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Equity-Accounted Investees
 12 Months Ended
Dec. 31, 2022
Text Block [Abstract]  
Equity-Accounted Investees
12.
EQUITY-ACCOUNTED INVESTEES
Joint venture
Wallbox-Fawsn New Energy Vehicle Charging Technology (Suzhou) Co., Ltd. (hereinafter “Wallbox Fawsn”) is a joint venture incorporated on June 15, 2019 over which the Group has joint control and a 50% interest. This company is not listed on the stock exchange.
Wallbox Fawsn is structured as a separate vehicle and the Group has a residual interest in its net assets. Consequently, the Group has classified its investment in Wallbox Fawsn as a joint venture, pursuant to the agreement for the incorporation of Wallbox Fawsn.
The principal activity of the joint venture in China is the manufacturing and sale of charging solutions with a clear focus on the automotive sector.
The table below provides a summary of the financial information of Wallbox Fawsn, as disclosed in its financial statements. The table also reconciles the summarized financial information with the carrying amount of the Group’s investment in Wallbox Fawsn (including movement in the value of
these
investments using the equity method during 2022 and 2021):
The summarized statement of financial position of Wallbox Fawsn is as follows:
 
    
Wallbox Fawsn
  
(In thousand Euros)
   
Dec 31, 2022
     
Dec 31, 2021
  
Property, plant and equipment
      211        187  
Non-current financial assets
      81        144  
    
 
 
     
 
 
  
Non-Current Assets
     
292
       
331
  
Inventories
      724        674  
Trade and other financial receivables
      492        534  
Advance payments
      17        2  
Cash and cash equivalents
      186        198  
    
 
 
     
 
 
  
Current Assets
     
1,419
       
1,408
  
    
 
 
     
 
 
  
Total Assets
     
1,711
       
1,739
  
    
 
 
     
 
 
  
Loans and borrowings (intercompany loan)
      1,359        2,502  
    
 
 
     
 
 
  
Non-Current Liabilities
     
1,359
       
2,502
  
Trade and other financial payables
      943        1,021  
Loans and borrowings (intercompany loan)
      1,406        —    
    
 
 
     
 
 
  
Current Liabilities
     
2,350
       
1,021
  
    
 
 
     
 
 
  
Total Liabilities
     
3,709
       
3,523
  
    
 
 
     
 
 
  
Foreign currency translation reserve
      —          148  
    
 
 
     
 
 
  
Net Assets (Liabilities)
     
(1,998
)
 		     
(1,636
)
 
    
 
 
     
 
 
  
 
 
As of December 31, 2022 and 2021 there were no pending commitment.
The summarized statement of profit and loss of Wallbox Fawsn at December 31, 2022, 2021and 2020:
 
     
               
      
               
      
               
  
    
Wallbox Fawsn
         
(In thousand Euros)
   
2022
     
2021
     
2020
  
Revenue
   
 
1,681
 
   
 
1,852
 
   
 
353
 
Changes in inventories and raw materials and consumables used
   
 
(1,636
) 
   
 
(1,642
) 
   
 
(540
) 
Other operating expenses
   
 
(1,761
) 
   
 
(1,448
) 
   
 
(649
) 
Amortization and depreciation
   
 
(92
) 
   
 
(8
) 
   
 
(4
) 
    
 
 
     
 
 
     
 
 
  
Operating Loss
   
 
(1,808
) 
   
 
(1,246
) 
   
 
(840
) 
Finance (costs)/income
   
 
(28
) 
   
 
(59
) 
   
 
(5
) 
    
 
 
     
 
 
     
 
 
  
Loss before Tax
   
 
(1,836
) 
   
 
(1,305
) 
   
 
(845
) 
Income tax expense
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
  
Loss for the Year
   
 
(1,836
) 
   
 
(1,305
) 
   
 
(845
) 
    
 
 
     
 
 
     
 
 
  
Group’s share of loss for the year - 50% (
2021 and 2020:
 50%)
   
 
(918
) 
   
 
(653
) 
   
 
(423
) 
    
 
 
     
 
 
     
 
 
  
Details and movement of equity-accounted investees are as follows:
 
(In thousand Euros)
   
Group’s

share of loss
for the year
     
Equity-
Accounted
Investees
     
Unrecognized

share of

losses
  
At June 15, 2019
      —       
 
641
 
      —    
    
 
 
     
 
 
     
 
 
  
Loss for the Year 2019
      (388 )       (388 )       —    
    
 
 
     
 
 
     
 
 
  
At December 31, 2019
      —       
 
253
 
      —    
    
 
 
     
 
 
     
 
 
  
Loss for the Year 2020
      (423 )       (253 )       (170 ) 
At December 31, 2020
               —       
 
(170
) 
    
 
 
     
 
 
     
 
 
  
Loss for the Year 2021
      (653 )       —          (653 ) 
    
 
 
     
 
 
     
 
 
  
At December 31, 2021
      —          —       
 
(823
) 
    
 
 
     
 
 
     
 
 
  
Group loan
                           
Capital increase
      —          714        —    
Loss for the Year 2022
      (918 )       (330 )       (588 ) 
    
 
 
     
 
 
     
 
 
  
At December 31, 2022
            
 
384
 
   
 
(1,411
) 
    
 
 
     
 
 
     
 
 
  
Reclassification to held for sale (Note 14)
      —          (384 )       —    
    
 
 
     
 
 
     
 
 
  
At December 31, 2022
      —          —       
 
(1,411
) 
    
 
 
     
 
 
     
 
 
  
The Group’s share of the joint venture loss for the year ended December 31, 2022 was Euros 918 thousand (Euros 653 thousand at December 31, 2021), of which Euros 330 thousand has been recognized during 2022 (
2021: Euros
 0
).
At December 31, 2022 the outstanding balances of the joint venture are classified as assets held for sale as the sale of the investment is highly probable to happen in the short term (Note 14).
The estimated fair value of the Group’s consideration receivable at disposal of the joint venture amounts to Euros 384 thousand, representing approximately 50% of the net asset position of the joint venture after excluding the loans that were granted to the joint venture by its shareholders (Note 14). Additionally, the loans receivable issued to the joint venture by the Group are fully impaired as at 31 December 2022 (Note 13).