Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Entity Registrant Name | Wanda Sports Group Co Ltd |
Entity Central Index Key | 0001771279 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Well-known Seasoned Issuer | No |
Trading Symbol | WSG |
Entity Filer Category | Non-accelerated Filer |
Title of 12(b) Security | American depositary shares, every two American depositary shares representing three Class A ordinary shares |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Document Period End Date | Dec. 31, 2019 |
Entity Common Stock, Shares Outstanding | 205,031,173 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Entity Voluntary Filers | No |
Entity Address, Country | CN |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 58,063,466 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 146,967,707 |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Revenue | € 1,030,080 | € 1,129,186 | € 954,598 |
Cost of sales | (686,360) | (763,793) | (624,093) |
Gross profit | 343,720 | 365,393 | 330,505 |
Personnel expenses | (163,582) | (144,433) | (135,105) |
Selling, office and administrative expenses | (68,677) | (52,043) | (54,710) |
Depreciation and amortization | (36,295) | (32,846) | (22,129) |
Impairment of goodwill | (254,326) | ||
Other operating income/(expenses), net | 2,432 | (26,801) | 2,882 |
Finance costs | (80,002) | (53,711) | (53,300) |
Finance income | 2,315 | 11,842 | 27,871 |
Share of profit of associates and joint ventures | 1,763 | 5,566 | 509 |
(loss)/profit before tax | (252,652) | 72,967 | 96,523 |
Income tax | (21,184) | (18,955) | (17,731) |
(Loss)/profit for the year | (273,836) | 54,012 | 78,792 |
Attributable to: | |||
Equity holders of the parent | (275,645) | 51,646 | 77,203 |
Non-controlling interests | 1,809 | 2,366 | 1,589 |
(Loss)/profit for the year | € (273,836) | € 54,012 | € 78,792 |
Earnings/(loss) per share | |||
Basic, profit/(loss) for the year attributable to ordinary equity holders of the parent | € 0.31 | € 0.31 | € 0.46 |
Diluted, profit/(loss) for the year attributable to ordinary equity holders of the parent | € 0.30 | € 0.30 | € 0.44 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit (loss) [abstract] | |||
(loss)/profit for the year | € (273,836) | € 54,012 | € 78,792 |
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods (net of tax): | |||
Net gain/(loss) on cash flow hedges | 1,942 | 5,092 | (2,216) |
Exchange differences on translation of foreign operations | 2,353 | (2,957) | (3,751) |
Net other comprehensive gain/(loss) to be reclassified to profit or loss in subsequent periods | 4,295 | 2,135 | (5,967) |
Other comprehensive (loss)/income not to be reclassified to profit or loss in subsequent periods (net of tax): | |||
Remeasurement (loss)/income on defined benefit plans | (2,057) | (760) | 352 |
Net other comprehensive (loss)/income not to be reclassified to profit or loss in subsequent periods | (2,057) | (760) | 352 |
Other comprehensive income/(loss) for the year, net of tax | 2,238 | 1,375 | (5,615) |
Total comprehensive (loss)/income for the year, net of tax | (271,598) | 55,387 | 73,177 |
Attributable to: | |||
Equity holders of the parent | (273,595) | 52,682 | 71,715 |
Non-controlling interests | 1,997 | 2,705 | 1,462 |
Total comprehensive (loss)/income for the year, net of tax | € (271,598) | € 55,387 | € 73,177 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets [abstract] | ||
Cash and cash equivalents | € 163,225 | € 177,048 |
Trade and other receivables | 264,041 | 299,898 |
Accrued income | 10,498 | 6,474 |
Contract assets | 53,541 | 39,714 |
Inventories | 9,395 | 5,935 |
Income tax receivables | 13,594 | 8,816 |
Other assets | 81,001 | 81,561 |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 595,295 | 619,446 |
Assets held for sale | 8,125 | |
Total current assets | 603,420 | 619,446 |
Non-current assets [abstract] | ||
Long-term receivables | 6,808 | 6,271 |
Investments in associates and joint ventures | 3,277 | 5,551 |
Property, plant and equipment | 26,294 | 26,048 |
Right of use assets | 35,249 | 35,789 |
Intangible assets | 486,933 | 423,488 |
Goodwill | 537,585 | 677,326 |
Contract assets | 10,268 | 9,077 |
Deferred tax assets | 23,063 | 24,562 |
Other assets | 63,164 | 54,953 |
Total non-current assets | 1,192,641 | 1,263,065 |
Total assets | 1,796,061 | 1,882,511 |
Current liabilities [abstract] | ||
Trade and other payables | 173,855 | 816,451 |
Interest-bearing liabilities | 204,583 | 25,487 |
Lease liabilities | 10,041 | 9,863 |
Accrued expense | 69,846 | 83,516 |
Deferred income | 5 | 7 |
Contract Liabilities | 199,900 | 185,681 |
Other liabilities | 19,208 | 17,097 |
Income tax payable | 21,787 | 31,009 |
Provisions | 9,234 | 3,419 |
Current liabilities other than liabilities included in disposal groups classified as held for sale | 708,459 | 1,172,530 |
Liabilities directly associated with the assets held for sale | 6,975 | |
Total current liabilities | 715,434 | 1,172,530 |
Non-current liabilities [abstract] | ||
Interest-bearing liabilities | 641,085 | 535,630 |
Lease liabilities | 29,154 | 28,841 |
Accrued expense | 3,051 | 4,941 |
Deferred income | 10 | |
Contract liabilities | 17,271 | 13,485 |
Deferred tax liabilities | 99,202 | 82,941 |
Provisions | 3,936 | 8,576 |
Long-term payroll payables | 15,336 | 12,770 |
Other liabilities | 43,578 | 31,802 |
Total non-current liabilities | 852,613 | 718,996 |
TOTAL LIABILITIES | 1,568,047 | 1,891,526 |
Equity [abstract] | ||
Share capital | 1,520,816 | 1,520,816 |
Reserves | (813,300) | (1,321,685) |
Accumulated deficit | (483,211) | (207,566) |
Equity/(deficit) attributable to equity holders of the parent | 224,305 | (8,435) |
Non-controlling interests | 3,709 | (580) |
TOTAL EQUITY/(DEFICIT) | 228,014 | (9,015) |
TOTAL LIABILITIES AND EQUITY | € 1,796,061 | € 1,882,511 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands | Total | Share capital | Capital reserve | Other comprehensive losses | Accumulated deficit | Total | Non-controlling interests | |
Beginning balance at Dec. 31, 2016 | € 5,917 | € 1,520,816 | € (1,324,093) | € (11,522) | € (179,124) | € 6,077 | € (160) | |
(Loss)/profit for the year | 78,792 | 77,203 | 77,203 | 1,589 | ||||
Other comprehensive income/(loss) for the year: | ||||||||
Remeasurement loss on defined benefit plans | 352 | 344 | 344 | 8 | ||||
Net gain/(loss) on cash flow hedges | (2,216) | (2,166) | (2,166) | (50) | ||||
Exchange differences on translation of foreign operations | (3,751) | (3,666) | (3,666) | (85) | ||||
Total comprehensive (loss)/income for the year, net of tax | 73,177 | (5,488) | 77,203 | 71,715 | 1,462 | |||
Increase in non-controlling interests | 207 | 6,918 | 6,918 | (6,711) | ||||
Share-based payment | 6,938 | 6,938 | 6,938 | |||||
Dividends | [1] | (145,612) | (145,612) | (145,612) | ||||
Ending balance (Previously stated [member]) at Dec. 31, 2017 | (59,373) | 1,520,816 | (1,310,237) | (17,010) | (247,533) | (53,964) | (5,409) | |
Ending balance (Increase (decrease) due to changes in accounting policy [member]) at Dec. 31, 2017 | 457 | (68) | 556 | 488 | (31) | |||
Ending balance at Dec. 31, 2017 | (58,916) | 1,520,816 | (1,310,237) | (17,078) | (246,977) | (53,476) | (5,440) | |
(Loss)/profit for the year | 54,012 | 51,646 | 51,646 | 2,366 | ||||
Other comprehensive income/(loss) for the year: | ||||||||
Remeasurement loss on defined benefit plans | (760) | (717) | (717) | (43) | ||||
Net gain/(loss) on cash flow hedges | 5,092 | 4,802 | 4,802 | 290 | ||||
Exchange differences on translation of foreign operations | (2,957) | (3,049) | (3,049) | 92 | ||||
Total comprehensive (loss)/income for the year, net of tax | 55,387 | 1,036 | 51,646 | 52,682 | 2,705 | |||
Increase in non-controlling interests | 1,290 | 1,703 | 1,703 | (413) | ||||
Deemed contribution | (12,235) | (12,235) | (12,235) | |||||
Acquisition of subsidiaries (Note 7) | 2,444 | 2,444 | ||||||
Share-based payment | 3,015 | 2,891 | 2,891 | 124 | ||||
Ending balance at Dec. 31, 2018 | (9,015) | 1,520,816 | (1,305,643) | (16,042) | (207,566) | (8,435) | (580) | |
(Loss)/profit for the year | (273,836) | (275,645) | (275,645) | 1,809 | ||||
Other comprehensive income/(loss) for the year: | ||||||||
Remeasurement loss on defined benefit plans | (2,057) | (2,053) | (2,053) | (4) | ||||
Net gain/(loss) on cash flow hedges | 1,942 | 1,965 | 1,965 | (23) | ||||
Exchange differences on translation of foreign operations | 2,353 | 2,138 | 2,138 | 215 | ||||
Total comprehensive (loss)/income for the year, net of tax | (271,598) | 2,050 | (275,645) | (273,595) | 1,997 | |||
Deemed contribution | 338,915 | 338,915 | 338,915 | |||||
Repurchase of shares | (1,219) | (1,219) | 1,219 | |||||
Contribution from shareholder | 120 | 120 | 120 | |||||
Acquisition of subsidiaries (Note 7) | 1,073 | 1,073 | ||||||
Share-based payment | 13,783 | 13,783 | 13,783 | |||||
Issuance of ordinary A shares, net of issuance costs | 154,736 | 154,736 | 154,736 | |||||
Ending balance at Dec. 31, 2019 | € 228,014 | € 1,520,816 | € (799,308) | € (13,992) | € (483,211) | € 224,305 | € 3,709 | |
[1] | In 2017, Infront Holding AG, the subsidiary of the Group declared dividends of €145,612, which were offset with the loan and other receivable due from shareholders at that time. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) € in Thousands | 12 Months Ended |
Dec. 31, 2017EUR (€) | |
Infront Holdings AG [Member] | |
Statement [line Items] | |
Dividend declared | € 145,612 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
(Loss)/profit for the year | € (273,836) | € 54,012 | € 78,792 | |
Adjustments for: | ||||
Income tax | 21,184 | 18,955 | 17,731 | |
Depreciation and amortization | 36,295 | 32,846 | 22,129 | |
Other financial results | 3,414 | 9,364 | 5,461 | |
Foreign exchange differences | 3,012 | 9,092 | 1,661 | |
Net loss/(gain) on disposal of property, plant and equipment and intangible assets | 149 | 354 | (293) | |
Share of profit of associates and joint ventures | (1,763) | (5,566) | (509) | |
Fair value gains | 562 | 757 | 902 | |
Share-based payment | 21,676 | 8,723 | 16,377 | |
Impairment of goodwill | 254,326 | |||
Impairment of inventories | 700 | 376 | 492 | |
Provisions | 9,247 | 157 | 10,311 | |
Bad debt | 4,132 | 32,054 | 5,206 | |
Other non-cash items | 2,604 | (1,174) | 595 | |
Adjustments to reconcile profit (loss) other than changes in working capital | 81,702 | 159,950 | 158,855 | |
Working capital adjustments: | ||||
Change in trade and other receivables, prepaid expenses, contract assets and accrued income | 25,866 | (72,305) | (36,567) | |
Change in trade and other payables, other current liabilities, accrued expenses,contract liabilities and deferred income | (33,204) | 13,482 | 33,991 | |
Utilization of provision | (8,689) | (1,950) | (7,312) | |
Changes in other non-current liabilities | 390 | (1,105) | 8,036 | |
Changes in inventories | (4,018) | (3,017) | (1,165) | |
Tax paid | (34,322) | (28,467) | (10,160) | |
Net cash flows used in operating activities | 27,725 | 66,588 | 145,678 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisition of subsidiaries | (95,830) | (8,078) | (87,030) | |
Contingent consideration and liabilities from business combination paid | (22,532) | (9,849) | (8,450) | |
Acquisition of investment in equity instruments | (5,467) | (7,931) | ||
Purchases of property, plant and equipment and intangible assets | (14,944) | (14,151) | (13,023) | |
Proceeds from sale of property, plant and equipment and intangible assets | 260 | 381 | 564 | |
Restricted cash, net | (11) | 67 | 120 | |
Disposal of a subsidiary | 369 | 372 | ||
Collection of loans | 493 | |||
Granting of loans | (25) | (19,590) | (22,422) | |
Dividends received from investments | 4,889 | 1,662 | ||
Purchase of financial instruments | (3,420) | |||
Purchase of bank certificates of deposit | (27,564) | |||
Settlement of bank certificates of deposit | 53,291 | |||
Net cash flows used in investing activities | (136,587) | (57,120) | (104,142) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from borrowings | 714,161 | 350,000 | 115,268 | |
Repayment of borrowings | (748,922) | (377,162) | (38,649) | |
Increase in non-controlling interest | 1,290 | 207 | ||
Capital contribution | 120 | 2,541 | ||
Repayment of the principal portion of the lease liability | (11,751) | (9,934) | ||
Net proceeds from issuance of ordinary shares | 160,862 | |||
Costs that directly attributable to offering | (3,901) | |||
Payment of restricted stock units | (13,813) | |||
Payment of debt issuance costs | (3,581) | |||
Cross Currency Swap Settlement | (32,185) | |||
Change in other non-current liabilities from third parties | (62) | 1 | 150 | |
Net cash flows from/(used in) financing activities | 93,113 | (65,449) | 76,976 | |
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (15,749) | (55,981) | 118,512 | |
Cash and cash equivalents at beginning of year | 177,048 | 230,419 | 124,344 | |
Transfer to assets held for sale | (273) | 0 | ||
Effect of foreign exchange rate changes, net | 2,199 | 2,610 | (12,437) | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 163,225 | 177,048 | 230,419 | |
Supplemental disclosures: | ||||
Interest paid in operating activities | [1] | € 52,268 | € 35,222 | € 45,254 |
[1] | During 2019, the amount of €1,149 (2018: €968) for the repayment of the interest portion of the lease liability is included in interest paid in operating activities. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of cash flows [abstract] | ||
Repayment of the interest portion of the lease liability is included in interest paid in operating activities | € 1,149 | € 968 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2019 | |
Corporate Information [Abstract] | |
Disclosure Corporate Information | 1. Corporate information Wanda Sports Group Company Limited (the “Company”), founded on November 28, 2018, is a listed company incorporated and domiciled in Hong Kong SAR, People’s Republic of China (“PRC”). The registered office is located in Hong Kong. The Company went public on July 26, 2019 in the NASDAQ stock market. In 2019, the Company underwent a series of reorganization steps (the “Reorganization”). The Company entered into a series of contractual agreements to transfer the business operations of Infront Holding AG (“IHAG”), Wanda Sports Co., Ltd. (“WSC”) and Wanda Sports Holdings (USA) Inc. (“WSH”) to the Company: • On March 6, 2019, a contribution and issuance agreement was entered into between the Company and Infront International Holdings AG (“IIHAG”), pursuant to which IIHAG contributed 94.3% of the share capital of IHAG to the Company for 92,216,208 newly issued Class B ordinary shares of the Company; • On March 14, 2019, a contribution and issuance agreement was entered between the Company and Wanda Sports & Media (Hong Kong) Holding Co. Limited (“WSM”), pursuant to which WSM contributed 5.7% of the share capital of IHAG outstanding as of the date thereof it had acquired or had agreed to acquire from certain management members of IHAG, to the Company for 5,878,399 Class B newly issued shares of the Company. By the end of 2019, WSM had acquired all such shares and contributed them to the Company. • On March 14, 2019, variable interest entity (“VIE”) agreements were entered into among Dalian Wanda Group Co., Ltd. (“WG”, an entity controlled by the ultimate controlling shareholder, Mr. Jianlin Wang, and holding a 10% equity interest of WSC), Beijing Wanda Culture Industry Group Co., Ltd. (“BWCIGC”, a subsidiary of WG, holding an 85% equity interest of WSC), Mr. Jianlin Wang (the ultimate controlling shareholder of WG, holding a 5% equity interest of WSC) and Infront Sports & Media (China) Co. Ltd. (“Infront China”), a subsidiary of IHAG, pursuant to which a contractual arrangement was established among Infront China, WSC’s nominee shareholders and WSC whose businesses include those restricted from foreign investment under People’s Republic of China (“PRC”) law, conferring Infront China the right to control over and to receive variable returns from WSC. As a result of the VIE agreements, WSC was consolidated as an indirect subsidiary of the Company. Meanwhile, the Company entered into a contribution and issuance agreement with WSM, WG, BWCIGC and Mr. Jianlin Wang, pursuant to which the Company agreed to allot and issue 32,346,028 Class B ordinary shares to WSM, which will hold these shares on behalf and for the benefits of WG, BWCIGC and Mr. Jianlin Wang. WG, BWCIGC, Infront China and WSC were under the common control of Mr. Jianlin Wang before and after the arrangements; and • On March 14, 2019, a contribution and issuance agreement was entered into between the Company and WSM, pursuant to which WSM contributed 100% of the share capital of WSH to the Company in exchange for 38,890,537 newly issued Class B ordinary shares of the Company and a receivable of US$400 million (approximately €353,732) in cash. A promissory note of US$400 million (approximately €353,732) was issued by the Company to WSM. The promissory note was used to be interest free and repayable on demand before the Group has reached a supplemental agreement regarding to the outstanding balances in December 2019. The aforesaid Reorganization was completed in March 2019, and the Company became the holding company of the subsidiaries comprising the Group. The Company and its subsidiaries (collectively referred to as the “Group”) are principally engaged in the distribution of rights, hosting broadcast, digital media and entertainment, program production, event operations and licensing, brand development and sponsorships. Information on the Group’s structure is provided in Note 6. Information on other related party relationships of the Group is provided in Note 40. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies [abstract] | |
Disclosure of significant accounting policies | 2. Significant accounting policies 2.1 Basis of preparation The Company and the companies comprising the Group are under the common control of the controlling shareholders before and after the Reorganization. Accordingly, the financial statements have been prepared on a consolidated basis by applying the principles of the pooling of interest method as if the Reorganization had been completed at the beginning of the reporting period. The consolidated statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group for the relevant periods include the results and cash flows of all companies now comprising the Group from the earliest date presented or since the date when the subsidiaries and/or businesses first came under the common control of the controlling shareholders, wherever the period is shorter. The consolidated statements of financial position of the Group as at December 31, 2019 and 2018 have been prepared to present the assets and liabilities of the subsidiaries and/or businesses using the existing book values from the controlling shareholders’ perspective. No adjustments are made to reflect fair values, or to recognize any new assets or liabilities as a result of the Reorganization. Equity interests in subsidiaries and/or businesses held by parties other than the controlling shareholders, and changes therein, prior to the Reorganization are presented as non-controlling The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements of the Group for the year ended December 31, 2019 were authorized for issue in accordance with a resolution of the directors on May 20, 2020. The consolidated financial statements have been prepared on a going concern basis. The Group recorded net current liabilities as of December 31, 2019 and the directors have given careful consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. Having considered the Group’s cash flow management forecast and analysis for the year 2020 has presented as a positive result, the directors are confident that the Group is able to meet in full its financial obligations as they fall due for the next twelve months. The consolidated financial statements have been prepared on a historical cost basis, except for certain items. The consolidated financial statements are presented in Euro (“EUR” or “€”) and all values are rounded to the nearest thousands, except for the number of shares and per share data. 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement(s) with the other voting rights holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights The Group re-assesses Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling 2.3 Summary of significant accounting policies a) Business combinations and goodwill Business combinations are accounted for using the acquisition method, except for business combinations under common control as mentioned in the basis of preparation, where the pooling of interest method is applied. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units (“CGU”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the operation disposed of and the portion of the CGU retained. b) Investments in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associate and joint venture are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The consolidated statements of profit or loss reflect the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the consolidated statements of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the Group’s interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of associates and joint ventures is shown on the face of the consolidated statements of profit or loss outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the associates and joint ventures are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within share of profit and loss of an associate and joint ventures in the consolidated statements of profit or loss. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in consolidated statements of profit or loss. c) Current versus non-current The Group presents assets and liabilities in the statements of financial position based on current/non-current • Excepted to be realized or intended to be sold or consumed in the normal operating cycle • Held primarily for the purpose of trading • Expected to be realized within twelve months after the reporting period Or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle • It is held primarily for the purpose of trading • It is due to be settled within twelve months after the reporting period Or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. Deferred tax assets and liabilities are classified as non-current d) Fair value measurement The Group measures financial instruments such as derivatives, at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability Or • In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1— Quoted (unadjusted) prices in active markets for identical assets or liabilities • Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing The Group’s senior management determines the policies and procedures for both recurring fair value measurement, such as derivative financial instruments and contingent considerations due to business combinations. External valuers are involved for valuation of significant assets, such as derivative financial instruments, and significant liabilities, such as contingent consideration. Involvement of external valuers is determined annually by the senior management after discussion with and approval by the Company’s Board of Directors. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. Valuers are normally rotated every three years. The senior management decides, after discussions with the Group’s external valuers, which valuation techniques and inputs to use for each case. At each reporting date, the senior management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed The senior management, in conjunction with the Group’s external valuers, also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable. On an annual basis, the senior management and the Group’s external valuers present the valuation results to the Board of Directors and the Group’s independent auditors. This includes a discussion of the major assumptions used in the valuations. For fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair-value related disclosures for financial instruments and non-financial • Disclosures of valuation methods, significant estimates and assumptions (see Note 10) • Quantitative disclosures of fair value measurement hierarchy assumptions (see Note 10) • Financial instruments (including those carried at amortized cost) (see Note 10) • Contingent consideration and liabilities from business combination (see Note 10) e) Revenue from contracts with customers applicable from January 1, 2018 Revenue from contracts with customers is recognized when control of the services or goods are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. The Group generate revenue primarily from the contracts of sale of rights, rendering of service and other arrangements under contracts. Sale of rights Sale of rights mainly includes revenue from selling media (television, new media, etc.) and marketing rights, event licensing fees as well as product licensing and sponsorships. The Group has two business models regarding to the sale of media and marketing rights, full rights buy-out Full rights buy-out Under the full rights buy-out The Group sells the rights on its own behalf to sponsors and broadcasters (its customers) and is the principal of the arrangement. When considering whether the Group is the principal or agent in the arrangement, the Group has determined that it controls the rights to the specified rights prior to transfer of such rights to the customer. The Group is the primary obligor and contracts with its customers as the owner of the underlying rights. The Group also has inventory risk through its commitment to purchase the rights before entering into a contract with any customer. Additionally, the Group has sole discretion relative to the rights holders in establishing the price for the specified rights. The consideration paid to the rights holders for the acquisition of the rights for commercial exploitation are deferred and amortized as cost of sales over the duration of the contract. In contracts with customers under the full rights buy out model, the Group usually has one performance obligation consisting mainly of delivering commercial rights at the events (or for a series of events) sometimes together with additional services (e.g. implementation of marketing rights at events) that are not considered distinct in the context of the contract. The satisfaction of the performance obligation depends on the number of events delivered and on their timing and is satisfied over time when the events take place. Measurement of progress for performance obligations delivered over time is usually based on the number of events delivered (output method) and aligned with contractual agreements. Agency model Under the agency model, the Group acts as an agent for rights holders to sell marketing, media and hospitality rights to sponsors and broadcasters. When considering whether the Group is the principal or agent in the arrangement, the Group has determined that it does not control the rights to the specified rights prior to transfer of such rights to the customer. The Group is not the primary obligor in the contract and is contracted to sell the underlying rights to sponsors and broadcasters on behalf of the owner of the underlying rights. Additionally, the Group does not have sole discretion relative to the rights holders in establishing the price for the specified rights. The agency model includes commission contracts with minimum revenue guarantee to the customers and commission contracts based on revenue earned by the rights owner. The Group distinguishes two types of contracts with different performance obligations among the agency contracts: pure agency contracts and agency contracts with secondary services. For pure agency contracts, the performance obligation only consists of the sale of rights. For agency contracts with secondary services, the performance obligation includes, the sale of commercial rights and providing additional substantial secondary services over the duration of the contract. The secondary services typically include services for market projections, defining commercial strategy, market research, sales proposals, sales presentation and pre- The Group satisfies its performance obligation in pure agency contracts at a point in time, when the contract between the rights holder and its customer is signed. For agency contracts with secondary services, the performance obligation consists of a bundle of services not distinct in the context of the contract and is satisfied over time. Progress is usually measured based on time or on event basis output method and aligned with contractual agreements. Minimum sales guaranteed to commercial rights owners in agency contracts are disclosed as contingent liabilities and reduced by continued sales progress in meeting commitments vis-a-vis Product licensing Product licensing consists of royalties earned on licensed product sales. When considering whether the Group is the principal or agent in the arrangement, the Group has determined that it controls the rights to the specified licenses prior to transfer of such rights to the customer. The Group is the primary obligor and contracts with its customers as the owner of the licenses. Additionally, the Group has sole discretion relative to the rights holders in establishing the price for the specified licensing arrangements. Contractually guaranteed payments are recognized over the period the customer has the right to access the intellectual property. Sales-based usage-based Sponsorships and event licensing for Mass Participation Event licensing fees include amounts charged to outside parties for the use of the Group’s trade names for the purpose of conducting an event in a specific location. Sponsorships include amounts charged to outside parties to sponsor a specified individual race/event or series of races/events. Deliverables may include naming rights, the right to advertise the relationship, booth space, displays of the sponsor logo at events, commercial airtime, VIP passes, entry fees, value in kind or other similar event related deliverables. Sponsorship and event licensing revenue is typically recognized as the event takes place, except for commercial airtime provided in connection with certain sponsorship contracts, which is recognized when the airing occurs and digital benefits which is recognized over the estimated period of time that the digital benefits are provided to the outside party sponsoring the event. When considering whether the Group is the principal or agent in the sponsorships and event licensing arrangements, the Group has determined that, as holder of the events, it controls the right to sponsorships and event licenses prior to transfer of such rights to the customer. The Group is the primary obligor and contracts with its customers as the owner of the licenses. Additionally, the Group is free to negotiate what it can in establishing the price for the specified licensing arrangements. Rendering of Service Media Production Performance obligations of revenue from media production include (i) host broadcast operations for major events and (ii) consulting and other services. For host broadcast operations, contracts for host broadcast operations may be structured either as a cost-plus contract or a general contractor contract (where the Group bears the financial risk of cost overruns). For host broadcast operations and consulting and other services, the Group provides its customers with an integrated service where the Group integrates goods or services that are used as inputs to produce the combined outputs specified by the customer. Costs incurred by the Group to procure such services are recorded as cost of sales. The satisfaction of the performance obligation of host broadcast operations depends on the number of host broadcast operations and on their timing. The performance obligation is satisfied over time when the events take place. The satisfaction of the performance obligation relating to consulting services is satisfied over time. Measurement of progress for media production contracts delivered over time is usually based on the number of events delivered under an output method or costs incurred under an input method and aligned with contractual agreements. Events Events revenue consists of event entry fees, expo fees, amounts received from host cities and photo commissions. Entry fees include revenues generated from fees charged to event participants. Expo fees consist of rentals at the events by outside parties. Host city fees include amounts received from the city or local organizing committee to support the hosted event. Photo commissions represent revenue earned from an outside photography service for exclusive access to the Group’s athletes on site at events. The satisfaction of the performance obligation depends on the number of events and on their timing and is satisfied as the events take place. Other revenue Other revenue from contracts with customers primarily consists of those contracts with customers to generate revenue related to professional memberships, coaching certification programs, merchandise sales and contribution revenue. Revenue from memberships is recognized during the calendar year in which an athlete is registered to compete as a professional. For the coaching certification program, revenue is recognized on a straight-line basis over time period when customers have access to the course materials. Merchandise sales consist of direct sales of apparel and other merchandises to customers. The satisfaction of performance obligation of these contracts is achieved when the products are delivered to the customers. Shipping costs incurred for merchandise shipped to customers are recorded as part of the cost of sales line item on the consolidated statements of profit or loss. Contribution revenue is recognized when an unconditional transfer is made. The incremental costs of obtaining a contract is recognized as an expense when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less. Allocation of transaction price For certain contracts with customers that include multiple distinct performance obligations, total consideration is allocated to performance obligations using a relative stand-alone selling price basis. Generally, contracts with multiple distinct performance obligations sold by the Group include services which are satisfied over the same period of time, and the amount and timing of revenue recognition is not impacted by the allocation of transaction price. Variable consideration Certain contracts with customers include variable consideration contingent on the Group’s overall performance on the contract. The Group estimates the amount of variable consideration that the Group will be entitled to and that will be included in the transaction price to the extent that it is highly probable that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty is resolved. Consideration payable to the customer When the Group sells media or marketing rights, the Group may pay a signing fee to the rights holder. Such fees paid to the rights holder are considered consideration payable to the customer and recorded as a reduction of transaction price. Significant financing component The Group receives short-term and long-term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised services or goods to the customer and when the customer pays for that services or goods will be one year or less. The difference between the promised consideration and the cash selling price of the services or goods has not been adjusted as well, if such difference arises for reasons other than the provision of finance to either the customer or the Group, and the difference between those amounts is proportional to the reason for the difference. For example, the payment terms might provide the Group or the customer with protection from the other party failing to adequately complete some or all of its obligations under the contract. The Group also receives long-term advances from customers in some circumstances. The transaction price for such contracts is discounted, using the rate that would be reflected in a separate financing transaction between the Group and its customers at contract inception, to take into consideration the significant financing component. Contract balances Contract assets A contract asset is the right to consideration in exchange for services or goods transferred to the customer. If the Group performs by transferring services or goods to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Trade receivables A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section q) Financial instruments—initial recognition and subsequent measurement. Contract liabilities A contract liability is the obligation to transfer services or goods to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers services or goods to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. Assets and liabilities arising from rights of return Refund liabilities A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer and is measured at the amount the Group ultimately expects it will have to return to the customer. Returns are immaterial for the Group for all years presented. f) Revenue recognition before January 1, 2018 The Group generates revenue primarily from sale of rights, rendering of service and other revenue. Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is received. Revenue is recognized at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes. Sale of rights Sale of rights mainly includes revenue from selling media (television, new media, etc.) and marketing rights, event licensing fees as well as product licensing and sponsorships. For sale of media and marketing rights where the Group controls the underlying rights and the events are held on single or multiple days, revenues and direct costs are recognized when the event is completed. If the rights sold cover a series of events which take place throughout a period (year, season or series), revenues and direct costs are allocated proportionally to the individual events and recognized in the consolidated statements of profit or loss when the individual event takes place. Minimum sales guaranteed to commercial rights owners in agency contracts are disclosed as contingent liabilities and reduced by continued sales progress in meeting commitments vis à vis commercial rights owners. Media and Marketing Rights For sale of media and marketing rights where the Group is acting as an agent of the rights’ holder, revenue is recognized when the commission is earned and when it is probable that the economic benefits associated with the transaction will flow to the entity, typically when cash is received from the end customer. Such revenues are presented under other revenues in Note 11. Event licensing Event licensing fees include amounts charged to outside parties for the use of the Group’s trade names for the purpose of conducting an event in a specific location. Product licensing Product licensing consists of royalties earned on licensed product sales. Contractually guaranteed payments are recognized evenly over the period to which they relate. Amounts earned in excess of the contractually guaranteed amounts are recognized in the period in which the amount can be reliably measured. This typically occurs in the period in which the sale of the licensed product exceeds the minimum level. Royalties earned on the sale of products, for which there is no minimum, are earned in the month of sale of the licensed products when the amounts can be reliably measured. Sponsorships Sponsorships include amounts charged to outside parties to sponsor a specified individual race/event or series of races/events. Deliverables may include naming rights, the right to advertise the relationship, booth space, displays of the sponsor logo at events, commercial airtime, VIP passes, entry fees, value in kind or other similar event related deliverables. Sponsorship revenue is typically recognized upon the completion of the related event, except for commercial airtime provided in connection with certain sponsorship contracts, which is recognized when the airing occurs. Revenue from services Revenue from services mainly includes revenue from media production |
Significant accounting judgemen
Significant accounting judgements, estimates and assumptions | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting judgements estimates and assumptions [abstract] | |
Disclosure of accounting judgements and estimates | 3. Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Other disclosures relating to the Group’s exposure to risks and uncertainties include: • Capital management, see Note 5 • Financial instruments risk management and policies, see Note 27 • Sensitivity analyses disclosures, see Note 27 The key judgements, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are as follows: Revenue from contracts with customers Principal versus agent considerations The Group enters into contracts with rights holders to sell, on their behalf, commercial rights to sponsors and broadcasters. The Group determined that it does not control the commercial rights before they are transferred to customers and it does not obtain benefits from the commercial rights. The following factors indicate that the Group is an agent in these contracts: • The Group is not primarily responsible for fulfilling the promise to provide commercial rights; • The Group has no discretion in establishing the pricing for such commercial rights; • The Group’s consideration is in the form of a commission Determining method to estimate variable consideration and assessing constraint Variable considerations need to be estimated and therefore contain a certain level of judgement. Agency agreements are likely to contain different commission rates depending on the level of sales achieved. A significant variable consideration exists for the agency agreement of some of the media sales, for which an average expected commission rate is calculated and applied to already contracted and cleared sales. The variable consideration is monitored for constraining factors such as judgement or actions of third parties and visibility on contracted sales. A contract asset is recognized for the part of variable consideration for which it is highly unlikely that a significant reversal of accumulated revenue occurs. A profit share constitutes a variable consideration and is assessed for constraining factors before recognition. In profit sharing agreements containing a cost recoupment mechanism, initial costs are deferred if visibility on future revenues confirms respective cost coverage. Impairment of goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected future cash flows from the cash-generating units and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill at December 31, 2019 and 2018 was €537,585 and €677,326, respectively. See Note 23 for further disclosures. Impairment of non-financial The Group assesses whether there are any indicators of impairment for all non-financial right-of-use non-financial Share-based payments Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The Group initially measures the cost of cash-settled transactions with employees using the valuation modeling, such as Black Scholes model to determine the fair value of the liability incurred. For cash-settled share-based payment transactions, the liability needs to be remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in personnel expenses and cost of sales in the consolidated statement of profit or loss. This requires a reassessment of the estimates used at the end of each reporting period. The Group uses a binomial model to measure the fair value of equity-settled transactions with employees at the grant date. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 35. Taxes Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The Group had €34,379 and €19,590 of tax losses carried forward as at December 31, 2019 and 2018. These losses relate to subsidiaries that have a history of losses, do not expire, and may not be used to offset taxable income elsewhere in the Group. The subsidiaries neither have taxable temporary differences nor tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on the tax losses carried forward. Further details on taxes are disclosed in Note 17. Defined benefit plans (pension benefits The cost of the defined benefit pension plan and other termination benefits and the present value of the pension obligations are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. Further details about these obligations are provided in Note 34. Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the consolidated statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Contingent consideration, and liabilities resulting from business combinations, are valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. The key assumptions take the probability of meeting each performance target and the discount factor into consideration. For further disclosures, see Note 10. Leases – Estimating the incremental borrowing rate The lease liability is initially measured at the present value of required lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate (“IBR”). The Group generally uses its IBR as the discount rate. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use n Provision for expected credit losses on trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns by customer type and rating, and forms of credit insurance. The assessment of the correlation among historical observed default rates, forecast conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and forecast conditions. The Group’s historical credit loss experience and forecast conditions to be adjusted may also not be representative of a customer’s actual default in the future. The information about the ECLs on the Group’s trade receivables and contract assets is disclosed in Note 29 and Note 22 to the financial statements, respectively. |
Segment information
Segment information | Mar. 06, 2019 |
Segment information [abstract] | |
Disclosure of entity's operating segments | 4. Segment information The Group has three reporting segments, including Mass Participation, Spectator Sports and DPSS. The Group’s CODM assesses the performance of the reporting segments mainly based on revenue and gross profit of each reporting segment. Thus, the segment result presents revenues, cost of sales and gross profit for each segment, which is in line with CODM’s performance review. Mass Participation The Group generates revenues within the Mass Participation segment primarily from registration fees and other event fees (such as host city fees), and otherwise monetized intellectual property through event and product licensing, sponsorship, merchandising and media distribution. The Group’s cost of sales for the Mass Participation segment primarily consists of merchandise costs, costs for outsourced services, costs directly linked to event organization, such as event labor costs that can be directly linked to particular events, event supplies costs, media expenses, equipment costs and other costs. Spectator Sports The Group generates revenues within the Spectator Sports segment primarily from media distribution, sponsorship and marketing, commissions and agency fees in relation to football, winter sports and summer sports. The Group’s cost of sales for the Spectator Sports segment primarily consists of acquisition costs for media rights, marketing and advertising rights, general event organization costs, media production costs, project related travel costs, project related consulting costs, advertisement material production costs, as well as costs for hospitality, purchase of tickets, and LED services. DPSS The Group generates revenues within the DPSS segment primarily through providing various services (including digital media solutions, media and program production, host broadcasting, marketing services, event operations services, brand development services and advertising solutions) to rights owners and other stakeholders in the sports ecosystem. There were no material inter-segment sales during the periods presented. The revenues reported to the CODM are measured in a manner consistent with that applied in the consolidated statement of profit or loss. The Group’s cost of sales for the DPSS segment primarily consists of external media production costs, project related personnel costs, service and consulting costs, as well as other project related costs. The segment results for the years ended December 31, 2019, 2018 and 2017 are as follows: December 31, 2019 Mass Spectator DPSS Adjustments and Total € € € € € Revenue External customers 326,917 567,279 135,884 — 1,030,080 Cost of sales 209,501 382,521 94,338 — 686,360 Segment gross profit 117,416 184,758 41,546 — 343,720 December 31, 2018 Mass Spectator DPSS Adjustments and Total € € € € € Revenue External customers 284,081 523,826 321,279 — 1,129,186 Cost of sales 183,225 315,664 264,904 — 763,793 Segment gross profit 100,856 208,162 56,375 — 365,393 December 31, 2017 Mass Spectator DPSS Adjustments and Total € € € € € Revenue External customers 251,450 547,072 156,076 — 954,598 Cost of sales 161,168 349,018 113,907 — 624,093 Segment gross profit 90,282 198,054 42,169 — 330,505 The reconciliation of segment gross profit to profit before income tax is shown in the consolidated statement of profit or loss. Geographical information The Group’s businesses operate across the world. For the years ended December 31, 2019, 2018 and 2017, the geographic information on total revenues is as follows: 2019 2018 2017 Revenue from external customers € € € Europe 637,688 768,790 616,094 America 184,552 188,663 166,720 Asia 167,428 128,956 137,491 Oceania 27,102 23,530 20,905 Africa 13,310 19,247 13,388 Total 1,030,080 1,129,186 954,598 As the Group conducts its business with non-current non-current |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2019 | |
Capital management [abstract] | |
Disclosure of objectives, policies and processes for managing capital | 5. Capital management The Group’s goal concerning capital management is to support the business with a sustainable capital basis and to safeguard the Group’s ability to provide returns for members and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group manages its capital structure and adjusts it in light of changes in economic conditions. In order to maintain or adjust the capital structure, the Group may change the dividend payments to shareholders, extend loans, pay back capital to shareholders, issue new shares and take on or repay financial liabilities. The Group’s management regularly reviews the capital structure, as well as the equity of the subsidiaries. The Group’s capital structure is as follows: December 31, December 31, € € Interest-bearing liabilities 845,668 561,117 Income tax payable 21,787 31,009 Other financial liabilities/(assets), net 21,058 15,088 Long-term receivables (6,808 ) (6,271 ) Cash and cash equivalents (163,225 ) (177,048 ) Net debt 718,480 423,895 In order to achieve the overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the banks to immediately call loans and borrowings. There have been no breaches of the financial covenants of any interest-bearing loans and borrowings in 2019 and 2018. No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2019 and 2018. |
Group information
Group information | 12 Months Ended |
Dec. 31, 2019 | |
Group information [abstract] | |
Disclosure of subsidiaries | 6. Group information Information about subsidiaries The consolidated financial statements of the Group mainly include: Direct and indirect % equity interest Name Principal activities Country As at As at As at World Endurance Holdings, Inc. (“WEH”) Sports & Events Services United States 100.00 100.00 100.00 World Triathlon Corporation Sports & Events Services United States 100.00 100.00 100.00 Ironman Holdings I LLC Sports & Events Services United States 100.00 100.00 100.00 World Endurance Africa Holdings (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN 70.3 Durban (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 World Endurance South Africa (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN 70.3 South Africa (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN South Africa (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN 70.3 Cape Town (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN Epic Holdings (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 Grandstand Management (Pty) Ltd. 1 Sports & Events Services South Africa 100.00 100.00 100.00 Cape Epic (Pty) Ltd. 1 Sports & Events Services South Africa 100.00 100.00 100.00 Wanda Sports Holdings (USA) Inc. Sports & Events Services United States 100.00 100.00 100.00 World Endurance Holdings Pty Ltd. Sports & Events Services Australia 100.00 100.00 100.00 World Endurance Asia Pacific Pty Ltd. Sports & Events Services Australia 100.00 100.00 100.00 IRONMAN New Zealand Limited Sports & Events Services New Zealand 100.00 100.00 100.00 IRONMAN Endurance Asia Pte. Ltd. Sports & Events Services Singapore 100.00 100.00 100.00 IRONMAN (Asia) Pte. Ltd. Sports & Events Services Singapore 100.00 100.00 100.00 IRONMAN Asia (Thailand) Co. Ltd. 2 Sports & Events Services Thailand — 49.00 49.00 Ironman Maryland Events, LLC 3 Sports & Events Services United States — — 100.00 IMU Holdings, LLC Sports & Events Services United States 100.00 100.00 100.00 Chesapeake Bay Bridge Run, LLC Sports & Events Services United States 100.00 100.00 100.00 The IRONMAN Foundation, Inc. Sports & Events Services United States 100.00 100.00 100.00 Competitor Group Holdings, Inc. 4 Sports & Events Services United States 100.00 100.00 100.00 Competitor Group, Inc. 4 Sports & Events Services United States 100.00 100.00 100.00 Competitor Publishing, Inc. 4 Sports & Events Services United States — — 100.00 Inside Communications Inc. 4 Sports & Events Services United States — — 100.00 Muddy Buddy Events, LLC 4 Sports & Events Services United States — — 100.00 Triathlon Group North America, Inc. 4 Sports & Events Services United States — — 100.00 Competitor Group Europe, S.A.R.L. 4 Sports & Events Services Luxembourg 100.00 100.00 100.00 CG Portugal LDA 4 Sports & Events Services Portugal 100.00 100.00 100.00 Competitor Spain S.L. 4 Sports & Events Services Spain 100.00 100.00 100.00 Competitor Sports Ireland Limited 4 Sports & Events Services Ireland 100.00 100.00 100.00 Competitor UK Limited 4 Sports & Events Services United Kingdom 100.00 100.00 100.00 Competitor Group Events, Inc. 4 Sports & Events Services United States 100.00 100.00 100.00 Competitor Canada Inc. 4 Sports & Events Services Canada 100.00 100.00 100.00 US Raceworks LLC 4 Sports & Events Services United States — — 100.00 Competitor Media UK Limited 4 Sports & Events Services United Kingdom — — 100.00 World Endurance Cooperatief U.A. Sports & Events Services Netherlands 100.00 100.00 100.00 World Endurance B.V. Sports & Events Services Netherlands 100.00 100.00 100.00 World Endurance Malaysia Sdn. Bhd. Sports & Events Services Malaysia 100.00 100.00 100.00 IRONMAN Luxembourg S.A.R.L. Sports & Events Services Luxembourg 100.00 100.00 100.00 IRONMAN Canada Inc. Sports & Events Services Canada 100.00 100.00 100.00 World Endurance Australia Pty Ltd Sports & Events Services Australia 100.00 100.00 100.00 USM Events Pty Ltd. Sports & Events Services Australia 100.00 100.00 100.00 IRONMAN Sweden AB Sports & Events Services Sweden 100.00 100.00 100.00 World Triathlon Stockholm AB Sports & Events Services Sweden 55.00 55.00 55.00 IRONMAN Switzerland AG Sports & Events Services Switzerland 100.00 100.00 100.00 Swiss Epic AG Sports & Events Services Switzerland 100.00 100.00 100.00 IRONMAN Germany GmbH Sports & Events Services Germany 100.00 100.00 100.00 IRONMAN Denmark ApS Sports & Events Services Denmark 100.00 100.00 100.00 IRONMAN Ltd. Sports & Events Services United Kingdom 100.00 100.00 100.00 IRONMAN Ltd- Sports & Events Services Ireland 100.00 100.00 100.00 IRONMAN Unlimited Events UK Limited Sports & Events Services United Kingdom 100.00 100.00 100.00 IRONMAN Spain S.L Sports & Events Services Spain 100.00 100.00 100.00 IRONMAN Italy S.R.L Sports & Events Services Italy 100.00 100.00 100.00 IRONMAN Austria GmbH Sports & Events Services Austria 100.00 100.00 100.00 IRONMAN France S.A.R.L Sports & Events Services France 100.00 100.00 100.00 Infront France Travel S.A.S. 22 Sports & Events Services France 100.00 100.00 100.00 Infront Sports & Media UK Ltd. Sports & Events Services United Kingdom 100.00 100.00 100.00 Infront X Holdings Inc., US 5 Sports & Events Services United States 100.00 100.00 100.00 Infront X LLC 5 Sports & Events Services United States 100.00 71.90 51.00 Omnigon Canada Inc. 5 Sports & Events Services Canada 100.00 71.90 51.00 Omnigon Ltd. 5 Sports & Events Services United Kingdom — 71.90 51.00 Omnigon Russia ooo 5 Sports & Events Services Russia 100.00 71.90 51.00 Infront Holding AG 6 Sports & Events Services Switzerland 100.00 94.30 96.33 Infront Sports & Media AG (“ISMAG”) Sports & Events Services Switzerland 100.00 100.00 100.00 Infront X AG 23 Sports & Events Services Switzerland 100.00 100.00 100.00 Infront Italy Holding Srl. Sports & Events Services Italy 100.00 100.00 100.00 Infront Italy Srl. Sports & Events Services Italy 100.00 100.00 100.00 Infront Centro Produzione Srl. Sports & Events Services Italy 100.00 100.00 100.00 Infront Sports & Media (China) Co. Ltd. Sports & Events Services China 100.00 100.00 100.00 Infront Sports & Media (Beijing) Co. Ltd. Sports & Events Services China 100.00 100.00 100.00 Infront Pan-Asia Sports & Events Services Singapore 100.00 100.00 100.00 Infront Football Media Pte. Ltd. Sports & Events Services Singapore 100.00 100.00 100.00 Host Broadcast Services (HBS) AG Sports & Events Services Switzerland 100.00 100.00 100.00 HBS France S.A.S. Sports & Events Services France 100.00 100.00 100.00 HBS France Production S.A.S. Sports & Events Services France 100.00 100.00 100.00 Infront France S.A.S. Sports & Events Services France 100.00 100.00 100.00 Infront Austria GmbH Sports & Events Services Austria 100.00 100.00 100.00 Infront Germany GmbH Sports & Events Services Germany 100.00 100.00 100.00 Infront B2RUN GmbH Sports & Events Services Germany 100.00 100.00 100.00 Infront Netherlands BV 7 Sports & Events Services Netherlands — 100.00 100.00 Infront Sportif Pazarlama J.S.L Sports & Events Services Turkey 100.00 100.00 100.00 IRONMAN Unlimited Oceania Limited 8 Sports & Events Services New Zealand — — — Sella Communications S. à.r.l. 8 Sports & Events Services France — — — Cap 111 S.à.r.l. 8 Sports & Events Services France — — — Lagardère Unlimited Events AG 9 Sports & Events Services Germany — 100.00 100.00 Infront Pan-Asia Sports & Events Services Singapore 100.00 100.00 100.00 Xletix GmbH, Germany 10 Sports & Events Services Germany 100.00 100.00 — Goalscout Srl 11 Sports & Events Services Italy — — — Titan Active Limited 12 Sports & Events Services Ireland 100.00 100.00 — AROC Sport Pty Ltd. 13 Sports & Events Services Australia 100.00 100.00 — Youthstream Media SA 14 Sports & Events Services Switzerland 100.00 — — Youthstream Group SAM 14 Sports & Events Services Monaco 100.00 — — Youthstream Organisation 14 Sports & Events Services Monaco 100.00 — — Youthstream Logistic SRO 14 Sports & Events Services Slovakia 100.00 — — Business Run Eventorganisation GmbH 15 Sports & Events Services Austria 100.00 — — HBS Germany GmbH 16 Sports & Events Services Germany 100.00 — — hundert24 GmbH 17 Sports & Events Services Germany 100.00 — — Threshold Sports Limited 18 Sports & Events Services United Kingdom 100.00 — — Level99 Ltd 19 Sports & Events Services United Kingdom 55.87 — — Level99 doo 20 Sports & Events Services Serbia 100.00 — — Sunrise Events, Inc. 21 Sports & Events Services Philippines 100.00 — — 1. Entities added as a result of the acquisition of Cape Epic in 2017. 2. IRONMAN Asia (Thailand) Co. Ltd. was dissolved on July 19, 2019. 3. Ironman Maryland Events, LLC was merged with and into World Triathlon Corporation on December 28, 2018. 4. Entities added as a result of the acquisition of CGI in 2017. Competitor Publishing, Inc., Inside Communications Inc., Muddy Buddy Events, LLC, Triathlon Group North America, Inc. and US Raceworks LLC were merged with and into Competitor Group, Inc. on December 27, 2018. Competitor Media UK Limited was dissolved on January 23, 2018. 5. The Group purchased the remaining 28.1% shares in Omnigon Group in April 2019. Omnigon Ltd. was liquidated in June 2019. Omnigon Holding Inc. was renamed to Infront X holdings Inc., US, Omnigon Communications LLC was renamed to Infront X LLC in 2019. 6. As at December 31, 2019, the Group acquired the 5.7% of IHAG shares and increased its shareholding in IHAG from 94.3% to 100%. 7. Infront Netherlands BV was merged into Infront Germany GmbH in 2019. 8. IRONMAN Unlimited Oceania Limited was merged into IRONMAN New Zealand Limited on March 1, 2017. Sella Communications S.à.r.l. was merged into Infront France S.A.S. on January 1, 2017 and Cap 111 S.à.r.l. was merged into Infront France S.A.S. on July 1, 2017. 9. Lagardère Unlimited Events AG was dissolved on July 9, 2019. 10. Entity added as a result of the acquisition of Xletix GmbH, Germany in 2018. 11. Entity added as a result of the acquisition of Goalscout Srl in 2018. Goalscout Srl was merged into Infront Italy Srl on January 18, 2018. 12. Entity added as a result of the acquisition of Titan Active Limited in 2018. 13. Entity added as a result of the acquisition of AROC Sport Pty Ltd. in 2018. 14. Entities added as a result of the acquisitions of Youthstream Media SA,Youthstream Group SAM, Youthstream Organisation, Youthstream Logistic SRO on February 28, 2019. See Note 7. 15. Entity added as a result of the acquisition of Business Run Eventorganisation GmbH on April 24, 2019. See Note 7. 16. Entity added as a result of the incorporation of HBS Germany GmbH on August 1, 2019. 17. Entity added as a result of the acquisition of hundert24 GmbH on April 30, 2019. See Note 7. 18. Entity added as a result of the acquisition of Threshold Sports Limited on April 1, 2019. See Note 7. 19. Entity added as a result of the acquisition of Level99 Ltd on August 31, 2019. See Note 7. 20. Entity added as a result of the incorporation of Level99 doo on November 1, 2019. 21. Entity added as a result of the acquisition of Sunrise Events, Inc. on March 22, 2019. See Note 7. 22. Infront France Travel S.à.r.l. was renamed to Infront France Travel S.A.S. on July 30, 2017. 23. Digital Media Content Sales AG was renamed to Infront X AG on December 27, 2018. VIEs and subsidiaries of VIEs of the Group include Direct and indirect % equity interest Name Principal activities Country As at December 31, As at December 31, Wanda Sports Co., Ltd. 1 Sports & Events Services China — — 1 Controlled through VIE in 2019. Guangzhou Wanda Sports Development Co., Ltd., Chengdu WNCH Sports Industry Co., Ltd. (“the Double Heritage”), Gansu Dunhuang Silk Road Marathon Event Management Co., Ltd. and Beijing Evertop Sports Culture Media Co., Ltd. (“Yongda”), Wanda Sports (Shanghai) Co., Ltd., Chengdu Wanda Sports Development Co., Ltd., Guangxi Wanda Sports Development Co., Ltd., and Yibin Shunan Culture and Tourism Double Heritage Sports Industry Development Co., Ltd. are the subsidiaries of this company. The holding company The ultimate holding company of the Company is Dalian Hexing Investment Co., Ltd., which is based in Mainland China. VIEs and subsidiaries of VIEs As PRC laws and regulations prohibit foreign ownership of radio and television program production businesses, the Company primarily conducts its business in Mainland China through WSC and its subsidiaries. On March 14, 2019, Infront China, the Company’s wholly owned subsidiary in the PRC, entered into the Pledge Contract with the nominee shareholders, WG, BWCIGC and Mr. Jianlin Wang, of WSC for the equity interests in WSC held by the nominee shareholders of WSC. In addition, each nominee shareholder of WSC signed a Power of Attorney, and Infront China entered into the Exclusive Call Option Contract with WSC and nominee shareholders of WSC, which provide Infront China the power to direct the activities that most significantly affect the variable returns of WSC and to acquire the equity interests in WSC when permitted by the PRC laws, respectively. Infront China agreed to provide financial support to WSC for its operations which obligated Infront China to absorb losses of WSC that could potentially be significant to WSC. In addition, the aforementioned Powers of Attorney and the Exclusive Call Option Contract entitle Infront China to receive variable returns from WSC that are significant to WSC. Despite the lack of technical majority ownership, Infront China has effective control of WSC through a series of VIE agreements and a parent-subsidiary relationship exists between the Company and WSC, which provides Infront China with (a) the power over the VIE; (b) rights and obligations to variable returns of the VIE; and (c) the ability to use its power over the VIE to affect the amount of the VIE’s returns. Through the VIE agreements, the shareholders of WSC assigned all of their voting rights underlying their equity interest in WSC to Infront China. Infront China has the right to receive variable returns from WSC that potentially could be significant to WSC; and Infront China has the obligation to absorb losses of WSC that could potentially be significant to WSC. Therefore, Infront China consolidates WSC and its subsidiaries as required by IFRS 10 Consolidated Financial Statements. The principal terms of the VIE agreements are further described below: (1) Powers of Attorney Pursuant to the powers of attorney signed by WSC’s nominee shareholders, each nominee shareholder irrevocably authorized Infront China to act on behalf of such shareholder as its exclusive agent and attorney to exercise all rights and power that such shareholder has in respect of its equity interest in WSC (including, but not limited to, all of such shareholders’ rights and voting rights to the sale, transfer, pledge or disposition of the equity interest in part or in whole, and the right to designate and appoint the directors and the executive officers of WSC). The powers of attorney are effective and irrevocable as long as the nominee shareholders remain as shareholders of WSC. (2) Exclusive Call Option Contract Pursuant to the exclusive call option contract entered into amongst WSC’s nominee shareholders, WSC and Infront China, each nominee shareholder granted to Infront China an irrevocable and exclusive right to purchase all or part of its equity interests in WSC. The purchase price of the equity interests in WSC shall be the lower of (a) the actual capital contributions paid in the portion of the registered capital by the relevant shareholders for the call options and (b) the lowest price permitted under the PRC laws. Without Infront China’s prior written consent, each nominee shareholder will not amend WSC’s articles of association, increase or decrease WSC’s registered capital, sell, assign, transfer, dispose of, or create any encumbrance over the legal or beneficial interest in any equity interest of WSC, etc. The agreement shall be terminated upon the expiration of the term of operation of Infront China, which has the right to determine the extension of the term of operation of WSC; or terminated automatically upon the exercise in full by Infront China of its right to purchase all of the equity interests. (3) Exclusive services agreement Pursuant to the exclusive services agreement entered into between WSC and Infront China, Infront China grants WSC the non-exclusive (4) Pledge Contract Pursuant to the share pledge contract among WSC’s nominee shareholders, WSC and Infront China, nominee shareholders of WSC pledged all of their respective equity interests in WSC to Infront China as a continuing first priority security interest to guarantee the prompt and full performance of these nominee shareholders’ and WSC’s obligations under the powers of attorney, the exclusive call option contract and the exclusive services agreement. The nominee shareholders shall not have the right to exercise the voting rights and rights to dividend distribution attaching to the equity interests of WSC. If WSC or any of the nominee shareholders breaches its obligations, WSC is dissolved or the enforcement of the pledged equity interests of WSC is permitted under PRC laws, Infront China will be entitled to exercise its rights to the pledged equity interests, including the right to sell the pledged equity interests of WSC through an auction or a private sale. If the pledged equity interests of WSC are disposed for whatever reasons, all proceeds received will be attributed to Infront China and the nominee shareholders must transfer all proceeds collected to Infront China without consideration, to the extent permitted by PRC laws. This contract remains effective until the earlier of: (i) the discharge in full of the nominee shareholders’ and WSC’s obligations under VIE agreements, or (ii) the completion of the disposal of the pledged equity interests in WSC. Amounts of pledged equity interest of WSC in which the Company has no legal ownership, are €154,145 and €148,733 as of December 31, 2019 and 2018 respectively. In the opinion of the Company’s PRC legal counsel, (i) the ownership structure of Infront China and its VIE does not contravene any applicable PRC laws and regulations and (ii) the contractual arrangements with WSC and its nominee shareholders are valid and binding upon each party to such arrangements and enforceable against each party thereto in accordance with their terms and applicable PRC laws and regulations, and will not contravene any PRC laws and regulations currently in effect. However, PRC legal counsel has informed the Company that there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations, and future PRC laws and regulations, and there can be no assurance that the PRC regulatory authorities will not take a view that is contrary to, or otherwise different from, its opinion stated above. Associates The following table provides detailed information about equity interests in associates. Name December 31, December 31, December 31, FIS Marketing AG, Switzerland 24.5 % 24.5 % 24.5 % Beijing Iron Man Sports Entertainment Co., Ltd. 1 7.5 % 7.5 % — Cycling Unlimited AG 25.0 % — — Verein Tour de Suisse 2 n/a — — Upsolut Sports (HYROX) 20.0 % — — 1 Under the equity agreement, the Group had a seat on the board of directors (the board of directors has a total of 5 seats), the power of veto and a right of pre-emption. 2 Verein Tour de Suisse is an association without capital. Under the equity agreement, the Group has 25% voting right of Verein Tour de Suisse. Therefore, the Group exhibits significant influence over Verein Tour de Suisse and shall treat it as an associate company. Joint ventures The following table provides detailed information about equity interests in joint ventures. Name December 31, December 31, December 31, International Games Broadcast Services (IGBS) AG, Switzerland 50 % 50 % 50 % Infront Ringier Sports & Entertainment AG, Switzerland 1 — 50 % 50 % DEB Eishockey Sport GmbH 2 — — 50 % Business Run Freiburg GbR 3 — 50 % 50 % OC 2018 IIHF WM APS 4 — 50 % 50 % Lagardère Unlimited Events South Africa Proprietary Limited 5 — 50 % 50 % Organizing Committee IIHF 2020 World Championship 50 % 50 % 50 % 1 Infront Ringier Sports & Entertainment AG, Switzerland was disposed in 2019. 2 DEB Eishockey Sport GmbH was disposed on December 31, 2018. 3 Business Run Freiburg GbR was disposed in 2019. 4 OC 2018 IIHF WM APS was disposed in 2019. 5 Lagardère Unlimited Events South Africa Proprietary Limited was disposed on July 9, 2019. |
Business combinations and acqui
Business combinations and acquisition of non-controlling interests | 12 Months Ended |
Dec. 31, 2019 | |
Business combinations and acquisition of noncontrolling interests [abstract] | |
Disclosure of business combinations | 7. Business combinations and acquisition of non-controlling interests Acquisitions in 2019 (a) Acquisitions of Youthstream On February 28, 2019, the Group acquired 100% of the shares of Youthstream Organization SAM, Youthstream Group SAM and its subsidiaries, including Youthstream Media SA and Youthstream Logistic SRO (collectively, the “Youthstream”), which manage the exclusive television, marketing and promotional worldwide rights of the FIM Motocross World Championship. These acquisitions were intended to expand the Group’s market share in its Spectator Sports segment. The fair values of the identifiable assets and liabilities of the Youthstream as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 6,058 Trade and other receivables 6,940 Other assets 742 Non-current Property, plant and equipment 634 Intangible assets 50,738 Liabilities Current liabilities Trade and other payables 1,927 Contract liabilities 12,134 Accrued expenses 154 Non-current Deferred tax liabilities 14,207 Total identifiable net assets at fair value 36,690 Goodwill arising on acquisition 69,467 Purchase consideration 106,157 Purchase consideration: Cash and cash equivalents* 93,723 Contingent consideration 12,434 Total consideration 106,157 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 6,058 Cash paid for the acquired subsidiaries (80,000 ) Net cash flows on acquisition (73,942 ) * A deferred payment of €13,723 was included in cash and cash equivalents consideration, which should be paid in three years from 2019 to 2021. For this acquisition, a contingent consideration at fair value of €12,434 was recognized based on Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) targets . Goodwill of approximately €69,467 was recognized as part of this acquisition, which results from the expected synergies from combining the operations of the acquired Youthstream with the Group’s operations and the long-term contract with the Motocross federation. None of the goodwill recognized is expected to be deductible for tax purposes. From the date of acquisition, Youthstream contributed €19,504 of revenue and incurred €1,286 of net profit of the Group for the year ended December 31, 2019. (b) Acquisition of Threshold Sports Limited On April 1, 2019, the Group acquired 100% of the shares of Threshold Sports Limited, which is active in organizing own endurance events in the field of cycling as well as trail runs and customized client events in the fields of corporate challenges, team building and fund raising. The Group acquired the Threshold Sports Limited to enlarge the range of products in its Mass Participation segment. The fair values of the identifiable assets and liabilities of Threshold Sports Limited as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 4,652 Trade and other receivables 679 Inventories 41 Other assets 648 Non-current Property, plant and equipment 42 Intangible assets 2,326 Liabilities Current liabilities Trade and other payables 389 Contract Liabilities 4,278 Income Tax Payable 165 Non-current Deferred tax liabilities 442 Total identifiable net assets at fair value 3,114 Goodwill arising on acquisition 2,814 Purchase consideration 5,928 Purchase consideration: Cash and cash equivalents 3,606 Contingent consideration 2,322 Total consideration 5,928 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 4,652 Cash paid for the acquired subsidiaries (3,606 ) Net cash flows on acquisition 1,046 For this acquisition, a contingent consideration at fair value of €2,322 was recognized based on EBITDA targets from 2019 to 2021. The contingent consideration payments before discount are €773, €806, and €869 for 2019, 2020 and 2021 respectively. The maximum contingent consideration that can be paid during the period of 2019 to 2021 is €3,777. Goodwill of approximately €2,814 was recognized as part of this acquisition, which results from the expected synergies from combining the operations of the acquired Threshold Sports Limited with the Group’s operations. None of the goodwill recognized is expected to be deductible for tax purposes. From the date of acquisition, Threshold Sports Limited contributed €8,092 of revenue and incurred €755 of net profit of the Group for the year ended December 31, 2019. (c) Acquisition of Fairfax Events and Entertainment On May 31, 2019, the Group acquired the business of Fairfax Events and Entertainment, which operates Sun Herald City2Surf as well as other running, triathlon and cycling events. This purchase allows the group to further enlarge the range of products in Mass Participation segment in the Oceania region. The fair values of the identifiable assets and liabilities of Fairfax Events and Entertainment as at the date of acquisition were: Fair value recognized € Assets Current assets Other assets 125 Non-current Right of use assets 157 Intangible assets 3,055 Liabilities Current liabilities Trade and other payables 133 Lease liabilities 97 Accrued expenses 23 Contract liabilities 1,925 Non-current Lease liabilities 60 Total identifiable net assets at fair value 1,099 Goodwill arising on acquisition 17,520 Purchase consideration 18,619 Purchase consideration: Cash and cash equivalents 18,619 Contingent consideration — Total consideration 18,619 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries — Cash paid for the acquired subsidiaries (18,619 ) Net cash flows on acquisition (18,619 ) No contingent consideration was recognized for the acquisition of Fairfax Events and Entertainment. Goodwill of approximately €17,520 was recognized as part of acquisition, which results from the appraisal of Trade Name and Customer Relationship. None of the goodwill recognized is expected to be deductible for tax purposes. From the date of acquisition, Fairfax Events and Entertainment contributed €5,710 of revenue and €2,151 of net profit of the Group for the year ended December 31, 2019. (d) Acquisition of Level99 Ltd On August 31, 2019, the Group acquired 55.87% of the shares of Level99 Ltd, an eSports creative agency that helps their clients in branding, creative strategy development, content production and social medial channel management, and will further diversify into the direct-to-consumer The fair values of the identifiable assets and liabilities of Level99 Ltd as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 2,431 Total identifiable net assets at fair value 2,431 Non-controlling ( ) 1,358 Goodwill arising on acquisition 1,073 Purchase consideration 2,431 Purchase consideration: Cash and cash equivalents 2,431 Contingent consideration — Total consideration 2,431 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 2,431 Cash paid for the acquired subsidiaries (2,431 ) Net cash flows on acquisition — No contingent consideration was recognized for this acquisition. Goodwill of approximately €1,073 was recognized as part of this acquisition, which results from the expected synergies from combining the operations of the acquired Level99 Ltd with the Group’s operations. None of the goodwill recognized is expected to be deductible for tax purposes. From the date of acquisition, Level99 Ltd contributed € 606 478 (e) Other Acquisitions In 2019, the Group also acquired certain other businesses that were intended to enlarge the Group’s range of products in its Mass Participation segment. The acquirees’ total fair values of the identifiable assets and liabilities as at acquisition dates were: Fair value s € Assets Current assets Cash and cash equivalents 1,384 Trade and other receivables 1,096 Accrued income 679 Inventories 31 Other assets 743 Non-current Property, plant and equipment 147 Intangible assets 5,671 Deferred tax assets 633 Other assets 12 Liabilities Current liabilities Trade and other payables 281 Accrued expenses 1,176 Contract liabilities 4,070 Income Tax Payable 74 Non-current liabilities Deferred tax liabilities 1,433 Provision 819 Total identifiable net assets at fair value 2,543 Goodwill arising on acquisition 11,480 Purchase consideration 14,023 Purchase consideration: Cash and cash equivalents 5,699 Contingent consideration 8,324 Total consideration 14,023 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 1,384 Cash paid for the acquired subsidiaries (5,699 ) Net cash flows on acquisition (4,315 ) Goodwill of €11,480 was recognized from these acquisitions resulting from the expected synergies from combining operations of the Group and the acquirees. The purchase consideration of some of these other acquisitions include contingent consideration that are based on certain performance targets. The maximum total undiscounted contingent consideration of these other acquisitions amounted to €9,759. The above acquirees contributed €9,067 of revenue and €1,736 of net profit of the Group for the year ended December 31, 2019 since they were acquired. Acquisitions in 2018 (a) Acquisition of Xletix GmbH, Germany On May 22, 2018, the Group acquired 100% of shares of Xletix GmbH, Germany, a leading European obstacle course organizer. This purchase allowed the Group to enlarge the range of products in its Mass Participation segment. The fair values of the identifiable assets and liabilities of the Xletix GmbH, Germany as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 4,702 Trade and other receivables 1,646 Inventories 256 Other assets 1,882 Non-current Property, plant and equipment 219 Intangible assets 2,129 Liabilities Current liabilities Trade and other payables 835 Interest-bearing 13 Accrued expenses 621 Contract Liabilities 7,134 Income tax payable 43 Total identifiable net assets at fair value 2,188 Goodwill arising on acquisition 11,724 Purchase consideration 13,912 Purchase consideration: Cash and cash equivalents 6,231 Contingent consideration 7,681 Total consideration 13,912 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 4,702 Cash paid for the acquired subsidiaries (6,231 ) Net cash flows on acquisition (1,529 ) For this acquisition, a contingent consideration at fair value of €7,681 was recognized based on EBITDA targets increasing over the years of 2018, 2019 and 2020, which are €3,000, €3,000, €3,000 for the 2018, 2019 and 2020 respectively. The maximum contingent consideration that can be paid is €9,000. Goodwill of approximately €11,724 was recognized as part of this acquisition, which results from the exclusive runs owned by the acquired Xletix GmbH, Germany. None of the goodwill recognized is expected to be deductible for tax purposes. From the date of acquisition, Xletix GmbH, Germany contributed €8,807 of revenue and incurred €1,916 of net profit of the Group for the year ended December 31, 2018. (b) Other Acquisitions On May 15, 2018, the Group acquired 100% of shares of AROC Sport Pty Ltd., which operates the Ultra Trail Australia event conducted in the Blue Mountains of New South Wales. This acquisition allows the Group to expand into the trail running endurance market. On November 1, 2018, the Group acquired 55% of shares of Yongda. This purchase allowed the Group to enlarge the range of products in its DPSS segment. On January 1, 2018, the Group acquired 100% of Goalscout Srl, developer of a software used in managing digital archives. On May 23, 2018, the Group acquired 100% of shares of Titan Active Limited, which operates the Titan experience mass participation business in Europe. On July 7, 2018, the Group acquired REV3 Quassy Event, REV3 Williamsburg Event and Ironman 70.3 Maine Event (the REV3 acquisition). On September 6, 2018, the Group acquired Triathlon Vitoria-Gasteiz The acquirees’ total fair values of the identifiable assets and liabilities as at acquisition dates were: Fair value s € Assets Current assets Cash and cash equivalents 860 Trade and other receivables 14,057 Inventories 88 Other assets 1,410 Non-current Property, plant and equipment 1,481 Contract right use of assets 265 Intangible assets 4,127 Investments 482 Other assets 2 Deferred tax assets 21 Liabilities Current liabilities Trade and other payables 9,884 Interest-bearing 3,226 Lease liabilities 141 Contract Liabilities 2,358 Income tax payable 148 Non-current Lease liabilities 137 Contract liabilities 11 Deferred tax liabilities 634 Total identifiable net assets at fair value 6,254 Less: Non-controlling 2,414 Goodwill arising on acquisition 7,934 Purchase consideration 11,774 Purchase consideration: Cash and cash equivalents 7,409 Contingent consideration 4,365 Total consideration 11,774 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 860 Cash paid for the acquired subsidiaries (7,409 ) Net cash flows on acquisition (6,549 ) For the acquisition of AROC Sport Pty Ltd., a contingent consideration at fair value of €529 was recognized. The contingent consideration was €317 adjusted for any net profit shortfall or surplus as defined in the agreement for 2019 and 2020. The maximum contingent consideration that can be paid in each year is €380. Goodwill of approximately €2,310 was recognized as part of this acquisition, which results from the expected synergies from combining the operations of the acquired AROC Sport Pty Ltd. with the Group’s operations. None of the goodwill recognized is expected to be deductible for tax purposes. For the acquisition of Yongda, a contingent consideration at fair value of €2,385 was recognized based on Yongda’s performance commitment for the operation from 2018 to 2020. The maximum contingent consideration is €367 for the year of 2018 and €2,277 if 100% achieved the projected 2018-2020 non-controlling For the acquisition of Goalscout Srl, no contingent consideration was recognized. Goodwill of approximately €375 was recognized as part of this acquisition, which results from the exclusive software owned by Goalscout Srl. None of the goodwill recognized is expected to be deductible for tax purposes. For the acquisition of Titan Active Limited, a contingent consideration at fair value of €368 was recognized based on certain events occurring, and Titan Active Limited achieving a targeted EBITDA amount. The maximum contingent consideration that can be paid in each year from 2018-2020 For the acquisition of REV3, a contingent consideration at fair value of €852 was recognized. There are two possible contingent consideration each at maximum payment of €427 in 2018, and one contingent consideration with maximum possible payout of €85 in 2019. The first €427 is based on the remaining 2018 events acquired actually occurring and the other €427 payment is based on a targeted EBITDA for the remaining events. The contingent consideration for 2019 is depending on if the Group receives certain host city funding. Goodwill of approximately €1,249 was recognized as part of this acquisition, which results from the expected synergies from combining the operations of the acquired REV3 with the Group’s operations. None of the goodwill recognized is expected to be deductible for tax purposes. For the acquisition of Triathlon Vitoria-Gasteiz Vitoria-Gasteiz From the dates of acquisition, the acquirees contributed €4,719 of revenue and €1,316 of net profit of the Group for the year ended December 31, 2018. Contingent consideration As part of the purchase agreement with the previous owner of the acquired entities, contingent consideration has been agreed for some of the acquisitions made by the Group. There will be additional cash payments to the previous owners of the acquirees based on the performance of the acquirees. The details of the payment of arrangement vary by agreements. A reconciliation of fair value measurement of the contingent consideration and liabilities from business combination are provided below: € As at January 1, 2017 23,526 Liabilities arising on business combination 10,298 Movements during the year* (9,470 ) As at December 31, 2017 24,354 Liabilities arising on business combination 12,046 Movements during the year* (7,492 ) As at December 31, 2018 28,908 Liabilities arising on business combination 23,080 Movements during the year* (5,884 ) As at December 31, 2019 46,104 * Movements during the year include the fair value remeasurement, settlement during the year, and the exchange differences. For each business combination in 2019 and 2018, the Company did not gather the information of the acquiree’s revenue and profit or loss as the acquisition had been as of the beginning of the reporting year. |
Interests in joint ventures
Interests in joint ventures | 12 Months Ended |
Dec. 31, 2019 | |
Interests in joint ventures [abstract] | |
Disclosure of joint ventures | 8. Interests in joint ventures The following table illustrates the aggregate financial information of the Group’s joint ventures that are immaterial: 2019 2018 2017 € € € Share of the joint ventures’ profit for the year 1,400 5,294 255 Aggregate carrying amount of the Group’s investments in the joint ventures 1,786 4,964 1,188 |
Investment in associates
Investment in associates | 12 Months Ended |
Dec. 31, 2019 | |
Investment In Associate [Abstract] | |
Disclosure of associates | 9. Investment in associates The following table illustrates the financial information of the Group’s associates that are immaterial: 2019 2018 2017 € € € Share of the associates’ profit for the year 363 272 254 Aggregate carrying amount of the Group’s investment in associates 1,491 587 93 |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair value measurement [abstract] | |
Disclosure of fair value measurement | 10. Fair value measurement The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities. Fair value measurement hierarchy for assets as at December 31, 2019: Fair value measurement using Total Quoted Significant Significant € € € € Assets measured at fair value: Financial assets at fair value through profit or loss: Investments in equity instruments 6,499 6,499 — — Convertible Bonds 3,690 — — 3,690 Derivatives not designated as hedging instruments: Currency swap 56 — 56 — Derivatives designated as hedging instruments: Foreign exchange forward contracts 1,102 — 1,102 — Interest rate swap deal 1,824 — 1,824 — Equity instruments designated at fair value through OCI Investment in other equity instruments 12,423 — — 12,423 There were no transfers among Level 1, Level 2 and Level 3 during 2019. Fair value measurement hierarchy for liabilities as at December 31, 2019: Fair value measurement using Total Quoted Significant Significant € € € € Liabilities measured at fair value: Financial liabilities at fair value through profit or loss: Derivatives 639 — 639 — Contingent consideration 36,808 — — 36,808 Derivatives not designated as hedging instruments: Foreign exchange forward contracts 442 — 442 — There were no transfers among Level 1, Level 2 and Level 3 during 2019. Fair value measurement hierarchy for assets as at December 31, 2018: Fair value measurement using Total Quoted Significant Significant € € € € Assets measured at fair value: Financial assets at fair value through profit or loss: Investments in equity instruments 5,593 5,593 — — Derivatives not designated as hedging instruments: Currency swap 73 — 73 — Derivatives designated as hedging instruments: Foreign exchange forward contracts 580 — 580 — Equity instruments designated at fair value through OCI Investment in other equity instruments 7,931 — — 7,931 There were no transfers among Level 1, Level 2 and Level 3 during 2018. Fair value measurement hierarchy for liabilities as at December 31, 2018: Fair value measurement using Total Quoted Significant Significant € € € € Liabilities measured at fair value: Financial liabilities at fair value through profit or loss: Derivatives 773 — 773 — Contingent consideration 28,908 — — 28,908 Derivatives not designated as hedging instruments: Foreign exchange forward contracts 69 — 69 — There were no transfers among Level 1, Level 2 and Level 3 during 2018. Management has assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank overdrafts, interest-bearing loans and borrowings and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Management has assessed that the fair value of the long-term interest-bearing loans is determined by using the DCF method and a discount rate that is equal to the effective interest borrowing rate. Management considered that the difference between the carrying amount and the fair value is insignificant. The following methods and assumptions were used to estimate the fair values: • The fair values of the investments in equities are derived from the quoted market prices in active markets. • The fair values of other derivative financial instruments are derived from the quoted prices from the financial institutions with which the Group signed the related agreements. • The fair values of the contingent consideration have been estimated using a valuation technique including the DCF model to consider the time value of the contingent consideration from business combinations. When determining the intrinsic value of the contingent considerations, the valuation requires management to make certain assumptions about the model inputs, including forecast cash flows, the discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in management’s estimate of fair value of the contingent consideration. Description of significant unobservable inputs to valuation The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31, 2019 and 2018, are as shown below: Valuation technique Significant unobservable Range (weighted Sensitivity of the fair value to Contingent consideration — Omnigon Group* DCF method Discount rate 2018: 5.5 % 2018: 5% increase (decrease) in the discount rate would result in an increase (decrease) in fair value by €2 Contingent consideration — Gsport DCF method Discount rate 2018: 12.0 % 2018: 5% increase (decrease) in the discount rate would result in an increase (decrease) in fair value by €18 Contingent consideration — hundert24 GmbH DCF method Discount rate 2019: 12.00 % 2019: 1% increase in the discount rate would result in a decrease in fair value by €42; 1% decrease in the discount rate would result in an increase in fair value by €43 Contingent consideration — Youthstream DCF method Discount rate 2019: 5.00 % 2019: 1% increase in the discount rate would result in a decrease in fair value by €494; 1% decrease in the discount rate would result in an increase in fair value by €511 * The c |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [abstract] | |
Disclosure of revenue | 11. Revenue 2017 € Revenue Revenue from sale of rights 468,629 Revenue from services 401,573 Other revenue 84,396 954,598 11.1 Disaggregated revenue information Starting from January 1, 2018, the Group has disaggregated the revenue into categories which are the same as segment disaggregation from the respective of monitoring mechanism of the revenue. 2019 2018 € € Geographical markets Europe 637,688 768,790 America 184,552 188,663 Asia 167,428 128,956 Oceania 27,102 23,530 Africa 13,310 19,247 Total revenue from contracts with customers 1,030,080 1,129,186 Most of the revenue generated by the Group is recognized over time through the satisfaction of the performance obligation. 11.2 Contract balances December 31, December 31, € € Trade receivables 133,556 166,097 Contract assets – current (See Note 22) 53,541 39,714 Contract assets – non-current 10,268 9,077 Contract liabilities – current (See Note 33) 199,900 185,681 Contract liabilities – non-current 17,271 13,485 Set out below is the amount of revenue recognized from: 2019 2018 € € Amounts included in contract liabilities at the beginning of the year 189,009 183,892 Performance obligations satisfied in previous years 995 3,726 190,004 187,618 11.3 Performance obligations Information about the Group’s performance obligations are summarized in Note 2.3 e. The transaction price allocated to the remaining performance obligations (unsatisfied or partially satisfied) as at December 31, 2019 and 2018 are as follows: December 31, December 31, € € Within one year 472,244 475,320 More than one year 748,684 968,487 1,220,928 1,443,807 |
Other operating income_expenses
Other operating income/expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other operating income expenses [Abstract] | |
Disclosure of other operating income/expense | 12. Other operating income/expenses 12.1 Other operating income 2019 2018 2017 € € € Other operating income Government grant income 6,413 6,406 6,563 Remeasurement of contingent consideration, net — — 546 Gain on financial instruments — — 356 Others 4,002 2,448 4,749 10,415 8,854 12,214 12.2 Other operating expenses 2019 2018 2017 € € € Various taxes other than income tax 1,498 952 1,949 Accrued provision 906 612 1,015 Bad debt expenses 4,132 32,054 5,206 Remeasurement of contingent consideration, net 562 757 — Others 885 1,280 1,162 7,983 35,655 9,332 |
Finance results
Finance results | 12 Months Ended |
Dec. 31, 2019 | |
Finance results [abstract] | |
Disclosure of finance income (cost) | 13. Finance results 2019 2018 2017 € € € Finance costs Interests on bank loans, overdrafts and other loans 67,968 34,768 46,219 Interest expense on the lease liability 1,273 1,323 — Bank charges 2,257 1,777 347 Loss on derivative financial instruments at fair value through profit or loss 390 705 390 Foreign exchange losses 4,568 5,436 — Others 3,546 9,702 6,344 80,002 53,711 53,300 Finance income Interest income 1,448 11,504 21,441 Dividends income — — 1,517 Foreign exchange gains 735 — 4,030 Others 132 338 883 2,315 11,842 27,871 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2019 | |
Personnel expenses [abstract] | |
Disclosure of employee benefits | 14. Personnel expenses Expenses incurred by non-project 2019 2018 2017 € € € Wages, salaries and payroll benefits 118,759 115,156 99,178 Social security 12,864 9,047 8,219 Pension costs 7,190 7,863 7,239 Share-based payment expenses 19,045 7,777 16,377 Others 5,724 4,590 4,092 163,582 144,433 135,105 Defined contribution plans are funded through payments by employer, the total expenses for these plans amount to €6,183 (€6,080 in 2018 and €6,126 in 2017). |
Components of OCI
Components of OCI | 12 Months Ended |
Dec. 31, 2019 | |
Components of OCI [abstract] | |
Disclosure of analysis of other comprehensive income by item | 15. Components of OCI 2019 2018 2017 € € € Cash flow hedges: Gains arising during the year Reclassification to profit or loss during the year, net of tax 208 4,909 (163 ) Fair value changes of derivatives, net of tax 1,734 183 (2,053 ) Cash flow hedging gains 1,942 5,092 (2,216 ) Exchange differences: Exchange differences on translation of foreign operations 2,353 (2,957 ) (3,751 ) Other comprehensive income not to be reclassified to profit or loss in subsequent years: Net remeasurement loss on defined benefit plans, net of tax (2,057 ) (760 ) 352 2,238 1,375 (5,615 ) The disaggregation of changes of OCI attributable to the equity holders of the parent by each type of reserve in equity is shown below: Cash flow Remeasurement Foreign Total € € € € As at January 1, 2017 (3,041 ) (2,091 ) (6,390 ) (11,522 ) Remeasurement gains on defined benefit plan — 344 — 344 Cash flow hedges (2,166 ) — — (2,166 ) Exchange differences on translation of foreign operations — — (3,666 ) (3,666 ) As at December 31, 2017 (5,207 ) (1,747 ) (10,056 ) (17,010 ) Changes in accounting policies — — (68 ) (68 ) Remeasurement losses on defined benefit plan — (717 ) — (717 ) Cash flow hedges 4,802 — — 4,802 Exchange differences on translation of foreign operations — — (3,049 ) (3,049 ) As at December 31, 2018 (405 ) (2,464 ) (13,173 ) (16,042 ) Remeasurement loss on defined benefit plan — (2,053 ) — (2,053 ) Cash flow hedges 1,965 — — 1,965 Exchange differences on translation of foreign operations — — 2,138 2,138 As at December 31, 2019 1,560 (4,517 ) (11,035 ) (13,992 ) |
Selling, office and administrat
Selling, office and administrative expenses | 12 Months Ended |
Dec. 31, 2019 | |
Selling office and administrative expenses [abstract] | |
Disclosure of selling office and administrative expenses | 16. Selling, office and administrative expenses 2019 2018 2017 € € € Professional service expenses 26,239 14,929 13,134 Travel expenses 8,174 6,999 6,390 Marketing expenses 11,859 10,222 7,587 Lease payments recognized as an operating lease expense 1,072 1,275 — Others 21,333 18,618 27,599 68,677 52,043 54,710 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2019 | |
Income tax [abstract] | |
Disclosure of income tax | 17. Income tax The major components of income tax expense for the years ended December 31, 2019, 2018 and 2017 are: Profit or loss 2019 2018 2017 € € € Current income tax 20,880 33,491 23,007 Deferred tax 304 (14,536 ) (5,276 ) Income tax expense reported in the consolidated statement of profit or loss 21,184 18,955 17,731 Other comprehensive income 2019 2018 2017 € € € Deferred tax related to items recognized in OCI during the year: Net gain/(loss) on revaluation of cash flow hedges 537 (826 ) (361 ) Net (loss)/gain from remeasurement on defined benefit plans (302 ) 156 53 Deferred tax charged to OCI 235 (670 ) (308 ) Reconciliation of tax expense and the accounting profit multiplied by Switzerland’s domestic tax rate 14.35% for 2019, 14.60% for 2018 and 2017: 2019 2018 2017 € € € (Loss)/profit before tax (252,652 ) 72,967 96,523 Tax at the statutory tax rate (36,256 ) 10,653 14,092 Adjustments in respect of current tax of previous years (4,958 ) (212 ) (714 ) Effect on opening deferred tax of changes in rates * 173 158 (7,803 ) Utilization of previously unrecognized tax losses (2,336 ) (3,872 ) (630 ) Income not subject to tax (3,469 ) (2,611 ) (313 ) Non-deductible 7,566 5,524 6,003 Goodwill Impairment 36,496 — — Tax losses not recognized of the year 16,414 1,757 213 Effect of different local tax rates 6,399 6,541 7,003 Others 1,155 1,017 (120 ) Income tax expense reported in the consolidated statement of profit or loss 21,184 18,955 17,731 * The effect on opening deferred tax of changes in rates is mainly due to the tax rate of certain subsidiaries changes as a result of the tax reforms in the certain tax jurisdictions, and the blended apportionment and different tax rates in the certain tax jurisdictions. Deferred tax relates to the following: Consolidated statement Consolidated statement As at As at 2019 2018 2017 € € € € € Recognized gross deferred income tax assets: Losses available for offsetting against future taxable profits 29,462 25,240 3,648 (1,524 ) (8,773 ) Other temporary differences 28,302 30,118 (402 ) 15,047 4,426 57,764 55,358 3,246 13,523 (4,347 ) Recognized gross deferred income tax liabilities: Fair value adjustment arising from business combinations 78,748 77,766 (216 ) (1,623 ) (14,440 ) Other temporary differences 55,155 35,971 3,766 610 4,817 133,903 113,737 3,550 (1,013 ) (9,623 ) Net deferred tax: 2019 2018 € € Net deferred tax assets recognized in the consolidated statement of financial position 23,063 24,562 Net deferred tax liabilities recognized in the consolidated statement of financial position 99,202 82,941 Net deferred tax (76,139 ) (58,379 ) Reconciliation of deferred tax, net: 2019 2018 € € As at January 1 (58,379 ) (68,418 ) Tax credit/(expense) during the year recognized in profit or loss (304 ) 14,126 Tax credit during the year recognized in OCI (235 ) (843 ) Deferred taxes acquired in business combinations (15,445 ) (22 ) Exchange differences (1,630 ) (2,855 ) Reclassification as held for sale (146 ) — Adoption of IFRS 15/16 — (367 ) As at December 31 (76,139 ) (58,379 ) The Group has accumulated tax losses not recognized as deferred tax assets of approximately €34,379 and €19,590 that are available indefinitely for offsetting against future taxable profits of the companies as at December 31, 2019 and 2018. Of the losses in 2019, €1,876 will expire in two years, €3,004 of which will expire in three years, €4,804 of which will expire in four years, €8,528 of which will expire in five years, €301 of which will expire in six years, €1,522 of which will expire in seven years, €14,344 of which will not expire in future years, as at December 31, 2019. Of the losses in 2018, €153 will expire in one year, €1,196 of which will expire in three years, €2,158 of which will expire in five years, €190 of which will expire in nine years, €15,893 of which will not expire in future years, as at December 31, 2018. The Group believes that all applicable taxes have been paid or accrued. Where uncertainty exists, the Group has accrued tax liabilities based on management’s best estimate of the probable outflow of resources embodying economic benefits, which would be required to settle these liabilities. The Group does not believe that any other material tax matters exist relating to the Group, including current pending or future governmental claims and demands, which would require adjustments to the accompanying financial statements in order for those statements not to be materially misstated or misleading. Tax provisions are included in Note 32 based on the period in which the tax provisions are expected to be settled or in which the related statute of limitations expires. |
Earnings per share ("EPS")
Earnings per share ("EPS") | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share EPS [abstract] | |
Disclosure of earnings per share | 18. Earnings per share (“EPS”) EPS is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the parent by the number of weighted average number of ordinary shares outstanding during the year. 2019 2018 2017 € € € (Loss)/Profit for the year attributable to ordinary equity holders of the parent for basic earnings (275,645 ) 51,646 77,203 Impact on the options under ISA plan (Note 35) — (212 ) (3,204 ) Impact on the RSUs under Equity Incentive Plan (Note 35)* — (91 ) — Impact on the Options shares under ESOP (Note 35)* — — — (Loss)/Profit for the year attributable to ordinary equity holders of the parent adjusted for the effect of dilution (275,645 ) 51,343 73,999 * The potential ordinary shares would be anti-dilutive since there is a loss from continuing operations. 2019 2018 2017 in thousands in thousands in thousands Weighted average number of ordinary shares for basic EPS 189,480 169,331 169,331 Weighted average number of ordinary shares adjusted for the effect of dilution 198,673 169,331 169,331 Transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements are mainly including the issuance of the shares of the Company due to exercise of options by the qualified senior managements, officers and key employees of the Group under ESOP mentioned in Note 35. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Disclosure of property, plant and equipment | 19. Property, plant and equipment Office and IT Media Leasehold Machinery Projects Total € € € € € € Cost As at January 1, 2018 19,492 53,640 14,362 10,770 328 98,592 Additions 3,531 3,366 1,577 3,079 200 11,753 Acquisition of subsidiaries (Note 7) 247 — 261 1,192 — 1,700 Transfers from projects in progress 134 — 24 243 (401 ) — Disposals (425 ) (954 ) (854 ) (411 ) — (2,644 ) Exchange differences 375 268 163 78 (20 ) 864 As at December 31, 2018 23,354 56,320 15,533 14,951 107 110,265 Additions 1,441 2,605 685 4,948 691 10,370 Acquisition of subsidiaries (Note 7) 526 — 8 289 — 823 Transfers from projects in progress 186 — 276 — (462 ) — Disposals (1,937 ) (2,483 ) (801 ) (247 ) — (5,468 ) Transfer to assets held for sale (831 ) (1,024 ) (3,556 ) — — (5,411 ) Exchange differences 269 142 69 349 9 838 As at December 31, 2019 23,008 55,560 12,214 20,290 345 111,417 Depreciation As at January 1, 2018 14,385 44,778 9,512 6,107 — 74,782 Depreciation charge for the year 2,759 4,506 1,474 1,997 — 10,736 Disposals (269 ) (893 ) (553 ) (266 ) — (1,981 ) Exchange differences 323 175 118 64 — 680 As at December 31, 2018 17,198 48,566 10,551 7,902 — 84,217 Depreciation charge for the year 3,085 3,917 1,573 2,660 — 11,235 Disposals (1,843 ) (2,448 ) (799 ) (85 ) — (5,175 ) Transfer to assets held for sale (739 ) (971 ) (3,365 ) — — (5,075 ) Others (848 ) 31 8 463 — (346 ) Exchange differences 103 106 10 48 — 267 As at December 31, 2019 16,956 49,201 7,978 10,988 — 85,123 Net book value As at December 31, 2019 6,052 6,359 4,236 9,302 345 26,294 As at December 31, 2018 6,156 7,754 4,982 7,049 107 26,048 |
Right of use assets
Right of use assets | 12 Months Ended |
Dec. 31, 2019 | |
Right of use assets [abstract] | |
Disclosure of right of use assets | 20. Right of use assets Buildings Machinery Office and IT Software Total € € € € € Cost As at January 1, 2018 35,055 796 4,890 1,985 42,726 Additions 6,492 1,066 2,005 11 9,574 Acquisition of subsidiaries 177 88 — — 265 Contract Cancellation (3,519 ) (11 ) (3,553 ) — (7,083 ) Exchange differences 289 2 3 — 294 As at December 31, 2018 38,494 1,941 3,345 1,996 45,776 Additions 16,476 1,743 1,313 924 20,456 Acquisition of subsidiaries (Note 7) 157 — — — 157 Contract Cancellation (7,031 ) (303 ) (918 ) (1,996 ) (10,248 ) Transfer to assets held for sale (7,186 ) — — — (7,186 ) Exchange differences 413 2 3 — 418 As at December 31, 2019 41,323 3,383 3,743 924 49,373 Depreciation As at January 1, 2018 — — — — — Charge for the year 7,907 581 1,403 569 10,460 Contract Cancellation (122 ) (6 ) (449 ) — (577 ) Exchange differences 101 1 2 — 104 As at December 31, 2018 7,886 576 956 569 9,987 Charge for the year 9,445 1,004 1,256 364 12,069 Contract Cancellation (4,182 ) (131 ) (879 ) (841 ) (6,033 ) Transfer to assets held for sale (2,201 ) — — — (2,201 ) Others 29 — (29 ) — — Exchange differences 72 1 2 — 75 As at December 31, 2019 11,049 1,450 1,306 92 13,897 Impairment As at December 31, 2018 — — — — — Charge for the year 227 — — — 227 As at December 31, 2019 227 — — — 227 Net book value At December 31, 2019 30,047 1,933 2,437 832 35,249 At December 31, 2018 30,608 1,365 2,389 1,427 35,789 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets [abstract] | |
Disclosure of intangible assets | 21. Intangible assets Customer Trade Name Software Other Intangible Total € € € € Cost As at January 1, 2018 49,070 365,298 19,417 34,421 468,206 Additions — — 2,955 1,238 4,193 Acquisition of subsidiaries 390 682 1,290 3,894 6,256 Sale or disposal — — (63 ) (138 ) (201 ) Exchange differences 1,388 15,034 513 398 17,333 As at December 31, 2018 50,848 381,014 24,112 39,813 495,787 Additions — — 2,991 1,791 4,782 Acquisition of subsidiaries (Note 7) 1,088 — 22 60,680 61,790 Disposal — — (530 ) (73 ) (603 ) Held for sale — — (36 ) (11 ) (47 ) Exchange differences 1,206 9,016 328 606 11,156 As at December 31, 2019 53,142 390,030 26,887 102,806 572,865 Amortization As at January 1, 2018 24,390 7 12,521 22,301 59,219 Charge for the year 3,013 40 3,043 4,048 10,144 Written off on disposal — — (63 ) (138 ) (201 ) Exchange differences 910 — 360 361 1,631 As at December 31, 2018 28,313 47 15,861 26,572 70,793 Charge for the year 3,176 99 3,166 5,650 12,091 Written off on disposal — — (416 ) (47 ) (463 ) Held for sale — — (36 ) (11 ) (47 ) Exchange differences 663 (1 ) 226 270 1,158 As at December 31, 2019 32,152 145 18,801 32,434 83,532 Impairment As at January 1, 2018 — — — — — Charge for the year — — — 1,506 1,506 Exchange differences — — — — — As at December 31, 2018 — — — 1,506 1,506 Charge for the year — — — 900 900 Exchange differences — — — (6 ) (6 ) As at December 31, 2019 — — — 2,400 2,400 Net book value As at December 31, 2019 20,990 389,885 8,086 67,972 486,933 As at December 31, 2018 22,535 380,967 8,251 11,735 423,488 |
Accrued income and contract ass
Accrued income and contract assets | 12 Months Ended |
Dec. 31, 2019 | |
Accrued income [abstract] | |
Disclosure of accrued income | 22. Accrued income and contract assets Accrued income Accrued income includes revenues that are not yet invoiced to the extent that it is probable that the economic benefits will flow to the Group and the revenues can be measured reliably. December 31, December 31, € € Accrued income, project related 9,764 2,641 Accrued income, non-project 734 3,833 Total accrued income 10,498 6,474 Current 10,498 6,474 Contract assets December 31, 2019 Carrying Expected Net book value € € € Total contract assets 64,328 519 63,809 Current 54,060 519 53,541 Non-current 10,268 — 10,268 December 31, 2018 Carrying Expected Net book value € € € Total contract assets 48,969 178 48,791 Current 39,892 178 39,714 Non-current 9,077 — 9,077 Set out below is the movement in the allowance for ECLs of contract assets: € A s at 210 Provision for ECLs 980 Write-off (1,013 ) Exchange differences 1 A s at 178 Provision for ECLs 100 Reclassification* 279 Reversal for the year (31 ) Exchange differences (7 ) A s at 519 * The reclassification was generated from the provision for ECLs of trade and other receivables. |
Goodwill and intangible assets
Goodwill and intangible assets with indefinite useful lives | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and intangible assets with indefinite useful lives [abstract] | |
Disclosure of intangible assets with indefinite useful life | 23. Goodwill and intangible assets with indefinite useful lives Goodwill December 31, December 31, December 31, € € € Beginning balance Cost 748,814 708,137 675,173 Accumulated impairment provision (71,488 ) (68,606 ) (77,677 ) 677,326 639,531 597,496 Opening balance, net of impairment 677,326 639,531 597,496 Acquisition of subsidiaries 102,354 19,658 97,308 Remeasurement of acquisition of prior year* — 375 400 Impairment (254,326 ) — — Transfer to assets held-for-sale (270 ) — — Exchange differences 12,501 17,762 (55,673 ) 537,585 677,326 639,531 End of the year: Cost 865,218 748,814 708,137 Accumulated Impairment provision (327,633 ) (71,488 ) (68,606 ) 537,585 677,326 639,531 * The remeasurement of goodwill for the year ended December 31, 2018 was related to an acquisition of CGI at the end of 2017. The Group finalized the valuation of the acquiree and adjusted the goodwill accordingly during the year of 2019. For impairment testing purposes, goodwill and trade names acquired through business combinations with indefinite useful lives are allocated to the WEH North America CGU, WEH EMEA CGU, WEH Asia CGU, WEH Oceania CGU, Infront Football CGU, Infront Summer Sports CGU, Infront Winter Sports CGU, Infront DPSS CGU, and Infront Personal & Corporate Fitness CGU. The Group management changed the way it monitors and manages the operations of some CGUs. In 2019, Infront DPSS CGU and Infront Personal & Corporate Fitness CGU have included the Double Heritage CGU and Yongda CGU respectively after Reorganization in 2019 as mentioned in Note 1. Carrying amounts of goodwill and trade names with indefinite useful lives allocated to each of the CGUs as at December 31, 2019 are as follows: Cash-generating units Goodwill Trade Total € € € WEH North America 448,529 190,169 638,698 WEH EMEA 107,782 134,661 242,443 WEH Asia 8,220 5,036 13,256 WEH Oceania 65,768 59,248 125,016 Infront Football 35,000 — 35,000 Infront Summer Sports 95,165 — 95,165 Infront Winter Sports 35,000 — 35,000 Infront DPSS 38,956 — 38,956 Infront Personal & Corporate Fitness 30,798 — 30,798 Total 865,218 389,114 1,254,332 None of the remaining 5 CGUs (Infront Football, Infront Summer Sports, Infront Winter Sports, Infront DPSS and Infront Personal & Corporate Fitness) is at risk of having its value in use being less than it s Carrying amounts of goodwill and trade names with indefinite useful lives allocated to each of the CGUs as at December 31, 2018 are as follows: Cash-generating units Goodwill Trade Total WEH North America 367,642 185,786 553,428 WEH EMEA 99,834 131,517 231,351 WEH Asia 7,992 4,920 12,912 WEH Oceania 46,779 57,882 104,661 Infront Football 35,000 — 35,000 Infront Summer Sports 19,176 — 19,176 Infront Winter Sports 35,000 — 35,000 Infront DPSS 37,743 — 37,743 Infront Personal & Corporate Fitness 21,724 — 21,724 The Double Heritage 4,218 — 4,218 Yongda 2,218 — 2,218 Total 677,326 380,105 1,057,431 Carrying amounts of goodwill and trade names with indefinite useful lives allocated to each of the CGUs as at December 31, 2017 are as follows: Cash-generating units Goodwill Trade Total € € € WEH North America 351,124 178,296 529,420 WEH EMEA 97,313 126,504 223,817 WEH Asia 7,736 4,721 12,457 WEH Oceania 43,381 55,549 98,930 Infront Football 35,000 — 35,000 Infront Summer Sports 19,176 — 19,176 Infront Winter Sports 35,000 — 35,000 Infront DPSS 36,549 — 36,549 Infront Personal & Corporate Fitness 10,000 — 10,000 The Double Heritage 4,252 — 4,252 Total 639,531 365,070 1,004,601 The Group performed its annual impairment test in December 2019, 2018 and 2017. The Group considers the relationship between value in use and carrying amount among other factors. As at December 31, 2019, the result of the goodwill impairment test indicated that recoverable amount of the WEH North America CGU and WEH Oceania CGU were lower than the respective carrying amounts, therefore the management has recognized an impairment loss of €254,326. As at December 31, 2018 and 2017, the result of the goodwill impairment test indicated that the recoverable amount of all the CGUs were higher than the respective carrying amounts, therefore no further goodwill impairment was recognized. Impairment test as at December 31, 2019 WEH North America CGU The recoverable amount of the US North America CGU has been determined based on a value in use calculation which is the higher of using cash flow projections from financial budgets approved by senior management covering a five-year plan. The discount rate applied to cash flow projections is 9.0% and cash flows beyond the five-year plan are extrapolated using a 2.5% growth rate. As a result of the analysis, the management has recognized an impairment of €232,197 against goodwill with a carrying amount of €588,312 as at December 31, 2019. The sensitivity analysis made by the management indicated that an increase in the discount rate of 0.5% (i.e. to 9.5%) would result in a further impairment of €24,159, while a decrease in growth rate of 0.5% (i.e. to 2.0%) would result in a further impairment of €19,790. WEH EMEA CGU The recoverable amount of the WEH EMEA CGU has been determined based on a value in use calculation which is the higher of using cash flow projections from financial budgets approved by senior management covering a five-year plan. The discount rate applied to cash flow projections is 10.0% and cash flows beyond the five-year plan are extrapolated using a 3.0% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated the discount rate and the growth rate were less sensitive due to the headroom is enough. WEH Asia CGU The recoverable amount of the WEH Asia CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year five-year The sensitivity analysis made by the management indicated the discount rate and the growth rate were less sensitive due to the headroom is enough. WEH Oceania CGU The recoverable amount of the WEH Oceania CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year plan. The discount rate applied to cash flow projections is 9.0% and cash flows beyond the five-year plan are extrapolated using a 3.0% growth rate. As a result of the analysis, the management has recognized an impairment of €22,129 against goodwill with a carrying amount of €133,459 as at December 31, 2019. The sensitivity analysis made by the management indicated that an increase in the discount rate of 0.5% (i.e. to 9.5%) would result in a further impairment of €5,138, while a decrease in growth rate of 0.5% (i.e. to 2.5%) would result in a further impairment of €4,148. Impairment test as at December 31, 2018 WEH North America CGU The recoverable amount of the US North America CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year plan. The discount rate applied to cash flow projections is 9.0% and cash flows beyond the five-year plan are extrapolated using a 2.5% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated that an increase in the discount rate of 0.6% (i.e. to 9.6%), or a decrease in growth rate of 0.6% (i.e. to 1.9%) would result in impairment. WEH EMEA CGU The recoverable amount of the WEH EMEA CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year plan. The discount rate applied to cash flow projections is 10.0% and cash flows beyond the five-year plan are extrapolated using a 3.0% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated that an increase in the discount rate of 1.8% (i.e. to 11.8%), or a decrease in growth rate of 2.1% (i.e. to 0.9%) would result in impairment. WEH Asia CGU The recoverable amount of the WEH Asia CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year five-year The sensitivity analysis made by the management indicated that an increase in the discount rate of 1.8% (i.e. to 12.8%), or a decrease in growth rate of 1.5% (i.e. to 1.5%) would result in impairment. WEH Oceania CGU The recoverable amount of the WEH Oceania CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year plan. The discount rate applied to cash flow projections is 9.0% and cash flows beyond the five-year plan are extrapolated using a 3.0% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated that an increase in the discount rate of 0.2% (i.e. to 9.2%), or a decrease in growth rate of 0.3% (i.e. to 2.7%) would result in impairment. Impairment test as at December 31, 2017 WEH North America CGU The recoverable amount of the WEH North America CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year period. The discount rate applied to cash flow projections is 9% and cash flows beyond the five-year period are extrapolated using a 2.4% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated that an increase in the discount rate of 1.8% (i.e. to 9.1%), or a decrease in growth rate of 0.1% (i.e. to 2.3%) would result in impairment. WEH EMEA CGU The recoverable amount of the WEH EMEA CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year period. The discount rate applied to cash flow projections is 9.0% and cash flows beyond the five-year period are extrapolated using a 3.0% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated that an increase in the discount rate of 0.1% (i.e. to 9.1%), or a decrease in growth rate of 0.1% (i.e. to 2.9%) would result in impairment. WEH Asia CGU The recoverable amount of the WEH Asia CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year period. The discount rate applied to cash flow projections is 11.0% and cash flows beyond the five-year period are extrapolated using a 3.0% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated that an increase in the discount rate of 21.5% (i.e. to 32.5%), or a decrease in growth rate of 116.0% (i.e. to -113.0%) would result in impairment. WEH Oceania CGU The recoverable amount of the WEH Oceania CGU has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year period. The discount rate applied to cash flow projections is 9% and cash flows beyond the five-year period are extrapolated using a 2.8% growth rate. As a result of the analysis, the management did not identify an impairment for this CGU. The sensitivity analysis made by the management indicated that an increase in the discount rate of 0.1% (i.e. to 9.1%), or a decrease in growth rate of 0.1% (i.e. to 2.7%) would result in impairment. |
Other assets and other liabilit
Other assets and other liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other assets and other liabilities [abstract] | |
Disclosure of other assets and other liabilities | 24. Other assets and other liabilities Other assets December 31, December 31, € € Current portion: Prepayment, project related 61,651 69,542 Deferred expense, non-project 2,466 2,202 Derivatives not designated as hedging instruments Currency swap 56 73 Derivatives designated as hedging instruments Foreign exchange forward contracts 1,102 580 Interest rate swap deal 362 — Financial assets at fair value through profit or loss Investment in listed equity instruments 6,499 5,593 Restricted cash - current 321 430 Cost to fulfill the contract obligation 8,544 3,141 Total other current assets 81,001 81,561 Non-current Prepayment, project related 43,920 44,868 Deferred expense, non-project 44 595 Derivatives designated as hedging instruments Interest rate swap deal 1,462 — Financial assets at fair value through profit or loss Convertible Bonds 3,690 — Equity instruments designated at fair value through OCI Investment in other equity instruments 12,423 7,931 Cost to fulfill the contract obligation 114 425 Other 1,511 1,134 Total other non-current 63,164 54,953 Other liabilities December 31, December 31, Current portion: Derivatives not designated as hedging instruments Currency swap 442 69 Financial liabilities at fair value through profit or loss Contingent consideration – current portion 12,728 16,255 Derivatives 639 773 Share-based payments liabilities 327 — Others 5,072 — Total other current liabilities 19,208 17,097 Non-current Financial liabilities at fair value through profit or loss Contingent consideration - non-current 24,080 12,653 Share-based payments liabilities 11,934 17,784 Depositary right* 2,270 — Others 5,294 1,365 Total other non-current 43,578 31,802 * The Group entered in to an agreement with Deutsche Bank Trust Company Americas to deposits the Group’s American depositary receipts with Deutsche Bank for 10 years. The Group has collected all deposit fees and will amortize such fees over 10 years. |
Interest-bearing liabilities
Interest-bearing liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Interest-bearing Liabilities [Abstract] | |
Disclosure of borrowings | 25. Interest-bearing liabilities Effective Interest Rate Maturity December 31, 2019 December 31, 2018 % € € Current interest-bearing Bank loan floating rate A 1 6.4 Jun 26, 2021 — 1,250 Bank loan floating rate B 2 2.3 Mar 31, 2019 — 10,000 Bank loan floating rate B 2 2.3 Sep 30, 2019 — 11,000 Bank loan floating rate B 2 2.3 Mar 31, 2020 12,000 — Bank loan floating rate B 2 2.3 Sep 30, 2020 13,000 — Bank loan floating rate C 3 6.0 Aug 1, 2026 1,601 — Bank loan fixed rate A 4 5.2 Jun 28, 2019 — 1,904 Bank loan fixed rate B 5 6.1 Sep 20, 2019 — 1,270 Bank loan fixed rate C 6 11.5 Mar 14, 2020 177,982 — Other loan fixed rate A 7 4.1 May 24, 2019 — 63 Total current interest-bearing 204,583 25,487 Non-current interest-bearing Bank loan floating rate A 1 6.4 Jun 26, 2021 — 209,718 Bank loan floating rate B 2 2.3 Mar 31, 2020 — 11,894 Bank loan floating rate B 2 2.3 Sep 30, 2020 — 12,885 Bank loan floating rate B 2 2.3 Mar 31, 2021 13,842 13,876 Bank loan floating rate B 2 2.3 Jun 30, 2021 341,706 287,257 Bank loan floating rate B 8 2.5 or 2.0 May 31, 2021 47,500 — Bank loan floating rate C 3 6.0 Aug 1, 2026 238,037 — Total non-current interest-bearing 641,085 535,630 Total interest-bearing 845,668 561,117 1 The bank loan carried a floating rate of USLIBOR+4.00% in 2018. They were secured by total assets which were owned by certain subsidiaries of the Group as shown below. December 31, 2018 € Cash and cash equivalents 45,802 Trade and other receivables 14,505 Accrued income and deferred costs 6,338 Inventories 5,786 Other current assets 10,180 Property, plant and equipment 10,155 Right of use assets 10,146 Intangible assets 110,078 Goodwill 186,290 Deferred tax assets 9,373 Other non-current 1,133 2 The floating rate of the loan varies from 1.75% to 3.25% and depends on the leverage ratio of the subsidiary that borrows the loan. 3 The loans carry a floating rate of USLIBOR+4.25% in 2019. They are secured by total assets which are owned by certain subsidiaries of the Group as shown below. December 31, 2019 € Cash and cash equivalents 43,865 Trade and other receivables 9,368 Accrued income and deferred costs 10,389 Inventories 9,195 Other current assets 12,889 Property, plant and equipment 11,513 Right of use assets 11,943 Intangible assets 114,827 Goodwill 213,239 Deferred tax assets 6,978 Other non-current 2,157 4 The loan was secured and guaranteed by the minority shareholder of the Group. 5 The loan was secured and guaranteed by the minority shareholder of the Group. 6 The loan carries an annual fixed rate of 11.5%. 7 The loan was arising from the sale and leaseback transaction which should be recognized as a financial liability. 8 The loan carries fixed rates of 2.0% from February 8, 2019 to May 8, 2019 and 2.5% from May 9, 2019 to December 31, 2019. The major changes in liabilities arising from financing activities of the Group are proceeds and repayment of borrowings, the reconciliation between the opening and closing balances for the current year are shown as below: € January 1, 2018 597,831 Acquisition of subsidiaries 3,237 Proceeds from borrowings 350,000 Repayment of borrowings (377,162 ) Other movements* (12,789 ) January 1, 2019 561,117 Proceeds from borrowings** 712,188 Repayment of borrowings*** (436,964 ) Other movements* 9,327 December 31, 2019 845,668 * Other movements include deferred financing fees, amortization of upfront and deferred financing fees and exchange differences of the loans and capitalized interests. The €3,568 of deferred financing fees is presented as operating activities in the consolidated statement of cash flows. ** The €1,973 borrowing was granted from Wanda Sports & Media (Hong Kong) Co. Limited in 2019, which resulted in an increase in other payables. It is presented as proceeds from borrowing in the consolidated statement of cash flows. *** The €311,958 borrowing was repaid to Wanda Sports & Media (Hong Kong) Co. Limited in 2019, which resulted in a decrease in other payables. It is presented as repayment of borrowing in the consolidated statement of cash flows. |
Hedging activities and derivati
Hedging activities and derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Hedging activities and derivatives [abstract] | |
Disclosure of derivative financial instruments | 26. Hedging activities and derivatives The Group is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk. The Group’s risk management strategy and how it is applied to manage risk are explained in Note 27. Cash flow hedges Foreign currency risk Foreign exchange forward contracts measured at fair value are designated as hedging instruments in cash flow hedges of cash inflows (revenue) in US dollars (USD) and cash outflows in Confederation Helvetica Franc (“CHF”) (mainly payroll expenses). While the Group also enters into other foreign exchange forward contracts with the intention of reducing the foreign exchange risk of expected sales and purchases, these other contracts are not designated in hedge relationships and are measured at fair value through profit or loss. The foreign exchange forward contract balances vary with the level of changes in foreign exchange forward rates and interest rates. For the foreign currency forward contracts designated as hedging instruments, the terms of the contracts match the terms of the expected highly probable forecast transactions. As a result, there is no hedge ineffectiveness to be recognized in the consolidated statement of profit or loss. Interest rate risk The Group has designated a cross currency swap as a hedging instrument for future repayment of long-term loan denominated in USD. The balance of the cross-currency swap agreement varies with the forward exchange rate and the US LIBOR. December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities € € € € Foreign currency forward contracts 1,102 639 580 — Interest rate swap 1,824 — — — The period of expected hedging cash flow and the period that affects gain and loss are as follows: December 31, 2019 December 31, 2018 Cash Cash Cash Cash € € € € Within 1 year 36,594 53,491 40,247 — 1-3 21,363 20,744 — 83,260 More than 3 years 32,996 32,154 — — |
Financial instruments risk mana
Financial instruments risk management objectives and policies | 12 Months Ended |
Dec. 31, 2019 | |
Financial instruments risk management objectives and policies [abstract] | |
Disclosure of financial risk management | 27. Financial instruments risk management objectives and policies The Group’s principal financial liabilities, other than derivatives, comprise of loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations and to provide guarantees to support its operations. The Group’s principal financial assets include trade and other receivables, and cash and short-term deposits that derive directly from its operations. The Group also holds bank certificates of deposit and others enters into derivative transactions. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. The Group’s senior management is supported by a financial risk team that advises on financial risks and the appropriate financial risk governance framework for the Group. The financial risk team provides assurance to the Group’s senior management that the Group’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken. The Group’s senior management reviews and agrees policies for managing each of these risks, which are summarized below. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, financial management products and derivative financial instruments. The sensitivity analyses in the following sections relate to the position as at December 31, 2019 and 2018. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place as at December 31, 2019. The analyses exclude the impact of movements in market variables on: the carrying values of pension and other post-retirement obligations, provisions, and the non-financial The following assumptions have been made in calculating the sensitivity analyses: The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at December 31, 2019 including the effect of hedge accounting. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term debt obligations with floating interest rates. Interest rate sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group’s profit/(loss) before tax is affected through the impact on floating rate borrowings as follows: Increase/decrease in basis points Effect on € 2019 Interest rate increase 100 basis points (1,261 ) Interest rate decrease 100 basis points 1,261 2018 Interest rate increase 100 basis points (506 ) Interest rate decrease 100 basis points 506 2017 Interest rate increase 100 basis points (2,405 ) Interest rate decrease 100 basis points 2,405 The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities (when revenue or expense is denominated in a foreign currency) and the Group’s net investments in foreign subsidiaries. The Group hedges its exposure to fluctuations by certain foreign currency denominated forecasted cash flows arising from foreign currency denominated borrowings and probable forecasted transactions by using foreign currency swaps and forwards, mainly for foreign exchange risk between EUR and USD as well as CHF. When a derivative is entered into for hedging purposes, the Group negotiates the terms of the derivative to match the terms of the hedged exposure. For hedges of forecast transactions, the derivative covers the period of exposure from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Foreign currency sensitivity The following tables demonstrate the sensitivity to a reasonably possible change in CHF/EUR and USD/EUR exchange rates, with all other variables held constant. The impact on the Group’s profit before tax is due to changes in the fair value of monetary assets and liabilities including non-designated 2019 Effect on € CHF/EUR +5 % 1,203 USD/EUR +5 % (17,380 ) 2018 Effect on € CHF/EUR +5 % (2,579 ) USD/EUR +5 % 1,530 2017 Effect on € CHF/EUR +5 % (1,984 ) USD/EUR +5 % 1,598 The impact on the Group’s OCI is mainly due to translation differences from USD and CNY to EUR made by the Company, WSH sub-group sub-group. 2019 Effect on OCI € USD/EUR +5 % (246 ) CNY/EUR +5 % (463 ) 2018 Effect on OCI € USD/EUR +5 % (2,454 ) CNY/EUR +5 % 122 2017 Effect on OCI € USD/EUR +5 % (3,247 ) CNY/EUR +5 % 936 The movement in the pre-tax Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on actual incurred historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 24. The Group evaluates the concentration of risk with respect to trade receivables as insignificant, as its customers are located in several jurisdictions and operate in largely independent markets. Financial instruments and cash deposits Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance with the Group’s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Group’s senior management on an annual basis, and may be updated throughout the year subject to approval of the Group’s finance team. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. The Group’s maximum exposure to credit risk for the components of the consolidated statement of financial position at December 31, 2019 is the carrying amounts as illustrated in Note 24 except for derivative financial instruments. The Group’s maximum exposure relating to financial derivative instruments is shown in the liquidity table below. 31 December 2019 Trade receivables Days past due Contract Current <1years 1 - 2 years 2 - 3 years over Total € € € € € € € ECL rate 0.81 % 0.54 % 4.31 % 80.05 % 96.54 % 93.29 % Estimated total gross carrying amount at default 64,328 70,816 58,782 30,140 11,618 6,780 178,136 ECL (519 ) (382 ) (2,531 ) (24,126 ) (11,216 ) (6,325 ) (44,580 ) 31 December 2018 Trade receivables Days past due Contract Current <1years 1 - 2 years 2 - 3 years over Total € € € € € € € ECL rate 0.36 % 0.45 % 23.27 %* 81.37 % 89.05 % 98.40 % Estimated total gross carrying amount at default 48,969 85,685 101,169 13,492 5,197 5,471 211,014 ECL (178 ) (386 ) (23,540 ) (10,979 ) (4,628 ) (5,384 ) (44,917 ) * The Group had outstanding trade receivable relating to Italian football-related services provided to a sport marketing and media rights firm named Media Partners & Silva Limited (“MP&Silva”), the expected credit loss was individually accrued as a result of the initiation of MP&Silva’s insolvency process in 2018. Liquidity risk The Group monitors its risk of a shortage of funds using a liquidity planning tool. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans, debentures, preference shares, finance leases and hire purchase contracts. The Group’s policy is that not more than 25% of borrowings should mature in the next 12-month Approximately 24% and 4.5% of the Group’s interest-bearing liabilities would mature in less than one year at December 31, 2019 and 2018 respectively based on the carrying value of borrowings reflected in the financial statements. The Group has assessed the concentration of risk with respect to refinancing its debt and considered it to be insignificant. The Group has access to a sufficient variety of sources of funding. The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: Year ended December 31, 2019 Within 1 year 1 to 5 years >5 years Total € € € € Interest-bearing loans and borrowings 221,650 418,752 232,865 873,267 Trade payables 72,966 — — 72,966 Other payables 100,889 — — 100,889 Accrued expenses 69,846 3,051 — 72,897 Stock compensation liability 327 11,934 — 12,261 Other current liabilities 18,865 — — 18,865 Other non-current — 32,643 — 32,643 Derivatives financial liabilities 1,081 — — 1,081 485,624 466,380 232,865 1,184,869 Year ended December 31, 2018 Within 1 year 1 to 5 years >5 years Total € € € € Interest-bearing loans and borrowings 43,837 571,081 330 615,248 Trade payables 101,228 443 2,546 104,217 Other payables 711,282 952 — 712,234 Accrued expenses 83,516 4,941 — 88,457 Other current liabilities 16,255 — — 16,255 Other non-current — 33,224 — 33,224 Derivatives financial liabilities 842 — — 842 956,960 610,641 2,876 1,570,477 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [abstract] | |
Disclosure of inventories | 28. Inventories December 31, December 31, € € Finished goods 9,395 5,935 Less: Provision for decline in value of inventories — — 9,395 5,935 During the year ended December 31, 2019, €700 (2018: €376 and 2017: €492) was recognized as an impairment for inventories and recognized in cost of sales. At each year end, there was an inventory count performed and the inventory on hand was evaluated. €700, €376 and €492 of write-off |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Disclosure of trade and other receivables | 29. Trade and other receivables December 31, December 31, € € Trade receivables 178,136 211,014 Other receivables 123,956 121,239 Prepaid taxes 5,345 8,991 Deposits 1,848 1,813 Others 299 1,774 Provisions for trade and other receivables (45,543 ) (44,933 ) 264,041 299,898 For terms and conditions relating to related party receivables, refer to Note 40. Trade receivables and other receivables are non-interest-bearing. Below are the movements in the provision for impairment of receivables: Movements As at January 1, 2017 10,788 Provision for the year 6,215 Reversal for the year (1,009 ) Write-off (1,264 ) Exchange differences 833 As at December 31, 2017 15,563 Adoption of IFRS 9 512 Provision for the year 32,679 Reversal for the year (1,605 ) Write-off (2,240 ) Exchange differences 24 As at December 31, 2018 44,933 Provision for the year 4,933 Reversal for the year (870 ) Write-off (3,006 ) Transfer to assets held for sale (78 ) Exchange differences (369 ) As at December 31, 2019 45,543 The Group has adopted IFRS 9 since January 1, 2018 with a simplified approach in calculating ECLs for the trade and other receivables adopted and has individually assessed the recoverability risk for overdue receivables which is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. See Note 27 for the Group’s credit risk management objectives. The Group individually determined the impairment of the trade receivables by considering the credentials for each customer in 2017. The aging analysis of the trade receivables that are not individually nor collectively considered to be impaired for the year 2017 is as follows: Past due but not impaired Within 1 year 1-2 year(s) 2-3 years Over 3 years Total € € € € € 2017 63,374 2,918 483 39 66,814 |
Cash and short-term deposits
Cash and short-term deposits | 12 Months Ended |
Dec. 31, 2019 | |
Cash and short term deposits [abstract] | |
Disclosure of cash and cash equivalents | 30. Cash and short-term deposits December 31, December 31, € € Cash at banks and on hand 161,760 174,992 Short-term deposits 1,465 2,056 163,225 177,048 Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. As at December 31,2019, the Group has approximately €74,843 (2018: €117,462 and 2017: €44,700) of undrawn committed borrowing facilities. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2019 | |
Share capital and reserves [abstract] | |
Disclosure of share capital, reserves and other equity interest | 31. Share capital Ordinary shares authorized, issued and fully paid Class A Class B Total Thousands Thousands Thousands As at December 31, 2017 — 169,331 169,331 As at December 31, 2018 — 169,331 169,331 Transfer of shares** 22,363 (22,363 ) — Issuance of shares from offering 35,700 — 35,700 As at December 31, 2019 58,063 146,968 205,031 There is no par value for all the Class A and Class B ordinary shares. The carrying amount of the share capital as at December 31, 2019 and 2018 is €1,520,816, which is in aggregation of the historical cost of investment to the investees from the contributing shareholders of IHAG, WSC and WSH. All issued shares to the contributing shareholders of IHAG, WSC and WSH as part of the Reorganization are Class B ordinary shares. Upon any sale, transfer, assignment or disposition of any Class B ordinary shares by a holder to any person who is not the Company or an affiliate of the Company, or upon a change of ultimate beneficial ownership of any Class B ordinary shares, such Class B ordinary shares shall be automatically and immediately converted into one Class A ordinary shares. Every member holding Class A ordinary shares shall have one vote for each Class A ordinary shares it holds and every member holding Class B ordinary shares will have four votes for each Class B ordinary shares it holds. Each Class B ordinary share is convertible into one Class A ordinary share at any time at the option of the holder thereof. Save and except for voting rights and conversion rights, Class B ordinary shares and Class A ordinary shares shall rank pari passu with one another and shall have the same rights, preferences, privileges and restrictions. ** In April 2019, WSM sold and transferred in an aggregate of 22,363,466 Class B ordinary shares of the Company to certain co-investors. Therefore, all of such Class B ordinary shares has been automatically converted into Class A ordinary shares at the time of the transfer. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Provisions [abstract] | |
Disclosure of provisions | 32. Provisions Tax provisions 1 Provision for 2 Onerous contracts 3 Legal claims 4 Other Provisions 5 Total € € € € € € As at January 1, 2018 10,754 410 3,176 960 1,172 16,472 Arising during the year 774 292 — 612 54 1,732 Adoption of IFRS 16 — — (2,603 ) — — (2,603 ) Utilized — (390 ) (90 ) (569 ) (901 ) (1,950 ) Unused amounts reversed (1,305 ) (30 ) (239 ) — (1 ) (1,575 ) Exchange differences (147 ) 19 43 4 — (81 ) As at December 31, 2018 10,076 301 287 1,007 324 11,995 Current 2,425 301 77 616 — 3,419 Non-current 7,651 — 210 391 324 8,576 Tax provisions 1 Provision for 2 Onerous contracts 3 Legal claims 4 Other Provisions 5 Total € € € € € € As at December 31, 2018 10,076 301 287 1,007 324 11,995 Acquisition of a subsidiary 819 — — — — 819 Arising during the year 167 819 — 1,699 9,139 11,824 Utilized — (628 ) (74 ) (3,810 ) (4,177 ) (8,689 ) Unused amounts reversed (841 ) — — (1,736 ) — (2,577 ) Reclassification (5,226 ) — — 5,106 — (120 ) Exchange differences (112 ) 7 20 3 — (82 ) As at December 31, 2019 4,883 499 233 2,269 5,286 13,170 Current 2,765 499 121 1,160 4,689 9,234 Non-current 2,118 — 112 1,109 597 3,936 1. Tax provisions: The Group has accrued tax provision in accordance with applicable tax rules. Where uncertainty exists, the Group would make an accrual for tax liabilities based on management’s best estimate. Such provision was subject to continuous assessment and provision would be updated accordingly based on latest estimate and audit of related tax jurisdictions. Timing of any outflow of economic benefit is dependent on whether an operating subsidiary is selected for a tax audit and the results of the audit. In 2019, a €5,226 tax provision of IHAG from prior year for potential withholding tax obligations in Italy was reclassified to provision for legal claims. Thereafter, IHAG settled it with a payment of €3,490 resulting in a €1,736 reversal of legal claim provision. 2. Provision for severance pay: The Group recognizes termination benefits as a liability and an expense at the earlier of the following dates: when it can no longer withdraw the offer of those benefits; and when it recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. Payments are certain and are paid in accordance with the terms included in the respective termination agreement with the employee. 3. Onerous contracts: Onerous contracts mainly related to spectator sports contracts in 2017 and expected loss resulting from office sublease. During 2017, as part of the valuation and measurement of assets and liabilities, the Group assessed on a regular basis any risks in connection with business and non-business-related 4. Legal claims in 2017 mainly resulted from the disputes with some employees and consultants in Italy. In 2018, provisions for claims increased due to pending risks in Italy, including new media litigation, access to signal mark-up 5. In 2018, other provisions mainly resulted from two provisions for commercial partners in China. In 2019, the Group recognized a revenue deduction of €8,241 in sales of marketing and advertising rights based on the amount estimated to be paid to its customers as compensation for the fraudulent activities of a former senior employee of one of the Group’s subsidiaries. The fraudulent activities involved providing customers with less advertisement time than contractually promised. The case is reflected in the other provisions with a utilization of €3, 79 year-end |
Accrued expense and contract li
Accrued expense and contract liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expense And Contract Liabilities [Abstract] | |
Accrued expense and contract liabilities | 33. Accrued expense and contract liabilities Accrued expense December 31, December 31, € € Accrued expense, project related 43,933 58,216 Accrued expense, non-project 28,964 30,241 Total accrued expense 72,897 88,457 Current 69,846 83,516 Non-current 3,051 4,941 Contract Liabilities December 31, December 31, € € Total contract liabilities 217,171 199,166 Current 199,900 185,681 Non-current 17,271 13,485 |
Long-term payroll payables
Long-term payroll payables | 12 Months Ended |
Dec. 31, 2019 | |
Long term payroll payable [abstract] | |
Disclosure of defined benefit plans | 34. Long-term payroll payables December 31, December 31, € € Net defined benefit liability 10,719 9,142 Long-term termination benefits 4,456 2,816 Other long-term 161 812 15,336 12,770 The defined benefit plan covers the employees of some subsidiaries of the Group in Europe. The Group’s defined benefit plans require contributions to be made to a separately administered fund. The most significant plan is situated in Switzerland, where most of the Group’s employees are located. Swiss employers are obliged by law to provide a minimum pension plan for their staff. Funding is granted there by means of defined saving contributions on individual retirement assets at a guaranteed interest rate. The termination benefits cover the employees in some European subsidiaries of the Group. In this benefit plan, a predefined percentage of the gross salary of each employee is allocated to TFR (“trattamento di fine rapporto”). The plan is unfunded. At year-end, re-valued In October 2019, the group signed a long-term profit-sharing bonus plan (the “plan”) based on the phantom shares of Yongda to cover Yongda’s management. The phantom shares do not own any voting rights and dividend rights as common shares of Yongda, and they are only used to calculate the final settlement amount in cash. According to the plan, the group will grant a number of phantom shares, of which 50%, so-called The actuarial valuations of the plan assets and the present value of the defined benefit obligations were carried out at December 31, 2019 and December 31, 2018 by Swiss and Italian actuarial valuation companies, using the projected unit credit actuarial valuation method. The following tables summarize the components of net benefit expense recognized in the consolidated statement of profit or loss and the funded status and amounts recognized in the statement of financial position for the respective plans: Defined benefit plans 2019 2018 € € Current service cost 2,158 3,192 Interest cost on benefit obligation 188 316 Expected return on plan assets (87 ) (223 ) Administrative expenses 20 17 Net benefit expense 2,279 3,302 Changes in the present value of the defined benefit obligations € Defined benefit obligations at January 1, 2018 36,345 Interest costs 316 Current service cost 3,192 Benefits paid (1,851 ) Contribution by plan participants 1,275 Administrative expenses 17 Exchange differences 1,397 Actuarial loss 291 Defined benefit obligations at December 31, 2018 40,982 Interest cost 188 Current service cost 2,158 Benefits paid (2,879 ) Contribution by plan participants 1,353 Administrative expenses 20 Exchange differences 939 Gain on settlement 892 Actuarial loss 3,495 Defined benefit obligations at December 31, 2019 47,148 Changes in the fair value of the plan assets € Plan assets at January 1, 2018 26,740 Interest income 223 Benefits paid (1,540 ) Return on plan assets (625 ) Contributions by employer 1,783 Contribution by plan participants 1,275 Exchange differences 1,168 Plan assets at December 31, 2018 29,024 Interest income 87 Benefits paid (2,531 ) Return on plan assets 1,136 Contributions by employer 1,943 Contribution by plan participants 1,353 Gain on settlement 874 Exchange differences 87 Plan assets at December 31, 2019 31,973 The major categories of the plan assets are as follows: December 31, 2019 December 31, 2018 Cash and cash equivalents 1 % 2 % Shares 29 % 30 % Bonds 39 % 40 % Real estate 13 % 13 % Other 18 % 15 % Total amount 100 % 100 % The principal assumptions used in determining pension and long-term termination benefit obligations for the Group’s plans are shown below: 2019 2018 % % Switzerland Discount rate (%) 0.3 0.9 Expected rate of salary increases (%) 1.0 1.5 Italy Discount rate (%) 0.6 1.1 Expected rate of salary increases (%) 1.5 1.5 The life expectancy for male pensioners at the age of 65 is 22.61 years in 2019, while for female pensioners the life expectancy at the age of 64 is 24.65 years in 2019. The life expectancy for male pensioners at the age of 65 is 21.69 years in 2018, while for female pensioners the life expectancy at the age of 64 is 23.48 years in 2018. In 2019, the death rate ranged from 0.8% to 11.3% for male pensioners aged between 65 and 88, and between 0.5% to 12.1% for female pensioners aged between 64 and 90. In 2018, the death rate ranged from 0.8% to 11.5% for male pensioners aged between 65 and 88, and between 0.5% to 8.5% for female pensioners aged between 64 and 90. 2019 2018 € € Assumptions for post-employment healthcare benefit plans: Discount rate: 0.25% increase in discount rate (1,712 ) (5,185 ) 0.25% decrease in discount rate 1,712 5,185 Life expectation: Increase by 1 year 787 643 Decrease by 1 year (787 ) (643 ) Expected rate of salary increase: 0.25% increase in rate of salary increase 810 3,618 0.25% decrease in rate of salary increase (810 ) (3,618 ) The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligations as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an actual change in the defined benefit obligations as it is unlikely that changes in assumptions would occur in isolation from one another. The payments of expected contributions to the defined benefit plans within the next annual reporting period were €1,877 (2018: €1,939). |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2019 | |
Share based payments [abstract] | |
Disclosure of share-based payment arrangements | 35. Share-based payments i. Equity transaction On December 19, 2017, WEH, which is a subsidiary of the Group, issued 4,218 capital shares to certain executives of WEH for a total of USD3,000,000 (approximately €2,619). The price per share paid by the WEH executives was less than the fair value (USD1,570 (approximately EUR1,330) as at December 31, 2017) of these shares. As at December 31, 2018, such fair value per share has been decreased to USD1,230 (approximately EUR1,042). As a result, a reversal in compensation expense amounting to €1,108 and a recognition in compensation expense of €3,215 was recognized for the year ended December 31, 2018 and 2017, respectively. In 2019, the plan was cancelled and the price paid by the executives were refunded. As a result, a reversal in compensation expense of €2,106 was recognized for the year ended December 31, 2019. ii. Equity incentive plan In December 2017, WEH adopted the Equity Incentive Plan (the “Plan”). The Plan reserved 84,000 shares of WEH’s common stock for issuance of stock options, equity appreciation rights, restricted stock and restricted stock units (“RSU”s), performance awards and other stock-based awards. On December 29, 2017, 44,890 RSUs were granted to WEH’s employees, of which 50% are time-based and 50% are performance-based. The RSUs are subject to the Shareholders Agreement (the “Agreement”), which provides holders with a put option to WEH or WSH at certain dates in the future at a fair market value, as defined in the Agreement. There are two forms of RSU grant agreements, namely the Tier A RSU Grant Agreement (“Tier A RSU”) and the non-executive (“Non-Executive Tier A RSU Non-executive 1) Time-based Vesting conditions Grading vesting, 20% per year from November 18, 2016 to November 18, 2020 Cliff vesting on January 1, 2021 2) Performance-based Vesting conditions To determine on December 31, 2020 based on a cumulative financial target To determine on December 31, 2020 based on a cumulative financial target 3) Put option WEH to purchase back at fair market value at various dates or events, as defined in the Agreement WSH to purchase back at fair value, starting from December 31, 2023 In 2019, the Group modified the terms and conditions of the original plan, and the conditions after modification are summarized as follows: Tier A RSU Non-executive 1) Time-based Vesting conditions All remaining time-based RSUs vested on July 26, 2019 A pro rata portion which calculated based on the days of employed by the staff of the time vested RSUs shall become vested and nonforfeitable. The remaining time vested RSUs shall become 100% vested and nonforfeitable on the earlier to occur of January 1, 2021 or an involuntary termination of the employment without cause. The staff will forfeit any time based RSUs for any other reason prior to January 1, 2021. 2) Performance-based Vesting conditions 40% of the original performance vested RSU vested on July 26, 2019, with the remaining 60% forfeited immediately 40% of the performance vested RSUs that will vest and forfeit similarly to the time based RSUs. The remaining 60% will be forfeited immediately. 3) Put option WEH to purchase back at the price of USD833.88. Some of the purchase was made in August 2019, while the remaining portion will be paid in January 2021. WEH to purchase back at the price of USD833.88 in January 2021 The Group recognized €10,027, €6,813 and €6,223 share-based payment expenses for the RSUs for the year ended December 31, 2019, 2018 and 2017 respectively, which was accounted for as cash-settled share-based payment and a liability was recognized. Movements during the year The following table illustrates the number of WEH RSUs during the year: 2019 2018 2017 Outstanding as 47,745 44,890 — Granted during the year 3,995 5,135 44,890 Exercised during the year (10,756 ) — — Forfeited during the year (1,939 ) (2,280 ) — Outstanding as at 39,045 47,745 44,890 The Group measured the fair value of RSUs initially and at each reporting date up to and including the settlement date, with changes in fair value recognized as expense. As purchase price was agreed to USD833.88 per share, there is no significant assumptions in determination of the fair value as at December 31, 2019. For the fair value of the stock as at December 31, The following table lists the inputs used in the Black Scholes model for the year ended December 31, 2018: 2018 2017 Weighted average fair values at the measurement date USD1,230 USD1,570 Weighted average cost of capital (%) 10.3 10 Growth rate (%) 3.25 3 Risk-free rate (%) 2.5 2.3 Standard deviation (%) 52.5 39.3 Discount for lack of marketability (“DLOM”) (%)* 34 23 Expected put option period** 5 years 6 years * The Protective Put method was used to quantify the at-the-money ** The Protective Put method was used to quantify DLOM. With the Protective Put method, the discount is estimated as the value of an at-the-money The weighted average remaining contractual life for the RSUs as at December 31, 2019, 2018 and 2017 was 1 year, 1.98 years and 2.98 years, respectively. iii. Investment Shareholders’ Agreement (“ISA”) Plan On July 7, 2015, IIHAG reached the ISA with WSM, Wanda Culture Holding Company Limited, as well as its senior managements (“Managers”). According to the agreement, WSM granted a number of options of IIHAG to the Managers which can be vested equally over the service period from January 1, 2015 to December 31, 2019. The number of options granted will be based on the completion of the normalized EBITDA targets as defined in the agreement. Each Manager has the right to request WSM to purchase, or procure to purchase all of the shares of a manager upon option exercise under the agreement on the earliest of the termination of the engagement of such Manager (such manager is not a bad leaver), the occurrence of reputational issues at the level of Wanda Culture having a material adverse effect on the valuation or reputation thereof, or on or after January 1, 2020 (“put option”). Meanwhile, WSM has the right to purchase or procure to purchase all of the shares a Manager upon option exercise under the agreement under the circumstances that such manager commits a material breach or becomes a leaver of IIHAG (“call option”). The exercise price of the put and call option was determined as a formula in the agreement which is based on the normalized EBITDA of IIHAG (“option fair value”), unless with respect to the call option, a manager was not a good leaver (“bad leaver”) or committed a material breach, or with respect to the put option, a manager failed to achieve the lower completion target of the normalized EBITDA which was defined in the agreement. On May 23, 2016, an amendment agreement was signed by the parties to the ISA . The amendment agreement illustrated that the bad leavers can also exercise the call option at the option fair value. The options of IIHAG held by the Managers were further replaced by the options of IHAG (“option swap”) at a specific exchange ratio through two additional amendment agreements which were signed on May 19, 2017. No changes in the fair value of the granted equity instrument were recognized due to the amendment of the plan. On October 25, 2018, the Group reached the Purchase and Transfer Agreement to modify the vesting terms of certain employee options. A particular portion of the options under the ISA plan have been fully vested in 2018, while some of the remaining part will be vested during the year of 2019 or will be forfeited and replaced by the awards granted under a new scheme if the new option scheme is established. The total compensation expense recognized for the plan was €991, €3,015 and €6,938 for the year ended December 31, 2019, 2018 and 2017 respectively. Movements during the year The following table illustrates the number of options during the year: Number of Weighted € As at December 31, 2016 33,834 93.12 Exercised during the year (1,152 ) 90.10 Forfeited during the year (3,444 ) — As at December 31, 2017 29,238 85.44 Exercised during the year (14,732 ) 88.00 Forfeited during the year (8,191 ) — As at December 31, 2018 6,315 89.07 Exercised during the year (1,336 ) 87.00 Forfeited during the year (4,979 ) — As at December 31, 2019 — — * The figures shown above were in a simplified approach which were under the assumption that the option swap has been completed already on the grant date. The weight ed The Group recognized share-based payment expenses equal to the grant date fair value for all options granted that are expected to vest. The fair value was estimated at €1,508 per option on the date of grant, which was the fair value of the IIHAG’s common stock less the exercise price of the option. The fair value of the option on the date of grant was determined based on the purchase price which IIHAG was acquired by the subsidiary of WSM on the same date of the grant date. There are no additional options granted after the initial option granted date in 2015. The vested and exercisable outstanding IHAG options with a weighted average grant date fair value of €1,508 per option. Those options can be exercised once any of the exercise events defined in the agreement were triggered. The put option period was expected to be 5 years, as the Group determined that it was more likely than not that the options holders would exercise the put option on January 1, 2020 before the modification in October 2018. The Group then determined the put option period based on the modified exercise schedule. As at December 31, 2019, all the outstanding options have been settled by the Group, and the ISA plan was terminated. The weighted average remaining contractual life for the options as at December 31, 2018 and 2017 was 0.75 years and 2 years, respectively. iv. Share Option Scheme (“SOS”) In November 2018, the Group acquired 55% outstanding shares of Yongda and the rest 45% is held by Evertop Technology (Int’l) Limited, a subsidiary of HK listing entity, Century Sage Scientic Holdings Limited (“CSS”, SEHK stock code: 1450). Prior to the Group’s acquisition of Yongda, CSS issued equity - The total compensation expense recognized for the SOS after the acquisition in November 2018 was €3. v. Group management equity incentive plan In July 2019, the Group established a management equity incentive plan (“ESOP”) for the qualified senior managements, officers and key employees of the Group. The ESOP provides for the issuance of Option in respect of 5% of the total number of outstanding shares of the Company on a fully diluted basis. The exercise price per Option is USD0.01. The vesting of the options is subject to time-based and performance-based vesting conditions with the following details: Tranches Percentage of the option under the ESOP Vesting condition 1) IPO Tranche 20% Immediately upon the completion of the G (i) Time-based 30% of the options under anniversary tranche vesting over four-year period, with 20% per year from IPO date/grant date to May 31, 2023 subject to the employment period served by the participants. 2) Anniversary Traches (ii) Performance-based 80% 70% of the option under the anniversary tranche vesting over four-year period, with 20% per year from IPO date/ grant date to May 31, 2023, and subject to performance achievement measure (“KPI”) of the group and subsidiaries, which are defined by the Board of Directors every year. For the year ended as at December 31, 2019, the Group has granted two batches to senior managements, officers and key employees. The first batch was granted on July 26, 2019, while the second batch was granted on Movements during the year The following table illustrates the number of options during the year: Number of As at January 1, — Granted during the year 10,456,593 Forfeited during the year (1,205,943 ) As at December 31, 9,250,650 The total number of exercisable options as at December 31, 2019 is 1,940,243. The weighted average exercise price is USD0.01 per option. The fair value of option was estimated at USD3.43 (approximately EUR3.07) and USD2.64 (approximately EUR2.41) per option, respectively, for the first and second batch options. As of December 31, 2019, the Company has not yet determined and approved the KPI for each anniversary tranche under the ESOP. As a result, the Group measured the fair value of the performance-based Options under each anniversary tranche at each reporting date up to the date when the Board of Directors approve the KPI for each period. The fair value of the performance-based part of the anniversary tranche was estimated at USD1.63 (approximately EUR1.47) per option. The Group measured the fair value of the options at its grant date, and the fair value of the performance-based options using the Binomial Options Pricing Model. However, the fair value per option at grant date and at the end of the reporting period is mainly determined by the difference between the closing transaction price of the Company’s American Deposit Shares on NASDAQ market at each relevant date and the exercise price per option, as other assumptions do not have a material impact (i.e. such impact on the fair value is less than USD0.01/option) on the fair value of the options. The weighted average contract life for the outstanding options is expected to be 6.42 years. The total expense recognized for the ESOP was approximately €12,746 for the year ended December 31, 2019. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
Disclosure of trade and other payables | 36. Trade and other payables December 31, December 31, € € Trade payables 74,206 98,491 Other payables 49,771 37,227 Related parties 49,878 680,733 173,855 816,451 Terms and conditions of the above financial liabilities: • Trade payables and other payables are non-interest-bearing • For terms and conditions with related parties, refer to Note 40; • For explanations on the Group’s liquidity risk management processes, refer to Note 27. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Lease liabilities [abstract] | |
Disclosure of leases | 37. Lease liabilities December 31, December 31, € Current portion 10,041 9,863 Non-current 29,154 28,841 39,195 38,704 For certain leases, the Group applied a single discount rate to a portfolio of leases with reasonably similar characteristics. The Minimum of each year for undiscounted lease payments to be paid on an annual basis is shown as below: December 31, December 31, € € within 1 year 11,517 10,909 1-2 9,037 9,884 2-3 7,000 7,360 3-4 5,712 4,780 4-5 4,144 3,925 >5 years 6,582 5,533 Total 43,992 42,391 |
Assets held for sale
Assets held for sale | 12 Months Ended |
Dec. 31, 2019 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Assets held for sale | 38. Assets held for sale In December 2019, the board of Infront approved a plan to sell Infront Centro Produzione S.r.l. (ICP), a wholly owned subsidiary in Italy. The Group initiated sales negotiations with a third-party investor. A Letter of Intent was agreed and signed, whereby the potential buyer has an exclusive negotiation right for a period of 90 days. The sale of ICP is expected to be completed within one year from the reporting date and such sale is assessed by management to be highly probable. As at December 31, 2019, ICP was classified as held for sale with no impairment loss identified. The business of ICP is not material to the Group. The assets and liabilities of ICP classified as held for sale as at December 31, 2019, are as follows: 2019 € Assets Property, plant and equipment 336 Right of use assets 4,985 Goodwill 270 Deferred tax assets 146 Other non-current 312 Trade and other receivables 1,617 Current contract assets 16 Income tax receivables 72 Cash and cash equivalents 273 Other current assets 98 Assets held for sale 8,125 Liabilities Trade and other payables 1,251 Current lease liabilities 1,123 Current accrued expenses 431 Current contract liabilities 56 Non-current 3,951 Other non-current 64 Long-term payroll payable 99 Liabilities directly associated with the assets held for sale 6,975 Net assets directly associated with disposal group 1,150 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and contingencies [abstract] | |
Disclosure of commitments and contingent liabilities | 39. Commitments and contingencies Operating lease commitments—Group as a lessee The Group has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. Expenses related to short-term leases and lease of low-value assets amount to €2,875 (€2,532 in 2018). Future minimum rentals payable under non-cancellable operating leases are as follows: December 31, 2019* December 31, 2018* € € Not later than 1 year 51 682 Later than 1 year and not later than 5 years 3 3 Later than 5 years — — 54 685 * The figures shown above are the minimum rentals payable which are payments of short-term lease and lease of low value assets under IFRS16, which are Commitments The Group had commitments of €1,938,178 and €1,399,346 which comprise of future payment obligations to commercial rights owners in relation with a full buy-out Contingent Liabilities Contingent liabilities include joint and several guarantees (minimum guarantees and guarantees for corporate existence) for some of the subsidiaries of the Group, mainly towards an international sports federation, of €180,500 and €179,923 as at December 31, 2019 and 2018 respectively. The increase is due to exchange difference impacts. The Group guaranteed minimum revenues to some of its customers/suppliers when it is acting as an agent/advisor for the sale of media and sponsorship rights. The Group’s exposure to the guaranteed minimum revenues were €1,154,933 and €1,208,954 as at December 31, 2019 and 2018 respectively. Standby Letter of Credit The Group has entered into standby letters of credit in the total amounts of €684 and €1,638 as at December 31, 2019 and 2018, respectively, with various financial institutions that guarantee certain future payments required to be made in connection with leasing arrangements and acquisitions. Legal claim contingency In November 2018, a customer filed a claim for the alleged infringement of certain contractual obligations, which cause significant damages on it for an amount of €13,500. The Group has been advised by its legal counsel that it is only possible, but not probable, that an action will succeed. At this stage the lawsuit seems to be unsupported by evidence. In a first trial in March 2019, the court has suggested to the customer that the claim is not defensible, but the final decision is still outstanding. In October 2019, a customer filed a lawsuit seeking damages in excess of €714 for alleged breach of contract and for violation of the U.S. Computer Fraud and Abuse Act. In 2019, the Group filed a motion to dismiss the complaint, which the customer opposed. The Group filed its reply brief in January 2020 and expects a decision on the Motion to Dismiss within the next couple of months. The Company’s class action As of December 31, 2019, there was a complaint filed in the United States District Court for the District of Oregon, naming the Company and certain of its current and former directors and officers as defendants in a putative shareholder class action lawsuit in connection with the Company’s initial public offering. This case is in its preliminary stages, and the Company cannot reliably estimate the likelihood of an unfavorable outcome or provide any estimate of the amount or range of any potential loss. The Company did not accrue any loss contingencies as of December 31, 2019, as the Company did not consider an unfavorable outcome in any material respects in this lawsuit to be probable. The Company believes that the claims against it are without merit and intends to vigorously defend this lawsuit. European Commission request The European Commission sent a request for information to four subsidiaries of the Group in connection with the alleged anti-competitive behavior in the European Union and European Economic Area relating to the distribution, management and marketing of media rights and/or related rights issued by certain sports federations, sports clubs and other rights holders. The Group provided all the information requested by the European Commission by September 2019 and no further actions taken by the European Commission. The Group did not recognize any provisions regarding to this matter since the European Commission only made an information request. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Disclosures Abstract [Abstract] | |
Disclosure of related party | 40. Related party disclosures The following table provides the amounts of material transactions that have been entered into with related parties for the relevant financial years. Please refer to Note 6 for the details of the Group’s structure: Sale of goods and Purchase of goods € € Entities controlled by the same ultimate controlling shareholder: Dalian Wanda Group Co., Ltd. 1 2019 2,037 — 2018 10,317 — 2017 10,511 — Dalian Wanda Group Co., Ltd. Beijing Investment Management Branch 2019 392 — Shanghai Qingpu Wanda Mall Investment Co., Ltd. 2019 188 — 2018 762 — Nanning Wanda Mall Investment Co., Ltd. 2019 139 — 2018 859 — Wuhan Wanda East Lake Real Estate Development Co.Ltd. 2019 121 — 2018 147 — 2017 712 — Tianjin Free Trade Zone Wanda Real Estate Co., Ltd. 2019 121 — Zhangzhou Wanda Plaza Investment Co., Ltd. 2019 121 — Changchun Auto City Wanda Plaza Investment Co., Ltd. 2019 110 — Dezhou Wanda Plaza Investment Co., Ltd. 2019 121 — Kunming Wanda Plaza Investment Co., Ltd. 2019 121 — Nanjing Wanda Mall Investment Co., Ltd. 2019 121 9 2018 859 — Jingmen Wanda Plaza Investment Co., Ltd. 2019 121 — Shanghai Wanda Commercial Plaza Real Estate Co., Ltd. 2019 121 — Shiyan Wanda Plaza Real Estate Co., Ltd. 2019 121 — Hefei Yaohai Wanda Plaza Investment Co., Ltd. 2019 121 — Maanshan Wanda Plaza Investment Co., Ltd. 2019 121 — Wanda Sports Travel and Consulting Company 2019 166 44 Wanda Business Management Group Co., Ltd. 2 2019 2,420 — Wanda Hotel Management (Shanghai) Co., Ltd. 2019 24 24 Dalian Wanda Sports Culture Tourism Development Co., Ltd. 2019 729 — Ankang Wanda Real Estate Co., Ltd. 2019 91 — Guilin Lingui Wanda Real Estate Development Co., Ltd. 2019 97 — Chengdu Tianfu Wanda Real Estate Co., Ltd. 3 2019 1,294 — Lanzhou Wanda City Development Co., Ltd. 2019 442 — Nanjing Lishui Wanda Plaza Co., Ltd. 2019 200 — Tianshui Wanda Real Estate Development Co., Ltd. 2019 79 — Taishan Wanda Real Estate Development Co., Ltd. 2019 79 — Handan Huai Shang District Wanda Plaza Development Co., Ltd. 2019 79 — The following table provides the amounts of material transactions that have been entered into with related parties for the relevant financial years. Sale of goods and Purchase of goods € € Leshan Wanda Plaza Investment Co., Ltd. 2019 79 — Shenyang Quanyun Wanda Plaza Investment Co., Ltd. 2019 79 — Wulanchabu Wanda Real Estate Co., Ltd. 2019 79 — Yangzhou Wanda Real Estate Development Co., Ltd. 2019 79 — Haian Wanda Real Estate Development Co., Ltd. 2019 79 — Yanan Wanda Real Estate Development Co., Ltd. 2019 79 — Changde Wanda Plaza Investment Co., Ltd. 2019 79 — Shengzhou Wucheng Real Estate Development Co., Ltd. 2019 79 — Zigong Wanda Real Estate Development Co., Ltd. 2019 79 — Jiujiang Wanda Plaza Investment Co., Ltd. 2019 79 — Wuhan Xinzhou Wanda Real Estate Development Co., Ltd. 2019 79 — Shaanxi Jinshida Real Estate Co., Ltd. 2019 49 — Jixian Wanda Plaza Commercial Management Co., Ltd. 2019 11 2 Ziyang Wanda Plaza Investment Co., Ltd. 2019 46 — Yanan Wanda City Real Estate Co., Ltd. 2019 61 — Xi’an Daming Palace Wanda Plaza Co., Ltd. 2019 24 — Shenyang Olympic Body Wanda Plaza Co., Ltd. 2019 49 — Dandong Wanda Plaza Co., Ltd. 2019 24 — Panjin Wanda Plaza Real Estate Co., Ltd. 2019 12 — Yanji Wanda Plaza Investment Co., Ltd. 2019 12 — Yingkou Wanda Plaza Investment Co., Ltd. 2019 12 — Urumqi Wanda Plaza Investment Co., Ltd. 2019 12 — Wanda Sports & Media (Hong Kong) Co. Limited 2019 — 122 Beijing Wanda Plaza Real Estate Co., Ltd. Wanda Vista Hotel 2019 — 42 Xiamen Jimei Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 6 Hangzhou Gongshu Wanda Plaza Commercial Management Co., Ltd 2019 — 7 Fuzhou Wanda Plaza Commercial Property Management Co., Ltd 2019 — 5 Beijing Tongzhou Wanda Plaza Commercial Management Co., Ltd. 2019 — 9 Shenyang Tiexi Wanda Plaza Commercial Management Co., Ltd. North 1st Road Branch 2019 — 4 Jinan Gaoxin Wanda Plaza Commercial Management Co., Ltd. 2019 — 5 The following table provides the amounts of material transactions that have been entered into with related parties for the relevant financial years. Sale of goods and Purchase of goods € € Suzhou Wuzhong Wanda Plaza Commercial Management Co., Ltd. 2019 — 4 Shanghai Baoshan Wanda Plaza Commercial Management Co., Ltd. 2019 — 11 Dongguan Houjie Wanda Plaza Commercial Management Co., Ltd. 2019 — 5 Guangzhou Panyu Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 7 Foshan Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 7 Wuhan Wanda Plaza Business Management Co., Ltd. Central Cultural Tourism Div. 2019 — 6 Xi’an Wanda Plaza Commercial Management Co., Ltd. High-tech Branch 2019 — 5 Mianyang Jingkai Wanda Plaza Commercial Management Co., Ltd. 2019 121 2 Chongqing Banan Wanda Plaza Commercial Management Co., Ltd. 2019 — 2 Changsha Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 8 Hefei Wanda Plaza Commercial Management Co., Ltd. 2019 — 7 Nanchang Honggutan Wanda Plaza Commercial Management Co., Ltd. 2019 — 7 Tianjin Wanda Media Co., Ltd. 2019 — 289 Nanning Wanda International Film City Co., Ltd. Wanda Maodian 2019 — 16 Sunseeker International Ltd 2018 128 — Joint ventures in which the parent is a venturer: International Games Broadcast Services AG 4 2019 2,818 — 2018 3,850 — 2017 718 — Infront Ringier Sports & Entertainment Switzerland AG 2019 17 449 2018 30 1,188 2017 79 1,308 Organizing Committee IIHF 2020 World Championship AG 2019 7 — OC 2018 IIHF WM ApS 2019 — 3 2018 536 684 2017 100 — DEB Eishockey Sport GmbH 5 2017 1,311 — Associate: FIS Marketing AG 2019 875 — 2018 855 — 2017 715 — 1 In 2019, the Group provided services in relation to hospitality and event organization of International Federation of Association Basketball (“FIBA”) World Cup for Dalian Wanda Group Co., Ltd. In 2018, the Group provided services in relation to the sponsorship of the International Federation of Association Football (“FIFA”) World Cup. 2 The Group provided services in relation to the marketing rights of the Ironman Kids for Wanda Business Management Group Co., Ltd. 3 The Group provided services in relation to marketing rights of The Badminton World Federation (“BWF”) Tour Finals, Urban Cycling World Championships (“UCI”) and Chengdu International Marathon for Chengdu Tianfu Wanda Real Estate Co., Ltd. 4 The Group provided services in relation to host broadcasting operations of Rugby World Cup for International Games Broadcast Services AG. 5 The Group provided consulting services in relation to the International Ice Hockey Federation (“IIHF”) World Championships for DEB Eishockey Sport GmbH. The following table provided material amounts due to or from related parties for the relevant financial years: Amounts Amounts due to € € Entities controlled by the same ultimate controlling shareholder: Wanda Sports & Media (Hong Kong) Co. Limited December 31, 2019 350 124 December 31, 2018 221 — Dalian Wanda Group Co Ltd December 31, 2019 12 — December 31, 2018 5,238 — Shanghai Qingpu Wanda Mall Investment Co., Ltd December 31, 2019 64 — December 31, 2018 — 97 Beijing Wanda Cultural Industry Group Co., Ltd. December 31, 2019 107,854 2,704 December 31, 2018 107,898 Beijing Wanda Football Club Co., Ltd. December 31, 2019 1 — Tianjin Free Trade Zone Wanda Real Estate Co., Ltd. December 31, 2019 17 — Wanda Sports Travel and Consulting Company December 31, 2019 165 44 Dalian Wanda Sports Culture Tourism Development Co., Ltd. December 31, 2019 771 — Ziyang Wanda Plaza Investment Co., Ltd. December 31, 2019 48 — Ankang Wanda Real Estate Co., Ltd. December 31, 2019 83 — Guilin Lingui Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Chengdu Tianfu Wanda Real Estate Co., Ltd. December 31, 2019 1,279 — Xi’an Daming Palace Wanda Plaza Co., Ltd. December 31, 2019 26 — Shenyang Olympic Body Wanda Plaza Co., Ltd. December 31, 2019 26 — Panjin Wanda Plaza Real Estate Co., Ltd. December 31, 2019 13 — Jixian Wanda Plaza Commercial Management Co., Ltd. December 31, 2019 12 — Shaanxi Jinshida Real Estate Co., Ltd. December 31, 2019 51 — Lanzhou Wanda City Development Co., Ltd. December 31, 2019 467 — Nanjing Lishui Wanda Plaza Co., Ltd. December 31, 2019 83 — Tianshui Wanda Real estate development co. LTD December 31, 2019 83 — Taishan Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Handan Huai Shang District Wanda Plaza Development Co., Ltd. December 31, 2019 83 — Leshan Wanda Plaza Investment Co., Ltd. December 31, 2019 83 — Shenyang Quanyun Wanda Plaza Investment Co., Ltd. December 31, 2019 83 — Wulanchabu Wanda Real Estate Co., Ltd. December 31, 2019 83 — Yangzhou Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Haian Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Yanan Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — The following table provided material amounts due to or from related parties for the relevant financial years: Amounts Amounts due to € € Infront International Holdings AG December 31, 2019 — 932 December 31, 2018 — 952 Wanda Sports & Media (Hong Kong) Holding Co. Limited* December 31, 2019 — 614 December 31, 2018 783 174,620 Wanda Sports Finance Co. Limited December 31, 2019 — 1,671 Tianjin Wanda Media Co., Ltd. December 31, 2019 — 168 Wanda Culture Holding Co., Ltd. December 31, 2018 — 460,551 Wanda America Investment Holding Co.,Ltd. December 31, 2018 — 43,655 Joint ventures in which the parent is a venturer: Organizing Committee IIHF 2020 World Championship AG December 31, 2019 — 8 International Games Broadcast Services AG December 31, 2019 115 — December 31, 2018 3,778 — Infront Ringier Sports & Entertainment Switzerland AG December 31, 2018 118 380 OC 2018 IIHF WM ApS December 31, 2018 3 7 Associates: FIS Marketing AG December 31, 2019 — 95 December 31, 2018 108 — Verein Tour de Suisse December 31, 2019 320 — There have been no guarantees provided or received for any related party trade receivables or trade payables. Outstanding balances at the year end are unsecured and interest free and repayable on demand. The following table provides information on material loans to related parties for the relevant financial years. Interest Amounts € € Loans to related parties: Entities controlled by the same ultimate controlling shareholder: Wanda Sports & Media (Hong Kong) Co. Limited 6 December 31, 2019 250 6,058 December 31, 2018 336 5,410 December 31, 2017 778 24,266 Infront Finance Luxembourg Sàrl 7 December 31, 2017 — — Infront International Holding AG 8 December 31, 2018 270 — Joint ventures in which the parent is a venturer: Infront Ringier Sports & Entertainment Switzerland AG 9 December 31, 2019 5 — December 31, 2018 5 10 December 31, 2017 9 — 6 The Group had a loan receivable balance of €6,058 as at December 31, 2019, €5,410 as at December 31, 2018 and €24,266 as at December 31, 2017 with Wanda Sports & Media (Hong Kong) Co. Limited. The loan with €5,251 carried annual interest rates ranging from 3.64% to 3.68% in 2019 with a maturity date of December 2, 2026. The remaining loan amounting to €807 with no interest rate and maturity date. The Group and Wanda Sports & Media (Hong Kong) Co. Limited have reached an agreement in December 2019 that the Company will bear the social security contribution due to exercise the options by tranches under the ISA Plan (see Note 35) in late 2018 and during the year of 2019 that originally signed among Wanda Sports & Media (Hong Kong) Co. Limited, IHAG, the Participants under ISA Plan. The total contribution was approximately CHF 4.3 million (approximately €3,714) and has already been paid by the Group. Before reaching this agreement, Wanda Sports & Media (Hong Kong) Co. Limited had volunteered to bear such security contribution although it was legally unclear which party should bear such cost. Due to such arrangement, a corresponding expense of €3,714 has been booked into the personnel expenses in the statement of profit or loss for the year ended December 31, 2019. 7 As at December 31, 2016, the Group had a loan receivable balance of €141,263 with Infront Finance Luxembourg Sàrl. The loan carried an annual interest rate of 5.2% with a maturity date of July 21, 2019. The amount was netted off by the dividend declared by the Company in 2017. 8 During 2018, a loan in the amount of €12,235 was granted to Infront International Holdings AG, which was then waived in late 2018. 9 The Group had a loan receivable balance of €10 as at December 31, 2018 and €0 as at December 31, 2017 with Infront Ringier Sports & Entertainment Switzerland AG. It carried an annual interest rate of 0.3% with a maturity date of December 31, 2020. The following table provides information on material loans from related parties for the relevant financial years. Interest expense Amounts € € Loans from related parties: Entities controlled by the same ultimate controlling shareholder: Infront International Holdings AG 10 December 31, 2018 7,615 — December 31, 2017 19,497 393,833 Wanda Sports & Media (Hong Kong) Holding Co. Limited 11 December 31, 2019 2,680 44,685 10. The Group had a loan payable balance of €0 as at December 31, 2018, and €393,833 as at December 31, 2017 with Infront International Holdings AG. The loan was fully repaid on May 24, 2018. It had a maturity date of July 21, 2019 and carried an effective annual interest rate of 3.1% after taking into account the effect of Cross Currency Swap. 11. In December 2019, the Company has reached a supplemental agreement regarding to the US$ 50 million outstanding balance of the promissory note issued to WSM as part of the Restructuring mentioned in Note 1. According to the agreement, a “fund occupied fee” will be charged to the Company by WSM at an annualized rate of 7.8% staring from March 14, 2019. For the year ended December 31, 2019, the “fund occupied fee” was then agreed to US$3 million (approximately €2,680). The outstanding balance of the promissory note is presented under other payables in the consolidated statement of financial position. The following table provides compensation of key management personnel of the Group. 2019 2018 2017 € € € Short-term employee benefits 5, 5 92 6,638 7,089 Post-employment benefits 58 48 51 Share-based payments 8,698 6,050 6,847 Total compensation paid to key management personnel 14, 348 12,736 13,987 The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to key management personnel. |
Standards issued but not yet ef
Standards issued but not yet effective | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
Standards issued but not yet effective | 41. Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. • IFRS 17 Insurance Contracts 1 • Amendments to IAS 1 and IAS 8 Definition of Material 2 • Amendments to IFRS 3 Definition of a Business 2 • Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform 2 1 Effective for annual periods beginning on or after January 1, 2021 2 Effective for annual periods beginning on or after January 1, 2020 Further information about those IFRS that are expected to be applicable to the Group is described below: IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts (IFRS 4) that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, re-insurance), • A specific adaptation for contracts with direct participation features (the variable fee approach) • A simplified approach (the premium allocation approach) mainly for short-duration contracts IFRS 17 is effective for reporting periods beginning on or after 1 January 2021, with comparative figures required. Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first applies IFRS 17. This standard is not applicable to the Group. Amendments to IAS 1 and IAS 8: Definition of Material In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to align the definition of ‘material’ across the standards and to clarify certain aspects of the definition. The new definition states that, ‘Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.’ The amendments to the definition of material is not expected to have a significant impact on the Group’s consolidated financial statements. Amendments to IFRS 3: Definition of a Business On October 22, 2018, IASB issued “Definition of a Business (Amendments to IFRS 3)” aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020. The amendments are not expected to have any significant impact on the Group’s financial statements. Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform Amendments to IFRS 9, IAS 39 and IFRS 7 address the effects of interbank offered rate reform on financial reporting. The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark. In addition, the amendments require the entities to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties. The amendments are effective for annual periods beginning on or after 1 January 2020. Early application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2019 | |
Events after the reporting period [abstract] | |
Disclosure of events after reporting period | 42. Events after the reporting period COVID-19 The outbreak of a novel coronavirus (which causes the disease known as COVID-19), Sports events throughout the world have been postponed or cancelled. Postponement or cancellation of test or qualifying events, as well as disruptions to training schedules for athletes and event volunteers across all sports, are likely to affect the timing and quality of events scheduled to be held months in the future. The Group expects that the foregoing developments could adversely affect the Mass Participation as well as its Spectator Sports and DPSS segments, and that adverse effect could be material. However, the Group believes that such outbreak will not have any impact on the going-concern basis of the preparation of these financial statements based on the assessment up to the date of the issuance of these financial statements. The IHAG credit facility has a leverage ratio covenant, from which the Group expect it will need relief due to the impact of COVID-19 on the Group’s revenue. Failure to do so could result in an acceleration of the debt outstanding under the IHAG credit facility. The Group is still in discussion with the lenders with respect to covenant relief. Refinancing On March 11, 2020, the Company entered into a US$240 million (approximately €211,715) senior term loan facility with Credit Suisse AG, Singapore Branch, enabling the Company to refinance and prepay its previous senior 364-day term loan facility entered into on March 15, 2019. Disposal of WEH In January 2020, the Group finalized its plan to sell WEH and began soliciting bids from potential buyers. On March 26, 2020, A/NPC WEH Holdings, LLC entered into a definitive stock purchase agreement with the Group and agreed to acquire WEH in an all cash transaction at an enterprise value of approximately €652,426 (US$730,000,000). The board of directors of the Group determined that the enterprise value to be fair and determined the transaction to be in the best interests of the shareholders of the Group. The transaction is expected to be completed by second quarter of 2020, subject to the receipt of antitrust approvals in certain jurisdictions. On February 28, 2020, in connection with the WEH sale, the Company entered into a conditional agreement with World Triathlon Corporation, or WTC, and senior executives of WTC, to terminate option award agreements relating to options granted to such executives under the Management Equity Incentive Plan. Dismissal of the Company’s class action With respect to the Company’s class action filed in 2019, the court appointed a lead plaintiff on March 3, 2020. Subsequently on May 18, 2020, the lead plaintiff filed a notice of dismissal, voluntarily dismissing this case in its entirety, without prejudice. The dismissal was without costs and other award to either party. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies [abstract] | |
Basis of preparation | 2.1 Basis of preparation The Company and the companies comprising the Group are under the common control of the controlling shareholders before and after the Reorganization. Accordingly, the financial statements have been prepared on a consolidated basis by applying the principles of the pooling of interest method as if the Reorganization had been completed at the beginning of the reporting period. The consolidated statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group for the relevant periods include the results and cash flows of all companies now comprising the Group from the earliest date presented or since the date when the subsidiaries and/or businesses first came under the common control of the controlling shareholders, wherever the period is shorter. The consolidated statements of financial position of the Group as at December 31, 2019 and 2018 have been prepared to present the assets and liabilities of the subsidiaries and/or businesses using the existing book values from the controlling shareholders’ perspective. No adjustments are made to reflect fair values, or to recognize any new assets or liabilities as a result of the Reorganization. Equity interests in subsidiaries and/or businesses held by parties other than the controlling shareholders, and changes therein, prior to the Reorganization are presented as non-controlling The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements of the Group for the year ended December 31, 2019 were authorized for issue in accordance with a resolution of the directors on May 20, 2020. The consolidated financial statements have been prepared on a going concern basis. The Group recorded net current liabilities as of December 31, 2019 and the directors have given careful consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. Having considered the Group’s cash flow management forecast and analysis for the year 2020 has presented as a positive result, the directors are confident that the Group is able to meet in full its financial obligations as they fall due for the next twelve months. The consolidated financial statements have been prepared on a historical cost basis, except for certain items. The consolidated financial statements are presented in Euro (“EUR” or “€”) and all values are rounded to the nearest thousands, except for the number of shares and per share data. |
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement(s) with the other voting rights holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights The Group re-assesses Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling |
Business combinations and goodwill | a) Business combinations and goodwill Business combinations are accounted for using the acquisition method, except for business combinations under common control as mentioned in the basis of preparation, where the pooling of interest method is applied. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units (“CGU”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the operation disposed of and the portion of the CGU retained. |
Investments in associates and joint ventures | b) Investments in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associate and joint venture are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The consolidated statements of profit or loss reflect the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the consolidated statements of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the Group’s interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of associates and joint ventures is shown on the face of the consolidated statements of profit or loss outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the associates and joint ventures are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within share of profit and loss of an associate and joint ventures in the consolidated statements of profit or loss. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in consolidated statements of profit or loss. |
Current versus non-current classification | c) Current versus non-current The Group presents assets and liabilities in the statements of financial position based on current/non-current • Excepted to be realized or intended to be sold or consumed in the normal operating cycle • Held primarily for the purpose of trading • Expected to be realized within twelve months after the reporting period Or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle • It is held primarily for the purpose of trading • It is due to be settled within twelve months after the reporting period Or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. Deferred tax assets and liabilities are classified as non-current |
Fair value measurement | d) Fair value measurement The Group measures financial instruments such as derivatives, at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability Or • In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1— Quoted (unadjusted) prices in active markets for identical assets or liabilities • Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing The Group’s senior management determines the policies and procedures for both recurring fair value measurement, such as derivative financial instruments and contingent considerations due to business combinations. External valuers are involved for valuation of significant assets, such as derivative financial instruments, and significant liabilities, such as contingent consideration. Involvement of external valuers is determined annually by the senior management after discussion with and approval by the Company’s Board of Directors. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. Valuers are normally rotated every three years. The senior management decides, after discussions with the Group’s external valuers, which valuation techniques and inputs to use for each case. At each reporting date, the senior management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed The senior management, in conjunction with the Group’s external valuers, also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable. On an annual basis, the senior management and the Group’s external valuers present the valuation results to the Board of Directors and the Group’s independent auditors. This includes a discussion of the major assumptions used in the valuations. For fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair-value related disclosures for financial instruments and non-financial • Disclosures of valuation methods, significant estimates and assumptions (see Note 10) • Quantitative disclosures of fair value measurement hierarchy assumptions (see Note 10) • Financial instruments (including those carried at amortized cost) (see Note 10) • Contingent consideration and liabilities from business combination (see Note 10) |
Revenue from contracts with customers | e) Revenue from contracts with customers applicable from January 1, 2018 Revenue from contracts with customers is recognized when control of the services or goods are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. The Group generate revenue primarily from the contracts of sale of rights, rendering of service and other arrangements under contracts. Sale of rights Sale of rights mainly includes revenue from selling media (television, new media, etc.) and marketing rights, event licensing fees as well as product licensing and sponsorships. The Group has two business models regarding to the sale of media and marketing rights, full rights buy-out Full rights buy-out Under the full rights buy-out The Group sells the rights on its own behalf to sponsors and broadcasters (its customers) and is the principal of the arrangement. When considering whether the Group is the principal or agent in the arrangement, the Group has determined that it controls the rights to the specified rights prior to transfer of such rights to the customer. The Group is the primary obligor and contracts with its customers as the owner of the underlying rights. The Group also has inventory risk through its commitment to purchase the rights before entering into a contract with any customer. Additionally, the Group has sole discretion relative to the rights holders in establishing the price for the specified rights. The consideration paid to the rights holders for the acquisition of the rights for commercial exploitation are deferred and amortized as cost of sales over the duration of the contract. In contracts with customers under the full rights buy out model, the Group usually has one performance obligation consisting mainly of delivering commercial rights at the events (or for a series of events) sometimes together with additional services (e.g. implementation of marketing rights at events) that are not considered distinct in the context of the contract. The satisfaction of the performance obligation depends on the number of events delivered and on their timing and is satisfied over time when the events take place. Measurement of progress for performance obligations delivered over time is usually based on the number of events delivered (output method) and aligned with contractual agreements. Agency model Under the agency model, the Group acts as an agent for rights holders to sell marketing, media and hospitality rights to sponsors and broadcasters. When considering whether the Group is the principal or agent in the arrangement, the Group has determined that it does not control the rights to the specified rights prior to transfer of such rights to the customer. The Group is not the primary obligor in the contract and is contracted to sell the underlying rights to sponsors and broadcasters on behalf of the owner of the underlying rights. Additionally, the Group does not have sole discretion relative to the rights holders in establishing the price for the specified rights. The agency model includes commission contracts with minimum revenue guarantee to the customers and commission contracts based on revenue earned by the rights owner. The Group distinguishes two types of contracts with different performance obligations among the agency contracts: pure agency contracts and agency contracts with secondary services. For pure agency contracts, the performance obligation only consists of the sale of rights. For agency contracts with secondary services, the performance obligation includes, the sale of commercial rights and providing additional substantial secondary services over the duration of the contract. The secondary services typically include services for market projections, defining commercial strategy, market research, sales proposals, sales presentation and pre- The Group satisfies its performance obligation in pure agency contracts at a point in time, when the contract between the rights holder and its customer is signed. For agency contracts with secondary services, the performance obligation consists of a bundle of services not distinct in the context of the contract and is satisfied over time. Progress is usually measured based on time or on event basis output method and aligned with contractual agreements. Minimum sales guaranteed to commercial rights owners in agency contracts are disclosed as contingent liabilities and reduced by continued sales progress in meeting commitments vis-a-vis Product licensing Product licensing consists of royalties earned on licensed product sales. When considering whether the Group is the principal or agent in the arrangement, the Group has determined that it controls the rights to the specified licenses prior to transfer of such rights to the customer. The Group is the primary obligor and contracts with its customers as the owner of the licenses. Additionally, the Group has sole discretion relative to the rights holders in establishing the price for the specified licensing arrangements. Contractually guaranteed payments are recognized over the period the customer has the right to access the intellectual property. Sales-based usage-based Sponsorships and event licensing for Mass Participation Event licensing fees include amounts charged to outside parties for the use of the Group’s trade names for the purpose of conducting an event in a specific location. Sponsorships include amounts charged to outside parties to sponsor a specified individual race/event or series of races/events. Deliverables may include naming rights, the right to advertise the relationship, booth space, displays of the sponsor logo at events, commercial airtime, VIP passes, entry fees, value in kind or other similar event related deliverables. Sponsorship and event licensing revenue is typically recognized as the event takes place, except for commercial airtime provided in connection with certain sponsorship contracts, which is recognized when the airing occurs and digital benefits which is recognized over the estimated period of time that the digital benefits are provided to the outside party sponsoring the event. When considering whether the Group is the principal or agent in the sponsorships and event licensing arrangements, the Group has determined that, as holder of the events, it controls the right to sponsorships and event licenses prior to transfer of such rights to the customer. The Group is the primary obligor and contracts with its customers as the owner of the licenses. Additionally, the Group is free to negotiate what it can in establishing the price for the specified licensing arrangements. Rendering of Service Media Production Performance obligations of revenue from media production include (i) host broadcast operations for major events and (ii) consulting and other services. For host broadcast operations, contracts for host broadcast operations may be structured either as a cost-plus contract or a general contractor contract (where the Group bears the financial risk of cost overruns). For host broadcast operations and consulting and other services, the Group provides its customers with an integrated service where the Group integrates goods or services that are used as inputs to produce the combined outputs specified by the customer. Costs incurred by the Group to procure such services are recorded as cost of sales. The satisfaction of the performance obligation of host broadcast operations depends on the number of host broadcast operations and on their timing. The performance obligation is satisfied over time when the events take place. The satisfaction of the performance obligation relating to consulting services is satisfied over time. Measurement of progress for media production contracts delivered over time is usually based on the number of events delivered under an output method or costs incurred under an input method and aligned with contractual agreements. Events Events revenue consists of event entry fees, expo fees, amounts received from host cities and photo commissions. Entry fees include revenues generated from fees charged to event participants. Expo fees consist of rentals at the events by outside parties. Host city fees include amounts received from the city or local organizing committee to support the hosted event. Photo commissions represent revenue earned from an outside photography service for exclusive access to the Group’s athletes on site at events. The satisfaction of the performance obligation depends on the number of events and on their timing and is satisfied as the events take place. Other revenue Other revenue from contracts with customers primarily consists of those contracts with customers to generate revenue related to professional memberships, coaching certification programs, merchandise sales and contribution revenue. Revenue from memberships is recognized during the calendar year in which an athlete is registered to compete as a professional. For the coaching certification program, revenue is recognized on a straight-line basis over time period when customers have access to the course materials. Merchandise sales consist of direct sales of apparel and other merchandises to customers. The satisfaction of performance obligation of these contracts is achieved when the products are delivered to the customers. Shipping costs incurred for merchandise shipped to customers are recorded as part of the cost of sales line item on the consolidated statements of profit or loss. Contribution revenue is recognized when an unconditional transfer is made. The incremental costs of obtaining a contract is recognized as an expense when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less. Allocation of transaction price For certain contracts with customers that include multiple distinct performance obligations, total consideration is allocated to performance obligations using a relative stand-alone selling price basis. Generally, contracts with multiple distinct performance obligations sold by the Group include services which are satisfied over the same period of time, and the amount and timing of revenue recognition is not impacted by the allocation of transaction price. Variable consideration Certain contracts with customers include variable consideration contingent on the Group’s overall performance on the contract. The Group estimates the amount of variable consideration that the Group will be entitled to and that will be included in the transaction price to the extent that it is highly probable that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty is resolved. Consideration payable to the customer When the Group sells media or marketing rights, the Group may pay a signing fee to the rights holder. Such fees paid to the rights holder are considered consideration payable to the customer and recorded as a reduction of transaction price. Significant financing component The Group receives short-term and long-term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised services or goods to the customer and when the customer pays for that services or goods will be one year or less. The difference between the promised consideration and the cash selling price of the services or goods has not been adjusted as well, if such difference arises for reasons other than the provision of finance to either the customer or the Group, and the difference between those amounts is proportional to the reason for the difference. For example, the payment terms might provide the Group or the customer with protection from the other party failing to adequately complete some or all of its obligations under the contract. The Group also receives long-term advances from customers in some circumstances. The transaction price for such contracts is discounted, using the rate that would be reflected in a separate financing transaction between the Group and its customers at contract inception, to take into consideration the significant financing component. Contract balances Contract assets A contract asset is the right to consideration in exchange for services or goods transferred to the customer. If the Group performs by transferring services or goods to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Trade receivables A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section q) Financial instruments—initial recognition and subsequent measurement. Contract liabilities A contract liability is the obligation to transfer services or goods to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers services or goods to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. Assets and liabilities arising from rights of return Refund liabilities A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer and is measured at the amount the Group ultimately expects it will have to return to the customer. Returns are immaterial for the Group for all years presented. |
Revenue recognition | f) Revenue recognition before January 1, 2018 The Group generates revenue primarily from sale of rights, rendering of service and other revenue. Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is received. Revenue is recognized at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes. Sale of rights Sale of rights mainly includes revenue from selling media (television, new media, etc.) and marketing rights, event licensing fees as well as product licensing and sponsorships. For sale of media and marketing rights where the Group controls the underlying rights and the events are held on single or multiple days, revenues and direct costs are recognized when the event is completed. If the rights sold cover a series of events which take place throughout a period (year, season or series), revenues and direct costs are allocated proportionally to the individual events and recognized in the consolidated statements of profit or loss when the individual event takes place. Minimum sales guaranteed to commercial rights owners in agency contracts are disclosed as contingent liabilities and reduced by continued sales progress in meeting commitments vis à vis commercial rights owners. Media and Marketing Rights For sale of media and marketing rights where the Group is acting as an agent of the rights’ holder, revenue is recognized when the commission is earned and when it is probable that the economic benefits associated with the transaction will flow to the entity, typically when cash is received from the end customer. Such revenues are presented under other revenues in Note 11. Event licensing Event licensing fees include amounts charged to outside parties for the use of the Group’s trade names for the purpose of conducting an event in a specific location. Product licensing Product licensing consists of royalties earned on licensed product sales. Contractually guaranteed payments are recognized evenly over the period to which they relate. Amounts earned in excess of the contractually guaranteed amounts are recognized in the period in which the amount can be reliably measured. This typically occurs in the period in which the sale of the licensed product exceeds the minimum level. Royalties earned on the sale of products, for which there is no minimum, are earned in the month of sale of the licensed products when the amounts can be reliably measured. Sponsorships Sponsorships include amounts charged to outside parties to sponsor a specified individual race/event or series of races/events. Deliverables may include naming rights, the right to advertise the relationship, booth space, displays of the sponsor logo at events, commercial airtime, VIP passes, entry fees, value in kind or other similar event related deliverables. Sponsorship revenue is typically recognized upon the completion of the related event, except for commercial airtime provided in connection with certain sponsorship contracts, which is recognized when the airing occurs. Revenue from services Revenue from services mainly includes revenue from media production and events. Media Production For short-term projects with a duration of less than one year or when not related to a specified event, revenues are recognized after the full delivery of the services while revenues for services relating to an event are recognized after the completion of the event. For long-term contracts, the Group recognizes revenues either on a straight-line basis over the service period or on the basis of the percentage of completion, using the cost to cost method, depending on the nature of the transaction and the contractual agreement. Events Event revenue consists primarily of event entry fees, expo fees, amounts received from host cities and photo commissions. Entry fees include revenues generated from fees charged to event participants. Expo fees consist of rentals at the events by outside parties. Host city fees include amounts received from the city or local organizing committee to support the hosted event. Photo commissions represent revenue earned from an outside photography service for exclusive access to the Group’s athletes on site at events. Event revenues are recognized upon completion of the event when all substantial related services have been provided and all other revenue recognition criteria have been met. Other revenue Other revenue primarily consists of revenue related to professional memberships, coaching certification programs, contribution revenue and merchandise sales. Revenue for memberships is recognized during the calendar year in which an athlete is registered to compete as a professional. For the coaching certification program, individuals pay a fee to enroll in a course and revenue is recognized on a straight-line basis over the time period they have access to the course materials. Contribution revenue is recorded when an unconditional transfer is made. Merchandise sales consist of the direct sale of apparel and other merchandise to customers. Merchandising revenue is recognized, netting of allowance for returns, at point of sales or, if shipping is required, when the products are delivered to the customers. Returns are immaterial for all years presented. Shipping costs incurred for merchandise shipped to customers are recorded as part of the cost of sales line item on the consolidated statement of profit or loss. |
Government grants | g) Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. |
Taxes | h) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of deductible temporary differences associated with investments in subsidiaries, associate s The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if information about facts and circumstances changes. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in consolidated statements of profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales tax Expenses and assets are recognized net of the amount of sales tax, except: • When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable • When receivables and payables are stated with the amount of sales tax included |
Segment reporting | i) Segment reporting Based on the criteria established by IFRS 8 “Operating segment”, the Group’s chief operating decision maker (“CODM”) has been identified as the Executive Committee, who reviews consolidated results when making decisions about allocating sources and assessing the performance of the Group. The Group has three reporting segments, namely Mass Participation, Spectator Sports and Digital, Production, Sports Solutions (“DPSS”). |
Foreign currencies | j) Foreign currencies The Group’s consolidated financial statements are presented in EUR, which is also the parent company’s functional currency before July 31, 2019. Since July 31, 2019, the Company changed its functional currency from EUR to USD subsequent to its initial public offering because the Company’s ongoing and future financing are predominantly in USD. The Company has translated all items into the new functional currency using the EUR/USD exchange rate at the date of the change. Furthermore, the exchange differences arising from the translation from functional currency of the Company (USD) to presentation currency of the Group (EUR) were recognized in other comprehensive income. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. i) Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in consolidated statements of profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in consolidated statements of profit or loss. Non-monetary Non-monetary The gain or loss arising on translation of non-monetary ii) Group companies On consolidation, the assets and liabilities of foreign operations are translated into EUR at the rate of exchange prevailing at the reporting date and their consolidated statements of profit or loss are translated at average exchange rates of the reporting periods. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. |
Non-current assets held for sale and discontinued operations | k) Non-current The Group classifies non-current Non-current The criteria for held for sale classification is met when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: • Represents a separate major line of business or geographical area of operations • Is part of a single co-ordinated Or • Is a subsidiary acquired exclusively with a view to resale Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. |
Cash dividend | l) Cash dividend The Group recognizes a liability to pay a dividend when the distribution is authorized and the distribution is no longer at the discretion of the Group. As per the articles of association of the Company, a distribution is authorized by ordinary resolution of the Company. A corresponding amount is recognized directly in equity. |
Property, plant and equipment | m) Property, plant and equipment Plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in consolidated statements of profit or loss as incurred. Projects in progress is stated at cost, net of accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: ● Office and IT equipment 1 to 7 years ● Machinery, equipment and vehicle 3 to 6 years ● Media production equipment 5 years ● Leasehold improvements shorter of lease term and life of asset An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of profit or loss when the asset is derecognized. The useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Leases applicable before and after January 1, 2018 | n) Leases applicable from January 1, 2018 The Group has early applied IFRS 16 using the modified retrospective approach applicable to contracts entered into before January 1, 2018. Right-of-use At inception of the contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the assets and whether it has the right to control the use of the asset. The right-of-use The right-of-use right-to-use right-of-use Lease liability Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Group incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments, variable lease payments that depends on an index or a rate, amount expected to be payable under a residual value guarantee and any exercise price under a purchase option that the Group is reasonably certain to exercise. Lease liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Group assessment of option purchases, contract extensions or termination options. Short-term leases and leases of low value assets The Group has elected to not recognize right-of-use o) Leases before January 1, 2018 The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement. Group as a lessee A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Group is classified as a finance lease. An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the consolidated statement of profit or loss on a straight-line basis over the lease term. |
Intangible assets | p) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statements of profit or loss in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized. Trade names Trade names are recognized based on the purchase price allocations for acquisitions of subsidiaries. The Group’s trade names have 8 years, 10 years or indefinite useful lives based on the expected usage of the asset by the Group. The Group has no plans to retire any of its trade names at any point in the foreeable future. Customer relationships Customer relationships are recognized based on the purchase price allocations for acquisitions of subsidiaries. The Group’s customer relationships useful life period is 3 to 19 years based on the expected usage of the asset by the Group. The Group has no plans to retire any of its customer relationships at any point in the foreseeable future. A summary of the policies applied to the Group’s intangible assets is as follows: ● Trade names 8 years, 10 years or indefinite lives ● Customer relationships 3 to 19 years ● Software 1 to 5 years Other intangible assets, mainly including: ● Brand 1 to 15 years ● Media rights 4 years ● Reacquired rights Remaining license period ● Covenants not to compete Life of the covenant ● Licenses and contracts Over the lifetime of the contracts, up to 10 years |
Financial instruments before and after January 1, 2018 | q) Financial instruments applicable from January 1, 2018 A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to Note 2.3 e) Revenue from contracts with customers, applicable from January 1, 2018. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement For the purpose of subsequent measurement, financial assets are classified in three categories: • Financial assets at amortized cost (debt instruments); • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); • Financial assets at fair value through profit or loss. Financial assets at amortized cost (debt instruments) The Group measures financial assets at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (“EIR”) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. This category is the most relevant to the Group and mainly including trade and other receivables, accrued income and contract assets. Financial assets designated at fair value through OCI (equity instruments) As part of its development strategy, the Group might invest in the share capital of selected companies with the aim to develop new business opportunities and increase the range of products and services available to its customers. When certain conditions are met and upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI. The classification is determined on an investment by investment basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as financial income in the consolidated statements of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably certain of its non-listed Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statements of financial position) when: • The rights to receive cash flows from the asset have expired; Or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in disclosures for significant assumptions (see Note 3), other operating expenses (see Note 12) and trade and other receivables (see Note 29). The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months 12-month For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has individually assessed the recoverability risk for overdue receivables which is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment on a quarterly basis. ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, interest bearing liabilities, and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the consolidated statements of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss, except for contingent considerations and liabilities from business combination. Loans and borrowings After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the consolidated statements of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 25. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statements of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. r) Financial instruments—before January 1, 2018 A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss, loans and receivables, derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial assets are recognized initially at fair value. In the case of financial assets not recorded at fair value through profit or loss, financial assets are measured at fair value plus transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement For the purpose of subsequent measurement, financial assets are classified in two categories: • Loans and receivables • Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets designated upon initial recognition at fair value through profit or loss and derivative financial instruments not used in cash flow hedge. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments as defined by IAS 39. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value. Net changes in fair value of financial assets at fair value through profit or loss, excluding the derivative financial instruments, are presented as other operating expenses, or other operating income in the consolidated statement of profit or loss, while changes in fair value of derivative financial instruments are presented as financial results in the consolidated statement of profit or loss. Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortized cost using the EIR method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in the consolidated statement of profit or loss. The losses arising from impairment are recognized in the consolidated statement of profit or loss in finance costs for loans and in selling, office and administrative expenses. This category generally applies to trade and other receivables. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • The rights to receive cash flows from the asset have expired Or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in the other operating expenses (see Note 12) and trade and other receivables (see Note 29). The Group assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred ‘loss event’), has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Group first assesses whether impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. The amount of any impairment loss identified is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in the consolidated statement of profit or loss. Interest income (recorded as finance income in the consolidated statement of profit or loss) continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to finance costs in the consolidated statement of profit or loss. Future interest income continues to be accrued based on the reduced carrying amount of the asset, using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in the consolidated statement of profit or loss, the impairment loss is reversed through the consolidated statement of profit or loss. ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, interest-bearing liabilities, and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments that are not designated as hedging instruments in hedge relationships as defined by IAS 39, and contingent considerations entered into by the Group. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the consolidated statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IAS 39 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss, except for contingent considerations and liabilities from business combination. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the consolidated statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. |
Derivative financial instruments and hedge accounting before and after January 1, 2018 | s) Derivative financial instruments and hedge accounting—applicable from January 1, 2018 Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts, and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in OCI and later reclassified to profit or loss when the hedge item affects profit or loss. For the purpose of hedge accounting, hedges are classified as: • Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment. • Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment. • Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Beginning January 1, 2018, the documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: • There is ‘an economic relationship’ between the hedged item and the hedging instrument; • The effect of credit risk does not • The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet the strict criteria for hedge accounting are accounted for as described below: Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the consolidated statements of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. Amounts accumulated in equity are recognized in the consolidated statements of profit or loss in the same reporting period when the hedged item affects profit or loss. When a derivative financial instrument is used to hedge the foreign exchange exposure of a recognized monetary assets or liability, no hedge accounting is applied and any gain or loss arising on the changes in fair value of the hedging instrument is recognized in profit or loss. t) Derivative financial instruments and hedge accounting before January 1, 2018 Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts, and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in OCI and later reclassified to profit or loss when the hedge item affects profit or loss. For the purpose of hedge accounting, hedges are classified as: • Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment • Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment • Hedges of a net investment in a foreign operation At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument’s fair value in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated. Hedges that meet the strict criteria for hedge accounting are accounted for as described below: Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the consolidated statement of profit or loss. The Group uses forward currency contracts as hedges of its exposure to foreign currency risk in forecast transactions as well as fair value cross currency and interest rate swaps to reduce the exposure to variability in future cash flows caused by changes in the benchmark interest rate. The ineffective portion relating to hedge instruments mentioned above are recognized in the consolidated statement of profit or loss in the same reporting period when the hedged item affects profit or loss. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. If the hedging instrument expires or is sold, terminated or exercised without replacement or roll over (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met. |
Inventories | u) Inventories All inventories are finished goods and consist of merchandise to be sold at events and online. The Group uses the lower of cost (determined on an average cost method) or net realizable value to determine the cost of merchandise inventories. The Group identifies potentially slow-moving and obsolete inventories through physical counts, monitoring of inventories on hand, and specific identification, and makes adjustments to net realizable value as necessary. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. |
Impairment of non-financial assets | v) Impairment of non-financial Further disclosures relating to impairment of non-financial ● Disclosures for significant judgements, estimates and assumptions, Note 3. ● Goodwill and intangible assets with indefinite lives, Note 23. The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years, unless a longer period can be justified. A long-term growth rate is calculated and applied to project future cash flows after the terminal year of the forecast period. Impairment losses are recognized in the consolidated statement of profit or loss in expenses. For assets excluding goodwill and intangible assets with indefinite lives, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of profit or loss. Goodwill is tested for impairment annually as at December 31 and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than it carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets with indefinite useful lives are tested for impairment annually as at December 31 at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired. |
Cash and short-term deposits | w) Cash and short-term deposits Cash and short-term deposits in the consolidated statements of financial position comprise cash at banks and on hand and short-term deposits with original maturities of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. |
Provisions | x) Provisions Provisions are recognized when the Group has a present constructive or legal obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. The amounts recognized represent management’s best estimate of the expenditures that will be required to settle the obligation as at each reporting date. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax Provisions are reviewed at the reporting date and adjusted to reflect the current best estimate. |
Pensions and other termination benefits | y) Pensions and other termination benefits The Group maintains various employee benefit plans, including both defined contribution and defined benefit plans. For defined contribution plans, the contributions are recognized as an expense when the employee has rendered the associated service. For defined benefit plans, the liability recognized in the consolidated statements of financial position is the present value of the defined benefit obligations less the fair value of the plan assets. The liability is calculated using the projected unit credit method, with independent actuarial valuations being carried out at the end of each reporting period. All changes in the net defined benefit liability are recognized as they occur as follows: Recognized in the consolidated statements of profit or loss: ● Current and past service costs ● Settlement gains or losses ● Net interest on the net defined liability Recognized in other comprehensive income: ● Actuarial gains and losses ● Return on plan assets, less interest on plan assets ● Any change in the effect of the asset ceiling Net interest on the net defined benefit liability is comprised of interest income on plan assets, interest cost on the defined benefit obligations and interest on the effect of the limit on the recognition of pension assets. The net interest is calculated using the same discount rate that is used in calculating the defined benefit obligations, applied to the net defined liability at the start of the period, taking account of any changes from contributions or benefit payments. Pension assets and liabilities in different defined benefit plans are not offset unless the Group has a legally enforceable right to use the surplus in one plan to settle obligations in the other plan. The Group also has termination benefits which are recognized as a liability and expenses when it can no longer withdraw the offer of those benefits. Provisions for termination benefits are included in long-term payroll payables on the Group’s consolidated statements of financial position based on the period in which the benefits are expected to be paid. |
Share-based payments | z) Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration. Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using appropriate valuation methodology, further details of which are given in Note 35. That cost is recognized in personnel expense (see Note 14) and cost of sales, together with a corresponding increase in equity (reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the consolidated statements of profit or loss for a period represents the movement in cumulative expense recognized from the beginning to end of that period. Service and non-market non-vesting Non-vesting No expense is recognized for awards that do not ultimately vest because non-market non-vesting non-vesting When the terms of an equity - The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note 18). Cash-settled transactions A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in personnel expense (see Note 14), and cost of sales. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value of the stock on the date of grant was determined using a weighted combination of a market approach and an income approach, less a discount for lack of marketability. The fair value of the put option was calculated using the valuation modeling, such as the Black Scholes model (see Note 35). The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions. |
Changes in accounting policies and disclosures | 2.4 Changes in accounting policies and disclosures Amendments to IAS 19: Plan Amendment, Curtailment or Settlement The amendments to IAS 19 address the accounting when a plan amendment, curtailment or settlement occurs during a reporting period. The amendments specify that when a plan amendment, curtailment or settlement occurs during the annual reporting period, an entity is required to determine the current service cost for the remainder of the period after the plan amendment, curtailment or settlement, using the actuarial assumptions used to remeasure the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event. An entity is also required to determine the net interest for the remainder of the period after the plan amendment, curtailment or settlement using the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event, and the discount rate used to remeasure that net defined benefit liability (asset). These amendments do not have any impact on the Group’s consolidated financial statements. IFRIC Interpretation 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for Income Taxes when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: ● Whether an entity considers uncertain tax treatments separately ● The assumptions an entity makes about the examination of tax treatments by taxation authorities ● How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates ● How an entity considers changes in facts and circumstances The Group determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty. The Group applies significant judgement in identifying uncertainties over income tax treatments. Since the Group operates in a complex multinational environment, it assessed whether the Interpretation had an impact on its consolidated financial statements. Upon adoption of the Interpretation, the Group considered whether it has any uncertain tax positions. The Company’s and the subsidiaries’ tax filings in different jurisdictions include deductions related to transfer pricing and the taxation authorities may challenge those tax treatments. The Group determined, based on its tax compliance and transfer pricing study, that it is probable that its tax treatments (including those for the subsidiaries) will be accepted by the taxation authorities. The Interpretation did not have a material impact on the consolidated financial statements of the Group. Amendments to IFRS 9: Prepayment Features with Negative Compensation Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are “solely payments of principal and interest on the principal amount outstanding” (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. These amendments had no impact on the consolidated financial statements of the Group. Amendments to IAS 28: Long-term interests in associates and joint ventures The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarified that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. These amendments had no impact on the consolidated financial statements as the Group does not have long-term interests in its associate and joint venture to which the equity method is not applied. a) IFRS 3 Business Combinations The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the assets and liabilities of the joint operation at fair value. In doing so, the acquirer remeasures its entire previously held interest in the joint operation. These amendments had no impact on the consolidated financial statements of the Group as there is no transaction where joint control is obtained. b) IFRS 11 Joint Arrangements An entity that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business as defined in IFRS 3. The amendments clarify that the previously held interests in that joint operation are not remeasured. These amendments had no impact on the consolidated financial statements of the Group as there is no transaction where a joint control is obtained. c) IAS 12 Income Taxes The amendments clarify that the income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity recognizes the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where it originally recognized those past transactions or events. Since the Group’s current practice is in line with these amendments, they had no impact on the consolidated financial statements of the Group. d) IAS 23 Borrowing Costs The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete. These amendments had no impact on the consolidated financial statements of the Group as there is no transaction where the borrowing costs are made to develop any qualifying asset. IFRS 15, IFRS 9, and IFRS 16 since January 1, 2018 The Group has applied IFRS 15, IFRS 9, and IFRS 16 since January 1, 2018. The nature and effect of the changes as a result of the adoption of these new accounting standards are described below. Several other amendments and interpretations apply for the first time in 2018, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective except for IFRS 16. IFRS 15 Revenue from Contracts with Customers supersedes IAS 11 Construction Contracts, IAS 18 Revenue and related Interpretations and it applies, with limited exceptions, to all revenue arising from contracts with customers. IFRS 15 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue be recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring services or goods to a customer. IFRS 15 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition, the standard requires extensive disclosures. The Group adopted IFRS 15 using the modified retrospective method of adoption. The cumulative effect of initially applying the new standard was recognized on the day of initial application and prior periods will not be retrospectively adjusted. The effect of adopting IFRS 15 as at January 1, 2018 is, as follows: Reference January 1, ASSETS CURRENT ASSETS Accrued income a,c (48,030 ) Contract assets a 48,703 673 NON-CURRENT ASSETS Accrued income a,c (300 ) Contract assets a 300 Deferred tax asset d (238 ) (238 ) TOTAL ASSETS 435 LIABILITIES CURRENT LIABILITIES Deferred income b (192,717 ) Contract Liabilities b,c 192,289 (428 ) NON-CURRENT LIABILITIES Deferred income b (18,160 ) Contract liabilities b,c 18,160 — TOTAL LIABILITIES (428 ) EQUITY Retained earnings c 914 Reserve c (51 ) TOTAL EQUITY 863 TOTAL LIABILITIES AND EQUITY 435 The nature of these adjustments is described below: a) Before adoption of IFRS 15, the Group recognized accrued income, even if the receipt of the total consideration was conditional on successful completion of goods or services in the contract. Under IFRS 15, any earned consideration that is conditional should be recognized as a contract asset rather than an accrued income. Therefore, upon the adoption of IFRS 15, the Group reclassified €49,003 of accrued income as contract assets in total as at January 1, 2018. b) Before the adoption of IFRS 15, the Group presented these advances which are project related as deferred income in the consolidated statement of financial position on the advances received. Under IFRS 15, the Group presented those advances as contract liabilities. Therefore, a reclassification of €210,877 in total was made as at January 1, 2018. c) The Group allocated sponsorship benefits over period during which the services were provided. The Group accelerated recognition of certain digital benefits to periods prior to the event at an amount of €914 in retained earnings, as well as an increase of accrued income €672, and a decrease of €427 of contract liabilities as at January 1, 2018. The losses on foreign exchange differences on such impact was €51 which was booked into other comprehensive income as at January 1, 2018. d) The Group recognized the related deferred tax impact for the adjustment c) illustrated as above. Set out below are the amounts by which each financial statement line item is affected as at and for the year ended December 31, 2018 as a result of the adoption of IFRS 15. The adoption of IFRS 15 did not have a material impact on the Group’s operating, investing and financing cash flows. The first column shows amounts prepared under IFRS 15 and the second column shows what the amounts would have been had IFRS 15 not been adopted: Reference Under IFRS15 Under IAS18 € € Revenue a,b 1,129,186 1,131,702 Cost of sales a,b (763,793 ) (766,564 ) Gross profit 365,393 365,138 Profit before tax 72,967 72,712 Income tax c (18,955 ) (19,058 ) Profit for the year 54,012 53,654 Attributable to: Equity holders of the parent 51,646 51,288 Non-controlling 2,366 2,366 54,012 53,654 Reference Under Under ASSETS CURRENT ASSETS Accrued income d 6,474 44,778 Contract assets d 39,714 — NON-CURRENT Contract assets e 9,077 — Accrued income e — 9,077 Deferred tax assets c 24,562 24,703 TOTAL ASSETS 1,882,511 1,881,242 LIABILITIES CURRENT LIABILITIES Deferred income e 7 185,686 Contract liabilities e 185,681 — NON-CURRENT Deferred income e 10 — Contract liabilities e 13,485 13,495 TOTAL LIABILITIES 1,891,526 1,891,524 EQUITY Reserves c (1,321,685 ) (1,321,680 ) Accumulated deficit a,b,c (207,566 ) (208,838 ) Deficit attributable to equity holders of the parent (8,435 ) (9,702 ) TOTAL DEFICIT (9,015 ) (10,282 ) TOTAL LIABILITIES AND EQUITY 1,882,511 1,881,242 The nature of the adjustments as at January 1, 2018 and the reasons for the major changes in the consolidated statement of financial position as at December 31, 2018 and the statement of profit or loss for the year ended December 31, 2018 are described below: a) The Group previously typically recognized digital benefits revenue upon the completion of the related event. Under IFRS 15, digital benefits are recognized over the estimated period of time that the digital benefits are provided to the outside party sponsoring the event. The differences of the revenue recognition on such benefit contributed approximately €254 to the Group’s revenue for the year. b) The Group previously recognized some of the commission paid to the customer as a cost under IAS 18. After adoption of IFRS 15, the Group has recognized such commission as a payment to the customer which is recognized as a deduction in revenue. Such impact leads to a decrease in revenue of €2,770 under IFRS 15 compared with the accounting treatment under IAS 18. c) The Group recognizes related tax impact regarding the adjustments a) and b) mentioned above, as well as the foreign exchange differences in other comprehensive income for the year ended December 31, 2018. d) Before adoption of IFRS 15, the Group recognized accrued income, even if the receipt of the total consideration was conditional on successful completion of installation services. Under IFRS 15, any earned consideration that is conditional should be recognized as a contract asset rather than an accrued income. e) Before the adoption of IFRS 15, the Group presented these advances which are project related as deferred income in the consolidated statement of financial position on the advances received. Under IFRS 15, the Group presented those advances as contract liabilities. The change did not have a material impact on OCI for the period. The impact on the consolidated statement of cash flows for the year ended December 31, 2018 only relates to the changes in profit before tax from continuing operations, certain adjustments to reconcile profit before tax to net cash flows from operating activities and working capital adjustments. However, there was no impact on the net cash flows from operating activities. The cash flows from investing and financing activities were not affected. IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement for annual periods beginning on or after January 1, 2018, bringing together all three aspects of the accounting for financial instruments: classification and measurement; impairment: and hedge accounting. The Group did not restate comparative information and recognize any transition adjustments against the opening balance of equity at January 1, 2018. The effect of adopting IFRS 9 is, as follows: Reference January 1, ASSETS CURRENT ASSETS Trade and other receivables a (512 ) Accrued income a (210 ) (722 ) NON-CURRENT ASSETS Deferred tax asset b 26 26 TOTAL ASSETS (696 ) EQUITY Reserves a (25 ) Accumulated deficit b (671 ) TOTAL DEFICIT (696 ) TOTAL LIABILITIES AND EQUITY (696 ) The nature of these adjustments are described below: a) The adoption of IFRS 9 has fundamentally changed the Group’s accounting for impairment losses for financial assets by replacing IAS 39’s incurred loss approach with a forward-looking expected credit loss approach. IFRS 9 requires the Group to recognize an allowance for ECL for all debt instruments not held at fair value through profit or loss and contract assets. Upon adoption of IFRS 9 , t Allowance for impairment under IAS 39 as at December 31, 2017 Remeasurement ECL under IFRS 9 as at January 1, 2018 € € € Trade and other receivables (15,563 ) (512 ) (16,075 ) Accrued income under IAS 39/ Contract Assets under IFRS 9 — (210 ) (210 ) (15,563 ) (722 ) (16,285 ) b) The Group recognized corresponding tax differences as well as the foreign exchange differences for the adjustment a) as mentioned above. The classification and measurement requirements of IFRS 9 did not have a significant impact on the Group. The Group has not designated any financial liabilities as at fair value through profit or loss, except for the contingent consideration and liabilities through business combination. There are no changes in classification and measurement for the Group’s financial liabilities. In summary, upon the adoption of IFRS 9, the Group had the following required or elected reclassifications as at January 1, 2018. IFRS 9 Measurement Category Fair through profit or loss Amortize d cost Fair through OCI € € € € IAS 39 measurement category Loans and receivables Trade and other receivables* 276,153 — 275,641 — Accrued Income* 60,579 — 60,369 — * The change in the carrying amount is a result of additional impairment allowance and the reclassification of certain accrued income, where the right to consideration is unconditional and only passage of time is required before payment is done. See the discussion on impairment as above. IFRS 16 Leases replaces IAS 17 and related interpretations and is applicable from January 1, 2019. The Group decided to early adopt the new standard from January 1, 2018. The standard sets out new principles for recognition, measurement, presentation and disclosure of leases. The standard provides a single lessee accounting model that requires lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The main impact for the Group relates to the recognition of new assets and liabilities for its property lease agreements. In addition, the nature of the expenses related to those leases will now change as IFRS 16 replaces the straight-line operating lease expenses with a depreciation charge for right-of-use assets and interest expenses on lease liabilities. The Group adopted IFRS 16 using the modified retrospective method. A cumulative catch up adjustment arising from the application of the new standard was recognized in equity as of January 1, 2018 and therefore comparative figures have not been restated. The Group has elected to recognize lease payments for certain short-term leases (contract duration within 12 months) and certain low value leases, on a lease-by lease basis, as expense on a straight-line basis over the lease term. The difference between the operating lease commitments applying IAS 17 as at December 31, 2017 and lease liabilities recognized in the consolidated statement of financial position as at January 1, 2018, the date of initial application of IFRS 16 by the Group is mainly due to discounting of future lease payments, reclassification of accrued lease expenses to lease liabilities and the election not to recognize lease liabilities for certain leases for which the lease term ends within 12 months of the date of initial application. The lease liabilities were discounted at a discount rate of 1.56%~6.21% on January 1, 2018. The impact on the opening balance of the consolidated statement of financial position was shown as below: January 1, ASSETS CURRENT ASSETS Other assets 70 70 NON-CURRENT ASSETS Rights of use assets 42,590 Deferred tax assets 6,769 49,359 TOTAL ASSETS 49,429 LIABILITIES Accrued expenses (563 ) Provision (1,139 ) (1,702 ) NON-CURRENT LIABILITIES Lease liabilities 45,312 Deferred tax liabilities 7,033 Provision (1,504 ) 50,841 TOTAL LIABILITIES 49,139 EQUITY Retained earnings 313 Reserves (17 ) Non-controlling (6 ) TOTAL EQUITY 290 TOTAL LIABILITIES AND EQUITY 49,429 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | |
Summary of Estimated Useful Lives of Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: ● Office and IT equipment 1 to 7 years ● Machinery, equipment and vehicle 3 to 6 years ● Media production equipment 5 years ● Leasehold improvements shorter of lease term and life of asset |
Summary of Estimated Useful Lives of Intangible Assets | A summary of the policies applied to the Group’s intangible assets is as follows: ● Trade names 8 years, 10 years or indefinite lives ● Customer relationships 3 to 19 years ● Software 1 to 5 years Other intangible assets, mainly including: ● Brand 1 to 15 years ● Media rights 4 years ● Reacquired rights Remaining license period ● Covenants not to compete Life of the covenant ● Licenses and contracts Over the lifetime of the contracts, up to 10 years |
Summary of Effect of Adopting IFRS 15 | The effect of adopting IFRS 15 as at January 1, 2018 is, as follows: Reference January 1, ASSETS CURRENT ASSETS Accrued income a,c (48,030 ) Contract assets a 48,703 673 NON-CURRENT ASSETS Accrued income a,c (300 ) Contract assets a 300 Deferred tax asset d (238 ) (238 ) TOTAL ASSETS 435 LIABILITIES CURRENT LIABILITIES Deferred income b (192,717 ) Contract Liabilities b,c 192,289 (428 ) NON-CURRENT LIABILITIES Deferred income b (18,160 ) Contract liabilities b,c 18,160 — TOTAL LIABILITIES (428 ) EQUITY Retained earnings c 914 Reserve c (51 ) TOTAL EQUITY 863 TOTAL LIABILITIES AND EQUITY 435 The nature of these adjustments is described below: a) Before adoption of IFRS 15, the Group recognized accrued income, even if the receipt of the total consideration was conditional on successful completion of goods or services in the contract. Under IFRS 15, any earned consideration that is conditional should be recognized as a contract asset rather than an accrued income. Therefore, upon the adoption of IFRS 15, the Group reclassified €49,003 of accrued income as contract assets in total as at January 1, 2018. b) Before the adoption of IFRS 15, the Group presented these advances which are project related as deferred income in the consolidated statement of financial position on the advances received. Under IFRS 15, the Group presented those advances as contract liabilities. Therefore, a reclassification of €210,877 in total was made as at January 1, 2018. c) The Group allocated sponsorship benefits over period during which the services were provided. The Group accelerated recognition of certain digital benefits to periods prior to the event at an amount of €914 in retained earnings, as well as an increase of accrued income €672, and a decrease of €427 of contract liabilities as at January 1, 2018. The losses on foreign exchange differences on such impact was €51 which was booked into other comprehensive income as at January 1, 2018. d) The Group recognized the related deferred tax impact for the adjustment c) illustrated as above. |
Summary of Detailed Information About Effects on Financial Statements Due to Adoption of IFRS 15 | Set out below are the amounts by which each financial statement line item is affected as at and for the year ended December 31, 2018 as a result of the adoption of IFRS 15. The adoption of IFRS 15 did not have a material impact on the Group’s operating, investing and financing cash flows. The first column shows amounts prepared under IFRS 15 and the second column shows what the amounts would have been had IFRS 15 not been adopted: Reference Under IFRS15 Under IAS18 € € Revenue a,b 1,129,186 1,131,702 Cost of sales a,b (763,793 ) (766,564 ) Gross profit 365,393 365,138 Profit before tax 72,967 72,712 Income tax c (18,955 ) (19,058 ) Profit for the year 54,012 53,654 Attributable to: Equity holders of the parent 51,646 51,288 Non-controlling 2,366 2,366 54,012 53,654 Reference Under Under ASSETS CURRENT ASSETS Accrued income d 6,474 44,778 Contract assets d 39,714 — NON-CURRENT Contract assets e 9,077 — Accrued income e — 9,077 Deferred tax assets c 24,562 24,703 TOTAL ASSETS 1,882,511 1,881,242 LIABILITIES CURRENT LIABILITIES Deferred income e 7 185,686 Contract liabilities e 185,681 — NON-CURRENT Deferred income e 10 — Contract liabilities e 13,485 13,495 TOTAL LIABILITIES 1,891,526 1,891,524 EQUITY Reserves c (1,321,685 ) (1,321,680 ) Accumulated deficit a,b,c (207,566 ) (208,838 ) Deficit attributable to equity holders of the parent (8,435 ) (9,702 ) TOTAL DEFICIT (9,015 ) (10,282 ) TOTAL LIABILITIES AND EQUITY 1,882,511 1,881,242 The nature of the adjustments as at January 1, 2018 and the reasons for the major changes in the consolidated statement of financial position as at December 31, 2018 and the statement of profit or loss for the year ended December 31, 2018 are described below: a) The Group previously typically recognized digital benefits revenue upon the completion of the related event. Under IFRS 15, digital benefits are recognized over the estimated period of time that the digital benefits are provided to the outside party sponsoring the event. The differences of the revenue recognition on such benefit contributed approximately €254 to the Group’s revenue for the year. b) The Group previously recognized some of the commission paid to the customer as a cost under IAS 18. After adoption of IFRS 15, the Group has recognized such commission as a payment to the customer which is recognized as a deduction in revenue. Such impact leads to a decrease in revenue of €2,770 under IFRS 15 compared with the accounting treatment under IAS 18. c) The Group recognizes related tax impact regarding the adjustments a) and b) mentioned above, as well as the foreign exchange differences in other comprehensive income for the year ended December 31, 2018. d) Before adoption of IFRS 15, the Group recognized accrued income, even if the receipt of the total consideration was conditional on successful completion of installation services. Under IFRS 15, any earned consideration that is conditional should be recognized as a contract asset rather than an accrued income. e) Before the adoption of IFRS 15, the Group presented these advances which are project related as deferred income in the consolidated statement of financial position on the advances received. Under IFRS 15, the Group presented those advances as contract liabilities. |
Summary of Impact of Adoption of IFRS 15 | The first column shows amounts prepared under IFRS 15 and the second column shows what the amounts would have been had IFRS 15 not been adopted: Reference Under IFRS15 Under IAS18 € € Revenue a,b 1,129,186 1,131,702 Cost of sales a,b (763,793 ) (766,564 ) Gross profit 365,393 365,138 Profit before tax 72,967 72,712 Income tax c (18,955 ) (19,058 ) Profit for the year 54,012 53,654 Attributable to: Equity holders of the parent 51,646 51,288 Non-controlling 2,366 2,366 54,012 53,654 Reference Under Under ASSETS CURRENT ASSETS Accrued income d 6,474 44,778 Contract assets d 39,714 — NON-CURRENT Contract assets e 9,077 — Accrued income e — 9,077 Deferred tax assets c 24,562 24,703 TOTAL ASSETS 1,882,511 1,881,242 LIABILITIES CURRENT LIABILITIES Deferred income e 7 185,686 Contract liabilities e 185,681 — NON-CURRENT Deferred income e 10 — Contract liabilities e 13,485 13,495 TOTAL LIABILITIES 1,891,526 1,891,524 EQUITY Reserves c (1,321,685 ) (1,321,680 ) Accumulated deficit a,b,c (207,566 ) (208,838 ) Deficit attributable to equity holders of the parent (8,435 ) (9,702 ) TOTAL DEFICIT (9,015 ) (10,282 ) TOTAL LIABILITIES AND EQUITY 1,882,511 1,881,242 The nature of the adjustments as at January 1, 2018 and the reasons for the major changes in the consolidated statement of financial position as at December 31, 2018 and the statement of profit or loss for the year ended December 31, 2018 are described below: a) The Group previously typically recognized digital benefits revenue upon the completion of the related event. Under IFRS 15, digital benefits are recognized over the estimated period of time that the digital benefits are provided to the outside party sponsoring the event. The differences of the revenue recognition on such benefit contributed approximately €254 to the Group’s revenue for the year. b) The Group previously recognized some of the commission paid to the customer as a cost under IAS 18. After adoption of IFRS 15, the Group has recognized such commission as a payment to the customer which is recognized as a deduction in revenue. Such impact leads to a decrease in revenue of €2,770 under IFRS 15 compared with the accounting treatment under IAS 18. c) The Group recognizes related tax impact regarding the adjustments a) and b) mentioned above, as well as the foreign exchange differences in other comprehensive income for the year ended December 31, 2018. d) Before adoption of IFRS 15, the Group recognized accrued income, even if the receipt of the total consideration was conditional on successful completion of installation services. Under IFRS 15, any earned consideration that is conditional should be recognized as a contract asset rather than an accrued income. e) Before the adoption of IFRS 15, the Group presented these advances which are project related as deferred income in the consolidated statement of financial position on the advances received. Under IFRS 15, the Group presented those advances as contract liabilities. |
Summary of Effect of Adopting IFRS 9 | The effect of adopting IFRS 9 is, as follows: Reference January 1, ASSETS CURRENT ASSETS Trade and other receivables a (512 ) Accrued income a (210 ) (722 ) NON-CURRENT ASSETS Deferred tax asset b 26 26 TOTAL ASSETS (696 ) EQUITY Reserves a (25 ) Accumulated deficit b (671 ) TOTAL DEFICIT (696 ) TOTAL LIABILITIES AND EQUITY (696 ) |
Summary of Effect of Adopting IFRS 9 on Allowance for Impairment | Allowance for impairment under IAS 39 as at December 31, 2017 Remeasurement ECL under IFRS 9 as at January 1, 2018 € € € Trade and other receivables (15,563 ) (512 ) (16,075 ) Accrued income under IAS 39/ Contract Assets under IFRS 9 — (210 ) (210 ) (15,563 ) (722 ) (16,285 ) |
Summary of Required or Elected Re classifications | In summary, upon the adoption of IFRS 9, the Group had the following required or elected reclassifications as at January 1, 2018. IFRS 9 Measurement Category Fair through profit or loss Amortize d cost Fair through OCI € € € € IAS 39 measurement category Loans and receivables Trade and other receivables* 276,153 — 275,641 — Accrued Income* 60,579 — 60,369 — * The change in the carrying amount is a result of additional impairment allowance and the reclassification of certain accrued income, where the right to consideration is unconditional and only passage of time is required before payment is done. See the discussion on impairment as above. |
Summary of Impact of Adoption of IFRS 16 | The impact on the opening balance of the consolidated statement of financial position was shown as below: January 1, ASSETS CURRENT ASSETS Other assets 70 70 NON-CURRENT ASSETS Rights of use assets 42,590 Deferred tax assets 6,769 49,359 TOTAL ASSETS 49,429 LIABILITIES Accrued expenses (563 ) Provision (1,139 ) (1,702 ) NON-CURRENT LIABILITIES Lease liabilities 45,312 Deferred tax liabilities 7,033 Provision (1,504 ) 50,841 TOTAL LIABILITIES 49,139 EQUITY Retained earnings 313 Reserves (17 ) Non-controlling (6 ) TOTAL EQUITY 290 TOTAL LIABILITIES AND EQUITY 49,429 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment information [abstract] | |
Summary of Segment Results | The segment results for the years ended December 31, 2019, 2018 and 2017 are as follows: December 31, 2019 Mass Spectator DPSS Adjustments and Total € € € € € Revenue External customers 326,917 567,279 135,884 — 1,030,080 Cost of sales 209,501 382,521 94,338 — 686,360 Segment gross profit 117,416 184,758 41,546 — 343,720 December 31, 2018 Mass Spectator DPSS Adjustments and Total € € € € € Revenue External customers 284,081 523,826 321,279 — 1,129,186 Cost of sales 183,225 315,664 264,904 — 763,793 Segment gross profit 100,856 208,162 56,375 — 365,393 December 31, 2017 Mass Spectator DPSS Adjustments and Total € € € € € Revenue External customers 251,450 547,072 156,076 — 954,598 Cost of sales 161,168 349,018 113,907 — 624,093 Segment gross profit 90,282 198,054 42,169 — 330,505 |
Summary of Geographic Information on Total Revenues | The Group’s businesses operate across the world. For the years ended December 31, 2019, 2018 and 2017, the geographic information on total revenues is as follows: 2019 2018 2017 Revenue from external customers € € € Europe 637,688 768,790 616,094 America 184,552 188,663 166,720 Asia 167,428 128,956 137,491 Oceania 27,102 23,530 20,905 Africa 13,310 19,247 13,388 Total 1,030,080 1,129,186 954,598 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capital management [abstract] | |
Capital management | The Group’s capital structure is as follows: December 31, December 31, € € Interest-bearing liabilities 845,668 561,117 Income tax payable 21,787 31,009 Other financial liabilities/(assets), net 21,058 15,088 Long-term receivables (6,808 ) (6,271 ) Cash and cash equivalents (163,225 ) (177,048 ) Net debt 718,480 423,895 |
Group information (Tables)
Group information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Group information [abstract] | |
Summary of Information about Subsidiaries | The consolidated financial statements of the Group mainly include: Direct and indirect % equity interest Name Principal activities Country As at As at As at World Endurance Holdings, Inc. (“WEH”) Sports & Events Services United States 100.00 100.00 100.00 World Triathlon Corporation Sports & Events Services United States 100.00 100.00 100.00 Ironman Holdings I LLC Sports & Events Services United States 100.00 100.00 100.00 World Endurance Africa Holdings (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN 70.3 Durban (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 World Endurance South Africa (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN 70.3 South Africa (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN South Africa (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN 70.3 Cape Town (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 IRONMAN Epic Holdings (Pty) Ltd. Sports & Events Services South Africa 100.00 100.00 100.00 Grandstand Management (Pty) Ltd. 1 Sports & Events Services South Africa 100.00 100.00 100.00 Cape Epic (Pty) Ltd. 1 Sports & Events Services South Africa 100.00 100.00 100.00 Wanda Sports Holdings (USA) Inc. Sports & Events Services United States 100.00 100.00 100.00 World Endurance Holdings Pty Ltd. Sports & Events Services Australia 100.00 100.00 100.00 World Endurance Asia Pacific Pty Ltd. Sports & Events Services Australia 100.00 100.00 100.00 IRONMAN New Zealand Limited Sports & Events Services New Zealand 100.00 100.00 100.00 IRONMAN Endurance Asia Pte. Ltd. Sports & Events Services Singapore 100.00 100.00 100.00 IRONMAN (Asia) Pte. Ltd. Sports & Events Services Singapore 100.00 100.00 100.00 IRONMAN Asia (Thailand) Co. Ltd. 2 Sports & Events Services Thailand — 49.00 49.00 Ironman Maryland Events, LLC 3 Sports & Events Services United States — — 100.00 IMU Holdings, LLC Sports & Events Services United States 100.00 100.00 100.00 Chesapeake Bay Bridge Run, LLC Sports & Events Services United States 100.00 100.00 100.00 The IRONMAN Foundation, Inc. Sports & Events Services United States 100.00 100.00 100.00 Competitor Group Holdings, Inc. 4 Sports & Events Services United States 100.00 100.00 100.00 Competitor Group, Inc. 4 Sports & Events Services United States 100.00 100.00 100.00 Competitor Publishing, Inc. 4 Sports & Events Services United States — — 100.00 Inside Communications Inc. 4 Sports & Events Services United States — — 100.00 Muddy Buddy Events, LLC 4 Sports & Events Services United States — — 100.00 Triathlon Group North America, Inc. 4 Sports & Events Services United States — — 100.00 Competitor Group Europe, S.A.R.L. 4 Sports & Events Services Luxembourg 100.00 100.00 100.00 CG Portugal LDA 4 Sports & Events Services Portugal 100.00 100.00 100.00 Competitor Spain S.L. 4 Sports & Events Services Spain 100.00 100.00 100.00 Competitor Sports Ireland Limited 4 Sports & Events Services Ireland 100.00 100.00 100.00 Competitor UK Limited 4 Sports & Events Services United Kingdom 100.00 100.00 100.00 Competitor Group Events, Inc. 4 Sports & Events Services United States 100.00 100.00 100.00 Competitor Canada Inc. 4 Sports & Events Services Canada 100.00 100.00 100.00 US Raceworks LLC 4 Sports & Events Services United States — — 100.00 Competitor Media UK Limited 4 Sports & Events Services United Kingdom — — 100.00 World Endurance Cooperatief U.A. Sports & Events Services Netherlands 100.00 100.00 100.00 World Endurance B.V. Sports & Events Services Netherlands 100.00 100.00 100.00 World Endurance Malaysia Sdn. Bhd. Sports & Events Services Malaysia 100.00 100.00 100.00 IRONMAN Luxembourg S.A.R.L. Sports & Events Services Luxembourg 100.00 100.00 100.00 IRONMAN Canada Inc. Sports & Events Services Canada 100.00 100.00 100.00 World Endurance Australia Pty Ltd Sports & Events Services Australia 100.00 100.00 100.00 USM Events Pty Ltd. Sports & Events Services Australia 100.00 100.00 100.00 IRONMAN Sweden AB Sports & Events Services Sweden 100.00 100.00 100.00 World Triathlon Stockholm AB Sports & Events Services Sweden 55.00 55.00 55.00 IRONMAN Switzerland AG Sports & Events Services Switzerland 100.00 100.00 100.00 Swiss Epic AG Sports & Events Services Switzerland 100.00 100.00 100.00 IRONMAN Germany GmbH Sports & Events Services Germany 100.00 100.00 100.00 IRONMAN Denmark ApS Sports & Events Services Denmark 100.00 100.00 100.00 IRONMAN Ltd. Sports & Events Services United Kingdom 100.00 100.00 100.00 IRONMAN Ltd- Sports & Events Services Ireland 100.00 100.00 100.00 IRONMAN Unlimited Events UK Limited Sports & Events Services United Kingdom 100.00 100.00 100.00 IRONMAN Spain S.L Sports & Events Services Spain 100.00 100.00 100.00 IRONMAN Italy S.R.L Sports & Events Services Italy 100.00 100.00 100.00 IRONMAN Austria GmbH Sports & Events Services Austria 100.00 100.00 100.00 IRONMAN France S.A.R.L Sports & Events Services France 100.00 100.00 100.00 Infront France Travel S.A.S. 22 Sports & Events Services France 100.00 100.00 100.00 Infront Sports & Media UK Ltd. Sports & Events Services United Kingdom 100.00 100.00 100.00 Infront X Holdings Inc., US 5 Sports & Events Services United States 100.00 100.00 100.00 Infront X LLC 5 Sports & Events Services United States 100.00 71.90 51.00 Omnigon Canada Inc. 5 Sports & Events Services Canada 100.00 71.90 51.00 Omnigon Ltd. 5 Sports & Events Services United Kingdom — 71.90 51.00 Omnigon Russia ooo 5 Sports & Events Services Russia 100.00 71.90 51.00 Infront Holding AG 6 Sports & Events Services Switzerland 100.00 94.30 96.33 Infront Sports & Media AG (“ISMAG”) Sports & Events Services Switzerland 100.00 100.00 100.00 Infront X AG 23 Sports & Events Services Switzerland 100.00 100.00 100.00 Infront Italy Holding Srl. Sports & Events Services Italy 100.00 100.00 100.00 Infront Italy Srl. Sports & Events Services Italy 100.00 100.00 100.00 Infront Centro Produzione Srl. Sports & Events Services Italy 100.00 100.00 100.00 Infront Sports & Media (China) Co. Ltd. Sports & Events Services China 100.00 100.00 100.00 Infront Sports & Media (Beijing) Co. Ltd. Sports & Events Services China 100.00 100.00 100.00 Infront Pan-Asia Sports & Events Services Singapore 100.00 100.00 100.00 Infront Football Media Pte. Ltd. Sports & Events Services Singapore 100.00 100.00 100.00 Host Broadcast Services (HBS) AG Sports & Events Services Switzerland 100.00 100.00 100.00 HBS France S.A.S. Sports & Events Services France 100.00 100.00 100.00 HBS France Production S.A.S. Sports & Events Services France 100.00 100.00 100.00 Infront France S.A.S. Sports & Events Services France 100.00 100.00 100.00 Infront Austria GmbH Sports & Events Services Austria 100.00 100.00 100.00 Infront Germany GmbH Sports & Events Services Germany 100.00 100.00 100.00 Infront B2RUN GmbH Sports & Events Services Germany 100.00 100.00 100.00 Infront Netherlands BV 7 Sports & Events Services Netherlands — 100.00 100.00 Infront Sportif Pazarlama J.S.L Sports & Events Services Turkey 100.00 100.00 100.00 IRONMAN Unlimited Oceania Limited 8 Sports & Events Services New Zealand — — — Sella Communications S. à.r.l. 8 Sports & Events Services France — — — Cap 111 S.à.r.l. 8 Sports & Events Services France — — — Lagardère Unlimited Events AG 9 Sports & Events Services Germany — 100.00 100.00 Infront Pan-Asia Sports & Events Services Singapore 100.00 100.00 100.00 Xletix GmbH, Germany 10 Sports & Events Services Germany 100.00 100.00 — Goalscout Srl 11 Sports & Events Services Italy — — — Titan Active Limited 12 Sports & Events Services Ireland 100.00 100.00 — AROC Sport Pty Ltd. 13 Sports & Events Services Australia 100.00 100.00 — Youthstream Media SA 14 Sports & Events Services Switzerland 100.00 — — Youthstream Group SAM 14 Sports & Events Services Monaco 100.00 — — Youthstream Organisation 14 Sports & Events Services Monaco 100.00 — — Youthstream Logistic SRO 14 Sports & Events Services Slovakia 100.00 — — Business Run Eventorganisation GmbH 15 Sports & Events Services Austria 100.00 — — HBS Germany GmbH 16 Sports & Events Services Germany 100.00 — — hundert24 GmbH 17 Sports & Events Services Germany 100.00 — — Threshold Sports Limited 18 Sports & Events Services United Kingdom 100.00 — — Level99 Ltd 19 Sports & Events Services United Kingdom 55.87 — — Level99 doo 20 Sports & Events Services Serbia 100.00 — — Sunrise Events, Inc. 21 Sports & Events Services Philippines 100.00 — — 1. Entities added as a result of the acquisition of Cape Epic in 2017. 2. IRONMAN Asia (Thailand) Co. Ltd. was dissolved on July 19, 2019. 3. Ironman Maryland Events, LLC was merged with and into World Triathlon Corporation on December 28, 2018. 4. Entities added as a result of the acquisition of CGI in 2017. Competitor Publishing, Inc., Inside Communications Inc., Muddy Buddy Events, LLC, Triathlon Group North America, Inc. and US Raceworks LLC were merged with and into Competitor Group, Inc. on December 27, 2018. Competitor Media UK Limited was dissolved on January 23, 2018. 5. The Group purchased the remaining 28.1% shares in Omnigon Group in April 2019. Omnigon Ltd. was liquidated in June 2019. Omnigon Holding Inc. was renamed to Infront X holdings Inc., US, Omnigon Communications LLC was renamed to Infront X LLC in 2019. 6. As at December 31, 2019, the Group acquired the 5.7% of IHAG shares and increased its shareholding in IHAG from 94.3% to 100%. 7. Infront Netherlands BV was merged into Infront Germany GmbH in 2019. 8. IRONMAN Unlimited Oceania Limited was merged into IRONMAN New Zealand Limited on March 1, 2017. Sella Communications S.à.r.l. was merged into Infront France S.A.S. on January 1, 2017 and Cap 111 S.à.r.l. was merged into Infront France S.A.S. on July 1, 2017. 9. Lagardère Unlimited Events AG was dissolved on July 9, 2019. 10. Entity added as a result of the acquisition of Xletix GmbH, Germany in 2018. 11. Entity added as a result of the acquisition of Goalscout Srl in 2018. Goalscout Srl was merged into Infront Italy Srl on January 18, 2018. 12. Entity added as a result of the acquisition of Titan Active Limited in 2018. 13. Entity added as a result of the acquisition of AROC Sport Pty Ltd. in 2018. 14. Entities added as a result of the acquisitions of Youthstream Media SA,Youthstream Group SAM, Youthstream Organisation, Youthstream Logistic SRO on February 28, 2019. See Note 7. 15. Entity added as a result of the acquisition of Business Run Eventorganisation GmbH on April 24, 2019. See Note 7. 16. Entity added as a result of the incorporation of HBS Germany GmbH on August 1, 2019. 17. Entity added as a result of the acquisition of hundert24 GmbH on April 30, 2019. See Note 7. 18. Entity added as a result of the acquisition of Threshold Sports Limited on April 1, 2019. See Note 7. 19. Entity added as a result of the acquisition of Level99 Ltd on August 31, 2019. See Note 7. 20. Entity added as a result of the incorporation of Level99 doo on November 1, 2019. 21. Entity added as a result of the acquisition of Sunrise Events, Inc. on March 22, 2019. See Note 7. 22. Infront France Travel S.à.r.l. was renamed to Infront France Travel S.A.S. on July 30, 2017. 23. Digital Media Content Sales AG was renamed to Infront X AG on December 27, 2018. VIEs and subsidiaries of VIEs of the Group include |
Summary of VIEs and Subsidiaries of VIEs | Direct and indirect % equity interest Name Principal activities Country As at December 31, As at December 31, Wanda Sports Co., Ltd. 1 Sports & Events Services China — — 1 Controlled through VIE in 2019. Guangzhou Wanda Sports Development Co., Ltd., Chengdu WNCH Sports Industry Co., Ltd. (“the Double Heritage”), Gansu Dunhuang Silk Road Marathon Event Management Co., Ltd. and Beijing Evertop Sports Culture Media Co., Ltd. (“Yongda”), Wanda Sports (Shanghai) Co., Ltd., Chengdu Wanda Sports Development Co., Ltd., Guangxi Wanda Sports Development Co., Ltd., and Yibin Shunan Culture and Tourism Double Heritage Sports Industry Development Co., Ltd. are the subsidiaries of this company. |
Summary of Equity Interests in Associates | The following table provides detailed information about equity interests in associates. Name December 31, December 31, December 31, FIS Marketing AG, Switzerland 24.5 % 24.5 % 24.5 % Beijing Iron Man Sports Entertainment Co., Ltd. 1 7.5 % 7.5 % — Cycling Unlimited AG 25.0 % — — Verein Tour de Suisse 2 n/a — — Upsolut Sports (HYROX) 20.0 % — — 1 Under the equity agreement, the Group had a seat on the board of directors (the board of directors has a total of 5 seats), the power of veto and a right of pre-emption. 2 Verein Tour de Suisse is an association without capital. Under the equity agreement, the Group has 25% voting right of Verein Tour de Suisse. Therefore, the Group exhibits significant influence over Verein Tour de Suisse and shall treat it as an associate company. |
Summary of Equity Interests in Joint Ventures | The following table provides detailed information about equity interests in joint ventures. Name December 31, December 31, December 31, International Games Broadcast Services (IGBS) AG, Switzerland 50 % 50 % 50 % Infront Ringier Sports & Entertainment AG, Switzerland 1 — 50 % 50 % DEB Eishockey Sport GmbH 2 — — 50 % Business Run Freiburg GbR 3 — 50 % 50 % OC 2018 IIHF WM APS 4 — 50 % 50 % Lagardère Unlimited Events South Africa Proprietary Limited 5 — 50 % 50 % Organizing Committee IIHF 2020 World Championship 50 % 50 % 50 % 1 Infront Ringier Sports & Entertainment AG, Switzerland was disposed in 2019. 2 DEB Eishockey Sport GmbH was disposed on December 31, 2018. 3 Business Run Freiburg GbR was disposed in 2019. 4 OC 2018 IIHF WM APS was disposed in 2019. 5 Lagardère Unlimited Events South Africa Proprietary Limited was disposed on July 9, 2019. |
Business combinations and acq_2
Business combinations and acquisition of non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [line Items] | |
Summary of Fair Value of Contingent Consideration and Liabilities | A reconciliation of fair value measurement of the contingent consideration and liabilities from business combination are provided below: € As at January 1, 2017 23,526 Liabilities arising on business combination 10,298 Movements during the year* (9,470 ) As at December 31, 2017 24,354 Liabilities arising on business combination 12,046 Movements during the year* (7,492 ) As at December 31, 2018 28,908 Liabilities arising on business combination 23,080 Movements during the year* (5,884 ) As at December 31, 2019 46,104 * Movements during the year include the fair value remeasurement, settlement during the year, and the exchange differences. |
Youthstream [member] | |
Statement [line Items] | |
Summary of Fair Values of Identifiable Assets and Liabilities | The fair values of the identifiable assets and liabilities of the Youthstream as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 6,058 Trade and other receivables 6,940 Other assets 742 Non-current Property, plant and equipment 634 Intangible assets 50,738 Liabilities Current liabilities Trade and other payables 1,927 Contract liabilities 12,134 Accrued expenses 154 Non-current Deferred tax liabilities 14,207 Total identifiable net assets at fair value 36,690 Goodwill arising on acquisition 69,467 Purchase consideration 106,157 Purchase consideration: Cash and cash equivalents* 93,723 Contingent consideration 12,434 Total consideration 106,157 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 6,058 Cash paid for the acquired subsidiaries (80,000 ) Net cash flows on acquisition (73,942 ) * A deferred payment of €13,723 was included in cash and cash equivalents consideration, which should be paid in three years from 2019 to 2021. |
Threshold Sports Limited [member] | |
Statement [line Items] | |
Summary of Fair Values of Identifiable Assets and Liabilities | The fair values of the identifiable assets and liabilities of Threshold Sports Limited as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 4,652 Trade and other receivables 679 Inventories 41 Other assets 648 Non-current Property, plant and equipment 42 Intangible assets 2,326 Liabilities Current liabilities Trade and other payables 389 Contract Liabilities 4,278 Income Tax Payable 165 Non-current Deferred tax liabilities 442 Total identifiable net assets at fair value 3,114 Goodwill arising on acquisition 2,814 Purchase consideration 5,928 Purchase consideration: Cash and cash equivalents 3,606 Contingent consideration 2,322 Total consideration 5,928 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 4,652 Cash paid for the acquired subsidiaries (3,606 ) Net cash flows on acquisition 1,046 |
Fairfax Events and Entertainment [member] | |
Statement [line Items] | |
Summary of Fair Values of Identifiable Assets and Liabilities | The fair values of the identifiable assets and liabilities of Fairfax Events and Entertainment as at the date of acquisition were: Fair value recognized € Assets Current assets Other assets 125 Non-current Right of use assets 157 Intangible assets 3,055 Liabilities Current liabilities Trade and other payables 133 Lease liabilities 97 Accrued expenses 23 Contract liabilities 1,925 Non-current Lease liabilities 60 Total identifiable net assets at fair value 1,099 Goodwill arising on acquisition 17,520 Purchase consideration 18,619 Purchase consideration: Cash and cash equivalents 18,619 Contingent consideration — Total consideration 18,619 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries — Cash paid for the acquired subsidiaries (18,619 ) Net cash flows on acquisition (18,619 ) |
Level99 Ltd [member] | |
Statement [line Items] | |
Summary of Fair Values of Identifiable Assets and Liabilities | The fair values of the identifiable assets and liabilities of Level99 Ltd as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 2,431 Total identifiable net assets at fair value 2,431 Non-controlling ( ) 1,358 Goodwill arising on acquisition 1,073 Purchase consideration 2,431 Purchase consideration: Cash and cash equivalents 2,431 Contingent consideration — Total consideration 2,431 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 2,431 Cash paid for the acquired subsidiaries (2,431 ) Net cash flows on acquisition — |
Xletix GmbH [member] | |
Statement [line Items] | |
Summary of Fair Values of Identifiable Assets and Liabilities | The fair values of the identifiable assets and liabilities of the Xletix GmbH, Germany as at the date of acquisition were: Fair value recognized € Assets Current assets Cash and cash equivalents 4,702 Trade and other receivables 1,646 Inventories 256 Other assets 1,882 Non-current Property, plant and equipment 219 Intangible assets 2,129 Liabilities Current liabilities Trade and other payables 835 Interest-bearing 13 Accrued expenses 621 Contract Liabilities 7,134 Income tax payable 43 Total identifiable net assets at fair value 2,188 Goodwill arising on acquisition 11,724 Purchase consideration 13,912 Purchase consideration: Cash and cash equivalents 6,231 Contingent consideration 7,681 Total consideration 13,912 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 4,702 Cash paid for the acquired subsidiaries (6,231 ) Net cash flows on acquisition (1,529 ) |
Other Acquisitions [member] | |
Statement [line Items] | |
Summary of Fair Values of Identifiable Assets and Liabilities | The acquirees’ total fair values of the identifiable assets and liabilities as at acquisition dates were: Fair value s € Assets Current assets Cash and cash equivalents 1,384 Trade and other receivables 1,096 Accrued income 679 Inventories 31 Other assets 743 Non-current Property, plant and equipment 147 Intangible assets 5,671 Deferred tax assets 633 Other assets 12 Liabilities Current liabilities Trade and other payables 281 Accrued expenses 1,176 Contract liabilities 4,070 Income Tax Payable 74 Non-current liabilities Deferred tax liabilities 1,433 Provision 819 Total identifiable net assets at fair value 2,543 Goodwill arising on acquisition 11,480 Purchase consideration 14,023 Purchase consideration: Cash and cash equivalents 5,699 Contingent consideration 8,324 Total consideration 14,023 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 1,384 Cash paid for the acquired subsidiaries (5,699 ) Net cash flows on acquisition (4,315 ) The acquirees’ total fair values of the identifiable assets and liabilities as at acquisition dates were: Fair value s € Assets Current assets Cash and cash equivalents 860 Trade and other receivables 14,057 Inventories 88 Other assets 1,410 Non-current Property, plant and equipment 1,481 Contract right use of assets 265 Intangible assets 4,127 Investments 482 Other assets 2 Deferred tax assets 21 Liabilities Current liabilities Trade and other payables 9,884 Interest-bearing 3,226 Lease liabilities 141 Contract Liabilities 2,358 Income tax payable 148 Non-current Lease liabilities 137 Contract liabilities 11 Deferred tax liabilities 634 Total identifiable net assets at fair value 6,254 Less: Non-controlling 2,414 Goodwill arising on acquisition 7,934 Purchase consideration 11,774 Purchase consideration: Cash and cash equivalents 7,409 Contingent consideration 4,365 Total consideration 11,774 Analysis of cash flows on acquisition: Cash and cash equivalents held by the acquired subsidiaries 860 Cash paid for the acquired subsidiaries (7,409 ) Net cash flows on acquisition (6,549 ) |
Interests in joint ventures (Ta
Interests in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of joint ventures [abstract] | |
Summary of Financial Information Related to Interests in Joint Ventures | The following table illustrates the aggregate financial information of the Group’s joint ventures that are immaterial: 2019 2018 2017 € € € Share of the joint ventures’ profit for the year 1,400 5,294 255 Aggregate carrying amount of the Group’s investments in the joint ventures 1,786 4,964 1,188 |
Investment in associates (Table
Investment in associates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of associates [abstract] | |
Summary of Financial Information Related to Interests in Associates | The following table illustrates the financial information of the Group’s associates that are immaterial: 2019 2018 2017 € € € Share of the associates’ profit for the year 363 272 254 Aggregate carrying amount of the Group’s investment in associates 1,491 587 93 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of fair value measurement of assets [abstract] | |
Summary of Fair Value Measurement Hierarchy for Assets | Fair value measurement hierarchy for assets as at December 31, 2019: Fair value measurement using Total Quoted Significant Significant € € € € Assets measured at fair value: Financial assets at fair value through profit or loss: Investments in equity instruments 6,499 6,499 — — Convertible Bonds 3,690 — — 3,690 Derivatives not designated as hedging instruments: Currency swap 56 — 56 — Derivatives designated as hedging instruments: Foreign exchange forward contracts 1,102 — 1,102 — Interest rate swap deal 1,824 — 1,824 — Equity instruments designated at fair value through OCI Investment in other equity instruments 12,423 — — 12,423 Fair value measurement hierarchy for assets as at December 31, 2018: Fair value measurement using Total Quoted Significant Significant € € € € Assets measured at fair value: Financial assets at fair value through profit or loss: Investments in equity instruments 5,593 5,593 — — Derivatives not designated as hedging instruments: Currency swap 73 — 73 — Derivatives designated as hedging instruments: Foreign exchange forward contracts 580 — 580 — Equity instruments designated at fair value through OCI Investment in other equity instruments 7,931 — — 7,931 |
Summary of Fair Value Measurement Hierarchy for Liabilities | Fair value measurement hierarchy for liabilities as at December 31, 2019: Fair value measurement using Total Quoted Significant Significant € € € € Liabilities measured at fair value: Financial liabilities at fair value through profit or loss: Derivatives 639 — 639 — Contingent consideration 36,808 — — 36,808 Derivatives not designated as hedging instruments: Foreign exchange forward contracts 442 — 442 — Fair value measurement hierarchy for liabilities as at December 31, 2018: Fair value measurement using Total Quoted Significant Significant € € € € Liabilities measured at fair value: Financial liabilities at fair value through profit or loss: Derivatives 773 — 773 — Contingent consideration 28,908 — — 28,908 Derivatives not designated as hedging instruments: Foreign exchange forward contracts 69 — 69 — |
Summary of Significant Unobservable Inputs and Quantitative Sensitivity Analysis | The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31, 2019 and 2018, are as shown below: Valuation technique Significant unobservable Range (weighted Sensitivity of the fair value to Contingent consideration — Omnigon Group* DCF method Discount rate 2018: 5.5 % 2018: 5% increase (decrease) in the discount rate would result in an increase (decrease) in fair value by €2 Contingent consideration — Gsport DCF method Discount rate 2018: 12.0 % 2018: 5% increase (decrease) in the discount rate would result in an increase (decrease) in fair value by €18 Contingent consideration — hundert24 GmbH DCF method Discount rate 2019: 12.00 % 2019: 1% increase in the discount rate would result in a decrease in fair value by €42; 1% decrease in the discount rate would result in an increase in fair value by €43 Contingent consideration — Youthstream DCF method Discount rate 2019: 5.00 % 2019: 1% increase in the discount rate would result in a decrease in fair value by €494; 1% decrease in the discount rate would result in an increase in fair value by €511 * The c |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [abstract] | |
Revenue | 2017 € Revenue Revenue from sale of rights 468,629 Revenue from services 401,573 Other revenue 84,396 954,598 |
Disaggregated revenue information | 2019 2018 € € Geographical markets Europe 637,688 768,790 America 184,552 188,663 Asia 167,428 128,956 Oceania 27,102 23,530 Africa 13,310 19,247 Total revenue from contracts with customers 1,030,080 1,129,186 |
Summary of contract balances | December 31, December 31, € € Trade receivables 133,556 166,097 Contract assets – current (See Note 22) 53,541 39,714 Contract assets – non-current 10,268 9,077 Contract liabilities – current (See Note 33) 199,900 185,681 Contract liabilities – non-current 17,271 13,485 |
Amount of revenue recognized | 2019 2018 € € Amounts included in contract liabilities at the beginning of the year 189,009 183,892 Performance obligations satisfied in previous years 995 3,726 190,004 187,618 |
Performance obligations | December 31, December 31, € € Within one year 472,244 475,320 More than one year 748,684 968,487 1,220,928 1,443,807 |
Other operating income_expens_2
Other operating income/expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other operating income expenses [Abstract] | |
Other operating income | 12.1 Other operating income 2019 2018 2017 € € € Other operating income Government grant income 6,413 6,406 6,563 Remeasurement of contingent - consideration, net — — 546 Gain on financial instruments — — 356 Others 4,002 2,448 4,749 10,415 8,854 12,214 |
Other operating expenses | 12.2 Other operating expenses 2019 2018 2017 € € € Various taxes other than income tax 1,498 952 1,949 Accrued provision 906 612 1,015 Bad debt expenses 4,132 32,054 5,206 Remeasurement of contingent consideration, net 562 757 — Others 885 1,280 1,162 7,983 35,655 9,332 |
Finance results (Tables)
Finance results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance results [abstract] | |
Summary of finance income and costs | 2019 2018 2017 € € € Finance costs Interests on bank loans, overdrafts and other loans 67,968 34,768 46,219 Interest expense on the lease liability 1,273 1,323 — Bank charges 2,257 1,777 347 Loss on derivative financial instruments at fair value through profit or loss 390 705 390 Foreign exchange losses 4,568 5,436 — Others 3,546 9,702 6,344 80,002 53,711 53,300 Finance income Interest income 1,448 11,504 21,441 Dividends income — — 1,517 Foreign exchange gains 735 — 4,030 Others 132 338 883 2,315 11,842 27,871 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Personnel expenses [abstract] | |
Schedule of employee benefit expenses | Expenses incurred by non-project 2019 2018 2017 € € € Wages, salaries and payroll benefits 118,759 115,156 99,178 Social security 12,864 9,047 8,219 Pension costs 7,190 7,863 7,239 Share-based payment expenses 19,045 7,777 16,377 Others 5,724 4,590 4,092 163,582 144,433 135,105 |
Components of OCI (Tables)
Components of OCI (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of analysis of other comprehensive income by item [line items] | |
Summary of components of other comprehensive income | 2019 2018 2017 € € € Cash flow hedges: Gains arising during the year Reclassification to profit or loss during the year, net of tax 208 4,909 (163 ) Fair value changes of derivatives, net of tax 1,734 183 (2,053 ) Cash flow hedging gains 1,942 5,092 (2,216 ) Exchange differences: Exchange differences on translation of foreign operations 2,353 (2,957 ) (3,751 ) Other comprehensive income not to be reclassified to profit or loss in subsequent years: Net remeasurement loss on defined benefit plans, net of tax (2,057 ) (760 ) 352 2,238 1,375 (5,615 ) |
Parent [member] | |
Disclosure of analysis of other comprehensive income by item [line items] | |
Summary of components of other comprehensive income | The disaggregation of changes of OCI attributable to the equity holders of the parent by each type of reserve in equity is shown below: Cash flow Remeasurement Foreign Total € € € € As at January 1, 2017 (3,041 ) (2,091 ) (6,390 ) (11,522 ) Remeasurement gains on defined benefit plan — 344 — 344 Cash flow hedges (2,166 ) — — (2,166 ) Exchange differences on translation of foreign operations — — (3,666 ) (3,666 ) As at December 31, 2017 (5,207 ) (1,747 ) (10,056 ) (17,010 ) Changes in accounting policies — — (68 ) (68 ) Remeasurement losses on defined benefit plan — (717 ) — (717 ) Cash flow hedges 4,802 — — 4,802 Exchange differences on translation of foreign operations — — (3,049 ) (3,049 ) As at December 31, 2018 (405 ) (2,464 ) (13,173 ) (16,042 ) Remeasurement loss on defined benefit plan — (2,053 ) — (2,053 ) Cash flow hedges 1,965 — — 1,965 Exchange differences on translation of foreign operations — — 2,138 2,138 As at December 31, 2019 1,560 (4,517 ) (11,035 ) (13,992 ) |
Selling, office and administr_2
Selling, office and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selling, general and administrative expense [abstract] | |
Summary of components of selling office and administrative expenses | 2019 2018 2017 € € € Professional service expenses 26,239 14,929 13,134 Travel expenses 8,174 6,999 6,390 Marketing expenses 11,859 10,222 7,587 Lease payments recognized as an operating lease expense 1,072 1,275 — Others 21,333 18,618 27,599 68,677 52,043 54,710 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income tax [abstract] | |
Schedule of major components of income tax expense | The major components of income tax expense for the years ended December 31, 2019, 2018 and 2017 are: Profit or loss 2019 2018 2017 € € € Current income tax 20,880 33,491 23,007 Deferred tax 304 (14,536 ) (5,276 ) Income tax expense reported in the consolidated statement of profit or loss 21,184 18,955 17,731 |
Schedule of tax related components of other comprehensive income | Other comprehensive income 2019 2018 2017 € € € Deferred tax related to items recognized in OCI during the year: Net gain/(loss) on revaluation of cash flow hedges 537 (826 ) (361 ) Net (loss)/gain from remeasurement on defined benefit plans (302 ) 156 53 Deferred tax charged to OCI 235 (670 ) (308 ) |
Statement of reconciliation of accounting profit multiplied by applicable tax rates explanatory | Reconciliation of tax expense and the accounting profit multiplied by Switzerland’s domestic tax rate 14.35% for 2019, 14.60% for 2018 and 2017: 2019 2018 2017 € € € (Loss)/profit before tax (252,652 ) 72,967 96,523 Tax at the statutory tax rate (36,256 ) 10,653 14,092 Adjustments in respect of current tax of previous years (4,958 ) (212 ) (714 ) Effect on opening deferred tax of changes in rates * 173 158 (7,803 ) Utilization of previously unrecognized tax losses (2,336 ) (3,872 ) (630 ) Income not subject to tax (3,469 ) (2,611 ) (313 ) Non-deductible 7,566 5,524 6,003 Goodwill Impairment 36,496 — — Tax losses not recognized of the year 16,414 1,757 213 Effect of different local tax rates 6,399 6,541 7,003 Others 1,155 1,017 (120 ) Income tax expense reported in the consolidated statement of profit or loss 21,184 18,955 17,731 * The effect on opening deferred tax of changes in rates is mainly due to the tax rate of certain subsidiaries changes as a result of the tax reforms in the certain tax jurisdictions, and the blended apportionment and different tax rates in the certain tax jurisdictions. |
Summary of deferred tax assets and liabilities | Deferred tax relates to the following: Consolidated statement Consolidated statement As at As at 2019 2018 2017 € € € € € Recognized gross deferred income tax assets: Losses available for offsetting against future taxable profits 29,462 25,240 3,648 (1,524 ) (8,773 ) Other temporary differences 28,302 30,118 (402 ) 15,047 4,426 57,764 55,358 3,246 13,523 (4,347 ) Recognized gross deferred income tax liabilities: Fair value adjustment arising from business combinations 78,748 77,766 (216 ) (1,623 ) (14,440 ) Other temporary differences 55,155 35,971 3,766 610 4,817 133,903 113,737 3,550 (1,013 ) (9,623 ) |
Disclosure of detailed information about deferred tax assets and liabilities | Net deferred tax: 2019 2018 € € Net deferred tax assets recognized in the consolidated statement of financial position 23,063 24,562 Net deferred tax liabilities recognized in the consolidated statement of financial position 99,202 82,941 Net deferred tax (76,139 ) (58,379 ) Reconciliation of deferred tax, net: 2019 2018 € € As at January 1 (58,379 ) (68,418 ) Tax credit/(expense) during the year recognized in profit or loss (304 ) 14,126 Tax credit during the year recognized in OCI (235 ) (843 ) Deferred taxes acquired in business combinations (15,445 ) (22 ) Exchange differences (1,630 ) (2,855 ) Reclassification as held for sale (146 ) — Adoption of IFRS 15/16 — (367 ) As at December 31 (76,139 ) (58,379 ) |
Earnings per share ("EPS") (Tab
Earnings per share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Profit (loss), attributable to ordinary equity holders of parent entity [abstract] | |
Disclosure Of Detailed Information About Profits Attributable To Equity Holders And Weighted Average Shares Explanatory | 2019 2018 2017 € € € (Loss)/Profit for the year attributable to ordinary equity holders of the parent for basic earnings (275,645 ) 51,646 77,203 Impact on the options under ISA plan (Note 35) — (212 ) (3,204 ) Impact on the RSUs under Equity Incentive Plan (Note 35)* — (91 ) — Impact on the Options shares under ESOP (Note 35)* — — — (Loss)/Profit for the year attributable to ordinary equity holders of the parent adjusted for the effect of dilution (275,645 ) 51,343 73,999 * The potential ordinary shares would be anti-dilutive since there is a loss from continuing operations. 2019 2018 2017 in thousands in thousands in thousands Weighted average number of ordinary shares for basic EPS 189,480 169,331 169,331 Weighted average number of ordinary shares adjusted for the effect of dilution 198,673 169,331 169,331 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Tabular disclosure of plant property equipment activity | 19. Property, plant and equipment Office and IT Media Leasehold Machinery Projects Total € € € € € € Cost As at January 1, 2018 19,492 53,640 14,362 10,770 328 98,592 Additions 3,531 3,366 1,577 3,079 200 11,753 Acquisition of subsidiaries (Note 7) 247 — 261 1,192 — 1,700 Transfers from projects in progress 134 — 24 243 (401 ) — Disposals (425 ) (954 ) (854 ) (411 ) — (2,644 ) Exchange differences 375 268 163 78 (20 ) 864 As at December 31, 2018 23,354 56,320 15,533 14,951 107 110,265 Additions 1,441 2,605 685 4,948 691 10,370 Acquisition of subsidiaries (Note 7) 526 — 8 289 — 823 Transfers from projects in progress 186 — 276 — (462 ) — Disposals (1,937 ) (2,483 ) (801 ) (247 ) — (5,468 ) Transfer to assets held for sale (831 ) (1,024 ) (3,556 ) — — (5,411 ) Exchange differences 269 142 69 349 9 838 As at December 31, 2019 23,008 55,560 12,214 20,290 345 111,417 Depreciation As at January 1, 2018 14,385 44,778 9,512 6,107 — 74,782 Depreciation charge for the year 2,759 4,506 1,474 1,997 — 10,736 Disposals (269 ) (893 ) (553 ) (266 ) — (1,981 ) Exchange differences 323 175 118 64 — 680 As at December 31, 2018 17,198 48,566 10,551 7,902 — 84,217 Depreciation charge for the year 3,085 3,917 1,573 2,660 — 11,235 Disposals (1,843 ) (2,448 ) (799 ) (85 ) — (5,175 ) Transfer to assets held for sale (739 ) (971 ) (3,365 ) — — (5,075 ) Others (848 ) 31 8 463 — (346 ) Exchange differences 103 106 10 48 — 267 As at December 31, 2019 16,956 49,201 7,978 10,988 — 85,123 Net book value As at December 31, 2019 6,052 6,359 4,236 9,302 345 26,294 As at December 31, 2018 6,156 7,754 4,982 7,049 107 26,048 |
Right of use assets (Tables)
Right of use assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Tabular disclosure of right of use assets activity | Buildings Machinery Office and IT Software Total € € € € € Cost As at January 1, 2018 35,055 796 4,890 1,985 42,726 Additions 6,492 1,066 2,005 11 9,574 Acquisition of subsidiaries 177 88 — — 265 Contract Cancellation (3,519 ) (11 ) (3,553 ) — (7,083 ) Exchange differences 289 2 3 — 294 As at December 31, 2018 38,494 1,941 3,345 1,996 45,776 Additions 16,476 1,743 1,313 924 20,456 Acquisition of subsidiaries (Note 7) 157 — — — 157 Contract Cancellation (7,031 ) (303 ) (918 ) (1,996 ) (10,248 ) Transfer to assets held for sale (7,186 ) — — — (7,186 ) Exchange differences 413 2 3 — 418 As at December 31, 2019 41,323 3,383 3,743 924 49,373 Depreciation As at January 1, 2018 — — — — — Charge for the year 7,907 581 1,403 569 10,460 Contract Cancellation (122 ) (6 ) (449 ) — (577 ) Exchange differences 101 1 2 — 104 As at December 31, 2018 7,886 576 956 569 9,987 Charge for the year 9,445 1,004 1,256 364 12,069 Contract Cancellation (4,182 ) (131 ) (879 ) (841 ) (6,033 ) Transfer to assets held for sale (2,201 ) — — — (2,201 ) Others 29 — (29 ) — — Exchange differences 72 1 2 — 75 As at December 31, 2019 11,049 1,450 1,306 92 13,897 Impairment As at December 31, 2018 — — — — — Charge for the year 227 — — — 227 As at December 31, 2019 227 — — — 227 Net book value At December 31, 2019 30,047 1,933 2,437 832 35,249 At December 31, 2018 30,608 1,365 2,389 1,427 35,789 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |
Tabular disclosure of Intangible assets other than goodwill activity | Customer Trade Name Software Other Intangible Total € € € € Cost As at January 1, 2018 49,070 365,298 19,417 34,421 468,206 Additions — — 2,955 1,238 4,193 Acquisition of subsidiaries 390 682 1,290 3,894 6,256 Sale or disposal — — (63 ) (138 ) (201 ) Exchange differences 1,388 15,034 513 398 17,333 As at December 31, 2018 50,848 381,014 24,112 39,813 495,787 Additions — — 2,991 1,791 4,782 Acquisition of subsidiaries (Note 7) 1,088 — 22 60,680 61,790 Disposal — — (530 ) (73 ) (603 ) Held for sale — — (36 ) (11 ) (47 ) Exchange differences 1,206 9,016 328 606 11,156 As at December 31, 2019 53,142 390,030 26,887 102,806 572,865 Amortization As at January 1, 2018 24,390 7 12,521 22,301 59,219 Charge for the year 3,013 40 3,043 4,048 10,144 Written off on disposal — — (63 ) (138 ) (201 ) Exchange differences 910 — 360 361 1,631 As at December 31, 2018 28,313 47 15,861 26,572 70,793 Charge for the year 3,176 99 3,166 5,650 12,091 Written off on disposal — — (416 ) (47 ) (463 ) Held for sale — — (36 ) (11 ) (47 ) Exchange differences 663 (1 ) 226 270 1,158 As at December 31, 2019 32,152 145 18,801 32,434 83,532 Impairment As at January 1, 2018 — — — — — Charge for the year — — — 1,506 1,506 Exchange differences — — — — — As at December 31, 2018 — — — 1,506 1,506 Charge for the year — — — 900 900 Exchange differences — — — (6 ) (6 ) As at December 31, 2019 — — — 2,400 2,400 Net book value As at December 31, 2019 20,990 389,885 8,086 67,972 486,933 As at December 31, 2018 22,535 380,967 8,251 11,735 423,488 |
Accrued income and contract a_2
Accrued income and contract assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Prepayments and accrued income [abstract] | |
Schedule of accrued income | Accrued income Accrued income includes revenues that are not yet invoiced to the extent that it is probable that the economic benefits will flow to the Group and the revenues can be measured reliably. December 31, December 31, € € Accrued income, project related 9,764 2,641 Accrued income, non-project 734 3,833 Total accrued income 10,498 6,474 Current 10,498 6,474 |
Schedule of contract assets | Contract assets December 31, 2019 Carrying Expected Net book value € € € Total contract assets 64,328 519 63,809 Current 54,060 519 53,541 Non-current 10,268 — 10,268 December 31, 2018 Carrying Expected Net book value € € € Total contract assets 48,969 178 48,791 Current 39,892 178 39,714 Non-current 9,077 — 9,077 |
Disclosure of Expected credit loss movement during the period | Set out below is the movement in the allowance for ECLs of contract assets: € A s at 210 Provision for ECLs 980 Write-off (1,013 ) Exchange differences 1 A s at 178 Provision for ECLs 100 Reclassification* 279 Reversal for the year (31 ) Exchange differences (7 ) A s at 519 * The reclassification was generated from the provision for ECLs of trade and other receivables. |
Goodwill and intangible asset_2
Goodwill and intangible assets with indefinite useful lives - (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and intangible assets with indefinite useful lives [abstract] | |
Disclosure of reconciliation of changes in intangible assets explanatory | Goodwill December 31, December 31, December 31, € € € Beginning balance Cost 748,814 708,137 675,173 Accumulated impairment provision (71,488 ) (68,606 ) (77,677 ) 677,326 639,531 597,496 Opening balance, net of impairment 677,326 639,531 597,496 Acquisition of subsidiaries 102,354 19,658 97,308 Remeasurement of acquisition of prior year* — 375 400 Impairment (254,326 ) — — Transfer to assets held-for-sale (270 ) — — Exchange differences 12,501 17,762 (55,673 ) 537,585 677,326 639,531 End of the year: Cost 865,218 748,814 708,137 Accumulated Impairment provision (327,633 ) (71,488 ) (68,606 ) 537,585 677,326 639,531 * The remeasurement of goodwill for the year ended December 31, 2018 was related to an acquisition of CGI at the end of 2017. The Group finalized the valuation of the acquiree and adjusted the goodwill accordingly during the year of 2019. |
Disclosure of significant amount of goodwill or intangible assets with indefinite useful lives explanatory | Carrying amounts of goodwill and trade names with indefinite useful lives allocated to each of the CGUs as at December 31, 2019 are as follows: Cash-generating units Goodwill Trade Total € € € WEH North America 448,529 190,169 638,698 WEH EMEA 107,782 134,661 242,443 WEH Asia 8,220 5,036 13,256 WEH Oceania 65,768 59,248 125,016 Infront Football 35,000 — 35,000 Infront Summer Sports 95,165 — 95,165 Infront Winter Sports 35,000 — 35,000 Infront DPSS 38,956 — 38,956 Infront Personal & Corporate Fitness 30,798 — 30,798 Total 865,218 389,114 1,254,332 Carrying amounts of goodwill and trade names with indefinite useful lives allocated to each of the CGUs as at December 31, 2018 are as follows: Cash-generating units Goodwill Trade Total WEH North America 367,642 185,786 553,428 WEH EMEA 99,834 131,517 231,351 WEH Asia 7,992 4,920 12,912 WEH Oceania 46,779 57,882 104,661 Infront Football 35,000 — 35,000 Infront Summer Sports 19,176 — 19,176 Infront Winter Sports 35,000 — 35,000 Infront DPSS 37,743 — 37,743 Infront Personal & Corporate Fitness 21,724 — 21,724 The Double Heritage 4,218 — 4,218 Yongda 2,218 — 2,218 Total 677,326 380,105 1,057,431 Carrying amounts of goodwill and trade names with indefinite useful lives allocated to each of the CGUs as at December 31, 2017 are as follows: Cash-generating units Goodwill Trade Total € € € WEH North America 351,124 178,296 529,420 WEH EMEA 97,313 126,504 223,817 WEH Asia 7,736 4,721 12,457 WEH Oceania 43,381 55,549 98,930 Infront Football 35,000 — 35,000 Infront Summer Sports 19,176 — 19,176 Infront Winter Sports 35,000 — 35,000 Infront DPSS 36,549 — 36,549 Infront Personal & Corporate Fitness 10,000 — 10,000 The Double Heritage 4,252 — 4,252 Total 639,531 365,070 1,004,601 |
Other assets and other liabil_2
Other assets and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Other Assets And Other Liabilities [Abstract] | |
Summary of other assets and other liabilities | Other assets December 31, December 31, € € Current portion: Prepayment, project related 61,651 69,542 Deferred expense, non-project 2,466 2,202 Derivatives not designated as hedging instruments Currency swap 56 73 Derivatives designated as hedging instruments Foreign exchange forward contracts 1,102 580 Interest rate swap deal 362 — Financial assets at fair value through profit or loss Investment in listed equity instruments 6,499 5,593 Restricted cash - current 321 430 Cost to fulfill the contract obligation 8,544 3,141 Total other current assets 81,001 81,561 Non-current Prepayment, project related 43,920 44,868 Deferred expense, non-project 44 595 Derivatives designated as hedging instruments Interest rate swap deal 1,462 — Financial assets at fair value through profit or loss Convertible Bonds 3,690 — Equity instruments designated at fair value through OCI Investment in other equity instruments 12,423 7,931 Cost to fulfill the contract obligation 114 425 Other 1,511 1,134 Total other non-current 63,164 54,953 Other liabilities December 31, December 31, Current portion: Derivatives not designated as hedging instruments Currency swap 442 69 Financial liabilities at fair value through profit or loss Contingent consideration – current portion 12,728 16,255 Derivatives 639 773 Share-based payments liabilities 327 — Others 5,072 — Total other current liabilities 19,208 17,097 Non-current Financial liabilities at fair value through profit or loss Contingent consideration - non-current 24,080 12,653 Share-based payments liabilities 11,934 17,784 Depositary right* 2,270 — Others 5,294 1,365 Total other non-current 43,578 31,802 |
Interest-bearing liabilities (T
Interest-bearing liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest-bearing Liabilities [Abstract] | |
Summary of interest bearing loans and borrowings | Effective Interest Rate Maturity December 31, 2019 December 31, 2018 % € € Current interest-bearing Bank loan floating rate A 1 6.4 Jun 26, 2021 — 1,250 Bank loan floating rate B 2 2.3 Mar 31, 2019 — 10,000 Bank loan floating rate B 2 2.3 Sep 30, 2019 — 11,000 Bank loan floating rate B 2 2.3 Mar 31, 2020 12,000 — Bank loan floating rate B 2 2.3 Sep 30, 2020 13,000 — Bank loan floating rate C 3 6.0 Aug 1, 2026 1,601 — Bank loan fixed rate A 4 5.2 Jun 28, 2019 — 1,904 Bank loan fixed rate B 5 6.1 Sep 20, 2019 — 1,270 Bank loan fixed rate C 6 11.5 Mar 14, 2020 177,982 — Other loan fixed rate A 7 4.1 May 24, 2019 — 63 Total current interest-bearing 204,583 25,487 Non-current interest-bearing Bank loan floating rate A 1 6.4 Jun 26, 2021 — 209,718 Bank loan floating rate B 2 2.3 Mar 31, 2020 — 11,894 Bank loan floating rate B 2 2.3 Sep 30, 2020 — 12,885 Bank loan floating rate B 2 2.3 Mar 31, 2021 13,842 13,876 Bank loan floating rate B 2 2.3 Jun 30, 2021 341,706 287,257 Bank loan floating rate B 8 2.5 or 2.0 May 31, 2021 47,500 — Bank loan floating rate C 3 6.0 Aug 1, 2026 238,037 — Total non-current interest-bearing 641,085 535,630 Total interest-bearing 845,668 561,117 |
Summary of assets pledged as collateral | December 31, 2018 € Cash and cash equivalents 45,802 Trade and other receivables 14,505 Accrued income and deferred costs 6,338 Inventories 5,786 Other current assets 10,180 Property, plant and equipment 10,155 Right of use assets 10,146 Intangible assets 110,078 Goodwill 186,290 Deferred tax assets 9,373 Other non-current 1,133 December 31, 2019 € Cash and cash equivalents 43,865 Trade and other receivables 9,368 Accrued income and deferred costs 10,389 Inventories 9,195 Other current assets 12,889 Property, plant and equipment 11,513 Right of use assets 11,943 Intangible assets 114,827 Goodwill 213,239 Deferred tax assets 6,978 Other non-current 2,157 |
Summary of reconciliation of liabilities arising from financing activities | The major changes in liabilities arising from financing activities of the Group are proceeds and repayment of borrowings, the reconciliation between the opening and closing balances for the current year are shown as below: € January 1, 2018 597,831 Acquisition of subsidiaries 3,237 Proceeds from borrowings 350,000 Repayment of borrowings (377,162 ) Other movements* (12,789 ) January 1, 2019 561,117 Proceeds from borrowings** 712,188 Repayment of borrowings*** (436,964 ) Other movements* 9,327 December 31, 2019 845,668 |
Hedging activities and deriva_2
Hedging activities and derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Hedging activities and derivatives [abstract] | |
Summary of disclosure of derivatives designated as hedging | The Group has designated a cross currency swap as a hedging instrument for future repayment of long-term loan denominated in USD. The balance of the cross-currency swap agreement varies with the forward exchange rate and the US LIBOR. December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities € € € € Foreign currency forward contracts 1,102 639 580 — Interest rate swap 1,824 — — — |
Summary of expected hedging cash flow and the period that affects gain and loss | The period of expected hedging cash flow and the period that affects gain and loss are as follows: December 31, 2019 December 31, 2018 Cash Cash Cash Cash € € € € Within 1 year 36,594 53,491 40,247 — 1-3 21,363 20,744 — 83,260 More than 3 years 32,996 32,154 — — |
Financial instruments risk ma_2
Financial instruments risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial instruments risk management objectives and policies [Line Items] | |
Summary of credit risk | 31 December 2019 Trade receivables Days past due Contract Current <1years 1 - 2 years 2 - 3 years over Total € € € € € € € ECL rate 0.81 % 0.54 % 4.31 % 80.05 % 96.54 % 93.29 % Estimated total gross carrying amount at default 64,328 70,816 58,782 30,140 11,618 6,780 178,136 ECL (519 ) (382 ) (2,531 ) (24,126 ) (11,216 ) (6,325 ) (44,580 ) 31 December 2018 Trade receivables Days past due Contract Current <1years 1 - 2 years 2 - 3 years over Total € € € € € € € ECL rate 0.36 % 0.45 % 23.27 %* 81.37 % 89.05 % 98.40 % Estimated total gross carrying amount at default 48,969 85,685 101,169 13,492 5,197 5,471 211,014 ECL (178 ) (386 ) (23,540 ) (10,979 ) (4,628 ) (5,384 ) (44,917 ) * The Group had outstanding trade receivable relating to Italian football-related services provided to a sport marketing and media rights firm named Media Partners & Silva Limited (“MP&Silva”), the expected credit loss was individually accrued as a result of the initiation of MP&Silva’s insolvency process in 2018. |
Summary of maturity analysis for financial liabilities | The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: Year ended December 31, 2019 Within 1 year 1 to 5 years >5 years Total € € € € Interest-bearing loans and borrowings 221,650 418,752 232,865 873,267 Trade payables 72,966 — — 72,966 Other payables 100,889 — — 100,889 Accrued expenses 69,846 3,051 — 72,897 Stock compensation liability 327 11,934 — 12,261 Other current liabilities 18,865 — — 18,865 Other non-current — 32,643 — 32,643 Derivatives financial liabilities 1,081 — — 1,081 485,624 466,380 232,865 1,184,869 Year ended December 31, 2018 Within 1 year 1 to 5 years >5 years Total € € € € Interest-bearing loans and borrowings 43,837 571,081 330 615,248 Trade payables 101,228 443 2,546 104,217 Other payables 711,282 952 — 712,234 Accrued expenses 83,516 4,941 — 88,457 Other current liabilities 16,255 — — 16,255 Other non-current — 33,224 — 33,224 Derivatives financial liabilities 842 — — 842 956,960 610,641 2,876 1,570,477 |
Interest rate risk [member] | |
Financial instruments risk management objectives and policies [Line Items] | |
Summary of sensitivity analysis for types of market risk | Increase/decrease in basis points Effect on € 2019 Interest rate increase 100 basis points (1,261 ) Interest rate decrease 100 basis points 1,261 2018 Interest rate increase 100 basis points (506 ) Interest rate decrease 100 basis points 506 2017 Interest rate increase 100 basis points (2,405 ) Interest rate decrease 100 basis points 2,405 |
Currency risk [member] | |
Financial instruments risk management objectives and policies [Line Items] | |
Summary of sensitivity analysis for types of market risk | 2019 Effect on € CHF/EUR +5 % 1,203 USD/EUR +5 % (17,380 ) |
Wanda Sports Holdings USA Inc. [Member] | |
Financial instruments risk management objectives and policies [Line Items] | |
Summary of sensitivity analysis for types of market risk | 2019 Effect on OCI € USD/EUR +5 % (246 ) CNY/EUR +5 % (463 ) 2018 Effect on OCI € USD/EUR +5 % (2,454 ) CNY/EUR +5 % 122 2017 Effect on OCI € USD/EUR +5 % (3,247 ) CNY/EUR +5 % 936 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [abstract] | |
Summary of inventories | December 31, December 31, € € Finished goods 9,395 5,935 Less: Provision for decline in value of inventories — — 9,395 5,935 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Summary of trade and other receivables. | December 31, December 31, € € Trade receivables 178,136 211,014 Other receivables 123,956 121,239 Prepaid taxes 5,345 8,991 Deposits 1,848 1,813 Others 299 1,774 Provisions for trade and other receivables (45,543 ) (44,933 ) 264,041 299,898 |
Summary of movements in provision for impairment of receivables | Below are the movements in the provision for impairment of receivables: Movements As at January 1, 2017 10,788 Provision for the year 6,215 Reversal for the year (1,009 ) Write-off (1,264 ) Exchange differences 833 As at December 31, 2017 15,563 Adoption of IFRS 9 512 Provision for the year 32,679 Reversal for the year (1,605 ) Write-off (2,240 ) Exchange differences 24 As at December 31, 2018 44,933 Provision for the year 4,933 Reversal for the year (870 ) Write-off (3,006 ) Transfer to assets held for sale (78 ) Exchange differences (369 ) As at December 31, 2019 45,543 |
Analysis Of Age Of Trade Receivable That Are Past Due But Not Impaired | The aging analysis of the trade receivables that are not individually nor collectively considered to be impaired for the year 2017 is as follows: Past due but not impaired Within 1 year 1-2 year(s) 2-3 years Over 3 years Total € € € € € 2017 63,374 2,918 483 39 66,814 |
Cash and short-term deposits (T
Cash and short-term deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and short term deposits [abstract] | |
Summary of cash and cash equivalents | December 31, December 31, € € Cash at banks and on hand 161,760 174,992 Short-term deposits 1,465 2,056 163,225 177,048 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share capital and reserves [abstract] | |
Summary of classes of share capital | Ordinary shares authorized, issued and fully paid Class A Class B Total Thousands Thousands Thousands As at December 31, 2017 — 169,331 169,331 As at December 31, 2018 — 169,331 169,331 Transfer of shares** 22,363 (22,363 ) — Issuance of shares from offering 35,700 — 35,700 As at December 31, 2019 58,063 146,968 205,031 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provisions [abstract] | |
Summary of other provisions | Tax provisions 1 Provision for 2 Onerous contracts 3 Legal claims 4 Other Provisions 5 Total € € € € € € As at January 1, 2018 10,754 410 3,176 960 1,172 16,472 Arising during the year 774 292 — 612 54 1,732 Adoption of IFRS 16 — — (2,603 ) — — (2,603 ) Utilized — (390 ) (90 ) (569 ) (901 ) (1,950 ) Unused amounts reversed (1,305 ) (30 ) (239 ) — (1 ) (1,575 ) Exchange differences (147 ) 19 43 4 — (81 ) As at December 31, 2018 10,076 301 287 1,007 324 11,995 Current 2,425 301 77 616 — 3,419 Non-current 7,651 — 210 391 324 8,576 Tax provisions 1 Provision for 2 Onerous contracts 3 Legal claims 4 Other Provisions 5 Total € € € € € € As at December 31, 2018 10,076 301 287 1,007 324 11,995 Acquisition of a subsidiary 819 — — — — 819 Arising during the year 167 819 — 1,699 9,139 11,824 Utilized — (628 ) (74 ) (3,810 ) (4,177 ) (8,689 ) Unused amounts reversed (841 ) — — (1,736 ) — (2,577 ) Reclassification (5,226 ) — — 5,106 — (120 ) Exchange differences (112 ) 7 20 3 — (82 ) As at December 31, 2019 4,883 499 233 2,269 5,286 13,170 Current 2,765 499 121 1,160 4,689 9,234 Non-current 2,118 — 112 1,109 597 3,936 1. Tax provisions: The Group has accrued tax provision in accordance with applicable tax rules. Where uncertainty exists, the Group would make an accrual for tax liabilities based on management’s best estimate. Such provision was subject to continuous assessment and provision would be updated accordingly based on latest estimate and audit of related tax jurisdictions. Timing of any outflow of economic benefit is dependent on whether an operating subsidiary is selected for a tax audit and the results of the audit. In 2019, a €5,226 tax provision of IHAG from prior year for potential withholding tax obligations in Italy was reclassified to provision for legal claims. Thereafter, IHAG settled it with a payment of €3,490 resulting in a €1,736 reversal of legal claim provision. 2. Provision for severance pay: The Group recognizes termination benefits as a liability and an expense at the earlier of the following dates: when it can no longer withdraw the offer of those benefits; and when it recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. Payments are certain and are paid in accordance with the terms included in the respective termination agreement with the employee. 3. Onerous contracts: Onerous contracts mainly related to spectator sports contracts in 2017 and expected loss resulting from office sublease. During 2017, as part of the valuation and measurement of assets and liabilities, the Group assessed on a regular basis any risks in connection with business and non-business-related 4. Legal claims in 2017 mainly resulted from the disputes with some employees and consultants in Italy. In 2018, provisions for claims increased due to pending risks in Italy, including new media litigation, access to signal mark-up 5. In 2018, other provisions mainly resulted from two provisions for commercial partners in China. In 2019, the Group recognized a revenue deduction of €8,241 in sales of marketing and advertising rights based on the amount estimated to be paid to its customers as compensation for the fraudulent activities of a former senior employee of one of the Group’s subsidiaries. The fraudulent activities involved providing customers with less advertisement time than contractually promised. The case is reflected in the other provisions with a utilization of €3, 79 year-end |
Accrued expense and contract _2
Accrued expense and contract liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expense And Contract Liabilities [Abstract] | |
Summary of accrued expenses and deferred income | December 31, December 31, € € Accrued expense, project related 43,933 58,216 Accrued expense, non-project 28,964 30,241 Total accrued expense 72,897 88,457 Current 69,846 83,516 Non-current 3,051 4,941 |
Summary of contract liabilities | December 31, December 31, € € Total contract liabilities 217,171 199,166 Current 199,900 185,681 Non-current 17,271 13,485 |
Long-term payroll payables (Tab
Long-term payroll payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |
Summary of Income Statement Charge Included in Operating Profit for Post- employment Benefits | Defined benefit plans 2019 2018 € € Current service cost 2,158 3,192 Interest cost on benefit obligation 188 316 Expected return on plan assets (87 ) (223 ) Administrative expenses 20 17 Net benefit expense 2,279 3,302 |
Summary of major categories of the plan assets | The major categories of the plan assets are as follows: December 31, 2019 December 31, 2018 Cash and cash equivalents 1 % 2 % Shares 29 % 30 % Bonds 39 % 40 % Real estate 13 % 13 % Other 18 % 15 % Total amount 100 % 100 % |
Summary Of principal assumptions used in determining pension and long-term termination benefit obligations | The principal assumptions used in determining pension and long-term termination benefit obligations for the Group’s plans are shown below: 2019 2018 % % Switzerland Discount rate (%) 0.3 0.9 Expected rate of salary increases (%) 1.0 1.5 Italy Discount rate (%) 0.6 1.1 Expected rate of salary increases (%) 1.5 1.5 |
Summary of sensitivity analysis for actuarial assumptions | 2019 2018 € € Assumptions for post-employment healthcare benefit plans: Discount rate: 0.25% increase in discount rate (1,712 ) (5,185 ) 0.25% decrease in discount rate 1,712 5,185 Life expectation: Increase by 1 year 787 643 Decrease by 1 year (787 ) (643 ) Expected rate of salary increase: 0.25% increase in rate of salary increase 810 3,618 0.25% decrease in rate of salary increase (810 ) (3,618 ) |
Present value of defined benefit obligation [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Summary of defined benefit obligations | Changes in the present value of the defined benefit obligations € Defined benefit obligations at January 1, 2018 36,345 Interest costs 316 Current service cost 3,192 Benefits paid (1,851 ) Contribution by plan participants 1,275 Administrative expenses 17 Exchange differences 1,397 Actuarial loss 291 Defined benefit obligations at December 31, 2018 40,982 Interest cost 188 Current service cost 2,158 Benefits paid (2,879 ) Contribution by plan participants 1,353 Administrative expenses 20 Exchange differences 939 Gain on settlement 892 Actuarial loss 3,495 Defined benefit obligations at December 31, 2019 47,148 |
Plan assets [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Summary of defined benefit obligations | Changes in the fair value of the plan assets € Plan assets at January 1, 2018 26,740 Interest income 223 Benefits paid (1,540 ) Return on plan assets (625 ) Contributions by employer 1,783 Contribution by plan participants 1,275 Exchange differences 1,168 Plan assets at December 31, 2018 29,024 Interest income 87 Benefits paid (2,531 ) Return on plan assets 1,136 Contributions by employer 1,943 Contribution by plan participants 1,353 Gain on settlement 874 Exchange differences 87 Plan assets at December 31, 2019 31,973 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Sharebased payments [Line Items] | |
Summary of RSU granted agreements | In 2019, the Group modified the terms and conditions of the original plan, and the conditions after modification are summarized as follows: Tier A RSU Non-executive 1) Time-based Vesting conditions All remaining time-based RSUs vested on July 26, 2019 A pro rata portion which calculated based on the days of employed by the staff of the time vested RSUs shall become vested and nonforfeitable. The remaining time vested RSUs shall become 100% vested and nonforfeitable on the earlier to occur of January 1, 2021 or an involuntary termination of the employment without cause. The staff will forfeit any time based RSUs for any other reason prior to January 1, 2021. 2) Performance-based Vesting conditions 40% of the original performance vested RSU vested on July 26, 2019, with the remaining 60% forfeited immediately 40% of the performance vested RSUs that will vest and forfeit similarly to the time based RSUs. The remaining 60% will be forfeited immediately. 3) Put option WEH to purchase back at the price of USD833.88. Some of the purchase was made in August 2019, while the remaining portion will be paid in January 2021. WEH to purchase back at the price of USD833.88 in January 2021 |
Summary of movement of changes in other equity instruments | The following table illustrates the number of WEH RSUs during the year: 2019 2018 2017 Outstanding as 47,745 44,890 — Granted during the year 3,995 5,135 44,890 Exercised during the year (10,756 ) — — Forfeited during the year (1,939 ) (2,280 ) — Outstanding as at 39,045 47,745 44,890 |
Summary of Fair Value of options Determined At Grant Date | The following table lists the inputs used in the Black Scholes model for the year ended December 31, 2018: 2018 2017 Weighted average fair values at the measurement date USD1,230 USD1,570 Weighted average cost of capital (%) 10.3 10 Growth rate (%) 3.25 3 Risk-free rate (%) 2.5 2.3 Standard deviation (%) 52.5 39.3 Discount for lack of marketability (“DLOM”) (%)* 34 23 Expected put option period** 5 years 6 years * The Protective Put method was used to quantify the at-the-money ** The Protective Put method was used to quantify DLOM. With the Protective Put method, the discount is estimated as the value of an at-the-money |
Summary of time-based and performance-based vesting conditions of options | The vesting of the options is subject to time-based and performance-based vesting conditions with the following details: Tranches Percentage of the option under the ESOP Vesting condition 1) IPO Tranche 20% Immediately upon the completion of the G (i) Time-based 30% of the options under anniversary tranche vesting over four-year period, with 20% per year from IPO date/grant date to May 31, 2023 subject to the employment period served by the participants. 2) Anniversary Traches (ii) Performance-based 80% 70% of the option under the anniversary tranche vesting over four-year period, with 20% per year from IPO date/ grant date to May 31, 2023, and subject to performance achievement measure (“KPI”) of the group and subsidiaries, which are defined by the Board of Directors every year. |
Equity Transaction [Member] | |
Disclosure of Sharebased payments [Line Items] | |
Summary of RSU granted agreements | There are two forms of RSU grant agreements, namely the Tier A RSU Grant Agreement (“Tier A RSU”) and the non-executive (“Non-Executive Tier A RSU Non-executive 1) Time-based Vesting conditions Grading vesting, 20% per year from November 18, 2016 to November 18, 2020 Cliff vesting on January 1, 2021 2) Performance-based Vesting conditions To determine on December 31, 2020 based on a cumulative financial target To determine on December 31, 2020 based on a cumulative financial target 3) Put option WEH to purchase back at fair market value at various dates or events, as defined in the Agreement WSH to purchase back at fair value, starting from December 31, 2023 |
Investment Shareholders Agreement Plan [Member] | |
Disclosure of Sharebased payments [Line Items] | |
Changes in Number of options Outstanding | The following table illustrates the number of options during the year: Number of Weighted € As at December 31, 2016 33,834 93.12 Exercised during the year (1,152 ) 90.10 Forfeited during the year (3,444 ) — As at December 31, 2017 29,238 85.44 Exercised during the year (14,732 ) 88.00 Forfeited during the year (8,191 ) — As at December 31, 2018 6,315 89.07 Exercised during the year (1,336 ) 87.00 Forfeited during the year (4,979 ) — As at December 31, 2019 — — |
Group management equity incentive plan [member] | |
Disclosure of Sharebased payments [Line Items] | |
Changes in Number of options Outstanding | The following table illustrates the number of options during the year: Number of As at January 1, — Granted during the year 10,456,593 Forfeited during the year (1,205,943 ) As at December 31, 9,250,650 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Trade and other payables [Abstract] | |
Summary of trade and other payables | December 31, December 31, € € Trade payables 74,206 98,491 Other payables 49,771 37,227 Related parties 49,878 680,733 173,855 816,451 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [Line Items] | |
Disclosure of quantitative information about lease liabilities | December 31, December 31, € Current portion 10,041 9,863 Non-current 29,154 28,841 39,195 38,704 |
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments | The Minimum of each year for undiscounted lease payments to be paid on an annual basis is shown as below: December 31, December 31, € € within 1 year 11,517 10,909 1-2 9,037 9,884 2-3 7,000 7,360 3-4 5,712 4,780 4-5 4,144 3,925 >5 years 6,582 5,533 Total 43,992 42,391 |
Assets held for sale (Tables)
Assets held for sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disposal groups classified as held for sale [member] | Infront Centro Produzione S.r.l [member] | |
Statement [Line Items] | |
Summary of major classes of assets and liabilities of disposal group | The assets and liabilities of ICP classified as held for sale as at December 31, 2019, are as follows: 2019 € Assets Property, plant and equipment 336 Right of use assets 4,985 Goodwill 270 Deferred tax assets 146 Other non-current 312 Trade and other receivables 1,617 Current contract assets 16 Income tax receivables 72 Cash and cash equivalents 273 Other current assets 98 Assets held for sale 8,125 Liabilities Trade and other payables 1,251 Current lease liabilities 1,123 Current accrued expenses 431 Current contract liabilities 56 Non-current 3,951 Other non-current 64 Long-term payroll payable 99 Liabilities directly associated with the assets held for sale 6,975 Net assets directly associated with disposal group 1,150 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and contingencies [abstract] | |
Disclosure of maturity analysis of operating lease payments | December 31, 2019* December 31, 2018* € € Not later than 1 year 51 682 Later than 1 year and not later than 5 years 3 3 Later than 5 years — — 54 685 * The figures shown above are the minimum rentals payable which are payments of short-term lease and lease of low value assets under IFRS16, which are |
Related Party Disclosures (Tabl
Related Party Disclosures (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Disclosures Abstract [Abstract] | |
Summary of material transactions with related parties | The following table provides the amounts of material transactions that have been entered into with related parties for the relevant financial years. Please refer to Note 6 for the details of the Group’s structure: Sale of goods and Purchase of goods € € Entities controlled by the same ultimate controlling shareholder: Dalian Wanda Group Co., Ltd. 1 2019 2,037 — 2018 10,317 — 2017 10,511 — Dalian Wanda Group Co., Ltd. Beijing Investment Management Branch 2019 392 — Shanghai Qingpu Wanda Mall Investment Co., Ltd. 2019 188 — 2018 762 — Nanning Wanda Mall Investment Co., Ltd. 2019 139 — 2018 859 — Wuhan Wanda East Lake Real Estate Development Co.Ltd. 2019 121 — 2018 147 — 2017 712 — Tianjin Free Trade Zone Wanda Real Estate Co., Ltd. 2019 121 — Zhangzhou Wanda Plaza Investment Co., Ltd. 2019 121 — Changchun Auto City Wanda Plaza Investment Co., Ltd. 2019 110 — Dezhou Wanda Plaza Investment Co., Ltd. 2019 121 — Kunming Wanda Plaza Investment Co., Ltd. 2019 121 — Nanjing Wanda Mall Investment Co., Ltd. 2019 121 9 2018 859 — Jingmen Wanda Plaza Investment Co., Ltd. 2019 121 — Shanghai Wanda Commercial Plaza Real Estate Co., Ltd. 2019 121 — Shiyan Wanda Plaza Real Estate Co., Ltd. 2019 121 — Hefei Yaohai Wanda Plaza Investment Co., Ltd. 2019 121 — Maanshan Wanda Plaza Investment Co., Ltd. 2019 121 — Wanda Sports Travel and Consulting Company 2019 166 44 Wanda Business Management Group Co., Ltd. 2 2019 2,420 — Wanda Hotel Management (Shanghai) Co., Ltd. 2019 24 24 Dalian Wanda Sports Culture Tourism Development Co., Ltd. 2019 729 — Ankang Wanda Real Estate Co., Ltd. 2019 91 — Guilin Lingui Wanda Real Estate Development Co., Ltd. 2019 97 — Chengdu Tianfu Wanda Real Estate Co., Ltd. 3 2019 1,294 — Lanzhou Wanda City Development Co., Ltd. 2019 442 — Nanjing Lishui Wanda Plaza Co., Ltd. 2019 200 — Tianshui Wanda Real Estate Development Co., Ltd. 2019 79 — Taishan Wanda Real Estate Development Co., Ltd. 2019 79 — Handan Huai Shang District Wanda Plaza Development Co., Ltd. 2019 79 — The following table provides the amounts of material transactions that have been entered into with related parties for the relevant financial years. Sale of goods and Purchase of goods € € Leshan Wanda Plaza Investment Co., Ltd. 2019 79 — Shenyang Quanyun Wanda Plaza Investment Co., Ltd. 2019 79 — Wulanchabu Wanda Real Estate Co., Ltd. 2019 79 — Yangzhou Wanda Real Estate Development Co., Ltd. 2019 79 — Haian Wanda Real Estate Development Co., Ltd. 2019 79 — Yanan Wanda Real Estate Development Co., Ltd. 2019 79 — Changde Wanda Plaza Investment Co., Ltd. 2019 79 — Shengzhou Wucheng Real Estate Development Co., Ltd. 2019 79 — Zigong Wanda Real Estate Development Co., Ltd. 2019 79 — Jiujiang Wanda Plaza Investment Co., Ltd. 2019 79 — Wuhan Xinzhou Wanda Real Estate Development Co., Ltd. 2019 79 — Shaanxi Jinshida Real Estate Co., Ltd. 2019 49 — Jixian Wanda Plaza Commercial Management Co., Ltd. 2019 11 2 Ziyang Wanda Plaza Investment Co., Ltd. 2019 46 — Yanan Wanda City Real Estate Co., Ltd. 2019 61 — Xi’an Daming Palace Wanda Plaza Co., Ltd. 2019 24 — Shenyang Olympic Body Wanda Plaza Co., Ltd. 2019 49 — Dandong Wanda Plaza Co., Ltd. 2019 24 — Panjin Wanda Plaza Real Estate Co., Ltd. 2019 12 — Yanji Wanda Plaza Investment Co., Ltd. 2019 12 — Yingkou Wanda Plaza Investment Co., Ltd. 2019 12 — Urumqi Wanda Plaza Investment Co., Ltd. 2019 12 — Wanda Sports & Media (Hong Kong) Co. Limited 2019 — 122 Beijing Wanda Plaza Real Estate Co., Ltd. Wanda Vista Hotel 2019 — 42 Xiamen Jimei Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 6 Hangzhou Gongshu Wanda Plaza Commercial Management Co., Ltd 2019 — 7 Fuzhou Wanda Plaza Commercial Property Management Co., Ltd 2019 — 5 Beijing Tongzhou Wanda Plaza Commercial Management Co., Ltd. 2019 — 9 Shenyang Tiexi Wanda Plaza Commercial Management Co., Ltd. North 1st Road Branch 2019 — 4 Jinan Gaoxin Wanda Plaza Commercial Management Co., Ltd. 2019 — 5 The following table provides the amounts of material transactions that have been entered into with related parties for the relevant financial years. Sale of goods and Purchase of goods € € Suzhou Wuzhong Wanda Plaza Commercial Management Co., Ltd. 2019 — 4 Shanghai Baoshan Wanda Plaza Commercial Management Co., Ltd. 2019 — 11 Dongguan Houjie Wanda Plaza Commercial Management Co., Ltd. 2019 — 5 Guangzhou Panyu Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 7 Foshan Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 7 Wuhan Wanda Plaza Business Management Co., Ltd. Central Cultural Tourism Div. 2019 — 6 Xi’an Wanda Plaza Commercial Management Co., Ltd. High-tech Branch 2019 — 5 Mianyang Jingkai Wanda Plaza Commercial Management Co., Ltd. 2019 121 2 Chongqing Banan Wanda Plaza Commercial Management Co., Ltd. 2019 — 2 Changsha Wanda Plaza Commercial Property Management Co., Ltd. 2019 — 8 Hefei Wanda Plaza Commercial Management Co., Ltd. 2019 — 7 Nanchang Honggutan Wanda Plaza Commercial Management Co., Ltd. 2019 — 7 Tianjin Wanda Media Co., Ltd. 2019 — 289 Nanning Wanda International Film City Co., Ltd. Wanda Maodian 2019 — 16 Sunseeker International Ltd 2018 128 — Joint ventures in which the parent is a venturer: International Games Broadcast Services AG 4 2019 2,818 — 2018 3,850 — 2017 718 — Infront Ringier Sports & Entertainment Switzerland AG 2019 17 449 2018 30 1,188 2017 79 1,308 Organizing Committee IIHF 2020 World Championship AG 2019 7 — OC 2018 IIHF WM ApS 2019 — 3 2018 536 684 2017 100 — DEB Eishockey Sport GmbH 5 2017 1,311 — Associate: FIS Marketing AG 2019 875 — 2018 855 — 2017 715 — 1 In 2019, the Group provided services in relation to hospitality and event organization of International Federation of Association Basketball (“FIBA”) World Cup for Dalian Wanda Group Co., Ltd. In 2018, the Group provided services in relation to the sponsorship of the International Federation of Association Football (“FIFA”) World Cup. 2 The Group provided services in relation to the marketing rights of the Ironman Kids for Wanda Business Management Group Co., Ltd. 3 The Group provided services in relation to marketing rights of the Badminton World Federation (“BWF”) Tour Finals, Urban Cycling World Championships (“UCI”) and Chengdu International Marathon for Chengdu Tianfu Wanda Real Estate Co., Ltd. 4 The Group provided services in relation to host broadcasting operations of Rugby World Cup for International Games Broadcast Services AG. 5 The Group provided consulting services in relation to the International Ice Hockey Federation (“IIHF”) World Championships for DEB Eishockey Sport GmbH. |
Summary of material amounts due to or from related parties | The following table provided material amounts due to or from related parties for the relevant financial years: Amounts Amounts due to € € Entities controlled by the same ultimate controlling shareholder: Wanda Sports & Media (Hong Kong) Co. Limited December 31, 2019 350 124 December 31, 2018 221 — Dalian Wanda Group Co Ltd December 31, 2019 12 — December 31, 2018 5,238 — Shanghai Qingpu Wanda Mall Investment Co., Ltd December 31, 2019 64 — December 31, 2018 — 97 Beijing Wanda Cultural Industry Group Co., Ltd. December 31, 2019 107,854 2,704 December 31, 2018 107,898 Beijing Wanda Football Club Co., Ltd. December 31, 2019 1 — Tianjin Free Trade Zone Wanda Real Estate Co., Ltd. December 31, 2019 17 — Wanda Sports Travel and Consulting Company December 31, 2019 165 44 Dalian Wanda Sports Culture Tourism Development Co., Ltd. December 31, 2019 771 — Ziyang Wanda Plaza Investment Co., Ltd. December 31, 2019 48 — Ankang Wanda Real Estate Co., Ltd. December 31, 2019 83 — Guilin Lingui Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Chengdu Tianfu Wanda Real Estate Co., Ltd. December 31, 2019 1,279 — Xi’an Daming Palace Wanda Plaza Co., Ltd. December 31, 2019 26 — Shenyang Olympic Body Wanda Plaza Co., Ltd. December 31, 2019 26 — Panjin Wanda Plaza Real Estate Co., Ltd. December 31, 2019 13 — Jixian Wanda Plaza Commercial Management Co., Ltd. December 31, 2019 12 — Shaanxi Jinshida Real Estate Co., Ltd. December 31, 2019 51 — Lanzhou Wanda City Development Co., Ltd. December 31, 2019 467 — Nanjing Lishui Wanda Plaza Co., Ltd. December 31, 2019 83 — Tianshui Wanda Real estate development co. LTD December 31, 2019 83 — Taishan Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Handan Huai Shang District Wanda Plaza Development Co., Ltd. December 31, 2019 83 — Leshan Wanda Plaza Investment Co., Ltd. December 31, 2019 83 — Shenyang Quanyun Wanda Plaza Investment Co., Ltd. December 31, 2019 83 — Wulanchabu Wanda Real Estate Co., Ltd. December 31, 2019 83 — Yangzhou Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Haian Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — Yanan Wanda Real Estate Development Co., Ltd. December 31, 2019 83 — The following table provided material amounts due to or from related parties for the relevant financial years: Amounts Amounts due to € € Infront International Holdings AG December 31, 2019 — 932 December 31, 2018 — 952 Wanda Sports & Media (Hong Kong) Holding Co. Limited* December 31, 2019 — 614 December 31, 2018 783 174,620 Wanda Sports Finance Co. Limited December 31, 2019 — 1,671 Tianjin Wanda Media Co., Ltd. December 31, 2019 — 168 Wanda Culture Holding Co., Ltd. December 31, 2018 — 460,551 Wanda America Investment Holding Co.,Ltd. December 31, 2018 — 43,655 Joint ventures in which the parent is a venturer: Organizing Committee IIHF 2020 World Championship AG December 31, 2019 — 8 International Games Broadcast Services AG December 31, 2019 115 — December 31, 2018 3,778 — Infront Ringier Sports & Entertainment Switzerland AG December 31, 2018 118 380 OC 2018 IIHF WM ApS December 31, 2018 3 7 Associates: FIS Marketing AG December 31, 2019 — 95 December 31, 2018 108 — Verein Tour de Suisse December 31, 2019 320 — |
Summary of material loans to related parties | The following table provides information on material loans to related parties for the relevant financial years. Interest Amounts € € Loans to related parties: Entities controlled by the same ultimate controlling shareholder: Wanda Sports & Media (Hong Kong) Co. Limited 6 December 31, 2019 250 6,058 December 31, 2018 336 5,410 December 31, 2017 778 24,266 Infront Finance Luxembourg Sàrl 7 December 31, 2017 — — Infront International Holding AG 8 December 31, 2018 270 — Joint ventures in which the parent is a venturer: Infront Ringier Sports & Entertainment Switzerland AG 9 December 31, 2019 5 — December 31, 2018 5 10 December 31, 2017 9 — 6 The Group had a loan receivable balance of €6,058 as at December 31, 2019, €5,410 as at December 31, 2018 and €24,266 as at December 31, 2017 with Wanda Sports & Media (Hong Kong) Co. Limited. The loan with €5,251 carried annual interest rates ranging from 3.64% to 3.68% in 2019 with a maturity date of December 2, 2026. The remaining loan amounting to €807 with no interest rate and maturity date. The Group and Wanda Sports & Media (Hong Kong) Co. Limited have reached an agreement in December 2019 that the Company will bear the social security contribution due to exercise the options by tranches under the ISA Plan (see Note 35) in late 2018 and during the year of 2019 that originally signed among Wanda Sports & Media (Hong Kong) Co. Limited, IHAG, the Participants under ISA Plan. The total contribution was approximately CHF 4.3 million (approximately €3,714) and has already been paid by the Group. Before reaching this agreement, Wanda Sports & Media (Hong Kong) Co. Limited had volunteered to bear such security contribution although it was legally unclear which party should bear such cost. Due to such arrangement, a corresponding expense of €3,714 has been booked into the personnel expenses in the statement of profit or loss for the year ended December 31, 2019. 7 As at December 31, 2016, the Group had a loan receivable balance of €141,263 with Infront Finance Luxembourg Sàrl. The loan carried an annual interest rate of 5.2% with a maturity date of July 21, 2019. The amount was netted off by the dividend declared by the Company in 2017. 8 During 2018, a loan in the amount of €12,235 was granted to Infront International Holdings AG, which was then waived in late 2018. 9 The Group had a loan receivable balance of €10 as at December 31, 2018 and €0 as at December 31, 2017 with Infront Ringier Sports & Entertainment Switzerland AG. It carried an annual interest rate of 0.3% with a maturity date of December 31, 2020. |
Summary of material loans from related parties | The following table provides information on material loans from related parties for the relevant financial years. Interest expense Amounts € € Loans from related parties: Entities controlled by the same ultimate controlling shareholder: Infront International Holdings AG 10 December 31, 2018 7,615 — December 31, 2017 19,497 393,833 Wanda Sports & Media (Hong Kong) Holding Co. Limited 11 December 31, 2019 2,680 44,685 10. The Group had a loan payable balance of €0 as at December 31, 2018, and €393,833 as at December 31, 2017 with Infront International Holdings AG. The loan was fully repaid on May 24, 2018. It had a maturity date of July 21, 2019 and carried an effective annual interest rate of 3.1% after taking into account the effect of Cross Currency Swap. 11. In December 2019, the Company has reached a supplemental agreement regarding to the US$ 50 million outstanding balance of the promissory note issued to WSM as part of the Restructuring mentioned in Note 1. According to the agreement, a “fund occupied fee” will be charged to the Company by WSM at an annualized rate of 7.8% staring from March 14, 2019. For the year ended December 31, 2019, the “fund occupied fee” was then agreed to US$3 million (approximately €2,680). The outstanding balance of the promissory note is presented under other payables in the consolidated statement of financial position. |
Summary of compensation of key management personnel of the group | The following table provides compensation of key management personnel of the Group. 2019 2018 2017 € € € Short-term employee benefits 5, 5 92 6,638 7,089 Post-employment benefits 58 48 51 Share-based payments 8,698 6,050 6,847 Total compensation paid to key management personnel 14, 348 12,736 13,987 |
Corporate information - Additio
Corporate information - Additional information (Detail) € in Thousands, $ in Millions | Mar. 14, 2019EUR (€)shares | Mar. 06, 2019shares | Mar. 14, 2019USD ($)shares |
Infront International Holdings AG [Member] | |||
Corporate Information [Line Items] | |||
Percentage of share capital contributed | 5.70% | 94.30% | |
Number of shares issued for acquiring interest in subsidiary | 92,216,208 | ||
Wanda Sports Co Ltd [Member] | |||
Corporate Information [Line Items] | |||
Number of shares issued for acquiring interest in subsidiary | 5,878,399 | 5,878,399 | |
Wanda Sports Co Ltd [Member] | Dalian Wanda Group Co Ltd | |||
Corporate Information [Line Items] | |||
Percentage of share capital contributed | 10.00% | ||
Wanda Sports Co Ltd [Member] | Beijing Wanda Culture Industry Group Co. Ltd. | |||
Corporate Information [Line Items] | |||
Percentage of share capital contributed | 85.00% | ||
Wanda Sports Co Ltd [Member] | Mr Jianlin Wang [Member] | |||
Corporate Information [Line Items] | |||
Percentage of share capital contributed | 5.00% | ||
Wanda Sports Holdings USA Inc. [Member] | |||
Corporate Information [Line Items] | |||
Number of shares issued for acquiring interest in subsidiary | 38,890,537 | 38,890,537 | |
Wanda Sports Media Hong Kong Holding Co Limited [Member] | |||
Corporate Information [Line Items] | |||
Percentage of share capital contributed | 100.00% | ||
Number of shares issued for acquiring interest in subsidiary | 32,346,028 | 32,346,028 | |
Trade and other receivables | € 353,732 | $ 400 | |
Debt instruments issued | € 353,732 | $ 400 |
Significant accounting polici_4
Significant accounting policies - Additional Information (Detail) | Jan. 01, 2018 |
Bottom of range [member] | |
Summary of financial position after changing to new functional currency [line item] | |
Lease liabilities discount rate | 1.56% |
Top of range [member] | |
Summary of financial position after changing to new functional currency [line item] | |
Lease liabilities discount rate | 6.21% |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Office equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 1 year |
Office equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 7 years |
Machinery equipment and vehicle [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Machinery equipment and vehicle [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 6 years |
Media production equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Description of useful life, property, plant and equipment | shorter of lease term and life of asset |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Trade names [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Description of useful life, intangible assets other than goodwill | indefinite lives |
Trade names [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 8 years |
Trade names [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Customer relationships [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Customer relationships [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 19 years |
Software [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 1 year |
Software [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Brand [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 1 year |
Brand [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 15 years |
Media rights [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 4 years |
Reacquired rights [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Description of useful life, intangible assets other than goodwill | Remaining license period |
Covenants not to compete [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Description of useful life, intangible assets other than goodwill | Life of the covenant |
Licenses and contracts [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Description of useful life, intangible assets other than goodwill | Over the lifetime of the contracts, up to 10 years |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Effect of Adopting IFRS 15 (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | ||||||
Accrued income | € 10,498 | € 6,474 | ||||
Contract assets | 53,541 | 39,714 | ||||
Total current assets | 603,420 | 619,446 | ||||
Contract assets | 10,268 | 9,077 | ||||
Deferred tax assets | 23,063 | 24,562 | ||||
Total non-current assets | 1,192,641 | 1,263,065 | ||||
Total assets | 1,796,061 | 1,882,511 | ||||
Liabilities | ||||||
Deferred income | 5 | 7 | ||||
Contract Liabilities | 199,900 | 185,681 | ||||
Total current liabilities | 715,434 | 1,172,530 | ||||
Deferred income | 10 | |||||
Contract liabilities | 17,271 | 13,485 | ||||
TOTAL LIABILITIES | 1,568,047 | 1,891,526 | € 49,139 | |||
Equity | ||||||
Retained earnings | (483,211) | (207,566) | ||||
Reserves | (813,300) | (1,321,685) | ||||
TOTAL EQUITY/(DEFICIT) | 228,014 | (9,015) | € (58,916) | € 5,917 | ||
TOTAL LIABILITIES AND EQUITY | € 1,796,061 | € 1,882,511 | ||||
Increase (decrease) due to application of IFRS 15 [member] | ||||||
Assets | ||||||
Accrued income | (48,030) | |||||
Contract assets | 48,703 | |||||
Total current assets | 673 | |||||
Accrued income | [1],[2] | (300) | ||||
Contract assets | [1] | 300 | ||||
Deferred tax assets | [3] | (238) | ||||
Total non-current assets | (238) | |||||
Total assets | 435 | |||||
Liabilities | ||||||
Deferred income | [4] | (192,717) | ||||
Contract Liabilities | [2],[4] | 192,289 | ||||
Total current liabilities | (428) | |||||
Deferred income | [4] | (18,160) | ||||
Contract liabilities | [2],[4] | 18,160 | ||||
TOTAL LIABILITIES | (428) | |||||
Equity | ||||||
Retained earnings | [2] | 914 | ||||
Reserves | [2] | (51) | ||||
TOTAL EQUITY/(DEFICIT) | 863 | |||||
TOTAL LIABILITIES AND EQUITY | € 435 | |||||
[1] | Before adoption of IFRS 15, the Group recognized accrued income, even if the receipt of the total consideration was conditional on successful completion of goods or services in the contract. Under IFRS 15, any earned consideration that is conditional should be recognized as a contract asset rather than an accrued income. Therefore, upon the adoption of IFRS 15, the Group reclassified €49,003 of accrued income as contract assets in total as at January 1, 2018. | |||||
[2] | The Group allocated sponsorship benefits over period during which the services were provided. The Group accelerated recognition of certain digital benefits to periods prior to the event at an amount of €914 in retained earnings, as well as an increase of accrued income €672, and a decrease of €427 of contract liabilities as at January 1, 2018. The losses on foreign exchange differences on such impact was €51 which was booked into other comprehensive income as at January 1, 2018. | |||||
[3] | The Group recognized the related deferred tax impact for the adjustment c) illustrated as above. | |||||
[4] | Before the adoption of IFRS 15, the Group presented these advances which are project related as deferred income in the consolidated statement of financial position on the advances received. Under IFRS 15, the Group presented those advances as contract liabilities. Therefore, a reclassification of € 210,877 in total was made as at January 1, 2018. |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of Effect of Adopting IFRS 15 (Parenthetical) (Detail) - EUR (€) € in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2017 |
Disclosure of initial application of standards or interpretations [line items] | |||
Reclassification of accrued income as contract assets | € 49,003 | ||
Reclassification of customer advances as contract liabilities | 210,877 | ||
Digital benefits recognized in retained earnings | 914 | ||
Digital benefits recognized as increase to accrued income | 672 | ||
Digital benefits recognized as decrease to contract liabilities | 427 | ||
Net foreign exchange gain | € 51,000 | € 735 | € 4,030 |
Significant Accounting Polici_9
Significant Accounting Policies - Summary of Detailed Information About Effects on Financial Statements Due to Adoption of IFRS 15 (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | |
Disclosure of voluntary change in accounting policy [line items] | |||||
Revenue | € 1,030,080 | € 1,129,186 | € 954,598 | ||
Cost of sales | (686,360) | (763,793) | (624,093) | ||
Gross profit | 343,720 | 365,393 | 330,505 | ||
Profit before tax | (252,652) | 72,967 | 96,523 | ||
Income tax | 21,184 | 18,955 | 17,731 | ||
(Loss)/profit for the year | (273,836) | 54,012 | 78,792 | ||
Attributable to: | |||||
Equity holders of the parent | (275,645) | 51,646 | 77,203 | ||
Non-controlling interests | 1,809 | 2,366 | 1,589 | ||
(Loss)/profit for the year | (273,836) | 54,012 | 78,792 | ||
CURRENT ASSETS | |||||
Accrued income | 10,498 | 6,474 | |||
Contract assets | 53,541 | 39,714 | |||
NON-CURRENT ASSETS | |||||
Contract assets | 10,268 | 9,077 | |||
Deferred tax assets | 23,063 | 24,562 | |||
Total assets | 1,796,061 | 1,882,511 | |||
CURRENT LIABILITIES | |||||
Deferred income | 5 | 7 | |||
Contract Liabilities | 199,900 | 185,681 | |||
NON-CURRENT LIABILITIES | |||||
Deferred income | 10 | ||||
Contract liabilities | 17,271 | 13,485 | |||
TOTAL LIABILITIES | 1,568,047 | 1,891,526 | € 49,139 | ||
Equity | |||||
Reserves | (813,300) | (1,321,685) | |||
Accumulated deficit | (483,211) | (207,566) | |||
Deficit attributable to equity holders of the parent | 224,305 | (8,435) | |||
TOTAL EQUITY/(DEFICIT) | 228,014 | (9,015) | € (58,916) | € 5,917 | |
TOTAL LIABILITIES AND EQUITY | € 1,796,061 | 1,882,511 | |||
IFRS 15 [Member] | |||||
Disclosure of voluntary change in accounting policy [line items] | |||||
Revenue | 1,129,186 | ||||
Cost of sales | (763,793) | ||||
Gross profit | 365,393 | ||||
Profit before tax | 72,967 | ||||
Income tax | (18,955) | ||||
(Loss)/profit for the year | 54,012 | ||||
Attributable to: | |||||
Equity holders of the parent | 51,646 | ||||
Non-controlling interests | 2,366 | ||||
(Loss)/profit for the year | 54,012 | ||||
CURRENT ASSETS | |||||
Accrued income | 6,474 | ||||
Contract assets | 39,714 | ||||
NON-CURRENT ASSETS | |||||
Contract assets | 9,077 | ||||
Deferred tax assets | 24,562 | ||||
Total assets | 1,882,511 | ||||
CURRENT LIABILITIES | |||||
Deferred income | 7 | ||||
Contract Liabilities | 185,681 | ||||
NON-CURRENT LIABILITIES | |||||
Deferred income | 10 | ||||
Contract liabilities | 13,485 | ||||
TOTAL LIABILITIES | 1,891,526 | ||||
Equity | |||||
Reserves | (1,321,685) | ||||
Accumulated deficit | (207,566) | ||||
Deficit attributable to equity holders of the parent | (8,435) | ||||
TOTAL EQUITY/(DEFICIT) | (9,015) | ||||
TOTAL LIABILITIES AND EQUITY | 1,882,511 | ||||
IAS 18 [Member] | |||||
Disclosure of voluntary change in accounting policy [line items] | |||||
Revenue | 1,131,702 | ||||
Cost of sales | (766,564) | ||||
Gross profit | 365,138 | ||||
Profit before tax | 72,712 | ||||
Income tax | (19,058) | ||||
(Loss)/profit for the year | 53,654 | ||||
Attributable to: | |||||
Equity holders of the parent | 51,288 | ||||
Non-controlling interests | 2,366 | ||||
(Loss)/profit for the year | 53,654 | ||||
CURRENT ASSETS | |||||
Accrued income | 44,778 | ||||
NON-CURRENT ASSETS | |||||
Accrued income | 9,077 | ||||
Deferred tax assets | 24,703 | ||||
Total assets | 1,881,242 | ||||
CURRENT LIABILITIES | |||||
Deferred income | 185,686 | ||||
NON-CURRENT LIABILITIES | |||||
Contract liabilities | 13,495 | ||||
TOTAL LIABILITIES | 1,891,524 | ||||
Equity | |||||
Reserves | (1,321,680) | ||||
Accumulated deficit | (208,838) | ||||
Deficit attributable to equity holders of the parent | (9,702) | ||||
TOTAL EQUITY/(DEFICIT) | (10,282) | ||||
TOTAL LIABILITIES AND EQUITY | € 1,881,242 |
Significant Accounting Polic_10
Significant Accounting Policies - Summary of Detailed Information About Effect of Adopting IFRS 15 (Parenthetical) (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Digital benefits recognized as revenue [member] | |
Disclosure of voluntary change in accounting policy [line items] | |
Increase (decrease) in revenue | € 254 |
Commissions recognized as deduction to revenue [member] | |
Disclosure of voluntary change in accounting policy [line items] | |
Increase (decrease) in revenue | € 2,770 |
Significant Accounting Polic_11
Significant Accounting Policies - Summary of Effect of Adopting IFRS 9 (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | |||||
Trade and other current receivables | € 264,041 | € 299,898 | |||
Accrued income | 10,498 | 6,474 | |||
Total current assets | 603,420 | 619,446 | |||
Non-Current Assets | |||||
Deferred tax assets | 23,063 | 24,562 | |||
Total non-current assets | 1,192,641 | 1,263,065 | |||
Total assets | 1,796,061 | 1,882,511 | |||
Equity | |||||
Reserves | (813,300) | (1,321,685) | |||
Accumulated deficit | (483,211) | (207,566) | |||
TOTAL EQUITY/(DEFICIT) | 228,014 | (9,015) | € (58,916) | € 5,917 | |
TOTAL LIABILITIES AND EQUITY | € 1,796,061 | € 1,882,511 | |||
IFRS 9 [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
Current Assets | |||||
Trade and other current receivables | € (512) | ||||
Accrued income | (210) | ||||
Total current assets | (722) | ||||
Non-Current Assets | |||||
Deferred tax assets | 26 | ||||
Total non-current assets | 26 | ||||
Total assets | (696) | ||||
Equity | |||||
Reserves | (25) | ||||
Accumulated deficit | (671) | ||||
TOTAL EQUITY/(DEFICIT) | (696) | ||||
TOTAL LIABILITIES AND EQUITY | € (696) |
Significant Accounting Polic_12
Significant Accounting Policies - Summary of Effect of Adopting IFRS 9 (Parenthetical) (Detail) € in Thousands | Jan. 01, 2018EUR (€) |
Disclosure of initial application of standards or interpretations [abstract] | |
Impairment on trade and other receivables and contract assets | € 722 |
Significant Accounting Polic_13
Significant Accounting Policies - Summary of Effect of Adopting IFRS 9 on Allowance for Impairment (Detail) - IFRS 9 [member] - EUR (€) € in Thousands | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | € (16,285) | |
Previously stated [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | € (15,563) | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | (722) | |
Trade receivables [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | (16,075) | |
Trade receivables [member] | Previously stated [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | (15,563) | |
Trade receivables [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | (512) | |
Accrued income [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | € (210) | |
Accrued income [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Allowance account for credit losses of financial assets | € (210) |
Significant Accounting Polic_14
Significant Accounting Policies - Summary of Required or Elected Re-classifications (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | ||
Trade receivables [member] | |||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | |||
Financial assets, measurement category immediately before initial application of IFRS 9 | [1] | 276,153 | |
Trade receivables [member] | Financial assets at amortized cost, category [member] | |||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | |||
Financial assets, carrying amount immediately after initial application of IFRS 9 | [1] | € 275,641 | |
Accrued income [member] | |||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | |||
Financial assets, measurement category immediately before initial application of IFRS 9 | 60,579 | ||
Accrued income [member] | Financial assets at amortized cost, category [member] | |||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | |||
Financial assets, carrying amount immediately after initial application of IFRS 9 | € 60,369 | ||
[1] | The change in the carrying amount is a result of additional impairment allowance and the reclassification of certain accrued income, where the right to consideration is unconditional and only passage of time is required before payment is done. See the discussion on impairment as above. |
Significant accounting polic_15
Significant accounting policies - Summary of Impact of Adoption of IFRS 16 (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||||
Other assets | € 81,001 | € 81,561 | |||
Total current assets | 603,420 | 619,446 | |||
Right-of-use assets | 35,249 | 35,789 | |||
Deferred tax assets | 23,063 | 24,562 | |||
Total non-current assets | 1,192,641 | 1,263,065 | |||
Total assets | 1,796,061 | 1,882,511 | |||
Liabilities | |||||
Accruals classified as current | 69,846 | 83,516 | |||
Current provisions | 9,234 | 3,419 | |||
Total current liabilities | 715,434 | 1,172,530 | |||
Lease liabilities | 29,154 | 28,841 | |||
Deferred tax liabilities | 99,202 | 82,941 | |||
Non-current provisions | 3,936 | 8,576 | |||
Total non-current liabilities | 852,613 | 718,996 | |||
TOTAL LIABILITIES | 1,568,047 | 1,891,526 | € 49,139 | ||
Equity [abstract] | |||||
Accumulated deficit | (483,211) | (207,566) | |||
Reserves | (813,300) | (1,321,685) | |||
Non-controlling interests | 3,709 | (580) | |||
TOTAL EQUITY/(DEFICIT) | 228,014 | (9,015) | € (58,916) | € 5,917 | |
TOTAL LIABILITIES AND EQUITY | € 1,796,061 | € 1,882,511 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 [Member] | |||||
Assets | |||||
Other assets | 70 | ||||
Total current assets | 70 | ||||
Right-of-use assets | 42,590 | ||||
Deferred tax assets | 6,769 | ||||
Total non-current assets | 49,359 | ||||
Total assets | 49,429 | ||||
Liabilities | |||||
Accruals classified as current | (563) | ||||
Current provisions | (1,139) | ||||
Total current liabilities | (1,702) | ||||
Lease liabilities | 45,312 | ||||
Deferred tax liabilities | 7,033 | ||||
Non-current provisions | (1,504) | ||||
Total non-current liabilities | 50,841 | ||||
Equity [abstract] | |||||
Accumulated deficit | 313 | ||||
Reserves | (17) | ||||
Non-controlling interests | (6) | ||||
TOTAL EQUITY/(DEFICIT) | 290 | ||||
TOTAL LIABILITIES AND EQUITY | € 49,429 |
Significant accounting judgem_2
Significant accounting judgements, estimates and assumptions - Additional Infiormation (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of changes in accounting estimates [line items] | ||
Carrying amount of goodwill | € 537,585 | € 677,326 |
Unused tax losses [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Tax losses carried forward | € 34,379 | € 19,590 |
Segment information - Summary o
Segment information - Summary of Segment Results (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | |||
External customers | € 1,030,080 | € 1,129,186 | € 954,598 |
Cost of sales | 686,360 | 763,793 | 624,093 |
Segment gross profit | 343,720 | 365,393 | 330,505 |
Material reconciling items [member] | |||
Revenue | |||
External customers | 0 | ||
Cost of sales | 0 | ||
Segment gross profit | 0 | ||
Mass participation [Member] | Operating segments [member] | |||
Revenue | |||
External customers | 326,917 | 284,081 | 251,450 |
Cost of sales | 209,501 | 183,225 | 161,168 |
Segment gross profit | 117,416 | 100,856 | 90,282 |
Spectator Sports [Member] | Operating segments [member] | |||
Revenue | |||
External customers | 567,279 | 523,826 | 547,072 |
Cost of sales | 382,521 | 315,664 | 349,018 |
Segment gross profit | 184,758 | 208,162 | 198,054 |
DPSS [Member] | Operating segments [member] | |||
Revenue | |||
External customers | 135,884 | 321,279 | 156,076 |
Cost of sales | 94,338 | 264,904 | 113,907 |
Segment gross profit | € 41,546 | € 56,375 | € 42,169 |
Segment information - Summary_2
Segment information - Summary of Geographic Information on Total Revenues (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenue from external customers | € 1,030,080 | € 1,129,186 | € 954,598 |
Europe [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | 637,688 | 768,790 | 616,094 |
Americas [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | 184,552 | 188,663 | 166,720 |
Asia [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | 167,428 | 128,956 | 137,491 |
Oceania [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | 27,102 | 23,530 | 20,905 |
Africa [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | € 13,310 | € 19,247 | € 13,388 |
Capital management - Disclosure
Capital management - Disclosure of objectives, policies and processes for managing capital (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Capital Structure [Abstract] | ||||
Interest-bearing liabilities | € 845,668 | € 561,117 | ||
Income tax payable | 21,787 | 31,009 | ||
Other Financial Liabilities Assets Net | 21,058 | 15,088 | ||
Long-term receivables | (6,808) | (6,271) | ||
Cash and cash equivalents | (163,225) | (177,048) | € (230,419) | € (124,344) |
Net debt | € 718,480 | € 423,895 |
Group information - Summary of
Group information - Summary of Information about Subsidiaries (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
World Endurance Holdings Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Triathlon Corporation [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Ironman Holdings I LLC [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Endurance Africa Holdings Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN 70.3 Durban Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Endurance South Africa Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN 70.3 South Africa Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN South Africa Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN 70.3 Cape Town Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Epic Holdings Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Grandstand Management Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Cape Epic Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | South Africa | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Wanda Sports Holdings usa Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Endurance Holdings Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Australia | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Endurance Asia Pacific Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Australia | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN New Zealand Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | New Zealand | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Endurance Asia Pte Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Singapore | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Asia Pte Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Singapore | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Asia Thailand Co Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Thailand | ||
Direct % equity interest | 49.00% | 49.00% | |
Ironman Maryland Events LLC [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | ||
IMU Holdings LLC [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Chesapeake Bay Bridge Run LLC [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
The IRONMAN Foundation Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor Group Holdings Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor Group Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor Publishing Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | ||
Inside Communications Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | ||
Muddy Buddy Events LLC [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | ||
Triathlon Group North America Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | ||
Competitor Group Europe SARL [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Luxembourg | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
CG Portugal LDA [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Portugal | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor Spain SL [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Spain | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor Sports Ireland Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Ireland | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor UK Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor Group Events Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Competitor Canada Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Canada | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
US Raceworks LLC [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | ||
Competitor Media UK Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 100.00% | ||
World Endurance Cooperatief UA [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Netherlands | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Endurance BV [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Netherlands | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Endurance Malaysia Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Malaysia | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Luxembourg SARL [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Luxembourg | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Canada Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Canada | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Endurance Australia Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Australia | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
USM Events Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Australia | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Sweden AB [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Sweden | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
World Triathlon Stockholm AB [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Sweden | ||
Direct % equity interest | 55.00% | 55.00% | 55.00% |
IRONMAN Switzerland AG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Switzerland | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Swiss Epic AG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Switzerland | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Germany GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Germany | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Denmark ApS [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Denmark | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMANLtdIronman Ireland [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Ireland | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Unlimited Events UK Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Spain SL [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Spain | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Italy SRL [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Italy | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Austria GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Austria | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN France SARL [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | France | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront France Travel SAS [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | France | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Sports Media UK Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront X Holdings Inc US [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront X LLC [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United States | ||
Direct % equity interest | 100.00% | 71.90% | 51.00% |
Omnigon Canada Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Canada | ||
Direct % equity interest | 100.00% | 71.90% | 51.00% |
Omnigon Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 0.00% | 71.90% | 51.00% |
Omnigon Russia ooo [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Russia | ||
Direct % equity interest | 100.00% | 71.90% | 51.00% |
Infront Holding AG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Switzerland | ||
Direct % equity interest | 100.00% | 94.30% | 96.33% |
Infront Sports Media AG ISMAG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Switzerland | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront X AG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Switzerland | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Italy Holding Srl [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Italy | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Italy Srl [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Italy | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Centro Produzione Srl [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Italy | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Sports Media China CoLtd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | China | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Sports Media Beijing Co Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | China | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
InfrontPanAsiaHolding Pte Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Singapore | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Football Media Pte Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Singapore | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Host Broadcast Services HBS AG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Switzerland | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
HBS France SAS [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | France | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
HBS France Production SAS [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | France | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront France SAS [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | France | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Austria GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Austria | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Germany GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Country | Germany | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront B2RUN GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Germany | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Infront Netherlands BV [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Netherlands | ||
Direct % equity interest | 100.00% | 100.00% | |
Infront Sportif Pazarlama JSL [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Turkey | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
IRONMAN Unlimited Oceania Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | New Zealand | ||
Sella Communications Srl [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | France | ||
Cap 111 Srl [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | France | ||
Lagardere Unlimited Events AG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Germany | ||
Direct % equity interest | 100.00% | 100.00% | |
Infront PanAsia Pte Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Singapore | ||
Direct % equity interest | 100.00% | 100.00% | 100.00% |
Xletix GmbH Germany [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Germany | ||
Direct % equity interest | 100.00% | 100.00% | |
Goalscout Srl [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Italy | ||
Titan Active Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Ireland | ||
Direct % equity interest | 100.00% | 100.00% | |
AROC Sport Pty Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Australia | ||
Direct % equity interest | 100.00% | 100.00% | |
Youthstream Media SA [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Switzerland | ||
Direct % equity interest | 100.00% | ||
Youthstream Group SAM [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Monaco | ||
Direct % equity interest | 100.00% | ||
Youthstream Organisation [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Monaco | ||
Direct % equity interest | 100.00% | ||
Youthstream Logistic SRO [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Slovakia | ||
Direct % equity interest | 100.00% | ||
Business Run Eventorganisation GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Austria | ||
Direct % equity interest | 100.00% | ||
HBS Germany GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Germany | ||
Direct % equity interest | 100.00% | ||
hundert24 GmbH [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Germany | ||
Direct % equity interest | 100.00% | ||
Threshold Sports Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 100.00% | ||
Level 99 Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | United Kingdom | ||
Direct % equity interest | 55.87% | ||
Level 99 doo [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Serbia | ||
Direct % equity interest | 100.00% | ||
Sunrise Events Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Principal activities | Sports & Events Services | ||
Country | Philippines | ||
Direct % equity interest | 100.00% |
Group information - Summary o_2
Group information - Summary of Information about Subsidiaries (Parenthetical) (Detail) | Apr. 30, 2019 | Mar. 14, 2019 | Mar. 06, 2019 | Dec. 31, 2019 |
Omnigon Group [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Ownership percent in associates acquired | 28.10% | |||
Infront International Holdings AG [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of voting rights in subsidiary | 5.70% | 94.30% | 100.00% |
Group information - Summary o_3
Group information - Summary of VIEs and Subsidiaries of VIEs (Detail) - Wanda Sports Co Ltd [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | |
Principal activities | Sports & Events Services |
Country | China |
Direct % equity interest | 0.00% |
Group information - Summary o_4
Group information - Summary of Equity Interests in Associates (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
FIS Marketing AG Switzerland [Member] | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 24.50% | 24.50% | 24.50% |
Beijing Iron Man Sports Entertainment Co Ltd [Member] | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 7.50% | 7.50% | |
Cycling Unlimited AG [Member] | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 25.00% | ||
Upsolut Sports (HYROX) [Member] | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 20.00% |
Group information - Summary o_5
Group information - Summary of Equity Interests in Associates (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019Seats | |
Disclosure of subsidiaries [line items] | |
Voting percent in associates | 55.00% |
Verein Tour de Suisse | |
Disclosure of subsidiaries [line items] | |
Voting percent in associates | 25.00% |
Beijing Iron Man Sports Entertainment Co Ltd | |
Disclosure of subsidiaries [line items] | |
Number Of Board Seats | 5 |
Group information - Summary o_6
Group information - Summary of Equity Interests in Joint Ventures (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
International Games Broadcast Services IGBS AG Switzerland [Member] | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 50.00% |
Infront Ringier Sports Entertainment AG Switzerland [Member] | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
DEB Eishockey Sport GmbH [Member] | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | ||
Business Run Freiburg GbR [Member] | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
OC 2018 IIHF WM APS [Member] | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Lagardre Unlimited EventsSouth Africa Proprietary Limited [Member] | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |
Organizing Committee IIHF 2020 World Championship [Member] | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 50.00% |
Group information - Additional
Group information - Additional information (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of subsidiaries [abstract] | ||
Percentage of Fee on Net Profit | 100.00% | |
Amounts of pledged equity interest of WSC | € 154,145 | € 148,733 |
Business combinations and acq_3
Business combinations and acquisition of non-controlling interests - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2019 | Nov. 01, 2018 | May 23, 2018 | May 22, 2018 | May 15, 2018 | Jan. 01, 2018 | |
Youthstream [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||
Contingent consideration at fair value | € 12,434 | € 12,434 | ||||||||
Maximum contingent consideration that can be paid | 15,000 | |||||||||
Goodwill recognized | 69,467 | |||||||||
Contributed revenue | 19,504 | |||||||||
Net profit | 1,286 | |||||||||
Contingent consideartion undiscounted value | € 12,434 | |||||||||
Sunrise Events Inc [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||
Threshold Sports Limited [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||
Contingent consideration at fair value | € 2,322 | |||||||||
Maximum contingent consideration that can be paid | € 869 | € 806 | 773 | |||||||
Maximum contingent consideration payable | € 3,777 | 3,777 | 3,777 | |||||||
Goodwill recognized | 2,814 | |||||||||
Contributed revenue | 8,092 | |||||||||
Net profit | € 755 | |||||||||
Business Run Eventorganisation GmbH [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||
hundert24 GmbH [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Contingent consideration at fair value | € 4,321 | |||||||||
Maximum contingent consideration that can be paid | 0 | |||||||||
Fairfax Events And Entertainment [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Goodwill recognized | 17,520 | |||||||||
Contributed revenue | 5,710 | |||||||||
Net profit | € 2,151 | |||||||||
Level99 Ltd [member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 55.87% | |||||||||
Contingent consideration at fair value | € 0 | |||||||||
Goodwill recognized | 1,073 | |||||||||
Contributed revenue | 606 | |||||||||
Net profit | (478) | |||||||||
Xletix GmbH [member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||
Contingent consideration at fair value | 7,681 | € 7,681 | ||||||||
Maximum contingent consideration that can be paid | € 3,000 | 3,000 | € 3,000 | |||||||
Maximum contingent consideration payable | 9,000 | |||||||||
Goodwill recognized | 11,724 | € 11,724 | ||||||||
Contributed revenue | 8,807 | |||||||||
Net profit | 1,916 | |||||||||
AROC Sport Pty Ltd [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 55.00% | 100.00% | ||||||||
Contingent consideration at fair value | 529 | |||||||||
Maximum contingent consideration that can be paid | 380 | |||||||||
Goodwill recognized | 2,310 | |||||||||
Contingent consideration readjusted | 317 | |||||||||
Yongda [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Contingent consideration at fair value | 2,385 | |||||||||
Maximum contingent consideration that can be paid | 2,277 | 367 | ||||||||
Goodwill recognized | 2,218 | |||||||||
Non-controlling interest recognized on acquisition | 2,414 | |||||||||
Goalscout Srl [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||
Contingent consideration at fair value | 0 | |||||||||
Goodwill recognized | 375 | |||||||||
Titan Active Limited [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||
Contingent consideration at fair value | 368 | |||||||||
Maximum contingent consideration that can be paid | 147 | |||||||||
Goodwill recognized | 1,190 | |||||||||
REV3 [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Contingent consideration at fair value | 852 | |||||||||
Maximum contingent consideration that can be paid | 85 | 427 | ||||||||
Goodwill recognized | 1,249 | |||||||||
Triathlon VitoriaGasteiz Event [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Contingent consideration at fair value | 231 | |||||||||
Maximum contingent consideration that can be paid | 90 | |||||||||
Goodwill recognized | 592 | |||||||||
Contributed revenue | 4,719 | |||||||||
Net profit | 1,316 | |||||||||
Other Acquisitions [member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Contingent consideration at fair value | 8,324 | 4,365 | ||||||||
Goodwill recognized | 11,480 | 7,934 | ||||||||
Contributed revenue | 9,067 | |||||||||
Net profit | 1,736 | |||||||||
Non-controlling interest recognized on acquisition | € 2,414 | |||||||||
Contingent consideartion undiscounted value | € 9,759 |
Business combinations and acq_4
Business combinations and acquisition of non-controlling interests - Summary of Fair Values of Identifiable Assets and Liabilities at Youthstream Acquisition (Detail) - Youthstream [Member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Feb. 28, 2019 | |
Assets | ||
Cash and cash equivalents | € 6,058 | |
Trade and other receivables | 6,940 | |
Other assets | 742 | |
Property, plant and equipment | 634 | |
Intangible assets | 50,738 | |
Liabilities | ||
Trade and other payables | 1,927 | |
Contract Liabilities | 12,134 | |
Accrued expenses | 154 | |
Deferred tax liabilities | 14,207 | |
Total identifiable net assets at fair value | 36,690 | |
Goodwill arising on acquisition | 69,467 | |
Purchase consideration | 106,157 | |
Purchase consideration | ||
Cash and cash equivalents | 93,723 | |
Contingent consideration | 12,434 | € 12,434 |
Total consideration | 106,157 | |
Analysis of Cash Flows on Acquisition [Abstract] | ||
Cash and cash equivalents held by the acquired subsidiaries | 6,058 | |
Cash paid for the acquired subsidiaries | (80,000) | |
Net cash flows on acquisition | € (73,942) |
Business combinations and acq_5
Business combinations and acquisition of non-controlling interests - Summary of Fair Values of Identifiable Assets and Liabilities at Youthstream Acquisition (Parenthetical) (Detail) - Youthstream [Member] - Cash And Cash Equivalent [Member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about business combination [line items] | |||
Deferred Payment | € 13,723 | ||
Forecast [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Deferred Payment | € 13,723 | € 13,723 |
Business combinations and acq_6
Business combinations and acquisition of non-controlling interests - Summary of Fair Values of Identifiable Assets and Liabilities at Threshold Sports Limited Acquisition (Detail) - Threshold Sports Limited [member] € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Current assets | |
Cash and cash equivalents | € 4,652 |
Trade and other receivables | 679 |
Inventories | 41 |
Other assets | 648 |
Non-current assets | |
Property, plant and equipment | 42 |
Intangible assets | 2,326 |
Current liabilities | |
Trade and other payables | 389 |
Contract Liabilities | 4,278 |
Income Tax Payable | 165 |
Total identifiable net assets at fair value | 3,114 |
Goodwill arising on acquisition | 2,814 |
Purchase consideration | 5,928 |
Deferred tax liabilities | 442 |
Purchase consideration: | |
Cash and cash equivalents | 3,606 |
Contingent consideration | 2,322 |
Purchase consideration | 5,928 |
Analysis of cash flows on acquisition: | |
Cash and cash equivalents held by the acquired subsidiaries | 4,652 |
Cash paid for the acquired subsidiaries | (3,606) |
Net cash flows on acquisition | € 1,046 |
Business combinations and acq_7
Business combinations and acquisition of non-controlling interests - Summary of Fair Values of Identifiable Assets and Liabilities at Fairfax Events and Entertainment (Detail) - Fairfax Events And Entertainment [Member] € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Assets | |
Other assets | € 125 |
Non-current assets | |
Contract right use of assets | 157 |
Investments | 3,055 |
Current liabilities | |
Trade and other payables | 133 |
Lease liabilities | 97 |
Accrued expenses | 23 |
Contract Liabilities | 1,925 |
Non-current liabilities | |
Lease liabilities | 60 |
Total identifiable net assets at fair value | 1,099 |
Goodwill arising on acquisition | 17,520 |
Purchase consideration | 18,619 |
Purchase consideration: | |
Cash and cash equivalents | 18,619 |
Total consideration | 18,619 |
Analysis of cash flows on acquisition: | |
Cash paid for the acquired subsidiaries | (18,619) |
Net cash flows on acquisition | € (18,619) |
Business combinations and acq_8
Business combinations and acquisition of non-controlling interests - Summary of Fair Values of Identifiable Assets and Liabilities at Level99 Ltd (Detail) - Level 99 Ltd [Member] € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Current assets | |
Cash and cash equivalents | € 2,431 |
Total identifiable net assets at fair value | 2,431 |
Non-controlling interest recognized on acquisition | 1,073 |
Total net assets at fair value deducting non controlling interest | 1,358 |
Goodwill arising on acquisition | 1,073 |
Purchase consideration: | |
Cash and cash equivalents | 2,431 |
Purchase consideration | 2,431 |
Analysis of cash flows on acquisition: | |
Cash and cash equivalents held by the acquired subsidiaries | 2,431 |
Assets other than cash or cash equivalents in subsidiary or businesses acquired or disposed | € (2,431) |
Business combinations and acq_9
Business combinations and acquisition of non-controlling interests - Summary of Fair Values of Identifiable Assets and Liabilities at Other Acquisition (Detail) - Other Acquisitions [member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets | ||
Cash and cash equivalents | € 1,384 | € 860 |
Trade and other receivables | 1,096 | 14,057 |
Inventories | 31 | 88 |
Other assets | 1,410 | |
Non-current assets | ||
Property, plant and equipment | 147 | 1,481 |
Contract right use of assets | 265 | |
Intangible assets | 5,671 | 4,127 |
Deferred tax assets | 633 | 21 |
Other assets | 12 | 2 |
Investments | 482 | |
Current liabilities | ||
Trade and other payables | 281 | 9,884 |
Accrued expenses | 1,176 | |
Contract Liabilities | 4,070 | 2,358 |
Income Tax Payable | 74 | 148 |
Interest-bearing liabilities | 3,226 | |
Lease liabilities | 141 | |
Non-current liabilities | ||
Lease liabilities | 137 | |
Contract Liabilities | 11 | |
Deferred tax liabilities | 1,433 | 634 |
Provision | 819 | |
Total identifiable net assets at fair value | 2,543 | 6,254 |
Non-controlling interest recognized on acquisition | 2,414 | |
Goodwill arising on acquisition | 11,480 | 7,934 |
Purchase consideration | 14,023 | 11,774 |
Purchase consideration | ||
Cash and cash equivalents | 5,699 | 7,409 |
Contingent consideration | 8,324 | 4,365 |
Total consideration | 14,023 | 11,774 |
Analysis of cash flows on acquisition | ||
Cash and cash equivalents held by the acquired subsidiaries | 1,384 | 860 |
Cash paid for the acquired subsidiaries | (5,699) | (7,409) |
Net cash flows on acquisition | € (4,315) | € (6,549) |
Business combinations and ac_10
Business combinations and acquisition of non-controlling interests - Summary of Fair Values of Identifiable Assets and Liabilities at Xletix GmbH Acquisition (Detail) - Xletix GmbH [Member] - EUR (€) € in Thousands | May 22, 2018 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | € 4,702 | |
Trade and other receivables | 1,646 | |
Inventories | 256 | |
Other assets | 1,882 | |
Non-current assets | ||
Property, plant and equipment | 219 | |
Intangible assets | 2,129 | |
Current liabilities | ||
Trade and other payables | 835 | |
Interest-bearing liabilities | 13 | |
Accrued expenses | 621 | |
Contract Liabilities | 7,134 | |
Income tax payable | 43 | |
Total identifiable net assets at fair value | 2,188 | |
Goodwill arising on acquisition | 11,724 | € 11,724 |
Purchase consideration | 13,912 | |
Purchase consideration | ||
Cash and cash equivalents | 6,231 | |
Contingent consideration | 7,681 | € 7,681 |
Total consideration | 13,912 | |
Analysis of cash flows on acquisition: | ||
Cash and cash equivalents held by the acquired subsidiaries | 4,702 | |
Cash paid for the acquired subsidiaries | (6,231) | |
Net cash flows on acquisition | € (1,529) |
Business combinations and ac_11
Business combinations and acquisition of non-controlling interests - Summary of Fair Value Measurement of Contingent Consideration And Liabilities (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [abstract] | |||
Contingent consideration and liabilities, beginning balance | € 28,908 | € 24,354 | € 23,526 |
Liabilities arising on business combination | 23,080 | 12,046 | 10,298 |
Movements during the year | (5,884) | (7,492) | (9,470) |
Contingent consideration and liabilities, ending balance | € 46,104 | € 28,908 | € 24,354 |
Interests in joint ventures - S
Interests in joint ventures - Summary of Financial Information Related to Interests in Joint Ventures (Detail) - Joint ventures [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint ventures [line items] | |||
Share of the joint ventures' profit for the year | € 1,400 | € 5,294 | € 255 |
Aggregate carrying amount of the Group's investments in the joint ventures | € 1,786 | € 4,964 | € 1,188 |
Investment in associates - Summ
Investment in associates - Summary of Financial Information Related to Interests in Associates (Detail) - Associates [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
Share of the associates' profit for the year | € 363 | € 272 | € 254 |
Aggregate carrying amount of the Group's investment in associates | € 1,491 | € 587 | € 93 |
Fair value measurement - Summar
Fair value measurement - Summary of Fair Value Measurement Hierarchy for Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of assets [line items] | ||
Assets | € 1,796,061 | € 1,882,511 |
Currency swap [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 56 | 73 |
Foreign exchange forward contracts [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 1,102 | 580 |
Equity instruments designated at fair value through OCI [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 12,423 | 7,931 |
Bonds [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 3,690 | |
Interest rate swap deal [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 1,824 | |
Financial assets at fair value through profit or loss, category [member] | Investments in equity instruments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 6,499 | 5,593 |
Level 1 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | Investments in equity instruments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 6,499 | 5,593 |
Level 2 of fair value hierarchy [member] | Currency swap [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 56 | 73 |
Level 2 of fair value hierarchy [member] | Foreign exchange forward contracts [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 1,102 | 580 |
Level 2 of fair value hierarchy [member] | Interest rate swap deal [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 1,824 | |
Level 3 of fair value hierarchy [member] | Equity instruments designated at fair value through OCI [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 12,423 | € 7,931 |
Level 3 of fair value hierarchy [member] | Bonds [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | € 3,690 |
Fair value measurement - Summ_2
Fair value measurement - Summary of Fair Value Measurement Hierarchy for Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | € 1,568,047 | € 1,891,526 | € 49,139 |
Foreign exchange forward contracts [member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 442 | 69 | |
Financial liabilities at fair value through profit or loss, category [member] | Derivatives [member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 639 | 773 | |
Financial liabilities at fair value through profit or loss, category [member] | Contingent consideration and Liabilities from business combination [member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 36,808 | 28,908 | |
Level 2 of fair value hierarchy [member] | Foreign exchange forward contracts [member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 442 | 69 | |
Level 2 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | Derivatives [member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 639 | 773 | |
Level 2 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | Contingent consideration and Liabilities from business combination [member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Level 3 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | Contingent consideration and Liabilities from business combination [member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | € 36,808 | € 28,908 |
Fair value measurement - Summ_3
Fair value measurement - Summary of Fair Value Measurement Quantitative Sensitivity Analysis (Detail) - Contingent consideration [member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Range (weighted average) | 5.50% | |
Omnigon Group [Member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Valuation technique | DCF method | |
Significant unobservable inputs | Discount rate | |
Range (weighted average) | 5.50% | |
Sensitivity of the fair input value to input | 2018: 5% increase (decrease) in the discount rate would result in an increase (decrease) in fair value by €2 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 5.00% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | € 2 | |
Gsport [Member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Valuation technique | DCF method | |
Significant unobservable inputs | Discount rate | |
Range (weighted average) | 12.00% | |
Sensitivity of the fair input value to input | 2018: 5% increase (decrease) in the discount rate would result in an increase (decrease) in fair value by €18 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 5.00% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | € 18 | |
hundert24 GmbH [Member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Valuation technique | DCF method | |
Significant unobservable inputs | Discount rate | |
Range (weighted average) | 12.00% | |
Sensitivity of the fair input value to input | 2019: 1% increase in the discount rate would result in a decrease in fair value by €42; 1% decrease in the discount rate would result in an increase in fair value by €43 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 1.00% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | € 42 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | € 43 | |
Youthstream [Member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Valuation technique | DCF method | |
Significant unobservable inputs | Discount rate | |
Range (weighted average) | 5.00% | |
Sensitivity of the fair input value to input | 2019: 1% increase in the discount rate would result in a decrease in fair value by €494; 1% decrease in the discount rate would result in an increase in fair value by €511 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 1.00% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | € 494 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | € 511 |
Revenue - Products and services
Revenue - Products and services explanatory (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of products and services [line items] | |||
Revenue | € 1,030,080 | € 1,129,186 | € 954,598 |
Sale of Right [Member] | |||
Disclosure of products and services [line items] | |||
Revenue | 468,629 | ||
Services [Member] | |||
Disclosure of products and services [line items] | |||
Revenue | 401,573 | ||
Other Revenue [Member] | |||
Disclosure of products and services [line items] | |||
Revenue | € 84,396 |
Revenue - Disaggregated revenue
Revenue - Disaggregated revenue information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | € 1,030,080 | € 1,129,186 |
Europe [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 637,688 | 768,790 |
Asia [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 167,428 | 128,956 |
Americas [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 184,552 | 188,663 |
Africa [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 13,310 | 19,247 |
Oceania [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | € 27,102 | € 23,530 |
Revenue - Contract balances inf
Revenue - Contract balances information (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Contract Balances [Line Items] | |||
Trade receivables (See Note 29) | € 66,814 | ||
Contract assets – current (See Note 22) | € 53,541 | € 39,714 | |
Contract assets – non-current (See Note 22) | 10,268 | 9,077 | |
Contract liabilities – current (See Note 33) | 199,900 | 185,681 | |
Contract liabilities – non-current (See Note 33) | 17,271 | 13,485 | |
Contract balances [member] | |||
Contract Balances [Line Items] | |||
Trade receivables (See Note 29) | 133,556 | 166,097 | |
Contract assets – current (See Note 22) | 53,541 | 39,714 | |
Contract assets – non-current (See Note 22) | 10,268 | 9,077 | |
Contract liabilities – current (See Note 33) | 199,900 | 185,681 | |
Contract liabilities – non-current (See Note 33) | € 17,271 | € 13,485 |
Revenue - Amount of revenue rec
Revenue - Amount of revenue recognized (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | ||
Amounts included in contract liabilities at the beginning of the year | € 189,009 | € 183,892 |
Performance obligations satisfied in previous years | 995 | 3,726 |
Revenue Recognized from Contract Liabilities and Performance Obligations Satisfied | € 190,004 | € 187,618 |
Revenue - Performance obligatio
Revenue - Performance obligations (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Transaction price allocated to remaining performance obligations | € 1,220,928 | € 1,443,807 |
Not later than one year [member] | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Transaction price allocated to remaining performance obligations | 472,244 | 475,320 |
Later than one year [member] | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Transaction price allocated to remaining performance obligations | € 748,684 | € 968,487 |
Other operating income_expens_3
Other operating income/expenses - Other operating income (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Operating Income [Abstract] | |||
Government grant income | € 6,413 | € 6,406 | € 6,563 |
Remeasurement of contingent - consideration, net | 546 | ||
Gain on financial instruments | 356 | ||
Others | 4,002 | 2,448 | 4,749 |
Other income | € 10,415 | € 8,854 | € 12,214 |
Other operating income_expens_4
Other operating income/expenses - Summary of Detailed Information on Other Operating Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Various taxes other than income tax | € 1,498 | € 952 | € 1,949 |
Accrued provision | 906 | 612 | 1,015 |
Bad debt expenses | 4,132 | 32,054 | 5,206 |
Remeasurement of contingent consideration, net | 562 | 757 | |
Others | 885 | 1,280 | 1,162 |
Other expense, by function | € 7,983 | € 35,655 | € 9,332 |
Finance results - Summary Of Fi
Finance results - Summary Of Finance Income And Costs (Detail) - EUR (€) € in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finance costs | ||||
Interests on bank loans, overdrafts and other loans | € 67,968 | € 34,768 | € 46,219 | |
Interest expense on the lease liability | 1,273 | 1,323 | ||
Bank charges | 2,257 | 1,777 | 347 | |
Loss on derivative financial instruments at fair value through profit or loss | 390 | 705 | 390 | |
Foreign exchange losses | 4,568 | 5,436 | ||
Others | 3,546 | 9,702 | 6,344 | |
Total | 80,002 | 53,711 | 53,300 | |
Finance income | ||||
Interest income | 1,448 | 11,504 | 21,441 | |
Dividend income | 1,517 | |||
Foreign exchange gains | € 51,000 | 735 | 4,030 | |
Others | 132 | 338 | 883 | |
Total | € 2,315 | € 11,842 | € 27,871 |
Personnel expenses - Schedule O
Personnel expenses - Schedule Of Employee Benefit Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Classes of employee benefits expense [abstract] | |||
Wages, salaries and payroll benefits | € 118,759 | € 115,156 | € 99,178 |
Social security | 12,864 | 9,047 | 8,219 |
Pension costs | 7,190 | 7,863 | 7,239 |
Share-based payment expenses | 19,045 | 7,777 | 16,377 |
Others | 5,724 | 4,590 | 4,092 |
Total | € 163,582 | € 144,433 | € 135,105 |
Personnel expenses - Additional
Personnel expenses - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Personnel expenses [abstract] | |||
Defined contribution plan expense | € 6,183 | € 6,080 | € 6,126 |
Components of OCI - Summary of
Components of OCI - Summary of components Of Other Comprehensive Income (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow hedges: | |||
Reclassification to profit or loss during the year, net of tax | € 208 | € 4,909 | € (163) |
Fair value changes of derivatives, net of tax | 1,734 | 183 | (2,053) |
Cash flow hedging gains | 1,942 | 5,092 | (2,216) |
Exchange differences: | |||
Exchange differences on translation of foreign operations | 2,353 | (2,957) | (3,751) |
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent years (net of tax): | |||
Net remeasurement loss on defined benefit plans, net of tax | (2,057) | (760) | 352 |
Total | € 2,238 | € 1,375 | € (5,615) |
Components of OCI - Summary O_2
Components of OCI - Summary Of Disaggregation Of Changes Of Other Comprehensive Income (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive income: | ||||
Comprehensive income | € (271,598) | € 55,387 | € 73,177 | |
Remeasurement losses on defined benefit plans | (2,057) | (760) | 352 | |
Cash flow hedging loss | 1,942 | 5,092 | (2,216) | |
Exchange differences on translation of foreign operations | 2,353 | (2,957) | (3,751) | |
Parent [member] | ||||
Comprehensive income: | ||||
Comprehensive income | (13,992) | (16,042) | (17,010) | € (11,522) |
Remeasurement losses on defined benefit plans | (2,053) | (717) | 344 | |
Cash flow hedging loss | 1,965 | 4,802 | (2,166) | |
Exchange differences on translation of foreign operations | 2,138 | (3,049) | (3,666) | |
Parent [member] | Reserve of cash flow hedges [member] | ||||
Comprehensive income: | ||||
Comprehensive income | 1,560 | (405) | (5,207) | (3,041) |
Cash flow hedging loss | 1,965 | 4,802 | (2,166) | |
Parent [member] | Reserve of remeasurements of defined benefit plans [member] | ||||
Comprehensive income: | ||||
Comprehensive income | (4,517) | (2,464) | (1,747) | (2,091) |
Remeasurement losses on defined benefit plans | (2,053) | (717) | 344 | |
Parent [member] | Reserve of exchange differences on translation [member] | ||||
Comprehensive income: | ||||
Comprehensive income | (11,035) | (13,173) | (10,056) | € (6,390) |
Exchange differences on translation of foreign operations | € 2,138 | (3,049) | € (3,666) | |
Parent [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Comprehensive income: | ||||
Comprehensive income | (68) | |||
Parent [member] | Increase (decrease) due to changes in accounting policy [member] | Reserve of exchange differences on translation [member] | ||||
Comprehensive income: | ||||
Comprehensive income | € (68) |
Selling, office and administr_3
Selling, office and administrative expenses - Summary Of Components of Selling Office And Administrative Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling, general and administrative expense [abstract] | |||
Professional service expenses | € 26,239 | € 14,929 | € 13,134 |
Travel expenses | 8,174 | 6,999 | 6,390 |
Marketing expenses | 11,859 | 10,222 | 7,587 |
Lease payments recognized as an operating lease expense | 1,072 | 1,275 | |
Others | 21,333 | 18,618 | 27,599 |
Total | € 68,677 | € 52,043 | € 54,710 |
Income tax - Schedule Of Major
Income tax - Schedule Of Major Components Of Income Tax Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Current income tax | € 20,880 | € 33,491 | € 23,007 |
Deferred tax | 304 | (14,536) | (5,276) |
Income tax expense reported in the consolidated statement of profit or loss | € 21,184 | € 18,955 | € 17,731 |
Income tax - Schedule Of Tax Re
Income tax - Schedule Of Tax Related Components Of Other Comprehensive Income (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss [abstract] | |||
Net gain/(loss) on revaluation of cash flow hedges | € 537 | € (826) | € (361) |
Net (loss)/gain from remeasurement on defined benefit plans | (302) | 156 | 53 |
Deferred tax charged to OCI | € 235 | € (670) | € (308) |
Income tax - Reconciliation of
Income tax - Reconciliation of accounting profit multiplied by applicable tax rates (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||
(Loss)/profit before tax | € (252,652) | € 72,967 | € 96,523 | ||
Tax expense (income) at applicable tax rate | (36,256) | 10,653 | 14,092 | ||
Tax Effect Of Current Tax Of Previous Years | (4,958) | (212) | (714) | ||
Tax Effect Of Opening Deferred Tax Of Changes In Rates | 173 | [1] | 158 | [1] | (7,803) |
Tax Effect Of Previously Unrecognized Tax Losses | (2,336) | (3,872) | (630) | ||
Tax effect of revenues exempt from taxation 2011 | (3,469) | (2,611) | (313) | ||
Tax effect of expense not deductible in determining taxable profit (tax loss) | 7,566 | 5,524 | 6,003 | ||
Tax effect of impairment of goodwill | 36,496 | ||||
Tax losses not recognized of the year | 16,414 | 1,757 | 213 | ||
Tax Effect Of Different Local Tax Rates | 6,399 | 6,541 | 7,003 | ||
Other tax effects for reconciliation between accounting profit and tax expense (income) | 1,155 | 1,017 | (120) | ||
Income Tax Expense Continuing Operations | € 21,184 | € 18,955 | € 17,731 | ||
[1] | The effect on opening deferred tax of changes in rates is mainly due to the tax rate of certain subsidiaries changes as a result of the tax reform in the United States, which was enacted on December 22, 2017. The tax rate of those subsidiaries changed from approximately 38% to 25%.[WEH: (368), IHAG: 324, Pending update IHAG] |
Income tax - Summary Of Deferre
Income tax - Summary Of Deferred Tax Assets And Liabilities (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 23,063 | € 24,562 | |
Deferred tax liabilities | 99,202 | 82,941 | |
Deferred tax expense (income) recognised in profit or loss | (304) | 14,126 | |
Deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 57,764 | 55,358 | |
Deferred tax expense (income) recognised in profit or loss | 3,246 | 13,523 | € (4,347) |
Deferred tax liabilities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 133,903 | 113,737 | |
Deferred tax expense (income) recognised in profit or loss | 3,550 | (1,013) | (9,623) |
Unused tax losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 29,462 | 25,240 | |
Unused tax losses [member] | Deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | (3,648) | (1,524) | (8,773) |
Other temporary differences [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 28,302 | 30,118 | |
Deferred tax liabilities | 55,155 | 35,971 | |
Other temporary differences [member] | Deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | (402) | 15,047 | 4,426 |
Other temporary differences [member] | Deferred tax liabilities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | 3,766 | 610 | 4,817 |
Fair value adjustment arising from business combinations [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 78,748 | 77,766 | |
Fair value adjustment arising from business combinations [member] | Deferred tax liabilities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | € (216) | € (1,623) | € (14,440) |
Income tax - Schedule of deferr
Income tax - Schedule of deferred tax assets and liabilities (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax assets and liabilities [abstract] | ||||
Net deferred tax assets | € 23,063 | € 24,562 | ||
Net deferred tax liabilities | 99,202 | 82,941 | ||
Net deferred tax | € (58,379) | € (68,418) | € (76,139) | € (58,379) |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Beginning Balance | (58,379) | (68,418) | ||
Tax credit/(expense) during the year recognized in profit or loss | (304) | 14,126 | ||
Tax credit during the year recognized in OCI | (235) | (843) | ||
Increase (decrease) through business combinations, deferred tax liability (asset) | (15,445) | (22) | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | (1,630) | (2,855) | ||
Reclassification as held for sale | (146) | |||
Adoption of IFRS 15/16 | (367) | |||
Ending Balance | € (76,139) | € (58,379) |
Income tax - Additional Informa
Income tax - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [line Items] | ||
Tax losses carried forward | € 23,063 | € 24,562 |
WEH [Member] | ||
Statement [line Items] | ||
Deferred tax of changes in rates | (368) | |
IHAG [Member] | ||
Statement [line Items] | ||
Deferred tax of changes in rates | 324 | |
Unused tax losses [member] | ||
Statement [line Items] | ||
Tax losses carried forward | 29,462 | 25,240 |
Tax losses available indefinitely for offsetting against future taxable profits | 34,379 | 19,590 |
Unused Tax Losses Expired In Two Years [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | 1,876 | |
Unused Tax Losses Expired In Three Years [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | 3,004 | 1,196 |
Unused Tax Losses Expired In Four Years [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | 4,804 | |
Unused Tax Losses Expired In Five Years [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | 8,528 | 2,158 |
Unused Tax Losses Expired In Nine Years [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | 190 | |
Unused Tax Losses No Expiration [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | 14,344 | 15,893 |
Unused Tax Losses Expired In One Year [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | € 153 | |
Unused Tax Losses Expired In Seven Years [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | 1,522 | |
Unused Tax Losses Expired In Six Years [Member] | ||
Statement [line Items] | ||
Tax losses carried forward | € 301 | |
Foreign Subsidiaries [Member] | ||
Statement [line Items] | ||
Tax rate | 25.00% | 38.00% |
SWITZERLAND | ||
Statement [line Items] | ||
Tax rate | 14.35% | 14.60% |
Earnings per share ("EPS") - Di
Earnings per share ("EPS") - Disclosure Of Detailed Information About Profits Attributable To Equity Holders And Weighted Average Shares Explanatory (Detail) - EUR (€) € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit (loss), attributable to ordinary equity holders of parent entity [abstract] | |||
Profit (loss), attributable to ordinary equity holders of parent entity | € (275,645) | € 51,646 | € 77,203 |
Impact Of Options On Profit Or Loss | (212) | (3,204) | |
Impact Of Restricted Share Units On Profit Or Loss | (91) | ||
Profit (loss), attributable to ordinary equity holders of parent entity including dilutive effects | € (275,645) | € 51,343 | € 73,999 |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | |||
Weighted Average Shares | 189,480 | 169,331 | 169,331 |
AdjustWeighted Average Shares | 198,673 | 169,331 | 169,331 |
Property, plant and equipment -
Property, plant and equipment - Tabular disclosure of plant property equipment activity (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment [line items] | ||
Beginning Balance | € 26,048 | |
Ending Balance | 26,294 | € 26,048 |
Office And IT Equipment [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 6,156 | |
Ending Balance | 6,052 | 6,156 |
Media Production Equipment [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 7,754 | |
Ending Balance | 6,359 | 7,754 |
Leasehold improvements [member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 4,982 | |
Ending Balance | 4,236 | 4,982 |
Machinery Equipment And Vehicles [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 7,049 | |
Ending Balance | 9,302 | 7,049 |
Projects In Progress [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 107 | |
Ending Balance | 345 | 107 |
Gross carrying amount [member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 110,265 | 98,592 |
Additions other than through business combinations, property, plant and equipment | 10,370 | 11,753 |
Acquisitions through business combinations, property, plant and equipment | 823 | 1,700 |
Disposals, property, plant and equipment | (5,468) | (2,644) |
Transfer to assets held for sale | (5,411) | |
Increase (decrease) through net exchange differences, property, plant and equipment | 838 | 864 |
Ending Balance | 111,417 | 110,265 |
Gross carrying amount [member] | Office And IT Equipment [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 23,354 | 19,492 |
Additions other than through business combinations, property, plant and equipment | 1,441 | 3,531 |
Acquisitions through business combinations, property, plant and equipment | 526 | 247 |
Increase (decrease) through transfers, property, plant and equipment | 186 | 134 |
Disposals, property, plant and equipment | (1,937) | (425) |
Transfer to assets held for sale | (831) | |
Increase (decrease) through net exchange differences, property, plant and equipment | 269 | 375 |
Ending Balance | 23,008 | 23,354 |
Gross carrying amount [member] | Media Production Equipment [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 56,320 | 53,640 |
Additions other than through business combinations, property, plant and equipment | 2,605 | 3,366 |
Disposals, property, plant and equipment | (2,483) | (954) |
Transfer to assets held for sale | (1,024) | |
Increase (decrease) through net exchange differences, property, plant and equipment | 142 | 268 |
Ending Balance | 55,560 | 56,320 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 15,533 | 14,362 |
Additions other than through business combinations, property, plant and equipment | 685 | 1,577 |
Acquisitions through business combinations, property, plant and equipment | 8 | 261 |
Increase (decrease) through transfers, property, plant and equipment | 276 | 24 |
Disposals, property, plant and equipment | (801) | (854) |
Transfer to assets held for sale | (3,556) | |
Increase (decrease) through net exchange differences, property, plant and equipment | 69 | 163 |
Ending Balance | 12,214 | 15,533 |
Gross carrying amount [member] | Machinery Equipment And Vehicles [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 14,951 | 10,770 |
Additions other than through business combinations, property, plant and equipment | 4,948 | 3,079 |
Acquisitions through business combinations, property, plant and equipment | 289 | 1,192 |
Increase (decrease) through transfers, property, plant and equipment | 243 | |
Disposals, property, plant and equipment | (247) | (411) |
Increase (decrease) through net exchange differences, property, plant and equipment | 349 | 78 |
Ending Balance | 20,290 | 14,951 |
Gross carrying amount [member] | Projects In Progress [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 107 | 328 |
Additions other than through business combinations, property, plant and equipment | 691 | 200 |
Increase (decrease) through transfers, property, plant and equipment | (462) | (401) |
Increase (decrease) through net exchange differences, property, plant and equipment | 9 | (20) |
Ending Balance | 345 | 107 |
Accumulated depreciation and amortisation [member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 84,217 | 74,782 |
Disposals, property, plant and equipment | (5,175) | (1,981) |
Transfer to assets held for sale | (5,075) | |
Other | (346) | |
Increase (decrease) through net exchange differences, property, plant and equipment | 267 | 680 |
Depreciation, property, plant and equipment | 11,235 | 10,736 |
Ending Balance | 85,123 | 84,217 |
Accumulated depreciation and amortisation [member] | Office And IT Equipment [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 17,198 | 14,385 |
Disposals, property, plant and equipment | (1,843) | (269) |
Transfer to assets held for sale | (739) | |
Other | (848) | |
Increase (decrease) through net exchange differences, property, plant and equipment | 103 | 323 |
Depreciation, property, plant and equipment | 3,085 | 2,759 |
Ending Balance | 16,956 | 17,198 |
Accumulated depreciation and amortisation [member] | Media Production Equipment [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 48,566 | 44,778 |
Disposals, property, plant and equipment | (2,448) | (893) |
Transfer to assets held for sale | (971) | |
Other | 31 | |
Increase (decrease) through net exchange differences, property, plant and equipment | 106 | 175 |
Depreciation, property, plant and equipment | 3,917 | 4,506 |
Ending Balance | 49,201 | 48,566 |
Accumulated depreciation and amortisation [member] | Leasehold improvements [member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 10,551 | 9,512 |
Disposals, property, plant and equipment | (799) | (553) |
Transfer to assets held for sale | (3,365) | |
Other | 8 | |
Increase (decrease) through net exchange differences, property, plant and equipment | 10 | 118 |
Depreciation, property, plant and equipment | 1,573 | 1,474 |
Ending Balance | 7,978 | 10,551 |
Accumulated depreciation and amortisation [member] | Machinery Equipment And Vehicles [Member] | ||
Property, plant and equipment [line items] | ||
Beginning Balance | 7,902 | 6,107 |
Disposals, property, plant and equipment | (85) | (266) |
Other | 463 | |
Increase (decrease) through net exchange differences, property, plant and equipment | 48 | 64 |
Depreciation, property, plant and equipment | 2,660 | 1,997 |
Ending Balance | € 10,988 | € 7,902 |
Right of use assets - Tabular d
Right of use assets - Tabular disclosure of right of use assets activity (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | € 35,789 | ||
Transfer to assets held for sale | 273 | € 0 | |
Ending Balance | 35,249 | € 35,789 | |
Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 30,608 | ||
Ending Balance | 30,047 | 30,608 | |
Machinery Equipment And Vehicles [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 1,365 | ||
Ending Balance | 1,933 | 1,365 | |
Office And IT Equipment [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 2,389 | ||
Ending Balance | 2,437 | 2,389 | |
Software [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 1,427 | ||
Ending Balance | 832 | 1,427 | |
Gross carrying amount [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 45,776 | 42,726 | |
Additions | 20,456 | 9,574 | |
Acquisition of subsidiaries | 157 | 265 | |
Contract Cancellation | (10,248) | (7,083) | |
Transfer to assets held for sale | (7,186) | ||
Exchange differences | 418 | 294 | |
Ending Balance | 49,373 | 45,776 | 42,726 |
Gross carrying amount [member] | Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 38,494 | 35,055 | |
Additions | 16,476 | 6,492 | |
Acquisition of subsidiaries | 157 | 177 | |
Contract Cancellation | (7,031) | (3,519) | |
Transfer to assets held for sale | (7,186) | ||
Exchange differences | 413 | 289 | |
Ending Balance | 41,323 | 38,494 | 35,055 |
Gross carrying amount [member] | Machinery Equipment And Vehicles [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 1,941 | 796 | |
Additions | 1,743 | 1,066 | |
Acquisition of subsidiaries | 88 | ||
Contract Cancellation | (303) | (11) | |
Exchange differences | 2 | 2 | |
Ending Balance | 3,383 | 1,941 | 796 |
Gross carrying amount [member] | Office And IT Equipment [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 3,345 | 4,890 | |
Additions | 1,313 | 2,005 | |
Contract Cancellation | (918) | (3,553) | |
Exchange differences | 3 | 3 | |
Ending Balance | 3,743 | 3,345 | 4,890 |
Gross carrying amount [member] | Software [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 1,996 | 1,985 | |
Additions | 924 | 11 | |
Contract Cancellation | (1,996) | ||
Ending Balance | 924 | 1,996 | € 1,985 |
Impairment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Charge for the year | 227 | ||
Ending Balance | 227 | ||
Impairment [member] | Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Charge for the year | 227 | ||
Ending Balance | 227 | ||
Accumulated Depreciation And Amortisation [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 9,987 | ||
Contract Cancellation | (6,033) | (577) | |
Transfer to assets held for sale | (2,201) | ||
Exchange differences | 75 | 104 | |
Charge for the year | 12,069 | 10,460 | |
Ending Balance | 13,897 | 9,987 | |
Accumulated Depreciation And Amortisation [member] | Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 7,886 | ||
Contract Cancellation | (4,182) | (122) | |
Transfer to assets held for sale | (2,201) | ||
Other | 29 | ||
Exchange differences | 72 | 101 | |
Charge for the year | 9,445 | 7,907 | |
Ending Balance | 11,049 | 7,886 | |
Accumulated Depreciation And Amortisation [member] | Machinery Equipment And Vehicles [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 576 | ||
Contract Cancellation | (131) | (6) | |
Exchange differences | 1 | 1 | |
Charge for the year | 1,004 | 581 | |
Ending Balance | 1,450 | 576 | |
Accumulated Depreciation And Amortisation [member] | Office And IT Equipment [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 956 | ||
Contract Cancellation | (879) | (449) | |
Other | (29) | ||
Exchange differences | 2 | 2 | |
Charge for the year | 1,256 | 1,403 | |
Ending Balance | 1,306 | 956 | |
Accumulated Depreciation And Amortisation [member] | Software [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 569 | ||
Contract Cancellation | (841) | ||
Charge for the year | 364 | 569 | |
Ending Balance | € 92 | € 569 |
Intangible assets - Tabular dis
Intangible assets - Tabular disclosure of Intangible assets other than goodwill activity (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | € 423,488 | |
Ending Balance | 486,933 | € 423,488 |
Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 22,535 | |
Ending Balance | 20,990 | 22,535 |
Brand [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 380,967 | |
Ending Balance | 389,885 | 380,967 |
Computer software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 8,251 | |
Ending Balance | 8,086 | 8,251 |
Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 11,735 | |
Ending Balance | 67,972 | 11,735 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 495,787 | 468,206 |
Additions | 4,782 | 4,193 |
Acquisition of subsidiaries | 61,790 | 6,256 |
Disposal | (603) | (201) |
Held for sale | (47) | |
Exchange differences | 11,156 | 17,333 |
Ending Balance | 572,865 | 495,787 |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 50,848 | 49,070 |
Acquisition of subsidiaries | 1,088 | 390 |
Exchange differences | 1,206 | 1,388 |
Ending Balance | 53,142 | 50,848 |
Gross carrying amount [member] | Brand [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 381,014 | 365,298 |
Acquisition of subsidiaries | 682 | |
Exchange differences | 9,016 | 15,034 |
Ending Balance | 390,030 | 381,014 |
Gross carrying amount [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 24,112 | 19,417 |
Additions | 2,991 | 2,955 |
Acquisition of subsidiaries | 22 | 1,290 |
Disposal | (530) | (63) |
Held for sale | (36) | |
Exchange differences | 328 | 513 |
Ending Balance | 26,887 | 24,112 |
Gross carrying amount [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 39,813 | 34,421 |
Additions | 1,791 | 1,238 |
Acquisition of subsidiaries | 60,680 | 3,894 |
Disposal | (73) | (138) |
Held for sale | (11) | |
Exchange differences | 606 | 398 |
Ending Balance | 102,806 | 39,813 |
Accumulated Depreciation And Amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 70,793 | 59,219 |
Disposal | (463) | (201) |
Held for sale | (47) | |
Exchange differences | 1,158 | 1,631 |
Ending Balance | 83,532 | 70,793 |
Amortisation, intangible assets other than goodwill | 12,091 | 10,144 |
Accumulated Depreciation And Amortisation [member] | Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 28,313 | 24,390 |
Exchange differences | 663 | 910 |
Ending Balance | 32,152 | 28,313 |
Amortisation, intangible assets other than goodwill | 3,176 | 3,013 |
Accumulated Depreciation And Amortisation [member] | Brand [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 47 | 7 |
Exchange differences | (1) | |
Ending Balance | 145 | 47 |
Amortisation, intangible assets other than goodwill | 99 | 40 |
Accumulated Depreciation And Amortisation [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 15,861 | 12,521 |
Disposal | (416) | (63) |
Held for sale | (36) | |
Exchange differences | 226 | 360 |
Ending Balance | 18,801 | 15,861 |
Amortisation, intangible assets other than goodwill | 3,166 | 3,043 |
Accumulated Depreciation And Amortisation [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 26,572 | 22,301 |
Disposal | (47) | (138) |
Held for sale | (11) | |
Exchange differences | 270 | 361 |
Ending Balance | 32,434 | 26,572 |
Amortisation, intangible assets other than goodwill | 5,650 | 4,048 |
Accumulated impairment [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 1,506 | |
Exchange differences | (6) | |
Ending Balance | 2,400 | 1,506 |
Impairment loss recognised in profit or loss intangible assets other than goodwill | 900 | 1,506 |
Accumulated impairment [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning Balance | 1,506 | |
Exchange differences | (6) | |
Ending Balance | 2,400 | 1,506 |
Impairment loss recognised in profit or loss intangible assets other than goodwill | € 900 | € 1,506 |
Accrued income and contract a_3
Accrued income and contract assets - Schedule of accrued income (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Prepayments and accrued income [abstract] | ||
Accrued income project related | € 9,764 | € 2,641 |
Accrued income non-project related | 734 | 3,833 |
Accrued income | 10,498 | 6,474 |
Current accrued income | € 10,498 | € 6,474 |
Accrued income and contract a_4
Accrued income and contract assets - Schedule of contract assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement [line Items] | ||
Contract assets | € 63,809 | € 48,791 |
Current contract assets | 53,541 | 39,714 |
Non-current contract assets | 10,268 | 9,077 |
Carrying amount [member] | ||
Statement [line Items] | ||
Contract assets | 64,328 | 48,969 |
Current contract assets | 54,060 | 39,892 |
Non-current contract assets | 10,268 | 9,077 |
Expected credit losses [member] | ||
Statement [line Items] | ||
Contract assets | 519 | 178 |
Current contract assets | € 519 | € 178 |
Accrued income and contract a_5
Accrued income and contract assets - Disclosure of Expected credit loss movement during the period (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure Of Allowance For Credit Loss [Line Items] | ||||
Provision for ECLs | € 4,132 | € 32,054 | € 5,206 | |
Expected Credit Losses [Member] | ||||
Disclosure Of Allowance For Credit Loss [Line Items] | ||||
Beginning balance | 178 | 210 | ||
Provision for ECLs | 100 | 980 | ||
Reclassification | [1] | 279 | ||
Reversal for the year | (31) | (1,013) | ||
Exchange differences | (7) | 1 | ||
Ending balance | € 519 | € 178 | € 210 | |
[1] | The reclassification was generated from the provision for ECLs of trade and other receivables. |
Goodwill and intangible asset_3
Goodwill and intangible assets with indefinite useful lives - Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill Explanatory (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | € 677,326 | € 639,531 | € 597,496 | |
Impairment loss recognised in profit or loss, intangible assets and goodwill | (254,326) | |||
Ending balance | 537,585 | 677,326 | 639,531 | |
Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 748,814 | 708,137 | 675,173 | |
Acquisitions through business combinations, intangible assets and goodwill | 102,354 | 19,658 | 97,308 | |
Impairment loss recognised in profit or loss, intangible assets and goodwill | (254,326) | |||
Transfer assets held for sale | (270) | |||
Increase (decrease) through net exchange differences, intangible assets and goodwill | 12,501 | 17,762 | (55,673) | |
Revaluation increase (decrease), intangible assets other than goodwill | [1] | 375 | 400 | |
Ending balance | 865,218 | 748,814 | 708,137 | |
Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (71,488) | (68,606) | (77,677) | |
Ending balance | € (327,633) | € (71,488) | € (68,606) | |
[1] | The remeasurement of goodwill for the year ended December 31, 2018 was related to an acquisition of CGI at the end of 2017. The Group finalized the valuation of the acquiree and adjusted the goodwill accordingly during the year of 2019. |
Goodwill and intangible asset_4
Goodwill and intangible assets with indefinite useful lives - Disclosure Of Information For Individual Asset Or Cash generating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | € 1,254,332 | € 1,057,431 | € 1,004,601 |
Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 865,218 | 677,326 | 639,531 |
Brand [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 389,114 | 380,105 | 365,070 |
Infront Football [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 35,000 | 35,000 | 35,000 |
Infront Football [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 35,000 | 35,000 | 35,000 |
Infront Summer Sports [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 95,165 | 19,176 | 19,176 |
Infront Summer Sports [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 95,165 | 19,176 | 19,176 |
Infront Winter Sports [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 35,000 | 35,000 | 35,000 |
Infront Winter Sports [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 35,000 | 35,000 | 35,000 |
Infront DPSS [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 38,956 | 37,743 | 36,549 |
Infront DPSS [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 38,956 | 37,743 | 36,549 |
Infront Personal Corporate Fitness [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 30,798 | 21,724 | 10,000 |
Infront Personal Corporate Fitness [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 30,798 | 21,724 | 10,000 |
WEH North America [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 638,698 | 553,428 | 529,420 |
WEH North America [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 448,529 | 367,642 | 351,124 |
WEH North America [Member] | Brand [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 190,169 | 185,786 | 178,296 |
WEH EMEA [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 242,443 | 231,351 | 223,817 |
WEH EMEA [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 107,782 | 99,834 | 97,313 |
WEH EMEA [Member] | Brand [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 134,661 | 131,517 | 126,504 |
WEH Asia [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 13,256 | 12,912 | 12,457 |
WEH Asia [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 8,220 | 7,992 | 7,736 |
WEH Asia [Member] | Brand [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 5,036 | 4,920 | 4,721 |
WEH Oceania [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 125,016 | 104,661 | 98,930 |
WEH Oceania [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 65,768 | 46,779 | 43,381 |
WEH Oceania [Member] | Brand [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | € 59,248 | 57,882 | 55,549 |
The Double Heritage [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 4,218 | 4,252 | |
The Double Heritage [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 4,218 | € 4,252 | |
Yongda [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | 2,218 | ||
Yongda [Member] | Goodwill [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Allocation of Carrying Amount To CGUs | € 2,218 |
Goodwill and intangible asset_5
Goodwill and intangible assets with indefinite useful lives - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [Line Items] | |||
Impairment loss | € 254,326 | ||
Impairment of goodwill | 254,326 | ||
Goodwill | € 537,585 | € 677,326 | |
WEH North America CGU [Member] | |||
Statement [Line Items] | |||
Discount rate | 9.00% | 9.00% | 9.00% |
Growth rate | 2.50% | 2.50% | 2.40% |
Increase in discount rate | 0.50% | 0.60% | 1.80% |
Sensitivity analysis discount rate | 9.50% | 9.60% | 9.10% |
Decrease in growth rate | 0.50% | 0.60% | 0.10% |
Sensitivity analysis growth rate | 2.00% | 1.90% | 2.30% |
WEH EMEA CGU [Member] | |||
Statement [Line Items] | |||
Discount rate | 10.00% | 10.00% | 9.00% |
Growth rate | 3.00% | 3.00% | 3.00% |
Increase in discount rate | 1.80% | 0.10% | |
Sensitivity analysis discount rate | 11.80% | 9.10% | |
Decrease in growth rate | 2.10% | 0.10% | |
Sensitivity analysis growth rate | 0.90% | 2.90% | |
WEH Asia CGU [Member] | |||
Statement [Line Items] | |||
Discount rate | 11.00% | 11.00% | 11.00% |
Growth rate | 3.00% | 3.00% | 3.00% |
Increase in discount rate | 1.80% | 21.50% | |
Sensitivity analysis discount rate | 12.80% | 32.50% | |
Decrease in growth rate | 1.50% | 116.00% | |
Sensitivity analysis growth rate | 1.50% | (113.00%) | |
WEH Oceania CGU [Member] | |||
Statement [Line Items] | |||
Discount rate | 9.00% | 9.00% | 9.00% |
Growth rate | 3.00% | 3.00% | 2.80% |
Increase in discount rate | 0.50% | 0.20% | 0.10% |
Sensitivity analysis discount rate | 9.50% | 9.20% | 9.10% |
Decrease in growth rate | 0.50% | 0.30% | 0.10% |
Sensitivity analysis growth rate | 2.50% | 2.70% | 2.70% |
Impairment of goodwill | € 22,129 | ||
Goodwill | 133,459 | ||
Sensitivity analysis of increase in discount rate increase in impairment | 5,138 | ||
Sensitivity analysis of decrease in growth rate increase in impairment | 4,148 | ||
WEH North America [Member] | |||
Statement [Line Items] | |||
Impairment of goodwill | 232,197 | ||
Goodwill | 588,312 | ||
Sensitivity analysis of increase in discount rate increase in impairment | 24,159 | ||
Sensitivity analysis of decrease in growth rate increase in impairment | € 19,790 |
Other assets and other liabil_3
Other assets and other liabilities - Summary of other assets and other liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | € 81,001 | € 81,561 |
Other non-current assets | 63,164 | 54,953 |
Other current liabilities | 19,208 | 17,097 |
Other non-current liabilities | 43,578 | 31,802 |
Prepayment Project Related [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 61,651 | 69,542 |
Other non-current assets | 43,920 | 44,868 |
Deferred Expense Non Project Related [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 2,466 | 2,202 |
Other non-current assets | 44 | 595 |
Currency swap contract [member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 56 | 73 |
Other current liabilities | 442 | 69 |
Financial assets at fair value through profit or losses convertible bonds [member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other non-current assets | 3,690 | |
Foreign Exchange Forward Contracts [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 1,102 | 580 |
Equity investments [member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 6,499 | 5,593 |
Restricted Cash Current [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 321 | 430 |
Cost To Fulfill The Contract Obligation [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 8,544 | 3,141 |
Other non-current assets | 114 | 425 |
Interest rate swap contract [member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current assets | 362 | |
Other non-current assets | 1,462 | |
Investment In Other Equity Instruments [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other non-current assets | 12,423 | 7,931 |
Other [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other non-current assets | 1,511 | 1,134 |
Other current liabilities | 5,072 | |
Other non-current liabilities | 5,294 | 1,365 |
Contingent Consideration Current [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current liabilities | 12,728 | 16,255 |
Other non-current liabilities | 24,080 | 12,653 |
Derivatives [member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current liabilities | 639 | 773 |
Share Based Payments Liabilities [Member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other current liabilities | 327 | |
Other non-current liabilities | 11,934 | € 17,784 |
Depositary right [member] | ||
Disclosure Of Other Assets And Other Liabilities [Line Items] | ||
Other non-current liabilities | € 2,270 |
Other assets and other liabil_4
Other assets and other liabilities - Summary of other assets and other liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Other Assets And Other Liabilities [Abstract] | |
Amortization period of revenue | 10 years |
Revenue, remaining performance obligation, amortization term | 10 years |
Interest-bearing liabilities -
Interest-bearing liabilities - Summary Of Interest Bearing Loans And Borrowings (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings and current portion of non-current borrowings | € 204,583 | € 25,487 |
Long term Borrowings | 641,085 | 535,630 |
Total interest-bearing loans and borrowings | € 845,668 | 561,117 |
Bank loan floating rate A [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.40% | |
Maturity | Jun 26, 2021 | |
Current borrowings and current portion of non-current borrowings | 1,250 | |
Long term Borrowings | 209,718 | |
Bank loan floating rate B [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.30% | |
Maturity | Mar 31, 2019 | |
Current borrowings and current portion of non-current borrowings | 10,000 | |
Bank loan floating rate B [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.30% | |
Maturity | Sep 30, 2019 | |
Current borrowings and current portion of non-current borrowings | 11,000 | |
Bank loan floating rate B [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.30% | |
Maturity | Mar 31, 2020 | |
Current borrowings and current portion of non-current borrowings | € 12,000 | |
Long term Borrowings | 11,894 | |
Bank loan floating rate B [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.30% | |
Maturity | Sep 30, 2020 | |
Current borrowings and current portion of non-current borrowings | € 13,000 | |
Long term Borrowings | 12,885 | |
Bank loan floating rate C [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.00% | |
Maturity | Aug 1, 2026 | |
Current borrowings and current portion of non-current borrowings | € 1,601 | |
Bank loan fixed rate A [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.20% | |
Maturity | Jun 28, 2019 | |
Current borrowings and current portion of non-current borrowings | 1,904 | |
Bank loan fixed rate B [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.10% | |
Maturity | Sep 20, 2019 | |
Current borrowings and current portion of non-current borrowings | 1,270 | |
Bank loan fixed rate C [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 11.50% | |
Maturity | Mar 14, 2020 | |
Current borrowings and current portion of non-current borrowings | € 177,982 | |
Other loan fixed rate A [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.10% | |
Maturity | May 24, 2019 | |
Current borrowings and current portion of non-current borrowings | 63 | |
Bank loan floating rate B [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.30% | |
Maturity | Mar 31, 2021 | |
Long term Borrowings | € 13,842 | 13,876 |
Bank loan floating rate B [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.30% | |
Maturity | Jun 30, 2021 | |
Long term Borrowings | € 341,706 | € 287,257 |
Bank loan floating rate B [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.50% | |
Maturity | May 31, 2021 | |
Long term Borrowings | € 47,500 | |
Bank loan floating rate C [member] | Floating interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.00% | |
Maturity | Aug 1, 2026 | |
Long term Borrowings | € 238,037 |
Interest-bearing liabilities _2
Interest-bearing liabilities - Summary Of Assets Pledged As Collateral (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [abstract] | ||
Cash and cash equivalents | € 43,865 | € 45,802 |
Trade and other receivables | 9,368 | 14,505 |
Accrued income and deferred costs | 10,389 | 6,338 |
Inventories | 9,195 | 5,786 |
Other current assets | 12,889 | 10,180 |
Property, plant and equipment | 11,513 | 10,155 |
Right of use assets | 11,943 | 10,146 |
Intangible assets | 114,827 | 110,078 |
Goodwill | 213,239 | 186,290 |
Deferred tax assets | 6,978 | 9,373 |
Other non-current assets | € 2,157 | € 1,133 |
Interest-bearing liabilities _3
Interest-bearing liabilities - Summary Of Reconciliation Of Liabilities Arising From Financing Activities (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |||
Beginning balance | € 561,117 | € 597,831 | |
Acquisition of subsidiaries | 3,237 | ||
Proceeds from borrowings | 714,161 | 350,000 | € 115,268 |
Proceeds from borrowings | 712,188 | ||
Repayment of borrowings | (748,922) | (377,162) | (38,649) |
Repayment of borrowings | (436,964) | ||
Other movements | 9,327 | (12,789) | |
Ending balance | € 845,668 | € 561,117 | € 597,831 |
Interest-bearing liabilities _4
Interest-bearing liabilities - Summary Of Reconciliation Of Liabilities Arising From Financing Activities (Parenthetical) (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Aug. 01, 2019 | Feb. 07, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||||
Deferred financing fees | € 3,568 | |||
Increase in other payables due to proceeds of borrowings from related parties | 1,973 | |||
Decrease in other payables due to repayment of borrowings to related parties | € 311,958 | |||
Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate basis Borrowings, adjustment to interest rate basis | USLIBOR+4.25% | USLIBOR+4.00% | ||
Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 11.50% | 2.50% | 2.00% | |
Bottom of range [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 1.75% | |||
Top of range [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 3.25% | |||
Bank Loan Floating Rate [Member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, adjustment to interest rate basis | 4.25% | 4.00% |
Hedging activities and deriva_3
Hedging activities and derivatives - Summary of disclosure of derivatives designated as hedging (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Currency Forward Contracts [Member] | ||
Disclosure Of Derivatives Designated As Hedging [Line Items] | ||
Assets | € 1,102 | € 580 |
Liabilities | 639 | 0 |
Interest rate swap [member] | ||
Disclosure Of Derivatives Designated As Hedging [Line Items] | ||
Assets | 1,824 | 0 |
Liabilities | € 0 | € 0 |
Hedging activities and deriva_4
Hedging activities and derivatives - Summary of expected hedging cash flow and the period that affects gain and loss (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Within 1 year | ||
Disclosure Of Expected Hedging Cash Flow And The Period That Affects Gain And Loss [Line Items] | ||
Cash Inflow | € 36,594 | € 40,247 |
Cash Outflow | 53,491 | |
1-3 years | ||
Disclosure Of Expected Hedging Cash Flow And The Period That Affects Gain And Loss [Line Items] | ||
Cash Inflow | 21,363 | |
Cash Outflow | 20,744 | € 83,260 |
More than 3 years | ||
Disclosure Of Expected Hedging Cash Flow And The Period That Affects Gain And Loss [Line Items] | ||
Cash Inflow | 32,996 | |
Cash Outflow | € 32,154 |
Financial instruments risk ma_3
Financial instruments risk management objectives and policies - Summary Of Sensitivity Analysis For Each Type Of Market Risk (Detail) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
interest rate increase [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Increase/decrease in basis points | 100 | 100 | 100 |
Effect on profit/(loss) before tax | € (1,261) | € (506) | € (2,405) |
Interest rate decrease [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Increase/decrease in basis points | 100 | 100 | 100 |
Effect on profit/(loss) before tax | € 1,261 | € 506 | € 2,405 |
+5% CHF To EUR [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Effect on profit/(loss) before tax | (1,203) | € (2,579) | € (1,984) |
Percentage of increase in currency rate | 5.00% | 5.00% | |
+5% USD To EUR [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Effect on profit/(loss) before tax | € (17,380) | € 1,530 | € 1,598 |
Percentage of increase in currency rate | 5.00% | 5.00% | |
+5% CNY To EUR [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Percentage of increase in currency rate | 5.00% | ||
Wanda Sports Holdings USA Inc. [Member] | +5% CHF To EUR [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Percentage of increase in currency rate | 5.00% | ||
Wanda Sports Holdings USA Inc. [Member] | +5% USD To EUR [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Percentage of increase in currency rate | 5.00% | 5.00% | |
Effect on OCI | € (246) | € (2,454) | € (3,247) |
Wanda Sports Holdings USA Inc. [Member] | +5% CNY To EUR [member] | |||
Financial instruments risk management objectives and policies [Line Items] | |||
Percentage of increase in currency rate | 5.00% | 5.00% | |
Effect on OCI | € (463) | € 122 | € 936 |
Financial instruments risk ma_4
Financial instruments risk management objectives and policies - Summary Of Credit Risk (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade receivables [member] | ||
Disclosure of credit risk [line items] | ||
ECL rate | ||
Estimated total gross carrying amount at default | € 178,136 | € 211,014 |
ECL | € (44,580) | € (44,917) |
Trade receivables [member] | Current [member] | ||
Disclosure of credit risk [line items] | ||
ECL rate | 0.54% | 0.45% |
Estimated total gross carrying amount at default | € 70,816 | € 85,685 |
ECL | € (382) | € (386) |
Trade receivables [member] | Less than 1 year [member] | ||
Disclosure of credit risk [line items] | ||
ECL rate | 4.31% | 23.27% |
Estimated total gross carrying amount at default | € 58,782 | € 101,169 |
ECL | € (2,531) | € (23,540) |
Trade receivables [member] | Less than 1 year and not less than 2 years [member] | ||
Disclosure of credit risk [line items] | ||
ECL rate | 80.05% | 81.37% |
Estimated total gross carrying amount at default | € 30,140 | € 13,492 |
ECL | € (24,126) | € (10,979) |
Trade receivables [member] | Less than 2 year and not less than 3 years [member] | ||
Disclosure of credit risk [line items] | ||
ECL rate | 96.54% | 89.05% |
Estimated total gross carrying amount at default | € 11,618 | € 5,197 |
ECL | € (11,216) | € (4,628) |
Trade receivables [member] | Over than 3 years [member] | ||
Disclosure of credit risk [line items] | ||
ECL rate | 93.29% | 98.40% |
Estimated total gross carrying amount at default | € 6,780 | € 5,471 |
ECL | € (6,325) | € (5,384) |
Contract assets [member] | ||
Disclosure of credit risk [line items] | ||
ECL rate | 0.81% | 0.36% |
Estimated total gross carrying amount at default | € 64,328 | € 48,969 |
ECL | € (519) | € (178) |
Financial instruments risk ma_5
Financial instruments risk management objectives and policies - Summary Of Maturity Analysis For Financial Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for financial liabilities [line items] | ||
Interest-bearing loans and borrowings | € 873,267 | € 615,248 |
Trade payables | 72,966 | 104,217 |
Other payables | 100,889 | 712,234 |
Accrued expenses | 72,897 | 88,457 |
Stock compensation liability | 12,261 | |
Other current liabilities | 18,865 | 16,255 |
Other non-current liabilities | 32,643 | 33,224 |
Derivatives financial liabilities | 1,081 | 842 |
Total | 1,184,869 | 1,570,477 |
within 1 year [member] | ||
Disclosure of maturity analysis for financial liabilities [line items] | ||
Interest-bearing loans and borrowings | 221,650 | 43,837 |
Trade payables | (82,597) | 101,228 |
Other payables | 100,889 | 711,282 |
Accrued expenses | 69,846 | 83,516 |
Stock compensation liability | 327 | |
Other current liabilities | (18,865) | 16,255 |
Derivatives financial liabilities | 1,081 | 842 |
Total | 485,624 | 956,960 |
Later than 1 year and not later than 5 years [member] | ||
Disclosure of maturity analysis for financial liabilities [line items] | ||
Interest-bearing loans and borrowings | 418,752 | 571,081 |
Trade payables | 443 | |
Other payables | 952 | |
Accrued expenses | 3,051 | 4,941 |
Stock compensation liability | 11,934 | |
Other non-current liabilities | 32,643 | 33,224 |
Total | 466,380 | 610,641 |
>5 years [member] | ||
Disclosure of maturity analysis for financial liabilities [line items] | ||
Interest-bearing loans and borrowings | 232,865 | 330 |
Trade payables | 2,546 | |
Total | € 232,865 | € 2,876 |
Financial instruments risk ma_6
Financial instruments risk management objectives and policies - Additional Information (Detail) - Not later than 1 year [member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial instruments risk management objectives and policies [Line Items] | ||
Borrowings maturity percentage | 24.00% | 4.50% |
Maximum borrowings maturity percentage | 25.00% |
Inventories - Summary Of Invent
Inventories - Summary Of Inventories (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [abstract] | ||
Finished goods | € 9,395 | € 5,935 |
Less: Provision for decline in value of inventories | ||
Total | € 9,395 | € 5,935 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventories [abstract] | |||
Inventories impairment | € 700 | € 376 | € 492 |
Inventory write off | € 700 | € 376 | € 492 |
Trade and other receivables - S
Trade and other receivables - Summary Of Trade and Other Receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Trade receivables | € 178,136 | € 211,014 |
Other receivables | 123,956 | 121,239 |
Prepaid taxes | 5,345 | 8,991 |
Deposits | 1,848 | 1,813 |
Others | 299 | 1,774 |
Provisions for trade and other receivables | (45,543) | (44,933) |
Total | € 264,041 | € 299,898 |
Trade and other receivables -_2
Trade and other receivables - Summary Of Movements In Provision For Impairment Of Receivables (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | |||
Provision for the year | € 4,132 | € 32,054 | € 5,206 |
Trade receivables [member] | |||
Disclosure of financial assets [line items] | |||
Beginning balance | 44,933 | 15,563 | 10,788 |
Adoption of IFRS 9 | 512 | ||
Provision for the year | 4,933 | 32,679 | 6,215 |
Reversal for the year | (870) | (1,605) | (1,009) |
Write-off for the year | (3,006) | (2,240) | (1,264) |
Exchange differences | (369) | 24 | 833 |
Transfer to assets held for sale | (78) | ||
Ending balance | € 45,543 | € 44,933 | € 15,563 |
Trade and other receivables -_3
Trade and other receivables - Summary of age of trade receivable that are past due but not impaired (Details) € in Thousands | Dec. 31, 2017EUR (€) |
Analysis Of Age Of Trade Receivable That Are Past Due But Not Impaired [Line Items] | |
Trade receivables | € 66,814 |
Not later than 1 year [member] | |
Analysis Of Age Of Trade Receivable That Are Past Due But Not Impaired [Line Items] | |
Trade receivables | 63,374 |
Later than one year and not later than two years [member] | |
Analysis Of Age Of Trade Receivable That Are Past Due But Not Impaired [Line Items] | |
Trade receivables | 2,918 |
Later than two years and not later than three years [member] | |
Analysis Of Age Of Trade Receivable That Are Past Due But Not Impaired [Line Items] | |
Trade receivables | 483 |
Over Three Years member [Member] | |
Analysis Of Age Of Trade Receivable That Are Past Due But Not Impaired [Line Items] | |
Trade receivables | € 39 |
Cash and short-term deposits -
Cash and short-term deposits - Summary Of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||||
Cash at banks and on hand | € 161,760 | € 174,992 | ||
Short-term deposits | 1,465 | 2,056 | ||
Total | € 163,225 | € 177,048 | € 230,419 | € 124,344 |
Cash and short-term deposits _2
Cash and short-term deposits - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and short term deposits [abstract] | |||
Undrawn committed borrowing facilities | € 74,843 | € 117,462 | € 44,700 |
Share capital - Summary of ordi
Share capital - Summary of ordinary shares authorized, issued and fully paid (Detail) - shares | 1 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Beginning balance | 169,331,000 | |
Transfer of shares | 22,363,466 | 0 |
Issuance of shares from offering | 35,700,000 | |
Ending balance | 205,031,000 | |
Class A ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 0 | |
Transfer of shares | 22,363,000 | |
Issuance of shares from offering | 35,700,000 | |
Ending balance | 58,063,000 | |
Class B ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 169,331,000 | |
Transfer of shares | (22,363,000) | |
Issuance of shares from offering | 0 | |
Ending balance | 146,968,000 |
Share capital - Additional Info
Share capital - Additional Information (Detail) - EUR (€) € / shares in Units, € in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | |||
Transfer of shares | 22,363,466 | 0 | |
Share capital | € 1,520,816 | € 1,520,816 | |
Class A Ordinary Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Par value | € 0 | ||
Transfer of shares | 22,363,000 | ||
Class B Ordinary Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Par value | € 0 | ||
Transfer of shares | (22,363,000) |
Provisions - Summary Of Other P
Provisions - Summary Of Other Provisions (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of other provisions [line items] | |||
Beginning balance | € 11,995 | € 16,472 | |
Acquisition of a subsidiary | 819 | ||
Arising during the year | 11,824 | 1,732 | |
Adoption of IFRS 16 | (2,603) | ||
Utilized | (8,689) | (1,950) | |
Unused amounts reversed | (2,577) | (1,575) | |
Reclassification | (120) | ||
Exchange differences | (82) | (81) | |
Ending balance | 13,170 | 11,995 | |
Current | 9,234 | 3,419 | |
Non-current | 3,936 | 8,576 | |
Tax provisions [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | [1] | 10,076 | 10,754 |
Acquisition of a subsidiary | [1] | 819 | |
Arising during the year | [1] | 167 | 774 |
Unused amounts reversed | [1] | (841) | (1,305) |
Reclassification | [1] | (5,226) | |
Exchange differences | [1] | (112) | (147) |
Ending balance | [1] | 4,883 | 10,076 |
Current | [1] | 2,765 | 2,425 |
Non-current | [1] | 2,118 | 7,651 |
Provision for severance pay [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | [2] | 301 | 410 |
Arising during the year | [2] | 819 | 292 |
Utilized | [2] | (628) | (390) |
Unused amounts reversed | [2] | (30) | |
Exchange differences | [2] | 7 | 19 |
Ending balance | [2] | 499 | 301 |
Current | [2] | 499 | 301 |
Onerous contracts [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | [3] | 287 | 3,176 |
Adoption of IFRS 16 | [3] | (2,603) | |
Utilized | [3] | (74) | (90) |
Unused amounts reversed | [3] | (239) | |
Exchange differences | [3] | 20 | 43 |
Ending balance | [3] | 233 | 287 |
Current | [3] | 121 | 77 |
Non-current | [3] | 112 | 210 |
Legal claims [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | [4] | 1,007 | 960 |
Arising during the year | [4] | 1,699 | 612 |
Utilized | [4] | (3,810) | (569) |
Unused amounts reversed | [4] | (1,736) | |
Reclassification | [4] | 5,106 | |
Exchange differences | [4] | 3 | 4 |
Ending balance | [4] | 2,269 | 1,007 |
Current | [4] | 1,160 | 616 |
Non-current | [4] | 1,109 | 391 |
Other provisions [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | [5] | 324 | 1,172 |
Arising during the year | [5] | 9,139 | 54 |
Utilized | [5] | (4,177) | (901) |
Unused amounts reversed | [5] | (1) | |
Ending balance | [5] | 5,286 | 324 |
Current | [5] | 4,689 | |
Non-current | [5] | € 597 | € 324 |
[1] | Tax provisions: The Group has accrued tax provision in accordance with applicable tax rules. Where uncertainty exists, the Group would make an accrual for tax liabilities based on management’s best estimate. Such provision was subject to continuous assessment and provision would be updated accordingly based on latest estimate and audit of related tax jurisdictions. Timing of any outflow of economic benefit is dependent on whether an operating subsidiary is selected for a tax audit and the results of the audit. In 2019, a €5,226 tax provision of IHAG from prior year for potential withholding tax obligations in Italy was reclassified to provision for legal claims. Thereafter, IHAG settled it with a payment of €3,490 resulting in a €1,736 reversal of legal claim provision. | ||
[2] | Provision for severance pay: The Group recognizes termination benefits as a liability and an expense at the earlier of the following dates: when it can no longer withdraw the offer of those benefits; and when it recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. Payments are certain and are paid in accordance with the terms included in the respective termination agreement with the employee. | ||
[3] | Onerous contracts: Onerous contracts mainly related to spectator sports contracts in 2017 and expected loss resulting from office sublease. During 2017, as part of the valuation and measurement of assets and liabilities, the Group assessed on a regular basis any risks in connection with business and non-business-related contracts as well as potential tax risks that could lead to a provision. In the past years, contracts with negative gross profit have been identified in summer sports and football. In 2017, a subsidiary of the Group exited its existing corporate headquarters for a new facility and as such a provision has been recognized for the former headquarters. The provision is based on the contractual remaining lease obligation, less an assumed sublease. This is then discounted to present value. Payments on the provision are certain and are made on a monthly basis in accordance with the lease agreement. Changes to sublease assumptions are updated as new market information becomes available. | ||
[4] | Legal claims in 2017 mainly resulted from the disputes with some employees and consultants in Italy. In 2018, provisions for claims increased due to pending risks in Italy, including new media litigation, access to signal mark-up due to insolvency of a customer and litigation with a supplier. In 2019, the Group settled the new media litigation and litigation with a supplier with total payment of €256. The Group recognized €1,632 for legal cost due to its external legal counsel Homburger caused by the case of fraudulent activities of a former senior employee of one of the Group’s subsidiaries. The legal cost is expected to be paid within 24 months. | ||
[5] | In 2018, other provisions mainly resulted from two provisions for commercial partners in China. In 2019, the Group recognized a revenue deduction of €8,241 in sales of marketing and advertising rights based on the amount estimated to be paid to its customers as compensation for the fraudulent activities of a former senior employee of one of the Group’s subsidiaries. The fraudulent activities involved providing customers with less advertisement time than contractually promised. The case is reflected in the other provisions with a utilization of €3,795 in 2019 for compensations already paid out and a remaining balance as of year-end for payments still to be made of €4,446. The remaining payments are expected to be paid within 2020. |
Provisions - Summary Of Other_2
Provisions - Summary Of Other Provisions (Parenthetical) (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of other provisions [line items] | ||||
Increase decrease through reclassification other provisions | € 120 | |||
New provisions, other provisions | 11,824 | € 1,732 | ||
Other provisions | 13,170 | 11,995 | € 16,472 | |
Tax provisions [member] | ||||
Disclosure of other provisions [line items] | ||||
Increase decrease through reclassification other provisions | [1] | 5,226 | ||
Settlement of withholding tax | 3,490 | |||
New provisions, other provisions | [1] | 167 | 774 | |
Other provisions | [1] | 4,883 | 10,076 | 10,754 |
Legal claims [member] | ||||
Disclosure of other provisions [line items] | ||||
Increase decrease through reclassification other provisions | [2] | (5,106) | ||
New provisions, other provisions | [2] | 1,699 | 612 | |
Other provisions | [2] | 2,269 | 1,007 | 960 |
Reversal of legal claim provision | 1,736 | |||
Legal claims [member] | Compensation for fraud [member] | ||||
Disclosure of other provisions [line items] | ||||
Payment of legal settlement | 1,632 | |||
Settlement of litigation with supplier | 256 | |||
Other provisions [member] | ||||
Disclosure of other provisions [line items] | ||||
New provisions, other provisions | [3] | 9,139 | 54 | |
Other provisions | [3] | 5,286 | € 324 | € 1,172 |
Other provisions [member] | Compensation for fraud [member] | ||||
Disclosure of other provisions [line items] | ||||
Payment of legal settlement | 3,795 | |||
New provisions, other provisions | 8,241 | |||
Other provisions | € 4,446 | |||
[1] | Tax provisions: The Group has accrued tax provision in accordance with applicable tax rules. Where uncertainty exists, the Group would make an accrual for tax liabilities based on management’s best estimate. Such provision was subject to continuous assessment and provision would be updated accordingly based on latest estimate and audit of related tax jurisdictions. Timing of any outflow of economic benefit is dependent on whether an operating subsidiary is selected for a tax audit and the results of the audit. In 2019, a €5,226 tax provision of IHAG from prior year for potential withholding tax obligations in Italy was reclassified to provision for legal claims. Thereafter, IHAG settled it with a payment of €3,490 resulting in a €1,736 reversal of legal claim provision. | |||
[2] | Legal claims in 2017 mainly resulted from the disputes with some employees and consultants in Italy. In 2018, provisions for claims increased due to pending risks in Italy, including new media litigation, access to signal mark-up due to insolvency of a customer and litigation with a supplier. In 2019, the Group settled the new media litigation and litigation with a supplier with total payment of €256. The Group recognized €1,632 for legal cost due to its external legal counsel Homburger caused by the case of fraudulent activities of a former senior employee of one of the Group’s subsidiaries. The legal cost is expected to be paid within 24 months. | |||
[3] | In 2018, other provisions mainly resulted from two provisions for commercial partners in China. In 2019, the Group recognized a revenue deduction of €8,241 in sales of marketing and advertising rights based on the amount estimated to be paid to its customers as compensation for the fraudulent activities of a former senior employee of one of the Group’s subsidiaries. The fraudulent activities involved providing customers with less advertisement time than contractually promised. The case is reflected in the other provisions with a utilization of €3,795 in 2019 for compensations already paid out and a remaining balance as of year-end for payments still to be made of €4,446. The remaining payments are expected to be paid within 2020. |
Accrued expense and contract _3
Accrued expense and contract liabilities - Summary Of Accrued Expenses And Contract Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement [line Items] | ||
Accruals | € 72,897 | € 88,457 |
Accruals classified as current | 69,846 | 83,516 |
Accruals classified as non-current | 3,051 | 4,941 |
Project related [member] | ||
Statement [line Items] | ||
Accruals | 43,933 | 58,216 |
Non project related [member] | ||
Statement [line Items] | ||
Accruals | € 28,964 | € 30,241 |
Accrued expense and contract _4
Accrued expense and contract liabilities - Summary Of Contract Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract liabilities [abstract] | ||
Total contract liabilities | € 217,171 | € 199,166 |
Current | 199,900 | 185,681 |
Non-current | € 17,271 | € 13,485 |
Long-term payroll payables - Su
Long-term payroll payables - Summary of defined benefit liability (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long term payroll payable [abstract] | ||
Net defined benefit liability | € 10,719 | € 9,142 |
Long-term termination benefits | 4,456 | 2,816 |
Other long-term payroll payable | 161 | 812 |
Total | € 15,336 | € 12,770 |
Long-term payroll payables - _2
Long-term payroll payables - Summary of Income Statement Charge Included in Operating Profit for Post- employment Benefits (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Income Statement Charge Included In Operating Profit For Post Employment Benefits [Abstract] | ||
Current service cost | € 2,158 | € 3,192 |
Interest cost on benefit obligation | 188 | 316 |
Expected return on plan assets | (87) | (223) |
Administrative expenses | 20 | 17 |
Net benefit expense | € 2,279 | € 3,302 |
Long-term payroll payables - _3
Long-term payroll payables - Summary of defined benefit obligations (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Interest costs | € 188 | € 316 |
Current service cost | 2,158 | 3,192 |
Administrative expenses | 20 | 17 |
Present value of defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | 40,982 | 36,345 |
Interest costs | 188 | 316 |
Current service cost | 2,158 | 3,192 |
Benefits paid | (2,879) | (1,851) |
Contribution by plan participants | 1,353 | 1,275 |
Administrative expenses | 20 | 17 |
Exchange differences | 939 | 1,397 |
Gain on settlement | 892 | |
Actuarial loss | 3,495 | 291 |
Ending balance | € 47,148 | € 40,982 |
Long-term payroll payables - _4
Long-term payroll payables - Summary of plan assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Return on plan assets | € 87 | € 223 |
Plan assets [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | 29,024 | 26,740 |
Interest income | 87 | 223 |
Benefits paid | (2,531) | (1,540) |
Return on plan assets | 1,136 | (625) |
Contributions by employer | 1,943 | 1,783 |
Contribution by plan participants | 1,353 | 1,275 |
Gain on settlement | 874 | |
Exchange differences | 87 | 1,168 |
Ending balance | € 31,973 | € 29,024 |
Long-term payroll payables - _5
Long-term payroll payables - Summary of major categories of the plan assets (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Major Categories Of The Plan Assets [Line Items] | ||
Categories Of The Plan Assets Percent | 100.00% | 100.00% |
Cash and cash equivalents [Member] | ||
Disclosure Of Major Categories Of The Plan Assets [Line Items] | ||
Categories Of The Plan Assets Percent | 1.00% | 2.00% |
Shares [Member] | ||
Disclosure Of Major Categories Of The Plan Assets [Line Items] | ||
Categories Of The Plan Assets Percent | 29.00% | 30.00% |
Bonds [Member] | ||
Disclosure Of Major Categories Of The Plan Assets [Line Items] | ||
Categories Of The Plan Assets Percent | 39.00% | 40.00% |
Real Estate [Member] | ||
Disclosure Of Major Categories Of The Plan Assets [Line Items] | ||
Categories Of The Plan Assets Percent | 13.00% | 13.00% |
Other [Member] | ||
Disclosure Of Major Categories Of The Plan Assets [Line Items] | ||
Categories Of The Plan Assets Percent | 18.00% | 15.00% |
Long-term payroll payables - _6
Long-term payroll payables - Summary Of principal assumptions used in determining pension and long-term termination benefit obligations (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
SWITZERLAND | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.30% | 0.90% |
Expected rate of salary increases | 1.00% | 1.50% |
ITALY | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.60% | 1.10% |
Expected rate of salary increases | 1.50% | 1.50% |
Long-term payroll payables - Ad
Long-term payroll payables - Additional Information (Detail) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long Term Payroll Payable [Line Items] | ||||
Vesting period of share based payment arrangement | 5 years | 5 years | 6 years | |
Estimate of contributions expected to be paid to plan for next annual reporting period | € 1,877 | € 1,939 | ||
Long term employee benefit plan [member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Percentage of time based awards | 50.00% | |||
Percentage of performance based awards | 50.00% | |||
Vesting period of share based payment arrangement | 5 years | |||
Date of plan termination | Oct. 28, 2024 | |||
Number of service period phantom shares | 587,500 | |||
Plan assets [member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Net defined benefit liability (asset) | € 31,973 | € 29,024 | € 26,740 | |
Male Pensioners [Member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Life expectancy | 22 years 7 months 9 days | 21 years 8 months 8 days | ||
Male Pensioners [Member] | Age Between 65 To 88 [Member] | Bottom of range [member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Percent of death rate | 0.80% | 0.80% | ||
Male Pensioners [Member] | Age Between 65 To 88 [Member] | Top of range [member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Percent of death rate | 11.30% | 11.50% | ||
Female Pensioners [Member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Life expectancy | 24 years 7 months 24 days | 23 years 5 months 23 days | ||
Female Pensioners [Member] | Age Between 64 To 90 [Member] | Bottom of range [member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Percent of death rate | 0.50% | 0.50% | ||
Female Pensioners [Member] | Age Between 64 To 90 [Member] | Top of range [member] | ||||
Long Term Payroll Payable [Line Items] | ||||
Percent of death rate | 12.10% | 8.50% |
Long-term payroll payables - _7
Long-term payroll payables - Summary of sensitivity analysis for actuarial assumptions (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Increase (decrease) in discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Amount of increase | € (1,712) | € (5,185) |
Amount of decrease | 1,712 | 5,185 |
Increase (decrease) by 1 year | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Amount of increase | 787 | 643 |
Amount of decrease | (787) | (643) |
0.25% Increase (decrease) in rate of salary | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Amount of increase | 810 | 3,618 |
Amount of decrease | € (810) | € (3,618) |
Share-based payments - Summary
Share-based payments - Summary of RSU granted agreements (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Tier A RSU [Member] | Time Based Share Options [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | All remaining time-based RSUs vested on July 26, 2019 |
Tier A RSU [Member] | Time Based Share Options [Member] | Equity Incentive Plan [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | Grading vesting, 20% per year from November 18, 2016 to November 18, 2020 |
Tier A RSU [Member] | Performance Based Share Option [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | 40% of the original performance vested RSU vested on July 26, 2019, with the remaining 60% forfeited immediately |
Tier A RSU [Member] | Performance Based Share Option [Member] | Equity Incentive Plan [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | To determine on December 31, 2020 based on a cumulative financial target |
Tier A RSU [Member] | Written put options [member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | WEH to purchase back at the price of USD833.88. Some of the purchase was made in August 2019, while the remaining portion will be paid in January 2021. |
Tier A RSU [Member] | Written put options [member] | Equity Incentive Plan [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | WEH to purchase back at fair market value at various dates or events, as defined in the Agreement |
Non Executive RSU [Member] | Time Based Share Options [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | A pro rata portion which calculated based on the days of employed by the staff of the time vested RSUs shall become vested and nonforfeitable. The remaining time vested RSUs shall become 100% vested and nonforfeitable on the earlier to occur of January 1, 2021 or an involuntary termination of the employment without cause. The staff will forfeit any time based RSUs for any other reason prior to January 1, 2021. |
Non Executive RSU [Member] | Time Based Share Options [Member] | Equity Incentive Plan [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | Cliff vesting on January 1, 2021 |
Non Executive RSU [Member] | Performance Based Share Option [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">40% of the performance vested RSUs that will vest and forfeit similarly to the time based RSUs.</div></div></div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The remaining 60% will be forfeited immediately.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>" id="sjs-B29"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">40% of the performance vested RSUs that will vest and forfeit similarly to the time based RSUs.</div></div></div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The remaining 60% will be forfeited immediately.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> |
Non Executive RSU [Member] | Performance Based Share Option [Member] | Equity Incentive Plan [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | To determine on December 31, 2020 based on a cumulative financial target |
Non Executive RSU [Member] | Written put options [member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | WEH to purchase back at the price of USD833.88 in January 2021 |
Non Executive RSU [Member] | Written put options [member] | Equity Incentive Plan [Member] | |
Disclosure Of RSU Granted Agreements [Line Items] | |
Description Of Vesting Condition | WSH to purchase back at fair value, starting from December 31, 2023 |
Share-based payments - Summar_2
Share-based payments - Summary of movement of changes in other equity instruments (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Summary of movement of changes in other equity instruments [Line Items] | |||
Outstanding as at January 1 | 47,745 | 44,890 | 0 |
Granted during the year | 3,995 | 5,135 | 44,890 |
Exercised during the year | (10,756) | 0 | 0 |
Forfeited during the year | (1,939) | (2,280) | 0 |
Outstanding as at December 31 | 39,045 | 47,745 | 44,890 |
Share-based payment - Summary o
Share-based payment - Summary of Fair Value of options Determined At Grant Date (Detail) | 12 Months Ended | |||
Dec. 31, 2019$ / shares | Dec. 31, 2018yr€ / shares | Dec. 31, 2018yr$ / shares | Dec. 31, 2017yr$ / shares | |
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Other Equity Instruments Granted During Period [Line Items] | ||||
Weighted average fair values at the measurement date | (per share) | $ 833.88 | € 1,042 | $ 1,230 | $ 1,570 |
Weighted average cost of capital (%) | 10.30% | 10.30% | 10.00% | |
Growth rate (%) | 3.25% | 3.25% | 3.00% | |
Risk-free rate (%) | 2.50% | 2.50% | 2.30% | |
Standard deviation (%) | 52.50% | 52.50% | 39.30% | |
Discount for lack of marketability ("DLOM") (%)* | 34.00% | 34.00% | 23.00% | |
Expected put option period | 5 | 5 | 6 |
Share-based payments - Changes
Share-based payments - Changes in Number of options Outstanding (Detail) | 12 Months Ended | ||
Dec. 31, 2019shares€ / shares | Dec. 31, 2018shares€ / shares | Dec. 31, 2017shares€ / shares | |
Disclosure of Changes in Number of options Outstanding [Line Items] | |||
Number of option,Beginning balance | shares | 6,315 | 29,238 | 33,834 |
Number of option,Exercised during the year | shares | (1,336) | (14,732) | (1,152) |
Number of option,Forfeited during the year | shares | (4,979) | (8,191) | (3,444) |
Number of option, Ending balance | shares | 0 | 6,315 | 29,238 |
Weighted average excerise, Beginning balance | € / shares | € 89.07 | € 85.44 | € 93.12 |
Weighted average excerise,Exercised during the year | € / shares | 87 | 88 | 90.10 |
Weighted average excerise, Forfeited during the year | € / shares | 0 | 0 | 0 |
Weighted average excerise, Ending balance | € / shares | € 0 | € 89.07 | € 85.44 |
Share-based payments - Addition
Share-based payments - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Thousands | Dec. 29, 2017shares | Dec. 19, 2017EUR (€)€ / sharesshares | Dec. 19, 2017USD ($)shares | Jul. 31, 2019$ / shares | Nov. 30, 2018EUR (€) | Dec. 31, 2019EUR (€)sharesBatches€ / shares | Dec. 31, 2019sharesBatches€ / shares$ / shares | Dec. 31, 2019sharesBatches€ / sharesSFr / shares | Dec. 31, 2018EUR (€)shares€ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017EUR (€)shares€ / shares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2019sharesBatches$ / shares | Dec. 19, 2017$ / shares |
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Weighted average remaining contractual life | 9 months | 2 years | ||||||||||||
Number of other equity instruments granted | shares | 3,995 | 5,135 | 44,890 | |||||||||||
Grant date fair value per share | € / shares | € 1,508 | € 1,508 | € 1,508 | |||||||||||
Vesting period of share based payment arrangement | 5 years | 5 years | 6 years | |||||||||||
Voting percent in associate | 55.00% | |||||||||||||
Proportion of voting rights held by non-controlling interests | 45.00% | |||||||||||||
Weighted average share price, share options granted | (per share) | € 833.88 | € 1,042 | $ 1,230 | $ 1,570 | ||||||||||
Weight average exercise price | € / shares | € 87 | € 88 | € 90.10 | |||||||||||
Anniversary tranche [member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Grant date fair value per share | (per share) | 1.47 | € 1.47 | € 1.47 | $ 1.63 | ||||||||||
IHAG Option [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Weighted average share price, share options granted | € / shares | 1,508 | |||||||||||||
Weight average exercise price | (per share) | € 87 | € 100 | ||||||||||||
Investment Shareholders Agreement Plan [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Share based payment expenses | € 991 | € 3,015 | € 6,938 | |||||||||||
Share Option Scheme [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Share based payment expenses | € 3 | |||||||||||||
Group management equity incentive plan [member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Share based payment expenses | € 12,746 | |||||||||||||
Weighted average remaining contractual life | 6 years 5 months 1 day | |||||||||||||
Percent of options exercised | 5.00% | |||||||||||||
Weight average exercise price | $ / shares | $ 0.01 | € 0.01 | ||||||||||||
Share based arrangement, number of batches | Batches | 2 | 2 | 2 | 2 | ||||||||||
Impact on fair value per share | $ / shares | € 0.01 | |||||||||||||
Options exercisable | shares | 1,940,243 | 1,940,243 | 1,940,243 | 1,940,243 | ||||||||||
Group management equity incentive plan [member] | Tranche One [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Grant date fair value per share | (per share) | € 3.07 | € 3.07 | € 3.07 | $ 3.43 | ||||||||||
Share based arrangement, date of grant | July 26, 2019 | |||||||||||||
Group management equity incentive plan [member] | Tranche Two [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Grant date fair value per share | (per share) | € 2.41 | € 2.41 | € 2.41 | $ 2.64 | ||||||||||
Share based arrangement, date of grant | October 9, 2019 | |||||||||||||
Restricted Stock Units [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Share based payment expenses | € 10,027 | € 6,813 | € 6,223 | |||||||||||
Weighted average remaining contractual life | 1 year | 1 year 11 months 23 days | 2 years 11 months 23 days | |||||||||||
Number of other equity instruments granted | shares | 44,890 | |||||||||||||
Percentage of time based awards | 50.00% | |||||||||||||
Percentage Of Performance Based Awards | 50.00% | |||||||||||||
World Endurance Holdings Inc [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Proceeds from issue of capital shares | $ | $ 3,000,000 | |||||||||||||
Number of shares reserved for issue under equity incentive plan | shares | 84,000 | 84,000 | ||||||||||||
World Endurance Holdings Inc [Member] | Equity Transaction [Member] | ||||||||||||||
Disclosure of Sharebased payments [Line Items] | ||||||||||||||
Number of capital shares issued | shares | 4,218 | 4,218 | ||||||||||||
Proceeds from issue of capital shares | € 2,619 | |||||||||||||
Fair Value Of Capital Shares Per Shares | (per share) | € 1,330 | $ 1,570 | ||||||||||||
Reversal in compensation expense | € 2,106 | € 1,108 | € 3,215 |
Share-based payments - Summar_3
Share-based payments - Summary of time-based and performance-based vesting conditions of options (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Group management equity incentive plan [member] | IPO tranche [member] | |
Disclosure of Sharebased payments [Line Items] | |
Description Of Vesting Condition | Immediately upon the completion of the Group's IPO or immediately upon grant |
Percentage of time based awards | 20.00% |
Time Based Share Options [Member] | Anniversary tranche [member] | |
Disclosure of Sharebased payments [Line Items] | |
Description Of Vesting Condition | 30% of the options under anniversary tranche vesting over four-year period, with 20% per year from IPO date/grant date to May 31, 2023 subject to the employment period served by the participants. |
Percentage of time based awards | 80.00% |
Performance Based Share Option [Member] | Anniversary tranche [member] | |
Disclosure of Sharebased payments [Line Items] | |
Description Of Vesting Condition | 70% of the option under the anniversary tranche vesting over four-year period, with 20% per year from IPO date/ grant date to May 31, 2023, and subject to performance achievement measure ("KPI") of the group and subsidiaries, which are defined by the Board of Directors every year. |
Share-based payments - Summar_4
Share-based payments - Summary of number and weighted average exercise prices of share options (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Sharebased payments [Line Items] | |||
Number of option,Beginning balance | 6,315 | 29,238 | 33,834 |
Forfeited during the year | (4,979) | (8,191) | (3,444) |
Number of option, Ending balance | 0 | 6,315 | 29,238 |
Group management equity incentive plan [member] | |||
Disclosure of Sharebased payments [Line Items] | |||
Number of option,Beginning balance | 0 | ||
Granted during the year | 10,456,593 | ||
Forfeited during the year | (1,205,943) | ||
Number of option, Ending balance | 9,250,650 | 0 |
Trade and other payables -Summa
Trade and other payables -Summary of trade and other payables (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Description Of Trade And Other Payables [Line Items] | ||
Trade payables | € 74,206 | € 98,491 |
Other payables | 49,771 | 37,227 |
Related parties | 49,878 | 680,733 |
Trade and other payables | € 173,855 | € 816,451 |
Lease liabilities - Disclosure
Lease liabilities - Disclosure of quantitative information about lease liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of quantitative information about lease liabilities [Line Items] | ||
Current portion | € 10,041 | € 9,863 |
Non-current portion | 29,154 | 28,841 |
LeaseLiabilities | € 39,195 | € 38,704 |
Lease liabilities - Disclosur_2
Lease liabilities - Disclosure Of Maturity Analysis Of Undiscounted Lease Payments (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments [Line Items] | ||
Undiscounted operating lease payments due | € 43,992 | € 42,391 |
within 1 year [member] | ||
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments [Line Items] | ||
Undiscounted operating lease payments due | 11,517 | 10,909 |
1-2 years [member] | ||
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments [Line Items] | ||
Undiscounted operating lease payments due | 9,037 | 9,884 |
2-3 years [member] | ||
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments [Line Items] | ||
Undiscounted operating lease payments due | 7,000 | 7,360 |
3-4 years [member] | ||
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments [Line Items] | ||
Undiscounted operating lease payments due | 5,712 | 4,780 |
4-5 years [member] | ||
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments [Line Items] | ||
Undiscounted operating lease payments due | 4,144 | 3,925 |
>5 years [member] | ||
Disclosure Of Maturity Analysis Of Undiscounted Lease Payments [Line Items] | ||
Undiscounted operating lease payments due | € 6,582 | € 5,533 |
Assets held for sale - Summary
Assets held for sale - Summary of major classes of assets and liabilities of disposal group (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Noncurrent Assets Or Disposal Groups Classified As Held For Sale [Line Items] | ||||
Property, plant and equipment | € 26,294 | € 26,048 | ||
Right of use assets | 35,249 | 35,789 | ||
Goodwill | 537,585 | 677,326 | ||
Deferred tax assets | 23,063 | 24,562 | ||
Other non-current assets | 63,164 | 54,953 | ||
Current contract assets | 53,541 | 39,714 | ||
Cash and cash equivalents | 163,225 | 177,048 | € 230,419 | € 124,344 |
Other current assets | 81,001 | 81,561 | ||
Assets held for sale | 8,125 | |||
Current lease liabilities | 10,041 | 9,863 | ||
Current accrued expenses | 69,846 | 83,516 | ||
Current contract liabilities | 199,900 | 185,681 | ||
Non-current Lease liabilities | 29,154 | 28,841 | ||
Other non-current liabilities | 43,578 | 31,802 | ||
Long-term payroll payable | 15,336 | € 12,770 | ||
Liabilities directly associated with the assets held for sale | 6,975 | |||
Infront Centro Produzione Srl [Member] | Disposal groups classified as held for sale [member] | ||||
Noncurrent Assets Or Disposal Groups Classified As Held For Sale [Line Items] | ||||
Property, plant and equipment | 336 | |||
Right of use assets | 4,985 | |||
Goodwill | 270 | |||
Deferred tax assets | 146 | |||
Other non-current assets | 312 | |||
Trade and other receivables | 1,617 | |||
Current contract assets | 16 | |||
Income tax receivables | 72 | |||
Cash and cash equivalents | 273 | |||
Other current assets | 98 | |||
Assets held for sale | 8,125 | |||
Trade and other payables | 1,251 | |||
Current lease liabilities | 1,123 | |||
Current accrued expenses | 431 | |||
Current contract liabilities | 56 | |||
Non-current Lease liabilities | 3,951 | |||
Other non-current liabilities | 64 | |||
Long-term payroll payable | 99 | |||
Liabilities directly associated with the assets held for sale | 6,975 | |||
Net assets directly associated with disposal group | € 1,150 |
Commitments and contingencies -
Commitments and contingencies - Disclosure of maturity analysis of operating lease payments (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating Leases Future Minimum Lease Payments Due | € 54 | € 685 |
Not later than 1 year [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating Leases Future Minimum Lease Payments Due | 51 | 682 |
Later than 1 year and not later than 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating Leases Future Minimum Lease Payments Due | € 3 | € 3 |
Commitments and contingencies_2
Commitments and contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Oct. 31, 2019USD ($) | Nov. 30, 2018EUR (€) | |
Disclosure of Commitments and contingencies [Line Items] | ||||
Commitment obligations | € 1,938,178 | € 1,399,346 | ||
Contingent liabilities | 180,500 | 179,923 | ||
Guaranteed Minimum Revenues | 1,154,933 | 1,208,954 | ||
Letters of credit | 684 | 1,638 | ||
Contractual Obligation | € 13,500 | |||
Expenses related to short-term leases and lease of low-value assets | € 2,875 | € 2,532 | ||
Legal proceedings breach of contract [member] | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Contractual Obligation | $ | $ 714 |
Related Party Disclosures - Sum
Related Party Disclosures - Summary Of Material Transactions With Related Parties (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DEB Eishockey Sport GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | € 1,311 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Dalian Wanda Group Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | € 2,037 | € 10,317 | 10,511 |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | 0 | 0 |
Dalian Wanda Group Co., Ltd. Beijing Investment Management Branch | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 392 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Shanghai Qingpu Wanda Mall Investment Co., Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 188 | 762 | |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | 0 | |
Nanning Wanda Mall Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 139 | 859 | |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | 0 | |
Wuhan Wanda East Lake Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | 147 | 712 |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | 0 | 0 |
Tianjin Free Trade Zone Wanda Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Zhangzhou Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Changchun Auto City Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 110 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Dezhou Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Kunming Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Nanjing Wanda Mall Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | 859 | |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 9 | 0 | |
Jingmen Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Shanghai Wanda Commercial Plaza Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Shiyan Wanda Plaza Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Hefei Yaohai Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Maanshan Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Wanda Sports Travel and Consulting Company | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 166 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 44 | ||
Wanda Business Management Group Co., Ltd.2 | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 2,420 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Wanda Hotel Management (Shanghai) Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 24 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 24 | ||
Dalian Wanda Sports Culture Tourism Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 729 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Ankang Wanda Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 91 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Guilin Lingui Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 97 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Chengdu Tianfu Wanda Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 1,294 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Lanzhou Wanda City Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 442 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Nanjing Lishui Wanda Plaza Co Ltd [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 200 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Tianshui Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Taishan Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Handan Huai Shang District Wanda Plaza Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Leshan Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Shenyang Quanyun Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Wulanchabu Wanda Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Yangzhou Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Haian Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Yanan Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Changde Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Shengzhou Wucheng Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Zigong Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Jiujiang Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Wuhan Xinzhou Wanda Real Estate Development Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 79 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Shaanxi Jinshida Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 49 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Jixian Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 11 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 2 | ||
Ziyang Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 46 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Yanan Wanda City Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 61 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Xi'an Daming Palace Wanda Plaza Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 24 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Shenyang Olympic Body Wanda Plaza Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 49 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Dandong Wanda Plaza Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 24 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Panjin Wanda Plaza Real Estate Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 12 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Yanji Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 12 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Yingkou Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 12 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Urumqi Wanda Plaza Investment Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 12 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
Wanda Sports & Media (Hong Kong) Co. Limited | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 122 | ||
Beijing Wanda Plaza Real Estate Co., Ltd. Wanda Vista Hotel | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 42 | ||
Xiamen Jimei Wanda Plaza Commercial Property Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 6 | ||
Hangzhou Gongshu Wanda Plaza Commercial Management Co., Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 7 | ||
Fuzhou Wanda Plaza Commercial Property Management Co., Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 5 | ||
Beijing Tongzhou Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 9 | ||
Shenyang Tiexi Wanda Plaza Commercial Management Co., Ltd. North 1st Road Branch | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 4 | ||
Jinan Gaoxin Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 5 | ||
Suzhou Wuzhong Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 4 | ||
Shanghai Baoshan Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 11 | ||
Dongguan Houjie Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 5 | ||
Guangzhou Panyu Wanda Plaza Commercial Property Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 7 | ||
Foshan Wanda Plaza Commercial Property Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 7 | ||
Wuhan Wanda Plaza Business Management Co., Ltd. Central Cultural Tourism Div. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 6 | ||
Xi'an Wanda Plaza Commercial Management Co., Ltd. High-tech Branch | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 5 | ||
Mianyang Jingkai Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 121 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 2 | ||
Chongqing Banan Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 2 | ||
Changsha Wanda Plaza Commercial Property Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 8 | ||
Hefei Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 7 | ||
Nanchang Honggutan Wanda Plaza Commercial Management Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 7 | ||
Tianjin Wanda Media Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 289 | ||
Nanning Wanda International Film City Co., Ltd. Wanda Maodian | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 16 | ||
Sunseeker International Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 128 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
International Games Broadcast Services AG | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 2,818 | 3,850 | 718 |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | 0 | 0 |
Infront Ringier Sports & Entertainment Switzerland AG | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 17 | 30 | 79 |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 449 | 1,188 | 1,308 |
Organizing Committee IIHF 2020 World Championship AG | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 7 | ||
Purchase Of Goods And Receipt Of Services Related Party Transactions | 0 | ||
OC 2018 IIHF WM ApS | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 0 | 536 | 100 |
Purchase Of Goods And Receipt Of Services Related Party Transactions | 3 | 684 | 0 |
FIS Marketing AG | |||
Disclosure of transactions between related parties [line items] | |||
Revenue From Sale Of Goods And Rendering Of Services Related Party Transactions | 875 | 855 | 715 |
Purchase Of Goods And Receipt Of Services Related Party Transactions | € 0 | € 0 | € 0 |
Related Party Disclosures - S_2
Related Party Disclosures - Summary Of Material Amounts Due To Or From Related Parties (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Dalian Wanda Group Co Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | € 12 | € 5,238 |
Amounts payable, related party transactions | 0 | 0 |
Shanghai Qingpu Wanda Mall Investment Co., Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 64 | 0 |
Amounts payable, related party transactions | 0 | 97 |
Beijing Wanda Culture Industry Group Co. Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 107,854 | 107,898 |
Amounts payable, related party transactions | 2,704 | 0 |
Beijing Wanda Football Club Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 1 | |
Amounts payable, related party transactions | 0 | |
Tianjin Free Trade Zone Wanda Real Estate Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 17 | |
Amounts payable, related party transactions | 0 | |
Wanda Sports Travel and Consulting Company | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 165 | |
Amounts payable, related party transactions | 44 | |
Dalian Wanda Sports Culture Tourism Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 771 | |
Amounts payable, related party transactions | 0 | |
Ziyang Wanda Plaza Investment Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 48 | |
Amounts payable, related party transactions | 0 | |
Ankang Wanda Real Estate Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Guilin Lingui Wanda Real Estate Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Chengdu Tianfu Wanda Real Estate Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 1,279 | |
Amounts payable, related party transactions | 0 | |
Xi'an Daming Palace Wanda Plaza Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 26 | |
Amounts payable, related party transactions | 0 | |
Shenyang Olympic Body Wanda Plaza Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 26 | |
Amounts payable, related party transactions | 0 | |
Panjin Wanda Plaza Real Estate Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 13 | |
Amounts payable, related party transactions | 0 | |
Jixian Wanda Plaza Commercial Management Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 12 | |
Amounts payable, related party transactions | 0 | |
Shaanxi Jinshida Real Estate Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 51 | |
Amounts payable, related party transactions | 0 | |
Lanzhou Wanda City Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 467 | |
Amounts payable, related party transactions | 0 | |
Nanjing Lishui Wanda Plaza Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Tianshui Wanda Real Estate Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Taishan Wanda Real Estate Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Handan Huai Shang District Wanda Plaza Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Leshan Wanda Plaza Investment Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Shenyang Quanyun Wanda Plaza Investment Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Wulanchabu Wanda Real Estate Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Yangzhou Wanda Real Estate Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Haian Wanda Real Estate Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Yanan Wanda Real Estate Development Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 83 | |
Amounts payable, related party transactions | 0 | |
Infront International Holding AG | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | 0 |
Amounts payable, related party transactions | 932 | 952 |
Wanda Sports & Media (Hong Kong) Holding Co. Limited | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | 783 |
Amounts payable, related party transactions | 614 | 174,620 |
Wanda Sports Finance Co. Limited | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | |
Amounts payable, related party transactions | 1,671 | |
Tianjin Wanda Media Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | |
Amounts payable, related party transactions | 168 | |
Wanda Culture Holding Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | |
Amounts payable, related party transactions | 460,551 | |
Wanda America Investment Holding Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | |
Amounts payable, related party transactions | 43,655 | |
Organizing Committee IIHF 2020 World Championship AG | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | |
Amounts payable, related party transactions | 8 | |
International Games Broadcast Services AG | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 115 | 3,778 |
Amounts payable, related party transactions | 0 | 0 |
Infront Ringier Sports & Entertainment Switzerland AG | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 118 | |
Amounts payable, related party transactions | 380 | |
OC 2018 IIHF WM ApS | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 3 | |
Amounts payable, related party transactions | 7 | |
FIS Marketing AG | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 0 | 108 |
Amounts payable, related party transactions | 95 | 0 |
Verein Tour de Suisse | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 320 | |
Amounts payable, related party transactions | 0 | |
Wanda Sports & Media (Hong Kong) Co. Limited | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 350 | 221 |
Amounts payable, related party transactions | € 124 | € 0 |
Related Party Disclosures - S_3
Related Party Disclosures - Summary Of Material Loans To Related Parties (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Wanda Sports & Media (Hong Kong) Holding Co., Ltd. | Loans To Related Party [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest Revenue Related Party Transactions | € 250 | € 336 | € 778 |
Amounts receivable, related party transactions | 6,058 | 5,410 | 24,266 |
Infront Finance Luxembourg Sàrl7 | Loans To Related Party [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest Revenue Related Party Transactions | 0 | ||
Amounts receivable, related party transactions | 0 | ||
Infront International Holding AG | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 0 | 0 | |
Infront International Holding AG | Loans To Related Party [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest Revenue Related Party Transactions | 270 | ||
Amounts receivable, related party transactions | 0 | ||
Infront Ringier Sports & Entertainment Switzerland AG | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 118 | ||
Infront Ringier Sports & Entertainment Switzerland AG | Loans To Related Party [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest Revenue Related Party Transactions | 5 | 5 | 9 |
Amounts receivable, related party transactions | € 0 | € 10 | € 0 |
Related Party Disclosures - S_4
Related Party Disclosures - Summary Of Material Loans From Related Parties (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Infront International Holdings AG [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | € 932 | € 952 | |
Infront International Holdings AG [Member] | Loans From Related Party [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest Expense Related Party Transactions | 7,615 | € 19,497 | |
Amounts payable, related party transactions | 0 | € 393,833 | |
Wanda Sports & Media (Hong Kong) Holding Co. Limited | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 614 | € 174,620 | |
Wanda Sports & Media (Hong Kong) Holding Co. Limited | Loans From Related Party [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest Expense Related Party Transactions | 2,680 | ||
Amounts payable, related party transactions | € 44,685 |
Related Party Disclosures - S_5
Related Party Disclosures - Summary Of compensation Of Key Management Personnel Of The Group (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | € 5,592 | € 6,638 | € 7,089 |
Post-employment benefits | 58 | 48 | 51 |
Share-based payments | 8,698 | 6,050 | 6,847 |
Total compensation paid to key management personnel | € 14,348 | € 12,736 | € 13,987 |
Related party disclosures - Add
Related party disclosures - Additional Information (Detail) € in Thousands, SFr in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2017EUR (€) | |
Wanda Sports & Media (Hong Kong) Holding Co., Ltd. | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan interest rate | 7.80% | 7.80% | 7.80% | |||
Social security contribution | € 3,714 | SFr 4.3 | ||||
Transaction with related party expense | 3,714 | |||||
Transaction with related party outstanding balance of promissory note | $ | $ 50 | |||||
Fund occupied fee | 2,680 | $ 3 | ||||
Infront International Holdings AG [Member] | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan receivable | 0 | € 0 | ||||
Loan payable | 932 | 952 | ||||
Loans To Related Party [Member] | Wanda Sports & Media (Hong Kong) Holding Co., Ltd. | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan receivable | 6,058 | 5,410 | € 24,266 | |||
Loan receivable with interest rate | 5,251 | |||||
Loan receivable without interest rate | € 807 | |||||
Loans To Related Party [Member] | Wanda Sports & Media (Hong Kong) Holding Co., Ltd. | Bottom of range [member] | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan interest rate | 3.64% | 3.64% | 3.64% | |||
Loans To Related Party [Member] | Wanda Sports & Media (Hong Kong) Holding Co., Ltd. | Top of range [member] | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan interest rate | 3.68% | 3.68% | 3.68% | |||
Loans To Related Party [Member] | Infront Finance Luxembourg Sàrl [member] | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan receivable | € 141,263 | |||||
Loan interest rate | 5.20% | |||||
Loan maturity | July 21, 2019 | |||||
Loans To Related Party [Member] | Infront International Holdings AG [Member] | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan receivable | 0 | |||||
Loan interest rate | 3.10% | 3.10% | 3.10% | |||
Loan maturity | July 21, 2019 | |||||
Loan impaired | 12,235 | |||||
Loan payable | 0 | 393,833 | ||||
Loans To Related Party [Member] | Infront Ringier Sports & Entertainment Switzerland AG | ||||||
Disclosure of Related party disclosures [Line Items] | ||||||
Loan receivable | € 10 | € 0 | ||||
Loan interest rate | 0.30% | |||||
Loan maturity | December 31, 2020 |
Events after the reporting pe_2
Events after the reporting period - Additional Information (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Mar. 11, 2020EUR (€) | Mar. 11, 2020USD ($) | |
Credit Suisse AG [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Refinance of senior term loan facility | € 211,715 | $ 240,000 | ||
WEH Holdings LLC [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proceeds from disposal of associates | € 652,426 | $ 730,000 |