Interim Condensed Consolidated statements of financial position as of June 30, 2023 and December 31, 2022 |
2 | |||
Interim Condensed Consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2023 and 2022 |
3 | |||
Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2023 and 2022 |
4 | |||
Interim Condensed Consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 |
6 | |||
Notes to the Interim Condensed Consolidated financial statements |
7 |
(In thousand Euros) |
Notes |
June 30, 2023 (*) |
December 31, 2022 |
|||||||||
Assets |
||||||||||||
Non-Current Assets |
||||||||||||
Property, plant and equipment |
8 | |||||||||||
Right-of -use assets |
9 | |||||||||||
Intangible assets |
10 | |||||||||||
Goodwill |
10 | |||||||||||
Non-current financial assets |
12 | |||||||||||
Tax credit receivables |
23 | |||||||||||
Total Non-Current Assets |
||||||||||||
Assets held for sale |
11 | — |
||||||||||
Current Assets |
||||||||||||
Inventories |
13 | |||||||||||
Trade and other financial receivables |
12 | |||||||||||
Other receivables |
23 | |||||||||||
Current financial assets |
12 | |||||||||||
Deferred charges |
||||||||||||
Advance payments |
13 | |||||||||||
Cash and cash equivalents |
12 and 14 | |||||||||||
Total Current Assets |
||||||||||||
Total Assets |
||||||||||||
Equity and Liabilities |
||||||||||||
Equity |
||||||||||||
Share capital |
15 | |||||||||||
Share premium |
15 | |||||||||||
Accumulated deficit |
15 | ( |
) | ( |
) | |||||||
Other equity components |
15 | |||||||||||
Foreign currency translation reserve |
15 | |||||||||||
Total Equity attributable to owners of the Company |
||||||||||||
Liabilities |
||||||||||||
Non-Current Liabilities |
||||||||||||
Loans and borrowings |
12 | |||||||||||
Lease liabilities |
9 and 12 | |||||||||||
Provisions |
16 | |||||||||||
Government grants |
17 | |||||||||||
Deferred tax liabilities |
23 | |||||||||||
Total Non-Current Liabilities |
||||||||||||
Current Liabilities |
||||||||||||
Loans and borrowings |
12 | |||||||||||
Derivative warrants liabilities |
12 | |||||||||||
Lease liabilities |
9 and 12 | |||||||||||
Trade and other financial payables |
12 | |||||||||||
Current income tax liabilities |
23 | — | ||||||||||
Other payables |
23 | |||||||||||
Provisions |
16 | |||||||||||
Government grants |
17 | |||||||||||
Contract liabilities |
18 | |||||||||||
Total Current Liabilities |
||||||||||||
Total Liabilities |
||||||||||||
Total Equity and Liabilities |
||||||||||||
(*) |
Unaudited |
(In thousand Euros) |
Notes |
June 30, 2023 (*) |
June 30, 2022 (*) |
|||||||||
Revenue |
18 | |||||||||||
Changes in inventories and raw materials and consumables used |
19 | ( |
) | ( |
) | |||||||
Employee benefits |
20 | ( |
) | ( |
) | |||||||
Other operating expenses |
19 | ( |
) | ( |
) | |||||||
Amortization and depreciation |
8,9,10 | ( |
) | ( |
) | |||||||
Net other income |
||||||||||||
Operating Loss |
( |
) |
( |
) | ||||||||
Financial income |
21 | |||||||||||
Financial expenses |
21 | ( |
) | ( |
) | |||||||
Change in fair value of derivative warrant liabilities |
12 | |||||||||||
Foreign exchange gains/(losses) |
( |
) | ||||||||||
Financial Results |
( |
) |
||||||||||
Share of loss of equity-accounted investees |
— | ( |
) | |||||||||
Loss before Tax |
( |
) |
( |
) | ||||||||
Income tax credit |
23 | |||||||||||
Loss for the Period |
22 | ( |
) |
( |
) | |||||||
Loss per share |
||||||||||||
Basic and diluted losses per share (euros per share) |
22 | ( |
) |
( |
) | |||||||
Loss for the Period |
( |
) |
( |
) | ||||||||
Other comprehensive (loss)/income |
||||||||||||
Other comprehensive (loss)/income 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 other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods |
( |
) |
||||||||||
Other comprehensive (loss)/income for the Period |
( |
) |
||||||||||
Total comprehensive loss for the Period |
( |
) |
||||||||||
(*) |
Unaudited |
Attributable to owners of the Company |
||||||||||||||||||||||||||||
(In thousand Euros) |
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 |
20 | — | — | — | — | |||||||||||||||||||||||
Total contributions and distributions |
— |
— |
||||||||||||||||||||||||||
Total transactions with owners of the Company |
( |
) |
||||||||||||||||||||||||||
Balance at June 30, 2022 (*) |
( |
) |
||||||||||||||||||||||||||
(*) |
Unaudited |
Attributable to owners of the Company |
||||||||||||||||||||||||||||
(In thousand Euros) |
Notes |
Share capital |
Share premium |
Accumulated deficit |
Other equity components |
Foreign currency translation reserve |
Total equity |
|||||||||||||||||||||
Balance at January 1, 2023 |
( |
) |
||||||||||||||||||||||||||
Total comprehensive (loss)/income for the period |
||||||||||||||||||||||||||||
Loss for the Period |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||
Other comprehensive (loss)/income for the period |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||||
Total comprehensive income for the period |
— |
— |
( |
) |
— |
( |
) |
( |
) | |||||||||||||||||||
Transactions with owners of the Company |
15 | |||||||||||||||||||||||||||
Contribution of equity (Private placement) |
— | — | — | |||||||||||||||||||||||||
Contribution of equity (Coil Acquisition) |
— | ( |
) | — | — |
|||||||||||||||||||||||
Contribution of equity (ATM) |
— | — | ||||||||||||||||||||||||||
Contribution of equity (Execution of options and warrants) |
— | ( |
) | — | ||||||||||||||||||||||||
Business combinations to be settled in equity instruments |
— | — | — | — | ||||||||||||||||||||||||
Share based payments |
20 | — | — | — | — | |||||||||||||||||||||||
Total contributions and distributions |
— |
( |
) |
— |
||||||||||||||||||||||||
Total transactions with owners of the Company |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Balance at June 30, 2023 (*) |
( |
) |
||||||||||||||||||||||||||
(*) |
Unaudited |
(In thousand Euros) |
Notes |
June 30, 2023 (*) |
June 30, 2022 (*) |
|||||||||
Cash flows from Operating Activities |
||||||||||||
Loss for the Period |
( |
) |
( |
) | ||||||||
Adjustments for: |
||||||||||||
Amortisation and depreciation |
8, 9 and 10 | |||||||||||
Expected credit loss for trade and other receivables |
12 and 19 | |||||||||||
Impairments of inventories |
13 and 19 | ( |
) | |||||||||
Impairments of financial assets |
— | |||||||||||
Change in provisions |
16 | |||||||||||
Government grants |
17 | ( |
) | ( |
) | |||||||
Financial income |
21 | ( |
) | ( |
) | |||||||
Financial expenses |
21 | |||||||||||
Change in fair value of derivative warrant liabilities |
12 | ( |
) | ( |
) | |||||||
Exchange differences |
( |
) | ||||||||||
Income tax credit |
23 | ( |
) | ( |
) | |||||||
Share based payments expense |
20 | |||||||||||
Share of loss of equity accounted associates |
11 | — | ||||||||||
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 in equity-accounted investees |
11 | — | ( |
) | ||||||||
Loans granted to equity-accounted investees |
12 | — | ( |
) | ||||||||
Acquisition of intangible assets |
10 | ( |
) | ( |
) | |||||||
Acquisition of property, plant and equipment |
8 | ( |
) | ( |
) | |||||||
Acquisition of financial assets at fair value through profit or loss |
12 | — | ( |
) | ||||||||
Proceeds from sale of financial assets at fair value through profit or loss |
12 | |||||||||||
Interest received |
— | |||||||||||
Net cash used in investing activities |
( |
) |
||||||||||
Cash flows from Financing Activities |
||||||||||||
Proceeds from issuing equity instruments (private placement) |
15 | — | ||||||||||
Proceeds from issuing equity instruments (ATM) |
15 | — | ||||||||||
Proceeds from issuing equity instruments (Warrants conversions and others) |
20 | |||||||||||
Proceeds from government grants |
17 | |||||||||||
Proceeds from loans |
12 | |||||||||||
Proceeds from shareholders loan |
12 | — | ( |
) | ||||||||
Repayments of loans |
12 | ( |
) | ( |
) | |||||||
Repayments of capitalized interests |
12 | — | ( |
) | ||||||||
Payment of principal portion of lease liabilities |
9 | ( |
) | ( |
) | |||||||
Payment of interest on lease liabilities |
9 | ( |
) | ( |
) | |||||||
Interest and bank fees paid |
21 | ( |
) | ( |
) | |||||||
Net cash from financing activities |
||||||||||||
Net increase in cash and cash equivalents |
( |
) | ||||||||||
Cash and cash equivalents at beginning of period |
||||||||||||
Exchange gains/(losses) |
( |
) | ||||||||||
Cash and cash equivalents at the end of the period |
||||||||||||
(*) |
Unaudited |
1. |
Reporting Entity |
2. |
Basis of Preparation |
• | financial assets related to investment, which are measured at fair value through other comprehensive income (“FVTOCI”); |
• | financial investments related to investment funds with institutions, which are measured at fair value through profit of loss (“FVTPL”); and |
• | derivative warrant liabilities and contingent consideration related to the business acquisitions, which are measured at FVTPL. |
3. |
Use of Judgements and Estimates |
• | Going concern: Disclosures related to the going concern have been included in Note 2. |
• | Share-based payments: The Company’s management measures equity settled share-based payments at fair value at the grant date and recognizes the cost over the vesting period, with a corresponding increase in equity. The expense is based upon management’s estimate of the percentage of equity instruments expected to vest. At each reporting 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. |
• | Measurement of awards granted under new plans during the six months ended June 30, 2023 has been consistent with that of prior period plans. |
4. |
New IFRS and IFRIC not yet effective |
a) | Standard and interpretation effective as of January 1, 2023 |
• | Insurance Contracts (IFRS 17) |
• | Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) |
• | Definition of Accounting Estimates (Amendments to IAS 8) |
• | Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) |
b) | New standards, amendments and interpretations effective and the European Union endorsed as of January 1, 2024 |
• | Classification of liabilities as current or non-current and Non-current lia bilities with Covenants (Amendments to IAS 1) |
• | Lease liability in a Sale and Leaseback (Amendment to IFRS 16) |
• | International tax reform – Pillar II Model rules (Amendment to IAS 12) |
5. |
Significant and New Accounting Policies |
6. |
Business Combinations |
7. |
Operating Segments |
June 30, 2023 |
||||||||||||||||||||||||
(In thousand Euros) |
EMEA |
NORAM |
APAC |
Total segments |
Consolidated adjustments and eliminations |
Consolidated |
||||||||||||||||||
Revenue |
( |
) | ||||||||||||||||||||||
Changes in inventories and raw |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Employee benefits |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other income |
— | |||||||||||||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) |
( |
) |
— |
( |
) | |||||||||||||
Total Assets |
( |
) |
||||||||||||||||||||||
Total Liabilities |
( |
) |
||||||||||||||||||||||
June 30, 2022 |
||||||||||||||||||||||||
(In thousand Euros) |
EMEA |
NORAM |
APAC |
Total segments |
Consolidated adjustments and eliminations |
Consolidated |
||||||||||||||||||
Revenue |
( |
) | ||||||||||||||||||||||
Changes in inventories and raw |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Employee benefits |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other income |
— | |||||||||||||||||||||||
Operating Loss |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
Total Assets |
( |
) |
||||||||||||||||||||||
Total Liabilities |
( |
) |
||||||||||||||||||||||
8. |
Property, Plant and Equipment |
A. |
Reconciliation of carrying amount |
(In thousand Euros) |
Buildings and leasehold improvements |
Fixtures and fittings |
Plant and equipment |
Assets under construction |
Total |
|||||||||||||||
Balance at December 31, 2022 |
||||||||||||||||||||
Additions |
— | |||||||||||||||||||
Disposal |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Transfers |
— | — | ( |
) | — |
|||||||||||||||
Depreciation for the period |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Translation differences |
— | ( |
) | ( |
) | — | ( |
) | ||||||||||||
Balance at June 30, 2023 |
||||||||||||||||||||
Cost |
||||||||||||||||||||
At December 31, 2022 |
||||||||||||||||||||
At June 30, 2023 |
||||||||||||||||||||
Accumulated amortization |
||||||||||||||||||||
At December 31, 2022 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
At June 30, 2023 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
9. |
Right of Use Assets and Lease Liabilities |
(In thousand Euros) |
Buildings |
Vehicles |
Other assets |
Total |
||||||||||||
Balance at December 31, 2022 |
||||||||||||||||
Additions |
— | — | ||||||||||||||
Depreciation for the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Translation differences |
( |
) | ( |
) | ( |
) | ||||||||||
Balance at June 30, 2023 |
||||||||||||||||
(In thousand Euros) |
Buildings |
Vehicles |
Other assets |
Total |
||||||||||||
Balance at December 31, 2022 |
||||||||||||||||
Additions to liabilities |
— | — | ||||||||||||||
Interest on lease liabilities |
||||||||||||||||
Lease payments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Translation differences |
( |
) | ( |
) | — | ( |
) | |||||||||
Balance at June 30, 2023 |
||||||||||||||||
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
6 months or less |
||||||||
6 months to 1 year |
||||||||
From 1 to 2 years |
||||||||
From 2 to 5 years |
||||||||
More than 5 years |
||||||||
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Interest on lease liabilities (see note 21) |
||||||||
Expenses relating to short-term and low value leases (see note 19) |
10. |
Intangible Assets and Goodwill |
(In thousand Euros) |
Software |
Patents and customer relationships |
Development costs |
Other |
Total |
|||||||||||||||
Balance at December 31, 2022 |
||||||||||||||||||||
Additions |
||||||||||||||||||||
Disposal |
( |
) | ( |
) | ( |
) | ||||||||||||||
Transfers |
( |
) | ( |
) | ||||||||||||||||
Amortization for the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Translation differences |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Balance at June 30, 2023 |
||||||||||||||||||||
Cost |
||||||||||||||||||||
At December 31, 2022 |
||||||||||||||||||||
At June 30, 2023 |
||||||||||||||||||||
Accumulated amortization |
||||||||||||||||||||
At December 31, 2022 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
At June 30, 2023 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
Ares |
||||||||
Coil |
||||||||
Nordics |
||||||||
Electromaps / Software |
||||||||
Total |
11. |
Equity-Accounted Investees |
12. |
Financial Assets and Financial Liabilities |
A. |
Current and non-current financial assets |
June 30, 2023 |
December 31, 2022 |
|||||||||||||||
(In thousand Euros) |
Non-current |
Current |
Non-current |
Current |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | |||||||||||||||
Trade and other financial receivables |
— |
|||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Financial investments |
— | — | ||||||||||||||
Other current financial assets |
— |
— |
||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
Total |
||||||||||||||||
B. |
Expected credit loss assessment as of June 30, 2023 and December 31, 2022. |
C. |
Financial assets by class and category |
June 30, 2023 |
||||||||||||||||
(In thousand 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 |
— | — | ||||||||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Financial investments |
||||||||||||||||
Other current financial assets |
||||||||||||||||
Cash and cash equivalents |
— |
|||||||||||||||
December 31, 2022 |
||||||||||||||||
(In thousand 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 |
— | — | ||||||||||||||
Trade and other financial receivables |
— |
— |
||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Non-current financial assets |
— |
|||||||||||||||
Guarantee deposit |
— | — | ||||||||||||||
Financial investments |
||||||||||||||||
Other current financial assets |
||||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
A. |
Loans and borrowings |
June 30, 2023 |
December 31, 2022 |
|||||||||||||||
(In thousand Euros) |
Non-current |
Current |
Non-current |
Current |
||||||||||||
Loans |
||||||||||||||||
Working capital line of credit |
— | — | ||||||||||||||
Loans and borrowings |
||||||||||||||||
Derivative warrant liabilities |
||||||||||||||||
Lease liabilities (see note 9) |
||||||||||||||||
Total |
||||||||||||||||
(In thousand Euros) |
June 30, 2023 |
December 31, 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 |
|||||||||||
1 July 2027 - 30 June 2028 |
2027 |
|||||||||||
More than five years |
More than five years | |||||||||||
(In thousand Euros) |
June 30, 2023 |
|||||||||||||||||||
Currency |
Less than 1 year |
1 to 3 years |
Over 3 years |
Total |
||||||||||||||||
Fixed rate loan |
||||||||||||||||||||
Floating rate loan |
||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||
Covenant Loan |
— | |||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||
(In thousand Euros) |
December 31, 2022 |
|||||||||||||||||||
Currency |
Less than 1 year |
1 to 3 years |
Over 3 years |
Total |
||||||||||||||||
Bank Loans |
||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||
Floating rate loan |
||||||||||||||||||||
Covenant Loan |
||||||||||||||||||||
Borrowings |
||||||||||||||||||||
Fixed rate loan |
||||||||||||||||||||
Public Warrant |
Private Warrant |
BBVA Warrant |
Total |
|||||||||||||||||||||||||||||
Number of warrants |
Thousand Euros |
Number of warrants |
Thousand Euros |
Number of warrants |
Thousand Euros |
Number of warrants |
Thousand Euros |
|||||||||||||||||||||||||
At December 31, 2022 |
— |
— |
||||||||||||||||||||||||||||||
Warrants issuance |
— | — | — | — | ||||||||||||||||||||||||||||
Change in fair value of derivative warrant liabilities |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||||||||||
Exchange differences |
— | ( |
) | — | ( |
) | — | ( |
) | — | ( |
) | ||||||||||||||||||||
At June 30, 2023 |
||||||||||||||||||||||||||||||||
(In thousand Euros) |
Loans and borrowings |
Derivative warrant liabilities |
Lease liabilities |
Total |
||||||||||||
Balance at January 1, 2023 |
||||||||||||||||
Proceeds from loans |
— | — | ||||||||||||||
Principal paid on lease liabilities |
— | — | ( |
) | ( |
) | ||||||||||
Interest paid on lease liabilities |
— | — | ( |
) | ( |
) | ||||||||||
Repayments of loans |
( |
) | — | — | ( |
) | ||||||||||
Interest and bank fees paid |
( |
) | — | — | ( |
) | ||||||||||
Total changes from financing cash flows |
( |
) |
||||||||||||||
The effect of changes in foreign exchange rates |
( |
) |
( |
) |
( |
) | ||||||||||
New warrants issued |
( |
) | — | — |
||||||||||||
Change in fair value of derivative warrant liabilities |
— | ( |
) | — | ( |
) | ||||||||||
New leases |
— | — | ||||||||||||||
Government loan receivable |
— | — | ||||||||||||||
Interest and bank fees expenses |
— | |||||||||||||||
Total liability-related other changes |
||||||||||||||||
Balance at June 30, 2023 |
||||||||||||||||
B. |
Trade and other financial payables |
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
Suppliers |
||||||||
Personnel (salaries payable) |
||||||||
Customer advances |
||||||||
Total |
||||||||
13. |
Inventories |
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
Raw materials |
||||||||
Work in progress |
||||||||
Finished goods |
||||||||
Total |
||||||||
14. |
Cash and Cash Equivalents |
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
Cash |
||||||||
Bank and other credit institutions |
||||||||
Bank and other credit institutions, foreign currency |
||||||||
Other cash equivalents |
||||||||
Total |
||||||||
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
USD |
||||||||
GBP |
||||||||
NOK |
||||||||
SEK |
||||||||
DKK |
||||||||
AUD |
||||||||
Total |
||||||||
15. |
Capital and Reserves |
Shares (number) |
Share Capital (in thousand Euros) |
|||||||
Class A shares of euro |
||||||||
Class B shares of euro |
||||||||
Class C shares of euro |
||||||||
Total |
||||||||
June 30, 2023 |
Shares (number) |
Nominal (Euros) |
Share Capital (in thousand Euros) |
|||||||||
Class A Shares |
||||||||||||
Class B Shares |
||||||||||||
Conversion shares |
||||||||||||
Total |
||||||||||||
December 31, 2022 |
Shares (number) |
Nominal (Euros) |
Share Capital (in thousand Euros) |
|||||||||
Class A Shares |
||||||||||||
Class B Shares |
||||||||||||
Conversion shares |
||||||||||||
To tal |
||||||||||||
Shares (number) |
Price per Share (Euros) |
Share Capital (In thousand Euros) |
Share Premium (In thousand Euros) |
|||||||||||||
At December 31, 2022 |
||||||||||||||||
January 2023: Stock option plan execution (MSOP/ESOP) (Class A shares) |
||||||||||||||||
January 2023: Payment in shares Coil acquisition (MSOP/ESOP) (Class A shares) |
||||||||||||||||
February 2023: Stock option plan execution (MSOP/ESOP) (Class A shares) |
||||||||||||||||
March 2023: Stock option plan execution (MSOP/ESOP/RSU) (Class A shares) |
||||||||||||||||
March 2023: Founder warrants execution (Class B shares) |
||||||||||||||||
March 2023: Change Cass B shares into Class A shares and Class C shares |
— | — | — | |||||||||||||
April 2023: Stock option plan execution (MSOP/ESOP/RSU) (Class A shares) |
||||||||||||||||
April 2023: Capital increase (ATM) (Class A shares) |
||||||||||||||||
May 2023: Stock option plan execution (MSOP/ESOP) (Class A shares) |
||||||||||||||||
May 2023: Capital increase (ATM) (Class A shares) |
||||||||||||||||
June 2023: Stock option plan execution (MSOP/ESOP/RSU/ESPP) (Class A shares) |
||||||||||||||||
June 2023: Capital Increase (Private placement) (Class A shares) |
||||||||||||||||
June 2023: Change Cass B shares into Class A shares and Class C shares |
||||||||||||||||
June 2023: Capital increase (ATM) (Class A shares) |
||||||||||||||||
At June 30, 2023 |
||||||||||||||||
16. |
Provisions |
At June 30, 2023 |
Non-current |
Total Non- current |
Current |
|||||||||||||||||
(In thousand Euros) |
Other |
Service warranties |
Service warranties |
Total Current |
||||||||||||||||
Carrying amount at the beginning of the year |
||||||||||||||||||||
Charge / (Credit): |
||||||||||||||||||||
(+) additional provisions recognized, net |
||||||||||||||||||||
(+/-) Short-term transferred |
— |
( |
) |
( |
) | |||||||||||||||
(-) Amounts used during the year |
( |
) |
( |
) |
( |
) |
— |
— |
||||||||||||
Carrying amount at year end |
||||||||||||||||||||
At December 31, 2022 |
Non-current |
Total Non- current |
Current |
Total Current |
||||||||||||||||
(In thousand Euros) |
Other |
Service |
Service |
|||||||||||||||||
Carrying amount at the beginning of the year |
||||||||||||||||||||
Charge / (Credit): |
||||||||||||||||||||
(+) additional provisions recognized, net |
— |
— |
||||||||||||||||||
(+/-) Short-term transferred |
— |
( |
) |
( |
) |
|||||||||||||||
(-) Amounts used during the year |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Carrying amount at ye a r end |
||||||||||||||||||||
17. |
Government Grants |
June 30, 2023 |
December 31, 2022 |
|||||||||||||||||
Grants |
Goverment Entity |
Non-current Liability |
Current liability |
Non-current Liability |
Current liability |
|||||||||||||
Movilidad 2030 |
||||||||||||||||||
Flexener |
||||||||||||||||||
Magnetor |
— | — | ||||||||||||||||
Zeus Ptas |
||||||||||||||||||
Alt Impacte |
||||||||||||||||||
Coldpost |
— | — | ||||||||||||||||
Minichargers |
— | |||||||||||||||||
Electrolinera |
— | |||||||||||||||||
Acció - Creació llocs treball |
— | |||||||||||||||||
Hermes - Estudios |
— | — | ||||||||||||||||
Hermes - Desarrollo |
— | — | ||||||||||||||||
Hermes - Formación |
— | — | ||||||||||||||||
V2BUILD |
— | — | — | |||||||||||||||
Total |
||||||||||||||||||
18. |
Revenue from Contracts with Customers |
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Sales of goods |
||||||||
Sales of services |
||||||||
Total |
||||||||
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Geographical markets (*): |
||||||||
EMEA |
||||||||
NORAM |
||||||||
APAC |
||||||||
Total |
||||||||
(*) | Differences between geographical markets information above and segment disclosures in Note 7 are due to inter-segment eliminations. |
19. |
Expenses |
A. |
Changes in inventories and raw materials and consumables used |
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
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 thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
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 |
||||||||
Warranty provision |
||||||||
Others impairments and losses |
||||||||
Expected credit loss for trade and other receivables |
( |
) | ||||||
Other |
||||||||
Total |
||||||||
20. |
Employee Benefits |
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Wages and salaries |
||||||||
Share-based payment plans expenses |
||||||||
Social Security |
||||||||
Total |
||||||||
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Management stock option plan |
||||||||
Founders stock option plan |
— | |||||||
ESPP |
— | |||||||
RSU Board |
— | |||||||
Performance based earn out in shares and RSU’s management Ares |
— | |||||||
Performance based earn out in shares and RSU’s management Coil |
— | |||||||
RSU Employees |
||||||||
RSU Management |
||||||||
Capitalization of share-based payment transactions in intangible assets |
( |
) | — | |||||
Total |
||||||||
i. | A lock-up period over a lock-up; |
ii. | a temporary suspension of exercise has not been initiated at the time of such exercise; and |
iii. | Any other 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. |
• | Serviced-Based Condition: one-third of the RSUs are subject to the service-based condition and will vest as follows: |
• | st anniversary date as from the date of grant, |
• | nd anniversary date as from the date of grant. |
• | Performance-Based Condition: two-thirds of the RSUs are subject to the performance-based condition and will vest as follows: |
• | Period 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 the fourth quarter and full year of 2024 of (i) revenue of at least on ding to 2024 is positive and (iii) if from December 1, 2024, at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $ |
• | Period 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 $ |
Number of warrants |
ESOP |
MSOP |
Founders |
RSU Employees |
RSU Management |
RSU Coil & Ares |
RSU Board |
ESPP |
Total |
|||||||||||||||||||||||||||
At December 31, 2022 |
||||||||||||||||||||||||||||||||||||
Granted |
||||||||||||||||||||||||||||||||||||
Exercised |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Cancelled |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
At June 30, 2023 |
||||||||||||||||||||||||||||||||||||
21. |
Financial income and expenses |
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Financial income |
||||||||
Fair value adjustment of the put option |
||||||||
Fair value gain on financial investments |
||||||||
Fair value of derivatives |
||||||||
Other finance income |
||||||||
Total financial income |
||||||||
Financial Expenses |
||||||||
Interest and fees on bank loans (Note 12) |
||||||||
Interest on leases (Note 9) |
||||||||
Valuation of financial instruments |
||||||||
Accretion of discount on put option liabilities |
||||||||
Other finance costs |
||||||||
Total financial expenses |
||||||||
22. |
Loss Per Share |
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Loss for the period |
( |
) | ( |
) | ||||
Dilutive effects on earnings per share |
||||||||
Total loss for basic and diluted earnings per share |
( |
) |
( |
) | ||||
Number of shares |
June 30, 2023 |
June 30, 2022 |
||||||
Weighted average number of ordinary shares for basic and diluted earnings per share (thousand shares) |
||||||||
(In Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Basic and diluted losses per share |
( |
) |
( |
) | ||||
23. |
Tax-related balances |
A. |
Tax credit and other receivables/Other payables |
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
Indirect taxes receivables |
||||||||
Government Grant receivables |
||||||||
Income tax credit receivables (short term) |
||||||||
Income tax credit receivables (long term) |
||||||||
Total |
||||||||
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
Indirect taxes payables |
||||||||
Current income tax liability |
||||||||
Deferred tax liability |
||||||||
Total |
||||||||
B. |
Amounts recognized in profit or loss |
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Loss before Tax |
( |
) |
( |
) | ||||
Tax income (at 25%) |
||||||||
Unrecognized deferred tax assets on tax losses |
( |
) | ( |
) | ||||
Deductions and credits generated |
( |
) | ( |
) | ||||
Other adjustments |
( |
) | ( |
) | ||||
Income tax expense/(income) |
( |
) |
( |
) | ||||
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
2015 |
||||||||
2016 |
||||||||
2017 |
||||||||
2018 |
||||||||
2019 |
||||||||
2020 |
||||||||
2021 |
||||||||
2022 |
||||||||
2023 |
||||||||
24. |
Related party disclosures |
24.1 |
Related party transactions and balances |
June 30, 2023 |
||||||||||||
(In thousand Euros) |
Shareholders |
Joint Venture |
Total |
|||||||||
Income |
||||||||||||
Revenue |
||||||||||||
Statement of financial position |
||||||||||||
Loans |
||||||||||||
Receivables |
||||||||||||
December 31, 2022 |
||||||||||||
(In thousand Euros) |
Shareholders |
Joint Venture |
Total |
|||||||||
Statement of financial position |
||||||||||||
Loans granted to Joint Venture |
— | |||||||||||
Receivables from Joint Venture |
— | |||||||||||
Impairment of financial assets |
— | ( |
) | ( |
) | |||||||
June 30, 2022 |
||||||||||||
(In thousand Euros) |
Shareholders |
Joint Venture |
Total |
|||||||||
Income |
||||||||||||
Revenue |
— |
24.2 |
Remuneration of Directors and Key Management Personnel |
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Short-term benefits |
||||||||
Non-executive directors remuneration |
||||||||
Share-based payment plan |
||||||||
Total |
||||||||
(In thousand Euros) |
June 30, 2023 |
June 30, 2022 |
||||||
Short-term benefits |
||||||||
Termination benefits |
— | |||||||
Share-based payment plan expenses |
||||||||
Total |
||||||||
25. |
Financial Risk Management |
June 30, 2023 |
December 31, 2022 |
|||||||||||||||
(In thousand Euros) |
Non-current |
Current |
Non-current |
Current |
||||||||||||
Customer sales and services |
— | — | ||||||||||||||
Other receivables |
— | — | ||||||||||||||
Loans to employees |
— | |||||||||||||||
Trade and other financial receivables |
— |
|||||||||||||||
Gurantee deposit |
— | — | ||||||||||||||
Non-current financial assets |
— |
— |
||||||||||||||
Gurantee deposit |
— | — | ||||||||||||||
Financial investments |
— | — | ||||||||||||||
Other current financial assets |
— |
— |
||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
Total |
||||||||||||||||
(In thousand Euros) |
Currency |
June 30, 2023 |
December 31, 2022 |
|||||||||
Fixed rate Loan |
EUR | |||||||||||
Floating rate loan |
EUR | |||||||||||
June 30, 2023 |
June 30, 2022 |
|||||||||||||||
Profit or loss |
Profit or loss |
|||||||||||||||
(In thousand Euros) |
100 bp increase |
100 bp decrease |
100 bp increase |
100 bp decrease |
||||||||||||
Floating rate loan |
( |
) | ( |
) |
June 30, 2023 |
June 30, 2022 |
|||||||||||||||
Profit or loss |
Profit or loss |
|||||||||||||||
(In thousand Euros) |
Strengthening |
Weakening |
Strengthening |
Weakening |
||||||||||||
USD (10% movement) |
( |
) | ( |
) |
(In thousand Euros) |
June 30, 2023 |
December 31, 2022 |
||||||
Current assets |
||||||||
Current liabilities |
||||||||
Total |
||||||||
June 30, 2023 |
||||||||||||
(In thousand Euros) |
Capital |
Interest |
Total |
|||||||||
1 July 2023 - 30 June 2024 |
||||||||||||
1 July 2024 - 30 June 2025 |
||||||||||||
1 July 2025 - 30 June 2026 |
||||||||||||
1 July 2026 - 30 June 2027 |
||||||||||||
1 July 2027 - 30 June 2028 |
||||||||||||
More than five years |
||||||||||||
December 31, 2022 |
||||||||||||
(In thousand Euros) |
Capital |
Interest |
Total |
|||||||||
2023 |
||||||||||||
2024 |
||||||||||||
2025 |
||||||||||||
2026 |
||||||||||||
2027 |
||||||||||||
More than five years |
||||||||||||
26. |
Events after the Reporting Period |
27. |
Detail of Wallbox Group subsidiaries |
% Equity interest |
||||||||||||||||||
Company name |
Registered office |
Activity |
Company holding investment |
June 2023 |
December 2022 |
Consolidation method | ||||||||||||
Wall Box Chargers, S.L.U. |
% | % | * | |||||||||||||||
Kensington Capital Acquisition Corp II |
% | % | * | |||||||||||||||
Wallbox Energy, S.L.U. |
% | % | - | |||||||||||||||
Wallbox UK Limited |
378-380 Deansgate, Manchester, United Kingdom M3 4LY |
% | % | - | ||||||||||||||
SAS Wallbox France |
% | % | - | |||||||||||||||
WBC Wallbox Chargers Deutschland GmbH |
Oskar-von-Miller-Ring |
% | % | - | ||||||||||||||
Wallbox Italy, S.R.L. |
% | % | ||||||||||||||||
Wallbox Netherlands B.V. |
% | % | - | |||||||||||||||
Wallbox USA Inc. |
% | % | - | |||||||||||||||
Wallbox Shanghai Ldt. |
05-129 Level 5, No. 482, 488, 492, 518 Xinjiang Road, Jingan District, Shanghai Municipality, China |
% | % | - | ||||||||||||||
Wallbox AS |
% | % | - | |||||||||||||||
Wallbox ApS |
% | % | - | |||||||||||||||
Wallbox AB |
% | % | - | |||||||||||||||
Wallbox Oy |
% | % | - | |||||||||||||||
Electromaps, S.L.U. |
% | % | - | |||||||||||||||
Coil, Inc. |
% | % | - | |||||||||||||||
AR Electronics Solutions, S.L.U. |
% | % | - | |||||||||||||||
Wallbox Australia PTY, Ltd |
% | % | - | |||||||||||||||
WBX Chargers Portugal, Unipessoal Lda |
% | % | - | |||||||||||||||
Wallbox Belgium BV |
% | — |
- |
(*) | direct ownership |
(-) | indirect ownership |