpose acquisition company publicly traded company on the professional segment of the regulated market of Euronext Paris, and Deezer\u00a0S.A. entered into a definitive agreement for a business combination that resulted in the merger of Deezer\u00a0S.A. with and into I2PO\u00a0S.A.. On May\u00a024, 2022, Deezer\u00a0S.A. entered into a second investment agreement with Dreamstage,\u00a0Inc. Under this investment contract, Deezer\u00a0S.A. subscribed to a share capital increase of US$2\u00a0million granting Deezer\u00a0S.A. a total ownership of 77.2%, in terms of share capital and vote rights. On July\u00a05, 2022, Deezer\u00a0S.A. legally merged with and into I2PO\u00a0S.A., whose registered office was located 12, rue Fran\u00e7ois 1er, 75008 Paris, France, registered with the Registre du commerce et des soci\u00e9t\u00e9s under number\u00a0898,969,852 RCS Paris. As part of the merger, Deezer\u00a0S.A. was dissolved and all its assets and liabilities were automatically transferred to I2PO\u00a0S.A. by operation of law and I2PO\u00a0S.A. encompassing the activities and business of Deezer\u00a0S.A. was renamed \u201cDeezer\u00a0S.A.\u201d. On the same day, I2PO\u00a0S.A. received \u20ac119\u00a0million through subscription agreements (\u201cthe PIPE\u201d) reserved to existing and new investor. Concomitantly, the registered office of I2PO\u00a0S.A. was transferred to 24, rue de Calais, 75009 Paris, France. held by its dissenting\u00a0market shareholders for an amount of \u20ac251.3\u00a0million and repaid this amount to those shareholders. The Company kept \u20ac23.7\u00a0million in cash at bank. On August\u00a03, 2022, the Company released \u20ac275\u00a0million from its escrow account, redeemed the class B preferred shares On August\u00a016, 2022, RTL Deutschland announced the launch of music streaming app RTL+ Musik. Through\u00a0its partnership with\u00a0the Company, paying subscribers of RTL+ in Germany have access to 90\u00a0million tracks, more than 5,000 curated playlists, and a user-friendly interface with key music streaming features. On September\u00a07, 2022, the Company announced the conclusion of a partnership with French e-commerce leader Cdiscount. On September\u00a029, 2022, the Company acquired additional minority shares of Dreamstage\u00a0Inc. and strengthened its majority shareholder position with a total ownership of 86.0% in terms of share capital and vote rights. The Company sold its investment in Dreamstage\u00a0Inc. in exchange of shares of Driift Holdings Limited and subscribed to a share capital increase of \u00a34\u00a0million of Driift Holdings Limited. As a result of the additional investment and the business combination, the Company became the largest shareholder of Driift Holdings Limited with a 45.5% ownership and became the indirect majority shareholder of Dreamstage\u00a0Inc. fully owned by Driift Holdings Limited since then. The transaction brings together Driift Holdings Limited\u2019s production capabilities with Dreamstage\u00a0Inc.\u2019s technology and commerce platform. On December\u00a013, 2022, Ingrid Bojner and Mark Simonian were co-opted by the Board of Directors to replace Alban Gr\u00e9get and Jeronimo Folgueira, who resigned from their positions as directors. Jeronimo Folgueira, who stepped down in order to allow for an additional independent director to join the Board of Directors, continues his mandate as Chief Executive Officer. On December\u00a021, 2022, the Company launched\u00a0ZEN by Deezer\u00a0in France. The new paid subscription features adaptive music and audio experiences for sleep and relaxation. The app also includes guides, exercises and other content created by psychologists, coaches, teachers and other recognized experts. On December\u00a031, 2022, Guillaume d\u2019Hauteville resigned from his office as Chairman of the Board of Directors, and Iris Knobloch was appointed chairwoman of the Board, effective January\u00a01, 2023. Following the change, Guillaume d\u2019Hauteville was appointed Vice-Chairman of the Board of Directors, a position previously held by Iris Knobloch. The Group\u2019s operations in Russia and in Ukraine are impacted by the consequences of the war in Ukraine. As\u00a0these operations are non-significant, their impacts are limited on the consolidated financial statements for the year ended December\u00a031, 2022. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Union and whose application is mandatory as of December\u00a031, 2022The preparation of the consolidated financial statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note\u00a03. On February\u00a028, 2023, the Board of Directors has reviewed the financial position of the Group, together with its forecast cash flows and financing facilities available and have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12\u00a0months following the signing of these financial statements. For this reason, the Group has adopted the going concern basis in preparing the financial statementsThe application of standards, amendments to existing standards and interpretations published by the IASB whose application has been mandatory since January\u00a01, 2022 had no significant impact on the Company\u2019s consolidated financial statements as of December\u00a031, 2022. They primarily concern: amendments to IFRS\u00a03 related to the conceptual framework; \u25cf amendments to IAS\u00a037 related to onerous contracts; \u25cf amendments to IAS\u00a016 related to proceed before intended \u25cf use; IFRIC decision of March\u00a02021 on configuration or \u25cf customization costs in a cloud computing arrangement (IAS\u00a038). New standards and interpretations 2.1.3 not\u00a0yet\u00a0effective Certain new accounting standards and interpretations have been published that are not mandatory for December\u00a031, 2022 reporting periods and have not been early adopted by the Group: IFRS\u00a017, Insurance contracts and amendments to IFRS\u00a017; \u25cf amendments to IAS\u00a01, Classification of liabilities as current \u25cf or non-current; Disclosure of accounting policies; amendments to IAS\u00a08, Definition of accounting estimates; \u25cf amendments to IAS\u00a012 Income Taxes, Deferred Tax related \u25cf to Assets and Liabilities arising from a Single Transaction; amendments to IFRS\u00a016, Leases Lease Liability in a Sale \u25cf and Leaseback. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated. Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method. Preparing financial statements under IFRS requires management to make estimates and assumptions that affect the application of accounting policies and the amounts of assets and liabilities, income and expenses. The underlying estimates and assumptions are based on past experience and other factors considered reasonable under the circumstances. They act as a basis for making assumptions necessary to the determination of the carrying amount of assets and liabilities, which cannot be obtained directly from other sources. Actual values may differ from these estimates. The underlying estimates and assumptions are regularly reviewed. The impact of changes in accounting estimates is recognized in the period in which the change is made and in all subsequent affected periods. Information on the key assumptions underpinning the estimates made in application of the accounting policies, that materially affect the amounts recognized in the financial statements, can be found in the following notes: Cost of revenue 3.1 The Group assesses the royalties over the entire contractual period for license agreements which include a guaranteed minimum. This assessment is based on variables such as forecast revenue and market shares per label. Any difference between the guaranteed minimum and the royalties estimated over the entire contractual period is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. The Group measures costs of revenue including costs relating to equity warrants issued in March\u00a02021 and in September\u00a02021, as presented in Notes\u00a019 and 20 These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised, based on the estimated royalty costs compared to minimum guaranteed costs over the contractual period, and the value per share estimated at the effective date of the contract. The Group has recognized costs amounting to \u20ac20,033\u00a0thousands and \u20ac21,153\u00a0thousands for the years ended December\u00a031, 2022 and 2021, respectively. Sales and Marketing costs 3.2 The Group measures sales and marketing costs including costs relating to a media-for-equity agreement entered into in May\u00a02020 with Estudios Azteca,\u00a0S.A. de C.V., as presented in Notes\u00a019 and 20. These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised at termination of the contract and estimated based on new subscribers forecast in Mexico, the value per share estimated at the end of each period, the portion of media used out of a media volume agreed and estimated at \u20ac5,549\u00a0thousands as at December\u00a031, 2021. Based on actual figures of new subscribers in Mexico and on a business plan, Deezer\u00a0S.A. estimated the number of warrants which could be exercised at 140,494 and recognized costs amounting to \u20ac2,501\u00a0thousands for the year ended December\u00a031, 2021. At the contract termination in May\u00a02022, the number of warrants which could be definitively exercised was 140,494 and a cost of \u20ac1,566\u00a0thousands was recognized during the year ended December\u00a031, 2022. At the warrant exercise date, the value per share was estimated at a value similar to the value per share used at the contract signature date. Share-based payments 3.3 The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020). Goodwill 3.4 Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02 (l) \u201cGoodwill\u201d. Provisions for claims and litigation 3.5 Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff. Provisions for impairment of advances 3.6 paid to record companies minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared. A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast. ",
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"value": "Summary of significant accounting policies Note\u00a02 The consolidated financial statements as of and for the year ended December\u00a031, 2022 were prepared under management\u2019s supervision and were authorized for issue by the Board of Directors on February\u00a028, 2023. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation 2.1 Compliance with IFRS 2.1.1 The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Union and whose application is mandatory as of December\u00a031, 2022. The preparation of the consolidated financial statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note\u00a03. On February\u00a028, 2023, the Board of Directors has reviewed the financial position of the Group, together with its forecast cash flows and financing facilities available and have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12\u00a0months following the signing of these financial statements. For this reason, the Group has adopted the going concern basis in preparing the financial statements. New and amended standards adopted 2.1.2 by\u00a0the\u00a0Group The application of standards, amendments to existing standards and interpretations published by the IASB whose application has been mandatory since January\u00a01, 2022 had no significant impact on the Company\u2019s consolidated financial statements as of December\u00a031, 2022. They primarily concern: amendments to IFRS\u00a03 related to the conceptual framework; \u25cf amendments to IAS\u00a037 related to onerous contracts; \u25cf amendments to IAS\u00a016 related to proceed before intended \u25cf use; IFRIC decision of March\u00a02021 on configuration or \u25cf customization costs in a cloud computing arrangement (IAS\u00a038). New standards and interpretations 2.1.3 not\u00a0yet\u00a0effective Certain new accounting standards and interpretations have been published that are not mandatory for December\u00a031, 2022 reporting periods and have not been early adopted by the Group: IFRS\u00a017, Insurance contracts and amendments to IFRS\u00a017; \u25cf amendments to IAS\u00a01, Classification of liabilities as current \u25cf or non-current; Disclosure of accounting policies; amendments to IAS\u00a08, Definition of accounting estimates; \u25cf amendments to IAS\u00a012 Income Taxes, Deferred Tax related \u25cf to Assets and Liabilities arising from a Single Transaction; amendments to IFRS\u00a016, Leases Lease Liability in a Sale \u25cf and Leaseback. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. Basis of consolidation 2.2 Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated. Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method. Foreign currency translation 2.3 Functional and reporting currency 2.3.1 Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the reporting currency and the functional and presentation currency of the ParentFinancial statements Consolidated financial statements for the fiscal year ended December\u00a031,\u00a02022 Transactions and balances 2.3.2 Transactions in foreign currencies are translated into their respective functional currencies using the exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rate effective at that date. The resulting exchange gains or losses are recorded in the consolidated income statement. Group companies 2.3.3 The financial statements of consolidated foreign subsidiaries whose functional currency is not the Euro are translated into Euros: for statement of financial position items at the closing \u25cf exchange rate at the date of the statement of financial position; and for the income statements, statement of comprehensive loss \u25cf and statement of cash flows items at the average rate for the period presented; except where this method cannot be applied due to significant exchange rate fluctuations during the applicable period. The closing and average Euro to Brazilian Real exchange rates used in the consolidated financial statements to convert the operations of the Brazilian subsidiary have changed significantly in 2022 compared to 2021. The resulting currency translation adjustments are recorded in other comprehensive income (loss) as a cumulative currency translation adjustment. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Revenue Recognition 2.4 Direct Revenue \u2013 B2C and Indirect Revenue \u2013 2.4.1 B2B The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue \u2013 B2C\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cIndirect Revenue \u2013 B2B\u201d). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance. Direct Revenue \u2013 B2C and Stand-Alone 2.4.2 subscriptions (Indirect Revenue \u2013 B2B) These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example: subscriptions sold by the Group and collected through \u25cf payment platforms as well as subscriptions taken out through \u201cStores\u201d (Apple, Android) are recognized for their gross value. The commission charged by the platform is included in \u201cCost of Revenue\u201d; for subscriptions subscribed through distribution partners \u25cf (\u201cStand-Alone\u201d): where the Group concludes that it is principal in the \u25cf transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its gross value. If a commission is invoiced by the distributor in accordance with the distribution agreement, it is recorded as an expense in \u201cSales and Marketing\u201d, where the Group concludes that the distribution partner \u25cf is principal in the transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its net value, having deducted the sales commission. Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service. Revenue from Bundle (Indirect Revenue \u2013 B2B) 2.4.3 When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days). The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor. The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract. 2022 Universal registration document 6 Financial statements Consolidated financial statements for the fiscal year ended December\u00a031,\u00a02022 Other Revenue 2.4.4 The Group has two other sources of revenue: The Group\u2019s advertising revenue is primarily generated \u25cf through display, audio, and video advertising delivered through impressions on the Deezer free service. The Group enters into arrangements with advertising agencies that purchase advertising on its platform on behalf of the agencies\u2019 clients, or enters into arrangements directly with advertisers. These advertising arrangements are typically sold on a cost-per-thousand basis and are evidenced by an Insertion Order (\u201cIO\u201d), a submission of order placements through a self-serve platform that includes the online acceptance of terms and conditions, or contracts that specify the terms of the arrangement such as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. Advertising revenue is recognized in the period in which the advertising service is provided. Ancillary revenue corresponds to income received by the \u25cf Deezer Group from partners, in particular from sales of access codes. Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed. Cost of revenue 2.5 Cost of revenue consists predominantly of royalty and distribution costs related to content streaming. Royalty and guaranteed minimum costs 2.5.1 Royalty and guaranteed minimum costs include the royalties due to rights holders as a result of content streaming. Royalties are typically calculated using negotiated rates in accordance with license agreements and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination of the amount of the rights holders\u2019 costs is based on a number of variables, including the revenue recognized, the type of content streamed and the country in which it is streamed, identification of the appropriate license holder and size of user base. Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made. When signing multi-annual royalty contracts with minimum guaranteed amounts the Group assesses the amount of royalties to be consumed over the entire contractual period. Any difference between the guaranteed minimum and the royalties assessed is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. When the amount of the guaranteed minimum cannot be allocated to accounting periods covered by the term of the contract, this amount is spread prorata temporis. For onerous contracts, any difference between the guaranteed minimum and the royalties over the entire contractual period assessed on the date on which the contract is signed is recognized as an intangible asset (access right according to the criteria of IAS\u00a038). This intangible asset is amortized over the contract term and the annual amortization charge is presented under Product and Development. At the end of each financial year, the Group updates the estimated unused minimum guaranteed. If the new estimate is higher than the initial amount of the intangible asset, a charge in Cost of Revenue is recognized for the difference through an impairment of advance payments on music rights, if any, or through a provision for onerous contract if such difference is higher than advance payments. Distribution and other costs 2.5.2 Distribution and other costs of revenue include commissions charged by the sales platforms, server hosting and network bandwidth. Product and development expenses 2.6 Product and development expenses are primarily comprised of costs incurred for the development and improvements of the product and its interfaces. The costs incurred mainly include related salaries and social contributions. Sales and marketing expenses 2.7 Sales and marketing expenses are predominantly comprised of subscriber acquisition costs, communication expenses relating to public relations, commissions paid to distributors, as well as the costs of providing free trials of the Deezer subscriptions. They also include salaries, social contributions and expenses relating to employees assigned to advertising sales, central and local marketing teams, as well as customer support teams. Expenses included in the costs of providing free trials are primarily derived from per user royalty fees determined in accordance with the rights holder agreements. General and administrative expenses 2.8 General and administrative expenses are primarily comprised of salaries, social contributions and expenses relating to employees assigned to management and support functions such as Content, Finance, Human Resources, Legal and Strategy, to the department in charge of relations with the right holders, as well as costs related to premises. Income tax 2.9 The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statements except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax 2.9.1 The current tax represents the amount of income tax based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Deferred tax 2.9.2 Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset. Earnings per share 2.10 Basic earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of ordinary shares existing during the period, less the average number of ordinary shares bought and held as treasury shares. Diluted earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of shares issued or to be issued at the end of the period, excluding treasury shares and including the impact of all potentially dilutive ordinary shares and in particular the exercise of stock options. The calculation of basic earnings per share as a result of the merger is detailed in Note\u00a010 \u201cLoss per share\u201d. Goodwill 2.11 Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined. The key assumptions used for these tests are as follows: business plan of the activity supported by the goodwill \u25cf prepared by Management on the basis of growth and profitability, and consistent with the Deezer Group\u2019s business plan validated by the Board of Directors; exit revenue multiple; \u25cf revenue growth rate; \u25cf gross margin growth rate; \u25cf discount rate. \u25cf Intangible assets 2.12 Development costs 2.12.1 Internal development costs may be capitalized when the following criteria are met: high probability of technical success allowing the completion \u25cf of the intangible asset for commissioning or sale; the intention to complete the intangible asset and use or sell \u25cf it; the ability to use or sell the intangible asset; \u25cf how the intangible asset will generate probable future \u25cf economic benefits; the availability of appropriate resources (technical, financial \u25cf and other) to complete the development and use or sell the intangible asset; the ability to reliably measure the expenses spent on the \u25cf intangible asset development. Some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses. Software and licenses 2.12.2 Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life. Other intangible assets 2.12.3 Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life. Amortization 2.12.4 Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively. Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong. The estimated useful lives are the following: licenses: 1 to 3\u00a0years; \u25cf websites:1\u00a0year; \u25cf customer database:between 1 and 2\u00a0years; \u25cf other assets: between 1 and 3\u00a0years; \u25cf exclusive rights and access rights: term of the contract. \u25cf Property and equipment 2.13 Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group. When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment. Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment. The estimated useful lives used are as follows: building improvements: 5 to 10\u00a0years; \u25cf technical equipment and tools: 3\u00a0years; \u25cf fixtures and fittings: between 5 and 8\u00a0years; \u25cf vehicles: 5\u00a0years; \u25cf office and computer equipment: 3\u00a0years; \u25cf furniture: 5\u00a0years. \u25cf The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired. Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use. Right-of-use assets and lease liabilities 2.14 At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: the contract involves the use of an identified asset \u2013 this \u25cf may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; the Group has the right to obtain substantially all of the \u25cf economic benefits from the use of the asset throughout the period of use; and the Group has the right to direct the use of the asset. The \u25cf Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. As a lessee, the Group recognizes: an asset corresponding to the right of using such asset \u25cf during the lease term At the effective date of the lease agreement, the right-of-use is measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any leases incentives received, any initial directs costs and restoration costs. The right-of-use is amortized over the useful life of the underlying asset. This useful life always corresponds to the lease contract period, given the nature of assets leased by the Group; a lease liability resulting from the obligation to pay this \u25cf right-of-use At the effective date of the lease agreement, the lease liability include the net present value of the fixed payments, less any lease and incentives receivable, variable lease payment that are based on an index or a rate, amounts expected to be payable by the Group under residual value guarantees, the exercise price of a purchase option if the Group reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease reflects the Group exercising that option. Discounting rentals is carried out by using an incremental borrowing rate specific to each country and specific to each lessee; These rates correspond to interest rates which the lessee would have to pay in order to borrow, for the same period and with a similar guarantee, the necessary amount to purchase a similar asset in a similar economic environment. During the lease term, the lease liability and the right-of-use asset may be adjusted based on events resulting in an increase or decrease of the lease term and of the rental. The duration of the contract considered is the reasonably certain duration including the non-cancellable period, the periods possibly covered by renewal or termination options.\u00a0This duration is assessed on the date of the lease start and this assessment must consider all the facts or circumstances creating an economic incentive. Main simplified measures allowed by IFRS\u00a016 are used by the Group. Financial statements Consolidated financial statements for the fiscal year ended December\u00a031,\u00a02022 Leases meeting the following conditions are excluded from the scope of IFRS\u00a016: leases in relation to assets with a value lower than \u20ac5,000; \u25cf short-term leases with a term of 12\u00a0months or less; \u25cf Rentals in relation to leases excluded from the scope of IFRS\u00a016 are directly booked as operating costs. Impairment of non-financial assets 2.15 Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting period. Financial instruments 2.16 Financial assets 2.16.1 Initial recognition and measurement The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period. Derecognition Financial assets are derecognized when the rights to receive cash flows from the asset have expired. Impairment of financial assets Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument. Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays. Financial liabilities 2.16.2 Initial recognition and measurement The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value. The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses. Subsequent measurements Financial liabilities at amortized cost After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized. Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations. Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires. Fair value measurements 2.16.3 For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole: level\u00a01: quoted (unadjusted) prices in active markets for \u25cf identical assets or liabilities; level\u00a02: other techniques for which inputs are based on \u25cf quoted prices for identical or similar instruments in markets that are not active, quoted prices for similar instruments in active markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the asset or liability; level\u00a03: techniques which use inputs that have a significant \u25cf effect on the recognized fair value and require the Group to use its own assumptions about market participant assumptions. The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties. Derivative instruments 2.16.4 The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations. Cash and cash equivalents 2.17 Cash and cash equivalents comprise cash at bank and in hand, as well as short-term deposits with maturities of three months or less and any money-market investment subject to an insignificant risk of changes in value. Short-term investments are considered as being held-for-trading and measured at fair value on the closing date. Changes in fair value are recognized in profit or loss. Share capital 2.18 Ordinary shares are classified as equity. (ii)\u00a0include no obligation for the company to deliver cash. These shares \u2013 i.e. the A2 and A3 preferred shares \u2013 are therefore classified as equity instruments in accordance with IAS\u00a032.16. I2PO\u00a0S.A. issued shares to its founders that (i)\u00a0are not convertible into a variable number of equity instruments, and Share-based payments 2.19 The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants. For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded. The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters: valuation of Deezer\u00a0S.A. on the date the financial instrument \u25cf is granted; maturity of the financial instrument (estimated date of its \u25cf liquidity); government bond yields on the date of valuation of the \u25cf financial instrument; company volatility index based on comparable companies; \u25cf exercise value of the financial instrument. \u25cf The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares. The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019 s equity. The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity. Provisions for risks 2.20 Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation. Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability. Provision for employee benefits 2.21 the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement. The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period. The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income. Segment financial information is presented in accordance with IFRS\u00a08, Operating Segments, and is based solely on the internal reporting (\u201cAdjusted EBITDA\u201d and \u201cAdjusted Gross Profit\u201d) used by the Board of Directors \u2013\u00a0considered to be the Company\u2019s chief operating decision maker within the meaning of IFRS\u00a08\u00a0\u2013 to make decisions about resources to be allocated to the segments and assess their performances. These segments reflect the basis on which management analyses the business. The Group has identified three operating segments: Direct \u2013 B2C: Subscriptions to the Deezer service are taken \u25cf out directly by users; Indirect \u2013 B2B: Subscriptions to the Deezer service are \u25cf taken out through a distribution partner or are included in the service or product sold by a distribution partner (as a bundle); other: This segment includes Advertising and Ancillary \u25cf revenue. The Group monitors its operations through the use of non-generally accepted accounting principles (\u201cnon-GAAP\u201d) financial measures: adjusted Cost of Revenue and Gross Profit. These non-GAAP financial measures provide useful and relevant information regarding the Group\u2019s operating results and enhance the overall ability to assess its financial performance. They provide comparable measures which facilitate management\u2019s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d). Revenue, Cost of revenue and Gross Profit by segment are detailed below with a reconciliation between adjusted data and consolidated accounts. (in \u20ac thousands) Revenue Cost of revenue Gross Profit Year ended December\u00a031, 2022 Direct 317,237 (240,786) 76,451 Indirect 118,511 (94,053) 24,458 Other 15,451 (18,402) (2,951) Total adjusted 451,199 (353,241) 97,958 Adjustments - (32,863) (32,863) Total consolidated 451,199 (386,103) 65,095 Year ended December\u00a031, 2021 Direct 282,719 (212,231) 70,488 Indirect 107,393 (86,215) 21,177 Other 9,907 (17,482) (7,574) Total adjusted 400,019 (315,928) 84,090 Adjustments - (35,562) (35,562) Total consolidated 400,019 (351,490) 48,529 Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table. These costs were not split per segment in the consolidated financial statements for the years ended December\u00a031, 2021, 2020 and 2019 authorized for issue by the Board of Directors on March\u00a023, 2022. Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants (in 2022 and 2021), (ii)\u00a0licence agreements unused minimum guarantees (in 2022 and 2021) and (iii)\u00a0onerous contract related depreciation (in 2022 and 2021). These adjustments are not included in the adjusted Gross Profit. Revenue by geographical area breakdowns as follows: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 France 273,192 242,646 Rest of the world 178,007 157,373 451,199 400,019 One distribution partner represents more than 10% of total revenue, both in 2022 and 2021 (See Note\u00a028 \u201cRelated party transactions\u201d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28706": {
"value": "The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Union and whose application is mandatory as of December\u00a031, 2022",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28732": {
"value": "The preparation of the consolidated financial statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note\u00a03. Preparing financial statements under IFRS requires management to make estimates and assumptions that affect the application of accounting policies and the amounts of assets and liabilities, income and expenses. The underlying estimates and assumptions are based on past experience and other factors considered reasonable under the circumstances. They act as a basis for making assumptions necessary to the determination of the carrying amount of assets and liabilities, which cannot be obtained directly from other sources. Actual values may differ from these estimates. The underlying estimates and assumptions are regularly reviewed. The impact of changes in accounting estimates is recognized in the period in which the change is made and in all subsequent affected periods. Information on the key assumptions underpinning the estimates made in application of the accounting policies, that materially affect the amounts recognized in the financial statements, can be found in the following notes: Cost of revenue 3.1 The Group assesses the royalties over the entire contractual period for license agreements which include a guaranteed minimum. This assessment is based on variables such as forecast revenue and market shares per label. Any difference between the guaranteed minimum and the royalties estimated over the entire contractual period is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. The Group measures costs of revenue including costs relating to equity warrants issued in March\u00a02021 and in September\u00a02021, as presented in Notes\u00a019 and 20 These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised, based on the estimated royalty costs compared to minimum guaranteed costs over the contractual period, and the value per share estimated at the effective date of the contract. The Group has recognized costs amounting to \u20ac20,033\u00a0thousands and \u20ac21,153\u00a0thousands for the years ended December\u00a031, 2022 and 2021, respectively. Sales and Marketing costs 3.2 The Group measures sales and marketing costs including costs relating to a media-for-equity agreement entered into in May\u00a02020 with Estudios Azteca,\u00a0S.A. de C.V., as presented in Notes\u00a019 and 20. These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised at termination of the contract and estimated based on new subscribers forecast in Mexico, the value per share estimated at the end of each period, the portion of media used out of a media volume agreed and estimated at \u20ac5,549\u00a0thousands as at December\u00a031, 2021. Based on actual figures of new subscribers in Mexico and on a business plan, Deezer\u00a0S.A. estimated the number of warrants which could be exercised at 140,494 and recognized costs amounting to \u20ac2,501\u00a0thousands for the year ended December\u00a031, 2021. At the contract termination in May\u00a02022, the number of warrants which could be definitively exercised was 140,494 and a cost of \u20ac1,566\u00a0thousands was recognized during the year ended December\u00a031, 2022. At the warrant exercise date, the value per share was estimated at a value similar to the value per share used at the contract signature date. Share-based payments 3.3 The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020). Goodwill 3.4 Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02 (l) \u201cGoodwill\u201d. Provisions for claims and litigation 3.5 Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff. Provisions for impairment of advances 3.6 paid to record companies minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared. A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28765": {
"value": "On February\u00a028, 2023, the Board of Directors has reviewed the financial position of the Group, together with its forecast cash flows and financing facilities available and have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12\u00a0months following the signing of these financial statements. For this reason, the Group has adopted the going concern basis in preparing the financial statements",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28803": {
"value": "The application of standards, amendments to existing standards and interpretations published by the IASB whose application has been mandatory since January\u00a01, 2022 had no significant impact on the Company\u2019s consolidated financial statements as of December\u00a031, 2022. They primarily concern: amendments to IFRS\u00a03 related to the conceptual framework; \u25cf amendments to IAS\u00a037 related to onerous contracts; \u25cf amendments to IAS\u00a016 related to proceed before intended \u25cf use; IFRIC decision of March\u00a02021 on configuration or \u25cf customization costs in a cloud computing arrangement (IAS\u00a038). New standards and interpretations 2.1.3 not\u00a0yet\u00a0effective Certain new accounting standards and interpretations have been published that are not mandatory for December\u00a031, 2022 reporting periods and have not been early adopted by the Group: IFRS\u00a017, Insurance contracts and amendments to IFRS\u00a017; \u25cf amendments to IAS\u00a01, Classification of liabilities as current \u25cf or non-current; Disclosure of accounting policies; amendments to IAS\u00a08, Definition of accounting estimates; \u25cf amendments to IAS\u00a012 Income Taxes, Deferred Tax related \u25cf to Assets and Liabilities arising from a Single Transaction; amendments to IFRS\u00a016, Leases Lease Liability in a Sale \u25cf and Leaseback. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28804": {
"value": "The application of standards, amendments to existing standards and interpretations published by the IASB whose application has been mandatory since January\u00a01, 2022 had no significant impact on the Company\u2019s consolidated financial statements as of December\u00a031, 2022. They primarily concern: amendments to IFRS\u00a03 related to the conceptual framework; \u25cf amendments to IAS\u00a037 related to onerous contracts; \u25cf amendments to IAS\u00a016 related to proceed before intended \u25cf use; IFRIC decision of March\u00a02021 on configuration or \u25cf customization costs in a cloud computing arrangement (IAS\u00a038). New standards and interpretations 2.1.3 not\u00a0yet\u00a0effective Certain new accounting standards and interpretations have been published that are not mandatory for December\u00a031, 2022 reporting periods and have not been early adopted by the Group: IFRS\u00a017, Insurance contracts and amendments to IFRS\u00a017; \u25cf amendments to IAS\u00a01, Classification of liabilities as current \u25cf or non-current; Disclosure of accounting policies; amendments to IAS\u00a08, Definition of accounting estimates; \u25cf amendments to IAS\u00a012 Income Taxes, Deferred Tax related \u25cf to Assets and Liabilities arising from a Single Transaction; amendments to IFRS\u00a016, Leases Lease Liability in a Sale \u25cf and Leaseback. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28894": {
"value": "Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated. Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28895": {
"value": "Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated. Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity methodAs described in Note\u00a04 \u201cBusiness combinations\u201d, Dreamstage Inc. was consolidated using the equity method until May\u00a024, 2022 and has been consolidated using the full consolidation method since that date. Driift Holdings Limited was consolidated using the equity method until September\u00a029, 2022 and has been fully consolidated since that date. The equity affiliates amounts are detailed in the roll-forward below: Carrying amount of investments as of January\u00a01, 2021 -\u00a0\u00a0\u00a0Dreamstage - Additions 4,970 Driift - Additions 2,330 Dreamstage \u2013 Share of loss in equity affiliates (1,753) Driift \u2013 Share of loss in equity affiliates (101) Exchange differences 54 Carrying amount of investments as of January\u00a01, 2022 5,500 Dreamstage - Share of loss of equity affiliates (299) Driift - Share of loss of equity affiliates (60) Driift - Change of consolidation method (2,150) Dreamstage - Change of consolidation method (2,991) Exchange differences 1 Carrying amount of investments as of December\u00a031, 2022 0 The table below shows the Group\u2019s fully-consolidated (\u201cFC\u201d) and equity-accounted (\u201cEM\u201d) companies at the reporting dates presented: Name 2022 2021 Consolidation method Share capital held (in %) Consolidation method Share capital held (in %) Deezer Music Brasil LTDA FC 99.99% FC 99.99% Deezer Russia\u00a0LLC FC 100.00% FC 100.00% Deezer\u00a0Inc. FC 100.00% FC 100.00% Musica Ilimitada\u00a0S.A. de C.V. FC 99.99% FC 99.99% Deezer MENA FZ-LLC FC 100.00% FC 100.00% Deezer Singapore Pte\u00a0Ltd FC 100.00% FC 100.00% Dreamstage\u00a0Inc. FC 45.50% EM 40.95% Driift Holding\u00a0Ltd FC 45.50% EM 17.40% Driift Live\u00a0Inc. FC 45.50% EM 17.40% Driift Live\u00a0Ltd FC 45.50% EM 17.40% Deezer M\u00fczik Da\u011f\u0131t\u0131m ve Organizasyon Limited \u015eirketi FC 100.00% FC 100.00% Deezer Dijital Hizmetler ve Da\u011f\u0131t\u0131m A.\u015e. FC 100.00% FC 100.00% Deezer Production\u00a0SAS FC 100.00% -\u00a0-\u00a0Magic Internet Musik GmbH FC 100.00% FC 100.00% There is no investment in non-consolidated companies as of December\u00a031, 2022. There\u00a0are\u00a0no\u00a0restrictions\u00a0on\u00a0the\u00a0net\u00a0assets\u00a0of\u00a0the\u00a0Group\u00a0companies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28896": {
"value": "Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28897": {
"value": "Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28908": {
"value": "Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity methodAs described in Note\u00a04 \u201cBusiness combinations\u201d, Dreamstage Inc. was consolidated using the equity method until May\u00a024, 2022 and has been consolidated using the full consolidation method since that date. Driift Holdings Limited was consolidated using the equity method until September\u00a029, 2022 and has been fully consolidated since that date. The equity affiliates amounts are detailed in the roll-forward below: Carrying amount of investments as of January\u00a01, 2021 -\u00a0\u00a0\u00a0Dreamstage - Additions 4,970 Driift - Additions 2,330 Dreamstage \u2013 Share of loss in equity affiliates (1,753) Driift \u2013 Share of loss in equity affiliates (101) Exchange differences 54 Carrying amount of investments as of January\u00a01, 2022 5,500 Dreamstage - Share of loss of equity affiliates (299) Driift - Share of loss of equity affiliates (60) Driift - Change of consolidation method (2,150) Dreamstage - Change of consolidation method (2,991) Exchange differences 1 Carrying amount of investments as of December\u00a031, 2022 0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28909": {
"value": "Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28910": {
"value": "Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28911": {
"value": "Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28924": {
"value": "Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the reporting currency and the functional and presentation currency of the Parent",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28954": {
"value": "Transactions in foreign currencies are translated into their respective functional currencies using the exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rate effective at that date. The resulting exchange gains or losses are recorded in the consolidated income statement. Group companies 2.3.3 The financial statements of consolidated foreign subsidiaries whose functional currency is not the Euro are translated into Euros: for statement of financial position items at the closing \u25cf exchange rate at the date of the statement of financial position; and for the income statements, statement of comprehensive loss \u25cf and statement of cash flows items at the average rate for the period presented; except where this method cannot be applied due to significant exchange rate fluctuations during the applicable period. The closing and average Euro to Brazilian Real exchange rates used in the consolidated financial statements to convert the operations of the Brazilian subsidiary have changed significantly in 2022 compared to 2021. The resulting currency translation adjustments are recorded in other comprehensive income (loss) as a cumulative currency translation adjustment. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28955": {
"value": "Transactions in foreign currencies are translated into their respective functional currencies using the exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rate effective at that date. The resulting exchange gains or losses are recorded in the consolidated income statement. Group companies 2.3.3 The financial statements of consolidated foreign subsidiaries whose functional currency is not the Euro are translated into Euros: for statement of financial position items at the closing \u25cf exchange rate at the date of the statement of financial position; and for the income statements, statement of comprehensive loss \u25cf and statement of cash flows items at the average rate for the period presented; except where this method cannot be applied due to significant exchange rate fluctuations during the applicable period. The closing and average Euro to Brazilian Real exchange rates used in the consolidated financial statements to convert the operations of the Brazilian subsidiary have changed significantly in 2022 compared to 2021. The resulting currency translation adjustments are recorded in other comprehensive income (loss) as a cumulative currency translation adjustment. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29007": {
"value": "The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue \u2013 B2C\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cIndirect Revenue \u2013 B2B\u201d). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance. Direct Revenue \u2013 B2C and Stand-Alone 2.4.2 subscriptions (Indirect Revenue \u2013 B2B) These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example: subscriptions sold by the Group and collected through \u25cf payment platforms as well as subscriptions taken out through \u201cStores\u201d (Apple, Android) are recognized for their gross value. The commission charged by the platform is included in \u201cCost of Revenue\u201d; for subscriptions subscribed through distribution partners \u25cf (\u201cStand-Alone\u201d): where the Group concludes that it is principal in the \u25cf transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its gross value. If a commission is invoiced by the distributor in accordance with the distribution agreement, it is recorded as an expense in \u201cSales and Marketing\u201d, where the Group concludes that the distribution partner \u25cf is principal in the transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its net value, having deducted the sales commission. Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service. Revenue from Bundle (Indirect Revenue \u2013 B2B) 2.4.3 When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days). The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor. The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract. The Group has two other sources of revenue: The Group\u2019s advertising revenue is primarily generated \u25cf through display, audio, and video advertising delivered through impressions on the Deezer free service. The Group enters into arrangements with advertising agencies that purchase advertising on its platform on behalf of the agencies\u2019 clients, or enters into arrangements directly with advertisers. These advertising arrangements are typically sold on a cost-per-thousand basis and are evidenced by an Insertion Order (\u201cIO\u201d), a submission of order placements through a self-serve platform that includes the online acceptance of terms and conditions, or contracts that specify the terms of the arrangement such as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. Advertising revenue is recognized in the period in which the advertising service is provided. Ancillary revenue corresponds to income received by the \u25cf Deezer Group from partners, in particular from sales of access codes. Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed(in \u20ac thousands) Revenue Cost of revenue Gross Profit Year ended December\u00a031, 2022 Direct 317,237 (240,786) 76,451 Indirect 118,511 (94,053) 24,458 Other 15,451 (18,402) (2,951) Total adjusted 451,199 (353,241) 97,958 Adjustments - (32,863) (32,863) Total consolidated 451,199 (386,103) 65,095 Year ended December\u00a031, 2021 Direct 282,719 (212,231) 70,488 Indirect 107,393 (86,215) 21,177 Other 9,907 (17,482) (7,574) Total adjusted 400,019 (315,928) 84,090 Adjustments - (35,562) (35,562) Total consolidated 400,019 (351,490) 48,529 Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table. These costs were not split per segment in the consolidated financial statements for the years ended December\u00a031, 2021, 2020 and 2019 authorized for issue by the Board of Directors on March\u00a023, 2022. Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants (in 2022 and 2021), (ii)\u00a0licence agreements unused minimum guarantees (in 2022 and 2021) and (iii)\u00a0onerous contract related depreciation (in 2022 and 2021). These adjustments are not included in the adjusted Gross Profit. Revenue by geographical area breakdowns as follows: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 France 273,192 242,646 Rest of the world 178,007 157,373 451,199 400,019 One distribution partner represents more than 10% of total revenue, both in 2022 and 2021 (See Note\u00a028 \u201cRelated party transactions\u201d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29008": {
"value": "The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue \u2013 B2C\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cIndirect Revenue \u2013 B2B\u201d). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance. Direct Revenue \u2013 B2C and Stand-Alone 2.4.2 subscriptions (Indirect Revenue \u2013 B2B) These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example: subscriptions sold by the Group and collected through \u25cf payment platforms as well as subscriptions taken out through \u201cStores\u201d (Apple, Android) are recognized for their gross value. The commission charged by the platform is included in \u201cCost of Revenue\u201d; for subscriptions subscribed through distribution partners \u25cf (\u201cStand-Alone\u201d): where the Group concludes that it is principal in the \u25cf transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its gross value. If a commission is invoiced by the distributor in accordance with the distribution agreement, it is recorded as an expense in \u201cSales and Marketing\u201d, where the Group concludes that the distribution partner \u25cf is principal in the transaction with regard to the analysis of the control of services or access rights to services, in particular with regard to the latitude in setting the selling price to the end customer, revenue is recognized for its net value, having deducted the sales commission. Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service. Revenue from Bundle (Indirect Revenue \u2013 B2B) 2.4.3 When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days). The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor. The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract. The Group has two other sources of revenue: The Group\u2019s advertising revenue is primarily generated \u25cf through display, audio, and video advertising delivered through impressions on the Deezer free service. The Group enters into arrangements with advertising agencies that purchase advertising on its platform on behalf of the agencies\u2019 clients, or enters into arrangements directly with advertisers. These advertising arrangements are typically sold on a cost-per-thousand basis and are evidenced by an Insertion Order (\u201cIO\u201d), a submission of order placements through a self-serve platform that includes the online acceptance of terms and conditions, or contracts that specify the terms of the arrangement such as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. Advertising revenue is recognized in the period in which the advertising service is provided. Ancillary revenue corresponds to income received by the \u25cf Deezer Group from partners, in particular from sales of access codes. Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29171": {
"value": "Cost of revenue consists predominantly of royalty and distribution costs related to content streaming. Royalty and guaranteed minimum costs 2.5.1 Royalty and guaranteed minimum costs include the royalties due to rights holders as a result of content streaming. Royalties are typically calculated using negotiated rates in accordance with license agreements and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination of the amount of the rights holders\u2019 costs is based on a number of variables, including the revenue recognized, the type of content streamed and the country in which it is streamed, identification of the appropriate license holder and size of user base. Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made. When signing multi-annual royalty contracts with minimum guaranteed amounts the Group assesses the amount of royalties to be consumed over the entire contractual period. Any difference between the guaranteed minimum and the royalties assessed is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. When the amount of the guaranteed minimum cannot be allocated to accounting periods covered by the term of the contract, this amount is spread prorata temporis. For onerous contracts, any difference between the guaranteed minimum and the royalties over the entire contractual period assessed on the date on which the contract is signed is recognized as an intangible asset (access right according to the criteria of IAS\u00a038). This intangible asset is amortized over the contract term and the annual amortization charge is presented under Product and Development. At the end of each financial year, the Group updates the estimated unused minimum guaranteed. If the new estimate is higher than the initial amount of the intangible asset, a charge in Cost of Revenue is recognized for the difference through an impairment of advance payments on music rights, if any, or through a provision for onerous contract if such difference is higher than advance payments. Distribution and other costs 2.5.2 Distribution and other costs of revenue include commissions charged by the sales platforms, server hosting and network bandwidth. Product and development expenses 2.6 Product and development expenses are primarily comprised of costs incurred for the development and improvements of the product and its interfaces. The costs incurred mainly include related salaries and social contributions. Sales and marketing expenses 2.7 Sales and marketing expenses are predominantly comprised of subscriber acquisition costs, communication expenses relating to public relations, commissions paid to distributors, as well as the costs of providing free trials of the Deezer subscriptions. They also include salaries, social contributions and expenses relating to employees assigned to advertising sales, central and local marketing teams, as well as customer support teams. Expenses included in the costs of providing free trials are primarily derived from per user royalty fees determined in accordance with the rights holder agreements. General and administrative expenses 2.8 General and administrative expenses are primarily comprised of salaries, social contributions and expenses relating to employees assigned to management and support functions such as Content, Finance, Human Resources, Legal and Strategy, to the department in charge of relations with the right holders, as well as costs related to premises. The Group measures sales and marketing costs including costs relating to a media-for-equity agreement entered into in May\u00a02020 with Estudios Azteca,\u00a0S.A. de C.V., as presented in Notes\u00a019 and 20. These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised at termination of the contract and estimated based on new subscribers forecast in Mexico, the value per share estimated at the end of each period, the portion of media used out of a media volume agreed and estimated at \u20ac5,549\u00a0thousands as at December\u00a031, 2021. Based on actual figures of new subscribers in Mexico and on a business plan, Deezer\u00a0S.A. estimated the number of warrants which could be exercised at 140,494 and recognized costs amounting to \u20ac2,501\u00a0thousands for the year ended December\u00a031, 2021. At the contract termination in May\u00a02022, the number of warrants which could be definitively exercised was 140,494 and a cost of \u20ac1,566\u00a0thousands was recognized during the year ended December\u00a031, 2022. At the warrant exercise date, the value per share was estimated at a value similar to the value per share used at the contract signature date",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29172": {
"value": "Cost of revenue consists predominantly of royalty and distribution costs related to content streaming. Royalty and guaranteed minimum costs 2.5.1 Royalty and guaranteed minimum costs include the royalties due to rights holders as a result of content streaming. Royalties are typically calculated using negotiated rates in accordance with license agreements and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination of the amount of the rights holders\u2019 costs is based on a number of variables, including the revenue recognized, the type of content streamed and the country in which it is streamed, identification of the appropriate license holder and size of user base. Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made. When signing multi-annual royalty contracts with minimum guaranteed amounts the Group assesses the amount of royalties to be consumed over the entire contractual period. Any difference between the guaranteed minimum and the royalties assessed is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. When the amount of the guaranteed minimum cannot be allocated to accounting periods covered by the term of the contract, this amount is spread prorata temporis. For onerous contracts, any difference between the guaranteed minimum and the royalties over the entire contractual period assessed on the date on which the contract is signed is recognized as an intangible asset (access right according to the criteria of IAS\u00a038). This intangible asset is amortized over the contract term and the annual amortization charge is presented under Product and Development. At the end of each financial year, the Group updates the estimated unused minimum guaranteed. If the new estimate is higher than the initial amount of the intangible asset, a charge in Cost of Revenue is recognized for the difference through an impairment of advance payments on music rights, if any, or through a provision for onerous contract if such difference is higher than advance payments. Distribution and other costs 2.5.2 Distribution and other costs of revenue include commissions charged by the sales platforms, server hosting and network bandwidth. Product and development expenses 2.6 Product and development expenses are primarily comprised of costs incurred for the development and improvements of the product and its interfaces. The costs incurred mainly include related salaries and social contributions. Sales and marketing expenses 2.7 Sales and marketing expenses are predominantly comprised of subscriber acquisition costs, communication expenses relating to public relations, commissions paid to distributors, as well as the costs of providing free trials of the Deezer subscriptions. They also include salaries, social contributions and expenses relating to employees assigned to advertising sales, central and local marketing teams, as well as customer support teams. Expenses included in the costs of providing free trials are primarily derived from per user royalty fees determined in accordance with the rights holder agreements. General and administrative expenses 2.8 General and administrative expenses are primarily comprised of salaries, social contributions and expenses relating to employees assigned to management and support functions such as Content, Finance, Human Resources, Legal and Strategy, to the department in charge of relations with the right holders, as well as costs related to premises. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29333": {
"value": "The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statements except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. The current tax represents the amount of income tax based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable incomeDeferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offsetThe Company and its subsidiaries have not identified any and past financial years and as future taxable profits are not source of deferred tax liability as at December\u00a031, 2022, and deemed sufficient to allow all or part of the tax losses to be December\u00a031, 2021. As the Company and some of its utilized, no deferred tax assets have been recognized on subsidiaries have no taxable profits for fiscal years 2022, 2021 existing tax losses. (in \u20ac thousands) 2022 2021 Current tax expense (997) (72) Income tax expense (997) (72) A reconciliation between the reported tax expense for the year and the theoretical tax expense that would arise when applying the statutory tax rate in France of 25%, and 27.5% to the consolidated loss before taxes for the years ended December\u00a031, 2022 and 2021, respectively, is shown in the table below: (in \u20ac thousands) 2022 2021 Loss before tax (166,112) (121,332) Theoretical income tax rate 25.0% 27.5% Theoretical tax income 41,528 33,366 Permanent differences 2,345 1,359 Effect of tax rates in foreign jurisdictions (28) (1,119) Share-based payments (6,880) (6,824) Deferred tax not recognized 1,441 1,860 Deezer\u00a0S.A.\u2019s tax losses not giving rise to deferred tax asset (26,862) (27,390) Subsidiaries\u2019 tax losses not giving rise to deferred tax asset (1,249) (1,582) Other (11,292) 258 Effective tax charge (997) (72) Effective income tax rate 0.6% 0.0% The Group\u2019s accumulated tax losses not giving rise to deferred tax assets amount to \u20ac720,729\u00a0thousands and \u20ac603,445\u00a0thousands as at December\u00a031, 2022 and 2021, respectively. Tax loss carry-forwards (in \u20ac thousands) 31/12/2022 31/12/2021 France 677,710 572,243 Brazil 30,871 25,353 Germany 5,558 5,523 Russia 462 327 Singapore 19 - United Kingdom 1,887 - United States of America 4,222 - 720,729 603,445 Above tax losses are available to carry forward over an unlimited period of time, but may be capped in some jurisdictions. I2PO\u00a0S.A. and Deezer\u00a0S.A. in May\u00a02022. The ruling request is still being examined by the French tax authorities. As at December\u00a031, 2022, the Company\u2019s accumulated tax losses amount to \u20ac674,997\u00a0thousands, including \u20ac572,243\u00a0thousands of tax losses initially generated by Deezer\u00a0S.A. and for the transfer of which a ruling was filed by The Group\u2019s most significant tax jurisdictions are France and Brazil. An examination was carried out by the French tax authorities on Deezer\u00a0S.A.\u2019s accounts for fiscal tax years 2015-2019. The tax audit phase ended in September\u00a02021. The French tax authorities issued their tax reassessment notice in authorities issued their reply in March\u00a02022 where they November\u00a02021 which outcome resulted solely in a potential accepted Deezer\u00a0S.A.\u2019s partial challenge of one tax reduction of tax losses available to carry forward for fiscal reassessment leading to a reduction of the amount of tax years 2018 and 2019. Deezer\u00a0S.A. filed its response to the losses challenged. Deezer\u00a0S.A. accepted the revised French tax authorities in January\u00a02022. The French tax consequences of such tax audit which is now closed",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29334": {
"value": "The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statements except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. The current tax represents the amount of income tax based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable incomeDeferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29375": {
"value": "Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29376": {
"value": "Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29399": {
"value": "Basic earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of ordinary shares existing during the period, less the average number of ordinary shares bought and held as treasury shares. Diluted earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of shares issued or to be issued at the end of the period, excluding treasury shares and including the impact of all potentially dilutive ordinary shares and in particular the exercise of stock options. The calculation of basic earnings per share as a result of the merger is detailed in Note\u00a010 \u201cLoss per share\u201dBasic loss per share is computed using the weighted-average number of outstanding ordinary shares during the period. Diluted loss per share is computed using the treasury stock method to the extent that the effect is dilutive by using the weighted-average number of outstanding ordinary shares and potential ordinary shares during the period. The Group\u2019s potential ordinary shares consist of incremental shares issuable upon the assumed exercise of stock options and warrants, and the incremental shares issuable upon the assumed vesting of free shares, excluding all anti-dilutive ordinary shares outstanding during the period. The Group used the if-converted method to calculate the dilutive impact of the warrants and adjusted the numerator for changes in profit or loss. For the year ended December\u00a031, 2021, the weighted-average number of shares outstanding was restated for the purpose of comparability before and after the merger. The weighted-average number of 92,929,080\u00a0shares was obtained from the number of outstanding shares of Deezer\u00a0S.A. multiplied by the exchange ratio par category of shares: exchange ratio of 4,348 for Class A12 preferred shares; \u25cf exchange ratio of 2,942 for Class A16 Tranche\u00a01 preferred \u25cf shares; exchange ratio of 2,942 for Class A16 Tranche\u00a02 preferred \u25cf shares; exchange ratio of 4,348 for Class A18 preferred shares; \u25cf exchange ratio of 2,942 for Class B preferred shares. \u25cf As a result of the above, the computation of loss per share for the respective periods is as follows: (in \u20ac thousands, except share and per share data) 2022 Restated 2021 Basic loss per share Net loss attributable to owners of the parent (167,702) (123,258) Shares used in computation: Weighted-average shares outstanding 108,475,324 92,929,080 Basic net loss per share attributable to owners of the parent (1.55) (1.33) Diluted loss per share Net loss attributable to owners of the parent (167,702) (123,258) Shares used in computation: Weighted-average shares outstanding 108,475,324 92,929,080 Diluted weighted average ordinary shares 108,475,324 92,929,080 Diluted net loss per share attributable to owners of the parent (1.55) (1.33) Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: 2022 2021 Free shares 2,385,634 1,217,358 Warrants 28,676,119 1,996,996 Stock-options 702,572 706,072 31,764,325 3,920,426 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29400": {
"value": "Basic earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of ordinary shares existing during the period, less the average number of ordinary shares bought and held as treasury shares. Diluted earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of shares issued or to be issued at the end of the period, excluding treasury shares and including the impact of all potentially dilutive ordinary shares and in particular the exercise of stock options. The calculation of basic earnings per share as a result of the merger is detailed in Note\u00a010 \u201cLoss per share\u201d",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29424": {
"value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined. The key assumptions used for these tests are as follows: business plan of the activity supported by the goodwill \u25cf prepared by Management on the basis of growth and profitability, and consistent with the Deezer Group\u2019s business plan validated by the Board of Directors; exit revenue multiple; \u25cf revenue growth rate; \u25cf gross margin growth rate; \u25cf discount rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29425": {
"value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined. The key assumptions used for these tests are as follows: business plan of the activity supported by the goodwill \u25cf prepared by Management on the basis of growth and profitability, and consistent with the Deezer Group\u2019s business plan validated by the Board of Directors; exit revenue multiple; \u25cf revenue growth rate; \u25cf gross margin growth rate; \u25cf discount rate. Internal development costs may be capitalized when the following criteria are met: high probability of technical success allowing the completion \u25cf of the intangible asset for commissioning or sale; the intention to complete the intangible asset and use or sell \u25cf it; the ability to use or sell the intangible asset; \u25cf how the intangible asset will generate probable future \u25cf economic benefits; the availability of appropriate resources (technical, financial \u25cf and other) to complete the development and use or sell the intangible asset; the ability to reliably measure the expenses spent on the \u25cf intangible asset development. Some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses. Software and licenses 2.12.2 Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life. Other intangible assets 2.12.3 Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life. Amortization 2.12.4 Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectivelyIntangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong. The estimated useful lives are the following: licenses: 1 to 3\u00a0years; \u25cf websites:1\u00a0year; \u25cf customer database:between 1 and 2\u00a0years; \u25cf other assets: between 1 and 3\u00a0years; \u25cf exclusive rights and access rights: term of the contractAssumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02 (l) \u201cGoodwill\u201d(in \u20ac thousands) Licenses Exclusive rights and access rights Customer Database Other Intangible assets in progress Total Goodwill Total Cost At January\u00a01, 2021 7,562 1,441 7,140 13,724 174 30,041 7,487 37,528 Additions 10 - - - 46 56 - 56 Exchange differences 2 - - - - 2 - 2 At December\u00a031, 2021 7,574 1,441 7,140 13,724 220 30,099 7,487 37,586 Additions 468 - - - - 468 7,712 8,180 Reclassification 221 - - - (220) 1 - 1 Exchange differences 2 - - 22 - 24 (129) (105) At December\u00a031, 2022 8,265 1,441 7,140 13,746 - 30,591 15,070 45,662 Accumulated amortization At January\u00a01, 2021 (7,257) (648) (5,114) (10,932) - (23,951) - (23,951) Amortization charge (243) (288) (2,026) (2,163) - (4,720) - (4,720) Reclassification - - - - - - - - Exchange differences (1) - - - - (1) - (1) At December\u00a031, 2021 (7,501) (936) (7,140) (13,095) - (28,672) - (28,672) Amortization charge (476) (288) - (631) - (1,394) - (1,394) Exchange differences (2) - - - - (2) - (2) At December\u00a031, 2022 (7,978) (1,224) (7,140) (13,726) - (30,068) - (30,068) Costs, net accumulated amortization At December\u00a031, 2021 73 505 - 629 220 1,427 7,487 8,914 At December\u00a031, 2022 286 217 - 20 - 523 15,070 15,594 The exclusive rights and access rights of \u20ac1,441\u00a0thousands correspond to the Company\u2019s assessment of the unused guaranteed minimum at the effective date of the licence agreement with Rotana Studios FZ-LLC. The intangible assets in progress relate to the implementation of new software used internally. The \u20ac7,487\u00a0thousands goodwill arose from the acquisition of Magic Internet Musik\u00a0GmbH from the ProSieben media group in August\u00a02014. The acquired entity operated a music streaming service in Germany called \u201cAmpya\u201d. The entity valued at \u20ac20\u00a0million included a contract with a telecom company, a right to use TV advertising spots on the German TV channel, ProSieben TV, up to 2019. The \u20ac7,487\u00a0thousands goodwill was tested for impairment in accordance with the method described in Note\u00a02. (k) \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0% from 2023 and discount rate of 11%. Based on this analysis, the recoverable amount exceeded the \u20ac7,487\u00a0thousands carrying value as at December\u00a031, 2022. A \u20ac7,712\u00a0thousands of preliminary goodwill was recorded to reflect the additional investments in Dreamstage\u00a0Inc. and in Driift Holdings Limited and its subsidiaries, which have been fully consolidated since May and September\u00a02022, respectively (see Note\u00a04.2). \u00a0(in \u20ac thousands) Deezer\u00a0S.A. Dreamstage\u00a0Inc. Driift Holdings Limited Total Group At December\u00a031, 2021 7,487 - - 7,487 Additions - 2,413 5,299 7,712 Exchange differences - 144 (273) (129) At December\u00a031, 2022 7,487 2,557 5,026 15,070 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29426": {
"value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined. The key assumptions used for these tests are as follows: business plan of the activity supported by the goodwill \u25cf prepared by Management on the basis of growth and profitability, and consistent with the Deezer Group\u2019s business plan validated by the Board of Directors; exit revenue multiple; \u25cf revenue growth rate; \u25cf gross margin growth rate; \u25cf discount rate. Internal development costs may be capitalized when the following criteria are met: high probability of technical success allowing the completion \u25cf of the intangible asset for commissioning or sale; the intention to complete the intangible asset and use or sell \u25cf it; the ability to use or sell the intangible asset; \u25cf how the intangible asset will generate probable future \u25cf economic benefits; the availability of appropriate resources (technical, financial \u25cf and other) to complete the development and use or sell the intangible asset; the ability to reliably measure the expenses spent on the \u25cf intangible asset development. Some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses. Software and licenses 2.12.2 Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life. Other intangible assets 2.12.3 Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life. Amortization 2.12.4 Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectivelyIntangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong. The estimated useful lives are the following: licenses: 1 to 3\u00a0years; \u25cf websites:1\u00a0year; \u25cf customer database:between 1 and 2\u00a0years; \u25cf other assets: between 1 and 3\u00a0years; \u25cf exclusive rights and access rights: term of the contract",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29427": {
"value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined. The key assumptions used for these tests are as follows: business plan of the activity supported by the goodwill \u25cf prepared by Management on the basis of growth and profitability, and consistent with the Deezer Group\u2019s business plan validated by the Board of Directors; exit revenue multiple; \u25cf revenue growth rate; \u25cf gross margin growth rate; \u25cf discount rate. Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02 (l) \u201cGoodwill\u201d(in \u20ac thousands) Licenses Exclusive rights and access rights Customer Database Other Intangible assets in progress Total Goodwill Total Cost At January\u00a01, 2021 7,562 1,441 7,140 13,724 174 30,041 7,487 37,528 Additions 10 - - - 46 56 - 56 Exchange differences 2 - - - - 2 - 2 At December\u00a031, 2021 7,574 1,441 7,140 13,724 220 30,099 7,487 37,586 Additions 468 - - - - 468 7,712 8,180 Reclassification 221 - - - (220) 1 - 1 Exchange differences 2 - - 22 - 24 (129) (105) At December\u00a031, 2022 8,265 1,441 7,140 13,746 - 30,591 15,070 45,662 Accumulated amortization At January\u00a01, 2021 (7,257) (648) (5,114) (10,932) - (23,951) - (23,951) Amortization charge (243) (288) (2,026) (2,163) - (4,720) - (4,720) Reclassification - - - - - - - - Exchange differences (1) - - - - (1) - (1) At December\u00a031, 2021 (7,501) (936) (7,140) (13,095) - (28,672) - (28,672) Amortization charge (476) (288) - (631) - (1,394) - (1,394) Exchange differences (2) - - - - (2) - (2) At December\u00a031, 2022 (7,978) (1,224) (7,140) (13,726) - (30,068) - (30,068) Costs, net accumulated amortization At December\u00a031, 2021 73 505 - 629 220 1,427 7,487 8,914 At December\u00a031, 2022 286 217 - 20 - 523 15,070 15,594 The exclusive rights and access rights of \u20ac1,441\u00a0thousands correspond to the Company\u2019s assessment of the unused guaranteed minimum at the effective date of the licence agreement with Rotana Studios FZ-LLC. The intangible assets in progress relate to the implementation of new software used internally. The \u20ac7,487\u00a0thousands goodwill arose from the acquisition of Magic Internet Musik\u00a0GmbH from the ProSieben media group in August\u00a02014. The acquired entity operated a music streaming service in Germany called \u201cAmpya\u201d. The entity valued at \u20ac20\u00a0million included a contract with a telecom company, a right to use TV advertising spots on the German TV channel, ProSieben TV, up to 2019. The \u20ac7,487\u00a0thousands goodwill was tested for impairment in accordance with the method described in Note\u00a02. (k) \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0% from 2023 and discount rate of 11%. Based on this analysis, the recoverable amount exceeded the \u20ac7,487\u00a0thousands carrying value as at December\u00a031, 2022. A \u20ac7,712\u00a0thousands of preliminary goodwill was recorded to reflect the additional investments in Dreamstage\u00a0Inc. and in Driift Holdings Limited and its subsidiaries, which have been fully consolidated since May and September\u00a02022, respectively (see Note\u00a04.2). \u00a0(in \u20ac thousands) Deezer\u00a0S.A. Dreamstage\u00a0Inc. Driift Holdings Limited Total Group At December\u00a031, 2021 7,487 - - 7,487 Additions - 2,413 5,299 7,712 Exchange differences - 144 (273) (129) At December\u00a031, 2022 7,487 2,557 5,026 15,070 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29428": {
"value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined. The key assumptions used for these tests are as follows: business plan of the activity supported by the goodwill \u25cf prepared by Management on the basis of growth and profitability, and consistent with the Deezer Group\u2019s business plan validated by the Board of Directors; exit revenue multiple; \u25cf revenue growth rate; \u25cf gross margin growth rate; \u25cf discount rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29463": {
"value": "Internal development costs may be capitalized when the following criteria are met: high probability of technical success allowing the completion \u25cf of the intangible asset for commissioning or sale; the intention to complete the intangible asset and use or sell \u25cf it; the ability to use or sell the intangible asset; \u25cf how the intangible asset will generate probable future \u25cf economic benefits; the availability of appropriate resources (technical, financial \u25cf and other) to complete the development and use or sell the intangible asset; the ability to reliably measure the expenses spent on the \u25cf intangible asset development. Some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses. Software and licenses 2.12.2 Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life. Other intangible assets 2.12.3 Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life. Amortization 2.12.4 Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectivelyIntangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong. The estimated useful lives are the following: licenses: 1 to 3\u00a0years; \u25cf websites:1\u00a0year; \u25cf customer database:between 1 and 2\u00a0years; \u25cf other assets: between 1 and 3\u00a0years; \u25cf exclusive rights and access rights: term of the contract(in \u20ac thousands) Licenses Exclusive rights and access rights Customer Database Other Intangible assets in progress Total Goodwill Total Cost At January\u00a01, 2021 7,562 1,441 7,140 13,724 174 30,041 7,487 37,528 Additions 10 - - - 46 56 - 56 Exchange differences 2 - - - - 2 - 2 At December\u00a031, 2021 7,574 1,441 7,140 13,724 220 30,099 7,487 37,586 Additions 468 - - - - 468 7,712 8,180 Reclassification 221 - - - (220) 1 - 1 Exchange differences 2 - - 22 - 24 (129) (105) At December\u00a031, 2022 8,265 1,441 7,140 13,746 - 30,591 15,070 45,662 Accumulated amortization At January\u00a01, 2021 (7,257) (648) (5,114) (10,932) - (23,951) - (23,951) Amortization charge (243) (288) (2,026) (2,163) - (4,720) - (4,720) Reclassification - - - - - - - - Exchange differences (1) - - - - (1) - (1) At December\u00a031, 2021 (7,501) (936) (7,140) (13,095) - (28,672) - (28,672) Amortization charge (476) (288) - (631) - (1,394) - (1,394) Exchange differences (2) - - - - (2) - (2) At December\u00a031, 2022 (7,978) (1,224) (7,140) (13,726) - (30,068) - (30,068) Costs, net accumulated amortization At December\u00a031, 2021 73 505 - 629 220 1,427 7,487 8,914 At December\u00a031, 2022 286 217 - 20 - 523 15,070 15,594 The exclusive rights and access rights of \u20ac1,441\u00a0thousands correspond to the Company\u2019s assessment of the unused guaranteed minimum at the effective date of the licence agreement with Rotana Studios FZ-LLC. The intangible assets in progress relate to the implementation of new software used internally",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29465": {
"value": "Internal development costs may be capitalized when the following criteria are met: high probability of technical success allowing the completion \u25cf of the intangible asset for commissioning or sale; the intention to complete the intangible asset and use or sell \u25cf it; the ability to use or sell the intangible asset; \u25cf how the intangible asset will generate probable future \u25cf economic benefits; the availability of appropriate resources (technical, financial \u25cf and other) to complete the development and use or sell the intangible asset; the ability to reliably measure the expenses spent on the \u25cf intangible asset development. Some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses. Software and licenses 2.12.2 Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life. Other intangible assets 2.12.3 Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life. Amortization 2.12.4 Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectivelyIntangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong. The estimated useful lives are the following: licenses: 1 to 3\u00a0years; \u25cf websites:1\u00a0year; \u25cf customer database:between 1 and 2\u00a0years; \u25cf other assets: between 1 and 3\u00a0years; \u25cf exclusive rights and access rights: term of the contract",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29578": {
"value": "Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group. When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment. Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment. The estimated useful lives used are as follows: building improvements: 5 to 10\u00a0years; \u25cf technical equipment and tools: 3\u00a0years; \u25cf fixtures and fittings: between 5 and 8\u00a0years; \u25cf vehicles: 5\u00a0years; \u25cf office and computer equipment: 3\u00a0years; \u25cf furniture: 5\u00a0years. \u25cf The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired. Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29579": {
"value": "Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group. When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment. Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment. The estimated useful lives used are as follows: building improvements: 5 to 10\u00a0years; \u25cf technical equipment and tools: 3\u00a0years; \u25cf fixtures and fittings: between 5 and 8\u00a0years; \u25cf vehicles: 5\u00a0years; \u25cf office and computer equipment: 3\u00a0years; \u25cf furniture: 5\u00a0years. \u25cf The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired. Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29614": {
"value": "The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired. Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in useImpairment of non-financial assets 2.15 Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting periodProvisions for impairment of advances 3.6 paid to record companies minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared. A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecastThe \u20ac7,487\u00a0thousands goodwill was tested for impairment in accordance with the method described in Note\u00a02. (k) \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0% from 2023 and discount rate of 11%. Based on this analysis, the recoverable amount exceeded the \u20ac7,487\u00a0thousands carrying value as at December\u00a031, 2022amount) and the proportional rights assessed for the 5-year contract term, after deduction of the intangible asset of \u20ac1,441\u00a0thousands assessed at the effective date of the license agreement (Note\u00a011). The difference is determined based on key assumptions such as revenue and market shares forecast until the end of the contract. Trade and other receivables Note\u00a017 \u00a0(in \u20ac thousandThe provision for impairment of other current assets is detailed below: \u00a0(in \u20ac thousands) 2022 2021 At January\u00a01 2022 (884) (567) Provision for impairment (397) 48 Reversal for unused provision 11 - Other current assets written off (365) At December\u00a031, 2022 (1,269) (884) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29615": {
"value": "The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired. Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in useImpairment of non-financial assets 2.15 Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting period",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29636": {
"value": "At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: the contract involves the use of an identified asset \u2013 this \u25cf may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; the Group has the right to obtain substantially all of the \u25cf economic benefits from the use of the asset throughout the period of use; and the Group has the right to direct the use of the asset. The \u25cf Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. As a lessee, the Group recognizes: an asset corresponding to the right of using such asset \u25cf during the lease term At the effective date of the lease agreement, the right-of-use is measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any leases incentives received, any initial directs costs and restoration costs. The right-of-use is amortized over the useful life of the underlying asset. This useful life always corresponds to the lease contract period, given the nature of assets leased by the Group; a lease liability resulting from the obligation to pay this \u25cf right-of-use At the effective date of the lease agreement, the lease liability include the net present value of the fixed payments, less any lease and incentives receivable, variable lease payment that are based on an index or a rate, amounts expected to be payable by the Group under residual value guarantees, the exercise price of a purchase option if the Group reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease reflects the Group exercising that option. Discounting rentals is carried out by using an incremental borrowing rate specific to each country and specific to each lessee; These rates correspond to interest rates which the lessee would have to pay in order to borrow, for the same period and with a similar guarantee, the necessary amount to purchase a similar asset in a similar economic environment. During the lease term, the lease liability and the right-of-use asset may be adjusted based on events resulting in an increase or decrease of the lease term and of the rental. The duration of the contract considered is the reasonably certain duration including the non-cancellable period, the periods possibly covered by renewal or termination options.\u00a0This duration is assessed on the date of the lease start and this assessment must consider all the facts or circumstances creating an economic incentive. Main simplified measures allowed by IFRS\u00a016 are used by the GroupLeases meeting the following conditions are excluded from the scope of IFRS\u00a016: leases in relation to assets with a value lower than \u20ac5,000; \u25cf short-term leases with a term of 12\u00a0months or less; \u25cf Rentals in relation to leases excluded from the scope of IFRS\u00a016 are directly booked as operating costsThe Group leases certain properties under lease agreements relating to office space and server bays. The expected lease terms are between one and nine years. The\u00a0Group currently does not act in the capacity of a lessor. The book value and depreciation of right-of-use assets are detailed in the roll-forward below: (in \u20ac thousands) Cost At January\u00a01, 2021 31,604 New or amended leases 3,974 Leases expired or early terminated (3,085) Exchange differences 25 At December\u00a031, 2021 32,521 New or amended leases 1,158 Leases expired or early terminated - Exchange differences (3) At December\u00a031, 2022 33,676 Accumulated depreciation At January\u00a01, 2021 (5,008) Depreciation charge (4,391) Leases expired or early terminated 1,564 Exchange differences (21) At December\u00a031, 2021 (7,856) Depreciation charge (4,759) Leases expired or early terminated - Exchange differences - At December\u00a031, 2022 (12,615) Cost, net accumulated depreciation At December\u00a031, 2021 24,663 At December\u00a031, 2022 21,061 The below roll-forward shows the variations of lease liabilities during the years ended December\u00a031, 2022, and 2021: Lease liabilities (in \u20ac thousands) 2022 2021 At January\u00a01 26,454 28,248 New or amended leases 1,158 3,974 Repayment of leases* (5,159) (4,796) Leases early terminated* - (1,598) Interest* 647 620 Exchange differences - 5 At December\u00a031 23,100 26,454 Current lease liabilities 4,060 5,001 Non-current lease liabilities 19,040 21,454 Included within the consolidated statement of cash flows. Below\u00a0is\u00a0the\u00a0maturity\u00a0analysis\u00a0of\u00a0lease\u00a0liabilities: Lease liabilities Maturity analysis (in \u20ac thousands) December\u00a031, 2022 Less than one year 4,060 One to five years 16,398 More than five years 2,641 Total lease liabilities 23,100 Current lease liabilities 4,060 Non-current lease liabilities 19,040 Total lease liabilities 23,100 Excluded from the lease commitments above are short-term leases and leases in relation to low value assets. Expenses relating to those leases were approximately \u20ac470\u00a0thousands and \u20ac244\u00a0thousands for the years ended December\u00a031, 2022 and 2021, respectively. The weighted average incremental\u00a0borrowing rate applied\u00a0to lease liabilities recognized in the statement of financial position was 2.4%, and 2.3% as of December\u00a031, 2022, and\u00a0December\u00a031, 2021\u00a0respectivelyObligations resulting from leases in the scope of IFRS\u00a016 are disclosed in Note\u00a013. The Group is subject to the following future payments as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 Less than one year 20 23 One to five years 19 - More than five years - - 39 23 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29637": {
"value": "At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: the contract involves the use of an identified asset \u2013 this \u25cf may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; the Group has the right to obtain substantially all of the \u25cf economic benefits from the use of the asset throughout the period of use; and the Group has the right to direct the use of the asset. The \u25cf Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. As a lessee, the Group recognizes: an asset corresponding to the right of using such asset \u25cf during the lease term At the effective date of the lease agreement, the right-of-use is measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any leases incentives received, any initial directs costs and restoration costs. The right-of-use is amortized over the useful life of the underlying asset. This useful life always corresponds to the lease contract period, given the nature of assets leased by the Group; a lease liability resulting from the obligation to pay this \u25cf right-of-use At the effective date of the lease agreement, the lease liability include the net present value of the fixed payments, less any lease and incentives receivable, variable lease payment that are based on an index or a rate, amounts expected to be payable by the Group under residual value guarantees, the exercise price of a purchase option if the Group reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease reflects the Group exercising that option. Discounting rentals is carried out by using an incremental borrowing rate specific to each country and specific to each lessee; These rates correspond to interest rates which the lessee would have to pay in order to borrow, for the same period and with a similar guarantee, the necessary amount to purchase a similar asset in a similar economic environment. During the lease term, the lease liability and the right-of-use asset may be adjusted based on events resulting in an increase or decrease of the lease term and of the rental. The duration of the contract considered is the reasonably certain duration including the non-cancellable period, the periods possibly covered by renewal or termination options.\u00a0This duration is assessed on the date of the lease start and this assessment must consider all the facts or circumstances creating an economic incentive. Main simplified measures allowed by IFRS\u00a016 are used by the GroupLeases meeting the following conditions are excluded from the scope of IFRS\u00a016: leases in relation to assets with a value lower than \u20ac5,000; \u25cf short-term leases with a term of 12\u00a0months or less; \u25cf Rentals in relation to leases excluded from the scope of IFRS\u00a016 are directly booked as operating costs",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29828": {
"value": "Initial recognition and measurement The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period. Derecognition Financial assets are derecognized when the rights to receive cash flows from the asset have expired. Impairment of financial assets Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument. Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delaysThe Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value. The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses. Subsequent measurements Financial liabilities at amortized cost After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized. Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations. Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires. The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations. The movements in the Group\u2019s allowance for expected credit losses are as follows: (in \u20ac thousands) 2022 2021 At January\u00a01, 2022 (697) (551) Provision for impairment (184) (149) Reversal of unutilized provisions 11 - Receivables written off - 7 Exchange differences (5) (4) At December\u00a031, 2022 (875) (697) Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05, 2022, and they expire five years after this date. As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. I2PO\u00a0S.A. considered that these instruments had a nil value at the date of the IPO and for as long as no announcement had been made of a planned merger. As the initial business combination relating to the agreement between Deezer\u00a0S.A. and I2PO\u00a0S.A. was issued on April\u00a019, 2022, the BSARs were measured at fair value through profit or loss in accordance with IFRS\u00a09 at June\u00a030, 2022. As the price of a BSAR was \u20ac0,165 each at June\u00a030, 2022, a \u20ac4.65\u00a0million impact was recognized in operating expenses with a corresponding adjustment to non-current financial liabilities. As at December\u00a031, 2022, this cost is part of the non-cash listing service charge of \u20ac54.9\u00a0million and the variation resulting from the BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1.8\u00a0million. The Group\u2019s operations are exposed to financial risks. To manage these risks efficiently, the Group has established guidelines in the form of a treasury policy that serves as a framework for the daily financial operations. The treasury policy stipulates the rules and limitations for the management of financial risks. Financial risk management is centralized within Treasury who are responsible for the management of financial risks. Treasury manages and executes the financial management activities, including monitoring the exposure of financial risks, cash management, and maintaining a liquidity reserve. Treasury operates within the limits and policies authorized by the Board of Directors. Credit risk management 26.2 The credit risk with respect to the Group\u2019s trade receivables is diversified geographically and among a large number of customers, private individuals, as well as companies in various industries, both public and private. The majority of the Group\u2019s revenue is paid monthly in advance significantly lowering the credit risk incurred for these specific counterparties. Liquidity risk management 26.3 Liquidity risk is the Group\u2019s risk of not being able to meet the short-term payment obligations due to insufficient funds. The Group has internal control\u00a0processes and contingency\u00a0plans for managing liquidity risk. The liquidity management takes into account the maturities of financial assets and financial liabilities and estimates of cash flows from operations. Before the completion of the merger on July\u00a05, 2022, the Group funded its growth through equity capital raises and had not borrowed from banks until January\u00a02021. On July\u00a05, 2022, the Company raised \u20ac119\u00a0million through subscription agreements reserved to existing and new investors and received \u20ac23.7\u00a0million corresponding to the cash held in its escrow account net of redemption. The Group has a positive net cash position at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 Interest bearing bank accounts 3,991 4,426 Cash at bank and at hand 109,618 30,671 Cash and cash equivalents 113,610 35,097 Non-current and current financial liabilities are detailed below: \u00a0(in \u20ac thousands) 2022 2021 A BSARs and B BSARs 2,816 - State-guaranteed loans 20,472 25,000 Financial liabilities - non current 23,288 25,000 State-guaranteed loans 4,949 - Accrued interests on state-guaranteed loans 38 112 Financial liabilities - current 4,988 112 Non-current financial liabilities of \u20ac2,816\u00a0thousands correspond to the value of the A BSARs and B BSARs classified as derivative liabilities at fair value through profit or loss (IFRS\u00a09), i.e. measured based on their quoted price as at December\u00a031, 2022 (\u20ac0.1). Based on the 28,159,130 BSARs outstanding at December\u00a031, 2022, the corresponding financial liability recognized amount to \u20ac2,816\u00a0thousands. The BSARs have been recognized as non-current liabilities because they are exercisable as from the merger completion date until the fifth anniversary of that date. In January\u00a02021, as part of the COVID-19 French governmental measures, Deezer\u00a0S.A. entered into three state-guaranteed loans totalling \u20ac25\u00a0million with BNP Paribas, HSBC Continental Europe and Bpifrance for an initial period of one year and then opted for an extension of these loans for an additional period of five years. The extension was effective on September\u00a021, 2021 with BNP Paribas, on October\u00a018, 2021 with Bpifrance and on November\u00a030, 2021 for HSBC Continental Europe. These loans will be reimbursed from January\u00a02023 to January\u00a02027. The ageing of the Group\u2019s financial liabilities are as follows: \u00a0Maturity analysis (in \u20ac thousands) 2022 2021 Less than one year 4,988 1,161 One to five years 23,288 23,951 Total financial liabilities 28,276 25,112 Current financial liabilities 4,988 1,161 Non-current financial liabilities 23,288 23,951 Total financial liabilities 28,276 25,112 Currency risk management 26.4 Transaction exposure relates to business transactions denominated in foreign currency required by operations (purchasing and selling) and/or financing (interest and amortization). The Group does not hedge its transaction exposure. Transaction exposure sensitivity 26.4.1 In most cases, the Group\u2019s customers are billed either in EUR, in USD or in their respective local currency. Royalty payments are primarily in EUR and USD. Payments, such as salaries, consultancy fees, and rental fees are settled in local currencies. In some instances, the Group may need to convert cash at bank in foreign currencies to proceed with payments. The Group\u2019s exposure to foreign currency risk at the end of the reporting period was as follows: (in \u20ac thousands) 2022 2021 USD GBP BRL USD GBP BRL Trade receivables 3,829 109 - 14,400 217 - Trade payables (117) (183) (474) (524) (812) (9) The aggregate net foreign exchange gains/losses recognized in profit or loss were: (in \u20ac thousands) 2022 2021 Net foreign exchange gain on trade receivables and trade payables 336 552 Foreign exchange loss on revaluation of intercompany accounts included in finance costs (585) (225) Total net foreign exchange (loss)/gain recognized in profit before income tax for the year (248) 327 As shown in the table above, the Group is primarily exposed to changes in EUR/USD, EUR/GBP and EUR/BRL exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from US, GBP and BRL denominated trade receivables, trade payables and current accounts (financial instruments). The table below shows the immediate impact on net loss before tax of a 10% strengthening and of a 10% weakening in the closing exchange rate of significant currencies to which the Group had exposure, at December\u00a031, 2022, and 2021. The impact on net loss is due primarily to monetary assets and liabilities in a transactional currency other than the functional currency of a subsidiary within the Group(in \u20ac thousands) (Increase)/ Decrease in loss before tax 2022 2021 BRL/EUR exchange rate - increase 10% 2,341 1,994 BRL/EUR exchange rate - decrease 10% (1,916) (1,631) GBP/EUR exchange rate - increase 10% (8) (65) GBP/EUR exchange rate - decrease 10% 7 53 USD/EUR exchange rate - increase 10% 901 410 USD/EUR exchange rate - decrease 10% (737) (334) The Group\u2019s exposure to other foreign exchange movements is not material. Translation exposure sensitivity 26.4.2 Translation exposure exists due to the translation of the results and financial position of all of the Group entities that have a functional currency different from the Euro. The impact on the Group\u2019s equity would be approximately \u20ac(4) million and \u20ac(3.6) million if the Euro weakened by 10% against all translation exposure currencies, based on the exposure at December\u00a031, 2022 and 2021, respectively. lnterest rate risk management 26.5 The interest rate risk is not considered as material for the Group as the interest rate applied on the three state-guaranteed loans effective in 2021 is a fixed interest rate. Financial instruments 26.6 Fair values 26.6.1 The Group has no financial asset but has one financial liability measured at fair value at December\u00a031, 2022. The different levels have been defined in Note\u00a02. Financial liabilities by fair value hierarchy level (in \u20ac thousands) Level\u00a01 Level\u00a02 Level\u00a03 December\u00a031, 2022 Financial liabilities at fair value A BSARs and B BSARs 2,816 - - - Total financial liabilities at fair value by level 2,816 - - - Recurring fair value measurements 26.6.2 The table below presents the changes in fair value of the warrant liability: (in \u20ac thousands) 2022 2021 At January\u00a01 - - Non-cash changes recognized in profit or loss Initial recognition 4,646 - Changes in fair value (1,830) - Issuance of shares upon exercise of warrants - - At December\u00a031 2,816 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29829": {
"value": "Initial recognition and measurement The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period. Derecognition Financial assets are derecognized when the rights to receive cash flows from the asset have expired. Impairment of financial assets Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument. Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delaysThe Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value. The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses. Subsequent measurements Financial liabilities at amortized cost After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized. Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations. Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires. The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29830": {
"value": "Initial recognition and measurement The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period. Derecognition Financial assets are derecognized when the rights to receive cash flows from the asset have expired. Impairment of financial assets Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument. Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29904": {
"value": "The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value. The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses. Subsequent measurements Financial liabilities at amortized cost After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized. Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations. Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29967": {
"value": "Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations. Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05, 2022, and they expire five years after this date. As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. I2PO\u00a0S.A. considered that these instruments had a nil value at the date of the IPO and for as long as no announcement had been made of a planned merger. As the initial business combination relating to the agreement between Deezer\u00a0S.A. and I2PO\u00a0S.A. was issued on April\u00a019, 2022, the BSARs were measured at fair value through profit or loss in accordance with IFRS\u00a09 at June\u00a030, 2022. As the price of a BSAR was \u20ac0,165 each at June\u00a030, 2022, a \u20ac4.65\u00a0million impact was recognized in operating expenses with a corresponding adjustment to non-current financial liabilities. As at December\u00a031, 2022, this cost is part of the non-cash listing service charge of \u20ac54.9\u00a0million and the variation resulting from the BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1.8\u00a0million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29968": {
"value": "Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29984": {
"value": "Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29989": {
"value": "For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole: level\u00a01: quoted (unadjusted) prices in active markets for \u25cf identical assets or liabilities; level\u00a02: other techniques for which inputs are based on \u25cf quoted prices for identical or similar instruments in markets that are not active, quoted prices for similar instruments in active markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the asset or liability; level\u00a03: techniques which use inputs that have a significant \u25cf effect on the recognized fair value and require the Group to use its own assumptions about market participant assumptions. The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third partiesThe Group has no financial asset but has one financial liability measured at fair value at December\u00a031, 2022. The different levels have been defined in Note\u00a02. Financial liabilities by fair value hierarchy level (in \u20ac thousands) Level\u00a01 Level\u00a02 Level\u00a03 December\u00a031, 2022 Financial liabilities at fair value A BSARs and B BSARs 2,816 - - - Total financial liabilities at fair value by level 2,816 - - - Recurring fair value measurements 26.6.2 The table below presents the changes in fair value of the warrant liability: (in \u20ac thousands) 2022 2021 At January\u00a01 - - Non-cash changes recognized in profit or loss Initial recognition 4,646 - Changes in fair value (1,830) - Issuance of shares upon exercise of warrants - - At December\u00a031 2,816 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29990": {
"value": "For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole: level\u00a01: quoted (unadjusted) prices in active markets for \u25cf identical assets or liabilities; level\u00a02: other techniques for which inputs are based on \u25cf quoted prices for identical or similar instruments in markets that are not active, quoted prices for similar instruments in active markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the asset or liability; level\u00a03: techniques which use inputs that have a significant \u25cf effect on the recognized fair value and require the Group to use its own assumptions about market participant assumptions. The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30112": {
"value": "The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations. Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05, 2022, and they expire five years after this date. As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. I2PO\u00a0S.A. considered that these instruments had a nil value at the date of the IPO and for as long as no announcement had been made of a planned merger. As the initial business combination relating to the agreement between Deezer\u00a0S.A. and I2PO\u00a0S.A. was issued on April\u00a019, 2022, the BSARs were measured at fair value through profit or loss in accordance with IFRS\u00a09 at June\u00a030, 2022. As the price of a BSAR was \u20ac0,165 each at June\u00a030, 2022, a \u20ac4.65\u00a0million impact was recognized in operating expenses with a corresponding adjustment to non-current financial liabilities. As at December\u00a031, 2022, this cost is part of the non-cash listing service charge of \u20ac54.9\u00a0million and the variation resulting from the BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1.8\u00a0million",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30113": {
"value": "The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30114": {
"value": "The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30127": {
"value": "Cash and cash equivalents comprise cash at bank and in hand, as well as short-term deposits with maturities of three months or less and any money-market investment subject to an insignificant risk of changes in value. Short-term investments are considered as being held-for-trading and measured at fair value on the closing date. Changes in fair value are recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30128": {
"value": "Cash and cash equivalents comprise cash at bank and in hand, as well as short-term deposits with maturities of three months or less and any money-market investment subject to an insignificant risk of changes in value. Short-term investments are considered as being held-for-trading and measured at fair value on the closing date. Changes in fair value are recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30143": {
"value": "Ordinary shares are classified as equity. (ii)\u00a0include no obligation for the company to deliver cash. These shares \u2013 i.e. the A2 and A3 preferred shares \u2013 are therefore classified as equity instruments in accordance with IAS\u00a032.16. I2PO\u00a0S.A. issued shares to its founders that (i)\u00a0are not convertible into a variable number of equity instruments, and As at December\u00a031, 2022, the Company\u2019s share capital is divided into 121,087,670\u00a0shares, each with a par value of \u20ac0.01. and the accounting acquirer, Deezer\u00a0S.A. being aggregated and shown as part of share premium. The restated number of shares as at December\u00a031, 2021 and 2020 has been obtained from the number of outstanding shares of Deezer\u00a0S.A. In accordance with IFRS\u00a03, Business Combinations, as applied multiplied by the exchange ratio per category of shares (see to a reverse acquisition, the share capital has been restated Note\u00a010 \u201cLoss per share\u201d). and reflects the share capital of the legal acquirer, I2PO\u00a0S.A., with the difference between share capital of the legal acquirer The Company\u2019s share capital is divided in the following classes as of December\u00a031: (in number of shares) 2022 Restated 2021 Restated 2020 Class A12 preferred shares - 12,549,684 12,549,684 Class A16 Tranche 1 preferred shares - 10,068,447 10,068,447 Class A16 Tranche 2 preferred shares - 10,068,447 10,068,447 Class A18 preferred shares - 20,102,511 20,102,511 Class B preferred shares - 41,597,040 39,552,980 Ordinary shares 116,504,336 - - Class A2 preferred shares 2,291,667 - - Class A3 preferred shares 2,291,667 - - 121,087,670 94,386,129 92,342,069 During the fiscal years ended on December\u00a031, 2022 and commercial partners and directors. During the fiscal year 2021, Deezer\u00a0S.A. before the merger granted free shares to ended on December\u00a031, 2022, the Company granted free the benefit of certain employees and officers of the Group shares to the benefit of certain employees and officers of the and also issued equity warrants to the benefit of certain of its Group. The below table shows the variations in number of shares for the years 2022 and 2021: 2022 2021 At January\u00a01 - Restated 94,386,129 92,342,069 Ordinary shares issued from the PIPE 11,900,000 - Ordinary shares issued from the merger 36,429,486 - Class B preferred shares cancelled from the redemption (25,133,181) - Ordinary shares issued from the vesting of free shares 71,055 606,911 Ordinary shares issued from the exercise of warrants 3,434,181 1,437,149 \u00a0At December\u00a031 \u2013 Not restated/Restated 121,087,670 94,386,129 On February\u00a024, 2021, the Board of Directors of Deezer\u00a0S.A.: decided the issuance of 130,953 (385,264 using the \u25cf exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees and officer of the Group; issued 488,050 equity warrants K (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to one of its commercial partners; issued 6,000 equity warrants 2021 (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to a director of Deezer\u00a0S.A.; granted 334,490 free class B preferred shares to certain \u25cf employees and officers of the Group; and granted 27,000\u00a0stock options 18 (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to certain employees of the Group. On April\u00a020, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 17,633 (51,876\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On June\u00a08, 2021, the Board of Directors decided to grant 200,000 free class B preferred shares to a member of the management team of the Group. On June\u00a014, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 22,943 (67,498\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On July\u00a021 2021, the Board of Directors decided to grant 24,152 free class B preferred shares to a member of the management team of the Group. On August\u00a031, 2021, the Board of Directors of Deezer\u00a0S.A. acknowledged that, following the exercise of 140,494 equity warrants held by Estudios Azteca,\u00a0S.A. de C.V., the share capital was increased by a total par value amount of \u20ac1\u00a0thousand, through the issuance of 140,494 (413,333\u00a0shares using the exchange ratio) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, Estudios Azteca,\u00a0S.A. de C.V. paid a total amount of \u20ac1\u00a0thousand (without any share premium). On September\u00a016, 2021, the Board of Directors of Deezer\u00a0S.A. issued 420,125 equity warrants L and 679,245 equity warrants M (each giving the right to subscribe one class B preferred share of Deezer\u00a0S.A.) to two of its commercial partners. On October\u00a011, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 17,445 (51,323\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On December\u00a015, 2021, the Board of Directors of Deezer\u00a0S.A. acknowledged that, following the exercise of all the equity warrants held by one of its commercial partners, the share capital was increased by a total par value amount of \u20ac0.2\u00a0thousands, through the issuance of 23,664 (69,619\u00a0shares using the exchange rate) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, this commercial partner paid a total amount of \u20ac346\u00a0thousands (share premium included). Also on December\u00a015, 2021, the Board of Directors of Deezer\u00a0S.A. decided the issuance of 17,318 (50,950\u00a0shares using the exchange rate) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On December\u00a021, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. acknowledged that, following the exercise of all the equity warrants held by two of its commercial partners, the share capital was increased by a total par value amount of \u20ac3\u00a0thousands, through the issuance of 324,336 (954,197\u00a0shares using the exchange ratio) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, this commercial partners paid a total amount of \u20ac4,739\u00a0thousands (share premium included). On July\u00a05, 2022, 96,440,617 (36,429,486, after restatement of the share capital as of January\u00a01, 2022) new ordinary shares were issued as consideration of net assets transferred by Deezer\u00a0S.A. merged with and into I2PO\u00a0S.A.. On the same day, the Company\u2019s share capital was increased by a total par value amount of \u20ac119\u00a0thousands, through the issuance, at a price per share of \u20ac10 (share premium included), of 11,900,000 new ordinary shares with a par value of \u20ac0.01 each. In the context of the PIPE reserved to existing and new investors, the Company received a total amount of \u20ac119\u00a0million (share premium included). \u20ac13.7\u00a0million fees in relation to the PIPE were recognized as a reduction of equity under share premium. On July\u00a021, 2022, the Board of Directors decided to grant 1,914,130 free shares. On August\u00a03, 2022, the Directeur g\u00e9n\u00e9ral decided to proceed with the redemption of the 25,133,181 class B preferred shares whose redemption was requested by the dissenting\u00a0market shareholders for an amount of \u20ac251.3\u00a0million, which was recognized as current financial liabilities as at June\u00a030, 2022. The share capital was reduced as a result of the cancellation of the 25,133,181 redeemed class B preferred shares. On September\u00a021, 2022, the Board of Directors of the Company acknowledged that, following the exercise of 679,245 equity warrants held by one of its commercial partners and giving rise to 679,245\u00a0shares of Deezer\u00a0S.A., the Company\u2019s share capital was increased by a total par value amount of \u20ac20\u00a0thousands, through the issuance of 1,998,338 new ordinary shares with a par value of \u20ac0.01 each. In the context of this exercise, the Company received from this commercial partner a total amount of to \u20ac7\u00a0thousands and deducted \u20ac13\u00a0thousands from the merger premium to ensure that the 1,998,338 new ordinary shares be fully paid up. On the same date, the Board of Directors of the Company acknowledged the share capital increase completed through the issuance of 71,055 new ordinary shares as a result of the acquisition on July\u00a021, 2022 of free shares granted to certain employees of the Group. On October\u00a027, 2022, the Board of Directors decided to grant 24,000 free shares. On December\u00a013, 2022, the Board of Directors of the Company acknowledged that, following the exercise of 488,050 equity warrants held by one of its commercial partners and giving rise to 488,050\u00a0shares of Deezer\u00a0S.A., the Company\u2019s share capital was increased by a total par value amount of \u20ac14\u00a0thousands, through the issuance of 1,435,843 new ordinary shares with a par value of \u20ac0.01 each. In the context of this exercise, the Company received from this commercial partner a total amount of to \u20ac14\u00a0thousands. No\u00a0dividends\u00a0were proposed or paid in 2021 or 2022. Each ordinary share carries the right to participate in, and vote at, general meetings. Class A2 and A3 preferred shares do not carry the right to vote at general meetings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30144": {
"value": "Ordinary shares are classified as equity. (ii)\u00a0include no obligation for the company to deliver cash. These shares \u2013 i.e. the A2 and A3 preferred shares \u2013 are therefore classified as equity instruments in accordance with IAS\u00a032.16. I2PO\u00a0S.A. issued shares to its founders that (i)\u00a0are not convertible into a variable number of equity instruments, and As at December\u00a031, 2022, the Company\u2019s share capital is divided into 121,087,670\u00a0shares, each with a par value of \u20ac0.01. and the accounting acquirer, Deezer\u00a0S.A. being aggregated and shown as part of share premium. The restated number of shares as at December\u00a031, 2021 and 2020 has been obtained from the number of outstanding shares of Deezer\u00a0S.A. In accordance with IFRS\u00a03, Business Combinations, as applied multiplied by the exchange ratio per category of shares (see to a reverse acquisition, the share capital has been restated Note\u00a010 \u201cLoss per share\u201d). and reflects the share capital of the legal acquirer, I2PO\u00a0S.A., with the difference between share capital of the legal acquirer The Company\u2019s share capital is divided in the following classes as of December\u00a031: (in number of shares) 2022 Restated 2021 Restated 2020 Class A12 preferred shares - 12,549,684 12,549,684 Class A16 Tranche 1 preferred shares - 10,068,447 10,068,447 Class A16 Tranche 2 preferred shares - 10,068,447 10,068,447 Class A18 preferred shares - 20,102,511 20,102,511 Class B preferred shares - 41,597,040 39,552,980 Ordinary shares 116,504,336 - - Class A2 preferred shares 2,291,667 - - Class A3 preferred shares 2,291,667 - - 121,087,670 94,386,129 92,342,069 During the fiscal years ended on December\u00a031, 2022 and commercial partners and directors. During the fiscal year 2021, Deezer\u00a0S.A. before the merger granted free shares to ended on December\u00a031, 2022, the Company granted free the benefit of certain employees and officers of the Group shares to the benefit of certain employees and officers of the and also issued equity warrants to the benefit of certain of its Group. The below table shows the variations in number of shares for the years 2022 and 2021: 2022 2021 At January\u00a01 - Restated 94,386,129 92,342,069 Ordinary shares issued from the PIPE 11,900,000 - Ordinary shares issued from the merger 36,429,486 - Class B preferred shares cancelled from the redemption (25,133,181) - Ordinary shares issued from the vesting of free shares 71,055 606,911 Ordinary shares issued from the exercise of warrants 3,434,181 1,437,149 \u00a0At December\u00a031 \u2013 Not restated/Restated 121,087,670 94,386,129 On February\u00a024, 2021, the Board of Directors of Deezer\u00a0S.A.: decided the issuance of 130,953 (385,264 using the \u25cf exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees and officer of the Group; issued 488,050 equity warrants K (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to one of its commercial partners; issued 6,000 equity warrants 2021 (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to a director of Deezer\u00a0S.A.; granted 334,490 free class B preferred shares to certain \u25cf employees and officers of the Group; and granted 27,000\u00a0stock options 18 (each giving the right to \u25cf subscribe one class B preferred share of Deezer\u00a0S.A.) to certain employees of the Group. On April\u00a020, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 17,633 (51,876\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On June\u00a08, 2021, the Board of Directors decided to grant 200,000 free class B preferred shares to a member of the management team of the Group. On June\u00a014, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 22,943 (67,498\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On July\u00a021 2021, the Board of Directors decided to grant 24,152 free class B preferred shares to a member of the management team of the Group. On August\u00a031, 2021, the Board of Directors of Deezer\u00a0S.A. acknowledged that, following the exercise of 140,494 equity warrants held by Estudios Azteca,\u00a0S.A. de C.V., the share capital was increased by a total par value amount of \u20ac1\u00a0thousand, through the issuance of 140,494 (413,333\u00a0shares using the exchange ratio) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, Estudios Azteca,\u00a0S.A. de C.V. paid a total amount of \u20ac1\u00a0thousand (without any share premium). On September\u00a016, 2021, the Board of Directors of Deezer\u00a0S.A. issued 420,125 equity warrants L and 679,245 equity warrants M (each giving the right to subscribe one class B preferred share of Deezer\u00a0S.A.) to two of its commercial partners. On October\u00a011, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. decided the issuance of 17,445 (51,323\u00a0shares using the exchange ratio) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On December\u00a015, 2021, the Board of Directors of Deezer\u00a0S.A. acknowledged that, following the exercise of all the equity warrants held by one of its commercial partners, the share capital was increased by a total par value amount of \u20ac0.2\u00a0thousands, through the issuance of 23,664 (69,619\u00a0shares using the exchange rate) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, this commercial partner paid a total amount of \u20ac346\u00a0thousands (share premium included). Also on December\u00a015, 2021, the Board of Directors of Deezer\u00a0S.A. decided the issuance of 17,318 (50,950\u00a0shares using the exchange rate) new class B preferred shares as a result of the acquisition of free shares granted to certain employees of the Group. On December\u00a021, 2021, the Directeur g\u00e9n\u00e9ral of Deezer\u00a0S.A. acknowledged that, following the exercise of all the equity warrants held by two of its commercial partners, the share capital was increased by a total par value amount of \u20ac3\u00a0thousands, through the issuance of 324,336 (954,197\u00a0shares using the exchange ratio) new class B preferred shares with a par value of \u20ac0.01 each. In the context of this exercise, this commercial partners paid a total amount of \u20ac4,739\u00a0thousands (share premium included). On July\u00a05, 2022, 96,440,617 (36,429,486, after restatement of the share capital as of January\u00a01, 2022) new ordinary shares were issued as consideration of net assets transferred by Deezer\u00a0S.A. merged with and into I2PO\u00a0S.A.. On the same day, the Company\u2019s share capital was increased by a total par value amount of \u20ac119\u00a0thousands, through the issuance, at a price per share of \u20ac10 (share premium included), of 11,900,000 new ordinary shares with a par value of \u20ac0.01 each. In the context of the PIPE reserved to existing and new investors, the Company received a total amount of \u20ac119\u00a0million (share premium included). \u20ac13.7\u00a0million fees in relation to the PIPE were recognized as a reduction of equity under share premium. On July\u00a021, 2022, the Board of Directors decided to grant 1,914,130 free shares. On August\u00a03, 2022, the Directeur g\u00e9n\u00e9ral decided to proceed with the redemption of the 25,133,181 class B preferred shares whose redemption was requested by the dissenting\u00a0market shareholders for an amount of \u20ac251.3\u00a0million, which was recognized as current financial liabilities as at June\u00a030, 2022. The share capital was reduced as a result of the cancellation of the 25,133,181 redeemed class B preferred shares. On September\u00a021, 2022, the Board of Directors of the Company acknowledged that, following the exercise of 679,245 equity warrants held by one of its commercial partners and giving rise to 679,245\u00a0shares of Deezer\u00a0S.A., the Company\u2019s share capital was increased by a total par value amount of \u20ac20\u00a0thousands, through the issuance of 1,998,338 new ordinary shares with a par value of \u20ac0.01 each. In the context of this exercise, the Company received from this commercial partner a total amount of to \u20ac7\u00a0thousands and deducted \u20ac13\u00a0thousands from the merger premium to ensure that the 1,998,338 new ordinary shares be fully paid up. On the same date, the Board of Directors of the Company acknowledged the share capital increase completed through the issuance of 71,055 new ordinary shares as a result of the acquisition on July\u00a021, 2022 of free shares granted to certain employees of the Group. On October\u00a027, 2022, the Board of Directors decided to grant 24,000 free shares. On December\u00a013, 2022, the Board of Directors of the Company acknowledged that, following the exercise of 488,050 equity warrants held by one of its commercial partners and giving rise to 488,050\u00a0shares of Deezer\u00a0S.A., the Company\u2019s share capital was increased by a total par value amount of \u20ac14\u00a0thousands, through the issuance of 1,435,843 new ordinary shares with a par value of \u20ac0.01 each. In the context of this exercise, the Company received from this commercial partner a total amount of to \u20ac14\u00a0thousands. No\u00a0dividends\u00a0were proposed or paid in 2021 or 2022. Each ordinary share carries the right to participate in, and vote at, general meetings. Class A2 and A3 preferred shares do not carry the right to vote at general meetings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30145": {
"value": "Ordinary shares are classified as equity. (ii)\u00a0include no obligation for the company to deliver cash. These shares \u2013 i.e. the A2 and A3 preferred shares \u2013 are therefore classified as equity instruments in accordance with IAS\u00a032.16. I2PO\u00a0S.A. issued shares to its founders that (i)\u00a0are not convertible into a variable number of equity instruments, and ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30166": {
"value": "The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants. For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded. The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters: valuation of Deezer\u00a0S.A. on the date the financial instrument \u25cf is granted; maturity of the financial instrument (estimated date of its \u25cf liquidity); government bond yields on the date of valuation of the \u25cf financial instrument; company volatility index based on comparable companies; \u25cf exercise value of the financial instrument. \u25cf The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares. The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019 s equity. The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity. the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement. The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period. The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive incomeThe Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020)Employee costs per nature breaks down as follows (in \u20ac thousands) 2022 2021 Wages and salaries (46,655) (41,471) Social costs (21,287) (17,779) Share-based compensation (11,692) (8,511) Employee retirement benefit costs (222) (199) (79,856) (67,960) Average headcount 589 575 During the year ended December\u00a031, 2022, the Company booked a \u20ac467\u00a0thousands French tax credit relating to research and development in respect of 2021 expenses. The research and development expenses incurred by the Company in 2022 will give rise to a French tax credit to be assessed and recorded in 2023. During the year ended December\u00a031, 2021, Deezer\u00a0S.A. booked a \u20ac520\u00a0thousands French tax credit relating to research and development in respect of 2020 expenses. These tax credits are included in wages and salariesFree share plans implemented by 20.1 Deezer\u00a0S.A. Deezer\u00a0S.A. granted free shares to certain employees and officers of the Group in 2017, 2019, 2021 and 2022 before the merger. The granted shares are legally owned by the beneficiaries at the end of the relevant acquisition period and subject to a continuous presence requirement during this period. Deezer\u00a0S.A. has implemented two main categories of free shares plans. initial grant as of each anniversary of the attribution date or with a vesting schedule of 12.5% of initial grant as of each 6-month anniversary of the attribution date). One category of plans provides for (i)\u00a0a 3-year acquisition period (i.e., 50% of initial grant as of the first anniversary of the attribution date and 25% of initial grant as of the second and third anniversaries of the attribution date) or (ii)\u00a0a 4-year acquisition period (whether with a vesting schedule of 25% of The other category of plans provides for a vesting at the earliest of the twentieth anniversary of the grant date and the closing of a liquidity event, being provided that 12.5% of initial grant accrues upon each 6-month anniversary of the attribution date until the fourth anniversary of the attribution date (to the extent that the employment agreement or corporate office of the beneficiary is not terminated as at each relevant date). The fair value of free shares granted is determined based on the fair value of Deezer\u00a0S.A.\u2019s shares of its latest known valuation date, usually its latest fundraising. It is recognized as a compensation cost spread over the vesting period. Movements in free shares outstanding and related information are as follows: 2017 free share plans* 2019 free share plans* 2021 free share plans* 2022 free share plans* Grant dates 09/02/2017 06/06/2017 06/02/2019 10/04/2019 11/12/2019 24/02/2021 08/06/2021 21/07/2021 23/03/2022 Number of shares granted 384,392 885,324 558,642 21,072 Outstanding at January\u00a01, 2021 223,425 788,399 - - Granted - - 558,642 - Definitively acquired (133,883) (72,409) - Lapsed - (78,956) (67,860) - Outstanding at December\u00a031, 2021 89,542 637,034 490,782 - Granted - - - 21,072 Definitively acquired (60,420) (281,850) (380,228) - Lapsed - (10,341) (9,087) - Outstanding at December\u00a031, 2022 29,122 344,843 101,467 21,072 Key assumptions used in the fair value Value per share (in \u20ac) 14.61 31.31 39.75 39.75 Illiquidity discount rate 0% 40% 25% 25% Employee turnover rate 0% 0% 7% 0% Plans granted by Deezer\u00a0S.A. before the merger with I2PO\u00a0S.A. on July\u00a05, 2022. The number of shares disclosed above is before the merger and is not * restated based on the exchange ratio disclosed in Note\u00a04.1. The values per share of \u20ac14.61 and \u20ac31.31 correspond to the Group valuations carried out for the purpose of the \u20ac100\u00a0million raised in 2016 and the \u20ac160.4\u00a0million raised in 2018 respectively. The value per share of \u20ac39.75 corresponds to the value per share available at granting dates in 2021 and 2022. Illiquidity discount rates of 40%, 25% and 25% have been applied on the free share plans initiated in 2019, 2021 and 2022, respectively, as these plans have given rise to class B preferred shares, which has not given the same rights as of the class A preferred shares in case of liquidity event. An employee turnover rate of 7% per annum has been applied on the free share plans initiated in 2021. The Company granted free shares to the employees and officers of the Group in 2022 after the merger. The granted shares are legally owned by the beneficiaries at the end of the relevant acquisition period and subject to a continuous presence requirement during this period, and, as the case may be, to performance conditions. Free share plans implemented 20.2 by the\u00a0Company The Company has implemented three free shares plans in 2022. Grant 1 plan concerns all employees (outside of two members of the management team and the top 33 managers) and provides for a 3-year acquisition period with a vesting schedule of 33.33% at each anniversary of the attribution date, subject to a continued presence the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 2 plan concerns two members of the management team and provides for a 4-year acquisition period with a vesting schedule of 25% at each anniversary of the attribution date, subject only to the continued presence of the beneficiary within the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 3 plan concerns 33 top managers and provides for a 3-year acquisition period with a vesting schedule of 33.33% at each anniversary of the attribution date, subject to a continued presence the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 3 plan vesting is subject to performance conditions. The fair value of free shares granted is determined based on the share price as of the grant date. It is recognized as a compensation cost spread over the vesting period. Movements in free shares outstanding and related information are as follows: 2022 - Grant 1 free share plan (1) 2022 - Grant 2 free share plan (1) 2022 - Grant 3 free share plan (1) Grant dates 21/07/2022 21/07/2022 21/07/2022 27/10/2022 Number of shares granted 552,000 477,250 908,880 (2) Outstanding at January\u00a01, 2022 - - - Granted 552,000 477,250 908,880 Lapsed (49,000) - - Outstanding at December\u00a031, 2022 503,000 477,250 908,880 Key assumptions used in the fair value Value per share (in \u20ac) 4.59 4.59 4.59 Employee turnover rate 24% 7% 7% Vesting condition Performance conditions during 3\u00a0years after grant Deezer\u00a0S.A. issued equity warrants to the benefit of certain of its commercial partners and directors. Warrants J, 2021, K, L and M have given rise to expenses recognized in the consolidated income statement for the years ended December\u00a031, 2022 and 2021: based on the Black-Scholes model for warrants 2021; \u25cf as described in Note\u00a03 (ii)\u00a0and in Note\u00a019 for Warrants J; \u25cf as described in Note\u00a03 (i)\u00a0and in Note\u00a019 for Warrants K, L \u25cf and M. Movements in warrants outstanding and related information is as follows: Plans Warrants 2014* Warrants G Warrants H Warrants 2017 Warrants\u00a0I Shareholders\u2019 meeting date 22/05/2014 23/12/2016 30/06/2017 23/12/2016 30/06/2017 Board members\u2019 meeting date - 09/02/2017 - 09/02/2017 25/01/2018 Expiry date 31/12/2024 31/12/2021 30/06/2027 30/11/2026 31/12/2021 Number of warrants granted 66,700 23,664 712,404 6,845 324,336 Outstanding at January\u00a01, 2021 66,700 23,664 17,319 6,845 324,336 Granted - - - - - Exercised - (23,664) - - (324,336) Outstanding at December\u00a031, 2021 66,700 - 17,319 6,845 - Exercised - - - - - Outstanding at December\u00a031, 2022 66,700 - 17,319 6,845 - Subscription price (in \u20ac) 2.59 0.01 0.01 0.01 0.01 Fair value at grant date (in \u20ac) 1.42 3.37 5.22 5.20 2.75 Exercise price (in \u20ac) 24.25 14.61 14.61 14.61 14.61 Maximum share capital increase (in \u20ac) (as at grant date, and before the merger with I2PO\u00a0S.A.) 667 237 7,124 68 3,243 Information contained herein takes into account the stock split decided by the combined general meeting of Deezer\u00a0S.A. held on October\u00a09, 2015. * Plans Warrants J Warrants 2021 Warrants K Warrants L Warrants M Shareholders\u2019 meeting date 30/06/2020 30/06/2020 30/06/2020 30/06/2021 30/06/2021 Board members\u2019 meeting date - 24/02/2021 24/02/2021 16/09/2021 16/09/2021 Expiry date 26/11/2022 31/12/2030 01/05/2027 31/10/2024 31/10/2028 Number of warrants granted 453,206 6,000 488,050 420,125 679,245 Outstanding at January\u00a01, 2021 453,206 - - - - Granted - 6,000 488,050 420,125 679,245 Exercised (140,494) - - Outstanding at December\u00a031, 2021 312,712 6,000 488,050 420,125 679,245 Exercised - - (488,050) - (679,245) Lapsed (312,712) - - - - Outstanding at December\u00a031, 2022 - 6,000 - 420,125 - Subscription price (in \u20ac) 39.75 3.98 0.01 0.01 0.01 Fair value at grant date (in \u20ac) 39.75 10.08 39.75 39.75 39.75 Exercise price (in \u20ac) 0.01 39.75 0.01 0.01 0.01 Maximum share capital increase (in \u20ac) (as at grant date) 4,532 60 4,881 4,201 6,792 Vesting condition Performance condition between 26/05/2020 and 26/05/2022 All warrants became exercisable as a result of the merger Performance condition between 01/02/2021 and 31/01/2024 All warrants became exercisable as a result of the merger Plans Warrants 2014 Warrants G Warrants H Warrants 2017 Warrants\u00a0I Volatility 50.60% 38.40% 35.60% 35.9% to 41.0% 34.70% Risk-free rate 0.71% -0.57% 0.26% 0.05% to 0.46% -0.55% Expected maturity (years) 4.00 2.45 6.59 5.31 to 6.81 1.97 Turnover rate 10.00% 0.00% 0.00% 0.00% 0.00% Dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% Illiquidity discount rate 0.00% 0.00% 0.00% 0.00% 0.00% Plans Warrants J Warrants 2021 Warrants K Warrants L Warrants M Volatility N/A* 35.7% to 37.0% N/A* N/A* N/A* Risk-free rate N/A* -0.69% to -0.62% N/A* N/A* N/A* Expected maturity (years) 2.00 5.05 to 5.61 6.18 3.13 7.13 Turnover rate N/A* 0.00% N/A* N/A* N/A* Dividend yield N/A* 0.00% N/A* N/A* N/A* Illiquidity discount rate N/A* 0.00% N/A* N/A* N/A* N/A =\u00a0Not applicable. * Warrants issued by I2PO\u00a0S.A. 20.4 Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05, 2022, and they expire five years after this date. As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. I2PO\u00a0S.A. considered that these instruments had a nil value at the date of the IPO and for as long as no announcement had been made of a planned merger. As the initial business combination relating to the agreement between Deezer\u00a0S.A. and I2PO\u00a0S.A. was issued on April\u00a019, 2022, the BSARs were measured at fair value through profit or loss in accordance with IFRS\u00a09 at June\u00a030, 2022. As the price of a BSAR was \u20ac0,165 each at June\u00a030, 2022, a \u20ac4.65\u00a0million impact was recognized in operating expenses with a corresponding adjustment to non-current financial liabilities. As at December\u00a031, 2022, this cost is part of the non-cash listing service charge of \u20ac54.9\u00a0million and the variation resulting from the BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1.8\u00a0million. Plans A BSARs B BSARs Shareholders\u2019 meeting date 05/07/2021 05/07/2021 Board members\u2019 meeting date 15/07/2021 15/07/2021 Expiry date 5\u00a0years* 5\u00a0years* Number of warrants granted 659,130 27,500,000 Outstanding at January\u00a01, 2021 - - Granted 659,130 27,500,000 Exercised - - Outstanding at December\u00a031, 2021 659,130 27,500,000 Exercised - - Outstanding at December\u00a031, 2022 659,130 27,500,000 Subscription price (in \u20ac) 0.00 0.00 Fair value at the completion date of the Business Combination (in \u20ac) 0.17 0.17 Exercise price (in \u20ac) 11.50 11.50 Maximum share capital increase (in \u20ac) (as at grant date) 2,832 118,158 Five years from the completion date of the Business Combination. Deezer\u00a0S.A. proceeded with grant of stock-options to the recognized in the consolidated income statement for the years benefit of certain employees and officers of the Group. ended December\u00a031, 2022 and 2021, based on the Stock-options granted in 2021 have given rise to expenses Black-Scholes model and on a value per share of \u20ac39.75. Activity in the stock-options outstanding and related information is as follows: Plans Stock-options 14* Stock-options 15* Stock-options 15-2* Stock-options 17 Stock-options 18 Granting dates 22/05/2014 24/10/2014 12/03/2015 23/04/2015 16/07/2015 25/07/2017 24/02/2021 Expiry date 31/12/2024 31/12/2024 31/12/2024 05/01/2023 05/01/2023 Number of stock-options granted 424,299 533,948 72,500 58,250 27,000 Outstanding at January\u00a01, 2021 55,462 533,948 58,000 31,662 - Granted - - - - 27,000 Lapsed - - - - - Outstanding at December\u00a031, 2021 55,462 533,948 58,000 31,662 27,000 Lapsed - - - - (3,500) Outstanding at December\u00a031, 2022 55,462 533,948 58,000 31,662 23,500 Exercise price (in \u20ac) 24.25 24.25 24.25 14.61 31.31 Maximum share capital increase (in \u20ac) (as at grant date) 4,243 5,339 725 583 270 Information contained herein takes into account the stock split decided by the combined general meeting of Deezer\u00a0S.A. held on October\u00a09, 2015. * Plans Stock-options 14 Stock-options 15 Stock-options 15-2 Stock-options 17 Stock-options 18 Volatility 50.60% 45.00% 45.00% 35.60% to 42.50% 36.8% to 39.40% Risk-free rate 0.71% 0.32% 0.32% -0.04% to 0.26% -0.69% to -0.62% Expected maturity (years) 4.00 4.00 4.00 5.06 to 6.56 3.43 to 4.11 Turnover rate 10.00% 22.00% 22.00% 0.00% 0.00% Dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% Illiquidity discount rate 0.00% 0.00% 0.00% 0.00% 0.00% The expense recognized in the consolidated income statement for share-based payments is as follows: (in \u20ac thousands) 2022 2021 Product and development 583 500 Sales and marketing 340 182 General and administrative 10,668 7,615 Sub-Total/Free shares 11,590 8,296 Cost of revenue 20,033 21,153 Product and development - - Sales and marketing 1,593 2,501 General and administrative 0 30 Sub-Total/Warrants 21,626 23,684 Product and development - - Sales and marketing 74 185 General and administrative - - Sub-Total/Stock-options 74 185 Total 33,291 32,165 The provision for retirement benefits applicable for employees in France has been estimated on the basis of the projected unit credit method and with the following assumptions: 2022 2021 Collective agreement applied SYNTEC SYNTEC Salary increase rate 3% for all years 7.00% for 2022 and 3% for following years Annual discount rate 3.75% 1.26% Social contribution rate 50.00% 50.00% Retirement age 65\u00a0years 65\u00a0years Mortality table INSEE 2015/2017 INSEE 2015/2017 Average turnover rate 0% to 31.2% 0% to 31.2% As at December\u00a031, 2022 and December\u00a031, 2021, a balance sheet equals the actuarial liability, from the moment decreasing turnover rate depending on employees\u2019 age has there are no plan assets or unrecognized actuarial gains and been used: from 31.2% for a 20-year-old employee to 0% for a losses. 61-year-old employee. The provision in the consolidated The provision changed as follows: (in \u20ac thousands) Provision for employee retirement benefits Carrying amount at January\u00a01, 2021 852 Actuarial differences (14) Increase 199 Discounting impact 7 Carrying amount at December\u00a031, 2021 1,043 Service costs 10 Increase 222 Discounting impact (583) Carrying amount at December\u00a031, 2022 692 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30167": {
"value": "The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants. For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded. The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters: valuation of Deezer\u00a0S.A. on the date the financial instrument \u25cf is granted; maturity of the financial instrument (estimated date of its \u25cf liquidity); government bond yields on the date of valuation of the \u25cf financial instrument; company volatility index based on comparable companies; \u25cf exercise value of the financial instrument. \u25cf The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares. The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019 s equity. The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity. the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement. The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period. The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30168": {
"value": "The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants. For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded. The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters: valuation of Deezer\u00a0S.A. on the date the financial instrument \u25cf is granted; maturity of the financial instrument (estimated date of its \u25cf liquidity); government bond yields on the date of valuation of the \u25cf financial instrument; company volatility index based on comparable companies; \u25cf exercise value of the financial instrument. \u25cf The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares. The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019 s equity. The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity. The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020)Free share plans implemented by 20.1 Deezer\u00a0S.A. Deezer\u00a0S.A. granted free shares to certain employees and officers of the Group in 2017, 2019, 2021 and 2022 before the merger. The granted shares are legally owned by the beneficiaries at the end of the relevant acquisition period and subject to a continuous presence requirement during this period. Deezer\u00a0S.A. has implemented two main categories of free shares plans. initial grant as of each anniversary of the attribution date or with a vesting schedule of 12.5% of initial grant as of each 6-month anniversary of the attribution date). One category of plans provides for (i)\u00a0a 3-year acquisition period (i.e., 50% of initial grant as of the first anniversary of the attribution date and 25% of initial grant as of the second and third anniversaries of the attribution date) or (ii)\u00a0a 4-year acquisition period (whether with a vesting schedule of 25% of The other category of plans provides for a vesting at the earliest of the twentieth anniversary of the grant date and the closing of a liquidity event, being provided that 12.5% of initial grant accrues upon each 6-month anniversary of the attribution date until the fourth anniversary of the attribution date (to the extent that the employment agreement or corporate office of the beneficiary is not terminated as at each relevant date). The fair value of free shares granted is determined based on the fair value of Deezer\u00a0S.A.\u2019s shares of its latest known valuation date, usually its latest fundraising. It is recognized as a compensation cost spread over the vesting period. Movements in free shares outstanding and related information are as follows: 2017 free share plans* 2019 free share plans* 2021 free share plans* 2022 free share plans* Grant dates 09/02/2017 06/06/2017 06/02/2019 10/04/2019 11/12/2019 24/02/2021 08/06/2021 21/07/2021 23/03/2022 Number of shares granted 384,392 885,324 558,642 21,072 Outstanding at January\u00a01, 2021 223,425 788,399 - - Granted - - 558,642 - Definitively acquired (133,883) (72,409) - Lapsed - (78,956) (67,860) - Outstanding at December\u00a031, 2021 89,542 637,034 490,782 - Granted - - - 21,072 Definitively acquired (60,420) (281,850) (380,228) - Lapsed - (10,341) (9,087) - Outstanding at December\u00a031, 2022 29,122 344,843 101,467 21,072 Key assumptions used in the fair value Value per share (in \u20ac) 14.61 31.31 39.75 39.75 Illiquidity discount rate 0% 40% 25% 25% Employee turnover rate 0% 0% 7% 0% Plans granted by Deezer\u00a0S.A. before the merger with I2PO\u00a0S.A. on July\u00a05, 2022. The number of shares disclosed above is before the merger and is not * restated based on the exchange ratio disclosed in Note\u00a04.1. The values per share of \u20ac14.61 and \u20ac31.31 correspond to the Group valuations carried out for the purpose of the \u20ac100\u00a0million raised in 2016 and the \u20ac160.4\u00a0million raised in 2018 respectively. The value per share of \u20ac39.75 corresponds to the value per share available at granting dates in 2021 and 2022. Illiquidity discount rates of 40%, 25% and 25% have been applied on the free share plans initiated in 2019, 2021 and 2022, respectively, as these plans have given rise to class B preferred shares, which has not given the same rights as of the class A preferred shares in case of liquidity event. An employee turnover rate of 7% per annum has been applied on the free share plans initiated in 2021. The Company granted free shares to the employees and officers of the Group in 2022 after the merger. The granted shares are legally owned by the beneficiaries at the end of the relevant acquisition period and subject to a continuous presence requirement during this period, and, as the case may be, to performance conditions. Free share plans implemented 20.2 by the\u00a0Company The Company has implemented three free shares plans in 2022. Grant 1 plan concerns all employees (outside of two members of the management team and the top 33 managers) and provides for a 3-year acquisition period with a vesting schedule of 33.33% at each anniversary of the attribution date, subject to a continued presence the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 2 plan concerns two members of the management team and provides for a 4-year acquisition period with a vesting schedule of 25% at each anniversary of the attribution date, subject only to the continued presence of the beneficiary within the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 3 plan concerns 33 top managers and provides for a 3-year acquisition period with a vesting schedule of 33.33% at each anniversary of the attribution date, subject to a continued presence the Group during the relevant annual reference period; provided that the first annual tranche would only be delivered upon the second anniversary of grant and that no holding period would apply. Grant 3 plan vesting is subject to performance conditions. The fair value of free shares granted is determined based on the share price as of the grant date. It is recognized as a compensation cost spread over the vesting period. Movements in free shares outstanding and related information are as follows: 2022 - Grant 1 free share plan (1) 2022 - Grant 2 free share plan (1) 2022 - Grant 3 free share plan (1) Grant dates 21/07/2022 21/07/2022 21/07/2022 27/10/2022 Number of shares granted 552,000 477,250 908,880 (2) Outstanding at January\u00a01, 2022 - - - Granted 552,000 477,250 908,880 Lapsed (49,000) - - Outstanding at December\u00a031, 2022 503,000 477,250 908,880 Key assumptions used in the fair value Value per share (in \u20ac) 4.59 4.59 4.59 Employee turnover rate 24% 7% 7% Vesting condition Performance conditions during 3\u00a0years after grant Deezer\u00a0S.A. issued equity warrants to the benefit of certain of its commercial partners and directors. Warrants J, 2021, K, L and M have given rise to expenses recognized in the consolidated income statement for the years ended December\u00a031, 2022 and 2021: based on the Black-Scholes model for warrants 2021; \u25cf as described in Note\u00a03 (ii)\u00a0and in Note\u00a019 for Warrants J; \u25cf as described in Note\u00a03 (i)\u00a0and in Note\u00a019 for Warrants K, L \u25cf and M. Movements in warrants outstanding and related information is as follows: Plans Warrants 2014* Warrants G Warrants H Warrants 2017 Warrants\u00a0I Shareholders\u2019 meeting date 22/05/2014 23/12/2016 30/06/2017 23/12/2016 30/06/2017 Board members\u2019 meeting date - 09/02/2017 - 09/02/2017 25/01/2018 Expiry date 31/12/2024 31/12/2021 30/06/2027 30/11/2026 31/12/2021 Number of warrants granted 66,700 23,664 712,404 6,845 324,336 Outstanding at January\u00a01, 2021 66,700 23,664 17,319 6,845 324,336 Granted - - - - - Exercised - (23,664) - - (324,336) Outstanding at December\u00a031, 2021 66,700 - 17,319 6,845 - Exercised - - - - - Outstanding at December\u00a031, 2022 66,700 - 17,319 6,845 - Subscription price (in \u20ac) 2.59 0.01 0.01 0.01 0.01 Fair value at grant date (in \u20ac) 1.42 3.37 5.22 5.20 2.75 Exercise price (in \u20ac) 24.25 14.61 14.61 14.61 14.61 Maximum share capital increase (in \u20ac) (as at grant date, and before the merger with I2PO\u00a0S.A.) 667 237 7,124 68 3,243 Information contained herein takes into account the stock split decided by the combined general meeting of Deezer\u00a0S.A. held on October\u00a09, 2015. * Plans Warrants J Warrants 2021 Warrants K Warrants L Warrants M Shareholders\u2019 meeting date 30/06/2020 30/06/2020 30/06/2020 30/06/2021 30/06/2021 Board members\u2019 meeting date - 24/02/2021 24/02/2021 16/09/2021 16/09/2021 Expiry date 26/11/2022 31/12/2030 01/05/2027 31/10/2024 31/10/2028 Number of warrants granted 453,206 6,000 488,050 420,125 679,245 Outstanding at January\u00a01, 2021 453,206 - - - - Granted - 6,000 488,050 420,125 679,245 Exercised (140,494) - - Outstanding at December\u00a031, 2021 312,712 6,000 488,050 420,125 679,245 Exercised - - (488,050) - (679,245) Lapsed (312,712) - - - - Outstanding at December\u00a031, 2022 - 6,000 - 420,125 - Subscription price (in \u20ac) 39.75 3.98 0.01 0.01 0.01 Fair value at grant date (in \u20ac) 39.75 10.08 39.75 39.75 39.75 Exercise price (in \u20ac) 0.01 39.75 0.01 0.01 0.01 Maximum share capital increase (in \u20ac) (as at grant date) 4,532 60 4,881 4,201 6,792 Vesting condition Performance condition between 26/05/2020 and 26/05/2022 All warrants became exercisable as a result of the merger Performance condition between 01/02/2021 and 31/01/2024 All warrants became exercisable as a result of the merger Plans Warrants 2014 Warrants G Warrants H Warrants 2017 Warrants\u00a0I Volatility 50.60% 38.40% 35.60% 35.9% to 41.0% 34.70% Risk-free rate 0.71% -0.57% 0.26% 0.05% to 0.46% -0.55% Expected maturity (years) 4.00 2.45 6.59 5.31 to 6.81 1.97 Turnover rate 10.00% 0.00% 0.00% 0.00% 0.00% Dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% Illiquidity discount rate 0.00% 0.00% 0.00% 0.00% 0.00% Plans Warrants J Warrants 2021 Warrants K Warrants L Warrants M Volatility N/A* 35.7% to 37.0% N/A* N/A* N/A* Risk-free rate N/A* -0.69% to -0.62% N/A* N/A* N/A* Expected maturity (years) 2.00 5.05 to 5.61 6.18 3.13 7.13 Turnover rate N/A* 0.00% N/A* N/A* N/A* Dividend yield N/A* 0.00% N/A* N/A* N/A* Illiquidity discount rate N/A* 0.00% N/A* N/A* N/A* N/A =\u00a0Not applicable. * Warrants issued by I2PO\u00a0S.A. 20.4 Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05, 2022, and they expire five years after this date. As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss. I2PO\u00a0S.A. considered that these instruments had a nil value at the date of the IPO and for as long as no announcement had been made of a planned merger. As the initial business combination relating to the agreement between Deezer\u00a0S.A. and I2PO\u00a0S.A. was issued on April\u00a019, 2022, the BSARs were measured at fair value through profit or loss in accordance with IFRS\u00a09 at June\u00a030, 2022. As the price of a BSAR was \u20ac0,165 each at June\u00a030, 2022, a \u20ac4.65\u00a0million impact was recognized in operating expenses with a corresponding adjustment to non-current financial liabilities. As at December\u00a031, 2022, this cost is part of the non-cash listing service charge of \u20ac54.9\u00a0million and the variation resulting from the BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1.8\u00a0million. Plans A BSARs B BSARs Shareholders\u2019 meeting date 05/07/2021 05/07/2021 Board members\u2019 meeting date 15/07/2021 15/07/2021 Expiry date 5\u00a0years* 5\u00a0years* Number of warrants granted 659,130 27,500,000 Outstanding at January\u00a01, 2021 - - Granted 659,130 27,500,000 Exercised - - Outstanding at December\u00a031, 2021 659,130 27,500,000 Exercised - - Outstanding at December\u00a031, 2022 659,130 27,500,000 Subscription price (in \u20ac) 0.00 0.00 Fair value at the completion date of the Business Combination (in \u20ac) 0.17 0.17 Exercise price (in \u20ac) 11.50 11.50 Maximum share capital increase (in \u20ac) (as at grant date) 2,832 118,158 Five years from the completion date of the Business Combination. Deezer\u00a0S.A. proceeded with grant of stock-options to the recognized in the consolidated income statement for the years benefit of certain employees and officers of the Group. ended December\u00a031, 2022 and 2021, based on the Stock-options granted in 2021 have given rise to expenses Black-Scholes model and on a value per share of \u20ac39.75. Activity in the stock-options outstanding and related information is as follows: Plans Stock-options 14* Stock-options 15* Stock-options 15-2* Stock-options 17 Stock-options 18 Granting dates 22/05/2014 24/10/2014 12/03/2015 23/04/2015 16/07/2015 25/07/2017 24/02/2021 Expiry date 31/12/2024 31/12/2024 31/12/2024 05/01/2023 05/01/2023 Number of stock-options granted 424,299 533,948 72,500 58,250 27,000 Outstanding at January\u00a01, 2021 55,462 533,948 58,000 31,662 - Granted - - - - 27,000 Lapsed - - - - - Outstanding at December\u00a031, 2021 55,462 533,948 58,000 31,662 27,000 Lapsed - - - - (3,500) Outstanding at December\u00a031, 2022 55,462 533,948 58,000 31,662 23,500 Exercise price (in \u20ac) 24.25 24.25 24.25 14.61 31.31 Maximum share capital increase (in \u20ac) (as at grant date) 4,243 5,339 725 583 270 Information contained herein takes into account the stock split decided by the combined general meeting of Deezer\u00a0S.A. held on October\u00a09, 2015. * Plans Stock-options 14 Stock-options 15 Stock-options 15-2 Stock-options 17 Stock-options 18 Volatility 50.60% 45.00% 45.00% 35.60% to 42.50% 36.8% to 39.40% Risk-free rate 0.71% 0.32% 0.32% -0.04% to 0.26% -0.69% to -0.62% Expected maturity (years) 4.00 4.00 4.00 5.06 to 6.56 3.43 to 4.11 Turnover rate 10.00% 22.00% 22.00% 0.00% 0.00% Dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% Illiquidity discount rate 0.00% 0.00% 0.00% 0.00% 0.00% The expense recognized in the consolidated income statement for share-based payments is as follows: (in \u20ac thousands) 2022 2021 Product and development 583 500 Sales and marketing 340 182 General and administrative 10,668 7,615 Sub-Total/Free shares 11,590 8,296 Cost of revenue 20,033 21,153 Product and development - - Sales and marketing 1,593 2,501 General and administrative 0 30 Sub-Total/Warrants 21,626 23,684 Product and development - - Sales and marketing 74 185 General and administrative - - Sub-Total/Stock-options 74 185 Total 33,291 32,165 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30169": {
"value": "The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants. For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded. The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters: valuation of Deezer\u00a0S.A. on the date the financial instrument \u25cf is granted; maturity of the financial instrument (estimated date of its \u25cf liquidity); government bond yields on the date of valuation of the \u25cf financial instrument; company volatility index based on comparable companies; \u25cf exercise value of the financial instrument. \u25cf The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares. The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019 s equity. The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30242": {
"value": "Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation. Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability. Provision for employee benefits 2.21 the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement. The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period. The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30360": {
"value": "The Group assesses the royalties over the entire contractual period for license agreements which include a guaranteed minimum. This assessment is based on variables such as forecast revenue and market shares per label. Any difference between the guaranteed minimum and the royalties estimated over the entire contractual period is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. The Group measures costs of revenue including costs relating to equity warrants issued in March\u00a02021 and in September\u00a02021, as presented in Notes\u00a019 and 20 These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised, based on the estimated royalty costs compared to minimum guaranteed costs over the contractual period, and the value per share estimated at the effective date of the contract. The Group has recognized costs amounting to \u20ac20,033\u00a0thousands and \u20ac21,153\u00a0thousands for the years ended December\u00a031, 2022 and 2021, respectively",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30481": {
"value": "Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff. \u00a0(in \u20ac thousands) Legal contingencies Indirect tax Other Total Carrying amount at January\u00a01, 2021 1,551 3,247 52 4,850 Charged/(credited) to the consolidated statement of operations: Additional provisions 258 1,222 5,800 7,280 Reversal of unutilized amounts (300) (236) (10) (546) Exchange differences - - 1 1 Carrying amount at January\u00a01, 2022 1,509 4,233 5,843 11,585 Charged/(credited) to the consolidated statement of operations: Additional provisions 2,081 2,474 1,292 5,847 Reversal of unutilized amounts (1,015) (179) (227) (1,421) Exchange differences 7 7 Utilized - Carrying amount at December\u00a031, 2022 2,575 6,528 6,915 16,018 As at December\u00a031, 2022 Current portion 2,575 6,528 6,915 16,018 Some legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. The results of such legal proceedings are difficult to predict and the extent of the Group\u2019s financial exposure is difficult to estimate. The Group records a provision for contingent losses when it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. Regarding the claim filed by HUZIP (Hrvatska Udruga Za Zastitu Izvodackih Prava), Croatian performers\u2019 rights collecting society, against Deezer\u00a0S.A., two hearings were held in February and June\u00a02022 and do not affect the provision booked as at December\u00a031, 2022. Taxes 22.2 The Group has indirect tax provisions which relate primarily to foreign indirect taxes and tax penalties on these. The Company recognizes provisions for claims or indirect taxes when it determines that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Other 22.3 Other provisions mainly relate to commercial risks",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30530": {
"value": "On April\u00a018, 2022, I2PO\u00a0S.A. and Deezer\u00a0S.A. entered into a merger agreement. Pursuant to this agreement, Deezer\u00a0S.A. merged with and into I2PO\u00a0S.A. As a result, I2PO\u00a0S.A. legally acquired all assets and liabilities of Deezer\u00a0S.A. through the merger and the latest was dissolved. Additionally, I2PO\u00a0S.A. and Deezer\u00a0S.A. entered into subscription agreements with Group Artemis, one founder of I2PO\u00a0S.A., certain shareholders of Deezer\u00a0S.A. and new investors (the \u201cPIPE\u00a0investors\u201d) for the purpose of a placement reserved to a specific category of investors (the \u201cPIPE\u201d). In return for their investment, the PIPE investors received new ordinary shares of the Company. The merger and the PIPE were completed on July\u00a05, 2022 following the approval of the merger by the shareholders of I2PO\u00a0S.A. and Deezer\u00a0S.A. For accounting purposes, the management of I2PO\u00a0S.A. and Deezer\u00a0S.A. first assessed the different factors described in IFRS\u00a03, Business Combinations, (in particular paragraphs\u00a06-7 and B13-B18) to determine the accounting treatment of the merger. While the legal acquirer is usually the entity that transfers shares, other pertinent facts and circumstances had to be considered, including the following: (i)\u00a0Deezer former shareholders having a larger portion of voting rights in the entity after completion of the merger and the PIPE, (ii)\u00a0Deezer representatives having a larger presence in the governance and senior management of the entity after completion of the merger and the PIPE and (iii)\u00a0Deezer being the operational entity generating revenue. Based on these assessments, the management of I2PO\u00a0S.A. and Deezer\u00a0S.A. concluded that Deezer\u00a0S.A. was the acquirer of I2PO\u00a0S.A. for accounting purposes although, from a legal perspective, I2PO\u00a0S.A. was the surviving entity of the merger. shares deemed to be issued over the fair value of I2PO\u00a0S.A.\u2019s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred at the date of the merger. Furthermore, since I2PO\u00a0S.A. did not meet the definition of a business in accordance with IFRS\u00a03, the merger was treated as a capital reorganization, which enters in the scope of IFRS\u00a02, Share-based payments, and as the reverse acquisition of I2PO\u00a0S.A.\u2019s assets and liabilities. Accordingly, the merger was treated as the equivalent of Deezer\u00a0S.A. issuing shares at the closing of the merger in exchange for the assets and liabilities of I2PO\u00a0S.A. at that date, accompanied by a recapitalization. Any excess of the fair value of Deezer\u00a0S.A.\u2019s After the merger and the redemption, the founders and former shareholders of I2PO\u00a0S.A. who did not redeem their shares converted all the 2,291,664 class A1\u00a0shares and 2,366,819 market shares they hold into ordinary shares of I2PO\u00a0S.A. and received an aggregate number of 4,658,483 ordinary shares of I2PO\u00a0S.A. The 4,583,334 remaining class A2\u00a0shares and class A3\u00a0shares were not converted at the closing of the merger. The ordinary shares deemed issued were valued at \u20ac46.6\u00a0million based on a price per share of \u20ac10, corresponding to the price per share considered in the merger agreement. Class A2\u00a0shares and class\u00a0A3\u00a0shares deemed issued were valued at \u20ac18.8\u00a0million using the Monte Carlo model. In exchange for the deemed issue of these shares, from an IFRS standpoint, Deezer\u00a0S.A. received the net assets of I2PO\u00a0S.A., a public listed entity. The net assets of I2PO\u00a0S.A. were valued at \u20ac10.5\u00a0million. This amount corresponded to current financial assets of \u20ac275\u00a0million, to current financial liabilities of \u20ac251.3\u00a0million, to net current assets and liabilities of \u20ac8.7\u00a0million, to cash and cash equivalent for \u20ac0.1\u00a0million and to the warrant liability of \u20ac4.7\u00a0million. The \u20ac275\u00a0million escrow account was released to the Company on August\u00a03, 2023 in order to settle the \u20ac251.3\u00a0million liability to the dissenting shareholders. This settlement occurred on the same day. IFRS\u00a02 applies to transactions where an entity grants equity instruments in return of goods and service, or where it cannot identify specifically some or all of the goods or service received in return. The fair value of the shares deemed issued was in excess of the fair value of the net assets of I2PO\u00a0S.A. received. Based\u00a0on IFRS\u00a02, this difference corresponded to the deemed cost of the listing service provided by I2PO\u00a0S.A. to Deezer\u00a0S.A. and was recognized as a charge. Number of shares Share value (in \u20ac) Total (in \u20ac thousands) Ordinary shares 4,658,483 10.00 46,585 Class A2\u00a0shares 2,291,667 4.33 9,923 Class A3\u00a0shares 2,291,667 3.88 8,892 Total shares deemed issued (a) 65,400 Net assets of I2PO\u00a0S.A. (b) 10,456 Non-cash listing service charge (b)-(a) (54,944) The \u20ac54.9\u00a0million non-cash listing service charge is classified under General and administrative external expenses (See Note\u00a06.1 \u201cExpenses per nature\u201d) and is shown as part of Combination between I2PO and Deezer in 2022 variations in the consolidated statements of changes in shareholders\u2019 equity. In accordance with IFRS\u00a03, Business Combinations, as applied to a reverse acquisition, the share capital shown in the consolidated statements of financial position and in the consolidated statements of changes in shareholders\u2019 equity has been restated, in the comparative financial information, in order to reflect the share capital of the legal acquirer, I2PO\u00a0S.A., with the difference between share capital of the legal acquirer and the accounting acquirer, Deezer\u00a0S.A., being aggregated and shown as part of share premium (See Note\u00a019 \u201cShare capital and share premium\u201d). Investments 4.2 On May\u00a024, 2022, Deezer\u00a0S.A. entered into a second investment agreement with Dreamstage,\u00a0Inc. Under this investment contract, Deezer\u00a0S.A. subscribed to a share capital increase of US$2\u00a0million granting it a total ownership of 77.2%, in terms of share capital and vote rights. Dreamstage\u00a0Inc. was consolidated under the equity method in the Group\u2019s consolidated financial statements until May\u00a024, 2022. It has been consolidated under the full consolidation method since this date. On September\u00a029, 2022, the Company acquired additional minority shares of Dreamstage\u00a0Inc. and strengthened its majority shareholder position with a total ownership of 86.0% in terms of share capital and vote rights. The Company sold its investment in Dreamstage\u00a0Inc. in exchange of shares of Driift Holdings Limited and subscribed to a share capital increase of \u00a34\u00a0million of Driift Holdings Limited. As a result of the additional investment and the business combination, the Company became the largest shareholder of Driift Holdings Limited with a 45.5% ownership and became the indirect majority shareholder of Dreamstage\u00a0Inc. fully owned by Driift Holdings Limited since then. Driift Holdings Limited is fully consolidated, according to the criteria of IFRS\u00a010. The Company has the ability to make key decisions relating to the management of Driift Holdings Limited with regard to the appointment of Board members and receives the subsidiary\u2019s variable results",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30998": {
"value": "Segment financial information is presented in accordance with IFRS\u00a08, Operating Segments, and is based solely on the internal reporting (\u201cAdjusted EBITDA\u201d and \u201cAdjusted Gross Profit\u201d) used by the Board of Directors \u2013\u00a0considered to be the Company\u2019s chief operating decision maker within the meaning of IFRS\u00a08\u00a0\u2013 to make decisions about resources to be allocated to the segments and assess their performances. These segments reflect the basis on which management analyses the business. The Group has identified three operating segments: Direct \u2013 B2C: Subscriptions to the Deezer service are taken \u25cf out directly by users; Indirect \u2013 B2B: Subscriptions to the Deezer service are \u25cf taken out through a distribution partner or are included in the service or product sold by a distribution partner (as a bundle); other: This segment includes Advertising and Ancillary \u25cf revenue. The Group monitors its operations through the use of non-generally accepted accounting principles (\u201cnon-GAAP\u201d) financial measures: adjusted Cost of Revenue and Gross Profit. These non-GAAP financial measures provide useful and relevant information regarding the Group\u2019s operating results and enhance the overall ability to assess its financial performance. They provide comparable measures which facilitate management\u2019s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d). Revenue, Cost of revenue and Gross Profit by segment are detailed below with a reconciliation between adjusted data and consolidated accounts. (in \u20ac thousands) Revenue Cost of revenue Gross Profit Year ended December\u00a031, 2022 Direct 317,237 (240,786) 76,451 Indirect 118,511 (94,053) 24,458 Other 15,451 (18,402) (2,951) Total adjusted 451,199 (353,241) 97,958 Adjustments - (32,863) (32,863) Total consolidated 451,199 (386,103) 65,095 Year ended December\u00a031, 2021 Direct 282,719 (212,231) 70,488 Indirect 107,393 (86,215) 21,177 Other 9,907 (17,482) (7,574) Total adjusted 400,019 (315,928) 84,090 Adjustments - (35,562) (35,562) Total consolidated 400,019 (351,490) 48,529 Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table. These costs were not split per segment in the consolidated financial statements for the years ended December\u00a031, 2021, 2020 and 2019 authorized for issue by the Board of Directors on March\u00a023, 2022. Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants (in 2022 and 2021), (ii)\u00a0licence agreements unused minimum guarantees (in 2022 and 2021) and (iii)\u00a0onerous contract related depreciation (in 2022 and 2021). These adjustments are not included in the adjusted Gross Profit. Revenue by geographical area breakdowns as follows: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 France 273,192 242,646 Rest of the world 178,007 157,373 451,199 400,019 One distribution partner represents more than 10% of total revenue, both in 2022 and 2021 (See Note\u00a028 \u201cRelated party transactions\u201d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31000": {
"value": "Segment financial information is presented in accordance with IFRS\u00a08, Operating Segments, and is based solely on the internal reporting (\u201cAdjusted EBITDA\u201d and \u201cAdjusted Gross Profit\u201d) used by the Board of Directors \u2013\u00a0considered to be the Company\u2019s chief operating decision maker within the meaning of IFRS\u00a08\u00a0\u2013 to make decisions about resources to be allocated to the segments and assess their performances. These segments reflect the basis on which management analyses the business. The Group has identified three operating segments: Direct \u2013 B2C: Subscriptions to the Deezer service are taken \u25cf out directly by users; Indirect \u2013 B2B: Subscriptions to the Deezer service are \u25cf taken out through a distribution partner or are included in the service or product sold by a distribution partner (as a bundle); other: This segment includes Advertising and Ancillary \u25cf revenue. The Group monitors its operations through the use of non-generally accepted accounting principles (\u201cnon-GAAP\u201d) financial measures: adjusted Cost of Revenue and Gross Profit. These non-GAAP financial measures provide useful and relevant information regarding the Group\u2019s operating results and enhance the overall ability to assess its financial performance. They provide comparable measures which facilitate management\u2019s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d). Revenue, Cost of revenue and Gross Profit by segment are detailed below with a reconciliation between adjusted data and consolidated accounts. (in \u20ac thousands) Revenue Cost of revenue Gross Profit Year ended December\u00a031, 2022 Direct 317,237 (240,786) 76,451 Indirect 118,511 (94,053) 24,458 Other 15,451 (18,402) (2,951) Total adjusted 451,199 (353,241) 97,958 Adjustments - (32,863) (32,863) Total consolidated 451,199 (386,103) 65,095 Year ended December\u00a031, 2021 Direct 282,719 (212,231) 70,488 Indirect 107,393 (86,215) 21,177 Other 9,907 (17,482) (7,574) Total adjusted 400,019 (315,928) 84,090 Adjustments - (35,562) (35,562) Total consolidated 400,019 (351,490) 48,529 Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table. These costs were not split per segment in the consolidated financial statements for the years ended December\u00a031, 2021, 2020 and 2019 authorized for issue by the Board of Directors on March\u00a023, 2022. Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants (in 2022 and 2021), (ii)\u00a0licence agreements unused minimum guarantees (in 2022 and 2021) and (iii)\u00a0onerous contract related depreciation (in 2022 and 2021). These adjustments are not included in the adjusted Gross Profit. Revenue by geographical area breakdowns as follows: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 France 273,192 242,646 Rest of the world 178,007 157,373 451,199 400,019 One distribution partner represents more than 10% of total revenue, both in 2022 and 2021 (See Note\u00a028 \u201cRelated party transactions\u201d). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31093": {
"value": "(in \u20ac thousands) Revenue Cost of revenue Gross Profit Year ended December\u00a031, 2022 Direct 317,237 (240,786) 76,451 Indirect 118,511 (94,053) 24,458 Other 15,451 (18,402) (2,951) Total adjusted 451,199 (353,241) 97,958 Adjustments - (32,863) (32,863) Total consolidated 451,199 (386,103) 65,095 Year ended December\u00a031, 2021 Direct 282,719 (212,231) 70,488 Indirect 107,393 (86,215) 21,177 Other 9,907 (17,482) (7,574) Total adjusted 400,019 (315,928) 84,090 Adjustments - (35,562) (35,562) Total consolidated 400,019 (351,490) 48,529 Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table. These costs were not split per segment in the consolidated financial statements for the years ended December\u00a031, 2021, 2020 and 2019 authorized for issue by the Board of Directors on March\u00a023, 2022. Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants (in 2022 and 2021), (ii)\u00a0licence agreements unused minimum guarantees (in 2022 and 2021) and (iii)\u00a0onerous contract related depreciation (in 2022 and 2021). These adjustments are not included in the adjusted Gross Profit. Revenue by geographical area breakdowns as follows: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 France 273,192 242,646 Rest of the world 178,007 157,373 451,199 400,019 One distribution partner represents more than 10% of total revenue, both in 2022 and 2021 (See Note\u00a028 \u201cRelated party transactions\u201d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31239": {
"value": "Costs by nature comprise the following items: 2022 (in \u20ac thousands) Product and Development Sales and Marketing General and Administrative Total Employee costs (24,889) (16,891) (38,077) (79,856) External expenses (5,629) (1,974) (75,534) (83,138) Marketing costs (209) (55,928) (290) (56,426) Miscellaneous taxes (132) (69) (3,510) (3,710) Amortization (3,167) (1,111) (4,433) (8,710) (34,025) (75,973) (121,843) (231,841) General and administrative external expenses include the non-cash listing service charge of \u20ac54,944\u00a0thousands (see Note\u00a04.1 \u201cCombination between I2PO\u00a0S.A. and Deezer\u00a0S.A.\u201d). 2021 (in \u20ac thousands) Product and Development Sales and Marketing General and Administrative Total Employee costs (19,909) (16,517) (31,534) (67,960) External expenses (1,715) (1,027) (10,496) (13,237) Marketing costs - (73,220) - (73,220) Miscellaneous taxes (320) (201) (2,290) (2,811) Amortization (3,676) (3,737) (4,441) (11,854) (25,620) (94,702) (48,761) (169,083) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31240": {
"value": "Costs by nature comprise the following items: 2022 (in \u20ac thousands) Product and Development Sales and Marketing General and Administrative Total Employee costs (24,889) (16,891) (38,077) (79,856) External expenses (5,629) (1,974) (75,534) (83,138) Marketing costs (209) (55,928) (290) (56,426) Miscellaneous taxes (132) (69) (3,510) (3,710) Amortization (3,167) (1,111) (4,433) (8,710) (34,025) (75,973) (121,843) (231,841) General and administrative external expenses include the non-cash listing service charge of \u20ac54,944\u00a0thousands (see Note\u00a04.1 \u201cCombination between I2PO\u00a0S.A. and Deezer\u00a0S.A.\u201d). 2021 (in \u20ac thousands) Product and Development Sales and Marketing General and Administrative Total Employee costs (19,909) (16,517) (31,534) (67,960) External expenses (1,715) (1,027) (10,496) (13,237) Marketing costs - (73,220) - (73,220) Miscellaneous taxes (320) (201) (2,290) (2,811) Amortization (3,676) (3,737) (4,441) (11,854) (25,620) (94,702) (48,761) (169,083) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31337": {
"value": "Employee costs per nature breaks down as follows (in \u20ac thousands) 2022 2021 Wages and salaries (46,655) (41,471) Social costs (21,287) (17,779) Share-based compensation (11,692) (8,511) Employee retirement benefit costs (222) (199) (79,856) (67,960) Average headcount 589 575 During the year ended December\u00a031, 2022, the Company booked a \u20ac467\u00a0thousands French tax credit relating to research and development in respect of 2021 expenses. The research and development expenses incurred by the Company in 2022 will give rise to a French tax credit to be assessed and recorded in 2023. During the year ended December\u00a031, 2021, Deezer\u00a0S.A. booked a \u20ac520\u00a0thousands French tax credit relating to research and development in respect of 2020 expenses. These tax credits are included in wages and salaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31401": {
"value": "(in \u20ac thousands) 2022 2021 Ernst & Young Audit Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements 494 - Other work and services directly related to the responsibilities of statutory auditors 13 - Mazars Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements 210 23 Other work and services directly related to the responsibilities of statutory auditors 115 65 Grant Thornton Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements 202 23 Other work and services directly related to the responsibilities of statutory auditors 110 65 1,143 176 On June\u00a030, 2022, Ernst & Young Audit was appointed statutory auditor of I2PO\u00a0S.A., in addition to Mazars and Grant Thornton. Ernst & Young Audit\u2019s fees amounted to \u20ac1,092\u00a0thousands for the year ended December\u00a031, 2021: \u20ac230\u00a0thousands for audit services and \u20ac862\u00a0thousands for non-audit services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31469": {
"value": "\u00a0(in \u20ac thousands) 2022 2021 Interest from short-term security deposits 414 133 Foreign exchange gain 2,075 1,393 Fair value adjustment of financial liabilities (A and B BSARs) 1,830 - Other - - Finance income 4,319 1,526 Interest on financial liabilities (264) (112) Interest on lease liabilities (647) (620) Foreign exchange loss (1,564) (1,565) Other (1,210) - Finance costs (3,685) (2,304) Financial result - Net 634 (778) Net interest paid (including finance leases) (1,617) (519) Gains and losses relating to bank accounts in currencies other than Euro, to intercompany loans and current accounts between the Company and its subsidiaries are included in the foreign exchange gain and loss. In 2022, the foreign exchange gain of \u20ac2,075\u00a0thousands is mainly explained by the positive effect of the revaluation of intercompany debts expressed in euros of Deezer Music Brazil LTDA whose functional currency is Brazilian Real (\u20ac1,484\u00a0thousands). The foreign exchange loss of \u20ac1,564\u00a0thousands in 2022 is explained by the revaluation of bank accounts and intercompany current accounts denominated in foreign currencies in the Company (\u20ac1,551\u00a0thousands). The variation resulting from the A and B BSAR price since June\u00a030, 2022 and July\u00a05, 2022 has given rise to a financial income of \u20ac1,830\u00a0thousands. Other financial costs of \u20ac1,210\u00a0thousands mainly comprise interest on extended terms of payment granted before the merger. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32247": {
"value": "The book value and depreciation of property and equipment are shown in the table below: (in \u20ac thousands) Technical equipment Office and IT equipment Other Tangible assets in progress Total Cost At January\u00a01, 2021 10,696 4,073 4,286 - 19,055 Additions 1,254 557 136 51 5,112 Disposals - Write-offs - (350) (209) - (1,156) Reclassification 87 (107) 19 - (7) Exchange differences 1 4 25 - (64) At December\u00a031, 2021 12,038 4,177 4,257 51 20,523 Scope variation 28 - 21 - 49 Additions 1,760 454 266 99 2,578 Disposals \u2013 Write-offs (12) (2) (353) - (366) Reclassification - - 88 (88) - Exchange differences 2 15 29 - 46 At December\u00a031, 2022 13,816 4,645 4,307 62 22,830 Accumulated amortization At January\u00a01, 2021 (8,130) (3,066) (1,286) - (12,482) Depreciation charge (1,288) (658) (797) - (2,743) Disposals - Write-offs - 350 209 - 559 Reclassification (14) 17 (3) - - Exchange differences (1) (3) (15) - (19) At December\u00a031, 2021 (9,433) (3,360) (1,892) - (14,685) Depreciation charge (1,493) (557) (507) - (2,557) Scope variation (8) - (6) - (14) Disposals - Write-offs 3 2 340 - 344 Exchange differences (2) (10) (26) - (37) At December\u00a031, 2022 (10,933) (3,925) (2,091) - (16,950) Costs, net accumulated amortization - At December\u00a031, 2021 2,605 817 2,365 51 5,838 At December\u00a031, 2022 2,883 720 2,216 62 5,881 The table below details the cash flow impact of the purchases of property and equipment and intangible assets: (in \u20ac thousands) Year ended December\u00a031, 2022 2021 Intangible asset additions/disposals (468) (56) Tangible asset additions/disposals (2,600) (1,998) Variation in trade payables in relation to fixed-assets (15) - Purchases of property and equipment and intangible assets - Cash flow impact (3,053) (2,054) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32668": {
"value": "Deposits mainly relate to office space leases and to a contract with a payment service provider. Bank\u00a0guarantees relate to office space leases. \u00a0(in \u20ac thousands) 2022 2021 Deposits 4,021 3,903 Guarantees 1,419 1,419 5,440 5,321 At merger completion date, I2PO\u00a0S.A. had \u20ac275\u00a0million in an escrow account, which was released on August\u00a03, 2023 in order to settle the \u20ac251.3\u00a0million liability to the dissenting shareholders. The remaining \u20ac23.7\u00a0million was transferred to a bank account. Other non-current assets Note\u00a016 (in \u20ac thousands) 2022 2021 Advance payments on royalties 22,764 21,442 Provision for impairment of above assets (21,059) (19,158) 1,705 2,284 Other non-current assets correspond to advance payments made mainly to Rotana Studios FZ-LLC in respect of the exclusive license agreement disclosed in Note\u00a028 and relating to 5 financial years. The provision for impairment corresponds to the difference between the contractual obligation (minimum guaranteed amount) and the proportional rights assessed for the 5-year contract term, after deduction of the intangible asset of \u20ac1,441\u00a0thousands assessed at the effective date of the license agreement (Note\u00a011). The difference is determined based on key assumptions such as revenue and market shares forecast until the end of the contract. Trade and other receivables Note\u00a017 \u00a0(in \u20ac thousand\u00a0(in \u20ac thousands) 2022 2021 Advance payments on royalties - 1,126 Trade payables - Advance payments 6,317 64 Trade payables - Credit notes to be received 306 281 Employees and social contributions 568 60 State and local authorities 14,326 8,937 Sundry debtors 807 849 Prepaid expenses 1,996 2,444 Other current assets - Gross 24,320 13,761 Provision for impairment (1,269) (884) Other current assets - Net 23,051 12,877 Below is the detail of the current receivables from state and local authorities: \u00a0(in \u20ac thousands) 2022 2021 Deductible VAT on purchases made in France and abroad 10,070 5,225 Tax receivables relating to research and development 1,750 1,524 Tax credit for competitiveness and employment - 479 Withholding tax receivables 2,494 1,472 Other 12 237 State and local authorities 14,326 8,937 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32669": {
"value": "Deposits mainly relate to office space leases and to a contract with a payment service provider. Bank\u00a0guarantees relate to office space leases. \u00a0(in \u20ac thousands) 2022 2021 Deposits 4,021 3,903 Guarantees 1,419 1,419 5,440 5,321 At merger completion date, I2PO\u00a0S.A. had \u20ac275\u00a0million in an escrow account, which was released on August\u00a03, 2023 in order to settle the \u20ac251.3\u00a0million liability to the dissenting shareholders. The remaining \u20ac23.7\u00a0million was transferred to a bank account. Other non-current assets Note\u00a016 (in \u20ac thousands) 2022 2021 Advance payments on royalties 22,764 21,442 Provision for impairment of above assets (21,059) (19,158) 1,705 2,284 Other non-current assets correspond to advance payments made mainly to Rotana Studios FZ-LLC in respect of the exclusive license agreement disclosed in Note\u00a028 and relating to 5 financial years. The provision for impairment corresponds to the difference between the contractual obligation (minimum guaranteed amount) and the proportional rights assessed for the 5-year contract term, after deduction of the intangible asset of \u20ac1,441\u00a0thousands assessed at the effective date of the license agreement (Note\u00a011). The difference is determined based on key assumptions such as revenue and market shares forecast until the end of the contract. Trade and other receivables Note\u00a017 \u00a0(in \u20ac thousand",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32729": {
"value": "\u00a0(in \u20ac thousands) 2022 2021 Trade receivables 31,506 22,697 Less: Provision for impairment (875) (697) Trade receivables - net 30,630 22,000 Unbilled revenue 17,083 11,986 47,713 33,986 Trade receivables are non-interest bearing and generally have payment terms of 30 to 60\u00a0days. Due to their comparatively short maturities, the carrying value of trade and other receivables approximate their fair value. The ageing of the Group\u2019s net trade receivables is as follows: (in \u20ac thousands) 2022 2021 Current 21,700 13,548 Overdue 1-30\u00a0days 2,053 2,528 Overdue 31-60\u00a0days 452 300 Overdue 61-90\u00a0days 2,350 1,181 Overdue more than 90\u00a0days 4,075 4,443 30,630 22,000 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32785": {
"value": "The movements in the Group\u2019s allowance for expected credit losses are as follows: (in \u20ac thousands) 2022 2021 At January\u00a01, 2022 (697) (551) Provision for impairment (184) (149) Reversal of unutilized provisions 11 - Receivables written off - 7 Exchange differences (5) (4) At December\u00a031, 2022 (875) (697) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32786": {
"value": "The movements in the Group\u2019s allowance for expected credit losses are as follows: (in \u20ac thousands) 2022 2021 At January\u00a01, 2022 (697) (551) Provision for impairment (184) (149) Reversal of unutilized provisions 11 - Receivables written off - 7 Exchange differences (5) (4) At December\u00a031, 2022 (875) (697) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32813": {
"value": "\u00a0(in \u20ac thousands) 2022 2021 Advance payments on royalties - 1,126 Trade payables - Advance payments 6,317 64 Trade payables - Credit notes to be received 306 281 Employees and social contributions 568 60 State and local authorities 14,326 8,937 Sundry debtors 807 849 Prepaid expenses 1,996 2,444 Other current assets - Gross 24,320 13,761 Provision for impairment (1,269) (884) Other current assets - Net 23,051 12,877 Below is the detail of the current receivables from state and local authorities: \u00a0(in \u20ac thousands) 2022 2021 Deductible VAT on purchases made in France and abroad 10,070 5,225 Tax receivables relating to research and development 1,750 1,524 Tax credit for competitiveness and employment - 479 Withholding tax receivables 2,494 1,472 Other 12 237 State and local authorities 14,326 8,937 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32847": {
"value": "Below is the detail of the current receivables from state and local authorities: \u00a0(in \u20ac thousands) 2022 2021 Deductible VAT on purchases made in France and abroad 10,070 5,225 Tax receivables relating to research and development 1,750 1,524 Tax credit for competitiveness and employment - 479 Withholding tax receivables 2,494 1,472 Other 12 237 State and local authorities 14,326 8,937 Tax and employee-related liabilities Note\u00a024 \u00a0(in \u20ac thousands) 2022 2021 Employee-related liabilities 4,578 5,168 Social contribution liabilities 5,676 6,228 State, revenue taxes payable 21,014 16,979 Other similar taxes and levies payable 5,254 3,981 Current income tax payable 1,468 514 37,990 32,870 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34617": {
"value": "Some legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. The results of such legal proceedings are difficult to predict and the extent of the Group\u2019s financial exposure is difficult to estimate. The Group records a provision for contingent losses when it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. Regarding the claim filed by HUZIP (Hrvatska Udruga Za Zastitu Izvodackih Prava), Croatian performers\u2019 rights collecting society, against Deezer\u00a0S.A., two hearings were held in February and June\u00a02022 and do not affect the provision booked as at December\u00a031, 2022. Taxes 22.2 The Group has indirect tax provisions which relate primarily to foreign indirect taxes and tax penalties on these. The Company recognizes provisions for claims or indirect taxes when it determines that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Other 22.3 Other provisions mainly relate to commercial risks. Provisions for employee benefits Note\u00a022 The provision for retirement benefits applicable for employees in France has been estimated on the basis of the projected unit credit method and with the following assumptions: 2022 2021 Collective agreement applied SYNTEC SYNTEC Salary increase rate 3% for all years 7.00% for 2022 and 3% for following years Annual discount rate 3.75% 1.26% Social contribution rate 50.00% 50.00% Retirement age 65\u00a0years 65\u00a0years Mortality table INSEE 2015/2017 INSEE 2015/2017 Average turnover rate 0% to 31.2% 0% to 31.2% As at December\u00a031, 2022 and December\u00a031, 2021, a balance sheet equals the actuarial liability, from the moment decreasing turnover rate depending on employees\u2019 age has there are no plan assets or unrecognized actuarial gains and been used: from 31.2% for a 20-year-old employee to 0% for a losses. 61-year-old employee. The provision in the consolidated The provision changed as follows: (in \u20ac thousands) Provision for employee retirement benefits Carrying amount at January\u00a01, 2021 852 Actuarial differences (14) Increase 199 Discounting impact 7 Carrying amount at December\u00a031, 2021 1,043 Service costs 10 Increase 222 Discounting impact (583) Carrying amount at December\u00a031, 2022 692 Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation. Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability. Provision for employee benefits 2.21 the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement. The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period. The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income. Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff. \u00a0(in \u20ac thousands) Legal contingencies Indirect tax Other Total Carrying amount at January\u00a01, 2021 1,551 3,247 52 4,850 Charged/(credited) to the consolidated statement of operations: Additional provisions 258 1,222 5,800 7,280 Reversal of unutilized amounts (300) (236) (10) (546) Exchange differences - - 1 1 Carrying amount at January\u00a01, 2022 1,509 4,233 5,843 11,585 Charged/(credited) to the consolidated statement of operations: Additional provisions 2,081 2,474 1,292 5,847 Reversal of unutilized amounts (1,015) (179) (227) (1,421) Exchange differences 7 7 Utilized - Carrying amount at December\u00a031, 2022 2,575 6,528 6,915 16,018 As at December\u00a031, 2022 Current portion 2,575 6,528 6,915 16,018 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34750": {
"value": "\u00a0(in \u20ac thousands) 2022 2021 Trade payables 7,091 16,617 Trade accrued expenses 276,282 218,935 283,373 235,552 Trade payables generally have a 30 to 60\u00a0days term and are recognized and carried at their invoiced value, inclusive of any value added tax that may be applicable. Trade payables breakdown as follows: \u00a0(in \u20ac thousands) 2022 2021 Marketing, General & Administrative and Other 4,717 6,852 Royalties 2,374 9,765 7,091 16,617 Trade accrued expenses are detailed below: \u00a0(in \u20ac thousands) 2022 2021 Marketing, General & Administrative and Other 23,181 20,651 Royalties 253,101 198,284 276,282 218,935 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34792": {
"value": "\u00a0(in \u20ac thousands) 2022 2021 Employee-related liabilities 4,578 5,168 Social contribution liabilities 5,676 6,228 State, revenue taxes payable 21,014 16,979 Other similar taxes and levies payable 5,254 3,981 Current income tax payable 1,468 514 37,990 32,870 Other liabilities Note\u00a025 \u00a0(in \u20ac thousands) 2022 2021 Trade receivables - Credit notes to be issued 787 435 Trade receivables with credit balances 93 94 Sundry creditors 897 266 Trade payables in relation to fixed-assets 1,456 1,441 3,234 2,236 All other liabilities are due within a year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34793": {
"value": "\u00a0(in \u20ac thousands) 2022 2021 Employee-related liabilities 4,578 5,168 Social contribution liabilities 5,676 6,228 State, revenue taxes payable 21,014 16,979 Other similar taxes and levies payable 5,254 3,981 Current income tax payable 1,468 514 37,990 32,870 Other liabilities Note\u00a025 \u00a0(in \u20ac thousands) 2022 2021 Trade receivables - Credit notes to be issued 787 435 Trade receivables with credit balances 93 94 Sundry creditors 897 266 Trade payables in relation to fixed-assets 1,456 1,441 3,234 2,236 All other liabilities are due within a year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35245": {
"value": "The Group has no financial asset but has one financial liability measured at fair value at December\u00a031, 2022. The different levels have been defined in Note\u00a02. Financial liabilities by fair value hierarchy level (in \u20ac thousands) Level\u00a01 Level\u00a02 Level\u00a03 December\u00a031, 2022 Financial liabilities at fair value A BSARs and B BSARs 2,816 - - - Total financial liabilities at fair value by level 2,816 - - - Recurring fair value measurements 26.6.2 The table below presents the changes in fair value of the warrant liability: (in \u20ac thousands) 2022 2021 At January\u00a01 - - Non-cash changes recognized in profit or loss Initial recognition 4,646 - Changes in fair value (1,830) - Issuance of shares upon exercise of warrants - - At December\u00a031 2,816 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35323": {
"value": "The Group is subject to the following minimum guarantees relating to the content on its service, the majority of which relate to minimum royalty payments associated with its license agreements for the right of access of licensed content, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 185,097 191,193 Later than one year but not more than 5\u00a0years 17,596 188,898 202,693 380,091 In addition to the minimum guarantees listed above, the Group is subject to various non-cancellable purchase obligations and service agreements with minimum spend commitments, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 826 754 Later than one year but not more than 5\u00a0years - 1,666 826 2,420 The Group is also subject to the following minimum guarantees to receive from its distribution partners, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 15,136 - Later than one year but not more than 5\u00a0years 159,256 - 174,392 - any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to Various legal actions, proceedings, and claims are pending or occur, the Group could be required to pay additional royalties, may be instituted or asserted against the Group. These may and the amounts involved could be material. The Group include but are not limited to matters arising out of alleged expenses legal fees as incurred. The Group records a provision infringement of intellectual property, alleged violations of for contingent losses when it is both probable that a liability consumer regulations, employment-related matters, and has been incurred and the amount of the loss can be disputes arising out of supplier and other contractual reasonably estimated. An unfavorable outcome to any legal relationships. As a general matter, the music and other matter, if material, could have an adverse effect on the content made available on the Group\u2019s service are licensed to Group\u2019s operations or its financial position, liquidity, or results the Group by various third parties. Many of these licenses of operations. allow rights holders to audit the Group\u2019s royalty payments, and ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35324": {
"value": "The Group is subject to the following minimum guarantees relating to the content on its service, the majority of which relate to minimum royalty payments associated with its license agreements for the right of access of licensed content, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 185,097 191,193 Later than one year but not more than 5\u00a0years 17,596 188,898 202,693 380,091 In addition to the minimum guarantees listed above, the Group is subject to various non-cancellable purchase obligations and service agreements with minimum spend commitments, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 826 754 Later than one year but not more than 5\u00a0years - 1,666 826 2,420 The Group is also subject to the following minimum guarantees to receive from its distribution partners, as at December\u00a031: \u00a0(in \u20ac thousands) 2022 2021 No later than one year 15,136 - Later than one year but not more than 5\u00a0years 159,256 - 174,392 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35367": {
"value": "any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to Various legal actions, proceedings, and claims are pending or occur, the Group could be required to pay additional royalties, may be instituted or asserted against the Group. These may and the amounts involved could be material. The Group include but are not limited to matters arising out of alleged expenses legal fees as incurred. The Group records a provision infringement of intellectual property, alleged violations of for contingent losses when it is both probable that a liability consumer regulations, employment-related matters, and has been incurred and the amount of the loss can be disputes arising out of supplier and other contractual reasonably estimated. An unfavorable outcome to any legal relationships. As a general matter, the music and other matter, if material, could have an adverse effect on the content made available on the Group\u2019s service are licensed to Group\u2019s operations or its financial position, liquidity, or results the Group by various third parties. Many of these licenses of operations. allow rights holders to audit the Group\u2019s royalty payments, and ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35447": {
"value": "As of December\u00a031, 2022, and 2021, key management includes members of the Company\u2019s senior management and the Board of Directors. Amounts disclosed are based on the total gross amount recognized as an expense in the consolidated income statement in the respective year. \u00a0(in \u20ac thousands) Year ended December\u00a031, 2022 2021 Gross compensation, employer social security contributions and benefits in kind 6,278 5,840 Retirement benefits 28 22 Termination benefits 1,723 541 Share-based payments 11,792 8,877 19,821 15,280 Transactions with related parties 28.2 The consolidated financial statements include related parties\u2019 transactions conducted by the Group in the normal course of its businesses. These transactions are carried out on an arm\u2019s length basis. Purchases and sales transactions with related parties are as follows: \u00a0(in \u20ac thousands) 2022 2021 Purchases 1,886 2,309 Sales 77,200 61,876 The assets and liabilities transactions with related parties are as follows: \u00a0(in \u20ac thousands) 2022 2021 Receivables 7,403 6,297 Payables 169 784 Executive license agreement with Rotana 28.3 Audio Visual\u00a0LLC An exclusive license agreement was entered into on August\u00a01, 2018 between Deezer\u00a0S.A. as licensee on the one hand and Rotana Studios FZ-LLC as licensor on the other, being specified that Rotana Studios FZ-LLC is affiliated with Rotana Audio Holding,\u00a0Ltd. which subsequently became a shareholder of Deezer\u00a0S.A. following the capital increase on August\u00a020, 2018. As per this agreement, Rotana Studios FZ-LLC grants the Company exclusive rights to an audio and video catalogue gathering a large number of artists, songs and albums and enabling it to differentiate from its competitors. This contract was transferred by Rotana Studios FZ-LLC to Rotana Audio Visual\u00a0LLC, which is also owned by the Rotana group, as per a transfer agreement effective on January\u00a015, 2019 and continued since then. As per the settlement agreement signed in September\u00a02021 and its amendment signed in February\u00a02022 and in relation to the exclusive licence agreement with Rotana Audio Visual\u00a0LLC disclosed in Note\u00a028, Deezer\u00a0S.A. paid a net amount of US$2.2\u00a0million on September\u00a030, 2021 and Rotana Audio Visual\u00a0LLC paid a net amount of US$350\u00a0thousands on December\u00a027, 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35448": {
"value": "As of December\u00a031, 2022, and 2021, key management includes members of the Company\u2019s senior management and the Board of Directors. Amounts disclosed are based on the total gross amount recognized as an expense in the consolidated income statement in the respective year. \u00a0(in \u20ac thousands) Year ended December\u00a031, 2022 2021 Gross compensation, employer social security contributions and benefits in kind 6,278 5,840 Retirement benefits 28 22 Termination benefits 1,723 541 Share-based payments 11,792 8,877 19,821 15,280 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35671": {
"value": "On February\u00a016, 2023, the Company announced a long-term partnership with Sonos to power the brand\u2019s streaming radio service Sonos Radio and its subscription service Sonos Radio HD, delivering an expansive catalog of music curated for Sonos customers. On February\u00a028, 2023, Stu Bergen was provisionally appointed by the Board of Directors to replace Amanda Cameron, who resigned from her position as director. The provisional appointment of Stu Bergen as director of the Company will have to be ratified by the next ordinary shareholders\u2019 meeting of the Company",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:969500LM904RGABQUN96",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"footnote2x44x0": {
"value": "* Share capital and share premium have been restated in order to present the merger impacts as at December\u00a031, 2021, as per Note\u00a019. ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2x44x0",
"language": "en"
}
}
}
}