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"entity": "scheme:213800HU63CWV5J8YK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f45468": { "value": "802858000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "pp-value-1-1": { "value": "The consolidated financial statements were approved by the Board of Directors and authorised for issue on 16 March 2023. The Board has considered the financial prospects of the Company and Group for the foreseeable future, which is at least the next 12 months, and made an assessment of the Company\u2019s and Group\u2019s ability to continue as a going concern. The Board\u2019s assessment included consideration of the availability of the Company\u2019s and Group\u2019s credit facilities, cash flow forecasts and stress test scenarios. Stress test scenarios applied in the Going Concern statement are in line with scenarios covered inthe Viability statement. The Board is satisfied that the Company and Group have the resources to continue operating the business for the foreseeable future, and furthermore are not aware of any material uncertainties that may cast significant doubt upon the Company\u2019s and Group\u2019s ability to continue as a going concern and the Board considers it is appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities (including derivative financial instruments) that have been measured at fair value. The consolidated financial statements are presented in EUR and all values are rounded to the nearest thousand (EUR \u2018000), except where otherwise indicated.As there was no change in control with the Group reorganisation (see Note 1) involving the Company becoming the new holding company of the Group in a share for share exchange, the financial information for the year ended 31 December 2021 was presented as a continuation of W.A.G. payment solutions, a.s. A movement in share capital, share premium and merger reserve is reflected in the statement of changes in equity at the date of Group reorganisation.Prior to the Initial Public Offering (\u201cIPO\u201d), W.A.G. payments solutions plc, a.s. was the parent company of the Group for which consolidated financial statements were produced. On 7 October 2021, the Shareholders of W.A.G. payments solutions, a.s. transferred all of their shares in W.A.G. payments solutions, a.s. to W.A.G payment solutions plc in exchange for ordinary shares of equal value in W.A.G payment solutions plc (\u201cGroup reorganisation\u201d). This resulted in W.A.G payment solutions plc becoming the new Parent Company of the Group. On 8 October 2021, the IPO was completed, with 13 October 2021 representing admission to trading on the London Stock Exchange (\u201cAdmission\u201d).The financial information for the year ended 31 December 2021 was presented as a continuation of W.A.G. payments solutions, a.s.Information on Independent Auditor The below fees represent amounts paid to PwC. For the year ended 31 December EUR \u2018000 2022 2021The statutory audit of consolidated and Company\u2019s financial statements 819 685Audit of the financial statements of the Company\u2019s subsidiaries 356 281 Total audit fees 1,175966Other assurance services 5902,461Consultancy services related to product development\u2013739Total non-audit fees 5903,200Total 1,765 4,166In 2022, other assurance services related to work as a reporting accounting due to Grupa Inelo acquisition disclosed in Note 37 (2021: initial public offering, including work as a reporting accountant).The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);\u2022Exposure, or rights, to variable returns from its involvement with the investee; and\u2022The 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:\u2022The contractual arrangement with the other vote holders of the investee; \u2022Rights arising from other contractual arrangements; and\u2022The Group\u2019s voting rights and potential voting rights. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a negative balance.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.4.Summary of significant accounting policiesThe accounting policies used in preparing the consolidated financial statements are set out below. These accounting policies have been consistently applied in all material respects to all periods presented.4.1.Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses.There can also be a situation that the holder of non-controlling interest in the acquiree are granted put options that convey to those Shareholders the right to sell their shares in that acquiree for an exercise price specified in the option agreement.From the perspective of the Group, such written put options meet the definition of a financial liability according to IAS 32 if the Group has an obligation to settle in cash or in another financial asset if the Non-controlling Shareholders exercise the option. If the terms affecting the exercisability of the option are genuine, then a liability for the put option exercise price is recognised. This is the case even if the put option is exercisable only on the occurrence of uncertain future events that are outside of control of both parties to the contract.The amount that may become payable under the option on exercise is initially recognised at the present value of the redemption amount within financial liabilities with a corresponding charge directly to equity. The charge to equity is recognised separately as business combinations equity adjustment.Any subsequent adjustments to the redemption liability are recorded in equity as business combination equity adjustment. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity.Once the put option is exercised, the amount previously recorded in equity as business combination equity adjustment is transferred into retained earnings.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments: Recognition and Measurement, is measured at fair value with changes in fair value recognised in profit or loss. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity.Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (\u201cCGU\u201d) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.4.2.Fair value measurement The Group measures financial instruments such as derivatives at fair value at each balance sheet date. Fair value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarised in the following notes:\u2022Disclosures for valuation methods, significant estimates, and assumptions (Note 9); \u2022Quantitative disclosures of fair value measurement hierarchy (Note 9); and\u2022Financial instruments carried at fair value (Note 25).Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022In the principal market for the asset or liability; or \u2022In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.4.3 Revenue from contracts with customers Revenues are recognised when the Group has satisfied a performance obligation and the amount of revenue can be reliably measured. The Group will recognise revenue at an amount that reflects the consideration to which the Group expects to be entitled (after reduction for expected discounts) in exchange for transferring goods or services to a customer.Sale of energy Energy means any source that makes a vehicle move (diesel, petrol, e-mobility, bio fuel additives and alternative fuel, such as LNG/CNG).The Group operates two business models for the sale of energy to fleets of professional transport and forwarding companies: \u2022the acceptance business model \u2013 sale through acceptance partner locations (petrol stations); customers may access any petrol station, which is accepting Group\u2019s payment solutions, for price that is independent from the prices of petrol stations under pre-agreed terms; and\u2022the bunkering business model \u2013 owned/rented truck parks and supply partnership sites (Group supplies energy to bunkering sites located at partner sites); energy inventory is in ownership of the Group until it is purchased by the Group\u2019s customers.The Group is acting as a principal in all business models with significant judgement made in respect of the acceptance model (see Note 6 under Principal versus agent consideration).The revenue from the sale of energy is recognised when the Group satisfies a performance obligation (transfers control over the energy), usually on delivery of the energy. The Group recognises revenue at an amount that reflects the consideration to which the entity expects to be entitled (after reduction for expected discounts and volume rebates) in exchange for transferring goods or services to a customer. Sales are recognised net of VAT.Arranging payments of toll The revenues from commission for arranging payments of toll is recognised over time in the period in which the performance obligation is satisfied and the service is rendered. The amount of consideration depends on the number of trucks entering a toll gate within a particular month. The Group is acting as an agent as the Group\u2019s responsibility is limited to arranging the provision of toll services.Revenues from tax refund The revenues from commission fee for the tax refund is recognised over time as the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Revenue is recognised based on assumption, how much time is needed for preparation and submission of a request for refund and other activities needed till reimbursed tax receipt.Provision of tax refund services without \u201cnet invoicing\u201d (pre-financing) is performed on behalf of a customer and no receivable is recognised in Trade and other receivables (Note 24).In cases where the Group\u2019s customer uses a \u201cnet invoicing\u201d service provided by the Group, the client receives its tax refund almost immediately. This method, also known as a \u201cfinanced refund\u201d, ranks as one of the fastest ways to reclaiming VAT and excise duty paid to clients in the moment of the purchase of energy, other services or arranging payments of toll associated with passenger transport or freight haulage. The revenue from provision of credit in the amount of refund tax for the period of reimbursement is recognised over the average reimbursement period for each country in which the Group operates.Fleet management solutions (previously Telematics) The revenues from the sale of on-board units and recurring fees for software services are recognised in the period in which the performance obligation is satisfied, and the services are rendered. Fleet management software allows companies the effective administration of their vehicle fleet and 24/7 monitor the activity of the whole fleet.Navigation Navigation revenue is generated through licensing of navigation software and digital map content to B2B and B2C customers. License of navigation software is granted as a \u201cright to use an intellectual property\u201d while the license of digital map content (including traffic) is granted as a \u201cright to access to an intellectual property\u201d. Right to access provides the customer the right to access, over a certain period of time, map data that is regularly updated during the contract period. Right-to-use licenses are those that only provide the customer the right to use navigation software as it exists at the moment the control passes to the customer. This does not give the customer the right to receive future updates or upgrades other than those that can be considered as minor enhancements or bug fixing.Revenue for \u201cright-to-use\u201d licenses is recognised at the moment the control passes to the customer. Revenue from \u201cright- to-access\u201d licenses is recognised over the (estimated) period during which the Group is obliged to provide access to the customers, based on third-party content costs plus an appropriate margin. The period for B2C lifetime \u201cright-to-access\u201d licenses is estimated at three years, for B2B lifetime customers, five years.Other services Other services include services that are immaterial from Group perspective: \u202224hr assistance services \u2013 revenue recognised over period for which service is activated; \u2022Legal services \u2013 revenue recognised at the moment service is rendered; \u2022Insurance \u2013 the Group is acting as a broker offering clients different insurance products on behalf of some insurance companies. Revenue is a commission from insurance companies recognised at the moment when a contract is signed; \u2022Factoring services \u2013 revenue recognised at the moment service is rendered; and \u2022Other services.4.4.Taxes Current income tax Current income tax assets and liabilities for an accounting period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enactedor substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. No tax provisions were established as at 31 December 2022 and 2021.Deferred tax Deferred tax is calculated separately for each company of the Group, using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.Deferred tax liabilities are recognised for all temporary differences, except: \u2022When the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\u2022In respect of taxable temporary differences associated with investments in subsidiaries, associates, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised for all deductible temporary differences, the carry forwards of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised, except:\u2022When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\u2022In respect of deductible temporary differences associated with investments in subsidiaries, associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilised.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information arises and/or circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss.4.5.Foreign currency transactions The Group\u2019s consolidated financial statements are presented in EUR. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rates prevailing at the date of the transaction.Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange valid at the reporting date.Differences arising on settlement or translation of monetary items are recognised in profit or loss as finance income and expenses. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item.On consolidation, the assets and liabilities of foreign operations are translated into EUR at the exchange rates prevailing at the reporting date and their statements of profit or loss are translated at the average exchange rate for the relevant year. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognised in profit or loss.Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date.4.6.Cash dividend to equity holders of the Company The Company recognises a liability to make cash distributions to equity holders of the Company when the distribution is authorised, and the distribution is no longer at the discretion of the Company. As per the corporate laws of the United Kingdom, a distribution is authorised when it is approved by the Shareholders. A corresponding amount is recognised directly in equity.4.7.Intangible Assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.The useful life of intangible assets is assessed as either finite or indefinite (goodwill).Intangible assets with finite life are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.Amortisation of intangible assets with finite life is recorded on a straight-line basis over their estimated useful life as follows: Years Clients\u2019 relationships7\u2013 10Internal software developments 2\u2013 10Patents and rights5\u2013 20External software3\u2013 7Other intangible assets 2\u2013 3Intangible assets in progress are not amortised.Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.Clients\u2019 relationships Clients\u2019 relationships were acquired as part of a business combination (Note 8, 17). They are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful life.Internal software developmentResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:\u2022The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; \u2022Its intention to complete and its ability and intention to use or sell the asset;\u2022How the asset will generate future economic benefits; \u2022The availability of resources to complete the asset; and \u2022The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit.Development includes the programming relating to internal development of externally purchased software, development of software-based solutions provided to the Group\u2019s customers and development of new fleet management products and services, which include fleet management and toll units.Patents and rights, external software Separately acquired patents and rights, and software are shown at historical cost. Patents and rights, and software acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.Land and tangible assets in progress are not depreciated. Depreciation is recorded on a straight-line basis over the estimated useful life of an asset as follows: Years Buildings10\u2013 34Leaseholdimprovements 4\u2013 15Machinery and equipment 2\u2013 20Vehicles4\u2013 5 Fixtures and fittings 5\u2013 7 4.8.Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost comprises the aggregate amount paid, and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates themseparately, based on their specific useful life. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant, and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.The residual values, useful life, and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.4.9.Leases Identification of the Subject of a Lease \u2013 Lease Agreement A lease is a contract, or part of a contract, that conveys the right to use an identifiable asset for a period of time in exchange for consideration. At the inception of the contract, the Group assesses whether the contract is a lease or contains a lease. The Group reassesses whether the contract is a lease or contains a lease only when the contractual terms are amended.The Group assesses whether a contract transfers the right to control the use of an identifiable asset over a period of time based on:\u2022The Group has the right to obtain a substantial economic benefit from the asset for the period of its use; \u2022The lease is agreed for the lease of a specific asset, and the lessor does not have the right to exchange it or to profit financially from the exchange;\u2022The Group has the right to control the use of an identifiable asset; \u2022The lease is longer than 12 months (short-term lease exemption allowed under IFRS 16); and\u2022The value of the new asset exceeds EUR 4,500 (low value exemption allowed under IFRS16).The Group assesses whether the contract contains a lease separately for each potential lease component. The Group does not have any external subleases outside of the Group nor any contract, where the Group is a lessor. Lease liability At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date. Lease payments are payments by the lessee to the lessor for the right to use an underlying asset for the duration of the lease. These payments include:\u2022fixed payments (lowered by any lease incentives); \u2022variable lease payments that are indexed or fixed to a rate; \u2022call option to purchase where there is sufficient certainty that the lessee will make use of the option; and \u2022payment of penalties for termination of the lease where the lease period corresponds to the lessee making use of the option to terminate the lease.After commencement date, variable lease payments not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers those payment occurs. Interest from the lease obligation is the Group\u2019s finance costs.Right to use an asset The Group measures the right to use an asset on the date the lease commences on the basis of a lease agreement. These are based on:\u2022the value of the lease liability increased by the lease payment that the Group has paid before the day the lease commences (reduced by lease incentives \u2013 discounts);\u2022the initial direct costs of the lease paid by the Group; \u2022the estimated value of the costs for dismantling and removing an identified asset or the reclamation of the site where the asset was located; and\u2022an increase by the asset\u2019s modification and renovation costs required in the lease agreement, namely by the creation of a reserve in compliance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.4.10.Investment in associatesAssociates are all entities over which the Group has significant influence, but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment.The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 4.14.4.11.Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of an asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds.Financial assets Classification and measurementFinancial assets are classified based on the business model of the Group and characteristic of contractual cash flows. Under IFRS 9, the financial assets are classified into the following categories: financial assets subsequently measured at amortised cost (\u201cAC\u201d), financial assets at fair value through other comprehensive income (\u201cFVOCI\u201d) and financial assets at fair value through profit or loss (\u201cFVTPL\u201d)The Group classifies financial assets into following categories: (A) Financial assets subsequently measured at amortised cost \u2013 classified if both of the following conditions are met: \u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (referred to as SPPI test).Expected credit losses, foreign exchange rate differences, and interest revenues are recognised in the statement of profit or loss. On derecognition, losses/gains are recognised in the statement of profit or loss.(B) Financial assets at fair value through other comprehensive income \u2022Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVTOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in finance income/(costs). Interest income from these financial assets is included in finance income using the effective interest rate method.Foreign exchange gains and losses are presented in finance income/(costs), and impairment expenses are presented as separate line item in the statement of profit or loss.\u2022Equity securities which are not held for trading and which the Group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the Group considers this classification to be more relevant. 4.12.Financial instruments \u2013 IFRS 9 A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.(C) Financial assets at fair value through profit or loss \u2022This category includes the financial assets held with strategy of active trading with financial assets. Contractual cash flow collection is not the primary objective of the business model.\u2022Expected credit losses are not calculated and recognised. Changes in the fair value and foreign exchange rate differences are recognised in the statement of profit or loss. Changes in the fair values are included in finance income/(costs).Trade and other receivables that do not contain a significant financing component, or for which the Group has applied the practical expedient, are measured at the transaction price determined under IFRS 15.The Group\u2019s financial assets include cash, trade and other receivables with no significant financing component meeting criteria for classification as AC and derivatives meeting criteria for classification as FVTPL and FVTOCI.Trade and other receivables Trade and other receivables are carried at original invoice amount less an allowance for impairment of these receivables. See next section for a description of Group\u2019s impairment policies and Note 21 for further information on Trade and other receivables.Impairment of financial assets carried at amortised cost As the Group financial statements include financial assets representing trade and other receivables, only which do not include a significant financing component, the Group applies a simplified approach in calculating expected credit loss (\u201cECL\u201d). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The carrying amount of the asset is reduced either directly or through use of an allowance account. The amount of the loss is recognised in the statement of profit or loss.Simplified approach adopted by the Group is using elements from general approach, the main difference is that no staging of financial assets is being used.ECL measurement is based on three components used by the Group: Probability of Default (\u201cPD\u201d), Exposure at Default (\u201cEAD\u201d) and Loss Given Default (\u201cLGD\u201d):\u2022PD is an estimate of the likelihood of default to occur over a given time period. It is calculated from combination of customers\u2019 financial position and performance, transactional data, volumes, and payment performance. Set of variables differs according to scorecards applied to customers, which is determined by their resident country.\u2022EAD is an estimate of exposure at a future default date, taking into account expected changes in the exposure after the reporting period, including repayments of principal and interest, and expected drawdowns on committed credit limits.\u2022LGD is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from any collateral. It is usually expressed as a percentage of the EAD.Impaired debts are derecognised when they are assessed as uncollectible. Financial liabilities Financial liabilities are classified into two main categories (a) at amortised cost and (b) at fair value through profit or loss.All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments.Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (\u201cEIR\u201d) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 29. Trade and other payables Trade payables are recognised at their nominal value, which is deemed to be materially the same as the fair value. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when:\u2022The rights to receive cash flows from the asset have expired; or \u2022The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset.Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognised in OCI and later reclassified to profit or loss when the hedged item affects profit or loss.Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss.The embedded derivatives are separately valued upon inception and at each balance sheet date using an appropriate valuation model, with the changes in fair value recognised in profit or loss.For the purpose of hedge accounting, hedges, still in accordance with IAS39, are classified as: \u2022Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; and\u2022Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated.Hedges that meet the strict criteria for hedge accounting are accounted for as cash flow hedges or net investment hedges. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.The Group uses forward currency contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments. The ineffective portion relating to foreign currency contracts is recognised in finance costs or income. Ineffectiveness of forward currency contracts may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty.Hedge ineffectiveness for interest rate swaps may occur due to the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan or due to differences in critical terms between the interest rate swaps and loans.Amounts recognised as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale occurs.When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred to the initial carrying amount of the non-financial asset or liability.If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognised in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met.Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in OCI in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within finance income/ (costs). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold.4.13.Inventories Inventories are valued at the lower of cost and net realisable value. Costs are assigned to individual items on the basis of \u201cfirst in, first out\u201d (\u201cFIFO\u201d) method (the initial price in the measurement of inventory additions is used as the initial price in the measurement of inventory disposals). Costs of purchased inventory include acquisition-related costs (freight, customs, commission, etc.).Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.4.14.Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value less costs of disposal and its value in use.The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs, to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is estimated and applied to project future cash flows after the fifth year.Impairment losses of continuing operations are recognised in the statement of profit or loss. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss.Intangible assets with indefinite useful life are tested for impairment annually as at 31 December, either individually or at the cash-generating unit level, as appropriate and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.4.15.Cash and cash equivalents Cash and short-term deposits in the statement of financial position comprise cash in hand and cash at banks. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management.4.16.Share-based payments Employees of the Group receive remuneration in the form of share-based payment transactions whereby employees render service as consideration for equity instruments or cash. Information relating to these transactions is set out in Note 13.Equity-settled transactions The fair value of options granted is recognised as employee expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of options granted, using the Black-Scholes model. The total amount is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.When the options are exercised, the Company issues the appropriate number of shares to the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity.Cash-settled transactions Liabilities for cash-settled share-based payments are recognised as employee expense over the relevant service period. The liabilities are remeasured to fair value at each reporting date and are presented as employee-related liabilities in the balance sheet.4.17.Adjusting items Adjusting items are items of income and expense which the Group believes should be separately presented and disclosed to provide additional information to investors and to enhance their understanding of the underlying business performance of the Group. The items were determined based on the rules disclosed under Significant judgements. Adjusting items are separately disclosed on the face of the Consolidated Statement of Comprehensive Income and in Note 11. Examples of such items include costs related to M&A activities, amortisation of acquired intangibles, IPO-related costs, pre-IPO share- based payments and expenses related to strategic transformation of the Group.4.18.Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss.If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.5.Changes in accounting policies and disclosures, adoption of new and revised standards5.1.Application of new IFRS \u2013 standards and interpretations effective in the reporting period The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2022: \u2022Property, Plant and Equipment: Proceeds before intended use \u2013 Amendments to IAS 16 \u2022Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2022Onerous Contracts\u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022Annual Improvements to IFRS Standards 2018 \u2013 2020 \u2013 Amendments to IFRS 9, IFRS 16, IFRS 1, and IAS 41 \u2022Deferred tax related to assets and liabilities arising from a single transaction \u2013 Amendments to IAS 12 \u2022Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting policies These Amendments did not have a significant impact on the Group\u2019s consolidated financial statements. 5.Changes in accounting policies and disclosures, adoption of new and revised standards continued5.2 New IFRSs and IFRICs published by the IASB that are not yet effective Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These new standards, amendments and interpretations are not expected to have any significant impacts on the Group\u2019s consolidated financial statements.6.Significant accounting judgments, estimates and assumptions6.1.Significant judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the consolidated financial statements:Principal versus agent consideration The Group has considered whether it acts as a principal or an agent in the acceptance business model (see explanation of the business models used in sales of energy in Note 4.3) in sale of energy. The Group is not selling just the energy but an integrated web-based solution comprising advice on where to buy energy, offering discounted energy prices that are independent of pricing of the Group\u2019s suppliers, use of payment cards, extended payment terms and administration of the energy sales transaction. The Group sells energy to its customers under one contract covering sales transactions realised under the two business models used by the Group and described in Note 4.3. In the case of the acceptance business model, the principal versus agent assessment involves significant judgement. In applying the judgment, management concluded that the Group is the principal mainly because it is the primary obligor in respect of delivery of energy and related services to its customers. Management also considered the following additional control indicators:1.The Group has discretion in establishing the price for the specified energy independent from the prices of petrol stations under the acceptance model.2.The Group has the right to choose its suppliers. 3.The Group is responsible for damages caused by the product quality. Put options granted to non-controlling interests Following the new agreement related to the acquisition of remaining 30% share in Sygic (see Note 8), the Group concluded that it, in substance, acquired present access to economic benefits of acquired subsidiary. The put option redemption liability will be settled with a transfer of the non-controlling interest\u2019s shares for a fixed price which is not expected to change in the future. Therefore, as of 31 December 2022, the controlling shareholders have all the risks and rewards associated with ownership.Adjusting items In determining whether an item should be presented as an adjusting item to IFRS measures, the Group considers items that must initially meet at least one of the following criteria:\u2022It is a significant item, which may cross more than one accounting period. \u2022It has been directly incurred as a result of either an acquisition, capital restructuring or relates to Group\u2019s strategic transformation programme as these are not part of the Group\u2019s underlying trading activity.\u2022It is unusual in nature, e.g. outside the normal course of business.If an item meets at least one of the criteria, the Board, through the Audit and Risk Committee, then exercises judgement as to whether the item should be classified as an adjusting item to IFRS performance measures. Refer to Note 11 for list ofthese items including definitions and exclusion justifications.Modification of bank borrowings The Group concluded that 2022 refinancing of its existing loan (see Note 29) represented non-substantial modification of a financial liability. The conclusion was based on the assessment of qualitative (currency, key roles of financing banks, interest benchmark and non-cash nature of the refinancing) and quantitative factors. At first, the Group evaluated that the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is not more than 10% different from the discounted present value of the remaining cash flows of the initial loan at date of the loan modification. Subsequently, qualitative factors were compared with the original financing and most of them were concluded to be either the same or very similar.6.2.Significant estimates The preparation of consolidated financial statements requires the use of estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described in the following paragraph. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit (\u201cCGU\u201d) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model.The cash flows are derived from the budget and forecasts for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount of Fleet management solutions CGU is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill. The key assumptions used to determine the recoverable amount of the CGUs are disclosed and further explained in Note 17.7.Group informationThe Group is organised in two operating segments: \u2022Payment solutions represent Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are typical first choice of a new customer.\u2022Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The segment includes Tax refund, Fleet management services, Navigation, and other service offerings.The consolidated financial statements of the Group include: Effective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment Holding United Third Floor (East), Company Companysolutions plccompany Kingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment United Third Floor (East), 100%100% solutions UK LIMITED solutionsKingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment AustriaKammer 44, 4981 100%100% solutions AT GmbHsolutionsReichersberg, Austria W.A.G. AT GmbHPayment AustriaKammer 44, 4981 100%100% (in liquidation) solutionsReichersberg, Austria W.A.G. payment Payment Belgium Marcel Broodthaersplein 8, 100% 100% solutions BE BVBAsolutions1060 Sint-Gillis, Brussel, BelgiumW.A.G. payment Payment Bulgaria 18 Todor Aleksandrov blvd. 100% 100% solutions BG EOODsolutions1000 Sofia, BulgariaEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment solutions Payment CroatiaGrand Centar, 100%100% HR d.o.o.solutionsHektorovi\u0107eva ulica 2,10000 Zagreb, Croatia W.A.G. payment solutions,PaymentCzech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.and mobilityRepublic14000 Prague 4,solutionsCzech RepublicW.A.G. Issuing Services, Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.solutionsRepublic14000 Prague 4,Czech RepublicW.A.G. payment solutions Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% CZ, s.r.o.solutionsRepublic14000 Prague 4,Czech RepublicReamon Tax, a.s.Mobility Czech G\u00f6thova 149, Da\u010dice I, 100%100% solutionsRepublic38001 Da\u010dice,Czech RepublicHI Software DevelopmentMobility Czech Ladova 389/10, Hej\u010d\u00edn, \u2013100% s.r.o. (liquidated) solutionsRepublic77900 Olomouc, Czech RepublicPrincip a.s.Mobility Czech Hv\u011bzdova 1689/2a, 14000 100%100% solutionsRepublicPrague 4, Czech RepublicW.A.G. payment solutions Payment DenmarkFrederiksborggade 15, 100%100% DK ApSsolutions2nd and 3rd floor, 1360 Copenhagen, DenmarkW.A.G. payment solutions Payment EstoniaAkadeemia tee 21/4-301, 100%100% EE O\u00dcsolutions12618 Tallinn Harjumaa, EstoniaW.A.G. payment solutions Payment FinlandAalto University Campus, 100% 100% FI OysolutionsMetallimiehenkuja 10,02150 Espoo, FinlandW.A.G. payment solutions Payment FranceMontpellier Optimum, 450 100% 100% FR SARLsolutionsRue Baden Powell, 34000 Montpellier. FranceW.A.G. payment solutions Payment Germany Torgauer Strasse 231-233, 100%100% DE GmbHsolutionsLeipzig, 04347, GermanyW.A.G. payment solutions Payment Greece12A Eleftheriou Venizelou 100%100% EL SP LTDsolutionsStr., GR \u2013 151 27 Melissia, Athens, GreeceW.A.G. payment solutions Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% HU, Kft.solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. HU, Kft. Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. payment solutions Payment Ireland 6th Floor, 2 Grand Canal 100%100% IE LIMITEDsolutionsSquare, D02 A342 Dublin 2, IrelandCONSORZIO EUROWAGPayment Italy Via Giovanni Giolitti 55, 100%100% S.C. A R.L solutions10123 Torino, ItalyW.A.G. payment solutions Payment Italy Via Savonarola 217, 35137 100%100% IT S.R.L. UNIPERSONALE solutionsPadova, ItalyEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021SIA W.A.G. payment Payment LatviaBauskas street 58A, Riga, 100%100% solutions LVsolutionsLV-1004, LatviaW.A.G. payment solutions Payment LithuaniaJ. Savickio str. 4, LT-01108 100%100% LT, UABsolutionsVilnius, LithuaniaW.A.G. payment solutions Payment Luxembourg19, rue de Bitbourg, L-1273 100% 100% LU S.\u00e0 r.l.solutionsLuxembourgW.A.G. payment solutions Payment The Cuserstraat 93, 1081 CN 100% 100% NL B.V.solutionsNetherlandsAmsterdam.The Netherlands W.A.G. payment solutions Payment NorwayC.J. Hambros Plass 2 C, 100% 100% NO ASsolutions0164, Oslo, NorwayW.A.G. payment solutions Payment Polandul. Prosta 69, 00-838 100%100% PL, Sp. zoosolutionsWarsaw, PolandLiserteco LDAMobility Portugal Rua das Industrias, n\u02da 236, 100%100% solutions1\u02da, Sala 104, Trofa, 4785 \u2013 625, Portugal W.A.G. payment solutions Payment PortugalTorre de Monsanto, Rua 100%100% PT Unnipessoal, LDAsolutionsAfonso Pra\u00e7a, Alg\u00e9s,1495-061 Lisbon, Portugal W.A.G. payment solutions Payment RomaniaStrada Intrarea Nestorei nr. 100%100% RO, s.r.l.solutions1, complex River Plaza, Corp B, et. 6, sector 4, Bucuresti, RomaniaEurowag d.o.o. Beograd- Payment SerbiaMaksima Gorkog No 8, 100%100% Stari Gradsolutions1st floor, 26000 Pan\u010devo. SerbiaAldobec technologies, s.r.o.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 100%100% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaKlub Investorov T&G SK,Payment SlovakiaHlavn\u00e1 18, 90066 Vysok\u00e1 100%100% s.r.o. (in liquidation) solutionspri Morave, SlovakiaW.A.G. payment solutions Payment Slovakia Kuku\u010d\u00ednova 38/A, 83103 100% 100% SK, s.r.o.solutionsBratislava, SlovakiaW.A.G., pla\u010dilne re\u0161itve SI, Payment SloveniaTrg. Republike 3, 1000 100% 100% d.o.o.solutionsLjubljana, SloveniaW.A.G. payment solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Spain SLU.solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainW.A.G. mobility solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Iberia SLsolutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainArraia-Oil, S.L.Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021Arraia Autopistas, SL Payment SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainLiserteco 24 Horas, SL Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainReivalsa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainTax Refund Consulting SL Mobility SpainMarques de Riscal 11 5a, 100%100% solutionsMadrid 28010, SpainTrofa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainW.A.G. payment solutions Payment SwitzerlandFlurstrasse 55, 8048 100%100% CH AGsolutionsZ\u00fcrich, SwitzerlandW.A.G. payment solutions Payment Sweden\u00d6stermalmstorg 1, 114 42 100%100% Sweden ABsolutionsStockholm, SwedenWAG Payment Solutions Payment TurkeyFSM Mah. Poligon Cad. No: 100%100% Turkey \u00d6deme Sistemleri solutions8B Buyaka2 Sitesi, Kule 2 Ticaret Limited \u015eirketiKat 6, Daire: 25, 34771 Tepe\u00fcst\u00fc- \u00dcmraniye- \u0130stanbul, TurkeySygic, a.s.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 70% 70% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaTripomatic s.r.o.Mobility Czech Za Parkem 631/14, 35.7% 35.7% solutionsRepublicMedl\u00e1nky, 62100 Brno, Czech RepublicSygic Czech Republic s.r.o.Mobility Czech B\u011bchovick\u00e1 701/26, 10000 70% 70% solutionsRepublicPrague 10, Czech Republic Sygic Ltd. (liquidated)Mobility United Suite 1, 3rd Floor 11-12 St. \u201370% solutionsKingdom James's Square, SW1Y 4LB London, United KingdomKomTeS Chrudim s.r.o.Mobility Czech Maleck\u00e1 273, Chrudim IV, 51%51% solutionsRepublic53705 Chrudim,Czech RepublicKomTeS CZ s.r.o. (merged Mobility Czech Maleck\u00e1 273, Chrudim IV, \u201351% with KomTeS Chrudim solutionsRepublic53705 Chrudim,s.r.o.)Czech RepublicKomTeS SK s.r.o. Mobility SlovakiaDopravn\u00e1 7, 92101 51%51% solutionsPie\u0161\u0165any, Slovakia Threeforce BVMobility The Zeemansstraat 11, 3016 CN 27.75% 27.75% solutionsNetherlandsin Rotterdam, The NetherlandsEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021UAB \u201cTankita\u201dPaymentLithuania\u017dalgirio str. 96-103, Vilnius,20% 20% solutionsLithuaniaWebEye International s.r.l.Mobility RomaniaOradea, str. Nuf\u0103rului nr. 100%\u2013solutions28E, Jude\u021bul Bihor, RomaniaWebeye Polska sp. z.o.o. Mobility Poland30-663 Krak\u00f3w (Poland), 100%\u2013solutions250 Wielicka Str., PolandWebEye Deutschland Mobility GermanySchatzbogen 33, 81829 100%\u2013GmbHsolutionsM\u00fcnchen, GermanyWebEye Slovakia s.r.oMobility SlovakiaSlia\u010dska 1E, 831 02 100%\u2013solutionsBratislava,SlovakiaWebeye International d.o.oMobility SloveniaKidri\u010deva ulica 13D, 1236 100%\u2013solutionsTrzin, SloveniaWEBEYE Hrvatska d.o.o.Mobility CroatiaZagreb (Grad Zagreb) 100%\u2013solutionsBuzinski prilaz 10, CroatiaWEBEYE BULGARIA LTD Mobility BulgariaSofia 1528, Iskar district, 41 100%\u2013solutions\u201cNedelcho Bonchev\u201d Str., floor 3, apt. 16., BulgariaMYWEBEYE IB\u00c9RIA, LDA Mobility PortugalRua Francisco Pinto J\u00fanior 100%\u2013solutionsn 5 2690-390 Santa Ir\u00eda da Az\u00f3ia, PortugalWebEye CZ s.r.o.Mobility Czech Tu\u0159anka 1222/115, Slatina, 100%\u2013solutionsRepublic627 00 Brno,Czech RepublicE-Toll Services Hungary, Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kft.solutionsGate Business park 0221/12 hrsz. D2. \u00e9p, HungaryRoadOn Magyarorsz\u00e1g Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryWebEye Magyarorsz\u00e1g MobilityHungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryJITPay GmbHPaymentGermanyWilly-Brandt-Platz 19, 9.99% \u2013solutions38102 Braunschweig, GermanyThe Company\u2019s directly held subsidiary is W.A.G. payment solutions, a.s. All other subsidiaries are indirectly held. All shares are ordinary shares unless stated otherwise.The Company, through its subsidiary W.A.G. payment solutions, a.s., has the same percentage voting rights as effective economic interest, directly or indirectly, in all listed above subsidiaries except for Tripomatic s.r.o. W.A.G. payment solutions, a.s. possess 70% of shares in Sygic a.s., which is controlling Tripomatic s.r.o. by having 51% of voting rights.W.A.G. payment solutions, a.s. has the following branches:\u2022W.A.G. payment solutions \u2013 Branch Bulgaria,\u2022W.A.G. payment solutions, a.s. Sp\u00f3\u0142ka Akcyjna Oddzia\u0142 w Polsce,\u2022W.A.G. payment solutions a.s Merkezi \u00c7ek Cumhuriyeti \u0130stanbul Merkez \u015eubesi, \u2022W.A.G. payment solutions, a.s. organizacn\u00e1 zlo\u017eka.8.Business combinationThe following acquisitions took place in 2022: Acquisition of WebEye Group Further to the subsequent events described in the 2021 Annual Report and Accounts, the Group signed a novated agreement on 16 May 2022 to acquire substantially all of the assets of Webeye Telematics Zrt. (\u201cWebeye\u201d), a leading Fleet Management Solution provider in Central and Eastern Europe. The Group paid EUR 23.3 million in cash upon the acquisition of 100% of the share capital of the non-Hungarian subsidiaries on 16 May 2022 and a further EUR 19.9 million was paid upon completion of the acquisition of the Hungarian subsidiaries on 1 July 2022. In addition, the Company will pay a deferred settlement component within three years of closing, a portion of which is contingent upon the achievement of certain KPIs. The maximum amount, including the deferred amount of the purchase price, is capped at EUR 60.6 million.The transaction has expanded the Group\u2019s customer base, and Webeye\u2019s customers will gain access to Eurowag\u2019s unrivalled range of integrated end-to-end payment and mobility solutions leading to incremental revenue opportunities. Furthermore, data from the connected trucks will provide insights and enable the continual development of new and improved solutions to address customers\u2019 needs.The provisionally determined fair values of identifiable assets and liabilities of subsidiaries of Webeye as at the date of acquisition were:Fair value Fair value recognised recognised on acquisition on acquisition non-Hungarian Hungarian Webeye Webeye EUR \u2018000 subsidiaries subsidiaries Total AssetsIdentifiable intangible assets 16,25611,077 27,333Property, plant and equipment1,411 7292,140Right-of-use assets3571,5981,955Inventories263497760Trade receivables1,3081,0582,366Cash and cash equivalents395103498Other assets10 \u201310 Total Assets 20,00015,062 35,062 Deferred tax 1,810 9862,796Trade payables714 8831,597 Lease liabilities3571,5981,955Total Liabilities 2,881 3,467 6,348 Total identifiable net assets at fair value 17,11911,595 28,714 Goodwill arising on acquisition 19,793 11,51231,305 Purchase consideration: Cash paid23,31919,891 43,210Deferred and contingent consideration (discounted) 13,5933,21616,809Total purchase consideration 36,912 23,107 60,019 The goodwill is attributable to expected synergies from combining operations. It will not be deductible for tax purposes. The gross contractual receivables acquired amounted to EUR 3,002 thousand. At acquisition date, there wereEUR 636 thousand of contractual cash flows not expected to be collected. From the date of acquisition until 31 December 2022, Webeye entities contributed EUR 8,057 thousand of revenue and EUR 887 thousand loss after tax (mainly driven by amortisation of acquired intangibles and M&A related adjusting items). Excluding amortisation of acquired intangibles and adjusting items the adjusted profit after tax would have beenEUR 734 thousand. If the acquisition had occurred on 1 January 2022, consolidated revenue and consolidated loss after tax of Webeye entities for the year ended 31 December 2022 would have been EUR 15,429 thousand and EUR 865 thousand respectively. Excluding amortisation of acquired intangibles and adjusting items the adjusted profit after tax would have beenEUR 1,557 thousand. Transaction costs are disclosed at the end of this note.As at the date of acquisition, discount rate of 2.00% was used to determine the present value of deferred and contingent consideration. As at 31 December 2022, the discount rate was increased to 3.90%. Reasonably possible change in the discount rate does not lead to a significant change in the present value of deferred and contingent consideration.Contingent consideration is subject to achievement of integration related milestones. Reasonably possible change in milestones achievement does not lead to a significant change in the fair value of contingent consideration.Acquisition of 9.99% share in JITpay On 27 September 2022, Eurowag entered into a strategic partnership with JITpay Group, a German-based payment service provider specialising in the logistics industry. The transaction expands the Group\u2019s product portfolio by adding invoice discounting, digitalised billing and receivables management solutions and strengthens its presence in Germany, one of the most strategically important trucking markets in Europe. As part of the strategic partnership, Eurowag has acquired a 9.99% stake in JITpay for an initial consideration of EUR 14.3 million, with the flexibility for a potential increase in its ownership over time subject to regulatory approvals. The investment was classified as financial asset at fair value through other comprehensive income, see Note 21 for further information. The investment is considered to be a strategic investment and is not held for trading.The Group has call options to acquire an additional 18.01% share which can be exercised either by 3 July 2023 for a consideration of EUR 25.7 million or later by 1 January 2024 for EUR 35 million. First call option reflects original valuation, which is not expected to change during a short period.In case neither of the call options is exercised, JITpay has the right to buy back acquired 9.99% share for EUR 1. Acquisition of non-controlling interest in Sygic On 20 December 2022, the Group signed an agreement with Non-controlling Shareholders of Sygic, a.s., which will enable the Group to take full control of Sygic\u2019s resources. Consideration for the 30% equity interest of EUR 14.4 million is payable in April 2024, in line with the original option agreement. Ownership of the shares remains with Non-controlling Shareholders until April 2024, however following the agreement with fixed price they are no longer exposed to variable returns from the investment (Note 27).Under the previous shareholders agreement, the minority shareholders had certain rights pertaining to the application of Sygic\u2019s resources within the Group. Having full control of Sygic has provided the Group with unrestricted access to Sygic\u2019s resources and allowed it to fully utilise Sygic\u2019s digital expertise and people capabilities. This, in turn, will enable the Group to accelerate its digital sales channel and integrated product initiatives by utilising Sygic\u2019s capabilities more effectively across Eurowag\u2019s whole range of mobility solutions.Pay-out of deferred consideration On 31 January 2022, the Group paid deferred acquisition consideration of EUR 3 million related to acquisition of company Threeforce B.V. (Last Mile Solutions).The following acquisitions took place in 2021: Acquisition of 51% share in KomTeS On 1 January 2021, the Group acquired 51% of the share capital in KomTeS, a value-added reseller of the Group\u2019s Webdispe\u010dink product (Fleet management solutions). The transaction will ensure the highest level of support, service, and value to Group and KomTeS customers in both the Czech Republic and Slovakia.The remaining 49% non-controlling interest is subject to put/call option rights of the parties, where the Group is entitled to exercise the call option at any time after 1 January 2022 and the minority Shareholders are entitled to exercise the put option at any time after 18 December 2023 (if the call option has not been exercised).The fair values of identifiable assets and liabilities of KomTeS as at the date of acquisition were: Fair value recognisedon acquisitionEUR \u2018000 KomTeSGroup AssetsIdentifiable intangible assets 4,981Property, plant and equipment 109Inventories96Trade receivables 772Accruals10Cash and cash equivalents1,610Total Assets 7,578 Deferred tax 946Trade payables 1,989Accruals29TotalLiabilities2,964Total identifiable net assets at fair value 4,614Non-controlling interest measured at fair value 2,259Goodwill arising on acquisition \u2013No adjustments were made to opening balance sheet in 2022 and the fair value of acquired asset is finalised. The gross contractual receivables acquired amounted to EUR 772 thousand. At acquisition date, there were no contractual cash flows not expected to be collected.Associate investment in Last Mile Solutions On 16 February 2021, the Group acquired 28% non-controlling interest in Dutch-based Threeforce B.V., operating under brand Last Mile Solutions, a fast growing eMobility platform in Europe. The deal supports the Group\u2019s position in the eMobility market and confirms its focus on sustainable transportation solutions. Through this partnership, both companies will combine efforts to provide industry-leading eMobility services to their customers throughout Europe.Additional 62% shares are subject to a put option, which may require the Group to acquire shares of Last Mile Solutions. The put option is measured as a derivative instrument and it might be exercised between February 2025 and February 2026. Further details are disclosed in Note 20. Associate investment in Drivitty On 1 April 2021, the Group acquired a 20% non-controlling interest in the Lithuanian company Tankita UAB, operating under the brand Drivitty, a mobile services integration leader in the commercial transportation market. With this strategic partnership the Group aims to accelerate its path towards providing fully seamless mobile payments for its customers.Although the Group has a call option to acquire the remaining shares of Drivitty, it concluded that the call option does not provide control over the entity.Acquisition of 25% non-controlling interest in ADS Group On 4 March 2021, the Group acquired the remaining 25% of shares of ADS companies, a top commercial road transport services provider in Spain and Portugal. The transaction is a key part of the Group\u2019s long-term strategy to strengthen its presence in the Iberian Peninsula and Western Europe.As the remaining 25% non-controlling interest was subject to put/call option rights of the parties, the Group recognised a financial liability at the present value of the amount payable on exercise of the NCI put in accordance with IFRS 9 at 31 December 2020 (Note 31). The impact of the acquisition on equity is described in Note 24.Pay-out of deferred acquisition consideration On 24 November 2021, the Group paid first deferred acquisition consideration of EUR 421 thousand related to acquisition of Aldobec technologies, s.r.o.Other disclosures Net outflows of cash to acquire subsidiaries were as follows: 31 December 31 December EUR \u2018000 2022 2021Cash consideration paid 43,210 2,776Cash acquired(498) (1,610) Net outflow of cash \u2013 investing activities 42,712 1,166 Cost of acquisition of subsidiaries recognised in other operating expense and cash flows from operating activities: For the year ended 31 December EUR \u2018000 2022 2021Acquisition costs7,941 789Acquisition costs incurred in 2022 mostly relate to acquisition of Grupa Inelo (Note 37). 9.Fair value measurementThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities. Fair value measurement hierarchy for assets and liabilities as at 31 December 2022:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 21 31 December 2022 \u2013\u201314,36414,364through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2022 \u20131\u20131Interest rate swaps31 December 2022 \u20136,943\u20136,943Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2022 \u201317 \u201317 Put options 31 December 2022 \u2013\u2013153153Interest rate swaps31 December 2022 \u201333\u201333There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2022. Fair value measurement hierarchy for assets and liabilities as at 31 December 2021:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 31 December 2021\u2013\u2013\u2013\u2013through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2021\u20132,694\u20132,694Interest rate swaps31 December 2021\u2013252\u2013252Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2021\u2013356\u2013356Put options 31 December 2021\u2013\u2013130130Interest rate swaps31 December 2021\u2013527\u2013527There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2021. Specific valuation techniques used to value financial instruments include:\u2022for interest rate swaps \u2013 the present value of the estimated future cash flows based on observable yield curves \u2022for foreign currency forwards \u2013 the present value of future cash flows based on the forward exchange rates at the balance sheet date\u2022for put options \u2013 option pricing models (Monte Carlo), and \u2022for other financial instruments \u2013 discounted cash flow analysis.The Group engaged independent experts to perform valuation of FVTOCI based on discounted cash-flows. The main level 3 inputs used are:\u2022discount rate\u2022revenue growth rateReasonably possible change in the above inputs does not lead to a significant change in the fair value of the financial asset. Management assessed that the fair values of cash and cash equivalents, trade and other receivables and trade and other payables approximates their carrying amounts largely due to the short-term maturities of these instruments. Interest-bearing loans and borrowings are at floating rates with margin corresponding to market margins and credit rating of the Company has not significantly changed since refinancing in September 2022.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.10.Segmental analysisOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (\u201cCODM\u201d). The Group considers the Executive Committee to be the CODM effective from July 2021. The Board of Directors of W.A.G. payments solutions, a.s. was considered as CODM prior to that date. The CODM reviews net energy and services sales and contribution to evaluate segment performance and allocate resources to the overall business.For management purposes and based on internal reporting information, the Group is organised in two operating segments; Payment solutions and Mobility solutions. Payment solutions represent Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are a typical first choice of a new customer. Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The segment includes Tax refund, Fleet management solutions, Navigation, and other service offerings.Net energy and services sales, contribution, contribution margin, EBITDA, and Adjusted EBITDA are non-GAAP measures, see Note 11.The CODM does not review assets and liabilities at segment level. Year ended 31 December 2022 Payment Mobility EUR \u2018000 solutions solutions Total Segment revenue2,312,242 56,010 2,368,252 Net energy and services sales 134,847 56,010 190,857 Contribution118,157 40,807 158,964 Contribution margin88% 73% 83% Corporate overhead and indirect costs before adjusting items (77,371) Adjusting items affecting Adjusted EBITDA(18,461) Depreciation and amortisation (30,393) Net finance costs and share of net loss of associates(4,763) Profit before tax 27,976 Year ended 31 December 2021 Payment Mobility EUR \u2018000solutionssolutionsTotalSegment revenue1,606,051 40,0511,646,102Net energy and services sales 113,081 40,051 153,132 Contribution99,59428,926128,520Contribution margin88% 72% 84% Corporate overhead and indirect costs before adjusting items (58,800)Adjusting items affecting Adjusted EBITDA(22,793)Depreciation and amortisation (21,867) Net finance costs and share of net loss of associates(7,391) Profit before tax 17,669Geographical split \u2013 net energy and services sales For the year ended 31 December EUR \u2018000 2022 2021Czech Republic35,179 26,347Poland30,48527,037Central Cluster (excluding CZ and PL) 26,715 20,566Portugal16,362 21,058Western Cluster (excluding PT) 7,787 5,590Romania28,252 19,676Southern Cluster (excluding RO)38,339 26,495Not specified7,738 6,363Total 190,857 153,132 The following table presents the Group\u00b4s non-current assets, net of accumulated depreciation and amortisation, by country. Non-current assets for this purpose consist of property and equipment, right-of-use assets, intangible assets, investments in associates, financial assets and other non-current assets (excluding deferred tax assets and derivative assets).For the year ended 31 December EUR \u2018000 2022 2021Czech Republic152,155 126,427Spain61,898 63,238Slovakia55,799 53,882United Kingdom1,552 541Other80,311 8,765Total 351,715 252,853Geographical split \u2013 segment revenue from contracts with customers The geographical analysis is derived from the base location of responsible sales teams, rather than reflecting the geographical location of the actual transaction.For the year ended 31 December EUR \u2018000 2022 2021Czech Republic (\u201cCZ\u201d)484,055316,707Poland (\u201cPL\u201d)401,528 290,499Central Cluster (excluding CZ and PL) 275,000 189,439Portugal (\u201cPT\u201d)397,052 334,069Western Cluster (excluding PT) 92,192 36,381Romania (\u201cRO\u201d) 317,518 192,742Southern Cluster (excluding RO)391,515 278,125Not specified9,392 8,140Total 2,368,252 1,646,102There were no individually significant customers, which would represent 10% of revenue or more.Timing of revenue recognition was as follows: For the year ended 31 December EUR \u2018000 2022 2021Payment solutions Goods and services transferred at a point in time 2,286,450 1,585,701 Services transferred over time 25,792 20,3502,312,242 1,606,051 Mobility solutions Goods and services transferred at a point in time 15,700 12,753Services transferred over time 40,310 27,29856,010 40,051Total segment revenue 2,368,252 1,646,10211. Alternative performance measuresTo supplement its consolidated financial statements, which are prepared and presented in accordance with IFRS, the Group uses the following non-GAAP financial measures that are not defined or recognised under IFRS: Net energy and services sales, Contribution, Contribution margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings, Adjusted earnings per share, and Adjusted effective tax rate, Net debt/cash and Transformational capital expenditure.The Group uses Alternative Performance Measures (\u201cAPMs\u201d) to provide additional information to investors and to enhance their understanding of its results. The APMs should be viewed as complementary to, rather than a substitute for, the figures determined according to IFRS. Moreover, these metrics may be defined or calculated differently by other companies, and, as a result, they may not be comparable to similar metrics calculated by the Group\u2019s peers.Net energy and services sales Net energy and services sales is an alternative performance measure, which is calculated as total revenues from contracts with customers, less cost of energy sold. The Group believes this subtotal is relevant to an understanding of its financial performance on the basis that it adjusts for the volatility in underlying energy prices. The Group has discretion in establishing final energy price independent from the prices of its suppliers as explained in Note 6 under Principal versus agent considerations.This measure also supports comparability of the Group\u2019s performance with other entities, who have concluded that they act as an agent in the sale of energy and, therefore, report revenues net of energy purchased.Contribution Contribution is defined as net energy and services sales less operating costs that can be directly attributed to or controlled by the segments. Contribution does not include indirect costs and allocations of shared costs that are managed at a group level and hence shown separately under Indirect costs and corporate overhead.The CODM reviews net energy and services sales and contribution to evaluate segment performance and allocate resources to the overall business (Note 10).Contribution margin Contribution margin represents, for each of the Group\u2019s two operating segments, that segment\u2019s contribution as a proportion of that segment\u2019s Net energy and services sales.EBITDA EBITDA is defined as operating profit before depreciation and amortisation. The Group presents EBITDA because it is widely used by securities analysts, investors, and other interested parties to evaluate the profitability of companies. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting net finance costs), tax positions (such as the availability of net operating losses, against which to relieve taxable profits), the cost and age of tangible assets (affecting relative depreciation expense), the extent to which intangible assets are identifiable (affecting relative amortisation expense) and share of loss of associates.Adjusted EBITDA Adjusted EBITDA is defined as EBITDA before adjusting items: Adjusting item Definition Exclusion justification M&A-related Fees and other costs M&A-related expenses differ every year based on acquisition activity expensesrelating to the Group\u2019s of the Group. Exclusion of these costs allow better result comparability.acquisitions activityNon-recurringNon-recurring IPO costs are related to a one-off event, which has significant impact IPO-related expenses advisory and other on 2021 profitability. IPO had no impact on expenses in 2022.expenses relating to the AdmissionStrategic Costs relating to Broadening the skill base transformation broadening the skill IPO and IT strategic transformation requires different skill base of the expensesbases of the Group\u2019s Group\u2019s employees. Expenses related to these strategic events were employees (including excluded as otherwise they would not be incurred. The expenses are in respect of executive not expected to be adjusted in 2023.search and recruiting Transformation of key IT systems costs), costs related Transformational expenditure represents investments intended to to transformation of create a new product or service, or significantly enhance an existing key IT systems asone, in order to increase the Group\u2019s revenue potential. This also well as Grupa Inelo includes systems and processes improvements to improve services integration costsprovided to customers. Transformational expenditures, which cannot be capitalised as they are mainly related to research, were excluded as the Group is executing its strategic transformation programme and due to the fact that annual investments compared to Group\u2019s Net sales are significantly higher than regular investments of a technology company. Strategic transformation programme is expected to end in 2023 except for SAP implementation, which is expected to end in 2024. Anticipated IT transformation expense adjustment amounts to EUR 4.1 million in 2023 and EUR 3.3 million in 2024. The Group does not expect significant capitalisation related to SAP in 2024.Integration costs of Grupa Inelo In 2023 and 2024, the Group expects to adjust one-off costs related to transformation and integration of Grupa Inelo. While the Group did not adjust integration costs in the past, the related activitiesand one-off costs are expected to be significantly higher than for previously completed acquisitions. Exclusion of these costs will allow better result comparability.The Group currently estimates approximately EUR 2 million of integration costs in 2023. The Group is in very early stage of integration, the management will evaluate integration progress and update the expected amount in 2023 interim financial statements.Adjusting item Definition Exclusion justification Share-based Equity-settled and Share options and cash-settled compensation have been provided compensation cash-settled to management and certain employees in connection with the IPO. compensation Total share-based payment charge to be excluded in periodprovided to the 2021 \u2013 2024 amounts to EUR 20.7 million, from which EUR 1.3 million Group\u2019s management was a one-off in 2021 and EUR 19.4 million is amortised over three before IPOyears. Although these costs will be amortised over the next three years based on accounting policies, they were excluded as they relate to a one-off event. Amortised expenses amounted to EUR 5.1 million in 2021 and 5.3 million in 2022 and anticipated expense adjustment amounts to EUR 6.5 million in 2023 and EUR 2.5 million in 2024.Share awards provided post-IPO (Performance share plan in Note 13) were not excluded as they represent non-cash element of annual remuneration package.Management believes that Adjusted EBITDA is a useful measure for investors because it is a measure closely tracked by management to evaluate the Group\u2019s operating performance and to make financial, strategic, and operating decisions. It may help investors to understand and evaluate, in the same manner as management, the underlying trends in the Group\u2019s operational performance on a comparable basis, period on period.Adjusted EBITDA reconciliation For the year ended 31 December EUR \u2018000 2022 2021Intangible assets amortisation (Note 17) 22,234 15,303Tangible assets depreciation (Note 18)4,790 4,129Right of use depreciation (Note 19) 3,369 2,435Depreciation and amortisation 30,39321,867Net finance costs and share of net loss of associates 4,763 7,391 Profit before tax27,976 17,669EBITDA 63,132 46,927M&A-related expenses (Note 8) 7,941 789Non-recurring IPO-related expenses \u201312,943Strategic transformation expenses 5,209 2,688Share-based compensation (Note 13) 5,311 6,373Adjusting items 18,461 22,793Adjusted EBITDA 81,593 69,720Adjusted EBITDA margin Adjusted EBITDA margin represents Adjusted EBITDA for the period divided by Net energy and services sales. Adjusted earnings (net profit) Adjusted earnings are defined as profit after tax before adjusting items: Adjusting item Definition Exclusion justification Amortisation of acquired Amortisation of assets The Group acquired a number of companies in the past and intangiblesrecognised at the time of plans further acquisitions in the future. The item is prone to an acquisition (primarily volatility from period to period depending on the level of M&A. ADS, Sygic and Webeye) Amortisation due to Accelerated amortisation Strategic IT transformation programme of the Group is replacing transformational useful of assets being replaced selected softwares before their originally estimated useful life. life changesby strategic transformation This may also include early fixed asset write-offs. Amortisation of the Groupof such assets has been accelerated and abnormally high difference between original and accelerated depreciation was excluded to allow period on period result comparability.The item adjusted in 2020\u2013 2022 represents assets replaced by strategic IT transformation by the end of 2022, however, decisions may be taken as the Group continues with its strategic IT transformation in 2023, which may lead to new assets being replaced and either accelerated or written-off. The Group expects this adjustment to be relevant until 2024, although, no significant costs are currently expected to be adjusted in 2023 and 2024.Adjusting items affecting Items recognised in the Justifications for each item are listed in the preceding table. Adjusted EBITDApreceding table, which reconciles EBITDA to Adjusted EBITDATax effectDecrease in tax expense Tax effect of above adjustments is excluded to adjust the as a result of above impact on after tax profit.adjustmentsThe Group believes this measure is relevant to an understanding of its financial performance absent the impact of abnormally high levels of amortisation resulting from acquisitions and from technology transformation programmes. Adjusted earnings reconciliation For the year ended 31 December EUR \u2018000 2022 2021Profit for the year 17,696 9,650Amortisation of acquired intangibles 6,562 5,419Amortisation due to transformational useful life changes 1,864 1,717 Adjusting items affecting Adjusted EBITDA18,461 22,793Tax effect(3,029) (3,801) Adjusted earnings (net profit) 41,554 35,778Adjusted earnings per share Adjusted earnings per share is calculated by dividing the adjusted net profit for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period. See Note 28 for further information. Adjusted effective tax rate Adjusted effective tax rate is calculated by dividing the adjusted tax expense by the adjusted profit before tax. The adjustments represent adjusting items affecting adjusted earnings. See Note 16 for further information.Net debt/cash Net debt/cash is calculated as cash and cash equivalents less interest-bearing loans and borrowings. Transformational capital expenditure Transformational capital expenditure represents investments intended to create a new product or service, or significantly enhance an existing one, in order to increase Group\u2019s revenue potential. This also includes systems and processed improvements to improve services provided to customers.The monthly average number of employees by category during the period was as follows:For the year ended 31 December 2022 2021Sales and marketing 248 224General and administrative 270 186Technology, product and operative* 705 606Total average number of employees 1,223 1,016 * Technology, product and operative category represents employees directly and indirectly related to product business units.12.Employee expensesEmployee expenses for the respective periods consist of the following: For the year ended 31 December 2022 2021Total Key Total Key EUR \u2018000 personnel management* personnelmanagement* Wages and salaries 58,895 5,217 43,5462,822Social security costs13,930 702 12,378389Option plans (Note 13)6,459 5,890 6,7465,327Own work capitalised (12,072) \u2013(7,006)\u2013Total employee expense 67,212 11,809 55,6658,538* Until 30 June 2021, included Chief Officers (Board of Directors) and Non-Executive Directors (Supervisory Board) of W.A.G. payment solutions, a.s. From 1 July 2021 includes the Board and Executive Committee of W.A.G payment solutions plc.In 2022, the Group focused on talent acquisition, retention and strengthening of remuneration schemes appropriate for a listed company. Adjusting items comprised in employee expenses amounted to EUR 7,424 thousand in 2022 (2021: EUR 8,609 thousand).Information regarding the highest paid director is included in the Directors Remuneration Report on pages 154 to 155. 13.Share-based paymentsThe Company currently operates the following share option plans: Equity-settled share option plans Pre-IPO option plans In 2021 before Admission, the Group granted share options of W.A.G. payment solutions, a.s. to management, which must remain in service for a period of three years from the date of grant. Share options outstanding on Admission were converted into the performance share plan based on the same vesting value and vesting conditions following approval from the Remuneration Committee.Pre-IPO bonus issue On Admission, certain Directors, senior managers, and employees, including the Chief Financial Officer and the Chief Strategy Officer were awarded 578,000 ordinary shares in recognition of services provided in connection with the IPO. The Ordinary Shares were subject to a holding period of one year.Performance share plan (post-IPO)To provide discretionary share-based incentive awards to employees, the Company has adopted the Performance share plan (\u201cPSP\u201d) on Admission. The operation of the plan is supervised by the Remuneration Committee. Any employee (includingan Executive Director) of the Group is eligible to participate in the PSP at the discretion of the Remuneration Committee. The PSP awards granted as nominal cost options in 2021 after Admission are subject to sliding scale adjusted EBITDA performance targets, which have been re-expressed as adjusted EBITDA per share. The PSP awards granted in 2022 are subject to adjusted basic earnings per share targets (60% weighting) and relative total shareholder value vs FTSE 250 index targets (40% weighting). Standard vesting period is three years and employees must remain in service during this period.Set out below are summaries of options granted under pre-IPO option plans and PSP: For the year ended For the year ended 31 December 2022 31 December 2021 Average Average exercise price exercise price per share option Number of per share option Number of (EUR) share options (EUR)share optionsOpening 0.01 3,706,790 1.83 1,092,625Granted during the period before Admission \u2013\u20131.67 1,651,617 Exercised during the period before Admission \u2013\u20131.94 (2,247,247)Forfeited during the period before Admission \u2013\u20131.10 (362,026)Outstanding on Admission \u2013\u2013\u2013134,969Converted on Admission* \u2013\u20130.011,367,520Granted during the period after Admission 0.01 4,979,758 0.012,339,270Exercised during the period after Admission \u2013\u2013\u2013\u2013Forfeited during the period after Admission 0.01 (1,360,864) \u2013\u2013Closing 0.01 7,325,684 0.013,706,790Vested and exercisable at the end of the \u2013\u2013\u2013\u2013period * Awards were converted from CZK 1 shares of W.A.G payment solutions, a.s. into 1 pence shares of the Company, reflecting different number of shares issued. No change was made to total fair value of equity instruments granted.Share options outstanding at the end of the period have the following expiry dates and exercise prices: 31 December 2022 31 December 2021Weighted WeightedNumbers average NumbersaverageExercise price of shares remaining life of sharesremaining life(EUR) outstanding (years) outstanding(years)0.017,325,684 2.07 3,706,7902.32Total 7,325,684 3,706,790\u2013Fair value of options granted was determined using the Black-Scholes model that takes into account the exercise price, the term of the option, the share price at grant date, expected price volatility of the underlying share and the risk-free interest rate for the term of the option.The model inputs for options included: 31 December 2022 31 December 2021November April AfterBefore2022 grant 2022 grant AdmissionAdmissionShare price at grant date 0.81 GBP 0.94 GBP 1.5 GBP 11.49 CZK Exercise price 0.01 0.01 0.01defined by option contractsExpected price volatility of Company\u2019s shares 41.7%52.8% 50% 50% Risk-free interest rate 2.73% 2.69% 1.04% 1.67% Cash-settled share option plans (pre-IPO) In 2021, shadow shares plan was introduced to provide long-term incentives for certain managers to deliver long-term shareholder returns. Shadow shares are granted under the plan for no consideration and carry no voting rights. Participants in the plan are entitled to equivalent dividend in case dividends are approved by Shareholders of the Company. The fair value of shadow share options granted is estimated at the date of grant on the basis of estimated EBITDA growth in the next three years and remeasured at each reporting date.The Group recognised following liability in relation to the cash-settled option plan: 31 December 31 December EUR \u2018000 2022 2021Cash-settled plans liability765 2,342Expenses arising from share-based payment transactions For the year ended 31 December EUR \u2018000 2022 2021Equity-settled plans (pre-IPO option plans) 5,247 2,238Equity-settled plans (pre-IPO bonus issue) \u20131,125 Paid social security and health insurance on equity-settled plans (pre-IPO) \u20131,255Cash-settled plans (pre-IPO) 641,755 Total pre-IPO expenses (Note 11) 5,311 6,373Equity-settled plans (PSP) 1,148 373Total (Note 12) 6,459 6,746For the year ended 31 December 2022, expenses related to equity-settled plans recognised in equity amounts to EUR 6,395 thousand (2021: 3,736 thousand).14.Finance costsFinance costs for the respective periods were as follows:For the year ended 31 December EUR \u2018000 2022 2021Bank guarantees fee 899616Interest expense 5,815 5,188 Factoring fee1,348 698Foreign exchange loss 692 2,380Other4861 Total 8,802 8,943The Group manages its foreign currency risk by using foreign currency forwards and swaps (see Note 15). 15.Finance incomeFinance income for the respective periods was as follows: For the year ended 31 December EUR \u2018000 2022 2021Gains/(losses) from revaluation of interest rate swaps 3,315 (176) Gains from revaluation of foreign currency forwards and swaps 1,179 2,298Total gains from revaluation of derivatives 4,4942,122Interest income234 52Other22 60Total 4,750 2,23416.Income taxCorporate income tax for companies in the Czech Republic and United Kingdom for the years 2021 and 2022 was 19%. WAG Iberia, together with all the Alava tax resident companies of ADS sub-group (Reivalsa, Trofa, Arraia Oil, Arraia Autopistas and Liserteco 24h), formed a consolidation tax group for CIT purposes beginning on 1 April 2019. Spanish corporate income tax is 24% (2021: 24%).Structure of the income tax for the respective periods is as follows: For the year ended 31 December EUR \u2018000 2022 2021Current income tax charge 12,148 7,679Adjustments in respect of current income tax of prior years 495112 Deferred tax(2,363) 228Total 10,280 8,019Reconciliation of tax expense and the accounting profit multiplied by the Company domestic tax rate for the below periods: For the year ended 31 December EUR \u2018000 2022 2021Accounting profit before tax 27,976 17,669At UK\u2019s statutory income tax rate of 19% (2021: 19%) 5,316 3,357Adjustments in respect of current income tax of prior years 495112 Effect of different tax rates in other countries of the Group 30507Non-deductible expenses (M&A related)1,350 84Non-deductible expenses (IPO related) \u20131,368Non-deductible expenses (other) 1,857 1,314 Share-based payments1,020 700Net investment hedge 260468Effect of accumulated tax loss claimed in the current period (68)(36)Effect of unrecognised deferred tax assets relating to tax losses of current period 20145At the effective income tax rate of 36.75% 45.38%Income tax expense reported in the statement of profit or loss 10,280 8,019Adjusted effective tax rate is as follows: For the year ended 31 December EUR \u2018000 2022 2021Accounting profit before tax 27,976 17,669Adjusting items affecting adjusted EBITDA 18,461 22,793Amortisation of acquired intangibles6,562 5,419Amortisation due to transformational useful life changes 1,864 1,717 Adjusted profit before tax (A) 54,863 47,598Accounting tax expense 10,280 8,019Tax effect of above adjustments3,029 3,801Adjusted tax expense (B) 13,309 11,820 Adjusted earnings (A \u2013 B) 41,554 35,778Adjusted effective tax rate (B/A) 24.26% 24.83%Unused tax losses, for which no deferred tax asset has been recognised were as follows: 31 December 31 December EUR \u2018000 2022 2021Unrecognised tax losses expiring by the end of: 31 December 2022 \u201321031 December 2023 210 27931 December 2024 and after 1,240 813No expiry date 444942Total unrecognised tax losses 1,894 2,244Potential tax benefit 360426The unused tax losses were incurred by dormant subsidiaries that are not likely to generate taxable income in the foreseeable future.Deferred tax balances and movements: (Charged) 1 January Business credited to Charged to Translation 31 December EUR \u2018000 2022 combinations profit or loss equity differences 2022 Difference between net book (7,522) (2,747) (243) \u201310 (10,502) value of fixed assets foraccounting and tax purposes Allowances to receivables 1,638 \u20131,273 \u201365 2,976 Provisions for liabilities 1,454 \u201394\u201337 1,585 and chargesTax losses148 \u2013193 \u20134345Tax benefit from 6,423 \u2013(480) \u2013\u20135,943 pre-acquisition reserves Other6(49) 1,526 \u2013(2) 1,481 Net deferred tax asset/(liability) 2,147 (2,796) 2,363 \u20131141,828 Recognised deferred tax asset 7,642 \u20132,757 \u2013106 10,505 Recognised deferred tax liability (5,495) (2,796) (394) \u20138(8,677) (Charged) 1 January Business credited to Charged toTranslation 31 December EUR \u2018000 2021combinationsprofit or loss equitydifferences2021Difference between net book (6,499)(946)(63)\u2013(14) (7,522)value of fixed assets for accounting and tax purposesAllowances to receivables 1,994\u2013(443)\u2013871,638Provisions for liabilities 1,276 \u2013 119 \u2013591,454and chargesTax losses157 \u2013(15) \u20136148Tax benefit from 6,995\u2013(572)\u2013\u20136,423pre-acquisition reserves Other(724)\u2013746\u2013(16) 6Net deferred tax asset/(liability) 3,199(946)(228)\u2013122 2,147Recognised deferred tax asset 7,057\u2013463\u2013122 7,642Recognised deferred tax liability (3,858)(946)(691) \u2013\u2013(5,495)The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.Direct subsidiaries of the Company, W.A.G. payment solutions, a.s. and its subsidiaries, have undistributed earnings of EUR 195,685 thousand (2021: EUR 154,840 thousand) which, if paid out as dividends to the Company, would be subject to 5% withholding tax. An assessable temporary difference exists, but no deferred tax liability has been recognised as the Group is able to control the timing of distributions from this subsidiary and is not expected to distribute these profits in the foreseeable future.17.IntangibleassetsCost of intangible assets subject to amortisation: InternalClient software Patents Other InternalExternal relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress progress Total 1 January 2021 103,78824,16739,8535,46020,61231 10,7881,338206,037Additions\u2013113 18,738\u20132,077\u20137,647\u201328,575Acquisition of a \u20134,965\u2013\u201377\u2013\u2013\u20135,042subsidiaryTransfer\u2013\u2013\u2013\u2013915\u2013\u2013(915) \u2013Disposals\u2013\u2013\u2013\u2013(155) \u2013(124) \u2013(279)Translation differences 1,410 \u20132,2985719 \u2013747365,215 31 December 2021 105,198 29,24560,8895,46524,24531 19,058459244,590Additions\u2013\u201321,592 \u20132,398 \u20138,302 3,291 35,583 Acquisition of a 31,305 21,080 5,898 105 298 \u2013\u2013\u201358,686 subsidiaryTransfer\u2013\u201317,149 \u2013\u2013\u2013(16,972) (177) \u2013Disposals\u2013\u2013(69) \u2013(24) \u2013(35) \u2013(128) Translation differences 712 (102) 2,579 \u2013269 \u2013430(4) 3,884 31 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615 Accumulated amortisation and impairment of intangible assets subject to amortisation: InternalClient software Patents Other relation- develop- and External intangible Assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress Total 1 January 2021 \u2013(8,837)(13,740)(2,729)(9,343)(24)\u2013(34,673)Amortisation\u2013(2,850)(9,246)(5) (3,200)(2) \u2013(15,303)Acquisition of a subsidiary \u2013\u2013\u2013\u2013(61) \u2013\u2013(61) Disposals\u2013\u2013\u2013\u2013155 \u2013\u2013155 Translation differences \u2013\u2013(981) (3)(271) \u2013\u2013(1,255) 31 December 2021 \u2013 (11,687)(23,967)(2,737)(12,720)(26)\u2013 (51,137)Amortisation \u2013(4,024) (14,512) (28) (3,668) (2) \u2013(22,234) Disposals\u2013\u201369\u2013 10 \u2013 \u201379 Translation differences \u2013\u2013(974) (2)(176) \u2013\u2013(1,152)31 December 2022 \u2013(15,711)(39,384) (2,767) (16,554) (28) \u2013(74,444) Net book value:Internal Client software Patents Other Internal External relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships mentrightssoftware assets progressprogress TotalNet book value at 105,19817,55836,9222,72811,525 519,058459 193,45331 December 2021 Net book value at 137,215 34,512 68,654 2,803 10,632 310,783 3,569 268,171 31 December 2022 Research and development costs that were not capitalised and are, therefore, recognised expenses are as follows: For the year ended 31 December EUR \u2018000 2022 2021Expensed research and development costs 3,331 5,024ImpairmenttestingGoodwill acquired through business combinations is allocated to the respective CGUs for impairment testing. Carrying amount of the goodwill allocated to each of the CGUs:31 December 31 December EUR \u2018000 2022 2021Energy40,180 40,180Navigation34,610 34,579Fleet management solutions 57,963 25,996Tax refund 2,401 2,382Toll2,061 2,061Total 137,215 105,198 The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecast approved by the Board covering a five-year period, which shows growth in revenues.The table below presents carrying amount and remaining amortisation period of individual intangible assets that are considered material to the Group\u2019s consolidated financial statements:As at 31 December 2022 As at 31 December 2021 Remaining Remaining Net book value useful life Net book value useful life Individual asset name (in \u2018000 EUR) (in months)(in \u2018000 EUR)(in months) Customer relationships \u2013 ADS 7,306 608,76772Customer relationships \u2013 Webeye 19,794 113\u2013\u2013Internal software \u2013 EETS toll platform15,046 62 4,89674Internal software \u2013 SAP 6,658 833,78095Internal software \u2013 Webeye platform6,265 55 \u2013\u2013EETS stands for European Electronic Toll Service, an initiative from the European Union to create a simpler framework for paying toll in Europe by use of single on-board unit for all toll systems within EU. The Group developed a platform enabling its EETS-certified OBUs to make toll payments in multiple countries.Internal assets in progress consist of assets where the development phase has not yet been completed. The Group capitalised employee expenses (Note 12) and cost of materials and services used or consumed in generating the intangible asset.Key assumptions used for impairment testing Discounted cash flow model is based on the following key assumptions: \u2022Discount rate \u2022Net energy and services sales for Energy CGU; revenues for Navigation, Fleet management solutions and Tax refund CGUs \u2022Long-term revenue growth rate Net energy and services sales and revenue growth were determined by management separately for each CGU. They are based on the knowledge of each particular market, taking into account the historical development of revenues, estimated macroeconomic developments in individual regions and the Group\u2019s plans regarding new products development, growth opportunities and market share expansion. Estimated net energy and services sales and revenue growth represent the best possible assumption of the Group\u2019s management considering the future development as at the end of the period.Discount rate reflects specific risks relating to the industry in which the Group operates. The discount rate used is based on the weighted average cost of capital (\u201cWACC\u201d) of the Group as presumed by Capital Asset Pricing Model.The table below shows key assumptions used in the value-in-use calculations for material CGUs: 31 December 31 December 2022 2021Energy CGU Pre-tax discount rate9.5% 10.0% Net energy and services sales growth rate* 1.9%0.1% Long-term growth rate 1.8%1.8% Navigation CGU Pre-tax discount rate12.0%12.0% Revenue growth rate*20.0% 25.2% Long-term growth rate 3.0% 2.0% Fleet management solutions CGU Pre-tax discount rate12.0%11.0% Revenue growth rate*17.0%18.9% Long-term growth rate 3.0% 2.0% Tax refund CGU Pre-tax discount rate10.0% 10.0% Revenue growth rate*10.1%2.0% Long-term growth rate 1.8%1.8% * Average over 5-year period Toll CGU was not significant.The Group has considered the potential impact of climate change in impairment tests. For all CGUs except Fleet management solutions, additional sensitivities of discounted cash-flows were modelled to determine break-even increase in operating and capital expenses and a combination of revenue decrease and expense increase. Reasonably possible change in operating and capital expenses does not lead to any impairment, climate change impact on recoverable amounts and useful life of non-financial assets is thus not considered to be significant for these CGUs.Fleet management solutions recoverable amount is closer to the carrying amount than all other CGUs (Note 6). A combination of revenue decrease and operating and capital expenses increase was therefore included in Fleet management solutions CGU base model. Sensitivities of discounted cash-flows described below directly include the expected climate change impact, which would either lead to breakeven or to a significant impairment.Energy The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 28,140 thousand.Discount rate used in the value-in-use calculation would have to increase to 12.3% for the recoverable amount to be equal to its carrying amount.Net energy and services sales used in the value-in-use calculation would have to decrease by 26.0% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to -4.5% for the recoverable amount to be equal to its carrying amount.Navigation The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 78,405 thousand.Discount rate used in the value-in-use calculation would have to increase to 22.1% for the recoverable amount to be equal to its carrying amount.Revenue used in the value-in-use calculation would have to decrease by 28.2% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to -33.4% for the recoverable amount to be equal to its carrying amount.Fleet management solutions The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 5,845 thousand.Discount rate used in the value-in-use calculation would have to increase to 12.4% for the recoverable amount to be equal to its carrying amount and to 12.7% for a significant impairment to occur.Revenue used in the value-in-use calculation would have to decrease by 1.7% for the recoverable amount to be equal to its carrying amount and by 3.0% for a significant impairment to occur.Long-term revenue growth rate would have to decrease to 2.1% for the recoverable amount to be equal to its carrying amount and to 1.3% for a significant impairment to occur.Tax refund The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 9,547 thousand.Discount rate used in the value-in-use calculation would have to increase to 25.5% for the recoverable amount to be equal to its carrying amount.Revenue used in the value-in-use calculation would have to decrease by 27.0% for the recoverable amount to be equal to its carrying amount.Reasonably possible change in long-term revenue growth rate of 1.80% does not lead to any impairment. Land, buildings and machinery and equipment are subject to pledge in respect of bank loans: 31 December 31 December EUR \u2018000 2022 2021Pledged property, plant and equipment 39,467 34,54418.Property, plant and equipmentCost of property, plant and equipment:Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 23,992 3,601 19,510 5,746 1,555 54,404Additions1,768 4322,76221355,180Acquisition of a subsidiary \u2013\u2013\u2013557\u2013557Disposals\u2013(41) (119) (1,212) (10) (1,382) Translation differences 631173 705291231,82331 December 2021 26,391 4,165 22,858 5,595 1,573 60,582 Additions1,551 3803,4131842,0737,601 Acquisition of a subsidiary 14 \u20131,998128 \u20132,140Disposals\u2013(7) (641) (895)(4)(1,547) Translation differences 23899367135(61) 77831 December 2022 28,194 4,637 27,995 5,147 3,581 69,554 Accumulated depreciation and impairment of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 (4,282) (1,417) (12,215) (3,515) \u2013(21,429) Depreciation charge(569)(590)(2,126) (844)\u2013(4,129) Acquisition of a subsidiary \u2013\u2013\u2013(448)\u2013(448)Disposals\u201310 113 1,056\u20131,179 Translation differences (181) (108) (447)(256)\u2013(992)31 December 2021 (5,032) (2,105) (14,675) (4,007) \u2013(25,819) Depreciation charge(834)(724)(2,496)(735)\u2013(4,789)Disposals\u20132626729\u20131,357 Translation differences (77) (71) (237)(92)\u2013(477)31 December 2022 (5,943) (2,898) (16,782) (4,105) \u2013(29,728) Net book value of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total Net book value at 21,3592,0608,1831,5881,573 34,76331 December 2021Net book value at 22,251 1,739 11,2131,042 3,581 39,826 31 December 2022 19.Leases (Group as a lessee)The Group leases assets including buildings, land and motor vehicles. The average lease term is four years. Leases comprise a larger number of various diversified lease contracts in different locations.Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.Right-of-use assets 31 December 31 December EUR \u2018000 2022 2021Buildings11,404 7,005Lands451 486Vehicles and machinery1,485 621Total 13,340 8,112 Additions to the right-of-use assets 8,571 1,509Lease liabilities 31 December 31 December EUR \u2018000 2022 2021Long-term lease liabilities 9,510 5,973Short-term lease liabilities 3,917 2,601Total lease liabilities 13,427 8,57431 December 31 December EUR \u2018000 2022 2021Within one year3,917 2,601After one year but not more than five years 7,929 4,289More than five years 1,581 1,684Total lease liabilities 13,427 8,574Discount rate used was in the range 1.10%\u2013 3.25% (2021: 1.10%\u2013 3.25%). Depreciation charge of right-of-use assets For the year ended 31 December EUR \u2018000 2022 2021Buildings(2,897) (2,244)Lands(50) (53)Vehicles and machinery(422) (138) Total (3,369) (2,435)Leases in the Income statement Leases are shown as follows in the income statement: For the year ended 31 December EUR \u2018000 2022 2021Other operating income Terminatedrent(1)\u2013Other operating expense Short-term lease expenses 914 547Low-value lease expenses105 53Other lease expenses (additional costs) 235 38Depreciation and impairment losses Depreciation of right-of-use assets 3,369 2,435Net finance costs Interest expense on lease liabilities 261 229Currency translation (gains)/losses on lease liabilities (210) (107) Commitments and contingent liabilities in respect of associates 31 December 31 December EUR \u2018000 2022 2021Deferred acquisition consideration (Note 28) \u20133,000The remaining shares of Last Mile Solutions are subject to a put option, which may require the Group to acquire additional 62% shares of the associate. The put option is measured as a derivative instrument and it will be settled at gross margin multiple in case it is exercised. As of 31 December 2022, the fair value of the put option is EUR 153 thousand (31 December 2021: EUR 130 thousand) (Note 25).20.Investment in associates Set out below are the associates of the Group acquired in 2021 (Note 8): Effective economic interest Name Measurement method Registered office 2022 2021Threeforce BV (Last Mile Solutions) Equity methodThe Netherlands 27.75% 27.75% UAB \u201cTankita\u201d (Drivitty)Equity methodLithuania20% 20% Both associates are private entities and their financial year ends on 31 December. No quoted prices are available. Drivitty is immaterial to the Group.Share of net assets was as follows:EUR \u2018000 2022 2021Opening balance at 1 January 12,934 \u2013Acquisition\u201313,846Share of net loss (711)(682)Translation\u2013(230)Closing balance at 31 December 12,223 12,934Summarised financial information The following tables provide summarised financial information for Last Mile Solutions, which is considered material to the Group. The information disclosed reflects the amounts presented in the financial statements of the associate and not Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments. No significant differences in accounting policy have been identified by the Group.Threeforce B.V. (Last Mile Solutions) Summarised balance sheet 31 December 31 December EUR \u2018000 2022 2021Current assets30,656 13,335Current liabilities30,136 9,785Current net assets 520 3,550Non-current assets 9,0858,115 Non-current liabilities 484404Non-current net assets 8,601 7,711 Net assets 9,121 11,261 Reconciliation to carrying amounts: Opening net assets 11,26113,488Loss for the period(2 139) (2,166) Translation(1)(61) Other comprehensive income \u2013\u2013Dividends paid\u2013\u2013Closing net assets 9,121 11,261 Group\u2019s share in % 27.75% 27.75% Group\u2019s share in EUR \u2018000 2,531 3,125Goodwill7,442 7,442Carrying amount 9,973 10,567Threeforce B.V. (Last Mile Solutions) For the For the year ended year ended Summarised statement of comprehensive income 31 December 31 DecemberEUR \u2018000 2022 2021Revenue102,019 29,628Loss for the period(2,139) (2,166) Total comprehensive income (2,139) (2,166) 21.Financial assets at fair value through other comprehensive incomeEquity investments at FVOCI comprise the following individual investments: 31 December 31 December EUR \u2018000 2022 2021Unlisted securities JITpay GmbH 14,364 \u2013Total 14,364 \u2013For more information please refer to Note 8.During the years 2022, no related gains/(losses) were recognised in profit or loss and other comprehensive income. Information about the methods and assumptions used in determining fair value is provided in Note 4.2 and Note 9.22.Other non-current assets31 December 31 December EUR \u2018000 2022 2021Prepaid expenses1,262 1,844Long-term advances granted 370 312Contract assets2,159 1,435Total 3,791 3,59123.Inventories31 December 31 December EUR \u2018000 2022 2021Raw materials6,652* 136Goods (excluding on-board units) 9,173 6,470Finished products197 3On-board units 4,269 2,948Total 20,291 9,557* Represents primarily material for On-board units. Write-downs of inventories to net realisable value were as follows: For the year ended 31 December EUR \u2018000 2022 2021Write-downs of inventories to net realisable value 183 \u2013Write-downs of inventories were recognised as an expense and were included in cost of energy sold in the statement of profit or loss.Goods recognised as an expense are presented in full under cost of energy sold. Raw materials consumed were as follows:For the year ended 31 December EUR \u2018000 2022 2021Raw materials consumed (in other operating expense)213 308Pledged receivables are subject to security of bank loans, including trade and other receivables subject to pledge on W.A.G. payment solutions, a.s. shares:31 December 31 December 2021EUR \u2018000 2022 (restated)Pledged receivables377,044 300,504Total 377,044 300,504Pledged receivables as of 31 December 2021 were restated due to pledge of W.A.G. payment solutions, a.s. shares (Note 29). 24.Trade and other receivables31 December 31 December EUR \u2018000 2022 2021Trade receivables240,788 201,924Receivables from tax authorities 24,528 11,729 Advances granted12,059 10,948Unbilled revenue 9,728 5,533Miscellaneous receivables4,798 4,000Tax refund receivables 79,274 60,945Prepaid expenses and accrued income3,976 3,038Contract assets3,001 2,484Total 378,152 300,601Trade receivables are non-interest bearing and are generally payable on terms below 30 days. Trade and other receivables are non-derivative financial assets carried at amortised cost.Tax refund receivables include receivables from foreign tax authorities and from financing of tax refunds to customers until processing of the application for tax refund by tax authorities.The carrying value of trade and other receivables approximates their fair value due to their short-term maturities. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and contract assets. Simplified approach adopted by the Group in 2020 is using elements from the general approach, the main difference is that no staging of financial assets is being used.On the basis described previously, the loss allowance was as follows:31 December 2022 Past due Past due more EUR \u2018000 Current 1 \u2013 90 daysthan 90 days Total Gross value of receivables* 282,947 51,183 24,530 358,660 Expected credit loss557 2,806 20,709 24,072 31 December 2021Past duePast due moreEUR \u2018000 Current1 \u2013 90 days than 90 days TotalGross value of receivables* 237,14534,31420,773292,232Expected credit loss5232,62316,68419,830* Gross value of receivables excludes receivables from tax authorities, advances granted, prepaid expense and accrued income, and contract assets as these are non-financial assets.Allowances against outstanding receivables that are considered doubtful were charged to income statement based on the analysis of their collectability.EUR \u2018000 AmountAllowances at 1 January 2021 20,851 Charged3,480Utilised(5,118) Unused amounts reversed (364)FX differences981Allowances at 31 December 2021 19,830 Acquisition of subsidiary 618Charged4,163Utilised(907)Unused amounts reversed (252)FX differences620Allowances at 31 December 2022 24,072 Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a customer to engage in a repayment plan with the Group, when the customer has been placed under liquidation or has entered into bankruptcy proceedings.25.Derivatives31 December 31 December EUR \u2018000 2022 2021Derivative assets Foreign currency forwards \u2013 held for trading 12,694Interest rate swaps \u2013 cash flow hedges6,943 252Total derivative assets at fair value 6,9442,946Current3,851 2,694Non-current3,093252Derivative liabilities Foreign currency forwards \u2013 held for trading 17356Put options related to associates 153 130Interest rate swaps \u2013 cash flow hedges33527Total derivative liabilities at fair value 2031,013 Current17356Non-current186 657Derivatives not designated as hedging instruments reflect positive or negative change in fair value of those foreign currency forwards, foreign currency swap contracts and interest rate swap contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk on expected sales and purchases or interest rate risk.Put options redemption liability related to non-controlling interests is described in Note 31. Put option related to an associate, which is measured as a derivative instrument and its fair value is EUR 153 thousand as of 31 December 2022, is described in Note 20.Cash flow hedges Interest rate riskThe Group obtained club financing facilities (Note 29) with floating interest rate denominated in EUR. The interest rate risk management strategy of the Group requires minimisation of its exposure to changes in cash flow interest rate risk.The Group concluded interest rate swaps, where the Group pays interest based on a fixed interest rate and receives interest based on a floating interest rate (based on 3M EURIBOR) derived from principal amount in EUR. This instrument allows the Group to reduce its interest rate cash flow risk.31 December 31 December EUR \u2018000 2022 2021Carrying amount (current and non-current asset) 6,943 252Carrying amount (current and non-current liabilities) (33) (527)Nominal amount150,000 190,000Maturity date2024 and 2027 2024 and 2025Change in fair value of outstanding hedging instruments since 1 January7,185 2,416Change in value of hedged item used to determine hedge effectiveness (7,185) (2,416)Weighted average hedged rate for the year 0.26% 0.26% Hedging items The Group used the following hedging instruments with nominal value:31 December 31 December EUR \u2018000 2022 2021Interest rate swaps150,000 190,000Total 150,000 190,000Hedging effects to other comprehensive impact in the respective periods were the following: 31 December 31 December EUR \u2018000 2022 2021Revaluation interest rate swaps (existing) 7,185 2,416Revaluation interest rate swaps (terminated)3,865 \u2013Revaluation foreign exchange forwards \u2013811 Reclassification to profit or loss interest rate swaps (3,311) 176 Reclassification to profit or loss foreign exchange forwards \u2013323Deferred tax \u2013(46)Translation(137) 3Other comprehensive income 7,602 3,683Net investment hedge The investments of the Group are held by W.A.G payment solutions, a.s. Based on this fact, one of the Group\u2019s objectives in the area of currency risk management is to minimise the exposure of W.A.G payment solutions, a.s., whose functional currency is CZK, to changes in the value of its investments arising from fluctuations in exchange rates. A foreign currency exposure arises from net investments in entities whose functional currency differs from CZK. To minimise its exposure tocurrency risk, W.A.G payment solutions, a.s. uses loans denominated in EUR to finance acquisitions of its foreign investments. 31 December 31 December EUR \u2018000 2022 2021Carrying amount (non-current borrowings)45,112 45,112 Change in carrying amount of bank loan as a result of foreign currency movements (1,353) (2,447)since 1 January, recognised in OCIChange in value of hedged item used to determine hedge effectiveness 1,401 2,462Weighted average hedged rate for the year 24.559 CZK 25.647 CZK=1EUR= 1 EURPledged cash at bank subject to security of bank loans: 31 December 31 December EUR \u2018000 2022 2021Cash at banks pledged 144,259 128,96526.Cash and cash equivalentsFor the purpose of the statement of cash flows, cash and cash equivalents comprise the following: 31 December 31 December EUR \u2018000 2022 2021Cash at banks145,938 224,141 Cash on hand65 23Cash and cash equivalents presented in the statement of financial position 146,003 224,164Bank overdrafts (2) (10) Cash and cash equivalents presented in the statement of cash flows 146,001 224,154The fair value of cash and cash equivalents approximates their carrying value due to their short-term maturities. Credit quality of cash at banks and short-term deposits:EUR \u2018000 31 December 31 December External rating scale 2022 2021Aa32 704A23,070 16,519 Baa113,464 161,643Ba3,151 41,579B1,960 654Caa4,0482,654Unrated213 388Total 145,938 224,141 27.EquityShares authorised, issued and fully paid: Share Share Number capital Number capital Share Merger of shares EUR \u2018000 of shares EUR \u2018000 premium reserve Ordinary shares Class B share EUR \u2018000 EUR \u2018000 At 1 January 2021 2,412,532 4,158 \u2013\u20132,927 \u2013Issuance of share capital 2,141,86884\u2013\u20133,698\u20131(share options exercised)Share capital immediately 4,554,400 4,242 \u2013\u2013 6,625 \u2013prior to IPO 2Converted at IPO575,050,000 4,242 \u2013\u20136,625 \u20133Group reorganisation\u20132,582\u2013\u2013(6,625)4,043Pre-IPO bonus 578,0007\u2013\u2013\u2013\u20132(share-based payments)Primary proceeds 113,333,3331,334\u2013\u2013194,763\u20134(net of expenses)5Capital reduction(50,000)(58)\u2013\u2013\u2013\u20136Allotment of class B share\u2013\u2013130,006\u2013(30,006)At 31 December 2021 688,911,333 8,107 130,006194,763 (25,963) 6Capital reduction\u2013\u2013(1) (30,006)(191,805) \u2013At 31 December 2022 688,911,333 8,107 \u2013\u20132,958 (25,963) 1 Ordinary shares were issued with nominal value of CZK 1. See Note 13 for further information on share-based payments.2 W.A.G payment solutions plc (the PLC) listed its shares on the London Stock Exchange on 8 October 2021 and was admitted to trading on 13 October 2021 (\u201cAdmission\u201d). As part of the IPO, holders of equity instruments in W.A.G payment solutions a.s. received 575,000,000 shares in the PLC. In addition, 113,333,333 new shares were issued and 578,000 shares were awarded to certain directors, senior managers and employees in recognition of services provided in connection with the listing, bringing the total amount of shares outstanding on Admission to 688,911,333. Initial share capital was cancelled1 day before Admission (footnote 7).3 EUR 2.6 million was reclassified to share capital and EUR 6.6 million from share premium into merger reserve to reflect the nominal value of 1 pence per 575,000,000 shares and of GBP 1 per 50,000 initial share capital shares.4 The increase in share capital and share premium of EUR 200.0 million represents the gross proceeds from the IPO, less direct share issue expenses of EUR 5.7 million.5 The PLC was established on 3 August 2021 with initial share capital of GBP 50,000. The initial capital was cancelled on 12 October 2021. 6 On 13 December 2021, the PLC allotted from merger reserve 1 Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has nominal value of GBP 25,500 thousand (EUR 30,006 thousand). On 14 December 2021, the High Court of Justice in England and Wales made an order confirming the reduction of the share premium account by GBP 163 million (EUR 191.8 million) and the cancellation of the Class B share. However, the capital reduction was only registered by Companies House on 8 January 2022, which is the effective date for financial reporting.The distributable reserves arising from the capital reduction and the Class B share cancellation were transferred to retained earnings in 2022. Merger reserve On 7 October 2021, the Company issued its shares to shareholders of W.A.G. payment solutions, a.s. in exchange for 100% shares of equal value in W.A.G. payment solutions, a.s. (Group reorganisation, see Note 1). The Group accounted for the share for share exchange in its consolidated financial statements using capital reorganisation method. Under this method, all assets, liabilities, retained earnings and other equity reserves are presented as if the Group always existed under the Company as ultimate parent entity even though the Company was only established in August 2021.During share for share exchange, share capital and share premium of W.A.G. payment solutions, a.s. were replaced by pre-IPO share capital of the Company with difference being recognised as a movement in the merger reserve.Share-based payments The Group has a share option scheme under which options to subscribe for the Group\u2019s shares have been granted to management.Refer to Note 13 for further details on these plans.Other reserves Foreign currency Cash-flow translation Reserve hedge EUR \u2018000 Note reserve funds reserve Total 1 January 2021 255 437 (3,955) (3,263) Change in fair value of cash flow hedge 25\u2013\u20133,6833,683recognised in equityExchange differences on translation of foreign 1,428\u2013\u20131,428operations (excluding NCI)Transfer of reserves \u2013(383)\u2013(383)31 December 2021 1,683 54(272) 1,465 Change in fair value of cash flow hedge 25\u2013\u20137,6027,602recognised in equityExchange differences on translation of foreign 1,275 \u2013\u2013 1,275 operations (excluding NCI)31 December 2022 2,958 547,330 10,342 Minor balances of reserve funds relate to selected subsidiaries, where the Group is obliged to make annual contributions from local profits.Non-controlling interests In 2021, the Group acquired KomTes Group (Note 8). As of 31 December 2022, non-controlling interests related to KomTes Group amounts to EUR 3,605 thousand (31 December 2021: EUR 2,707 thousand).Following the agreement with Sygic non-controlling shareholders in December 2022 (Note 8), non-controlling interest of EUR 5,644 thousand was transferred to business combination equity adjustment. As of 31 December 2022, controlling shareholders have all the risks and rewards associated with ownership.Tripomatic, subsidiary of Sygic, a.s., has NCI of 49% as of 31 December 2022 following the agreement with Sygic non- controlling shareholders (31 December 2022: 64.3%). As of 31 December 2022, NCI related to Tripomatic amounts to EUR 678 thousand (31 December 2021: EUR 570 thousand, part of Sygic Group NCI).Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.Business combinations equity adjustment The reserve reflects corresponding charge related to present value of put options redemption amount (Note 31). Once the put option is exercised and the liability is settled the equivalent amount is transferred from the Business combinations equity adjustment reserve to Retained earnings. Refer to Non-controlling interests section for Sygic acquisition in 2022 and ADS acquisition in 2021.Sygic Group Summarised balance sheet 31 December 31 December EUR \u2018000 2022 2021Current assets\u20138,074Current liabilities\u20134,035Current net assets \u20134,039Non-current assets \u201351,777 Non-current liabilities \u20134,298Non-current net assets \u201347,479Net assets \u201351,518 Accumulated NCI\u20136,182 Sygic Group Summarised statement of comprehensive income 31 December 31 December EUR \u2018000 2022 2021Revenues16,476 13,917 Profit/(loss) for the period 228 (194) Other comprehensive income 4446Total comprehensive income 272 (148) Profit allocated to NCI 169 54Other comprehensive income allocated to NCI 28 30Dividends paid to NCI 56 955Sygic Group Summarised cash flows 31 December 31 December EUR \u2018000 2022 2021Cash flows from operating activities 3,812 2,765Cash flows from investing activities (3,224) (2,162) Cash flows from financing activities (314) (3,486)Net increase/(decrease) in cash and cash equivalents 274 (2,883)On 4 March 2021, the Group acquired the remaining 25% of shares of ADS companies (Note 8). The parties agreed that acquisition price was determined based on balances as at 31 December 2020, therefore, no NCI was allocated in 2021. In 2021, there was a dividend paid to ADS NCI of EUR 1,025 thousand.The effect on the equity attributable to the owners of the Group is summarised as follows: 31 December 31 December EUR \u2018000 2022 2021Carrying amount of non-controlling interests acquired \u201326,037Consideration paid to non-controlling interests \u2013(27,003)Excess of consideration paid recognised within retained earnings \u2013(966)28.Earnings per shareAll ordinary shares have the same rights. Class B share was excluded from earnings per share (\u201cEPS\u201d) calculation as it had no voting rights, rights to distributions or rights to the return of capital on winding up.Basic EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year.Diluted EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares.Adjusted basic EPS is calculated by dividing the Adjusted earnings (net profit) for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period.The following reflects the income and share data used in calculating EPS: For the year ended 31 December 2022 2021Net profit attributable to equity holders (EUR \u2018000) 16,630 9,148Basic weighted average number of shares 688,911,333 595,582,785Effects of dilution from share options 816,306 1,483,248Total number of shares used in computing dilutive earnings per share 689,727,639 597,066,033Basic earnings per share (cents/share) 2.41 1.54 Diluted earnings per share (cents/share) 2.41 1.53 Adjusted earnings per share measures: For the year ended 31 December 2022 2021Net profit attributable to equity holders (EUR \u2018000) 16,630 9,148Adjusting items affecting Adjusted EBITDA (Note 11)18,461 22,793Amortisation of acquired intangibles* 5,4994,297Amortisation due to transformational useful life changes 1,864 1,717 Tax impact of above adjustments* (2,813) (3,573)Adjusted net profit attributable to equity holders (EUR \u2018000) 39,641 34,382Basic weighted average number of shares 688,911,333 595,582,785Adjusted basic earnings per share (cents/share) 5.75 5.77Diluted weighted average number of shares 689,727,639 597,066,033Adjusted dilutive earnings per share (cents/share) 5.75 5.76* non-controlling interests impact was excludedOptions Options granted to employees under Share-based payments are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required performance criteria would have been met based on the Group\u2019s performance up to the reporting date, and to the extent to which they are dilutive. The options have not been included in the determination of basic earnings per share as their performance conditions have not been met.Details relating to the options are set out in Note 13.29.Interest bearing loans and borrowings31 December 2022 31 December 2021Total Amount Amount Total Amount AmountInterest limit in in original in limit in in original in Currency Maturity rate currency currency EUR \u2018000 currencycurrencyEUR \u2019000Bank loansSenior multicurrency EUR2025/053M\u2013\u2013\u201347,50030,89830,898term and revolvingEURIBORfacilities agreement*+ margin Senior multicurrency EUR2025/053M\u2013\u2013\u201347,50046,84346,843term and revolvingEURIBORfacilities agreement*+ margin Senior multicurrency EUR2025/053M\u2013\u2013\u201395,00084,51084,510term and revolvingEURIBORfacilities agreement*+ margin Multicurrency termEUR2027/093M45,00042,941 42,941 \u2013\u2013\u2013and revolving facilities EURIBORagreement**+ margin Multicurrency termEUR2027/093M68,00064,88964,889\u2013\u2013\u2013and revolving facilities EURIBORagreement**+ margin Multicurrency termEUR2027/093M37,00035,307 35,307 \u2013\u2013\u2013and revolving facilities EURIBORagreement**+ margin Other loansCZKfixed rate393393175,2775,277212 Revolving facilities \u201322\u201310 10 and overdrafts Total EUR143,156 162,473CurrentEUR21,884 18,894Non-currentEUR121,272 143,579* On 27 May 2019, the Group signed senior multicurrency term and revolving facilities agreements (\u201cold club financing agreement\u201d) with following banks:a. BNP Paribas S.A. acting through its branch BNP Paribas S.A., pobo\u010dka \u010cesk\u00e1 republika, b. Citibank Europe plc acting through its branch Citibank Europe plc, organiza\u010dn\u00ed slo\u017eka, c. \u010cesk\u00e1 spo\u0159itelna, a.s.,d. \u010ceskoslovensk\u00e1 obchodn\u00ed banka, a. s., e. HSBC Bank plc acting through its branch HSBC Bank plc \u2013 pobo\u010dka Praha, f. Komer\u010dn\u00ed banka, a.s.,g. Raiffeisenbank a.s.,h. UniCredit Bank Czech Republic and Slovakia, a.s. Under this financing, up to EUR 60 million was available for the Group for revolving facilities and overdraft accounts, and up to EUR 113 million for bank guarantees.** On 22 September 2022, the Group signed new multicurrency term and revolving facilities agreement (\u201cnew club financing agreement\u201d) with following banks:a. BNP Paribas S.A. acting through its branch BNP Paribas S.A., pobo\u010dka \u010cesk\u00e1 republika, b. Citibank Europe plc acting through its branch Citibank Europe plc, organiza\u010dn\u00ed slo\u017eka, c. \u010cesk\u00e1 spo\u0159itelna, a.s.,d. \u010ceskoslovensk\u00e1 obchodn\u00ed banka, a. s., e. Komer\u010dn\u00ed banka, a.s.,f. Raiffeisenbank a.s.,g. UniCredit Bank Czech Republic and Slovakia, a.s. h. Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna acting through PKO BP S.A., Czech branchi. \u010cesk\u00e1 exportn\u00ed banka, a.s.As at 31 December 2022, the following pledges have been made as a security for aforementioned loans: \u2022pledge of shares (mainly W.A.G payment solution, a.s.);\u2022pledge of receivables (Note 24); \u2022pledge of bank accounts (Note 26); \u2022pledge of trademarks.As at 31 December 2021, the following pledges had been made as a security for aforementioned loans:\u2022pledge of shares (W.A.G payment solution, a.s. shares were fully pledged after Admission);\u2022pledge of receivables (Note 24); \u2022pledge of bank accounts (Note 26); \u2022pledge of real estate (Note 18); \u2022pledge of movable assets (Note 18); and \u2022pledge of trademarks.The new club financing agreement consists of four tranches: \u2022EUR 150 million committed facility A for the refinancing of all existing term loan indebtedness; \u2022EUR 180 million committed facility B for permitted acquisitions and capital expenditure; \u2022EUR 235 million committed auxiliary credit facility, of which EUR 85 million may be utilised by way of revolving loans, and EUR 150 million may be utilised by way of ancillary facilities in the form of bank guarantees, letters of credit, or an overdraft up to EUR 25 million; and\u2022EUR 150 million uncommitted incremental facility for permitted acquisitions, capital expenditure, and auxiliary credit facilities up to EUR 50 million of which not more than EUR 25 million can be utilised as revolving loans.The applicable interest rate margin for the new club financing shall be determined according to the following margin grid: Net leverage Facility A and B >3.252.30% p.a. \u2264 3.25 \u2265 2.502.10% p.a. < 2.50 1.90% p.a. The Group has not drawn any loans from a non-bank entity. The interest expense relating to bank loans and borrowings is presented in Note 14. Interest bearing loans and borrowings are non-derivative financial liabilities carried at amortised cost. The Group complied with all financial covenants under the old and new club financing agreements as of 31 December 2022 and 31 December 2021, and forecasts compliance for the going concern period.Financial covenant terms of the new club financing facilities were as follows: Actual 31DecemberCovenant Calculation Target 2022Interest coverthe ratio of adjusted EBITDA to finance charges Min4.0011.20Net leveragethe ratio of total net debt to adjusted EBITDAMax4.00* 0.13 Adjusted net leverage the ratio of the adjusted total net debt to adjusted EBITDA Max 6.501.95 * the covenant shall not exceed 3.75 in 2024 and 3.50 in 2025 and onwards Under the old club financing facilities, the Group was required to comply with the following financial covenants: \u2022interest cover (the ratio of adjusted EBITDA to interest payable) shall not be less than 5; \u2022net leverage (the ratio of total net debt to Adjusted EBITDA) shall not exceed 3.75 in 2021 and 3.5 in 2022; \u2022the borrowing base covenant (the ratio of the sum of outstanding amount of revolving facility, outstanding bank guarantees less cash and cash equivalents, to trade receivables) shall not exceed 1.00; and\u2022adjusted net leverage (the ratio of the adjusted total net debt to Adjusted EBITDA) shall not exceed 6.50. For the purposes of covenants calculation, alternative performance measures are defined differently by the new club financing agreement:\u2022adjusted EBITDA represents full year adjusted EBITDA of companies acquired during the period;\u2022net debt includes lease liabilities and derivative liabilities, and \u2022adjusted net debt includes face amount of guarantees, bonds, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of any liability of the Group.30.Reconciliation of liabilities arising from financing activitiesThe table below sets out an analysis of liabilities from financing activities and the movements in the Group\u2019s liabilities from financing activities for each of the periods presented. The items of these liabilities are those that are reported as financing in the statement of cash flows:Liabilities from financing activities EUR \u2018000 Borrowings Lease liabilities Total Liabilities from financing activities at 1 January 2021 142,095 9,363 151,458 Cash inflows39,519\u201339,519Cash outflows(18,773) (2,382)(21,155) New leases\u20131,5091,509Foreign exchange adjustments 115 92207Other movements*(493)(8) (501) Liabilities from financing activities at 31 December 2021 162,463 8,574 171,037 Cash outflows(15,014) (3,112) (18,126) New leases\u20138,137 8,137 Foreign exchange adjustments (159) (32)(191) Other movements*(4,134)(140) (4,274)Liabilities from financing activities at 31 December 2022 143,156 13,427 156,583 * The \u201cOther movements\u201d in Borrowings represent effective interest rate adjustment from transaction costs. The Group classifies interest paid as cash flows from operating activities. The \u201cOther movements\u201d in Lease liabilities represent cancellation of lease liability in connection with premature termination of a lease. 31.Trade and other payables, other liabilities31 December 31 December EUR \u2018000 2022 2021Current Trade payables332,676 260,530Employee related liabilities 9,243 10,656Advances received15,325 13,464Miscellaneous payables9,790 10,941 Payables to tax authorities 12,734 9,728Contract liabilities4,4393,151 Refund liabilities2,822 3,052Deferred acquisition consideration 11,206 3,000Total Trade and other payables 398,235 314,522Non-current Put option redemption liability 4,43517,046Contract liabilities2,276 1,742 Employee related liabilities 765 747Deferred acquisition consideration 19,898 700Other liabilities246Total Other non-current liabilities 27,376 20,281Trade payables are non-interest bearing and are normally settled on 30-day terms. Miscellaneous payables include mainly payables in respect of sold receivables to factoring companies, representing cash collected from customers on behalf of factoring companies.For explanations on the Group\u2019s liquidity risk management processes, refer to Note 34. Employee-related liabilities include liabilities from social security and health insurance, liabilities payable to employees for salaries and accrued employee vacation to be taken or compensated for in the following accounting period and cash-settled share-based payments.Put option redemption liability related to non-controlling interests represents present value of expected future settlement. Trade and other payables are non-derivative financial liabilities carried at amortised cost. The fair value of current trade and other payables approximates their carrying value due to their short-term maturities.Contract liabilities predominantly represent revenue deferred in line with Navigation revenue recognition policy (Note 4.3). The movements of contract deferred revenue during the years are as follows:EUR \u2018000 2022 2021Opening balance 4,893 5,135Additions4,988 3,093Release(3,166) (3,335)Closing balance 6,715 4,893Short term4,4393,151 Long term2,276 1,742 Total 6,715 4,893The total amount of deferred revenue is expected to be released in the statement of profit or loss with the following pattern: Release to income statement 1 year 2 years3\u20135 yearsTotal31 December 2022 4,4391,280 9966,715 31 December 20213,151 1,144 5984,89332.ProvisionsEUR \u2018000 Other provisions1 January 2021 1,380 Additions176 Utilised\u2013Unused amounts reversed (11) 31 December 2021 1,545 Additions541Utilised(21) FX difference5931 December 2022 2,124 The provisions mostly relate to unfunded customer credit limits disclosed in Note 33. 33.Contingent assets and liabilitiesOff-balance sheet commitments are following: 31 December 31 December EUR \u2018000 2022 2021Unfunded customer credit limits 411,859 342,668Credit limits are further described in credit risk section of Note 34. 34.Financial risk managementThe Group\u2019s classes of financial instruments correspond with the line items presented in the Consolidated Statement of Financial Position.The Group\u2019s principal financial liabilities, other than derivatives, comprise loans and borrowings, leases and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations and investments. The Group\u2019s principal financial assets include trade and other receivables, cash and cash equivalents that derive directly from its operations. The Group also enters into derivative transactions.The Group is exposed to market risk, credit risk and liquidity risk. The management of the Group identifies the financial risks that may have adverse impact on the business objectives and through active risk management reduces these risks to an acceptable level.Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and currency risk.The sensitivity analyses in the following sections relate to the position as at 31 December 2022 and 31 December 2021. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant.The analyses exclude the impact of movements in market variables on: provisions, and the non-financial assets and liabilities of foreign operations.The following assumptions have been made in calculating the sensitivity analyses: \u2022The sensitivity of the relevant statement of profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 31 December 2022 and 31 December 2021.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s bank loans and borrowings with floating interest rates.The Group manages its interest rate risk by entering into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 December 2022 and 31 December 2021, after taking into account the effect of interest rate swaps, total amount of Group\u2019s borrowings is at a fixed rate of interest. Average fixed rate of interest rate swaps is 0.62% at 31 December 2022 (31 December 2021: 0.13%). The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:31 December 31 December EUR\u00b4000 2022 2021Increase by 50 basis points \u2013\u2013Decrease by 50 basis points\u2013\u2013Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency).The Group invoices mainly in EUR. However, there are transactional currency exposures that arise from sales and purchases also in other currencies, in particular CZK, PLN, and HUF.Financial assets and liabilities include cash and cash equivalents, trade and other receivables and interest-bearing loans and borrowings and trade and other payables. All remaining assets and liabilities in foreign currencies are immaterial or not subject to exchange rate exposure (such as property, plant and equipment).The table below presents the sensitivity of the profit before tax to a hypothetical change in EUR, CZK, PLN, and other currencies and the impact on financial assets and liabilities of the Group. The sensitivity analysis is prepared under the assumption that the other variables are constant.Effect of the change in exchange rates between functional currency of each entity and EUR, CZK, PLN and other currencies on profit before tax:31 December 31 December EUR\u00b4000 % change in rate 2022 2021EUR+/\u2013 10% +/\u2013 7,022+/\u2013 4,680 PLN+/\u2013 10% +/\u2013 429 +/\u2013 131CZK+/\u2013 10% +/\u2013 379 +/\u2013 310Others+/\u2013 10% +/\u2013 2,157 +/\u2013 870 The Group manages its foreign currency risk by using foreign currency forwards and swaps, impact of which is as disclosed in Note 15. Above effect on profit before tax is not adjusted for the impact of derivatives.Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables). The risk is managed on a Group basis and individual customer credit risk limits are set based on internal ratings. Refer to Note 33 for unfunded customer credit limits.The outstanding balances of trade receivables and compliance with credit limits are monitored on a regular basis. The aim of the Group management is to minimise exposure of credit risk to single counterparty or group of similar counterparties. As at 31 December 2022 and 31 December 2021, there is no significant concentration of credit risk as there were no individually significant customers.The Group insures eligible receivables and accepts bank guarantees and collateral pledges to mitigate credit risk. The Group does not use credit derivatives to mitigate credit risk.The ageing of receivables is regularly monitored by the Group management. Refer to Note 24 for further details.Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Group treasury maintains flexibility in funding by maintaining availability under committed credit lines. The Group performs regular monitoring of its liquidity position to keep sufficient financial resources to settle its liabilities and commitments.The Group\u2019s current ratio (current assets divided by current liabilities) was: 31 December 31 December 2022 2021Current ratio1.27 1.58 The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments (EUR \u2018000):Less than 3 to 12 More than 31 December 2022 On demand 3 months months 1 to 5 years 5 years Total Non-derivatives Interest-bearing loans\u20137,550 22,789 142,411 \u2013172,750 and borrowings Lease liabilities\u20131,179 2,969 7,959 2,020 14,127 Trade and other payables* \u2013354,545 10,911 26,197 \u2013391,653 Total non-derivatives \u2013363,274 36,669 176,567 2,020 578,530 Derivatives Trading derivatives \u201317\u2013\u2013\u201317Total derivatives \u201317\u2013\u2013\u201317Less than 3 to 12 More than 31 December 2021On demand3 monthsmonths1 to 5 years 5 yearsTotalNon-derivatives Interest-bearing loans \u20135,802 17,142 151,019 \u2013173,963and borrowingsLease liabilities\u20137052,0674,6051,911 9,288Trade and other payables* \u2013287,91426518,539\u2013306,718Total non-derivatives \u2013294,42119,474174,163 1,911 489,969Derivatives Trading derivatives \u201397259\u2013\u2013356Total derivatives \u201397259\u2013\u2013356* Trade and other payables exclude tax payables, advances received and contract liabilities as these are non-financial liabilities.35.Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it has the capital required to operate and grow the business at a reasonable cost of capital without incurring undue financial risks. For the purpose of the Group\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the Company. In addition, the Board considers the management of debt to be an important element in controlling the capital structure of the Group. The Group utilises long-term debt to fund investments and acquisitions and has arranged debt facilities to allow for fluctuations in working capital requirements.The primary objective of the Group\u2019s capital management is to maximise the Shareholder value. The Group\u2019s capital allocation principles include:\u2022Investment in technology and capabilities for organic growth \u2022Investment in value accretive strategic acquisitions \u2022Maintaining robust balance sheet and financial strength providing strategic flexibility \u2022Prioritising growth over dividends with no intention to declare dividends in the near term.The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders or issue new shares. The Group monitors capital using the gearing ratio:31 December 31 December EUR \u2018000 2022 2021Interest bearing loans and lease liabilities 156,583 171,047 Cash and cash equivalents(146,003) (224,164)Net indebtedness 10,580 (53,117) Total equity attributable to Company 312,280 275,858Gearing ratio 3.39% (19.26%) In order to achieve this overall objective, the Group\u2019s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. The Group has secured an allowed net leverage spike of half a turn of total net debt to adjusted EBITDA for two consecutive reporting periods in the new club financing agreement. Further details are disclosed in Note 29.No changes were made in the objectives, policies or processes for managing capital during the above period. 36.Related party disclosuresCompany The Company controlling the Group is disclosed in Note 1. Subsidiaries Interests in subsidiaries are set out in Note 7. Key management personnel compensation Key management personnel compensation is disclosed in Note 12. Paid dividends Paid dividends are disclosed in Consolidated Statement of Changes in Shareholders\u2019 Equity. Transactions with other related parties For the year ended 31 December EUR \u2018000 2022 2021Sale of goods to key management personnel 11Sale of fixed assets (vehicles) to key management personnel 29 \u2013Purchases of various goods and services from key management personnel 342Purchases of various goods and services from entities controlled by the 111Company\u2019s ShareholdersPurchases of various goods and services from entities controlled by key 16 19 management personnel*Purchases of various goods and services from associates \u20138Payment made to Company\u2019s shareholders in relation to share capital 58 \u2013Sale of W.A.G payments solutions, a.s. shares to key management personnel\u201320Paid deferred acquisition consideration (Note 8) \u2013421* The Group acquired the following goods and services from entities that are controlled by members of the Group\u2019s key management personnel: marketing research, consultancy, taxi servicesOutstanding balances arising from sales/purchases of goods and services 31 December 31 December EUR \u2018000 2022 2021Trade payables to entities controlled by key management personnel \u2013\u2013During 2022, an agreement for purchasing of the remaining 30% interest in Sygic was entered into with various minority shareholders including QQ Capital SE (investors including Michal Stencl), Pasanote Capital (investors including Jan Sameliak) and others. As Michal Stencl and Jan Sameliak were both Directors of Sygic during 2022, the transaction is considered a related party transaction. After signing of the agreement, Michal Stencl and Jan Sameliak were replaced in their positionsof Sygic\u2019s Directors. For more information on the transaction, please refer to Note 8. As at 31 December 2022 and 2021, the Group had no outstanding loans, credit, security or other benefits in either monetary or in-kind form to persons who are the governing body or to members of governing or other management and supervisory bodies, including former officers and members of those bodies.Two loans were provided in 2021 to key management personnel of EUR 800 thousand each. The first loan contract was signed on 27 July 2021 and the second contract on 31 August 2021. They were both repaid on 13 October 2021.Selected employees benefit from the private use of the Group cars. Terms and conditions Transactions relating to dividends were on the same terms and conditions that applied to other Shareholders. Goods were sold during the year based on the price lists in force and terms that would be available to third parties. All other transactions were made on normal commercial terms and conditions and at market rates.37.Subsequent eventsGrupa Inelo acquisitionOn 24 October 2022, the Group through its subsidiary W.A.G. payment solutions, a.s., entered into an agreement to acquire 100% of the share capital of Grupa Inelo S.A. (\u201cGrupa Inelo\u201d), a leading Fleet Management Solutions (\u201cFMS\u201d) and Work Time Management (\u201cWTM\u201d) provider in Poland and Slovenia.The consideration for the acquisition is based on an enterprise value for Grupa Inelo of up to EUR 306 million, made up of an agreed equity cash consideration of approximately EUR 224 million and adjusted net debt of approximately EUR 70 million, of which up to EUR 58 million of debt will be repaid (subject to certain closing adjustments) on or around completion of the transaction. There is also a deferred consideration, based on Inelo\u2019s EBITDA performance in the year to 31 December 2022, capped at EUR 12.5 million, which will (if applicable) become payable in 2023 following approval of the audited consolidated financial statements of Inelo for the financial year ending 31 December 2022. The acquisition will be financed by existing cash and debt resources following the new club financing agreement of the Group announced on 22 September 2022.The Group has already obtained all approvals needed to execute the acquisition, ie. approval of the shareholder circular by the FCA, PLC shareholder approval and approval from relevant foreign direct investment regulatory bodies and antitrust authorities in Poland, Slovenia and North Macedonia.The acquisition was completed on 15 March 2023 and the initial acquisition accounting is in very early stages. The fair value of goodwill, software, customer relationships and other assets and liabilities will be reported in the Group\u2019s half-yearly financial statements for the six months ending 30 June 2023 and in the 2023 Annual Report.Facility B drawdown On 10 March 2023, the Group received EUR 180 million through facility B of the new club financing (see Note 29). The new loan was used to finance Grupa Inelo acquisition above. Interest rate risk was managed by entering into new interest rate swaps.Company Statement of Financial Position \ueb44\ue65f\ue7a5\ue77e\uec91\ueb69\ueb0e\ueb0e\ueb0e\ueb45As atAs at\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec9131 December Notes20222021ASSETSNon-current assets\ue776\ue945\ue907\ue93b\ue864\ue945\ue974\ue9b6\ueb7b\uec91\ue93b\ue8d3\ue7f8\ue8f7\ue974\uec91\ue7f8\ue8f7\ue852\uec91\ue864\ue941\ue983\ue8a7\ue93b\ue8f0\ue864\ue8f7\ue974 \ueb12\ueb14\ueb19 \u2013Right-of-use assets \ueb17\ueb13\ueb0f \u2013Investments in subsidiaries 6 \ueb0f\ueb10\ueb16\ueb7b\ueb12\ueb0e\ueb16 \ueb17\ueb19\ueb7b\ueb12\ueb19\ueb18\ue654\ue864\ue885\ue864\ue945\ue945\ue864\ue852\uec91\ue974\ue7f8\ue9b1\uec91\ue7f8\ue963\ue963\ue864\ue974\ue963 236 \u2013Other non-current assets \ueb14\ueb0f\ueb0f 599Total non-current assets \ueb0f\ueb10\ueb18\ueb7b\ueb0f\ueb14\ueb12 \ueb17\ueb19\ueb7b\ueb19\ueb19\ueb17Current assetsTrade and other receivables 8 \ueb0f\ueb13\ueb17\ueb7b\ueb19\ueb19\ueb19 \ueb0f\ueb12\ueb19\ueb7b\ueb12\ueb16\ueb12Cash and cash equivalents 9 \ueb0f\ueb7b\ueb17\ueb13\ueb13 \ueb18\ueb19\ueb7b\ueb19\ueb0e\ueb0fTotal current assets \ueb0f\ueb13\ueb19\ueb7b\ueb17\ueb13\ueb12 \ueb10\ueb10\ueb19\ueb7b\ueb10\ueb16\ueb13TOTAL ASSETS \ueb10\ueb17\ueb17\ueb7b\ueb18\ueb19\ueb16 \ueb12\ueb0e\ueb19\ueb7b\ueb10\ueb16\ueb0fSHAREHOLDERS\u2019 EQUITY AND LIABILITIESShare capital 10 \ueb18\ueb7b\ueb0f\ueb0e\ueb17 \ueb12\ueb18\ueb7b\ueb0f\ueb0f\ueb12Share premium 10 \ueb10\ueb7b\ueb19\ueb14\ueb18 \ueb0f\ueb19\ueb13\ueb7b\ueb17\ueb16\ueb12Merger reserve 10 42,035 \ueb13\ueb10\ueb7b\ueb0e\ueb12\ueb14Retained earnings \ueb10\ueb0f\ueb17\ueb7b\ueb18\ueb14\ueb16 \ueb44\ueb0f\ueb7b\ueb12\ueb19\ueb18\ueb45Total equity \ueb10\ueb17\ueb0e\ueb7b\ueb19\ueb14\ueb16 \ueb10\ueb17\ueb12\ueb7b\ueb14\ueb0f\ueb12Non-current liabilitiesLease liabilities \ueb16\ueb0f\ueb12 \u2013Total non-current liabilities \ueb16\ueb0f\ueb12 \u2013Current liabilitiesTrade and other payables 11 \ueb16\ueb7b\ueb0f\ueb10\ueb13 \ueb12\ueb14\ueb7b\ueb17\ueb13\ueb18Lease liabilities 203 \u2013Total current liabilities \ueb16\ueb7b\ueb12\ueb10\ueb17 \ueb12\ueb14\ueb7b\ueb17\ueb13\ueb18TOTAL EQUITY AND LIABILITIES \ueb10\ueb17\ueb17\ueb7b\ueb18\ueb19\ueb16 \ueb12\ueb0e\ueb19\ueb7b\ueb10\ueb16\ueb0f\ue602\ue963\uec91\ue93b\ue864\ue945\ue8f0\ue8a7\ue974\ue974\ue864\ue852\uec91\ue83f\ue9b6\uec91\ue963\ue864\ue846\ue974\ue8a7\ue907\ue8f7\uec91\ueb13\ueb0e\ueb18\uec91\ue907\ue885\uec91\ue649\ue907\ue8f0\ue93b\ue7f8\ue8f7\ue8a7\ue864\ue963\uec91\ue602\ue846\ue974\uec91\ueb10\ueb0e\ueb0e\ueb16\ueb7b\uec91\ue7f8\uec91\ue963\ue864\ue93b\ue7f8\ue945\ue7f8\ue974\ue864\uec91\ue78b\ue974\ue7f8\ue974\ue864\ue8f0\ue864\ue8f7\ue974\uec91\ue907\ue885\uec91\ue649\ue907\ue8f0\ue93b\ue945\ue864\ue894\ue864\ue8f7\ue963\ue8a7\ue9a4\ue864\uec91\ue6c5\ue8f7\ue846\ue907\ue8f0\ue864\uec91\ue885\ue907\ue945\uec91\ue7c8\ueb7c\ue602\ueb7c\ue68d\ueb7c\uec91\ue93b\ue7f8\ue9b6\ue8f0\ue864\ue8f7\ue974\uec91solutions plc has not been included in these financial statements. Total comprehensive loss for the year amounted to \ue65f\ue7a5\ue77e\uec91\ueb12\ueb7c\ueb14\uec91\ue8f0\ue8a7\ue8d3\ue8d3\ue8a7\ue907\ue8f7\uec91\ueb3b\ue93b\ue864\ue945\ue8a7\ue907\ue852\uec91\ue864\ue8f7\ue852\ue864\ue852\uec91\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec91\ueb10\ueb0e\ueb10\ueb0f\ueb80\uec91\ue65f\ue7a5\ue77e\uec91\ueb10\ueb7c\ueb0e\uec91\ue8f0\ue8a7\ue8d3\ue8d3\ue8a7\ue907\ue8f7\ueb3c\ueb7cThe notes on pages 252 to 257 are an integral part of these financial statements.The financial statements on pages 250 to 251 were approved by the Board of Directors and authorised for issue on 16 March 2023. They were signed on its behalf by:\ue776\ue7f8\ue983\ue8d3\uec91\ue723\ue7f8\ue8f7\ue852\ue983\ue846\ue7f8\uec91 \ue723\ue7f8\ue88a\ue852\ue7f8\ue8d3\ue864\ue8f7\ue7f8\uec91\ue641\ue7f8\ue945\ue974\ue907\ue966Chairman Chief Financial Officer Company No. 13544823Company Statement of Changes in Shareholders\u2019 Equity \ueb44\ue65f\ue7a5\ue77e\uec91\ueb69\ueb0e\ueb0e\ueb0e\ueb45Share Share Merger Retained Total Notescapitalpremiumreservesearningsequity\ue602\ue974\uec91\ueb12\uec91\ue602\ue983\ue88a\ue983\ue963\ue974\uec91\ueb10\ueb0e\ueb10\ueb0f 10 58 \u2013 \u2013 \u2013 58Loss for the period \u2013 \u2013 \u2013 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45Total comprehensive income \u2013 \u2013 \u2013 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45Transactions with owners in their capacity as owners:Group reorganisation 10 \ueb16\ueb7b\ueb17\ueb16\ueb16 \u2013 \ueb17\ueb10\ueb7b\ueb0e\ueb13\ueb0f \u2013 \ueb17\ueb18\ueb7b\ueb18\ueb0e\ueb17Pre-IPO bonus (share-based 10 7 \u2013 \u2013 \u2013 7payments) \ue776\ue945\ue8a7\ue8f0\ue7f8\ue945\ue9b6\uec91\ue93b\ue945\ue907\ue846\ue864\ue864\ue852\ue963\uec91\ueb3b\ue8f7\ue864\ue974\uec91\ue907\ue885\uec91\ue864\ue9b1\ue93b\ue864\ue8f7\ue963\ue864\ue963\ueb3c 10 \ueb0f\ueb7b\ueb12\ueb12\ueb13 \ueb0f\ueb19\ueb13\ueb7b\ueb17\ueb16\ueb12 \u2013 \u2013 \ueb0f\ueb19\ueb16\ueb7b\ueb0e\ueb19\ueb17Cancellation of shares 10 \ueb44\ueb14\ueb18\ueb45 \u2013 \u2013 58 \u2013Allotment of class B share 10 \ueb12\ueb0e\ueb7b\ueb0e\ueb0e\ueb16 \u2013 \ueb44\ueb12\ueb0e\ueb7b\ueb0e\ueb0e\ueb16\ueb45 \u2013 \u2013Share-based payments \u2013 \u2013 \u2013 591 591\ue602\ue974\uec91\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec91\ueb10\ueb0e\ueb10\ueb0f \ueb12\ueb18\ueb7b\ueb0f\ueb0f\ueb12 \ueb0f\ueb19\ueb13\ueb7b\ueb17\ueb16\ueb12 42,035 \ueb44\ueb0f\ueb7b\ueb12\ueb19\ueb18\ueb45 \ueb10\ueb17\ueb12\ueb7b\ueb14\ueb0f\ueb12Loss for the period \u2013 \u2013 \u2013 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45Total comprehensive income \u2013 \u2013 \u2013 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45Transactions with owners in their capacity as owners:Capital reduction 10 \ueb44\ueb12\ueb0e\ueb7b\ueb0e\ueb0e\ueb16\ueb45 \ueb44\ueb0f\ueb19\ueb0f\ueb7b\ueb18\ueb0e\ueb14\ueb45 \u2013 \ueb10\ueb10\ueb0f\ueb7b\ueb18\ueb0f\ueb0f \u2013Share-based payments \u2013 \u2013 \u2013 949 949\ue602\ue974\uec91\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec91\ueb10\ueb0e\ueb10\ueb10 \ueb18\ueb7b\ueb0f\ueb0e\ueb17 \ueb10\ueb7b\ueb19\ueb14\ueb18 42,035 \ueb10\ueb0f\ueb17\ueb7b\ueb18\ueb14\ueb16 \ueb10\ueb17\ueb0e\ueb7b\ueb19\ueb14\ueb16", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f45504": { "value": "The consolidated financial statements were approved by the Board of Directors and authorised for issue on 16 March 2023. 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"ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3-1": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3-2": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-5-1": { "value": " Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-5-2": { "value": " Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-1": { "value": "The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: \u2022Providing payment solutions for fleets of professional transport and forwarding companies, as well as running a networkof truck parks for commercial road transportation;\u2022Providing unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies;\u2022Recovery of VAT refunds and excise duty from European countries; \u2022Creating an automated journey book and optimising traffic with the use of integrated digital maps; \u2022Combine advanced solutions in the field of electronics, software engineering and applied mathematics; \u2022Sale of navigation licenses; and \u2022Other services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-7-1": { "value": "The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIFRS\u201d) and with the requirements of the Companies Act 2006 as applicable to companies reporting under these standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-2": { "value": "As there was no change in control with the Group reorganisation (see Note 1) involving the Company becoming the new holding company of the Group in a share for share exchange, the financial information for the year ended 31 December 2021 was presented as a continuation of W.A.G. payment solutions, a.s. A movement in share capital, share premium and merger reserve is reflected in the statement of changes in equity at the date of Group reorganisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-9-2": { "value": "The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities (including derivative financial instruments) that have been measured at fair value. The consolidated financial statements are presented in EUR and all values are rounded to the nearest thousand (EUR \u2018000), except where otherwise indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-2": { "value": "The Board has considered the financial prospects of the Company and Group for the foreseeable future, which is at least the next 12 months, and made an assessment of the Company\u2019s and Group\u2019s ability to continue as a going concern. The Board\u2019s assessment included consideration of the availability of the Company\u2019s and Group\u2019s credit facilities, cash flow forecasts and stress test scenarios. Stress test scenarios applied in the Going Concern statement are in line with scenarios covered inthe Viability statement. The Board is satisfied that the Company and Group have the resources to continue operating the business for the foreseeable future, and furthermore are not aware of any material uncertainties that may cast significant doubt upon the Company\u2019s and Group\u2019s ability to continue as a going concern and the Board considers it is appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-12-2": { "value": "Information on Independent Auditor The below fees represent amounts paid to PwC. For the year ended 31 December EUR \u2018000 2022 2021The statutory audit of consolidated and Company\u2019s financial statements 819 685Audit of the financial statements of the Company\u2019s subsidiaries 356 281 Total audit fees 1,175966Other assurance services 5902,461Consultancy services related to product development\u2013739Total non-audit fees 5903,200Total 1,765 4,166In 2022, other assurance services related to work as a reporting accounting due to Grupa Inelo acquisition disclosed in Note 37 (2021: initial public offering, including work as a reporting accountant).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-13-2": { "value": "The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);\u2022Exposure, or rights, to variable returns from its involvement with the investee; and\u2022The 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:\u2022The contractual arrangement with the other vote holders of the investee; \u2022Rights arising from other contractual arrangements; and\u2022The Group\u2019s voting rights and potential voting rights. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a negative balance.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.4.Summary of significant accounting policiesThe accounting policies used in preparing the consolidated financial statements are set out below. These accounting policies have been consistently applied in all material respects to all periods presented.4.1.Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses.There can also be a situation that the holder of non-controlling interest in the acquiree are granted put options that convey to those Shareholders the right to sell their shares in that acquiree for an exercise price specified in the option agreement.From the perspective of the Group, such written put options meet the definition of a financial liability according to IAS 32 if the Group has an obligation to settle in cash or in another financial asset if the Non-controlling Shareholders exercise the option. If the terms affecting the exercisability of the option are genuine, then a liability for the put option exercise price is recognised. This is the case even if the put option is exercisable only on the occurrence of uncertain future events that are outside of control of both parties to the contract.The amount that may become payable under the option on exercise is initially recognised at the present value of the redemption amount within financial liabilities with a corresponding charge directly to equity. The charge to equity is recognised separately as business combinations equity adjustment.Any subsequent adjustments to the redemption liability are recorded in equity as business combination equity adjustment. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity.Once the put option is exercised, the amount previously recorded in equity as business combination equity adjustment is transferred into retained earnings.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments: Recognition and Measurement, is measured at fair value with changes in fair value recognised in profit or loss. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity.Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (\u201cCGU\u201d) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.4.2.Fair value measurement The Group measures financial instruments such as derivatives at fair value at each balance sheet date. Fair value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarised in the following notes:\u2022Disclosures for valuation methods, significant estimates, and assumptions (Note 9); \u2022Quantitative disclosures of fair value measurement hierarchy (Note 9); and\u2022Financial instruments carried at fair value (Note 25).Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022In the principal market for the asset or liability; or \u2022In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.4.3 Revenue from contracts with customers Revenues are recognised when the Group has satisfied a performance obligation and the amount of revenue can be reliably measured. The Group will recognise revenue at an amount that reflects the consideration to which the Group expects to be entitled (after reduction for expected discounts) in exchange for transferring goods or services to a customer.Sale of energy Energy means any source that makes a vehicle move (diesel, petrol, e-mobility, bio fuel additives and alternative fuel, such as LNG/CNG).The Group operates two business models for the sale of energy to fleets of professional transport and forwarding companies: \u2022the acceptance business model \u2013 sale through acceptance partner locations (petrol stations); customers may access any petrol station, which is accepting Group\u2019s payment solutions, for price that is independent from the prices of petrol stations under pre-agreed terms; and\u2022the bunkering business model \u2013 owned/rented truck parks and supply partnership sites (Group supplies energy to bunkering sites located at partner sites); energy inventory is in ownership of the Group until it is purchased by the Group\u2019s customers.The Group is acting as a principal in all business models with significant judgement made in respect of the acceptance model (see Note 6 under Principal versus agent consideration).The revenue from the sale of energy is recognised when the Group satisfies a performance obligation (transfers control over the energy), usually on delivery of the energy. The Group recognises revenue at an amount that reflects the consideration to which the entity expects to be entitled (after reduction for expected discounts and volume rebates) in exchange for transferring goods or services to a customer. Sales are recognised net of VAT.Arranging payments of toll The revenues from commission for arranging payments of toll is recognised over time in the period in which the performance obligation is satisfied and the service is rendered. The amount of consideration depends on the number of trucks entering a toll gate within a particular month. The Group is acting as an agent as the Group\u2019s responsibility is limited to arranging the provision of toll services.Revenues from tax refund The revenues from commission fee for the tax refund is recognised over time as the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Revenue is recognised based on assumption, how much time is needed for preparation and submission of a request for refund and other activities needed till reimbursed tax receipt.Provision of tax refund services without \u201cnet invoicing\u201d (pre-financing) is performed on behalf of a customer and no receivable is recognised in Trade and other receivables (Note 24).In cases where the Group\u2019s customer uses a \u201cnet invoicing\u201d service provided by the Group, the client receives its tax refund almost immediately. This method, also known as a \u201cfinanced refund\u201d, ranks as one of the fastest ways to reclaiming VAT and excise duty paid to clients in the moment of the purchase of energy, other services or arranging payments of toll associated with passenger transport or freight haulage. The revenue from provision of credit in the amount of refund tax for the period of reimbursement is recognised over the average reimbursement period for each country in which the Group operates.Fleet management solutions (previously Telematics) The revenues from the sale of on-board units and recurring fees for software services are recognised in the period in which the performance obligation is satisfied, and the services are rendered. Fleet management software allows companies the effective administration of their vehicle fleet and 24/7 monitor the activity of the whole fleet.Navigation Navigation revenue is generated through licensing of navigation software and digital map content to B2B and B2C customers. License of navigation software is granted as a \u201cright to use an intellectual property\u201d while the license of digital map content (including traffic) is granted as a \u201cright to access to an intellectual property\u201d. Right to access provides the customer the right to access, over a certain period of time, map data that is regularly updated during the contract period. Right-to-use licenses are those that only provide the customer the right to use navigation software as it exists at the moment the control passes to the customer. This does not give the customer the right to receive future updates or upgrades other than those that can be considered as minor enhancements or bug fixing.Revenue for \u201cright-to-use\u201d licenses is recognised at the moment the control passes to the customer. Revenue from \u201cright- to-access\u201d licenses is recognised over the (estimated) period during which the Group is obliged to provide access to the customers, based on third-party content costs plus an appropriate margin. The period for B2C lifetime \u201cright-to-access\u201d licenses is estimated at three years, for B2B lifetime customers, five years.Other services Other services include services that are immaterial from Group perspective: \u202224hr assistance services \u2013 revenue recognised over period for which service is activated; \u2022Legal services \u2013 revenue recognised at the moment service is rendered; \u2022Insurance \u2013 the Group is acting as a broker offering clients different insurance products on behalf of some insurance companies. Revenue is a commission from insurance companies recognised at the moment when a contract is signed; \u2022Factoring services \u2013 revenue recognised at the moment service is rendered; and \u2022Other services.4.4.Taxes Current income tax Current income tax assets and liabilities for an accounting period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enactedor substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. No tax provisions were established as at 31 December 2022 and 2021.Deferred tax Deferred tax is calculated separately for each company of the Group, using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.Deferred tax liabilities are recognised for all temporary differences, except: \u2022When the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\u2022In respect of taxable temporary differences associated with investments in subsidiaries, associates, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised for all deductible temporary differences, the carry forwards of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised, except:\u2022When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\u2022In respect of deductible temporary differences associated with investments in subsidiaries, associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilised.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information arises and/or circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss.4.5.Foreign currency transactions The Group\u2019s consolidated financial statements are presented in EUR. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rates prevailing at the date of the transaction.Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange valid at the reporting date.Differences arising on settlement or translation of monetary items are recognised in profit or loss as finance income and expenses. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item.On consolidation, the assets and liabilities of foreign operations are translated into EUR at the exchange rates prevailing at the reporting date and their statements of profit or loss are translated at the average exchange rate for the relevant year. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognised in profit or loss.Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date.4.6.Cash dividend to equity holders of the Company The Company recognises a liability to make cash distributions to equity holders of the Company when the distribution is authorised, and the distribution is no longer at the discretion of the Company. As per the corporate laws of the United Kingdom, a distribution is authorised when it is approved by the Shareholders. A corresponding amount is recognised directly in equity.4.7.Intangible Assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.The useful life of intangible assets is assessed as either finite or indefinite (goodwill).Intangible assets with finite life are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.Amortisation of intangible assets with finite life is recorded on a straight-line basis over their estimated useful life as follows: Years Clients\u2019 relationships7\u2013 10Internal software developments 2\u2013 10Patents and rights5\u2013 20External software3\u2013 7Other intangible assets 2\u2013 3Intangible assets in progress are not amortised.Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.Clients\u2019 relationships Clients\u2019 relationships were acquired as part of a business combination (Note 8, 17). They are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful life.Internal software developmentResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:\u2022The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; \u2022Its intention to complete and its ability and intention to use or sell the asset;\u2022How the asset will generate future economic benefits; \u2022The availability of resources to complete the asset; and \u2022The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit.Development includes the programming relating to internal development of externally purchased software, development of software-based solutions provided to the Group\u2019s customers and development of new fleet management products and services, which include fleet management and toll units.Patents and rights, external software Separately acquired patents and rights, and software are shown at historical cost. Patents and rights, and software acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.Land and tangible assets in progress are not depreciated. Depreciation is recorded on a straight-line basis over the estimated useful life of an asset as follows: Years Buildings10\u2013 34Leaseholdimprovements 4\u2013 15Machinery and equipment 2\u2013 20Vehicles4\u2013 5 Fixtures and fittings 5\u2013 7 4.8.Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost comprises the aggregate amount paid, and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates themseparately, based on their specific useful life. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant, and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.The residual values, useful life, and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.4.9.Leases Identification of the Subject of a Lease \u2013 Lease Agreement A lease is a contract, or part of a contract, that conveys the right to use an identifiable asset for a period of time in exchange for consideration. At the inception of the contract, the Group assesses whether the contract is a lease or contains a lease. The Group reassesses whether the contract is a lease or contains a lease only when the contractual terms are amended.The Group assesses whether a contract transfers the right to control the use of an identifiable asset over a period of time based on:\u2022The Group has the right to obtain a substantial economic benefit from the asset for the period of its use; \u2022The lease is agreed for the lease of a specific asset, and the lessor does not have the right to exchange it or to profit financially from the exchange;\u2022The Group has the right to control the use of an identifiable asset; \u2022The lease is longer than 12 months (short-term lease exemption allowed under IFRS 16); and\u2022The value of the new asset exceeds EUR 4,500 (low value exemption allowed under IFRS16).The Group assesses whether the contract contains a lease separately for each potential lease component. The Group does not have any external subleases outside of the Group nor any contract, where the Group is a lessor. Lease liability At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date. Lease payments are payments by the lessee to the lessor for the right to use an underlying asset for the duration of the lease. These payments include:\u2022fixed payments (lowered by any lease incentives); \u2022variable lease payments that are indexed or fixed to a rate; \u2022call option to purchase where there is sufficient certainty that the lessee will make use of the option; and \u2022payment of penalties for termination of the lease where the lease period corresponds to the lessee making use of the option to terminate the lease.After commencement date, variable lease payments not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers those payment occurs. Interest from the lease obligation is the Group\u2019s finance costs.Right to use an asset The Group measures the right to use an asset on the date the lease commences on the basis of a lease agreement. These are based on:\u2022the value of the lease liability increased by the lease payment that the Group has paid before the day the lease commences (reduced by lease incentives \u2013 discounts);\u2022the initial direct costs of the lease paid by the Group; \u2022the estimated value of the costs for dismantling and removing an identified asset or the reclamation of the site where the asset was located; and\u2022an increase by the asset\u2019s modification and renovation costs required in the lease agreement, namely by the creation of a reserve in compliance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.4.10.Investment in associatesAssociates are all entities over which the Group has significant influence, but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment.The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 4.14.4.11.Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of an asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds.Financial assets Classification and measurementFinancial assets are classified based on the business model of the Group and characteristic of contractual cash flows. Under IFRS 9, the financial assets are classified into the following categories: financial assets subsequently measured at amortised cost (\u201cAC\u201d), financial assets at fair value through other comprehensive income (\u201cFVOCI\u201d) and financial assets at fair value through profit or loss (\u201cFVTPL\u201d)The Group classifies financial assets into following categories: (A) Financial assets subsequently measured at amortised cost \u2013 classified if both of the following conditions are met: \u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (referred to as SPPI test).Expected credit losses, foreign exchange rate differences, and interest revenues are recognised in the statement of profit or loss. On derecognition, losses/gains are recognised in the statement of profit or loss.(B) Financial assets at fair value through other comprehensive income \u2022Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVTOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in finance income/(costs). Interest income from these financial assets is included in finance income using the effective interest rate method.Foreign exchange gains and losses are presented in finance income/(costs), and impairment expenses are presented as separate line item in the statement of profit or loss.\u2022Equity securities which are not held for trading and which the Group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the Group considers this classification to be more relevant. 4.12.Financial instruments \u2013 IFRS 9 A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.(C) Financial assets at fair value through profit or loss \u2022This category includes the financial assets held with strategy of active trading with financial assets. Contractual cash flow collection is not the primary objective of the business model.\u2022Expected credit losses are not calculated and recognised. Changes in the fair value and foreign exchange rate differences are recognised in the statement of profit or loss. Changes in the fair values are included in finance income/(costs).Trade and other receivables that do not contain a significant financing component, or for which the Group has applied the practical expedient, are measured at the transaction price determined under IFRS 15.The Group\u2019s financial assets include cash, trade and other receivables with no significant financing component meeting criteria for classification as AC and derivatives meeting criteria for classification as FVTPL and FVTOCI.Trade and other receivables Trade and other receivables are carried at original invoice amount less an allowance for impairment of these receivables. See next section for a description of Group\u2019s impairment policies and Note 21 for further information on Trade and other receivables.Impairment of financial assets carried at amortised cost As the Group financial statements include financial assets representing trade and other receivables, only which do not include a significant financing component, the Group applies a simplified approach in calculating expected credit loss (\u201cECL\u201d). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The carrying amount of the asset is reduced either directly or through use of an allowance account. The amount of the loss is recognised in the statement of profit or loss.Simplified approach adopted by the Group is using elements from general approach, the main difference is that no staging of financial assets is being used.ECL measurement is based on three components used by the Group: Probability of Default (\u201cPD\u201d), Exposure at Default (\u201cEAD\u201d) and Loss Given Default (\u201cLGD\u201d):\u2022PD is an estimate of the likelihood of default to occur over a given time period. It is calculated from combination of customers\u2019 financial position and performance, transactional data, volumes, and payment performance. Set of variables differs according to scorecards applied to customers, which is determined by their resident country.\u2022EAD is an estimate of exposure at a future default date, taking into account expected changes in the exposure after the reporting period, including repayments of principal and interest, and expected drawdowns on committed credit limits.\u2022LGD is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from any collateral. It is usually expressed as a percentage of the EAD.Impaired debts are derecognised when they are assessed as uncollectible. Financial liabilities Financial liabilities are classified into two main categories (a) at amortised cost and (b) at fair value through profit or loss.All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments.Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (\u201cEIR\u201d) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 29. Trade and other payables Trade payables are recognised at their nominal value, which is deemed to be materially the same as the fair value. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when:\u2022The rights to receive cash flows from the asset have expired; or \u2022The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset.Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognised in OCI and later reclassified to profit or loss when the hedged item affects profit or loss.Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss.The embedded derivatives are separately valued upon inception and at each balance sheet date using an appropriate valuation model, with the changes in fair value recognised in profit or loss.For the purpose of hedge accounting, hedges, still in accordance with IAS39, are classified as: \u2022Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; and\u2022Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated.Hedges that meet the strict criteria for hedge accounting are accounted for as cash flow hedges or net investment hedges. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.The Group uses forward currency contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments. The ineffective portion relating to foreign currency contracts is recognised in finance costs or income. Ineffectiveness of forward currency contracts may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty.Hedge ineffectiveness for interest rate swaps may occur due to the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan or due to differences in critical terms between the interest rate swaps and loans.Amounts recognised as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale occurs.When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred to the initial carrying amount of the non-financial asset or liability.If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognised in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met.Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in OCI in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within finance income/ (costs). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold.4.13.Inventories Inventories are valued at the lower of cost and net realisable value. Costs are assigned to individual items on the basis of \u201cfirst in, first out\u201d (\u201cFIFO\u201d) method (the initial price in the measurement of inventory additions is used as the initial price in the measurement of inventory disposals). Costs of purchased inventory include acquisition-related costs (freight, customs, commission, etc.).Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.4.14.Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value less costs of disposal and its value in use.The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs, to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is estimated and applied to project future cash flows after the fifth year.Impairment losses of continuing operations are recognised in the statement of profit or loss. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss.Intangible assets with indefinite useful life are tested for impairment annually as at 31 December, either individually or at the cash-generating unit level, as appropriate and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.4.15.Cash and cash equivalents Cash and short-term deposits in the statement of financial position comprise cash in hand and cash at banks. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management.4.16.Share-based payments Employees of the Group receive remuneration in the form of share-based payment transactions whereby employees render service as consideration for equity instruments or cash. Information relating to these transactions is set out in Note 13.Equity-settled transactions The fair value of options granted is recognised as employee expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of options granted, using the Black-Scholes model. The total amount is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.When the options are exercised, the Company issues the appropriate number of shares to the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity.Cash-settled transactions Liabilities for cash-settled share-based payments are recognised as employee expense over the relevant service period. The liabilities are remeasured to fair value at each reporting date and are presented as employee-related liabilities in the balance sheet.4.18.Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss.If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.10.Segmental analysisOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (\u201cCODM\u201d). The Group considers the Executive Committee to be the CODM effective from July 2021. The Board of Directors of W.A.G. payments solutions, a.s. was considered as CODM prior to that date. The CODM reviews net energy and services sales and contribution to evaluate segment performance and allocate resources to the overall business.For management purposes and based on internal reporting information, the Group is organised in two operating segments; Payment solutions and Mobility solutions. Payment solutions represent Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are a typical first choice of a new customer. Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The segment includes Tax refund, Fleet management solutions, Navigation, and other service offerings.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-13-3": { "value": "The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);\u2022Exposure, or rights, to variable returns from its involvement with the investee; and\u2022The 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:\u2022The contractual arrangement with the other vote holders of the investee; \u2022Rights arising from other contractual arrangements; and\u2022The Group\u2019s voting rights and potential voting rights. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-3": { "value": "Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a negative balance.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.4.1.Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses.There can also be a situation that the holder of non-controlling interest in the acquiree are granted put options that convey to those Shareholders the right to sell their shares in that acquiree for an exercise price specified in the option agreement.From the perspective of the Group, such written put options meet the definition of a financial liability according to IAS 32 if the Group has an obligation to settle in cash or in another financial asset if the Non-controlling Shareholders exercise the option. If the terms affecting the exercisability of the option are genuine, then a liability for the put option exercise price is recognised. This is the case even if the put option is exercisable only on the occurrence of uncertain future events that are outside of control of both parties to the contract.The amount that may become payable under the option on exercise is initially recognised at the present value of the redemption amount within financial liabilities with a corresponding charge directly to equity. The charge to equity is recognised separately as business combinations equity adjustment.Any subsequent adjustments to the redemption liability are recorded in equity as business combination equity adjustment. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity.Once the put option is exercised, the amount previously recorded in equity as business combination equity adjustment is transferred into retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-4": { "value": "4.1.Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses.There can also be a situation that the holder of non-controlling interest in the acquiree are granted put options that convey to those Shareholders the right to sell their shares in that acquiree for an exercise price specified in the option agreement.From the perspective of the Group, such written put options meet the definition of a financial liability according to IAS 32 if the Group has an obligation to settle in cash or in another financial asset if the Non-controlling Shareholders exercise the option. If the terms affecting the exercisability of the option are genuine, then a liability for the put option exercise price is recognised. This is the case even if the put option is exercisable only on the occurrence of uncertain future events that are outside of control of both parties to the contract.The amount that may become payable under the option on exercise is initially recognised at the present value of the redemption amount within financial liabilities with a corresponding charge directly to equity. The charge to equity is recognised separately as business combinations equity adjustment.Any subsequent adjustments to the redemption liability are recorded in equity as business combination equity adjustment. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity.Once the put option is exercised, the amount previously recorded in equity as business combination equity adjustment is transferred into retained earnings.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments: Recognition and Measurement, is measured at fair value with changes in fair value recognised in profit or loss. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-5": { "value": "4.1.Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses.There can also be a situation that the holder of non-controlling interest in the acquiree are granted put options that convey to those Shareholders the right to sell their shares in that acquiree for an exercise price specified in the option agreement.From the perspective of the Group, such written put options meet the definition of a financial liability according to IAS 32 if the Group has an obligation to settle in cash or in another financial asset if the Non-controlling Shareholders exercise the option. If the terms affecting the exercisability of the option are genuine, then a liability for the put option exercise price is recognised. This is the case even if the put option is exercisable only on the occurrence of uncertain future events that are outside of control of both parties to the contract.The amount that may become payable under the option on exercise is initially recognised at the present value of the redemption amount within financial liabilities with a corresponding charge directly to equity. The charge to equity is recognised separately as business combinations equity adjustment.Any subsequent adjustments to the redemption liability are recorded in equity as business combination equity adjustment. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity.Once the put option is exercised, the amount previously recorded in equity as business combination equity adjustment is transferred into retained earnings.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments: Recognition and Measurement, is measured at fair value with changes in fair value recognised in profit or loss. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-3": { "value": "Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (\u201cCGU\u201d) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.The useful life of intangible assets is assessed as either finite or indefinite (goodwill).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-4": { "value": "Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (\u201cCGU\u201d) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-3": { "value": "4.2.Fair value measurement The Group measures financial instruments such as derivatives at fair value at each balance sheet date. Fair value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarised in the following notes:\u2022Disclosures for valuation methods, significant estimates, and assumptions (Note 9); \u2022Quantitative disclosures of fair value measurement hierarchy (Note 9); and\u2022Financial instruments carried at fair value (Note 25).Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022In the principal market for the asset or liability; or \u2022In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-3": { "value": "4.3 Revenue from contracts with customers Revenues are recognised when the Group has satisfied a performance obligation and the amount of revenue can be reliably measured. The Group will recognise revenue at an amount that reflects the consideration to which the Group expects to be entitled (after reduction for expected discounts) in exchange for transferring goods or services to a customer.Sale of energy Energy means any source that makes a vehicle move (diesel, petrol, e-mobility, bio fuel additives and alternative fuel, such as LNG/CNG).The Group operates two business models for the sale of energy to fleets of professional transport and forwarding companies: \u2022the acceptance business model \u2013 sale through acceptance partner locations (petrol stations); customers may access any petrol station, which is accepting Group\u2019s payment solutions, for price that is independent from the prices of petrol stations under pre-agreed terms; and\u2022the bunkering business model \u2013 owned/rented truck parks and supply partnership sites (Group supplies energy to bunkering sites located at partner sites); energy inventory is in ownership of the Group until it is purchased by the Group\u2019s customers.The Group is acting as a principal in all business models with significant judgement made in respect of the acceptance model (see Note 6 under Principal versus agent consideration).The revenue from the sale of energy is recognised when the Group satisfies a performance obligation (transfers control over the energy), usually on delivery of the energy. The Group recognises revenue at an amount that reflects the consideration to which the entity expects to be entitled (after reduction for expected discounts and volume rebates) in exchange for transferring goods or services to a customer. Sales are recognised net of VAT.Arranging payments of toll The revenues from commission for arranging payments of toll is recognised over time in the period in which the performance obligation is satisfied and the service is rendered. The amount of consideration depends on the number of trucks entering a toll gate within a particular month. The Group is acting as an agent as the Group\u2019s responsibility is limited to arranging the provision of toll services.Revenues from tax refund The revenues from commission fee for the tax refund is recognised over time as the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Revenue is recognised based on assumption, how much time is needed for preparation and submission of a request for refund and other activities needed till reimbursed tax receipt.Provision of tax refund services without \u201cnet invoicing\u201d (pre-financing) is performed on behalf of a customer and no receivable is recognised in Trade and other receivables (Note 24).In cases where the Group\u2019s customer uses a \u201cnet invoicing\u201d service provided by the Group, the client receives its tax refund almost immediately. This method, also known as a \u201cfinanced refund\u201d, ranks as one of the fastest ways to reclaiming VAT and excise duty paid to clients in the moment of the purchase of energy, other services or arranging payments of toll associated with passenger transport or freight haulage. The revenue from provision of credit in the amount of refund tax for the period of reimbursement is recognised over the average reimbursement period for each country in which the Group operates.Fleet management solutions (previously Telematics) The revenues from the sale of on-board units and recurring fees for software services are recognised in the period in which the performance obligation is satisfied, and the services are rendered. Fleet management software allows companies the effective administration of their vehicle fleet and 24/7 monitor the activity of the whole fleet.Navigation Navigation revenue is generated through licensing of navigation software and digital map content to B2B and B2C customers. License of navigation software is granted as a \u201cright to use an intellectual property\u201d while the license of digital map content (including traffic) is granted as a \u201cright to access to an intellectual property\u201d. Right to access provides the customer the right to access, over a certain period of time, map data that is regularly updated during the contract period. Right-to-use licenses are those that only provide the customer the right to use navigation software as it exists at the moment the control passes to the customer. This does not give the customer the right to receive future updates or upgrades other than those that can be considered as minor enhancements or bug fixing.Revenue for \u201cright-to-use\u201d licenses is recognised at the moment the control passes to the customer. Revenue from \u201cright- to-access\u201d licenses is recognised over the (estimated) period during which the Group is obliged to provide access to the customers, based on third-party content costs plus an appropriate margin. The period for B2C lifetime \u201cright-to-access\u201d licenses is estimated at three years, for B2B lifetime customers, five years.Other services Other services include services that are immaterial from Group perspective: \u202224hr assistance services \u2013 revenue recognised over period for which service is activated; \u2022Legal services \u2013 revenue recognised at the moment service is rendered; \u2022Insurance \u2013 the Group is acting as a broker offering clients different insurance products on behalf of some insurance companies. Revenue is a commission from insurance companies recognised at the moment when a contract is signed; \u2022Factoring services \u2013 revenue recognised at the moment service is rendered; and \u2022Other services.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-24-3": { "value": "4.4.Taxes Current income tax Current income tax assets and liabilities for an accounting period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enactedor substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. No tax provisions were established as at 31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-25-3": { "value": "Deferred tax Deferred tax is calculated separately for each company of the Group, using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.Deferred tax liabilities are recognised for all temporary differences, except: \u2022When the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\u2022In respect of taxable temporary differences associated with investments in subsidiaries, associates, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised for all deductible temporary differences, the carry forwards of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised, except:\u2022When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\u2022In respect of deductible temporary differences associated with investments in subsidiaries, associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilised.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information arises and/or circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-26-3": { "value": "4.5.Foreign currency transactions The Group\u2019s consolidated financial statements are presented in EUR. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rates prevailing at the date of the transaction.Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange valid at the reporting date.Differences arising on settlement or translation of monetary items are recognised in profit or loss as finance income and expenses. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item.On consolidation, the assets and liabilities of foreign operations are translated into EUR at the exchange rates prevailing at the reporting date and their statements of profit or loss are translated at the average exchange rate for the relevant year. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognised in profit or loss.Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-3": { "value": "4.6.Cash dividend to equity holders of the Company The Company recognises a liability to make cash distributions to equity holders of the Company when the distribution is authorised, and the distribution is no longer at the discretion of the Company. As per the corporate laws of the United Kingdom, a distribution is authorised when it is approved by the Shareholders. A corresponding amount is recognised directly in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-3": { "value": "4.7.Intangible Assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.Clients\u2019 relationships Clients\u2019 relationships were acquired as part of a business combination (Note 8, 17). They are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful life.Patents and rights, external software Separately acquired patents and rights, and software are shown at historical cost. Patents and rights, and software acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-30-3": { "value": "Intangible assets with finite life are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.Amortisation of intangible assets with finite life is recorded on a straight-line basis over their estimated useful life as follows: Years Clients\u2019 relationships7\u2013 10Internal software developments 2\u2013 10Patents and rights5\u2013 20External software3\u2013 7Other intangible assets 2\u2013 3Internal software developmentResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:\u2022The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; \u2022Its intention to complete and its ability and intention to use or sell the asset;\u2022How the asset will generate future economic benefits; \u2022The availability of resources to complete the asset; and \u2022The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit.Development includes the programming relating to internal development of externally purchased software, development of software-based solutions provided to the Group\u2019s customers and development of new fleet management products and services, which include fleet management and toll units.Depreciation is recorded on a straight-line basis over the estimated useful life of an asset as follows: Years Buildings10\u2013 34Leaseholdimprovements 4\u2013 15Machinery and equipment 2\u2013 20Vehicles4\u2013 5 Fixtures and fittings 5\u2013 7 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-30-4": { "value": "Intangible assets with finite life are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.Amortisation of intangible assets with finite life is recorded on a straight-line basis over their estimated useful life as follows: Years Clients\u2019 relationships7\u2013 10Internal software developments 2\u2013 10Patents and rights5\u2013 20External software3\u2013 7Other intangible assets 2\u2013 3Intangible assets in progress are not amortised.Land and tangible assets in progress are not depreciated. Depreciation is recorded on a straight-line basis over the estimated useful life of an asset as follows: Years Buildings10\u2013 34Leaseholdimprovements 4\u2013 15Machinery and equipment 2\u2013 20Vehicles4\u2013 5 Fixtures and fittings 5\u2013 7 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-31-4": { "value": "Intangible assets in progress are not amortised.Land and tangible assets in progress are not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-33-4": { "value": "Internal software developmentResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:\u2022The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; \u2022Its intention to complete and its ability and intention to use or sell the asset;\u2022How the asset will generate future economic benefits; \u2022The availability of resources to complete the asset; and \u2022The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit.Development includes the programming relating to internal development of externally purchased software, development of software-based solutions provided to the Group\u2019s customers and development of new fleet management products and services, which include fleet management and toll units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-37-3": { "value": "4.8.Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost comprises the aggregate amount paid, and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates themseparately, based on their specific useful life. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant, and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.The residual values, useful life, and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-39-3": { "value": "4.9.Leases Identification of the Subject of a Lease \u2013 Lease Agreement A lease is a contract, or part of a contract, that conveys the right to use an identifiable asset for a period of time in exchange for consideration. At the inception of the contract, the Group assesses whether the contract is a lease or contains a lease. The Group reassesses whether the contract is a lease or contains a lease only when the contractual terms are amended.The Group assesses whether a contract transfers the right to control the use of an identifiable asset over a period of time based on:\u2022The Group has the right to obtain a substantial economic benefit from the asset for the period of its use; \u2022The lease is agreed for the lease of a specific asset, and the lessor does not have the right to exchange it or to profit financially from the exchange;\u2022The Group has the right to control the use of an identifiable asset; \u2022The lease is longer than 12 months (short-term lease exemption allowed under IFRS 16); and\u2022The value of the new asset exceeds EUR 4,500 (low value exemption allowed under IFRS16).The Group assesses whether the contract contains a lease separately for each potential lease component. The Group does not have any external subleases outside of the Group nor any contract, where the Group is a lessor. Lease liability At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date. Lease payments are payments by the lessee to the lessor for the right to use an underlying asset for the duration of the lease. These payments include:\u2022fixed payments (lowered by any lease incentives); \u2022variable lease payments that are indexed or fixed to a rate; \u2022call option to purchase where there is sufficient certainty that the lessee will make use of the option; and \u2022payment of penalties for termination of the lease where the lease period corresponds to the lessee making use of the option to terminate the lease.After commencement date, variable lease payments not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers those payment occurs. Interest from the lease obligation is the Group\u2019s finance costs.Right to use an asset The Group measures the right to use an asset on the date the lease commences on the basis of a lease agreement. These are based on:\u2022the value of the lease liability increased by the lease payment that the Group has paid before the day the lease commences (reduced by lease incentives \u2013 discounts);\u2022the initial direct costs of the lease paid by the Group; \u2022the estimated value of the costs for dismantling and removing an identified asset or the reclamation of the site where the asset was located; and\u2022an increase by the asset\u2019s modification and renovation costs required in the lease agreement, namely by the creation of a reserve in compliance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-3": { "value": "4.10.Investment in associatesAssociates are all entities over which the Group has significant influence, but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment.The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 4.14.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-4": { "value": "4.10.Investment in associatesAssociates are all entities over which the Group has significant influence, but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment.The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 4.14.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-41-3": { "value": "4.11.Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of an asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-3": { "value": "4.12.Financial instruments \u2013 IFRS 9 A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-42-3": { "value": "Financial assets Classification and measurementFinancial assets are classified based on the business model of the Group and characteristic of contractual cash flows. Under IFRS 9, the financial assets are classified into the following categories: financial assets subsequently measured at amortised cost (\u201cAC\u201d), financial assets at fair value through other comprehensive income (\u201cFVOCI\u201d) and financial assets at fair value through profit or loss (\u201cFVTPL\u201d)The Group classifies financial assets into following categories: (A) Financial assets subsequently measured at amortised cost \u2013 classified if both of the following conditions are met: \u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (referred to as SPPI test).Expected credit losses, foreign exchange rate differences, and interest revenues are recognised in the statement of profit or loss. On derecognition, losses/gains are recognised in the statement of profit or loss.(B) Financial assets at fair value through other comprehensive income \u2022Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVTOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in finance income/(costs). Interest income from these financial assets is included in finance income using the effective interest rate method.Foreign exchange gains and losses are presented in finance income/(costs), and impairment expenses are presented as separate line item in the statement of profit or loss.\u2022Equity securities which are not held for trading and which the Group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the Group considers this classification to be more relevant. (C) Financial assets at fair value through profit or loss \u2022This category includes the financial assets held with strategy of active trading with financial assets. Contractual cash flow collection is not the primary objective of the business model.\u2022Expected credit losses are not calculated and recognised. Changes in the fair value and foreign exchange rate differences are recognised in the statement of profit or loss. Changes in the fair values are included in finance income/(costs).Trade and other receivables that do not contain a significant financing component, or for which the Group has applied the practical expedient, are measured at the transaction price determined under IFRS 15.The Group\u2019s financial assets include cash, trade and other receivables with no significant financing component meeting criteria for classification as AC and derivatives meeting criteria for classification as FVTPL and FVTOCI.Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-3": { "value": "Trade and other receivables Trade and other receivables are carried at original invoice amount less an allowance for impairment of these receivables. See next section for a description of Group\u2019s impairment policies and Note 21 for further information on Trade and other receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-3": { "value": "Impairment of financial assets carried at amortised cost As the Group financial statements include financial assets representing trade and other receivables, only which do not include a significant financing component, the Group applies a simplified approach in calculating expected credit loss (\u201cECL\u201d). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The carrying amount of the asset is reduced either directly or through use of an allowance account. The amount of the loss is recognised in the statement of profit or loss.Simplified approach adopted by the Group is using elements from general approach, the main difference is that no staging of financial assets is being used.ECL measurement is based on three components used by the Group: Probability of Default (\u201cPD\u201d), Exposure at Default (\u201cEAD\u201d) and Loss Given Default (\u201cLGD\u201d):\u2022PD is an estimate of the likelihood of default to occur over a given time period. It is calculated from combination of customers\u2019 financial position and performance, transactional data, volumes, and payment performance. Set of variables differs according to scorecards applied to customers, which is determined by their resident country.\u2022EAD is an estimate of exposure at a future default date, taking into account expected changes in the exposure after the reporting period, including repayments of principal and interest, and expected drawdowns on committed credit limits.\u2022LGD is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from any collateral. It is usually expressed as a percentage of the EAD.Impaired debts are derecognised when they are assessed as uncollectible. 4.14.Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value less costs of disposal and its value in use.The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs, to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is estimated and applied to project future cash flows after the fifth year.Impairment losses of continuing operations are recognised in the statement of profit or loss. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss.Intangible assets with indefinite useful life are tested for impairment annually as at 31 December, either individually or at the cash-generating unit level, as appropriate and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-4": { "value": "Impairment of financial assets carried at amortised cost As the Group financial statements include financial assets representing trade and other receivables, only which do not include a significant financing component, the Group applies a simplified approach in calculating expected credit loss (\u201cECL\u201d). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The carrying amount of the asset is reduced either directly or through use of an allowance account. The amount of the loss is recognised in the statement of profit or loss.Simplified approach adopted by the Group is using elements from general approach, the main difference is that no staging of financial assets is being used.ECL measurement is based on three components used by the Group: Probability of Default (\u201cPD\u201d), Exposure at Default (\u201cEAD\u201d) and Loss Given Default (\u201cLGD\u201d):\u2022PD is an estimate of the likelihood of default to occur over a given time period. It is calculated from combination of customers\u2019 financial position and performance, transactional data, volumes, and payment performance. Set of variables differs according to scorecards applied to customers, which is determined by their resident country.\u2022EAD is an estimate of exposure at a future default date, taking into account expected changes in the exposure after the reporting period, including repayments of principal and interest, and expected drawdowns on committed credit limits.\u2022LGD is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from any collateral. It is usually expressed as a percentage of the EAD.Impaired debts are derecognised when they are assessed as uncollectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-3": { "value": "Financial liabilities Financial liabilities are classified into two main categories (a) at amortised cost and (b) at fair value through profit or loss.All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-3": { "value": "Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (\u201cEIR\u201d) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 29. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-3": { "value": "Trade and other payables Trade payables are recognised at their nominal value, which is deemed to be materially the same as the fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-50-3": { "value": "Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when:\u2022The rights to receive cash flows from the asset have expired; or \u2022The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-3": { "value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognised in OCI and later reclassified to profit or loss when the hedged item affects profit or loss.Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss.The embedded derivatives are separately valued upon inception and at each balance sheet date using an appropriate valuation model, with the changes in fair value recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-3": { "value": "For the purpose of hedge accounting, hedges, still in accordance with IAS39, are classified as: \u2022Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; and\u2022Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated.Hedges that meet the strict criteria for hedge accounting are accounted for as cash flow hedges or net investment hedges. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.The Group uses forward currency contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments. The ineffective portion relating to foreign currency contracts is recognised in finance costs or income. Ineffectiveness of forward currency contracts may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty.Hedge ineffectiveness for interest rate swaps may occur due to the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan or due to differences in critical terms between the interest rate swaps and loans.Amounts recognised as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale occurs.When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred to the initial carrying amount of the non-financial asset or liability.If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognised in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met.Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in OCI in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within finance income/ (costs). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-56-3": { "value": "4.13.Inventories Inventories are valued at the lower of cost and net realisable value. Costs are assigned to individual items on the basis of \u201cfirst in, first out\u201d (\u201cFIFO\u201d) method (the initial price in the measurement of inventory additions is used as the initial price in the measurement of inventory disposals). Costs of purchased inventory include acquisition-related costs (freight, customs, commission, etc.).Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-57-4": { "value": "4.14.Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value less costs of disposal and its value in use.The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs, to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is estimated and applied to project future cash flows after the fifth year.Impairment losses of continuing operations are recognised in the statement of profit or loss. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss.Intangible assets with indefinite useful life are tested for impairment annually as at 31 December, either individually or at the cash-generating unit level, as appropriate and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-3": { "value": "4.15.Cash and cash equivalents Cash and short-term deposits in the statement of financial position comprise cash in hand and cash at banks. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-59-3": { "value": "4.16.Share-based payments Employees of the Group receive remuneration in the form of share-based payment transactions whereby employees render service as consideration for equity instruments or cash. Information relating to these transactions is set out in Note 13.Equity-settled transactions The fair value of options granted is recognised as employee expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of options granted, using the Black-Scholes model. The total amount is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.When the options are exercised, the Company issues the appropriate number of shares to the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity.Cash-settled transactions Liabilities for cash-settled share-based payments are recognised as employee expense over the relevant service period. The liabilities are remeasured to fair value at each reporting date and are presented as employee-related liabilities in the balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-3": { "value": "4.18.Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss.If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-2": { "value": "5.Changes in accounting policies and disclosures, adoption of new and revised standards5.1.Application of new IFRS \u2013 standards and interpretations effective in the reporting period The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2022: \u2022Property, Plant and Equipment: Proceeds before intended use \u2013 Amendments to IAS 16 \u2022Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2022Onerous Contracts\u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022Annual Improvements to IFRS Standards 2018 \u2013 2020 \u2013 Amendments to IFRS 9, IFRS 16, IFRS 1, and IAS 41 \u2022Deferred tax related to assets and liabilities arising from a single transaction \u2013 Amendments to IAS 12 \u2022Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting policies These Amendments did not have a significant impact on the Group\u2019s consolidated financial statements. 5.Changes in accounting policies and disclosures, adoption of new and revised standards continued5.2 New IFRSs and IFRICs published by the IASB that are not yet effective Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These new standards, amendments and interpretations are not expected to have any significant impacts on the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-3": { "value": "5.Changes in accounting policies and disclosures, adoption of new and revised standards5.1.Application of new IFRS \u2013 standards and interpretations effective in the reporting period The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2022: \u2022Property, Plant and Equipment: Proceeds before intended use \u2013 Amendments to IAS 16 \u2022Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2022Onerous Contracts\u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022Annual Improvements to IFRS Standards 2018 \u2013 2020 \u2013 Amendments to IFRS 9, IFRS 16, IFRS 1, and IAS 41 \u2022Deferred tax related to assets and liabilities arising from a single transaction \u2013 Amendments to IAS 12 \u2022Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting policies These Amendments did not have a significant impact on the Group\u2019s consolidated financial statements. 5.Changes in accounting policies and disclosures, adoption of new and revised standards continued5.2 New IFRSs and IFRICs published by the IASB that are not yet effective Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These new standards, amendments and interpretations are not expected to have any significant impacts on the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-2": { "value": "6.Significant accounting judgments, estimates and assumptions6.1.Significant judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the consolidated financial statements:Principal versus agent consideration The Group has considered whether it acts as a principal or an agent in the acceptance business model (see explanation of the business models used in sales of energy in Note 4.3) in sale of energy. The Group is not selling just the energy but an integrated web-based solution comprising advice on where to buy energy, offering discounted energy prices that are independent of pricing of the Group\u2019s suppliers, use of payment cards, extended payment terms and administration of the energy sales transaction. The Group sells energy to its customers under one contract covering sales transactions realised under the two business models used by the Group and described in Note 4.3. In the case of the acceptance business model, the principal versus agent assessment involves significant judgement. In applying the judgment, management concluded that the Group is the principal mainly because it is the primary obligor in respect of delivery of energy and related services to its customers. Management also considered the following additional control indicators:1.The Group has discretion in establishing the price for the specified energy independent from the prices of petrol stations under the acceptance model.2.The Group has the right to choose its suppliers. 3.The Group is responsible for damages caused by the product quality. Put options granted to non-controlling interests Following the new agreement related to the acquisition of remaining 30% share in Sygic (see Note 8), the Group concluded that it, in substance, acquired present access to economic benefits of acquired subsidiary. The put option redemption liability will be settled with a transfer of the non-controlling interest\u2019s shares for a fixed price which is not expected to change in the future. Therefore, as of 31 December 2022, the controlling shareholders have all the risks and rewards associated with ownership.Adjusting items In determining whether an item should be presented as an adjusting item to IFRS measures, the Group considers items that must initially meet at least one of the following criteria:\u2022It is a significant item, which may cross more than one accounting period. \u2022It has been directly incurred as a result of either an acquisition, capital restructuring or relates to Group\u2019s strategic transformation programme as these are not part of the Group\u2019s underlying trading activity.\u2022It is unusual in nature, e.g. outside the normal course of business.If an item meets at least one of the criteria, the Board, through the Audit and Risk Committee, then exercises judgement as to whether the item should be classified as an adjusting item to IFRS performance measures. Refer to Note 11 for list ofthese items including definitions and exclusion justifications.Modification of bank borrowings The Group concluded that 2022 refinancing of its existing loan (see Note 29) represented non-substantial modification of a financial liability. The conclusion was based on the assessment of qualitative (currency, key roles of financing banks, interest benchmark and non-cash nature of the refinancing) and quantitative factors. At first, the Group evaluated that the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is not more than 10% different from the discounted present value of the remaining cash flows of the initial loan at date of the loan modification. Subsequently, qualitative factors were compared with the original financing and most of them were concluded to be either the same or very similar.6.2.Significant estimates The preparation of consolidated financial statements requires the use of estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described in the following paragraph. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit (\u201cCGU\u201d) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model.The cash flows are derived from the budget and forecasts for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount of Fleet management solutions CGU is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill. The key assumptions used to determine the recoverable amount of the CGUs are disclosed and further explained in Note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-3": { "value": "6.2.Significant estimates The preparation of consolidated financial statements requires the use of estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described in the following paragraph. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit (\u201cCGU\u201d) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model.The cash flows are derived from the budget and forecasts for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount of Fleet management solutions CGU is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill. The key assumptions used to determine the recoverable amount of the CGUs are disclosed and further explained in Note 17.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-2": { "value": "7.Group informationThe Group is organised in two operating segments: \u2022Payment solutions represent Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are typical first choice of a new customer.\u2022Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The segment includes Tax refund, Fleet management services, Navigation, and other service offerings.The consolidated financial statements of the Group include: Effective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment Holding United Third Floor (East), Company Companysolutions plccompany Kingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment United Third Floor (East), 100%100% solutions UK LIMITED solutionsKingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment AustriaKammer 44, 4981 100%100% solutions AT GmbHsolutionsReichersberg, Austria W.A.G. AT GmbHPayment AustriaKammer 44, 4981 100%100% (in liquidation) solutionsReichersberg, Austria W.A.G. payment Payment Belgium Marcel Broodthaersplein 8, 100% 100% solutions BE BVBAsolutions1060 Sint-Gillis, Brussel, BelgiumW.A.G. payment Payment Bulgaria 18 Todor Aleksandrov blvd. 100% 100% solutions BG EOODsolutions1000 Sofia, BulgariaEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment solutions Payment CroatiaGrand Centar, 100%100% HR d.o.o.solutionsHektorovi\u0107eva ulica 2,10000 Zagreb, Croatia W.A.G. payment solutions,PaymentCzech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.and mobilityRepublic14000 Prague 4,solutionsCzech RepublicW.A.G. Issuing Services, Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.solutionsRepublic14000 Prague 4,Czech RepublicW.A.G. payment solutions Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% CZ, s.r.o.solutionsRepublic14000 Prague 4,Czech RepublicReamon Tax, a.s.Mobility Czech G\u00f6thova 149, Da\u010dice I, 100%100% solutionsRepublic38001 Da\u010dice,Czech RepublicHI Software DevelopmentMobility Czech Ladova 389/10, Hej\u010d\u00edn, \u2013100% s.r.o. (liquidated) solutionsRepublic77900 Olomouc, Czech RepublicPrincip a.s.Mobility Czech Hv\u011bzdova 1689/2a, 14000 100%100% solutionsRepublicPrague 4, Czech RepublicW.A.G. payment solutions Payment DenmarkFrederiksborggade 15, 100%100% DK ApSsolutions2nd and 3rd floor, 1360 Copenhagen, DenmarkW.A.G. payment solutions Payment EstoniaAkadeemia tee 21/4-301, 100%100% EE O\u00dcsolutions12618 Tallinn Harjumaa, EstoniaW.A.G. payment solutions Payment FinlandAalto University Campus, 100% 100% FI OysolutionsMetallimiehenkuja 10,02150 Espoo, FinlandW.A.G. payment solutions Payment FranceMontpellier Optimum, 450 100% 100% FR SARLsolutionsRue Baden Powell, 34000 Montpellier. FranceW.A.G. payment solutions Payment Germany Torgauer Strasse 231-233, 100%100% DE GmbHsolutionsLeipzig, 04347, GermanyW.A.G. payment solutions Payment Greece12A Eleftheriou Venizelou 100%100% EL SP LTDsolutionsStr., GR \u2013 151 27 Melissia, Athens, GreeceW.A.G. payment solutions Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% HU, Kft.solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. HU, Kft. Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. payment solutions Payment Ireland 6th Floor, 2 Grand Canal 100%100% IE LIMITEDsolutionsSquare, D02 A342 Dublin 2, IrelandCONSORZIO EUROWAGPayment Italy Via Giovanni Giolitti 55, 100%100% S.C. A R.L solutions10123 Torino, ItalyW.A.G. payment solutions Payment Italy Via Savonarola 217, 35137 100%100% IT S.R.L. UNIPERSONALE solutionsPadova, ItalyEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021SIA W.A.G. payment Payment LatviaBauskas street 58A, Riga, 100%100% solutions LVsolutionsLV-1004, LatviaW.A.G. payment solutions Payment LithuaniaJ. Savickio str. 4, LT-01108 100%100% LT, UABsolutionsVilnius, LithuaniaW.A.G. payment solutions Payment Luxembourg19, rue de Bitbourg, L-1273 100% 100% LU S.\u00e0 r.l.solutionsLuxembourgW.A.G. payment solutions Payment The Cuserstraat 93, 1081 CN 100% 100% NL B.V.solutionsNetherlandsAmsterdam.The Netherlands W.A.G. payment solutions Payment NorwayC.J. Hambros Plass 2 C, 100% 100% NO ASsolutions0164, Oslo, NorwayW.A.G. payment solutions Payment Polandul. Prosta 69, 00-838 100%100% PL, Sp. zoosolutionsWarsaw, PolandLiserteco LDAMobility Portugal Rua das Industrias, n\u02da 236, 100%100% solutions1\u02da, Sala 104, Trofa, 4785 \u2013 625, Portugal W.A.G. payment solutions Payment PortugalTorre de Monsanto, Rua 100%100% PT Unnipessoal, LDAsolutionsAfonso Pra\u00e7a, Alg\u00e9s,1495-061 Lisbon, Portugal W.A.G. payment solutions Payment RomaniaStrada Intrarea Nestorei nr. 100%100% RO, s.r.l.solutions1, complex River Plaza, Corp B, et. 6, sector 4, Bucuresti, RomaniaEurowag d.o.o. Beograd- Payment SerbiaMaksima Gorkog No 8, 100%100% Stari Gradsolutions1st floor, 26000 Pan\u010devo. SerbiaAldobec technologies, s.r.o.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 100%100% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaKlub Investorov T&G SK,Payment SlovakiaHlavn\u00e1 18, 90066 Vysok\u00e1 100%100% s.r.o. (in liquidation) solutionspri Morave, SlovakiaW.A.G. payment solutions Payment Slovakia Kuku\u010d\u00ednova 38/A, 83103 100% 100% SK, s.r.o.solutionsBratislava, SlovakiaW.A.G., pla\u010dilne re\u0161itve SI, Payment SloveniaTrg. Republike 3, 1000 100% 100% d.o.o.solutionsLjubljana, SloveniaW.A.G. payment solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Spain SLU.solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainW.A.G. mobility solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Iberia SLsolutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainArraia-Oil, S.L.Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021Arraia Autopistas, SL Payment SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainLiserteco 24 Horas, SL Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainReivalsa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainTax Refund Consulting SL Mobility SpainMarques de Riscal 11 5a, 100%100% solutionsMadrid 28010, SpainTrofa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainW.A.G. payment solutions Payment SwitzerlandFlurstrasse 55, 8048 100%100% CH AGsolutionsZ\u00fcrich, SwitzerlandW.A.G. payment solutions Payment Sweden\u00d6stermalmstorg 1, 114 42 100%100% Sweden ABsolutionsStockholm, SwedenWAG Payment Solutions Payment TurkeyFSM Mah. Poligon Cad. No: 100%100% Turkey \u00d6deme Sistemleri solutions8B Buyaka2 Sitesi, Kule 2 Ticaret Limited \u015eirketiKat 6, Daire: 25, 34771 Tepe\u00fcst\u00fc- \u00dcmraniye- \u0130stanbul, TurkeySygic, a.s.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 70% 70% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaTripomatic s.r.o.Mobility Czech Za Parkem 631/14, 35.7% 35.7% solutionsRepublicMedl\u00e1nky, 62100 Brno, Czech RepublicSygic Czech Republic s.r.o.Mobility Czech B\u011bchovick\u00e1 701/26, 10000 70% 70% solutionsRepublicPrague 10, Czech Republic Sygic Ltd. (liquidated)Mobility United Suite 1, 3rd Floor 11-12 St. \u201370% solutionsKingdom James's Square, SW1Y 4LB London, United KingdomKomTeS Chrudim s.r.o.Mobility Czech Maleck\u00e1 273, Chrudim IV, 51%51% solutionsRepublic53705 Chrudim,Czech RepublicKomTeS CZ s.r.o. (merged Mobility Czech Maleck\u00e1 273, Chrudim IV, \u201351% with KomTeS Chrudim solutionsRepublic53705 Chrudim,s.r.o.)Czech RepublicKomTeS SK s.r.o. Mobility SlovakiaDopravn\u00e1 7, 92101 51%51% solutionsPie\u0161\u0165any, Slovakia Threeforce BVMobility The Zeemansstraat 11, 3016 CN 27.75% 27.75% solutionsNetherlandsin Rotterdam, The NetherlandsEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021UAB \u201cTankita\u201dPaymentLithuania\u017dalgirio str. 96-103, Vilnius,20% 20% solutionsLithuaniaWebEye International s.r.l.Mobility RomaniaOradea, str. Nuf\u0103rului nr. 100%\u2013solutions28E, Jude\u021bul Bihor, RomaniaWebeye Polska sp. z.o.o. Mobility Poland30-663 Krak\u00f3w (Poland), 100%\u2013solutions250 Wielicka Str., PolandWebEye Deutschland Mobility GermanySchatzbogen 33, 81829 100%\u2013GmbHsolutionsM\u00fcnchen, GermanyWebEye Slovakia s.r.oMobility SlovakiaSlia\u010dska 1E, 831 02 100%\u2013solutionsBratislava,SlovakiaWebeye International d.o.oMobility SloveniaKidri\u010deva ulica 13D, 1236 100%\u2013solutionsTrzin, SloveniaWEBEYE Hrvatska d.o.o.Mobility CroatiaZagreb (Grad Zagreb) 100%\u2013solutionsBuzinski prilaz 10, CroatiaWEBEYE BULGARIA LTD Mobility BulgariaSofia 1528, Iskar district, 41 100%\u2013solutions\u201cNedelcho Bonchev\u201d Str., floor 3, apt. 16., BulgariaMYWEBEYE IB\u00c9RIA, LDA Mobility PortugalRua Francisco Pinto J\u00fanior 100%\u2013solutionsn 5 2690-390 Santa Ir\u00eda da Az\u00f3ia, PortugalWebEye CZ s.r.o.Mobility Czech Tu\u0159anka 1222/115, Slatina, 100%\u2013solutionsRepublic627 00 Brno,Czech RepublicE-Toll Services Hungary, Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kft.solutionsGate Business park 0221/12 hrsz. D2. \u00e9p, HungaryRoadOn Magyarorsz\u00e1g Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryWebEye Magyarorsz\u00e1g MobilityHungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryJITPay GmbHPaymentGermanyWilly-Brandt-Platz 19, 9.99% \u2013solutions38102 Braunschweig, GermanyThe Company\u2019s directly held subsidiary is W.A.G. payment solutions, a.s. All other subsidiaries are indirectly held. All shares are ordinary shares unless stated otherwise.The Company, through its subsidiary W.A.G. payment solutions, a.s., has the same percentage voting rights as effective economic interest, directly or indirectly, in all listed above subsidiaries except for Tripomatic s.r.o. W.A.G. payment solutions, a.s. possess 70% of shares in Sygic a.s., which is controlling Tripomatic s.r.o. by having 51% of voting rights.W.A.G. payment solutions, a.s. has the following branches:\u2022W.A.G. payment solutions \u2013 Branch Bulgaria,\u2022W.A.G. payment solutions, a.s. Sp\u00f3\u0142ka Akcyjna Oddzia\u0142 w Polsce,\u2022W.A.G. payment solutions a.s Merkezi \u00c7ek Cumhuriyeti \u0130stanbul Merkez \u015eubesi, \u2022W.A.G. payment solutions, a.s. organizacn\u00e1 zlo\u017eka.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-3": { "value": "7.Group informationThe Group is organised in two operating segments: \u2022Payment solutions represent Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are typical first choice of a new customer.\u2022Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The segment includes Tax refund, Fleet management services, Navigation, and other service offerings.The consolidated financial statements of the Group include: Effective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment Holding United Third Floor (East), Company Companysolutions plccompany Kingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment United Third Floor (East), 100%100% solutions UK LIMITED solutionsKingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment AustriaKammer 44, 4981 100%100% solutions AT GmbHsolutionsReichersberg, Austria W.A.G. AT GmbHPayment AustriaKammer 44, 4981 100%100% (in liquidation) solutionsReichersberg, Austria W.A.G. payment Payment Belgium Marcel Broodthaersplein 8, 100% 100% solutions BE BVBAsolutions1060 Sint-Gillis, Brussel, BelgiumW.A.G. payment Payment Bulgaria 18 Todor Aleksandrov blvd. 100% 100% solutions BG EOODsolutions1000 Sofia, BulgariaEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment solutions Payment CroatiaGrand Centar, 100%100% HR d.o.o.solutionsHektorovi\u0107eva ulica 2,10000 Zagreb, Croatia W.A.G. payment solutions,PaymentCzech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.and mobilityRepublic14000 Prague 4,solutionsCzech RepublicW.A.G. Issuing Services, Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.solutionsRepublic14000 Prague 4,Czech RepublicW.A.G. payment solutions Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% CZ, s.r.o.solutionsRepublic14000 Prague 4,Czech RepublicReamon Tax, a.s.Mobility Czech G\u00f6thova 149, Da\u010dice I, 100%100% solutionsRepublic38001 Da\u010dice,Czech RepublicHI Software DevelopmentMobility Czech Ladova 389/10, Hej\u010d\u00edn, \u2013100% s.r.o. (liquidated) solutionsRepublic77900 Olomouc, Czech RepublicPrincip a.s.Mobility Czech Hv\u011bzdova 1689/2a, 14000 100%100% solutionsRepublicPrague 4, Czech RepublicW.A.G. payment solutions Payment DenmarkFrederiksborggade 15, 100%100% DK ApSsolutions2nd and 3rd floor, 1360 Copenhagen, DenmarkW.A.G. payment solutions Payment EstoniaAkadeemia tee 21/4-301, 100%100% EE O\u00dcsolutions12618 Tallinn Harjumaa, EstoniaW.A.G. payment solutions Payment FinlandAalto University Campus, 100% 100% FI OysolutionsMetallimiehenkuja 10,02150 Espoo, FinlandW.A.G. payment solutions Payment FranceMontpellier Optimum, 450 100% 100% FR SARLsolutionsRue Baden Powell, 34000 Montpellier. FranceW.A.G. payment solutions Payment Germany Torgauer Strasse 231-233, 100%100% DE GmbHsolutionsLeipzig, 04347, GermanyW.A.G. payment solutions Payment Greece12A Eleftheriou Venizelou 100%100% EL SP LTDsolutionsStr., GR \u2013 151 27 Melissia, Athens, GreeceW.A.G. payment solutions Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% HU, Kft.solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. HU, Kft. Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. payment solutions Payment Ireland 6th Floor, 2 Grand Canal 100%100% IE LIMITEDsolutionsSquare, D02 A342 Dublin 2, IrelandCONSORZIO EUROWAGPayment Italy Via Giovanni Giolitti 55, 100%100% S.C. A R.L solutions10123 Torino, ItalyW.A.G. payment solutions Payment Italy Via Savonarola 217, 35137 100%100% IT S.R.L. UNIPERSONALE solutionsPadova, ItalyEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021SIA W.A.G. payment Payment LatviaBauskas street 58A, Riga, 100%100% solutions LVsolutionsLV-1004, LatviaW.A.G. payment solutions Payment LithuaniaJ. Savickio str. 4, LT-01108 100%100% LT, UABsolutionsVilnius, LithuaniaW.A.G. payment solutions Payment Luxembourg19, rue de Bitbourg, L-1273 100% 100% LU S.\u00e0 r.l.solutionsLuxembourgW.A.G. payment solutions Payment The Cuserstraat 93, 1081 CN 100% 100% NL B.V.solutionsNetherlandsAmsterdam.The Netherlands W.A.G. payment solutions Payment NorwayC.J. Hambros Plass 2 C, 100% 100% NO ASsolutions0164, Oslo, NorwayW.A.G. payment solutions Payment Polandul. Prosta 69, 00-838 100%100% PL, Sp. zoosolutionsWarsaw, PolandLiserteco LDAMobility Portugal Rua das Industrias, n\u02da 236, 100%100% solutions1\u02da, Sala 104, Trofa, 4785 \u2013 625, Portugal W.A.G. payment solutions Payment PortugalTorre de Monsanto, Rua 100%100% PT Unnipessoal, LDAsolutionsAfonso Pra\u00e7a, Alg\u00e9s,1495-061 Lisbon, Portugal W.A.G. payment solutions Payment RomaniaStrada Intrarea Nestorei nr. 100%100% RO, s.r.l.solutions1, complex River Plaza, Corp B, et. 6, sector 4, Bucuresti, RomaniaEurowag d.o.o. Beograd- Payment SerbiaMaksima Gorkog No 8, 100%100% Stari Gradsolutions1st floor, 26000 Pan\u010devo. SerbiaAldobec technologies, s.r.o.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 100%100% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaKlub Investorov T&G SK,Payment SlovakiaHlavn\u00e1 18, 90066 Vysok\u00e1 100%100% s.r.o. (in liquidation) solutionspri Morave, SlovakiaW.A.G. payment solutions Payment Slovakia Kuku\u010d\u00ednova 38/A, 83103 100% 100% SK, s.r.o.solutionsBratislava, SlovakiaW.A.G., pla\u010dilne re\u0161itve SI, Payment SloveniaTrg. Republike 3, 1000 100% 100% d.o.o.solutionsLjubljana, SloveniaW.A.G. payment solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Spain SLU.solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainW.A.G. mobility solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Iberia SLsolutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainArraia-Oil, S.L.Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021Arraia Autopistas, SL Payment SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainLiserteco 24 Horas, SL Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainReivalsa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainTax Refund Consulting SL Mobility SpainMarques de Riscal 11 5a, 100%100% solutionsMadrid 28010, SpainTrofa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainW.A.G. payment solutions Payment SwitzerlandFlurstrasse 55, 8048 100%100% CH AGsolutionsZ\u00fcrich, SwitzerlandW.A.G. payment solutions Payment Sweden\u00d6stermalmstorg 1, 114 42 100%100% Sweden ABsolutionsStockholm, SwedenWAG Payment Solutions Payment TurkeyFSM Mah. Poligon Cad. No: 100%100% Turkey \u00d6deme Sistemleri solutions8B Buyaka2 Sitesi, Kule 2 Ticaret Limited \u015eirketiKat 6, Daire: 25, 34771 Tepe\u00fcst\u00fc- \u00dcmraniye- \u0130stanbul, TurkeySygic, a.s.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 70% 70% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaTripomatic s.r.o.Mobility Czech Za Parkem 631/14, 35.7% 35.7% solutionsRepublicMedl\u00e1nky, 62100 Brno, Czech RepublicSygic Czech Republic s.r.o.Mobility Czech B\u011bchovick\u00e1 701/26, 10000 70% 70% solutionsRepublicPrague 10, Czech Republic Sygic Ltd. (liquidated)Mobility United Suite 1, 3rd Floor 11-12 St. \u201370% solutionsKingdom James's Square, SW1Y 4LB London, United KingdomKomTeS Chrudim s.r.o.Mobility Czech Maleck\u00e1 273, Chrudim IV, 51%51% solutionsRepublic53705 Chrudim,Czech RepublicKomTeS CZ s.r.o. (merged Mobility Czech Maleck\u00e1 273, Chrudim IV, \u201351% with KomTeS Chrudim solutionsRepublic53705 Chrudim,s.r.o.)Czech RepublicKomTeS SK s.r.o. Mobility SlovakiaDopravn\u00e1 7, 92101 51%51% solutionsPie\u0161\u0165any, Slovakia Threeforce BVMobility The Zeemansstraat 11, 3016 CN 27.75% 27.75% solutionsNetherlandsin Rotterdam, The NetherlandsEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021UAB \u201cTankita\u201dPaymentLithuania\u017dalgirio str. 96-103, Vilnius,20% 20% solutionsLithuaniaWebEye International s.r.l.Mobility RomaniaOradea, str. Nuf\u0103rului nr. 100%\u2013solutions28E, Jude\u021bul Bihor, RomaniaWebeye Polska sp. z.o.o. Mobility Poland30-663 Krak\u00f3w (Poland), 100%\u2013solutions250 Wielicka Str., PolandWebEye Deutschland Mobility GermanySchatzbogen 33, 81829 100%\u2013GmbHsolutionsM\u00fcnchen, GermanyWebEye Slovakia s.r.oMobility SlovakiaSlia\u010dska 1E, 831 02 100%\u2013solutionsBratislava,SlovakiaWebeye International d.o.oMobility SloveniaKidri\u010deva ulica 13D, 1236 100%\u2013solutionsTrzin, SloveniaWEBEYE Hrvatska d.o.o.Mobility CroatiaZagreb (Grad Zagreb) 100%\u2013solutionsBuzinski prilaz 10, CroatiaWEBEYE BULGARIA LTD Mobility BulgariaSofia 1528, Iskar district, 41 100%\u2013solutions\u201cNedelcho Bonchev\u201d Str., floor 3, apt. 16., BulgariaMYWEBEYE IB\u00c9RIA, LDA Mobility PortugalRua Francisco Pinto J\u00fanior 100%\u2013solutionsn 5 2690-390 Santa Ir\u00eda da Az\u00f3ia, PortugalWebEye CZ s.r.o.Mobility Czech Tu\u0159anka 1222/115, Slatina, 100%\u2013solutionsRepublic627 00 Brno,Czech RepublicE-Toll Services Hungary, Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kft.solutionsGate Business park 0221/12 hrsz. D2. \u00e9p, HungaryRoadOn Magyarorsz\u00e1g Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryWebEye Magyarorsz\u00e1g MobilityHungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryJITPay GmbHPaymentGermanyWilly-Brandt-Platz 19, 9.99% \u2013solutions38102 Braunschweig, GermanyThe Company\u2019s directly held subsidiary is W.A.G. payment solutions, a.s. All other subsidiaries are indirectly held. All shares are ordinary shares unless stated otherwise.The Company, through its subsidiary W.A.G. payment solutions, a.s., has the same percentage voting rights as effective economic interest, directly or indirectly, in all listed above subsidiaries except for Tripomatic s.r.o. W.A.G. payment solutions, a.s. possess 70% of shares in Sygic a.s., which is controlling Tripomatic s.r.o. by having 51% of voting rights.W.A.G. payment solutions, a.s. has the following branches:\u2022W.A.G. payment solutions \u2013 Branch Bulgaria,\u2022W.A.G. payment solutions, a.s. Sp\u00f3\u0142ka Akcyjna Oddzia\u0142 w Polsce,\u2022W.A.G. payment solutions a.s Merkezi \u00c7ek Cumhuriyeti \u0130stanbul Merkez \u015eubesi, \u2022W.A.G. payment solutions, a.s. organizacn\u00e1 zlo\u017eka.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-4": { "value": "7.Group informationThe Group is organised in two operating segments: \u2022Payment solutions represent Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are typical first choice of a new customer.\u2022Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The segment includes Tax refund, Fleet management services, Navigation, and other service offerings.The consolidated financial statements of the Group include: Effective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment Holding United Third Floor (East), Company Companysolutions plccompany Kingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment United Third Floor (East), 100%100% solutions UK LIMITED solutionsKingdom Albemarle House, 1 Albemarle Street, London W1S 4HAW.A.G. payment Payment AustriaKammer 44, 4981 100%100% solutions AT GmbHsolutionsReichersberg, Austria W.A.G. AT GmbHPayment AustriaKammer 44, 4981 100%100% (in liquidation) solutionsReichersberg, Austria W.A.G. payment Payment Belgium Marcel Broodthaersplein 8, 100% 100% solutions BE BVBAsolutions1060 Sint-Gillis, Brussel, BelgiumW.A.G. payment Payment Bulgaria 18 Todor Aleksandrov blvd. 100% 100% solutions BG EOODsolutions1000 Sofia, BulgariaEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021W.A.G. payment solutions Payment CroatiaGrand Centar, 100%100% HR d.o.o.solutionsHektorovi\u0107eva ulica 2,10000 Zagreb, Croatia W.A.G. payment solutions,PaymentCzech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.and mobilityRepublic14000 Prague 4,solutionsCzech RepublicW.A.G. Issuing Services, Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% a.s.solutionsRepublic14000 Prague 4,Czech RepublicW.A.G. payment solutions Payment Czech Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 100%100% CZ, s.r.o.solutionsRepublic14000 Prague 4,Czech RepublicReamon Tax, a.s.Mobility Czech G\u00f6thova 149, Da\u010dice I, 100%100% solutionsRepublic38001 Da\u010dice,Czech RepublicHI Software DevelopmentMobility Czech Ladova 389/10, Hej\u010d\u00edn, \u2013100% s.r.o. (liquidated) solutionsRepublic77900 Olomouc, Czech RepublicPrincip a.s.Mobility Czech Hv\u011bzdova 1689/2a, 14000 100%100% solutionsRepublicPrague 4, Czech RepublicW.A.G. payment solutions Payment DenmarkFrederiksborggade 15, 100%100% DK ApSsolutions2nd and 3rd floor, 1360 Copenhagen, DenmarkW.A.G. payment solutions Payment EstoniaAkadeemia tee 21/4-301, 100%100% EE O\u00dcsolutions12618 Tallinn Harjumaa, EstoniaW.A.G. payment solutions Payment FinlandAalto University Campus, 100% 100% FI OysolutionsMetallimiehenkuja 10,02150 Espoo, FinlandW.A.G. payment solutions Payment FranceMontpellier Optimum, 450 100% 100% FR SARLsolutionsRue Baden Powell, 34000 Montpellier. FranceW.A.G. payment solutions Payment Germany Torgauer Strasse 231-233, 100%100% DE GmbHsolutionsLeipzig, 04347, GermanyW.A.G. payment solutions Payment Greece12A Eleftheriou Venizelou 100%100% EL SP LTDsolutionsStr., GR \u2013 151 27 Melissia, Athens, GreeceW.A.G. payment solutions Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% HU, Kft.solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. HU, Kft. Payment Hungary1138 Budapest, N\u00e9pf\u00fcrd\u0151100%100% solutionsutca 22. B. \u00e9p. 13. em., HungaryW.A.G. payment solutions Payment Ireland 6th Floor, 2 Grand Canal 100%100% IE LIMITEDsolutionsSquare, D02 A342 Dublin 2, IrelandCONSORZIO EUROWAGPayment Italy Via Giovanni Giolitti 55, 100%100% S.C. A R.L solutions10123 Torino, ItalyW.A.G. payment solutions Payment Italy Via Savonarola 217, 35137 100%100% IT S.R.L. UNIPERSONALE solutionsPadova, ItalyEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021SIA W.A.G. payment Payment LatviaBauskas street 58A, Riga, 100%100% solutions LVsolutionsLV-1004, LatviaW.A.G. payment solutions Payment LithuaniaJ. Savickio str. 4, LT-01108 100%100% LT, UABsolutionsVilnius, LithuaniaW.A.G. payment solutions Payment Luxembourg19, rue de Bitbourg, L-1273 100% 100% LU S.\u00e0 r.l.solutionsLuxembourgW.A.G. payment solutions Payment The Cuserstraat 93, 1081 CN 100% 100% NL B.V.solutionsNetherlandsAmsterdam.The Netherlands W.A.G. payment solutions Payment NorwayC.J. Hambros Plass 2 C, 100% 100% NO ASsolutions0164, Oslo, NorwayW.A.G. payment solutions Payment Polandul. Prosta 69, 00-838 100%100% PL, Sp. zoosolutionsWarsaw, PolandLiserteco LDAMobility Portugal Rua das Industrias, n\u02da 236, 100%100% solutions1\u02da, Sala 104, Trofa, 4785 \u2013 625, Portugal W.A.G. payment solutions Payment PortugalTorre de Monsanto, Rua 100%100% PT Unnipessoal, LDAsolutionsAfonso Pra\u00e7a, Alg\u00e9s,1495-061 Lisbon, Portugal W.A.G. payment solutions Payment RomaniaStrada Intrarea Nestorei nr. 100%100% RO, s.r.l.solutions1, complex River Plaza, Corp B, et. 6, sector 4, Bucuresti, RomaniaEurowag d.o.o. Beograd- Payment SerbiaMaksima Gorkog No 8, 100%100% Stari Gradsolutions1st floor, 26000 Pan\u010devo. SerbiaAldobec technologies, s.r.o.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 100%100% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaKlub Investorov T&G SK,Payment SlovakiaHlavn\u00e1 18, 90066 Vysok\u00e1 100%100% s.r.o. (in liquidation) solutionspri Morave, SlovakiaW.A.G. payment solutions Payment Slovakia Kuku\u010d\u00ednova 38/A, 83103 100% 100% SK, s.r.o.solutionsBratislava, SlovakiaW.A.G., pla\u010dilne re\u0161itve SI, Payment SloveniaTrg. Republike 3, 1000 100% 100% d.o.o.solutionsLjubljana, SloveniaW.A.G. payment solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Spain SLU.solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainW.A.G. mobility solutions Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% Iberia SLsolutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainArraia-Oil, S.L.Payment SpainC/ Albeniz, 6, Pol\u00edgono 100%100% solutionsIndustrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San Mill\u00e1n 01207 Araba/ \u00c1lava, SpainEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021Arraia Autopistas, SL Payment SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainLiserteco 24 Horas, SL Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainReivalsa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainTax Refund Consulting SL Mobility SpainMarques de Riscal 11 5a, 100%100% solutionsMadrid 28010, SpainTrofa Gestion, S.L.Mobility SpainC/ Deida 6, San Rom\u00e1n San 100%100% solutionsMill\u00e1n Industrial Poligon, 01250 Araia Asparrena 01 Araba/\u00c1lava, SpainW.A.G. payment solutions Payment SwitzerlandFlurstrasse 55, 8048 100%100% CH AGsolutionsZ\u00fcrich, SwitzerlandW.A.G. payment solutions Payment Sweden\u00d6stermalmstorg 1, 114 42 100%100% Sweden ABsolutionsStockholm, SwedenWAG Payment Solutions Payment TurkeyFSM Mah. Poligon Cad. No: 100%100% Turkey \u00d6deme Sistemleri solutions8B Buyaka2 Sitesi, Kule 2 Ticaret Limited \u015eirketiKat 6, Daire: 25, 34771 Tepe\u00fcst\u00fc- \u00dcmraniye- \u0130stanbul, TurkeySygic, a.s.Mobility SlovakiaTwin City C, Mlynsk\u00e9 Nivy 70% 70% solutions16, 82109 Bratislava \u2013 mestsk\u00e1 \u010das\u0165 Ru\u017einov, SlovakiaTripomatic s.r.o.Mobility Czech Za Parkem 631/14, 35.7% 35.7% solutionsRepublicMedl\u00e1nky, 62100 Brno, Czech RepublicSygic Czech Republic s.r.o.Mobility Czech B\u011bchovick\u00e1 701/26, 10000 70% 70% solutionsRepublicPrague 10, Czech Republic Sygic Ltd. (liquidated)Mobility United Suite 1, 3rd Floor 11-12 St. \u201370% solutionsKingdom James's Square, SW1Y 4LB London, United KingdomKomTeS Chrudim s.r.o.Mobility Czech Maleck\u00e1 273, Chrudim IV, 51%51% solutionsRepublic53705 Chrudim,Czech RepublicKomTeS CZ s.r.o. (merged Mobility Czech Maleck\u00e1 273, Chrudim IV, \u201351% with KomTeS Chrudim solutionsRepublic53705 Chrudim,s.r.o.)Czech RepublicKomTeS SK s.r.o. Mobility SlovakiaDopravn\u00e1 7, 92101 51%51% solutionsPie\u0161\u0165any, Slovakia Threeforce BVMobility The Zeemansstraat 11, 3016 CN 27.75% 27.75% solutionsNetherlandsin Rotterdam, The NetherlandsEffective economic interest Principal Country of Name activities incorporation Registered address 2022 2021UAB \u201cTankita\u201dPaymentLithuania\u017dalgirio str. 96-103, Vilnius,20% 20% solutionsLithuaniaWebEye International s.r.l.Mobility RomaniaOradea, str. Nuf\u0103rului nr. 100%\u2013solutions28E, Jude\u021bul Bihor, RomaniaWebeye Polska sp. z.o.o. Mobility Poland30-663 Krak\u00f3w (Poland), 100%\u2013solutions250 Wielicka Str., PolandWebEye Deutschland Mobility GermanySchatzbogen 33, 81829 100%\u2013GmbHsolutionsM\u00fcnchen, GermanyWebEye Slovakia s.r.oMobility SlovakiaSlia\u010dska 1E, 831 02 100%\u2013solutionsBratislava,SlovakiaWebeye International d.o.oMobility SloveniaKidri\u010deva ulica 13D, 1236 100%\u2013solutionsTrzin, SloveniaWEBEYE Hrvatska d.o.o.Mobility CroatiaZagreb (Grad Zagreb) 100%\u2013solutionsBuzinski prilaz 10, CroatiaWEBEYE BULGARIA LTD Mobility BulgariaSofia 1528, Iskar district, 41 100%\u2013solutions\u201cNedelcho Bonchev\u201d Str., floor 3, apt. 16., BulgariaMYWEBEYE IB\u00c9RIA, LDA Mobility PortugalRua Francisco Pinto J\u00fanior 100%\u2013solutionsn 5 2690-390 Santa Ir\u00eda da Az\u00f3ia, PortugalWebEye CZ s.r.o.Mobility Czech Tu\u0159anka 1222/115, Slatina, 100%\u2013solutionsRepublic627 00 Brno,Czech RepublicE-Toll Services Hungary, Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kft.solutionsGate Business park 0221/12 hrsz. D2. \u00e9p, HungaryRoadOn Magyarorsz\u00e1g Mobility Hungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryWebEye Magyarorsz\u00e1g MobilityHungary2151 F\u00f3t, Ak\u00e1cos, East 100%\u2013Kereskedelmi \u00e9s solutionsGate Business park Szolg\u00e1ltat\u00f3, Kft.0221/12 hrsz. D2. \u00e9p, HungaryJITPay GmbHPaymentGermanyWilly-Brandt-Platz 19, 9.99% \u2013solutions38102 Braunschweig, GermanyThe Company\u2019s directly held subsidiary is W.A.G. payment solutions, a.s. All other subsidiaries are indirectly held. All shares are ordinary shares unless stated otherwise.The Company, through its subsidiary W.A.G. payment solutions, a.s., has the same percentage voting rights as effective economic interest, directly or indirectly, in all listed above subsidiaries except for Tripomatic s.r.o. W.A.G. payment solutions, a.s. possess 70% of shares in Sygic a.s., which is controlling Tripomatic s.r.o. by having 51% of voting rights.W.A.G. payment solutions, a.s. has the following branches:\u2022W.A.G. payment solutions \u2013 Branch Bulgaria,\u2022W.A.G. payment solutions, a.s. Sp\u00f3\u0142ka Akcyjna Oddzia\u0142 w Polsce,\u2022W.A.G. payment solutions a.s Merkezi \u00c7ek Cumhuriyeti \u0130stanbul Merkez \u015eubesi, \u2022W.A.G. payment solutions, a.s. organizacn\u00e1 zlo\u017eka.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-71-2": { "value": "8.Business combinationThe following acquisitions took place in 2022: Acquisition of WebEye Group Further to the subsequent events described in the 2021 Annual Report and Accounts, the Group signed a novated agreement on 16 May 2022 to acquire substantially all of the assets of Webeye Telematics Zrt. (\u201cWebeye\u201d), a leading Fleet Management Solution provider in Central and Eastern Europe. The Group paid EUR 23.3 million in cash upon the acquisition of 100% of the share capital of the non-Hungarian subsidiaries on 16 May 2022 and a further EUR 19.9 million was paid upon completion of the acquisition of the Hungarian subsidiaries on 1 July 2022. In addition, the Company will pay a deferred settlement component within three years of closing, a portion of which is contingent upon the achievement of certain KPIs. The maximum amount, including the deferred amount of the purchase price, is capped at EUR 60.6 million.The transaction has expanded the Group\u2019s customer base, and Webeye\u2019s customers will gain access to Eurowag\u2019s unrivalled range of integrated end-to-end payment and mobility solutions leading to incremental revenue opportunities. Furthermore, data from the connected trucks will provide insights and enable the continual development of new and improved solutions to address customers\u2019 needs.The provisionally determined fair values of identifiable assets and liabilities of subsidiaries of Webeye as at the date of acquisition were:Fair value Fair value recognised recognised on acquisition on acquisition non-Hungarian Hungarian Webeye Webeye EUR \u2018000 subsidiaries subsidiaries Total AssetsIdentifiable intangible assets 16,25611,077 27,333Property, plant and equipment1,411 7292,140Right-of-use assets3571,5981,955Inventories263497760Trade receivables1,3081,0582,366Cash and cash equivalents395103498Other assets10 \u201310 Total Assets 20,00015,062 35,062 Deferred tax 1,810 9862,796Trade payables714 8831,597 Lease liabilities3571,5981,955Total Liabilities 2,881 3,467 6,348 Total identifiable net assets at fair value 17,11911,595 28,714 Goodwill arising on acquisition 19,793 11,51231,305 Purchase consideration: Cash paid23,31919,891 43,210Deferred and contingent consideration (discounted) 13,5933,21616,809Total purchase consideration 36,912 23,107 60,019 The goodwill is attributable to expected synergies from combining operations. It will not be deductible for tax purposes. The gross contractual receivables acquired amounted to EUR 3,002 thousand. At acquisition date, there wereEUR 636 thousand of contractual cash flows not expected to be collected. From the date of acquisition until 31 December 2022, Webeye entities contributed EUR 8,057 thousand of revenue and EUR 887 thousand loss after tax (mainly driven by amortisation of acquired intangibles and M&A related adjusting items). Excluding amortisation of acquired intangibles and adjusting items the adjusted profit after tax would have beenEUR 734 thousand. If the acquisition had occurred on 1 January 2022, consolidated revenue and consolidated loss after tax of Webeye entities for the year ended 31 December 2022 would have been EUR 15,429 thousand and EUR 865 thousand respectively. Excluding amortisation of acquired intangibles and adjusting items the adjusted profit after tax would have beenEUR 1,557 thousand. Transaction costs are disclosed at the end of this note.As at the date of acquisition, discount rate of 2.00% was used to determine the present value of deferred and contingent consideration. As at 31 December 2022, the discount rate was increased to 3.90%. Reasonably possible change in the discount rate does not lead to a significant change in the present value of deferred and contingent consideration.Contingent consideration is subject to achievement of integration related milestones. Reasonably possible change in milestones achievement does not lead to a significant change in the fair value of contingent consideration.Acquisition of 9.99% share in JITpay On 27 September 2022, Eurowag entered into a strategic partnership with JITpay Group, a German-based payment service provider specialising in the logistics industry. The transaction expands the Group\u2019s product portfolio by adding invoice discounting, digitalised billing and receivables management solutions and strengthens its presence in Germany, one of the most strategically important trucking markets in Europe. As part of the strategic partnership, Eurowag has acquired a 9.99% stake in JITpay for an initial consideration of EUR 14.3 million, with the flexibility for a potential increase in its ownership over time subject to regulatory approvals. The investment was classified as financial asset at fair value through other comprehensive income, see Note 21 for further information. The investment is considered to be a strategic investment and is not held for trading.The Group has call options to acquire an additional 18.01% share which can be exercised either by 3 July 2023 for a consideration of EUR 25.7 million or later by 1 January 2024 for EUR 35 million. First call option reflects original valuation, which is not expected to change during a short period.In case neither of the call options is exercised, JITpay has the right to buy back acquired 9.99% share for EUR 1. Acquisition of non-controlling interest in Sygic On 20 December 2022, the Group signed an agreement with Non-controlling Shareholders of Sygic, a.s., which will enable the Group to take full control of Sygic\u2019s resources. Consideration for the 30% equity interest of EUR 14.4 million is payable in April 2024, in line with the original option agreement. Ownership of the shares remains with Non-controlling Shareholders until April 2024, however following the agreement with fixed price they are no longer exposed to variable returns from the investment (Note 27).Under the previous shareholders agreement, the minority shareholders had certain rights pertaining to the application of Sygic\u2019s resources within the Group. Having full control of Sygic has provided the Group with unrestricted access to Sygic\u2019s resources and allowed it to fully utilise Sygic\u2019s digital expertise and people capabilities. This, in turn, will enable the Group to accelerate its digital sales channel and integrated product initiatives by utilising Sygic\u2019s capabilities more effectively across Eurowag\u2019s whole range of mobility solutions.Pay-out of deferred consideration On 31 January 2022, the Group paid deferred acquisition consideration of EUR 3 million related to acquisition of company Threeforce B.V. (Last Mile Solutions).The following acquisitions took place in 2021: Acquisition of 51% share in KomTeS On 1 January 2021, the Group acquired 51% of the share capital in KomTeS, a value-added reseller of the Group\u2019s Webdispe\u010dink product (Fleet management solutions). The transaction will ensure the highest level of support, service, and value to Group and KomTeS customers in both the Czech Republic and Slovakia.The remaining 49% non-controlling interest is subject to put/call option rights of the parties, where the Group is entitled to exercise the call option at any time after 1 January 2022 and the minority Shareholders are entitled to exercise the put option at any time after 18 December 2023 (if the call option has not been exercised).The fair values of identifiable assets and liabilities of KomTeS as at the date of acquisition were: Fair value recognisedon acquisitionEUR \u2018000 KomTeSGroup AssetsIdentifiable intangible assets 4,981Property, plant and equipment 109Inventories96Trade receivables 772Accruals10Cash and cash equivalents1,610Total Assets 7,578 Deferred tax 946Trade payables 1,989Accruals29TotalLiabilities2,964Total identifiable net assets at fair value 4,614Non-controlling interest measured at fair value 2,259Goodwill arising on acquisition \u2013No adjustments were made to opening balance sheet in 2022 and the fair value of acquired asset is finalised. The gross contractual receivables acquired amounted to EUR 772 thousand. At acquisition date, there were no contractual cash flows not expected to be collected.Associate investment in Last Mile Solutions On 16 February 2021, the Group acquired 28% non-controlling interest in Dutch-based Threeforce B.V., operating under brand Last Mile Solutions, a fast growing eMobility platform in Europe. The deal supports the Group\u2019s position in the eMobility market and confirms its focus on sustainable transportation solutions. Through this partnership, both companies will combine efforts to provide industry-leading eMobility services to their customers throughout Europe.Additional 62% shares are subject to a put option, which may require the Group to acquire shares of Last Mile Solutions. The put option is measured as a derivative instrument and it might be exercised between February 2025 and February 2026. Further details are disclosed in Note 20. Associate investment in Drivitty On 1 April 2021, the Group acquired a 20% non-controlling interest in the Lithuanian company Tankita UAB, operating under the brand Drivitty, a mobile services integration leader in the commercial transportation market. With this strategic partnership the Group aims to accelerate its path towards providing fully seamless mobile payments for its customers.Although the Group has a call option to acquire the remaining shares of Drivitty, it concluded that the call option does not provide control over the entity.Acquisition of 25% non-controlling interest in ADS Group On 4 March 2021, the Group acquired the remaining 25% of shares of ADS companies, a top commercial road transport services provider in Spain and Portugal. The transaction is a key part of the Group\u2019s long-term strategy to strengthen its presence in the Iberian Peninsula and Western Europe.As the remaining 25% non-controlling interest was subject to put/call option rights of the parties, the Group recognised a financial liability at the present value of the amount payable on exercise of the NCI put in accordance with IFRS 9 at 31 December 2020 (Note 31). The impact of the acquisition on equity is described in Note 24.Pay-out of deferred acquisition consideration On 24 November 2021, the Group paid first deferred acquisition consideration of EUR 421 thousand related to acquisition of Aldobec technologies, s.r.o.Other disclosures Net outflows of cash to acquire subsidiaries were as follows: 31 December 31 December EUR \u2018000 2022 2021Cash consideration paid 43,210 2,776Cash acquired(498) (1,610) Net outflow of cash \u2013 investing activities 42,712 1,166 Cost of acquisition of subsidiaries recognised in other operating expense and cash flows from operating activities: For the year ended 31 December EUR \u2018000 2022 2021Acquisition costs7,941 789Acquisition costs incurred in 2022 mostly relate to acquisition of Grupa Inelo (Note 37). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-2": { "value": "9.Fair value measurementThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities. Fair value measurement hierarchy for assets and liabilities as at 31 December 2022:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 21 31 December 2022 \u2013\u201314,36414,364through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2022 \u20131\u20131Interest rate swaps31 December 2022 \u20136,943\u20136,943Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2022 \u201317 \u201317 Put options 31 December 2022 \u2013\u2013153153Interest rate swaps31 December 2022 \u201333\u201333There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2022. Fair value measurement hierarchy for assets and liabilities as at 31 December 2021:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 31 December 2021\u2013\u2013\u2013\u2013through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2021\u20132,694\u20132,694Interest rate swaps31 December 2021\u2013252\u2013252Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2021\u2013356\u2013356Put options 31 December 2021\u2013\u2013130130Interest rate swaps31 December 2021\u2013527\u2013527There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2021. Specific valuation techniques used to value financial instruments include:\u2022for interest rate swaps \u2013 the present value of the estimated future cash flows based on observable yield curves \u2022for foreign currency forwards \u2013 the present value of future cash flows based on the forward exchange rates at the balance sheet date\u2022for put options \u2013 option pricing models (Monte Carlo), and \u2022for other financial instruments \u2013 discounted cash flow analysis.The Group engaged independent experts to perform valuation of FVTOCI based on discounted cash-flows. The main level 3 inputs used are:\u2022discount rate\u2022revenue growth rateReasonably possible change in the above inputs does not lead to a significant change in the fair value of the financial asset. Management assessed that the fair values of cash and cash equivalents, trade and other receivables and trade and other payables approximates their carrying amounts largely due to the short-term maturities of these instruments. Interest-bearing loans and borrowings are at floating rates with margin corresponding to market margins and credit rating of the Company has not significantly changed since refinancing in September 2022.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-3": { "value": "9.Fair value measurementThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities. Fair value measurement hierarchy for assets and liabilities as at 31 December 2022:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 21 31 December 2022 \u2013\u201314,36414,364through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2022 \u20131\u20131Interest rate swaps31 December 2022 \u20136,943\u20136,943Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2022 \u201317 \u201317 Put options 31 December 2022 \u2013\u2013153153Interest rate swaps31 December 2022 \u201333\u201333There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2022. Fair value measurement hierarchy for assets and liabilities as at 31 December 2021:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 31 December 2021\u2013\u2013\u2013\u2013through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2021\u20132,694\u20132,694Interest rate swaps31 December 2021\u2013252\u2013252Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2021\u2013356\u2013356Put options 31 December 2021\u2013\u2013130130Interest rate swaps31 December 2021\u2013527\u2013527There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2021. Specific valuation techniques used to value financial instruments include:\u2022for interest rate swaps \u2013 the present value of the estimated future cash flows based on observable yield curves \u2022for foreign currency forwards \u2013 the present value of future cash flows based on the forward exchange rates at the balance sheet date\u2022for put options \u2013 option pricing models (Monte Carlo), and \u2022for other financial instruments \u2013 discounted cash flow analysis.The Group engaged independent experts to perform valuation of FVTOCI based on discounted cash-flows. The main level 3 inputs used are:\u2022discount rate\u2022revenue growth rateReasonably possible change in the above inputs does not lead to a significant change in the fair value of the financial asset. Management assessed that the fair values of cash and cash equivalents, trade and other receivables and trade and other payables approximates their carrying amounts largely due to the short-term maturities of these instruments. Interest-bearing loans and borrowings are at floating rates with margin corresponding to market margins and credit rating of the Company has not significantly changed since refinancing in September 2022.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.21.Financial assets at fair value through other comprehensive incomeEquity investments at FVOCI comprise the following individual investments: 31 December 31 December EUR \u2018000 2022 2021Unlisted securities JITpay GmbH 14,364 \u2013Total 14,364 \u2013For more information please refer to Note 8.During the years 2022, no related gains/(losses) were recognised in profit or loss and other comprehensive income. Information about the methods and assumptions used in determining fair value is provided in Note 4.2 and Note 9.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-4": { "value": "9.Fair value measurementThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities. Fair value measurement hierarchy for assets and liabilities as at 31 December 2022:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 21 31 December 2022 \u2013\u201314,36414,364through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2022 \u20131\u20131Interest rate swaps31 December 2022 \u20136,943\u20136,943Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2022 \u201317 \u201317 Put options 31 December 2022 \u2013\u2013153153Interest rate swaps31 December 2022 \u201333\u201333There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2022. Fair value measurement hierarchy for assets and liabilities as at 31 December 2021:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 31 December 2021\u2013\u2013\u2013\u2013through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2021\u20132,694\u20132,694Interest rate swaps31 December 2021\u2013252\u2013252Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2021\u2013356\u2013356Put options 31 December 2021\u2013\u2013130130Interest rate swaps31 December 2021\u2013527\u2013527There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2021. Specific valuation techniques used to value financial instruments include:\u2022for interest rate swaps \u2013 the present value of the estimated future cash flows based on observable yield curves \u2022for foreign currency forwards \u2013 the present value of future cash flows based on the forward exchange rates at the balance sheet date\u2022for put options \u2013 option pricing models (Monte Carlo), and \u2022for other financial instruments \u2013 discounted cash flow analysis.The Group engaged independent experts to perform valuation of FVTOCI based on discounted cash-flows. The main level 3 inputs used are:\u2022discount rate\u2022revenue growth rateReasonably possible change in the above inputs does not lead to a significant change in the fair value of the financial asset. Management assessed that the fair values of cash and cash equivalents, trade and other receivables and trade and other payables approximates their carrying amounts largely due to the short-term maturities of these instruments. Interest-bearing loans and borrowings are at floating rates with margin corresponding to market margins and credit rating of the Company has not significantly changed since refinancing in September 2022.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.25.Derivatives31 December 31 December EUR \u2018000 2022 2021Derivative assets Foreign currency forwards \u2013 held for trading 12,694Interest rate swaps \u2013 cash flow hedges6,943 252Total derivative assets at fair value 6,9442,946Current3,851 2,694Non-current3,093252Derivative liabilities Foreign currency forwards \u2013 held for trading 17356Put options related to associates 153 130Interest rate swaps \u2013 cash flow hedges33527Total derivative liabilities at fair value 2031,013 Current17356Non-current186 657Derivatives not designated as hedging instruments reflect positive or negative change in fair value of those foreign currency forwards, foreign currency swap contracts and interest rate swap contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk on expected sales and purchases or interest rate risk.Put options redemption liability related to non-controlling interests is described in Note 31. Put option related to an associate, which is measured as a derivative instrument and its fair value is EUR 153 thousand as of 31 December 2022, is described in Note 20.Cash flow hedges Interest rate riskThe Group obtained club financing facilities (Note 29) with floating interest rate denominated in EUR. The interest rate risk management strategy of the Group requires minimisation of its exposure to changes in cash flow interest rate risk.The Group concluded interest rate swaps, where the Group pays interest based on a fixed interest rate and receives interest based on a floating interest rate (based on 3M EURIBOR) derived from principal amount in EUR. This instrument allows the Group to reduce its interest rate cash flow risk.31 December 31 December EUR \u2018000 2022 2021Carrying amount (current and non-current asset) 6,943 252Carrying amount (current and non-current liabilities) (33) (527)Nominal amount150,000 190,000Maturity date2024 and 2027 2024 and 2025Change in fair value of outstanding hedging instruments since 1 January7,185 2,416Change in value of hedged item used to determine hedge effectiveness (7,185) (2,416)Weighted average hedged rate for the year 0.26% 0.26% Hedging items The Group used the following hedging instruments with nominal value:31 December 31 December EUR \u2018000 2022 2021Interest rate swaps150,000 190,000Total 150,000 190,000Hedging effects to other comprehensive impact in the respective periods were the following: 31 December 31 December EUR \u2018000 2022 2021Revaluation interest rate swaps (existing) 7,185 2,416Revaluation interest rate swaps (terminated)3,865 \u2013Revaluation foreign exchange forwards \u2013811 Reclassification to profit or loss interest rate swaps (3,311) 176 Reclassification to profit or loss foreign exchange forwards \u2013323Deferred tax \u2013(46)Translation(137) 3Other comprehensive income 7,602 3,683Net investment hedge The investments of the Group are held by W.A.G payment solutions, a.s. Based on this fact, one of the Group\u2019s objectives in the area of currency risk management is to minimise the exposure of W.A.G payment solutions, a.s., whose functional currency is CZK, to changes in the value of its investments arising from fluctuations in exchange rates. A foreign currency exposure arises from net investments in entities whose functional currency differs from CZK. To minimise its exposure tocurrency risk, W.A.G payment solutions, a.s. uses loans denominated in EUR to finance acquisitions of its foreign investments. 31 December 31 December EUR \u2018000 2022 2021Carrying amount (non-current borrowings)45,112 45,112 Change in carrying amount of bank loan as a result of foreign currency movements (1,353) (2,447)since 1 January, recognised in OCIChange in value of hedged item used to determine hedge effectiveness 1,401 2,462Weighted average hedged rate for the year 24.559 CZK 25.647 CZK=1EUR= 1 EUR", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-5": { "value": "9.Fair value measurementThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities. Fair value measurement hierarchy for assets and liabilities as at 31 December 2022:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 21 31 December 2022 \u2013\u201314,36414,364through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2022 \u20131\u20131Interest rate swaps31 December 2022 \u20136,943\u20136,943Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2022 \u201317 \u201317 Put options 31 December 2022 \u2013\u2013153153Interest rate swaps31 December 2022 \u201333\u201333There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2022. Fair value measurement hierarchy for assets and liabilities as at 31 December 2021:Fair value measurement using Quoted prices Significant Significant in active observable unobservable Date of markets inputs inputs EUR \u2018000 Note valuation (Level 1) (Level 2) (Level 3) Total Assets measured at fair value Financial assets at fair value 31 December 2021\u2013\u2013\u2013\u2013through other comprehensive income (FVTOCI)Derivative financial assets 25Foreign currency forwards 31 December 2021\u20132,694\u20132,694Interest rate swaps31 December 2021\u2013252\u2013252Liabilities measured at fair value Derivative financial liabilities 25Foreign currency forwards 31 December 2021\u2013356\u2013356Put options 31 December 2021\u2013\u2013130130Interest rate swaps31 December 2021\u2013527\u2013527There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2021. Specific valuation techniques used to value financial instruments include:\u2022for interest rate swaps \u2013 the present value of the estimated future cash flows based on observable yield curves \u2022for foreign currency forwards \u2013 the present value of future cash flows based on the forward exchange rates at the balance sheet date\u2022for put options \u2013 option pricing models (Monte Carlo), and \u2022for other financial instruments \u2013 discounted cash flow analysis.The Group engaged independent experts to perform valuation of FVTOCI based on discounted cash-flows. The main level 3 inputs used are:\u2022discount rate\u2022revenue growth rateReasonably possible change in the above inputs does not lead to a significant change in the fair value of the financial asset. Management assessed that the fair values of cash and cash equivalents, trade and other receivables and trade and other payables approximates their carrying amounts largely due to the short-term maturities of these instruments. Interest-bearing loans and borrowings are at floating rates with margin corresponding to market margins and credit rating of the Company has not significantly changed since refinancing in September 2022.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.21.Financial assets at fair value through other comprehensive incomeEquity investments at FVOCI comprise the following individual investments: 31 December 31 December EUR \u2018000 2022 2021Unlisted securities JITpay GmbH 14,364 \u2013Total 14,364 \u2013For more information please refer to Note 8.During the years 2022, no related gains/(losses) were recognised in profit or loss and other comprehensive income. Information about the methods and assumptions used in determining fair value is provided in Note 4.2 and Note 9.25.Derivatives31 December 31 December EUR \u2018000 2022 2021Derivative assets Foreign currency forwards \u2013 held for trading 12,694Interest rate swaps \u2013 cash flow hedges6,943 252Total derivative assets at fair value 6,9442,946Current3,851 2,694Non-current3,093252Derivative liabilities Foreign currency forwards \u2013 held for trading 17356Put options related to associates 153 130Interest rate swaps \u2013 cash flow hedges33527Total derivative liabilities at fair value 2031,013 Current17356Non-current186 657Derivatives not designated as hedging instruments reflect positive or negative change in fair value of those foreign currency forwards, foreign currency swap contracts and interest rate swap contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk on expected sales and purchases or interest rate risk.Put options redemption liability related to non-controlling interests is described in Note 31. Put option related to an associate, which is measured as a derivative instrument and its fair value is EUR 153 thousand as of 31 December 2022, is described in Note 20.Cash flow hedges Interest rate riskThe Group obtained club financing facilities (Note 29) with floating interest rate denominated in EUR. The interest rate risk management strategy of the Group requires minimisation of its exposure to changes in cash flow interest rate risk.The Group concluded interest rate swaps, where the Group pays interest based on a fixed interest rate and receives interest based on a floating interest rate (based on 3M EURIBOR) derived from principal amount in EUR. This instrument allows the Group to reduce its interest rate cash flow risk.31 December 31 December EUR \u2018000 2022 2021Carrying amount (current and non-current asset) 6,943 252Carrying amount (current and non-current liabilities) (33) (527)Nominal amount150,000 190,000Maturity date2024 and 2027 2024 and 2025Change in fair value of outstanding hedging instruments since 1 January7,185 2,416Change in value of hedged item used to determine hedge effectiveness (7,185) (2,416)Weighted average hedged rate for the year 0.26% 0.26% Hedging items The Group used the following hedging instruments with nominal value:31 December 31 December EUR \u2018000 2022 2021Interest rate swaps150,000 190,000Total 150,000 190,000Hedging effects to other comprehensive impact in the respective periods were the following: 31 December 31 December EUR \u2018000 2022 2021Revaluation interest rate swaps (existing) 7,185 2,416Revaluation interest rate swaps (terminated)3,865 \u2013Revaluation foreign exchange forwards \u2013811 Reclassification to profit or loss interest rate swaps (3,311) 176 Reclassification to profit or loss foreign exchange forwards \u2013323Deferred tax \u2013(46)Translation(137) 3Other comprehensive income 7,602 3,683Net investment hedge The investments of the Group are held by W.A.G payment solutions, a.s. Based on this fact, one of the Group\u2019s objectives in the area of currency risk management is to minimise the exposure of W.A.G payment solutions, a.s., whose functional currency is CZK, to changes in the value of its investments arising from fluctuations in exchange rates. A foreign currency exposure arises from net investments in entities whose functional currency differs from CZK. To minimise its exposure tocurrency risk, W.A.G payment solutions, a.s. uses loans denominated in EUR to finance acquisitions of its foreign investments. 31 December 31 December EUR \u2018000 2022 2021Carrying amount (non-current borrowings)45,112 45,112 Change in carrying amount of bank loan as a result of foreign currency movements (1,353) (2,447)since 1 January, recognised in OCIChange in value of hedged item used to determine hedge effectiveness 1,401 2,462Weighted average hedged rate for the year 24.559 CZK 25.647 CZK=1EUR= 1 EUR", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-77-3": { "value": "10.Segmental analysisOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (\u201cCODM\u201d). The Group considers the Executive Committee to be the CODM effective from July 2021. The Board of Directors of W.A.G. payments solutions, a.s. was considered as CODM prior to that date. The CODM reviews net energy and services sales and contribution to evaluate segment performance and allocate resources to the overall business.For management purposes and based on internal reporting information, the Group is organised in two operating segments; Payment solutions and Mobility solutions. Payment solutions represent Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are a typical first choice of a new customer. Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The segment includes Tax refund, Fleet management solutions, Navigation, and other service offerings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-78-2": { "value": "Net energy and services sales, contribution, contribution margin, EBITDA, and Adjusted EBITDA are non-GAAP measures, see Note 11.The CODM does not review assets and liabilities at segment level. Year ended 31 December 2022 Payment Mobility EUR \u2018000 solutions solutions Total Segment revenue2,312,242 56,010 2,368,252 Net energy and services sales 134,847 56,010 190,857 Contribution118,157 40,807 158,964 Contribution margin88% 73% 83% Corporate overhead and indirect costs before adjusting items (77,371) Adjusting items affecting Adjusted EBITDA(18,461) Depreciation and amortisation (30,393) Net finance costs and share of net loss of associates(4,763) Profit before tax 27,976 Year ended 31 December 2021 Payment Mobility EUR \u2018000solutionssolutionsTotalSegment revenue1,606,051 40,0511,646,102Net energy and services sales 113,081 40,051 153,132 Contribution99,59428,926128,520Contribution margin88% 72% 84% Corporate overhead and indirect costs before adjusting items (58,800)Adjusting items affecting Adjusted EBITDA(22,793)Depreciation and amortisation (21,867) Net finance costs and share of net loss of associates(7,391) Profit before tax 17,669Geographical split \u2013 net energy and services sales For the year ended 31 December EUR \u2018000 2022 2021Czech Republic35,179 26,347Poland30,48527,037Central Cluster (excluding CZ and PL) 26,715 20,566Portugal16,362 21,058Western Cluster (excluding PT) 7,787 5,590Romania28,252 19,676Southern Cluster (excluding RO)38,339 26,495Not specified7,738 6,363Total 190,857 153,132 The following table presents the Group\u00b4s non-current assets, net of accumulated depreciation and amortisation, by country. Non-current assets for this purpose consist of property and equipment, right-of-use assets, intangible assets, investments in associates, financial assets and other non-current assets (excluding deferred tax assets and derivative assets).For the year ended 31 December EUR \u2018000 2022 2021Czech Republic152,155 126,427Spain61,898 63,238Slovakia55,799 53,882United Kingdom1,552 541Other80,311 8,765Total 351,715 252,853Geographical split \u2013 segment revenue from contracts with customers The geographical analysis is derived from the base location of responsible sales teams, rather than reflecting the geographical location of the actual transaction.For the year ended 31 December EUR \u2018000 2022 2021Czech Republic (\u201cCZ\u201d)484,055316,707Poland (\u201cPL\u201d)401,528 290,499Central Cluster (excluding CZ and PL) 275,000 189,439Portugal (\u201cPT\u201d)397,052 334,069Western Cluster (excluding PT) 92,192 36,381Romania (\u201cRO\u201d) 317,518 192,742Southern Cluster (excluding RO)391,515 278,125Not specified9,392 8,140Total 2,368,252 1,646,102There were no individually significant customers, which would represent 10% of revenue or more.Timing of revenue recognition was as follows: For the year ended 31 December EUR \u2018000 2022 2021Payment solutions Goods and services transferred at a point in time 2,286,450 1,585,701 Services transferred over time 25,792 20,3502,312,242 1,606,051 Mobility solutions Goods and services transferred at a point in time 15,700 12,753Services transferred over time 40,310 27,29856,010 40,051Total segment revenue 2,368,252 1,646,102", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-78-3": { "value": "Net energy and services sales, contribution, contribution margin, EBITDA, and Adjusted EBITDA are non-GAAP measures, see Note 11.The CODM does not review assets and liabilities at segment level. Year ended 31 December 2022 Payment Mobility EUR \u2018000 solutions solutions Total Segment revenue2,312,242 56,010 2,368,252 Net energy and services sales 134,847 56,010 190,857 Contribution118,157 40,807 158,964 Contribution margin88% 73% 83% Corporate overhead and indirect costs before adjusting items (77,371) Adjusting items affecting Adjusted EBITDA(18,461) Depreciation and amortisation (30,393) Net finance costs and share of net loss of associates(4,763) Profit before tax 27,976 Year ended 31 December 2021 Payment Mobility EUR \u2018000solutionssolutionsTotalSegment revenue1,606,051 40,0511,646,102Net energy and services sales 113,081 40,051 153,132 Contribution99,59428,926128,520Contribution margin88% 72% 84% Corporate overhead and indirect costs before adjusting items (58,800)Adjusting items affecting Adjusted EBITDA(22,793)Depreciation and amortisation (21,867) Net finance costs and share of net loss of associates(7,391) Profit before tax 17,669Geographical split \u2013 segment revenue from contracts with customers The geographical analysis is derived from the base location of responsible sales teams, rather than reflecting the geographical location of the actual transaction.For the year ended 31 December EUR \u2018000 2022 2021Czech Republic (\u201cCZ\u201d)484,055316,707Poland (\u201cPL\u201d)401,528 290,499Central Cluster (excluding CZ and PL) 275,000 189,439Portugal (\u201cPT\u201d)397,052 334,069Western Cluster (excluding PT) 92,192 36,381Romania (\u201cRO\u201d) 317,518 192,742Southern Cluster (excluding RO)391,515 278,125Not specified9,392 8,140Total 2,368,252 1,646,102There were no individually significant customers, which would represent 10% of revenue or more.Timing of revenue recognition was as follows: For the year ended 31 December EUR \u2018000 2022 2021Payment solutions Goods and services transferred at a point in time 2,286,450 1,585,701 Services transferred over time 25,792 20,3502,312,242 1,606,051 Mobility solutions Goods and services transferred at a point in time 15,700 12,753Services transferred over time 40,310 27,29856,010 40,051Total segment revenue 2,368,252 1,646,102", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-88-2": { "value": "12.Employee expensesEmployee expenses for the respective periods consist of the following: For the year ended 31 December 2022 2021Total Key Total Key EUR \u2018000 personnel management* personnelmanagement* Wages and salaries 58,895 5,217 43,5462,822Social security costs13,930 702 12,378389Option plans (Note 13)6,459 5,890 6,7465,327Own work capitalised (12,072) \u2013(7,006)\u2013Total employee expense 67,212 11,809 55,6658,538* Until 30 June 2021, included Chief Officers (Board of Directors) and Non-Executive Directors (Supervisory Board) of W.A.G. payment solutions, a.s. From 1 July 2021 includes the Board and Executive Committee of W.A.G payment solutions plc.In 2022, the Group focused on talent acquisition, retention and strengthening of remuneration schemes appropriate for a listed company. Adjusting items comprised in employee expenses amounted to EUR 7,424 thousand in 2022 (2021: EUR 8,609 thousand).Information regarding the highest paid director is included in the Directors Remuneration Report on pages 154 to 155. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-88-3": { "value": "12.Employee expensesEmployee expenses for the respective periods consist of the following: For the year ended 31 December 2022 2021Total Key Total Key EUR \u2018000 personnel management* personnelmanagement* Wages and salaries 58,895 5,217 43,5462,822Social security costs13,930 702 12,378389Option plans (Note 13)6,459 5,890 6,7465,327Own work capitalised (12,072) \u2013(7,006)\u2013Total employee expense 67,212 11,809 55,6658,538* Until 30 June 2021, included Chief Officers (Board of Directors) and Non-Executive Directors (Supervisory Board) of W.A.G. payment solutions, a.s. From 1 July 2021 includes the Board and Executive Committee of W.A.G payment solutions plc.In 2022, the Group focused on talent acquisition, retention and strengthening of remuneration schemes appropriate for a listed company. Adjusting items comprised in employee expenses amounted to EUR 7,424 thousand in 2022 (2021: EUR 8,609 thousand).Information regarding the highest paid director is included in the Directors Remuneration Report on pages 154 to 155. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-87-2": { "value": "The monthly average number of employees by category during the period was as follows:For the year ended 31 December 2022 2021Sales and marketing 248 224General and administrative 270 186Technology, product and operative* 705 606Total average number of employees 1,223 1,016 * Technology, product and operative category represents employees directly and indirectly related to product business units.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-89-2": { "value": "13.Share-based paymentsThe Company currently operates the following share option plans: Equity-settled share option plans Pre-IPO option plans In 2021 before Admission, the Group granted share options of W.A.G. payment solutions, a.s. to management, which must remain in service for a period of three years from the date of grant. Share options outstanding on Admission were converted into the performance share plan based on the same vesting value and vesting conditions following approval from the Remuneration Committee.Pre-IPO bonus issue On Admission, certain Directors, senior managers, and employees, including the Chief Financial Officer and the Chief Strategy Officer were awarded 578,000 ordinary shares in recognition of services provided in connection with the IPO. The Ordinary Shares were subject to a holding period of one year.Performance share plan (post-IPO)To provide discretionary share-based incentive awards to employees, the Company has adopted the Performance share plan (\u201cPSP\u201d) on Admission. The operation of the plan is supervised by the Remuneration Committee. Any employee (includingan Executive Director) of the Group is eligible to participate in the PSP at the discretion of the Remuneration Committee. The PSP awards granted as nominal cost options in 2021 after Admission are subject to sliding scale adjusted EBITDA performance targets, which have been re-expressed as adjusted EBITDA per share. The PSP awards granted in 2022 are subject to adjusted basic earnings per share targets (60% weighting) and relative total shareholder value vs FTSE 250 index targets (40% weighting). Standard vesting period is three years and employees must remain in service during this period.Set out below are summaries of options granted under pre-IPO option plans and PSP: For the year ended For the year ended 31 December 2022 31 December 2021 Average Average exercise price exercise price per share option Number of per share option Number of (EUR) share options (EUR)share optionsOpening 0.01 3,706,790 1.83 1,092,625Granted during the period before Admission \u2013\u20131.67 1,651,617 Exercised during the period before Admission \u2013\u20131.94 (2,247,247)Forfeited during the period before Admission \u2013\u20131.10 (362,026)Outstanding on Admission \u2013\u2013\u2013134,969Converted on Admission* \u2013\u20130.011,367,520Granted during the period after Admission 0.01 4,979,758 0.012,339,270Exercised during the period after Admission \u2013\u2013\u2013\u2013Forfeited during the period after Admission 0.01 (1,360,864) \u2013\u2013Closing 0.01 7,325,684 0.013,706,790Vested and exercisable at the end of the \u2013\u2013\u2013\u2013period * Awards were converted from CZK 1 shares of W.A.G payment solutions, a.s. into 1 pence shares of the Company, reflecting different number of shares issued. No change was made to total fair value of equity instruments granted.Share options outstanding at the end of the period have the following expiry dates and exercise prices: 31 December 2022 31 December 2021Weighted WeightedNumbers average NumbersaverageExercise price of shares remaining life of sharesremaining life(EUR) outstanding (years) outstanding(years)0.017,325,684 2.07 3,706,7902.32Total 7,325,684 3,706,790\u2013Fair value of options granted was determined using the Black-Scholes model that takes into account the exercise price, the term of the option, the share price at grant date, expected price volatility of the underlying share and the risk-free interest rate for the term of the option.The model inputs for options included: 31 December 2022 31 December 2021November April AfterBefore2022 grant 2022 grant AdmissionAdmissionShare price at grant date 0.81 GBP 0.94 GBP 1.5 GBP 11.49 CZK Exercise price 0.01 0.01 0.01defined by option contractsExpected price volatility of Company\u2019s shares 41.7%52.8% 50% 50% Risk-free interest rate 2.73% 2.69% 1.04% 1.67% Cash-settled share option plans (pre-IPO) In 2021, shadow shares plan was introduced to provide long-term incentives for certain managers to deliver long-term shareholder returns. Shadow shares are granted under the plan for no consideration and carry no voting rights. Participants in the plan are entitled to equivalent dividend in case dividends are approved by Shareholders of the Company. The fair value of shadow share options granted is estimated at the date of grant on the basis of estimated EBITDA growth in the next three years and remeasured at each reporting date.The Group recognised following liability in relation to the cash-settled option plan: 31 December 31 December EUR \u2018000 2022 2021Cash-settled plans liability765 2,342Expenses arising from share-based payment transactions For the year ended 31 December EUR \u2018000 2022 2021Equity-settled plans (pre-IPO option plans) 5,247 2,238Equity-settled plans (pre-IPO bonus issue) \u20131,125 Paid social security and health insurance on equity-settled plans (pre-IPO) \u20131,255Cash-settled plans (pre-IPO) 641,755 Total pre-IPO expenses (Note 11) 5,311 6,373Equity-settled plans (PSP) 1,148 373Total (Note 12) 6,459 6,746For the year ended 31 December 2022, expenses related to equity-settled plans recognised in equity amounts to EUR 6,395 thousand (2021: 3,736 thousand).Share-based payments The Group has a share option scheme under which options to subscribe for the Group\u2019s shares have been granted to management.Refer to Note 13 for further details on these plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-94-3": { "value": "For the year ended 31 December EUR \u2018000 2022 2021Current income tax charge 12,148 7,679Adjustments in respect of current income tax of prior years 495112 Deferred tax(2,363) 228Total 10,280 8,019Deferred tax balances and movements: (Charged) 1 January Business credited to Charged to Translation 31 December EUR \u2018000 2022 combinations profit or loss equity differences 2022 Difference between net book (7,522) (2,747) (243) \u201310 (10,502) value of fixed assets foraccounting and tax purposes Allowances to receivables 1,638 \u20131,273 \u201365 2,976 Provisions for liabilities 1,454 \u201394\u201337 1,585 and chargesTax losses148 \u2013193 \u20134345Tax benefit from 6,423 \u2013(480) \u2013\u20135,943 pre-acquisition reserves Other6(49) 1,526 \u2013(2) 1,481 Net deferred tax asset/(liability) 2,147 (2,796) 2,363 \u20131141,828 Recognised deferred tax asset 7,642 \u20132,757 \u2013106 10,505 Recognised deferred tax liability (5,495) (2,796) (394) \u20138(8,677) (Charged) 1 January Business credited to Charged toTranslation 31 December EUR \u2018000 2021combinationsprofit or loss equitydifferences2021Difference between net book (6,499)(946)(63)\u2013(14) (7,522)value of fixed assets for accounting and tax purposesAllowances to receivables 1,994\u2013(443)\u2013871,638Provisions for liabilities 1,276 \u2013 119 \u2013591,454and chargesTax losses157 \u2013(15) \u20136148Tax benefit from 6,995\u2013(572)\u2013\u20136,423pre-acquisition reserves Other(724)\u2013746\u2013(16) 6Net deferred tax asset/(liability) 3,199(946)(228)\u2013122 2,147Recognised deferred tax asset 7,057\u2013463\u2013122 7,642Recognised deferred tax liability (3,858)(946)(691) \u2013\u2013(5,495)The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.Direct subsidiaries of the Company, W.A.G. payment solutions, a.s. and its subsidiaries, have undistributed earnings of EUR 195,685 thousand (2021: EUR 154,840 thousand) which, if paid out as dividends to the Company, would be subject to 5% withholding tax. An assessable temporary difference exists, but no deferred tax liability has been recognised as the Group is able to control the timing of distributions from this subsidiary and is not expected to distribute these profits in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-91-2": { "value": "14.Finance costsFinance costs for the respective periods were as follows:For the year ended 31 December EUR \u2018000 2022 2021Bank guarantees fee 899616Interest expense 5,815 5,188 Factoring fee1,348 698Foreign exchange loss 692 2,380Other4861 Total 8,802 8,943The Group manages its foreign currency risk by using foreign currency forwards and swaps (see Note 15). 15.Finance incomeFinance income for the respective periods was as follows: For the year ended 31 December EUR \u2018000 2022 2021Gains/(losses) from revaluation of interest rate swaps 3,315 (176) Gains from revaluation of foreign currency forwards and swaps 1,179 2,298Total gains from revaluation of derivatives 4,4942,122Interest income234 52Other22 60Total 4,750 2,234", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-91-3": { "value": "14.Finance costsFinance costs for the respective periods were as follows:For the year ended 31 December EUR \u2018000 2022 2021Bank guarantees fee 899616Interest expense 5,815 5,188 Factoring fee1,348 698Foreign exchange loss 692 2,380Other4861 Total 8,802 8,943The Group manages its foreign currency risk by using foreign currency forwards and swaps (see Note 15). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-91-4": { "value": "14.Finance costsFinance costs for the respective periods were as follows:For the year ended 31 December EUR \u2018000 2022 2021Bank guarantees fee 899616Interest expense 5,815 5,188 Factoring fee1,348 698Foreign exchange loss 692 2,380Other4861 Total 8,802 8,943The Group manages its foreign currency risk by using foreign currency forwards and swaps (see Note 15). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-92-3": { "value": "15.Finance incomeFinance income for the respective periods was as follows: For the year ended 31 December EUR \u2018000 2022 2021Gains/(losses) from revaluation of interest rate swaps 3,315 (176) Gains from revaluation of foreign currency forwards and swaps 1,179 2,298Total gains from revaluation of derivatives 4,4942,122Interest income234 52Other22 60Total 4,750 2,234", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-92-4": { "value": "15.Finance incomeFinance income for the respective periods was as follows: For the year ended 31 December EUR \u2018000 2022 2021Gains/(losses) from revaluation of interest rate swaps 3,315 (176) Gains from revaluation of foreign currency forwards and swaps 1,179 2,298Total gains from revaluation of derivatives 4,4942,122Interest income234 52Other22 60Total 4,750 2,234", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-92-5": { "value": "15.Finance incomeFinance income for the respective periods was as follows: For the year ended 31 December EUR \u2018000 2022 2021Gains/(losses) from revaluation of interest rate swaps 3,315 (176) Gains from revaluation of foreign currency forwards and swaps 1,179 2,298Total gains from revaluation of derivatives 4,4942,122Interest income234 52Other22 60Total 4,750 2,234", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-93-2": { "value": "16.Income taxCorporate income tax for companies in the Czech Republic and United Kingdom for the years 2021 and 2022 was 19%. WAG Iberia, together with all the Alava tax resident companies of ADS sub-group (Reivalsa, Trofa, Arraia Oil, Arraia Autopistas and Liserteco 24h), formed a consolidation tax group for CIT purposes beginning on 1 April 2019. Spanish corporate income tax is 24% (2021: 24%).Structure of the income tax for the respective periods is as follows: For the year ended 31 December EUR \u2018000 2022 2021Current income tax charge 12,148 7,679Adjustments in respect of current income tax of prior years 495112 Deferred tax(2,363) 228Total 10,280 8,019Reconciliation of tax expense and the accounting profit multiplied by the Company domestic tax rate for the below periods: For the year ended 31 December EUR \u2018000 2022 2021Accounting profit before tax 27,976 17,669At UK\u2019s statutory income tax rate of 19% (2021: 19%) 5,316 3,357Adjustments in respect of current income tax of prior years 495112 Effect of different tax rates in other countries of the Group 30507Non-deductible expenses (M&A related)1,350 84Non-deductible expenses (IPO related) \u20131,368Non-deductible expenses (other) 1,857 1,314 Share-based payments1,020 700Net investment hedge 260468Effect of accumulated tax loss claimed in the current period (68)(36)Effect of unrecognised deferred tax assets relating to tax losses of current period 20145At the effective income tax rate of 36.75% 45.38%Income tax expense reported in the statement of profit or loss 10,280 8,019Adjusted effective tax rate is as follows: For the year ended 31 December EUR \u2018000 2022 2021Accounting profit before tax 27,976 17,669Adjusting items affecting adjusted EBITDA 18,461 22,793Amortisation of acquired intangibles6,562 5,419Amortisation due to transformational useful life changes 1,864 1,717 Adjusted profit before tax (A) 54,863 47,598Accounting tax expense 10,280 8,019Tax effect of above adjustments3,029 3,801Adjusted tax expense (B) 13,309 11,820 Adjusted earnings (A \u2013 B) 41,554 35,778Adjusted effective tax rate (B/A) 24.26% 24.83%Unused tax losses, for which no deferred tax asset has been recognised were as follows: 31 December 31 December EUR \u2018000 2022 2021Unrecognised tax losses expiring by the end of: 31 December 2022 \u201321031 December 2023 210 27931 December 2024 and after 1,240 813No expiry date 444942Total unrecognised tax losses 1,894 2,244Potential tax benefit 360426The unused tax losses were incurred by dormant subsidiaries that are not likely to generate taxable income in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-97-2": { "value": "17.IntangibleassetsCost of intangible assets subject to amortisation: InternalClient software Patents Other InternalExternal relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress progress Total 1 January 2021 103,78824,16739,8535,46020,61231 10,7881,338206,037Additions\u2013113 18,738\u20132,077\u20137,647\u201328,575Acquisition of a \u20134,965\u2013\u201377\u2013\u2013\u20135,042subsidiaryTransfer\u2013\u2013\u2013\u2013915\u2013\u2013(915) \u2013Disposals\u2013\u2013\u2013\u2013(155) \u2013(124) \u2013(279)Translation differences 1,410 \u20132,2985719 \u2013747365,215 31 December 2021 105,198 29,24560,8895,46524,24531 19,058459244,590Additions\u2013\u201321,592 \u20132,398 \u20138,302 3,291 35,583 Acquisition of a 31,305 21,080 5,898 105 298 \u2013\u2013\u201358,686 subsidiaryTransfer\u2013\u201317,149 \u2013\u2013\u2013(16,972) (177) \u2013Disposals\u2013\u2013(69) \u2013(24) \u2013(35) \u2013(128) Translation differences 712 (102) 2,579 \u2013269 \u2013430(4) 3,884 31 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615 Accumulated amortisation and impairment of intangible assets subject to amortisation: InternalClient software Patents Other relation- develop- and External intangible Assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress Total 1 January 2021 \u2013(8,837)(13,740)(2,729)(9,343)(24)\u2013(34,673)Amortisation\u2013(2,850)(9,246)(5) (3,200)(2) \u2013(15,303)Acquisition of a subsidiary \u2013\u2013\u2013\u2013(61) \u2013\u2013(61) Disposals\u2013\u2013\u2013\u2013155 \u2013\u2013155 Translation differences \u2013\u2013(981) (3)(271) \u2013\u2013(1,255) 31 December 2021 \u2013 (11,687)(23,967)(2,737)(12,720)(26)\u2013 (51,137)Amortisation \u2013(4,024) (14,512) (28) (3,668) (2) \u2013(22,234) Disposals\u2013\u201369\u2013 10 \u2013 \u201379 Translation differences \u2013\u2013(974) (2)(176) \u2013\u2013(1,152)31 December 2022 \u2013(15,711)(39,384) (2,767) (16,554) (28) \u2013(74,444) Net book value:Internal Client software Patents Other Internal External relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships mentrightssoftware assets progressprogress TotalNet book value at 105,19817,55836,9222,72811,525 519,058459 193,45331 December 2021 Net book value at 137,215 34,512 68,654 2,803 10,632 310,783 3,569 268,171 31 December 2022 Research and development costs that were not capitalised and are, therefore, recognised expenses are as follows: For the year ended 31 December EUR \u2018000 2022 2021Expensed research and development costs 3,331 5,02418.Property, plant and equipmentCost of property, plant and equipment:Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 23,992 3,601 19,510 5,746 1,555 54,404Additions1,768 4322,76221355,180Acquisition of a subsidiary \u2013\u2013\u2013557\u2013557Disposals\u2013(41) (119) (1,212) (10) (1,382) Translation differences 631173 705291231,82331 December 2021 26,391 4,165 22,858 5,595 1,573 60,582 Additions1,551 3803,4131842,0737,601 Acquisition of a subsidiary 14 \u20131,998128 \u20132,140Disposals\u2013(7) (641) (895)(4)(1,547) Translation differences 23899367135(61) 77831 December 2022 28,194 4,637 27,995 5,147 3,581 69,554 Accumulated depreciation and impairment of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 (4,282) (1,417) (12,215) (3,515) \u2013(21,429) Depreciation charge(569)(590)(2,126) (844)\u2013(4,129) Acquisition of a subsidiary \u2013\u2013\u2013(448)\u2013(448)Disposals\u201310 113 1,056\u20131,179 Translation differences (181) (108) (447)(256)\u2013(992)31 December 2021 (5,032) (2,105) (14,675) (4,007) \u2013(25,819) Depreciation charge(834)(724)(2,496)(735)\u2013(4,789)Disposals\u20132626729\u20131,357 Translation differences (77) (71) (237)(92)\u2013(477)31 December 2022 (5,943) (2,898) (16,782) (4,105) \u2013(29,728) Net book value of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total Net book value at 21,3592,0608,1831,5881,573 34,76331 December 2021Net book value at 22,251 1,739 11,2131,042 3,581 39,826 31 December 2022 Depreciation charge of right-of-use assets For the year ended 31 December EUR \u2018000 2022 2021Buildings(2,897) (2,244)Lands(50) (53)Vehicles and machinery(422) (138) Total (3,369) (2,435)Leases in the Income statement Leases are shown as follows in the income statement: For the year ended 31 December EUR \u2018000 2022 2021Other operating income Terminatedrent(1)\u2013Other operating expense Short-term lease expenses 914 547Low-value lease expenses105 53Other lease expenses (additional costs) 235 38Depreciation and impairment losses Depreciation of right-of-use assets 3,369 2,435Net finance costs Interest expense on lease liabilities 261 229Currency translation (gains)/losses on lease liabilities (210) (107) ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-97-3": { "value": "17.IntangibleassetsCost of intangible assets subject to amortisation: InternalClient software Patents Other InternalExternal relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress progress Total 1 January 2021 103,78824,16739,8535,46020,61231 10,7881,338206,037Additions\u2013113 18,738\u20132,077\u20137,647\u201328,575Acquisition of a \u20134,965\u2013\u201377\u2013\u2013\u20135,042subsidiaryTransfer\u2013\u2013\u2013\u2013915\u2013\u2013(915) \u2013Disposals\u2013\u2013\u2013\u2013(155) \u2013(124) \u2013(279)Translation differences 1,410 \u20132,2985719 \u2013747365,215 31 December 2021 105,198 29,24560,8895,46524,24531 19,058459244,590Additions\u2013\u201321,592 \u20132,398 \u20138,302 3,291 35,583 Acquisition of a 31,305 21,080 5,898 105 298 \u2013\u2013\u201358,686 subsidiaryTransfer\u2013\u201317,149 \u2013\u2013\u2013(16,972) (177) \u2013Disposals\u2013\u2013(69) \u2013(24) \u2013(35) \u2013(128) Translation differences 712 (102) 2,579 \u2013269 \u2013430(4) 3,884 31 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615 Accumulated amortisation and impairment of intangible assets subject to amortisation: InternalClient software Patents Other relation- develop- and External intangible Assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress Total 1 January 2021 \u2013(8,837)(13,740)(2,729)(9,343)(24)\u2013(34,673)Amortisation\u2013(2,850)(9,246)(5) (3,200)(2) \u2013(15,303)Acquisition of a subsidiary \u2013\u2013\u2013\u2013(61) \u2013\u2013(61) Disposals\u2013\u2013\u2013\u2013155 \u2013\u2013155 Translation differences \u2013\u2013(981) (3)(271) \u2013\u2013(1,255) 31 December 2021 \u2013 (11,687)(23,967)(2,737)(12,720)(26)\u2013 (51,137)Amortisation \u2013(4,024) (14,512) (28) (3,668) (2) \u2013(22,234) Disposals\u2013\u201369\u2013 10 \u2013 \u201379 Translation differences \u2013\u2013(974) (2)(176) \u2013\u2013(1,152)31 December 2022 \u2013(15,711)(39,384) (2,767) (16,554) (28) \u2013(74,444) Net book value:Internal Client software Patents Other Internal External relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships mentrightssoftware assets progressprogress TotalNet book value at 105,19817,55836,9222,72811,525 519,058459 193,45331 December 2021 Net book value at 137,215 34,512 68,654 2,803 10,632 310,783 3,569 268,171 31 December 2022 18.Property, plant and equipmentCost of property, plant and equipment:Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 23,992 3,601 19,510 5,746 1,555 54,404Additions1,768 4322,76221355,180Acquisition of a subsidiary \u2013\u2013\u2013557\u2013557Disposals\u2013(41) (119) (1,212) (10) (1,382) Translation differences 631173 705291231,82331 December 2021 26,391 4,165 22,858 5,595 1,573 60,582 Additions1,551 3803,4131842,0737,601 Acquisition of a subsidiary 14 \u20131,998128 \u20132,140Disposals\u2013(7) (641) (895)(4)(1,547) Translation differences 23899367135(61) 77831 December 2022 28,194 4,637 27,995 5,147 3,581 69,554 Accumulated depreciation and impairment of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 (4,282) (1,417) (12,215) (3,515) \u2013(21,429) Depreciation charge(569)(590)(2,126) (844)\u2013(4,129) Acquisition of a subsidiary \u2013\u2013\u2013(448)\u2013(448)Disposals\u201310 113 1,056\u20131,179 Translation differences (181) (108) (447)(256)\u2013(992)31 December 2021 (5,032) (2,105) (14,675) (4,007) \u2013(25,819) Depreciation charge(834)(724)(2,496)(735)\u2013(4,789)Disposals\u20132626729\u20131,357 Translation differences (77) (71) (237)(92)\u2013(477)31 December 2022 (5,943) (2,898) (16,782) (4,105) \u2013(29,728) Net book value of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total Net book value at 21,3592,0608,1831,5881,573 34,76331 December 2021Net book value at 22,251 1,739 11,2131,042 3,581 39,826 31 December 2022 Depreciation charge of right-of-use assets For the year ended 31 December EUR \u2018000 2022 2021Buildings(2,897) (2,244)Lands(50) (53)Vehicles and machinery(422) (138) Total (3,369) (2,435)Leases in the Income statement Leases are shown as follows in the income statement: For the year ended 31 December EUR \u2018000 2022 2021Other operating income Terminatedrent(1)\u2013Other operating expense Short-term lease expenses 914 547Low-value lease expenses105 53Other lease expenses (additional costs) 235 38Depreciation and impairment losses Depreciation of right-of-use assets 3,369 2,435Net finance costs Interest expense on lease liabilities 261 229Currency translation (gains)/losses on lease liabilities (210) (107) ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-97-4": { "value": "17.IntangibleassetsCost of intangible assets subject to amortisation: InternalClient software Patents Other InternalExternal relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress progress Total 1 January 2021 103,78824,16739,8535,46020,61231 10,7881,338206,037Additions\u2013113 18,738\u20132,077\u20137,647\u201328,575Acquisition of a \u20134,965\u2013\u201377\u2013\u2013\u20135,042subsidiaryTransfer\u2013\u2013\u2013\u2013915\u2013\u2013(915) \u2013Disposals\u2013\u2013\u2013\u2013(155) \u2013(124) \u2013(279)Translation differences 1,410 \u20132,2985719 \u2013747365,215 31 December 2021 105,198 29,24560,8895,46524,24531 19,058459244,590Additions\u2013\u201321,592 \u20132,398 \u20138,302 3,291 35,583 Acquisition of a 31,305 21,080 5,898 105 298 \u2013\u2013\u201358,686 subsidiaryTransfer\u2013\u201317,149 \u2013\u2013\u2013(16,972) (177) \u2013Disposals\u2013\u2013(69) \u2013(24) \u2013(35) \u2013(128) Translation differences 712 (102) 2,579 \u2013269 \u2013430(4) 3,884 31 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615 Accumulated amortisation and impairment of intangible assets subject to amortisation: InternalClient software Patents Other relation- develop- and External intangible Assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress Total 1 January 2021 \u2013(8,837)(13,740)(2,729)(9,343)(24)\u2013(34,673)Amortisation\u2013(2,850)(9,246)(5) (3,200)(2) \u2013(15,303)Acquisition of a subsidiary \u2013\u2013\u2013\u2013(61) \u2013\u2013(61) Disposals\u2013\u2013\u2013\u2013155 \u2013\u2013155 Translation differences \u2013\u2013(981) (3)(271) \u2013\u2013(1,255) 31 December 2021 \u2013 (11,687)(23,967)(2,737)(12,720)(26)\u2013 (51,137)Amortisation \u2013(4,024) (14,512) (28) (3,668) (2) \u2013(22,234) Disposals\u2013\u201369\u2013 10 \u2013 \u201379 Translation differences \u2013\u2013(974) (2)(176) \u2013\u2013(1,152)31 December 2022 \u2013(15,711)(39,384) (2,767) (16,554) (28) \u2013(74,444) Net book value:Internal Client software Patents Other Internal External relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships mentrightssoftware assets progressprogress TotalNet book value at 105,19817,55836,9222,72811,525 519,058459 193,45331 December 2021 Net book value at 137,215 34,512 68,654 2,803 10,632 310,783 3,569 268,171 31 December 2022 18.Property, plant and equipmentCost of property, plant and equipment:Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 23,992 3,601 19,510 5,746 1,555 54,404Additions1,768 4322,76221355,180Acquisition of a subsidiary \u2013\u2013\u2013557\u2013557Disposals\u2013(41) (119) (1,212) (10) (1,382) Translation differences 631173 705291231,82331 December 2021 26,391 4,165 22,858 5,595 1,573 60,582 Additions1,551 3803,4131842,0737,601 Acquisition of a subsidiary 14 \u20131,998128 \u20132,140Disposals\u2013(7) (641) (895)(4)(1,547) Translation differences 23899367135(61) 77831 December 2022 28,194 4,637 27,995 5,147 3,581 69,554 Accumulated depreciation and impairment of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 (4,282) (1,417) (12,215) (3,515) \u2013(21,429) Depreciation charge(569)(590)(2,126) (844)\u2013(4,129) Acquisition of a subsidiary \u2013\u2013\u2013(448)\u2013(448)Disposals\u201310 113 1,056\u20131,179 Translation differences (181) (108) (447)(256)\u2013(992)31 December 2021 (5,032) (2,105) (14,675) (4,007) \u2013(25,819) Depreciation charge(834)(724)(2,496)(735)\u2013(4,789)Disposals\u20132626729\u20131,357 Translation differences (77) (71) (237)(92)\u2013(477)31 December 2022 (5,943) (2,898) (16,782) (4,105) \u2013(29,728) Net book value of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total Net book value at 21,3592,0608,1831,5881,573 34,76331 December 2021Net book value at 22,251 1,739 11,2131,042 3,581 39,826 31 December 2022 Depreciation charge of right-of-use assets For the year ended 31 December EUR \u2018000 2022 2021Buildings(2,897) (2,244)Lands(50) (53)Vehicles and machinery(422) (138) Total (3,369) (2,435)Leases in the Income statement Leases are shown as follows in the income statement: For the year ended 31 December EUR \u2018000 2022 2021Other operating income Terminatedrent(1)\u2013Other operating expense Short-term lease expenses 914 547Low-value lease expenses105 53Other lease expenses (additional costs) 235 38Depreciation and impairment losses Depreciation of right-of-use assets 3,369 2,435Net finance costs Interest expense on lease liabilities 261 229Currency translation (gains)/losses on lease liabilities (210) (107) ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-97-5": { "value": "17.IntangibleassetsCost of intangible assets subject to amortisation: InternalClient software Patents Other InternalExternal relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress progress Total 1 January 2021 103,78824,16739,8535,46020,61231 10,7881,338206,037Additions\u2013113 18,738\u20132,077\u20137,647\u201328,575Acquisition of a \u20134,965\u2013\u201377\u2013\u2013\u20135,042subsidiaryTransfer\u2013\u2013\u2013\u2013915\u2013\u2013(915) \u2013Disposals\u2013\u2013\u2013\u2013(155) \u2013(124) \u2013(279)Translation differences 1,410 \u20132,2985719 \u2013747365,215 31 December 2021 105,198 29,24560,8895,46524,24531 19,058459244,590Additions\u2013\u201321,592 \u20132,398 \u20138,302 3,291 35,583 Acquisition of a 31,305 21,080 5,898 105 298 \u2013\u2013\u201358,686 subsidiaryTransfer\u2013\u201317,149 \u2013\u2013\u2013(16,972) (177) \u2013Disposals\u2013\u2013(69) \u2013(24) \u2013(35) \u2013(128) Translation differences 712 (102) 2,579 \u2013269 \u2013430(4) 3,884 31 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615 Accumulated amortisation and impairment of intangible assets subject to amortisation: InternalClient software Patents Other relation- develop- and External intangible Assets in EUR \u2018000 Goodwill ships ment rights software assetsprogress Total 1 January 2021 \u2013(8,837)(13,740)(2,729)(9,343)(24)\u2013(34,673)Amortisation\u2013(2,850)(9,246)(5) (3,200)(2) \u2013(15,303)Acquisition of a subsidiary \u2013\u2013\u2013\u2013(61) \u2013\u2013(61) Disposals\u2013\u2013\u2013\u2013155 \u2013\u2013155 Translation differences \u2013\u2013(981) (3)(271) \u2013\u2013(1,255) 31 December 2021 \u2013 (11,687)(23,967)(2,737)(12,720)(26)\u2013 (51,137)Amortisation \u2013(4,024) (14,512) (28) (3,668) (2) \u2013(22,234) Disposals\u2013\u201369\u2013 10 \u2013 \u201379 Translation differences \u2013\u2013(974) (2)(176) \u2013\u2013(1,152)31 December 2022 \u2013(15,711)(39,384) (2,767) (16,554) (28) \u2013(74,444) Net book value:Internal Client software Patents Other Internal External relation- develop- and External intangible assets in assets in EUR \u2018000 Goodwill ships mentrightssoftware assets progressprogress TotalNet book value at 105,19817,55836,9222,72811,525 519,058459 193,45331 December 2021 Net book value at 137,215 34,512 68,654 2,803 10,632 310,783 3,569 268,171 31 December 2022 ImpairmenttestingGoodwill acquired through business combinations is allocated to the respective CGUs for impairment testing. Carrying amount of the goodwill allocated to each of the CGUs:31 December 31 December EUR \u2018000 2022 2021Energy40,180 40,180Navigation34,610 34,579Fleet management solutions 57,963 25,996Tax refund 2,401 2,382Toll2,061 2,061Total 137,215 105,198 The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecast approved by the Board covering a five-year period, which shows growth in revenues.The table below presents carrying amount and remaining amortisation period of individual intangible assets that are considered material to the Group\u2019s consolidated financial statements:As at 31 December 2022 As at 31 December 2021 Remaining Remaining Net book value useful life Net book value useful life Individual asset name (in \u2018000 EUR) (in months)(in \u2018000 EUR)(in months) Customer relationships \u2013 ADS 7,306 608,76772Customer relationships \u2013 Webeye 19,794 113\u2013\u2013Internal software \u2013 EETS toll platform15,046 62 4,89674Internal software \u2013 SAP 6,658 833,78095Internal software \u2013 Webeye platform6,265 55 \u2013\u2013EETS stands for European Electronic Toll Service, an initiative from the European Union to create a simpler framework for paying toll in Europe by use of single on-board unit for all toll systems within EU. The Group developed a platform enabling its EETS-certified OBUs to make toll payments in multiple countries.Internal assets in progress consist of assets where the development phase has not yet been completed. The Group capitalised employee expenses (Note 12) and cost of materials and services used or consumed in generating the intangible asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-3": { "value": "The table below presents carrying amount and remaining amortisation period of individual intangible assets that are considered material to the Group\u2019s consolidated financial statements:As at 31 December 2022 As at 31 December 2021 Remaining Remaining Net book value useful life Net book value useful life Individual asset name (in \u2018000 EUR) (in months)(in \u2018000 EUR)(in months) Customer relationships \u2013 ADS 7,306 608,76772Customer relationships \u2013 Webeye 19,794 113\u2013\u2013Internal software \u2013 EETS toll platform15,046 62 4,89674Internal software \u2013 SAP 6,658 833,78095Internal software \u2013 Webeye platform6,265 55 \u2013\u2013EETS stands for European Electronic Toll Service, an initiative from the European Union to create a simpler framework for paying toll in Europe by use of single on-board unit for all toll systems within EU. The Group developed a platform enabling its EETS-certified OBUs to make toll payments in multiple countries.Internal assets in progress consist of assets where the development phase has not yet been completed. The Group capitalised employee expenses (Note 12) and cost of materials and services used or consumed in generating the intangible asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-98-3": { "value": "Research and development costs that were not capitalised and are, therefore, recognised expenses are as follows: For the year ended 31 December EUR \u2018000 2022 2021Expensed research and development costs 3,331 5,024", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-99-3": { "value": "ImpairmenttestingGoodwill acquired through business combinations is allocated to the respective CGUs for impairment testing. Carrying amount of the goodwill allocated to each of the CGUs:31 December 31 December EUR \u2018000 2022 2021Energy40,180 40,180Navigation34,610 34,579Fleet management solutions 57,963 25,996Tax refund 2,401 2,382Toll2,061 2,061Total 137,215 105,198 The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecast approved by the Board covering a five-year period, which shows growth in revenues.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-99-4": { "value": "ImpairmenttestingGoodwill acquired through business combinations is allocated to the respective CGUs for impairment testing. Carrying amount of the goodwill allocated to each of the CGUs:31 December 31 December EUR \u2018000 2022 2021Energy40,180 40,180Navigation34,610 34,579Fleet management solutions 57,963 25,996Tax refund 2,401 2,382Toll2,061 2,061Total 137,215 105,198 The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecast approved by the Board covering a five-year period, which shows growth in revenues.Key assumptions used for impairment testing Discounted cash flow model is based on the following key assumptions: \u2022Discount rate \u2022Net energy and services sales for Energy CGU; revenues for Navigation, Fleet management solutions and Tax refund CGUs \u2022Long-term revenue growth rate Net energy and services sales and revenue growth were determined by management separately for each CGU. They are based on the knowledge of each particular market, taking into account the historical development of revenues, estimated macroeconomic developments in individual regions and the Group\u2019s plans regarding new products development, growth opportunities and market share expansion. Estimated net energy and services sales and revenue growth represent the best possible assumption of the Group\u2019s management considering the future development as at the end of the period.Discount rate reflects specific risks relating to the industry in which the Group operates. The discount rate used is based on the weighted average cost of capital (\u201cWACC\u201d) of the Group as presumed by Capital Asset Pricing Model.The table below shows key assumptions used in the value-in-use calculations for material CGUs: 31 December 31 December 2022 2021Energy CGU Pre-tax discount rate9.5% 10.0% Net energy and services sales growth rate* 1.9%0.1% Long-term growth rate 1.8%1.8% Navigation CGU Pre-tax discount rate12.0%12.0% Revenue growth rate*20.0% 25.2% Long-term growth rate 3.0% 2.0% Fleet management solutions CGU Pre-tax discount rate12.0%11.0% Revenue growth rate*17.0%18.9% Long-term growth rate 3.0% 2.0% Tax refund CGU Pre-tax discount rate10.0% 10.0% Revenue growth rate*10.1%2.0% Long-term growth rate 1.8%1.8% * Average over 5-year period Toll CGU was not significant.The Group has considered the potential impact of climate change in impairment tests. For all CGUs except Fleet management solutions, additional sensitivities of discounted cash-flows were modelled to determine break-even increase in operating and capital expenses and a combination of revenue decrease and expense increase. Reasonably possible change in operating and capital expenses does not lead to any impairment, climate change impact on recoverable amounts and useful life of non-financial assets is thus not considered to be significant for these CGUs.Fleet management solutions recoverable amount is closer to the carrying amount than all other CGUs (Note 6). A combination of revenue decrease and operating and capital expenses increase was therefore included in Fleet management solutions CGU base model. Sensitivities of discounted cash-flows described below directly include the expected climate change impact, which would either lead to breakeven or to a significant impairment.Energy The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 28,140 thousand.Discount rate used in the value-in-use calculation would have to increase to 12.3% for the recoverable amount to be equal to its carrying amount.Net energy and services sales used in the value-in-use calculation would have to decrease by 26.0% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to -4.5% for the recoverable amount to be equal to its carrying amount.Navigation The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 78,405 thousand.Discount rate used in the value-in-use calculation would have to increase to 22.1% for the recoverable amount to be equal to its carrying amount.Revenue used in the value-in-use calculation would have to decrease by 28.2% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to -33.4% for the recoverable amount to be equal to its carrying amount.Fleet management solutions The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 5,845 thousand.Discount rate used in the value-in-use calculation would have to increase to 12.4% for the recoverable amount to be equal to its carrying amount and to 12.7% for a significant impairment to occur.Revenue used in the value-in-use calculation would have to decrease by 1.7% for the recoverable amount to be equal to its carrying amount and by 3.0% for a significant impairment to occur.Long-term revenue growth rate would have to decrease to 2.1% for the recoverable amount to be equal to its carrying amount and to 1.3% for a significant impairment to occur.Tax refund The recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2022 by EUR 9,547 thousand.Discount rate used in the value-in-use calculation would have to increase to 25.5% for the recoverable amount to be equal to its carrying amount.Revenue used in the value-in-use calculation would have to decrease by 27.0% for the recoverable amount to be equal to its carrying amount.Reasonably possible change in long-term revenue growth rate of 1.80% does not lead to any impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-104-5": { "value": "18.Property, plant and equipmentCost of property, plant and equipment:Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 23,992 3,601 19,510 5,746 1,555 54,404Additions1,768 4322,76221355,180Acquisition of a subsidiary \u2013\u2013\u2013557\u2013557Disposals\u2013(41) (119) (1,212) (10) (1,382) Translation differences 631173 705291231,82331 December 2021 26,391 4,165 22,858 5,595 1,573 60,582 Additions1,551 3803,4131842,0737,601 Acquisition of a subsidiary 14 \u20131,998128 \u20132,140Disposals\u2013(7) (641) (895)(4)(1,547) Translation differences 23899367135(61) 77831 December 2022 28,194 4,637 27,995 5,147 3,581 69,554 Accumulated depreciation and impairment of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total 1 January 2021 (4,282) (1,417) (12,215) (3,515) \u2013(21,429) Depreciation charge(569)(590)(2,126) (844)\u2013(4,129) Acquisition of a subsidiary \u2013\u2013\u2013(448)\u2013(448)Disposals\u201310 113 1,056\u20131,179 Translation differences (181) (108) (447)(256)\u2013(992)31 December 2021 (5,032) (2,105) (14,675) (4,007) \u2013(25,819) Depreciation charge(834)(724)(2,496)(735)\u2013(4,789)Disposals\u20132626729\u20131,357 Translation differences (77) (71) (237)(92)\u2013(477)31 December 2022 (5,943) (2,898) (16,782) (4,105) \u2013(29,728) Net book value of property, plant and equipment: Leasehold Machinery Vehicles, Lands and improve- and Furniture Tangibles in EUR \u2018000 Buildings ments equipment and fixtures progress Total Net book value at 21,3592,0608,1831,5881,573 34,76331 December 2021Net book value at 22,251 1,739 11,2131,042 3,581 39,826 31 December 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-103-2": { "value": "Land, buildings and machinery and equipment are subject to pledge in respect of bank loans: 31 December 31 December EUR \u2018000 2022 2021Pledged property, plant and equipment 39,467 34,544Pledged receivables are subject to security of bank loans, including trade and other receivables subject to pledge on W.A.G. payment solutions, a.s. shares:31 December 31 December 2021EUR \u2018000 2022 (restated)Pledged receivables377,044 300,504Total 377,044 300,504Pledged receivables as of 31 December 2021 were restated due to pledge of W.A.G. payment solutions, a.s. shares (Note 29). Pledged cash at bank subject to security of bank loans: 31 December 31 December EUR \u2018000 2022 2021Cash at banks pledged 144,259 128,965As at 31 December 2022, the following pledges have been made as a security for aforementioned loans: \u2022pledge of shares (mainly W.A.G payment solution, a.s.);\u2022pledge of receivables (Note 24); \u2022pledge of bank accounts (Note 26); \u2022pledge of trademarks.As at 31 December 2021, the following pledges had been made as a security for aforementioned loans:\u2022pledge of shares (W.A.G payment solution, a.s. shares were fully pledged after Admission);\u2022pledge of receivables (Note 24); \u2022pledge of bank accounts (Note 26); \u2022pledge of real estate (Note 18); \u2022pledge of movable assets (Note 18); and \u2022pledge of trademarks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-105-2": { "value": "19.Leases (Group as a lessee)The Group leases assets including buildings, land and motor vehicles. The average lease term is four years. Leases comprise a larger number of various diversified lease contracts in different locations.Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.Right-of-use assets 31 December 31 December EUR \u2018000 2022 2021Buildings11,404 7,005Lands451 486Vehicles and machinery1,485 621Total 13,340 8,112 Additions to the right-of-use assets 8,571 1,509Lease liabilities 31 December 31 December EUR \u2018000 2022 2021Long-term lease liabilities 9,510 5,973Short-term lease liabilities 3,917 2,601Total lease liabilities 13,427 8,57431 December 31 December EUR \u2018000 2022 2021Within one year3,917 2,601After one year but not more than five years 7,929 4,289More than five years 1,581 1,684Total lease liabilities 13,427 8,574Discount rate used was in the range 1.10%\u2013 3.25% (2021: 1.10%\u2013 3.25%). Depreciation charge of right-of-use assets For the year ended 31 December EUR \u2018000 2022 2021Buildings(2,897) (2,244)Lands(50) (53)Vehicles and machinery(422) (138) Total (3,369) (2,435)Leases in the Income statement Leases are shown as follows in the income statement: For the year ended 31 December EUR \u2018000 2022 2021Other operating income Terminatedrent(1)\u2013Other operating expense Short-term lease expenses 914 547Low-value lease expenses105 53Other lease expenses (additional costs) 235 38Depreciation and impairment losses Depreciation of right-of-use assets 3,369 2,435Net finance costs Interest expense on lease liabilities 261 229Currency translation (gains)/losses on lease liabilities (210) (107) ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-109-2": { "value": "Commitments and contingent liabilities in respect of associates 31 December 31 December EUR \u2018000 2022 2021Deferred acquisition consideration (Note 28) \u20133,000The remaining shares of Last Mile Solutions are subject to a put option, which may require the Group to acquire additional 62% shares of the associate. The put option is measured as a derivative instrument and it will be settled at gross margin multiple in case it is exercised. As of 31 December 2022, the fair value of the put option is EUR 153 thousand (31 December 2021: EUR 130 thousand) (Note 25).33.Contingent assets and liabilitiesOff-balance sheet commitments are following: 31 December 31 December EUR \u2018000 2022 2021Unfunded customer credit limits 411,859 342,668Credit limits are further described in credit risk section of Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-109-3": { "value": "Commitments and contingent liabilities in respect of associates 31 December 31 December EUR \u2018000 2022 2021Deferred acquisition consideration (Note 28) \u20133,000The remaining shares of Last Mile Solutions are subject to a put option, which may require the Group to acquire additional 62% shares of the associate. The put option is measured as a derivative instrument and it will be settled at gross margin multiple in case it is exercised. As of 31 December 2022, the fair value of the put option is EUR 153 thousand (31 December 2021: EUR 130 thousand) (Note 25).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-109-4": { "value": "Commitments and contingent liabilities in respect of associates 31 December 31 December EUR \u2018000 2022 2021Deferred acquisition consideration (Note 28) \u20133,000The remaining shares of Last Mile Solutions are subject to a put option, which may require the Group to acquire additional 62% shares of the associate. The put option is measured as a derivative instrument and it will be settled at gross margin multiple in case it is exercised. As of 31 December 2022, the fair value of the put option is EUR 153 thousand (31 December 2021: EUR 130 thousand) (Note 25).20.Investment in associates Set out below are the associates of the Group acquired in 2021 (Note 8): Effective economic interest Name Measurement method Registered office 2022 2021Threeforce BV (Last Mile Solutions) Equity methodThe Netherlands 27.75% 27.75% UAB \u201cTankita\u201d (Drivitty)Equity methodLithuania20% 20% Both associates are private entities and their financial year ends on 31 December. No quoted prices are available. Drivitty is immaterial to the Group.Share of net assets was as follows:EUR \u2018000 2022 2021Opening balance at 1 January 12,934 \u2013Acquisition\u201313,846Share of net loss (711)(682)Translation\u2013(230)Closing balance at 31 December 12,223 12,934Summarised financial information The following tables provide summarised financial information for Last Mile Solutions, which is considered material to the Group. The information disclosed reflects the amounts presented in the financial statements of the associate and not Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments. No significant differences in accounting policy have been identified by the Group.Threeforce B.V. (Last Mile Solutions) Summarised balance sheet 31 December 31 December EUR \u2018000 2022 2021Current assets30,656 13,335Current liabilities30,136 9,785Current net assets 520 3,550Non-current assets 9,0858,115 Non-current liabilities 484404Non-current net assets 8,601 7,711 Net assets 9,121 11,261 Reconciliation to carrying amounts: Opening net assets 11,26113,488Loss for the period(2 139) (2,166) Translation(1)(61) Other comprehensive income \u2013\u2013Dividends paid\u2013\u2013Closing net assets 9,121 11,261 Group\u2019s share in % 27.75% 27.75% Group\u2019s share in EUR \u2018000 2,531 3,125Goodwill7,442 7,442Carrying amount 9,973 10,567Threeforce B.V. (Last Mile Solutions) For the For the year ended year ended Summarised statement of comprehensive income 31 December 31 DecemberEUR \u2018000 2022 2021Revenue102,019 29,628Loss for the period(2,139) (2,166) Total comprehensive income (2,139) (2,166) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-109-5": { "value": "Commitments and contingent liabilities in respect of associates 31 December 31 December EUR \u2018000 2022 2021Deferred acquisition consideration (Note 28) \u20133,000The remaining shares of Last Mile Solutions are subject to a put option, which may require the Group to acquire additional 62% shares of the associate. The put option is measured as a derivative instrument and it will be settled at gross margin multiple in case it is exercised. As of 31 December 2022, the fair value of the put option is EUR 153 thousand (31 December 2021: EUR 130 thousand) (Note 25).20.Investment in associates Set out below are the associates of the Group acquired in 2021 (Note 8): Effective economic interest Name Measurement method Registered office 2022 2021Threeforce BV (Last Mile Solutions) Equity methodThe Netherlands 27.75% 27.75% UAB \u201cTankita\u201d (Drivitty)Equity methodLithuania20% 20% Both associates are private entities and their financial year ends on 31 December. No quoted prices are available. Drivitty is immaterial to the Group.Share of net assets was as follows:EUR \u2018000 2022 2021Opening balance at 1 January 12,934 \u2013Acquisition\u201313,846Share of net loss (711)(682)Translation\u2013(230)Closing balance at 31 December 12,223 12,934Summarised financial information The following tables provide summarised financial information for Last Mile Solutions, which is considered material to the Group. The information disclosed reflects the amounts presented in the financial statements of the associate and not Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments. No significant differences in accounting policy have been identified by the Group.Threeforce B.V. (Last Mile Solutions) Summarised balance sheet 31 December 31 December EUR \u2018000 2022 2021Current assets30,656 13,335Current liabilities30,136 9,785Current net assets 520 3,550Non-current assets 9,0858,115 Non-current liabilities 484404Non-current net assets 8,601 7,711 Net assets 9,121 11,261 Reconciliation to carrying amounts: Opening net assets 11,26113,488Loss for the period(2 139) (2,166) Translation(1)(61) Other comprehensive income \u2013\u2013Dividends paid\u2013\u2013Closing net assets 9,121 11,261 Group\u2019s share in % 27.75% 27.75% Group\u2019s share in EUR \u2018000 2,531 3,125Goodwill7,442 7,442Carrying amount 9,973 10,567Threeforce B.V. (Last Mile Solutions) For the For the year ended year ended Summarised statement of comprehensive income 31 December 31 DecemberEUR \u2018000 2022 2021Revenue102,019 29,628Loss for the period(2,139) (2,166) Total comprehensive income (2,139) (2,166) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-113-2": { "value": "22.Other non-current assets31 December 31 December EUR \u2018000 2022 2021Prepaid expenses1,262 1,844Long-term advances granted 370 312Contract assets2,159 1,435Total 3,791 3,591", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-113-3": { "value": "22.Other non-current assets31 December 31 December EUR \u2018000 2022 2021Prepaid expenses1,262 1,844Long-term advances granted 370 312Contract assets2,159 1,435Total 3,791 3,591", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-113-4": { "value": "22.Other non-current assets31 December 31 December EUR \u2018000 2022 2021Prepaid expenses1,262 1,844Long-term advances granted 370 312Contract assets2,159 1,435Total 3,791 3,591", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-114-2": { "value": "23.Inventories31 December 31 December EUR \u2018000 2022 2021Raw materials6,652* 136Goods (excluding on-board units) 9,173 6,470Finished products197 3On-board units 4,269 2,948Total 20,291 9,557* Represents primarily material for On-board units. Write-downs of inventories to net realisable value were as follows: For the year ended 31 December EUR \u2018000 2022 2021Write-downs of inventories to net realisable value 183 \u2013Write-downs of inventories were recognised as an expense and were included in cost of energy sold in the statement of profit or loss.Goods recognised as an expense are presented in full under cost of energy sold. Raw materials consumed were as follows:For the year ended 31 December EUR \u2018000 2022 2021Raw materials consumed (in other operating expense)213 308", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-116-2": { "value": "24.Trade and other receivables31 December 31 December EUR \u2018000 2022 2021Trade receivables240,788 201,924Receivables from tax authorities 24,528 11,729 Advances granted12,059 10,948Unbilled revenue 9,728 5,533Miscellaneous receivables4,798 4,000Tax refund receivables 79,274 60,945Prepaid expenses and accrued income3,976 3,038Contract assets3,001 2,484Total 378,152 300,601Trade receivables are non-interest bearing and are generally payable on terms below 30 days. Trade and other receivables are non-derivative financial assets carried at amortised cost.Tax refund receivables include receivables from foreign tax authorities and from financing of tax refunds to customers until processing of the application for tax refund by tax authorities.The carrying value of trade and other receivables approximates their fair value due to their short-term maturities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-119-2": { "value": "The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and contract assets. Simplified approach adopted by the Group in 2020 is using elements from the general approach, the main difference is that no staging of financial assets is being used.On the basis described previously, the loss allowance was as follows:31 December 2022 Past due Past due more EUR \u2018000 Current 1 \u2013 90 daysthan 90 days Total Gross value of receivables* 282,947 51,183 24,530 358,660 Expected credit loss557 2,806 20,709 24,072 31 December 2021Past duePast due moreEUR \u2018000 Current1 \u2013 90 days than 90 days TotalGross value of receivables* 237,14534,31420,773292,232Expected credit loss5232,62316,68419,830* Gross value of receivables excludes receivables from tax authorities, advances granted, prepaid expense and accrued income, and contract assets as these are non-financial assets.Allowances against outstanding receivables that are considered doubtful were charged to income statement based on the analysis of their collectability.EUR \u2018000 AmountAllowances at 1 January 2021 20,851 Charged3,480Utilised(5,118) Unused amounts reversed (364)FX differences981Allowances at 31 December 2021 19,830 Acquisition of subsidiary 618Charged4,163Utilised(907)Unused amounts reversed (252)FX differences620Allowances at 31 December 2022 24,072 Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a customer to engage in a repayment plan with the Group, when the customer has been placed under liquidation or has entered into bankruptcy proceedings.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-122-4": { "value": "25.Derivatives31 December 31 December EUR \u2018000 2022 2021Derivative assets Foreign currency forwards \u2013 held for trading 12,694Interest rate swaps \u2013 cash flow hedges6,943 252Total derivative assets at fair value 6,9442,946Current3,851 2,694Non-current3,093252Derivative liabilities Foreign currency forwards \u2013 held for trading 17356Put options related to associates 153 130Interest rate swaps \u2013 cash flow hedges33527Total derivative liabilities at fair value 2031,013 Current17356Non-current186 657", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-122-5": { "value": "25.Derivatives31 December 31 December EUR \u2018000 2022 2021Derivative assets Foreign currency forwards \u2013 held for trading 12,694Interest rate swaps \u2013 cash flow hedges6,943 252Total derivative assets at fair value 6,9442,946Current3,851 2,694Non-current3,093252Derivative liabilities Foreign currency forwards \u2013 held for trading 17356Put options related to associates 153 130Interest rate swaps \u2013 cash flow hedges33527Total derivative liabilities at fair value 2031,013 Current17356Non-current186 657", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-122-6": { "value": "25.Derivatives31 December 31 December EUR \u2018000 2022 2021Derivative assets Foreign currency forwards \u2013 held for trading 12,694Interest rate swaps \u2013 cash flow hedges6,943 252Total derivative assets at fair value 6,9442,946Current3,851 2,694Non-current3,093252Derivative liabilities Foreign currency forwards \u2013 held for trading 17356Put options related to associates 153 130Interest rate swaps \u2013 cash flow hedges33527Total derivative liabilities at fair value 2031,013 Current17356Non-current186 657", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-127-2": { "value": "26.Cash and cash equivalentsFor the purpose of the statement of cash flows, cash and cash equivalents comprise the following: 31 December 31 December EUR \u2018000 2022 2021Cash at banks145,938 224,141 Cash on hand65 23Cash and cash equivalents presented in the statement of financial position 146,003 224,164Bank overdrafts (2) (10) Cash and cash equivalents presented in the statement of cash flows 146,001 224,154The fair value of cash and cash equivalents approximates their carrying value due to their short-term maturities. Credit quality of cash at banks and short-term deposits:EUR \u2018000 31 December 31 December External rating scale 2022 2021Aa32 704A23,070 16,519 Baa113,464 161,643Ba3,151 41,579B1,960 654Caa4,0482,654Unrated213 388Total 145,938 224,141 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-129-2": { "value": "27.EquityShares authorised, issued and fully paid: Share Share Number capital Number capital Share Merger of shares EUR \u2018000 of shares EUR \u2018000 premium reserve Ordinary shares Class B share EUR \u2018000 EUR \u2018000 At 1 January 2021 2,412,532 4,158 \u2013\u20132,927 \u2013Issuance of share capital 2,141,86884\u2013\u20133,698\u20131(share options exercised)Share capital immediately 4,554,400 4,242 \u2013\u2013 6,625 \u2013prior to IPO 2Converted at IPO575,050,000 4,242 \u2013\u20136,625 \u20133Group reorganisation\u20132,582\u2013\u2013(6,625)4,043Pre-IPO bonus 578,0007\u2013\u2013\u2013\u20132(share-based payments)Primary proceeds 113,333,3331,334\u2013\u2013194,763\u20134(net of expenses)5Capital reduction(50,000)(58)\u2013\u2013\u2013\u20136Allotment of class B share\u2013\u2013130,006\u2013(30,006)At 31 December 2021 688,911,333 8,107 130,006194,763 (25,963) 6Capital reduction\u2013\u2013(1) (30,006)(191,805) \u2013At 31 December 2022 688,911,333 8,107 \u2013\u20132,958 (25,963) 1 Ordinary shares were issued with nominal value of CZK 1. See Note 13 for further information on share-based payments.2 W.A.G payment solutions plc (the PLC) listed its shares on the London Stock Exchange on 8 October 2021 and was admitted to trading on 13 October 2021 (\u201cAdmission\u201d). As part of the IPO, holders of equity instruments in W.A.G payment solutions a.s. received 575,000,000 shares in the PLC. In addition, 113,333,333 new shares were issued and 578,000 shares were awarded to certain directors, senior managers and employees in recognition of services provided in connection with the listing, bringing the total amount of shares outstanding on Admission to 688,911,333. Initial share capital was cancelled1 day before Admission (footnote 7).3 EUR 2.6 million was reclassified to share capital and EUR 6.6 million from share premium into merger reserve to reflect the nominal value of 1 pence per 575,000,000 shares and of GBP 1 per 50,000 initial share capital shares.4 The increase in share capital and share premium of EUR 200.0 million represents the gross proceeds from the IPO, less direct share issue expenses of EUR 5.7 million.5 The PLC was established on 3 August 2021 with initial share capital of GBP 50,000. The initial capital was cancelled on 12 October 2021. 6 On 13 December 2021, the PLC allotted from merger reserve 1 Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has nominal value of GBP 25,500 thousand (EUR 30,006 thousand). On 14 December 2021, the High Court of Justice in England and Wales made an order confirming the reduction of the share premium account by GBP 163 million (EUR 191.8 million) and the cancellation of the Class B share. However, the capital reduction was only registered by Companies House on 8 January 2022, which is the effective date for financial reporting.The distributable reserves arising from the capital reduction and the Class B share cancellation were transferred to retained earnings in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-129-3": { "value": "27.EquityShares authorised, issued and fully paid: Share Share Number capital Number capital Share Merger of shares EUR \u2018000 of shares EUR \u2018000 premium reserve Ordinary shares Class B share EUR \u2018000 EUR \u2018000 At 1 January 2021 2,412,532 4,158 \u2013\u20132,927 \u2013Issuance of share capital 2,141,86884\u2013\u20133,698\u20131(share options exercised)Share capital immediately 4,554,400 4,242 \u2013\u2013 6,625 \u2013prior to IPO 2Converted at IPO575,050,000 4,242 \u2013\u20136,625 \u20133Group reorganisation\u20132,582\u2013\u2013(6,625)4,043Pre-IPO bonus 578,0007\u2013\u2013\u2013\u20132(share-based payments)Primary proceeds 113,333,3331,334\u2013\u2013194,763\u20134(net of expenses)5Capital reduction(50,000)(58)\u2013\u2013\u2013\u20136Allotment of class B share\u2013\u2013130,006\u2013(30,006)At 31 December 2021 688,911,333 8,107 130,006194,763 (25,963) 6Capital reduction\u2013\u2013(1) (30,006)(191,805) \u2013At 31 December 2022 688,911,333 8,107 \u2013\u20132,958 (25,963) 1 Ordinary shares were issued with nominal value of CZK 1. See Note 13 for further information on share-based payments.2 W.A.G payment solutions plc (the PLC) listed its shares on the London Stock Exchange on 8 October 2021 and was admitted to trading on 13 October 2021 (\u201cAdmission\u201d). As part of the IPO, holders of equity instruments in W.A.G payment solutions a.s. received 575,000,000 shares in the PLC. In addition, 113,333,333 new shares were issued and 578,000 shares were awarded to certain directors, senior managers and employees in recognition of services provided in connection with the listing, bringing the total amount of shares outstanding on Admission to 688,911,333. Initial share capital was cancelled1 day before Admission (footnote 7).3 EUR 2.6 million was reclassified to share capital and EUR 6.6 million from share premium into merger reserve to reflect the nominal value of 1 pence per 575,000,000 shares and of GBP 1 per 50,000 initial share capital shares.4 The increase in share capital and share premium of EUR 200.0 million represents the gross proceeds from the IPO, less direct share issue expenses of EUR 5.7 million.5 The PLC was established on 3 August 2021 with initial share capital of GBP 50,000. The initial capital was cancelled on 12 October 2021. 6 On 13 December 2021, the PLC allotted from merger reserve 1 Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has nominal value of GBP 25,500 thousand (EUR 30,006 thousand). On 14 December 2021, the High Court of Justice in England and Wales made an order confirming the reduction of the share premium account by GBP 163 million (EUR 191.8 million) and the cancellation of the Class B share. However, the capital reduction was only registered by Companies House on 8 January 2022, which is the effective date for financial reporting.The distributable reserves arising from the capital reduction and the Class B share cancellation were transferred to retained earnings in 2022. Merger reserve On 7 October 2021, the Company issued its shares to shareholders of W.A.G. payment solutions, a.s. in exchange for 100% shares of equal value in W.A.G. payment solutions, a.s. (Group reorganisation, see Note 1). The Group accounted for the share for share exchange in its consolidated financial statements using capital reorganisation method. Under this method, all assets, liabilities, retained earnings and other equity reserves are presented as if the Group always existed under the Company as ultimate parent entity even though the Company was only established in August 2021.During share for share exchange, share capital and share premium of W.A.G. payment solutions, a.s. were replaced by pre-IPO share capital of the Company with difference being recognised as a movement in the merger reserve.Other reserves Foreign currency Cash-flow translation Reserve hedge EUR \u2018000 Note reserve funds reserve Total 1 January 2021 255 437 (3,955) (3,263) Change in fair value of cash flow hedge 25\u2013\u20133,6833,683recognised in equityExchange differences on translation of foreign 1,428\u2013\u20131,428operations (excluding NCI)Transfer of reserves \u2013(383)\u2013(383)31 December 2021 1,683 54(272) 1,465 Change in fair value of cash flow hedge 25\u2013\u20137,6027,602recognised in equityExchange differences on translation of foreign 1,275 \u2013\u2013 1,275 operations (excluding NCI)31 December 2022 2,958 547,330 10,342 Minor balances of reserve funds relate to selected subsidiaries, where the Group is obliged to make annual contributions from local profits.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-129-4": { "value": "27.EquityShares authorised, issued and fully paid: Share Share Number capital Number capital Share Merger of shares EUR \u2018000 of shares EUR \u2018000 premium reserve Ordinary shares Class B share EUR \u2018000 EUR \u2018000 At 1 January 2021 2,412,532 4,158 \u2013\u20132,927 \u2013Issuance of share capital 2,141,86884\u2013\u20133,698\u20131(share options exercised)Share capital immediately 4,554,400 4,242 \u2013\u2013 6,625 \u2013prior to IPO 2Converted at IPO575,050,000 4,242 \u2013\u20136,625 \u20133Group reorganisation\u20132,582\u2013\u2013(6,625)4,043Pre-IPO bonus 578,0007\u2013\u2013\u2013\u20132(share-based payments)Primary proceeds 113,333,3331,334\u2013\u2013194,763\u20134(net of expenses)5Capital reduction(50,000)(58)\u2013\u2013\u2013\u20136Allotment of class B share\u2013\u2013130,006\u2013(30,006)At 31 December 2021 688,911,333 8,107 130,006194,763 (25,963) 6Capital reduction\u2013\u2013(1) (30,006)(191,805) \u2013At 31 December 2022 688,911,333 8,107 \u2013\u20132,958 (25,963) 1 Ordinary shares were issued with nominal value of CZK 1. See Note 13 for further information on share-based payments.2 W.A.G payment solutions plc (the PLC) listed its shares on the London Stock Exchange on 8 October 2021 and was admitted to trading on 13 October 2021 (\u201cAdmission\u201d). As part of the IPO, holders of equity instruments in W.A.G payment solutions a.s. received 575,000,000 shares in the PLC. In addition, 113,333,333 new shares were issued and 578,000 shares were awarded to certain directors, senior managers and employees in recognition of services provided in connection with the listing, bringing the total amount of shares outstanding on Admission to 688,911,333. Initial share capital was cancelled1 day before Admission (footnote 7).3 EUR 2.6 million was reclassified to share capital and EUR 6.6 million from share premium into merger reserve to reflect the nominal value of 1 pence per 575,000,000 shares and of GBP 1 per 50,000 initial share capital shares.4 The increase in share capital and share premium of EUR 200.0 million represents the gross proceeds from the IPO, less direct share issue expenses of EUR 5.7 million.5 The PLC was established on 3 August 2021 with initial share capital of GBP 50,000. The initial capital was cancelled on 12 October 2021. 6 On 13 December 2021, the PLC allotted from merger reserve 1 Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has nominal value of GBP 25,500 thousand (EUR 30,006 thousand). On 14 December 2021, the High Court of Justice in England and Wales made an order confirming the reduction of the share premium account by GBP 163 million (EUR 191.8 million) and the cancellation of the Class B share. However, the capital reduction was only registered by Companies House on 8 January 2022, which is the effective date for financial reporting.The distributable reserves arising from the capital reduction and the Class B share cancellation were transferred to retained earnings in 2022. Business combinations equity adjustment The reserve reflects corresponding charge related to present value of put options redemption amount (Note 31). Once the put option is exercised and the liability is settled the equivalent amount is transferred from the Business combinations equity adjustment reserve to Retained earnings. Refer to Non-controlling interests section for Sygic acquisition in 2022 and ADS acquisition in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-133-2": { "value": "Non-controlling interests In 2021, the Group acquired KomTes Group (Note 8). As of 31 December 2022, non-controlling interests related to KomTes Group amounts to EUR 3,605 thousand (31 December 2021: EUR 2,707 thousand).Following the agreement with Sygic non-controlling shareholders in December 2022 (Note 8), non-controlling interest of EUR 5,644 thousand was transferred to business combination equity adjustment. As of 31 December 2022, controlling shareholders have all the risks and rewards associated with ownership.Tripomatic, subsidiary of Sygic, a.s., has NCI of 49% as of 31 December 2022 following the agreement with Sygic non- controlling shareholders (31 December 2022: 64.3%). As of 31 December 2022, NCI related to Tripomatic amounts to EUR 678 thousand (31 December 2021: EUR 570 thousand, part of Sygic Group NCI).Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.Sygic Group Summarised balance sheet 31 December 31 December EUR \u2018000 2022 2021Current assets\u20138,074Current liabilities\u20134,035Current net assets \u20134,039Non-current assets \u201351,777 Non-current liabilities \u20134,298Non-current net assets \u201347,479Net assets \u201351,518 Accumulated NCI\u20136,182 Sygic Group Summarised statement of comprehensive income 31 December 31 December EUR \u2018000 2022 2021Revenues16,476 13,917 Profit/(loss) for the period 228 (194) Other comprehensive income 4446Total comprehensive income 272 (148) Profit allocated to NCI 169 54Other comprehensive income allocated to NCI 28 30Dividends paid to NCI 56 955Sygic Group Summarised cash flows 31 December 31 December EUR \u2018000 2022 2021Cash flows from operating activities 3,812 2,765Cash flows from investing activities (3,224) (2,162) Cash flows from financing activities (314) (3,486)Net increase/(decrease) in cash and cash equivalents 274 (2,883)On 4 March 2021, the Group acquired the remaining 25% of shares of ADS companies (Note 8). The parties agreed that acquisition price was determined based on balances as at 31 December 2020, therefore, no NCI was allocated in 2021. In 2021, there was a dividend paid to ADS NCI of EUR 1,025 thousand.The effect on the equity attributable to the owners of the Group is summarised as follows: 31 December 31 December EUR \u2018000 2022 2021Carrying amount of non-controlling interests acquired \u201326,037Consideration paid to non-controlling interests \u2013(27,003)Excess of consideration paid recognised within retained earnings \u2013(966)", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-136-2": { "value": "28.Earnings per shareAll ordinary shares have the same rights. Class B share was excluded from earnings per share (\u201cEPS\u201d) calculation as it had no voting rights, rights to distributions or rights to the return of capital on winding up.Basic EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year.Diluted EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares.Adjusted basic EPS is calculated by dividing the Adjusted earnings (net profit) for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period.The following reflects the income and share data used in calculating EPS: For the year ended 31 December 2022 2021Net profit attributable to equity holders (EUR \u2018000) 16,630 9,148Basic weighted average number of shares 688,911,333 595,582,785Effects of dilution from share options 816,306 1,483,248Total number of shares used in computing dilutive earnings per share 689,727,639 597,066,033Basic earnings per share (cents/share) 2.41 1.54 Diluted earnings per share (cents/share) 2.41 1.53 Adjusted earnings per share measures: For the year ended 31 December 2022 2021Net profit attributable to equity holders (EUR \u2018000) 16,630 9,148Adjusting items affecting Adjusted EBITDA (Note 11)18,461 22,793Amortisation of acquired intangibles* 5,4994,297Amortisation due to transformational useful life changes 1,864 1,717 Tax impact of above adjustments* (2,813) (3,573)Adjusted net profit attributable to equity holders (EUR \u2018000) 39,641 34,382Basic weighted average number of shares 688,911,333 595,582,785Adjusted basic earnings per share (cents/share) 5.75 5.77Diluted weighted average number of shares 689,727,639 597,066,033Adjusted dilutive earnings per share (cents/share) 5.75 5.76* non-controlling interests impact was excludedOptions Options granted to employees under Share-based payments are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required performance criteria would have been met based on the Group\u2019s performance up to the reporting date, and to the extent to which they are dilutive. The options have not been included in the determination of basic earnings per share as their performance conditions have not been met.Details relating to the options are set out in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-2": { "value": "29.Interest bearing loans and borrowings31 December 2022 31 December 2021Total Amount Amount Total Amount AmountInterest limit in in original in limit in in original in Currency Maturity rate currency currency EUR \u2018000 currencycurrencyEUR \u2019000Bank loansSenior multicurrency EUR2025/053M\u2013\u2013\u201347,50030,89830,898term and revolvingEURIBORfacilities agreement*+ margin Senior multicurrency EUR2025/053M\u2013\u2013\u201347,50046,84346,843term and revolvingEURIBORfacilities agreement*+ margin Senior multicurrency EUR2025/053M\u2013\u2013\u201395,00084,51084,510term and revolvingEURIBORfacilities agreement*+ margin Multicurrency termEUR2027/093M45,00042,941 42,941 \u2013\u2013\u2013and revolving facilities EURIBORagreement**+ margin Multicurrency termEUR2027/093M68,00064,88964,889\u2013\u2013\u2013and revolving facilities EURIBORagreement**+ margin Multicurrency termEUR2027/093M37,00035,307 35,307 \u2013\u2013\u2013and revolving facilities EURIBORagreement**+ margin Other loansCZKfixed rate393393175,2775,277212 Revolving facilities \u201322\u201310 10 and overdrafts Total EUR143,156 162,473CurrentEUR21,884 18,894Non-currentEUR121,272 143,579* On 27 May 2019, the Group signed senior multicurrency term and revolving facilities agreements (\u201cold club financing agreement\u201d) with following banks:a. BNP Paribas S.A. acting through its branch BNP Paribas S.A., pobo\u010dka \u010cesk\u00e1 republika, b. Citibank Europe plc acting through its branch Citibank Europe plc, organiza\u010dn\u00ed slo\u017eka, c. \u010cesk\u00e1 spo\u0159itelna, a.s.,d. \u010ceskoslovensk\u00e1 obchodn\u00ed banka, a. s., e. HSBC Bank plc acting through its branch HSBC Bank plc \u2013 pobo\u010dka Praha, f. Komer\u010dn\u00ed banka, a.s.,g. Raiffeisenbank a.s.,h. UniCredit Bank Czech Republic and Slovakia, a.s. Under this financing, up to EUR 60 million was available for the Group for revolving facilities and overdraft accounts, and up to EUR 113 million for bank guarantees.** On 22 September 2022, the Group signed new multicurrency term and revolving facilities agreement (\u201cnew club financing agreement\u201d) with following banks:a. BNP Paribas S.A. acting through its branch BNP Paribas S.A., pobo\u010dka \u010cesk\u00e1 republika, b. Citibank Europe plc acting through its branch Citibank Europe plc, organiza\u010dn\u00ed slo\u017eka, c. \u010cesk\u00e1 spo\u0159itelna, a.s.,d. \u010ceskoslovensk\u00e1 obchodn\u00ed banka, a. s., e. Komer\u010dn\u00ed banka, a.s.,f. Raiffeisenbank a.s.,g. UniCredit Bank Czech Republic and Slovakia, a.s. h. Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna acting through PKO BP S.A., Czech branchi. \u010cesk\u00e1 exportn\u00ed banka, a.s.The new club financing agreement consists of four tranches: \u2022EUR 150 million committed facility A for the refinancing of all existing term loan indebtedness; \u2022EUR 180 million committed facility B for permitted acquisitions and capital expenditure; \u2022EUR 235 million committed auxiliary credit facility, of which EUR 85 million may be utilised by way of revolving loans, and EUR 150 million may be utilised by way of ancillary facilities in the form of bank guarantees, letters of credit, or an overdraft up to EUR 25 million; and\u2022EUR 150 million uncommitted incremental facility for permitted acquisitions, capital expenditure, and auxiliary credit facilities up to EUR 50 million of which not more than EUR 25 million can be utilised as revolving loans.The applicable interest rate margin for the new club financing shall be determined according to the following margin grid: Net leverage Facility A and B >3.252.30% p.a. \u2264 3.25 \u2265 2.502.10% p.a. < 2.50 1.90% p.a. The Group has not drawn any loans from a non-bank entity. The interest expense relating to bank loans and borrowings is presented in Note 14. Interest bearing loans and borrowings are non-derivative financial liabilities carried at amortised cost. The Group complied with all financial covenants under the old and new club financing agreements as of 31 December 2022 and 31 December 2021, and forecasts compliance for the going concern period.Financial covenant terms of the new club financing facilities were as follows: Actual 31DecemberCovenant Calculation Target 2022Interest coverthe ratio of adjusted EBITDA to finance charges Min4.0011.20Net leveragethe ratio of total net debt to adjusted EBITDAMax4.00* 0.13 Adjusted net leverage the ratio of the adjusted total net debt to adjusted EBITDA Max 6.501.95 * the covenant shall not exceed 3.75 in 2024 and 3.50 in 2025 and onwards Under the old club financing facilities, the Group was required to comply with the following financial covenants: \u2022interest cover (the ratio of adjusted EBITDA to interest payable) shall not be less than 5; \u2022net leverage (the ratio of total net debt to Adjusted EBITDA) shall not exceed 3.75 in 2021 and 3.5 in 2022; \u2022the borrowing base covenant (the ratio of the sum of outstanding amount of revolving facility, outstanding bank guarantees less cash and cash equivalents, to trade receivables) shall not exceed 1.00; and\u2022adjusted net leverage (the ratio of the adjusted total net debt to Adjusted EBITDA) shall not exceed 6.50. For the purposes of covenants calculation, alternative performance measures are defined differently by the new club financing agreement:\u2022adjusted EBITDA represents full year adjusted EBITDA of companies acquired during the period;\u2022net debt includes lease liabilities and derivative liabilities, and \u2022adjusted net debt includes face amount of guarantees, bonds, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of any liability of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-2": { "value": "31.Trade and other payables, other liabilities31 December 31 December EUR \u2018000 2022 2021Current Trade payables332,676 260,530Employee related liabilities 9,243 10,656Advances received15,325 13,464Miscellaneous payables9,790 10,941 Payables to tax authorities 12,734 9,728Contract liabilities4,4393,151 Refund liabilities2,822 3,052Deferred acquisition consideration 11,206 3,000Total Trade and other payables 398,235 314,522Non-current Put option redemption liability 4,43517,046Contract liabilities2,276 1,742 Employee related liabilities 765 747Deferred acquisition consideration 19,898 700Other liabilities246Total Other non-current liabilities 27,376 20,281Trade payables are non-interest bearing and are normally settled on 30-day terms. Miscellaneous payables include mainly payables in respect of sold receivables to factoring companies, representing cash collected from customers on behalf of factoring companies.For explanations on the Group\u2019s liquidity risk management processes, refer to Note 34. Employee-related liabilities include liabilities from social security and health insurance, liabilities payable to employees for salaries and accrued employee vacation to be taken or compensated for in the following accounting period and cash-settled share-based payments.Put option redemption liability related to non-controlling interests represents present value of expected future settlement. Trade and other payables are non-derivative financial liabilities carried at amortised cost. The fair value of current trade and other payables approximates their carrying value due to their short-term maturities.Contract liabilities predominantly represent revenue deferred in line with Navigation revenue recognition policy (Note 4.3). The movements of contract deferred revenue during the years are as follows:EUR \u2018000 2022 2021Opening balance 4,893 5,135Additions4,988 3,093Release(3,166) (3,335)Closing balance 6,715 4,893Short term4,4393,151 Long term2,276 1,742 Total 6,715 4,893The total amount of deferred revenue is expected to be released in the statement of profit or loss with the following pattern: Release to income statement 1 year 2 years3\u20135 yearsTotal31 December 2022 4,4391,280 9966,715 31 December 20213,151 1,144 5984,893", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-3": { "value": "31.Trade and other payables, other liabilities31 December 31 December EUR \u2018000 2022 2021Current Trade payables332,676 260,530Employee related liabilities 9,243 10,656Advances received15,325 13,464Miscellaneous payables9,790 10,941 Payables to tax authorities 12,734 9,728Contract liabilities4,4393,151 Refund liabilities2,822 3,052Deferred acquisition consideration 11,206 3,000Total Trade and other payables 398,235 314,522Non-current Put option redemption liability 4,43517,046Contract liabilities2,276 1,742 Employee related liabilities 765 747Deferred acquisition consideration 19,898 700Other liabilities246Total Other non-current liabilities 27,376 20,281Trade payables are non-interest bearing and are normally settled on 30-day terms. Miscellaneous payables include mainly payables in respect of sold receivables to factoring companies, representing cash collected from customers on behalf of factoring companies.For explanations on the Group\u2019s liquidity risk management processes, refer to Note 34. Employee-related liabilities include liabilities from social security and health insurance, liabilities payable to employees for salaries and accrued employee vacation to be taken or compensated for in the following accounting period and cash-settled share-based payments.Put option redemption liability related to non-controlling interests represents present value of expected future settlement. Trade and other payables are non-derivative financial liabilities carried at amortised cost. The fair value of current trade and other payables approximates their carrying value due to their short-term maturities.Contract liabilities predominantly represent revenue deferred in line with Navigation revenue recognition policy (Note 4.3). The movements of contract deferred revenue during the years are as follows:EUR \u2018000 2022 2021Opening balance 4,893 5,135Additions4,988 3,093Release(3,166) (3,335)Closing balance 6,715 4,893Short term4,4393,151 Long term2,276 1,742 Total 6,715 4,893The total amount of deferred revenue is expected to be released in the statement of profit or loss with the following pattern: Release to income statement 1 year 2 years3\u20135 yearsTotal31 December 2022 4,4391,280 9966,715 31 December 20213,151 1,144 5984,893", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-144-2": { "value": "32.ProvisionsEUR \u2018000 Other provisions1 January 2021 1,380 Additions176 Utilised\u2013Unused amounts reversed (11) 31 December 2021 1,545 Additions541Utilised(21) FX difference5931 December 2022 2,124 The provisions mostly relate to unfunded customer credit limits disclosed in Note 33. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-145-3": { "value": "33.Contingent assets and liabilitiesOff-balance sheet commitments are following: 31 December 31 December EUR \u2018000 2022 2021Unfunded customer credit limits 411,859 342,668Credit limits are further described in credit risk section of Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-146-2": { "value": "34.Financial risk managementThe Group\u2019s classes of financial instruments correspond with the line items presented in the Consolidated Statement of Financial Position.The Group\u2019s principal financial liabilities, other than derivatives, comprise loans and borrowings, leases and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations and investments. The Group\u2019s principal financial assets include trade and other receivables, cash and cash equivalents that derive directly from its operations. The Group also enters into derivative transactions.The Group is exposed to market risk, credit risk and liquidity risk. The management of the Group identifies the financial risks that may have adverse impact on the business objectives and through active risk management reduces these risks to an acceptable level.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s bank loans and borrowings with floating interest rates.The Group manages its interest rate risk by entering into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 December 2022 and 31 December 2021, after taking into account the effect of interest rate swaps, total amount of Group\u2019s borrowings is at a fixed rate of interest. Average fixed rate of interest rate swaps is 0.62% at 31 December 2022 (31 December 2021: 0.13%). The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:31 December 31 December EUR\u00b4000 2022 2021Increase by 50 basis points \u2013\u2013Decrease by 50 basis points\u2013\u2013Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency).The Group invoices mainly in EUR. However, there are transactional currency exposures that arise from sales and purchases also in other currencies, in particular CZK, PLN, and HUF.Financial assets and liabilities include cash and cash equivalents, trade and other receivables and interest-bearing loans and borrowings and trade and other payables. All remaining assets and liabilities in foreign currencies are immaterial or not subject to exchange rate exposure (such as property, plant and equipment).The table below presents the sensitivity of the profit before tax to a hypothetical change in EUR, CZK, PLN, and other currencies and the impact on financial assets and liabilities of the Group. The sensitivity analysis is prepared under the assumption that the other variables are constant.Effect of the change in exchange rates between functional currency of each entity and EUR, CZK, PLN and other currencies on profit before tax:31 December 31 December EUR\u00b4000 % change in rate 2022 2021EUR+/\u2013 10% +/\u2013 7,022+/\u2013 4,680 PLN+/\u2013 10% +/\u2013 429 +/\u2013 131CZK+/\u2013 10% +/\u2013 379 +/\u2013 310Others+/\u2013 10% +/\u2013 2,157 +/\u2013 870 The Group manages its foreign currency risk by using foreign currency forwards and swaps, impact of which is as disclosed in Note 15. Above effect on profit before tax is not adjusted for the impact of derivatives.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-147-2": { "value": "Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and currency risk.The sensitivity analyses in the following sections relate to the position as at 31 December 2022 and 31 December 2021. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant.The analyses exclude the impact of movements in market variables on: provisions, and the non-financial assets and liabilities of foreign operations.The following assumptions have been made in calculating the sensitivity analyses: \u2022The sensitivity of the relevant statement of profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 31 December 2022 and 31 December 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-149-2": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables). The risk is managed on a Group basis and individual customer credit risk limits are set based on internal ratings. Refer to Note 33 for unfunded customer credit limits.The outstanding balances of trade receivables and compliance with credit limits are monitored on a regular basis. The aim of the Group management is to minimise exposure of credit risk to single counterparty or group of similar counterparties. As at 31 December 2022 and 31 December 2021, there is no significant concentration of credit risk as there were no individually significant customers.The Group insures eligible receivables and accepts bank guarantees and collateral pledges to mitigate credit risk. The Group does not use credit derivatives to mitigate credit risk.The ageing of receivables is regularly monitored by the Group management. Refer to Note 24 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-150-2": { "value": "Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Group treasury maintains flexibility in funding by maintaining availability under committed credit lines. The Group performs regular monitoring of its liquidity position to keep sufficient financial resources to settle its liabilities and commitments.The Group\u2019s current ratio (current assets divided by current liabilities) was: 31 December 31 December 2022 2021Current ratio1.27 1.58 The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments (EUR \u2018000):Less than 3 to 12 More than 31 December 2022 On demand 3 months months 1 to 5 years 5 years Total Non-derivatives Interest-bearing loans\u20137,550 22,789 142,411 \u2013172,750 and borrowings Lease liabilities\u20131,179 2,969 7,959 2,020 14,127 Trade and other payables* \u2013354,545 10,911 26,197 \u2013391,653 Total non-derivatives \u2013363,274 36,669 176,567 2,020 578,530 Derivatives Trading derivatives \u201317\u2013\u2013\u201317Total derivatives \u201317\u2013\u2013\u201317Less than 3 to 12 More than 31 December 2021On demand3 monthsmonths1 to 5 years 5 yearsTotalNon-derivatives Interest-bearing loans \u20135,802 17,142 151,019 \u2013173,963and borrowingsLease liabilities\u20137052,0674,6051,911 9,288Trade and other payables* \u2013287,91426518,539\u2013306,718Total non-derivatives \u2013294,42119,474174,163 1,911 489,969Derivatives Trading derivatives \u201397259\u2013\u2013356Total derivatives \u201397259\u2013\u2013356* Trade and other payables exclude tax payables, advances received and contract liabilities as these are non-financial liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-152-2": { "value": "35.Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it has the capital required to operate and grow the business at a reasonable cost of capital without incurring undue financial risks. For the purpose of the Group\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the Company. In addition, the Board considers the management of debt to be an important element in controlling the capital structure of the Group. The Group utilises long-term debt to fund investments and acquisitions and has arranged debt facilities to allow for fluctuations in working capital requirements.The primary objective of the Group\u2019s capital management is to maximise the Shareholder value. The Group\u2019s capital allocation principles include:\u2022Investment in technology and capabilities for organic growth \u2022Investment in value accretive strategic acquisitions \u2022Maintaining robust balance sheet and financial strength providing strategic flexibility \u2022Prioritising growth over dividends with no intention to declare dividends in the near term.The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders or issue new shares. The Group monitors capital using the gearing ratio:31 December 31 December EUR \u2018000 2022 2021Interest bearing loans and lease liabilities 156,583 171,047 Cash and cash equivalents(146,003) (224,164)Net indebtedness 10,580 (53,117) Total equity attributable to Company 312,280 275,858Gearing ratio 3.39% (19.26%) In order to achieve this overall objective, the Group\u2019s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. The Group has secured an allowed net leverage spike of half a turn of total net debt to adjusted EBITDA for two consecutive reporting periods in the new club financing agreement. Further details are disclosed in Note 29.No changes were made in the objectives, policies or processes for managing capital during the above period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-153-2": { "value": "36.Related party disclosuresCompany The Company controlling the Group is disclosed in Note 1. Subsidiaries Interests in subsidiaries are set out in Note 7. Key management personnel compensation Key management personnel compensation is disclosed in Note 12. Paid dividends Paid dividends are disclosed in Consolidated Statement of Changes in Shareholders\u2019 Equity. Transactions with other related parties For the year ended 31 December EUR \u2018000 2022 2021Sale of goods to key management personnel 11Sale of fixed assets (vehicles) to key management personnel 29 \u2013Purchases of various goods and services from key management personnel 342Purchases of various goods and services from entities controlled by the 111Company\u2019s ShareholdersPurchases of various goods and services from entities controlled by key 16 19 management personnel*Purchases of various goods and services from associates \u20138Payment made to Company\u2019s shareholders in relation to share capital 58 \u2013Sale of W.A.G payments solutions, a.s. shares to key management personnel\u201320Paid deferred acquisition consideration (Note 8) \u2013421* The Group acquired the following goods and services from entities that are controlled by members of the Group\u2019s key management personnel: marketing research, consultancy, taxi servicesOutstanding balances arising from sales/purchases of goods and services 31 December 31 December EUR \u2018000 2022 2021Trade payables to entities controlled by key management personnel \u2013\u2013During 2022, an agreement for purchasing of the remaining 30% interest in Sygic was entered into with various minority shareholders including QQ Capital SE (investors including Michal Stencl), Pasanote Capital (investors including Jan Sameliak) and others. As Michal Stencl and Jan Sameliak were both Directors of Sygic during 2022, the transaction is considered a related party transaction. After signing of the agreement, Michal Stencl and Jan Sameliak were replaced in their positionsof Sygic\u2019s Directors. For more information on the transaction, please refer to Note 8. As at 31 December 2022 and 2021, the Group had no outstanding loans, credit, security or other benefits in either monetary or in-kind form to persons who are the governing body or to members of governing or other management and supervisory bodies, including former officers and members of those bodies.Two loans were provided in 2021 to key management personnel of EUR 800 thousand each. The first loan contract was signed on 27 July 2021 and the second contract on 31 August 2021. They were both repaid on 13 October 2021.Selected employees benefit from the private use of the Group cars. Terms and conditions Transactions relating to dividends were on the same terms and conditions that applied to other Shareholders. Goods were sold during the year based on the price lists in force and terms that would be available to third parties. All other transactions were made on normal commercial terms and conditions and at market rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-154-2": { "value": "37.Subsequent eventsGrupa Inelo acquisitionOn 24 October 2022, the Group through its subsidiary W.A.G. payment solutions, a.s., entered into an agreement to acquire 100% of the share capital of Grupa Inelo S.A. (\u201cGrupa Inelo\u201d), a leading Fleet Management Solutions (\u201cFMS\u201d) and Work Time Management (\u201cWTM\u201d) provider in Poland and Slovenia.The consideration for the acquisition is based on an enterprise value for Grupa Inelo of up to EUR 306 million, made up of an agreed equity cash consideration of approximately EUR 224 million and adjusted net debt of approximately EUR 70 million, of which up to EUR 58 million of debt will be repaid (subject to certain closing adjustments) on or around completion of the transaction. There is also a deferred consideration, based on Inelo\u2019s EBITDA performance in the year to 31 December 2022, capped at EUR 12.5 million, which will (if applicable) become payable in 2023 following approval of the audited consolidated financial statements of Inelo for the financial year ending 31 December 2022. The acquisition will be financed by existing cash and debt resources following the new club financing agreement of the Group announced on 22 September 2022.The Group has already obtained all approvals needed to execute the acquisition, ie. approval of the shareholder circular by the FCA, PLC shareholder approval and approval from relevant foreign direct investment regulatory bodies and antitrust authorities in Poland, Slovenia and North Macedonia.The acquisition was completed on 15 March 2023 and the initial acquisition accounting is in very early stages. The fair value of goodwill, software, customer relationships and other assets and liabilities will be reported in the Group\u2019s half-yearly financial statements for the six months ending 30 June 2023 and in the 2023 Annual Report.Facility B drawdown On 10 March 2023, the Group received EUR 180 million through facility B of the new club financing (see Note 29). The new loan was used to finance Grupa Inelo acquisition above. Interest rate risk was managed by entering into new interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-155-2": { "value": "Company Statement of Financial Position \ueb44\ue65f\ue7a5\ue77e\uec91\ueb69\ueb0e\ueb0e\ueb0e\ueb45As atAs at\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec9131 December Notes20222021ASSETSNon-current assets\ue776\ue945\ue907\ue93b\ue864\ue945\ue974\ue9b6\ueb7b\uec91\ue93b\ue8d3\ue7f8\ue8f7\ue974\uec91\ue7f8\ue8f7\ue852\uec91\ue864\ue941\ue983\ue8a7\ue93b\ue8f0\ue864\ue8f7\ue974 \ueb12\ueb14\ueb19 \u2013Right-of-use assets \ueb17\ueb13\ueb0f \u2013Investments in subsidiaries 6 \ueb0f\ueb10\ueb16\ueb7b\ueb12\ueb0e\ueb16 \ueb17\ueb19\ueb7b\ueb12\ueb19\ueb18\ue654\ue864\ue885\ue864\ue945\ue945\ue864\ue852\uec91\ue974\ue7f8\ue9b1\uec91\ue7f8\ue963\ue963\ue864\ue974\ue963 236 \u2013Other non-current assets \ueb14\ueb0f\ueb0f 599Total non-current assets \ueb0f\ueb10\ueb18\ueb7b\ueb0f\ueb14\ueb12 \ueb17\ueb19\ueb7b\ueb19\ueb19\ueb17Current assetsTrade and other receivables 8 \ueb0f\ueb13\ueb17\ueb7b\ueb19\ueb19\ueb19 \ueb0f\ueb12\ueb19\ueb7b\ueb12\ueb16\ueb12Cash and cash equivalents 9 \ueb0f\ueb7b\ueb17\ueb13\ueb13 \ueb18\ueb19\ueb7b\ueb19\ueb0e\ueb0fTotal current assets \ueb0f\ueb13\ueb19\ueb7b\ueb17\ueb13\ueb12 \ueb10\ueb10\ueb19\ueb7b\ueb10\ueb16\ueb13TOTAL ASSETS \ueb10\ueb17\ueb17\ueb7b\ueb18\ueb19\ueb16 \ueb12\ueb0e\ueb19\ueb7b\ueb10\ueb16\ueb0fSHAREHOLDERS\u2019 EQUITY AND LIABILITIESShare capital 10 \ueb18\ueb7b\ueb0f\ueb0e\ueb17 \ueb12\ueb18\ueb7b\ueb0f\ueb0f\ueb12Share premium 10 \ueb10\ueb7b\ueb19\ueb14\ueb18 \ueb0f\ueb19\ueb13\ueb7b\ueb17\ueb16\ueb12Merger reserve 10 42,035 \ueb13\ueb10\ueb7b\ueb0e\ueb12\ueb14Retained earnings \ueb10\ueb0f\ueb17\ueb7b\ueb18\ueb14\ueb16 \ueb44\ueb0f\ueb7b\ueb12\ueb19\ueb18\ueb45Total equity \ueb10\ueb17\ueb0e\ueb7b\ueb19\ueb14\ueb16 \ueb10\ueb17\ueb12\ueb7b\ueb14\ueb0f\ueb12Non-current liabilitiesLease liabilities \ueb16\ueb0f\ueb12 \u2013Total non-current liabilities \ueb16\ueb0f\ueb12 \u2013Current liabilitiesTrade and other payables 11 \ueb16\ueb7b\ueb0f\ueb10\ueb13 \ueb12\ueb14\ueb7b\ueb17\ueb13\ueb18Lease liabilities 203 \u2013Total current liabilities \ueb16\ueb7b\ueb12\ueb10\ueb17 \ueb12\ueb14\ueb7b\ueb17\ueb13\ueb18TOTAL EQUITY AND LIABILITIES \ueb10\ueb17\ueb17\ueb7b\ueb18\ueb19\ueb16 \ueb12\ueb0e\ueb19\ueb7b\ueb10\ueb16\ueb0f\ue602\ue963\uec91\ue93b\ue864\ue945\ue8f0\ue8a7\ue974\ue974\ue864\ue852\uec91\ue83f\ue9b6\uec91\ue963\ue864\ue846\ue974\ue8a7\ue907\ue8f7\uec91\ueb13\ueb0e\ueb18\uec91\ue907\ue885\uec91\ue649\ue907\ue8f0\ue93b\ue7f8\ue8f7\ue8a7\ue864\ue963\uec91\ue602\ue846\ue974\uec91\ueb10\ueb0e\ueb0e\ueb16\ueb7b\uec91\ue7f8\uec91\ue963\ue864\ue93b\ue7f8\ue945\ue7f8\ue974\ue864\uec91\ue78b\ue974\ue7f8\ue974\ue864\ue8f0\ue864\ue8f7\ue974\uec91\ue907\ue885\uec91\ue649\ue907\ue8f0\ue93b\ue945\ue864\ue894\ue864\ue8f7\ue963\ue8a7\ue9a4\ue864\uec91\ue6c5\ue8f7\ue846\ue907\ue8f0\ue864\uec91\ue885\ue907\ue945\uec91\ue7c8\ueb7c\ue602\ueb7c\ue68d\ueb7c\uec91\ue93b\ue7f8\ue9b6\ue8f0\ue864\ue8f7\ue974\uec91solutions plc has not been included in these financial statements. Total comprehensive loss for the year amounted to \ue65f\ue7a5\ue77e\uec91\ueb12\ueb7c\ueb14\uec91\ue8f0\ue8a7\ue8d3\ue8d3\ue8a7\ue907\ue8f7\uec91\ueb3b\ue93b\ue864\ue945\ue8a7\ue907\ue852\uec91\ue864\ue8f7\ue852\ue864\ue852\uec91\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec91\ueb10\ueb0e\ueb10\ueb0f\ueb80\uec91\ue65f\ue7a5\ue77e\uec91\ueb10\ueb7c\ueb0e\uec91\ue8f0\ue8a7\ue8d3\ue8d3\ue8a7\ue907\ue8f7\ueb3c\ueb7cThe notes on pages 252 to 257 are an integral part of these financial statements.The financial statements on pages 250 to 251 were approved by the Board of Directors and authorised for issue on 16 March 2023. They were signed on its behalf by:\ue776\ue7f8\ue983\ue8d3\uec91\ue723\ue7f8\ue8f7\ue852\ue983\ue846\ue7f8\uec91 \ue723\ue7f8\ue88a\ue852\ue7f8\ue8d3\ue864\ue8f7\ue7f8\uec91\ue641\ue7f8\ue945\ue974\ue907\ue966Chairman Chief Financial Officer Company No. 13544823Company Statement of Changes in Shareholders\u2019 Equity \ueb44\ue65f\ue7a5\ue77e\uec91\ueb69\ueb0e\ueb0e\ueb0e\ueb45Share Share Merger Retained Total Notescapitalpremiumreservesearningsequity\ue602\ue974\uec91\ueb12\uec91\ue602\ue983\ue88a\ue983\ue963\ue974\uec91\ueb10\ueb0e\ueb10\ueb0f 10 58 \u2013 \u2013 \u2013 58Loss for the period \u2013 \u2013 \u2013 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45Total comprehensive income \u2013 \u2013 \u2013 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45 \ueb44\ueb10\ueb7b\ueb0e\ueb13\ueb17\ueb45Transactions with owners in their capacity as owners:Group reorganisation 10 \ueb16\ueb7b\ueb17\ueb16\ueb16 \u2013 \ueb17\ueb10\ueb7b\ueb0e\ueb13\ueb0f \u2013 \ueb17\ueb18\ueb7b\ueb18\ueb0e\ueb17Pre-IPO bonus (share-based 10 7 \u2013 \u2013 \u2013 7payments) \ue776\ue945\ue8a7\ue8f0\ue7f8\ue945\ue9b6\uec91\ue93b\ue945\ue907\ue846\ue864\ue864\ue852\ue963\uec91\ueb3b\ue8f7\ue864\ue974\uec91\ue907\ue885\uec91\ue864\ue9b1\ue93b\ue864\ue8f7\ue963\ue864\ue963\ueb3c 10 \ueb0f\ueb7b\ueb12\ueb12\ueb13 \ueb0f\ueb19\ueb13\ueb7b\ueb17\ueb16\ueb12 \u2013 \u2013 \ueb0f\ueb19\ueb16\ueb7b\ueb0e\ueb19\ueb17Cancellation of shares 10 \ueb44\ueb14\ueb18\ueb45 \u2013 \u2013 58 \u2013Allotment of class B share 10 \ueb12\ueb0e\ueb7b\ueb0e\ueb0e\ueb16 \u2013 \ueb44\ueb12\ueb0e\ueb7b\ueb0e\ueb0e\ueb16\ueb45 \u2013 \u2013Share-based payments \u2013 \u2013 \u2013 591 591\ue602\ue974\uec91\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec91\ueb10\ueb0e\ueb10\ueb0f \ueb12\ueb18\ueb7b\ueb0f\ueb0f\ueb12 \ueb0f\ueb19\ueb13\ueb7b\ueb17\ueb16\ueb12 42,035 \ueb44\ueb0f\ueb7b\ueb12\ueb19\ueb18\ueb45 \ueb10\ueb17\ueb12\ueb7b\ueb14\ueb0f\ueb12Loss for the period \u2013 \u2013 \u2013 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45Total comprehensive income \u2013 \u2013 \u2013 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45 \ueb44\ueb12\ueb7b\ueb14\ueb0e\ueb16\ueb45Transactions with owners in their capacity as owners:Capital reduction 10 \ueb44\ueb12\ueb0e\ueb7b\ueb0e\ueb0e\ueb16\ueb45 \ueb44\ueb0f\ueb19\ueb0f\ueb7b\ueb18\ueb0e\ueb14\ueb45 \u2013 \ueb10\ueb10\ueb0f\ueb7b\ueb18\ueb0f\ueb0f \u2013Share-based payments \u2013 \u2013 \u2013 949 949\ue602\ue974\uec91\ueb12\ueb0f\uec91\ue654\ue864\ue846\ue864\ue8f0\ue83f\ue864\ue945\uec91\ueb10\ueb0e\ueb10\ueb10 \ueb18\ueb7b\ueb0f\ueb0e\ueb17 \ueb10\ueb7b\ueb19\ueb14\ueb18 42,035 \ueb10\ueb0f\ueb17\ueb7b\ueb18\ueb14\ueb16 \ueb10\ueb17\ueb0e\ueb7b\ueb19\ueb14\ueb16", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HU63CWV5J8YK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }