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Goodwill and intangible assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible assets and goodwill [abstract]

Summary of Movements in Goodwill and Intangible Assets

€ million			Goodwill			Indefinite-life intangible assets			Finite-life intangible assets						Total
Movements during 2022									Software			Other
Cost
1 January 2022			21,489			17,681			3,189			1,114			43,473
Additions through business combinations(a)			585			603			–			–			1,188
Disposal of businesses			(16)			(4)			(3)			–			(23)
Reclassification to held for sale			–			(25)			(4)			–			(29)
Additions			–			–			251			2			253
Disposals and other movements			–			(2)			(24)			(5)			(31)
Hyperinflationary adjustment			116			17			–			–			133
Currency retranslation			592			246			(92)			26			772
31 December 2022			22,766			18,516			3,317			1,137			45,736
Accumulated amortisation and impairment
1 January 2022			(1,159)			(211)			(2,609)			(903)			(4,882)
Amortisation/impairment for the year			–			(146)			(216)			(93)			(455)
Disposals and other movements			1			–			32			5			38
Currency retranslation			1			7			63			(19)			52
31 December 2022			(1,157)			(350)			(2,730)			(1,010)			(5,247)
Net book value 31 December 2022(b)			21,609			18,166			587			127			40,489

€ million			Goodwill			Indefinite-life intangible assets			Finite-life intangible assets						Total
Movements during 2021									Software			Other
Cost
1 January 2021			20,118			15,420			2,819			1,074			39,431
Additions through business combinations			741			1,753			–			1			2,495
Disposal of businesses			(2)			–			–			–			(2)
Reclassification to held for sale(c)			(534)			(362)			(7)			–			(903)
Additions			–			–			229			2			231
Disposals and other movements			(18)			–			(44)			(3)			(65)
Hyperinflationary adjustment			96			7			–			–			103
Currency retranslation			1,088			863			192			40			2,183
31 December 2021			21,489			17,681			3,189			1,114			43,473
Accumulated amortisation and impairment
1 January 2021			(1,176)			(211)			(2,282)			(821)			(4,490)
Amortisation/impairment for the year			–			–			(222)			(52)			(274)
Disposals and other movements			18			1			48			2			69
Currency retranslation			(1)			(1)			(153)			(32)			(187)
31 December 2021			(1,159)			(211)			(2,609)			(903)			(4,882)
Net book value 31 December 2021			20,330			17,470			580			211			38,591

(a)Includes the provisional fair value of goodwill and intangibles for acquisitions made in 2022 as well as subsequent changes in the fair value of goodwill and intangibles for the acquisitions made in 2021 where the initial acquisition accounting was provisional at the end of 2021. See note 21 for further details.

(b)Within indefinite-life intangible assets there are five existing brands that have a significant carrying value: Horlicks €2,759 million (2021: €2,898 million), Knorr €1,839 million (2021: €1,803 million), Paula's Choice €1,764 million (2021: €1,660 million), Carver Korea €1,456 million (2021: €1,452 million) and Hellmann’s €1,261 million (2021: €1,196 million).

(c)Goodwill and intangibles in relation to ekaterra amounting to €899 million were reclassified as held for sale.

Summary of Goodwill and Indefinite-Life Intangible Assets Held in Significant CGUs

			2022 GCGUs
			€ billion
			Goodwill
Beauty & Wellbeing			4.9
Personal Care			4.1
Home Care			0.9
Nutrition			8.3
Ice Cream			3.4
Total GCGUs			21.6

			2022 CGUs
			€ billion
			Indefinite- life intangible assets
Nutrition South Asia			3.3
Nutrition Europe, ANZ & METU			1.4
Nutrition North America			1.0
Prestige			2.8
Beauty & Wellbeing North Asia			1.5
Health & Wellness			1.6
Total Significant CGUs			11.6
Others(a)			6.6
Total CGUs			18.2

 (a) Included within Others are individually insignificant amounts of intangible assets.

Summary of Key Assumptions used in Discounted Cash Flow Projections

Projected cash flows include specific estimates for a period of five years. The growth rates and operating margins used to estimate cash flows for the five years are based on past performance and on the Group’s three-year strategic plan, de-risked to ensure reasonability and extended to years four and five. The Group's three-year strategic plan factors in initiatives we are undertaking to reduce carbon emissions in line with our CTAP and impacts of climate change on our operational costs. The growth rates used in this exercise for GCGUs and significant CGUs are set out below:

For the year 2022

Group of CGUs			Beauty & Wellbeing			Personal Care			Home Care			Nutrition			Ice Cream
Longer-term sustainable growth rates			3		%	3		%	4		%	3		%	3		%
Average near-term nominal growth rates			6		%	3		%	4		%	5		%	6		%

For the year 2022			Nutrition South Asia			Nutrition Europe, ANZ & METU			Nutrition North America			Prestige			Beauty & Wellbeing North Asia			Health & Wellness
Longer-term sustainable growth rates			7		%	2		%	2		%	2		%	4		%	2		%
Average near-term nominal growth rates			7		%	2		%	4		%	11		%	3		%	17		%

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