In millions of Dollars | |||
Notes | 2023 | 2022 | |
Sales | 3 | ||
Cost of goods sold | ( | ( | |
Distribution expenses | ( | ( | |
Marketing and administration expenses | ( | ( | |
Royalties to affiliated company | 16 | ( | ( |
Other trading income | 4 | ||
Other trading expenses | 4 | ( | ( |
Trading operating profit | 3 | ||
Other operating income | 4 | ||
Other operating expenses | 4 | ( | ( |
Operating profit | |||
Financial income | 5 | ||
Financial expense | 5 | ( | ( |
Profit before taxes and associates | |||
Taxes | 13 | ( | ( |
Income/(Loss) from associates | 15 | ( | |
Net profit for the year |
In millions of Dollars | |||
Notes | 2023 | 2022 | |
Profit for the year recognized in the income statement | |||
Changes in cash flow hedge and cost of hedge reserves, net of taxes | ( | ||
Items that are or may be reclassified subsequently to the income statement | ( | ||
Remeasurement of defined benefit plans, net of taxes | ( | ||
Items that will never be reclassified to the income statement | ( | ||
Other comprehensive (loss)/income for the year | ( | ||
Total comprehensive income for the year |
In millions of Dollars | |||
Notes | 2023 | 2022 | |
Assets | |||
Current assets | |||
Cash and cash equivalents | 12/15 | ||
Short-term investments | 12 | ||
Inventories | 6 | ||
Trade and other receivables | 7/12 | ||
Loans to the parent and affiliates | 12/16 | ||
Prepayments | |||
Derivative assets | 12 | ||
Total current assets | |||
Non-current assets | |||
Property, plant and equipment | 8 | ||
Goodwill | 9 | ||
Intangible assets | 9 | ||
Investments in associates | 14 | ||
Financial assets | 12 | ||
Derivative assets | 12 | ||
Loans to the parent and affiliates | 12/16 | ||
Employee benefits assets | 10 | ||
Total non-current assets | |||
Total assets |
In millions of Dollars | |||
Notes | 2023 | 2022 | |
Liabilities and equity | |||
Current liabilities | |||
Financial debt | 12 | ||
Derivative liabilities | 12 | ||
Trade and other payables | 7/12 | ||
Loans from affiliates | 12/16 | ||
Accruals | |||
Provisions | 11 | ||
Current income tax liabilities | |||
Total current liabilities | |||
Non-current liabilities | |||
Financial debt | 12 | ||
Derivative liabilities | 12 | ||
Employee benefits liabilities | 10 | ||
Provisions | 11 | ||
Deferred tax liabilities | 13 | ||
Other payables | 12 | ||
Total non-current liabilities | |||
Total liabilities | |||
Equity | |||
Additional paid-in capital | |||
Other reserves | ( | ( | |
Retained earnings | |||
Total equity attributable to shareholders of the parent | |||
Total liabilities and equity |
In millions of Dollars | |||
Notes | 2023 | 2022 | |
Operating activities | |||
Operating profit | 15 | ||
Depreciation and amortization | 15 | ||
Impairment | 15 | ||
Net result on disposal of businesses | 15 | ||
Other non-cash items of income and expense | 15 | ( | |
Cash flow before changes in operating assets and liabilities | |||
Decrease/(increase) in working capital | 15 | ( | |
Variation of other operating assets and liabilities | 15 | ( | |
Cash generated from operations | |||
Interest paid | ( | ( | |
Interest and dividends received | |||
Taxes paid | ( | ( | |
Operating cash flow | |||
Investing activities | |||
Capital expenditure | ( | ( | |
Expenditure on intangible assets | 9 | ( | ( |
Acquisition of businesses, net of cash acquired | ( | ( | |
Disposal of businesses, net of cash disposed of | |||
Investments in associates | ( | ( | |
Inflows from treasury investments | |||
Other investing activities | |||
Investing cash flow | ( | ||
Financing activities | |||
Loans from/(to) the parent and affiliates, net | 16 | ( | ( |
Acquisition of non-controlling interest | ( | ||
Inflows from bonds and other-long term financial debt | 12 | ||
Outflows from bonds, lease liabilities and other long-term financial debt | 12 | ( | ( |
Inflows/(outflows) from short-term financial debt | 12 | ( | |
Financing cash flow | ( | ( | |
Decrease in cash and cash equivalents | ( | ( | |
Cash and cash equivalents at beginning of year | |||
Cash and cash equivalents at end of year | 15 | ||
(a) Related primarily to settlement of payable created as a result of 2021 acquisition of remaining non-controlling interest in Vital | |||
Proteins. |
In millions of Dollars | ||||
Equity as at January 1, 2022 | ( | |||
Profit for the year | — | |||
Other comprehensive income for the year | — | |||
Total comprehensive income for the year | — | |||
Other movements | — | |||
Equity as at December 31, 2022 | ( | |||
Equity as at January 1, 2023 | ( | |||
Profit for the year | — | |||
Other comprehensive loss for the year | — | ( | ( | |
Total comprehensive income/(loss) for the year | — | ( | ||
Equity as at December 31, 2023 | ( |
2023 | ||||
Brands | PetCare | Other | Total | |
Sales | 12 636 | 12 713 | 6 117 | 31 466 |
Underlying trading operating profit | 1 218 | 1 346 | 151 | 2 715 |
Trading operating profit | 1 025 | 1 365 | 117 | 2 507 |
Net other trading income/(expenses) | (193) | 19 | (34) | (208) |
Of which impairment of property, plant and equipment | (91) | (5) | (3) | (99) |
Of which restructuring costs | (72) | (5) | (15) | (92) |
Depreciation and amortization | (306) | (349) | (194) | (849) |
2022 | ||||
Brands | PetCare | Other | Total | |
Sales | 12 323 | 11 464 | 6 061 | 29 848 |
Underlying trading operating profit | 1 384 | 1 056 | 26 | 2 466 |
Trading operating profit (loss) | 1 239 | 973 | (145) | 2 067 |
Net other trading expenses | (145) | (84) | (170) | (399) |
Of which impairment of property, plant and equipment | (70) | (17) | (64) | (151) |
Of which restructuring costs | (17) | (31) | (4) | (52) |
Depreciation and amortization | (284) | (320) | (203) | (807) |
2023 | ||||
Brands | PetCare | Other | Total | |
Invested capital | 2 705 | 6 612 | 2 119 | 11 436 |
Goodwill and intangible assets | 9 005 | 8 922 | 1 426 | 19 353 |
Impairment of goodwill | — | — | — | — |
Capital additions | 777 | 1 414 | 388 | 2 579 |
2022 | ||||
Brands | PetCare | Other | Total | |
Invested capital | 2 661 | 5 715 | 1 573 | 9 949 |
Goodwill and intangible assets | 9 040 | 8 877 | 1 441 | 19 358 |
Impairment of goodwill | — | — | (336) | (336) |
Capital additions | 540 | 1 433 | 460 | 2 433 |
In millions of Dollars | ||
2023 | 2022 | |
Underlying trading operating profit (a) as per Note 3.1 | 2 715 | 2 466 |
Net other trading expenses as per Note 4.1 | (208) | (399) |
Trading operating profit as per Note 3.1 | 2 507 | 2 067 |
Net other operating expenses | (12) | (347) |
Operating profit | 2 495 | 1 720 |
Net financial expense | (115) | (114) |
Profit before taxes and associates | 2 380 | 1 606 |
In millions of Dollars | ||
2023 | 2022 | |
Invested capital as per Note 3.1 | 11 436 | 9 949 |
Liabilities included in invested capital | 6 072 | 5 957 |
Subtotal | 17 508 | 15 906 |
Intangible assets and goodwill as per Note 3.1 | 19 353 | 19 358 |
Other assets | 33 388 | 29 074 |
Total assets | 70 249 | 64 338 |
2023 | 2022 | |
Return on company-owned life insurance | 88 | — |
Result on deferred compensation | — | 37 |
Miscellaneous trading income | 20 | 23 |
Other trading income | 108 | 60 |
Return on company-owned life insurance | — | (77) |
Restructuring costs | (92) | (52) |
Impairment of property, plant and equipment and intangible assets | (99) | (151) |
Litigations and onerous contracts | (42) | (146) |
Result on deferred compensation | (46) | — |
Miscellaneous trading expenses | (37) | (33) |
Other trading expenses | (316) | (459) |
Total net other trading expenses | (208) | (399) |
In millions of Dollars | |||
2023 | 2022 | ||
Re-measurement of contingent consideration and other compensation liabilities | (a) | — | 22 |
Miscellaneous operating income | 68 | 97 | |
Other operating income | 68 | 119 | |
Loss on disposal of businesses | — | (7) | |
Impairment of goodwill | — | (336) | |
Miscellaneous operating expenses | (80) | (123) | |
Other operating expenses | (80) | (466) | |
Total net other operating expenses | (12) | (347) |
In millions of Dollars | |||
Notes | 2023 | 2022 | |
Interest income | 913 | 666 | |
Interest expense | (994) | (761) | |
Net financing cost of net financial debt | (81) | (95) | |
Interest income on defined benefit plans | 10 | 28 | 21 |
Interest expense on defined benefit plans | 10 | (62) | (40) |
Net interest expense on defined benefit plans | (34) | (19) | |
Net financial expense | (115) | (114) |
In millions of Dollars | ||
2023 | 2022 | |
Raw materials, work in progress and sundry supplies | 1 105 | 1 229 |
Finished goods | 2 194 | 2 561 |
Allowance for write-down to net realizable value | (84) | (80) |
Total | 3 215 | 3 710 |
2023 | 2022 | |||||
Gross carrying | Expected credit | Gross carrying | Expected credit | |||
amount | loss allowance | Total | amount | loss allowance | Total | |
Trade receivables (not credit impaired) | 3 069 | (12) | 3 057 | 2 517 | (10) | 2 507 |
Other receivables (not credit impaired) | 133 | — | 133 | 117 | — | 117 |
Credit impaired trade and other receivables | 2 | (1) | 1 | 4 | (1) | 3 |
Total | 3 204 | (13) | 3 191 | 2 638 | (11) | 2 627 |
In millions of Dollars | ||
2023 | 2022 | |
Due within one year | ||
Trade payables | 3 809 | 3 574 |
Total | 3 809 | 3 574 |
In millions of Dollars | ||
2023 | 2022 | |
Property, plant and equipment – owned | 10 202 | 8 629 |
Right-of-use assets – leased | 844 | 805 |
Total | 11 046 | 9 434 |
I | ||||||||
36 Consolidated Financial Statements of the NHI Group 2023 |
Goodwill | Intangible assets | |
Net carrying amount | ||
As at January 1, 2023 | 14 773 | 4 585 |
Expenditure | — | 83 |
Acquisitions through business combinations | 44 | 10 |
Amortization | — | (88) |
Impairments | — | (4) |
Disposals | — | (50) |
As at December 31, 2023 | 14 817 | 4 536 |
of which indefinite useful life | — | 4 198 |
As at December 31, 2023 | ||
Gross value | 19 106 | 5 824 |
Accumulated amortization and impairments | (4 289) | (1 288) |
Net carrying amount | ||
As at January 1, 2022 | 15 110 | 4 619 |
Expenditure | — | 60 |
Acquisitions through business combinations | — | — |
Amortization | — | (79) |
Impairments | (336) | — |
Disposals | (1) | (3) |
Classification from held for sale and disposals of businesses | — | (12) |
As at December 31, 2022 | 14 773 | 4 585 |
of which indefinite useful life | — | 4 198 |
As at December 31, 2022 | ||
Gross value | 19 062 | 5 792 |
Accumulated amortization and impairments | (4 289) | (1 207) |
CGU | |||||||
PetCare | 8 858 | — | 5 years | 6.8% | Stable | 2.6% | 7.4% |
Food | 3 059 | — | 5 years | 5.5% | Improvement | 2.6% | 7.4% |
Coffee | 1 133 | 4 195 | 5 years | 3.5% | Stable | 2.6% | 7.4% |
Subtotal | 13 050 | 4 195 | |||||
Other CGUs | 1 767 | 3 | |||||
Total | 14 817 | 4 198 | |||||
CGU | |||||||
PetCare | 8 814 | — | 5 years | 6.7% | Stable | 2.0% | 5.9% |
Food | 3 059 | — | 5 years | 3.8% | Stable | 2.0% | 5.9% |
Coffee | 1 133 | 4 195 | 5 years | 3.1% | Stable | 2.0% | 5.9% |
Subtotal | 13 006 | 4 195 | |||||
Other CGUs | 1 767 | 3 | |||||
Total | 14 773 | 4 198 |
In millions of Dollars | ||||||||
2023 | 2022 | |||||||
Post employment | Post employment | |||||||
Defined benefit | medical benefits | Defined benefit | medical benefits | |||||
retirement plans | and other benefits | Total | retirement plans | and other benefits | Total | |||
Present value of funded obligations | 2 501 | 338 | 2 839 | 2 344 | — | 2 344 | ||
Fair value of plan assets | (2 309) | (116) | (2 425) | (2 352) | — | (2 352) | ||
Excess of liabilities/(assets) over funded | ||||||||
obligations | 192 | 222 | 414 | (8) | — | (8) | ||
Present value of unfunded obligations | 421 | 30 | 451 | 426 | 466 | 892 | ||
Net defined benefit liabilities | 613 | 252 | 865 | 418 | 466 | 884 | ||
Other employee benefit liabilities | 472 | 481 | ||||||
Net liabilities | 1 337 | 1 365 | ||||||
Reflected in the balance sheet as follows: | ||||||||
Employee benefit assets | — | (48) | ||||||
Employee benefit liabilities | 1 337 | 1 413 | ||||||
Net liabilities | 1 337 | 1 365 |
In millions of Dollars | |||||||
2023 | 2022 | ||||||
Post employment | Defined benefit | Post employment | |||||
Defined benefit | medical benefits | retirement | medical benefits | ||||
retirement plans | and other benefits Total | plans | and other benefits | Total | |||
As at January 1 | 2 770 | 466 | 3 236 | 4 679 | 582 | 5 261 | |
of which funded defined benefit plans | 2 344 | — | 2 344 | 4 147 | — | 4 147 | |
of which unfunded defined benefit | |||||||
plans | 426 | 466 | 892 | 532 | 582 | 1 114 | |
Service cost | 119 | 8 | 127 | 153 | 9 | 162 | |
of which current service cost | 117 | 6 | 123 | 147 | 9 | 156 | |
of which past service cost and losses | |||||||
arising from settlements | 2 | 2 | 4 | 6 | — | 6 | |
Interest expense | 138 | 24 | 162 | 125 | 14 | 139 | |
Actuarial (gains)/losses | 208 | (2) | 206 | (940) | (105) | (1 045) | |
Benefits paid on funded defined benefit | |||||||
plans | (258) | (101) | (359) | (1 194) | — | (1 194) | |
Benefits paid on unfunded defined benefit | |||||||
plans | (55) | (28) | (83) | (56) | (34) | (90) | |
Plan mergers | — | — | — | 3 | — | 3 | |
As at December 31 | 2 922 | 367 | 3 289 | 2 770 | 466 | 3 236 | |
of which funded defined benefit plans | 2 501 | 337 | 2 838 | 2 344 | — | 2 344 | |
of which unfunded defined benefit | |||||||
plans | 421 | 30 | 451 | 426 | 466 | 892 |
2023 | 2022 | |||||
Post | Post | |||||
employment | employment | |||||
Defined benefit | medical | Defined benefit | medical | |||
retirement plans | benefits | Total | retirement plans | benefits | Total | |
As at January 1 | 2 352 | — | 2 352 | 4 348 | — | 4 348 |
Interest income | 119 | 5 | 124 | 118 | — | 118 |
Actual return on plan assets, excluding interest income | 7 | 11 | 18 | (983) | — | (983) |
Employer contributions | 144 | 199 | 343 | 118 | — | 118 |
Benefits paid on funded/unfunded defined benefit plans | (313) | (99) | (412) | (1 249) | — | (1 249) |
As at December 31 | 2 309 | 116 | 2 425 | 2 352 | — | 2 352 |
(a) Including the buyout transactions as described in Note 10.2, section Post-employment benefits |
2023 | 2022 | |
December 31: | ||
Equities | 20% | 14% |
Debts | 60% | 63% |
of which government debts | 34% | 38% |
of which corporate debts | 26% | 25% |
Alternative investments | 20% | 23% |
(a) Almost all have a quoted market price in an active market. | ||
(b) Almost all are either not quoted or are quoted in a market which is not active. |
In millions of Dollars | ||||||
2023 | 2022 | |||||
Service cost | 114 | 8 | 122 | 153 | 9 | 162 |
Net interest expense | 16 | 18 | 34 | 5 | 14 | 19 |
Administration expenses | 13 | 3 | 16 | 16 | — | 16 |
Defined benefit expenses | 143 | 29 | 172 | 174 | 23 | 197 |
Defined contribution expenses | 158 | 129 | ||||
Total | 330 | 326 |
2023 | 2022 | |||||
Actual return on plan assets, excluding | ||||||
interest income | 7 | 11 | 18 | (983) | — | (983) |
Experience adjustments on plan liabilities | (113) | 2 | (111) | (50) | 4 | (46) |
Change in demographic assumptions on plan liabilities | 2 | — | 2 | 11 | 2 | 13 |
Change in financial assumptions on plan | ||||||
liabilities | (97) | — | (97) | 979 | 99 | 1 078 |
Remeasurement of defined benefit plans | ||||||
- actuarial gains/(losses) | (201) | 13 | (188) | (43) | 105 | 62 |
2023 | 2022 | |
Discount rates | 5.1% | 5.4% |
Expected rates of salary increases | 4.0% | 4.0% |
Medical cost trend rates | 4.5% - 6.3% | 4.5% - 6.5% |
Life expectancy at age 65 for a male | Life expectancy at age 65 for a female | |||
member currently aged 65 | member currently aged 65 | |||
2023 | 2022 | 2023 | 2022 | |
Mortality table | ||||
Pri-2012 | 20.7 | 20.6 | 22.6 | 22.6 |
2023 | 2022 | |
As reported | 3 290 | 3 236 |
Discount rates | ||
Increase of 50 basis points | 3 144 | 3 093 |
Decrease of 50 basis points | 3 449 | 3 395 |
Expected rates of salary increases | ||
Increase of 50 basis points | 3 317 | 3 284 |
Decrease of 50 basis points | 3 263 | 3 212 |
Medical cost trend rates | ||
Increase of 50 basis points | 3 292 | 3 238 |
Decrease of 50 basis points | 3 287 | 3 234 |
Mortality assumption | ||
Setting forward the tables by 1 year | 3 250 | 3 196 |
Setting back the tables by 1 year | 3 329 | 3 276 |
Restructuring | Environmental | Legal | Other | Total | |
As at January 1, 2023 | 56 | 18 | 49 | 105 | 228 |
Provisions made during the year | 98 | — | 22 | 24 | 144 |
Amounts used | (55) | (3) | (24) | (25) | (107) |
Reversal of unused amounts | (7) | — | (4) | — | (11) |
As at December 31, 2023 | 92 | 15 | 43 | 104 | 254 |
of which expected to be settled within 12 months | 83 | 1 | 6 | 57 | 147 |
As at January 1, 2022 | 53 | 22 | 16 | 68 | 159 |
Provisions made during the year | 62 | 2 | 51 | 149 | 264 |
Amounts used | (49) | (6) | (16) | (112) | (183) |
Reversal of unused amounts | (10) | — | (2) | — | (12) |
As at December 31, 2022 | 56 | 18 | 49 | 105 | 228 |
of which expected to be settled within 12 months | 54 | 4 | 33 | 52 | 143 |
2023 | 2022 | |||||||
Classes | ||||||||
Cash at bank and in hand | 212 | — | — | 212 | 412 | — | — | 412 |
Time deposits | 118 | — | — | 118 | — | — | — | — |
Bonds and debt funds | — | 343 | 343 | — | 337 | — | 337 | |
Equity and equity funds | — | 196 | 5 | 201 | — | 176 | 96 | 272 |
Other financial assets | 169 | 590 | 3 | 762 | 182 | 587 | 5 | 774 |
Liquid assets (b) and non-current | ||||||||
financial assets | 499 | 1 129 | 8 | 1 636 | 594 | 1 100 | 101 | 1 795 |
Trade and other receivables | 3 191 | — | — | 3 191 | 2 627 | — | — | 2 627 |
Loans to the parent and affiliates | 31 538 | — | — | 31 538 | 27 297 | — | — | 27 297 |
Derivative assets | — | 157 | — | 157 | — | 25 | — | 25 |
Total financial assets | 35 228 | 1 286 | 8 | 36 522 | 30 518 | 1 125 | 101 | 31 744 |
— | — | |||||||
Trade and other payables | (3 816) | — | (3 816) | (3 584) | — | — | (3 584) | |
Financial debt | (32 056) | — | — | (32 056) | (28 151) | — | — | (28 151) |
Loans from affiliates | (2 678) | — | — | (2 678) | (2 565) | — | — | (2 565) |
Derivative liabilities | — | (305) | — | (305) | — | (535) | — | (535) |
Total financial liabilities | (38 550) | (305) | — | (38 855) | (34 300) | (535) | — | (34 835) |
— | — | |||||||
Net financial position | (3 322) | 981 | 8 | (2 333) | (3 782) | 590 | 101 | (3 091) |
of which at fair value | — | 981 | 8 | 989 | — | 590 | 101 | 691 |
2023 | 2022 | |
Derivative assets | 3 | 10 |
Other financial assets | 2 | 2 |
Derivative liabilities | (21) | (26) |
Prices quoted in active markets (Level 1) | (16) | (14) |
Derivative assets | 154 | 15 |
Bonds and debt funds | 339 | 321 |
Equity and equity funds | 195 | 268 |
Investments in life insurance company general accounts | 589 | 586 |
Derivative liabilities | (284) | (509) |
Valuation techniques based on observable market data (Level 2) | 993 | 681 |
Financial assets | 12 | 24 |
Valuation techniques based on unobservable input (Level 3) | 12 | 24 |
Total financial instruments at fair value | 989 | 691 |
2023 | 2022 | |
As at January 1 | (28 648) | (25 219) |
Changes in fair values | 65 | 12 |
Changes arising from acquisition and disposal of businesses | — | 17 |
Increase in lease liabilities | (186) | (304) |
Inflows from bonds and other long-term financial debt | (5 462) | (5 153) |
Outflows from bonds, lease liabilities and other long-term financial debt | 2 290 | 1 974 |
(Inflows)/outflows from short-term financial debt | (245) | 25 |
As at December 31 | (32 186) | (28 648) |
of which current financial debt | 3 940 | 3 064 |
of which non-current financial debt | 28 116 | 25 087 |
of which derivatives hedging financial debt | 130 | 497 |
Effective | Years of issue/ | |||||
Coupon | interest rate | maturity | Comments | 2023 | 2022 | |
EUR 850 | 0.88% | 0.92% | 2017–2025 | (a) | 940 | 904 |
CHF 550 | 0.25% | 0.24% | 2017–2027 | (a) | 654 | 595 |
CHF 150 | 0.55% | 0.54% | 2017–2032 | (a) | 178 | 162 |
USD 600 | 3.13 % | 3.28% | 2018–2023 | — | 600 | |
USD 1500 | 3.35% | 3.41% | 2018–2023 | (b) | — | 1 500 |
USD 900 | 3.50% | 3.59% | 2018–2025 | (b) | 899 | 898 |
USD 1250 | 3.63% | 3.72% | 2018–2028 | (b) | 1 245 | 1 244 |
USD 1250 | 3.90% | 4.01% | 2018–2038 | (b) | 1 234 | 1 233 |
USD 2100 | 4.00% | 4.11% | 2018–2048 | (b) | 2 063 | 2 062 |
USD 1150 | 0.38% | 0.49% | 2020–2024 | (b) | 1 150 | 1 149 |
USD 750 | 0.63% | 0.77% | 2020–2026 | (b) | 748 | 747 |
USD 1100 | 1.00% | 1.06% | 2020–2027 | (b) | 1 097 | 1 097 |
USD 1000 | 1.25% | 1.37% | 2020–2030 | (b) | 993 | 992 |
GBP 600 | 0.63% | 0.75% | 2021–2025 | (a) | 764 | 723 |
GBP 400 | 1.38% | 1.46% | 2021–2033 | (a) | 505 | 478 |
USD 300 | 1.13% | 1.19% | 2021–2026 | 299 | 299 | |
USD 1500 | 0.61% | 0.66% | 2021–2024 | (b) | 1 499 | 1 499 |
USD 1000 | 1.50% | 1.58% | 2021–2028 | (b) | 996 | 996 |
USD 1000 | 1.88% | 1.91% | 2021–2031 | (b) | 998 | 997 |
USD 500 | 2.50% | 2.55% | 2021–2041 | (b) | 497 | 497 |
USD 500 | 1.15% | 1.22% | 2021–2027 | (b) | 499 | 499 |
USD 500 | 2.63% | 2.69% | 2021–2051 | (b) | 494 | 493 |
CAD 2000 | 2.19% | 2.23% | 2021–2029 | (a) | 1 511 | 1 476 |
GBP 300 | 2.13% | 2.25% | 2022–2027 | (a) | 381 | 360 |
GBP 600 | 2.50% | 2.53% | 2022–2032 | (a) | 763 | 722 |
USD 750 | 4.00% | 4.07% | 2022–2025 | (b) | 749 | 749 |
USD 500 | 4.13 % | 4.20% | 2022–2027 | (b) | 499 | 498 |
USD 500 | 4.25% | 4.31% | 2022–2029 | (b) | 498 | 498 |
USD 1250 | 4.30% | 4.38% | 2022–2032 | (b) | 1 243 | 1 242 |
USD 1000 | 4.70% | 4.76% | 2022–2053 | (b) | 990 | 990 |
USD 1000 | 5.25% | 5.32% | 2023–2026 | (b) | 999 | — |
USD 850 | 5.00% | 5.06% | 2023–2028 | (b) | 848 | — |
USD 500 | 4.95% | 5.01% | 2023–2030 | (b) | 498 | — |
USD 650 | 4.85% | 4.90% | 2023–2033 | (b) | 648 | — |
USD 500 | 5.00% | 5.06% | 2023–2028 | (b) | 499 | — |
USD 500 | 5.00% | 5.10 % | 2023–2030 | (b) | 497 | — |
USD 500 | 5.00% | 5.09% | 2023–2033 | (b) | 496 | — |
GBP 400 | 5.25% | 5.39% | 2023–2026 | (a) | 508 | — |
GBP 400 | 5.13% | 5.28% | 2023–2032 | (a) | 505 | — |
Other Bonds | 54 | 98 | ||||
Total carrying amount | 29 938 | 26 297 | ||||
of which due within one year | 2 649 | 2 143 | ||||
of which due after one year | 27 289 | 24 154 | ||||
Fair value (*) of bonds, based on prices | ||||||
quoted (level 2) | 28 461 | 23 785 |
2023 | 2022 | |
A- and above | 1 358 | 1 300 |
BBB+, BBB and BBB- | 60 | 64 |
BB+ and below | 15 | 13 |
Not rated | 1 004 | 1 031 |
2 437 | 2 408 |
2023 | ||||||
After | Contractual | Carrying | ||||
1st year | 2nd year | 3rd to 5th year | the 5th year | amount | amount | |
Trade and other payables | 3 816 | — | — | — | 3 816 | 3 816 |
Loan from affiliates | 2 678 | — | — | — | 2 678 | 2 678 |
Commercial paper | 859 | — | — | — | 859 | 855 |
Bonds | 2 654 | 4 250 | 11 323 | 19 415 | 37 642 | 29 938 |
Lease liabilities | 297 | 173 | 401 | 312 | 1 183 | 1 128 |
Other financial debt | 135 | — | — | — | 135 | 135 |
Other financial liabilities | — | — | — | — | — | — |
Total financial debt | 3 945 | 4 423 | 11 724 | 19 727 | 39 819 | 32 056 |
Financial liabilities (excluding derivatives) | 10 439 | 4 423 | 11 724 | 19 727 | 46 313 | 38 550 |
Non-currency derivative assets | 3 | — | — | — | 3 | 3 |
Non-currency derivative liabilities | (20) | (1) | — | — | (21) | (21) |
Gross amount receivable from currency | ||||||
derivatives | 203 | 1 837 | 1 837 | 3 470 | 7 346 | 6 392 |
Gross amount payable from currency | ||||||
derivatives | (257) | (2 001) | (1 815) | (3 638) | (7 710) | (6 521) |
Net derivatives | (71) | (165) | 22 | (168) | (382) | (147) |
of which derivatives under cash flow hedges | 71 | 165 | (22) | 168 | 382 | 147 |
2022 | ||||||
After | Contractual | Carrying | ||||
1st year | 2nd year | 3rd to 5th year | the 5th year | amount | amount | |
Trade and other payables | 3 584 | — | — | — | 3 584 | 3 584 |
Loan from affiliates | 2 565 | — | — | — | 2 565 | 2 565 |
Commercial paper | 547 | — | — | — | 547 | 547 |
Bonds | 2 788 | 3 224 | 8 956 | 18 852 | 33 820 | 26 297 |
Lease liabilities | 175 | 149 | 386 | 453 | 1 163 | 1 110 |
Other financial debt | 197 | — | — | — | 197 | 197 |
Other financial liabilities | — | — | — | — | — | — |
Total financial debt | 3 707 | 3 373 | 9 342 | 19 305 | 35 727 | 28 151 |
Financial liabilities (excluding derivatives) | 9 856 | 3 373 | 9 342 | 19 305 | 41 876 | 34 300 |
Non-currency derivative assets | 10 | — | — | — | 10 | 10 |
Non-currency derivative liabilities | (25) | (1) | — | — | (26) | (26) |
Gross amount receivable from currency | ||||||
derivatives | 107 | 77 | 2 792 | 2 878 | 5 854 | 4 865 |
Gross amount payable from currency | ||||||
derivatives | (164) | (136) | (3 107) | (3 207) | (6 614) | (5 359) |
Net derivatives | (72) | (60) | (315) | (329) | (776) | (510) |
of which derivatives under cash flow hedges | 72 | 60 | 315 | 329 | 776 | 510 |
2023 | 2022 | |||||
Cash flow hedges | ||||||
Currency risk on future purchases or sales | 71 | 1 | — | 30 | 3 | — |
Foreign currency and interest rate risk on net financial debt | 4 322 | 154 | 284 | 3 111 | 12 | 509 |
Commodity price risk on future purchases | 330 | 2 | 21 | 416 | 10 | 26 |
Total derivatives | 4 723 | 157 | 305 | 3 557 | 25 | 535 |
Conditional offsets | ||||||
Derivative assets and liabilities | (41) | (41) | (2) | (2) | ||
Balances after conditional offsets | 116 | 264 | 23 | 533 |
2023 | 2022 | |
on hedged items | (306) | 397 |
on hedging instruments | 305 | (397) |
2023 | 2022 | |
Current taxes | (475) | (296) |
Deferred taxes | (165) | (165) |
Total taxes | (640) | (461) |
2023 | 2022 | |
Tangible fixed assets | (24) | (9) |
Goodwill and other intangible assets | (114) | (131) |
Employee benefits | (35) | (68) |
Inventories, receivables, payables, accruals, and provisions | (2) | 49 |
Other | 10 | (6) |
Deferred tax expense | (165) | (165) |
2023 | 2022 | |
Tax effect relating to: | ||
Fair value adjustments on cash flow hedges | (18) | 4 |
Defined benefit plan actuarial losses | 48 | (16) |
Total taxes recognized | 30 | (12) |
2023 | 2022 | |
Employee benefits | 378 | 366 |
Inventories, receivables, payables, accruals, and provisions | 221 | 222 |
Net operating losses | 20 | 20 |
Others | 5 | 10 |
Total deferred tax assets | 624 | 618 |
2023 | 2022 | |
Tangible fixed assets | 693 | 678 |
Goodwill and other intangible assets | 1 250 | 1 127 |
Financial instruments | 20 | 2 |
Others | 13 | 28 |
Total deferred tax liabilities | 1 976 | 1 835 |
Ownership interest | Net book value | |||
2023 | 2022 | 2023 | 2022 | |
Stampede Holdings, LLC | 44% | — | 28 | — |
Ganado Solar Holdings, LLC | 36% | 36% | 25 | — |
TE Taygete Energy Holdco LLC | 48% | 48% | — | — |
Total investments in associated companies | 53 | — |
2023 | 2022 | |
Profit for the year | 1 741 | 1 127 |
(Income)/loss from associates | (1) | 18 |
Taxes | 640 | 461 |
Financial income | (941) | (687) |
Financial expense | 1 056 | 801 |
Total | 2 495 | 1 720 |
2023 | 2022 | |
Depreciation of property, plant and equipment | 761 | 728 |
Impairment of property, plant and equipment | 95 | 151 |
Impairment of goodwill | — | 336 |
Amortization of intangible assets | 88 | 79 |
Impairment of intangible assets | 4 | — |
Net result on disposal of businesses | — | 7 |
Net result on disposal of assets | 50 | 20 |
Non-cash items in financial assets and liabilities | (74) | 40 |
Total | 924 | 1 361 |
2023 | 2022 | |
Inventories | 500 | (691) |
Trade and other receivables | (563) | 39 |
Prepayments and accrued income | (16) | 12 |
Trade and other payables | 290 | (799) |
Financial Assets | (5) | (6) |
Accruals | 64 | 109 |
Total | 270 | (1 336) |
2023 | 2022 | |
Variation of employee benefits and liabilities | (216) | (144) |
Variation of provisions | 27 | 74 |
Other | 3 | 126 |
Total | (186) | 56 |
2023 | 2022 | |
Salaries and other short-term employee benefits | 16 | 17 |
Share-based payments | 12 | 11 |
Post-employment benefits | 2 | 1 |
Total compensation | 30 | 29 |
2023 | 2022 | |
Loans to NIMCO US, Inc. (Parent) and NUSHI (NIMCO Parent): | ||
As at January 1 | 18 800 | 17 596 |
Loans granted during year | 4 459 | 1 204 |
As at December 31 | 23 259 | 18 800 |
Loans to affiliates: | ||
As at January 1 | 8 497 | 4 351 |
Loans granted during year | 431 | 4 344 |
Loan repayments | (649) | (198) |
As at December 31 | 8 279 | 8 497 |
Total loans to the parent and affiliates | 31 538 | 27 297 |
Of which current | 30 895 | 25 709 |
Of which non-current | 643 | 1 588 |
Loans from affiliates: | ||
As at January 1 | 2 565 | 3 068 |
Loans received during year | 261 | 112 |
Loan repayments | (148) | (615) |
Total loans from affiliates as at December 31 | 2 678 | 2 565 |