Groupe Bruxelles Lambert S.A.

Brüssel

Konzernabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated balance sheet as of December 31

IN EUR MILLION	Notes	2022	2021
Non-current assets		26,477.0	28,172.1
Intangible assets	9	2,835.6	1,610.0
Goodwill	10	6,258.5	4,654.4
Property, plant and equipment	11	3,288.6	2,750.0
Investments		13,781.8	18,880.3
Investments in associates and joint ventures	2	617.4	705.4
Other equity investments	3	13,164.4	18,174.9
Other non-current assets	12	132.9	114.6
Deferred tax assets	13	179.6	162.8
Current assets		6,923.4	6,125.5
Inventories	14	1,210.6	1,103.8
Trade receivables	15	1,108.7	1,019.7
Trading financial assets	16	870.0	2,086.0
Cash and cash equivalents	17	1,768.3	1,331.6
Other current assets	18	589.5	521.3
Assets held for sale	24	1,376.2	63.1
TOTAL ASSETS		33,400.4	34,297.6

Shareholders' equity		16,819.6	21,788.2
Share capital	19	653.1	653.1
Share premium		3,815.8	3,815.8
Reserves		10,250.7	15,462.6
Non-controlling interests	30	2,100.0	1,856.8
Non-current liabilities		12,101.1	9,389.3
Financial liabilities	17	8,714.7	6,616.2
Provisions	20	413.1	415.9
Pensions and post-employment benefits	21	189.1	559.4
Other non-current liabilities	22	2,124.8	1,339.4
Deferred tax liabilities	13	659.4	458.4
Current liabilities		4,479.7	3,120.1
Financial liabilities	17	1,654.6	1,037.5
Trade payables		857.4	865.8
Provisions	20	68.6	81.9
Tax liabilities		167.0	154.1
Other current liabilities	23	1,263.1	967.4
Liabilities associated with assets held for sale	24	468.9	13.5
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		33,400.4	34,297.6

Consolidated income statement as of December 31

IN EUR MILLION	Notes	2022	2021 ⁽¹⁾
Share of profit (loss) of associates and joint ventures from investing activities	2	3.2	136.0
Net dividends from investments	3	322.3	363.1
Other operating income (expenses) from investing activities	5	(117.3)	(99.3)
Gains (losses) on disposals, impairments and reversals of non-current assets from investing activities		(83.3)	139.4
Investments in equity-accounted entities	4	32.0	133.4
Other	4	(115.3)	6.0
Financial income (expenses) from investing activities	7	(395.4)	109.6
Profit (loss) before tax from investing activities - continuing operations		(270.4)	648.7
Turnover	8	8,108.6	6,243.0
Raw materials and consumables		(2,022.1)	(1,483.1)
Employee expenses	5	(3,099.6)	(2,496.9)
Depreciation/amortization of property, plant, equipment and intangible assets (excluding impairments and reversals)		(658.1)	(543.5)
Other operating income (expenses) from operating activities (2)	5	(1,817.6)	(1,464.2)
Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities	6	(101.4)	(30.9)
Financial income (expenses) from operating activities	7	(525.8)	(443.7)
Profit (loss) before tax from consolidated operating activities - continuing operations		(115.9)	(219.3)
Income taxes	13	(123.4)	(62.2)
PROFIT (LOSS) FROM CONTINUING OPERATIONS		(509.8)	367.3
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - DISCONTINUED OPERATIONS	24	77.3	67.5
CONSOLIDATED PROFIT (LOSS) FOR THE YEAR		(432.5)	434.8
Attributable to the group		(584.7)	278.8
Attributable to non-controlling interests	30	152.2	156.0
Consolidated earnings per share for the period
Basic - continuing operations		(4.28)	1.59
Basic - discontinued operations		0.29	0.24
Basic	28	(3.99)	1.83
Diluted - continuing operations		(4.35)	1.59
Diluted - discontinued operations		0.28	0.24
Diluted	28	(4.07)	1.83

⁽¹⁾ Results of Imerys for the 12-month period ended December 31,2021 have been restated to reflect the results from continuing operations excluding the High Temperature Solutions business area ("HTS") whose contemplated disposal was announced on July 28,2022. According to IFRS 5,HTS is accounted for as a discontinued operation and reported under"Profit (loss) from consolidated operating activities - discontinued operations"- see note 24
⁽²⁾ Includes the share of profit (loss) of associates and joint ventures from operating activities

Consolidated statement of comprehensive income as of December 31

IN EUR MILLION	Notes	2022	2021
CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD		(432.5)	434.8
Other comprehensive income ⁽¹⁾
Items that will not be reclassified subsequently to profit or loss
Actuarial gains (losses)	21	39.0	85.1
Gains and (losses) on financial liabilities measured at fair value attributable to the acquisition of a controlling or non-controlling interest		(10.6)	-
Change resulting from the change in fair value of the other equity investments	3	(3,618.6)	1,434.4
Total items that will not be reclassified to profit or loss, after tax		(3,590.3)	1,519.5
Items that may be reclassified subsequently to profit or loss
Foreign currency translation adjustments for consolidated companies		101.2	57.1
Cash flow hedges		(129.2)	44.0
Share in the other items of the comprehensive income of associates and joint ventures		5.7	(4.6)
Total items that may be reclassified to profit or loss, after tax		(22.3)	96.5
Other comprehensive income (loss) after tax		(3,612.6)	1,616.0
COMPREHENSIVE INCOME (LOSS)		(4,045.1)	2,050.8
Attributable to the group		(4,230.8)	1,819.5
Attributable to non-controlling interests	30	185.7	231.3

Consolidated statement of changes in shareholders' equity

IN EUR MILLION	Capital	Share premium	Revaluation reserves	Treasury shares
AS OF DECEMBER 31, 2020	653.1	3,815.8	7,169.9	(613.7)
Consolidated profit (loss) for the year	-	-	-	-
Reclassification following disposals	-	-	(557.7)	-
Other comprehensive income (loss)	-	-	1,434.4	-
Total comprehensive income (loss)	-	-	876.7	-
Dividends	-	-	-	-
Treasury share transactions	-	-	-	(21.5)
Changes in group structure	-	-	-	-
Other movements	-	-	-	-
AS OF DECEMBER 31, 2021	653.1	3,815.8	8,046.6	(635.2)
Consolidated profit (loss) for the year	-	-	-	-
Reclassification following disposals	-	-	(301.8)	-
Other comprehensive income (loss)	-	-	(3,618.6)	-
Total comprehensive income (loss)	-	-	(3,920.4)	-
Dividends	-	-	-	-
Treasury share transactions	-	-	-	(362.7)
Changes in group structure	-	-	-	-
Other movements	-	-	-	-
AS OF DECEMBER 31, 2022	653.1	3,815.8	4,126.1	(998,0)

IN EUR MILLION	Foreign currency translation adjustments	Retained earnings	Share holders equity Group's share	Non-controlling interests	Shareholder' equity
AS OF DECEMBER 31, 2020	(294.9)	8,248.0	18,978.2	1,494.7	20,472.8
Consolidated profit (loss) for the year	-	278.8	278.8	156.0	434.8
Reclassification following disposals	-	557.7	-	-
Other comprehensive income (loss)	37.2	69.1	1,540.7	75.3	1,616.0
Total comprehensive income (loss)	37.2	905.6	1,819.5	231.3	2,050.8
Dividends	-	(380.4)	(380.4)	(72.6)	(453.0)
Treasury share transactions	-	(383.1)	(404.6)	-	(404.6)
Changes in group structure	-	(37.1)	(37.1)	210.8	173.6
Other movements	-	(44.0)	(44.0)	(7.4)	(51.4)
AS OF DECEMBER 31, 2021	(257.7)	8,308.9	19,931.5	1,856.8	21,788.2
Consolidated profit (loss) for the year	-	(584.7)	(584.7)	152.2	(432.5)
Reclassification following disposals	-	301.8	-	-	-
Other comprehensive income (loss)	54.2	(81.7)	(3,646.1)	33.5	(3,612.6)
Total comprehensive income (loss)	54.2	(364.6)	(4,230.8)	185.7	(4,045.1)
Dividends	-	(400.7)	(400.7)	(70.3)	(471.1)
Treasury share transactions	-	(278.9)	(641.7)	-	(641.7)
Changes in group structure	-	65.2	65.2	127.0	192.2
Other movements	-	(3.9)	(3.9)	0.8	(3.0)
AS OF DECEMBER 31, 2022	(203,4)	7,325.9	14,719.6	2,100.0	16,819.6

During 2022, shareholders'equity was mainly impacted by:

―

the consolidated result for the year of EUR - 432.5 million;

―

comprehensive income items including:

―	the change in fair value of other equity investments whose changes in fair value are recognized in equity in revaluation reserves for EUR - 3,618.6 million (see note 3), as well as the reclassification to retained earnings in the event of disposals for EUR - 301.8 million (see note 3);
―	the change in foreign currency translation adjustments;

―

the distribution, on May 5,2022,of GBL's gross dividend of EUR 2.75 per share (EUR 2.50 in 2021), for a total amount of EUR - 400.7 million net of dividends received on treasury shares (see note 19); and

―

the acquisitions and cancellation of treasury shares.

Consolidated statement of cash flows

IN EUR MILLION	Notes	2022	2021
Net cash from (used in) operating activities		805.4	1,041.2
Consolidated profit (loss) for the year		(432.5)	434.8
Adjustments for:
Income taxes (continued and discontinued operations)		162.1	89.0
Interest income (expenses)		225.1	146.9
Share of profit (loss) of associates and joint ventures		(41.9)	(151.6)
Dividends from investments in non-consolidated companies	3	(322.3)	(363.1)
Net depreciation and amortization expenses	9,11	676.5	567.4
Gains (losses) on disposals, impairment and reversals of non-current assets		183.0	(135.5)
Other non-cash income items ⁽¹⁾		853.6	437.5
Interest received		6.0	33.5
Interest paid		(131.9)	(162.8)
Dividends received from investments in non-consolidated companies		322.3	363.1
Dividends received from investments in associates and joint ventures	2	19.1	10.8
Income taxes paid		(170.8)	(108.6)
Changes in working capital		(395.6)	(38.0)
Changes in other receivables and payables		(147.3)	(82.2)
Net cash from (used in) investing activities		(255.2)	(1,542.9)
Acquisitions of:
Investments in associates and joint ventures		(47.1)	(79.4)
Other equity investments		(492.6)	(1,113.0)
Subsidiaries,net of cash acquired	Scope of consolidation	(1,913.3)	(1,036.2)
Property, plant and equipment and intangible assets		(635.3)	(453.6)
Other financial assets ⁽²⁾		(1,246.4)	(3,792.8)
Disposals/divestments of:
Investments in associates and joint ventures		35.3	20.9
Other equity investments		1,390.3	2,421.3
Subsidiaries,net of cash paid	Scope of consolidation	228.0	286.9
Property, plant and equipment and intangible assets		20.7	9.4
Other financial assets ⁽³⁾		2,405.2	2,193.6
Net cash from (used in) financing activities		51.2	539.4
Capital increase/(decrease) from non-controlling interests		28.0	54.6
Dividends paid by the parent company to its shareholders		(400.7)	(380.4)
Dividends paid by the subsidiaries to non-controlling interests		(82.0)	(105.1)
Proceeds from financial liabilities	17	2,205.6	2,233.1
Repayments of financial liabilities	17	(1,056.1)	(857.9)
Net change in treasury shares		(643.6)	(404.9)
Other		-	-
Effect of exchange rate fluctuations on funds held		(5.1)	3.2
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		596.3	40.8
Cash and cash equivalents at the beginning of the year	17	1,331.6	1,290.8
Cash and cash equivalents at the end of the year ⁽⁴⁾	17	1,927.9	1,331.6

⁽¹⁾ This heading includes the adjustment of the changes in fair value of other equity investments whose change in fair value is recognized through profit or loss for EUR 487 million (EUR - 256 million in 2021) and the adjustment of the impact of changes of the debt on minority shareholders of Webhelp for EUR 414 million (EUR 506 million as of December 31, 2021)
⁽²⁾ Change primarily linked to the acquisition of trading financial assets (EUR 1,205 million and EUR 3,793 million as of December 31, 2022 and 2021, respectively) - see note 16
⁽³⁾ Change primarily linked to the sale of trading financial assets (EUR 2,390 million and EUR 2,158 million as of December 31,2022 and 2021, respectively) - see note 16
⁽⁴⁾ Encompasses the cash and cash equivalents included in assets held for sale (EUR 160 million and EUR 0 million in 2022 and 2021, respectively)

Accounting policies

Groupe Bruxelles Lambert SA ("GBL") is a Belgian holding company listed on Euronext Brussels. Its consolidated financial statements cover a period of 12 months ended December 31, 2022. They were approved by its Board of Directors on March 9, 2023 on a going concern basis, in millions of euros, to one decimal place and rounded to the nearest hundred thousand euros.

General accounting principles and applicable standards

The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union.

Mandatory changes in accounting policies

The following amended standards have been applied since the 2022 financial year. They did not have any material impact on GBL's consolidated financial statements.

―	Amendment to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond 30 June 2021 (applicable for annual periods beginning on or after 1 April 2021). This amendment offers lessees an optional practical expedient to recognize any advantages granted by lessors as a result of the Covid-19 crisis, such as rent reductions or concessions. Lessees are exempt from having to consider individual lease contracts to determine whether the rent concessions agreed are lease modifications and simply credit the benefit to income as variable lease payments. The group did not receive any material advantages from its lessors as a result of the Covid-19 crisis, either in 2022 or 2021;
―	Amendment to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use (applicable for annual periods beginning on or after January 1, 2022), These amendments require the recognition in profit or loss of amounts received from the sale of items produced during the development period of an item of property, plant and equipment, together with their production costs. No significant transactions were affected by this amendment in the years presented;
―	Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts-Cost of Fulfilling a Contract (applicable for annual periods beginning on or after January 1, 2022). These measures have been incorporated into the valuation rules for provisions for onerous contracts, without however generating a significant impact on the liabilities recognized in this respect for the years presented;
―	Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework (applicable for annual periods beginning on or after January 1, 2022). This amendment updates the references to the Conceptual Framework in IFRS 3 without changing its terms;
―	Annual Improvements to IFRS Standards 2018-2020 (applicable for annual periods beginning on or after January 1, 2022); and
―	IFRS Interpretations Committee (IFRS IC) agenda decision on configuration or customization costs in a cloud computing arrangement (IAS 38 Intangible Assets'). As of December 31, 2021, the group had indicated that a study was underway to assess the impacts of the IFRS IC agenda decision on the accounting for configuration and customization costs in Software as a Service (SaaS) contracts. The Committee's decision distinguishes two cases. In the first case, the entity recognizes an intangible asset for the configuration or customization of the SaaS, if this economic resource is controlled by the entity and access to it is restricted to third-party users. In the second case, if no intangible asset has been recognized for the configuration or customization of the SaaS, the service is expensed as the services are rendered. These clarifications, implemented by the group-wide impact assessment, led to the conclusion that the configuration and customization costs that should have been expensed as the services were rendered, when they had been recognized as intangible assets, were not material. The carrying amount of intangible assets at January 1, 2021 has therefore not been restated.

First-time application of accounting policies

―	The occurrence of transactions, events or conditions that did not previously occur or were not significant may require the application of new accounting policies. In the first half of 2022, Turkey's economy became hyperinflationary, requiring the firsttime application of certain provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29. These new accounting policies have been applied to the group's main operations in Turkey.
―	As of January 1, 2022, the revaluation of non-monetary items has been recorded against the translation reserve, which has been adjusted by EUR 17 million after income taxes.
―	In Financial Year 2022, the revaluation of non-monetary items and income and expenses was recognized against a loss on net monetary position in income of EUR 6 million.

Texts in force after the reporting date

GBL did not opt for the early adoption of the new and amended standards which entered into force after December 31,2022, namely:

―	IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023);
―	Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information (applicable for annual periods beginning on or after January 1, 2023);
―	Amendments to IAS 1 Presentation of Financial Statements-. Classification of Liabilities as Current or Non-current and Non- current Liabilities with Covenants (applicable for annual periods beginning on or after January 1, 2024 or later, but not yet endorsed in the Ell);
―	Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023);
―	Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1,2023);
―	Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023); and
―	Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after January 1, 2024, but not yet endorsed in the EU).

The future application or these new and amended standards should not have a significant impact on the group's consolidated financial statements.

Basis and scope of consolidation

The consolidated financial statements, prepared before appropriation of result, include those of GBL and its subsidiaries (the "group") and the interests of the group in joint ventures and associates accounted for using the equity method. The important subsidiaries, joint ventures and associates close their accounts on December 31.

Controlled companies

Controlled companies are entities for which GBL is exposed to variable returns because of ties to these entities and has the ability to influence these returns because of the control that GBL has over these entities. Controlled companies are consolidated.

Intragroup balances and transactions as well as unrealized gains (losses) are eliminated. Newly acquired companies are consolidated as from the date of acquisition.

Joint ventures

A joint venture is a company over which GBL has joint control with one or more other parties and for which the parties have a claim to the company's net assets. Joint control is the contractually agreed sharing of the control exercised over a company, which only exists in cases where decisions regarding the relevant operations require the unanimous consent of the parties sharing control. These joint ventures are accounted for in the consolidated financial statements using the equity method.

Associates

If the group has a significant influence in a company, the investment it holds in that company is considered as an associate company. Significant influence is the power to participate in decisions about financial and operational policies, but without exercising control or joint control over these policies.

Associates are accounted for in the consolidated financial statements using the equity method.

An investment is accounted for using the equity method as from the date it becomes an investment in an associate or joint venture. Under the equity method, the investment in an associate or joint venture is recorded at cost on initial recognition.

In the absence of definition in the standards of the notion of cost, the group considers, in the event of a change from an "other equity investment-financial assets recognized at fair value through equity" to an associate, the fair value at the date of the first equity method as the cost. The revaluation reserve accounted for until that date is transferred to consolidated reserves.

Intangible assets

Intangible assets are recorded at cost less any accumulated amortization and potential impairment losses.

Intangible assets with a finite useful life are amortized using the straight- line method over their estimated useful life.

Intangible assets with an indefinite useful life are not amortized but are tested for impairment annually at the close of the financial year (or at an earlier date should there be an indication of impairment). When the recoverable amount of an asset is less than its carrying amount, this carrying amount is reduced to reflect the loss of value.

Intangible assets include brands, which may have a defined or indefinite useful life, determined according to the results of an analysis of the following criteria: (i) impact on customers, (ii) stability (versus an expected change in the short or medium term) and (iii) competitive environment.

In the absence of any applicable standard or interpretation, Imerys treats greenhouse gas emission credits as intangible assets. Imerys holds these credits solely to prove the volume of its emissions and does not trade them, for example through forward purchases or sales. The recognized value of credits received free of charge is zero and credits purchased on the market are recognized at their purchase price. If the credits held are less than the actual emissions at the reporting date, a provision is recognized in profit or loss that is equal to the value of the credits to be purchased, measured at their market value (net liability method). Disposals are only related to surplus credits and are recognized in profit or loss as asset disposals.

Business combinations and goodwill

When the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.

The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders' equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.

Goodwill is calculated as the positive difference between the following two elements:

―	the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and
―	the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.

If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.

Goodwill is accounted for as an asset in the balance sheet under the heading"Goodwill" and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units ("CGU") to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.

In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at GBL's choice, either at fair value (the so-called "full goodwill" option) or at the share of the identifiable net asset in the acquired entity.

When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.

Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.

Property, plant and equipment

Fully owned property, plant and equipment

Items of property, plant and equipment are recorded under assets if they are controlled as a result of a deed of ownership. Items of property, plant and equipment are initially valued at acquisition or production cost.

The cost of property, plant and equipment includes the cost of loans contracted to finance their construction or production when they necessitate a substantial period of time. The cost of the assets is reduced, where appropriate, by the amount of public subsidies used to finance their acquisition or construction.

Maintenance and repair costs are immediately expensed under "Other operating income (expenses) from operating activities". The cost of property, plant and equipment includes, in particular for satellite industrial installations built on clients' land, the present value of the rehabilitation or dismantling obligation, where such an obligation exists. Property, plant and equipment are subsequently valued at cost less accumulated depreciation and any accumulated impairment losses.

Leasehold property, plant and equipment

All contracts that convey the right to use an item of non-substitutable property, plant and equipment for a period of time in exchange for consideration are recognized as right-of-use assets against a lease liability. This treatment applies to all leases except mine land leases, which are recognized in the manner described in the following paragraph, as well as immaterial leases (leases with terms of 12≈months or less and leases of low-value assets), for which payments are recognized as an expense.

At Imerys level, easements, especially for pipelines used to connect mineral deposits, processing facilities and shipping facilities are analyzed as non-mine land leases. Right-of-use assets are initially measured at the value of the lease liability, plus any initial direct costs and equipment dismantling costs where necessary. Lease liabilities are measured at the discounted value of future lease payments due in accordance with a contractual payment schedule, adjusted for rent-free periods. Payments are therefore scheduled through to the reasonably certain end date of the lease, reflecting the date beyond which the lease ceases to be legally enforceable. This date represents the end of the lease, adjusted for any options the lessee is able to exercise regarding early termination or extension and any restrictions the lessor is able to exercise. The lease payments taken into account in the calculation of the lease liabilities include the unconditional payments due in exchange for the right to use the asset, as well as the cost related to the early termination, extension or purchase clauses when it is reasonably certain they will be exercised.

The liability calculation excludes any variable payment related to the use of the asset (at the level of Imerys, for example, a payment dependent on the actual number of hours a piece of mining equipment is used), as well as any payment for services rendered by the lessor (for example, at Imerys, rail car maintenance). In the absence of implicit interest rates, future payments determined in this way are discounted using the lessees'incremental borrowing rate.

The first time deferred tax assets and liabilities are recognized, they are calculated separately for lease liabilities and right-of-use assets, respectively. In subsequent years, right-of-use assets are amortized under the headings"Other operating income (expenses) from investing activities"or"Depreciation/amortization of property, plant, equipment and intangible assets"of the consolidated income statement and lease liabilities are measured at amortized cost, which generates an interest expense that is recognized in financial income (loss).

When an option is exercised, the lease must be reassessed to symmetrically adjust the carrying amounts of the lease liability and the right of use.

Any modification to leases gives rise to such a symmetrical adjustment, except when the scope of the lease is restricted to reduce the capacity of the asset leased or the duration of the lease. In this situation, the carrying amount of the lease liability and the right-of- use are reduced in proportion to the reduction of the scope, impacting the income statement.

Mining assets

In the absence of any specific applicable standard or interpretation, Imerys has defined the following methods to recognize and measure mining assets. Prospection expenditure, i.e. searching for new sites with mineral producing potential and studying the technical feasibility and commercial viability of a geographical area, is immediately recognized as an expense under the heading "Other operating income (expenses) from operating activities". Mineral reserves are included in property, plant and equipment. Freehold mineral deposits are initially measured at acquisition cost minus subsoil. Leasehold mineral deposits are measured at a value of nil if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.

Costs incurred to determine the tonnage of ore present in the deposit are added to the acquisition cost. Overburden work, i.e. the process of removing the topsoil to gain access to the deposit, is considered a component of mineral reserve assets. The initial measurement of overburden work includes production cost and the discounted value of restoration obligations as a result of the deterioration caused by such work. Mineral reserves and overburden assets are included under the heading"Property, plant and equipment". Mining assets are subsequently measured at cost, minus accumulated depreciation and any impairment loss.

Depreciation

Depreciation expense is spread over the expected useful life of the different categories of property, plant and equipment using the straight- line method. The estimated useful lives of the most significant items of property, plant and equipment fall into the following ranges:

―	buildings: 10 to 50 years;
―	industrial constructions: 10 to 30 years;
―	fixtures and fittings of buildings and constructions: 5 to 15 years;
―	machinery, equipment and technical fittings: 5 to 20 years;
―	vehicles: 2 to 5 years; and
―	other property, plant and equipment: 10 to 20 years. Land is not depreciated.

Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by the number of journeys made. Freehold and leasehold equipment is depreciated over its useful life, up to the end of the reasonably certain end date of the lease. Furthermore, Imerys does not consider the straight-line depreciation method appropriate to reflect the consumption of property, plant and equipment related to mining activities such as mineral reserves and overburden assets as well as certain industrial assets of discontinuous use.

Depreciation of mining assets is therefore estimated in units of production on the basis of actual extraction, while operational monitoring units such as production or operating hours are used to estimate depreciation of industrial assets.

A mineral reserve is depreciated to the quantity of the geological inventory of the deposit minus discounts for the geological uncertainty inherent to the resources. Overburden assets, a component of mineral reserve assets, are depreciated over the quantity of reserve to which they specifically give access. Subsoil, i.e. the area of land not part of the mineral deposit, is not depreciated since it is not consumed by mining operations.

Other equity investments

Other equity investments include investments in companies in which the group does not control nor exercise a significant influence, as defined above.

Other equity investments are either quoted or private assets or unquoted funds.

Quoted and private investments (Pernod Ricard, SGS, adidas, Umicore, Voodoo, etc.)

These investments are recorded at fair value based on their stock market price at each closing date for quoted investments and on the valuation methods used for private investments.

GBL has opted to account for changes in the fair value of quoted and private investments via equity ("Financial assets recognized at fair value through equity"). These amounts will never be recycled in earnings, even in the event of the sale of securities or significant or prolonged loss of value. In the event of a sale, the accumulated revaluation reserves at the time of sale are reclassified to consolidated reserves.

Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)

Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.

Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the "Fair value through other comprehensive income"option. Therefore, the changes in fair value are accounted for in profit or loss ("Financial assets recognized at fair value through profit or loss").

Non-current assets held for sale and discontinued operations

When, at the reporting date, it is highly likely that non-current assets or groups of directly related assets and liabilities will be disposed of, they are designated as non-current assets or groups of assets held for sale. Their sale is considered highly likely if, on the reporting date, a plan to put them up for sale at a reasonable price in relation to their fair value has been organized in order to find a buyer and finalize their transfer within one year at most. Non-current assets or groups of assets held for sale are presented as separate assets and liabilities in the consolidated balance sheet, separately from the rest of the continuing operations, at the balance sheet date and without comparative information provided for prior periods. They are no longer depreciated at the date of designation as non-current assets or disposal groups and are valued at the lower of carrying amount or fair value less costs to sell.

Non-current assets or groups of assets that will be shut down and not sold constitute non-current assets that are to be abandoned. When non-current assets or groups of assets held for sale or to be disposed of are allocated to a separate line item for the main operation and are to be abandoned as part of a single coordinated plan, they are categorized as discontinued operations and their related flows are disclosed separately in the income statement and statement of cash flows, as of the balance sheet date and in the comparative information provided for prior periods. As non-current assets or groups of assets held for sale are controlled until their disposal date, intra-group transactions between them and the rest of the continuing operations are eliminated in the statement of financial position and in the income statement, with the exception of transactions within the income statement that the discontinued operations will continue after the date of loss of control with the continuing operations. This presentation, which has no impact on the amount of consolidated net income, enables users of the financial statements to assess the impact of discontinued operations on the remaining continuing operations.

Inventories

Inventories are recorded as assets at the date on which the risks, rewards and control are transferred to the group. At the time of sale, their disposal is accounted for through an expense at the same date as the corresponding gain. Inventories are valued at the lower of production cost or net realizable value. When production is less than normal capacity, fixed costs specifically exclude the share corresponding to the sub- activity. Inventories presenting similar characteristics are valued under the same method. The methods used in the group are FIFO - First-In, First-Out - and the weighted average unit cost. When production cost cannot be recovered, it is lowered to net realization value under the conditions existing at the reporting date.

Trade receivables

Trade receivables are initially recognized at their transaction price, when those do not contain an important financing component (determined in accordance with IFRS 15 Revenue from Contracts with Customers). The transaction price is the amount of consideration that the group expects to receive in exchange for the goods or services transferred.

Subsequent to their initial recognition, trade receivables are valued at amortized cost, i.e. at fair value plus, where applicable, directly attributable transaction costs, increased or decreased, of accumulated amortization of any difference between this initial amount and the amount at maturity, and less any write-down for impairment or non- recoverability. At the end of the reporting period, a write-down is recognized for the value of expected credit losses. Such losses correspond to the estimated weighted probability of credit losses, i.e. the expected loss of cash over the life of the trade receivable, minus cash to be received from credit insurance where applicable.

A receivable sold to a banking institution for financing purposes is only derecognized if the factoring agreement also transfers to the factor all the risks and rewards incidental to the receivable.

Other financial assets

The other financial assets are classified in one of the following two categories:

―

Amortized cost. Financial assets are measured at amortized cost when the objective of the business model is to collect the contractual cash flows. These correspond mainly to cash and cash equivalents, as well as, to a lesser extent, to receivables related to dividends to be received. Cash and cash equivalents include bank deposits and fixed-term investments with a maturity date equal to or less than three months from the acquisition date. These are highly liquid investments indexed on a money market rate and the value of which is known or subject to very little uncertainty.

―

Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.

Finally, the group derecognizes a financial asset only if the contractual rights to the cash flows of the asset expire, or if the financial asset and the associated risks and benefits are transferred to third parties. If the group does not transfer or retain substantially all the risks and rewards of ownership and continues to control the transferred asset, the group then recognizes retained interests in that asset and an associated liability for amounts that it may have to pay. If the group retains substantially all the risks and rewards of owning a transferred financial asset, the group continues to recognize the financial asset and also recognizes a debt backed by the proceeds received.

Impairment of assets

Other equity investments

Other equity investments are not subject to impairment tests since any decrease in fair value, even significant or prolonged, is still recognized in equity for financial assets recognized at fair value through equity or, directly in profit or loss for financial assets recognized at fair value through profit or loss.

Investments in equity-accounted entities

When there is an objective indication of impairment of an investment accounted for using the equity method, an impairment test must be carried out, in accordance with IAS 36 Impairment of assets and IAS 28 Investments in Associates and Joint Ventures. The recoverable amount of the asset is estimated in order to compare it to its carrying amount and, where applicable, to recognize an impairment loss for the surplus. The recoverable amount is the highest of either the fair value less costs to sell or the value in use. The value in use corresponds to the future estimated discounted cash flows. When an impairment accounted for in an earlier period ceases to exist, the carrying amount is partially or totally restored. The reversal of an impairment loss is recorded immediately in profit.

Property, plant and equipment and intangible assets

At every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.

If there is any evidence of impairment, the asset's recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset's net sale price or its value in use. The value in use is the present value of estimated future cash flows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.

When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.

However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.

Trade receivables and other financial assets

IFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.

The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.

Taxes

Income taxes of the financial year include both current and deferred taxes. They are recorded in the income statement unless they relate to items directly recorded in shareholders' equity, in which case they are also recorded in shareholders' equity.

Current taxes are the taxes to be paid on the taxable profit for the financial year and are calculated in accordance with the tax rates in effect or that will be in effect on the last day of the financial year, plus any adjustments relating to prior years.

Deferred taxes are calculated in accordance with the liability method, which is applied to the temporary differences between the carrying amount and tax basis of the assets and liabilities recorded in the balance sheet.

The following tax differences are disregarded: non tax-deductible goodwill and initial valuations of assets and liabilities not affecting the accounting and taxable profit.

Deferred taxes are calculated according to the manner in which the related assets and liabilities are expected to be realized or settled, based on the tax rates in effect or that will be in effect on the last day of the financial year.

Additionally, deferred tax liabilities related to investments in subsidiaries are not recorded when the group is able to control the date on which the temporary difference will reverse and when the group does not expect the temporary difference to reverse in the foreseeable future.

Deferred tax assets are recorded if the taxable profits are likely to materialize in such a manner as to allow them to be offset against tax losses and tax credits.

Finally, deferred tax assets and liabilities are offset by tax entity when the latter has the right to offset its current tax assets and liabilities and that the deferred tax assets and liabilities in question are levied by the same tax authority.

Treasury shares

When treasury shares are bought (or sold), the amount paid (or received) is recorded as a decrease (or increase) in shareholders' equity.

Movements in these shares are shown in the consolidated statement of changes in shareholders' equity. No profits or losses on these movements are recorded in the income statement.

Appropriation of profit

Dividends paid by GBL to its shareholders are included as a reduction of shareholders' equity for their gross amount, i.e. before withholding tax. The financial statements are prepared before appropriation of profit.

Incentive plans

Equity-settled share-based plans

GBL and Imerys stock options granted prior to November 7, 2002 have not been recorded in the consolidated financial statements in accordance with the transitional provisions of IFRS 2 Share-based Payment.

Incentive plans granted as from November 7, 2002 are accounted for in accordance with IFRS 2. In accordance with this standard, the fair value of the options on the date of allocation is recorded in the income statement for the period of acquisition of the rights ("vesting period"). The options are valued by means of a valuation model generally accepted based on the market conditions prevailing at the time of their grant.

Cash-settled share-based plans

If the arrangement is settled in cash, the group incurs a liability measured at fair value. Until the settlement of the liability, the fair value should be measured at each reporting date and at settlement date. The changes in fair value are recognized in the income statement of the period.

Retirement benefits and other post- employment benefits

Defined benefit plans

Commitments for defined benefit pension plans and similar obligations are valued using the projected credit unit method, in accordance with IAS 19 Employee Benefits. This valuation uses financial and demographic actuarial assumptions. These are used to value services rendered during the year on the basis of an estimate of the end-of-career salary.

The provisions or assets recognized correspond to the present value of the obligation less the fair value of the plan's assets, which may be capped. The discount rates used to discount the obligations and calculate the resulting normative return on the assets are determined by referring to the yields of bonds issued by AA (high quality) rated companies within the main iBoxx GBP and USD Corporate AA indexes. Where negative interest rates arise, they are applied as published, without a floor at zero.

Contributions to funds and direct payments to beneficiaries as well as contributions and payments related to restructuring are recorded under "Employee expenses" or "Other operating income (expenses) from investing activities". Contributions to closed deficit plans with compulsory funding are recorded under"Financial income (expenses) from operating activities". The effect of these contributions in income statement is neutralized by reversals of provisions recognized in each of the items mentioned above. Other elements of the change in postemployment benefit plans are recorded in "Employee expenses" or "Other operating income (expenses) from investing activities", with the exception of the accretion of obligations and normative return on assets that are recognized under "Financial income (expenses) from investing activities" or "Financial income (expenses) from operating activities".

Administrative costs are recorded in "Employee expenses" or "Other operating income (expenses) from investing activities", except for the administrative expenses of the closed deficit plans with compulsory funding that are recorded under "Other financial income (expenses) from operational activities".

Plan amendments, reductions and liquidations are immediately recognized in profit or loss. Actuarial differences and caps relating to post-employment benefit plan assets are fully recognized in other comprehensive income, net of asset management fees, without reclassification to profit or loss in a subsequent period.

Defined contribution plans

The group participates, in accordance with the regulations and corporate practices of each country, in the creation of retirement reserves for its staff, paying contributions on a mandatory or voluntary basis to external bodies such as pension funds, insurance companies or financial institutions.

- These plans are defined contribution plans, in other words they do not guarantee the level of benefits paid. These contributions are recorded under "Employee expenses" or "Other operating income (expenses) from investing activities".

Provisions

Provisions are recorded at the reporting date when a group entity has an actual (legal or implicit) obligation resulting from a past event, when it is probable that an amount will have to be paid out to settle this obligation, and if the amount of the obligation can be determined reliably.

The amount recorded as a provision should be the most accurate estimation of the expenditure required to meet the obligation existing at the reporting date.

Provisions are recognized in profit or loss, apart from provisions for decommissioning and some provisions for rehabilitation, whose counterpart is included in the cost of assets whose construction has created the obligation. This treatment applies in particular to some of Imerys' industrial installations and overburden mineral assets.

Provisions whose settlement is expected within twelve months after the reporting date or whose settlement may occur at any time are not discounted. Provisions whose settlement is expected more than twelve months after the reporting date are discounted.

Changes in discounted provisions resulting from a revision of the amount of the obligation, its calendar or its discount rate are recognized in profit or loss, or for provisions recognized against assets, as an adjustment of the cost of the assets. The discounting is recognized as a debit in financial income (expenses).

Provisions for restructuring costs are not recorded unless the group has approved a detailed and formal restructuring plan and if the restructuring has either begun or been publicly announced. Costs relating to the group's continuing operations are not taken into account.

Current and non-current liabilities

Non-current liabilities (bank loans and bonds) and current liabilities (bank deposits) are initially recognized in the accounting records at their fair value less, in the case of a financial liability that has not been recorded at fair value through the income statement, the transaction costs that are directly imputed to the issuance of the financial liability.

After initial recording, they are valued at their amortized cost (initial amount less repayments of principal plus or minus the accumulated amortization of any difference between the initial amount and the value at maturity).

The exchangeable or convertible bonds issued by the group are considered as hybrid instruments, i.e. containing both a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds. The difference between the proceeds of issuance of the exchangeable or convertible bond and the fair value assigned to the bond component, representing the value of embedded option to exchange the bonds for shares, is included separately, depending on the option's maturity, in the heading "Other current liabilities" or "Other non-current liabilities". The interest cost of the bond component is calculated by applying the prevailing interest market rate at the issuance date.

Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the "liability" and "derivative" components in proportion to the allocation of gross proceeds.

Transaction costs related to the "derivative" component are recognized directly in profit or loss. Transaction costs related to the "liability" component are included in the carrying amount of the "liability" component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.

Trade payables and other financial non-derivative liabilities are measured at amortized cost.

The group derecognizes a financial liability if, and only if, its obligations are discharged, canceled or expired. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in profit or loss. When the group exchanges a debt instrument with an existing lender for another instrument with substantially different terms, the exchange is recognized as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, if the contractual terms of an existing liability are substantially changed, the group also recognizes an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the contractual terms of the financial liability are substantially different if the present value of the cash flows under the new conditions, including any fees paid, net of fees collected and discounted at the original effective rate, is at least 10% different from the present value of the remaining cash flows of the original financial liability.

Derivative financial instruments

The group's consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.

Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.

Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.

Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.

Derivatives recorded as assets or liabilities are classified in the headings "Other non-current assets/liabilities" and "Other current assets/ liabilities" depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations.

GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.

Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.

Fair value hedge

When changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.

Cash flow hedge

A cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders' equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders' equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders' equity is amortized to operating or financial result, depending on the nature of the hedged item.

Hedge of net investments in foreign operations

Foreign currency translation adjustments generated by net assets held by the group's consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders' equity and the ineffective portion in profit or loss.

The effective portion in shareholders' equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant influence.

Items denominated in foreign currencies

Monetary assets and liabilities denominated in foreign currencies in the accounting records of group companies are translated into euros using the exchange rates of the last day of the financial year. Unrealized differences on translation resulting from the application of this methodology are recorded as gains or losses of the financial year. Non- monetary assets and liabilities are recorded using the exchange rates applicable on the date of the transaction.

In the consolidated financial statements, the group's assets and liabilities related to activities held abroad are converted at the closing rate.

Items of income and expenses denominated in foreign currencies are converted into euros at the average exchange rate for the year. Foreign currency translation adjustments reflecting the difference between the average rate and the rate on the last day of the year, are recognized in shareholders' equity under "Foreign currency translation adjustments". These foreign currency translation adjustments are recorded in profit or loss when the group disposes of the entity concerned.

Revenue

Revenue is made up of two elements: on the one hand, the sale of goods and on the other hand, the services rendered mainly made out of (i) the reinvoicing to customers of the cost of shipping goods, (ii) industrial services provided or (iii) services aimed at intervening in the management of the customer process or (iv) billings for medical treatment and services. The contractual commitments made by the group to transfer these goods and services to customers are categorized as performance obligations. When control of goods or services is transferred to customers, the performance obligation is deemed to have been satisfied and the revenue is recognized. Goods are therefore transferred to customers at a given point in time, which coincides with the transfer of all the risks and rewards defined in the contractual incoterms. The contract includes multiple incoterms due to the specificities as defined in contracts. However, while certain services, such as molding work, are rendered at a given point in time, most of the other services are transferred to customers over time, notably in the case of shipping services, for which the revenue is recognized after the delivery has been made, and certain specialized services in the construction of industrial facilities or services aimed at intervening in the management of the customer process and whose degree of completion is measured based on the actual level of production costs committed or based on the time spent. Collateral requirements on the sale of goods and rendering of services offer customers guarantees about the specifications agreed in the contracts, rather than an additional service on top of these guarantees.

Consequently, guarantees are not recognized as performance obligations but as provisions.

Sale of goods and rendering of services are measured at the fair value of the transaction, minus trade and volume rebates, as well as discounts for early payment.

Interest

Interest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.

Dividends

Dividends relating to other equity investments or trading securities are booked in profit or loss on the date on which their distribution is decided upon, unless these dividends clearly represent the recovery of a portion of the cost of the investment. The amount of withholding tax is recorded as a deduction of gross dividends.

Changes in accounting policies and errors

A change in the accounting policies is only applied to meet the requirements of a standard or an interpretation, or if it gives more reliable and more relevant information. Changes in accounting policies are recognized retrospectively, except when specific transitional provisions are stated in a standard or an interpretation. When an error is detected, it is also retrospectively adjusted. No errors were corrected in 2022 or 2021.

Main estimates and judgments

During the preparation of the financial statements, the group makes a number of estimates and judgments relating to the recognition and measurement of its assets and liabilities. These assessments are intended to address the uncertain nature of the risks and opportunities to which the group's activities are exposed to. Among these, the risks and opportunities related to climate change, which may mainly impact Imerys' activities, are given particular attention. The group has decided to further integrate climate change and sustainable development issues into its strategy in order to reduce risks and create new opportunities for sustainable value creation. We refer to the ESG section. In this context, risks and opportunities are assessed in terms of market developments, physical risks and changes in the energy mix.

Uncertainties inherent to the business require estimates to be made when preparing the financial statements. These estimates result from judgements aiming at providing a true and fair view based upon available and reliable information. An estimate is revised to reflect changes in circumstances, new information available and effects linked to experience. Changes in estimates are accounted for on a prospective basis.

When such estimates are established, they are explained in the notes on the items to which they relate.

The main estimates are the following:

―

the valuation of the assets and liabilities of an acquired business (section "Scope of consolidation, associates and changes in group structure");

―

the principal assumptions related to goodwill impairment testing (note 10), intangible assets (note 9) and property, plant and equipment (note 11), such as the duration, the amount of future cash flows as well as the discount rate and perpetual growth involved in computing the value in use of the tested assets. In particular, GBL has included in its estimates the uncertainties related to the risks and opportunities associated with climate change;

―

the valuation of unlisted assets or funds;

―

an estimate of the useful life of intangible assets with limited life (note 9) and property, plant and equipment (note 11);

―

estimates of indicators related to the climate and sustainable development that may create obligations for the group if they are not abided by, in particular estimates at Imerys:

―	the amount of greenhouse gas emissions generated by its industrial facilities and the need to purchase emission rights so as to assess the provisions covering any potential deficits (note 9);
―	the fulfilment of the sustainable development goals that Imerys must pursue and are indexed to Sustainability-Linked Bonds (note 17.2).

―

at Imerys, valuation methods to assess the acquisition cost of mining assets; in particular Imerys integrates the risks and opportunities related to climate change in the business plans used to draw up the geological inventory of mineral deposits, which is used as a base from which to calculate the acquisition cost (note 11);

―

estimate of reasonably certain lease terms of certain leases (note 11);

―

the estimation of inflation levels incorporated in the valuation of certain future cash flows, notably in the context of impairment tests (note 10), the valuation of other provisions (note 20) and the valuation of defined benefit plans (note 21);

―

the assessment, as part of the recognition and measurement of provisions, of the probability of settlement and amount of the obligation, of the expected timing of future payments and of discount rates (note 20);

―

actuarial assumptions for defined benefit plans (note 21); and

―

the assumptions related to the evaluation of debts on minority interests (note 22).

Ontex, SGS, Voodoo and Umicore

GBL analyzed the accounting treatment to be applied to the investments in Ontex, SGS, Voodoo and Umicore and particularly the classification in (i) investments in associates (IAS 28), with the recognition of GBL's share in the profit or loss and shareholders' equity of Ontex, SGS, Voodoo and Umicore respectively or in (ii) other equity investments (IFRS 9), with the recognition of these investments at their fair value and the recognition of the dividend through profit or loss.

In accordance with IAS 28, it is assumed that a group does not exercise significant influence if the percentage holding is less than 20.00%, unless it can be clearly demonstrated. According to this standard, significant influence is usually demonstrated in the case of (i) representation on the Board of Directors, (ii) participation in policy-making processes, (iii) material transactions between the investor and the company owned, (iv) the interchange of managerial personnel or (v) the supply of critical technical information.

As of December 31, 2022, those four investments are held respectively at 19.98%, 19.11%, 16.18% and 15.92%. The representation on the Board of Directors of those companies is not sufficient to demonstrate the existence of significant influence. Moreover, representation on the Board of Directors is limited to the mandates of the Directors and requires a resolution at General Shareholders' Meeting. In particular for listed companies, this representation does not come from a contractual or legal right. Taking these different factors into account, GBL has entered into the accounting treatment of its investments in Ontex, SGS, Voodoo and Umicore as other equity investments as of December 31, 2022.

Exchange rates used

	2022	2021
Closing rate
US Dollar	1.07	1.13
Swiss franc	0.98	1.03
Average rate
US Dollar	1.05	1.18

Presentation of the consolidated financial statements

The consolidated statement of comprehensive income separately presents:

―

Investing activities

Components of income resulting from investing activities, which include the operations of GBL and of its subsidiaries whose main purpose is investment management. This includes GBL Capital and Sienna Investment Managers as well as the profit (loss) of operating associates (Parques Reunidos/Piolin II) and nonconsolidated operating companies (Pernod Ricard, SGS, adidas, Umicore, etc.); and

―

Consolidated operating activities

Components of income from consolidated operating activities, i.e. from consolidated operating companies (Imerys, Webhelp, Canyon, Sanoptis, Affidea as well as the sub-groups Sausalitos, Vanreusel, etc).

Scope of consolidation, associates and joint ventures and changes in group structure

Fully consolidated subsidiaries

		Interest and voting rights (in %)
Name	Registered office	2022	2021	Main activity
Belgian Securities BV	Amsterdam	100.0	100.0	Holding
Brussels Securities SA	Brussels	100.0	100.0	Holding
GBL O SA	Brussels	100.0	100.0	Holding
Sagerpar SA	Brussels	100.0	100.0	Holding
URDAC SA	Brussels	100.0	100.0	Holding
FINPAR II SA	Brussels	100.0	100.0	Holding
FINPAR III SA	Brussels	100.0	100.0	Holding
FINPAR IV SA	Brussels	100.0	100.0	Holding
FINPAR V SRL	Brussels	100.0	100.0	Holding
FINPAR VI SRL	Brussels	100.0	100.0	Holding
FINPAR VII SRL	Brussels	100.0	100.0	Holding
Finpar VIII SRL	Brussels	100.0	-	Holding
LTI Two SA	Brussels	100.0	100.0	Holding
GBL Verwaltung SA	Luxembourg	100.0	100.0	Holding
Sapiens Sàrl	Luxembourg	100.0	100.0	Holding
Marnix Lux Sàrl (group Webhelp and subsidiaries)	Luxembourg	61.3	59.2	Operational
G.f.G. Topco Sàrl	Luxembourg	100.0	100.0	Holding
G.f.G. Capital Sàrl	Luxembourg	90.5	88.9	Holding
Go-for-Gold Holding GmbH (group Canyon and subsidiaries)	Koblenz	54.8	60.0	Operational
Celeste Capital Sàrl (previously Altitude Holdco Sàrl)	Luxembourg	100.0	100.0	Holding
Celeste InvestCo SA	Luxembourg	100.0	-	Holding
Celeste TopCo SA	Luxembourg	99.5	-	Holding
Celeste Midco 1 BV	Netherlands	100.0	-	Holding
Celeste Midco 2 BV	Netherlands	100.0	-	Holding
Celeste Midco 3 BV	Netherlands	100.0	-	Holding
Celeste BidCo BV (group Affidea and subsidiaries)	Netherlands	100.0	-	Operational
Sofia Capital Sàrl	Luxembourg	100.0	-	Holding
Sofia InvestCo SA	Luxembourg	100.0	-	Holding
Sofia MasterCo SA	Luxembourg	83.5	-	Holding
Sofia TopCo Sàrl	Luxembourg	100.0	-	Holding
Sofia Holdco Sàrl	Luxembourg	100.0	-	Holding
Sofia MidCo Sàrl	Luxembourg	100.0	-	Holding
Sofia BidCo Sàrl (group Sanoptis and subsidiaries)	Luxembourg	100.0	-	Operational
Arthur Capital Sàrl	Luxembourg	100.0	100.0	Holding
GBL Energy Sàrl	Luxembourg	100.0	100.0	Holding
Serena Sàrl	Luxembourg	100.0	100.0	Holding
GBL Finance Sàrl	Luxembourg	100.0	100.0	Holding
Eliott Capital Sàrl	Luxembourg	100.0	100.0	Holding
Miles Capital Sàrl	Luxembourg	100.0	100.0	Holding
Owen Capital Sàrl	Luxembourg	100.0	100.0	Holding
Theo Capital Sàrl	Luxembourg	100.0	100.0	Holding
Oliver Capital Sàrl	Luxembourg	100.0	100.0	Holding
Jade Capital Sàrl	Luxembourg	100.0	100.0	Holding
Vancouver Capital Sàrl	Luxembourg	100.0	100.0	Holding
GBL Investments Ltd	Dublin	100.0	100.0	Holding
GBL Development Ltd	London	100.0	100.0	Operational
GBL Advisors Ltd	London	100.0	100.0	Operational
RCPE Consulting SAS	Paris	100.0	100.0	Operational
Imerys SA (and subsidiaries)	Paris	54.6	54.6	Operational
Sienna Capital Participations Sàrl (newly GBL Capital Participations Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Investment Managers SA (previously Sienna Capital Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Euclide SA	Luxembourg	100.0	-	GBL Capital and SIM
Sienna Landlife SA	Luxembourg	100.0	-	GBL Capital and SIM
Sienna Capital Management SA (newly Sienna AM Luxembourg SA)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Capital US LLC	Wilmington	100.0	100.0	GBL Capital and SIM
Sienna Capital Invest GP Sàrl (newly GBL Capital Invest GP Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Capital Invest SCSp (newly GBL Capital Invest SCSp)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Capital London Ltd	London	100.0	100.0	GBL Capital and SIM
Sienna Multistrategy Opportunities GP Sàrl (previously Sienna Capital Opportunity GP Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Multistrategy Opportunities Fund Sàrl (previously Sienna Capital Opportunity Fund Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Multistrategy Opportunities Carry Sàrl (previously Sienna Capital Opportunity Carry Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Multistrategy Opportunities Master Sàrl (previously Sienna Capital Opportunity Master Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Capital Co-Invest Master Sàrl	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna PE Invest GP Sàrl (previously Sienna IM Digital GP Sàrl)	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna IM Digital Bonds SCA SICAV RAIF	Luxembourg	-	100.0	GBL Capital and SIM
Sienna Venture Capital GP Sàrl	Luxembourg	100.0	-	GBL Capital and SIM
Sienna Venture Capital SAS	Paris	100.0	-	GBL Capital and SIM
Sienna Real Estate Solutions Sàrl	Luxembourg	100.0	100.0	GBL Capital and SIM
Sienna Real Estate Partner JV Netherlands BV (group Sienna Real Estate and subsidiaries)	Amsterdam	89.4	89.4	GBL Capital and SIM
Sienna Gestion (group Sienna Gestion and subsidiaries)	Paris	66.6	-	GBL Capital and SIM
Sienna 2A SAS (group Sienna Private Credit and subsidiaries)	Paris	87.5	-	GBL Capital and SIM
Sienna Private Equity SAS	Paris	75.0	-	GBL Capital and SIM
Ergon Capital Partners III SA (group ECP III and subsidiaries)	Brussels	89,9	89,9	GBL Capital and SIM

The percentage of voting rights is identical to the percentage interest, with the exception of Imerys, for which the voting rights are 68.13%. An incentive plan has also been granted to the management of Ergon Capital Partners III, covering 16.67% of the shares.

Associates and joint ventures

RATE	Avant	Acquisition SCSP	StreetTeam Software Ltd	Piolin II Sàrl / Parques
(IN %)		Luxembourg	Londen	Luxembourg
Office Activity		GBL Capital and SIM	GBL Capital and SIM	Leisure parks
2022	DETENTION	50.0	32.7	23.1
2021	Detention rate	50.0	32.8	23.1

RATE	Backed 1 LP	Backed Encore 1 LP	Backed 2LP	Ergon Capital Partners SA
(IN %)	Jersey	Jersey	Jersey	Brussels
Office Activity	GBL Capital and SIM	GBL Capital and SIM	GBL Capital and SIM	GBL Capital and SIM
2022	48.6	58.3	40.0	50.0
2021	48.6	58.3	40.0	50.0

RATE (IN %)		Ergon Capital Partners II SA	Ergon Capital Partners IV SCSP
Office		Brussels	Luxembourg
Activity		GBL Capital and SIM	GBL Capital and SIM
2022	DETENTION	50.0	34.4
2021	Detention rate	50.0	34.4

RATE (IN %)	LP.E.SRL, subsidiary of ECP III	Mérieux Participations 2 SAS	Landlife Holding
Office	Bologna	Lyon	Luxembourg
Activity	Home furnishing	GBL Capital and SIM	GBL Capital and SIM
2022	65.6	34.3	35.1
2021	65.6	34.3	-

The percentage of voting rights is identical to the percentage interest.

The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant influence despite its 65.55% interest, based on the existence of a shareholders' agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.

As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Santé Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant influence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.

In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name "ECP I, II & IV", while the name "ECP" refers to these companies referred to above and Ergon Capital Partners III ("ECP III"). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as "Backed", the entity Piolin II Sàrl as "Piolin II", the entity StreetTeam Software Ltd. as "StreetTeam"and the entity Avanti Acquisition SCSP as "Avanti Acquisition Corp.".

Changes in group structure

Companies entering the group structure

Sanoptis

On July 1,2022, GBL finalized the acquisition of a majority stake (89.38%) in Sanoptis, a major provider of ophthalmic services in Germany and Switzerland.

The acquisition price amounts to EUR 847 million. Non-controlling interests amounted to EUR 90 million at the time of the acquisition. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as local brands in Switzerland and Germany, customer relationships and certain rights to receive insured patients) were revalued at EUR 564 million. Property, plant and equipment (such as the Sanoptis Group buildings and rights of use), financial liabilities (debts to minority shareholders) and deferred tax assets and liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 860 million as of December 31, 2022. An amount of EUR 60 million has also been recognized as deferred tax assets relating to amortizable goodwill for tax purposes in the local accounts of certain subsidiaries, taking into account the absence of objective criteria for allocating the acquisition goodwill (monitored at a higher level) to the assets of these subsidiaries. The goodwill arising on the acquisition of this group is mainly linked to the growth forecasts and the expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:

IN EUR MILLION	Sanoptis
Non-current assets	825.9
Current assets	236.7
Non-current liabilities	916.2
Current liabilities	158.6
NET ASSETS	(12.1)
Purchase price - paid in cash	757.3
Fair value of non-controlling interests	90.0
TOTAL	847.4
Goodwill	859.6
Acquired cash and cash equivalents	75.3
Net cash flow	682.0

Since its acquisition, Sanoptis group has generated a contribution of EUR 180 million to the turnover and EUR - 21 million to the net result for the year (group's share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 180 million and EUR - 4 million to the net result (group's share).

Affidea

On July 22, 2022, GBL completed the acquisition of a majority stake (100.00%) in Affidea, Europe's largest provider of advanced imaging, outpatient and cancer treatment services.

The acquisition price amounts to EUR 999 million. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as the Affidea brand, contracts and customer relationships) for a total amount of EUR 598 million, property, plant and equipment (such as the Affidea group's buildings and rights of use) and deferred tax liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 883 million as of December 31, 2022. The goodwill arising on the acquisition of this group is mainly related to growth forecasts and expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:

IN EUR MILLION	Affidea
Non-current assets	1,063.2
Current assets	233.9
Non-current liabilities	981.7
Current liabilities	197.8
NET ASSETS	117.6
Non-controlling interests	1.4
NET ASSETS ACQUIRED	116.1
Purchase price - paid in cash	999.0
Fair value of non-controlling interests	-
TOTAL	999.0
Goodwill	882.9
Acquired cash and cash equivalents	95.4
Net cash flow	903,6

Since its acquisition, Affidea group has contributed EUR 307 million to the turnover and EUR - 30 million to the net result for the year (group's share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 418 million and EUR 2 million to the net result (group's share).

Other

Finally, the group also made other acquisitions in 2022 that were not individually significant. Those acquisitions generated a net cash outflow of EUR 337 million.

Acquisition accounts finalized in 2022

OneLink

On August 2, 2021, Webhelp had acquired OneLink for a purchase price of EUR 488 million (excluding acquisition costs of EUR 10 million and intra-group refinancing of EUR 32 million).

The goodwill resulting from the difference between the net assets and the value of the shareholding amounts to a definitive amount of EUR 279 million at the time of the acquisition. The fair values of assets, liabilities and contingent liabilities are presented in the following table:

IN EUR MILLION	OneLink
Non-current assets	243.7
Current assets	21.7
Non-current liabilities	28.8
Current liabilities	28.0
NET ASSETS	208.6
Purchase price - paid in cash	487.6
Goodwill	279.0
Acquired cash and cash equivalents	13.9
Net cash flow	473.7

Companies leaving the group structure

ECP III

In September 2022, ECP III sold its 67.48% stake in Indo, the first independent Spanish manufacturer of ophthalmic lenses and distributor of medical equipment for the eye care sector. The net consolidated capital gain on the sale amounts to EUR 43 million (group's share). The net cash inflow on this sale amounted to EUR 68 million.

Other

Finally, the group made marginally significant disposals in 2022 for a total cash inflow of EUR 160 million.

Notes

Note 1 Segment information

Note 2 Associates and joint ventures

Note 3 SGS, Pernod Ricard, adidas and other equity investments

Note 4 Gains (losses) from disposals, impairments and reversals of non-current assets from investing activities

Note 5 Other operating income (expenses) and employee expenses

Note 6 Gains (losses) from disposals, impairments and reversals of non-current assets related to operating activities

Note 7 Financial income (expenses)

Note 8 Turnover

Note 9 Intangible assets

Note 10 Goodwill

Note 11 Property, plant and equipment

Note 12 Other non-current assets

Note 13 Income taxes

Note 14 Inventories

Note 15 Trade receivables

Note 16 Trading financial assets

Note 17 Cash, cash equivalents and financial liabilities

Note 18 Other current assets

Note 19 Share capital and dividends

Note 20 Provisions

Note 21 Retirement benefits and other post-employment benefits

Note 22 Other non-current liabilities

Note 23 Other current liabilities

Note 24 Assets and liabilities associated with assets held for sale and discontinued operations

Note 25 Financial risks management and sensitivity analysis

Note 26 Derivative financial instruments

Note 27 Stock options

Note 28 Earnings per share

Note 29 Financial instruments

Note 30 Subsidiaries in which GBL holds significant non-controlling interests

Note 31 Contingent assets and liabilities, rights and commitments

Note 32 Transactions with related parties

Note 33 Events after the reporting period

Note 34 Statutory Auditor's fees

For consistency purposes, the notes to the consolidated financial statements are grouped based on the nature of the items and not in the order they are presented in the consolidated balance sheet and consolidated statement of comprehensive income. This arrangement is meant to facilitate the analysis of all the factors of the same kind affecting the assets and liabilities in the financial statements.

Note 1 Segment information

IFRS 8 Operating Segments requires the identification of segments based on internal reports which are regularly presented to the main operating decision-maker for the purpose of managing the allocation of resources to the segments and assessing their performance.

In conformity with IFRS 8, the group has identified seven segments:

―

Holding: consisting of the parent company GBL and its subsidiaries. Its main activity is to manage investments as well as the nonconsolidated operating companies or associates;

―

Imerys: consisting of the Imerys group, a French group listed on Euronext Paris and holding leading positions in each of its two business lines: Performance Materials and High Temperature Materials & Solutions;

―

Webhelp: consisting of the Webhelp group, a non-listed French group, specialized in customer experience and business process outsourcing, as well as the dedicated investment vehicle, Sapiens Sàrl;

―

Canyon: consisting of the Canyon group, a non-listed German group, the world leader in exclusively online direct-to-consumer ("DTC") sales of premium bicycles, as well as the dedicated investment vehicle, GfG Capital;

―

Affidea: comprising the non-listed Affidea Group, leading European provider of advanced diagnostics and outpatient services, and the dedicated investment vehicles to Celeste Capital Sàrl;

―

Sanoptis: comprising the non-listed Sanoptis ⁽¹⁾ Group, a European leader in ophthalmology services including surgeries and diagnostics, and the dedicated investment vehicles to Sofia Capital Sàrl; and

―

GBL Capital and Sienna Investment Managers ("SIM") including:

―	GBL Capital, with its investment's activity, which includes investments in alternative funds and direct co-investments in private equity, as well as, under consolidated operating activities, the operating subsidiaries of ECP III (subgroups Sausalitos, Vanreusel, Indo, etc.);
―	Sienna Investment Managers, activity of third-party asset management, through its stake in Sienna Real Estate, Sienna Gestion and Sienna Private Credit.

The results of a segment, its assets and its liabilities include all the items directly attributable to it. The accounting standards applied to these segments are the same as those described in the section entitled "Accounting Policies".

⁽¹⁾ For the following companies of the Sanoptis Group, which are included in the consolidated financial statements, the disclosure exemptions according to § 264 para. 3 HGB (German Commercial Code): Sanoptis GmbH, Augenklinik Dr. Hoffmann GmbH ; Augenärzte Braunschweig-Göttingen MVZ GmbH, MASG - Medizinische Abrechnungs- und Servicegesellschaft mbH, Südblick GmbH, Oculovision München GmbH, Augenheilkunde MVZ Dillingen GmbH, Augenheilkunde Aalen MVZ GmbH, Augenheilkunde Bopfingen MVZ GmbH, Augenheilkunde Heidenheim MVZ GmbH, Augenheilkunde Metzingen MVZ GmbH, Augenheilkunde Reutlingen MVZ GmbH, Augenheilkunde Rottenburg MVZ GmbH, Augenheilkunde Tübingen MVZ GmbH, nordBLICK Augenklinik Bellevue GmbH, nordBLICK MVZ GmbH, Wilhelminenhaus Kiel MVZ GmbH, Augentagesklinik Zehlendorf MVZ GmbH, Berolina Augenzentren MVZ GmbH, Augerlin MVZ GmbH, MVZ RHR, Augenarzte GmbH, MVZ Auregio GmbH, MVZ i-care4u GmbH, Augenzentrum Mühldorf MVZ GmbH, Augenklinik Mühldorf GmbH, Augenkompetenz Zentrum Bremerhaven MVZ GmbH, Augenblick Mannheim Süd MVZ GmbH, Augenblick Mannheim-Zentrum MVZ GmbH, Augenzentrum Oberstenfeld MVZ GmbH, Augenklinik Rendsburg GmbH, Taxi und Transport Neuwerk GmbH, Augenzentrum Unna MVZ GmbH, Augenblick Augenzentrum Reutlingen MVZ GmbH, Mainblick Augenzentrum GmbH, MVZ Augen Praxisklinik Lübeck GmbH, MVZ Schone Augenblicke GmbH, Augencentrum Köln MVZ GmbH, BEP Augenärzte MVZ GmbH, MVZ Augencentrum Cuxhaven GmbH and AOC Augen OP Centrum Porz GmbH

1.1. Segment information - Consolidated income statement

For the period ended as of December 31,2022

IN EUR MILLION	Holding	Imerys	Webhelp	Canyon
Share of profit (loss) of associates and joint ventures from investing activities	1.3	-	-	-
Net dividends from investments	322.3
Other operating income (expenses) from investing activities	(37.0)	-	(0.2)	(02)
Gains (losses) on disposals, impairments and reversals of non-current assets from investing activities	-	-	-	-
Financial income (expenses) from investing activities	136.4	-	(0.3)	-
Profit (loss) before tax from investing activities - continuing operations	422.9	-	(0.5)	(0.2)
Turnover	-	4,281.6	2,485.3	644.9
Raw materials and consumables	-	(1,472.5)	(57.9)	(375.8)
Employee expenses	-	(872.7)	(1,841.7)	(77.8)
Depreciation/amortization of property, plant, equipment and intangible assets (excluding impairments and reversals)	-	(303.1)	(215.5)	(46.9)
Other operating income (expenses) from operating activities ⁽¹⁾	-	(1,219.6)	(302.5)	(105.9)
Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities	-	(94.6)	(6.9)	-
Financial income (expenses) from operating activities	-	(51.0)	(413.1)	(5.2)
Profit (loss) before tax from consolidated operating activities - continuing operations	-	268.1	(352.2)	33.2
Income taxes	0.2	(91.0)	(18.4)	(10.2)
PROFIT (LOSS) FROM CONTINUING OPERATIONS	423.1	177.1	(371.0)	22.8
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - DISCONTINUED OPERATIONS	-	77.3	-	-
CONSOLIDATED PROFIT (LOSS) FOR THE YEAR	423.1	254.4	(371.0)	22.8
Attributable to the group	423.1	130.4	(388.2)	11.0

IN EUR MILLION	Affidea	Sanoptis	GBL Capital and SIM	Total
Share of profit (loss) of associates and joint ventures from investing activities	-	-	1.9	3.2
Net dividends from investments				322.3
Other operating income (expenses) from investing activities	(0.0)	(0.1)	(79.8)	(117.3)
Gains (losses) on disposals, impairments and reversals of non-current assets from investing activities	-	0.0	(83.3)	(83.3)
Financial income (expenses) from investing activities	(0.0)	-	(531.5)	(395.4)
Profit (loss) before tax from investing activities - continuing operations	(0.0)	(0.1)	(692.6)	(270.4)
Turnover	306.6	180.1	210.2	8,108.6
Raw materials and consumables	(32.8)	(35.0)	(48.1)	(2,022.1)
Employee expenses	(156.2)	(77.5)	(73.8)	(3,099.6)
Depreciation/amortization of property, plant, equipment and intangible assets (excluding impairments and reversals)	(42.5)	(23.6)	(26.6)	(658.1)
Other operating income (expenses) from operating activities ⁽¹⁾	(78.6)	(44.6)	(66.2)	(1,817.6)
Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities	-	(0.0)	0.1	(101.4)
Financial income (expenses) from operating activities	(24.2)	(24.1)	(8.2)	(525.8)
Profit (loss) before tax from consolidated operating activities - continuing operations	(27.8)	(24.7)	(12.6)	(115.9)
Income taxes	(1.9)	(0.0)	(2.1)	(123.4)
PROFIT (LOSS) FROM CONTINUING OPERATIONS	(29.7)	(24.8)	(707.3)	(509.8)
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - DISCONTINUED OPERATIONS		-	-	77.3
CONSOLIDATED PROFIT (LOSS) FOR THE YEAR	(29.7)	(24.8)	(707.3)	(432.5)
Attributable to the group	(30.0)	(20.7)	(710.3)	(584.7)

Information by segment on other items of profit or loss is mentioned below:

IN EUR MILLION	Holding	Imerys	Webhelp	Canyon
Share of profit (loss) of associates and joint ventures	1.3	35.9	-	-

Depreciation/amortization of property, plant, equipment	(0.8)	(316.8)	(215.5)	(46.9)
Impairment of non-current assets	-	(108.0)	(6.9)	-

IN EUR MILLION	Affidea	Sanoptis	GBL Capital and SIM	Total
Share of profit (loss) of associates and joint ventures	-	-		41.9
			4.7
Depreciation/amortization of property, plant, equipment	(42.5)	(23.6)	(30.3)	(676.5)
Impairment of non-current assets	-	-	(130.7)	(245.6)

⁽¹⁾ Includes the share of profit (loss) of associates and joint ventures from operating activities

For the period ended as of December 31, 2021

IN EUR MILLION	Holding	Imerys ⁽¹⁾	Webhelp
Share of profit (loss) of associates and joint ventures from investing activities	12.8	-	-
Net dividends from investments	363.1
Other operating income (expenses) from investing activities	(56.3)	-	(0.2)
Gains (losses) on disposals, impairments and reversals of non-current assets from investing activities	(0.0)	-	-
Financial income (expenses) from investing activities	(68.6)	-	0.0
Profit (loss) before tax from investing activities - continuing operations	251.1	-	(0.2)
Turnover	-	3,664.7	2,080.6
Raw materials and consumables	-	(1,170.5)	(38.6)
Employee expenses	-	(801.4)	(1,599.7)
Depreciation/amortization of property, plant, equipment and intangible assets (excluding impairments and reversals)	-	(302.3)	(172.1)
Other operating income (expenses) from operating activities ⁽²⁾	-	(1,069.8)	(298.0)
Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities	-	(29.6)	(1.4)
Financial income (expenses) from operating activities	-	(40.6)	(389.7)
Profit (loss) before tax from consolidated operating activities - continuing operations (219.3)	-	250.4	(418.8)
Income taxes	(0.4)	(68.2)	(18.7)
PROFIT (LOSS) FROM CONTINUING OPERATIONS	250.7	182.2	(437.8)
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - DISCONTINUED OPERATIONS	-	67.5	-
CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD	250.7	249.7	(437.8)
Attributable to the group	250.7	131.6	(466.4)

IN EUR MILLION	Canyon	GBL Capital and SIM	Total
Share of profit (loss) of associates and joint ventures from investing activities	-	123.2	136.0
Net dividends from investments			363.1
Other operating income (expenses) from investing activities	(0.0)	(42.8)	(99.3)
Gains (losses) on disposals, impairments and reversals of non-current assets from investing activities	-	139.4	139.4
Financial income (expenses) from investing activities	-	178.1	109.6
Profit (loss) before tax from investing activities - continuing operations	(0.0)	397.9	648.7
Turnover	344.8	152.9	6,243.0
Raw materials and consumables	(227.8)	(46.1)	(1,483.1)
Employee expenses	(44.9)	(50.9)	(2,496.9)
Depreciation/amortization of property, plant, equipment and intangible assets (excluding impairments and reversals)	(45.6)	(23.5)	(543.5)
Other operating income (expenses) from operating activities ⁽²⁾	(71.0)	(25.4)	(1,464.2)
Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities	-	0.2	(30.9)
Financial income (expenses) from operating activities	(2.9)	(10.5)	(443.7)
Profit (loss) before tax from consolidated operating activities - continuing operations (219.3)	(47.4)	(3.4)
Income taxes	25.7	(0.6)	(62.2)
PROFIT (LOSS) FROM CONTINUING OPERATIONS	(21.7)	393.9	367.3
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - DISCONTINUED OPERATIONS	-	-	67.5
CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD	(21.7)	393.9	434.8
Attributable to the group	(15.3)	378.1	278.8

Information by segment on other items of profit or loss is mentioned below:

The geographical split of the turnover is presented in note 8.

IN EUR MILLION	Holding	Imerys	Webhelp
Share of profit (loss) of associates and joint ventures	12.8	14.7	-

Depreciation/amortization of property, plant, equipment and intangible assets	(0.7)	(325.4)	(172.1)
Impairment of non-current assets	-	(28.9)	(0.5)

IN EUR MILLION	Canyon	GBL Capital and SIM	Total
Share of profit (loss) of associates and joint ventures	-		151.6
		124.1
Depreciation/amortization of property, plant, equipment and intangible assets	(45.6)	(23.6)	(567.4)
Impairment of non-current assets	-	6.2	(23.2)

⁽¹⁾ Results of Imerys for the 12-month period ended December 31,2021 have been restated to reflect the results from continuing operations excluding the High Temperature Solutions business area ("HTS") whose contemplated disposal was announced on July 28,2022. According to IFRS 5, HTS is accounted for as a discontinued operation and reported under "Profit (loss) from consolidated operating activities - discontinued operations"- see note 24
⁽²⁾ Includes the share of profit (loss) of associates and joint ventures from operating activities

1.2 Segment information - Consolidated balance sheet

Consolidated balance sheet as of December 31, 2022

IN EUR MILLION	Holding	Imerys	Webhelp	Canyon
Non-current assets	11,217.2	4,357.4	3,505.6	751.7
Intangible assets	1.1	287.5	833.6	373.4
Goodwill	-	1,852.2	2,128.3	309.1
Property, plant and equipment	15.2	1,959.2	499.4	48.4
Investments	11,200.4	92.8	0.0	0.0
Investments in associates and joint ventures	90.2	90.5	-	0.0
Other equity investments	11,110.2	2.3	0.0	-
Other non-current assets	0.6	54.9	28.0	13.1
Deferred tax assets	-	110.7	16.3	7.8
Current assets	1,427.9	3,513.6	990.6	483.9
Inventories	-	789.9	5.0	393.6
Trade receivables	0.0	489.9	454.1	3.3
Trading financial assets	839.8	1.9	12.0	16.3
Cash and cash equivalents	544.0	620.2	340.0	25.0
Other current assets	44.0	235.6	179.4	45.7
Assets held for sale	-	1,376.2	-	-
TOTAL ASSETS	12,645.1	7,871.0	4,496.2	1,235.6
Non-current liabilities	3,102.8	2,465.6	3,879.3	367.1
Financial liabilities	3,055.4	1,792.7	1,988.1	249.8
Provisions	0.5	388.8	2.5	4.4
Pensions and post-employment benefits	1.4	160.2	14.4	0.2
Other non-current liabilities	45.4	24.1	1,732.1	-
Deferred tax liabilities	-	99.9	142.2	112.8
Current liabilities	1,148.5	2,020.0	792.1	123.2
Financial liabilities	984.0	498.4	89.8	5.4
Trade payables	4.1	540.1	129.2	66.7
Provisions	-	34.3	23.6	7.4
Tax liabilities	6.8	105.0	31.5	10.5
Other current liabilities	153.6	373.3	518.0	33.2
Liabilities associated with assets held for sale	-	468.9	-	-
TOTAL LIABILITIES	4,251.3	4,485.6	4,671.4	490.4

IN EUR MILLION	Affidea	Sanoptis	GBL Capital and SIM	Total
Non-current assets	1,972.2	1,846.8	2,826.1	26,477.0
Intangible assets	589.7	663.5	86.8	2,835.6
Goodwill	889.2	965.9	113.9	6,258.5
Property, plant and equipment	468.9	184.0	113.6	3,288.6
Investments	1.0	2.3	2,485.2	13,781.8
Investments in associates and joint ventures	-	-	436.7	617.4
Other equity investments	1.0	2.3	2,048.5	13,164.4
Other non-current assets	4.8	6.2	25.4	132.9
Deferred tax assets	18.8	24.9	1.2	179.6
Current assets	187.7	176.7	142.9	6,923.4
Inventories	9.6	5.7	6.7	1,210.6
Trade receivables	88.3	53.8	19.3	1,108.7
Trading financial assets	-	-	0.0	870.0
Cash and cash equivalents	63.0	88.0	88.0	1,768.3
Other current assets	26.8	29.2	28.8	589.5
Assets held for sale	-	-	-	1,376.2
TOTAL ASSETS	2,160.0	2,023.5	2,969.0	33,400.4
Non-current liabilities	968.6	1,100.2	217.5	12,101.1
Financial liabilities	779.1	694.5	155.1	8,714.7
Provisions	9.9	2.0	4.9	413.1
Pensions and post-employment benefits	11.1	1.5	0,3	189.1
Other non-current liabilities	28.4	262.2	32.6	2,124.8
Deferred tax liabilities	140.1	139.9	24.5	659.4
Current liabilities	226.7	77.5	91.7	4,479.7
Financial liabilities	40.3	19.3	17.3	1,654.6
Trade payables	48.8	27.1	41.4	857.4
Provisions	3.2	0.1	0.1	68.6
Tax liabilities	4.9	4.8	3.5	167.0
Other current liabilities	129.5	26.1	29.4	1,263.1
Liabilities associated with assets held for sale	-	-	-	468.9
TOTAL LIABILITIES	1,195.3	1,177.7	309.2	16,580.8

All the assets and liabilities are allocated to the various segments.

Capital expenditure (property, plant and equipment and intangible assets) by segment is shown in the following table:

IN EUR MILLION	Holding	Imerys	Webhelp	Canyon
Capital expenditure	1.4	406.2	132.5	23.3

IN EUR MILLION	Affidea	Sanoptis	GBL Capital and SIM	Total
Capital expenditure	37.1	22.1	12.7	635.3

Consolidated balance sheet as of December 31, 2021

IN EUR MILLION	Holding	Imerys	Webhelp
Non-current assets	15,896.2	4,990.3	3,285.5
Intangible assets	0.0	303.9	827.7
Goodwill	-	2,144.7	2,063.5
Property, plant and equipment	16.7	2,217.3	364.7
Investments	15,878.9	100.3	-
Investments in associates and joint ventures	89.7	100.3	-
Other equity investments	15,789.2	0.0	-
Other non-current assets	0.6	85.6	18.8
Deferred tax assets	-	138.6	10.8
Current assets	2,389.0	2,425.8	916.7
Inventories	-	849.1	4.2
Trade receivables	0.6	614.3	381.2
Trading financial assets	2,064.7	7.3	12.0
Cash and cash equivalents	302.4	577.2	375.3
Other current assets	21.3	314.7	144.1
Assets held for sale	-	63.1	-
TOTAL ASSETS	18,285.2	7,416.1	4,202.3
Non-current liabilities	2,702.8	2,726.5	3,448.3
Financial liabilities	2,527.9	1,850.7	1,881.4
Provisions	0.5	414.0	-
Pensions and post-employment benefits	5.6	259.7	293.6
Other non-current liabilities	168.8	72.4	1,089.4
Deferred tax liabilities	-	129.6	183.8
Current liabilities	808.4	1,447.7	694.5
Financial liabilities	749.4	187.4	77.6

IN EUR MILLION	Canyon	GBL Capital and SIM	Total
Non-current assets	764.6	3,235.4	28,172.1
Intangible assets	399.0	79.3	1,610.0
Goodwill	309.1	137.1	4,654.4
Property, plant and equipment	44.3	107.1	2,750.0
Investments	0.0	2,901.1	18,880.3
Investments in associates and joint ventures	0.0	515.4	705.4
Other equity investments	-	2,385.7	18,174.9
Other non-current assets	2.1	7.6	114.6
Deferred tax assets	10.1	3.3	162.8
Current assets	303.2	90.8	6,125.5
Inventories	238.7	11.8	1,103.8
Trade receivables	1.5	22.1	1,019.7
Trading financial assets	2.0	0.0	2,086.0
Cash and cash equivalents	34.0	42.8	1,331.6
Other current assets	27.0	14.1	521.3
Assets held for sale	-	-	63.1
TOTAL ASSETS	1,067.9	3,326.2	34,297.6
Non-current liabilities	307.6	204.1	9,389.3
Financial liabilities	184.5	171.7	6,616.2
Provisions	1.3	0.1	415.9
Pensions and post-employment benefits	0.3	0.2	559.4
Other non-current liabilities	-	8.7	1,339.4
Deferred tax liabilities	121.6	23.4	458.4
Current liabilities	98.3	71.2	3,120.1
Financial liabilities	4.7	18.4	1,037.5

All the assets and liabilities are allocated to the various segments.

Capital expenditure (property, plant and equipment and intangible assets) by segment is shown in the following table:

IN EUR MILLION	Holding	Imerys	Webhelp
Capital expenditure	0.9	336.3	96.6

IN EUR MILLION	Canyon	GBL Capital and SIM	Total
Capital expenditure	9.2	10.6	453.6

The breakdown of the group's non-current assets ⁽¹⁾ by geographic region is as follows:

IN EUR MILLION	2022	2021
Belgium	223.4	259.5
Other European countries	10,155.8	6,584.7
North America	1,167.3	1,047.5
Other	836.3	1,122.7
TOTAL	12,382.8	9,014.4

Regarding the exposure to climate risks, given their geographic location, Imerys' entities may potentially be exposed to physical risks related to climate change, such as flooding, submersion, droughts, tornadoes and wildfires. Imerys uses hazard modelling to identify the locations likely to be exposed to these risks between now and 2050. At December 31, 2022, the carrying amount of these sites represented 2.4% of the group's consolidated assets, which are covered by suitable insurance policies (0.5% as of December 31, 2021).

Note 2 Associates and joint ventures

2.1 Share of profit (loss)

Dividends received from equity-accounted entities have been eliminated and replaced by GBL's share of their profit or loss.

Dividends received

IN EUR MILLION	2022	2021
Mérieux Participations 2	13.3	5.5
Other associates and joint ventures	5.8	5.2
TOTAL	19.1	10.8

Profit (loss) of associates and joint ventures (GBL's share)

IN EUR MILLION	2022	2021
Share of profit or loss of associates and joint ventures - investing activities	3.2	136.0
ECP I, II & IV	9.2	48.1
Avanti Acquisition Corp.	1.8	(1.8)
Parques Reunidos/Piolin II	1.3	12.8
Mérieux Participations 2	1.2	12.1
Backed	(10.3)	64.8
Associates and joint ventures related to consolidated operating activities (shown under "Other operating income (expenses)")	32.6	13.7
I.P.E.	2.5	1.0
Other	30.1	12.6
TOTAL	35.9	149.7

ECP I, II & IV

The contribution of ECP I, II & IV to the net result of GBL amounts to EUR 9 million in 2022 (EUR 48 million in 2021). This result mainly includes gains on the revaluation to fair value of ECP IV's share portfolio.

Parques Reunidos/Piolin II

The net result (GBL's share) of Parques Reunidos/Piolin II amounts to EUR 1 million in 2022 (EUR 13 million in 2021).

⁽¹⁾ Intangible assets, property, plant and equipment and goodwill

Mérieux Participations 2

The contribution of Mérieux Participations 2 (EUR 1 million versus EUR 12 million in 2021) also includes mainly fair value revaluation gains on its portfolio, partially offset by the fund's general expenses and tax charges.

Backed

Backed contributed to GBL's result for EUR - 10 million (EUR 65 million in 2021). The result is mainly due to revaluation losses on the fair value of the investment portfolio.

2.2 Value of associates and joint ventures

IN EUR MILLION	Parques Reunidos/ Piolin II	Backed	ECP I, II & IV	Avanti
As of December 31,2020	78.5	69.3	144.7	5.8
Investment/ (Divestment)	12.2	8.3	(1.8)	0.3
Profit (loss) for the year	12.8	64.8	48.1	(1.8)
Distribution	-	-	-	-
Other	(13.8)	(0.6)	-	0.4
As of December 31,2021	89.7	141.9	191.0	4.7
Investment/ (Divestment)	-	7.9	18.9	0.5
Profit (loss) for the year	1.3	(10.3)	9.2	1.8
Distribution	-	-	-	-
Impairment	-	-	-	(7.4)
Other	(0,8)	(0.0)	-	0.5
AS OF DECEMBER 31, 2022	90.2	139.4	219.1	-
Of which: Holding	90.2	-	-	-
Imerys	-	-	-	-
Webhelp	-	-	-	-
Canyon	-	-	-	-
Affidea	-	-	-	-
Sanoptis	-	-	-	-
GBL Capital and SIM	-	139.4	219.1	-

IN EUR MILLION	StreetTeam	Mérieux Participations 2	I.P.E.	Other	Total
As of December 31,2020	27.8	58.1	37.4	87.9	509.5
Investment/ (Divestment)	41.7	(2.2)	-	1.6	60.1
Profit (loss) for the year	-	12.1	1.0	12.7	149.7
Distribution	-	(5.5)	-	(5.2)	(10.8)
Other	0.9	0.0	5.8	4.1	(3.1)
As of December 31,2021	70.5	62.4	44.2	101.1	705.4
Investment/ (Divestment)	-	(10.2)	(5.2)	(3.6)	8.2
Profit (loss) for the year	-	1.2	2.5	30.1	35.9
Distribution	-	(13.3)	-	(5.8)	(19.1)
Impairment	(76.8)	-	(5.3)	-	(89.5)
Other	6.4	0.0	(0.0)	(29.4)	(23,4)
AS OF DECEMBER 31, 2022	-	40.0	36.2	92.5	617.4
Of which: Holding	-	-	-	-	90.2
Imerys	-	-	-	90.5	90.5
Webhelp	-	-	-	-	-
Canyon	-	-	-	0.0	0.0
Affidea	-	-	-	-	-
Sanoptis	-	-	-	-	-
GBL Capital and SIM	-	40.0	36.2	2.0	436.7

Associates and joint ventures are not listed.

2.3 Other information on associates and joint ventures

Aggregated financial information of major associates and joint ventures

The tables below present a summary of the financial information regarding Backed, ECP I, II & IV and Parques Reunidos/Piolin II, significant associates in 2022 and the other smaller associates and joint ventures. This summary represents the amounts included in the companies' financial statements prepared in accordance with IFRS.

IN EUR MILLION	Backed	ECP I, II & IV	Parques Reunidos/ Piolin II	Other associates and joint ventures	Total
AS OF DECEMBER 31, 2022
Non-current assets	320.1	678.0	2,369.9	277.4	3,645.5
Current assets	4.8	3.3	150.7	170.4	329.2
Non-current liabilities	31.6	40.8	1,830.7	67.9	1,970.9
Current liabilities	1.4	5.1	298.1	74.8	379.4
Non-controlling interests	-	-	1.3	0.0	1.3
Shareholder's equity (group's share)	291.9	635.5	390.6	305.0	1,623.0
Ownership interest in capital	n.r.	n.r.	23.1%	n.r.	n.r.
Share in equity	139.4	219.1	90.2	163.9	612.6
Goodwill	-	-	-	4.8	4.8
Carrying amount as of December 31,2022	139.4	219.1	90.2	168.7	617.4
Turnover	-	-	820.5	334.9	1,155.4
Profit (loss) from continuing operations	(15.0)	26.7	5.9	58.5	76.1
Net result of the year (including non-controlling interests)	(15.0)	26.7	5.9	58.5	76.1
Net result of the year (group's share)	(15.0)	26.7	5.7	58.5	75.9
Other comprehensive income (loss)	-	-	(4.2)	0.0	(4.1)
Total comprehensive income (loss) for the year	(15.0)	26.7	1.6	58.6	71.8
Dividends received during the period	-	-	-	19.1	19.1
Share of the group in the profit (loss) for the year	(103)	9.2	1.3	35.7	35.9

IN EUR MILLION	Backed	ECP I, II & IV	Parques Reunidos/ Piolin II	Other associates and joint ventures	Total
AS OF DECEMBER 31, 2021
Non-current assets	328.3	687.7	2,309.5	357.6	3,683.0
Current assets	7.6	3.9	166.4	417.7	595.6
Non-current liabilities	44.0	136.0	1,819.7	107.7	2,107.4
Current liabilities	3.0	1.6	267.0	81.6	353.1
Non-controlling interests	-	-	0.9	0.8	1.7
Shareholder's equity (group's share)	288.9	554.0	388.3	585.2	1,816.5
Ownership interest in capital	n.r.	n.r.	23.1%	n.r.	n.r.
Share in equity	141.9	191.0	89.7	278.3	700.9
Goodwill	-	-	-	4.5	4.5
Carrying amount as of December 31,2021	141.9	191.0	89.7	282.8	705.4
Turnover	-	-	585.3	296.1	881.5
Profit (loss) from continuing operations	129.8	139.8	55.8	54.0	379.5
Net result of the year (including non-controlling interests)	129.8	139.8	55.8	54.0	379.5
Net result of the year (group's share)	129.8	139.8	55.5	42.7	367.8
Other comprehensive income (loss)	-	-	(26.2)	-	(26.2)
Total comprehensive income (loss) for the year	129.8	139.8	29.3	42.7	341.7
Dividends received during the period	-	-	-	10.8	10.8
Share of the group in the profit (loss) for the year	64.8	48.1	12.8	24.0	149.7

Note 3 SGS, Pernod Ricard, adidas and other equity investments

3.1 Net dividends

IN EUR MILLION	2022	2021
SGS	109.8	103.5
Pernod Ricard	82.0	62.1
adidas	38.5	35.0
Umicore	31.4	30.9
Holcim	28.0	64.7
Mowi	19.1	15.9
GEA	10.2	12.9
TotalEnergies	0.8	0.6
Other	0.9	0.8
Reimbursements of withholding taxes	1.6	36.7
TOTAL	322.3	363.1

In 2022, GBL recorded EUR 322 million in dividends (EUR 363 million in 2021). This decrease mainly reflects lower reimbursements of withholding taxes in 2022 and lower dividends received from Holcim following sales in 2021, partially offset by higher dividends received from Pernod Ricard, SGS and adidas.

3.2 Fair value and changes

The investments in listed companies are valued on the basis of the share price at the reporting date. The investments in unlisted companies are valued on a quarterly basis at their fair value in line with the recommendations of the International Private Equity and Venture Valuation Guidelines ("IPEV Guidelines"). Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Changes in the fair value are recognized in the revaluation reserves (see note 3.3.).

Shares in "Funds" comprising 468 Capital II, BDT Capital Partners Fund II, Carlyle International Energy Partners II, C2 Capital Global Export-to- China Fund, DouxMatok, E.C.B. (Bastille)-Telenco, EC IV Invest, Eight Partners Worldwide, EP Sienna IM Broken Core Office Fund, Ergon opseo Long Term Value Fund, Ergon SVT Long Term Value Fund, FCT Credo I, Fonds Impact Social (Part B), Globality, Griffin Gaming Partners II, HCM IV LP, HCM S3C LP (Commute), HCM S11A LP (Transcarent), HCM V LP, Hourly Inc., Iceberg Data Lab, Illumio, Innovius Capital Fund, Kartesia Credit Opportunities III, IV and V, KKR Azur Co-Invest, KKR Rainbow Co-Invest (Asset), KKR Sigma Co-Invest II, Klarna Holding, Marcho, Marcho Long, Matador Coinvestment, Merieux Participations, Predirec ABL-3 (Part B), PrimeStone, Sagard, Sagard II, Sagard 3, Sagard 4, Sagard Business Intelligence, Sagard NewGen, Sagard Sante Animale, Sagard Testing, Sapphire Midco (aka "ProAlpha"), Sienna Rendement Avenir IV, South Park Commons Seed Fund II, South Park Commons Opportunities Fund II, Stripes VI and others are revalued at their fair value, as notably determined by the managers of these funds, based on their investment portfolio. Changes in the fair value of these investments are recognized in financial income (loss) (see note 7).


IN EUR MILLION	December 31,2021	Acquisitions
Investments with changes in fair value through equity	15,789.2	0.7
Pernod Ricard	4,207.3	-
SGS	4,223.4	-
adidas	3,472.5	-
Umicore	1,402.6	-
Holcim	592.3	-
GEA	546.3	-
Voodoo	266.0	0.3
Mowi	756.9	-
Ontex	115.0	-
TotalEnergies	11.9	-
Other	194.9	0.4
Investments with changes in fair profit or loss	2,385.7	491.9
Co-investments/	2,385.7	473.1
Other	0.0	18.7
FAIR VALUE	18,174.9	492.6


IN EUR MILLION	Disposals/ Reimbursements	Change in fair value	Other	December 31,2022
Investments with changes in fair value through equity	(759.3)	(3,920.4)	0.0	11,110.2
Pernod Ricard	(87.6)	(853.6)	-	3,266.2
SGS	-	(1,096.8)	-	3,126.6
adidas	-	(1,724.5)	-	1,748.1
Umicore	-	(56.1)	-	1,346.5
Holcim	-	47.4	-	639.7
GEA	-	(112.4)	-	434.0
Voodoo	-	6.7	-	273.0
Mowi	(436.8)	(163.4)	-	156.7
Ontex	-	(12.3)	-	102.7
TotalEnergies	-	3.7	0.0	15.7
Other	(234.9)	40.7	-	1.2
Investments with changes in fair profit or loss	(328.5)	(487.1)	(7.7)	2,054.2
Co-investments/	(328.5)	(487.1)	(12.3)	2,030.9
Other	(0.0)	-	4.6	23.3
FAIR VALUE	(1,087.8)	(4,407.5)	(7.7)	13,164.4

		Of Which:
IN EUR MILLION	Holding	Imerys	Webhelp	Canyon
Investments with changes in fair value through equity	11,110.2
Pernod Ricard	3,266.2	-	-	-
SGS	3,126.6	-	-	-
adidas	1,748.1	-	-	-
Umicore	1,346.5	-	-	-
Holcim	639.7	-	-	-
GEA	434.0	-	-	-
Voodoo	273.0	-	-	-
Mowi	156.7	-	-	-
Ontex	102.7	-	-	-
TotalEnergies	15.7	-	-	-
Other	1.2	-	-	-
Investments with changes in fair profit or loss	-	2.3	0.0	-
Co-investments/	-	-	-	-
Other	-	2.3	0.0	-
FAIR VALUE	11,110.2	2.3	0.0	-


IN EUR MILLION	Affidea	Sanoptis	GBL Capital and SIM
Investments with changes in fair value through equity
Pernod Ricard	-	-	-
SGS	-	-	-
adidas	-	-	-
Umicore	-	-	-
Holcim	-	-	-
GEA	-	-	-
Voodoo	-	-	-
Mowi	-	-	-
Ontex	-	-	-
TotalEnergies	-	-	-
Other	-	-	-
Investments with changes in fair profit or loss	1.0	2.3	2,048.5
Co-investments/	-	-	2,030.9
Other	1.0	2.3	17.6
FAIR VALUE	1.0	2.3	2,048.5


IN EUR MILLION	December 31, 2020	Acquisiti ons	Disposals/ Reimburssements
Investments with changes in fair value through equity	15,875.3	538.8	(1,501.5)
SGS	3,539.5	-	-
Pernod Ricard	3,119.2	-	-
adidas	4,085.6	-	-
Umicore	1,744.2	-	(104.5)
Mowi	551.7	110.3	-
Holcim	2,099.9	-	(1,242.8)
GEA	449.7	-	(142.4)
Voodoo	-	268.2	-
Ontex	181.0	-	-
TotalEnergies	9.4	-	-
Other	95.1	160.3	(11.8)
Investments with changes in fair value	1,930.0	574.2	(364.7)
Funds	1,927.5	574.2	(362.8)
Other	2.5	-	(1.9)
FAIR VALUE	17,805.3	1,113.0	(1,866.2)


IN EUR MILLION	Change in Fair value	Other	December 31, 2021
Investments with changes in fair value through equity	876.7	-	15,789.2
SGS	683.9	-	4,223.4
Pernod Ricard	1,088.1	-	4,207.3
adidas	(613.0)	-	3,472.5
Umicore	(237.1)	-	1,402.6
Mowi	94.8	-	756.9
Holcim	(264.8)	-	592.3
GEA	239.1	-	546.3
Voodoo	(2.2)	-	266.0
Ontex	(66.0)	-	115.0
TotalEnergies	2.5	-	11.9
Other	(48.7)	-	194.9
Investments with changes in fair value	255.5	(9.5)	2,385.7
Funds	255.5	(8,9)	2,385.7
Other	-	(0.5)	0.0
FAIR VALUE	1,132.2	(9.5)	18,174.9

	Of which:
IN EUR MILLION	Holding	Imerys	Webhelp	Canyon	GBL Capital and SIM
Investments with changes in fair value through equity	15,789.2	-	-	-	-
SGS	4,223.4	-	-	-	-
Pernod Ricard	4,207.3	-	-	-	-
adidas	3,472.5	-	-	-	-
Umicore	1,402.6	-	-	-	-
Mowi	756.9	-	-	-	-
Holcim	592.3	-	-	-	-
GEA	546.3	-	-	-	-
Voodoo	266.0	-	-	-	-
Ontex	115.0	-	-	-	-
TotalEnergies	11.9	-	-	-	-
Other	194.9	-	-	-	-
Investments with changes in fair value	-	0.0	-	-	2,385.7
Funds	-	-	-	-	2,385.7
Other	-	0.0	-	-	-
FAIR VALUE	15,789.2	0.0	-	-	2,385.7

3.3 Revaluation reserves

These reserves include the changes in the fair value of other equity investments whose changes in fair value are recorded through Equity.

In 2022, the partial disposals of Mowi and Pernod Ricard resulted in a reclassification to retained earnings of EUR 75 million and EUR 297 million respectively. In 2021, at the time of the partial disposals of Umicore, GEA and Holcim, the cumulated revaluation reserves of EUR 152 million, EUR 3 million and EUR 397 million respectively were reclassified to retained earnings.

IN EURO MILLION	SGS	Pernod Ricard	adidas	Umicore
As of December 31, 2020	986.0	2,296.3	2,974.2	845.0
Change resulting from the change in fair value	683.9	1,088.1	(613.0)	(85.5)
Transfers to consolidated reserves in case of disposal	-	-	-	(151.6)
As of December 31, 2021	1,670.0	3,384.4	2,361.2	607.9
Change resulting from the change in fair value	(1,096.8)	(556.8)	(1,724.5)	(56.1)
Transfers to consolidated reserves in case of disposal	-	(296.7)	-	-
AS OF DECEMBER 31, 2022	573.1	2,530.8	636.7	551.8

IN EURO MILLION	Mowi	Holcim	GEA	Voodoo
As of December 31, 2020	62.0	369.0	(97.6)	-
Change resulting from the change in fair value	94.8	132.4	242.4	(2.2)
Transfers to consolidated reserves in case of disposal	-	(397.3)	(3.3)	-
As of December 31, 2021	156.8	104.2	141.5	(2.2)
Change resulting from the change in fair value	(88.4)	47.4	(112.4)	6.7
Transfers to consolidated reserves in case of disposal	(75.0)	-	-	-
AS OF DECEMBER 31, 2022	(6.5)	151.6	29.2	4.5

IN EURO MILLION	Ontex	Total Energies	Other	Total
As of December 31, 2020	(273.4)	3.1	5.2	7,169.9
Change resulting from the change in fair value	(66.0)	2.5	(43.1)	1,434.4
Transfers to consolidated reserves in case of disposal	-	-	(5.5)	(557.7)
As of December 31, 2021	(339.4)	5.6	(43.5)	8,046.6
Change resulting from the change in fair value	(12.3)	3.7	(29.2)	(3,618.6)
Transfers to consolidated reserves in case of disposal	-	-	69.9	(301.8)
AS OF DECEMBER 31, 2022	(351.7)	9.3	(2.7)	4,126.1

Note 4 Gains (losses) from disposals, impairments and reversals of non-current assets from investing activities

IN EUR MILLION	2022	2021
Keesing	-	72.2
svt	-	61.3
Indo	47.3	-
Other	0.1	(0.0)
GAINS ON DISPOSALS OF SUBSIDIARIES - INVESTING ACTIVITIES	47.4	133.4
Avanti	(7.4)	-
Pollen	(102.6)	-
Sienna Real Estate	(15.4)	-
Other	(5.3)	6.0
IMPAIRMENTS AND REVERSALS OF NON-CURRENT ASSETS - INVESTING ACTIVITIES	(130.7)	6.0

This item, relating to results from transactions with subsidiaries or associates, mainly includes, in 2022, the net capital gain on the disposal by ECP III of Indo (EUR 47 million) and the impairment loss recorded on Pollen (EUR - 103 million). In 2021, it included the net capital gains on the sale by ECP III of Keesing (EUR 72 million) and of svt (EUR 61 million).

Note 5 Other operating income (expenses) and employee expenses

5.1 Details of other operating income (expenses)

IN EUR MILLION	2022	2021
Miscellaneous goods and services	(71.7)	(55.3)
Employee expenses	(38.3)	(43.8)
Depreciation and amortization	(4.6)	(0.8)
Other operating expenses	(4.7)	(0.9)
Other operating income	2.0	1.4
OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES	(117.3)	(99.3)
Transport costs	(691.8)	(560.8)
Subcontracting costs	(208.7)	(214.4)
Operating leases	(54.9)	(34.4)
Fees	(234.5)	(145.2)
Various taxes	(54.5)	(51.9)
Other operating expenses	(715.0)	(560.7)
Other operating income	109.0	89.6
Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities	32.6	13.7
OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES	(1,817.6)	(1,464.2)

Other operating expenses related to operating activities mainly consist of Imerys' maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 respectively).

Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under"fees".

5.2 Details of employee expenses

IN EUR MILLION	2022	2021
Remuneration	(36.0)	(20.4)
Social security contributions	(6.2)	(2.7)
Costs related to stock options	9.4	(16.7)
Contributions to pension plans	(2.9)	(2.9)
Other	(2.6)	(1.1)
EMPLOYEE EXPENSES - INVESTING ACTIVITIES	(38.3)	(43.8)
Remuneration	(2,418.8)	(1,910.0)
Social security contributions	(385.8)	(310.3)
Costs related to stock options	(17.6)	(12.9)
Contributions to pension plans	(197.0)	(247.7)
Other	(80.3)	(15.9)
EMPLOYEE EXPENSES - CONSOLIDATED OPERATING ACTIVITIES	(3,099.6)	(2,496.9)

The details of the remuneration of GBL's directors are shown in note 32. The stock option plans are detailed in note 27.

Note 6 Gains (losses) from disposals, impairments and reversals of non-current assets related to operating activities

IN EUR MILLION	2022	2021
Impairment on intangible assets and goodwill	(108.1)	(0.6)
Impairment on property, plant and equipment, net of reversals	(6.8)	(28.6)
Reversal of impairment on other non-current assets	1.0	0.2
Capital gain/(loss) realized on disposals of investments and activities	12.5	(1.9)
TOTAL	(101.4)	(30.9)

The impairments on intangible assets, goodwill and property, plant and equipment are detailed in the notes 9,10,24 and 11 respectively.

Note 7 Financial income (expenses)

IN EUR MILLION	2022	2021
Interest income on cash and cash equivalents, non-current assets or other	(7.7)	2.1
Interest expenses on financial liabilities	(27.0)	(20.1)
Gains (losses) on trading securities and derivatives	124.0	(115.6)
Change in the fair value of other equity investments recognized at fair value through profit or loss	(487.1)	255.5
Other financial income	13.1	6.7
Other financial expenses	(10.7)	(19.1)
FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES	(395.4)	109.6
Interest income on cash and cash equivalents and non-current assets	6.4	3.0
Interest expenses on financial liabilities	(196.5)	(127.9)
Gains (losses) on trading securities and derivatives	(1.8)	2.7
Other financial income	40.3	30.6
Other financial expenses	(374.2)	(352.1)
FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES	(525.8)	(443.7)

Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL's indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021).

Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp's minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp's and Imerys' indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).

Note 8 Turnover

The table below presents the split of the revenue into sales of goods, services provided and other:

IN EUR MILLION	2022	2021
Sales of goods	4,638.0	3,800.6
Services provided	3,451.4	2,440.5
Other	19.2	1.9
TOTAL	8,108.6	6,243.0

The table below presents the split by cash generating unit:

IN EUR MILLION	2022	2021
Performance Materials	2,844.2	2,425.8
High Temperature Materials & Solutions	1,436.0	1,237.8
Holdings	1.4	1.1
Imerys	4,281.6	3,664.7
Webhelp	2,485.3	2,080.6
Canyon	644.9	344.8
Affidea	306.6	-
Sanoptis	180.1	-
Vanreusel	72.5	59.2
Indo	28.4	53.1
Sausalitos	46.7	31.8
Sienna Real Estate	15.5	8.8
Sienna Private Credit	8.6	-
Sienna Gestion	38.6	-
GBL Capital and SIM	210.2	152.9
TOTAL	8,108.6	6,243.0

The breakdown of the group's turnover by geographic region is as follows:

IN EUR MILLION	2022	2021
Belgium	159.3	143.2
Other European countries	4,729.0	3,389.2
Americas	1,958.0	1,350.9
Asia	1,080.6	927.1
Other	181.7	432.6
TOTAL	8,108.6	6,243.0

The following table presents a different breakdown of revenue by the time at which goods and services are transferred to customers, distinguishing between goods and services transferred to customers at a given point in time and services transferred to customers over time:

IN EUR MILLION	2022	2018
Goods and services transferred to customers at a specific time	4,768.5	3,834.8
Services progressively transferred to customers	3,340.1	2,408.2
TOTAL	8,108.6	6,243.0

At Imerys'level, main contributor to the turnover, the breakdown of revenue by geographical location of its operations and geographical location of its customers is as follows:

IN EUR MILLION	2022	2021
Turnover breakdown by geographic areas
Europe	2,204.1	1,892.4
Asia-Oceania	616.5	560.0
North America	1,215.4	1,030.6
Other	245.6	181.7
TOTAL	4,281.6	3,664.7

IN EUR MILLION	2022	2021
Turnover breakdown by geographic areas of the clients
Europe	1,868.2	1,621.6
Asia-Oceania	903.5	806.2
North America	1,149.7	961.9
Other	360.2	275.0
TOTAL	4,281.6	3,664.7

Note 9 Intangible assets

IN EUR MILLION	Software	Mining rights	Patents, licenses and concessions
Gross carrying amount
As of December 31,2020	199.9	3.5	248.4
Investments	36.8	(0.6)	0.6
Changes in group structure/Business combinations	7.2	-	33.3
Transfers between categories	20.6	(0.2)	(35.9)
Disposals and retirements	(2.1)	-	(1.5)
Foreign currency translation adjustments	4.0	0.1	(9.4)
Other	-	-	-
As of December 31,2021	266.5	2.8	235.5
Investments	29.0	0.2	0.8
Changes in group structure/Business combinations	8.2	-	13.4
Transfers between categories	14.0	-	(3.2)
Disposals and retirements	(9.7)	-	(7.8)
Foreign currency translation adjustments	1.1	0.0	(3.3)
Other	(11.6)	(0.4)	(35.7)
AS OF DECEMBER 31, 2022	297.4	2.6	199.8
Cumulated amortization
As of December 31,2020	(128.1)	(1.0)	(41.9)
Amortization	(28.7)	0.1	(8.6)
Impairment (losses)/reversals	(0.3)	-	(0.2)
Transfers between categories	(12.6)	0.3	9.9
Disposals and retirements	1.9	-	1.0
Foreign currency translation adjustments	(3.5)	(0.0)	(0.8)
Changes in group structure/Other	(3.9)	-	2.0
As of December 31,2021	(175.3)	(0.7)	(38.6)
Amortization	(32.5)	(0.2)	(2.6)
Impairment (losses)/reversals	-	-	-
Transfers between categories	(2.9)	-	2.6
Disposals and retirements	10.2	-	7.1
Foreign currency translation adjustments	(1.2)	(0.0)	(0.1)
Changes in group structure/Other	6.7	0.1	6.4
AS OF DECEMBER 31, 2022	(195.1)	(0.7)	(25.2)
Net carrying amount
As of December 31,2020	71.8	2.5	206.5
As of December 31,2021	91.1	2.1	196.8
AS OF DECEMBER 31, 2022	102.3	1.9	174.5
Of which: Holding	0.5	-	-
Imerys	52.0	1.9	147.8
Webhelp	42.0	-	4.4
Canyon	1.2	-	3.3
Affidea	3.4	-	-
Sanoptis	0.8	-	0.2
GBL Capital and SIM	2.4	-	18.9

IN EUR MILLION	Trademarks	Customer relations	Other	Total
Gross carrying amount
As of December 31,2020	176.5	498.7	193.6	1,320.5
Investments	-	-	12.9	49.7
Changes in group structure/Business combinations	304.4	282.0	76.3	703.3
Transfers between categories	(1.8)	41.5	(20.2)	3.9
Disposals and retirements	-	-	(3.0)	(6.6)
Foreign currency translation adjustments	-	(0.6)	10.5	4.6
Other	-	-	(0.8)	(0.8)
As of December 31,2021	479.1	821.6	269.2	2,074.6
Investments	-	-	55.3	85.3
Changes in group structure/Business combinations	86.0	713.2	542.9	1,363.6
Transfers between categories	-	-	(12.5)	(1.8)
Disposals and retirements	(10.2)	(19.7)	(6.3)	(53.7)
Foreign currency translation adjustments	-	4.3	1.7	3.8
Other	(0.1)	(0.3)	(16.7)	(64.7)
AS OF DECEMBER 31, 2022	554.8	1,519.1	833.5	3,407.2
Cumulated amortization
As of December 31,2020	(4.4)	(38.4)	(106.1)	(319.8)
Amortization	(9.9)	(55.5)	(34.1)	(136.6)
Impairment (losses)/reversals	-	-	(0.0)	(0.5)
Transfers between categories	2.1	(15.1)	10.8	(4.7)
Disposals and retirements	-	-	3.1	5.9
Foreign currency translation adjustments	-	(0.1)	(1.0)	(5.5)
Changes in group structure/Other	-	0.0	(1.4)	(3.3)
As of December 31,2021	(12.2)	(109.0)	(128.8)	(464.6)
Amortization	(15.2)	(85.8)	(24.8)	(161.1)
Impairment (losses)/reversals	-	-	(0.1)	(0.1)
Transfers between categories	-	-	1.9	1.6
Disposals and retirements	4.0	7.7	0.3	29.3
Foreign currency translation adjustments	-	0.6	(1.1)	(1.9)
Changes in group structure/Other	-	0.1	11.9	25.1
AS OF DECEMBER 31, 2022	(23.4)	(186.4)	(140.7)	(571.6)
Net carrying amount
As of December 31,2020	172.1	460.3	87.5	1,000.7
As of December 31,2021	466.9	712.7	140.5	1,610.0
AS OF DECEMBER 31, 2022	531.4	1,332.7	692.8	2,835.6
Of which: Holding	-	-	0.6	1.1
Imerys	-	-	85.9	287.5
Webhelp	148.3	622.3	16.6	833.6
Canyon	286.5	36.5	45.9	373.4
Affidea	78.2	508.1	-	589.7
Sanoptis	5.2	129.3	527.9	663.5
GBL Capital and SIM	13.2	36.5	16.0	86.8

The intangible assets with an indefinite useful life amount to EUR 653 million as of December 31, 2022 - presented under the heading "Trademarks" and "Other" (EUR 155 million as of December 31, 2021 - presented under the heading "Trademarks" and "Other"). These mainly include the valuation at Sanoptis of the rights to receive insured patients (EUR 498 million). The depreciation charges for the various periods are shown under "Other operating income (expenses) from investing activities" and "Depreciation/ amortization of property, plant, equipment and intangible assets-consolidated operating activities" in the consolidated income statement.

Research and development costs in 2022 amounted to EUR 42 million (EUR 38 million in 2021).

The heading"Changes in group structure/Business combinations"in 2022 includes mainly the impact of the acquisitions of Sanoptis and Affidea.

Regarding the emission rights, Imerys is subject to greenhouse gas regulation schemes at eleven of its facilities in Europe and one facility in the US. In 2022, Imerys used 100.0% of the emission rights allocated to its eligible facilities (100.0% in 2021). As the estimated volume of greenhouse gas emissions exceeded the emission rights in 2022, the group has set aside a provision of EUR 8 million at December 31, 2022 to cover the deficit (EUR 1 million at December 31, 2021).

Note 10 Goodwill

IN EUR MILLION	2022	2021
Gross carrying amount
As of January 1	4,750.6	4,062.5
Changes in group structure/Business combinations	1,916.1	659.8
Foreign currency translation adjustments	45.4	33.6
Subsequent value adjustments	3.6	(5.0)
Disposals	(42.0)	(0.3)
Other	(314.5)	-
As of December 31	6,359.1	4,750.6
Cumulated impairment losses
As of January 1	(96.3)	(87.3)
Impairment losses	(123.4)	(0.0)
Foreign currency translation adjustments	(2.9)	(9.0)
Other	122.0	0.0
As of December 31	(100.6)	(96.3)
NET CARRYING AMOUNT AS OF DECEMBER, 31	6,258.5	4,654.4
Of which: Holding	-	-
Imerys	1,852.2	2,144.7
Webhelp	2,128.3	2,063.5
Canyon	309.1	309.1
Affidea	889.2	-
Sanoptis	965.9	-
GBL Capital and SIM	113.9	137.1

As of December 31, 2022, this caption is made up of EUR 1,852 million of goodwill generated by Imerys'various business lines, EUR 2,128 million of goodwill from the acquisitions of Webhelp group and from OneLink by Webhelp, EUR 309 million of goodwill from the Canyon group acquisition, EUR 889 million of goodwill from the Affidea group acquisition, EUR 966 million of goodwill from the Sanoptis group acquisition and EUR 114 million of goodwill on acquisitions by GBL Capital and Sienna Investment Managers (EUR 2,145 million, EUR 2,064 million, EUR 309 million, EUR 0 million, EUR 0 million and EUR 137 million respectively as of December 31, 2021).

Definition of cash generating units (CGU)

GBL's management has retained the judgements made by Imerys, Webhelp, Canyon, Affidea, Sanoptis and GBL Capital and Sienna Investment Managers in the definition of CGUs.

At Imerys, as goodwill feeds into the business management indicators monitored by the management, it is tested for impairment at the same levels as those monitored by the management, which are as follows: Performance Minerals Europe, Middle East and Africa (PMEMEA), Performance Minerals Americas (PMA), Performance Minerals Asia Pacific (PMAPAC) excluding G&C and Graphite & Carbon (G&C) within the Performance Minerals (PM) segment; and High Temperature Solutions (HTS) and Refractory, Abrasives & Construction (RAC) within the High Temperature Materials & Solutions (HTMS) segment. As most of the High Temperature Solutions business line and all the business serving the paper market are designated as discontinued operations and assets held for sale respectively (see Note 24), their assets are excluded from the scope of this test. Other than goodwill, all assets within Imerys including right-of-use assets net of lease liabilities and mining assets are covered within the scope of these tests.

At Webhelp, the activity of the Webhelp group is reported through a single CGU, the Webhelp CGU.

At Canyon, the operational reporting and thus the goodwill management is carried out at the highest level, i.e. GoForGold Holding, which represents the only identified CGU.

At Affidea, the activity of the group is reported through a single CGU, the Affidea CGU.

At Sanoptis, the activity of the group is reported through a single CGU, the Sanoptis CGU.

At GBL Capital and Sienna Investment Managers level, the goodwill is allocated to each investment. In the table below, the carrying amount and the goodwill impairment loss are presented by CGU:

		2022		2021
IN EUR MILLION	Net carrying amount	Cumulated impairment losses	Net carrying amount	Cumulated impairment losses
Webhelp	2,128.3	-	2,063.5	-
Performance Materials (Imerys)	1,100.2	(5.5)	1,201.4	(2.4)
Sanoptis	965.9	-	-	-
Affidea	889.2	-	-	-
High Temperature Materials & Solutions (Imerys)	751.2	(79.7)	942.5	(93.9)
Canyon	309.1	-	309.1	-
Vanreusel (GBL Capital)	59.2	-	59.2	-
Sienna Gestion (SIM)	18.3	-	-	-
Sausalitos (GBL Capital)	15.0	-	15.0	-
Sienna Private Credit (SIM)	14.4	-	-	-
Sienna Real Estate (SIM)	7.0	(15.4)	22.4	-
Holdings (Imerys)	0.8	-	0.8	-
Indo (GBL Capital)	-	-	40.5	-
TOTAL	6,258.5	(100.6)	4,654.4	(96.3)

Impairment tests

In accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.

At Imerys, the projected cash flows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash flows and rates before income tax, as required by applicable standards.

The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.

At Webhelp, the projected cash flows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group's financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).

The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group's tested assets as of December 31, 2022 and December 31, 2021.

At Canyon, the projected cash flows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)

The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group's tested assets as of December 31, 2022. No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.

At Sanoptis, the cash flow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group's assets tested at December 31, 2022.

At GBL Capital and SIM, the projected cash flows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).

At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).

In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:

	2022		2021
	Discount rate	Perpetual growth rate	Discount rate	Perpetual growth rate
Performance Materials (Imerys)	9.02%	1.51%	7.48%	1.29%
High Temperature Materials & Solutions (Imerys)	8.64%	1.98%	7.75%	2.86%
AVERAGE RATE WEBHELP	8.77%	2.00%	8.13%	2.00%
AVERAGE RATE CANYON	12.69%	1.00%	9.40%	1.00%
AVERAGE RATE SANOPTIS	6.72%	1.00%	-	-
AVERAGE RATE GBL CAPITAL AND SIM	11.80%	2.55%	11.25%	1.75%

Sensitivity analysis

Of the assumptions used, those whose variation has the most significant impact on the financial statements are the forecast cash flows, the discount rate and the perpetual growth rate. The group has carried out simulations to measure the impairment losses that would be recognized in the event of unfavorable changes in the assumptions used in the central scenario at December 31, 2022. The changes used for these sensitivity tests are those that the group considers reasonably possible in the context of the test: a 5.00% decrease in forecast cash flows; a 1.00% increase in discount rates; and a 1.00% decrease in perpetual growth rates (unchanged at December 31, 2021). As summarized in the table below, the sensitivities performed on the central scenario show a total impairment of EUR - 4 million in case of a 5.00% decrease of the forecasted cash flows, EUR - 18 million in case of a 1.00% increase of the discount rates and a total impairment of EUR - 9 million in case of a 1.00% decrease of the perpetual growth rates.

IN EUR MILLION	Adverse changes
FORECASTED CASH FLOWS	(5%)
Impairment loss	(3.9)
DISCOUNT RATES	+100 bps
Impairment loss	(17.5)
PERPETUAL GROWTH RATES	(100 bps)
Impairment loss	(8.9)

In addition, Imerys carried out a sensitivity exercise incorporating the risks of climate change in the context of a global warming of + 2 degrees Celsius by 2050, as projected by the International Energy Agency (IEA) in its Stated Policies scenario published in the World Energy Outlook in 2019. This scenario, which is one of the three trajectories modeled by the IEA, was chosen by Imerys for this sensitivity exercise because it is reasonably possible. The risks taken into account in this model are heat waves as identified by the S&P Global Trucost Assessment, fires as identified by the FM Global Assessment and the Angstrom Index and droughts as identified by the Water Risk Filter of the World Wild Fund for Nature and the Deutsche Investitions- und Entwicklungsgesellschaft. The sites included in the sensitivity exercise are those whose risks are known to be uninsurable in the long term, according to the latest known information as of December 31, 2022, as well as those whose risks are normally insurable but specifically known to be uninsurable due to specific climatic conditions. On this basis, Imerys has estimated for each site the foreseeable frequency of closure and the corresponding cash flow losses. As a result of this work, the sensitivity of the risks and opportunities related to climate issues does not highlight any impairment.

Note 11 Property, plant and equipment

IN EUR MILLION	Land and buildings	Mineral reserves	Fittings, machinery, equipment and rolling stock
Gross carrying amount
As of December 31,2020	651.7	907.2	4,105.8
Investments	14.2	65.1	88.2
Changes in group structure/ Business combinations	10.4	-	35.1
Disposals and retirements	(2.9)	(1.5)	(38.1)
Foreign currency translation adjustments	13.2	41.9	141.5
Other	(85.1)	(46.6)	67.7
As of December 31,2021	601.6	966.1	4,400.2
Investments	13.3	72.1	119.1
Changes in group structure/ Business combinations	243.0	-	468.9
Disposals and retirements	(21.6)	(0.2)	(92.0)
Foreign currency translation adjustments	6.4	26.7	30.0
Other	(113.5)	(88.2)	(908.9)
AS OF DECEMBER 31, 2022	729.2	976.4	4,017.3
Cumulated depreciation
As of December 31,2020	(300.2)	(481.6)	(3,038.0)
Depreciation	(15.8)	(57.6)	(197.7)
Impairment (losses)/reversals	(3.6)	(22.1)	(5.0)
Disposals and retirements	1.3	1.3	31.7
Foreign currency translation adjustments	(7.9)	(22.7)	(105.7)
Changes in group structure/Other	48.7	35.6	121.8
As of December 31,2021	(277.5)	(547.0)	(3,193.0)
Depreciation	(24.8)	(57.0)	(186.6)
Impairment (losses)/reversals	(2.3)	-	0.0
Disposals and retirements	12.8	0.2	71.8
Foreign currency translation adjustments	(4.6)	(16.8)	(23.3)
Changes in group structure/Other	(77.1)	59.7	452.5
AS OF DECEMBER 31, 2022	(373.3)	(560.9)	(2,878.5)
Net carrying amount
As of December 31,2020	351.5	425.6	1,067.7
As of December 31,2021	324.1	419.0	1,207.2
AS OF DECEMBER 31, 2022	355.8	415.5	1,138.7
Of which: Holding	-	-	1.2
Imerys	227.7	415.5	887.1
Webhelp	1.8	-	88.0
Canyon	2.4	-	13.5
Affidea	101.1	-	92.5
Sanoptis	10.2	-	31.2
GBL Capital and SIM	12.6	0.1	25.2

IN EUR MILLION	Right-of-use assets	Assets under construction	Other property, plant and equipment	Total
Gross carrying amount
As of December 31,2020	584.7	227.5	187.0	6,663.7
Investments	168.4	207.5	46.0	589.4
Changes in group structure/ Business combinations	50.1	-	18.5	114.1
Disposals and retirements	(43.7)	(1.8)	(10.3)	(98.3)
Foreign currency translation adjustments	(61.7)	7.7	(0.8)	141.9
Other	(3.4)	(178.4)	14.1	(231.6)
As of December 31,2021	694.5	262.6	254.5	7,179.5
Investments	290.2	255.1	85.4	835.2
Changes in group structure/ Business combinations	421.9	10.8	104.0	1,248.7
Disposals and retirements	(35.6)	(1.8)	(25.5)	(176.6)
Foreign currency translation adjustments	(10.8)	6.9	(6.3)	52.8
Other	(109.9)	(262.3)	308.0	(1,174.9)
AS OF DECEMBER 31, 2022	1,250.3	271.3	720.1	7,964.6
Cumulated depreciation
As of December 31,2020	(195.4)	(23.0)	(109.5)	(4,147.7)
Depreciation	(129.5)	-	(30.3)	(430.8)
Impairment (losses)/reversals	(0.3)	(1.0)	(2.0)	(34.0)
Disposals and retirements	23.3	0.1	9.2	66.7
Foreign currency translation adjustments	69.8	(0.0)	(0.6)	(67.0)
Changes in group structure/Other	2.3	(0.1)	(24.8)	183.4
As of December 31,2021	(229.9)	(24.1)	(158.0)	(4,429.5)
Depreciation	(153.9)	(1.7)	(78.1)	(502.0)
Impairment (losses)/reversals	-	-	1.5	(0.8)
Disposals and retirements	29.8	0.3	24.1	138.9
Foreign currency translation adjustments	2.1	(1.8)	3.0	(41.4)
Changes in group structure/Other	(30.9)	22.7	(268.2)	158.7
AS OF DECEMBER 31, 2022	(382.8)	(4.6)	(475.7)	(4,675.9)
Net carrying amount
As of December 31,2020	389.3	204.5	77.4	2,516.1
As of December 31,2021	464.7	238.5	96.5	2,750.0
AS OF DECEMBER 31, 2022	867.5	266.7	244.4	3,288.6
Of which: Holding	11.8	-	2.1	15.2
Imerys	133.2	228.6	67.3	1,959.2
Webhelp	282.2	12.0	115.3	499.4
Canyon	29.0	3.5	-	48.4
Affidea	244.2	17.8	13.3	468.9
Sanoptis	94.4	3.4	44.8	184.0
GBL Capital and SIM	72.8	1.5	1.4	113.6

The depreciation charges for the various periods are shown under "Other operating income (expenses) from investing activities" and "Depreciation/amortization of property, plant, equipment and intangible assets-consolidated operating activities" in the consolidated income statement.

Leases

The group negotiates leases to obtain from the lessee the right to use certain mining, industrial and logistics equipment, as well as immovable administrative, industrial and logistical property. As of December 31, 2022, the value of these rights, recognized in "Right-of-use assets", amounted to EUR 868 million (EUR 465 million as of December 31, 2021)."Right-of-use assets" represent the following assets:

IN EUR MILLION	Land and buildings	Mineral reserves	Fittings, machinery, equipment and rolling stock
Gross carrying amount
As of December 31,2020	357.9	-	98.8
Investments	134.2	-	21.9
Changes in group structure/Business combinations	45.3	-	4.8
Disposals and retirements	(38.3)	-	(5.4)
Foreign currency translation adjustments	(26.7)	-	(20.8)
Other	2.2	-	1.6
As of December 31,2021	474.7	-	101.0
Investments	222.1	-	41.0
Changes in group structure/Business combinations	298.2	-	114.0
Disposals and retirements	(32.3)	-	(6.1)
Foreign currency translation adjustments	1.5	-	(16.8)
Other	(78.6)	-	(21.1)
AS OF DECEMBER 31, 2022	885.6	-	211.9
Cumulated depreciation
As of December 31,2020	(92.6)	-	(54.4)
Depreciation	(89.1)	-	(21.6)
Impairment (losses)/reversals	(0.3)	-	-
Disposals and retirements	19.8	-	3.5
Foreign currency translation adjustments	32.1	-	23.2
Changes in group structure/Other	0.1	-	(2.4)
As of December 31,2021	(129.9)	-	(51.7)
Depreciation	(104.9)	-	(26.0)
Impairment (losses)/reversals	0.2	-	(0.1)
Disposals and retirements	27.4	-	2.4
Foreign currency translation adjustments	(10.9)	-	17.6
Changes in group structure/Other	(16.8)	-	(19.0)
AS OF DECEMBER 31, 2022	(234.9)	-	(76.9)
Net carrying amount
As of December 31,2020	265.4	-	44.4
As of December 31,2021	344.8	-	49.3
AS OF DECEMBER 31,2022	650.7	-	135.1
Of which: Holding	11.8	-	-
Imerys	78.3	-	32.7
Webhelp	274.6	-	7.5
Canyon	27.8	-	1.2
Affidea	151.8	-	92.3
Sanoptis	84.8	-	0.3
GBL Capital and SIM	21.4	-	1.0

IN EUR MILLION	Assets under construction	Other property, plant and equipment	Total
Gross carrying amount
As of December 31,2020	-	128.0	584.7
Investments	-	12.3	168.4
Changes in group structure/Business combinations	-	-	50.1
Disposals and retirements	-	-	(43.7)
Foreign currency translation adjustments	-	(14.2)	(61.7)
Other	-	(7.3)	(3.4)
As of December 31,2021	-	118.8	694.5
Investments	-	27.2	290.2
Changes in group structure/Business combinations	-	9.7	421.9
Disposals and retirements	-	2.7	(35.6)
Foreign currency translation adjustments	-	4.5	(10.8)
Other	-	(10.1)	(109.9)
AS OF DECEMBER 31, 2022	-	152.8	1,250.3
Cumulated depreciation
As of December 31,2020	-	(48.4)	(195.4)
Depreciation	-	(18.7)	(129.5)
Impairment (losses)/reversals	-	-	(0.3)
Disposals and retirements	-	-	23.3
Foreign currency translation adjustments	-	14.4	69.8
Changes in group structure/Other	-	4.6	2.3
As of December 31,2021	-	(48.2)	(229.9)
Depreciation	-	(22.9)	(153.9)
Impairment (losses)/reversals	-	(0.1)	-
Disposals and retirements	-	-	29.8
Foreign currency translation adjustments	-	(4.6)	2.1
Changes in group structure/Other	-	4.9	(30.9)
AS OF DECEMBER 31, 2022	-	(71.0)	(382.8)
Net carrying amount
As of December 31,2020	-	79.5	389.3
As of December 31,2021	-	70.6	464.7
AS OF DECEMBER 31,2022	-	81.8	867.5
Of which: Holding	-	-	11.8
Imerys	-	22.2	133.2
Webhelp	.	-	282.2
Canyon	-	-	29.0
Affidea	-	-	244.2
Sanoptis	-	9.3	94.4
GBL Capital and SIM	-	50.4	72.8

The right-of-use and lease liability model is applied to all leases, except leases with a term of 12 months or less, leases of low-value assets and variable lease payments and services, which are recognized in expenses (EUR 55 million in 2022 and EUR 34 million in 2021). As of December 31, 2022, "lease liabilities" recognized against "right-of-use assets" amounted to EUR 908 million (EUR 491 million as of December 31, 2021) and generated an interest expense of EUR 36 million recognized in financial income (expenses). Cash payments made in 2022 totaled EUR 253 million, broken down as EUR 217 million for the principal and EUR 36 million in interest, respectively in financing and operating activities in the consolidated statement of cash flows (respectively EUR 304 million, EUR 237 million and EUR 67 million in 2021). The group does not generate any material revenue from leasing the freehold assets it owns, nor from the sub-lease of assets leased.

Note 12 Other non-current assets

IN EUR MILLION	2022	2021
Non-current financial assets	75.7	85.6
Derivative financial instruments - Hedging	9.6	1.2
Derivative financial instruments - Held for trading	-	0.5
Long-term advance payments, loans and deposits	43.6	34.8
Other	22.5	49.1
Non-current non-financial assets	57.2	29.0
Assets related to pension plans	17.1	26.8
Other	40.1	2.1
TOTAL	132.9	114.6
Of which: Holding	0.6	0.6
Imerys	54.9	85.6
Webhelp	28.0	18.8
Canyon	13.1	2.1
Affidea	4.8	-
Sanoptis	6.2	-
GBL Capital and SIM	25.4	7.6

Note 13 Income taxes

13.1 Breakdown of the "income taxes" heading

IN EUR MILLION	2022	2021
Current taxes	(160.4)	(116.8)
For the year in progress	(164.5)	(105.3)
For previous years	4.1	(11.6)
Deferred taxes	37.0	54.6
Related to the creation and reversal of temporary differences	38.6	51.8
Related to changes in tax rates or new tax liabilities	1.3	(2.4)
Related to the recognition / (use) of deferred tax assets resulting from losses from previous periods	(3.8)	3.5
Other	0.9	1.8
TOTAL	(123.4)	(62.2)

13.1 Reconciliation of the income tax expense for the year

IN EUR MILLION	2022	2021
Profit (loss) before income taxes from continuing operations	(386.4)	429.5
Share of profit (loss) of equity-accounted entities	(35.9)	(149.7)
Profit (loss) before income taxes and before share of profit (loss) of equity-accounted entities	(422.3)	279.8
TAXES AT BELGIAN RATE (25.00% IN 2022 AND IN 2021)	105.6	(70.0)
Impact of different tax rates in foreign countries	0.1	(5.7)
Tax impact of non-taxable income	155.8	249.3
Tax impact of non-deductible expenses	(270.1)	(191.4)
Tax impact of changes in tax rates for subsidiaries	1.2	(0.4)
Tax impact of adjustments relating to previous years or previously unrecognized deferred tax assets	2.1	1.3
Other	(118.0)	(45.3)
INCOME TAX (EXPENSE) FOR THE YEAR	(123.4)	(62.2)

The corporate tax rate in Belgium was 25.00% in 2022, as in 2021.

The effective tax rate in 2022 stands at - 29.22%, compared with 22.23% in 2021.

As a holding company, GBL is not supposed to pay tax as most of its income-dividends and capital gains-come from profits already taxed at the level of the participation. If GBL were to be taxed in turn on the dividends/capital gains, there would be double taxation. This regime is therefore not a tax advantage granted to holding companies, but quite simply a means to avoid double taxation (application of the European Parent-Subsidiary Directive).

13.3 Deferred tax by nature in the balance sheet

	Deferred tax assets		Deferred tax liabilities
IN EUR MILLION	2022	2021	2022	2021
Property, plant, equipment and intangible assets	150.7	90.2	(836.5)	(578.5)
Inventories, trade receivables, trade payables and provisions	80.1	88.9	(7.9)	(5.2)
Employee benefit obligations	42.3	54.2	(1.1)	-
Unused tax losses and credits	42.6	31.0	-	-
Other	101.2	78.1	(51.2)	(54.6)
Offsetting of assets/liabilities	(237.2)	(179.8)	237.2	179.8
TOTAL	179.6	162.8	(659.4)	(458.4)
Of which: Holding	-	-	-	-
Imerys	110.7	138.6	(99.9)	(129.6)
Webhelp	16.3	10.8	(142.2)	(183.8)
Canyon	7.8	10.1	(112.8)	(121.6)
Affidea	18.8	-	(140.1)	-
Sanoptis	24.9	-	(139.9)	-
GBL Capital and SIM	1.2	3.3	(24.5)	(23.4)

Deferred tax assets are recognized for tax losses carried forward when their recovery is deemed probable and over an expected recovery horizon not exceeding five years. The valuation of deferred tax assets recognized in this regard is based on an analysis of the loss' constitution, the probability of recurrence of losses in the future, future business prospects and national laws limiting the use of carryforward losses. As of December 31,2021, these deferred tax assets thus recognized amount to a total of EUR 43 million (EUR 31 million in 2021).

For the Holding segment, tax losses carried forward for an unlimited time and tax credits in Belgium amount to EUR 1,297 million (EUR 1,098 million in 2021); for foreign subsidiaries, these items amount to EUR 5,063 million (EUR 5,022 million in 2021). Furthermore, regarding the other segments, tax losses carried forward for an unlimited time and tax credits amount to EUR 478 million for Imerys, EUR 38 million for Webhelp, EUR 0 million for Canyon, EUR 220 million for Affidea, EUR 0 million for Sanoptis and EUR 90 million for GBL Capital and Sienna Investment Managers (respectively EUR 495 million, EUR 27 million, EUR 0 million, EUR 0 million, EUR 0 million and EUR 89 million in 2021). These tax losses and tax credits did not give rise to the recognition of a deferred tax asset because their recovery is considered uncertain.

No deferred tax liabilities are recognized in relation to the temporary tax differences between the carrying amount and the tax value of investment securities if the group is able to verify the date of the temporary difference's reversal and if it is likely that this difference will not be reversed in the foreseeable future. The group estimates that the deferred tax liabilities not recognized in this regard as of December 31, 2022 amount to EUR 8 million (EUR 12 million as of December 31, 2021).

The following tables show the evolution of deferred tax assets and liabilities in 2022 and 2021:

IN EUR MILLION	December 31,2021	Result	Statement of comprehensive income	Other	December 31,2022
Deferred tax assets	162.8	17.5	8.3	(9.0)	179.6
Deferred tax liabilities	(458.4)	19.5	7.6	(228.1)	(659.4)
Net	(295.6)	37.0	15.9	(237.1)	(479.8)

IN EUR MILLION	December 31,2020	Result	Statement of comprehensive income	Other	December 31,2021
Deferred tax assets	160.0	54.9	(38.6)	(13.5)	162.8
Deferred tax liabilities	(271.9)	(0.3)	(2.9)	(183.3)	(458.4)
Net	(112.0)	54.6	(41.5)	(196.8)	(295.6)

The amounts included under"Other" are mainly due to the consolidation of the new subsidiaries acquired in 2022.

Finally, the different taxes directly recorded under shareholders equity are shown in the following table:

IN EUR MILLION	2022	2021
Actuarial gains (losses)	39.0	85.1
Of which amounts before taxes	46.5	110.5
Of which deferred taxes	(7.5)	(25.4)
Gains and (losses) on financial liabilities measured at fair value attributable to the acquisition of a controlling or non-controlling interest	(10.6)	-
Of which amounts before taxes	(8.9)	-
Of which deferred taxes	(1.7)	-
Foreign currency translation adjustments	101.2	57.1
Of which amounts before taxes	101.6	56.3
Of which deferred taxes	(0.4)	0.8
Cash flow hedge	(129.2)	44.0
Of which amounts before taxes	(154.7)	60.9
Of which deferred taxes	25.5	(16.9)
Revaluation reserves	(3,618.6)	1,434.4
Of which amounts before taxes	(3,618.6)	1,434.4
Of which deferred taxes	-	-

Note 14 Inventories

IN EUR MILLION	2022	2021
Raw materials, consumables and parts	670.1	592.6
Work in progress	133.9	112.4
Finished goods and goods for resale	459.4	453.3
Other	0.0	0.1
GROSS TOTAL (BEFORE WRITE-DOWNS)	1,263.4	1,158.3
Write-downs of inventory
As of January 1	(54.5)	(51.5)
Write-downs over the year	(27.1)	(19.8)
Reversals of write-downs	15.4	17.2
Foreign currency translation adjustments	(0.5)	-
Other	13.9	(0.4)
As of December 31	(52.9)	(54.5)
NET TOTAL	1,210.6	1,103.8
Of which: Holding	-	-
Imerys	789.9	849.1
Webhelp	5.0	4.2
Canyon	393.6	238.7
Affidea	9.6	-
Sanoptis	5.7	-
GBL Capital and SIM	6.7	11.8

The variation of inventories recognized as an expense is EUR 97 million in 2022 (EUR - 91 million in 2021).

Note 15 Trade receivables

IN EUR MILLION	2022	2021
Trade receivables	1,132.6	1,060.2
Write-downs of doubtful receivables	(23.8)	(40.5)
NET TOTAL	1,108.7	1,019.7
Of which: Holding	0.0	0.6
Imerys	489.9	614.3
Webhelp	454.1	381.2
Canyon	3.3	1.5
Affidea	88.3	-
Sanoptis	53.8	-
GBL Capital and SIM	19.3	22.1

Trade receivables are mainly related to Imerys and Webhelp. Factoring agreements have been put in place by Imerys and Webhelp for an unlimited period for a maximum amount of EUR 248 million, including taxes. As of December 31, 2022, EUR 206 million in receivables were thus transferred and deconsolidated, the risks and benefits associated with these receivables, including default and late payment risks, having been transferred to the factor (EUR 162 million as of December 31, 2021).

Trade receivables do not bear interest and generally have a 30 to 90-day maturity. At the reporting date, some of the trade receivables detailed below may be due without being impaired, for example when covered by a credit insurance contract or a guarantee.

IN EUR MILLION	2022	2021
Delay of no more than 1 month	171.8	141.3
Delay of 1 to 3 months	53.1	39.0
Delay of more than 3 months	57.1	41.3
TOTAL TRADE RECEIVABLES DUE AND NOT WRITTEN DOWN	281.9	221.6
Trade receivables not due and trade receivables due and written down	826.8	798.1
TOTAL TRADE RECEIVABLES, NET	1,108.7	1,019.7

The following table shows the change in write-downs over several years:

IN EUR MILLION	2022	2021
WRITE-DOWNS OF RECEIVABLES AT 1 JANUARY	(40.5)	(42.5)
Write-downs over the year	(2.1)	(9.7)
Utilizations	1.6	5.5
Reversals of write-downs	9.2	8.5
Foreign currency translation adjustments and other	8.0	(2.3)
WRITE-DOWNS OF RECEIVABLES AT 31 DECEMBER	(23.8)	(40.5)

Note 16 Trading financial assets

IN EUR MILLION	2022	2021
Money market funds	841.4	2,052.5
Other trading assets	28.6	33.5
TOTAL	870.0	2,086.0
Of which: Holding	839.8	2,064.7
Imerys	1.9	7.3
Webhelp	12.0	12.0
Canyon	16.3	2.0
Affidea	-	-
Sanoptis	-	-
GBL Capital and SIM	0.0	0.0

Note 17 Cash, cash equivalents and financial liabilities

17.1 Cash and cash equivalents

IN EUR MILLION	2022	2021
Current accounts	1,249.0	1,069.9
Term deposits	473.0	241.7
Treasury bonds and treasury notes	46.2	20.0
TOTAL	1,768.3	1,331.6
Of which: Holding	544.0	302.4
Imerys	620.2	577.2
Webhelp	340.0	375.3
Canyon	25.0	34.0
Affidea	63.0	-
Sanoptis	88.0	-
GBL Capital and SIM	88.0	42.8

As of December 31,2022 and 2021, cash was completely held in current accounts, fixed-term deposits and treasury notes with various financial institutions.

17.2 Financial liabilities

IN EUR MILLION	2022	2021
NON-CURRENT FINANCIAL LIABILITIES	8,714.7	6,616.2
Bonds (GBL)	1,985.2	1,488.7
Convertible bonds (GBL)	499.7	499.7
Exchangeable bonds (GBL)	479.6	444.9
Bonds (Imerys)	1,705.3	1,703.0
Bank borrowings (Webhelp)	1,738.1	1,723.2
Bank borrowings (Canyon)	225.7	158.5
Bank borrowings (Affidea)	572.3	-
Bank borrowings (Sanoptis)	602.0	-
Bank borrowings (GBL Capital)	89.7	124.4
Lease liabilities	738.8	390.7
Other non-current financial liabilities	78.2	83.3
CURRENT FINANCIAL LIABILITIES	1,654.6	1,037.5
Exchangeable bonds (GBL)	447.4	748.1
Bank borrowings (GBL)	535.3	-
Bank borrowings (Imerys)	437.6	149.5
Lease liabilities	168.9	100.2
Other current financial liabilities	65.4	39.7

Bonds issued by GBL

On August 30, 2022, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 3.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.

On January 21, 2021,GBL placed a EUR 500 million institutional bond, with a 10-year maturity and a coupon of 0.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.

On June 19, 2018, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 1.875%. The carrying amount of this debt is EUR 498 million as of December 31, 2022.

During the first semester of 2017, GBL issued an institutional bond of EUR 500 million, with a coupon of 1.375% and maturing on May 23, 2024. The carrying amount of this debt is EUR 499 million as of December 31, 2022.

These issuances are intended to cover the group's general corporate purposes and lengthen the weighted average maturity of the gross debt.

Bonds convertible into GBL shares (GBL)

On March 23, 2021, GBL announced the placement by its fully-owned subsidiary Sagerpar SA (the "Issuer") of EUR 500 million of bonds convertible into existing ordinary shares of GBL (the "Shares"). The bonds are fully guaranteed by GBL (the "Guarantor"). This issue initially relates to approximately 4.3 million treasury shares.

The bonds do not bear interests and had at placement a maturity of 5 years (April 1st, 2026), subject to early redemption. The bonds have been issued at an issue price of 101.25% of their principal amount and, unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed in cash at their principal amount at maturity (subject to the Issuer's share redemption option), which corresponds to an annual yield to maturity of - 0.25%. The initial conversion price of the bonds has been set at EUR 117.4928. The effective interest rate (including transaction costs allocated to the debt) stands at 0.02%.

The Issuer will have the option to redeem all, but not some only, of the bonds for the time being outstanding at their principal amount, at any time on or after April 16, 2024 provided that the volume-weighted average price of one Share on Euronext Brussels shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer will have a share redemption option to deliver Shares and, as the case may be, an additional amount in cash upon redemption of the Bonds on the maturity date.

Bondholders may request the conversion of their bonds at any time since April 1, 2021 until (and including) the 45th Brussels business day (included) prior to the maturity date, subject to the Issuer's option to satisfy the conversion rights in cash, shares or a combination thereof. If the Issuer elects to satisfy conversion rights in Shares, it intends to deliver existing Shares which the Issuer holds on behalf of the Guarantor as treasury shares.

The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 500 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 7 million as of December 31, 2022, shown under"Other current financial liabilities").

Bonds exchangeable into Pernod Ricard shares (GBL)

On November 29, 2022, GBL (the"Issuer") issued bonds exchangeable into existing shares of Pernod Ricard SA ("Pernod Ricard") for an amount of EUR 500 million. The bonds initially related to 2.0 million Pernod Ricard shares representing approximately 1% of its share capital. The bonds have, at their issuance, a maturity of 3 years (November 29, 2025), except in case of early redemption, exchange or purchase and cancellation. The bonds carry a coupon of 2.125% per annum. The bonds were issued at an issue price of 100% of their principal amount and, unless previously redeemed, exchanged, or purchased and cancelled, will be redeemed at their principal amount at maturity on November 29, 2025.

The Issuer will have the option to redeem all, but not only some, of the bonds, at their principal amount plus accrued and unpaid interest until the relevant date fixed for redemption (i) at any time on or after the date falling 2 years and 21 days after the Issue Date, provided that the value of the exchange property (being initially only Pernod Ricard shares) per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days; (ii) at any time, if 20% or less of the principal amount of the bonds originally issued remain outstanding; or (iii) in the event of an offer or scheme relating to the predominant equity share capital comprised in the exchange property, where the consideration as a result of such offer or scheme consists wholly of cash, all as described in the terms and conditions of the bonds.

Bondholders may request the exchange of their bonds for exchange property at any time from January 9, 2023 until 40 Brussels business days before the maturity date, subject to the option of GBL to satisfy exchange rights in cash, exchange property or a combination thereof.

The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 480 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 30 million as of December 31, 2022, shown under"Other current financial liabilities").

Bonds exchangeable into GEA shares (GBL)

On October 1, 2020, GBL has announced the completion of an offering by its fully-owned subsidiary Oliver Capital Sàrl (the "Issuer") of EUR 450 million of bonds exchangeable into existing registered shares of GEA Group AG ("GEA") guaranteed by GBL. This issuance initially related to approximately 11.3 million GEA shares representing approximately 6.2% of its share capital. The bonds had, at their issuance, a maturity of 3 years and 3 months (December 29, 2023) except in case of an early redemption and do not bear interest. The bonds have been issued at an issue price of 102.0% of their principal amount and will be redeemed at their principal amount at maturity. The effective interest rate (including transaction costs allocated to the debt) stands at 0.6%.

The Issuer have the option to redeem all, but not only some, of the bonds, at any time since October 6, 2022 at their principal amount, provided that the value of the underlying shares per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer has a share redemption option to deliver underlying shares and, as the case may be, an additional amount in cash upon its redemption of the bonds, both on the maturity date and upon early redemption.

Bondholders may request the exchange of their bonds for exchange property (being initially only GEA shares) at any time from November 16, 2020 until 40 Brussels business days before the maturity date, subject to the option of the Issuer to satisfy exchange rights in cash, exchange property or a combination thereof.

The bonds are admitted to trading on the Open Market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 447 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 35 million as of December 31, 2021, shown under"Other current financial liabilities").

Bonds exchangeable into Holcim shares (GBL)

The bonds exchangeable into Holcim shares matured on December 30,2022. They were redeemed in full in cash.

Bank debts (GBL)

During the second half of 2022, GBL entered into forward sales contracts with prepayment for 13.2 million Holcim shares, maturing in May 2023, and received EUR 538 million in cash. As of December 31, 2022, the carrying amount of this debt is EUR 535 million and the value of the derivative attached to these transactions, recorded under"Other current liabilities", amounts to EUR 77 million.

Bonds (Imerys)

Imerys further underscored its commitment in its sustainable development policy by tying its financing strategy to its environmental ambition. Therefore, on May 14, 2021, Imerys completed an issue of bonds indexed to its sustainable development objectives (Sustainability-Linked Bonds) for a principal amount of EUR 300 million. These bonds, due to mature on July 15, 2031, bear an annual coupon of 1.00% and are admitted to trading on the regulated market of the Luxembourg Stock Exchange.

Issued in accordance with the Sustainability-Linked Bond Principles as published by the International Capital Market Association (ICMA), these instruments are indexed to a target to reduce greenhouse gas emissions by 22.9% in 2025 and 36.0% in 2030 in relation to the revenue (tCO ₂ e/ million euros) considering 2018 as the reference year, as approved by the Science Based Target initiative (SBTi). This includes Scope 1 emissions (direct emissions from sources owned or controlled by Imerys) and Scope 2 emissions (indirect emissions from the production of electricity, heat or steam imported or purchased by Imerys). Failure to meet these targets by December 31, 2025 and/or December 31, 2030 could result in the payment of penalties equal to 25 basis points of the principal amount for the 2025 target and/or 50 basis points of the principal amount for the 2030 target. At December 31, 2022, Imerys had reduced the metric tons of CO ₂ emitted per million euros of revenue by 31.0% compared with 2018 levels (23.0% compared with 2018 levels on December 31, 2021).

The details of the bond issued by Imerys as of December 31, 2022 are mentioned below :

	Nominal value in currency	Nominal interest rate	Effective interest rate
	IN MILLION
EUR	500.0	2.00%	2.13%
EUR	300.0	1.88%	1.92%
EUR	300.0	1.00%	1.07%
EUR	600.0	1.50%	1.63%
TOTAL

	Listed/Unlisted	Maturity	Fair value	Carrying amount
			IN EUR MILLION	IN EUR MILLION
EUR	Listed	12/10/2024	486.4	499.1
EUR	Listed	03/31/2028	269.0	303.2
EUR	Listed	07/15/2031	208.3	298.6
EUR	Listed	01/15/2027	549.2	604.4
TOTAL			1,512.9	1,705.3

The bond issues as of December 31, 2021 are detailed below:

	Nominal value in currency	Nominal interest rate	Effective interest rate
	IN MILLION
EUR	500.0	2.00%	2.13%
EUR	300.0	1.88%	1.92%
EUR	300.0	1.00%	1.07%
EUR	600.0	1.50%	1.63%
TOTAL

	Listed/Unlisted	Maturity	Fair value	Carrying amount
			IN EUR MILLION	IN EUR MILLION
EUR	Listed	12/10/2024	524.9	498.4
EUR	Listed	03/31/2028	326.5	303.0
EUR	Listed	07/15/2031	294.8	298.3
EUR	Listed	01/15/2027	637.1	603.3
TOTAL			1,783.3	1,703.0

Bank debts (Imerys)

Those debts coming from Imerys include as of December 31, 2022, EUR 434 million of short-term borrowings and EUR 4 million of bank overdrafts (EUR 119 million and EUR 30 million respectively as of December 31, 2021).

Bank debts (Webhelp)

Those bank debts coming from Webhelp mainly include the"senior credit agreement" concluded in 2019 and its extension for the financing of the acquisition of OneLink concluded on July 30, 2021:

As of December 31, 2022	Nominal value in currency	Nominal interest rate	Effective interest rate
	IN MILLION
EUR	1,020.0	3.00%	4.91%
GBP	125.0	4.00%	7.80%
EUR	285.6	3.75%	5.60%
USD	350.0	4.50%	8.27%
TOTAL

As of December 31, 2022	Listed/Unlisted	Maturity	Fair value	Carrying amount
			IN EUR MILLION	IN EUR MILLION
EUR	Unlisted	11/18/2026	1,020.0	1,007.0
GBP	Unlisted	11/18/2026	140.9	139.0
EUR	Unlisted	11/18/2026	285.6	281.0
USD	Unlisted	11/18/2026	323.2	317.0
TOTAL			1,769.7	1,744.0

As of December 31,2021	Nominal value in currency	Nominal interest rate	Effective interest rate
	IN MILLION
EUR	1,020.0	3.00%	3.39%
GBP	125.0	4.00%	4.48%
EUR	285.6	3.75%	4.33%
USD	350.0	4.50%	5.18%
TOTAL

As of December 31,2021	Listed/Unlisted	Maturity	Fair value	Carrying amount
			IN EUR MILLION	IN EUR MILLION
EUR	Unlisted	11/18/2026	1,020.0	1,004.0
GBP	Unlisted	11/18/2026	148.8	146.5
EUR	Unlisted	11/18/2026	285.6	279.4
USD	Unlisted	11/18/2026	309.0	301.9
TOTAL			1,763.4	1,731.8

Bank debts (Canyon)

This item includes long-term bank loans of Canyon.

Bank loans (Affidea)

This item includes Affidea's long-term bank debt. It is mainly composed of a bank loan of EUR 600 million, bearing a nominal interest rate of 5.00% and maturing on July 22, 2029. Its carrying amount is EUR 567 million at December 31, 2022.

Bank loans (Sanoptis)

This item includes the long-term bank debt of Sanoptis.

Bank loans (GBL Capital)

This caption includes the different bank loans of the operational subsidiaries of ECP III.

Lease liabilities

These liabilities mature in 2023 for a total of EUR 169 million, between 2024 and 2028 for EUR 464 million and EUR 275 million thereafter.

Other current financial liabilities

This item primarily includes Webhelp's current portion of long-term debt.

Undrawn credit lines

As of December 31, 2022, the group had undrawn credit lines with various financial institutions totaling EUR 4,336 million (EUR 3,672 million as of December 31, 2021). These credit facilities were available mainly to GBL, Imerys and Webhelp in the amounts of EUR 2,450 million, EUR 1,010 million and EUR 357 million respectively (EUR 2,150 million, EUR 1,160 million and EUR 362 million respectively as of December 31, 2021).

With regards to GBL, all credit lines mature over the 2027-2028 period. Committed credit lines do not have financial covenants, meaning that, under its credit contracts, GBL has no obligations in terms of compliance with financial ratios.

17.3 Changes of financial liabilities

The table below mentions the reconciliation in 2022 and 2021 between the financial debts included in the consolidated balance sheet and the amounts from the consolidated statement of cash flows:

IN EUR MILLION	As of January 1, 2022	Cash flow variation	Acquisitions/sales of subsidiaries
Financial liabilities - Non-current liabilities	6,616.2	1,185.1	1,260.6
Financial liabilities - Current liabilities	1,037.5	(35.6)	50.2
TOTAL	7,653.7	1,149.5	1,310.8

IN EUR MILLION	Impact of exchange rates change	Other movements	As of December 31, 2022
Financial liabilities - Non-current liabilities	32.7	(379.9)	8,714.7
Financial liabilities - Current liabilities	(9.0)	611.5	1,654.6
TOTAL	23.8	231.6	10,369.3

IN EUR MILLION	As of January 1, 2021	Cash flow variation	Acquisitions/sales of subsidiaries
Financial liabilities - Non-current liabilities	5,624.5	1,901.5	45.9
Financial liabilities - Current liabilities	394.0	(526.3)	12.1
TOTAL	6,018.5	1,375.2	58.1

IN EUR MILLION	Impact of exchange rates change	Other movements	As of December 31, 2021
Financial liabilities - Non-current liabilities	69.9	(1,025.8)	6,616.2
Financial liabilities - Current liabilities	(8.9)	1,166.5	1,037.5
TOTAL	61.1	140.7	7,653.7

The other movements in 2022 and 2021 stemmed mainly from the reclassification between non-current liabilities and current liabilities and the recognition of lease liabilities. The change in cash shown in the table above is reconciled with the consolidated statement of cash flows as follows:

IN EUR MILLION	As of December 31, 2022	As of December 31, 2021
Cash flow variation	1,149.5	1,375.2
Of which: proceeds from financial liabilities	2,205.6	2,233.1
repayments of financial liabilities	(1,056.1)	(857.9)

17.4 Residual contractual maturities of financial liabilities

IN EUR MILLION	2023
As of December 31, 2022	Principal	Interests
Non-current financial liabilities	-	252.6
Other non-current financial liabilities	-	-
Non-current derivative financial	-	-
Current financial liabilities	1,654.6	40.9
Trade payables	857.4	-
Current derivative financial instruments	183.3	-
Other current financial liabilities	73.7	-
TOTAL	2,769.1	293.5

IN EUR MILLION	2024-2028		2029 and more
As of December 31, 2022	Principal	Interests	Principal	Interests
Non-current financial liabilities	5,953.8	955.8	2,760.9	158.6
Other non-current financial liabilities	1,545.2	-	-	-
Non-current derivative financial	92.8	-	-	-
Current financial liabilities	-	-	-	-
Trade payables	-	-	-	-
Current derivative financial instruments	-	-	-	-
Other current financial liabilities	-	-	-	-
TOTAL	7,591.8	955.8	2,760.9	158.6

IN EURO MILLION	2022
As of December 31, 2021	Principal	Interests
Non-current financial liabilities	-	115.2
Other non-current financial liabilities	-	-
Non-current derivative financial	-	-
Current financial liabilities	1,037.5	4.2
Trade payables	865.8	-
Current derivative financial instruments	37.2	-
Other current financial liabilities	34.0	-
TOTAL	1,974.4	119.4

IN EURO MILLION	2023-2027		2028 and more
As of December 31, 2021	Principal	Interests	Principal	Interests
Non-current financial liabilities	5,308.1	455.1	1,308.1	103.1
Other non-current financial liabilities	1,067.0	-	-	-
Non-current derivative financial	182.7	-	-	-
Current financial liabilities	-	-	-	-
Trade payables	-	-	-	-
Current derivative financial instruments	-	-	-	-
Other current financial liabilities	-	-	-	-
TOTAL	6,557.8	455.1	1,308.1	103.1

Note 18 Other current assets

IN EUR MILLION	2022	2021
Current financial assets	90.9	100.4
Derivative financial instruments held for trading	17.4	7.7
Derivative financial instruments - Hedging	35.5	77.8
Other	38.0	14.8
Current non-financial assets	498.7	420.9
Taxes on result to be recovered	110.7	96.6
Other taxes and VAT to be recovered	201.6	194.0
Deferred expenses	85.1	50.8
Other	101.2	79.6
TOTAL	589.5	521.3
Of which: Holding	44.0	21.3
Imerys	235.6	314.7
Webhelp	179.4	144.1
Canyon	45.7	27.0
Affidea	26.8	-
Sanoptis	29.2	-
GBL Capital and SIM	28.8	14.1

Note 19 Share capital and dividends

19.1 Shares issued and outstanding and treasury shares

	Number of issued shares	Of which treasury shares
As of December 31,2020	161,358,287	(8,749,816)
Change	(5,003,287)	805,714
As of December 31,2021	156,355,000	(7,944,102)
Change	(3,355,000)	(4,278,768)
AS OF DECEMBER 31, 2022	153,000,000	(12,222,870)

Treasury shares

As of December 31, 2022, the group held 12,222,870 treasury shares, or 7.99% of the issued capital, the acquisition cost of which is deducted from shareholders' equity; 4,255,580 and 30,613 of which are used to hedge the convertible bond and the stock option plans granted between 2007 and 2012 (see note 27).

The Extraordinary General Meeting of April 26, 2022 approved the cancellation of 3,355,000 own shares acquired by GBL. The capital is therefore represented by 153,000,000 shares.

In 2022, GBL acquired and sold/cancelled respectively 8,657,745 and 4,378,977 shares (to compare with respectively 5,057,804 and 5,863,518 in 2021) for an overall net amount of EUR 644 million.

Information on acquisitions of treasury shares by GBL or its subsidiaries has been published on a weekly basis on the GBL website.

19.2 Dividends

On May 5,2022, a dividend of EUR 2.75 per share (EUR 2.50 in 2021) was paid to shareholders.

The proposition will be made to the General Shareholders Meeting of May 4, 2023 to approve the profit distribution relating to the 2022 financial year, amounting to a total of EUR 402 million, and which will be paid as from May 15, 2023. Based on the number of shares entitled to dividends (146,321,469), the distribution relating to 2022 will correspond to a gross dividend of EUR 2.75 per GBL share.

Note 20 Provisions

IN EUR MILLION	Product guarantees	Environment	Legal, social and regulatory risks	Total
As of December 31,2020	3.4	265.5	191.9	460.8
Additions	3.5	21.1	35.5	60.1
Uses	(2.4)	(8.6)	(15.2)	(26.3)
Reversals	(0.9)	(6.1)	(12.3)	(19.3)
Impact of discounting	-	2.6	0.4	2.9
Changes in group structure/Business combinations	6.2	0.2	12.2	18.6
Foreign currency translation adjustments	0.1	10.4	8.8	19.3
Other	(0.0)	(16.1)	(2.1)	(18.2)
As of December 31,2021	9.7	268.9	219.3	497.9
Additions	4.2	23.5	42.8	70.5
Uses	(6.0)	(13.8)	(22.9)	(42.8)
Reversals	(1.2)	(0.9)	(14.7)	(16.8)
Impact of discounting	-	2.1	0.8	2.9
Changes in group structure/Business combinations	-	(9.1)	14.1	5.0
Foreign currency translation adjustments	0.1	(0.1)	8.4	8.4
Other	(12)	(9.8)	(324)	(43.4)
AS OF DECEMBER 31, 2022	5.6	260.7	215.3	481.6
Of which current provisions	4.8	11.3	52.5	68.6
Of which non-current provisions	0.8	249.3	163.0	413.1

The group's provisions totaled EUR 482 million as of December 31, 2022 (EUR 498 million in 2021). They mainly relate to Imerys (EUR 423 million in 2022 and EUR 467 million in 2021).

The probability of settlement and the amount of the obligations are estimated by the group, that generally calls upon in-house company experts to approve the key assumptions, taking into account the anticipated effects, regulatory changes where applicable, and independent counsel regarding material disputes and claims. The resulting estimates are subject to change depending on the uncertainties specific to each dispute. Independent counsel handles allegations of personal or financial damage implicating the civil liability of the group and potential breaches of contractual obligations or regulations on social, real estate and environmental issues. The provisions set aside for these risks are included in the EUR 215 million of provisions for legal, social and regulatory risks in the table of changes mentioned above. This includes in particular the balance of the provision set aside to resolve the litigation involving Imerys' talc operations in the US, the materiality of which justifies a specific development.

On February 13, 2019, the Group's three North American talc subsidiaries (the "North American Talc Subsidiaries") decided to file for the protection, with immediate effect, of the special legal process of Chapter 11 under US bankruptcy law in order to permanently resolve the potential liabilities related to their historic commercial talc operations in the United States. Under Chapter 11, the Group remains the legal owner of the share capital of the North American Talc Subsidiaries, but their businesses are under the judicial control of the relevant US Delaware federal courts, which oversees the continuing operations of the entities concerned as well as the conclusion and execution of a business reorganization plan that these entities have sought to negotiate with representatives of existing and future potential claimants (the "Representatives of the Claimants") in talc related litigation brought against them. The Chapter 11 process also suspends all ongoing and future litigation proceedings and prevents any further claims being brought against these entities relating to past and current talc operations in the US. Given effective control of the North American Talc Subsidiaries was transferred on February 13, 2019 to the court to repay creditors, the assets and liabilities held by the North American Talc Subsidiaries were removed from the scope of consolidation of the group's financial statements from this date forward, which led to an additional expense of EUR - 6 million. Negotiations between the North American Talc Subsidiaries, which were joined by Imerys Talc Italy (the "Talc Subsidiaries Involved"), the group and the Representatives of the Claimants led to the agreement on May 15, 2020 of a joint reorganization, which was filed on the same day with the competent Federal Court for the District of Delaware. The plan provides that once the necessary approvals have been obtained, the Talc Subsidiaries Involved will emerge from the Chapter 11 process and the group will be released from all existing and future talc-related liabilities arising out of their past operations, as such liabilities will be channeled into a dedicated trust to be established. Following the approval by the Bankruptcy Court of the disclosure statement of the plan (the "Disclosure Statement") in January 2021, the plan was then submitted to the vote by the creditors and claimants against the Talc Subsidiaries Involved.

Following a challenge to the votes cast in favor of approving the Plan, the Bankruptcy Court decided on October 13, 2021 that certain votes should not be counted in the final vote. This decision took the Plan's approval rate to just under the required majority, under the applicable regulations, of 75% of votes. The North American Talc Subsidiaries, the Representatives of the Claimants, and other stakeholders in the Chapter 11 process therefore initiated a mediation process, which is still underway, approved by the Bankruptcy Court and extended its duration several times. The purpose of this mediation is to obtain a revised plan that could achieve the required 75% majority approval vote. The key remaining disputed issues in the Chapter 11 process involve p) monetization of the rights to insurance coverage and contractual indemnity enjoyed by the North American Talc Subsidiaries and pi) allocation of the North American Talc Subsidiaries' assets, including current and future potential settlement proceeds with third parties, among claimants alleging different injuries. These issues are not related to the terms and conditions of the settlement with the Group as embedded in the plan announced in May 2020, which continues to be supported by the Representatives of the Claimants. Once the relevant stakeholders reach an agreed revised, a new Disclosure Statement must be submitted for the approval of the Bankruptcy Court before a new solicitation of claimants' votes on the Revised Plan is undertaken by the Talc Subsidiaries Involved. Subject to approval of the revised plan at the required 75% voting threshold, it will then undergo a confirmation procedure before the Bankruptcy Court to be followed by a final approval process before the competent Federal Court.

Imerys Talc Italy has been named in a few talc related lawsuits in the United States. Upon the grant of the required majority vote on the revised plan, Imerys Talc Italy also intends to file for Chapter 11 protection before the final confirmation of the revised plan and join the revised plan in order to benefit from the same comprehensive and permanent resolution of historic talc-related liabilities as the North American Talc Subsidiaries. Imerys Talc Italy's business will remain part of the Group throughout and after the closing of the Chapter 11 proceedings.

In accordance with the plan, the North American Talc Subsidiaries sold their assets to Magris Resources, a Canadian investment fund, for USD 223 million on February 17, 2021. Under the terms and conditions of the settlement with the group as embedded in the plan, the group's contribution consists of (i) a cash payment of USD 75 million, (ii) certain other commitments outlined in the plan.

These commitments primarily include certain insurance assets, financing of minor unsecured trade claims (USD 5 million) and certain potential excess administrative costs of the Chapter 11 process incurred by the Talc Subsidiaries Involved up to a maximum of USD 15 million. In view of the USD 223 million sale price obtained for the assets of the North American talc subsidiaries, the group's contribution to the revised plan provided for in (i) and (ii) above would be limited to the minimum amount of USD 75 million. Based on the progress of the ongoing mediations and negotiations towards a revised plan and in their current state at the date of closing of GBL's 2022 annual financial results, the group, with the support of independent experts, has reviewed and confirmed its previous estimate of the risk related to the resolution of this Chapter 11 proceeding as well as the forecasted financial impacts for the group. As of December 31, 2022, the amount of the provision recorded in the accounts, which amounts to USD 114 million or EUR 106 million, is considered sufficient to cover the expected financial impact of the revised plan on the group.

Imerys'and Canyon's provisions to hedge product guarantees amount to EUR 6 million and have a probable maturity ranging from 2023 to 2027.

Finally, the group (overwhelmingly Imerys) establishes provisions to hedge the environmental risks resulting from its industrial activity and provisions for the rehabilitation of mining sites at the end of their operating lifetimes. These provisions totaled EUR 261 million as of December 31, 2022 (EUR 269 million in 2021). The corresponding obligations are expected to mature between 2023 and 2027 for EUR 66 million, between 2028 and 2037 for EUR 103 million and as from 2038 for EUR 92 million.

Note 21 Retirement benefits and other post-employment benefits

21.1 Defined contribution plans

In this type of retirement plan, whose future level is not guaranteed to the beneficiaries, the employer commits to pay regular contributions to the third parties (retirement funds, insurance companies or financial institutions) on a mandatory basis (statutory or regulatory provisions) or an optional basis (supplementary retirement plan voluntarily provided by the company).

The amounts are paid during the year in which they are due. The total amount of contributions paid for defined contribution plans is EUR 31 million in 2022 (EUR 34 million in 2021). These plans are mostly granted to Imerys employees.

21.2 Defined benefit plans

Characteristics of defined benefit plans

In this type of plan, the group guarantees to the beneficiaries the level of the benefit that will be paid in the future. The beneficiaries of these plans are employees who are acquiring entitlements in exchange for services rendered to the group (active beneficiaries), employees who are no longer acquiring entitlements in exchange for services rendered to the group and former employees outside the group (deferred beneficiaries), as well as former retired employees (retired beneficiaries).

The valuation of retirement benefit obligations and other employee benefits is carried out by independent actuaries. These plans may be financed by insurance companies (group insurance), retirement funds or independent entities. Two plans accounted for 72.1 % of the group's total commitment as of December 31, 2022. These are the UK plan-the Imerys UK Pension Scheme (Imerys UK) and the US plan-the Imerys USA Retirement Growth Account Plan (Imerys USA).

The table below sets out their main characteristics:

	Imerys UK	Imerys USA
Eligibility
Hiring limit date	12/31/2004	03/31/2010
Retirement age	65	65
Description of the benefits
Terms of payment	Annuity ⁽¹⁾	Capital ⁽²⁾
Revaluation based on the consumer price index	Yes	No
End date of cumulated rights	03/31/2015	12/31/2014
Regulatory framework
Minimum employer funding obligation	Yes ⁽³⁾	Yes ⁽³⁾
Minimum beneficiary contribution obligation	Yes	No
Governance
Trustees representing the employer	Yes	Yes
Trustees representing beneficiaries	Yes	No
Independent trustees	Yes	No
Responsibility of trustees
Definition of the investment strategy	Yes	Yes
Negotiation of deficit refinancing with the employer	Yes	-
Administrative management of benefit payments	Yes	Yes

The duration of these two plans is 8 years for Imerys UK and 9 years for Imerys USA (respectively 9 years and 10 years as of December 31,2021).

Management of risks associated with employees benefits

Description of risks

The main issue related to the financial management of employee benefits is the control of the funding ratio of obligations, i.e. the ratio between the value of plan assets and the value of the obligations. The funding ratio of obligations may be deteriorated by a decorrelation between a change in value (generally negative) of plan assets and a change in value (generally positive) of obligations. The value of plan assets may be reduced by deteriorating the fair value of investments. The value of obligations may rise for all plans after a drop in discount rates or benefits paid as life annuities, either due to an increase in the inflation rates used to remeasure the obligations of certain plans, or due to an increase in the life expectancy of beneficiaries.

⁽¹⁾ Annuity calculated based on number of years of service provided, annual salary on retirement and average of three last annual salaries
⁽²⁾ Principal at a guaranteed interest rate (Cash Balance Plan)
⁽³⁾ The employer is obliged to fund each unit of service provided at 100% on the basis of a funding evaluation

Risk management

The strategy to control the obligation funding level consists firstly of optimizing the value of the plan assets. Investment strategies are therefore devised to deliver a steady return while also taking advantage of opportunities with limited or moderate risks levels. The choice of investments is specific to each plan and factors in the duration of the plan as well as minimum funding regulatory constraints.

Since 2011, Imerys has pursued a specific strategy to control the funding ratio of obligations in the UK in particular, which defines plan asset investments to match the obligation. The strategy, known as Liability Driven Investment (LDI), controls the funding ratio of the obligation by pegging cash inflows to cash outflows over the duration of the obligation. In practice, it involves structuring the portfolio of plan assets so that the cash inflows generated by the return on investments match the cash outflows generated by the payment of benefits. It hedges the risk of an increase in the obligation due to a drop in discount rates or an increase in inflation rates by covering a portion of the value of the regularly revised obligation.

Funding of employee benefits

The group funds the majority of employee benefits with investments unavailable to third parties in trusts or insurance contracts legally separate from the group. These investments, classified as plan assets, stood at EUR 940 million as of December 31, 2022 (EUR 1,282 million as of December 31, 2021). Imerys also has reimbursement rights, in other words investments held directly by the group, which came to EUR 0 million as of December 31, 2022 (EUR 6 million as of December 31, 2021). The obligation funding ratio therefore stood at 85.3% as of December 31, 2022 (70.4% as of December 31, 2021).

A provision of EUR 172 million was recognized as of December 31, 2022 for the funded and unfunded plan deficit (EUR 533 million as of December 31, 2021), as the following table shows:

IN EUR MILLION	2022	2021
Obligations funded by plan assets	(969.4)	(1,369.8)
Obligations funded by reimbursement rights	(0.5)	(28.2)
Fair value of plan assets	939.5	1,282.3
Restrictions on recognized assets	(10.9)	-
Fair value of reimbursement rights	0.2	6.2
FUNDING SURPLUS (DEFICIT)	(41.2)	(109.5)
Unfunded obligations	(130.9)	(423.1)
ASSETS/(PROVISION)	(172.0)	(532.6)
Of which: Non-current liabilities	(189.1)	(559.4)
Non-current assets	17.1	26.8

Fair value of plan assets

The assets held by the group to fund employee benefits generated real interest of EUR - 333 million in 2022 (EUR 29 million in 2021), as presented in the table below. In accordance with current regulations, only a normative share of this return was credited to profit or loss in 2022, amounting to EUR 22 million (EUR 15 million in 2021), calculated based on the discount rate used on the obligations. The surplus real return above the normative return was credited to shareholders'equity in the amount of EUR - 355 million in 2022 (EUR 14 million in 2021).

IN EUR MILLION	2022	2021
Balance as of January 1	1,282.3	1,222.5
Employer's contributions	19.4	22.4
Participants' contributions	1.3	-
Benefits paid	(74.5)	(67.6)
Foreign currency translation adjustments	(23.3)	80.0
Real return on assets	(333.0)	28.9
Normative return (profit or loss)	22.4	14.7
Adjustment to the real return (shareholders' equity)	(355.4)	14.2
Changes in group structure/Business combinations	74.8	-
Other movements	(7.4)	(3.9)
BALANCE AS OF DECEMBER 31	939.5	1,282.3

Distribution of plan assets

IN %	2022	2021
Shares	12%	7%
Listed	12%	7%
Unlisted	0%	-
Bonds	68%	79%
Listed	66%	79%
Unlisted	2%	-
Real estate	2%	-
Other	19%	14%
TOTAL	100%	100%

Plan obligations - funded, unfunded and partially funded plans

IN EUR MILLION	2022	2021
Balance as of January 1	1,821.1	1,661.9
Current service costs for the period	24.4	233.5
Interest expense	26.0	19.0
Actuarial losses (gains) from:	(412.8)	(96.3)
changes to demographic assumptions	4.0	(33.2)
changes to financial assumptions	(448.0)	(51.8)
experience adjustments	31.3	(11.4)
Benefits paid	(83.7)	(75.7)
Changes in group structure/Business combinations	45.5	0.4
Foreign currency translation adjustments	(19.7)	89.5
Other movements	(300.0)	(11.1)
BALANCE AS OF DECEMBER 31	1,100.8	1,821.1

Amounts relating to the plan recognized in comprehensive income

IN EUR MILLION	2022	2021
Current service costs for the period	24.4	233.5
Interest expense	26.0	19.0
Normative return on the assets of defined benefit plans	(22.4)	(14.7)
Amounts recognized in profit or loss	28.1	237.7
Surplus real return on assets above their normative return	355.4	(14.2)
Actuarial losses (gains) from post-employment benefits due to:	(412.8)	(96.3)
changes to demographic assumptions	4.0	(33.2)
changes to financial assumptions	(448.0)	(51.8)
experience adjustments	31.3	(11.4)
Restrictions on recognized assets	10.9	-
Amounts recognized in shareholders' equity - (credit)/debit	(46.5)	(110.5)
TOTAL	(18.4)	127.3

Changes in the statement of financial position

The change in the amounts recognized in the statement of financial position is explained in the following table:

IN EUR MILLION	2022	2021
Amounts recognized as of January 1	532.6	433.3
Net expense recognized in profit or loss	28.1	237.7
Contributions paid	(29.9)	(30.5)
Actuarial (gains)/losses and ceiling on assets recognized in shareholders' equity	(46.5)	(110.5)
Changes in group structure/Business combinations/Foreign currency translation adjustments and other	(312.3)	2.4
AMOUNTS RECOGNIZED AS OF DECEMBER 31	172.0	532.6
Of which: Holding	1.4	5.6
Imerys	144.1	232.9
Webhelp	14.4	293.6
Canyon	0.2	0.3
Affidea	11.1	-
Sanoptis	1.5	-
GBL Capital and SIM	(0.7)	0.2

During the financial year 2022, a net credit amount of EUR 39 million related to actuarial gains and losses and the ceiling on recognized assets was charged directly to comprehensive income, i.e. EUR 46 million gross less EUR 8 million in related taxes (a net credit amount of EUR 85 million as of December 31,2021, i.e. EUR 110 million gross less EUR 25 million in related taxes).

Estimates

The actuarial assumptions used to value the defined benefit plans are presented below:

IN %	2022	2021
Discount rate	0.2% -12.0%	0.9% - 2.2%
Average salary increase rate	2.0% - 36.0%	2.6% - 6.0%
Inflation rate	1.2% - 36.0%	2.0% - 3.4%

More specifically for the two monetary zones where the largest commitments are located (the United Kingdom and the United States), the actuarial assumptions were as follows in 2022:

IN %	United Kingdom	United States
Discount rate	4.8%	4.8%
Average salary increase rate	2.8%	2.8%
Inflation rate	3.2%	3.2%

Among these estimates, it is the discount rate that has the most significant impact on the group's financial statements.

The following table presents the impact of a reasonably estimated change in discount rates following a possible decrease (lower case) or increase (higher case) in the assumption applied to the financial statements as of December 31, 2022 (actual 2022). The impact of these changes is measured on three aggregates (obligation, net interest and current service cost) in the two monetary zones in which the most significant obligations have been undertaken (the United Kingdom and the United States). The reasonably estimated change in discount rates has been set at 50 basis points, based on the weighted average change in discount rates in the United Kingdom and the United States over the last five years.

IN EUR MILLION	Low Simulation	Central/Base scenario	High Simulation
United Kingdom
Discount rate	4.3%	4.8%	5.3%
Obligation at the reporting date	626.3	585.3	548.4
Net interest in 2023 profit or loss ⁽¹⁾	(0.9)	0.9	3.0
Current service costs in 2023 profit or loss ⁽²⁾	-	-	-
United States
Discount rate	4.3%	4.8%	5.3%
Obligation at the reporting date	217.1	208.9	201.4
Net interest in 2023 profit or loss ⁽¹⁾	(3.3)	(3.3)	(3.3)
Current service costs in 2023 profit or loss ⁽²⁾	(0.7)	(0.7)	(0.7)

At constant scope of consolidation and all other things being equal, the amount of the contributions to the various defined retirement benefit plans is estimated at EUR 10 million for 2023.

Note 22 Other non-current liabilities

IN EUR MILLION	2022	2021
Non-current financial liabilities	1,638.0	1,249.7
Debt on minority shareholders	1,512.6	1,065.4
Derivative financial instruments held for trading	88.7	182.7
Derivative financial instruments - Hedging	4.1	-
Other	32.6	1.5
Non-current non-financial liabilities	486.8	89.7
Debts on minority shareholders	445.3	-
Liabilities related to cash-settled share-based payments	8.5	19.0
Other	33.0	70.7
TOTAL	2,124.8	1,339.4
Of which: Holding	45.4	168.8
Imerys	24.1	72.4
Webhelp	1,732.1	1,089.4
Canyon	-	-
Affidea	28.4	-
Sanoptis	262.2	-
GBL Capital and SIM	32.6	8.7

The 2 founders and some members of the staff of the Webhelp group are minority shareholders of Webhelp and hold put options towards Sapiens Sàrl (sub-subsidiary of GBL and dedicated investment vehicle of the Webhelp group) on all their shares, which can be exercised at certain predefined periods.

Consequently, a debt on minority shareholders has been recognized on the balance sheet and is valued at amortized cost. As of December 31, 2022, it amounts to EUR 1,675 million (EUR 1,348 million as of December 31, 2021).

The debt valuation for the founders (EUR 1,113 million included under "Non-current financial liabilities"), the changes in value of which are recorded under "Financial income and expenses from operating activities" is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp's activity and (iii) the group's projected net debt. Expected future cash flows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.

The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under "Other operating income and expenses from operating activities", includes:

―

the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under"Non-current financial liabilities";

―

the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on:

―	a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp's activity and (iii) the group's projected net debt;
―	an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options.

This part of the debt ⁽¹⁾ , included under"Non-current non-financial liabilities", subject to a service condition, is recognized over the vesting period. The related expected future cash flows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.

⁽¹⁾ Accretion of obligation, net of normative yield on assets
⁽²⁾ Plan closed-frozen as of April 1,2015

In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR -256 million on the value of the debt.

Note 23 Other current liabilities

IN EUR MILLION	2022	2021
Current financial liabilities	257.0	71.1
Derivative financial instruments held for trading	69.8	31.8
Derivative financial instruments - Hedging	113.5	5.3
Other	73.7	34.0
Current non-financial liabilities	1,006.1	896.2
Social security liabilities	344.9	371.4
Tax liabilities other than those related to income tax	168.6	154.9
Other	492.6	369.9
TOTAL	1,263.1	967.4
Of which: Holding	153.6	49.5
Imerys	373.3	418.1
Webhelp	518.0	447.8
Canyon	33.2	31.7
Affidea	129.5	-
Sanoptis	26.1	-
GBL Capital and SIM	29.4	20.4

The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys' level for EUR 91 million.

Note 24 Assets and liabilities associated with assets held for sale and discontinued operations

On July 28, 2022, Imerys received an offer to purchase substantially all of its High Temperature Solutions business line. Imerys, having taken note of the offer of the potential buyer and having observed that this activity could be sold immediately, in its current state, within one year, concluded that it constituted a group to be sold. Depreciation and amortization ceased to be recognized as of the date of receipt of the offer to purchase. In addition, as the business is a separate major line of business, it has been classified as a discontinued operation. The sale of the business to the US investment fund Platinum Equity was completed on January 31, 2023 (see note 33). The cash proceeds received amount to EUR 708 million. The translation reserve associated with the activity, amounting to EUR -154 million as of December 31, 2022, will be reclassified in the income statement for its amount as of the date of the loss of control. The contributions of the activity have been presented in separate line items in the consolidated income statement and their details in the income statement and the consolidated statement of cash flows are provided in the tables below:

IN EUR MILLION	2022	2021
Turnover	891.0	718.2
Raw materials and consumables	(425.7)	(325.1)
Employee expenses	(148.6)	(138.4)
Depreciation/amortization of property, plant, equipment and intangible assets	(13.8)	(21.6)
Other operating income (expenses) from operating activities	(183.8)	(138.9)
Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities	(0.4)	(0.4)
Financial income (expenses) from operating activities	(2.7)	0.6
Profit (loss) before tax from consolidated operating activities - continuing operations	116.0	94.4
Income taxes	(38.7)	(26.8)
Profit (loss) from consolidated operating activities - discontinued operations	77.3	67.5

⁽¹⁾ Presented in the Annual Report 2021 under "Retirement benefits and other post-employment benefits"

IN EUR MILLION	December 31, 2022	December 31,2021
Net cash from (used in) operating activities	94.4	125.7
Net cash from (used in) investing activities	23.9	(37.2)
Net cash from (used in) financing activities	(35.1)	9.7
NET VARIATION IN CASH AND CASH EQUIVALENTS	83.2	98.2

Furthermore, on September 9, 2022, Imerys received an offer to purchase a group of mining and industrial assets serving the paper market in America, Europe and Asia in its Performance Minerals business group. Imerys, having undertaken a review of the potential buyer's offer and having observed that the assets could be disposed of immediately, in their current condition and within one year, their assets and associated liabilities were designated as assets (and liabilities related to assets) held for sale on the date of receipt of the offer. Depreciation ceased to be recorded at that date. The following table presents details of the assets (and liabilities related to assets) isolated from the rest of the continuing operations in the statement of financial position. The share of the goodwill of the Performance Minerals activity allocated to the divested activity amounts to EUR 110 million. This amount has been written down by EUR 108 million in order to limit the carrying amount of the assets (and asset-related liabilities) of the activity to their fair value net of costs to sell. This impairment loss was recognized in the income statement as "Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities". The translation reserve associated with the business, amounting to EUR -220 million as of December 31, 2022, will be reclassified to the income statement for its amount as of the date of loss of control.

The assets and liabilities associated with the assets held for sale of these two Imerys activities include the following items:

IN EUR MILLION	December 31, 2022	December 31,2021
Assets held for sale	1,376.2	63.1
Non-current assets	725.1	44.6
Current assets	651.1	18.5
Liabilities associated with assets held for sale	468.9	13.5
Non-current liabilities	220.5	2.0
Current liabilities	248.4	11.4

Note 25 Financial risks management and sensitivity analysis

Considering the specific nature of each of the entities consolidated in the group's financial statements and their widely differing activities (financial for GBL and operational for Imerys, Webhelp, Canyon, Affidea and Sanoptis), each entity manages risks independently.

The main risks identified at group level are the foreign exchange risk, the stock exchange risk, the interest rate risk, the energy price risk, the market liquidity risk, the conversion of financial statements risk and the credit risk (mainly for Webhelp and Imerys).

Foreign exchange risk is defined as the risk whereby a cash flow labeled in foreign currency may be subject to a deterioration caused by an unfavorable change in its counterpart in functional currency. The group is exposed to foreign exchange risk through:

(i)

The impact it can have on the value of its portfolio through investments quoted in foreign currencies (accounted for as other equity investments and trading assets), as well as through dividend flows it receives. As of December 31, 2022, GBL was primarily exposed to CHF, USD and NOK, to a lesser extent. A 10% appreciation/depreciation in the Euro versus its end-of-year rate for all currencies used by the group would have had an impact of EUR - 449 million and EUR 449 million on shareholders' equity and EUR 121 million and EUR 121 million on the annual income statement. These calculations only concern statements of financial position owned by the group and does not take into account the impact of the appreciation/depreciation of these currencies on the market price of the underlying assets.

(ii)

The impact on the underlying elements of its net financial debt, i.e. before foreign exchange rates derivatives as of December 31, 2022. A 10% downward or upward variation of the Euro against other foreign currencies would generate a variation of EUR 142 million and EUR - 133 million on net financial debt. A 10% decrease/increase in foreign currency exchange rates on the portfolio of derivative instruments held as of December 31, 2022 for highly probable future transactions of purchases and sales in foreign currencies would have an impact on equity (effective portion of derivative instruments qualified as cash flow hedges) of EUR 2 million and EUR - 1 million respectively and on the income statement (ineffective portion of derivative instruments qualified as cash flow hedges of cash and derivative instruments not eligible for hedge accounting) of EUR 0 million and EUR 0 million.

The transactions performed by the group are accounted for, wherever possible, in the functional currency of the entity that carries out the transaction. When it is not possible to record a transaction in the functional currency of the entity, the transactional currency risk may be hedged on an individual basis using forwards, swaps or options. The corresponding instruments qualify as cash flow hedges.

Stock exchange risk is defined as the risk whereby the portfolio of the group (other equity investments and trading assets) may be influenced by an unfavorable change of market prices. The group is exposed, due to the very nature of its activities, to market fluctuations of its portfolio. The volatility of the financial markets, moreover, can have an impact on the share price of GBL. As of December 31, 2022, a 10% appreciation/ depreciation in the market price of all portfolio investments in listed companies as well as on the derivative instruments (options, exchangeable and convertible bonds) would have an impact of EUR 1,056 million and EUR - 1,056 million on shareholders' equity and of EUR -28 million and EUR 28 million on the annual income statement.

Interest rate risk is defined as the risk whereby the interest flow related to financial liabilities, on the one hand, and gross cash, on the other hand, may be deteriorated by an unfavorable change of interest rates. Regarding financial liabilities, a modification of interest rates has a limited impact on GBL's profit (loss) because the vast majority of its financial liabilities is issued at fixed interest rates. As regards cash, GBL has chosen to continue to give priority to liquidity while limiting counterparty risk. Cash is therefore invested on a very short-term basis so that it can be mobilized at any time to contribute to the group's flexibility and security in the event of investment or the materialization of external risks. Imerys'strategy focuses on obtaining finances mainly in euros, which is the most accessible fixed-rate financial resource. Medium-term fixed-rate bond issues can be converted to floating rates using interest rate swaps. Given the expected trend in interest rates in 2022, the group has fixed the interest rate for part of its future financial debt on various terms. At Webhelp's level, the interest rate risk relates mainly to its variable rate bank debt, which was taken out at the time of GBL's majority investment in November 2019 and extended in July 2021 as part of the acquisition of OneLink. At the end of 2022, the group put in place interest rate hedges to transform part of its variable-rate debt into fixed-rate debt. At Canyon, Affidea and Sanoptis, bank debt is also at variable rates, and in order to protect itself against rising interest rates, those companies entered into interest rate hedging instruments in 2022.

In terms of sensitivity, a decrease or increase of interest rates (Euribor, SONIA and SOFR) of 0.5% would respectively have an impact on the net financial debt of the group of EUR - 8 million and EUR 8 million.

Energy price risk is the risk whereby the cash outflow due in relation to energy purchases may be subject to a deterioration by a rise in its market price. Imerys is exposed to the price risk of energy used in the production cycle of its activities, mainly natural gas, electricity and, to a lesser extent, coal. To manage energy price risk, Imerys sources its energy from a variety of geographical locations and sources. The group aims at impacting the increase in energy onto the selling price of its products. Energy price risk is hedged using forward and option contracts, instruments that qualify as cash flow hedges. In terms of sensitivity, a 10% decrease or increase of natural gas and Brent prices on the portfolio of derivative instruments held at December 31, 2022 with respect to highly probable future purchases of natural gas and Brent would have an impact on equity (effective portion of cash flow hedges) of EUR - 4 million and EUR 4 million respectively, and on the income statement (ineffective portion of cash flow hedges and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.

Market liquidity risk is the risk whereby the group would not be in a position to meet the repayment obligations of its financial liabilities due to the non-renewal of a non-confirmed financial resource (short-term negotiable securities, bank facility and accrued interests, or other debt and facilities). Group cash flow forecasts between the drawdown date and the repayment date of these debts must allow the group to honor its repayments at maturity. The debt schedule of debts is presented in note 17.

Conversion risk of financial statements is a form of foreign exchange risk whereby the value in euros of the financial statements of a foreign operation may be subject to a deterioration due to an unfavorable change in the foreign exchange rate of the functional currency of that business. The group, mainly through Imerys, hedges part of its net investments in foreign operations by granting loans specifically allocated to financing the operations in the long term and by controlling the proportion of its financial debt stated in foreign currencies. The exchange rate differences generated by the loans and borrowings qualified as hedges of net investments in foreign operations are recognized in equity so as to neutralize, to a certain extent, the translation gains or losses on hedged net investments. In terms of sensitivity, a 10% decrease or increase in foreign exchange rates on the portfolio of foreign exchange swaps held at December 31, 2022 with respect to hedges of net investments in foreign operations would have an impact on equity (effective portion of hedges of net investments in foreign operations) of EUR - 55 million and EUR 45 million respectively, and on the income statement (ineffective portion of hedges of net investments in foreign operations and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.

Credit risk is the risk that a group debtor (mainly Imerys and Webhelp) does not reimburse their debt at the agreed due date. This risk mainly affects trade receivables. Credit risk is monitored at entity level by analyzing the breakdown of receivables by maturity. Generally due between 30 and 90 days, the group's receivables are not covered by any material financing component. Group entities may hedge credit risk through credit insurance contracts or warranties (see note 15).

Note 26 Derivative financial instruments

26.1 Fair values of short-term and long-term derivative financial instruments

The fair values of the derivative financial instruments held as of December 31, 2022 and 2021 are shown in the following table:

IN EUR MILLION	2022	2021
ASSETS	62.5	87.3
Of which non-current assets	9.6	1.7
Of which current assets	52.9	85.5
Composed of:
Forwards, futures and currency swaps - Derivative instruments held for trading	17.3	8.3
Forwards, futures and currency swaps - Hedging	38.7	13.3
Futures and commodities options - Derivative instruments held for trading	-	-
Futures and commodities options - Hedging	6.5	65.7
LIABILITIES	(276.1)	(219.9)
Of which non-current liabilities	(92.8)	(182.7)
Of which current liabilities	(183.3)	(37.2)
Composed of:
Forwards, futures and currency swaps - Derivative instruments held for trading	(0.3)	(6.5)
Forwards, futures and currency swaps - Hedging	(15.0)	(2.2)
Futures and commodities options - Hedging	(25.9)	(3.2)
Forwards on shares - Hedging	(76.7)	-
Call and put options on shares - Derivative instruments held for trading	(158.2)	(208.0)
NET POSITION	(213.7)	(132.6)
Forwards, futures and currency swaps	40.7	12.9
Forwards on shares	(76.7)	-
Futures and commodities options	(19.4)	62.5
Call and put options on shares	(158.2)	(208.0)

The following table shows the maturity of the cash flow hedge derivatives for the reporting periods ended December 31,2022 and 2021:

IN EUR MILLION	Total	Within the year	2 to 5 years	Over 5 years
Forwards, futures and currency swaps	23.7	18.3	5.4	-
Futures and commodities options	(19.4)	(19.4)	-	-
Forwards on shares	(76.7)	(76.7)	-	-
TOTAL AS OF DECEMBER 31, 2022	(72.4)	(77.8)	5.4	-
Forwards, futures and currency swaps	11.1	11.0	0.1	-
Futures and commodities options	62.5	62.5	-	-
TOTAL AS OF DECEMBER 31, 2021	73.6	73.5	0.1	-

26.2 Change in fair value of derivative instruments

The following table shows the changes in the fair value of hedging derivative instruments between two closing dates:

IN EUR MILLION	2022	2021
Derivative instruments - hedging
As of January 1 - net derivatives position	73.6	(4.4)
Increase (decrease) recognized in profit or loss	(1.7)	-
Increase (decrease) recognized in shareholders' equity	(154.7)	60.9
Changes in group structure/Business combinations/Other	10.4	17.1
AS OF DECEMBER 31 - NET DERIVATIVES POSITION	(72.4)	73.6

The following table shows the changes in the fair value of derivative instruments held for trading between two closing dates:

IN EUR MILLION	2022	2021
Derivative financial instruments held for trading
As of January 1 - net derivatives position	(206.2)	(17.6)
Increase (decrease) recognized in profit or loss	98.7	(133.6)
Increase recognized in shareholders' equity	-	-
Changes in group structure/Business combinations/Other	(33.6)	(55.0)
AS OF DECEMBER 31 - NET DERIVATIVES POSITION	(141.2)	(206.2)

26.3 Notional underlying amounts of derivative financial instruments

IN EUR MILLION	2022	2021
ASSETS	2,140.4	663.3
Composed of:
Forwards, futures and currency swaps	2,063.7	661.9
Futures and commodities options	76.7	1.4
LIABILITIES	4,043.6	3,530.7
Composed of:
Forwards, futures and currency swaps	1,715.9	1,234.1
Forwards on shares	537.6	-
Futures and commodities options	21.7	14.4
Call and put options on shares	1,768.4	2,282.2

26.4 Maturity of notional underlying amounts of derivative financial instruments

IN EUR MILLION	Total	Within the year	2 to 5 years	Over 5 years
Forwards, futures and currency swaps	3,779.6	3,067.9	107.1	604.6
Forwards on shares	537.6	537.6	-	-
Futures and commodities options	98.4	98.4	-	-
Call and put options on shares	1,768.4	689.6	1,078.8	-
TOTAL AS OF DECEMBER 31, 2022	6,184.0	4,393.5	1,185.9	604.6
Forwards, futures and currency swaps	1,896.0	1,810.0	86.0	-
Futures and commodities options	15.8	15.8	-	-
Call and put options on shares	2,282.2	1,298.0	984.3	-
TOTAL AS OF DECEMBER 31, 2021	4,194.0	3,123.8	1,070.3	-

Note 27 Stock options

GBL

Cash-settled plans

GBL issued since 2013 several incentive plans concerning the shares of a sub-subsidiaries of the group. These options were granted to the staff and the Executive Management of GBL. These options give the right to the beneficiary to acquire a share for an exercise price, corresponding with the value of the underlying share at the moment of the granting of the options. These options can be exercised during a period of time.

The options will be settled in cash or in shares. These plans are treated as cash-settled plans. The characteristics of the plans not yet fully exercised or expired are included in the table below:

	FINPAR VIII S.R.I. ⁽¹⁾	FINPAR VII S.R.L. ⁽²⁾	FINPAR VI S.R.L.	FINPAR V S.R.L.
Issue date	May 9, 2022	November 22, 2021	December 15, 2020	June 12, 2020
Number of accepted options	1,819,341	1,273,215	346,359	335,729
Exercise price (in EUR)	10.00	10.00	10.00	10.00
Vesting date	May 9, 2025	November 22, 2024	December 15, 2023	June 12, 2023
Expiry date	May 8, 2032	November 21, 2031	December 14, 2030	June 11, 2030
Valuation assumptions
Valuation method	Intrinsic	Intrinsic	Intrinsic	Intrinsic
	value	value	value	value
Implicit volatility of the	n.r.	n.r.	n.r.	n.r.

Fair value per unit	0.00	0.00	8.80	13.45
Debt accounted for	0.7	0.5	2.6	4.2

	FINPAR IVS.A.	FINPAR III S.A.	FINPAR II S.A.	URDAC S.A.	LTI TWO S.A.
Issue date	May 10, 2019	May 7, 2018	May 8, 2017	May 5, 2015	April 29, 2014
Number of accepted options	303,380	337,146	348,424	257,206	223,256
Exercise price (in EUR)	10.00	10.00	10.00	10.00	10.00
Vesting date	May 10, 2022	May 7, 2021	May 8, 2020	May 5, 2018	April 29, 2017
Expiry date	May 9, 2029	May 6, 2028	May 7, 2027	May 4, 2025	April 28, 2024
Valuation assumptions
Valuation method	Intrinsic	Intrinsic	Intrinsic	Monte Carlo	Monte Carlo
	value	value	value
Implicit volatility of the	n.r.	n.r.	n.r.	16.25%	15.93%
				-18.08%	- 29.74%
Fair value per unit	0.00	0.00	0.00	11.60	21.59
Debt accounted for	0.0	0.0	0.0	0.1	0.1

The table of changes is shown below:

	2022		2021
	Number	Exercise price	Number	Exercise price
		(IN EUR)		(EN EUR)
As of January 1	1,678,790	10.00	1,344,694	10.00
Exercised by:
Executive Management	-	10.00	.	10.00
Employees	(400)	10.00	(10,038)	10.00
Granted to:
Executive Management	675,000	10.00	86,400	10.00
Employees	2,417,556	10.00	257,734	10.00
As of December 31	4,770,946	10.00	1,678,790	10.00
Plan LTI Two	3,249	10.00	3,249	10.00
Plan URDAC	6,328	10.00	6,728	10.00
Plan FINPAR II	348,424	10.00	348,424	10.00
Plan FINPAR III	337,146	10.00	337,146	10.00
Plan FINPAR IV	303,180	10.00	303,180	10.00
Plan FINPARV	334,649	10.00	334,649	10.00
Plan FINPAR VI	345,414	10.00	345,414	10.00
Plan FINPAR VII	1,273,215	10.00	-	-
Plan FINPAR VIII	1,819,341	10.00	-	-

In 2022, the total cost for the group with respect to the stock option plans was recorded in operating expenses and amounted to EUR - 8 million (EUR 15 million in 2021), of which EUR - 1 million for the Executive Management (EUR 4 million in 2021). At the end of 2022, 29.92% of the options were vested, but only 0.20% were exercisable.

⁽¹⁾ Of which Type A and Type B options
⁽²⁾ Of which Type A and Type B options

Equity-settled plans

GBL has issued six incentive plans from 2007 to 2012 based on GBL shares for its Executive Management and staff. These plans are treated as equity- settled plans. The characteristics of the plans outstanding and not fully exercised as of December 31, 2022 are shown in the following table:

GBL PLAN	2008
Characteristics
Number of options on issuing	153,984
Initial exercise price (in EUR)	77.40
Vesting date	January 1,2012
Expiry date	April 9,2018 April 9,2023

GBL PLAN	2008
Black & Scholes valuation assumptions (according to an independent expert) when the plans are launched
Expected volatility	25.6%
Expected dividend growth	8.0%
Risk-free rate	4.9%
Fair value per unit (in EUR)	21.82

The table of changes is shown below:

	Number	2022 Exercise price	Number	2021 Exercise price
		(IN EUR)		(IN EUR)
As of January 1	52,426	81.17	161,541	84.83
Exercised by:
Executive Management	-	-	-	-
Employees	(21,813)	86.46	(109,115)	86.58
As of December 31	30,613	77.40	52,426	81.17
2007 plan	-	91.90	18,932	91.90
2008 plan	30,613	77.40	30,613	77.40
2011 plan	-	65.04	-	65.04
2012 plan	-	50.68	2,881	50.68

Imerys

Imerys has put in place an incentive plan for the group's executives and some of the managers and employees that entails the granting of options on Imerys shares. Each option entitles the holder to subscribe shares at a predetermined fixed price. The right to exercise the options is generally acquired three years after the date of the granting and the options have a maximum life of ten years.

Changes in options granted are shown in the following table:

	Number	Exercise price
		IN EUR
As of December 31,2020	162,113	48.24
Granted during the period	-	-
Expired during the period	(84,893)	(52.40)
Exercised during the period	-	-
AS OF DECEMBER 31, 2021	77,220	43.62
Exercisable as of December 31,2021	77,220
As of December 31,2021	77,220	43.62
Granted during the period	-	-
Expired during the period	(77,220)	(43.62)
Exercised during the period	-	-
AS OF DECEMBER 31, 2022	-	-
Exercisable as of December 31,2022	-	-

The number of options on Imerys shares is as follows:

PLAN	Maturity	Exercise price	2022 Number	2021 Number
		IN EUR
April 2012	2022	43.62	-	77,220
TOTAL			-	77,220

In addition, Imerys grants stock option plans, which, if exercised, result in the subscription of shares newly issued for this as well as free shares acquired in the market. In 2022, Imerys granted 432,950 free performance bonus shares (482,200 in 2021). As of December 31, 2022, the total employee expenses recognized in the Imerys group's financial statements with respect to stock option and bonus share plans for the year amounted to EUR 14 million (EUR 9 million in 2021).

	Number of free shares	Maturity	Turnover rate	Average dividend rate

2018	265,200	3 years	40.20%	3.00%
2019	427,500	3 years	33.80%	3.00%
2020	154,150	3 years	9.80%	3.10%
2020	457,700	3 years	6.00%	3.10%
2021	482,200	3 years	6.90%	3.20%
2022	432,950	3 years	10.00%	3.30%
COST OF PLANS RECOGNIZED IN EMPLOYEE EXPENSES
Settlement in equity instruments

	Performance conditions	Fair value	Total cost per plan	2022 cost of plans	2021 cost of plans
		IN EUR	IN EUR MILLION	IN EUR MILLION	IN EUR MILLION
2018	52.40%	67,11	(5.6)	.	1.6
2019	55.00%	35,75	(5.6)	(0.2)	(1.0)
2020	94.20%	36,71	(4.8)	(1.4)	(1.7)
2020	94.20%	26,75	(10.8)	(4.1)	(3.9)
2021	92.40%	38,85	(16.1)	(5.7)	(3.6)
2022	89.70%	27,36	(9.6)	(2.1)	-
COST OF PLANS RECOGNIZED IN EMPLOYEE EXPENSES				(13.5)	(8.6)
Settlement in equity instruments				(13.5)	(8.6)

Webhelp

Finally, Webhelp's stock option plan for Courcelles Lux S.C.A ended in 2021.

Note 28 Earnings per share

28.1 Earnings per share (group's share)

IN EUR MILLION	2022	2021
Basic
Consolidated income for the period (including discontinued operations)	(584.7)	278.8
Consolidated income for the period (excluding discontinued operations)	(627.2)	241.7
Diluted
Consolidated income for the period (including discontinued operations)	(614.2)	312.9
Consolidated income for the period (excluding discontinued operations)	(656.7)	275.9

28.2 Number of shares

	2022	2021
Issued shares at beginning of year	156,355,000	161,358,287
Treasury shares at beginning of year	(7,944,102)	(8,749,816)
Weighted changes during the period	(1,693,739)	(451,329)
Weighted average number of shares used to determine basic earnings per share	146,717,159	152,157,142
Impact of financial instruments with a diluting effect:
Convertible bonds	4,255,580	4,255,580
Stock options (Note 27)	-	52,426
Weighted average number of shares used to determine diluted earnings per share	150,972,739	156,465,148

28.3 Summary of earnings per share

IN EUR PER SHARE	2022	2021
Basic	(3.99)	1.83
Continuing operations	(4.28)	1.59
Discontinued operations	0.29	0.24
Diluted	(4.07)	1.83
Continuing operations	(4.35)	1.59
Discontinued operations	0.28	0.24

Note 29 Financial instruments

Fair value

To reflect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels:

―	level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities;
―	level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and
―	level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).

Analysis of financial instruments by category - balance sheets

The tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.

The category, according to IFRS 9, uses the following abbreviations:

―	FATOCI: Financial Assets measured at fair value through Other Comprehensive Income
―	FATPL: Financial Assets measured at fair value through Profit or Loss
―	FLTPL: Financial Liabilities measured at fair value through Profit or Loss
―	FAAC: Financial Assets measured at Amortized Cost
―	FLAC: Financial Liabilities measured at Amortized Cost
―	HeAc: Hedge Accounting.

As of December 31, 2022

IN EUR MILLION	Category According to IFRS 9	Carrying amount	Fair value	Hierarchy of fair values
FINANCIAL ASSETS
Non-current assets
Other equity investments
Equity investments measured at fair value and with changes recognized in equity	FATOCI	10,837.2	10,837.2	Level 1
Equity investments measured at fair value and with changes recognized in equity	FATOCI	273.0	273.0	Level 3
Equity investments measured at fair value and with changes recognized in profit or loss	FATPL	127.3	127.3	Level 1
Equity investments measured at fair value and with changes recognized in profit or loss	FATPL	1,927.0	1,927.0	Level 3
Other non-current assets
Derivative instruments - hedging	HeAc	9.6	9.6	Level 2
Other financial assets	FAAC	66.1	66.1	Level 2
Current assets
Trade receivables	FAAC	1,108.7	1,108.7	Level 2
Trading financial assets	FATPL	870.0	870.0	Level 1
Cash and cash equivalents	FAAC	1,768.3	1,768.3	Level 2
Other current assets
Derivative instruments - hedging	HeAc	35.5	35.5	Level 2
Derivative instruments - other	FATPL	17.4	17.4	Level 2
Other financial assets	FAAC	38.0	38.0	Level 2
FINANCIAL LIABILITIES
Non-current liabilities
Financial liabilities	FLAC	8,714.7	8,379.3	Level 2
Other non-current liabilities
Derivative instruments - hedging	HeAc	4.1	4.1	Level 2
Derivative instruments - other	FLTPL	88.7	88.7	Level 2
Other non-current liabilities	FLAC	1,545.2	1,545.2	Level 2
Current liabilities
Financial liabilities
Other financial liabilities	FLAC	1,654.6	1,675.9	Level 2
Trade payables	FLAC	857.4	857.4	Level 2
Other current liabilities
Derivative instruments - hedging	HeAc	113.5	113.5	Level 2
Derivative instruments - other	FLTPL	69.8	69.8	Level 2
Other current liabilities	FLAC	73.7	73.7	Level 2

As of December 31, 2021

IN EUR MILLION	Category according to IFRS 9	Carrying amount	Fair value	Hierarchy of Fair values
FINANCIAL ASSETS
Non-current assets
Equity investments measured at fair value and with changes recognized in equity	FATOCI	15,523.2	15,523.2	Level 1
Equity investments measured at fair value and with changes recognized in equity	FATOCI	266.0	266.0	Level 3
Equity investments measured at fair value and with changes recognized in profit or loss	FATPL	481.4	481.4	Level 1
Equity investments measured at fair value and with changes recognized in profit or loss	FATPL	1,904.3	1,904.3	Level 3
Other non-current assets
Derivative instruments - hedging	HeAc	1.2	1.2	Level 2
Derivative instruments - other	FATPL	0.5	0.5	Level 2
Other financial assets	FAAC	83.9	83.9	Level 2
Current assets
Trade receivables	FAAC	1,019.7	1,019.7	Level 2
Trading financial assets	FATPL	2,086.0	2,086.0	Level 1
Cash and cash equivalents	FAAC	1,331.6	1,331.6	Level 2
Other current assets
Derivative instruments - hedging	HeAc	77.8	77.8	Level 2
Derivative instruments - other	FATPL	7.7	7.7	Level 2
Other financial assets	FAAC	14.8	14.8	Level 2
FINANCIAL LIABILITIES
Non-current liabilities
Financial liabilities	FLAC	6,616.2	6,910.3	Level 2
Other non current liabilities
Derivative instruments - other	FLTPL	182.7	182.7	Level 2
Other non current liabilities	FLAC	1,067.0	1,067.0	Level 2
Current liabilities
Financial liabilities
Other financial liabilities	FLAC	1,037.5	1,038.7	Level 2
Trade payables	FLAC	865.8	865.8	Level 2
Other current liabilities
Derivative instruments - hedging	HeAc	5.3	5.3	Level 2
Derivative instruments - other	FLTPL	31.8	31.8	Level 2
Other current liabilities	FLAC	34.0	34.0	Level 2

There were no significant transfers between the different levels during 2022.

Measurement techniques

The group's financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).

The techniques used to measure the fair value of level 2 financial instruments are as follows:

The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL's credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange's Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.

The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties' credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative's market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA).

These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.

The techniques used to measure the fair value of level 3 financial instruments are as follows:

Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.

Analysis of financial instruments by category - income statement

The tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.

The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash flow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.

In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.

	Non-hedge accounting
	IFRS 9 Categories
IN EUR MILLION	Amortized cost	Fair value through profit or loss	Fair value through equity	Out of IFRS 9 scope
Net dividends from investments	-	-	322.3	-
Other operating income (expenses) from investing activities	(74.3)	-	-	-
Financial income (expenses) from investing activities	(490.0)	94.6	-	-
Of which: Financial income	168.7	119.0	-	-
Financial expenses	(658.7)	(24.4)	-	-
PROFIT (LOSS) FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS	(564.3)	94.6	322.3	-
Turnover	8,108.7	-	-	-
Raw materials and consumables	(2,322.4)	-	-	199.9
Other operating income (expenses) from operating activities	(1,791.1)	-	-	18.1
Financial income (expenses) from operating activities	(520.6)	5.8	-	(11.0)
Of which: Financial income	40.9	5.8	-	-
Financial expenses	(561.5)	-	-	(11.0 )
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - CONTINUING OPERATIONS	3,474.7	5.8	-	207,0

	Non-hedge accounting			Hedge accounting
	Fair value		Cash flows
IN EUR MILLION	Hedged item	Hedging instrument	Hedged item	Hedging instrument	Total
Net dividends from investments	-	-	-	-	322.3
Other operating income (expenses) from investing activities	-	-	-	-	(74.3)
Financial income (expenses) from investing activities	-	-	-	-	(395.4)
Of which: Financial income	-	-	-	-	287.7
Financial expenses	-	-	-	-	(683.1)
PROFIT (LOSS) FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS	-	-	-	-	(147,4)
Turnover	-	-	-	(0.1)	8,108.6
Raw materials and consumables	-	-	-	100.4	(2,022.1)
Other operating income (expenses) from operating activities	-	-	-	-	(1,773.0)
Financial income (expenses) from operating activities	-	-	-	-	(525.8)
Of which: Financial income					46.7
Financial expenses	-	-	-	-	(572.5)
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - CONTINUING OPERATIONS	-	-	-	100.3	3,787.8

	Non-hedge accounting
	IFRS 9 Categories
IN EUR MILLION	Amortized cost	Fair value through profit or loss	Fair value through equity	Out of IFRS 9
Net dividends from investments	-	-	363.1	-
Other operating income (expenses) from investing	(54.8)	-	-	-
Financial income (expenses) from	249.7	(140.2)	-	-
Of which: Financial	372.0	18.4	-	-
Financial expenses	(122.3)	(158.6)	-	-
PROFIT (LOSS) FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS	195.0	(140.2)	363.1	-
Turnover	5,808.1	-	-	-
Raw materials and consumables	(1,456.5)	-	-	119.1
Other operating income (expenses) from operating	(1,494.5)	-	-	16.6
Financial income (expenses) from	(436.1)	2.7	-	(10.3)
Of which: Financial	33.7	2.8	-	-
Financial expenses	(469.7)	(0.1)	-	(10.3)
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - CONTINUING	2,421.0	2.7	-	125.4

	Non-hedge accounting			Hedge accounting
	Fair value		Cash flows
IN EUR MILLION	Hedged item	Hedging instrument	Hedged item	Hedging	Total
Net dividends from investments	-	-	-	-	363.1
Other operating income (expenses) from investing	-	-	-	-	(54.8)
Financial income (expenses) from	-	-	-	-	109.6
Of which: Financial	-	-	-	-	390.4
Financial expenses	-	-	-	-	(280.9)
PROFIT (LOSS) FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS	-	-	-	-	417.9
Turnover	-	-	432.2	2.7	6,243.0
Raw materials and consumables	-	-	(184.3)	38.6	(1,483.1)
Other operating income (expenses) from operating	-	-	-	-	(1,477.9)
Financial income (expenses) from	-	-	-	-	(443.7)
Of which: Financial	-	-	-	-	36.5
Financial expenses	-	-	-	-	(480.1)
PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - CONTINUING	-	-	247.9	41.3	2,838.4

Note 30 Subsidiaries in which GBL holds significant non-controlling interests

The tables below present concise financial information about each of the subsidiaries in which GBL holds significant non-controlling interests, without taking intragroup eliminations into account.

IN EUR MILLION	Imerys	Webhelp
Ownership percentage held by	45.0%	38.7%
Voting rights held by non-controlling	31.9%	38.7%
Non-current assets	4,357.4	3,505.6
Current assets	3,513.6	990.6
Non-current liabilities	2,465.6	3,879.3
Current liabilities	2,020.0	792.1
Non-controlling interests	47.5	1.0
Equity (group's share)	3,337.9	(176.2)
Non-controlling interests (including)	1,550.4	1.0
Turnover	4,281.6	2,485.3
Net result of the period attributable to	130.4	(388.2)
Net result of the period attributable to	124.0	17.2
Net result of the period (including)	254.4	(371.0)
Other comprehensive income attributable to the shareholders of GBL (group's share)	7.9	26.9
Other comprehensive income attributable to the non-controlling interests	15.9	17.2
Total of other comprehensive income	23.8	44.1
Total comprehensive income attributable to the shareholders of GBL (group's share)	138.2	(361.3)
Total comprehensive income attributable to the non-controlling interests	139.9	34.4
Total comprehensive income (including)	278.2	(326.9)
Dividends paid to the non-controlling	71.9	-
Net cash flows from operating activities	440.7	276.3
Net cash flows from investing activities	(311.3)	(301.4)
Net cash flows from financing activities	76.2	(0.5)
Impact of exchange differences on funds held and impact of changes in scope of consolidation	(3.0)	(9.5)
Increase/decrease of cash and cash	202.6	(35.2)

IN EUR MILLION	Canyon	Sanoptis	Subsidiaries that are not individually material	2022
Ownership percentage held by	50.4%	16.5%
Voting rights held by non-controlling	50.4%	37.0%
Non-current assets	751.7	1,846.8
Current assets	483.9	176.7
Non-current liabilities	367.1	1,100.2
Current liabilities	123.2	77.5
Non-controlling interests	-	5.0
Equity (group's share)	745.2	841.1
Non-controlling interests (including)	362.4	140.5	45.7	2,100.0
Turnover	644.9	180.1
Net result of the period attributable to	11.0	(20.7)
Net result of the period attributable to	11.8	(4.1)	3.2	152.2
Net result of the period (including)	22.8	(24.8)
Other comprehensive income attributable to the shareholders of GBL (group's share)	(0.2)	2.2
Other comprehensive income attributable to the non-controlling interests	(0.2)	0.4	0.2	33.5
Total of other comprehensive income	(0.4)	2.6
Total comprehensive income attributable to the shareholders of GBL (group's share)	10.8	(18.5)
Total comprehensive income attributable to the non-controlling interests	11.7	(3.6)	3.4	185.7
Total comprehensive income (including)	22.4	(22.2)
Dividends paid to the non-controlling	-	-
Net cash flows from operating activities	(111.9)	77.9
Net cash flows from investing activities	7.2	(187.9)
Net cash flows from financing activities	96.0	188.2
Impact of exchange differences on funds held and impact of changes in scope of consolidation	-	9.7
Increase/decrease of cash and cash	(8.7)	88.0

Due to the existence of put options contracts that the founders and managers of Webhelp, minority shareholders, hold in all of their shares towards GBL, the non-controlling interests recorded on the acquisition of Webhelp have been reclassified as debts on minority shareholders (see note 22). Contracts of the same type and a reclassification of the same order were recorded on Sanoptis.

IN EUR MILLION	Imerys	Webhelp	Canyon	Subsidiaries that are not individually material	2021
Ownership percentage held by non-controlling interests	45.2%	41.2%	46.7%
Voting rights held by non-controlling interests	32.6%	40.8%	46.7%
Non-current assets	4,990.3	3,285.5	764.6
Current assets	2,425.8	916.7	303.2
Non-current liabilities	2,726.5	3,448.3	307.6
Current liabilities	1,447.7	694.5	98.3
Non-controlling interests	48.5	1.1	-
Equity (group's share)	3,193.5	58.4	662.0
Non-controlling interests (including those of the subsidiary)	1,490.9	1.1	308.0	56.7	1,856.8
Turnover	4,382.9	2,080.6	344.8
Net result of the period attributable to the shareholders of GBL (group's share)	131.6	(466.4)	(15.3)
Net result of the period attributable to the non-controlling interests	118.0	28.7	(6.5)	15.8	156.0
Net result of the period (including non-controlling interests)	249.7	(437.8)	(21.7)
Other comprehensive income attributable to the shareholders of GBL (group's share)	98.0	1.9	1.7
Other comprehensive income attributable to the non-controlling interests	72.5	1.2	1.5	0.1	75.3
Total of other comprehensive income (including non-controlling interests)	170.5	3.2	3.2
Total comprehensive income attributable to the shareholders of GBL (group's share)	229.7	(464.5)	(13.6)
Total comprehensive income attributable to the non-controlling interests	190.5	29.9	(5.0)	15.9	231.3
Total comprehensive income (including non-controlling interests)	420.1	(434.6)	(18.6)
Dividends paid to the non-controlling interests	53.4	-	-
Net cash flows from operating activities	540.0	233.5	(103.4)
Net cash flows from investing activities	(306.7)	(593.3)	(68.4)
Net cash flows from financing activities	(312.0)	425.1	205.7
Impact of exchange differences on funds held and impact of changes in scope of consolidation	7.3	(4.1)	-
Increase/decrease of cash and cash equivalents	(71.3)	61.2	33.9

Note 31 Contingent assets and liabilities, rights and commitments

In relation to GBL

Investment/subscription commitments

Following GBL's commitment to GBL Capital, the uncalled subscribed capital totaled EUR 846 million as of December 31,2022 (EUR 742 million at the end of 2021).

Foreign dividends/double international taxation

The group has taken certain measures in order to preserve its interests in matters of double taxation on its foreign dividends.

GBL's consolidated subsidiaries

Operating lease commitments

The remaining off-balance sheet items are limited to contracts outside the scope of IFRS 16 on leases, notably mining leases and commitments to purchase services associated with leases (EUR 4 million as of December 31, 2022).

Other commitments given and received

These commitments given and received solely concern Imerys, Webhelp, GBL Capital and Sienna Investment Managers. Other commitments given primarily relate to:

―	Imerys'site rehabilitation, in the amount of EUR 68 million (EUR 67 million in 2021);
―	operating activities, i.e. firm purchase commitments given by Imerys within the framework of contracts for the purchase of goods, services, energy or transport (EUR 113 million compared with EUR 209 million in 2021);
―	cash, i.e. corresponding to letters of credit and guarantees, mortgages and pledges obtained by Imerys and Webhelp from financial institutions to guarantee operating cash flow needs for their clients (EUR 63 million compared with EUR 68 million in 2021); and
―	other obligations (EUR 192 million compared with EUR 218 million in 2021).

Commitments received totaled EUR 470 million as of December 31,2022 (EUR 364 million as of December 31,2021).

Note 32 Transactions with related parties

External related parties to GBL

GBL's related parties are the Canadian group Power Corporation of Canada and the Belgian group Frere. These groups are for GBL the ultimate group heads. Through their joint venture Parjointco SA, they exercise joint control over the Swiss group Pargesa SA which controls GBL. Pargesa SA is as such a related party of GBL. There is no contract between GBL and Pargesa SA.

As of December 31, 2022 and 2021, there were no transactions with these related parties, except for the provision of services to the Frere and Power Corporation of Canada groups for an amount of EUR 1 million as of December 31, 2022 (EUR 0 million as of December 31, 2021).

Director's remunerations

The remunerations paid to the Directors are shown in the table below:

IN EUR MILLION	2022	2021
Remunerations, charges and short-term benefits	3.3	3.0
Post-employment benefits	0.5	0.6
Costs related to cash-settled share-based payments	(1.1)	3.8
Other	0.1	0.2
TOTAL	2.7	7.6

Note 33 Events after the reporting period

Measures to enhance shareholder returns: treasury share buybacks

Between January 2 and March 7, 2023, GBL acquired 1.2 million GBL shares, accounting for 0.8% of the shares representing the capital and valued at EUR 93 million on March 7,2023. The fifth envelope of share buybacks was 81.2% executed at that date.

On March 9,2023, the Board of Directors approved a sixth envelope of EUR 500 million to be allocated to share buybacks.

Pernod Ricard

From January 16 to February 1, 2023, GBL completed its disposal plan, selling 0.6 million shares of Pernod Ricard for EUR 110 million, reducing its holding from 6.9% of the capital to 6.7%. GBL remains the largest shareholder after the reference family shareholder. This operation generated a net capital gain'" of EUR 76 million based on the historical acquisition price.

Mowi

From February 16 to March 7, 2023, GBL sold 2.9 million shares of Mowi, reducing its holding from 1.9% of the capital to 1.3%, for proceeds of EUR 47 million. This operation generated a net capital loss ⁽¹⁾ of EUR 2 million.

Note 34 Statutory Auditor's fees

GBL's consolidated and statutory financial statements for this year have been audited and approved without qualifications by the Statutory Auditor PwC Reviseurs d'Entreprises.

In accordance with article 3:65 of the Code on companies and associations, the fees for the services provided by the Statutory Auditor PwC Reviseur d'Entreprises and its network were as follows:

IN EUR	2022	2021
Audit assignment	5,244,000	1,846,068
of which GBL	91,000	91,000
Other attest assignments	271,286	143,220
Tax consultancy assignments	672,482	1,459,064
Other assignments not related to the audit assignment	384,579	394,447
TOTAL	6,572,347	3,842,799
Of which: Holding	970,158	786,230
Imerys	3,508,966	1,421,174
Webhelp	1,516,759	1,001,643
Canyon	13,000	103,100
Affidea	10,350	-
Sanoptis	-	-
GBL Capital and SIM	553,114	530,652

⁽¹⁾ In accordance with IFRS 9, capital gains (losses) from disposals do not impact GBL's net consolidated result

STATUTORY AUDITOR'S REPORT TO THE GENERAL SHAREHOLDERS' MEETING OF GROUPE BRUXELLES LAMBERT SA/NV ON THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

We present to you our statutory auditor's report in the context of our statutory audit of the consolidated accounts of Groupe Bruxelles Lambert SA/NV (the « Company ») and its subsidiaries (jointly « the Group »). This report includes our report on the consolidated accounts, as well as the other legal and regulatory requirements. This forms part of an integrated whole and is indivisible.

We have been appointed as statutory auditor by the general meeting d.d. 27 April 2021, following the proposal formulated by the board of directors and following the recommendation by the audit committee. Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year ended 31 December 2023. We have performed the statutory audit of the Group's annual accounts for 2 consecutive years.

Report on the consolidated accounts Unqualified opinion

We have performed the statutory audit of the Group's consolidated accounts, which comprise the consolidated balance sheet as at 31 December 2022, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in shareholders' equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated accounts, including a summary of significant accounting policies and other explanatory information, and which is characterised by a consolidated balance sheet total of EUR 33.400,4 million and a consolidated loss for the year, attributable to owners of the Company, of EUR 584,7 million.

In our opinion, the consolidated accounts give a true and fair view of the Group's net equity and consolidated financial position as at 31 December 2022, and of its consolidated financial performance and its consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium.

Basis for unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the International Standards on Auditing as approved by the IAASB which are applicable to the year-end and which are not yet approved at the national level.

Our responsibilities under those standards are further described in the « Statutory auditor's responsibilities for the audit of the consolidated accounts » section of our report. We have fulfilled our ethical responsibilities in accordance with the ethical requirements that are relevant to our audit of the consolidated accounts in Belgium, including the requirements related to independence.

We have obtained from the board of directors and Company officials the explanations and information necessary for performing our audit.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated accounts of the current period. These matters were addressed in the context of our audit of the consolidated accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Identification and measurement of the fair value of intangible assets on the acquisition date of the Affidea and Sanoptis groups

Description of the Key Audit Matter

In 2022, GBL and its subsidiaries made a series of acquisitions. The main operations are the acquisitions of the Affidea and Sanoptis groups in July 2022, for EUR 994 million and EUR 753 million respectively, as described in section 7.1.7. (changes in scope) of the consolidated accounts.

IFRS 3 « Business Combinations » requires a purchase price allocation exercise, whereby the total consideration is allocated between the fair value of the identifiable assets acquired and the liabilities assumed; the remaining balance being recognized as goodwill. The valuation of certain assets involves the use of estimates regarding future cash flows. This allocation exercise was carried out by management with the help of independent experts for each of the two acquisitions. The acquisition- date fair value of intangible assets and goodwill amounted to EUR 598 million and EUR 883 million, respectively, for Affidea, and EUR 564 million and EUR 860 million, respectively, for Sanoptis.

We considered the accounting treatment arising from these two acquisitions to be a key audit matter because they are significant and require significant assumptions and judgments regarding the identification and valuation of the intangible assets acquired.

How our Audit addressed the Key Audit Matter

With respect to the Affidea and Sanoptis acquisition price allocation exercises, for each acquisition we have, among other things, read the share purchase agreement, verified the calculation of the consideration paid, discussed with local management and read due diligence reports to assess the completeness of the purchase price allocation. We have verified the calculations of the fair value of the identifiable assets acquired and the liabilities assumed and we have ensured that the accounting treatment applied is correct and that appropriate information has been provided in the notes to the consolidated financial statements. With the help of valuation specialists, we reviewed the reasonableness of valuation assumptions such as discount rates, growth rates and gross margin percentage by recalculating them and comparing them with past actual figures. We also assessed the adequacy of the information provided in section 7.1.7.

Following our procedures, we found that the methodologies and assumptions applied are appropriate and fall within a reasonable range, and that the accounting for acquisitions is carried out and disclosed in the notes in an appropriate manner.

Valuation of goodwill, intangible and tangible assets

Description of the Key Audit Matter

The Group's consolidated financial statements as of 31 December 2022 show goodwill in the assets amounting to EUR 6.258 million, as well as intangible and tangible fixed assets for amounts of EUR 2.836 million and EUR 3.289 million respectively (see Notes 9 to 11 of the consolidated accounts).

As described in Note 10 and in the accounting policies for the consolidated financial statements, the companies of the Group carry out an impairment test each year on all of their cash-generating units (« CGUs ») insofar as goodwill is present in these. Group management has retained the judgments made by its subsidiaries Imerys, Webhelp, Canyon Bicycles, Sienna Investment Managers, Affidea and Sanoptis in the definition of the CGUs, namely different branches at Imerys, a single CGU at Webhelp, Affidea, Sanoptis and Canyon Bicycles respectively, and each investment at Sienna.

In addition, when facts are identified indicating that a CGU, a group of CGUs or an individual non-current asset may have been impaired, management performs an impairment test at an intermediate date.

Most of these assets relate to Imerys, Webhelp, Affidea and Sanoptis (see segment information in Note 1 to the consolidated financial statements).

We considered that the valuation of goodwill and intangible and tangible fixed assets of Imerys, Webhelp, Affidea and Sanoptis is a key audit matter due to their significant nature in the group's accounts, because the definition of the level of test of the goodwill (« CGU ») and the determination of impairment indicators constitute important management judgments, and because the determination of their recoverable amount, most often based on forecasts of discounted future cash flows taking into account, among other things, the uncertainties related to the macroeconomic situation and climate change, requires the use of significant management judgments and estimates.

How our Audit addressed the Key Audit Matter

We have reviewed the annual impairment tests of the main goodwill items carried out by the Group, and we have also met with management to identify any signs of impairment.

We have analysed the compliance with IAS 36 « Impairment of Assets » of the method used by management to determine the recoverable amount of the main CGUs or main groups of CGUs and, where applicable, significant individual non-current assets falling within the scope of the standard, presenting an indication of loss of value.

We have also, where necessary with the help of our valuation specialists, studied the procedures for implementing this methodology for the main CGUs or the main groups of CGUs and analysed in particular:

―	The cash flow projections relating to each group of CGUs compared to the economic and financial context in which they operate.
―	The consistency of these cash flow projections with the most recent Management estimates that were presented to the board of directors of the respective affiliates as part of the budget process and with external studies related to the markets served by the Group.
―	The reasonableness of assumptions applied to the projected cash flows, and mainly long-term growth rate and discount rate, with regards to market analyses, the consensus of the main players and the economic environment of countries in which your Group operates.

We have assessed the relevance of information disclosed in Note 10 of the notes to the consolidated accounts and verified arithmetical calculations of sensitivity analyses presented by management.

Based on the procedures implemented, we found that the results of the valuation of goodwill and intangible and tangible fixed assets carried out by management were consistent with the results of our procedures.

Valuation of debts to minority shareholders of Webhelp

Description of the Key Audit Matter

In the context of the acquisition of Webhelp in 2019, fully consolidated, options have been issued on Webhelp shares that give minority shareholders the right to sell all of their Webhelp shares under certain conditions to GBL. Those options have been recognized in GBL's consolidated accounts as debts towards minority shareholders. The value of those debts is reassessed at each closing based on the expected discounted cash flows following the exercise of those options by the minority shareholders.

Debts to minority shareholders amount to EUR 1.675 million as of 31 December 2022 and are recognized in other non-current liabilities (see Notes 22 to the consolidated financial statements).

As part of our audit, we identified the valuation of debts to minority shareholders of Webhelp as a key audit matter primarily because of the materiality of the transaction, the complexity of contracts and the level of estimate required for the valuation of debts to minority shareholders.

How our Audit addressed the Key Audit Matter

We analysed the accounting treatment of agreements for options issued on Webhelp shares, primarily on the basis of IAS 32/IFRS 9 « Financial Instruments », IAS 19 « Personal Benefits » and IFRS 2 « Share-based Payment ».

We audited the valuation of the minority debts as of 31 December 2022. Our experts in valuation have been involved. The procedures performed can be summarised as follows:

―	The review of the valuation model, including the mathematical accuracy.
―	The review of the assumptions taken in the valuation model.
―	The review of the information published in the consolidated accounts and assessment of their compliance with IFRS.

The above procedures provided sufficient evidence to address the key audit matter relating to the valuation of the debts to minority shareholders of Webhelp.

The classification and accounting treatment of the different investment lines

Description of the Key Audit Matter

As at 31 December 2022, Groupe Bruxelles Lambert holds a stake of respectively 19,98%, 19,11 %, 16,18% and 15,92% in Ontex, SGS, Voodoo and Umicore. In accordance with IFRS 9, Management considers these investments as other equity investments.

As indicated in the notes to the consolidated accounts (« accounting policies », section « changes in accounting estimates/judgments ») summarising the accounting principles of the company, GBL analysed the accounting treatment to be applied for these four investments and in particular the classification as (i) investments in associated companies (IAS 28), or as (ii) other equity investments (IFRS 9). Taking into account an ownership of less than 20% of each of the investments and the fact that:

―	The representation of GBL on the board of directors is not sufficient to demonstrate the existence of a notable influence; moreover, representation in the board of directors is limited to the duration of directors' terms and requires a resolution at General Shareholders' Meeting; in particular for listed companies, this representation does not come from a contractual or legal right.
―	The other criteria are generally considered to prove that there is no significant influence.

GBL has concluded that there is no significant influence demonstrated and, accordingly, these four investments are recorded as other equity investments.

As part of our audit, we have identified the classification of the investments in Ontex, SGS, Voodoo and Umicore as a key audit matter and this mainly for the following reasons:

―	The proximity of the ownership rate to the threshold of 20%.
―	The significant importance of these investments.
―	The important level of judgement in the analysis of significant influence indicators, as defined by IAS 28.

How our Audit addressed the Key Audit Matter

We reviewed the management's arguments and the facts supporting the classification of the investments in Ontex, SGS, Voodoo et Umicore as other equity investments.

Based on this information, we have obtained sufficient evidence to address the key audit matter related to the accounting treatment of the investments in Ontex, SGS, Voodoo et Umicore.

Assessment of the financial impact relating to the litigation of the talc business of Imerys

Description of the Key Audit Matter

Certain Imerys Group subsidiaries, fully consolidated, are involved in litigations related to the talc business in the United States (Note 20 of the consolidated accounts).

In February 2019, the North American entities exposed to these disputes filed for the specific legal Chapter 11 bankruptcy protection. Under this procedure, even though the Imerys Group remains legal owner of the relevant entities, Imerys lost its control over these entities. Therefore, they were removed from the Group's consolidated scope on 13 February 2019.

In May 2020, the Imerys Group and claimants' representatives filed a jointly agreed reorganisation plan (the « Plan » or « Disclosure Statement ») which was later approved by the Judge in January 2021. During this process, in October 2020, an agreement was concluded with Magris Resources for the sale of North American talc activities for a purchase price of USD 223 million and the sale was closed in February 2021.

The voting process of the Plan failed to obtain 75% of favourable votes at the end of 2021. A revised plan is, as of today, still under negotiation. As of 31 December 2022, the remaining provisions for these claims for the Imerys group amounts to EUR 106 million, fully included in GBL's consolidated financial statements.

The measurement of the provision depends on management's judgement as to whether a reliable estimate of the resulting obligation and all associated costs, if any, can be made. Given the importance of the financial impacts for the Imerys group and the determining nature of management's judgments and estimates to assess potential liabilities, we have considered the assessment of the financial consequences of litigation related to the talc business as a key point of our audit.

How our Audit addressed the Key Audit Matter

We have assessed the reasonableness of the residual provision recorded in the balance sheet, based on:

―	The « Disclosure Statement » approved by the Court.
―	Extracts from the minutes of the various board of directors' meetings of the Imerys group, featuring the exchanges relating to this talc dispute in the US and the Chapter 11 proceedings.
―	Inquiries with management, especially with the legal director of the Imerys group.

We obtained confirmation from the external legal advisors representing Imerys group in connection with the Chapter 11 proceed ings of its North American subsidiaries that the provision reflected a reasonable estimate of the net financial impact for the Imerys group arising from the potential resolution of these proceedings, and we have verified that this provision is properly included in GBL's consolidated financial statements as of 31 December 2022.

We have assessed the disclosure in the notes to the consolidated financial statements with regard to IAS 37 'Provisions, contingent liabilities and contingent assets'.

We have determined that the assumptions used in the assessment of the financial consequences related to the talc litigation were reasonable.

Responsibilities of the board of directors for the preparation of the consolidated accounts

The board of directors is responsible for the preparation of consolidated accounts that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium, and for such internal control as the board of directors determine is necessary to enable the preparation of consolidated accounts that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated accounts, the board of directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Statutory auditor's responsibilities for the audit of the consolidated accounts

Our objectives are to obtain reasonable assurance about whether the consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated accounts.

In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the consolidated accounts in Belgium. A statutory audit does not provide any assurance as to the Group's future viability nor as to the efficiency or effectiveness of the board of directors' current or future business management at Group level. Our responsibilities in respect of the use of the going concern basis of accounting by the board of directors are described below.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

―	Identify and assess the risks of material misstatement of the consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
―	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
―	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors.
―	Conclude on the appropriateness of the board of directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor's report to the related disclosures in the consolidated accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
―	Evaluate the overall presentation, structure and content of the consolidated accounts, including the disclosures, and whether the consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation.
―	Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the consolidated accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

Other legal and regulatory requirements Responsibilities of the board of directors

The board of directors is responsible for the preparation and the content of the directors' report on the consolidated accounts and the other information included in the annual report on the consolidated accounts.

Statutory auditor's responsibilities

In the context of our engagement and in accordance with the Belgian standard which is complementary to the International Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all material respects, the directors' report on the consolidated accounts and the other information included in the annual report on the consolidated accounts and to report on these matters.

Aspects related to the directors' report on the consolidated accounts and to the other information included in the annual report on the consolidated accounts

In our opinion, after having performed specific procedures in relation to the directors' report on the consolidated accounts, this directors' report is consistent with the consolidated accounts for the year under audit and is prepared in accordance with article 3:32 of the Companies' and Associations' Code.

In the context of our audit of the consolidated accounts, we are also responsible for considering, in particular based on the knowledge acquired resulting from the audit, whether the directors' report on the consolidated accounts and the other information included in the annual report on the consolidated accounts, containing the condensed statutory financial statements as of 31 December 2022, is materially misstated or contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there are no material misstatements we have to report to you.

The non-financial information required by virtue of article 3:32, §2 of the Companies' and Associations' Code is included in the directors' report on the consolidated accounts which is part of the section ESG of the annual report. The Company has prepared the non-financial information, based on (i) the Directive 2014/95/EU on non-financial information (transposed into the Belgian law of 3 September 2017) and (ii) the GRI Standards - Core Option. However, in accordance with article 3:80, §1,5° of the Companies' and Associations' Code, we do not express an opinion as to whether the non-financial information has been prepared in accordance with the (i) Directive 2014/95/EU on non-financial information (transposed into the Belgian law of 3 September 2017) and (ii) the GRI Standards - Core option as disclosed in the directors' report on the consolidated accounts.

Statements related to independence

―	Our registered audit firm and our network did not provide services which are incompatible with the statutory audit of the consolidated accounts, and our registered audit firm remained independent of the Group in the course of our mandate.
―	The fees for additional services which are compatible with the statutory audit of the consolidated accounts referred to in article 3:65 of the Companies' and Associations' Code are correctly disclosed and itemised in the notes to the consolidated accounts.

European Uniform Electronic Format (ESEF)

We have also verified, in accordance with the draft standard on the verification of the compliance of the financial statements with the European Uniform Electronic Format (hereinafter « ESEF »), the compliance of the ESEF format with the regulatory technical standards established by the European Delegate Regulation No. 2019/815 of 17 December 2018 (hereinafter: « Delegated Regulation »).

The board of directors is responsible for the preparation, in accordance with ESEF requirements, of the consolidated accounts in the form of an electronic file in ESEF format (hereinafter « digital consolidated accounts ») included in the annual financial report.

Our responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking language of the digital consolidated accounts comply in all material respects with the ESEF requirements under the Delegated Regulation.

Based on the work we have performed, we believe that the format of and marking of information in the digital consolidated accounts included in the annual financial report of the Group per 31 December 2022 comply in all material respects with the ESEF requirements under the Delegated Regulation.

Other statements

This report is consistent with the additional report to the audit committee referred to in article 11 of the Regulation (EU) N° 537/2014.

Diegem, 4 April 2023

The statutory auditor

PwC Reviseurs d'Entreprises SRL / PwC Bedrijfsrevisoren BV

Represented by

Alexis Van Bavel, Réviseur d'Entreprises, Bedrijfsrevisor

MVZ RHR Augenärzte GmbH