The Netherlands |
3790 |
Not Applicable | ||
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification Number) |
Ryan J. Maierson Latham & Watkins LLP 811 Main Street, Suite 3700 Houston, TX 77002 Tel: (713) 546-5400 |
Jose Antonio Sànchez Latham & Watkins LLP Plaza de la Independencia 6 Madrid 28001 Spain Tel: +34 91 791 5000 |
Michel van Agt Loyens & Loeff Parnassusweg 300 1081 LC Amsterdam The Netherlands Tel: +31 20 578 57 85 |
† | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
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F-1 |
• | “$”, “USD” and “U.S. dollar” each refer to the United States dollar; and |
• | “€”, “EUR” and “Euro” each refer to the Euro. |
1. | Intelligent Solutions AS (“Intelligent Solutions”) (Acquired in February 2020): Intelligent Solutions is one of the largest distributors of intelligent charging solutions in Northern Europe, with an extensive partner network of car dealers, installers, and utility companies in Norway, Sweden, Finland, and Denmark. Headquartered in Stavanger, Norway, Intelligent Solutions offers a variety of services from hardware to installation service and technical support. We believe this acquisition is a key component in its strategy to expand its business in Northern Europe. |
2. | Electromaps, S.L. (“Electromaps”) (Acquired in September 2020): the leading digital platform for accessing free and paid for electric charging points in southern Europe. The app provides its 200,000+ users access to the charging points and ability to make payments directly from their mobile phone, unifying the entire charging infrastructure and improving the electric vehicle driving experience. Through this acquisition, we took our first step into the public electric charging space and plan to continue to foster innovation on the Electromaps platform. |
3. | AR Electronics Solutions, S.L. (“ARES”) (Acquired in July 2022): ARES is an innovative provider of printed circuit boards and through its acquisition, we expanded our design and manufacturing capabilities and believe this acquisition will increase its innovation cycle time and improve supply chain resilience. |
4. | Coil, Inc. (“COIL”) (Acquired in August 2022): COIL is a leading EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications. |
• | an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting; |
• | reduced disclosure obligations regarding executive compensation; and |
• | not being required to hold a nonbinding advisory vote on executive compensation or seek shareholder approval of any golden parachute payments not previously approved. |
• | the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders and requirements that the proxy statements conform to Schedule 14A of the proxy rules promulgated under the Exchange Act; |
• | the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; |
• | the sections of the Exchange Act requiring insiders (i.e., officers, directors and holders of more than 10% of our issued and outstanding equity securities) to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; |
• | the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission (the “SEC”) of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events; and |
• | the SEC rules on disclosure of compensation on an individual basis unless individual disclosure is required in our home country (the Netherlands) and is not otherwise publicly disclosed by us. |
• | Wallbox is an early stage company with a history of operating losses, and expects to incur significant expenses and continuing losses at least for the near and medium-term. |
• | Wallbox’s growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of, and demand for, Electric Vehicles (“EVs”). Among other things, changes to fuel economy standards or the success of alternative fuels, or changes to rebates, tax credits and other financial incentives from governments, utilities and others to offset the purchase or operating cost of EVs and EV charging technology, may negatively impact the EV market and thus the demand for Wallbox’s products and services. |
• | Wallbox has experienced rapid growth and expects to invest in its growth for the foreseeable future. If Wallbox fails to manage growth effectively, its business, operating results and financial condition would be adversely affected. |
• | Wallbox currently faces competition from a number of companies and expects to continue to face significant competition in each of its markets in the future. |
• | A loss or disruption with respect to Wallbox’s supply or manufacturing partners could negatively affect Wallbox’s business. |
• | Wallbox is dependent upon the efforts of certain key personnel. The loss of such key personnel could negatively impact the operations and financial results of Wallbox’s business. |
• | Wallbox expects to expend resources to maintain consumer awareness of its brands, build brand loyalty and generate interest in its products. Failure to effectively expand Wallbox’s sales and marketing capabilities could harm its ability to increase or maintain its customer base and achieve broader market acceptance of its products. |
• | Wallbox is dependent on consumer adoption of its products. If Wallbox does not continue to offer a high quality product and user experience, its business, brand and reputation will suffer. |
• | Wallbox is dependent on Electromaps for a portion of its revenues and to build consumer awareness of its brand and products. Widespread adoption of charging payment mobile platforms or other charging solutions as a competitor with, or an alternative to, Electromaps may negatively impact its business, operating results and financial condition. |
• | Wallbox may have to initiate product recalls or withdrawals or may be subject to litigation or regulatory enforcement actions and/or incur material product liability claims, which could increase its costs and harm Wallbox’s brand, reputation and adversely affect its business. |
• | Wallbox identified material weaknesses in connection with its internal control over financial reporting. Wallbox’s efforts to remediate these material weaknesses may not be successful in a timely manner, or at all, and Wallbox may identify other material weaknesses. |
• | Wallbox has a significant presence in international markets and plans to continue to expand its international operations, which exposes it to a number of risks that could affect its future growth. |
• | Joint ventures that Wallbox is party to or that Wallbox enters into, including its joint venture in China, present a number of challenges that could have a material adverse effect on its business, operating results and financial condition. |
• | Wallbox has acquired businesses and may acquire other businesses and/or companies, which could require significant management attention, disrupt its business, dilute shareholder value, and adversely affect its results of operations. |
• | Increases in component costs, shipping costs, long lead times, supply shortages, and supply changes could disrupt our supply chain and factors such as wage rate increases and inflation can have a material adverse effect on our business, results of operations, financial condition and prospects. |
• | The additional risks described under “ Risk Factors. |
Issuer |
Wallbox N.V. |
Class A Shares offered by us |
(i) 23,250,793 Class A Shares issuable upon conversion of our 23,250,793 outstanding Class B Shares, (ii) 8,705,833 Class A Shares issuable upon the exercise of 8,705,833 warrants and (iii) up to 5,436,980 Class A Shares that are issuable upon the exercise of 5,436,980 Public Warrants. |
Class A Shares outstanding prior to exercise of all Warrants |
140,386,265 Class A Shares (or 164,637,058 Class A Shares, assuming conversion of all outstanding Class B Shares), based on total shares outstanding as of September 28, 2022. |
Class A Shares outstanding assuming exercise of all Warrants |
154,529,078 Class A Shares (or 177,779,871 Class A Shares, assuming conversion of all outstanding Class B Shares), based on total shares outstanding as of September 28, 2022. |
Exercise Price of Warrants |
Warrants: $11.50 per share, subject to adjustments described herein. |
Use of Proceeds |
We will receive up to an aggregate of approximately $60.5 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. We expect to use the net proceeds from the exercise of the Warrants for general corporate purposes. See “ Use of Proceeds |
Class A Shares that may be offered and sold from time to time by the selling securityholders |
(i) 61,417,465 Class A Shares that were issued on completion of the Business Combination, (ii) 200,000 Class A Shares issued to certain securityholders in connection with the closing of a private placement offering concurrent with the closing of the Business Combination (the “PIPE Shares”), and (iii) 23,250,793 Class A Shares issuable upon conversion of our outstanding Class B Shares. |
Use of proceeds |
All of the Class A Shares offered by the selling securityholders pursuant to this prospectus will be sold by the selling securityholders for their respective accounts. We will not receive any of the proceeds from such sales. |
For the Year Ended, December 31, |
For the Six Months Ended, June 30 |
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2021 |
2020 |
2019 |
2022 Unaudited |
2021 Unaudited |
||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Consolidated Statement of Profit or Loss Data |
||||||||||||||||||||
Revenue |
€ | 71,579 | € | 19,677 | € | 8,020 | € | 67,811 | € | 27,318 | ||||||||||
Change in inventories and raw materials and consumables used |
(44,253 | ) | (10,574 | ) | (3,664 | ) | (39,871 | ) | (14,515 | ) | ||||||||||
Employee benefits |
(29,666 | ) | (9,806 | ) | (3,917 | ) | (43,399 | ) | (11,836 | ) | ||||||||||
Other operating expenses |
(43,405 | ) | (8,192 | ) | (5,125 | ) | (41,378 | ) | (11,677 | ) | ||||||||||
Amortization and depreciation |
(8,483 | ) | (2,379 | ) | (763 | ) | (7,999 | ) | (3,282 | ) | ||||||||||
Net other income |
656 | 289 | 80 | 1,368 | 680 | |||||||||||||||
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Operating loss |
€ | (53,572 | ) | € | (10,984 | ) | € | (5,368 | ) | € | (63,468 | ) | € | (13,312 | ) | |||||
Financial income |
155 | 6 | 9 | 2,070 | 3 | |||||||||||||||
Financial expenses |
(32,067 | ) | (1,011 | ) | (267 | ) | (3,437 | ) | (26,070 | ) | ||||||||||
Change in fair value of derivative warrant liabilities |
(68,954 | ) | — | — | 62,351 | — | ||||||||||||||
Share listing expense |
(72,172 | ) | — | — | — | — | ||||||||||||||
Foreign exchange gains (losses) |
1,026 | (70 | ) | (103 | ) | (6,082 | ) | 258 | ||||||||||||
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Net financial (loss)/income |
€ | (172,012 | ) | € | (1,075 | ) | € | (360 | ) | € | 54,901 | € | (25,809 | ) | ||||||
Share of loss of equity-accounted investees |
— | (253 | ) | (408 | ) | (714 | ) | — | ||||||||||||
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Loss before tax |
€ | (225,584 | ) | € | (12,312 | ) | € | (6,136 | ) | € | (9,281 | ) | € | (39,121 | ) | |||||
Income tax credit |
1,807 | 910 | — | 589 | 716 | |||||||||||||||
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Loss for the period |
€ | (223,777 | ) | € | (11,402 | ) | € | (6,136 | ) | € | (8,692 | ) | € | (38,406 | ) | |||||
Basic and diluted losses per share |
€ | (1.99 | ) | € | (0.12 | ) | € | (0.09 | ) | € | (0.05 | ) | € | (97.94 | ) |
As of December 31, |
As of June 30, |
|||||||||||
2021 |
2022 |
2022 Unaudited |
||||||||||
(in thousands, except per share data) | ||||||||||||
Consolidated Statement of Financial Position Data |
||||||||||||
Cash and cash equivalents |
€ | 113,865 | € | 22,338 | 119,875 | |||||||
Net working capital (1) |
€ | 81,125 | € | 17,836 | 89,869 | |||||||
Total assets |
€ | 342,613 | € | 81,843 | 357,202 | |||||||
Total liabilities |
€ | 211,540 | € | 69,611 | 197,691 | |||||||
Total equity attributable to owners of the Company |
€ | 131,072 | € | 12,233 | 159,511 |
(1) |
Net working capital is comprised of Total Current Assets less Total Current Liabilities. |
• | perceptions about EV features, quality, driver experience, safety, performance and cost; |
• | perceptions about the limited range over which EVs may be driven on a single battery charge and about availability and access to sufficient public EV charging stations; |
• | competition, including from other types of alternative fuel vehicles (such as hydrogen fuel cell vehicles), plug-in hybrid EVs and high fuel-economy internal combustion engine (“ICE”) vehicles; |
• | increases in fuel efficiency in legacy ICE and hybrid vehicles; |
• | volatility in the price of gasoline and diesel at the pump; |
• | EV supply chain disruptions including but not limited to availability of certain components (such as semiconductors, microchips and lithium), ability of EV OEMs to ramp-up EV production, availability of batteries, and battery materials; |
• | concerns regarding the stability of the electrical grid; |
• | the decline of an EV battery’s ability to hold a charge over time; |
• | availability of service for EVs; |
• | consumers’ perception about the convenience, speed, and cost of EV charging; |
• | government regulations and economic incentives, including adverse changes in, or expiration of, favorable tax incentives related to EVs, EV charging stations or decarbonization generally; |
• | relaxation of government mandates or quotas regarding the sale of EVs; |
• | the number, price and variety of EV models available for purchase; and |
• | concerns about the future viability of EV manufacturers. |
• | challenges caused by distance, language and cultural differences; |
• | longer payment cycles in some countries; |
• | credit risk and higher levels of payment fraud; |
• | compliance with applicable foreign laws and regulations, including laws and regulations with respect to privacy, consumer protection, spam and content, and the risk of penalties to Wallbox’s customers and individual members of management if its practices are deemed to be out of compliance; |
• | compliance with changing energy, electrical, and power regulations; |
• | unique or different market dynamics or business practices; |
• | currency exchange rate fluctuations; |
• | foreign exchange controls; |
• | political and economic instability and export restrictions; |
• | potentially adverse tax consequences; and |
• | higher costs associated with doing business internationally. |
• | the timing and volume of new sales; |
• | fluctuations in costs; |
• | the timing of new product rollouts; |
• | weaker than anticipated demand for charging products and stations, whether due to changes in government incentives and policies or due to other conditions; |
• | fluctuations in sales and marketing, business development or research and development expenses; |
• | supply chain interruptions and manufacturing or delivery delays; |
• | the timing and availability of new products relative to customers’ and investors’ expectations; |
• | the impact of COVID-19 on Wallbox’s workforce, or those of its customers, suppliers, vendors or business partners; |
• | disruptions in sales, production, service or other business activities or Wallbox’s inability to attract and retain qualified personnel; |
• | unanticipated changes in federal, state, local, or foreign government incentive programs, which can affect demand for EVs; and |
• | seasonal fluctuations in EV purchases. |
• | blocking sanctions against some of the largest state-owned and private Russian financial institutions (and their subsequent removal from the Society for Worldwide Interbank Financial Telecommunication |
• | blocking sanctions against Russian and Belarusian individuals, including the Russian President, other politicians and those with government connections or involved in Russian military activities; and |
• | blocking of Russia’s foreign currency reserves as well as expansion of sectoral sanctions and export and trade restrictions, limitations on investments and access to capital markets and bans on various Russian imports. |
• | blocking sanctions on some of the largest state-owned and private Russian financial institutions (and their subsequent removal from SWIFT); |
• | blocking sanctions against Russian and Belarusian individuals, including the Russian President, other politicians and those with government connections or involved in Russian military activities; |
• | blocking sanctions against certain Russian businessmen and their businesses, some of which have significant financial and trade ties to the European Union; |
• | blocking of Russia’s foreign currency reserves and prohibition on secondary trading in Russian sovereign debt and certain transactions with the Russian Central Bank, National Wealth Fund and the Ministry of Finance of the Russian Federation; |
• | expansion of sectoral sanctions in various sectors of the Russian and Belarusian economies and the defense sector; |
• | United Kingdom sanctions introducing restrictions on providing loans to, and dealing in securities issued by, persons connected with Russia; |
• | restrictions on access to the financial and capital markets in the European Union, as well as prohibitions on aircraft leasing operations; |
• | sanctions prohibiting most commercial activities of U.S. and EU persons in Crimea and Sevastopol; |
• | enhanced export controls and trade sanctions targeting Russia’s imports of technological goods as a whole, including tighter controls on exports and reexports of dual-use items, stricter licensing policy with respect to issuing export licenses, and/or increased use of “end-use” controls to block or impose licensing requirements on exports, as well as higher import tariffs and a prohibition on exporting luxury goods to Russia and Belarus; |
• | closure of airspace to Russian aircraft; and |
• | ban on imports of Russian oil, liquefied natural gas and coal to the United States. |
• | the scope of any issued patents that may result from the pending patent application may not be broad enough to protect proprietary rights; |
• | the costs associated with enforcing patents, trademarks, confidentiality and invention agreements or other intellectual property rights may make enforcement impracticable; |
• | current and future competitors may circumvent patents or independently develop similar inventions, trade secrets or works of authorship, such as software; |
• | know-how and other proprietary information Wallbox purports to hold as a trade secret may not qualify as a trade secret under applicable laws; and |
• | proprietary designs and technology embodied in Wallbox’s products may be discoverable by third parties through means that do not constitute violations of applicable laws. |
• | expenditure of significant financial and product development resources, including recalls, in efforts to analyze, correct, eliminate or work around errors or defects; |
• | loss of existing or potential customers or partners; |
• | interruptions or delays in sales; |
• | equipment replacements; |
• | delayed or lost revenue; |
• | delay or failure to attain market acceptance; |
• | delay in the development or release of new functionality or improvements; |
• | negative publicity and reputational harm; |
• | warranties, sales credits or refunds; |
• | exposure of confidential or proprietary information; |
• | diversion of development and customer service resources; |
• | breach of warranty claims; |
• | legal claims under applicable laws, rules and regulations; and |
• | the expense and risk of litigation. |
• | actual or anticipated fluctuations in Wallbox’s results of operations; |
• | variance in Wallbox’s financial performance from the expectations of market analysts or others; |
• | announcements by Wallbox or Wallbox’s competitors of significant business developments, changes in significant customers, acquisitions or expansion plans; |
• | Wallbox’s involvement in litigation; |
• | Wallbox’s sale of Shares or other securities in the future; |
• | market conditions in Wallbox’s industry; |
• | changes in key personnel; |
• | the trading volume of Wallbox’s Class A Shares; |
• | changes in the estimation of the future size and growth rate of Wallbox’s markets; and |
• | general economic, industry and market conditions, including, for example, the effects of recession or slow economic growth in the U.S. and abroad, interest rates, fuel prices, international currency fluctuations, corruption, political instability, acts of war, including the Russia/Ukraine conflict and the ongoing COVID-19 pandemic or other public health crises. |
• | the requirement that a majority of Wallbox’s board of directors consist of “independent directors” as defined under the rules of NYSE; |
• | the requirement that Wallbox have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; |
• | the requirement that Wallbox have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and |
• | the requirement for an annual performance evaluation of the compensation and nominating and corporate governance committees. |
a. | shareholders, using either their shareholder proposal right or their right to request a General Meeting, propose an agenda item for the General Meeting to dismiss, suspend or appoint a Director (or to amend any provision in the Articles of Association dealing with those matters); or |
b. | a public offer for has been announced or made without agreement having been reached with on such offer, provided, in each case, that in the opinion of the Board such proposal or offer materially conflicts with the interests of and its business. |
a. | the expiration of 250 days from: |
i. | in case of shareholders using their shareholder proposal right, the day after the deadline for making such proposal for the next General Meeting has expired; |
ii. | in case of Shareholders using their right to request a General Meeting, the day when they obtain court authorization to do so; or |
iii. | in case of a public offer as described above being made without agreement having been reached with on such offer, the first following day; |
b. | the day after a public offer without agreement having been reached with Wallbox on such offer, having been declared unconditional; or |
c. | the Board deciding to end the cooling-off period earlier. |
a. | the Board, in light of the circumstances at hand when the cooling-off period was invoked, could not reasonably have come to the conclusion that the relevant shareholder proposal or hostile offer constituted a material conflict with the interests of and its business; |
b. | the Board cannot reasonably believe that a continuation of the cooling-off period would contribute to careful policy-making; |
c. | if other defensive measures, having the same purpose, nature and scope as the cooling-off period, have been activated during the cooling-off period and are not terminated or suspended at the relevant shareholders’ written request within a reasonable period following the request (i.e., no ‘stacking’ of defensive measures). |
• | Wallbox’s ability to grow and manage, which may be affected by, among other things, competition; |
• | risks relating to the outcome and timing of Wallbox’s development of its charging and energy management technology and related manufacturing processes; |
• | the possibility that the expected timeframe for, and other expectations regarding the development and performance of, Wallbox products will differ from current assumptions; |
• | intense competition in the electric vehicle charging space; |
• | risks related to health pandemics, including the COVID-19 pandemic, which could have a material adverse effect on its business, operating results and financial condition; |
• | failure to attract and retain key employees and hire qualified management, technical, engineering and sales and business development personnel; |
• | legal proceedings; |
• | compliance with the continued listing standards of the NYSE; |
• | volatility in the market price of Wallbox’s ordinary shares; |
• | a loss or disruption with respect to Wallbox’s supply or manufacturing partners; |
• | delays in the development of new products and product innovations |
• | the war between Russia and Ukraine; |
• | Wallbox’s internal control over financial reporting; |
• | product recalls or withdrawals, litigation or regulatory enforcement actions and/or material product liability claims; |
• | the inability to obtain patents or otherwise protect Wallbox’s technology and intellectual property from unauthorized use by third parties; |
• | governmental regulation and other legal obligations related to privacy, data protection and information security, and related governmental enforcement actions, litigation, fines and penalties or adverse publicity; and |
• | the possibility that Wallbox may be adversely affected by other economic, business, and/or competitive factors. |
As of June 30, 2022 Unaudited |
||||
(€) in thousands |
||||
Cash and cash equivalents |
€ | 119,875 | ||
|
|
|||
Equity: |
||||
Share capital |
€ | 44,631 | ||
Share premium |
329,092 | |||
Other equity components |
25,511 | |||
Accumulated deficit |
(252,587 | ) | ||
Foreign currency translation reserve |
12,865 | |||
Total equity attributable to owners of the Company |
159,511 | |||
Debt: |
||||
Non-current Loans and borrowings |
23,274 | |||
Current Loans and borrowings |
52,524 | |||
|
|
|||
Total debt |
75,798 | |||
|
|
|||
Total capitalization (1) |
€ | 235,309 | ||
|
|
(1) | Excludes the impact of shares that are issuable upon the exercise of outstanding options to purchase Class A Shares held by certain of our current and former directors and employees. Further, as all of the shares offered by the selling securityholders pursuant to this prospectus will be sold by the selling securityholders for their respective accounts, the Company will not receive any of the proceeds from such sale. As such, there is no impact to the capitalization relating to the resale. |
1. | Intelligent Solutions (Acquired in February 2020): Intelligent Solutions is one of the largest distributors of intelligent charging solutions in Northern Europe, with an extensive partner network of car dealers, installers, and utility companies in Norway, Sweden, Finland, and Denmark. Headquartered in Stavanger, Norway, Intelligent Solutions offers a variety of services from hardware to installation service and technical support. We believe this acquisition was a key component in our strategy to expand our business in Northern Europe. |
2. | Electromaps (Acquired in September 2020): the leading digital platform for accessing free and paid for electric charging points in southern Europe. The app provides its 200,000+ users access to the charging points and ability to make payments directly from their mobile phone, unifying the entire charging infrastructure and improving the electric vehicle driving experience. Through this acquisition, we took our first step into the public electric charging space and plan to continue to foster innovation on the Electromaps platform. |
3. | ARES (Acquired in July 2022): ARES is an innovative provider of printed circuit boards and through its acquisition, we expanded our design and manufacturing capabilities and believe this acquisition will increase our innovation cycle time and improve our supply chain resilience. |
4. | COIL (Acquired in August 2022): COIL is a leading EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications. We are creating solutions that will not only allow for faster, simpler EV charging but that will also change the way the world uses energy. |
• | Home & Business |
• | EV Charging Hardware |
• | Pulsar Plus: Wi-Fi and Bluetooth connectivity, the smart features available on the myWallbox app, and compatibility with OCPP communication protocols. |
• | Commander 2: 7-inch touchscreen display that provides a personalized and secure user interface for multiple users. It has up to 22 kW of charging capacity and allows user access through the use of password protection, RFID cards or the myWallbox app. Commander 2 key characteristics include 4G, WiFi, Ethernet and Bluetooth connectivity, the smart features available on the myWallbox app, and compatibility with OCPP communication protocols. |
• | Copper SB: Wi-Fi, Ethernet and Bluetooth connectivity, the smart features available on the myWallbox app, and compatibility with OCPP communication protocols. |
• | Quasar: bi-directional charger for home-use that allows users to charge and discharge their electric vehicle, enabling them to use their car battery to power their home or sell energy back to the grid. Its V2H (vehicle-to-home) (vehicle-to-grid) Wi-Fi, Ethernet and Bluetooth connectivity, and the smart features available on the myWallbox app. In January, we introduced Quasar 2, our newest bi-directional DC charger specifically intended for the US and European markets and compliant with CCS standards. |
• | EV Charging Software |
• | The myWallbox platform: |
• | Manage charging status and information from smart devices |
• | Real-time status, notifications and statistics of Wallbox chargers |
• | Remote locking and unlocking Wallbox chargers on the myWallbox app |
• | Manage multiple users and chargers using the myWallbox portal |
• | Accessing an integrated payment system to manage charging fees |
• | Accessing a range of intelligent energy management features such as: |
• | Schedules that take advantage of off-peak utility rates |
• | Power Sharing, that allows connecting multiple chargers to the same electrical circuit and balances the power distribution based on each vehicle’s need for power |
• | Dynamic Power Sharing, that measures the live energy usage at home or in the building and automatically adjusts the charge to all connected EVs in harmony with the local grid’s capacity, avoiding blackouts and costly energy bills. |
• | Public |
• | EV Charging Hardware: |
• | Supernova: round-the-clock on-site maintenance, reducing costs and simplifying planning and operations. Equipped with CCS & CHAdeMO charging cables, OCPP compatibility and over-the-air |
• | Hypernova: |
• | EV Charging Software |
• | Electromaps: e-mobility service provider (eMSP) and charger management software with more than 220,000 users which is connected to more than 250,000 charge points worldwide as of June 30, 2022 enables users to find publicly available charging ports. In addition, we have established partnerships in Europe with operators of charging points that allow users to pay for their charging directly via Electromaps. For these charging points, we earn an approximately 10% commission for each of the charging sessions carried out through the app. we intend to extend these relationships with charging operators outside of Europe and enable this payment feature globally. |
• | Building Energy Management Software |
• | Sirius on-site batteries and other renewable energy sources. Sirius is capable of managing various energy sources and can automatically choose the greenest or cheapest one available to meet the building’s demand, as well as storing energy surpluses in EVs or battery walls plugged to the system. With its automated intelligence, Sirius is designed to increase a building’s renewable energy consumption significantly. It is also designed to help solve one of the biggest challenges of large-scale use of most green energy sources: its weather-dependent availability, which often results in supply/demand imbalances and consumption inefficiencies. |
• | Sirius is currently in beta testing and is being used to power Wallbox’s headquarters in Barcelona. In its first six months of use, Sirius increased the building’s renewable energy consumption by 20% and reduced grid dependency by 50%. In this setting, the smart management system uses a fleet of 23 Nissan LEAF cars and our bidirectional Quasar chargers, as well as 750 square meters (approximately 7,500 square feet) of solar panels. This is integrated with 560 kWh of onsite energy storage and the city’s electric grid. |
• | Upgrades & Accessories |
• | We provide upgrade options that combine the myWallbox platform different subscription plans with our energy meters and accessories, enabling advanced energy management features and seamless charges: |
• | Energy meter: |
• | EV charging cables: |
• | Pedestals: |
• | RFID cards: |
• | Services |
• | We offer all the necessary services to provide tailored end to end solutions: |
• | Installation: in-depth acquired knowledge of our products ensure installations according to local governmental and industrial standards. This also allows us to sell charger and installation bundles through its ecommerce website and on 3rd party marketplaces like Amazon. We charge a percentage of the total installation cost to the installer for providing any installation opportunity. |
• | Maintenance: |
• | Charging network management: |
• | Partnerships with utilities and local distributors: non-binding letters of intent to collaborate with some of the world’s biggest utility companies such as Iberdrola, EGAT, COPEC and Jetcharge. |
• | Building a sales network: roll-out comprises the development of a set of commercial agreements with trusted partners that might be interested in acquiring the Supernova to deliver a fast-charging solution to either their fleets (e.g. a supermarket which has EVs for their delivery service), or for their customers (e.g. a shopping mall that wants to provide users with the ability to charge their parked car while shopping). We will leverage its already existing commercial agreements on Home & Business chargers to offer these enterprises its new public fast charging solution, Supernova. |
5. | Intelligent Solutions (Acquired in February 2020): Intelligent Solutions is one of the largest distributors of intelligent charging solutions in Northern Europe, with an extensive partner network of car dealers, installers, and utility companies in Norway, Sweden, Finland, and Denmark. Headquartered in Stavanger, Norway, Intelligent Solutions offers a variety of services from hardware to installation service and technical support. We believe this acquisition was a key component in our strategy to expand our business in Northern Europe. |
6. | Electromaps (Acquired in September 2020): the leading digital platform for accessing free and paid for electric charging points in southern Europe. The app provides its 200,000+ users access to the charging points and ability to make payments directly from their mobile phone, unifying the entire charging infrastructure and improving the electric vehicle driving experience. Through this acquisition, we took our first step into the public electric charging space and plan to continue to foster innovation at Electromaps. |
7. | ARES (Acquired in July 2022): ARES is an innovative provider of printed circuit boards and through its acquisition, we expanded our design and manufacturing capabilities and believe this acquisition will increase our innovation cycle time and improve our supply chain resilience. |
8. | COIL (Acquired in August 2022): COIL is a leading EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications. |
• | EMEA: Europe-Middle East Asia |
• | NORAM: North America |
• | APAC: Asia-Pacific |
Period Ended June 30, |
Variance |
|||||||||||||||
2022 Unaudited |
2021 Unaudited |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Sales of goods |
€ | 65,746 | € | 26,342 | € | 39,404 | 149.6 | % | ||||||||
Sales of services |
€ | 2,065 | € | 976 | € | 1,089 | 111.6 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenue |
€ |
67,811 |
€ |
27,318 |
€ |
40,493 |
148.2 |
% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (39,871 | ) | € | (14,515 | ) | € | (25,356 | ) | 174.7 | % | |||||
Employee benefits |
€ | (43,399 | ) | € | (11,836 | ) | € | (31,563 | ) | 266.7 | % | |||||
Other operating expenses |
€ | (41,378 | ) | € | (11,677 | ) | € | (29,701 | ) | 254.4 | % | |||||
Amortization and depreciation |
€ | (7,999 | ) | € | (3,282 | ) | € | (4,717 | ) | 143.7 | % | |||||
Net other income |
€ | 1,368 | € | 680 | € | 688 | 101.2 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Loss |
€ |
(63,468 |
) |
€ |
(13,312 |
) |
€ |
(50,156 |
) |
376.8 |
% | |||||
|
|
|
|
|
|
|
|
|||||||||
Financial income |
€ | 2,070 | € | 3 | € | 2,067 | n/m | |||||||||
Financial expenses |
€ | (3,438 | ) | € | (26,070 | ) | € | 22,632 | (86.8 | %) | ||||||
Change in fair value of derivative warrant liabilities |
€ | 62,351 | — | € | 62,351 | 100.0 | % | |||||||||
Foreign exchange gains/(losses) |
€ | (6,082 | ) | € | 258 | € | (6,340 | ) | n/m | |||||||
|
|
|
|
|
|
|
|
|||||||||
Net Financial Income/(Loss) |
€ | 54,901 | € | (25,809 | ) | € | 80,710 | (312.7 | %) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Share of loss of equity-accounted investees |
€ | (714 | ) | — | € | (714 | ) | (100.0 | %) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before Tax |
€ | (9,281 | ) | € | (39,121 | ) | € | 29,840 | (76.3 | %) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax credit |
€ | 589 | € | 716 | € | (127 | ) | (17.7 | %) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Loss for the period |
€ | (8,692 | ) | € | (38,406 | ) | € | 29,714 | (77.4 | %) | ||||||
|
|
|
|
|
|
|
|
Year Ended December 31, |
Variance |
|||||||||||||||
2021 |
2020 |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Sales of goods |
€ | 69,105 | € | 18,516 | € | 50,589 | 273.2 | % | ||||||||
Sales of services |
2,473 | 1,161 | 1,312 | 113.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenue |
€ | 71,578 | € | 19,677 | € | 51,901 | 263.8 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (44,253 | ) | € | (10,574 | ) | € | (33,679 | ) | 318.5 | % | |||||
Employee benefits |
(29,666 | ) | (9,805 | ) | (19,861 | ) | 202.6 | % | ||||||||
Other operating expenses |
(43,405 | ) | (8,192 | ) | (35,213 | ) | 429.8 | % | ||||||||
Amortization and depreciation |
(8,483 | ) | (2,379 | ) | (6,104 | ) | 256.6 | % | ||||||||
Net other income |
656 | 289 | 367 | 127.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Loss |
€ | (53,573 | ) | € | (10,984 | ) | € | (42,589 | ) | 387.7 | % | |||||
|
|
|
|
|
|
|
|
|||||||||
Financial income |
€ | 155 | € | 6 | € | 149 | n/m | |||||||||
Financial expenses |
(32,067 | ) | (1,011 | ) | (31,056 | ) | n/m | |||||||||
Change in fair value of derivative warrant liabilities |
(68,953 | ) | — | (68,953 | ) | n/m | ||||||||||
Share listing expense |
(72,172 | ) | — | (72,172 | ) | n/m | ||||||||||
Foreign exchange gains/(losses) |
1,026 | (70 | ) | 1,096 | n/m | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Financial Loss |
€ | (172,011 | ) | € | (1,075 | ) | € | (170,936 | ) | n/m | ||||||
|
|
|
|
|
|
|
|
|||||||||
Share of loss of equity-accounted investees |
— | (253 | ) | 253 | (100.0 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before Tax |
€ | (225,584 | ) | € | (12,312 | ) | € | (213,272 | ) | n/m | ||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax credit |
1,807 | 910 | 897 | 98.6 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss for the year |
€ | (223,777 | ) | € | (11,402 | ) | € | (212,375 | ) | n/m | ||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
Variance |
|||||||||||||||
2022 Unaudited |
2021 Unaudited |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Revenue |
€ | 66,137 | € | 27,719 | € | 38,418 | 138.6 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (40,164 | ) | € | (15,244 | ) | € | (24,920 | ) | 163.5 | % | |||||
Employee benefits |
€ | (39,793 | ) | € | (10,864 | ) | € | (28,929 | ) | 266.3 | % | |||||
Other operating expenses |
€ | (33,992 | ) | € | (11,114 | ) | € | (22,878 | ) | 205.8 | % | |||||
Amortization and depreciation |
€ | (7,376 | ) | € | (3,201 | ) | € | (4,175 | ) | 130.4 | % | |||||
Net other income/(expense) |
€ | 1,359 | € | 446 | € | 913 | 204.7 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss |
€ |
(53,829 |
) |
€ |
(12,258 |
) |
€ |
(41,571 |
) |
339.1 |
% | |||||
|
|
|
|
|
|
|
|
Year Ended December 31, |
Variance |
|||||||||||||||
2021 |
2020 |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Revenue |
€ | 74,279 | € | 19,673 | € | 54,606 | 277.6 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (47,056 | ) | € | (10,557 | ) | € | (36,499 | ) | 345.7 | % | |||||
Employee benefits |
(27,130 | ) | (9,128 | ) | (18,002 | ) | 197.2 | % | ||||||||
Other operating expenses |
(42,273 | ) | (7,765 | ) | (34,508 | ) | 444.4 | % | ||||||||
Amortization and depreciation |
(8,214 | ) | (2,264 | ) | (5,950 | ) | 262.8 | % | ||||||||
Net other income/(expense) |
961 | 288 | 673 | 233.7 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss |
€ | (49,433 | ) | € | (9,753 | ) | € | (39,680 | ) | 406.8 | % | |||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
Variance |
|||||||||||||||
2022 Unaudited |
2021 Unaudited |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Revenue |
€ | 7,593 | € | 1,506 | € | 6,087 | 404.2 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (5,627 | ) | € | (1,258 | ) | € | (4,369 | ) | 347.3 | % | |||||
Employee benefits |
€ | (3,426 | ) | € | (881 | ) | € | (2,545 | ) | 288.9 | % | |||||
Other operating expenses |
€ | (7,541 | ) | € | (536 | ) | € | (7,005 | ) | n/m | ||||||
Amortization and depreciation |
€ | (621 | ) | € | (81 | ) | € | (540 | ) | 666.7 | % | |||||
Net other income/(expense) |
€ | 7 | € | 236 | € | (229 | ) | (97.0 | %) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss |
€ | (9,615 | ) | € | (1,014 | ) | € | (8,601 | ) | 848.2 | % | |||||
|
|
|
|
|
|
|
|
Year Ended December 31, |
Variance |
|||||||||||||||
2021 |
2020 |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Revenue |
€ | 4,687 | € | 1 | € | 4,686 | n/m | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (3,345 | ) | € | (13 | ) | € | (3,332 | ) | n/m | ||||||
Employee benefits |
(2,309 | ) | (617 | ) | (1,692 | ) | 274.2 | % | ||||||||
Other operating expenses |
(1,778 | ) | (427 | ) | (1,351 | ) | 316.4 | % | ||||||||
Amortization and depreciation |
(268 | ) | (114 | ) | (154 | ) | 135.1 | % | ||||||||
Net other income/(expense) |
(306 | ) | — | (306 | ) | n/m | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss |
€ | (3,319 | ) | € | (1,170 | ) | € | (2,149 | ) | 183.7 | % | |||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
Variance |
|||||||||||||||
2022 Unaudited |
2021 Unaudited |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Revenue |
€ | 195 | € | 89 | € | 106 | 119.0 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (10 | ) | € | (9 | ) | € | (1 | ) | 11.1 | % | |||||
Employee benefits |
€ | (180 | ) | € | (91 | ) | € | (89 | ) | 97.8 | % | |||||
Other operating expenses |
€ | (40 | ) | € | (28 | ) | € | (12 | ) | 42.9 | % | |||||
Amortization and depreciation |
€ | (1 | ) | — | € | (1 | ) | (100.0 | )% | |||||||
Net other income/(expense) |
€ | 1 | — | € | 1 | 100.0 | % | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss |
€ | (35 | ) | € | (39 | ) | € | 4 | (10.3 | )% | ||||||
|
|
|
|
|
|
|
|
Year Ended December 31, |
Variance |
|||||||||||||||
2021 |
2020 |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Revenue |
€ | 298 | € | 57 | € | 241 | 422.8 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in inventories and raw materials and consumables used |
€ | (19 | ) | € | (20 | ) | € | 1 | (5.0 | %) | ||||||
Employee benefits |
(227 | ) | (61 | ) | (166 | ) | 272.1 | % | ||||||||
Other operating expenses |
(63 | ) | (37 | ) | (26 | ) | 70.3 | |||||||||
Amortization and depreciation |
(1 | ) | — | (1 | ) | n/m | ||||||||||
Net other income/(expense) |
1 | 1 | — | 0.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss |
€ | (11 | ) | € | (60 | ) | € | 49 | (81.7 | %) | ||||||
|
|
|
|
|
|
|
|
Year ended December 31, |
Six Months Ended June 30, |
|||||||||||||||||||
€ in thousands |
2021 Unaudited |
2020 Unaudited |
2019 Unaudited |
2022 Unaudited |
2021 Unaudited |
|||||||||||||||
Loss for the year |
€ | (223,777 | ) | € | (11,402 | ) | € | (6,136 | ) | € | (8,692 | ) | € | (38,406 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income tax credit |
€ | (1,807 | ) | € | (910 | ) | € | — | € | (589 | ) | € | (716 | ) | ||||||
Amortization and depreciation |
€ | 8,483 | € | 2,379 | € | 762 | € | 7,999 | € | 3,282 | ||||||||||
Financial income |
€ | (155 | ) | € | (6 | ) | € | (9 | ) | € | (2,070 | ) | € | (3 | ) | |||||
Financial expenses (1) |
€ | 6,576 | € | 1,011 | € | 266 | € | 3,437 | € | 26,070 | ||||||||||
EBITDA |
€ |
(210,680 |
) |
€ |
(8,928 |
) |
€ |
(5,117 |
) |
€ |
85 |
€ |
(9,773 |
) | ||||||
Fair value adjustment of convertible bonds (2) |
€ | 25,491 | € | — | € | — | € | — | € | — | ||||||||||
Change in fair value of derivative warrant liabilities (3) |
€ | 68,953 | € | — | € | — | € | (62,350 | ) | € | — | |||||||||
Share listing expense (4) |
€ | 72,172 | € | — | € | — | € | — | € | — | ||||||||||
Foreign exchange gains/(losses) |
€ | (1,026 | ) | € | 70 | € | 103 | € | 6,082 | € | (258 | ) | ||||||||
Share based payment plan expenses (5) |
€ | 2,455 | € | 2,785 | € | 560 | € | 20,546 | € | 1,036 | ||||||||||
Transaction costs relating to the Business Combination (6) |
€ | 8,046 | € | — | € | — | € | — | € | — | ||||||||||
Net other income (7) |
€ | (656 | ) | € | (289 | ) | € | (80 | ) | € | (1,368 | ) | € | (680 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
€ |
(35,245 |
) |
€ |
(6,362 |
) |
€ |
(4,534 |
) |
€ |
(37,005 |
) |
€ |
(9,675 |
) | |||||
|
|
|
|
|
|
|
|
|
|
(1) | Interest expenses consist of interest and fees on bank loans, interest on lease liabilities, interest on shareholder and other borrowings, interest on convertible bonds, accretion of discount on put option liabilities and other finance costs. |
(2) | See Note 13 to our consolidated financial statements included elsewhere in this prospectus. |
(3) | See Note 12 to our unaudited interim condensed consolidated financial statements included elsewhere in this prospectus. |
(4) | See Note 6 to our consolidated financial statements included elsewhere in this prospectus. |
(5) | See Note 21 to our consolidated financial statements and Note 19 to our unaudited interim condensed consolidated financial statements included elsewhere in this prospectus. |
(6) | Expenses related to the SPAC transaction. |
(7) | Net other income consists of all other income and expenses linked to activities that are outside the core of our operating activities and may include income or losses related to gain or loss of assets, liabilities, and grants. |
Six Months Ended June 30, |
Variance |
|||||||||||||||
2022 Unaudited |
2021 Unaudited |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Net cash used in operating activities |
€ | (50,758 | ) | € | (16,867 | ) | € | (33,891 | ) | 201.0 | % | |||||
Net cash from (used) in investing activities |
€ | 20,987 | € | (16,417 | ) | € | 37,404 | (227.8 | )% | |||||||
Net cash from financing activities |
€ | 27,057 | € | 37,428 | € | (10,371 | ) | (27.7 | )% |
Year Ended December 31, |
Variance |
|||||||||||||||
2021 |
2020 |
€ |
% |
|||||||||||||
(€ in thousands, except percentages) |
||||||||||||||||
Net cash used in operating activities |
€ | (69,631 | ) | € | (11,628 | ) | € | (58,003 | ) | 498.8 | % | |||||
Net cash used in investing activities |
€ | (88,297 | ) | € | (19,318 | ) | € | (68,979 | ) | 357.1 | % | |||||
Net cash from financing activities |
€ | 246,925 | € | 46,745 | € | 200,180 | 428.2 | % |
• | an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting; |
• | reduced disclosure obligations regarding executive compensation; and |
• | not being required to hold a nonbinding advisory vote on executive compensation or seek shareholder approval of any golden parachute payments not previously approved. |
Name |
Age |
Position | ||||
Executive Officers |
||||||
Enric Asunción Escorsa |
37 | Chief Executive Officer, Director | ||||
Jordi Lainz |
53 | Chief Financial Officer | ||||
Eduard Castañeda |
37 | Chief Product Officer |
Name |
Age |
Position | ||
Board |
||||
Enric Asunción Escorsa |
37 | Executive Director | ||
Beatriz González Ordóñez |
47 | Non-executive Director | ||
Francisco Riberas |
58 | Non-executive Director | ||
Anders Pettersson |
63 | Non-executive Director | ||
Diego Díaz Pilas |
42 | Non-executive Director | ||
Pol Soler |
41 | Non-executive Director | ||
Donna J. Kinzel |
47 | Non-executive Director |
• | options awarded to our executive directors as part of their compensation could (subject to the terms of the option awards) vest and become exercisable during the first three years after the date of grant; |
• | though individual and Company performance are considered when granting any variable pay, no pre-defined measurable performance criteria apply, and no scenario analyses have been performed in relation to variable pay; |
• | our directors may generally sell our Class A Shares held by them at any point in time, subject to applicable law, Company policy and applicable lock-up arrangements; |
• | Our non-executive directors may be granted compensation in the form of shares, options and/or other equity-based compensation; and |
• | our executive directors may be entitled to a severance payment in excess of their respective annual base salaries. |
• | meeting with our external auditor regarding, among other issues, audits, and adequacy of Wallbox’s accounting and control systems; |
• | monitoring the independence of Wallbox’s external auditor; |
• | verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law; |
• | inquiring and discussing with management Wallbox’s external auditor; |
• | pre-approving all audit services and permitted non-audit services to be performed by Wallbox’s external auditor, including the fees and terms of the services to be performed; |
• | appointing or replacing Wallbox’s independent registered public accounting firm; |
• | determining the compensation and oversight of the work of Wallbox’s independent registered public accounting firm (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; |
• | establishing procedures for the receipt, retention and treatment of complaints received by Wallbox regarding accounting, internal accounting controls or reports which raise material issues regarding Wallbox’s financial statements or accounting policies; and |
• | reviewing and approving related party transactions in accordance with Wallbox’s Related Party Transaction Policy and Procedures. |
• | reviewing and approving on an annual basis the corporate goals and objectives relevant to Wallbox’s Chief Executive Officer’s compensation, evaluating the Chief Executive Officer’s performance in light of such goals; |
• | reviewing and approving the compensation of all of its other executive officers; |
• | reviewing its executive compensation policies and plans; |
• | implementing and administering its incentive compensation equity-based remuneration plans; |
• | assisting management in complying with its annual report disclosure requirements; |
• | approving all special perquisites, special cash payments and other special compensation and benefit arrangements for its executive officers and employees; and |
• | reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors. |
• | developing and recommending to the Board a set of corporate governance guidelines; |
• | assessing the functioning of individual directors of the Board and making recommendations for appointments and reappointments to the Board and the committees of the Board; |
• | supervising the policy of the Board on the selection criteria and appointment procedures for senior management; |
• | participating in Wallbox’s succession planning for the Chair & CEO and other executive officers, including an emergency succession plan for the Chair & CEO; and |
• | making recommendations to the Board regarding other company governance matters. |
(Euros in thousands) |
All executives |
|||
Periodically-paid remuneration |
€ | 1,760,524 | ||
Bonuses |
€ | 1,160,750 | ||
Additional benefit payments |
€ | 1,755,733 | ||
Total cash compensation |
€ | 4,677,047 |
(Euros in thousands) |
June 30, 2022 |
June 30, 2021 |
||||||
Wages and salaries |
1,575,044 | 973,170 | ||||||
Share-based payment plan expenses |
16,129,551 | 662,242 | ||||||
|
|
|
|
|||||
Total |
17,704,595 |
1,635,412 |
||||||
|
|
|
|
Beneficiary | Grant date | Number of RSU’s outstanding |
Number of options outstanding |
Strike price |
||||||||||||
Enric Asunción Escorsa (*) |
April 6, 2022 | — | 777,267 | € | 1.93 | |||||||||||
Jordi Lainz |
October 1, 2021 | — | 1,936,924 | € | 0.0021 | |||||||||||
Jordi Lainz |
April 8, 2022 | 350,000 | — | — | ||||||||||||
Eduard Castañeda (*) |
April 6, 2022 | — | 258,342 | € | 1.93 |
(*) | As of December 31, 2021, both Enric Asunción Escorsa and Eduard Castañeda were already participating in the Founders Stock Option Plan as discussed in Note 21 of the consolidated financial statements included elsewhere in this prospectus. On April 6, 2022, Enric Asunción Escorsa was granted 777,267 options and Eduard Castañeda was granted 258,342, in each case, with a strike price of €1.93. |
• | a transaction or series of transactions whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than Wallbox or its subsidiaries or any employee benefit plan maintained by Wallbox or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under |
common control with, us) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of Wallbox’s securities possessing more than 50% of the total combined voting power of Wallbox’s securities outstanding immediately after such acquisition; or |
• | during any period of two consecutive years, individuals who, at the beginning of such period, constitute the Wallbox board of directors together with any new directors (other than a director designated by a person who shall have entered into an agreement with Wallbox to effect a change in control transaction) whose election by the Wallbox board of directors or nomination for election by Wallbox’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or |
• | the consummation by Wallbox (whether directly or indirectly) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of Wallbox’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: |
• | which results in Wallbox’s voting securities outstanding immediately before the transaction continuing to represent either by remaining outstanding or by being converted into voting securities of the company or the person that, as a result of the transaction, controls, directly or indirectly, the company or owns, directly or indirectly, all or substantially all of Wallbox’s assets or otherwise succeeds to Wallbox’s business, directly or indirectly, at least a majority of the combined voting power of the successor entity’s outstanding voting securities immediately after the transaction, and |
• | after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the successor entity; provided, however, that no person or group shall be treated as beneficially owning 50% or more of the combined voting power of the successor entity solely as a result of the voting power held in Wallbox prior to the consummation of the transaction. |
(a) | the transfer of the business enterprise, or practically the entire business enterprise, to a third party; |
(b) | concluding or cancelling any long-lasting cooperation of Wallbox or a subsidiary of Wallbox with any other legal person or company or as a fully-liable general partner in a partnership, provided that such cooperation or cancellation thereof is of material significance to Wallbox; and |
(c) | acquiring or disposing of a participating interest in the share capital of a company with a value of at least one-third of Wallbox’s assets, as shown in the consolidated balance sheet with explanatory notes thereto according to the last adopted annual accounts of Wallbox, by Wallbox or a subsidiary of Wallbox. |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and |
• | if, and only if, the last reported sale price of the Class A Shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and as described under the heading “ —Anti-dilution Adjustments 20-trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants prior to redemption and receive that number of shares of Class A common stock to be determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A Shares (as defined below) except as otherwise described below; |
• | if, and only if, the last reported sale price of our Class A Shares equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and as described under the heading “ —Anti-dilution Adjustments |
• | if, and only if, the private placement warrants are also concurrently called for redemption at the same price and terms as the outstanding public warrants, as described above; and |
• | if, and only if, there is an effective registration statement covering the issuance of the Class A Shares issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. |
Redemption Date (period to expiration of warrants) |
Fair Market Value of Class A Common Stock |
|||||||||||||||||||||||||||||||||||
<$10.00 |
$11.00 |
$12.00 |
$13.00 |
$14.00 |
$15.00 |
$16.00 |
$17.00 |
>$18.00 |
||||||||||||||||||||||||||||
57 months |
0.257 | 0.277 | 0.294 | 0.31 | 0.324 | 0.337 | 0.348 | 0.358 | 0.365 | |||||||||||||||||||||||||||
54 months |
0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.365 | |||||||||||||||||||||||||||
51 months |
0.246 | 0.268 | 0.287 | 0.304 | 0.32 | 0.333 | 0.346 | 0.357 | 0.365 | |||||||||||||||||||||||||||
48 months |
0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.365 | |||||||||||||||||||||||||||
45 months |
0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.33 | 0.343 | 0.356 | 0.365 | |||||||||||||||||||||||||||
42 months |
0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.364 | |||||||||||||||||||||||||||
39 months |
0.221 | 0.246 | 0.269 | 0.29 | 0.309 | 0.325 | 0.34 | 0.354 | 0.364 | |||||||||||||||||||||||||||
36 months |
0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.364 | |||||||||||||||||||||||||||
33 months |
0.205 | 0.232 | 0.257 | 0.28 | 0.301 | 0.32 | 0.337 | 0.352 | 0.364 | |||||||||||||||||||||||||||
30 months |
0.196 | 0.224 | 0.25 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.364 | |||||||||||||||||||||||||||
27 months |
0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.35 | 0.364 |
Redemption Date (period to expiration of warrants) |
Fair Market Value of Class A Common Stock |
|||||||||||||||||||||||||||||||||||
<$10.00 |
$11.00 |
$12.00 |
$13.00 |
$14.00 |
$15.00 |
$16.00 |
$17.00 |
>$18.00 |
||||||||||||||||||||||||||||
24 months |
0.173 | 0.204 | 0.233 | 0.26 | 0.285 | 0.308 | 0.329 | 0.348 | 0.364 | |||||||||||||||||||||||||||
21 months |
0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.364 | |||||||||||||||||||||||||||
18 months |
0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.363 | |||||||||||||||||||||||||||
15 months |
0.13 | 0.164 | 0.197 | 0.23 | 0.262 | 0.291 | 0.317 | 0.342 | 0.363 | |||||||||||||||||||||||||||
12 months |
0.111 | 0.146 | 0.181 | 0.216 | 0.25 | 0.282 | 0.312 | 0.339 | 0.363 | |||||||||||||||||||||||||||
9 months |
0.09 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.362 | |||||||||||||||||||||||||||
6 months |
0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.362 | |||||||||||||||||||||||||||
3 months |
0.034 | 0.065 | 0.104 | 0.15 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | |||||||||||||||||||||||||||
0 months |
— | — | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |
Participants |
Aggregate Principal Amount |
|||
Greater than 5% Stockholders (1) |
||||
Infisol 3000, S.L. |
€ | 4,650,000 | ||
Inversiones Financieras Perso, S.L. |
€ | 11,000,000 | ||
Seaya Ventures II, Fondo De Capital Riesgo |
€ | 7,000,000 | ||
Black Label Equity I SCR SA |
€ | 4,000,000 | ||
AM Gestió, S.L. |
€ | 3,300,000 | ||
Cathay Innovation SAS |
€ | 13,000,000 |
(1) | Additional details regarding these stockholders and their equity holdings are provided in this prospectus under the caption “ Beneficial Ownership of Securities. |
Class B Shares (1) |
Class A Shares (including Class B on a post-conversion basis) |
|||||||||||||||
Beneficial Owner |
Number |
Voting % |
Number |
Economic % |
||||||||||||
Executive Officers and Directors of Wallbox |
||||||||||||||||
Enric Asunción Escorsa (2) |
18,618,950 | 50.11 | % | 18,791,232 | 11.40 | % | ||||||||||
Jordi Lainz (14) |
354,496 | * | % | |||||||||||||
Eduard Castañeda (2) |
4,631,843 | 12.46 | % | 4,689,252 | 2.84 | % | ||||||||||
Anders Pettersson |
1,545,000 | * | % | |||||||||||||
Francisco Riberas (12) |
4,278,142 | 2.64 | % | |||||||||||||
Pol Soler (6) |
13,240,274 | 8.16 | % | |||||||||||||
Beatriz González Ordóñez (8) |
11,505,865 | 7.09 | % | |||||||||||||
Diego Díaz Pilas (13) |
— | — | % | |||||||||||||
Donna J. Kinzel |
— | — | % | |||||||||||||
All executive officers and directors of Wallbox as a group (8 persons) |
54,111,190 | 33.33 | % |
Class B Shares (1) |
Class A Shares (including Class B on a post-conversion basis) |
|||||||||||||||
Beneficial Owner |
Number |
Voting % |
Number |
Economic % |
||||||||||||
5% and Greater Shareholders |
||||||||||||||||
KARIEGA VENTURES, S.L. (3) |
18,618,950 | 11.47 | % | |||||||||||||
Mingkiri, S.L. (Eurofred Spain, S.L.) (5) |
15,404,538 | 9.49 | % | |||||||||||||
Infisol 3000, S.L. (6) |
13,240,274 | 8.16 | % | |||||||||||||
Inversiones Financieras Perseo, S.L. (4) |
16,697,530 | 10.29 | % | |||||||||||||
Seaya Ventures II, Fondo De Capital Riesgo (8) |
11,505,865 | 7.09 | % | |||||||||||||
Black Label Equity I SCR SA (9) |
9,110,175 | 5.61 | % | |||||||||||||
AM Gestió, S.L. (10) |
8,469,293 | 5.22 | % | |||||||||||||
Cathay Innovation SAS (11) |
8,732,888 | 5.38 | % |
* | Indicates a shareholding of less than 1%. |
(1) | Each Class B Share entitles the holder to 10 votes per share subject to sunset provisions. Each Class B Share is convertible at any time at the option of the holder into one Class A Share and one Conversion Share. See “Description of Securities” for information regarding our share capital. |
(2) | 1,033,610 stock options to purchase Wallbox shares have been reserved for issuance to Mr. Asunción and Mr. Castañeda of which, Mr. Asunción has 172,282 Class A shares and Mr. Castañeda has 57,409 Class A shares issuable upon the exercise of options, exercisable as of or within 60 days of September 28, 2022. On April 6, 2022, Mr. Asuncion was granted 777,267 options and Mr. Castañeda was granted 258,342, in each case, with a strike price of €1.93. |
(3) | Based on a Schedule 13G filed on February 10, 2022, KARIEGA VENTURES, S.L. and Mr. Asunción has shared voting power and shared investment power over 18,618,950 Class B Shares. The address of KARIEGA VENTURES, S.L. is Av. Diagonal 419, 4 Planta, Barcelona, Spain 08008. Mr. Asunción is the Chief Executive Officer and a member of the Board of Directors of Wallbox. |
(4) | Based solely on a Schedule 13G filed on February 11, 2022, Iberdrola, S.A., Iberdrola Participaciones S.A.U. and Inversiones Financieras Perseo S.L have shared voting power and shared investment power over 16,697,530 Class A Shares. The address of the foregoing beneficial owners is Plaza Euskadi, 5, Bilbao (Bizkaia), Spain 48009. |
(5) | Based on a Schedule 13G filed on February 10, 2022, MINGKIRI, S.L. has shared voting power and shared investment power over 15,304,538 Class A Shares and Marta Santacana Gri has shared voting power and shared investment power over 15,404,538 Class A Shares. Marta Santacana Gri may be deemed the beneficial owner of 15,404,538 Class A Ordinary Shares, which consist of (i) 15,304,538 Class A Ordinary Shares held of record by MINGKIRI, S.L. and (ii) 100,000 Class A Ordinary Shares held of record by Anangu Grup S.L. Marta Santacana Gri has sole investment and dispositive power over the securities held of record by MINGKIRI, S.L. and shares investment and dispositive power over the securities held of record by Anangu Grup S.L. The address of the foregoing named reporting persons is Marquest de Sentmenat 97, Barcelona, Spain 08029. |
(6) | Based solely on a Schedule 13D filed on February 14, 2022, Infisol 3000, S.L. has sole voting power and sole investment over 13,240,274 Class A Shares, and Mesrrs. Juan Manuel Soler Pujol, Lluis Soler Masferrer, Daniel Soler Masferrer and Pol Soler Masferrer may be deemed to have shared voting power and shared dispositive power over such shares. The address of the foregoing named beneficial owners Calle Josep Irla i Bosch, numeros 1-3, Barcelona, Spain 08034. Pol Soler Masferrer is a member of the board of directors of Wallbox N.V. |
(8) | Based solely on a Schedule 13G filed on February 11, 2022, Seaya Ventures II, Fondo De Capital Riesgo, Beatriz González Ordóñez and José Marĺa Múgica Murga have shared voting power and shared dispositive power over 11,505,865 Class A Shares. Seaya Ventures II, Fondo De Capital Riesgo is the record holder, and Ms. Beatriz González Ordóñez and Mr. José Marĺa Múgica Murga share investment and dispositive power over the securities held of record by Seaya.The address of the foregoing named beneficial owners is Calle Alcala, numero 54, Madrid, Spain 28014. Ms. González Ordóñez is a member of our Board of Directors. |
(9) | Based solely on a Schedule 13G filed on February 9, 2022, Black Label Equity I SCR, S.A. and Alexandre Pierron-Darbonne have shared voting power and shared investment power over 9,110,175 Class A Shares. All investment and voting decisions with respect to the shares held by Black Label Equity I SCR SA are made by Mr. Alexandre Pierron Darbonne. The address of the foregoing named beneficial owners is Plaza de la Independencia 6, Madrid, Spain 28001. |
(10) | Based solely on a Schedule 13G filed on March 9, 2022. AM Gestió, S.L. has sole voting power over 8,469,293 Class A Shares. The address of the foregoing named beneficial owner Rossello Street 224, 3. Barcelona, Spain 08008. |
(11) | Based solely on a Schedule 13G filed on February 1, 2022, Cathay Innovation SAS has sole voting power and sole dispositive power over 8,732,888 Class A Shares. The address of the foregoing named beneficial owner is 52 Rue d’Anjou, Paris, France 75008. |
(12) | Francisco Jose Rideras Mera is the Sole Administrator of Orilla Asset Management, S.L., which holds 4,278,142 Class A Shares. The address of Orilla Asset Management, S.L. is C/ Prolongacion De Embapadres, S/N 28053, Madrid, Spain. Investment and voting decisions with respect to the shares held by Orilla Asset Management are made by Francisco Jose Riberas Mera who has sole dispositive power over such shares. |
(13) | On October 5, 2021, Mr. Asunción furnished a letter to Inversiones Financieras Perseo, S.L. Pursuant to such letter, Mr. Asunción agreed to take best efforts to support the election of Diego Díaz Pilas, or such other director as Perseo may designate, to the board of directors of Wallbox N.V. for so long as Perseo owns shares representing 3% of the share capital outstanding of Wallbox N.V. |
(14) | Consists of 63,380 Class A shares issuable upon the exercise of options, exercisable as of or within 60 days of September 28, 2022. |
Name of Selling Securityholder |
Class A Shares Beneficially Owned Prior to the Offering |
As a % of Class A and Class B Shares outstanding |
Number of Class A Shares Being Offered |
Class A Shares Beneficially Owned After the Class A Shares are Sold |
||||||||||||||||
Shares |
Percent |
|||||||||||||||||||
KARIEGA VENTURES, S.L. (1) |
18,618,950 | 11.31 | % | 18,618,950 | — | — | ||||||||||||||
Eduard Castañeda (2) |
4,689,252 | 2.85 | % | 4,631,843 | — | — | ||||||||||||||
MINGKIRI, S.L. (3) |
15,404,538 | 9.36 | % | 15,404,538 | — | — | ||||||||||||||
INFISOL 3000, S.L. (4) |
13,240,274 | 8.04 | % | 13,240,274 | — | — | ||||||||||||||
Inversiones Financieras Perseo, S.L. (5) |
16,697,530 | 10.14 | % | 16,697,530 | — | — | ||||||||||||||
Seaya Ventures II, Fondo De Capital Riesgo (6) |
11,505,865 | 6.99 | % | 11,505,865 | — | — | ||||||||||||||
ORILLA ASSET MANAGEMENT, S.L. (7) |
4,278,142 | 2.60 | % | 4,278,142 | — | — | ||||||||||||||
Jordi Lainz Gavalda (8) |
354,496 | * | 291,116 | — | — |
* | Represents beneficial ownership of less than one percent. |
(1) | Based on a Schedule 13G filed on February 10, 2022, KARIEGA VENTURES, S.L. and Mr. Asunción has shared voting power and shared investment power over 18,618,950 Class B Shares. The address of KARIEGA VENTURES, S.L. is Av. Diagonal 419, 4 Planta, Barcelona, Spain 08008. Mr. Asunción is the Chief Executive Officer and a member of the Board of Directors of Wallbox. |
(2) | Consists of 4,631,843 Class B Shares held of record which are convertible into 4,631,843 Class A Shares and 57,409 Class A shares issuable upon the exercise of options, exercisable as of or within 60 days of September 28, 2022. Mr. Castañeda is the founder and Chief Product Officer of Wallbox. |
(3) | Based on a Schedule 13G filed on February 10, 2022, MINGKIRI, S.L. has shared voting power and shared investment power over 15,304,538 Class A Shares and Marta Santacana Gri has shared voting power and shared investment power over 15,404,538 Class A Shares. Marta Santacana Gri may be deemed the beneficial owner of 15,404,538 Class A Ordinary Shares, which consist of (i) 15,304,538 Class A Ordinary Shares held of record by MINGKIRI, S.L. and (ii) 100,000 Class A Ordinary Shares held of record by Anangu Grup S.L. Marta Santacana Gri has sole investment and dispositive power over the securities held of record by MINGKIRI, S.L. and shares investment and dispositive power over the securities held of record by Anangu Grup S.L. The address of the foregoing named reporting persons is Marquest de Sentmenat 97, Barcelona, Spain 08029. |
(4) | Based solely on a Schedule 13D filed on February 14, 2022, Infisol 3000, S.L. has sole voting power and sole investment over 13,240,274 Class A Shares, and Mesrrs. Juan Manuel Soler Pujol, Lluis Soler Masferrer, Daniel Soler Masferrer and Pol Soler Masferrer may be deemed to have shared voting power and shared dispositive power over such shares. The address of the foregoing named beneficial owners Calle Josep Irla i Bosch, numeros 1-3, Barcelona, Spain 08034. Pol Soler Masferrer is a member of the board of directors of Wallbox N.V. |
(5) | Based solely on a Schedule 13G filed on February 11, 2022, Iberdrola, S.A., Iberdrola Participaciones S.A.U. and Inversiones Financieras Perseo S.L have shared voting power and shared investment power over 16,697,530 Class A Shares. The address of the foregoing beneficial owners is Plaza Euskadi, 5, Bilbao (Bizkaia), Spain 48009. |
(6) | Based solely on a Schedule 13G filed on February 11, 2022, Seaya Ventures II, Fondo De Capital Riesgo, Beatriz González Ordóñez and José Marĺa Múgica Murga have shared voting power and shared dispositive |
power over 11,505,865 Class A Shares. Seaya Ventures II, Fondo De Capital Riesgo is the record holder, and Ms. Beatriz González Ordóñez and Mr. José María Múgica Murga share investment and dispositive power over the securities held of record by Seaya. The address of the foregoing named beneficial owners is Calle Alcala, numero 54, Madrid, Spain 28014. Ms. González Ordóñez is a member of our Board of Directors. |
(7) | Francisco Jose Rideras Mera is the Sole Administrator of Orilla Asset Management, S.L., which holds 4,278,142 Class A Shares. The address of Orilla Asset Management, S.L. is C/ Prolongacion De Embapadres, S/N 28053, Madrid, Spain. Investment and voting decisions with respect to the shares held by Orilla Asset Management are made by Francisco Jose Riberas Mera who has sole dispositive power over such shares. |
(8) | Consists of 291,116 Class A Shares held of record and 63,380 Class A shares issuable upon the exercise of options, exercisable as of or within 60 days of September 28, 2022. The address of Jordi Lainz Gavalda is C/ Felipe de Paz 32—3º 2ª, 08028 Barcelona, Spain. Jordi Lainz Gavalda is Chief Financial Officer of Wallbox. |
• | regulated investment companies or real estate investment trusts; |
• | brokers, dealers, or traders in securities; |
• | tax-exempt organizations or governmental organizations; |
• | U.S. expatriates and former citizens or long-term residents of the United States; |
• | persons subject to the alternative minimum tax; |
• | persons holding Class A Shares and/or Warrants, as the case may be, as part of a hedge, straddle, constructive sale, or other risk reduction strategy or as part of a conversion transaction or other integrated investment; |
• | banks, insurance companies, and other financial institutions; |
• | persons subject to special tax accounting rules as a result of any item of gross income with respect to Class A Shares or Warrants being taken into account in an applicable financial statement; |
• | persons that actually or constructively own 10% or more (by vote or value) of our stock; |
• | “controlled foreign corporations,” “passive foreign investment companies,” and corporations that accumulate earnings to avoid U.S. federal income tax; |
• | S corporations, partnerships or other entities or arrangements treated as partnerships or other flow-through entities for U.S. federal income tax purposes (and investors therein); |
• | U.S. Holders (as defined below) whose functional currency is not the U.S. dollar; |
• | persons who hold or received Class A Shares and/or Warrants, as the case may be, pursuant to the exercise of any employee stock option or otherwise as compensation; and |
• | tax-qualified retirement plans. |
• | an individual who is a citizen or resident of the United States; |
• | a corporation (or other entity taxable as a corporation) created or organized under the laws of the United States, any state thereof, or the District of Columbia; |
• | an estate, the income of which is subject to U.S. federal income tax regardless of its source; or |
• | a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes. |
• | either (a) the Class A Shares are readily tradable on an established securities market in the United States, or (b) Wallbox is eligible for the benefits of a qualifying income tax treaty with the United States that includes an exchange of information program; |
• | Wallbox is neither a PFIC (as discussed below under “— Passive Foreign Investment Company Rules |
• | the U.S. Holder satisfies certain holding period requirements; and |
• | the U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property. |
• | a nonresident alien individual, other than certain former citizens and residents of the United States; |
• | a foreign corporation; or |
• | a foreign estate or trust. |
• | the distribution or gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such distribution or gain is attributable); or |
• | in the case of any gain, the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met. |
• | is a person who may be deemed an owner of Class A Shares or Public Warrants for Dutch tax purposes pursuant to specific statutory attribution rules in Dutch tax law; |
• | is, although in principle subject to Dutch corporation tax, in whole or in part, specifically exempt from that tax in connection with income from Class A Shares or Public Warrants; |
• | is an investment institution as defined in the Dutch Corporation Tax Act 1969; |
• | is an entity that, although in principle subject to Dutch corporation tax, is fully or partly exempt from Dutch corporation tax; |
• | owns Class A Shares or Public Warrants in connection with a membership of a management board or a supervisory board, an employment relationship, a deemed employment relationship or management role; |
• | has a substantial interest in Wallbox or a deemed substantial interest in Wallbox for Dutch tax purposes. Generally, a person holds a substantial interest if (a) such person – either alone or, in the case of an individual, together with his partner or any of his relatives by blood or by marriage in the direct line (including foster-children) or of those of his partner for Dutch tax purposes – owns or is deemed to own, directly or indirectly, 5% or more of the Class A Shares or of any class of shares of Wallbox, including any rights to acquire, directly or indirectly, an interest in the Class A Shares of Wallbox (such as Public Warrants) or profit participating certificates relating to 5% or more of the annual profits or to 5% or more of the liquidation proceeds of Wallbox, or (b) such person’s shares, rights to acquire shares or profit participating certificates in Wallbox are held by him following the application of a non-recognition provision; or |
• | is for Dutch tax purposes taxable as a corporate entity and resident of Aruba, Curaçao or Sint Maarten. |
• | he derives profits from an enterprise, whether as an entrepreneur or pursuant to a co-entitlement to the net value of such enterprise, other than as a shareholder, and such enterprise is carried on, in whole or |
in part, through a permanent establishment or a permanent representative in the Netherlands, and his Class A Shares or Public Warrants are attributable to such permanent establishment or permanent representative; |
• | he derives benefits or is deemed to derive benefits from or in connection with Class A Shares or Public Warrants that are taxable as benefits from miscellaneous activities performed in the Netherlands; or |
• | he derives profits pursuant to the entitlement to a share in the profits of an enterprise, other than as a holder of securities, which is effectively managed in the Netherlands and to which enterprise his Class A Shares or Public Warrants are attributable. |
• | it derives profits from an enterprise directly which is carried on, in whole or in part, through a permanent establishment or a permanent representative in the Netherlands, and to which permanent establishment or permanent representative its Class A Shares or Public Warrants are attributable; or |
• | it derives profits pursuant to a co-entitlement to the net value of an enterprise which is managed in the Netherlands, other than as a holder of securities, and to which enterprise its Class A Shares or Public Warrants are attributable. |
• | distributions in cash or in kind, deemed and constructive distributions and repayments of capital not recognized as paid-in for Dutch dividend withholding tax purposes; |
• | liquidation proceeds and proceeds of repurchase or redemption of Class A Shares in excess of the average capital recognized as paid-in for Dutch dividend withholding tax purposes; |
• | the par value of Class A Shares issued Wallbox to a Class A Shareholder or an increase of the par value of Class A Shares, as the case may be, to the extent that it does not appear that a contribution, recognized for Dutch dividend withholding tax purposes, has been made or will be made; and |
• | partial repayment of capital, recognized as paid-in for Dutch dividend withholding tax purposes, if and to the extent that there are net profits, unless (a) the general meeting of Wallbox’s shareholders has resolved in advance to make such repayment and (b) the par value of the Class A Shares concerned has been reduced by an equal amount by way of an amendment to Wallbox’s articles of association. |
• | Taxation of non-Spanish Holders of Class A Shares |
• | the beneficial owner of the Class A Shares (and the dividends paid with respect thereto); |
• | a U.S. holder; |
• | not also a resident of Spain for Spanish tax purposes; and |
• | not subject to the limitation on benefits (i.e., anti-treaty shopping) article of the U.S.-Spain Treaty that applies generally to assess the entitlement to the benefits of the U.S.-Spain Treaty. |
a. |
Capital gains obtained directly by any non-Spanish Holder of Class A Shares which is resident of another EU member state or of an EEA member state (subject to the existence of an effective exchange of information with Spain for the purposes of paragraph 4 of Law 36/2006, of 29 November) or indirectly through a permanent establishment of such non-Spanish Holder of Class A Shares in a EU member state (other than Spain) or in a qualifying EEA member state. This exemption is not applicable to capital gains obtained through a country or territory that is defined as a non-cooperative jurisdiction by Spanish regulations. Additionally, this exemption will not apply in certain cases, which include, among others, capital gains derived by non-Spanish Holders that are corporate entities, from transfers of shares that do not comply with the requirements set forth under the CIT participation exemption regime (described above under “—Taxation of Wallbox |
b. |
Capital gains realized by non-Spanish Holders of Class A Shares who are eligible to claim the benefits of a double tax treaty entered into between their country of tax residence and Spain that provides for taxation of capital gains only in such non-Spanish Holder’s country of residence. |
(i) |
Taxation for non-Spanish Holders of Public Warrants |
a. |
Capital gains obtained directly by any non-Spanish Holder of Public Warrants which is resident of another EU member state or of an EEA member state (subject to the existence of an effective exchange of information for the purposes of paragraph 4 of Law 36/2006, of 29 November) or indirectly through a permanent establishment of such non-Spanish Holder of Public Warrants in a EU member state (other than Spain) or in a qualifying EEA member state. This exemption is not applicable to capital gains obtained through a country or territory that is defined as a non-cooperative jurisdiction by Spanish regulations. |
b. |
Capital gains realized by non-Spanish Holder of Public Warrants who are eligible to claim the benefits of a double tax treaty entered into between their country of tax residence and Spain that provides for taxation of capital gains only in such non-Spanish Holder’s country of residence. |
(ii) |
Taxation for Spanish Holders of Public Warrants |
• | purchases by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus; |
• | ordinary brokerage transactions and transactions in which the broker solicits purchasers; |
• | block trades in which the broker-dealer so engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
• | an over-the-counter |
• | through trading plans entered into by a selling securityholder pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans; |
• | short sales; |
• | distribution to employees, members, limited partners or stockholders of the selling securityholders; |
• | through the writing or settlement of options or other hedging transaction, whether through an options exchange or otherwise; |
• | by pledge to secured debt and other obligations; |
• | delayed delivery arrangement; |
• | to or through underwriters or broker-dealers; |
• | in “at the market” offerings, as defined in Rule 415 under the Securities Act, at negotiated prices; |
• | at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents; |
• | directly to purchasers, including through a specific bidding, auction or other process or in privately negotiated transactions; |
• | in options transactions; |
• | through a combination of any of the above methods of sale; or |
• | any other method permitted pursuant to applicable law. |
• | the specific securities to be offered and sold; |
• | the names of the selling securityholders; |
• | the respective purchase prices and public offering prices, the proceeds to be received from the sale, if any, and other material terms of the offering; |
• | settlement of short sales entered into after the date of this prospectus; |
• | the names of any participating agents, broker-dealers or underwriters; and |
• | any applicable commissions, discounts, concessions and other items constituting compensation from the selling securityholders. |
i. | to any legal entity which is a qualified investor as defined in the Prospectus Regulation; |
ii. | to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or |
iii. | in any other circumstances falling within Article 1(4) of the Prospectus Regulation, |
i. | such offer is made exclusively to legal entities which are qualified investors in the Netherlands; or |
ii. | standard exemption logo and wording are disclosed as required by article 5:4(2) of the Dutch Financial Markets Supervision Act ( Wet op het financieel toezicht |
iii. | such offer is otherwise made in circumstances in which article 5:4(2) of the Dutch Financial Markets Supervision Act is not applicable, |
• | 1% of the then outstanding equity shares of the same class; or |
• | the average weekly trading volume of Class A Shares or Warrants, as applicable, during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC. |
Amount |
||||
SEC Registration Fee (1) |
$ | 166,160.54 | ||
Legal fees and expenses |
* | |||
Accounting fees and expenses |
* | |||
Miscellaneous expenses |
* | |||
|
|
|||
Total |
$ | * | ||
|
|
* | These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be defined at this time. |
(1) | Previously paid at the time of the initial filing of the Existing Registration Statement. |
F-2 |
||||
F-3 |
||||
F-4 |
||||
F-5 |
||||
F-6 |
||||
F-8 |
F-86 |
||||
F-87 |
||||
F-88 |
||||
F-90 |
||||
F-92 |
(In Euros) |
Notes |
31 December 2021 |
31 December 2020 (*) |
|||||||
Assets |
||||||||||
Non-Current Assets |
||||||||||
Property, plant and equipment |
8 | |||||||||
Right-of-use |
9 | |||||||||
Intangible assets |
10 a) | |||||||||
Goodwill |
10 b) and 11 | |||||||||
Non-current financial assets |
13 | |||||||||
Tax credit receivables |
24 | |||||||||
Total Non-Current Assets |
||||||||||
Current Assets |
||||||||||
Inventories |
14 | |||||||||
Trade and other financial receivables |
13 | |||||||||
Other receivables |
24 | |||||||||
Other current financial assets |
13 | |||||||||
Other current assets / deferred charges |
20 | — | ||||||||
Advance payments |
14 | |||||||||
Cash and cash equivalents |
13 and 15 | |||||||||
Total Current Assets |
||||||||||
Total Assets |
||||||||||
Equity and Liabilities |
||||||||||
Equity |
||||||||||
Share capital |
16 | |||||||||
Share premium |
16 | |||||||||
Accumulated deficit |
16 | ( |
) | ( |
) | |||||
Other equity components |
16 | |||||||||
Foreign currency translation reserve |
16 | |||||||||
Total Equity attributable to owners of the Company |
||||||||||
Liabilities |
||||||||||
Non-Current Liabilities |
||||||||||
Loans and borrowings |
13 | |||||||||
Convertible bonds |
13 | — | ||||||||
Lease liabilities |
9 and 13 | |||||||||
Put option liabilities |
6 and 13 | |||||||||
Provisions |
17 | |||||||||
Government grants |
18 | — | ||||||||
Deferred tax liabilities |
24 | |||||||||
Total Non-Current Liabilities |
||||||||||
Current Liabilities |
||||||||||
Loans and borrowings |
13 | |||||||||
Derivative warrant liabilities |
13 | — | ||||||||
Lease liabilities |
9 and 13 | |||||||||
Trade and other financial payables |
13 | |||||||||
Other payables |
24 | |||||||||
Provisions |
17 | — | ||||||||
Government grants |
18 | — | ||||||||
Contract liabilities |
||||||||||
Total Current Liabilities |
||||||||||
Total Liabilities |
||||||||||
Total Equity and Liabilities |
||||||||||
(*) |
Restated amounts. Certain amounts included in the consolidated statements of financial position at 31 December 2020 do not correspond to those included in the consolidated financial statements of Wallbox Chargers S.L. for the year ended 31 December 2020, and reflect the adjustments described in Note 2. |
(In Euros) |
Notes |
31 December 2021 |
31 December 2020 (*) |
31 December 2019 (*) |
||||||||||
Revenue |
19 | |||||||||||||
Changes in inventories and raw materials and consumables used |
20 | ( |
) | ( |
) | ( |
) | |||||||
Employee benefits |
21 | ( |
) | ( |
) | ( |
) | |||||||
Other operating expenses |
20 | ( |
) | ( |
) | ( |
) | |||||||
Amortization and depreciation |
8, 9 and 10 | ( |
) | ( |
) | ( |
) | |||||||
Net other income |
||||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) | ||||||||
Financial income |
22 | |||||||||||||
Financial expenses |
22 | ( |
) | ( |
) | ( |
) | |||||||
Change in fair value of derivative warrant liabilities |
22 | ( |
) | — | — | |||||||||
Share listing expense |
6 | ( |
) | — | — | |||||||||
Foreign exchange gains/(losses) |
22 | ( |
) | ( |
) | |||||||||
Net Financial Loss |
( |
) |
( |
) |
( |
) | ||||||||
Share of loss of equity-accounted investees |
12 | — | ( |
) | ( |
) | ||||||||
Loss before Tax |
( |
) |
( |
) |
( |
) | ||||||||
Income tax credit |
24 | — | ||||||||||||
Loss for the Year |
23 | ( |
) |
( |
) |
( |
) | |||||||
Earnings per Share |
||||||||||||||
Basic and diluted losses per share (euros per share) |
23 | ( |
) |
( |
) |
( |
) | |||||||
Loss for the Year |
( |
) |
( |
) |
( |
) | ||||||||
Other comprehensive income/(loss) |
||||||||||||||
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods |
||||||||||||||
Currency translation differences in foreign operations, net of tax |
( |
) | ||||||||||||
Changes in the fair value of debt instruments at fair value through other comprehensive income, net of tax |
( |
) | ||||||||||||
Net other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods |
( |
) | ||||||||||||
Other comprehensive income/(loss) for the year |
( |
) | ||||||||||||
Total comprehensive loss for the year |
( |
) |
( |
) |
( |
) | ||||||||
(*) |
The amounts included in the consolidated statements of profit or loss and other comprehensive income for the year ended 31 December 2020 and 2019 have not been restated, with the exception of EPS, please see note 6. |
Attributable to owners of the Company |
||||||||||||||||||||||||||||
(In Euros) |
Notes |
Share capital |
Share premium |
Accumulated deficit |
Other equity components |
Foreign currency translation reserve |
Total equity |
|||||||||||||||||||||
Balance at 1 January 2019 |
( |
) |
— |
|||||||||||||||||||||||||
Total comprehensive income/(loss) for the year |
||||||||||||||||||||||||||||
Loss for the year |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||
Other Comprehensive income/(loss) for the year |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||||
Total comprehensive income for the year |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Transactions with owners of the Company |
||||||||||||||||||||||||||||
Contributions of equity |
16 | — | — | — | ||||||||||||||||||||||||
Share based payments |
21 | — | — | — | — | |||||||||||||||||||||||
Total contributions and distributions |
— |
— |
||||||||||||||||||||||||||
Total transactions with owners of the Company |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance at 31 December 2019 |
( |
) |
( |
) |
||||||||||||||||||||||||
Total comprehensive income/(loss) for the year |
||||||||||||||||||||||||||||
Loss for the year |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||
Other Comprehensive income/(loss) for the year |
— | — | — | |||||||||||||||||||||||||
Total comprehensive income for the year |
— |
— |
( |
) |
( |
) | ||||||||||||||||||||||
Transactions with owners of the Company |
||||||||||||||||||||||||||||
Contributions of equity |
16 | — | — | — | ||||||||||||||||||||||||
Share based payments |
21 | — | — | — | — | |||||||||||||||||||||||
Total contributions and distributions |
— |
— |
||||||||||||||||||||||||||
Total transactions with owners of the Company |
( |
) |
||||||||||||||||||||||||||
Balance at 31 December 2020 |
( |
) |
||||||||||||||||||||||||||
Total comprehensive income/(loss) for the year |
||||||||||||||||||||||||||||
Loss for the year |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||
Other Comprehensive income/(loss) for the year |
— | — | — | ( |
) | |||||||||||||||||||||||
Total comprehensive income for the year |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Transactions with owners of the Company |
||||||||||||||||||||||||||||
Contributions of equity (PIPE financing) |
16 | — | — | — | ||||||||||||||||||||||||
Contributions of equity (Kensington shareholders) |
16 | — | — | — | ||||||||||||||||||||||||
Contributions of equity (Wall Box Chargers shareholders) |
16 | ( |
) | — | — | — | — | |||||||||||||||||||||
Contributions of equity (Convertible bonds and other) |
16 | — | — | — | ||||||||||||||||||||||||
Issuance costs |
16 | — | ( |
) | — | — | — | ( |
) | |||||||||||||||||||
Share based payments |
21 | — | — | — | — | |||||||||||||||||||||||
Total contributions and distributions |
— |
— |
||||||||||||||||||||||||||
Total transactions with owners of the Company |
( |
) |
||||||||||||||||||||||||||
Balance at 31 December 2021 |
( |
) |
||||||||||||||||||||||||||
(In Euros) |
Notes |
31 December 2021 |
31 December 2020 (*) |
31 December 2019 |
||||||||||
Cash flows from Operating Activities |
||||||||||||||
Loss for the Year |
( |
) |
( |
) |
( |
) | ||||||||
Adjustments for: |
||||||||||||||
Amortisation and depreciation |
8, 9 and 10 | |||||||||||||
Expected credit loss for trade and other receivables |
13 and 20 | |||||||||||||
Impairments of inventories |
14 and 20 | — | — | |||||||||||
Fair value change of financial instruments |
( |
) | — | — | ||||||||||
Others impairments and losses |
20 | — | ||||||||||||
Change in provisions |
17 | |||||||||||||
Government grants |
18 | ( |
) | ( |
) | — | ||||||||
Financial income |
22 | ( |
) | ( |
) | ( |
) | |||||||
Financial expenses |
22 | |||||||||||||
Change in fair value of derivative warrant liabilities |
22 | — | — | |||||||||||
Share listing expense |
22 | — | — | |||||||||||
Exchange differences |
22 | ( |
) | |||||||||||
Income tax benefit |
24 | ( |
) | ( |
) | — | ||||||||
Credit insurance warranty |
13 | — | — | |||||||||||
Share based payments expense |
21 | |||||||||||||
Share of loss of equity accounted associates |
12 | — | ||||||||||||
Proceeds from government grants |
18 | — | — | |||||||||||
Others paid |
17 | ( |
) | — | — | |||||||||
Changes in |
||||||||||||||
- inventories |
( |
) | ( |
) | ( |
) | ||||||||
- trade and other financial receivables |
( |
) | ( |
) | ( |
) | ||||||||
- other assets |
( |
) | ( |
) | ( |
) | ||||||||
- trade and other financial payables |
||||||||||||||
- other non-current assets and liabilities |
( |
) | — | |||||||||||
- contract liabilities |
— | |||||||||||||
Net cash used in operating activities |
( |
) |
( |
) |
( |
) | ||||||||
Cash flows from Investing Activities |
||||||||||||||
Investment on Joint Venture |
12 | — | — | ( |
) | |||||||||
Loans granted to Joint Venture |
13 | ( |
) | ( |
) | — | ||||||||
Acquisition of intangible assets |
10 | ( |
) | ( |
) | ( |
) | |||||||
Acquisition of property, plant and equipment |
8 | ( |
) | ( |
) | ( |
) | |||||||
Acquisition of financial assets at amortized costs |
13 | ( |
) | — | — | |||||||||
Acquisition of financial assets at fair value through profit or loss |
13 | ( |
) | — | — | |||||||||
Other financial assets, net |
13 | ( |
) | ( |
) | ( |
) | |||||||
Proceeds from sale of intangible assets |
10 | — | — | |||||||||||
Proceeds from sale of property, plant and equipment |
8 | — | — | |||||||||||
Proceeds from sale of financial assets at amortized costs |
13 | — | — | |||||||||||
Proceeds from sale of financial assets at fair value through profit or loss |
13 | — | — | |||||||||||
Proceeds from sale of financial assets at fair value through other comprehensive income |
13 | — | — | |||||||||||
Interest received |
22 | — | ||||||||||||
Acquisition of subsidiaries, net of cash acquired |
6 | — | — | |||||||||||
Net cash used in investing activities |
( |
) |
( |
) |
( |
) | ||||||||
(*) |
Restated amounts. Certain amounts included in the consolidated statements of cash flows for the year ended 31 December 2020 do not correspond to those included in the consolidated financial statements of Wallbox Chargers S.L. for the year ended 31 December 2020, and reflect the adjustments described in Note 2. |
(**) |
The notes form an integral part of these consolidated financial statements. |
(In Euros) |
Notes |
31 December 2021 |
31 December 2020 (*) |
31 December 2019 |
||||||||||||
Cash flows from Financing Activities |
||||||||||||||||
Proceeds from issuing equity instruments |
16 | — | ||||||||||||||
Proceeds from issuing equity instruments (PIPE financing) |
16 | — | — | |||||||||||||
Proceeds from issuing equity instruments (Kensington shareholders) |
16 | — | — | |||||||||||||
Issuance costs |
( |
) | ||||||||||||||
Proceeds from issuing equity instruments (Warrants conversion and other) |
13 and 16 | — | — | |||||||||||||
Purchase of share-based payments plan |
21 | ( |
) | — | — | |||||||||||
Proceeds from government grants |
— | — | ||||||||||||||
Proceeds from borrowings |
13 | — | — | |||||||||||||
Proceeds from loans |
13 | |||||||||||||||
Proceeds from convertible bonds |
13 | — | ||||||||||||||
Proceeds from shareholders loan |
13 | — | — | |||||||||||||
Repayments of loans |
13 | ( |
) | ( |
) | ( |
) | |||||||||
Repayments of related parties loans |
13 | ( |
) | — | — | |||||||||||
Interest paid of convertible bonds |
13 | ( |
) | — | — | |||||||||||
Payment of principal portion of lease liabilities |
9 | ( |
) | ( |
) | ( |
) | |||||||||
Payment of interest on lease liabilities |
9 | ( |
) | ( |
) | ( |
) | |||||||||
Payment of put option liabilities |
6 | ( |
) | — | — | |||||||||||
Interest and bank fees paid |
22 | ( |
) | ( |
) | ( |
) | |||||||||
Other payments |
( |
) | ( |
) | ( |
) | ||||||||||
Net cash from financing activities |
||||||||||||||||
Net increase in cash and cash equivalents |
||||||||||||||||
Cash and cash equivalents at beginning of year |
||||||||||||||||
Exchange gains/(losses) |
( |
) | ||||||||||||||
Cash and cash equivalents at 31 December |
||||||||||||||||
(*) |
Restated amounts. Certain amounts included in the consolidated statements of cash flows for the year ended 31 December 2020 do not correspond to those included in the consolidated financial statements of Wallbox Chargers S.L. for the year ended 31 December 2020, and reflect the adjustments described in Note 2. |
(**) |
The notes form an integral part of these consolidated financial statements. |
1. |
REPORTING ENTITY |
2. |
BASIS OF PREPARATION |
• | financial assets relating to related to investment (see Note 13) which are measured at fair value through other comprehensive income (FVTOCI); |
• | financial investments related to investment funds with financial institutions (see Note 13) which are measured at fair value through profit or loss (FVTPL); and |
• | the derivative warrant liabilities (see Note 13) and the put option liability associated with the business acquisitions (see Note 6), which are measured at fair value through profit or loss (FVTPL). |
• | 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 vote holders of the investee. |
• | Rights arising from other contractual arrangements. |
• | The Group’s voting rights and potential voting rights. |
(In Euros) |
31 December 2020 |
Effect of IFRS 3 |
31 December 2020 restated |
|||||||||
Assets |
||||||||||||
Non-Current Assets |
||||||||||||
Property, plant and equipment |
— | |||||||||||
Right-of-use |
— | |||||||||||
Intangible assets |
||||||||||||
Goodwill |
( |
) | ||||||||||
Investment in joint venture |
— | — | — | |||||||||
Non-current financial assets |
— | |||||||||||
Tax credit receivables |
— | |||||||||||
Total Non-Current Assets |
||||||||||||
Liabilities |
||||||||||||
Non-Current Liabilities |
||||||||||||
Loans and borrowings |
— | |||||||||||
Derivative warrant liabilities |
— | — | — | |||||||||
Convertible bonds |
— | |||||||||||
Lease liabilities |
— | |||||||||||
Put option liabilities |
— | |||||||||||
Provisions |
— | |||||||||||
Goverment grants |
— | — | — | |||||||||
Deferred tax liabilities |
— | |||||||||||
Total Non-Current Liabilities |
||||||||||||
3. |
USE OF JUDGEMENTS AND ESTIMATES |
• | Going concern |
• | Impairment of non-current assets (including goodwill) |
• | Capitalization of development costs and determination of the useful life of intangible assets |
• | Measurement of convertible bonds |
• | Business combinations (including put option liabilities) |
• | Share-Based Payment |
• | Income taxes |
• | Critical judgements derived from the Business Combination Agreement and the Transaction |
• | Warrants |
4. |
NEW IFRS AND IFRIC NOT YET EFFECTIVE |
a) |
New standards, amendments and interpretations effective EU-endorsed as of 1 January 2021 |
Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 |
1 Jan 2021 | |||
COVID-19-Related |
1 Apr 2021 |
b) |
New standards, amendments and interpretations effective EU-endorsed as of 1 January 2022 |
Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) |
1 Jan 2022 | |||
Annual Improvements to IFRS Standards 2018-2020 |
1 Jan 2022 | |||
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) |
1 Jan 2022 | |||
Reference to the Conceptual Framework (Amendments to IFRS 3) |
1 Jan 2022 |
c) |
New standards, amendments and interpretations effective as of 1 January 2023 |
Classification of liabilities as current or non-current (Amendments to IAS 1) |
1 Jan 2023 | (*) | ||
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) |
1 Jan 2023 | (*) | ||
Definition of Accounting Estimates (Amendments to IAS 8) |
1 Jan 2023 | (*) | ||
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) |
1 Jan 2023 | (*) |
(*) | Not yet endorsed by the EU. |
5. |
SIGNIFICANT ACCOUNTING POLICIES |
A. |
Basis of consolidation |
i. |
Business combinations |
ii. |
Subsidiaries |
iii. |
Non-controlling interests |
iv. |
Loss of control |
v. |
Interests in equity-accounted investees |
vi. |
Transactions eliminated on consolidation |
B. |
Foreign currency |
i. |
Foreign currency transactions |
• | an investment in equity securities designated as at FVTOCI (except on impairment, in which case foreign currency differences that have been recognized in OCI are reclassified to profit or loss); |
• | a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and |
• | qualifying cash flow hedges to the extent that the hedges are effective. |
ii. |
Foreign currency operations |
C. |
Revenue from contracts with customers |
D. |
Employee benefits |
i. |
Short – term employee benefits |
ii. |
Share-based payment arrangements |
iii. |
Termination benefits |
E. |
Finance income and finance costs |
• | interest income; |
• | interest expense; |
• | the foreign currency gain or loss on financial assets and financial liabilities; |
• | valuation of convertible bonds and derivatives warrant liabilities at FVTPL; |
• | the net gain or loss on the disposal of investments in debt securities measured at FVTOCI; |
• | impairment losses (and reversals) on investments in debt securities carried at amortized cost or FVTOCI. |
• | the gross carrying amount of the financial asset; or |
• | the amortized cost of the financial liability. |
F. |
Income tax |
i. |
Current tax |
ii. |
Deferred tax |
• | temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; |
• | temporary differences related to investments in subsidiaries, associates and jointly-controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and |
• | taxable temporary differences arising on the initial recognition of goodwill. |
iii. |
Tax credit receivables |
G. |
Inventories |
• | Raw materials: purchase cost on a first-in/first-out |
• | Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity but excluding borrowing costs. |
H. |
Property, plant and equipment |
i. |
Recognition and measurement |
ii. |
Subsequent expenditure |
iii. |
Depreciation |
Useful life (years) | ||
Buildings |
||
Technical installations |
||
Machinery |
||
Equipment |
||
Furniture |
||
IT equipment |
||
Motor vehicles |
||
Leasehold improvements |
(*) | |
Other property, plant and equipment |
(*) | The shorter of the lease term or useful life of the asset. |
I. |
Intangible assets and goodwill |
i. |
Recognition and measurement |
ii. |
Subsequent expenditure |
iii. |
Amortization |
Useful life (years) | ||
Patents |
(*) | |
Customer relationships |
||
Trademarks |
||
Computer software |
||
Development |
(*) |
the shorter of legal or useful life of the asset. |
J. |
Financial instruments |
i. |
Recognition and initial measurement |
ii. |
Classification and subsequent measurement |
• | it is held within a business model whose objective is to hold assets to collect contractual cash flows; and |
• | its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
• | it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and |
• | its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
• | the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; |
• | how the performance of the portfolio is evaluated and reported to the Group’s management; |
• | the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; |
• | how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and |
• | the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. |
• | contingent events that would change the amount or timing of cash flows; |
• | terms that may adjust the contractual coupon rate, including variable-rate features; |
• | prepayment and extension features; and |
• | terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). |
iii. |
Derecognition |
• | the contractual rights to the cash flows from the financial asset expire; or |
• | it transfers the rights to receive the contractual cash flows in a transaction in which either: |
1. | substantially all the risks and rewards of ownership of the financial asset are transferred; or |
2. | the Group neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset. |
iv. |
Offsetting |
K. |
Share capital |
i. |
Ordinary shares |
ii. |
Repurchase and reissue of ordinary shares (treasury shares) |
L. |
Compound financial instruments |
M. |
Impairment |
i. |
Non-derivative financial assets |
• | financial assets measured at amortized cost; |
• | debt investments measured at FVTOCI; and |
• | contract assets. |
• | debt securities that are determined to have low credit risk at the reporting date; and |
• | other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. |
• | significant financial difficulty of the debtor; |
• | a breach of contract such as a default or being more than 90 days past due; |
• | the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; |
• | it is probable that the debtor will enter bankruptcy or other financial reorganization; or |
• | the disappearance of an active market for a security because of financial difficulties. |
ii. |
Non-financial assets |
N. |
Provisions |
O. |
Grants |
P. |
Convertible bonds |
Q. |
Leases (the Group as a lessee) |
• | fixed payments, including in-substance fixed payments; |
• | variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; |
• | amounts expected to be payable under a residual value guarantee; and |
• | the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. |
R. |
Fair value measurement |
S. |
Cash and cash equivalents |
6. |
BUSINESS COMBINATIONS AND CAPITAL REORGANIZATION |
a) | Incorporating up Wallbox B.V. in the Netherlands on 7 June 2021; |
b) | Converting Wallbox Chargers convertible bonds into shares of Wallbox Chargers on 16 September 2021; |
c) | Converting Wallbox B.V. into Wallbox N.V.; |
d) | Reverse subsidiary merger between Orion Merger Sub Corp. with Kensington Capital Acquisition Corp. II (Kensington); |
e) | Share-for-share |
f) | Share-for-share |
g) | PIPE investment; |
h) | Listing; |
i. | each outstanding Class A ordinary share of Wallbox Chargers, S.L. (including each such share resulting from the conversion of convertible bonds of Wallbox Chargers, S.L. prior to the Closing Date by the noteholders thereof), and each outstanding Class B ordinary share was exchanged by means of a contribution in kind in exchange for the issuance of a number of Class A Shares or Wallbox Class B Shares by Wallbox N.V., as applicable, determined in each case by reference to an “Exchange Ratio,” calculated in accordance with the Business Combination Agreement (240.990795184659). All Wallbox shareholders, other than Enric Asunción Escorsa and Eduard Castañeda, received Wallbox Class A Shares in the exchange. Both Enric Asunción Escorsa and Eduard Castañeda received Class B Shares in the share capital of Wallbox; |
ii. | each share of Kensington Class A Common Stock and Kensington Class B Common Stock outstanding immediately prior to the effective date of the merger with Orion Merger Sub Corp. (the “Merger Effective Time”) was converted into and become one share of new Kensington common stock, and each such share of new Kensington common stock was immediately thereafter exchanged by means of a contribution in kind in exchange for the issuance of Class A Shares of Wallbox N.V., whereby Wallbox N.V. issued one Class A Share for each share of new Kensington common stock exchanged; |
iii. | In connection with the foregoing and concurrently with the execution of the Business Combination Agreement on 29 September 2021, Kensington and Wallbox N.V. entered into Subscription Agreements (the “Subscription Agreements”) with certain investors (the “PIPE Investors”), pursuant to which the PIPE Investors agreed to subscribe to, and Wallbox N.V. agreed to issue to such PIPE Investors, an aggregate of |
(In Euros) |
1 January 2019 |
|||
Share capital |
||||
Share premium |
||||
Accumulated deficit |
( |
) | ||
Foreign currency translation reserve |
||||
Total Equity attributable to owners of the Company |
||||
(In Euros) |
1 October 2021 |
|||
Share capital |
||||
Share premium |
||||
Loss for the period |
( |
) | ||
Other equity components |
||||
Foreign currency translation reserve |
||||
Total Equity attributable to owners of the Company |
||||
1 January 2019 |
31 December 2019 |
31 December 2020 |
||||||||||
Shares |
Ourstanding shares |
|||||||||||
Class A |
||||||||||||
Class B |
— | |||||||||||
Total |
||||||||||||
Shares for Basic EPS Wallbox Chargers |
||||||||||||
Exchange ratio |
||||||||||||
Adjusted number of shares |
||||||||||||
(In Euros) |
||||
Purchase consideration: |
||||
Amount paid |
||||
Put option liability |
||||
Total |
||||
i. | Premium paid by Wallbox to enter Norway and Sweden (existing platform in these countries) in order to speedily expand the Wallbox brand into the leading markets in Europe; |
ii. | Gain control of the entire value chain (Intelligent Solutions AS exclusively distributed Wallbox products in Norway and Sweden); |
iii. | Wallbox’s ability to attract new customers in the most mature electric vehicle market in Europe; |
iv. | Improvement in expected performance of the business (i.e.: revenue growth, profitability margins) through the know-how of Wallbox management; and |
v. | Other potential synergies with Wallbox; |
vi. | Includes the value of the workforce in the place acquired. |
(In Euros) |
||||
Property, plant and equipment |
||||
Deferred tax assets |
||||
Inventories |
||||
Trade and other financial receivables |
||||
Cash and cash equivalents |
||||
Total Assets |
||||
Trade and other financial payables |
( |
) | ||
Loans and borrowings |
( |
) | ||
Other payables |
( |
) | ||
Total Liabilities |
( |
) | ||
Identifiable net assets acquired |
||||
Cash consideration transferred |
||||
Put option liability |
||||
Goodwill arising on acquisition |
||||
(In Euros) |
||||
Purchase consideration: |
||||
Amount paid |
||||
Put option liability |
||||
Total |
||||
(In Euros) |
Acquisition date |
Effect of IFRS 3 |
Acquisition date restated |
|||||||||
Property, plant and equipment |
— | |||||||||||
Intangible assets |
||||||||||||
Investments |
— | |||||||||||
Trade and other financial receivables |
— | |||||||||||
Cash and cash equivalents |
— | |||||||||||
Total Assets |
||||||||||||
Trade and other financial payables |
( |
) | — | ( |
) | |||||||
Loans and borrowings |
( |
) | — | ( |
) | |||||||
Other payables |
( |
) | — | ( |
) | |||||||
Deferred tax liabilities |
— | ( |
) | ( |
) | |||||||
Total Liabilities |
( |
) |
( |
) |
( |
) | ||||||
Identifiable net assets acquired |
||||||||||||
Cash consideration transferred |
— | |||||||||||
Put option liability |
— | |||||||||||
Goodwill arising on acquisition |
( |
) |
||||||||||
(In Euros) |
Cash flows on acquisitions |
|||
Cash consideration |
||||
Cash and cash equivalents |
( |
) | ||
Net cash flow on acquisition |
( |
) | ||
7. |
OPERATING SEGMENTS |
• | EMEA: Europe-Middle East Asia |
• | NORAM: North America |
• | APAC: Asia-Pacific |
• | LATAM: Latin America (currently under development) |
31 December 2021 |
||||||||||||||||||||||||
(In Euros) |
EMEA |
NORAM |
APAC |
Total segments |
Consolidated adjustments and eliminations |
Consolidated |
||||||||||||||||||
Revenue |
( |
) | ||||||||||||||||||||||
Changes in inventories and raw materials and consumables used |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Employee benefits |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Net Other Income/(Expense) |
( |
) | — | |||||||||||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Total Assets |
( |
) |
||||||||||||||||||||||
Total Liabilities |
( |
) |
||||||||||||||||||||||
31 December 2020 |
||||||||||||||||||||||||
(In Euros) |
EMEA |
NORAM |
APAC |
Total segments |
Consolidated adjustments and eliminations |
Consolidated |
||||||||||||||||||
Revenue |
( |
) | ||||||||||||||||||||||
Changes in inventories and raw materials and consumables used |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Employee benefits |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Net Other Income/(Expense) |
— | — | ||||||||||||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) |
( |
) |
— |
( |
) | |||||||||||||
Total Assets |
( |
) |
||||||||||||||||||||||
Total Liabilities |
( |
) |
||||||||||||||||||||||
31 December 2019 |
||||||||||||||||||||||||
(In Euros) |
EMEA |
NORAM |
APAC |
Total segments |
Consolidated adjustments and eliminations |
Consolidated |
||||||||||||||||||
Revenue |
— | — | ( |
) | ||||||||||||||||||||
Changes in inventories and raw materials and consumables used |
( |
) | — | ( |
) | — | ( |
) | ||||||||||||||||
Employee benefits |
( |
) | ( |
) | — | ( |
) | — | ( |
) | ||||||||||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Amortization and depreciation |
( |
) | ( |
) | — | ( |
) | — | ( |
) | ||||||||||||||
Net Other Income/(Expense) |
— | — | ||||||||||||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) |
( |
) |
— |
( |
) | |||||||||||||
Total Assets |
( |
) |
||||||||||||||||||||||
Total Liabilities |
( |
) |
||||||||||||||||||||||
(In Euros) |
2021 |
2020 |
2019 |
|||||||||||||||||||||
Country |
Revenue |
% |
Revenue |
% |
Revenue |
% |
||||||||||||||||||
Germany |
% | % | % | |||||||||||||||||||||
Italy |
% | % | % | |||||||||||||||||||||
Spain |
% | % | % | |||||||||||||||||||||
United Kingdom |
% | % | % | |||||||||||||||||||||
Netherlands |
% | % | % | |||||||||||||||||||||
Norway |
% | % | % | |||||||||||||||||||||
United States |
% | % | % | |||||||||||||||||||||
France |
% | % | % | |||||||||||||||||||||
Sweden |
% | % | % | |||||||||||||||||||||
Belgium |
% | % | % | |||||||||||||||||||||
Ireland |
% | % | % | |||||||||||||||||||||
Australia |
% | % | % | |||||||||||||||||||||
Israel |
% | % | % | |||||||||||||||||||||
Other Countries |
% | % | % | |||||||||||||||||||||
Total |
% |
% |
% | |||||||||||||||||||||
8. |
PROPERTY, PLANT AND EQUIPMENT |
(In Euros) |
Buildings |
Fixtures and fittings |
Plant and equipment |
Assets under construction |
Total |
|||||||||||||||
Balance at 31 December 2019 |
||||||||||||||||||||
Business combinations |
— | — | — | |||||||||||||||||
Additions |
||||||||||||||||||||
Transfers |
— | — | ( |
) | — |
|||||||||||||||
Depreciation for the year |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Translation differences |
— | ( |
) | — | — | ( |
) | |||||||||||||
Balance at 31 December 2020 |
||||||||||||||||||||
Additions |
||||||||||||||||||||
Disposals |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||
Transfers |
( |
) | ||||||||||||||||||
Depreciation for the year |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Translation differences |
— | — | — | |||||||||||||||||
Balance at 31 December 2021 |
||||||||||||||||||||
Cost |
||||||||||||||||||||
At 31 December 2019 |
||||||||||||||||||||
At 31 December 2020 |
||||||||||||||||||||
At 31 December 2021 |
||||||||||||||||||||
Accumulated depreciation |
||||||||||||||||||||
At 31 December 2019 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
At 31 December 2020 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
At 31 December 2021 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
9. |
ASSETS FOR RIGHTS OF USE AND LEASE LIABILITIES |
a) | Set out below are the carrying amounts of right-of-use |
(In Euros) |
Buildings |
Vehicles |
Other assets |
Total |
||||||||||||
Balance at 31 December 2019 |
||||||||||||||||
Additions |
— | |||||||||||||||
Depreciation for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Translation differences |
( |
) | — | — | ( |
) | ||||||||||
Balance at 31 December 2020 |
||||||||||||||||
Additions |
||||||||||||||||
Depreciation for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Translation differences |
( |
) | ( |
) | ||||||||||||
Balance at 31 December 2021 |
||||||||||||||||
b) | Set out below are the carrying amounts of lease liabilities and the movements during the periods: |
(In Euros) |
Buildings |
Vehicles |
Other assets |
Total |
||||||||||||
Balance at 31 December 2019 |
||||||||||||||||
Additions to liabilities |
— | |||||||||||||||
Interest on lease liabilities |
||||||||||||||||
Lease payments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Translation differences |
( |
) | — | — | ( |
) | ||||||||||
Balance at 31 December 2020 |
||||||||||||||||
Additions to liabilities |
||||||||||||||||
Interest on lease liabilities |
||||||||||||||||
Lease payments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Translation differences |
( |
) | ( |
) | ||||||||||||
Balance at 31 December 2021 |
||||||||||||||||
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
6 months or less |
5 | |||||||
6 months to 1 year |
||||||||
From 1 to 2 years |
||||||||
From 2 to 5 years |
||||||||
More than 5 years |
||||||||
Total |
||||||||
(In Euros) |
2021 |
2020 |
||||||
Interest on lease liabilities (see note 22) |
||||||||
Expenses relating to short-term and low value leases (see note 20) |
10. |
INTANGIBLE ASSETS AND GOODWILL |
(In Euros) |
Software |
Patents and customer relationships |
Development costs |
Other |
Total |
|||||||||||||||
Balance at 31 December 2019 |
||||||||||||||||||||
Acquired through business combination |
||||||||||||||||||||
Additions |
||||||||||||||||||||
Amortization for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Balance at 31 December 2020 |
||||||||||||||||||||
Additions |
||||||||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ||||||||||||||
Transfers |
( |
) | ( |
) | ||||||||||||||||
Amortization for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Translation differences |
||||||||||||||||||||
Balance at 31 December 2021 |
||||||||||||||||||||
Cost |
||||||||||||||||||||
At 31 December 2019 |
||||||||||||||||||||
At 31 December 2020 |
||||||||||||||||||||
At 31 December 2021 |
||||||||||||||||||||
Accumulated amortization |
||||||||||||||||||||
At 31 December 2019 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
At 31 December 2020 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
At 31 December 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
11. |
IMPAIRMENT TESTING OF GOODWILL |
• | they generate cash flows in a country with insignificant presence of the Group, and from activities not previously performed, respectively, and |
• | because they are monitored independently from the rest. |
(In Euros) |
Nordics |
Electromaps/ Software |
Total |
|||||||||
2020 |
||||||||||||
Goodwill |
||||||||||||
2021 |
||||||||||||
Goodwill |
||||||||||||
• | Discount rates: |
• | Growth rates used to extrapolate cash flows beyond the forecast period: |
• | Number of future users and market share during the forecast period: |
• | Gross margins: |
• | Discount rates: |
• | Growth rates used to extrapolate cash flows beyond the forecast period: |
12. |
EQUITY-ACCOUNTED INVESTEES |
Wallbox Fawsn |
||||||||
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
Property, plant and equipment |
||||||||
Non-current financial assets |
||||||||
|
|
|
|
|||||
Non-Current Assets |
||||||||
Inventories |
||||||||
Trade and other financial receivables |
||||||||
Advance payments |
||||||||
Cash and cash equivalents |
||||||||
|
|
|
|
|||||
Current Assets |
||||||||
|
|
|
|
|||||
Total Assets |
||||||||
|
|
|
|
|||||
Loans and borrowings |
||||||||
|
|
|
|
|||||
Non-Current Liabilities |
||||||||
Trade and other financial payables |
||||||||
Loans and borrowings |
||||||||
|
|
|
|
|||||
Current Liabilities |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
|
|
|
|
|||||
Foreign currency translation reserve |
||||||||
|
|
|
|
|||||
Net Assets (Liabilities) |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Group’s share in equity - |
||||||||
Goodwill |
||||||||
|
|
|
|
|||||
Group’s carrying amount of the investment |
||||||||
|
|
|
|
Wallbox Fawsn |
||||||||||||
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Revenue |
||||||||||||
Changes in inventories and raw materials and consumables used |
( |
) | ( |
) | ( |
) | ||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Operating Loss |
( |
) |
( |
) |
( |
) | ||||||
Finance (costs)/income |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Loss before Tax |
( |
) |
( |
) |
( |
) | ||||||
Income tax expense |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Loss for the Year |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Group’s share of loss for the year - |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
(In Euros) |
Group’s share of loss for the year |
Equity- Accounted Investees |
Unrecognized share of losses |
|||||||||
At 15 June 2019 |
— |
|||||||||||
|
|
|
|
|
|
|||||||
Loss for the Year 2019 |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
At 31 December 2019 |
||||||||||||
|
|
|
|
|||||||||
Loss for the Year 2020 |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
At 31 December 2020 |
( |
) | ||||||||||
|
|
|
|
|||||||||
Loss for the Year 2021 |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
At 31 December 2021 |
( |
) | ||||||||||
|
|
|
|
13. |
FINANCIAL ASSETS AND FINANCIAL LIABILITIES |
A. |
Current and non-current financial assets |
31 December 2021 |
31 December 2020 |
|||||||||||||||
(In Euros) |
Non-current |
Current |
Non-current |
Current |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Loans granted to Joint Venture |
— | — | — | |||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Financial investments |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other current financial assets |
— |
— |
||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
B. |
Expected credit loss assessment for corporate customers at 31 December 2021, 2020 and 2019. |
31 December 2021 |
||||||||||||
(In Euros) |
Weighted-average loss rate |
Gross carrying amount |
Loss allowance |
|||||||||
Key account |
% | |||||||||||
Mid Market |
% | |||||||||||
Other |
% | |||||||||||
31 December 2020 |
||||||||||||
(In Euros) |
Weighted-average loss rate |
Gross carrying amount |
Loss allowance |
|||||||||
Key account |
% | |||||||||||
Mid Market |
% | |||||||||||
Other |
% | |||||||||||
31 December 2019 |
||||||||||||
(In Euros) |
Weighted-average loss rate |
Gross carrying amount |
Loss allowance |
|||||||||
Key account |
% | |||||||||||
Mid Market |
% | |||||||||||
Other |
% | |||||||||||
C. |
Financial assets by class and category |
31 December 2021 |
||||||||||||||||
(In Euros) |
Financial assets measured at amortized cost |
Financial assets measured at FVTPL |
Financial assets measured at FVTOCI |
Total |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Financial investments |
||||||||||||||||
Other current financial assets |
||||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
Total |
||||||||||||||||
31 December 2020 |
||||||||||||||||
(In Euros) |
Financial assets measured at amortized cost |
Financial assets measured at FVTPL |
Financial assets measured at FVTOCI |
Total |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Financial investments |
— | — | ||||||||||||||
Other current financial assets |
— |
|||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
Total |
— |
|||||||||||||||
A. |
Loans and borrowings |
31 December 2021 |
31 December 2020 |
|||||||||||||||
(In Euros) |
Non- current |
Current |
Non- current |
Current |
||||||||||||
Loans and borrowings |
||||||||||||||||
Derivative warrant liabilities |
— | — | — | |||||||||||||
Convertible bonds |
— | |||||||||||||||
Lease liabilities (see note 9) |
||||||||||||||||
Put option liability (see note 6) |
— | — | ||||||||||||||
Total |
||||||||||||||||
(In Euros) |
31 December 2021 |
|||||||||||||||||||||
Company |
Currency |
Effective interest rate |
Less than 1 year |
1 to 3 years |
Over 3 years |
Total |
||||||||||||||||
Bank loans |
||||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||||
Floating rate loan |
Euribor + |
— | ||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||||
Total |
||||||||||||||||||||||
Borrowings |
||||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||||
Total |
||||||||||||||||||||||
Total |
||||||||||||||||||||||
(In Euros) |
31 December 2020 |
|||||||||||||||||||||
Company |
Currency |
Effective interest rate |
Less than 1 year |
1 to 3 years |
Over 3 years |
Total |
||||||||||||||||
Bank loans |
||||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||||
Fixed rate loan |
— | — | ||||||||||||||||||||
Fixed rate loan |
— | — | ||||||||||||||||||||
Floating rate loan |
Euribor + |
|||||||||||||||||||||
Covenant Loan |
Euribor + |
|||||||||||||||||||||
Total |
||||||||||||||||||||||
Borrowings |
||||||||||||||||||||||
Fixed rate loan |
— | |||||||||||||||||||||
Total |
— |
|||||||||||||||||||||
Total |
||||||||||||||||||||||
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
2021 |
— | |||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
2026 |
— | |||||||
More than five years |
||||||||
Total |
||||||||
Public Warrant |
Private Warrant |
Total |
||||||||||||||||||||||
Number of warrants |
Euros |
Number of warrants |
Euros |
Number of warrants |
Euros |
|||||||||||||||||||
At 30 September 2021 |
||||||||||||||||||||||||
Issuance of Public and Private Warrants on Transaction date |
||||||||||||||||||||||||
Public Warrants exercised on 23 November 2021 |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ||||||||||||||
Public Warrants exercised on 21 December 2021 |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ||||||||||||||
Change in fair value of derivative warrant liabilities |
— | — | — | |||||||||||||||||||||
At 31 December 2021 |
||||||||||||||||||||||||
(In Euros) |
Loans and borrowings |
Derivative warrant liabilities |
Lease liabilities |
Convertible bonds |
Total |
|||||||||||||||
Balance at 1 January 2021 |
— |
|||||||||||||||||||
Proceeds from loans |
— | — | — | |||||||||||||||||
Proceeds from borrowings |
— | — | — | |||||||||||||||||
Proceeds from warrants (Public and Private) |
— | — | — | — | — |
|||||||||||||||
Proceeds from convertible bonds |
— | — | — | |||||||||||||||||
Principal paid on lease liabilities |
— | — | ( |
) | — | ( |
) | |||||||||||||
Interest paid on lease liabilities |
— | — | ( |
) | — | ( |
) | |||||||||||||
Repayments of loans |
( |
) | — | — | — | ( |
) | |||||||||||||
Repayments of borrowings |
( |
) | — | — | — | ( |
) | |||||||||||||
Interest and bank fees paid |
( |
) | — | — | — | ( |
) | |||||||||||||
Interest paid on convertible bonds |
— | — | — | ( |
) | ( |
) | |||||||||||||
Other payments |
( |
) | — | — | — | ( |
) | |||||||||||||
Total changes from financing cash flows |
— |
( |
) |
|||||||||||||||||
The effect of changes in foreign exchange rates |
— |
— |
( |
) |
— |
( |
) | |||||||||||||
Issuance of Public and Private Warrants on Transaction date |
— | — | — | |||||||||||||||||
Public Warrants exercised |
— | ( |
) | — | — | ( |
) | |||||||||||||
Change in fair value of derivative warrant liabilities |
— | — | — | |||||||||||||||||
Valuation of convertible bonds |
— | — | — | |||||||||||||||||
Conversion of convertible bonds and convertible note |
— | — | — | ( |
) | ( |
) | |||||||||||||
New leases |
— | — | — | |||||||||||||||||
Interest accrual |
— | — | ( |
) | — |
|||||||||||||||
Governmental loan to receive |
— | — | ||||||||||||||||||
Capital Increases |
— | — | — | — | — |
|||||||||||||||
Interest and bank fees expenses |
— | |||||||||||||||||||
Total liability-related other changes |
( |
) |
||||||||||||||||||
Balance at 31 December 2021 |
— |
|||||||||||||||||||
(In Euros) |
Loans and borrowings |
Derivative warrant liabilities |
Lease liabilities |
Convertible bonds |
Total |
|||||||||||||||
Balance at 1 January 2020 |
— |
— |
||||||||||||||||||
Proceeds from loans and borrowings |
— | — | — | |||||||||||||||||
Proceeds from convertible bonds |
— | — | — | |||||||||||||||||
Principal paid on lease liabilities |
— | — | ( |
) | — | ( |
) | |||||||||||||
Interest paid on lease liabilities |
— | — | ( |
) | — | ( |
) | |||||||||||||
Repayments of loans and borrowings |
( |
) | — | — | — | ( |
) | |||||||||||||
Interest paid |
( |
) | — | — | — | ( |
) | |||||||||||||
Other payments |
( |
) | — | — | — | ( |
) | |||||||||||||
Total changes from financing cash flows |
— |
( |
) |
|||||||||||||||||
The effect of changes in foreign exchange rates |
— |
— |
( |
) |
— |
( |
) | |||||||||||||
New leases |
— | — | — | |||||||||||||||||
Capital Increases |
( |
) | — | — | — | ( |
) | |||||||||||||
Interest expenses |
— | |||||||||||||||||||
Total liability-related other changes |
— |
|||||||||||||||||||
Balance at 31 December 2020 |
— |
|||||||||||||||||||
(In Euros) |
Loans and borrowings |
Warrants |
Leases |
Convertible bonds |
Total |
|||||||||||||||
Balance at 1 January 2019 |
— |
— |
||||||||||||||||||
Proceeds from loans and borrowing |
— | — | — | |||||||||||||||||
Proceeds from shareholders loan |
— | — | — | |||||||||||||||||
Principal paid on lease liabilities |
— | — | ( |
) | — | ( |
) | |||||||||||||
Interest paid on lease liabilities |
— | — | ( |
) | — | ( |
) | |||||||||||||
Repayments of loans and borrowing |
( |
) | — | — | — | ( |
) | |||||||||||||
Interest paid |
( |
) | — | — | — | ( |
) | |||||||||||||
Other payments |
( |
) | — | — | — | ( |
) | |||||||||||||
Total changes from financing cash flows |
— |
( |
) |
— |
||||||||||||||||
New leases |
— | — | — | |||||||||||||||||
Capital increases |
( |
) | — | — | — | ( |
) | |||||||||||||
Interest expenses |
— | — | ||||||||||||||||||
Total liability-related other changes |
( |
) |
— |
— |
||||||||||||||||
Balance at 31 December 2019 |
— |
— |
||||||||||||||||||
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
Suppliers |
||||||||
Various payables |
— | |||||||
Personnel (salaries payable) |
||||||||
Customer advances |
||||||||
Total |
||||||||
14. | INVENTORIES |
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
Raw materials |
||||||||
Work in progress |
||||||||
Finished goods |
||||||||
Total |
||||||||
15. | CASH AND CASH EQUIVALENTS |
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
Cash |
||||||||
Banks and other credit institutions |
||||||||
Banks and other credit institutions, foreign currency |
||||||||
Other cash equivalents |
||||||||
Total |
||||||||
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
USD |
||||||||
GBP |
||||||||
NOK |
||||||||
SEK |
||||||||
DKK |
||||||||
CNY |
||||||||
Total |
||||||||
(In Euros) |
31 Dec 2021 |
|||
Conversion of convertible bonds and convertible note (Note 13) |
( |
) | ||
Contribution in kind of Kensington shares (Note 16) |
||||
Total |
( |
) | ||
16. | CAPITAL AND RESERVES |
(In Euros) |
Total Shares |
Share Capital |
||||||
Class A shares of euro |
||||||||
Class B shares of euro |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
(In Euros) |
Total Shares |
Nominal value |
Amount |
|||||||||
Class A |
||||||||||||
Class B |
||||||||||||
Conversion shares |
||||||||||||
|
|
|
|
|||||||||
Total |
||||||||||||
|
|
|
|
(In Euros) |
Shares |
Price per Share |
Share Capital |
Share Premium |
||||||||||||
At 1 January 2019 |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
31 May 2019 share capital and share premium increase |
||||||||||||||||
4 September 2019 share capital and share premium increase |
||||||||||||||||
28 November 2019 share capital increase |
— | |||||||||||||||
28 November 2019 share capital split |
( |
) | ( |
) | — | |||||||||||
28 November 2019 share capital split |
— | |||||||||||||||
|
|
|
|
|
|
|||||||||||
At 31 December 2019 |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
17 March 2020 share capital and share premium increase |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
At 31 December 2020 |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
16 September 2021 convertible bonds conversion (see note 13) |
||||||||||||||||
1 October 2021 elimination old shares class A and B (see note 3) |
( |
) | ( |
) | ( |
) | ||||||||||
1 October 2021 share capital Class A increase (see note 3) |
||||||||||||||||
1 October 2021 share capital Class B increase (see note 3) |
— | |||||||||||||||
1 October 2021 share capital Class A for Kensington (see note 3)* |
||||||||||||||||
1 October 2021 share capital Class A for PIPE (see note 3) |
||||||||||||||||
1 October 2021 share capital Class A increase |
— | |||||||||||||||
23 November 2021 Warrant conversion (see note 13) |
||||||||||||||||
21 December 2021 Warrant conversion (see note 13) |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
At 31 December 2021 |
||||||||||||||||
|
|
|
|
|
|
* | Includes Euros |
17. | PROVISIONS |
31 December 2021 |
Non-current |
Total Non-current |
Current |
|||||||||||||
(In Euros) |
Provision of compliance |
Service warranties |
Service warranties |
|||||||||||||
Carrying amount at the beginning of the year |
||||||||||||||||
Charge / (Credit) to results: |
( |
) | ||||||||||||||
(+) additional provisions recognized (net) |
||||||||||||||||
(+/-) Short-term transferred |
( |
) |
( |
) |
||||||||||||
(-) Amounts used during the year |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Carrying amount at year end |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
31 December 2020 |
Non-current |
Total Non-current |
Current |
|||||||||||||
(In Euros) |
Provision of compliance |
Service warranties |
Service warranties |
|||||||||||||
Carrying amount at the beginning of the year |
||||||||||||||||
Charge / (Credit) to results: |
||||||||||||||||
(+) additional provisions recognized (net) |
— |
|||||||||||||||
(-) Amounts used during the year |
— |
— |
— |
— |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Carrying amount at year end |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
18. | GOVERNMENT GRANTS |
(In Euros) |
31 December 2021 |
|||||||||
Grants |
Government Entity |
Non-current liability |
Current liability |
|||||||
Movilidad 2030 |
||||||||||
Flexener |
||||||||||
Magnetor |
||||||||||
Zeus Ptas |
||||||||||
Alt impacte |
||||||||||
Total |
||||||||||
19. | REVENUE FROM CONTRACTS WITH CUSTOMERS |
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Lines: |
||||||||||||
Sales of goods |
||||||||||||
Sales of services |
||||||||||||
Total |
||||||||||||
Geographical markets: |
||||||||||||
EMEA |
||||||||||||
NORAM |
||||||||||||
APAC |
||||||||||||
Total |
||||||||||||
20. | EXPENSES |
A. |
Changes in inventories and raw materials and consumables used |
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Consumption of finished goods, raw materials and other consumables |
||||||||||||
Scrap stock, slow moving & obsolete accrual |
— | — | ||||||||||
Work carried out by other companies |
— | |||||||||||
Total |
||||||||||||
B. |
Operating expenses |
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Professional services |
||||||||||||
Marketing expenses |
||||||||||||
Delivery |
||||||||||||
External temporary workers |
||||||||||||
Office expense |
||||||||||||
Insurance premium |
||||||||||||
Utilities and similar expenses |
||||||||||||
Fees |
||||||||||||
Customs duty tax |
||||||||||||
Travel expenses |
||||||||||||
Short-term and low value leases (see note 9) |
||||||||||||
Bank Services |
||||||||||||
Expected credit loss for trade and other receivables |
||||||||||||
Repairs |
||||||||||||
Other impairment and losses |
||||||||||||
Other |
||||||||||||
Total |
||||||||||||
21. | EMPLOYEE BENEFITS |
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Wages and salaries |
||||||||||||
Share-based payment plan expenses |
||||||||||||
Social Security |
||||||||||||
Total |
||||||||||||
i. | The Beneficiary will have a lock-up period of |
ii. | That the Company has not initiated a Temporary Suspension of exercise; and |
iii. | That any other particular conditions included in the Beneficiary’s Invitation Notice have been fulfilled. |
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Management stock option plan |
||||||||||||
Employee stock option plan |
||||||||||||
Total |
||||||||||||
Number of options |
2021 |
2020 |
2019 |
|||||||||
Outstanding at the beginning of the year |
||||||||||||
Granted during the year |
||||||||||||
Management stock option plan |
||||||||||||
Employee stock option plan |
||||||||||||
Settled during the year |
( |
) | ||||||||||
Management stock option plan |
||||||||||||
Employee stock option plan |
( |
) | ||||||||||
Forfeited during the year |
( |
) | ||||||||||
Management stock option plan |
||||||||||||
Employee stock option plan |
- |
|||||||||||
Outstanding before applying the conversion ratio |
||||||||||||
Options (units) |
Execise price (Euros) |
|||||||
Management stock option plan |
||||||||
Employees stock option plan |
||||||||
Average |
||||||||
22. | NET FINANCIAL EXPENSES |
(In Euros) |
Note |
2021 |
2020 |
2019 |
||||||||||||
Financial income |
||||||||||||||||
Interest on shareholder and other loans |
13 |
|||||||||||||||
Valuation of financial instruments |
||||||||||||||||
Other finance income |
||||||||||||||||
Total financial income |
||||||||||||||||
Fair Value adjustment of the Warrants |
13 |
|||||||||||||||
Financial expenses |
||||||||||||||||
Fair value adjustment of convertible bonds |
13 |
|||||||||||||||
Interest and fees on bank loans |
13 |
|||||||||||||||
Interest on lease liabilities |
9 |
|||||||||||||||
Interest on shareholder and other borrowings |
13 |
|||||||||||||||
Interest on convertible bonds |
13 |
|||||||||||||||
Accretion of discount on put option liabilities |
6 |
|||||||||||||||
Other finance costs |
||||||||||||||||
Total financial expenses |
||||||||||||||||
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Exchange differences |
( |
) | ( |
) | ||||||||
Total |
( |
) |
( |
) | ||||||||
23. | EARNINGS PER SHARE |
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
|||||||||
Loss for the year |
( |
) | ( |
) | ( |
) | ||||||
Dilutive effects on earnings per share |
||||||||||||
Total loss for basic and diluted earnings per share |
( |
) |
( |
) |
( |
) | ||||||
Number of shares |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
|||||||||
Weighted average number of ordinary shares for basic and diluted earnings per share |
||||||||||||
(Euros) |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
|||||||||
Basic and diluted losses per share |
( |
) |
( |
) |
( |
) | ||||||
24. |
TAX CREDIT AND OTHER RECEIVABLES/OTHER PAYABLES |
A. |
Tax credit and other receivables/Other payables |
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
VAT receivable |
||||||||
Government grants receivable |
||||||||
Tax credit receivable |
||||||||
Total |
||||||||
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
VAT payable |
||||||||
Social Security payable |
||||||||
Personal Income Tax payable |
||||||||
Deferred tax liabilities |
||||||||
Total |
||||||||
B. |
Amounts recognized in profit or loss |
(In Euros) |
2021 |
2020 |
2019 |
|||||||||
Loss before Tax |
( |
) |
( |
) |
( |
) | ||||||
Tax income (at 25%) |
||||||||||||
Unrecognized deferred tax assets on tax losses |
( |
) | ( |
) | ( |
) | ||||||
Deductions and credits generated |
( |
) | ( |
) | ||||||||
Amortization of intangible assets identified |
( |
) | ||||||||||
Other adjustments |
( |
) | ||||||||||
Income tax credit |
( |
) |
( |
) |
||||||||
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
|||||||||
2015 |
||||||||||||
2016 |
||||||||||||
2017 |
||||||||||||
2018 |
||||||||||||
2019 |
||||||||||||
2020 |
— | |||||||||||
2021 |
— | — | ||||||||||
Total |
||||||||||||
25. |
GROUP INFORMATION |
A. |
Related parties |
31 December 2021 |
||||||||||||||||
(Euros) |
Shareholders |
Joint Venture |
Key management |
Total |
||||||||||||
Expenses |
||||||||||||||||
Interest on convertible bonds (see note 13 and 22) |
||||||||||||||||
Valuations of convertible bonds (see note 13 and 22) |
||||||||||||||||
Interest on shareholder and other loans (see note 22) |
||||||||||||||||
Professional services |
||||||||||||||||
Statement of financial position |
||||||||||||||||
Non-current loans granted to Joint Venture (see note 13) |
||||||||||||||||
Current loans granted to Joint Venture (see note 13) |
||||||||||||||||
Receivables from Joint Venture (see note 13) |
||||||||||||||||
Borrowings (see note 13) |
( |
) | ( |
) |
31 December 2020 |
||||||||||||||||
(Euros) |
Shareholders |
Joint Venture |
Key management |
Total |
||||||||||||
Expenses |
||||||||||||||||
Interest on convertible bonds (see note 13 and 22) |
||||||||||||||||
Interest on shareholder and other loans (see note 22) |
||||||||||||||||
Other financial interest |
||||||||||||||||
Professional services |
||||||||||||||||
Statement of financial position |
||||||||||||||||
Current loans granted to Joint Venture (see note 13) |
||||||||||||||||
Receivables from Joint Venture (see note 13) |
||||||||||||||||
Convertible bonds (see note 13) |
( |
) | ( |
) | ||||||||||||
Borrowings (see note 13) |
( |
) | ( |
) | ||||||||||||
Trade and other financial payables (see note 13) |
( |
) | ( |
) | ||||||||||||
B. |
Remuneration of Directors and Key Management |
(Euros) |
2021 |
2020 |
2019 |
|||||||||
Salaries and similar |
||||||||||||
Share-based payment plan expenses |
||||||||||||
Total |
||||||||||||
26. |
FINANCIAL RISK MANAGEMENT |
a) |
Credit risk |
31 December 2021 |
31 December 2020 |
|||||||||||||||
(In Euros) |
Non-current |
Current |
Non-current |
Current |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Loans granted to Joint Venture |
— | — | — | |||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Financial investments |
— | — | ||||||||||||||
Other current financial assets |
— |
— |
||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
Total |
||||||||||||||||
b) |
Market risk |
(In Euros) |
Currency |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
||||||||||||
Fixed rate Loan |
EUR | |||||||||||||||
Fixed rate Loan |
NOK | — | — | |||||||||||||
Fixed rate Loan |
USD | — | — | |||||||||||||
Floating rate loan |
EUR | |||||||||||||||
Total |
||||||||||||||||
2021 |
2020 |
|||||||||||||||
Profit or loss |
Profit or loss |
|||||||||||||||
(In Euros) |
100 bp increase |
100 bp decrease |
100 bp increase |
100 bp decrease |
||||||||||||
Floating rate loan |
( |
) |
( |
) |
( |
) |
||||||||||
2021 |
2020 |
|||||||||||||||
Profit or loss |
Profit or loss |
|||||||||||||||
(In Euros) |
Strengthening |
Weakening |
Strengthening |
Weakening |
||||||||||||
USD (10% movement) |
( |
) | ( |
) | ||||||||||||
GBP (10% movement) |
( |
) | ( |
) |
c) |
Liquidity risk |
(In Euros) |
31 Dec 2021 |
31 Dec 2020 |
||||||
Current assets |
||||||||
Current liabilities |
||||||||
Total |
||||||||
31 December 2021 |
||||||||||||
(In Euros) |
Capital |
Interest |
Total |
|||||||||
2022 |
||||||||||||
2023 |
||||||||||||
2024 |
||||||||||||
2025 |
||||||||||||
2026 |
||||||||||||
More than five years |
||||||||||||
Total |
||||||||||||
31 December 2020 |
||||||||||||
(In Euros) |
Capital |
Interest |
Total |
|||||||||
2021 |
||||||||||||
2022 |
||||||||||||
2023 |
||||||||||||
2024 |
||||||||||||
2025 |
||||||||||||
More than five years |
||||||||||||
Total |
||||||||||||
d) |
Capital management |
27. |
EVENTS AFTER THE REPORTING PERIOD |
28. |
DETAILS OF WALLBOX GROUP SUBSIDIARIES |
% Equity interest |
||||||||||||||||||||||||
Company name |
Registered office |
Activity |
Company holding investment |
31 December 2021 |
31 December 2020 |
31 December 2019 |
Consolidation method | |||||||||||||||||
% | % | % | * | |||||||||||||||||||||
% | % | % | * | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — | |||||||||||||||||||||
% | % | % | — |
(*) | direct ownership |
(-) | indirect ownership |
Notes |
June 30, 2022 (*) |
December 31, 2021 |
||||||||
Assets |
||||||||||
Non-Current Assets |
||||||||||
Property, plant and equipment |
8 | |||||||||
Right-of-use |
9 | |||||||||
Intangible assets |
10 | |||||||||
Goodwill |
10 | |||||||||
Non-current financial assets |
12 | |||||||||
Tax credit receivables |
22 | |||||||||
|
|
|
|
|||||||
Total Non-Current Assets |
||||||||||
Current Assets |
||||||||||
Inventories |
13 | |||||||||
Trade and other financial receivables |
12 | |||||||||
Other receivables |
22 | |||||||||
Other current financial assets |
12 | |||||||||
Other current assets / deferred charges |
||||||||||
Advance payments |
||||||||||
Cash and cash equivalents |
14 | |||||||||
|
|
|
|
|||||||
Total Current Assets |
||||||||||
|
|
|
|
|||||||
Total Assets |
||||||||||
|
|
|
|
|||||||
Equity and Liabilities |
||||||||||
Equity |
||||||||||
Share capital |
||||||||||
Share premium |
||||||||||
Accumulated deficit |
( |
) | ( |
) | ||||||
Other equity components |
||||||||||
Foreign currency translation reserve |
||||||||||
|
|
|
|
|||||||
Total Equity attributable to owners of the Company |
15 | |||||||||
Liabilities |
||||||||||
Non-Current Liabilities |
||||||||||
Loans and borrowings |
12 | |||||||||
Lease liabilities |
9 and 12 | |||||||||
Put option liabilities |
12 | — | ||||||||
Provisions |
||||||||||
Government grants |
16 | |||||||||
Deferred tax liabilities |
22 | |||||||||
|
|
|
|
|||||||
Total Non-Current Liabilities |
||||||||||
Current Liabilities |
||||||||||
Loans and borrowings |
12 | |||||||||
Derivative warrants liabilities |
12 | |||||||||
Lease liabilities |
9 and 12 | |||||||||
Put option liabilities |
12 | — | ||||||||
Trade and other financial payables |
12 | |||||||||
Other payables |
22 | |||||||||
Provisions |
||||||||||
Government grants |
16 | |||||||||
Contract liabilities |
||||||||||
|
|
|
|
|||||||
Total Current Liabilities |
||||||||||
|
|
|
|
|||||||
Total Liabilities |
||||||||||
|
|
|
|
|||||||
Total Equity and Liabilities |
||||||||||
|
|
|
|
Notes |
June 30, 2022 (*) |
June 30, 2021 (*) |
||||||||||
Revenue |
17 | |||||||||||
Changes in inventories and raw materials and consumables used |
18 | ( |
) | ( |
) | |||||||
Employee benefits |
19 | ( |
) | ( |
) | |||||||
Other operating expenses |
18 | ( |
) | ( |
) | |||||||
Amortization and depreciation |
8,9,10 | ( |
) | ( |
) | |||||||
Net other income |
||||||||||||
|
|
|
|
|||||||||
Operating Loss |
( |
) |
( |
) | ||||||||
Financial income |
20 | |||||||||||
Financial expenses |
20 | ( |
) | ( |
) | |||||||
Change in fair value of derivative warrant liabilities |
20 | — | ||||||||||
Foreign exchange gains/(losses) |
20 | ( |
) | |||||||||
|
|
|
|
|||||||||
Financial Income/(Loss) |
( |
) | ||||||||||
Share of loss of equity-accounted investees |
11 | ( |
) | — | ||||||||
|
|
|
|
|||||||||
Loss before Tax |
( |
) |
( |
) | ||||||||
Income tax credit |
22 | |||||||||||
|
|
|
|
|||||||||
Loss for the Period |
21 | ( |
) |
( |
) | |||||||
Earnings per share |
||||||||||||
Basic and diluted losses per share (euros per share) |
21 | ( |
) |
( |
) | |||||||
|
|
|
|
|||||||||
Loss for the Period |
( |
) |
( |
) | ||||||||
Comprehensive income/(loss) |
||||||||||||
Comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods |
||||||||||||
Currrency translation differences in foreign operations, net of tax |
||||||||||||
Changes in the fair value of debt instruments at fair value through other comprehensive income, net of tax |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Net comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods |
||||||||||||
|
|
|
|
|||||||||
Other comprehensive income/(loss) for the Period |
||||||||||||
|
|
|
|
|||||||||
Total comprehensive income/(loss) for the Period |
( |
) | ||||||||||
|
|
|
|
Attributable to owners of the Company |
||||||||||||||||||||||||||||
Notes |
Share capital |
Share premium |
Accumulated deficit |
Other equity components |
Foreign currency translation reserve |
Total equity |
||||||||||||||||||||||
Balance at January 1, 2022 |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive (loss)/income for the period |
||||||||||||||||||||||||||||
Loss for the Period |
( |
) | ( |
) | ||||||||||||||||||||||||
Other comprehensive income/(loss) for the period |
( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive income for the period |
— |
— |
( |
) |
( |
) |
||||||||||||||||||||||
Transactions with owners of the Company |
||||||||||||||||||||||||||||
Capital increase |
15 | ( |
) | |||||||||||||||||||||||||
Share based payments |
19 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total contributions and distributions |
— |
— |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total transactions with owners of the Company |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at June 30, 2022 (*) |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to owners of the Company |
||||||||||||||||||||||||||||
Notes |
Share capital |
Share premium |
Accumulated deficit |
Other equity components |
Foreign currency translation reserve |
Total equity |
||||||||||||||||||||||
Balance at January 1, 2021 |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive (loss)/income for the Period |
||||||||||||||||||||||||||||
Loss for the Period |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||
Comprehensive income/(loss) for the Period |
— | — | — | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive income for the Period |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Transactions with owners of the Company |
||||||||||||||||||||||||||||
Share based payments |
19 | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total contributions and distributions |
— |
— |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total transactions with owners of the Company |
( |
) |
( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at June 30, 2021 (*) |
( |
) |
( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
June 30, 2022 (*) |
June 30, 2021 (*) |
||||||||||
Cash flows from Operating Activities |
||||||||||||
Loss for the Year |
( |
) |
( |
) | ||||||||
Adjustments for: |
||||||||||||
Amortisation and depreciation |
8, 9, 10 | |||||||||||
Expected credit loss for trade and other receivables |
12 | ( |
) | |||||||||
Write-off of inventories |
13 | — | ||||||||||
Others impairments and losses |
12 and 18 | — | ||||||||||
Change in provisions |
||||||||||||
Government grants |
16 | ( |
) | ( |
) | |||||||
Results from disposals of property plant and equipment |
— | ( |
) | |||||||||
Financial income |
20 | ( |
) | ( |
) | |||||||
Financial expenses |
20 | |||||||||||
Change in fair value of derivative warrant liabilities |
20 | ( |
) | — | ||||||||
Exchange differences |
20 | ( |
) | |||||||||
Income tax benefit |
22 | ( |
) | ( |
) | |||||||
Share based payments expense |
19 | |||||||||||
Share of loss of equity accounted associates |
1 1 |
— | ||||||||||
Changes in |
||||||||||||
- inventories |
( |
) | ( |
) | ||||||||
- trade and other financial receivables |
( |
) | ( |
) | ||||||||
- other assets |
( |
) | ||||||||||
- trade and other financial payables |
||||||||||||
- contract liabilities |
( |
) | ||||||||||
Net cash used in operating activities |
( |
) |
( |
) | ||||||||
Cash flows from Investing Activities |
||||||||||||
Investment on Joint Venture |
( |
) | — | |||||||||
Loans granted to Joint Venture |
12 | ( |
) | ( |
) | |||||||
Acquisition of intangible assets |
10 | ( |
) | ( |
) | |||||||
Acquisition of property, plant and equipment |
8 | ( |
) | ( |
) | |||||||
Acquisition of financial assets at amortized costs |
— | ( |
) | |||||||||
Acquisition of financial assets at fair value through profit or loss |
12 | ( |
) | ( |
) | |||||||
Other financial assets, net |
— | ( |
) | |||||||||
Proceeds from sale of property, plant and equipment |
8 and 10 | — | ||||||||||
Proceeds from sale of financial assets at fair value through profit or loss |
12 | — | ||||||||||
Interest received |
20 | |||||||||||
Net cash from (used) investing activities |
( |
) | ||||||||||
Notes |
June 30, 2022 (*) |
June 30, 2021 (*) |
||||||||||
Cash flows from Financing Activities |
||||||||||||
Proceeds from issuing equity instruments |
||||||||||||
(Warrants conversion and other) |
12 | — | ||||||||||
Purchase of share-based payments plan |
— | ( |
) | |||||||||
Proceeds from government grants |
||||||||||||
Proceeds from loans and borrowings |
12 | |||||||||||
Proceeds from convertible bonds |
— | |||||||||||
Proceeds from shareholders loan |
( |
) | — | |||||||||
Repayments of loans and borrowings |
12 | ( |
) | ( |
) | |||||||
Repayment of capitalized interests |
( |
) | — | |||||||||
Payment of principal portion of lease liabilities |
9 | ( |
) | ( |
) | |||||||
Payment of interest on lease liabilities |
9 | ( |
) | ( |
) | |||||||
Interest and bank fees paid |
20 | ( |
) | ( |
) | |||||||
Net cash from financing activities |
||||||||||||
Net increase/(decrease) in cash and cash equivalents |
( |
) |
||||||||||
Cash and cash equivalents at beginning of period |
||||||||||||
Exchange gains |
||||||||||||
Cash and cash equivalents at the end of the period |
||||||||||||
1. |
Reporting Entity |
2. |
Basis of Preparation |
3. |
Use of Judgements and Estimates |
• |
Going concern: Disclosures related to the going concern have been included in Note 2 Basis of preparation. |
• |
Share based payments: The Company’s management measures equity settled share-based payments at fair value at the date of grant and expenses the cost over the vesting period, based upon management’s estimate of equity instruments that will eventually vest, along with a corresponding increase in equity. At each statement of financial position date, management revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves. The assumptions considered in the valuation of shared based payments are included in Note 19. |
4. |
New IFRS and IFRIC not yet effective |
a) |
Standard and interpretation effective as of January 1, 2022 |
b) |
Standard and interpretation not yet effective: |
• |
IAS 8 Accounting policies, Changes in Accounting Estimates and Errors—Amendments regarding the definition of accounting estimates (February 2021) |
• |
IAS 12 Income Taxes—Amendments regarding deferred tax on leases and decommissioning obligations (May 2021) |
• |
IAS 1 Presentation of Financial Statements – Amendments regarding the classification of liabilities (January 2020) and Amendment to defer the effective date of the January 2020 amendments (July 2020) and Amendments regarding the disclosure of accounting policies (February 2021) |
5. |
Significant and New Accounting Policies |
6. |
Business Combinations |
7. |
Operating Segments |
• | EMEA: Europe-Middle East Asia |
• | NORAM: North America |
• | APAC: Asia-Pacific |
June 30, 2022 |
||||||||||||||||||||||||
(In Euros) |
EMEA |
NORAM |
APAC |
Total segments |
Consolidated adjustments and eliminations |
Consolidated |
||||||||||||||||||
Revenue |
( |
) | ||||||||||||||||||||||
Changes in inventories and raw materials and consumables used |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Employee benefits |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other income |
— | |||||||||||||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||
Total Assets |
( |
) |
||||||||||||||||||||||
Total Liabilities |
( |
) |
||||||||||||||||||||||
June 30, 2021 |
||||||||||||||||||||||||
(In Euros) |
EMEA |
NORAM |
APAC |
Total segments |
Consolidated adjustments and eliminations |
Consolidated |
||||||||||||||||||
Revenue |
( |
) | ||||||||||||||||||||||
Changes in inventories and raw materials and consumables used |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Employee benefits |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other income |
— | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
Total Assets |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Liabilities |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(In Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Country |
Revenue |
Revenue |
||||||
Spain |
||||||||
Netherlands |
||||||||
France |
||||||||
Italy |
||||||||
United States |
||||||||
United Kingdom |
||||||||
Sweden |
||||||||
Germany |
||||||||
Belgium |
||||||||
Ireland |
||||||||
Canada |
||||||||
Australia |
||||||||
New Zeland |
||||||||
Portugal |
||||||||
Norway |
||||||||
Denmark |
||||||||
Czech Republic |
(In Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Country |
Revenue |
Revenue |
||||||
Brazil |
||||||||
Israel |
||||||||
Thailand |
||||||||
Finland |
||||||||
Poland |
||||||||
Switzerland |
||||||||
Other countries |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
8. |
Property, Plant and Equipment |
(In Euros) |
Buildings and leasehold improvements |
Fixtures and fittings |
Plant and equipment |
Assets under construction |
Total |
|||||||||||||||
Balance at December 31, 2021 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Additions |
||||||||||||||||||||
Disposal |
— |
|||||||||||||||||||
Transfers |
( |
) | — |
|||||||||||||||||
Depreciation for the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Translation differences |
— | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at June 30, 2022 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cost |
||||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
At June 30, 2022 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Accumulated amortization |
||||||||||||||||||||
At December 31, 2021 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
At June 30, 2022 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
9. |
Rights of Use Assets and Lease Liabilities |
(In Euros) |
Buildings |
Vehicles |
Other assets |
Total |
||||||||||||
Balance at December 31, 2021 |
||||||||||||||||
Additions |
— | |||||||||||||||
Depreciation for the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Others |
( |
) | ( |
) | ||||||||||||
Translation differences |
— | |||||||||||||||
Balance at June 30, 2022 |
||||||||||||||||
(In Euros) |
Buildings |
Vehicles |
Other assets |
Total |
||||||||||||
Balance at December 31, 2021 |
||||||||||||||||
Additions to liabilities |
— | |||||||||||||||
Interest on lease liabilities |
||||||||||||||||
Lease payments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Others |
( |
) | ( |
) | ||||||||||||
Translation differences |
( |
) | ( |
) | — | ( |
) | |||||||||
Balance at June 30, 2022 |
||||||||||||||||
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
6 months or less |
||||||||
6 months to 1 year |
||||||||
From 1 to 2 years |
||||||||
From 2 to 5 years |
||||||||
More than 5 years |
||||||||
(In Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Interest on lease liabilities (see note 20) |
||||||||
Expenses relating to short-term and low value leases (see note 18) |
10. |
Intangible Assets and Goodwill |
(In Euros) |
Software |
Patents and customer relationships |
Internally Developed Intangibles |
Other |
Total |
|||||||||||||||
Balance at December 31, 2021 |
||||||||||||||||||||
Additions |
||||||||||||||||||||
Disposal |
||||||||||||||||||||
Amortization for the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Translation differences |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Balance at June 30, 2022 |
||||||||||||||||||||
Cost |
||||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||
At June 30, 2022 |
||||||||||||||||||||
Accumulated amortization |
||||||||||||||||||||
At December 31, 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
At June 30, 2022 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
b) | Goodwill |
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
Nordics |
||||||||
Electromaps / Software |
||||||||
Total |
11. |
Equity-Accounted Investees |
(In Euros) |
Group`s share of loss for the year |
Equity- Accounted Investees |
Unrecognized share of losses |
|||||||||
At June 15, 2019 |
— |
|||||||||||
|
|
|
|
|
|
|||||||
Loss for the Year 2019 |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
At December 31, 2019 |
||||||||||||
|
|
|
|
|
|
|||||||
Loss for the Year 2020 |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
At December 31, 2020 |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Loss for the Year 2021 |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
At December 31, 2021 |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Capital increase |
— | — | ||||||||||
Loss for the period ended June 30, 2022 |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
At June 30, 2022 |
— |
( |
) | |||||||||
|
|
|
|
|
|
12. |
Financial Assets and Financial Liabilities |
A. |
Current and non-current financial assets |
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
(In Euros) |
Non-current |
Current |
Non-current |
Current |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Guarantee deposit |
— | |||||||||||||||
Financial investments |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other current financial assets |
— |
— |
||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
B. |
Expected credit loss assessment for corporate customers as of June 30, 2022 and December 31, 2021. |
C. |
Financial assets by class and category |
June 30, 2022 |
||||||||||||||||
(In Euros) |
Financial assets measured at amortized cost |
Financial assets measured at fair value with changes in PL |
Financial assets measured at fair value with changes in OCI |
Total |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Loans granted to Joint Venture |
||||||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Financial investments |
||||||||||||||||
Other current financial assets |
||||||||||||||||
Cash and cash equivalents |
— |
|||||||||||||||
December 31, 2021 |
||||||||||||||||
(In Euros) |
Financial assets measured at amortized cost |
Financial assets measured at fair value with changes in PL |
Financial assets measured at fair value with changes in OCI |
Total |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | |||||||||||||||
Guarantee deposit |
— | |||||||||||||||
Non-current financial assets |
— |
|||||||||||||||
Guarantee deposit |
— | |||||||||||||||
Financial investments |
||||||||||||||||
Other current financial assets |
||||||||||||||||
Cash and cash equivalents |
— |
|||||||||||||||
A. |
Loans and borrowings |
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
(In Euros) |
Non- current |
Current |
Non- current |
Current |
||||||||||||
Loans and borrowings |
||||||||||||||||
Derivative warrant liabilities |
||||||||||||||||
Lease liabilities (see note 9) |
||||||||||||||||
Put option liability (Notes 6 and 25) |
||||||||||||||||
Total |
||||||||||||||||
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||||||
1 July 2022 - 30 June 2023 |
2022 | |||||||||||
1 July 2023 - 30 June 2024 |
2023 | |||||||||||
1 July 2024 - 30 June 2025 |
2024 | |||||||||||
1 July 2025 - 30 June 2026 |
2025 | |||||||||||
1 July 2026 - 30 June 2027 |
2026 | |||||||||||
More than five years |
More than five years |
|||||||||||
(*) | Including the interest expenses to be paid in the future. |
(in Euros) |
June 30, 2022 |
|||||||||||||||||||||||
Company |
Currency |
Effective interest rate |
Less than 1 year |
1 to 3 years |
Over 3 years |
Total |
||||||||||||||||||
Non-Current Liabilities |
||||||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||||||
Floating rate loan |
Euribor + |
— | ||||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||||||
Current Liabilities |
||||||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||||||
(in Euros) |
December 31, 2021 |
|||||||||||||||||||||||
Company |
Currency |
Effective interest rate |
Less than 1 year |
1 to 3 years |
Over 3 years |
Total |
||||||||||||||||||
Bank Loans |
||||||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||||||
Floating rate loan |
Euribor + |
— | ||||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||||||
Borrowings |
||||||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||||||
Public Warrant |
Private Warrant |
Total |
||||||||||||||||||||||
Number of warrants |
Euros |
Number of warrants |
Euros |
Number of warrants |
Euros |
|||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||||||
Public Warrants exercised on 11 January 2022 |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Public Warrants exercised on 1 February 2022 |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ||||||||||||||
Public Warrants exercised on 23 March 2022 |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ||||||||||||||
Change in fair value of derivative warrant liabilities |
— | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||
Exchange differences |
— | — | — | |||||||||||||||||||||
At June 30, 2022 |
||||||||||||||||||||||||
(In Euros) |
Loans and borrowings |
Derivative warrant liabilities |
Lease liabilities |
Total |
||||||||||||
Balance at January 1, 2022 |
||||||||||||||||
Proceeds from loans |
— | — | ||||||||||||||
Principal paid on lease liabilities |
— | — | ( |
) | ( |
) | ||||||||||
Interest paid on lease liabilities |
— | — | ( |
) | ( |
) | ||||||||||
Repayments of loans |
( |
) | — | — | ( |
) | ||||||||||
Interest and bank fees paid |
( |
) | — | — | ( |
) | ||||||||||
Interest paid on convertible bonds |
( |
) | — | — | ( |
) | ||||||||||
Other payments |
( |
) | — | — | ( |
) | ||||||||||
Total changes from financing cash flows |
— |
( |
) |
|||||||||||||
The effect of changes in foreign exchange rates |
— |
( |
) |
|||||||||||||
Public Warrants exercised |
— | ( |
) | — | ( |
) | ||||||||||
Change in fair value of derivative warrant liabilities |
— | ( |
) | — | ( |
) | ||||||||||
New leases |
— | — | ||||||||||||||
Governmental loan to receive |
— | |||||||||||||||
Interest and bank fees expenses |
— | |||||||||||||||
Total liability-related other changes |
( |
) |
( |
) | ||||||||||||
Balance at June 30, 2022 |
||||||||||||||||
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
Suppliers |
||||||||
Various payables |
||||||||
Personnel (salaries payable) |
||||||||
Customer advances |
||||||||
Total |
||||||||
13. |
Inventories |
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
Raw materials |
||||||||
Work in progress |
||||||||
Finished goods |
||||||||
Total |
||||||||
14. |
Cash and Cash Equivalents |
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
Cash |
||||||||
Bank and other credit institutions |
||||||||
Bank and other credit institutions, foreign currency |
||||||||
Other cash equivalents |
||||||||
Total |
||||||||
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
USD |
||||||||
GBP |
||||||||
NOK |
||||||||
SEK |
||||||||
DKK |
||||||||
CNY |
||||||||
Total |
||||||||
15. |
Capital and Reserves |
(In Euros) |
Total Shares |
Share Capital |
||||||
Class A shares of euro |
||||||||
Class B shares of euro |
||||||||
Total |
||||||||
(In Euros) |
Shares |
Price per |
Share Capital |
Share Premium |
||||||||||||
At December 31, 2021 |
||||||||||||||||
January 11, 2022 Kensington Warrant conversion (Class A Shares) |
||||||||||||||||
February 1, 2022 Kensington Warrant conversion (Class A Shares) |
||||||||||||||||
March 23, 2022 Kensington Warrant conversion (Class A Shares) |
||||||||||||||||
April 21, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
April 29, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
May 13, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
May 20, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
May 27, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
June 3, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
June 10, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
June 17, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares) |
||||||||||||||||
At June 30, 2022 |
||||||||||||||||
16. |
Government Grants |
June 30, 2022 |
December 31, 2021 |
|||||||||||||||||
Grants |
Goverment Entity |
Non-current Liability |
Current liability |
Non-current Liability |
Current liability |
|||||||||||||
Flexener |
||||||||||||||||||
Movilidad 2030 |
||||||||||||||||||
Zeus Ptas |
||||||||||||||||||
Magnetor |
||||||||||||||||||
Minichargers |
||||||||||||||||||
Coldpost |
||||||||||||||||||
Cupons Industria |
||||||||||||||||||
Alt Impac |
||||||||||||||||||
Total |
||||||||||||||||||
17. |
Revenue from Contracts with Customers |
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Lines: |
||||||||
Sales of goods |
||||||||
Sales of services |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
|||||
Geographical markets: |
||||||||
EMEA |
||||||||
NORAM |
||||||||
APAC |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
18. |
Expenses |
A. |
Changes in inventories and raw materials and consumables used |
(In Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Consumption of finished goods, raw materials and other |
||||||||
Scrap stock, slow moving & obsolete accrual |
||||||||
Work carried out by other companies |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
B. |
Operating expenses |
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Marketing expenses |
||||||||
External temporary workers |
||||||||
Professional services |
||||||||
Office expense |
||||||||
Delivery |
||||||||
Custom duty, tax, penalties |
||||||||
Utilities and similar expenses |
||||||||
Fees |
||||||||
Insurance premium |
||||||||
Short-term and low value leases (see note 9) |
||||||||
Bank Services |
||||||||
Travel expenses |
||||||||
Repairs |
||||||||
Others impairments and losses (see note 12) |
||||||||
Expected credit loss for trade and other receivables (see note 12) |
( |
) | ||||||
Other |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
19. |
Employee Benefits |
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Wages and salaries |
||||||||
Share-based payment plans expenses |
||||||||
Social Security |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Number of warrants |
ESOP |
MSOP |
Founders |
RSU Employees |
RSU Management |
Total |
||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Granted |
||||||||||||||||||||||||
Exercised |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Cancelled |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At June 30, 2022 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Management stock option plan |
||||||||
Founders stock option plan |
||||||||
RSU Employees |
||||||||
RSU Management |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
i. | The Beneficiary will have a lock-up period proportionally on a monthly basis and they can exercise when they are released from lock-up; |
ii. | That the Company has not initiated a Temporary Suspension of exercise; and |
iii. | That any other particular conditions included in the Beneficiary’s Invitation Notice have been fulfilled. |
• | st Anniversary Date as from the Date of Grant, |
• | nd Anniversary Date as from the Date of Grant. |
• | rd Anniversary Date as from the Date of Grant. |
• | Time vest: |
• | st Anniversary Date as from the Date of Grant, |
• | nd Anniversary Date as from the Date of Grant. |
• | Performance based: |
• | Stretch 1: |
• | If between April 8, 2025 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $ |
• | Accelerator event: If the Company announces results for Fourth Quarter and Full Year 2024 reporting (i) revenue of at least |
• | Stretch 2: |
• | If between April 8, 2027 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $ |
• | Time vest plan: |
• | Stretch 1: |
20. |
Net Financial Income/(Loss) |
(Euros) |
Notes |
June 30, 2022 |
June 30, 2021 |
|||||||||
Financial income |
||||||||||||
Fair value adjustment of the put option |
||||||||||||
Valuation of financial instruments |
||||||||||||
Other finance income |
||||||||||||
|
|
|
|
|||||||||
Total Financial income |
||||||||||||
|
|
|
|
|||||||||
Fair Value adjustment of the Warrants |
1 2 |
|||||||||||
|
|
|
|
|||||||||
Financial expenses |
||||||||||||
Interest on bank loans |
1 2 |
|||||||||||
Interest on leases |
9 |
|||||||||||
Interest on convertible bonds |
||||||||||||
Valuation of financial instruments |
1 2 |
|||||||||||
Valuation of convertible bonds |
||||||||||||
Accretion of discount on put option liabilities |
||||||||||||
Other finance costs |
||||||||||||
|
|
|
|
|||||||||
Total Financial expenses |
||||||||||||
|
|
|
|
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Exchange differences - Gains |
||||||||
Exchange differences - Losses |
( |
) | ||||||
|
|
|
|
|||||
Total |
( |
) |
||||||
|
|
|
|
21. |
Earnings Per Share |
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Loss for the year attributable to holders of ordinary equity instruments of the Parent |
( |
) | ( |
) | ||||
Dilutive effects on earnings per share |
||||||||
|
|
|
|
|||||
Total loss attributable to ordinary equity holders of the Parent for basic and diluted earnings per share |
( |
) |
( |
) | ||||
|
|
|
|
Number of shares |
June 30, 2022 |
June 30, 2021 |
||||||
Weighted average number of ordinary shares for basic and diluted earnings per share |
||||||||
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Basic and diluted losses per share |
( |
) |
( |
) | ||||
22. |
Tax credit and other receivables/Other payables |
A. |
Tax credit and other receivables/Other payables |
(Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
VAT receivable |
||||||||
Social Security receivable |
||||||||
Grant receivables |
||||||||
Tax credit receivable |
||||||||
Total tax credit and other receivables |
||||||||
(Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
VAT payable |
||||||||
Social Security payable |
||||||||
Personal Income Tax payable |
||||||||
Deferred tax liability |
||||||||
Total other payables |
||||||||
B. |
Amounts recognized in profit or loss |
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Loss before Tax |
( |
) |
( |
) | ||||
Tax income (at 25%) |
||||||||
Unrecognized deferred tax assets on tax losses |
( |
) | ( |
) | ||||
Deductions and credits generated |
( |
) | ( |
) | ||||
Other adjustments |
( |
) | ||||||
Income tax expense/(income) |
( |
) |
( |
) | ||||
(Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
2015 |
||||||||
2016 |
||||||||
2017 |
||||||||
2018 |
||||||||
2019 |
||||||||
2020 |
||||||||
2021 |
||||||||
23. |
Group Information |
23.1 |
Related parties |
June 30, 2022 |
||||||||||||
(Euros) |
Shareholders |
Joint Venture |
Total |
|||||||||
Income |
||||||||||||
Revenue |
||||||||||||
Statement of financial position |
||||||||||||
Loans granted to Joint Venture (see note 12) |
||||||||||||
Receivables from Joint Venture (see note 12) |
||||||||||||
December 31, 2021 |
||||||||||||
(Euros) |
Shareholders |
Joint Venture |
Total |
|||||||||
Statement of financial position |
||||||||||||
Non-current Loans granted to Joint Venture (see note 12) |
||||||||||||
Current Loans granted to Joint Venture (see note 12) |
||||||||||||
Receivables from Joint Venture (see note 12) |
||||||||||||
June 30, 2021 |
||||||||||||
(Euros) |
Shareholders |
Joint Venture |
Total |
|||||||||
Income |
||||||||||||
Revenue |
23.2 |
Directors and Senior Management |
(Euros) |
June 30, 2022 |
June 30, 2021 |
||||||
Wages and salaries |
||||||||
Share-based payment plan expenses |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
24. |
Financial Risk Management |
a) |
Credit risk |
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
(In Euros) |
Non-current |
Current |
Non-current |
Current |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | — | ||||||||||||||
Loans granted to Joint Venture |
— | — | ||||||||||||||
Receivables from Joint Venture |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Loans granted to Joint Venture |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Financial investments |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other current financial assets |
— |
— |
||||||||||||||
Cash and cash equivalents |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
b) |
Market risk |
(In Euros) |
Currency |
June 30, 2022 |
December 31, 2021 |
|||||||||
Fixed rate Loan |
EUR | |||||||||||
Fixed rate Loan |
NOK | — | ||||||||||
Fixed rate Loan |
USD | — | ||||||||||
Floating rate loan |
EUR | |||||||||||
|
|
|
|
|||||||||
|
|
|
|
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
Profit or loss |
Profit or loss |
|||||||||||||||
(In Euros) |
100 bp increase |
100 bp decrease |
100 bp increase |
100 bp decrease |
||||||||||||
Floating rate loan |
( |
) | ( |
) | ( |
) |
June 2022 |
December 2021 |
|||||||||||||||
Profit or loss |
Profit or loss |
|||||||||||||||
(In Euros) |
Strengthening |
Weakening |
Strengthening |
Weakening |
||||||||||||
USD (10% movement) |
( |
) | ( |
) | ||||||||||||
GBP (10% movement) |
( |
) | ( |
) | ||||||||||||
SEK (10% movement) |
( |
) | ( |
) |
c) |
Liquidity risk |
(In Euros) |
June 30, 2022 |
December 31, 2021 |
||||||
Current assets |
||||||||
Current liabilities |
||||||||
June 30, 2022 |
||||||||||||
(In Euros) |
Capital |
Interest |
Total |
|||||||||
1 July 2022 - 30 June 2023 |
||||||||||||
1 July 2023 - 30 June 2024 |
||||||||||||
1 July 2024 - 30 June 2025 |
||||||||||||
1 July 2025 - 30 June 2026 |
||||||||||||
1 July 2026 - 30 June 2027 |
||||||||||||
More than five years |
||||||||||||
December 31, 2021 |
||||||||||||
(In Euros) |
Capital |
Interest |
Total |
|||||||||
2022 |
||||||||||||
2023 |
||||||||||||
2024 |
||||||||||||
2025 |
||||||||||||
2026 |
||||||||||||
More than five years |
||||||||||||
d) |
Capital management |
25. |
Events after the Reporting Period |
26. |
Detail of Wallbox Group subsidiaries |
Registered office |
Activity |
Company holding investment |
% Equity interest |
Consolidation method | ||||||||
Company name |
June 30, 2022 |
December 31, 2021 | ||||||||||
(*) | direct ownership |
(-) | indirect ownership |
Item 6. |
Indemnification of Directors and Officers |
Item 7. |
Recent Sales of Unregistered Securities |
Item 8. |
Exhibits and Financial Statement Schedules |
No. |
Description | |
23.1* | Consent of Loyens & Loeff (included in Exhibit 5.1 to this Registration Statement). | |
23.2 | Consent of BDO Bedrijfsrevisoren BV, independent registered public accounting firm of Wallbox N.V. | |
24.1* | Power of Attorney (included on signature page of Post-Effective Amendment No. 1 to the Registration Statement). | |
101.INS | Inline XBRL Instance Document | |
101.SCH | Incline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Inline XBRL for the cover page of this Annual Report on Form 20-F, included in the Exhibit 101 Inline XBRL Document Set |
* | Previously filed. |
† | This document has been identified as a management contract or compensatory plan or arrangement. |
Wallbox N.V. | ||
By: | /s/ Enric Asunción Escorsa | |
Name: Enric Asunción Escorsa | ||
Title: Chief Executive Officer |
Signature |
Capacity | |
/s/ Enric Asunción Escorsa Enric Asunción Escorsa |
Chief Executive Officer, Executive Director ( Principal Executive Officer | |
/s/ Jordi Lainz Jordi Lainz |
Chief Financial Officer ( Principal Financial and Principal Accounting Officer | |
* Beatriz González Ordóñez |
Non-Executive Director | |
* Anders Pettersson |
Non-Executive Director | |
* Diego Diaz Pilas |
Non-Executive Director | |
/s/ Donna J. Kinzel Donna J. Kinzel |
Non-Executive Director | |
* Pol Soler |
Non-Executive Director |
*By: | /s/ Jordi Lainz | |
Jordi Lainz | ||
Attorney-in-Fact |
Wallbox USA Inc. | ||
By: | /s/ Douglas Alfaro | |
Name: Douglas Alfaro | ||
Title: General Manager, North America |