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"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
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"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
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"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
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"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
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"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
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"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
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"s8_notes__6__12": {
"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
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"s8_notes__6__11": {
"value": "1. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
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"s8_notes__6__23": {
"value": "2. Basis of preparationThe 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.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 \u2019000), except where otherwise indicated. The Group\u2019s fiscal year begins on 1 January and ends on 31 December.Going concernThe financial statements have been prepared on a going concern basis. Having considered the ability of the Company and the Group to operate within its existing facilities and meet its debt covenants, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The adoptionof the going concern basis is based on an expectation that the Group will have adequate resources to continue in operational existence for at least twelve months from the signing of the consolidated full year financial statements. The Directors considered the Group\u2019s business activities, together with the principal risks and uncertainties, likely to affect its future performance and position. For the purpose of this going concern assessment, the Directors have considered the Group\u2019s FY 2024 budget together with extended forecasts for the period to September 2025. The reviewalso included the financial position of the Group, its cash flows and adherence to its banking covenants. The Group has access to a Club Finance facility which matures in September 2027 comprising of the following: @acility A: EUR 150 million amortising facility with quarterly repayments plus a EUR 45 million balloon @acility B: EUR 180 million committed facility with quarterly repayments plus a EUR 45 million balloon @evolving Credit Facility (\u201cRCF\u201d) of EUR 235 million for revolving loans (up to EUR 85 million) and ancillary facilities (up to EUR 150 million) @UR 150 million uncommitted Incremental Facility for acquisitions, capital expenditure and revolving credit facilities up to EUR 50 million of which not more than EUR 25 million for revolving loansThe Group\u2019s Club Finance facility requires the Group to comply with the following three financial covenants which are tested semi-annually: @et leverage: total net debt of no more than 3.75 times Adjusted EBITDA in 2024 and 3.5 timesin 2025 and onwards @Interest cover: Adjusted EBITDA is not less than 4.0 times finance charges @ djusted net leverage: Adjusted net debt (including guarantees) of no more than 6.5 times Adjusted EBITDANoting that on 14 March 2024, the Group signed an amendment to its Club Finance facility removing the requirement to calculate the interest cover covenant at 30 June 2024. Furthermorethe Group also increased the amount that can be used for revolving loans from EUR 25 million to EUR 40 million under the uncommitted Incremental Facility. The total amount of the uncommittedIncremental Facility remains unchanged at EUR 150 million (with EUR 83.5 million committed as at the year-end). See Note 30 for the covenant assessment as at 31 December 2023. Throughout the period to September 2025, the Group has available liquidity and on the basis of current forecasts is expected to remain in compliance with all banking covenants. In arriving at the conclusion on going concern, the Directors have given due consideration to whether the funding and liquidity resources above are sufficient to accommodate the principal risks and uncertainties faced by the Group. The Directors have reviewed the financial forecasts across a range of scenarios and prepared both a base case and severe but plausible downside case. The severe downside case assumes a deterioration in trading performance relating to a decline in product demand, as well as supply chain risks. These downsides would be partly offset by the application of mitigating actions to the extent they are under management\u2019s control, including deferrals of capital and other discretionary expenditure. The most extreme downside scenario incorporating an aggregation of all risks considered, showed a year-on-year decline in net revenue by 4% and an EBITDA margin of 41.5% in comparison to the base case of net revenue growth of 15% and a EBITDA margin of 42.4%. These adjusted projections do not show a breach of covenants in respect of available funding facilities or any liquidity shortfall.In all scenarios, the Group has sufficient liquidity and adequate headroom in the club finance facilities to meet its liabilities as they fall due and the Group complies with the financial covenants at 30 June and 31 December throughout the forecast period. The Group has also carried out reverse stress tests against the downside case to determine the performance levels that would result in a breach of covenants and the Directors do not consider such a scenario to be plausible. The Directors have also considered the impact of climate-related matters on the Group\u2019s going concern assessment, and do not expect this to have a significant impact on the going concern assessment throughout the forecast period. Since performing their assessment, there have been no subsequent changes in facts and circumstances relevant to the Directors\u2019 assessment of going concern.Information on Independent AuditorsThe below fees represent amounts paid to PricewaterhouseCoopers LLP.For the year ended 31 DecemberEUR \u20190002023 2022The statutory audit of consolidated and Company\u2019s financial statements 1,072 819Audit of the financial statements of the Company\u2019s subsidiaries 685 356Total audit fees 1,757 1,175Other assurance services 96 590Total non-audit fees 96 590Total 1,853 1,765Other assurance services relates to work as a reporting accountant due to the Grupa Inelo S.A. (\u201cInelo\u201d) acquisition (Note 8).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "2. Basis of preparationThe 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.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 \u2019000), except where otherwise indicated. The Group\u2019s fiscal year begins on 1 January and ends on 31 December.Going concernThe financial statements have been prepared on a going concern basis. Having considered the ability of the Company and the Group to operate within its existing facilities and meet its debt covenants, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The adoptionof the going concern basis is based on an expectation that the Group will have adequate resources to continue in operational existence for at least twelve months from the signing of the consolidated full year financial statements. The Directors considered the Group\u2019s business activities, together with the principal risks and uncertainties, likely to affect its future performance and position. For the purpose of this going concern assessment, the Directors have considered the Group\u2019s FY 2024 budget together with extended forecasts for the period to September 2025. The reviewalso included the financial position of the Group, its cash flows and adherence to its banking covenants. The Group has access to a Club Finance facility which matures in September 2027 comprising of the following: @acility A: EUR 150 million amortising facility with quarterly repayments plus a EUR 45 million balloon @acility B: EUR 180 million committed facility with quarterly repayments plus a EUR 45 million balloon @evolving Credit Facility (\u201cRCF\u201d) of EUR 235 million for revolving loans (up to EUR 85 million) and ancillary facilities (up to EUR 150 million) @UR 150 million uncommitted Incremental Facility for acquisitions, capital expenditure and revolving credit facilities up to EUR 50 million of which not more than EUR 25 million for revolving loansThe Group\u2019s Club Finance facility requires the Group to comply with the following three financial covenants which are tested semi-annually: @et leverage: total net debt of no more than 3.75 times Adjusted EBITDA in 2024 and 3.5 timesin 2025 and onwards @Interest cover: Adjusted EBITDA is not less than 4.0 times finance charges @ djusted net leverage: Adjusted net debt (including guarantees) of no more than 6.5 times Adjusted EBITDANoting that on 14 March 2024, the Group signed an amendment to its Club Finance facility removing the requirement to calculate the interest cover covenant at 30 June 2024. Furthermorethe Group also increased the amount that can be used for revolving loans from EUR 25 million to EUR 40 million under the uncommitted Incremental Facility. The total amount of the uncommittedIncremental Facility remains unchanged at EUR 150 million (with EUR 83.5 million committed as at the year-end). See Note 30 for the covenant assessment as at 31 December 2023. Throughout the period to September 2025, the Group has available liquidity and on the basis of current forecasts is expected to remain in compliance with all banking covenants. In arriving at the conclusion on going concern, the Directors have given due consideration to whether the funding and liquidity resources above are sufficient to accommodate the principal risks and uncertainties faced by the Group. The Directors have reviewed the financial forecasts across a range of scenarios and prepared both a base case and severe but plausible downside case. The severe downside case assumes a deterioration in trading performance relating to a decline in product demand, as well as supply chain risks. These downsides would be partly offset by the application of mitigating actions to the extent they are under management\u2019s control, including deferrals of capital and other discretionary expenditure. The most extreme downside scenario incorporating an aggregation of all risks considered, showed a year-on-year decline in net revenue by 4% and an EBITDA margin of 41.5% in comparison to the base case of net revenue growth of 15% and a EBITDA margin of 42.4%. These adjusted projections do not show a breach of covenants in respect of available funding facilities or any liquidity shortfall.In all scenarios, the Group has sufficient liquidity and adequate headroom in the club finance facilities to meet its liabilities as they fall due and the Group complies with the financial covenants at 30 June and 31 December throughout the forecast period. The Group has also carried out reverse stress tests against the downside case to determine the performance levels that would result in a breach of covenants and the Directors do not consider such a scenario to be plausible. The Directors have also considered the impact of climate-related matters on the Group\u2019s going concern assessment, and do not expect this to have a significant impact on the going concern assessment throughout the forecast period. Since performing their assessment, there have been no subsequent changes in facts and circumstances relevant to the Directors\u2019 assessment of going concern.Information on Independent AuditorsThe below fees represent amounts paid to PricewaterhouseCoopers LLP.For the year ended 31 DecemberEUR \u20190002023 2022The statutory audit of consolidated and Company\u2019s financial statements 1,072 819Audit of the financial statements of the Company\u2019s subsidiaries 685 356Total audit fees 1,757 1,175Other assurance services 96 590Total non-audit fees 96 590Total 1,853 1,765Other assurance services relates to work as a reporting accountant due to the Grupa Inelo S.A. (\u201cInelo\u201d) acquisition (Note 8).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"value": "2. Basis of preparationThe 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.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 \u2019000), except where otherwise indicated. The Group\u2019s fiscal year begins on 1 January and ends on 31 December.Going concernThe financial statements have been prepared on a going concern basis. Having considered the ability of the Company and the Group to operate within its existing facilities and meet its debt covenants, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The adoptionof the going concern basis is based on an expectation that the Group will have adequate resources to continue in operational existence for at least twelve months from the signing of the consolidated full year financial statements. The Directors considered the Group\u2019s business activities, together with the principal risks and uncertainties, likely to affect its future performance and position. For the purpose of this going concern assessment, the Directors have considered the Group\u2019s FY 2024 budget together with extended forecasts for the period to September 2025. The reviewalso included the financial position of the Group, its cash flows and adherence to its banking covenants. The Group has access to a Club Finance facility which matures in September 2027 comprising of the following: @acility A: EUR 150 million amortising facility with quarterly repayments plus a EUR 45 million balloon @acility B: EUR 180 million committed facility with quarterly repayments plus a EUR 45 million balloon @evolving Credit Facility (\u201cRCF\u201d) of EUR 235 million for revolving loans (up to EUR 85 million) and ancillary facilities (up to EUR 150 million) @UR 150 million uncommitted Incremental Facility for acquisitions, capital expenditure and revolving credit facilities up to EUR 50 million of which not more than EUR 25 million for revolving loansThe Group\u2019s Club Finance facility requires the Group to comply with the following three financial covenants which are tested semi-annually: @et leverage: total net debt of no more than 3.75 times Adjusted EBITDA in 2024 and 3.5 timesin 2025 and onwards @Interest cover: Adjusted EBITDA is not less than 4.0 times finance charges @ djusted net leverage: Adjusted net debt (including guarantees) of no more than 6.5 times Adjusted EBITDANoting that on 14 March 2024, the Group signed an amendment to its Club Finance facility removing the requirement to calculate the interest cover covenant at 30 June 2024. Furthermorethe Group also increased the amount that can be used for revolving loans from EUR 25 million to EUR 40 million under the uncommitted Incremental Facility. The total amount of the uncommittedIncremental Facility remains unchanged at EUR 150 million (with EUR 83.5 million committed as at the year-end). See Note 30 for the covenant assessment as at 31 December 2023. Throughout the period to September 2025, the Group has available liquidity and on the basis of current forecasts is expected to remain in compliance with all banking covenants. In arriving at the conclusion on going concern, the Directors have given due consideration to whether the funding and liquidity resources above are sufficient to accommodate the principal risks and uncertainties faced by the Group. The Directors have reviewed the financial forecasts across a range of scenarios and prepared both a base case and severe but plausible downside case. The severe downside case assumes a deterioration in trading performance relating to a decline in product demand, as well as supply chain risks. These downsides would be partly offset by the application of mitigating actions to the extent they are under management\u2019s control, including deferrals of capital and other discretionary expenditure. The most extreme downside scenario incorporating an aggregation of all risks considered, showed a year-on-year decline in net revenue by 4% and an EBITDA margin of 41.5% in comparison to the base case of net revenue growth of 15% and a EBITDA margin of 42.4%. These adjusted projections do not show a breach of covenants in respect of available funding facilities or any liquidity shortfall.In all scenarios, the Group has sufficient liquidity and adequate headroom in the club finance facilities to meet its liabilities as they fall due and the Group complies with the financial covenants at 30 June and 31 December throughout the forecast period. The Group has also carried out reverse stress tests against the downside case to determine the performance levels that would result in a breach of covenants and the Directors do not consider such a scenario to be plausible. The Directors have also considered the impact of climate-related matters on the Group\u2019s going concern assessment, and do not expect this to have a significant impact on the going concern assessment throughout the forecast period. Since performing their assessment, there have been no subsequent changes in facts and circumstances relevant to the Directors\u2019 assessment of going concern.Information on Independent AuditorsThe below fees represent amounts paid to PricewaterhouseCoopers LLP.For the year ended 31 DecemberEUR \u20190002023 2022The statutory audit of consolidated and Company\u2019s financial statements 1,072 819Audit of the financial statements of the Company\u2019s subsidiaries 685 356Total audit fees 1,757 1,175Other assurance services 96 590Total non-audit fees 96 590Total 1,853 1,765Other assurance services relates to work as a reporting accountant due to the Grupa Inelo S.A. (\u201cInelo\u201d) acquisition (Note 8).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "2. Basis of preparationThe 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.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 \u2019000), except where otherwise indicated. The Group\u2019s fiscal year begins on 1 January and ends on 31 December.Going concernThe financial statements have been prepared on a going concern basis. Having considered the ability of the Company and the Group to operate within its existing facilities and meet its debt covenants, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The adoptionof the going concern basis is based on an expectation that the Group will have adequate resources to continue in operational existence for at least twelve months from the signing of the consolidated full year financial statements. The Directors considered the Group\u2019s business activities, together with the principal risks and uncertainties, likely to affect its future performance and position. For the purpose of this going concern assessment, the Directors have considered the Group\u2019s FY 2024 budget together with extended forecasts for the period to September 2025. The reviewalso included the financial position of the Group, its cash flows and adherence to its banking covenants. The Group has access to a Club Finance facility which matures in September 2027 comprising of the following: @acility A: EUR 150 million amortising facility with quarterly repayments plus a EUR 45 million balloon @acility B: EUR 180 million committed facility with quarterly repayments plus a EUR 45 million balloon @evolving Credit Facility (\u201cRCF\u201d) of EUR 235 million for revolving loans (up to EUR 85 million) and ancillary facilities (up to EUR 150 million) @UR 150 million uncommitted Incremental Facility for acquisitions, capital expenditure and revolving credit facilities up to EUR 50 million of which not more than EUR 25 million for revolving loansThe Group\u2019s Club Finance facility requires the Group to comply with the following three financial covenants which are tested semi-annually: @et leverage: total net debt of no more than 3.75 times Adjusted EBITDA in 2024 and 3.5 timesin 2025 and onwards @Interest cover: Adjusted EBITDA is not less than 4.0 times finance charges @ djusted net leverage: Adjusted net debt (including guarantees) of no more than 6.5 times Adjusted EBITDANoting that on 14 March 2024, the Group signed an amendment to its Club Finance facility removing the requirement to calculate the interest cover covenant at 30 June 2024. Furthermorethe Group also increased the amount that can be used for revolving loans from EUR 25 million to EUR 40 million under the uncommitted Incremental Facility. The total amount of the uncommittedIncremental Facility remains unchanged at EUR 150 million (with EUR 83.5 million committed as at the year-end). See Note 30 for the covenant assessment as at 31 December 2023. Throughout the period to September 2025, the Group has available liquidity and on the basis of current forecasts is expected to remain in compliance with all banking covenants. In arriving at the conclusion on going concern, the Directors have given due consideration to whether the funding and liquidity resources above are sufficient to accommodate the principal risks and uncertainties faced by the Group. The Directors have reviewed the financial forecasts across a range of scenarios and prepared both a base case and severe but plausible downside case. The severe downside case assumes a deterioration in trading performance relating to a decline in product demand, as well as supply chain risks. These downsides would be partly offset by the application of mitigating actions to the extent they are under management\u2019s control, including deferrals of capital and other discretionary expenditure. The most extreme downside scenario incorporating an aggregation of all risks considered, showed a year-on-year decline in net revenue by 4% and an EBITDA margin of 41.5% in comparison to the base case of net revenue growth of 15% and a EBITDA margin of 42.4%. These adjusted projections do not show a breach of covenants in respect of available funding facilities or any liquidity shortfall.In all scenarios, the Group has sufficient liquidity and adequate headroom in the club finance facilities to meet its liabilities as they fall due and the Group complies with the financial covenants at 30 June and 31 December throughout the forecast period. The Group has also carried out reverse stress tests against the downside case to determine the performance levels that would result in a breach of covenants and the Directors do not consider such a scenario to be plausible. The Directors have also considered the impact of climate-related matters on the Group\u2019s going concern assessment, and do not expect this to have a significant impact on the going concern assessment throughout the forecast period. Since performing their assessment, there have been no subsequent changes in facts and circumstances relevant to the Directors\u2019 assessment of going concern.Information on Independent AuditorsThe below fees represent amounts paid to PricewaterhouseCoopers LLP.For the year ended 31 DecemberEUR \u20190002023 2022The statutory audit of consolidated and Company\u2019s financial statements 1,072 819Audit of the financial statements of the Company\u2019s subsidiaries 685 356Total audit fees 1,757 1,175Other assurance services 96 590Total non-audit fees 96 590Total 1,853 1,765Other assurance services relates to work as a reporting accountant due to the Grupa Inelo S.A. (\u201cInelo\u201d) acquisition (Note 8).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"value": "2. Basis of preparationThe 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.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 \u2019000), except where otherwise indicated. The Group\u2019s fiscal year begins on 1 January and ends on 31 December.Going concernThe financial statements have been prepared on a going concern basis. Having considered the ability of the Company and the Group to operate within its existing facilities and meet its debt covenants, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The adoptionof the going concern basis is based on an expectation that the Group will have adequate resources to continue in operational existence for at least twelve months from the signing of the consolidated full year financial statements. The Directors considered the Group\u2019s business activities, together with the principal risks and uncertainties, likely to affect its future performance and position. For the purpose of this going concern assessment, the Directors have considered the Group\u2019s FY 2024 budget together with extended forecasts for the period to September 2025. The reviewalso included the financial position of the Group, its cash flows and adherence to its banking covenants. The Group has access to a Club Finance facility which matures in September 2027 comprising of the following: @acility A: EUR 150 million amortising facility with quarterly repayments plus a EUR 45 million balloon @acility B: EUR 180 million committed facility with quarterly repayments plus a EUR 45 million balloon @evolving Credit Facility (\u201cRCF\u201d) of EUR 235 million for revolving loans (up to EUR 85 million) and ancillary facilities (up to EUR 150 million) @UR 150 million uncommitted Incremental Facility for acquisitions, capital expenditure and revolving credit facilities up to EUR 50 million of which not more than EUR 25 million for revolving loansThe Group\u2019s Club Finance facility requires the Group to comply with the following three financial covenants which are tested semi-annually: @et leverage: total net debt of no more than 3.75 times Adjusted EBITDA in 2024 and 3.5 timesin 2025 and onwards @Interest cover: Adjusted EBITDA is not less than 4.0 times finance charges @ djusted net leverage: Adjusted net debt (including guarantees) of no more than 6.5 times Adjusted EBITDANoting that on 14 March 2024, the Group signed an amendment to its Club Finance facility removing the requirement to calculate the interest cover covenant at 30 June 2024. Furthermorethe Group also increased the amount that can be used for revolving loans from EUR 25 million to EUR 40 million under the uncommitted Incremental Facility. The total amount of the uncommittedIncremental Facility remains unchanged at EUR 150 million (with EUR 83.5 million committed as at the year-end). See Note 30 for the covenant assessment as at 31 December 2023. Throughout the period to September 2025, the Group has available liquidity and on the basis of current forecasts is expected to remain in compliance with all banking covenants. In arriving at the conclusion on going concern, the Directors have given due consideration to whether the funding and liquidity resources above are sufficient to accommodate the principal risks and uncertainties faced by the Group. The Directors have reviewed the financial forecasts across a range of scenarios and prepared both a base case and severe but plausible downside case. The severe downside case assumes a deterioration in trading performance relating to a decline in product demand, as well as supply chain risks. These downsides would be partly offset by the application of mitigating actions to the extent they are under management\u2019s control, including deferrals of capital and other discretionary expenditure. The most extreme downside scenario incorporating an aggregation of all risks considered, showed a year-on-year decline in net revenue by 4% and an EBITDA margin of 41.5% in comparison to the base case of net revenue growth of 15% and a EBITDA margin of 42.4%. These adjusted projections do not show a breach of covenants in respect of available funding facilities or any liquidity shortfall.In all scenarios, the Group has sufficient liquidity and adequate headroom in the club finance facilities to meet its liabilities as they fall due and the Group complies with the financial covenants at 30 June and 31 December throughout the forecast period. The Group has also carried out reverse stress tests against the downside case to determine the performance levels that would result in a breach of covenants and the Directors do not consider such a scenario to be plausible. The Directors have also considered the impact of climate-related matters on the Group\u2019s going concern assessment, and do not expect this to have a significant impact on the going concern assessment throughout the forecast period. Since performing their assessment, there have been no subsequent changes in facts and circumstances relevant to the Directors\u2019 assessment of going concern.Information on Independent AuditorsThe below fees represent amounts paid to PricewaterhouseCoopers LLP.For the year ended 31 DecemberEUR \u20190002023 2022The statutory audit of consolidated and Company\u2019s financial statements 1,072 819Audit of the financial statements of the Company\u2019s subsidiaries 685 356Total audit fees 1,757 1,175Other assurance services 96 590Total non-audit fees 96 590Total 1,853 1,765Other assurance services relates to work as a reporting accountant due to the Grupa Inelo S.A. (\u201cInelo\u201d) acquisition (Note 8).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__9": {
"value": "Notes to the financial statements for the year ended 31 December 20231. Corporate informationW.A.G payment solutions plc (the \u201cCompany\u201d or the \u201cParent\u201d) is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England and Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA. The ordinary shares of the Company were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and have traded on the London Stock Exchange plc\u2019s Main Market for listed securities since 13 October 2021.The Parent and its subsidiaries (together the \u201cGroup\u201d) are principally engaged in: @roviding payment solutions for fleets of professional transport and forwarding companies, as well as running a network of truck parks for commercial road transportation @roviding a unified way of electronic toll payments on a number of European road networks for fleets of professional transport and forwarding companies @ecovery of VAT refunds and excise duty from European countries @reating an automated journey book and optimising traffic with the use of integrated digital maps @ombining advanced solutions in the field of electronics, software engineering and applied mathematics @he sale of navigation licences @ther servicesA list of subsidiaries is included in Note 7.2. Basis of preparationThe 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.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 \u2019000), except where otherwise indicated. The Group\u2019s fiscal year begins on 1 January and ends on 31 December.Going concernThe financial statements have been prepared on a going concern basis. Having considered the ability of the Company and the Group to operate within its existing facilities and meet its debt covenants, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The adoptionof the going concern basis is based on an expectation that the Group will have adequate resources to continue in operational existence for at least twelve months from the signing of the consolidated full year financial statements. The Directors considered the Group\u2019s business activities, together with the principal risks and uncertainties, likely to affect its future performance and position. For the purpose of this going concern assessment, the Directors have considered the Group\u2019s FY 2024 budget together with extended forecasts for the period to September 2025. The reviewalso included the financial position of the Group, its cash flows and adherence to its banking covenants. The Group has access to a Club Finance facility which matures in September 2027 comprising of the following: @acility A: EUR 150 million amortising facility with quarterly repayments plus a EUR 45 million balloon @acility B: EUR 180 million committed facility with quarterly repayments plus a EUR 45 million balloon @evolving Credit Facility (\u201cRCF\u201d) of EUR 235 million for revolving loans (up to EUR 85 million) and ancillary facilities (up to EUR 150 million) @UR 150 million uncommitted Incremental Facility for acquisitions, capital expenditure and revolving credit facilities up to EUR 50 million of which not more than EUR 25 million for revolving loansThe Group\u2019s Club Finance facility requires the Group to comply with the following three financial covenants which are tested semi-annually: @et leverage: total net debt of no more than 3.75 times Adjusted EBITDA in 2024 and 3.5 timesin 2025 and onwards @Interest cover: Adjusted EBITDA is not less than 4.0 times finance charges @ djusted net leverage: Adjusted net debt (including guarantees) of no more than 6.5 times Adjusted EBITDANoting that on 14 March 2024, the Group signed an amendment to its Club Finance facility removing the requirement to calculate the interest cover covenant at 30 June 2024. Furthermorethe Group also increased the amount that can be used for revolving loans from EUR 25 million to EUR 40 million under the uncommitted Incremental Facility. The total amount of the uncommittedIncremental Facility remains unchanged at EUR 150 million (with EUR 83.5 million committed as at the year-end). See Note 30 for the covenant assessment as at 31 December 2023. Throughout the period to September 2025, the Group has available liquidity and on the basis of current forecasts is expected to remain in compliance with all banking covenants. In arriving at the conclusion on going concern, the Directors have given due consideration to whether the funding and liquidity resources above are sufficient to accommodate the principal risks and uncertainties faced by the Group. The Directors have reviewed the financial forecasts across a range of scenarios and prepared both a base case and severe but plausible downside case. The severe downside case assumes a deterioration in trading performance relating to a decline in product demand, as well as supply chain risks. These downsides would be partly offset by the application of mitigating actions to the extent they are under management\u2019s control, including deferrals of capital and other discretionary expenditure. The most extreme downside scenario incorporating an aggregation of all risks considered, showed a year-on-year decline in net revenue by 4% and an EBITDA margin of 41.5% in comparison to the base case of net revenue growth of 15% and a EBITDA margin of 42.4%. These adjusted projections do not show a breach of covenants in respect of available funding facilities or any liquidity shortfall.In all scenarios, the Group has sufficient liquidity and adequate headroom in the club finance facilities to meet its liabilities as they fall due and the Group complies with the financial covenants at 30 June and 31 December throughout the forecast period. The Group has also carried out reverse stress tests against the downside case to determine the performance levels that would result in a breach of covenants and the Directors do not consider such a scenario to be plausible. The Directors have also considered the impact of climate-related matters on the Group\u2019s going concern assessment, and do not expect this to have a significant impact on the going concern assessment throughout the forecast period. Since performing their assessment, there have been no subsequent changes in facts and circumstances relevant to the Directors\u2019 assessment of going concern.Information on Independent AuditorsThe below fees represent amounts paid to PricewaterhouseCoopers LLP.For the year ended 31 DecemberEUR \u20190002023 2022The statutory audit of consolidated and Company\u2019s financial statements 1,072 819Audit of the financial statements of the Company\u2019s subsidiaries 685 356Total audit fees 1,757 1,175Other assurance services 96 590Total non-audit fees 96 590Total 1,853 1,765Other assurance services relates to work as a reporting accountant due to the Grupa Inelo S.A. (\u201cInelo\u201d) acquisition (Note 8). 3. Basis of consolidationThe 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: @ower over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) @xposure, or rights, to variable returns from its involvement with the investee @he ability to use its power over the investee to affect its returnsGenerally, 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: @he contractual arrangement with the other vote holders of the investee @ights arising from other contractual arrangements @he Group\u2019s voting rights and potential voting rightsThe 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. 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. 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. 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 goodwillBusiness 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.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, \u2018Financial instruments: recognition and measurement\u2019,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 appropriateIFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. There can also be a situation where the holder of non-controlling interest in the acquiree is 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 combination 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.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: @isclosures of valuation methods, significant estimates and assumptions (Note 9) @uantitative disclosures of fair value measurement hierarchy (Note 9) @inancial instruments carried at fair value (Note 26)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: @In the principal market for the asset or liability @In the absence of a principal market, in the most advantageous market for the asset or liabilityThe 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: @evel 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities @evel 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable @evel 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservableFor 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 customersRevenues 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 energyEnergy means any source that makes a vehicle move (diesel, petrol, e-mobility, biofuel 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: @he acceptance business model \u2013 sale through acceptance partner locations (petrol stations); customers may access any petrol station, which is accepting the Group\u2019s payment solutions, for a price that is independent from the prices of petrol stations under pre-agreed terms @he 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 customersThe Group is acting as a principal in both business models with significant judgement made in respect of the acceptance model (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 tollThe revenues from commission for arranging payments of toll are 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 refundThe revenues from commission fees for the tax refund are 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 25).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 reclaim 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 the 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 The revenues from the sale of on-board units (\u201cOBU\u201d) 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.NavigationNavigation revenue is generated through the licensing of navigation software and digital map content to B2B and B2C customers. The licence of navigation software is granted as a \u201cright to use an intellectual property\u201d while the licence 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 licences are those that only provide the customer the right to use navigationsoftware 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 licences is recognised at the moment the control passes to the customer. Revenue from \u201cright-to-access\u201d licences 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 licences is estimated at three years and for B2B lifetime customers, five years.Other servicesOther services considered immaterial from a Group perspective include: @4hr assistance services \u2013 revenue recognised over the period for which the service is activated @egal services \u2013 revenue recognised at the moment the service is rendered @Insurance \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 signed4.4. TaxesCurrent income taxCurrent 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 enacted or 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 significant tax provisions were established as at 31 December 2023 and 2022.Deferred taxDeferred 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: @hen 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 @In respect of taxable temporary differences associated with investments in subsidiaries and 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 futureDeferred tax assets are recognised for all deductible temporary differences and the carry forward 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: @hen 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 @In respect of deductible temporary differences associated with investments in subsidiaries and 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 utilisedThe 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 transactionsThe 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 lossas 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 recognitionof 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 CompanyThe 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 assetsIntangible 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:YearsClient relationships 7\u201315Internal software developments 2\u201310Patents and rights 2\u201320External software 2\u20138Other intangible assets 2\u20133Intangible 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.Client relationshipsClient relationships were acquired as part of a business combination (Notes 8 and 19). 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 expenditure on an individual project is recognised as an intangible asset when the Group can demonstrate: @he technical feasibility of completing the intangible asset so that the asset will be available for use or sale @Its intention to complete and its ability and intention to use or sell the asset @ow the asset will generate future economic benefits @he availability of resources to complete the asset @he ability to measure reliably the expenditure during developmentFollowing 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 and external softwareSeparately acquired patents and rights, and external 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.4.8. Property, plant and equipmentProperty, 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 them separately, 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.Depreciation is recorded on a straight-line basis over the estimated useful life of an asset as follows:YearsBuildings 10\u201340Leasehold improvements 4\u201315Machinery and equipment 2\u201320Vehicles 2\u20135Fixtures and fittings 5\u201310OBU units 3\u20135Land and tangible assets in progress are not depreciated.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 profit or loss 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. LeasesIdentification 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: @he Group has the right to obtain a substantial economic benefit from the asset for the period of its use @he 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 @he Group has the right to control the use of an identifiable asset @he lease is longer than 12 months (short-term lease exemption allowed under IFRS 16) @he value of the new asset exceeds EUR 4,500 (low value exemption allowed under IFRS 16)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 liabilityAt 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: @ixed payments (lowered by any lease incentives) @ariable lease payments that are indexed or fixed to a rate @all option to purchase where there is sufficient certainty that the lessee will make use of the option @ayment of penalties for termination of the lease where the lease period corresponds to the lessee making use of the option to terminate the leaseAfter the 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 payments occurs. Interest from the lease obligation is recognised as a finance cost.Right to use an assetThe Group measures the right to use an asset on the date the lease commences on the basis of alease agreement. These are based on: @he 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) @he initial direct costs of the lease paid by the Group @he estimated value of the costs for dismantling and removing an identified asset or the reclamation of the site where the asset was located @n 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 \u2018Provisions, contingent liabilities and contingent assets\u2019Right-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 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 costsBorrowing 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.4.12. Financial instrumentsA 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.Financial assetsClassification 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 the following categories: \ueb3b\ue602\ueb3c Financial assets subsequently measured at amortised cost \u2013 classified if both of the following conditions are met: @he financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows @he 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 the 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. \ueb3b\ue641\ueb3c Financial assets at fair value through other comprehensive income: @ssets 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 FVOCI. 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 @quity 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\ueb3b\ue649\ueb3c Financial assets at fair value through profit or loss: @his 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 @xpected 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 FVOCI. Trade and other receivablesTrade and other receivables are carried at original invoice amount less an allowance for impairment of these receivables. See the next section for a description of the Group\u2019s impairment policies and Note 25 for further information on trade and other receivables.Impairment of financial assets carried at amortised costAs 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.The simplified approach adopted by the Group uses elements from the general approach; the main difference is that no staging of financial assets is 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): @D is an estimate of the likelihood of default to occur over a given time period. It is calculated from a combination of customers\u2019 financial position and performance, transactional data, volumes, and payment performance. The set of variables differs according to scorecards applied to customers, which is determined by their resident country @AD is an estimate of exposure at a future default date, taking into account expected changes in exposure after the reporting period, including repayments of principal and interest, and expected drawdowns on committed credit limits @GD 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 EADImpaired debts are derecognised when they are assessed as uncollectable.Recognition and derecognitionRegular way purchases and sales of financial assets are recognised on the trade date, being the date on which the Group commits to purchase or sell the asset. 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: @he rights to receive cash flows from the asset have expired @he 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 assetWhen 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.Financial liabilitiesFinancial 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 30.Trade and other payablesTrade 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 liabilityand the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.Derivative financial instruments and hedge accountingThe Group uses derivative financial instruments, such as interest rate swaps, to hedge its 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, in accordance with IAS 39, hedges are classified as: @ash 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 @edges of a net investment in a foreign operationAt 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 hedgesThe 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.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 assetsThe 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 ofan 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\u2019 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\u2019 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 equivalentsCash 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 paymentsEmployees of the Group receive remuneration in the form of share-based payment transactions whereby employees render service as consideration for equity instruments or cash. Further information relating to these transactions is set out in Note 13.Equity-settled transactionsThe fair value of options granted is recognised as an 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 thatare 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 transactionsLiabilities 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 arepresented as employee-related liabilities in the balance sheet.4.17. Adjusting itemsAdjusting 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 determinedbased 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, expenses related to strategic transformation of the Group, share-based compensation, impairment of non-financial assets and restructuring costs.4.18. ProvisionsProvisions 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 and adoption of new and revised standards5.1. Application of new IFRS \u2013 standards and interpretations effective in the reporting periodThe Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2023: @\ue6c5\ue689\ue77e\ue78b\uec91\ueb0f\ueb17\uec91\ueb69\ue6c5\ue8f7\ue963\ue983\ue945\ue7f8\ue8f7\ue846\ue864\uec91\ue649\ue907\ue8f7\ue974\ue945\ue7f8\ue846\ue974\ue963\ueb6a @\ue8f0\ue864\ue8f7\ue852\ue8f0\ue864\ue8f7\ue974\ue963\uec91\ue974\ue907\uec91\ue6c5\ue602\ue78b\uec91\ueb18\uec91\u2013 Definition of accounting estimates @\ue8f0\ue864\ue8f7\ue852\ue8f0\ue864\ue8f7\ue974\ue963\uec91\ue974\ue907\uec91\ue6c5\ue602\ue78b\uec91\ueb0f\ueb10\uec91\u2013 Deferred tax related to assets and liabilities arising from a single transaction @\ue8f0\ue864\ue8f7\ue852\ue8f0\ue864\ue8f7\ue974\ue963\uec91\ue974\ue907\uec91\ue6c5\ue602\ue78b\uec91\ueb0f\uec91\ue7f8\ue8f7\ue852\uec91\ue6c5\ue689\ue77e\ue78b\uec91\ue776\ue945\ue7f8\ue846\ue974\ue8a7\ue846\ue864\uec91\ue78b\ue974\ue7f8\ue974\ue864\ue8f0\ue864\ue8f7\ue974\uec91\ueb10 \u2013 Disclosure of accounting policies @\ue6c5\ue8f7\ue974\ue864\ue945\ue8f7\ue7f8\ue974\ue8a7\ue907\ue8f7\ue7f8\ue8d3\uec91\ue799\ue7f8\ue9b1\uec91\ue77e\ue864\ue885\ue907\ue945\ue8f0 \u2013 Pillar Two Model Rules \u2013 amendments to IAS 12 (see also Note 18)These amendments did not have a significant impact on the Group\u2019s consolidated financial statements. 5.2. 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 the period commencing 1 January 2023 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 judgements, estimates and assumptions6.1. Significant judgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:Principal versus agent considerationThe 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 the 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. The Group has some element of control in that it has agreed minimal supply with the acceptance partners which required them to have the energy available; however, the energy is fungible and the Group does not typically pay in advance. The customer might also purchase the energy directly from the acceptance partner, instead the customer is selecting the most advantageous price available on the Group\u2019s website, choosing the right location (and supplier/partner) on his route where he can make the purchase only with the Group\u2019s payment card.In applying the judgement, 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. The Group is also responsible for sales strategy, decides whether to accept or reject customers and carries credit risk from customer receivables.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. In the past, the Group has often revised its prices as a reaction to market development or inflation.2. The Group has the right to choose its suppliers. When the bunkering model is not suitable along the main truck routes, the Group chooses from possible acceptance partners, which are considered attractive by its customers.Put options granted to non-controlling interestsThe Group concluded that it does not, in substance, acquire present access to the economic benefits of acquired subsidiaries KomTes Chrudim s.r.o. and FIRETMS.COM. The put option redemption liability will be settled with a transfer of the non-controlling interest\u2019s shares for a price that is deemed to approximate their fair value. Therefore, the non-controlling shareholders have retained the risks and rewards associated with ownership until the options are exercised and the non-controlling interest is recognised in equity until then.Adjusting itemsIn 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: @It is a significant item, which may cross more than one accounting period @It 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 @It is unusual in nature, e.g. outside the normal course of businessIf an item meets at least one of the criteria, the Board, through the Audit and Risk Committee, exercises judgement as to whether the item should be classified as an Adjusting item to IFRS performance measures. A list of these items including definitions and exclusion justifications are disclosed in Note 11.CGU structure for Energy and FMSA CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Consistent with prior periods, the Group has identified five CGUs in 2023 \u2013 Energy, Fleet management services, Navigation, Toll and Tax refund. After reviewing results of impairment testing, the CGU structure represents a significant judgement for Fleet management services and Energy as higher impairment loss might be recognised under a different CGU structure regarding the ADS and Webeye acquisitions. The Group considers its CGU structure appropriate, mainly due to the current level of integration and ownership of key IP and software systems by W.A.G. payment solutions, a.s. The Group is not budgeting and reporting these acquisitions separately in its management reporting due to the fact that the cash inflows from the ADS and Webeye acquisitions are not considered to be largely independent of the other cash inflows.Functional currency of W.A.G. payment solutions, a.s.Following the Inelo acquisition and significant increase in EUR borrowings in March 2023, which are being repaid from cash generated and retained mainly in EUR by W.A.G. payment solutions, a.s., management considers EUR to be the functional currency of the entity from March 2023 (previously CZK). In line with IAS 21, management has reviewed primary (currency influencing mainly sales prices and settlement of energy and cost of energy sold) and secondary factors (currency of financing and retained cash), including integration activities in the European area, and concluded that CZK is no longer the primary currency in which the entity receives and expends cash. This represents a significant judgement as the Group would recognise foreign exchange loss of EUR 12 million and foreign currency translation reserve would be higher by EUR 16 million with CZK functional currency of the entity for the year ended 31 December 2023. Following change of the functional currency, the entity recognised foreign exchange gain of EUR 4 million (Note 16).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 assetsImpairment exists when the carrying value of an asset or CGU 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 discounted cash flow (\u201cDCF\u201d) 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 the 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 19.Inelo contingent considerationContingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. The contingent consideration of Inelo is based on EBITDA performance for the year to 31 December 2022 and is capped at EUR 12.5 million. The Group will either pay full consideration or no consideration is payable. The Group has completed the calculation of 2022 EBITDA and concluded it to be below the required target level. Negotiations remain ongoing, the outcome is uncertain, however the Group believes that the performance condition has not been met and therefore zero contingent consideration is presented as at 31 December 2023.6.3. Other estimatesJITpay call optionOn 4 July 2023, the Group exercised its call option to acquire an additional 18.01% stake in JITpay\u2019s share capital for a consideration of EUR 25.7 million. As at 31 December 2023, the call option has not yet been completed due to pending regulatory approval and the Group estimated fair value of the call option to be nil. On 20 February 2024, the Group terminated the call option on account of certain financial status conditions relating to JITpay not having been satisfied. 7. Group informationThe Group is organised in two operating segments: @ayment solutions represent the Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are the typical first choice of a new customer @obility 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 offeringsThe consolidated financial statements of the Group include:Effective economic interestName Principal activities Country of incorporation Registered address 2023 2022W.A.G. PAYMENT SOLUTIONS PLC Holding company United Kingdom Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA Company CompanyW.A.G. payment solutions UK LIMITED Payment solutions United Kingdom Horton House, Exchange Flags, Liverpool, Merseyside L2 3PF, United Kingdom 100% 100%W.A.G. payment solutions AT GmbH Payment solutions Austria Kammer 44, 4981 Reichersberg, Austria 100% 100%W.A.G. AT GmbH (liquidated) Payment solutions Austria Kammer 44, 4981 Reichersberg, Austria \u2014 100%W.A.G. payment solutions BE BVBA Payment solutions Belgium Place Marcel Broodthaersplein 8, 1060 Sint-Gillis, Brussels, Belgium 100% 100%CVS Mobile d.o.o. Mobility solutions Bosnia and Ulica Petrovdanska bb 79240, Kozarska Dubica, Bosnia and Herzegovina 95.81% \u2014HerzegovinaW.A.G. payment solutions BG EOOD Payment solutions Bulgaria 18 Todor Aleksandrov blvd. 1000 Sofia, Bulgaria 100% 100%WEBEYE BULGARIA LTD Mobility solutions Bulgaria Sofia 1528, Iskar district, 41 \u201cNedelcho Bonchev\u201d Str., floor 3, apt. 16., Bulgaria 100% 100%W.A.G. payment solutions HR d.o.o. Payment solutions Croatia Grand Centar, Hektorovi\u0107eva ulica 2, 10000 Zagreb, Croatia 100% 100%WEBEYE Hrvatska d.o.o. Mobility solutions Croatia Zagreb (Grad Zagreb) Buzinski prilaz 10, Croatia 100% 100%CVS Mobile d.o.o. Mobility solutions Croatia Jankomir 25 10090 Zagreb, Croatia 95.81% \u2014W.A.G. payment solutions, a.s. Payment solutions Czech Republic Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 14000 Prague 4, Czech Republic 100% 100%and mobility solutionsW.A.G. Issuing Services, a.s. Payment solutions Czech Republic Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 14000 Prague 4, Czech Republic 100% 100%W.A.G. payment solutions CZ, s.r.o. Payment solutions Czech Republic Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 14000 Prague 4, Czech Republic 100% 100%Reamon Tax, a.s. Mobility solutions Czech Republic G\u00f6thova 149, Da\u010dice I, 38001 Da\u010dice, Czech Republic 100% 100%Princip a.s. Mobility solutions Czech Republic Hv\u011bzdova 1689/2a, 14000 Prague 4, Czech Republic 100% 100%Tripomatic s.r.o. (sold) Mobility solutions Czech Republic Za Parkem 631/14, Medl\u00e1nky, 62100 Brno, Czech Republic \u2014 35.7%Sygic Czech Republic s.r.o. (merged with Mobility solutions Czech Republic B\u011bchovick\u00e1 701/26, 10000 Prague 10, Czech Republic \u2014 70%W.A.G. payment solutions CZ, s.r.o.)KomTeS Chrudim s.r.o. Mobility solutions Czech Republic Maleck\u00e1 273, Chrudim IV, 53705 Chrudim, Czech Republic 51% 51%WebEye CZ s.r.o. (merged with W.A.G. Mobility solutions Czech Republic Tu\u0159anka 1222/115, Slatina, 627 00 Brno, Czech Republic \u2014 100%payment solutions CZ, s.r.o.)Effective economic interestName Principal activities Country of incorporation Registered address 2023 2022W.A.G. payment solutions DK ApS Payment solutions Denmark Frederiksborggade 15, 2nd and 3rd floor, 1360 Copenhagen, Denmark 100% 100%W.A.G. payment solutions EE O\u00dc Payment solutions Estonia Akadeemia tee 21/4-301, 12618 Tallinn Harjumaa, Estonia 100% 100%W.A.G. payment solutions FI Oy Payment solutions Finland Aalto University Campus, Metallimiehenkuja 10, 02150 Espoo, Finland 100% 100%W.A.G. payment solutions FR SARL Payment solutions France Montpellier Optimum, 450 Rue Baden Powell, 34000 Montpellier, France 100% 100%W.A.G. payment solutions DE GmbH Payment solutions Germany Rudolfpl. 3, 50674 K\u00f6ln, Germany 100% 100%WebEye Deutschland GmbH Mobility solutions Germany Schatzbogen 33, 81829 M\u00fcnchen, Germany 100% 100%FireTMS.com GmbH Mobility solutions Germany Gesch\u00e4ftsanschrift: Stresemannstra\u00dfe 123, 10963 Berlin, Germany 81% \u2014CVS Mobile GmbH Mobility solutions Germany Sckellstra\u00dfe 1/II, 81667 M\u00fcnchen, Germany 95.81% \u2014W.A.G. payment solutions EL SP LTD Payment solutions Greece 12A Eleftheriou Venizelou Str., GR - 151 27 Melissia, Athens, Greece 100% 100%W.A.G. payment solutions HU, Kft. Payment solutions Hungary 1138 Budapest, N\u00e9pf\u00fcrd\u0151 utca 22. B. \u00e9p. 13. em., Hungary 100% 100%W.A.G. HU, Kft. (in liquidation) Payment solutions Hungary 1138 Budapest, N\u00e9pf\u00fcrd\u0151 utca 22. B. \u00e9p. 13. em., Hungary 100% 100%E-Toll Services Hungary, Kft. Mobility solutions Hungary 2151 F\u00f3t, Ak\u00e1cos, East Gate Business park 0221/12 hrsz. D2. \u00e9p, Hungary 100% 100%RoadOn Magyarorsz\u00e1g Kereskedelmi Mobility solutions Hungary 2151 F\u00f3t, Ak\u00e1cos, East Gate Business park 0221/12 hrsz. D2. \u00e9p, Hungary 100% 100%\u00e9s Szolg\u00e1ltat\u00f3, Kft. (in liquidation)WebEye Magyarorsz\u00e1g Kereskedelmi Mobility solutions Hungary 2151 F\u00f3t, Ak\u00e1cos, East Gate Business park 0221/12 hrsz. D2. \u00e9p, Hungary 100% 100%\u00e9s Szolg\u00e1ltat\u00f3, Kft.W.A.G. payment solutions IE Payment solutions Ireland 6th Floor, 2 Grand Canal Square, D02 A342 Dublin 2, Ireland \u2014 100%LIMITED (liquidated)CONSORZIO EUROWAG S.C. A R.L Payment solutions Italy Via Giovanni Giolitti 55, 10123 Torino, Italy 100% 100%W.A.G. payment solutions IT Payment solutions Italy Via Savonarola 217, 35137 Padova, Italy 100% 100%S.R.L. UNIPERSONALECVS Mobile s.r.l. Mobility solutions Italy Via Battisti 2, 34125 Trieste, Italy 95.81% \u2014SIA W.A.G. payment solutions LV Payment solutions Latvia Bauskas street 58A, Riga, LV-1004, Latvia 100% 100%W.A.G. payment solutions LT, UAB Payment solutions Lithuania Lvivo g. 2509320 Vilnius, Lithuania 100% 100%W.A.G. payment solutions LU S.\u00e0 r.l. Payment solutions Luxembourg 19, rue de Bitbourg, L-1273 Luxembourg 100% 100%CVS Mobile MK dooel Mobility solutions North Macedonia 16-ta Makedonska brigada 13b, 1000 Skopje, North Macedonia 95.81% \u2014W.A.G. payment solutions NO AS Payment solutions Norway C.J. Hambros Plass 2 C, 0164, Oslo, Norway 100% 100%W.A.G. payment solutions PL, Sp. zoo Payment solutions Poland ul. Prosta 69, 00-838 Warsaw, Poland 100% 100%Webeye Polska sp. z.o.o. Mobility solutions Poland 30-663 Krak\u00f3w (Poland), 250 Wielicka Str., Poland 100% 100%Grupa Inelo S.A. Mobility solutions Poland 43-300 Bielsko-Bia\u0142a, ul. Kaprapcka 24/B13, Poland 100% \u2014Effective economic interestName Principal activities Country of incorporation Registered address 2023 2022INELO Polska Sp. z o.o. Mobility solutions Poland 43-300 Bielsko-Bia\u0142a, ul. Kaprapcka 24/U2b, Poland 100% \u2014Marcos Bis Sp. z o.o. Mobility solutions Poland ul. Powsta\u0144c\u00f3w 19, 40\u2013039 Katowice, Poland 100% \u2014FIRETMS.COM Sp. z o.o. Mobility solutions Poland 44-200 Rybnik, ul. 3 Maja 30, Poland 81% \u2014Liserteco LDA Mobility solutions Portugal Rua das Industrias, n\u02da 236, 1\u02da, Sala 104, Trofa, 4785\u2013625, Portugal 100% 100%W.A.G. payment solutions Payment solutions Portugal Torre de Monsanto, Rua Afonso Pra\u00e7a, Alg\u00e9s, 1495-061 Lisbon, Portugal 100% 100%PT Unnipessoal, LDAMYWEBEYE IB\u00c9RIA, LDA Mobility solutions Portugal Rua Francisco Pinto J\u00fanior n 5 2690-390 Santa Ir\u00eda da Az\u00f3ia, Portugal 100% 100%W.A.G. payment solutions RO, s.r.l. Payment solutions Romania Strada Intrarea Nestorei nr. 1, complex River Plaza, Corp B, et. 6, sector 4, 100% 100%Bucuresti, RomaniaWebEye International s.r.l. Mobility solutions Romania Oradea, str. Nuf\u0103rului nr. 28E, Jude\u021bul Bihor, Romania 100% 100%Eurowag d.o.o. Beograd-Stari Grad Payment solutions Serbia Maksima Gorkog No 8, 1st floor, 26000 Pan\u010devo, Serbia 100% 100%CVS Mobile d.o.o. Mobility solutions Serbia Ulica \u0160panskih boraca 24V, 11070 Novi Beograd, Serbia 95.81% \u2014Aldobec technologies, s.r.o. Mobility solutions Slovakia Twin City C, Mlynsk\u00e9 Nivy 16, 82109 Bratislava - mestsk\u00e1 \u010das\u0165 Ru\u017einov, 100% 100%SlovakiaKlub Investorov T&G SK, s.r.o. Payment solutions Slovakia Hlavn\u00e1 18, 90066 Vysok\u00e1 pri Morave, Slovakia 100% 100%(in liquidation)W.A.G. payment solutions SK, s.r.o. Payment solutions Slovakia Kuku\u010d\u00ednova 38/A, 83103 Bratislava, Slovakia 100% 100%Sygic, a.s. Mobility solutions Slovakia Twin City C, Mlynsk\u00e9 Nivy 16, 82109 Bratislava - mestsk\u00e1 \u010das\u0165 Ru\u017einov, 70% 70%SlovakiaKomTeS SK s.r.o. Mobility solutions Slovakia Dopravn\u00e1 7, 92101 Pie\u0161\u0165any, Slovakia 51% 51%WebEye Slovakia s.r.o Mobility solutions Slovakia Slia\u010dska 1E, 831 02 Bratislava, Slovakia 100% 100%W.A.G., pla\u010dilne re\u0161itve SI, d.o.o. Payment solutions Slovenia Trg. Republike 3, 1000 Ljubljana, Slovenia 100% 100%Webeye International d.o.o Mobility solutions Slovenia Kidri\u010deva ulica 13D, 1236 Trzin, Slovenia 100% 100%Napredna telematika d.o.o. Mobility solutions Slovenia Ulica Gradnikove brigade 11, 1000 Ljubljana, Slovenia 100% \u2014CVS Mobile d.d. Mobility solutions Slovenia Ulica Gradnikove brigade 11, 1000 Ljubljana, Slovenia 95.81% \u2014Infotrans d.o.o.* Mobility solutions Slovenia Ljubljanska cesta 24C, 4000 Kranj, Slovenia 48.86% \u2014W.A.G. payment solutions Spain SLU. Payment solutions Spain C/ Albeniz, 6, Pol\u00edgono Industrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San 100% 100%Mill\u00e1n 01207 Araba/\u00c1lava, SpainW.A.G. mobility solutions Iberia SL Payment solutions Spain C/ Albeniz, 6, Pol\u00edgono Industrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San 100% 100%Mill\u00e1n 01207 Araba/\u00c1lava, SpainEffective economic interestName Principal activities Country of incorporation Registered address 2023 2022Arraia-Oil, S.L. Payment solutions Spain C/ Albeniz, 6, Pol\u00edgono Industrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San 100% 100%Mill\u00e1n 01207 Araba/\u00c1lava, SpainArraia Autopistas, SL Payment solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena \u2014 100%(merged with Arraia-Oil, S.L.)01 Araba/\u00c1lava, SpainLiserteco 24 Horas, SL Mobility solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena 100% 100%01 Araba/\u00c1lava, SpainReivalsa Gestion, S.L. Mobility solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena \u2014 100%(merged with Arraia-Oil, S.L.)01 Araba/\u00c1lava, SpainTax Refund Consulting SL Mobility solutions Spain Marques de Riscal 11 5a, Madrid 28010, Spain 100% 100%Trofa Gestion, S.L. Mobility solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena \u2014 100%(merged with Arraia-Oil, S.L.)01 Araba/\u00c1lava, SpainW.A.G. payment solutions Sweden AB Payment solutions Sweden \u00d6stermalmstorg 1, 114 42 Stockholm, Sweden 100% 100%W.A.G. payment solutions CH AG Payment solutions Switzerland Flurstrasse 55, 8048 Z\u00fcrich, Switzerland 100% 100%W.A.G. payment solutions NL B.V. Payment solutions The Netherlands De Cuserstraat 93, 1081 CN Amsterdam, yhe Netherlands 100% 100%WAG Payment Solutions Turkey \u00d6deme Payment solutions Turkey FSM Mah. Poligon Cad. No: 8B Buyaka2 Sitesi, Kule 2 Kat 6, Daire: 25, 100% 100%Sistemleri Ticaret Limited \u015eirketi 34771 Tepe\u00fcst\u00fc- \u00dcmraniye- \u0130stanbul, TurkeyAL\u017dIRIJA SPA CVS Mobile Algerie Mobility solutions Algeria 30 Rue Hassen Benamane les Vergers Bir Mourad Rais-Algiers \u2014 \u2014(associate acquired and liquidated in 2023)Threeforce B.V. (Last Mile Solutions) Mobility solutions the Netherlands Zeemansstraat 11, 3016 CN in Rotterdam, the Netherlands 27.75% 27.75%UAB \u201dTankita\u201c (Drivitty) Payment solutions Lithuania \u017dalgirio str. 96-103, Vilnius, Lithuania 20% 20%JITPay GmbH Payment solutions Germany Willy-Brandt-Platz 19, 38102 Braunschweig, Germany 9.99% 9.99%The 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 the above listed subsidiaries except for Infotrans d.o.o. W.A.G. payment solutions, a.s. is controlling Infotrans d.o.o. through a chain of subsidiaries where it holds majority of voting rights. W.A.G. payment solutions, a.s. has the following branches: @.A.G. payment solutions \u2013 Branch Bulgaria @.A.G. payment solutions, a.s. Sp\u00f3\u0142ka Akcyjna Oddzia\u0142 w Polsce @.A.G. payment solutions a.s Merkezi \u00c7ek Cumhuriyeti \u0130stanbul Merkez \u015eubesi @.A.G. payment solutions, a.s. organizacn\u00e1 zlo\u017eka8. Business combinationsThe following acquisitions took place in 2023:Acquisition of Grupa Inelo S.A. (\u201cInelo\u201d)The acquisition of Inelo was completed on 15 March 2023.The Group paid EUR 215.3 million in cash upon the acquisition of 100% of the share capital of Inelo and repaid Inelo\u2019s bank borrowings of EUR 53.6 million on 16 March 2023. In addition, on 31 August 2023 the Group paid an additional consideration of EUR 8.4 million related to the final price adjustment to Inelo\u2019s acquisition of the FIRETMS.COM subsidiary. Finally, on 3 October 2023, the Group paid EUR 2.0 million related to other purchase price adjustments identified at completion.There is also a contingent consideration, based on Inelo\u2019s EBITDA performance for the year to 31 December 2022, capped at EUR 12.5 million. The Group has assessed the performance conditions based on 2022 EBITDA and concluded it to be below the required target level. As at 31 December 2023, the Group estimates the contingent consideration to be nil (Note 6). The acquisition included FIRETMS.COM put option redemption liability (Note 32) and forward contract to acquire NCI in Napredna telematika d.o.o. in the future (disclosed below).The determined fair values of identifiable assets and liabilities of subsidiaries of Inelo as at the date of acquisition were:Fair valuerecognised onEUR \u2019000acquisition of IneloAssets Property, plant and equipment 11,932Identifiable intangible assets 129,215Right-of-use assets 3,060Other non-current assets 786Trade receivables 8,543Inventories 1,674Income tax receivables 943Cash and cash equivalents 3,271Total assets 159,424LiabilitiesInterest-bearing loans and borrowings 59,152Trade payables 13,142Lease liabilities 3,146Other non-current liabilities 1,203Provisions 1,324Income tax liabilities 625Deferred tax 23,345Total liabilities 101,937Total identifiable net assets at fair value 57,487Non-controlling interest measured at % of net assets (3,683)Goodwill arising on acquisition 171,815Purchase consideration: Cash paid 225,619Deferred and contingent consideration \u2014Total purchase consideration 225,619The goodwill is attributable to expected synergies from combining operations, workforce and other unrecognisable intangible assets. It will not be deductible for tax purposes.The gross contractual receivables acquired amounted to EUR 9,931 thousand. At the acquisition date, there were EUR 1,272 thousand of contractual cash flows not expected to be collected. From the date of acquisition until 31 December 2023, Inelo\u2019s subsidiaries contributed EUR 37,680thousand of revenue and EUR 7,883 thousand profit after tax.If the acquisition had occurred on 1 January 2023, consolidated revenue and consolidated profit after tax of Inelo\u2019s entities for the year ended 31 December 2023 would have been EUR 47,260 thousand and EUR 9,846 thousand respectively. Excluding amortisation of acquired intangibles and Adjusting items the Adjusted profit after tax would have been EUR 18,785 thousand. As deferred considerations paid were of short-term nature, no discounting has been applied to the amount payable. Transaction costs are disclosed at the end of this note.Pay-out of deferred considerationOn 27 April 2023, the Group paid the first part of deferred and contingent acquisition consideration of EUR 2,064 thousand related to the acquisition of WebEye. On 17 May 2023, the Group paid the second part of deferred acquisition consideration of EUR 5,500 thousand related to the acquisition of WebEye.On 11 August 2023, the Group paid the third part of deferred acquisition consideration of EUR 688 thousand related to the acquisition of WebEye.JITpay GmbH (\u201cJITpay\u201d) call optionAs per the original agreement, the Group had a call option to acquire an additional 18.01% share, which was exercised on 4 July 2023 and was subject to approval by German Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht (BaFin), expected to complete in the first half of 2024. The Group entered a strategic partnership with JITpay on 27 September 2022, when it acquired a 9.99% stake for an initial consideration of EUR 14.3 million, of which EUR 3.5 million was used as primary capital. The investment was classified as a financial asset at fair value through other comprehensive income, see Notes 9 and 23 for further information. The investment is considered to be a strategic investment and is not held for trading.On 20 February 2024, the Group terminated the call option on account of certain financial status conditions relating to JITpay not having been satisfied, which had been experienced before 31 December 2023. All other contractual commitments in relation to the original acquisition were also considered to be terminated at this point. The Group continues discussions with the other stakeholders of JITpay and will evaluate opportunities for future cooperation regarding JITpay and within the sector.Acquisition of 10.7% interest in Napredna telematika d.o.o.As a result of the Inelo acquisition, the Group owned 89.3% interest in Napredna telematika d.o.o. and had a forward contract to acquire the remaining interest. On 7 September 2023, the Group acquired remaining 10.7% share in Napredna telematika d.o.o. for EUR 6,976 thousand. The impact of the acquisition on equity is disclosed in Note 28.Acquisition of 49% interest in KomTeS Chrudim s.r.o.On 15 December 2023, the Group signed a share purchase agreement to acquire the remaining 49% interest in subsidiary KomTes Chrudim s.r.o., which had 100% interest in KomTes SK, s.r.o (\u201cKomTes Group\u201d). The Group acquired 100% ownership of the subsidiaries on 1 January 2024. The acquisition price is based on original put option calculation and is payable in 2024 following preparation and audit of 2023 financial statements of the subsidiaries. The Group recognised deferred acquisition consideration of EUR 8,688 thousand as at 31 December 2023 (2022: EUR 4,435 thousand as put option redemption liability). The liability increase relates to 2021-2023 dividends being included in the expected acquisition price, previously the Group expected distribution prior to 100% interest acquisition.Sale of subsidiary Tripomatic s.r.o.On 15 December 2023, the Group sold its subsidiary Tripomatic s.r.o. for EUR 150 thousand to non-controlling shareholders. Tripomatic s.r.o. was a subsidiary of Sygic, a.s., which represented a non-core investment of the Group, with its business based on consumer travel planning application. The result from the transaction is presented as net loss after tax from discontinued operations.The following acquisitions took place in 2022:Acquisition of WebEye GroupFurther 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 valueFair valuerecognised onrecognised onacquisitionacquisitionof non-Hungarianof Hungarian WebeyeWebeyeEUR \u2019000subsidiariessubsidiaries TotalAssetsIdentifiable intangible assets 16,256 11,077 27,333Property, plant and equipment 1,411 729 2,140Right-of-use assets 357 1,598 1,955Inventories 263 497 760Trade receivables 1,308 1,058 2,366Cash and cash equivalents 395 103 498Other assets 10 \u2014 10Total assets 20,000 15,062 35,062Deferred tax 1,810 986 2,796Trade payables 714 883 1,597Lease liabilities 357 1,598 1,955Total liabilities 2,881 3,467 6,348Total identifiable net assets at fair value 17,119 11,595 28,714Goodwill arising on acquisition 19,793 11,512 31,305Purchase consideration:Cash paid 23,319 19,891 43,210Deferred and contingent consideration (discounted) 13,593 3,216 16,809Total purchase consideration 36,912 23,107 60,019The 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 were EUR 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 been EUR 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 been EUR 1,557 thousand. Transaction costs are disclosed at the end of this note.As at the date of acquisition, a 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%. A 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. A reasonably possible change in milestone achievement does not lead to a significant change in the fair value of contingent consideration.Acquisition of non-controlling interest in Sygic, a.s.On 20 December 2022, the Group signed an agreement with non-controlling shareholders of Sygic, a.s. (\u201cSygic\u201d), 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 28).Under the previous shareholder 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).Other disclosuresNet outflows of cash to acquire subsidiaries were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Cash consideration paid 233,871 43,210Repayment of acquiree\u2019s debt 53,677 \u2014Cash acquired (3,271) (498)Net outflow of cash\u2013investing activities 284,277 42,712Cost of acquisition of subsidiaries recognised in other operating expense and cash flows from operating activities:For the year ended 31 DecemberEUR \u2019000 2023 2022Acquisition costs 4,423 7,941Acquisition costs incurred in 2023 and 2022 mostly relate to the acquisition of Inelo.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 2023:Fair value measurement using Quoted pricesSignificantSignificantin activeobservableunobservablemarketsinputsinputsEUR \u2019000 Notes Date of valuation(Level 1)(Level 2)(Level 3) TotalFinancial assets measured at fair valueFinancial assets at fair 23 31 December\u2014 \u2014 \u2014 \u2014value through other 2023comprehensive income (\u201cFVOCI\u201d)Derivative financial assets 26Interest rate swaps 31 December\u2014 3,425 \u2014 3,425 2023Financial liabilities measured at fair valueDerivative financial liabilities 26Put options 31 December\u2014 \u2014 127 127 2023Interest rate swaps 31 December\u2014 3,201 \u2014 3,201 2023Fair value measurement hierarchy for assets and liabilities as at 31 December 2022:Fair value measurement using Quoted pricesSignificantSignificantin activeobservableunobservablemarketsinputsinputsEUR \u2019000 Notes Date of valuation(Level 1)(Level 2)(Level 3) TotalFinancial assets measured at fair valueFinancial assets at fair 23 31 December\u2014 \u2014 14,364 14,364value through other 2022comprehensive income (\u201cFVOCI\u201d)Derivative financial assets 26Foreign currency forwards 31 December\u2014 1 \u2014 1 2022Interest rate swaps 31 December\u2014 6,943 \u2014 6,943 2022Financial liabilities measured at fair valueDerivative financial liabilities 26Foreign currency forwards 31 December\u2014 17 \u2014 17 2022Put options 31 December\u2014 \u2014 153 153 2022Interest rate swaps 31 December\u2014 33 \u2014 33 2022There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2023 and 2022.Specific valuation techniques used to value financial instruments include: @or interest rate swaps \u2013 the present value of the estimated future cash flows based on observable yield curves @or foreign currency forwards \u2013 the present value of future cash flows based on the forward exchange rates at the balance sheet date @or put options \u2013 option pricing models (Monte Carlo) @VOCI \u2013 income approach in 2023, discounted cash flow analysis in 2022 @or other financial instruments \u2013 discounted cash flow analysisThe Group engaged independent experts to perform the valuation of FVOCI. In 2022, the valuation was based on discounted cash flows. In 2023, the Group decided to use the income approach method with price/sales exit multiple, which is considered more relevant due to significant business changes of JITPay in the second half of 2023. The income approach valuation method was used also as at 30 June 2023, when the fair value measurement provided similar results to discounted cash flows as at 31 December 2022.The main Level 3 inputs used are:Level 3 input 2023 2022\u200a*Average annual revenue growth 67% 140%Market price/sales exit multiple 6.4x 7.9xTarget exit year 2028 2026Required rate of return 40% 30%* Similar results of income approach method to DCF.Following negative changes to JITpay\u2019s liquidity, which were known to the Group at the end of 2023, the valuation output was risk adjusted based on the latest information, which resulted in a valuation of nil. Considering the liquidity situation as at 31 December 2023, a reasonably 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 approximate 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 the 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. 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 intwo operating segments: Payment solutions and Mobility solutions. Payment solutions represent the 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, as detailed in Note 11.The CODM does not review assets and liabilities at segment level.Year ended 31 December 2023Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 1,978,572 109,535 2,088,107Net energy and services sales 146,995 109,535 256,530Contribution 124,131 76,467 200,598Contribution margin 84% 70% 78%Corporate overhead and indirect costs before adjusting items (91,898)Adjusting items affecting Adjusted EBITDA (78,862)Depreciation and amortisation (57,529)Net finance costs and share of net loss of associates (11,616)Profit before tax (39,307)Year ended 31 December 2022Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 2,312,242 56,010 2,368,252Net energy and services sales 134,847 56,010 190,857Contribution 118,157 40,807 158,964Contribution margin 88% 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, 976Geographical split \u2013 segment revenue from contracts with customersThe 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 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 428,272 484,055Poland (\u201cPL\u201d) 372,527 401,528Central Cluster (excluding CZ and PL) 255,652 275,000Portugal (\u201cPT\u201d) 228,598 397,052Western Cluster (excluding PT) 105,440 92,192Romania (\u201cRO\u201d) 293,708 317,518Southern Cluster (excluding RO) 393,727 391,515Not specified 10,183 9,392Total 2,088,107 2,368,252There were no individually significant customers which would represent 10% or more of revenue.Geographical split \u2013 net energy and services salesFor the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 38,157 35,179Poland (\u201cPL\u201d) 61,664 30,485Central Cluster (excluding CZ and PL) 28,803 26,715Portugal (\u201cPT\u201d) 12,800 16,362Western Cluster (excluding PT) 10,693 7,78 7Romania (\u201cRO\u201d) 35,043 28,252Southern Cluster (excluding RO) 60,991 38,339Not specified 8,379 7,73 8Total 256,530 190,857The following table presents the Group\u2019s 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 andother non-current assets (excluding deferred tax assets and derivative assets).For the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic 168,582 152,155Spain 56,356 61,898Poland 230,784 9,073Other 171,232 128,589Total 626,954 351,715Timing of revenue recognition was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Payment solutionsGoods and services transferred at a point in time 1,947,937 2,286,450Services transferred over time 30,635 25,7921,978,572 2,312,242Mobility solutionsGoods and services transferred at a point in time 21,442 15,700Services transferred over time 88,093 40,310109,535 56,010Total segment revenue 2,088,107 2,368,25211. Alternative performance measures (\u201cAPMs\u201d)To 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 basic earnings per share, Adjusted effective tax rate, Net debt/cash and Transformational capital expenditure.The Group uses APMs 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 salesNet 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.ContributionContribution 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 overheads.The CODM reviews net energy and services sales and contribution to evaluate segment performance and allocate resources to the overall business (Note 10).Contribution marginContribution 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.EBITDAEBITDA 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 EBITDAAdjusted EBITDA is defined as EBITDA before Adjusting items:Adjusting item Definition Exclusion justificationM&A-related Fees and other costs relating to M&A-related expenses differ every year based on acquisition activity of the Group. Exclusion of these costs allows better expensesthe Group\u2019s acquisitions activityresult comparability.Strategic Costs relating to broadening \ue641\ue945\ue907\ue7f8\ue852\ue864\ue8f7\ue8a7\ue8f7\ue88a\uec91\ue974\ue894\ue864\uec91\ue963\ue8cb\ue8a7\ue8d3\ue8d3\uec91\ue83f\ue7f8\ue963\ue864transformation the skill bases of the Group\u2019s IPO and IT strategic transformation require different skill bases of the Group\u2019s employees. Expenses related to these strategic events expensesemployees (including in respect were excluded as otherwise they would not be incurred. The expenses were not adjusted in 2023 and they will not be adjusted in the of executive search and recruiting future.costs), costs related to \ue799\ue945\ue7f8\ue8f7\ue963\ue885\ue907\ue945\ue8f0\ue7f8\ue974\ue8a7\ue907\ue8f7\uec91\ue907\ue885\uec91\ue8cb\ue864\ue9b6\uec91\ue6c5\ue799\uec91\ue963\ue9b6\ue963\ue974\ue864\ue8f0\ue963transformation of key IT systems Transformational expenditure represents investments intended to create a new product or service, or significantly enhance an existing as well as Inelo integration costsone, in order to increase the Group\u2019s revenue potential. This also includes systems and processes improvements to improve services provided 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. The programme ends in 2023, with the exception of SAP implementation, which is expected to end in 2025. SAP implementation expense adjustment amounts to EUR 5.2 million in 2023, and the Group anticipates EUR 5.0 million in 2024 and EUR 3 million in 2025. The Group does not expect significant capitalisation related to SAP in 2024 and 2025.\ue6c5\ue8f7\ue974\ue864\ue88a\ue945\ue7f8\ue974\ue8a7\ue907\ue8f7\uec91\ue846\ue907\ue963\ue974\ue963\uec91\ue907\ue885\uec91\ue6c5\ue8f7\ue864\ue8d3\ue907One-off costs relating to the transformation and integration of Inelo have been excluded for better result comparability. While the Group did not adjust integration costs in the past, the related activities and one-off costs are significantly higher than for previously completed acquisitions. The Group incurred EUR 1.8 million of integration costs in 2023 and expects to incur approximately EUR 1 million of integration costs in 2024. Share-based Equity-settled and cash-settled Share options and cash-settled compensation were provided to management and certain employees in connection with the IPO. compensationcompensation provided to the Total share-based payment charge to be excluded in period 2021\u20132024 amounts to EUR 20.7 million, from which EUR 1.3 million was Group\u2019s management before IPOa one-off in 2021 and EUR 19.4 million is amortised over three years. Although these costs were amortised over 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, EUR 5.3 million in 2022, EUR 6.5 million in 2023 and anticipated expense adjustment amounts to EUR 2.4 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.Impairment losses of Goodwill impairment The Group recognised a significant goodwill impairment of the Fleet management solutions CGU in 2023. Exclusion of these costs non-financial assetsallows better result comparability.Restructuring costs Termination benefits of a Following the acquisition of Inelo, the Group completed a major restructuring programme in 2023 to ensure the right size of the Group significant restructuring for the future. The programme incurred significant termination costs, which are considered non-recurring due to their size. The Group programmedoes not expect similar related costs to be incurred in 2024.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 reconciliationFor the year ended 31 DecemberEUR \u2019000 2023 2022Intangible assets amortisation (Note 19) 43,398 22,234Tangible assets depreciation (Note 20) 8,851 4,790Right-of-use depreciation (Note 21) 5,280 3,369Depreciation and amortisation 57,529 30,393Net finance costs and share of net loss of associates 11,616 4,763(Loss)/Profit before income tax (39,307) 27,976EBITDA 29,838 63,132M&A-related expenses (Note 8) 4,423 7,941Strategic transformation expenses 7,066 5,209Share-based compensation (Note 13) 6,538 5,311Impairment losses of non-financial assets (Note 19) 56,663 \u2014Restructuring costs 4,172 \u2014Adjusting items 78,862 18,461Adjusted EBITDA 108,700 81,593Adjusted EBITDA marginAdjusted 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 from continuing operations before Adjusting items:Adjusting item Definition Exclusion justificationAmortisation of Amortisation of assets The Group acquired a number of companies acquired recognised at the time of in the past and plans further acquisitions in intangiblesan acquisition (primarily the future. The item is prone to volatility ADS, Sygic, Webeye and from period to period depending on the Inelo)level of M&A.Amortisation due Accelerated amortisation The strategic IT transformation programme to transformational of assets being replaced of the Group is replacing selected softwares useful life changesby strategic transformation before their originally estimated useful life. of the GroupThis may also include early fixed asset write-offs. Amortisation of such assets has been accelerated and abnormally high difference between the original and accelerated depreciation was excluded to allow period on period result comparability.The item adjusted in 2020-2022 represents assets replaced by strategic IT transformation by the end of 2022. No new items were identified in 2023. Adjusting Items recognised in the Justifications for each item are listed in the items affecting preceding table, which preceding table.Adjusted EBITDAreconciles EBITDA to Adjusted EBITDATax effect Decrease in tax expense as Tax effect of above adjustments is excluded a result of above to adjust the 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 reconciliationFor the year ended 31 DecemberEUR \u2019000 2023 2022(Loss)/Profit for the year from continuing operations (43,548) 17,696Amortisation of acquired intangibles 17,166 6,562Amortisation due to transformational useful life changes \u2014 1,864Adjusting items affecting Adjusted EBITDA 78,862 18,461Tax effect (5,747) (3,029)Adjusted earnings (net profit) 46,733 41,554Adjusted basic earnings per shareAdjusted basic 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 29 for further information.Adjusted effective tax rateAdjusted 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 18 for further information.Net debt/cashNet debt/cash is calculated as cash and cash equivalents less interest-bearing loans and borrowings.Transformational capital expenditureTransformational 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.12. Employee expensesEmployee expenses for the respective periods consist of the following:For the year ended 31 December2023202320222022Total personnelKey management\u200a*Total personnelKey management\u200a*EUR \u2019000Wages and salaries 85,440 6,715 58,895 5,217Social security costs 17,890 1,000 13,930 702Option plans (Note 13) 7,800 7,538 6,459 5,890Total employee expenses before capitalisation 111,130 15,253 79,284 11,809Own work capitalised (14,337) \u2014 (12,072) \u2014Total employee expense 96,793 15,253 67,212 11,809* Includes the members of the Board and Executive Committee of W.A.G payment solutions plc.Termination benefits provided to key management amounted to EUR 772 thousand in 2023 (2022: EUR 873 thousand). Adjusting items in employee expenses amounted to EUR 11,658 thousand in 2023 (2022: EUR 7,424 thousand).Information regarding the highest paid Director is included in the Directors\u2019 Remuneration Report on page 118.The monthly average number of employees by category during the period was as follows:For the year ended 31 December2023 2022Sales and marketing 315 248General and administrative 311 270Technology, product and operative* 1,160 705Total average number of employees 1,786 1,223* Technology, product and operative category represents employees directly and indirectly related to product business units.13. Share-based paymentsThe Company currently operates the following share option plans:Equity-settled share option plans Pre-IPO option plansIn 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.Performance share plan (post-IPO)To provide discretionary share-based incentive awards to employees, the Company operates thePerformance share plan (\u201cPSP\u201d). The operation of the plan is supervised by the Remuneration Committee. Any employee (including an Executive Director) of the Group is eligible to participate in the PSP at the discretion of the Remuneration Committee. The PSP awards granted in 2022 and 2023 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 202331 December 2022Average exerciseNumber Average exercise Number price per shareof shareprice per share of shareoption (EUR)optionsoption (EUR) optionsOpening 0.01 7,325,684 0.01 3,706,790Granted during the period 0.01 5,380,443 0.01 4,979,758Exercised during the period 0.01 (560,204) \u2014 \u2013Forfeited during the period 0.01 (3,650,573) 0.01 (1,360,864)Closing 0.01 8,495,350 0.01 7,325,684Vested and exercisable at the end of the period 0.01 560,204 \u2014 \u2014Share options outstanding at the end of the period have the following expiry dates and exercise prices:31 December 2023 31 December 2022Weighted Weighted Numbers of average Numbers of average Exercise priceshares remaining life shares remaining life (EUR)outstanding(years)outstanding(years)0.01 8,495,350 1.80 7,325,684 2.07Total 8,495,350 7,325,684The fair value of the options granted is determined using the Black-Scholes model that takes into account the exercise price, the term of the option, the share price at grant date, the 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 2023 31 December 2022September April November April 2023 grant2023 grant2022 grant2022 grantShare price at grant date 0.915 GBP 0.945 GBP 0.81 GBP 0.94 GBPExercise price 0.01 0.01 0.01 0.01Expected price volatility of Company\u2019s shares 48.8% 48.8% 41.7% 52.8%Risk-free interest rate 4.25% 3.88% 2.73% 2.69%Cash-settled share option plans (pre-IPO)In 2021, the shadow shares plan was introduced to provide long-term incentives for certain managers to deliver long-term shareholder returns. Shadow shares were granted 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 was 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 the following liability in relation to the cash-settled option plan:31 December31 December EUR \u2019000 20232022Cash-settled plan liability 795 765Expenses arising from share-based payment transactionsFor the year ended 31 DecemberEUR \u2019000 2023 2022Equity-settled plans (pre-IPO option plans) 6,342 5,247Cash-settled plans (pre-IPO) 196 64Total pre-IPO expenses (Note 11) 6,538 5,311Equity-settled plans (PSP) 1,262 1,148Total (Note 12) 7,800 6,459For the year ended 31 December 2023, expenses related to equity-settled plans recognised in equity amount to EUR 7,604 thousand (2022: EUR 6,395 thousand).14. Other operating expensesOther operating expenses for the year ended 31 December were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Market research, consultancy 7,973 6,174Facilities maintenance costs 4,721 4,871Raw materials and energy consumed 5,644 3,482Legal services 1,986 1,517Accounting services 5,335 3,732Costs of services provided 9,971 5,586Insurance of receivables 1,032 956Cost of acquisition of subsidiaries 4,423 7,941Change in provisions 395 721Deficits and damages 517 187Repairs and maintenance 1,185 829Travel costs 1,858 1,277Representational costs 2,931 3,525Telephone, internet services 1,042 563Other 6,497 5,866Total 55,510 47,227Adjusting items in other operating expenses amounted to EUR 5,555 thousand in 2023 (2022: EUR 10,708 thousand), consisting mainly of acquisition related expenses.15. Other operating incomeOther operating income for the respective periods was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Gains from revaluation of foreign currency forwards 7,970 \u2014Other 2,119 449Total 10,089 44916. Finance incomeFinance income for the respective periods was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Gains from revaluation of interest rate swaps 545 3,315Gains from revaluation of foreign currency forwards and swaps \u2014 1,179Total gains from revaluation of derivatives 545 4,494Foreign exchange gain 12,225 \u2014Gain from the revaluation of securities 1,646 \u2014Interest income 219 234Other 47 22Total 14,682 4,750Foreign exchange gain includes EUR 4 million gain impacted by change of functional currency of W.A.G. payment solutions, a.s. (Note 6).17. Finance costsFinance costs for the respective periods were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Bank guarantees fee 1,533 899Interest expense 19,787 5,815Factoring fee 4,451 1,348Foreign exchange loss \u2014 692Other 23 48Total 25,794 8,80218. Income taxThe corporate income tax for companies in the Czech Republic and United Kingdom for the year 2023 was 19% and 23.44% (changed on 5 April 2023 from 19% to 25%), respectively (2022: 19%). WAG Iberia and WAG payment solutions Spain, together with all the Alava tax resident companiesof ADS sub-group (Arraia Oil and Liserteco 24h), formed a consolidation tax group for CIT purposes beginning on 1 April 2019. Spanish corporate income tax is 24% (2022: 24%).The Polish corporate income tax rate is 19% (2022: 19%).During 2023, the government of the Czech Republic introduced changes in the Czech tax systemwhich include corporate income tax rate increase from 19% to 21% for tax and accounting periodsstarting in 2024. The impact on the deferred tax as of 31 December 2023 is presented in the table below.The Group has reviewed impact of OECD Pillar 2 legislation, which is effective in most countries as of 1 January 2024. Based on the analysis of the OECD model rules and modelling performed on the data for the year ending 31 December 2022, the Group should benefit in most countries from safe harbours as defined by OECD (de minimis, simplified effective tax rate) on the assumption that our Country by Country report for the year ending 31 December 2024 is qualifying. For the other most material countries, there might be additional top-up tax in Slovakia and Spain, but this is not expected to be material. Our assessment of substantively enacted legislation, including qualifying domestic minimum taxes, is ongoing. Management will further monitor OECD Pillar 2 tax position of the Group and implement all necessary steps for proper reporting in individual countries.The structure of the income tax for the respective periods is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Current income tax charge 8,206 12,148Adjustments in respect of current income tax of prior years (195) 495Deferred tax (3,520) (2,363)Deferred tax emerged from the change of tax rate (250) \u2014Total 4,241 10,280Reconciliation of tax expense and the accounting (loss)/profit multiplied by the Company\u2019s domestic tax rate for the below periods:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976At UK\u2019s statutory income tax rate of 23.44% (2022: 19%) (9,214) 5,316Adjustments in respect of current income tax of prior years (195) 495Change of deferred tax rate impact (250) \u2014Effect of different tax rates in other countries of the Group (449) 30Non-deductible expenses (M&A related) 960 1,350Non-deductible expenses (goodwill impairment) 13,282 \u2014Non-deductible expenses (other) 4,340 1,857Share-based payments 1,284 1,020Net investment hedge \u2014 260Functional currency change impact (4,172) \u2014Tax credits (1,511) \u2014Effect of accumulated tax loss claimed in the current period \u2014 (68)Effect of unrecognised deferred tax assets relating to tax losses of current period 166 20At the effective income tax rate of (10.79%) 36.75%Income tax expense reported in the statement of profit or loss 4,241 10,280The adjusted effective tax rate is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976Adjusting items affecting adjusted EBITDA 78,862 18,461Amortisation of acquired intangibles 17,166 6,562Amortisation due to transformational useful life changes \u2014 1,864Adjusted profit before tax (A) 56,721 54,863Accounting tax expense 4,241 10,280Tax effect of above adjustments 5,747 3,029Adjusted tax expense (B) 9,988 13,309Adjusted earnings (A\u2013B) 46,733 41,554Adjusted effective tax rate (B/A) 17.6%* 24.3%* Adjusted effective tax rate in 2023 is mainly impacted by functional currency change (Note 6). Excluding this item, the 2023 adjusted effective tax rate would have been 25.0%.Unused tax losses, for which no deferred tax asset has been recognised were as follows:31 December 31 December EUR \u201900020232022Unrecognised tax losses expiring by the end of:\u2013 31 December 2023 \u2014 210\u2013 31 December 2024 147 446\u2013 31 December 2025 45 45\u2013 31 December 2026 and after 1,257 749\u2013 No expiry date \u2014 444Total unrecognised tax losses 1,449 1,894Potential tax benefit 362 360The unused tax losses have arisen in dormant subsidiaries that are not likely to generate taxable income in the foreseeable future.Deferred tax balances and movements:(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002023 combinations profit or lossto OCI differences 2023Difference between net book value of fixed assets for accounting and tax purposes (10,502) (23,896) 4,735 \u2014 (1,662) (31,325)Allowances to receivables 2,976 78 1,067 \u2014 (98) 4,023Provisions for liabilities and charges 1,585 472 355 \u2014 (22) 2,390Tax losses 345 \u2014 (345) \u2014 \u2014 \u2014Tax benefit from pre-acquisition reserves 5,943 \u2014 (1,200) \u2014 \u2014 4,743Other 1,481 1 (842) 154 61 855Net deferred tax asset/(liability) 1,828 (23,345) 3,770 154 (1,721) (19,314)Recognised deferred tax asset 10,505 126 (1,433) 154 212 9,564Recognised deferred tax liability (8,677) (23,471) 5,203 \u2014 (1,933) (28,878)(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002022 combinations profit or lossto OCI differences 2022Difference between net book value of fixed assets for accounting and tax purposes (7,522) (2,747) (243) \u2014 10 (10,502)Allowances to receivables 1,638 \u2014 1,273 \u2014 65 2,976Provisions for liabilities and charges 1,454 \u2014 94 \u2014 37 1,585Tax losses 148 \u2014 193 \u2014 4 345Tax benefit from pre-acquisition reserves 6,423 \u2014 (480) \u2014 \u2014 5,943Other 6 (49) 1,526 \u2014 (2) 1,481Net deferred tax asset/(liability) 2,147 (2,796) 2,363 \u2014 114 1,828Recognised deferred tax asset 7,642 \u2014 2,757 \u2014 106 10,505Recognised deferred tax liability (5,495) (2,796) (394) \u2014 8 (8,677)The tax benefit from pre-acquisition reserves relates to the ADS Group acquisition in 2019 and is being utilised against current period profits, similarly to tax losses.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 204,801 thousand (2022: EUR 195,685 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. 19. Intangible assetsCost of intangible assets subject to amortisation:InternalClient softwarePatentsExternal Other intangibleInternal assets External assets EUR \u2019000 Goodwillrelationships development and rightssoftware assetsin progressin progress Total1 January 2022 105,198 29,245 60,889 5,465 24,245 31 19,058 459 244,590Additions \u2014 \u2014 21,592 \u2014 2,398 \u2014 8,302 3,291 35,583Acquisition of a subsidiary 31,305 21,080 5,898 105 298 \u2014 \u2014 \u2014 58,686Transfer \u2014 \u2014 17,149 \u2014 \u2014 \u2014 (16,972) (177) \u2014Disposals \u2014 \u2014 (69) \u2014 (24) \u2014 (35) \u2014 (128)Translation differences 712 (102) 2,579 \u2014 269 \u2014 430 (4) 3,88431 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615Additions \u2014 \u2014 22,422 52 2,293 \u2014 13,200 \u2014 37,967Acquisition of a subsidiary 171,815 94,676 26,893 2,255 755 2 4,634 \u2014 301,030Transfer \u2014 \u2014 11,018 \u2014 \u2014 \u2014 (10,861) (157) \u2014Disposals (1,018) \u2014 (7) (2,674) (3,294) (6) (87) \u2014 (7,086)Translation differences 14,712 7,355 5,357 376 (79) \u2014 796 8 28,52531 December 2023 322,724 152,254 173,721 5,579 26,861 27 18,465 3,420 703,051Accumulated amortisation and impairment of intangible assets subject to amortisation:Internal Other Client softwarePatents External intangibleAssets in EUR \u2019000 Goodwillrelationships developmentand rightssoftware assetsprogress Total1 January 2022 \u2014 (11,687) (23,967) (2,737) (12,720) (26) \u2014 (51,137)Amortisation \u2014 (4,024) (14,512) (28) (3,668) (2) \u2014 (22,234)Disposals \u2014 \u2014 69 \u2014 10 \u2014 \u2014 79Translation differences \u2014 \u2014 (974) (2) (176) \u2014 \u2014 (1,152)31 December 2022 \u2014 (15,711) (39,384) (2,767) (16,554) (28) \u2014 (74,444)Amortisation \u2014 (10,081) (27,947) (1,389) (3,979) (2) \u2014 (43,398)Disposals \u2014 \u2014 7 2,643 3,294 5 \u2014 5,949Impairment (56,663) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (56,663)Translation differences \u2014 (174) (1,732) (253) 68 \u2014 \u2014 (2,091)31 December 2023 (56,663) (25,966) (69,056) (1,766) (17,171) (25) \u2014 (170,647)Net book value:Internal Other Client software Patents External intangible Internal assets External assetsEUR \u2019000 Goodwillrelationshipsdevelopmentand rightssoftwareassetsin progress in progress TotalNet book value at 31 December 2022 137,215 34,512 68,654 2,803 10,632 3 10,783 3,569 268,171Net book value at 31 December 2023 266,061 126,288 104,665 3,813 9,690 2 18,465 3,420 532,404Internal assets in progress consist of assets where the development phase has not yet been completed.The table below presents the carrying amounts and remaining amortisation periods of individual intangible assets that are considered material to the Group\u2019s consolidated financial statements:As at 31 December 2023 As at 31 December 2022Net book RemainingNet book Remainingvalue useful life value useful life Individual asset name(in EUR \u2019000) (in months)(in EUR \u2019000)(in months)Customer relationships - ADS 5,845 48 7,306 60Customer relationships - Webeye 18,403 101 19,794 113Customer relationships - INELO 95,967 171 \u2014 \u2014Internal software - EETS toll platform 17,790 74 15,046 62Internal software - SAP billing 6,537 71 6,658 83Internal software - Webeye platform 6,356 43 6,265 55Software (GBOX) \u2013 INELO 6,910 51 \u2014 \u2014EETS 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 a single OBU for all toll systems within the EU. The Group developed a platform enabling its EETS-certified OBUs to make toll payments in multiple countries.The Group capitalised employee expenses (Note 12)together with the cost of materials and services used or consumed in generating the intangible asset.Research and development costs that were not capitalised and are, therefore, recognised in the statement of profit and loss are as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Expensed research and development costs 3,246 3,331Impairment testingGoodwill 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 \u201900020232022Energy 93,951 40,180Navigation 33,592 34,610Fleet management solutions 138,518 57,963Tax refund \u2014 2,401Toll \u2014 2,061Total 266,061 137,215The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecasts approved by the Board covering a five-year period. Key assumptions used for impairment testingThe discounted cash flow model is based on the following key assumptions: @iscount rate @et energy and services sales for Energy CGU; revenues for Navigation and Fleet management solutions CGUs @ong-term revenue growth rateNet 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 product 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 asat 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 20232022Energy CGUPre-tax discount rate 8.5% 9.5%Net energy and services sales growth rate* 3.8% 1.9%Long-term growth rate 2.0% 1.8%Navigation CGUPre-tax discount rate 11.0% 12.0%Revenue growth rate* 9.2% 20.0%Long-term growth rate 2.0% 3.0%Fleet management solutions CGUPre-tax discount rate 12.0% 12.0%Revenue growth rate* 9.9% 17.0%Long-term growth rate 2.5% 3.0%* Average over five-year period.Decrease in pre-tax discount rate of Energy and Navigation CGUs and stable discount rate of Fleet management solutions CGU are driven by change of company size premium. Previously, the Group applied mid-cap premium, however, following the acquisition of Inelo, the Group became large enough to decrease the size risk premium as at 31 December 2023.An impairment charge of EUR 52,217 thousand was recognised in the Fleet management solutions CGU based on value-in-use model. This was a result of an adjustment to the revenue growth assumption for the Fleet management solution CGU, including Inelo, reflecting the impact of macro conditions on near-term revenue growth. The test was also adjusted for our cost synergies assumptions anticipated from the integration of Inelo, which is now lower due to the higher investment in systems and related costs. No class of assets other than goodwill was impaired.As at 31 December 2023, the recoverable amount of the entire CGU was EUR 314,309 thousand determined based on value-in-use.Management has also determined fair value less cost of disposal (\u201cFVLCD\u201d) for Fleet management solutions CGU. The valuation is considered to be level 3 in the fair value hierarchy based on unobservable inputs used in the valuation. FVLCD was lower than value-in-use. FVLCD was calculated based on EBITDA multiple model. The model was based on 2023 EBITDA of the CGU, which was adjusted for 2023 OBUs additions to allow comparison of the CGU with peer groups that sell OBUs. The EBITDA multiple was estimated based on Group\u2019s experience with previous Fleet management solutions acquisitions and adjusted for synergies allocated to EnergyCGU. Cost of disposal were assumed to be 8% of expected disposal proceeds and were based on Group\u2019s experience with previous Fleet management solutions acquisitions, considering all directly related internal and external costs paid by sellers.Carrying amount under FVLCD model does not include deferred tax liabilities of EUR 24,889 thousand recognised on identifiable intangible assets and allocated to Fleet management solutions CGU. The Group is unable to benefit from deferred taxes recognised at acquisition and believes that no standard market participant could benefit from these acquisition-related deferred taxes.The Group has considered the potential impact of climate change in impairment tests of the Navigation and Fleet management solutions CGUs. A combination of revenue decrease and operating and capital expenses increase was therefore included in base models. 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.For the Energy CGU, additional sensitivities of discounted cash flows were modelled to determine breakeven 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 the Energy CGUEnergyThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 288,532 thousand.Discount rate used in the value-in-use calculation would have to increase to 16.1% for the recoverable amount to be equal to its carrying amount.Average net energy and services growth rate over 5-year period used in the value-in-use calculation would have to decrease to (1.2)% for the recoverable amount to be equal to its carrying amount.No reasonable change in long-term revenue growth rate would render recoverable amount equal to its carrying amount.NavigationThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 13,661 thousand.Discount rate used in the value-in-use calculation would have to increase to 13.0% for the recoverable amount to be equal to its carrying amount.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.5% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to (4.3)% for the recoverable amount to be equal to its carrying amount. Fleet management solutionsDiscount rate used in the value-in-use calculation would have to increase to 12.2% for a significant additional impairment to occur.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.6% for a significant additional impairment to occur.Long-term revenue growth rate would have to decrease to 1.9% for a significant additional impairment to occur.EBITDA multiple used in FVLCD calculation would have to increase by 17.9% for a significantly lower impairment to occur.Tax refund and toll CGUsImpairment charge of EUR 4,446 thousand was recognised in these two CGUs with minor amounts of goodwill, which were mostly resulting from the 2019 ADS Group acquisition. In December 2023, the Group engaged independent experts to perform a valuation of toll and tax refund ADS businesses and concluded that their carrying amounts exceeded recoverable amounts. No class of assets other than goodwill was impaired.20. Property, plant and equipmentCost of property, plant and equipment:Lands andLeasehold Machinery Vehicles, fixtures Tangibles EUR \u2019000 buildingsimprovementsand equipmentand fittingsin progress OBUs (On-board units) Total1 January 2022 26,391 4,165 20,951 5,595 1,573 1,907 60,582Additions 1,551 380 1,610 184 2,073 1,803 7,601Acquisition of a subsidiary 14 \u2014 61 128 \u2014 1,937 2,140Disposals \u2014 (7) (320) (895) (4) (321) (1,547)Translation differences 238 99 367 135 (61) \u2014 77831 December 2022 28,194 4,637 22,669 5,147 3,581 5,326 69,554Additions 1,695 789 1,632 321 1,776 6,762 12,975Acquisition of a subsidiary 3,364 \u2014 379 573 100 7,516 11,932Disposals (322) \u2014 (2,818) (919) (339) (1,924) (6,322)Translation differences 960 90 418 175 (105) 857 2,39631 December 2023 33,891 5,516 22,280 5,297 5,015 18,537 90,536Accumulated depreciation and impairment of property, plant and equipment: Lands andLeasehold Machinery Vehicles, fixtures Tangibles EUR \u2019000 buildingsimprovementsand equipmentand fittingsin progress OBUs (On-board units) Total1 January 2022 (5,032) (2,105) (14,446) (4,007) \u2014 (229) (25,819)Depreciation charge (834) (724) (1,005) (735) \u2014 (1,492) (4,789)Disposals \u2014 2 456 729 \u2014 170 1,357Translation differences (77) (71) (224) (92) \u2014 (13) (477)31 December 2022 (5,943) (2,898) (15,218) (4,105) \u2014 (1,564) (29,728)Depreciation charge (835) (979) (1,964) (765) \u2014 (4,308) (8,851)Disposals 5 \u2014 2,797 884 \u2014 1,007 4,693Translation differences (182) (62) (295) 44 \u2014 (395) (890)31 December 2023 (6,955) (3,939) (14,680) (3,942) \u2014 (5,260) (34,776)Net book value of property, plant and equipment:\ue718\ue7f8\ue8f7\ue852\ue963\uec91\ue7f8\ue8f7\ue852\ue718\ue864\ue7f8\ue963\ue864\ue894\ue907\ue8d3\ue852\uec91\ue723\ue7f8\ue846\ue894\ue8a7\ue8f7\ue864\ue945\ue9b6\uec91\ue7c5\ue864\ue894\ue8a7\ue846\ue8d3\ue864\ue963\ueb7b\uec91\ue885\ue8a7\ue9b1\ue974\ue983\ue945\ue864\ue963\uec91\ue799\ue7f8\ue8f7\ue88a\ue8a7\ue83f\ue8d3\ue864\ue963\uec91EUR \u2019000\uec91\ue83f\ue983\ue8a7\ue8d3\ue852\ue8a7\ue8f7\ue88a\ue963\ue8a7\ue8f0\ue93b\ue945\ue907\ue9a4\ue864\ue8f0\ue864\ue8f7\ue974\ue963\ue7f8\ue8f7\ue852\uec91\ue864\ue941\ue983\ue8a7\ue93b\ue8f0\ue864\ue8f7\ue974\ue7f8\ue8f7\ue852\uec91\ue885\ue8a7\ue974\ue974\ue8a7\ue8f7\ue88a\ue963\ue8a7\ue8f7\uec91\ue93b\ue945\ue907\ue88a\ue945\ue864\ue963\ue963 \ue740\ue641\ue7a5\ue963\uec91\ueb3b\ue740\ue8f7\ueb51\ue83f\ue907\ue7f8\ue945\ue852\uec91\ue983\ue8f7\ue8a7\ue974\ue963\ueb3c \ue799\ue907\ue974\ue7f8\ue8d3Net book value at 31 December 2022 22,251 1,739 7,451 1,042 3,581 3,762 39,826Net book value at 31 December 2023 26,936 1,577 7,600 1,355 5,015 13,277 55,760Land, buildings and machinery and equipment are subject to pledge in respect of bank loans:31 December 31 December EUR \u201900020232022Pledged property, plant and equipment 55,375 39,46721. 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 December31 December EUR \u2019000 20232022Buildings 18,288 11,404Lands 416 451Vehicles and machinery 3,522 1,485Total 22,226 13,340Additions to the right-of-use assets 14,385 8,571Depreciation charge of right-of-use assetsFor the year ended 31 DecemberEUR \u2019000 2023 2022Buildings (4,183) (2,897)Lands (38) (50)Vehicles and machinery (1,059) (422)Total (5,280) (3,369)Lease liabilities31 December 31 December EUR \u201900020232022Long-term lease liabilities 17,417 9,510Short-term lease liabilities 4,909 3,917Total lease liabilities 22,326 13,42731 December 31 December EUR \u201900020232022Within one year 4,909 3,917After one year but not more than five years 13,140 7,929More than five years 4,277 1,581Total lease liabilities 22,326 13,427The discount rates used for new leases to calculate the liabilities was in the range of 3.90% \u2013 5.67% (2022: 1.10% - 3.25%).Leases in the statement of profit and lossLeases are shown as follows in the statement of profit and loss:For the year ended 31 DecemberEUR \u2019000 2023 2022Other operating incomeTerminated rent (2) (1)Other operating expenseShort-term lease expenses 1,354 914Low-value lease expenses 144 105Other lease expenses (additional costs) 274 235Depreciation and impairment lossesDepreciation of right-of-use assets 5,280 3,369Net finance costsInterest expense on lease liabilities 306 261Currency translation (gains)/losses on lease liabilities (120) (210)22. Investment in associatesSet out below are the associates of the Group:Effective economic interestName Measurement method Registered office2023 2022Threeforce B.V. (Last Mile Solutions) Equity method The Netherlands 27.75% 27.75%UAB \u201cTankita\u201d (Drivitty) Equity method Lithuania 20% 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 \u2019000 2023 2022Opening balance at 1 January 12,223 12,934Share of net loss (504) (711)Closing balance at 31 December 11,719 12,223Commitments and contingent liabilities in respect of associatesThe 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 will be settled at gross margin multiple in case it is exercised. As of 31 December 2023, the fair value of the put option is EUR 127 thousand (31 December 2022: EUR 153 thousand) (Note 26).The Group had a call option to acquire the remaining shares of Drivitty, which expired in December 2023. In late 2023 a discussion of the extension of that option commenced but has not yet been finalised. Summarised financial informationThe 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 the 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.Summarised balance sheetThreeforce B.V. (Last Mile Solutions)31 December 31 December EUR \u201900020232022Current assets 49,319 30,656Current liabilities 51,898 30,136Current net assets (2,579) 520Non-current assets 10,392 9,085Non-current liabilities 303 484Non-current net assets 10,089 8,601Net assets 7,510 9,121Reconciliation to carrying amounts:Opening net assets 9,121 11,261Loss for the period (1,610) (2 139)Translation (1) (1)Closing net assets 7,510 9,121Group\u2019s share in % 27.75% 27.75%Group\u2019s share in EUR \u2019000 2,084 2,531Goodwill 7,442 7,442Carrying amount 9,526 9,973Summarised statement of comprehensive incomeThreeforce B.V. (Last Mile Solutions)For the For the year ended year ended31 December 31 December EUR \u201900020232022Revenue 229,771 102,019Loss for the period (1,610) (2,139)Total comprehensive income (1,610) (2,139)23. Financial assets at fair value through other comprehensive income (\u201cFVOCI\u201d)Equity investments at FVOCI comprise the following individual investments:31 December 31 December EUR \u201900020232022Unlisted securitiesJITPay GmbH \u2014 14,364Total \u2014 14,364For more information please refer to Note 8.As at 31 December 2023, fair value of the equity investment in Jitpay was decreased by EUR 15,475 thousand through other comprehensive income (2022: EUR 0). JITpay performance in second half of 2023 was significantly below expectations, which impacts overall valuation of the investment.Any related balance within FVOCI reserve will be reclassified to retained earnings on disposal of the equity investment. During the years 2023 and 2022, no related gains or losses were recognised in profit or loss.Information about the methods and assumptions used in determining fair value is provided in Note 4.2 and Note 9.24. Inventories31 December31 DecemberEUR \u2019000 20232022Raw materials* 4,378 6,652Goods (excluding on-board units) 7,447 9,173Finished products 306 197On-board units 2,772 4,269Total 14,903 20,291* Represents primarily material for OBUs.Write-downs of inventories to net realisable value were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Write-downs of inventories to net realisable value 8 183Write-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 DecemberEUR \u2019000 2023 2022Raw materials consumed (in other operating expense) 243 21325. Trade and other receivables31 December 31 December EUR \u201900020232022Trade receivables 278,466 240,788Tax refund receivables 66,953 79,274Receivables from tax authorities 18,716 24,528Advances granted 14,346 12,059Unbilled revenue 4,027 9,728Miscellaneous receivables 5,879 4,798Prepaid expenses and accrued income 4,671 3,976Contract assets 3,885 3,001Total 396,943 378,152Trade 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.Advances granted consist mainly of advances related to production of OBU units and other business-related advances.As security to the Group\u2019s bank loans, W.A.G. payment solutions, a.s. has pledged its shares, which has the following impact on trade and other receivables:31 December 31 December EUR \u201900020232022Pledged receivables 395,296 377,044Total 395,296 377,044The 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. The simplified approach adopted by the Group in 2020 uses elements from the general approach; the main difference is that no staging of financial assets is used.The carrying value of trade and other receivables approximates their fair value due to their short-term maturities.On the basis described previously, the loss allowance was as follows:31 December 2023Past due Past due more EUR \u2019000 Current1\u201390 daysthan 90 days TotalGross value of receivables* 281,454 74,287 26,042 381,783Expected credit loss 235 4,292 21,932 26,45931 December 2022Past due Past due more EUR \u2019000 Current1\u201390 daysthan 90 days TotalGross value of receivables* 282,947 51,183 24,530 358,660Expected credit loss 557 2,806 20,709 24,072* 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 the statement of profit or loss based on the analysis of their collectability.EUR \u2019000 AmountAllowances at 1 January 2022 19,830Acquisition of subsidiary 618Charged 4,163Utilised (907)Unused amounts reversed (252)Translation 620Allowances at 31 December 2022 24,072Acquisition of subsidiary 1,343Charged 8,928Utilised (7,632)Unused amounts reversed (44)Translation (208)Allowances at 31 December 2023 26,459Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Typically this is when the customer fails to engage in a repayment plan with the Group, when the customer has been placed under liquidation or has entered into bankruptcy proceedings. 26. DerivativesThe fair value of derivatives in the statement of financial position:31 December 31 December EUR \u201900020232022Derivative assetsForeign currency forwards \u2013 held for trading \u2014 1Interest rate swaps \u2013 cash flow hedges 3,425 6,943Total derivative assets at fair value 3,425 6,944Current 3,425 3,851Non-current \u2014 3,093Derivative liabilities Foreign currency forwards \u2013 held for trading \u2014 17Put options related to associates 127 153Interest rate swaps \u2013 cash flow hedges 3,201 33Total derivative liabilities at fair value 3,328 203Current 188 17Non-current 3,140 186Put options redemption liability related to non-controlling interests is described in Note 32. Put options related to an associate, which is measured as a derivative instrument and its fair value is EUR 127 thousand as of 31 December 2023, is described in Note 22 (31 December 2022: EUR 153 thousand).Cash flow hedgesInterest rate riskThe Group obtained club financing facilities (Note 30) with floating interest rates 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 a principal amount in EUR. This instrument allows the Group to reduce its interest rate cash flow risk. EUR \u2019000 31 December 2023 31 December 2022Carrying amount (current and non-current asset) 3,425 6,943Carrying amount (current and non-current liabilities) 3,201 (33)Nominal amount 278,667 150,000Maturity date 2024 and 2027 2024 and 2027Change in fair value of outstanding hedging instruments since 1 January (6,686) 7,185Change in value of hedged item used to determine hedge effectiveness 6,686 (7,185)Average fixed rate of interest rate swaps 1.98% 0.62%Hedging itemsThe Group used the following hedging instruments with nominal value:31 December 31 December EUR \u201900020232022Interest rate swaps 278,667 150,000Total 278,667 150,000Hedging effects to other comprehensive income in the respective periods were the following:EUR \u2019000 2023 2022Revaluation interest rate swaps (existing) (6,686) 7,185Revaluation interest rate swaps (terminated) \u2014 3,865Reclassification to profit or loss interest rate swaps (554) (3,311)Translation 101 (137)Other comprehensive (expense)/income (7,139) 7,602Net investment hedgeThe investments of the Group are held by W.A.G. payment solutions, a.s. (\u201cWAG PS\u201d). Based on this fact, one of the Group\u2019s objectives in the area of currency risk management up to March 2023 was to minimise the exposure of W.A.G. PS, whose functional currency was CZK, to changes in the value of its investments arising from fluctuations in exchange rates. A foreign currency exposure arised from net investments in entities whose functional currency differs from CZK. To minimise its exposure to currency risk, W.A.G. PS used loans denominated in EUR to finance acquisitions of its foreign investments. Following Inelo acquisition in March 2023, W.A.G. PS changed its functional currency to EUR and net investment hedge was discontinued as of this date.31 December 31 December EUR \u201900020232022Carrying amount (non-current borrowings) \u2014 45,112Change in carrying amount of bank loan as a result of foreign currency movements since 1 January, recognised in OCI \u2014 (1,353)Change in value of hedged item used to determine hedge effectiveness \u2014 1,401Weighted average hedged rate for the year \u2014 24.559 CZK = 1 EUR27. Cash and cash equivalentsFor the purpose of the statement of cash flows, cash and cash equivalents comprise the following:31 December 31 December EUR \u201900020232022Cash at banks 90,309 145,938Cash on hand 34 65Cash and cash equivalents presented in the statement of financial position 90,343 146,003Bank overdrafts (1) (2)Cash and cash equivalents presented in the statement of cash flows 90,342 146,001Pledged cash at bank subject to security of bank loans: 31 December 31 December EUR \u201900020232022Cash at banks pledged 89,867 144,259The 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:External rating scale31 December31 December EUR \u2019000 20232022Aa \u2014 32A 14,747 23,070Baa 63,908 113,464Ba 9,459 3,151B 852 1,960Caa 1,036 4,048Unrated 307 213Total 90,309 145,93828. EquityShares authorised, issued and fully paid:Ordinary shares Class B shareShareShareShareMergerNumber of capitalNumber of capital premium reservesharesEUR \u2019000 sharesEUR \u2019000EUR \u2019000EUR \u2019000At 1 January 2022 688,911,333 8,107 1 30,006 194,763 (25,963)1Capital reduction\u2014 \u2014 (1) (30,006) (191,805) \u2014At 31 December 2022 688,911,333 8,107 \u2014 \u2014 2,958 (25,963)2Share options exercised560 204 6 \u2014 \u2014 \u2014 \u2014At 31 December 2023 689,471,537 8,113 \u2014 \u2014 2,958 (25,963)1 On 13 December 2021, the PLC allotted from merger reserve one Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has a 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 2022.2 On 15 August 2023, 560,204 new ordinary shares of the Company were issued in relation to exercised share options. The nominal value of the shares was GBP 0.01 per share resulting in EUR 6 thousand share capital increase.Share-based paymentsThe 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 reservesForeign currencyFinancial assets translation Cash-flow EUR \u2019000 Note at FVOCIreserve Reserve fundshedge reserve Total1 January 2022 \u2014 1,683 54 (272) 1,465Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 7,602 7,602Exchange differences on translation of foreign operations (excluding NCI) \u2014 1,275 \u2014 \u2014 1,27531 December 2022 \u2014 2,958 54 7,330 10,342Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 (7,139) (7,139)Revaluation \u2013 gross 23 (15,475) \u2014 \u2014 \u2014 (15,475)Deferred tax \u2014 \u2014 \u2014 154 154Exchange differences on translation of foreign operations (excluding NCI) \u2014 16,545 \u2014 \u2014 16,54531 December 2023 (15,475) 19,503 54 345 4,427Minor balances of reserve funds relate to selected subsidiaries, where the Group is obliged to make annual contributions from local profits.Business combinations equity adjustmentThis reserve reflects corresponding charge related to the present value of the put options redemption amount (Note 32). 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 the Non-controlling interests section below for further details.Non-controlling interests (\u201cNCI\u201d)In 2021, the Group acquired KomTes Group. As of 31 December 2023, non-controlling interests related to KomTes Group amount to EUR 4,993 thousand (31 December 2022: EUR 3,605 thousand). On 15 December 2023, the Group signed an agreement to acquire the NCI in 2024 (Note 8).Following the agreement with Sygic non-controlling shareholders in December 2022 (Note 8), the NCI of EUR 5,644 thousand was transferred to business combination equity adjustment. In 2023, controlling shareholders have all the risks and rewards associated with ownership, therefore no profit was attributed to NCI from Sygic.Following the agreement with Tripomatic s.r.o. non-controlling shareholders in December 2023 (Note 8), the controlling interest of 51% (31 December 2022: 51%) was sold to the non-controlling shareholders for a consideration of EUR 150 thousand. The value of NCI as of the date of the transaction was EUR 525 thousand (31 December 2022: EUR 678 thousand).In 2023, the Group acquired CVS Group and two FIRETMS.COM subsidiaries with NCI as part of the Inelo acquisition (Note 8). As of 31 December 2023, the NCI relating to CVS Group amounts to EUR 1,053 thousand and the NCI relating to FIRETMS.COM amounts to EUR 335 thousand.Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.Summarised balance sheetSygic CVS Group31 December 31 December31 December 31 DecemberEUR \u20190002023 20222023 2022Current assets \u2014 \u2014 6,224 \u2014Current liabilities \u2014 \u2014 3,484 \u2014Current net assets \u2014 \u2014 2,740 \u2014Non-current assets \u2014 \u2014 5,762 \u2014Non-current liabilities \u2014 \u2014 1,726 \u2014Non-current net assets \u2014 \u2014 4,036 \u2014Net assets \u2014 \u2014 6,776 \u2014Accumulated NCI \u2014 \u2014 1,053 \u2014Summarised statement of comprehensive incomeSygic CVS GroupEUR \u2019000 2023 2022 2023 2022Revenues \u2014 16,476 11,560 \u2014Profit/(loss) for the period \u2014 228 1,637 \u2014Other comprehensive income \u2014 44 143 \u2014Total comprehensive income \u2014 272 1,780 \u2014Profit allocated to NCI \u2014 169 85 \u2014Other comprehensive income allocated to NCI \u2014 28 \u2014 \u2014Dividends paid to NCI \u2014 56 \u2014 \u2014Summarised cash flows Sygic CVS GroupEUR \u2019000 2023 2022 2023 2022Cash flows from operating activities \u2014 3,812 2,657 \u2014Cash flows from investing activities \u2014 (3,224) (1,978) \u2014Cash flows from financing activities \u2014 (314) (143) \u2014Net increase/(decrease) in cash and cash equivalents \u2014 274 536 \u2014In 2023, the Group acquired a NCI in CVS Group (Note 8). The effect on the equity attributable tothe owners of the Group is summarised as follows:31 December 31 December EUR \u201900020232022Carrying amount of non-controlling interests acquired 2,512 \u2014Forward liability in the opening balance sheet 2,515Consideration paid to non-controlling interests (6,976) \u2014Excess of consideration paid recognised within retained earnings (1,949) \u201429. Earnings per shareAll ordinary shares have the same rights. Basic EPS is calculated by dividing the net profit/(loss) 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/(loss) 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.Adjusted diluted EPS is calculated by dividing the Adjusted earnings (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 issuedif all dilutive potential ordinary shares were converted into ordinary shares.In periods where a net loss is recognised, the impact of potentially dilutive outstanding share-based awards is excluded from the calculation of diluted loss per share as their inclusion would have an anti-dilutive effect.The following reflects the income and share data used in calculating EPS:For the year ended 31 December2023 2022Net (loss)/profit attributable to equity holders (EUR \u2019000) (45,637) 16,630Basic weighted average number of shares 689,126,206 688,911,333Effects of dilution from share options \u2014 816,306Total number of shares used in computing dilutive earnings per share 689,126,206 689,727,639Basic (loss)/earnings per share (cents/share) (6.62) 2.41Diluted (loss)/earnings per share (cents/share) (6.62) 2.41Adjusted earnings per share measures:For the year ended 31 December2023 2022Net (loss)/profit attributable to equity holders (EUR \u2019000) (45,637) 16,630Loss after tax for the year from discontinued operations 489 \u2014Adjusting items affecting Adjusted EBITDA (Note 11) 78,862 18,461Amortisation of acquired intangibles* 16,653 5,499Amortisation due to transformational useful life changes \u2014 1,864Tax impact of above adjustments* (5,650) (2,813)Adjusted net profit attributable to equity holders (EUR \u2019000) 44,717 39,641Basic weighted average number of shares 689,126,206 688,911,333Adjusted basic earnings per share (cents/share) 6.49 5.75Effects of dilution from share options 2,629,512 816,306Diluted weighted average number of shares 691,755,718 689,727,639Adjusted diluted earnings per share (cents/share) 6.46 5.75* Non-controlling interests impact was excluded.OptionsOptions 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 assuming the 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 13.30. Interest-bearing loans and borrowings 31 December 2023 31 December 2022Total limit Amount in Amount in Total limit Amount in Amount in Currency Maturity Interest ratein currencyoriginal currencyEUR \u2019000 in currencyoriginal currencyEUR \u2019000 Bank loans EUR 2027/09 3M EURIBOR + margin 45,000 37,865 37,865 45,000 42,941 42,941EUR 2027/09 3M EURIBOR + margin 68,000 52,642 52,642 68,000 64,889 64,889EUR 2027/09 3M EURIBOR + margin 37,000 34,303 34,303 37,000 35,307 35,307Multicurrency term and revolving facilities agreement*EUR 2027/09 3M EURIBOR + margin 120,000 99,364 99,364 \u2014 \u2014 \u2014EUR 2027/09 3M EURIBOR + margin 60,000 49,683 49,683 \u2014 \u2014 \u2014EUR 2027/09 3M EURIBOR + margin 50,000 44,739 44,739 \u2014 \u2014 \u2014EUR 2027/09 3M EURIBOR + margin 33,500 32,850 32,850 \u2014 \u2014 \u2014Other loans CZK fixed rate 96 96 5 393 393 17Other loans EUR fixed rate 25 25 25 \u2014 \u2014 \u2014Financial liabilities to telecoms PLN 36 months from the Fixed rate \u2013 10,825 10,825 2,495 \u2014 \u2014 \u2014REPO transaction6.29\u201316.86%Other non-bank loans PLN 3M WIBOR + 2% 642 642 147 \u2014 \u2014 \u2014Revolving facilities and overdrafts \u2014 \u2014 \u2014 85,000 53,001 53,001 \u2014 2 2Total EUR 407,119 143,156Current EUR 113,297 21,884Non-current EUR 293,822 121,272* On 21 September 2022, the Group signed a multicurrency term and revolving facilities agreement (\u201cClub Finance facility\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 branch i. \u010cesk\u00e1 exportn\u00ed banka, a.s.The Club Finance facility consists of four tranches: @UR 150 million committed facility A for the refinancing of all existing term loan indebtedness @UR 180 million committed facility B for permitted acquisitions and capital expenditure @UR 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 @UR 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 loansThe applicable interest rate base margin for the club financing facilities are determined according to the following margin grid and according to the so-called ESG adjustment detailed below:Net leverage Facilities> 3.25 2.30% p.a.\u2264 3.25 \u2265 2.50 2.10% p.a.< 2.50 1.90% p.a.On 17 May 2023, the Group signed an amendment to the Club Finance facility which incorporatesESG key performance indicators into margin calculation (ESG adjustment) from 31 December 2023, with overall impact on the margin in the range of (0.05 p.p.) - 0.05 p.p. If all three sustainability KPI targets are met, the base margin is reduced by 0.05 p.p. If none of the KPIs are met, the base margin is increased by 0.05 p.p. If one KPIs is not met, the base margin is reduced by 0.025 p.p. If two KPIs are not met, the base margin is increased by 0.025 p.p.The interest expense relating to bank loans and borrowings is presented in Note 17.Interest-bearing loans and borrowings are non-derivative financial liabilities carried at amortised cost.On 10 March 2023, the Group received EUR 180 million through facility B of the Club Finance facility. The new loan was used to finance the Inelo acquisition (Note 8). Interest rate risk was managed by concluding new interest rate swaps.On 26 May 2023, the Group received EUR 50 million through Incremental Facility I of the Club Finance facility. The purpose of the new drawdown was financing of the capital expenditures incurred or to be incurred. No interest rate swaps were concluded to cover the related interest rate risk. For more information refer to Note 35.On 15 November 2023, the Group received EUR 33.5 million through Incremental Facility II of the Club Finance facility. The purpose of the new drawdown was financing of the acquisition related payments incurred or to be incurred. No interest rate swaps were concluded to cover the related interest rate risk. For more information refer to Note 35.As at 31 December 2023 and 2022, the following pledges have been made as a security for aforementioned loans: @ledge of shares (mainly W.A.G payment solution, a.s.) @ledge of receivables (Note 25) @ledge of bank accounts (Note 27) @ledge of trademarksThe Group complied with all financial covenants under the Club Finance facility as of 31 December 2023 and 31 December 2022, and forecasts compliance for the going concern period based on the revised terms disclosed in Note 38.Financial covenant terms of the Club Finance facility were as follows:ActualActual31 December 31 December Covenant Calculation Target20232022Interest cover the ratio of Adjusted EBITDA Min 4.00 4.82 11.20to finance chargesNet leverage the ratio of total net debt to Max 4.00* 2.90 0.13Adjusted EBITDAAdjusted net leverage the ratio of the Adjusted total Max 6.50 4.22 1.95net debt to Adjusted EBITDA* The covenant shall not exceed 3.50 in 2025 and onwards.For covenants calculations, alternative performance measures are defined differently by the Club Finance facility: @djusted EBITDA represents full year Adjusted EBITDA of companies acquired during the period @et debt includes lease liabilities and derivative liabilities @djusted net debt includes face amount of guarantees, bonds, standby or documentary letters of credit or any other instrument issued by a bank or financial institution in respect of any liability of the Group31. 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 reported as financing in the statement of cash flows:Liabilities from financing activitiesEUR \u2019000 Borrowings Lease liabilities TotalLiabilities from financing activities at 1 January 2022 162,463 8,574 171,037Cash outflows (15,014) (3,112) (18,126)New leases \u2014 8,137 8,137Foreign exchange adjustments (159) (32) (191)Other movements* (4,134) (140) (4,274)Liabilities from financing activities at 31 December 2022 143,156 13,427 156,583Cash inflows 356,886 \u2014 356,886Cash outflows (97,283) (5,352) (102,635)Business combinations 5,477 3,146 8,623New leases \u2014 11,239 11,239Foreign exchange adjustments (2,816) 7 (2,809)Other movements* 1,699 (141) 1,558Liabilities from financing activities at 31 December 2023 407,119 22,326 429,445* \u201cOther movements\u201d in Borrowings represent effective interest rate adjustment from transaction costs and fair value impact of Inelo bank borrowings at acquisition. The Group classifies interest paid as cash flows from operating activities. The \u201cOthermovements\u201d in Lease liabilities represent cancellation of lease liability in connection with premature termination of a lease.32. Trade and other payables, other liabilities31 December 31 December EUR \u201900020232022CurrentTrade payables 303,165 332,676Employee related liabilities 15,388 9,243Advances received 12,911 15,325Miscellaneous payables 8,644 9,790Payables to tax authorities 18,562 12,734Contract liabilities 6,971 4,439Refund liabilities 4,461 2,822Deferred acquisition consideration 32,732 11,206Total trade and other payables 402,834 398,235Non-currentPut option redemption liability 5,825 4,435Contract liabilities 3,353 2,276Employee related liabilities \u2014 765Deferred acquisition consideration \u2014 19,898Other liabilities 58 2Total other non-current liabilities 9,236 27,376Trade payables are non-interest bearing and are normally settled on 30-day terms. 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.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.Advances received include mainly customer deposits related to OBUs and prepaid cards (Eurowag Mastercard product).Miscellaneous payables relates primarily to payables to factoring companies (for working capital management), representing cash collected from customers in respect of sold receivables and on behalf of factoring companies.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 \u2019000 2023 2022Opening balance 6,715 4,893Additions 5,538 4,988Acquisition of a subsidiary 2,497 \u2014Release (4,426) (3,166)Closing balance 10,324 6,715Short term 6,971 4,439Long term 3,353 2,276Total 10,324 6,715The total amount of deferred revenue is expected to be released in the statement of profit or losswith the following pattern:Release to statement of profit or loss 1 year 2 years 3\u20135 years Total31 December 2023 6,972 2,187 1,165 10,32431 December 2022 4,439 1,280 996 6,715Present value of deferred acquisition consideration relates to the following acquisitions:31 December 31 December EUR \u201900020232022Sygic, a.s. 14,216 13,735Webeye Group 9,128 16,669KomTes Group* 8,688 \u2014Aldobec technologies, s.r.o. 700 700Total 32,732 31,104* presented as put option redemption liability as at 31 December 2022 (Note 8).Put option redemption liability related to non-controlling interests represents present value of expected future settlement.For explanations on the Group\u2019s liquidity risk management processes, refer to Note 35.33. ProvisionsEUR \u2019000 Other provisions1 January 2022 1,545Additions 541 Utilised (21) Translation 59 31 December 2022 2,124Additions 405Utilised (14)Acquisition of a subsidiary 1,324Translation 1431 December 2023 3,853The provisions mostly relate to unutilised customer credit limits disclosed in Note 35.34. Contingent assets and liabilitiesOff-balance sheet commitments are following:31 December 31 December EUR \u201900020232022Unutilised customer credit limits 371,580 411,859Credit limits are further described in credit risk section of Note 35.35. 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. These financial liabilities relate to the financing of 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 Group\u2019s management identifies financial risks that may have an adverse impact on the business objectives and through active risk management reduces these risks to an acceptable level.Market riskMarket 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 2023 and 31 December 2022.Sensitivity analyses have been prepared on the basis that 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: @he 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 liabilitiesheld at 31 December 2023 and 31 December 2022.Interest rate riskInterest rate risk is the risk 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 toexchange, 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 2023, after taking into account the effect of interest rate swaps, the Group\u2019s borrowings of EUR 79,200 thousand were at a variable interest rate (excluding revolving facilities and overdrafts). Sensitivity to interest rate changes is disclosed in the table below. As at 31 December 2022, after taking into account the effect of interest rate swaps, the total amount of Group\u2019s borrowings was at a fixed rate of interest. The average fixed rate of interest rate swaps is 1.98% at 31 December 2023 (31 December 2022: 0.62%).The following table demonstrates the sensitivity to a reasonably possible change in interest rateson the portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s (loss)/profit before tax is affected through the impact on floating rate borrowings as follows:31 December 31 December EUR \u201900020232022Increase by 50 basis points (396) \u2014Decrease by 50 basis points 396 \u2014Foreign currency riskForeign 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, 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 (loss)/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 all 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 (loss)/profit before tax:31 December 31 December EUR \u2019000 % change in rate20232022EUR +/- 10% +/- 17,341 +/- 7,022PLN +/- 10% +/- 261 +/- 429CZK +/- 10% +/- 8,361 +/- 379Others +/- 10% +/- 164 +/- 2,157The increase in exposure to EUR mainly relates to the acquisition of Inelo. The exposure would have been higher by additional EUR 14,797 thousand without the change in functional currency of W.A.G. payment solutions, a.s. from CZK to EUR (Note 6). The Group manages its foreign currency risk by using foreign currency forwards and swaps, the impact of which is as disclosed in Notes 15 and 17. The above effect on (loss)/profit before tax is not adjusted for the impact of derivatives.Credit riskCredit risk is the risk 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 34 for unutilised customer credit limits.The outstanding balances of trade receivables and compliance with credit limits are monitored on a regular basis. Group management seeks to minimise exposure of credit risk to single counterparty or group of similar counterparties when possible. As at 31 December 2023 and 31 December 2022, there was 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\u2019s management.Refer to Note 25 for further details.Liquidity riskPrudent 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) is: 31 December 31 December 20232022Current ratio 0.97 1.27Excluding deferred acquisition considerations and put option redemption liabilities (Note 32), the current ratio would be 1.04 as at 31 December 2023 (31 December 2022: 1.39).The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments (EUR \u2019000):Less than More than 31 December 2023 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 75,360 67,962 315,652 \u2014 458,974Lease liabilities \u2014 1,325 4,397 14,614 5,118 25,454Trade and other payables* \u2014 337,145 27,244 5,883 \u2014 370,272Total non-derivatives \u2014 413,830 99,603 336,149 5,118 854,700DerivativesTrading derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Less than More than 31 December 2022 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 7,550 22,789 142,411 \u2014 172,750Lease liabilities \u2014 1,179 2,969 7,959 2,020 14,127Trade and other payables* \u2014 354,545 10,911 26,197 \u2014 391,653Total non-derivatives \u2014 363,274 36,669 176,567 2,020 578,530DerivativesTrading derivatives \u2014 17 \u2014 \u2014 \u2014 17Total derivatives \u2014 17 \u2014 \u2014 \u2014 17* Trade and other payables exclude tax payables, advances received and contract liabilities as these are non-financial liabilities.36. Capital managementThe primary objective of the Group\u2019s capital management is to ensure 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: @Investment in technology and capabilities for organic growth @Investment in value-accretive strategic acquisitions @aintaining a robust balance sheet and financial strength to provide strategic flexibility @rioritising growth over dividends with no intention to declare dividends in the near termThe 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 \u2019000 20232022Interest bearing loans 407,119 143,156Cash and cash equivalents (90,343) (146,003)Net indebtedness 316,776 (2,847)Total equity attributable to Company 256,455 312,280Gearing ratio 123.52% (0.91)%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 Club Finance facility. Further details are disclosed in Note 30.No changes were made in the objectives, policies or processes for managing capital during the above period.37. Related party disclosuresCompanyThe Company controlling the Group is disclosed in Note 1.SubsidiariesInterests in subsidiaries are set out in Note 7.Key management personnel compensationKey management personnel compensation is disclosed in Note 12.Ultimate controlling partyThe Company is the ultimate parent entity of the Group and it is considered that there is no ultimate controlling party. Decision making is made collectively by the Board of Directors or by Board sub-committees on behalf of the Board. The Board is the first to approve many of the items brought to vote at the Annual General Meeting (e.g. Directors\u2019 appointments and resignations, authority to allot shares, annual accounts approval, appointment of auditors). Mr Voh\u00e1nka does not control either the Board of Directors or its sub-committees.Paid dividendsPaid dividends are disclosed in consolidated statement of changes in shareholders\u2019 equity.Transactions with other related partiesFor the year ended 31 DecemberEUR \u2019000 2023 2022Sale of goods to key management personnel 1 1Sale of fixed assets (vehicles) to key management personnel 3 29Purchases of various goods and services from key management personnel \u2014 3Purchases of various goods and services from entities controlled by the Company\u2019s shareholders \u2014 11Purchases of various goods and services from entities controlled by key management personnel* 1,730 16Purchases of various goods and services from associates 6 \u2014Payment made to Company\u2019s shareholders in relation to share capital \u2014 58Sale of W.A.G. payments solutions, a.s. shares to key management personnel \u2014 \u2014Sale of W.A.G payments solutions PLC shares to key management personnel 6 \u2014* The Group acquired the following goods and services from entities that are controlled by members of the Group\u2019s key management personnel: software development, marketing research, consultancy, taxi services.Outstanding balances arising from sales/purchases of goods and services31 December31 December EUR \u2019000 20232022Trade payables to entities controlled by key management personnel 138 \u2014In December 2023, an agreement for purchasing of the remaining 49% interest in KomTes Chrudim, s.r.o. was entered into with two minority shareholders, Ji\u0159\u00ed Dan\u011bk and Daniel \u0158\u00edha. As they were both Directors of KomTes Group subsidiaries during 2023, the transaction is considered a related party transaction. Under UK Listing Rules, the two combined KomTes subsidiaries were classified as an insignificant subsidiary undertaking. After signing the agreement, they were replaced in their positions as KomTes Group Directors as of 1 January 2024. For more information on the transaction, please refer to Note 8.During 2022, an agreement for purchasing the remaining 30% interest in Sygic was entered into with various minority shareholders, including QQ Capital SE (investors include Michal Stencl), Pasanote Capital (investors include Jan Sameliak) and others. As Michal Stencl and Jan Sameliakwere both Directors of Sygic during 2022, the transaction is considered a related party transaction. After signing the agreement, Michal Stencl and Jan Sameliak were replaced in their positions as Sygic\u2019s Directors. For more information on the transaction, please refer to Note 8.As at 31 December 2023 and 2022, the Group had no outstanding loans, credit, security or other benefits in either monetary or in-kind form with 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.Selected employees benefit from the private use of the Group cars.Terms and conditionsTransactions 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 termsand conditions and at market rates.38. Subsequent eventsPay-out of deferred considerationOn 2 January 2024, the Group paid deferred acquisition consideration of EUR 5,000 thousand related to the acquisition of WebEye.Acquisition of 4.19% interest in CVS Mobile d.d.On 7 February 2024, the Group acquired the remaining 4.19% interest in CVS mobile d.d. through its subsidiary Napredna telematika d.o.o. for a consideration of EUR 760 thousand.Amendment to the Club Finance facilityOn 14 March 2024, the Group signed an amendment to the Club Finance facility, which increased share of revolving loans within uncommitted incremental facility up to EUR 40 million (previously up to EUR 25 million in Note 30). The total amount of uncommitted incremental facility remains unchanged.The amendment also removes the interest cover covenant for the six months ended 30 June 2024.JITpay GmbH insolvencyOn 22 March 2024 District Court of Braunschweig appointed provisional insolvency administrator of JITpay GmbH, a holding company of JITpay group. The Group continues discussions with the other stakeholders to determine the impact on our investment, which had a valuation of nil as at 31 December 2023 (Note 9).As permitted by section 408 of Companies Act 2006, a separate statement of comprehensive income for W.A.G. payment solutions plc has not been included in these financial statements. Total comprehensive loss for the year amounted to EUR 2.0 million (financial year ended 31 December 2022: EUR 3.5 million).",
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"s8_notes__6__24": {
"value": "3. Basis of consolidationThe 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: @ower over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) @xposure, or rights, to variable returns from its involvement with the investee @he ability to use its power over the investee to affect its returnsGenerally, 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: @he contractual arrangement with the other vote holders of the investee @ights arising from other contractual arrangements @he Group\u2019s voting rights and potential voting rightsThe 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. 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. 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.",
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"s8_notes__6__25": {
"value": "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 goodwillBusiness 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.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, \u2018Financial instruments: recognition and measurement\u2019,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 appropriateIFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. There can also be a situation where the holder of non-controlling interest in the acquiree is 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 combination 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.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: @isclosures of valuation methods, significant estimates and assumptions (Note 9) @uantitative disclosures of fair value measurement hierarchy (Note 9) @inancial instruments carried at fair value (Note 26)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: @In the principal market for the asset or liability @In the absence of a principal market, in the most advantageous market for the asset or liabilityThe 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: @evel 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities @evel 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable @evel 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservableFor 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 customersRevenues 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 energyEnergy means any source that makes a vehicle move (diesel, petrol, e-mobility, biofuel 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: @he acceptance business model \u2013 sale through acceptance partner locations (petrol stations); customers may access any petrol station, which is accepting the Group\u2019s payment solutions, for a price that is independent from the prices of petrol stations under pre-agreed terms @he 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 customersThe Group is acting as a principal in both business models with significant judgement made in respect of the acceptance model (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 tollThe revenues from commission for arranging payments of toll are 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 refundThe revenues from commission fees for the tax refund are 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 25).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 reclaim 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 the 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 The revenues from the sale of on-board units (\u201cOBU\u201d) 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.NavigationNavigation revenue is generated through the licensing of navigation software and digital map content to B2B and B2C customers. The licence of navigation software is granted as a \u201cright to use an intellectual property\u201d while the licence 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 licences are those that only provide the customer the right to use navigationsoftware 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 licences is recognised at the moment the control passes to the customer. Revenue from \u201cright-to-access\u201d licences 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 licences is estimated at three years and for B2B lifetime customers, five years.Other servicesOther services considered immaterial from a Group perspective include: @4hr assistance services \u2013 revenue recognised over the period for which the service is activated @egal services \u2013 revenue recognised at the moment the service is rendered @Insurance \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 signed4.4. TaxesCurrent income taxCurrent 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 enacted or 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 significant tax provisions were established as at 31 December 2023 and 2022.Deferred taxDeferred 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: @hen 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 @In respect of taxable temporary differences associated with investments in subsidiaries and 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 futureDeferred tax assets are recognised for all deductible temporary differences and the carry forward 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: @hen 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 @In respect of deductible temporary differences associated with investments in subsidiaries and 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 utilisedThe 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 transactionsThe 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 lossas 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 recognitionof 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 CompanyThe 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 assetsIntangible 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:YearsClient relationships 7\u201315Internal software developments 2\u201310Patents and rights 2\u201320External software 2\u20138Other intangible assets 2\u20133Intangible 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.Client relationshipsClient relationships were acquired as part of a business combination (Notes 8 and 19). 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 expenditure on an individual project is recognised as an intangible asset when the Group can demonstrate: @he technical feasibility of completing the intangible asset so that the asset will be available for use or sale @Its intention to complete and its ability and intention to use or sell the asset @ow the asset will generate future economic benefits @he availability of resources to complete the asset @he ability to measure reliably the expenditure during developmentFollowing 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 and external softwareSeparately acquired patents and rights, and external 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.4.8. Property, plant and equipmentProperty, 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 them separately, 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.Depreciation is recorded on a straight-line basis over the estimated useful life of an asset as follows:YearsBuildings 10\u201340Leasehold improvements 4\u201315Machinery and equipment 2\u201320Vehicles 2\u20135Fixtures and fittings 5\u201310OBU units 3\u20135Land and tangible assets in progress are not depreciated.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 profit or loss 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. LeasesIdentification 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: @he Group has the right to obtain a substantial economic benefit from the asset for the period of its use @he 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 @he Group has the right to control the use of an identifiable asset @he lease is longer than 12 months (short-term lease exemption allowed under IFRS 16) @he value of the new asset exceeds EUR 4,500 (low value exemption allowed under IFRS 16)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 liabilityAt 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: @ixed payments (lowered by any lease incentives) @ariable lease payments that are indexed or fixed to a rate @all option to purchase where there is sufficient certainty that the lessee will make use of the option @ayment of penalties for termination of the lease where the lease period corresponds to the lessee making use of the option to terminate the leaseAfter the 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 payments occurs. Interest from the lease obligation is recognised as a finance cost.Right to use an assetThe Group measures the right to use an asset on the date the lease commences on the basis of alease agreement. These are based on: @he 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) @he initial direct costs of the lease paid by the Group @he estimated value of the costs for dismantling and removing an identified asset or the reclamation of the site where the asset was located @n 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 \u2018Provisions, contingent liabilities and contingent assets\u2019Right-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 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 costsBorrowing 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.4.12. Financial instrumentsA 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.Financial assetsClassification 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 the following categories: \ueb3b\ue602\ueb3c Financial assets subsequently measured at amortised cost \u2013 classified if both of the following conditions are met: @he financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows @he 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 the 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. \ueb3b\ue641\ueb3c Financial assets at fair value through other comprehensive income: @ssets 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 FVOCI. 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 @quity 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\ueb3b\ue649\ueb3c Financial assets at fair value through profit or loss: @his 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 @xpected 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 FVOCI. Trade and other receivablesTrade and other receivables are carried at original invoice amount less an allowance for impairment of these receivables. See the next section for a description of the Group\u2019s impairment policies and Note 25 for further information on trade and other receivables.Impairment of financial assets carried at amortised costAs 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.The simplified approach adopted by the Group uses elements from the general approach; the main difference is that no staging of financial assets is 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): @D is an estimate of the likelihood of default to occur over a given time period. It is calculated from a combination of customers\u2019 financial position and performance, transactional data, volumes, and payment performance. The set of variables differs according to scorecards applied to customers, which is determined by their resident country @AD is an estimate of exposure at a future default date, taking into account expected changes in exposure after the reporting period, including repayments of principal and interest, and expected drawdowns on committed credit limits @GD 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 EADImpaired debts are derecognised when they are assessed as uncollectable.Recognition and derecognitionRegular way purchases and sales of financial assets are recognised on the trade date, being the date on which the Group commits to purchase or sell the asset. 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: @he rights to receive cash flows from the asset have expired @he 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 assetWhen 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.Financial liabilitiesFinancial 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 30.Trade and other payablesTrade 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 liabilityand the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.Derivative financial instruments and hedge accountingThe Group uses derivative financial instruments, such as interest rate swaps, to hedge its 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, in accordance with IAS 39, hedges are classified as: @ash 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 @edges of a net investment in a foreign operationAt 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 hedgesThe 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.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 assetsThe 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 ofan 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\u2019 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\u2019 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 equivalentsCash 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 paymentsEmployees of the Group receive remuneration in the form of share-based payment transactions whereby employees render service as consideration for equity instruments or cash. Further information relating to these transactions is set out in Note 13.Equity-settled transactionsThe fair value of options granted is recognised as an 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 thatare 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 transactionsLiabilities 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 arepresented as employee-related liabilities in the balance sheet.4.17. Adjusting itemsAdjusting 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 determinedbased 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, expenses related to strategic transformation of the Group, share-based compensation, impairment of non-financial assets and restructuring costs.4.18. ProvisionsProvisions 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:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26": {
"value": "4.1. Business combinations and goodwillBusiness 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.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, \u2018Financial instruments: recognition and measurement\u2019,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 appropriateIFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. There can also be a situation where the holder of non-controlling interest in the acquiree is 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 combination 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.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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27": {
"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: @isclosures of valuation methods, significant estimates and assumptions (Note 9) @uantitative disclosures of fair value measurement hierarchy (Note 9) @inancial instruments carried at fair value (Note 26)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: @In the principal market for the asset or liability @In the absence of a principal market, in the most advantageous market for the asset or liabilityThe 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: @evel 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities @evel 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable @evel 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservableFor 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28": {
"value": "4.3. Revenue from contracts with customersRevenues 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 energyEnergy means any source that makes a vehicle move (diesel, petrol, e-mobility, biofuel 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: @he acceptance business model \u2013 sale through acceptance partner locations (petrol stations); customers may access any petrol station, which is accepting the Group\u2019s payment solutions, for a price that is independent from the prices of petrol stations under pre-agreed terms @he 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 customersThe Group is acting as a principal in both business models with significant judgement made in respect of the acceptance model (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 tollThe revenues from commission for arranging payments of toll are 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 refundThe revenues from commission fees for the tax refund are 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 25).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 reclaim 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 the 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 The revenues from the sale of on-board units (\u201cOBU\u201d) 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.NavigationNavigation revenue is generated through the licensing of navigation software and digital map content to B2B and B2C customers. The licence of navigation software is granted as a \u201cright to use an intellectual property\u201d while the licence 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 licences are those that only provide the customer the right to use navigationsoftware 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 licences is recognised at the moment the control passes to the customer. Revenue from \u201cright-to-access\u201d licences 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 licences is estimated at three years and for B2B lifetime customers, five years.Other servicesOther services considered immaterial from a Group perspective include: @4hr assistance services \u2013 revenue recognised over the period for which the service is activated @egal services \u2013 revenue recognised at the moment the service is rendered @Insurance \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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"value": "4.4. TaxesCurrent income taxCurrent 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 enacted or 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 significant tax provisions were established as at 31 December 2023 and 2022.Deferred taxDeferred 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: @hen 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 @In respect of taxable temporary differences associated with investments in subsidiaries and 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 futureDeferred tax assets are recognised for all deductible temporary differences and the carry forward 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: @hen 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 @In respect of deductible temporary differences associated with investments in subsidiaries and 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 utilisedThe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"value": "4.4. TaxesCurrent income taxCurrent 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 enacted or 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 significant tax provisions were established as at 31 December 2023 and 2022.Deferred taxDeferred 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: @hen 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 @In respect of taxable temporary differences associated with investments in subsidiaries and 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 futureDeferred tax assets are recognised for all deductible temporary differences and the carry forward 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: @hen 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 @In respect of deductible temporary differences associated with investments in subsidiaries and 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 utilisedThe 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "4.5. Foreign currency transactionsThe 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 lossas 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 recognitionof 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "4.6. Cash dividend to equity holders of the CompanyThe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33": {
"value": "4.7. Intangible assetsIntangible 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:YearsClient relationships 7\u201315Internal software developments 2\u201310Patents and rights 2\u201320External software 2\u20138Other intangible assets 2\u20133Intangible 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.Client relationshipsClient relationships were acquired as part of a business combination (Notes 8 and 19). 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 expenditure on an individual project is recognised as an intangible asset when the Group can demonstrate: @he technical feasibility of completing the intangible asset so that the asset will be available for use or sale @Its intention to complete and its ability and intention to use or sell the asset @ow the asset will generate future economic benefits @he availability of resources to complete the asset @he ability to measure reliably the expenditure during developmentFollowing 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 and external softwareSeparately acquired patents and rights, and external 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "4.8. Property, plant and equipmentProperty, 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 them separately, 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.Depreciation is recorded on a straight-line basis over the estimated useful life of an asset as follows:YearsBuildings 10\u201340Leasehold improvements 4\u201315Machinery and equipment 2\u201320Vehicles 2\u20135Fixtures and fittings 5\u201310OBU units 3\u20135Land and tangible assets in progress are not depreciated.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 profit or loss 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "4.9. LeasesIdentification 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: @he Group has the right to obtain a substantial economic benefit from the asset for the period of its use @he 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 @he Group has the right to control the use of an identifiable asset @he lease is longer than 12 months (short-term lease exemption allowed under IFRS 16) @he value of the new asset exceeds EUR 4,500 (low value exemption allowed under IFRS 16)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 liabilityAt 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: @ixed payments (lowered by any lease incentives) @ariable lease payments that are indexed or fixed to a rate @all option to purchase where there is sufficient certainty that the lessee will make use of the option @ayment of penalties for termination of the lease where the lease period corresponds to the lessee making use of the option to terminate the leaseAfter the 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 payments occurs. Interest from the lease obligation is recognised as a finance cost.Right to use an assetThe Group measures the right to use an asset on the date the lease commences on the basis of alease agreement. These are based on: @he 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) @he initial direct costs of the lease paid by the Group @he estimated value of the costs for dismantling and removing an identified asset or the reclamation of the site where the asset was located @n 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 \u2018Provisions, contingent liabilities and contingent assets\u2019Right-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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "4.10. Investment in associatesAssociates are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37": {
"value": "4.11. Borrowing costsBorrowing 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "4.12. Financial instrumentsA 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.Financial assetsClassification 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 the following categories: \ueb3b\ue602\ueb3c Financial assets subsequently measured at amortised cost \u2013 classified if both of the following conditions are met: @he financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows @he 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 the 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. \ueb3b\ue641\ueb3c Financial assets at fair value through other comprehensive income: @ssets 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 FVOCI. 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 @quity 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\ueb3b\ue649\ueb3c Financial assets at fair value through profit or loss: @his 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 @xpected 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 FVOCI. Trade and other receivablesTrade and other receivables are carried at original invoice amount less an allowance for impairment of these receivables. See the next section for a description of the Group\u2019s impairment policies and Note 25 for further information on trade and other receivables.Impairment of financial assets carried at amortised costAs 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.The simplified approach adopted by the Group uses elements from the general approach; the main difference is that no staging of financial assets is 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): @D is an estimate of the likelihood of default to occur over a given time period. It is calculated from a combination of customers\u2019 financial position and performance, transactional data, volumes, and payment performance. The set of variables differs according to scorecards applied to customers, which is determined by their resident country @AD is an estimate of exposure at a future default date, taking into account expected changes in exposure after the reporting period, including repayments of principal and interest, and expected drawdowns on committed credit limits @GD 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 EADImpaired debts are derecognised when they are assessed as uncollectable.Recognition and derecognitionRegular way purchases and sales of financial assets are recognised on the trade date, being the date on which the Group commits to purchase or sell the asset. 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: @he rights to receive cash flows from the asset have expired @he 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 assetWhen 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.Financial liabilitiesFinancial 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 30.Trade and other payablesTrade 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 liabilityand the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.Derivative financial instruments and hedge accountingThe Group uses derivative financial instruments, such as interest rate swaps, to hedge its 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, in accordance with IAS 39, hedges are classified as: @ash 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 @edges of a net investment in a foreign operationAt 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 hedgesThe 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.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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "4.14. Impairment of non-financial assetsThe 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 ofan 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\u2019 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\u2019 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41": {
"value": "4.15. Cash and cash equivalentsCash 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42": {
"value": "4.16. Share-based paymentsEmployees of the Group receive remuneration in the form of share-based payment transactions whereby employees render service as consideration for equity instruments or cash. Further information relating to these transactions is set out in Note 13.Equity-settled transactionsThe fair value of options granted is recognised as an 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 thatare 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 transactionsLiabilities 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 arepresented as employee-related liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "4.17. Adjusting itemsAdjusting 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 determinedbased 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, expenses related to strategic transformation of the Group, share-based compensation, impairment of non-financial assets and restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44": {
"value": "4.18. ProvisionsProvisions 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45": {
"value": "6. Significant accounting judgements, estimates and assumptions6.1. Significant judgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:Principal versus agent considerationThe 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 the 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. The Group has some element of control in that it has agreed minimal supply with the acceptance partners which required them to have the energy available; however, the energy is fungible and the Group does not typically pay in advance. The customer might also purchase the energy directly from the acceptance partner, instead the customer is selecting the most advantageous price available on the Group\u2019s website, choosing the right location (and supplier/partner) on his route where he can make the purchase only with the Group\u2019s payment card.In applying the judgement, 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. The Group is also responsible for sales strategy, decides whether to accept or reject customers and carries credit risk from customer receivables.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. In the past, the Group has often revised its prices as a reaction to market development or inflation.2. The Group has the right to choose its suppliers. When the bunkering model is not suitable along the main truck routes, the Group chooses from possible acceptance partners, which are considered attractive by its customers.Put options granted to non-controlling interestsThe Group concluded that it does not, in substance, acquire present access to the economic benefits of acquired subsidiaries KomTes Chrudim s.r.o. and FIRETMS.COM. The put option redemption liability will be settled with a transfer of the non-controlling interest\u2019s shares for a price that is deemed to approximate their fair value. Therefore, the non-controlling shareholders have retained the risks and rewards associated with ownership until the options are exercised and the non-controlling interest is recognised in equity until then.Adjusting itemsIn 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: @It is a significant item, which may cross more than one accounting period @It 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 @It is unusual in nature, e.g. outside the normal course of businessIf an item meets at least one of the criteria, the Board, through the Audit and Risk Committee, exercises judgement as to whether the item should be classified as an Adjusting item to IFRS performance measures. A list of these items including definitions and exclusion justifications are disclosed in Note 11.CGU structure for Energy and FMSA CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Consistent with prior periods, the Group has identified five CGUs in 2023 \u2013 Energy, Fleet management services, Navigation, Toll and Tax refund. After reviewing results of impairment testing, the CGU structure represents a significant judgement for Fleet management services and Energy as higher impairment loss might be recognised under a different CGU structure regarding the ADS and Webeye acquisitions. The Group considers its CGU structure appropriate, mainly due to the current level of integration and ownership of key IP and software systems by W.A.G. payment solutions, a.s. The Group is not budgeting and reporting these acquisitions separately in its management reporting due to the fact that the cash inflows from the ADS and Webeye acquisitions are not considered to be largely independent of the other cash inflows.Functional currency of W.A.G. payment solutions, a.s.Following the Inelo acquisition and significant increase in EUR borrowings in March 2023, which are being repaid from cash generated and retained mainly in EUR by W.A.G. payment solutions, a.s., management considers EUR to be the functional currency of the entity from March 2023 (previously CZK). In line with IAS 21, management has reviewed primary (currency influencing mainly sales prices and settlement of energy and cost of energy sold) and secondary factors (currency of financing and retained cash), including integration activities in the European area, and concluded that CZK is no longer the primary currency in which the entity receives and expends cash. This represents a significant judgement as the Group would recognise foreign exchange loss of EUR 12 million and foreign currency translation reserve would be higher by EUR 16 million with CZK functional currency of the entity for the year ended 31 December 2023. Following change of the functional currency, the entity recognised foreign exchange gain of EUR 4 million (Note 16).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 assetsImpairment exists when the carrying value of an asset or CGU 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 discounted cash flow (\u201cDCF\u201d) 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 the 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 19.Inelo contingent considerationContingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. The contingent consideration of Inelo is based on EBITDA performance for the year to 31 December 2022 and is capped at EUR 12.5 million. The Group will either pay full consideration or no consideration is payable. The Group has completed the calculation of 2022 EBITDA and concluded it to be below the required target level. Negotiations remain ongoing, the outcome is uncertain, however the Group believes that the performance condition has not been met and therefore zero contingent consideration is presented as at 31 December 2023.6.3. Other estimatesJITpay call optionOn 4 July 2023, the Group exercised its call option to acquire an additional 18.01% stake in JITpay\u2019s share capital for a consideration of EUR 25.7 million. As at 31 December 2023, the call option has not yet been completed due to pending regulatory approval and the Group estimated fair value of the call option to be nil. On 20 February 2024, the Group terminated the call option on account of certain financial status conditions relating to JITpay not having been satisfied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
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}
},
"s8_notes__6__46": {
"value": "7. Group informationThe Group is organised in two operating segments: @ayment solutions represent the Group\u2019s revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments, which are the typical first choice of a new customer @obility 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 offeringsThe consolidated financial statements of the Group include:Effective economic interestName Principal activities Country of incorporation Registered address 2023 2022W.A.G. PAYMENT SOLUTIONS PLC Holding company United Kingdom Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA Company CompanyW.A.G. payment solutions UK LIMITED Payment solutions United Kingdom Horton House, Exchange Flags, Liverpool, Merseyside L2 3PF, United Kingdom 100% 100%W.A.G. payment solutions AT GmbH Payment solutions Austria Kammer 44, 4981 Reichersberg, Austria 100% 100%W.A.G. AT GmbH (liquidated) Payment solutions Austria Kammer 44, 4981 Reichersberg, Austria \u2014 100%W.A.G. payment solutions BE BVBA Payment solutions Belgium Place Marcel Broodthaersplein 8, 1060 Sint-Gillis, Brussels, Belgium 100% 100%CVS Mobile d.o.o. Mobility solutions Bosnia and Ulica Petrovdanska bb 79240, Kozarska Dubica, Bosnia and Herzegovina 95.81% \u2014HerzegovinaW.A.G. payment solutions BG EOOD Payment solutions Bulgaria 18 Todor Aleksandrov blvd. 1000 Sofia, Bulgaria 100% 100%WEBEYE BULGARIA LTD Mobility solutions Bulgaria Sofia 1528, Iskar district, 41 \u201cNedelcho Bonchev\u201d Str., floor 3, apt. 16., Bulgaria 100% 100%W.A.G. payment solutions HR d.o.o. Payment solutions Croatia Grand Centar, Hektorovi\u0107eva ulica 2, 10000 Zagreb, Croatia 100% 100%WEBEYE Hrvatska d.o.o. Mobility solutions Croatia Zagreb (Grad Zagreb) Buzinski prilaz 10, Croatia 100% 100%CVS Mobile d.o.o. Mobility solutions Croatia Jankomir 25 10090 Zagreb, Croatia 95.81% \u2014W.A.G. payment solutions, a.s. Payment solutions Czech Republic Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 14000 Prague 4, Czech Republic 100% 100%and mobility solutionsW.A.G. Issuing Services, a.s. Payment solutions Czech Republic Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 14000 Prague 4, Czech Republic 100% 100%W.A.G. payment solutions CZ, s.r.o. Payment solutions Czech Republic Na V\u00edt\u011bzn\u00e9 pl\u00e1ni 1719/4, 14000 Prague 4, Czech Republic 100% 100%Reamon Tax, a.s. Mobility solutions Czech Republic G\u00f6thova 149, Da\u010dice I, 38001 Da\u010dice, Czech Republic 100% 100%Princip a.s. Mobility solutions Czech Republic Hv\u011bzdova 1689/2a, 14000 Prague 4, Czech Republic 100% 100%Tripomatic s.r.o. (sold) Mobility solutions Czech Republic Za Parkem 631/14, Medl\u00e1nky, 62100 Brno, Czech Republic \u2014 35.7%Sygic Czech Republic s.r.o. (merged with Mobility solutions Czech Republic B\u011bchovick\u00e1 701/26, 10000 Prague 10, Czech Republic \u2014 70%W.A.G. payment solutions CZ, s.r.o.)KomTeS Chrudim s.r.o. Mobility solutions Czech Republic Maleck\u00e1 273, Chrudim IV, 53705 Chrudim, Czech Republic 51% 51%WebEye CZ s.r.o. (merged with W.A.G. Mobility solutions Czech Republic Tu\u0159anka 1222/115, Slatina, 627 00 Brno, Czech Republic \u2014 100%payment solutions CZ, s.r.o.)Effective economic interestName Principal activities Country of incorporation Registered address 2023 2022W.A.G. payment solutions DK ApS Payment solutions Denmark Frederiksborggade 15, 2nd and 3rd floor, 1360 Copenhagen, Denmark 100% 100%W.A.G. payment solutions EE O\u00dc Payment solutions Estonia Akadeemia tee 21/4-301, 12618 Tallinn Harjumaa, Estonia 100% 100%W.A.G. payment solutions FI Oy Payment solutions Finland Aalto University Campus, Metallimiehenkuja 10, 02150 Espoo, Finland 100% 100%W.A.G. payment solutions FR SARL Payment solutions France Montpellier Optimum, 450 Rue Baden Powell, 34000 Montpellier, France 100% 100%W.A.G. payment solutions DE GmbH Payment solutions Germany Rudolfpl. 3, 50674 K\u00f6ln, Germany 100% 100%WebEye Deutschland GmbH Mobility solutions Germany Schatzbogen 33, 81829 M\u00fcnchen, Germany 100% 100%FireTMS.com GmbH Mobility solutions Germany Gesch\u00e4ftsanschrift: Stresemannstra\u00dfe 123, 10963 Berlin, Germany 81% \u2014CVS Mobile GmbH Mobility solutions Germany Sckellstra\u00dfe 1/II, 81667 M\u00fcnchen, Germany 95.81% \u2014W.A.G. payment solutions EL SP LTD Payment solutions Greece 12A Eleftheriou Venizelou Str., GR - 151 27 Melissia, Athens, Greece 100% 100%W.A.G. payment solutions HU, Kft. Payment solutions Hungary 1138 Budapest, N\u00e9pf\u00fcrd\u0151 utca 22. B. \u00e9p. 13. em., Hungary 100% 100%W.A.G. HU, Kft. (in liquidation) Payment solutions Hungary 1138 Budapest, N\u00e9pf\u00fcrd\u0151 utca 22. B. \u00e9p. 13. em., Hungary 100% 100%E-Toll Services Hungary, Kft. Mobility solutions Hungary 2151 F\u00f3t, Ak\u00e1cos, East Gate Business park 0221/12 hrsz. D2. \u00e9p, Hungary 100% 100%RoadOn Magyarorsz\u00e1g Kereskedelmi Mobility solutions Hungary 2151 F\u00f3t, Ak\u00e1cos, East Gate Business park 0221/12 hrsz. D2. \u00e9p, Hungary 100% 100%\u00e9s Szolg\u00e1ltat\u00f3, Kft. (in liquidation)WebEye Magyarorsz\u00e1g Kereskedelmi Mobility solutions Hungary 2151 F\u00f3t, Ak\u00e1cos, East Gate Business park 0221/12 hrsz. D2. \u00e9p, Hungary 100% 100%\u00e9s Szolg\u00e1ltat\u00f3, Kft.W.A.G. payment solutions IE Payment solutions Ireland 6th Floor, 2 Grand Canal Square, D02 A342 Dublin 2, Ireland \u2014 100%LIMITED (liquidated)CONSORZIO EUROWAG S.C. A R.L Payment solutions Italy Via Giovanni Giolitti 55, 10123 Torino, Italy 100% 100%W.A.G. payment solutions IT Payment solutions Italy Via Savonarola 217, 35137 Padova, Italy 100% 100%S.R.L. UNIPERSONALECVS Mobile s.r.l. Mobility solutions Italy Via Battisti 2, 34125 Trieste, Italy 95.81% \u2014SIA W.A.G. payment solutions LV Payment solutions Latvia Bauskas street 58A, Riga, LV-1004, Latvia 100% 100%W.A.G. payment solutions LT, UAB Payment solutions Lithuania Lvivo g. 2509320 Vilnius, Lithuania 100% 100%W.A.G. payment solutions LU S.\u00e0 r.l. Payment solutions Luxembourg 19, rue de Bitbourg, L-1273 Luxembourg 100% 100%CVS Mobile MK dooel Mobility solutions North Macedonia 16-ta Makedonska brigada 13b, 1000 Skopje, North Macedonia 95.81% \u2014W.A.G. payment solutions NO AS Payment solutions Norway C.J. Hambros Plass 2 C, 0164, Oslo, Norway 100% 100%W.A.G. payment solutions PL, Sp. zoo Payment solutions Poland ul. Prosta 69, 00-838 Warsaw, Poland 100% 100%Webeye Polska sp. z.o.o. Mobility solutions Poland 30-663 Krak\u00f3w (Poland), 250 Wielicka Str., Poland 100% 100%Grupa Inelo S.A. Mobility solutions Poland 43-300 Bielsko-Bia\u0142a, ul. Kaprapcka 24/B13, Poland 100% \u2014Effective economic interestName Principal activities Country of incorporation Registered address 2023 2022INELO Polska Sp. z o.o. Mobility solutions Poland 43-300 Bielsko-Bia\u0142a, ul. Kaprapcka 24/U2b, Poland 100% \u2014Marcos Bis Sp. z o.o. Mobility solutions Poland ul. Powsta\u0144c\u00f3w 19, 40\u2013039 Katowice, Poland 100% \u2014FIRETMS.COM Sp. z o.o. Mobility solutions Poland 44-200 Rybnik, ul. 3 Maja 30, Poland 81% \u2014Liserteco LDA Mobility solutions Portugal Rua das Industrias, n\u02da 236, 1\u02da, Sala 104, Trofa, 4785\u2013625, Portugal 100% 100%W.A.G. payment solutions Payment solutions Portugal Torre de Monsanto, Rua Afonso Pra\u00e7a, Alg\u00e9s, 1495-061 Lisbon, Portugal 100% 100%PT Unnipessoal, LDAMYWEBEYE IB\u00c9RIA, LDA Mobility solutions Portugal Rua Francisco Pinto J\u00fanior n 5 2690-390 Santa Ir\u00eda da Az\u00f3ia, Portugal 100% 100%W.A.G. payment solutions RO, s.r.l. Payment solutions Romania Strada Intrarea Nestorei nr. 1, complex River Plaza, Corp B, et. 6, sector 4, 100% 100%Bucuresti, RomaniaWebEye International s.r.l. Mobility solutions Romania Oradea, str. Nuf\u0103rului nr. 28E, Jude\u021bul Bihor, Romania 100% 100%Eurowag d.o.o. Beograd-Stari Grad Payment solutions Serbia Maksima Gorkog No 8, 1st floor, 26000 Pan\u010devo, Serbia 100% 100%CVS Mobile d.o.o. Mobility solutions Serbia Ulica \u0160panskih boraca 24V, 11070 Novi Beograd, Serbia 95.81% \u2014Aldobec technologies, s.r.o. Mobility solutions Slovakia Twin City C, Mlynsk\u00e9 Nivy 16, 82109 Bratislava - mestsk\u00e1 \u010das\u0165 Ru\u017einov, 100% 100%SlovakiaKlub Investorov T&G SK, s.r.o. Payment solutions Slovakia Hlavn\u00e1 18, 90066 Vysok\u00e1 pri Morave, Slovakia 100% 100%(in liquidation)W.A.G. payment solutions SK, s.r.o. Payment solutions Slovakia Kuku\u010d\u00ednova 38/A, 83103 Bratislava, Slovakia 100% 100%Sygic, a.s. Mobility solutions Slovakia Twin City C, Mlynsk\u00e9 Nivy 16, 82109 Bratislava - mestsk\u00e1 \u010das\u0165 Ru\u017einov, 70% 70%SlovakiaKomTeS SK s.r.o. Mobility solutions Slovakia Dopravn\u00e1 7, 92101 Pie\u0161\u0165any, Slovakia 51% 51%WebEye Slovakia s.r.o Mobility solutions Slovakia Slia\u010dska 1E, 831 02 Bratislava, Slovakia 100% 100%W.A.G., pla\u010dilne re\u0161itve SI, d.o.o. Payment solutions Slovenia Trg. Republike 3, 1000 Ljubljana, Slovenia 100% 100%Webeye International d.o.o Mobility solutions Slovenia Kidri\u010deva ulica 13D, 1236 Trzin, Slovenia 100% 100%Napredna telematika d.o.o. Mobility solutions Slovenia Ulica Gradnikove brigade 11, 1000 Ljubljana, Slovenia 100% \u2014CVS Mobile d.d. Mobility solutions Slovenia Ulica Gradnikove brigade 11, 1000 Ljubljana, Slovenia 95.81% \u2014Infotrans d.o.o.* Mobility solutions Slovenia Ljubljanska cesta 24C, 4000 Kranj, Slovenia 48.86% \u2014W.A.G. payment solutions Spain SLU. Payment solutions Spain C/ Albeniz, 6, Pol\u00edgono Industrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San 100% 100%Mill\u00e1n 01207 Araba/\u00c1lava, SpainW.A.G. mobility solutions Iberia SL Payment solutions Spain C/ Albeniz, 6, Pol\u00edgono Industrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San 100% 100%Mill\u00e1n 01207 Araba/\u00c1lava, SpainEffective economic interestName Principal activities Country of incorporation Registered address 2023 2022Arraia-Oil, S.L. Payment solutions Spain C/ Albeniz, 6, Pol\u00edgono Industrial de Asparrena, San Rom\u00e1n de San Mill\u00e1n, San 100% 100%Mill\u00e1n 01207 Araba/\u00c1lava, SpainArraia Autopistas, SL Payment solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena \u2014 100%(merged with Arraia-Oil, S.L.)01 Araba/\u00c1lava, SpainLiserteco 24 Horas, SL Mobility solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena 100% 100%01 Araba/\u00c1lava, SpainReivalsa Gestion, S.L. Mobility solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena \u2014 100%(merged with Arraia-Oil, S.L.)01 Araba/\u00c1lava, SpainTax Refund Consulting SL Mobility solutions Spain Marques de Riscal 11 5a, Madrid 28010, Spain 100% 100%Trofa Gestion, S.L. Mobility solutions Spain C/ Deida 6, San Rom\u00e1n San Mill\u00e1n Industrial Poligon, 01250 Araia Asparrena \u2014 100%(merged with Arraia-Oil, S.L.)01 Araba/\u00c1lava, SpainW.A.G. payment solutions Sweden AB Payment solutions Sweden \u00d6stermalmstorg 1, 114 42 Stockholm, Sweden 100% 100%W.A.G. payment solutions CH AG Payment solutions Switzerland Flurstrasse 55, 8048 Z\u00fcrich, Switzerland 100% 100%W.A.G. payment solutions NL B.V. Payment solutions The Netherlands De Cuserstraat 93, 1081 CN Amsterdam, yhe Netherlands 100% 100%WAG Payment Solutions Turkey \u00d6deme Payment solutions Turkey FSM Mah. Poligon Cad. No: 8B Buyaka2 Sitesi, Kule 2 Kat 6, Daire: 25, 100% 100%Sistemleri Ticaret Limited \u015eirketi 34771 Tepe\u00fcst\u00fc- \u00dcmraniye- \u0130stanbul, TurkeyAL\u017dIRIJA SPA CVS Mobile Algerie Mobility solutions Algeria 30 Rue Hassen Benamane les Vergers Bir Mourad Rais-Algiers \u2014 \u2014(associate acquired and liquidated in 2023)Threeforce B.V. (Last Mile Solutions) Mobility solutions the Netherlands Zeemansstraat 11, 3016 CN in Rotterdam, the Netherlands 27.75% 27.75%UAB \u201dTankita\u201c (Drivitty) Payment solutions Lithuania \u017dalgirio str. 96-103, Vilnius, Lithuania 20% 20%JITPay GmbH Payment solutions Germany Willy-Brandt-Platz 19, 38102 Braunschweig, Germany 9.99% 9.99%The 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 the above listed subsidiaries except for Infotrans d.o.o. W.A.G. payment solutions, a.s. is controlling Infotrans d.o.o. through a chain of subsidiaries where it holds majority of voting rights. W.A.G. payment solutions, a.s. has the following branches: @.A.G. payment solutions \u2013 Branch Bulgaria @.A.G. payment solutions, a.s. Sp\u00f3\u0142ka Akcyjna Oddzia\u0142 w Polsce @.A.G. payment solutions a.s Merkezi \u00c7ek Cumhuriyeti \u0130stanbul Merkez \u015eubesi @.A.G. payment solutions, a.s. organizacn\u00e1 zlo\u017eka",
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"s8_notes__6__48": {
"value": "8. Business combinationsThe following acquisitions took place in 2023:Acquisition of Grupa Inelo S.A. (\u201cInelo\u201d)The acquisition of Inelo was completed on 15 March 2023.The Group paid EUR 215.3 million in cash upon the acquisition of 100% of the share capital of Inelo and repaid Inelo\u2019s bank borrowings of EUR 53.6 million on 16 March 2023. In addition, on 31 August 2023 the Group paid an additional consideration of EUR 8.4 million related to the final price adjustment to Inelo\u2019s acquisition of the FIRETMS.COM subsidiary. Finally, on 3 October 2023, the Group paid EUR 2.0 million related to other purchase price adjustments identified at completion.There is also a contingent consideration, based on Inelo\u2019s EBITDA performance for the year to 31 December 2022, capped at EUR 12.5 million. The Group has assessed the performance conditions based on 2022 EBITDA and concluded it to be below the required target level. As at 31 December 2023, the Group estimates the contingent consideration to be nil (Note 6). The acquisition included FIRETMS.COM put option redemption liability (Note 32) and forward contract to acquire NCI in Napredna telematika d.o.o. in the future (disclosed below).The determined fair values of identifiable assets and liabilities of subsidiaries of Inelo as at the date of acquisition were:Fair valuerecognised onEUR \u2019000acquisition of IneloAssets Property, plant and equipment 11,932Identifiable intangible assets 129,215Right-of-use assets 3,060Other non-current assets 786Trade receivables 8,543Inventories 1,674Income tax receivables 943Cash and cash equivalents 3,271Total assets 159,424LiabilitiesInterest-bearing loans and borrowings 59,152Trade payables 13,142Lease liabilities 3,146Other non-current liabilities 1,203Provisions 1,324Income tax liabilities 625Deferred tax 23,345Total liabilities 101,937Total identifiable net assets at fair value 57,487Non-controlling interest measured at % of net assets (3,683)Goodwill arising on acquisition 171,815Purchase consideration: Cash paid 225,619Deferred and contingent consideration \u2014Total purchase consideration 225,619The goodwill is attributable to expected synergies from combining operations, workforce and other unrecognisable intangible assets. It will not be deductible for tax purposes.The gross contractual receivables acquired amounted to EUR 9,931 thousand. At the acquisition date, there were EUR 1,272 thousand of contractual cash flows not expected to be collected. From the date of acquisition until 31 December 2023, Inelo\u2019s subsidiaries contributed EUR 37,680thousand of revenue and EUR 7,883 thousand profit after tax.If the acquisition had occurred on 1 January 2023, consolidated revenue and consolidated profit after tax of Inelo\u2019s entities for the year ended 31 December 2023 would have been EUR 47,260 thousand and EUR 9,846 thousand respectively. Excluding amortisation of acquired intangibles and Adjusting items the Adjusted profit after tax would have been EUR 18,785 thousand. As deferred considerations paid were of short-term nature, no discounting has been applied to the amount payable. Transaction costs are disclosed at the end of this note.Pay-out of deferred considerationOn 27 April 2023, the Group paid the first part of deferred and contingent acquisition consideration of EUR 2,064 thousand related to the acquisition of WebEye. On 17 May 2023, the Group paid the second part of deferred acquisition consideration of EUR 5,500 thousand related to the acquisition of WebEye.On 11 August 2023, the Group paid the third part of deferred acquisition consideration of EUR 688 thousand related to the acquisition of WebEye.JITpay GmbH (\u201cJITpay\u201d) call optionAs per the original agreement, the Group had a call option to acquire an additional 18.01% share, which was exercised on 4 July 2023 and was subject to approval by German Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht (BaFin), expected to complete in the first half of 2024. The Group entered a strategic partnership with JITpay on 27 September 2022, when it acquired a 9.99% stake for an initial consideration of EUR 14.3 million, of which EUR 3.5 million was used as primary capital. The investment was classified as a financial asset at fair value through other comprehensive income, see Notes 9 and 23 for further information. The investment is considered to be a strategic investment and is not held for trading.On 20 February 2024, the Group terminated the call option on account of certain financial status conditions relating to JITpay not having been satisfied, which had been experienced before 31 December 2023. All other contractual commitments in relation to the original acquisition were also considered to be terminated at this point. The Group continues discussions with the other stakeholders of JITpay and will evaluate opportunities for future cooperation regarding JITpay and within the sector.Acquisition of 10.7% interest in Napredna telematika d.o.o.As a result of the Inelo acquisition, the Group owned 89.3% interest in Napredna telematika d.o.o. and had a forward contract to acquire the remaining interest. On 7 September 2023, the Group acquired remaining 10.7% share in Napredna telematika d.o.o. for EUR 6,976 thousand. The impact of the acquisition on equity is disclosed in Note 28.Acquisition of 49% interest in KomTeS Chrudim s.r.o.On 15 December 2023, the Group signed a share purchase agreement to acquire the remaining 49% interest in subsidiary KomTes Chrudim s.r.o., which had 100% interest in KomTes SK, s.r.o (\u201cKomTes Group\u201d). The Group acquired 100% ownership of the subsidiaries on 1 January 2024. The acquisition price is based on original put option calculation and is payable in 2024 following preparation and audit of 2023 financial statements of the subsidiaries. The Group recognised deferred acquisition consideration of EUR 8,688 thousand as at 31 December 2023 (2022: EUR 4,435 thousand as put option redemption liability). The liability increase relates to 2021-2023 dividends being included in the expected acquisition price, previously the Group expected distribution prior to 100% interest acquisition.Sale of subsidiary Tripomatic s.r.o.On 15 December 2023, the Group sold its subsidiary Tripomatic s.r.o. for EUR 150 thousand to non-controlling shareholders. Tripomatic s.r.o. was a subsidiary of Sygic, a.s., which represented a non-core investment of the Group, with its business based on consumer travel planning application. The result from the transaction is presented as net loss after tax from discontinued operations.The following acquisitions took place in 2022:Acquisition of WebEye GroupFurther 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 valueFair valuerecognised onrecognised onacquisitionacquisitionof non-Hungarianof Hungarian WebeyeWebeyeEUR \u2019000subsidiariessubsidiaries TotalAssetsIdentifiable intangible assets 16,256 11,077 27,333Property, plant and equipment 1,411 729 2,140Right-of-use assets 357 1,598 1,955Inventories 263 497 760Trade receivables 1,308 1,058 2,366Cash and cash equivalents 395 103 498Other assets 10 \u2014 10Total assets 20,000 15,062 35,062Deferred tax 1,810 986 2,796Trade payables 714 883 1,597Lease liabilities 357 1,598 1,955Total liabilities 2,881 3,467 6,348Total identifiable net assets at fair value 17,119 11,595 28,714Goodwill arising on acquisition 19,793 11,512 31,305Purchase consideration:Cash paid 23,319 19,891 43,210Deferred and contingent consideration (discounted) 13,593 3,216 16,809Total purchase consideration 36,912 23,107 60,019The 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 were EUR 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 been EUR 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 been EUR 1,557 thousand. Transaction costs are disclosed at the end of this note.As at the date of acquisition, a 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%. A 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. A reasonably possible change in milestone achievement does not lead to a significant change in the fair value of contingent consideration.Acquisition of non-controlling interest in Sygic, a.s.On 20 December 2022, the Group signed an agreement with non-controlling shareholders of Sygic, a.s. (\u201cSygic\u201d), 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 28).Under the previous shareholder 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).Other disclosuresNet outflows of cash to acquire subsidiaries were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Cash consideration paid 233,871 43,210Repayment of acquiree\u2019s debt 53,677 \u2014Cash acquired (3,271) (498)Net outflow of cash\u2013investing activities 284,277 42,712Cost of acquisition of subsidiaries recognised in other operating expense and cash flows from operating activities:For the year ended 31 DecemberEUR \u2019000 2023 2022Acquisition costs 4,423 7,941Acquisition costs incurred in 2023 and 2022 mostly relate to the acquisition of Inelo.",
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"s8_notes__6__47": {
"value": "8. Business combinationsThe following acquisitions took place in 2023:Acquisition of Grupa Inelo S.A. (\u201cInelo\u201d)The acquisition of Inelo was completed on 15 March 2023.The Group paid EUR 215.3 million in cash upon the acquisition of 100% of the share capital of Inelo and repaid Inelo\u2019s bank borrowings of EUR 53.6 million on 16 March 2023. In addition, on 31 August 2023 the Group paid an additional consideration of EUR 8.4 million related to the final price adjustment to Inelo\u2019s acquisition of the FIRETMS.COM subsidiary. Finally, on 3 October 2023, the Group paid EUR 2.0 million related to other purchase price adjustments identified at completion.There is also a contingent consideration, based on Inelo\u2019s EBITDA performance for the year to 31 December 2022, capped at EUR 12.5 million. The Group has assessed the performance conditions based on 2022 EBITDA and concluded it to be below the required target level. As at 31 December 2023, the Group estimates the contingent consideration to be nil (Note 6). The acquisition included FIRETMS.COM put option redemption liability (Note 32) and forward contract to acquire NCI in Napredna telematika d.o.o. in the future (disclosed below).The determined fair values of identifiable assets and liabilities of subsidiaries of Inelo as at the date of acquisition were:Fair valuerecognised onEUR \u2019000acquisition of IneloAssets Property, plant and equipment 11,932Identifiable intangible assets 129,215Right-of-use assets 3,060Other non-current assets 786Trade receivables 8,543Inventories 1,674Income tax receivables 943Cash and cash equivalents 3,271Total assets 159,424LiabilitiesInterest-bearing loans and borrowings 59,152Trade payables 13,142Lease liabilities 3,146Other non-current liabilities 1,203Provisions 1,324Income tax liabilities 625Deferred tax 23,345Total liabilities 101,937Total identifiable net assets at fair value 57,487Non-controlling interest measured at % of net assets (3,683)Goodwill arising on acquisition 171,815Purchase consideration: Cash paid 225,619Deferred and contingent consideration \u2014Total purchase consideration 225,619The goodwill is attributable to expected synergies from combining operations, workforce and other unrecognisable intangible assets. It will not be deductible for tax purposes.The gross contractual receivables acquired amounted to EUR 9,931 thousand. At the acquisition date, there were EUR 1,272 thousand of contractual cash flows not expected to be collected. From the date of acquisition until 31 December 2023, Inelo\u2019s subsidiaries contributed EUR 37,680thousand of revenue and EUR 7,883 thousand profit after tax.If the acquisition had occurred on 1 January 2023, consolidated revenue and consolidated profit after tax of Inelo\u2019s entities for the year ended 31 December 2023 would have been EUR 47,260 thousand and EUR 9,846 thousand respectively. Excluding amortisation of acquired intangibles and Adjusting items the Adjusted profit after tax would have been EUR 18,785 thousand. As deferred considerations paid were of short-term nature, no discounting has been applied to the amount payable. Transaction costs are disclosed at the end of this note.Pay-out of deferred considerationOn 27 April 2023, the Group paid the first part of deferred and contingent acquisition consideration of EUR 2,064 thousand related to the acquisition of WebEye. On 17 May 2023, the Group paid the second part of deferred acquisition consideration of EUR 5,500 thousand related to the acquisition of WebEye.On 11 August 2023, the Group paid the third part of deferred acquisition consideration of EUR 688 thousand related to the acquisition of WebEye.JITpay GmbH (\u201cJITpay\u201d) call optionAs per the original agreement, the Group had a call option to acquire an additional 18.01% share, which was exercised on 4 July 2023 and was subject to approval by German Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht (BaFin), expected to complete in the first half of 2024. The Group entered a strategic partnership with JITpay on 27 September 2022, when it acquired a 9.99% stake for an initial consideration of EUR 14.3 million, of which EUR 3.5 million was used as primary capital. The investment was classified as a financial asset at fair value through other comprehensive income, see Notes 9 and 23 for further information. The investment is considered to be a strategic investment and is not held for trading.On 20 February 2024, the Group terminated the call option on account of certain financial status conditions relating to JITpay not having been satisfied, which had been experienced before 31 December 2023. All other contractual commitments in relation to the original acquisition were also considered to be terminated at this point. The Group continues discussions with the other stakeholders of JITpay and will evaluate opportunities for future cooperation regarding JITpay and within the sector.Acquisition of 10.7% interest in Napredna telematika d.o.o.As a result of the Inelo acquisition, the Group owned 89.3% interest in Napredna telematika d.o.o. and had a forward contract to acquire the remaining interest. On 7 September 2023, the Group acquired remaining 10.7% share in Napredna telematika d.o.o. for EUR 6,976 thousand. The impact of the acquisition on equity is disclosed in Note 28.Acquisition of 49% interest in KomTeS Chrudim s.r.o.On 15 December 2023, the Group signed a share purchase agreement to acquire the remaining 49% interest in subsidiary KomTes Chrudim s.r.o., which had 100% interest in KomTes SK, s.r.o (\u201cKomTes Group\u201d). The Group acquired 100% ownership of the subsidiaries on 1 January 2024. The acquisition price is based on original put option calculation and is payable in 2024 following preparation and audit of 2023 financial statements of the subsidiaries. The Group recognised deferred acquisition consideration of EUR 8,688 thousand as at 31 December 2023 (2022: EUR 4,435 thousand as put option redemption liability). The liability increase relates to 2021-2023 dividends being included in the expected acquisition price, previously the Group expected distribution prior to 100% interest acquisition.Sale of subsidiary Tripomatic s.r.o.On 15 December 2023, the Group sold its subsidiary Tripomatic s.r.o. for EUR 150 thousand to non-controlling shareholders. Tripomatic s.r.o. was a subsidiary of Sygic, a.s., which represented a non-core investment of the Group, with its business based on consumer travel planning application. The result from the transaction is presented as net loss after tax from discontinued operations.The following acquisitions took place in 2022:Acquisition of WebEye GroupFurther 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 valueFair valuerecognised onrecognised onacquisitionacquisitionof non-Hungarianof Hungarian WebeyeWebeyeEUR \u2019000subsidiariessubsidiaries TotalAssetsIdentifiable intangible assets 16,256 11,077 27,333Property, plant and equipment 1,411 729 2,140Right-of-use assets 357 1,598 1,955Inventories 263 497 760Trade receivables 1,308 1,058 2,366Cash and cash equivalents 395 103 498Other assets 10 \u2014 10Total assets 20,000 15,062 35,062Deferred tax 1,810 986 2,796Trade payables 714 883 1,597Lease liabilities 357 1,598 1,955Total liabilities 2,881 3,467 6,348Total identifiable net assets at fair value 17,119 11,595 28,714Goodwill arising on acquisition 19,793 11,512 31,305Purchase consideration:Cash paid 23,319 19,891 43,210Deferred and contingent consideration (discounted) 13,593 3,216 16,809Total purchase consideration 36,912 23,107 60,019The 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 were EUR 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 been EUR 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 been EUR 1,557 thousand. Transaction costs are disclosed at the end of this note.As at the date of acquisition, a 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%. A 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. A reasonably possible change in milestone achievement does not lead to a significant change in the fair value of contingent consideration.Acquisition of non-controlling interest in Sygic, a.s.On 20 December 2022, the Group signed an agreement with non-controlling shareholders of Sygic, a.s. (\u201cSygic\u201d), 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 28).Under the previous shareholder 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).Other disclosuresNet outflows of cash to acquire subsidiaries were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Cash consideration paid 233,871 43,210Repayment of acquiree\u2019s debt 53,677 \u2014Cash acquired (3,271) (498)Net outflow of cash\u2013investing activities 284,277 42,712Cost of acquisition of subsidiaries recognised in other operating expense and cash flows from operating activities:For the year ended 31 DecemberEUR \u2019000 2023 2022Acquisition costs 4,423 7,941Acquisition costs incurred in 2023 and 2022 mostly relate to the acquisition of Inelo.",
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"s8_notes__6__49": {
"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 2023:Fair value measurement using Quoted pricesSignificantSignificantin activeobservableunobservablemarketsinputsinputsEUR \u2019000 Notes Date of valuation(Level 1)(Level 2)(Level 3) TotalFinancial assets measured at fair valueFinancial assets at fair 23 31 December\u2014 \u2014 \u2014 \u2014value through other 2023comprehensive income (\u201cFVOCI\u201d)Derivative financial assets 26Interest rate swaps 31 December\u2014 3,425 \u2014 3,425 2023Financial liabilities measured at fair valueDerivative financial liabilities 26Put options 31 December\u2014 \u2014 127 127 2023Interest rate swaps 31 December\u2014 3,201 \u2014 3,201 2023Fair value measurement hierarchy for assets and liabilities as at 31 December 2022:Fair value measurement using Quoted pricesSignificantSignificantin activeobservableunobservablemarketsinputsinputsEUR \u2019000 Notes Date of valuation(Level 1)(Level 2)(Level 3) TotalFinancial assets measured at fair valueFinancial assets at fair 23 31 December\u2014 \u2014 14,364 14,364value through other 2022comprehensive income (\u201cFVOCI\u201d)Derivative financial assets 26Foreign currency forwards 31 December\u2014 1 \u2014 1 2022Interest rate swaps 31 December\u2014 6,943 \u2014 6,943 2022Financial liabilities measured at fair valueDerivative financial liabilities 26Foreign currency forwards 31 December\u2014 17 \u2014 17 2022Put options 31 December\u2014 \u2014 153 153 2022Interest rate swaps 31 December\u2014 33 \u2014 33 2022There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2023 and 2022.Specific valuation techniques used to value financial instruments include: @or interest rate swaps \u2013 the present value of the estimated future cash flows based on observable yield curves @or foreign currency forwards \u2013 the present value of future cash flows based on the forward exchange rates at the balance sheet date @or put options \u2013 option pricing models (Monte Carlo) @VOCI \u2013 income approach in 2023, discounted cash flow analysis in 2022 @or other financial instruments \u2013 discounted cash flow analysisThe Group engaged independent experts to perform the valuation of FVOCI. In 2022, the valuation was based on discounted cash flows. In 2023, the Group decided to use the income approach method with price/sales exit multiple, which is considered more relevant due to significant business changes of JITPay in the second half of 2023. The income approach valuation method was used also as at 30 June 2023, when the fair value measurement provided similar results to discounted cash flows as at 31 December 2022.The main Level 3 inputs used are:Level 3 input 2023 2022\u200a*Average annual revenue growth 67% 140%Market price/sales exit multiple 6.4x 7.9xTarget exit year 2028 2026Required rate of return 40% 30%* Similar results of income approach method to DCF.Following negative changes to JITpay\u2019s liquidity, which were known to the Group at the end of 2023, the valuation output was risk adjusted based on the latest information, which resulted in a valuation of nil. Considering the liquidity situation as at 31 December 2023, a reasonably 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 approximate 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 the 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.",
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"s8_notes__6__52": {
"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. 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 intwo operating segments: Payment solutions and Mobility solutions. Payment solutions represent the 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, as detailed in Note 11.The CODM does not review assets and liabilities at segment level.Year ended 31 December 2023Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 1,978,572 109,535 2,088,107Net energy and services sales 146,995 109,535 256,530Contribution 124,131 76,467 200,598Contribution margin 84% 70% 78%Corporate overhead and indirect costs before adjusting items (91,898)Adjusting items affecting Adjusted EBITDA (78,862)Depreciation and amortisation (57,529)Net finance costs and share of net loss of associates (11,616)Profit before tax (39,307)Year ended 31 December 2022Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 2,312,242 56,010 2,368,252Net energy and services sales 134,847 56,010 190,857Contribution 118,157 40,807 158,964Contribution margin 88% 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, 976Geographical split \u2013 segment revenue from contracts with customersThe 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 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 428,272 484,055Poland (\u201cPL\u201d) 372,527 401,528Central Cluster (excluding CZ and PL) 255,652 275,000Portugal (\u201cPT\u201d) 228,598 397,052Western Cluster (excluding PT) 105,440 92,192Romania (\u201cRO\u201d) 293,708 317,518Southern Cluster (excluding RO) 393,727 391,515Not specified 10,183 9,392Total 2,088,107 2,368,252There were no individually significant customers which would represent 10% or more of revenue.Geographical split \u2013 net energy and services salesFor the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 38,157 35,179Poland (\u201cPL\u201d) 61,664 30,485Central Cluster (excluding CZ and PL) 28,803 26,715Portugal (\u201cPT\u201d) 12,800 16,362Western Cluster (excluding PT) 10,693 7,78 7Romania (\u201cRO\u201d) 35,043 28,252Southern Cluster (excluding RO) 60,991 38,339Not specified 8,379 7,73 8Total 256,530 190,857The following table presents the Group\u2019s 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 andother non-current assets (excluding deferred tax assets and derivative assets).For the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic 168,582 152,155Spain 56,356 61,898Poland 230,784 9,073Other 171,232 128,589Total 626,954 351,715Timing of revenue recognition was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Payment solutionsGoods and services transferred at a point in time 1,947,937 2,286,450Services transferred over time 30,635 25,7921,978,572 2,312,242Mobility solutionsGoods and services transferred at a point in time 21,442 15,700Services transferred over time 88,093 40,310109,535 56,010Total segment revenue 2,088,107 2,368,252",
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"s8_notes__6__51": {
"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. 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 intwo operating segments: Payment solutions and Mobility solutions. Payment solutions represent the 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, as detailed in Note 11.The CODM does not review assets and liabilities at segment level.Year ended 31 December 2023Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 1,978,572 109,535 2,088,107Net energy and services sales 146,995 109,535 256,530Contribution 124,131 76,467 200,598Contribution margin 84% 70% 78%Corporate overhead and indirect costs before adjusting items (91,898)Adjusting items affecting Adjusted EBITDA (78,862)Depreciation and amortisation (57,529)Net finance costs and share of net loss of associates (11,616)Profit before tax (39,307)Year ended 31 December 2022Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 2,312,242 56,010 2,368,252Net energy and services sales 134,847 56,010 190,857Contribution 118,157 40,807 158,964Contribution margin 88% 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, 976Geographical split \u2013 segment revenue from contracts with customersThe 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 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 428,272 484,055Poland (\u201cPL\u201d) 372,527 401,528Central Cluster (excluding CZ and PL) 255,652 275,000Portugal (\u201cPT\u201d) 228,598 397,052Western Cluster (excluding PT) 105,440 92,192Romania (\u201cRO\u201d) 293,708 317,518Southern Cluster (excluding RO) 393,727 391,515Not specified 10,183 9,392Total 2,088,107 2,368,252There were no individually significant customers which would represent 10% or more of revenue.Geographical split \u2013 net energy and services salesFor the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 38,157 35,179Poland (\u201cPL\u201d) 61,664 30,485Central Cluster (excluding CZ and PL) 28,803 26,715Portugal (\u201cPT\u201d) 12,800 16,362Western Cluster (excluding PT) 10,693 7,78 7Romania (\u201cRO\u201d) 35,043 28,252Southern Cluster (excluding RO) 60,991 38,339Not specified 8,379 7,73 8Total 256,530 190,857The following table presents the Group\u2019s 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 andother non-current assets (excluding deferred tax assets and derivative assets).For the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic 168,582 152,155Spain 56,356 61,898Poland 230,784 9,073Other 171,232 128,589Total 626,954 351,715Timing of revenue recognition was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Payment solutionsGoods and services transferred at a point in time 1,947,937 2,286,450Services transferred over time 30,635 25,7921,978,572 2,312,242Mobility solutionsGoods and services transferred at a point in time 21,442 15,700Services transferred over time 88,093 40,310109,535 56,010Total segment revenue 2,088,107 2,368,252",
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"s8_notes__6__50": {
"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. 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 intwo operating segments: Payment solutions and Mobility solutions. Payment solutions represent the 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, as detailed in Note 11.The CODM does not review assets and liabilities at segment level.Year ended 31 December 2023Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 1,978,572 109,535 2,088,107Net energy and services sales 146,995 109,535 256,530Contribution 124,131 76,467 200,598Contribution margin 84% 70% 78%Corporate overhead and indirect costs before adjusting items (91,898)Adjusting items affecting Adjusted EBITDA (78,862)Depreciation and amortisation (57,529)Net finance costs and share of net loss of associates (11,616)Profit before tax (39,307)Year ended 31 December 2022Payment MobilityEUR \u2019000solutions solutions TotalSegment revenue 2,312,242 56,010 2,368,252Net energy and services sales 134,847 56,010 190,857Contribution 118,157 40,807 158,964Contribution margin 88% 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, 976Geographical split \u2013 segment revenue from contracts with customersThe 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 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 428,272 484,055Poland (\u201cPL\u201d) 372,527 401,528Central Cluster (excluding CZ and PL) 255,652 275,000Portugal (\u201cPT\u201d) 228,598 397,052Western Cluster (excluding PT) 105,440 92,192Romania (\u201cRO\u201d) 293,708 317,518Southern Cluster (excluding RO) 393,727 391,515Not specified 10,183 9,392Total 2,088,107 2,368,252There were no individually significant customers which would represent 10% or more of revenue.Geographical split \u2013 net energy and services salesFor the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic (\u201cCZ\u201d) 38,157 35,179Poland (\u201cPL\u201d) 61,664 30,485Central Cluster (excluding CZ and PL) 28,803 26,715Portugal (\u201cPT\u201d) 12,800 16,362Western Cluster (excluding PT) 10,693 7,78 7Romania (\u201cRO\u201d) 35,043 28,252Southern Cluster (excluding RO) 60,991 38,339Not specified 8,379 7,73 8Total 256,530 190,857The following table presents the Group\u2019s 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 andother non-current assets (excluding deferred tax assets and derivative assets).For the year ended 31 DecemberEUR \u2019000 2023 2022Czech Republic 168,582 152,155Spain 56,356 61,898Poland 230,784 9,073Other 171,232 128,589Total 626,954 351,715Timing of revenue recognition was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Payment solutionsGoods and services transferred at a point in time 1,947,937 2,286,450Services transferred over time 30,635 25,7921,978,572 2,312,242Mobility solutionsGoods and services transferred at a point in time 21,442 15,700Services transferred over time 88,093 40,310109,535 56,010Total segment revenue 2,088,107 2,368,252",
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"value": "11. Alternative performance measures (\u201cAPMs\u201d)To 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 basic earnings per share, Adjusted effective tax rate, Net debt/cash and Transformational capital expenditure.The Group uses APMs 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 salesNet 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.ContributionContribution 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 overheads.The CODM reviews net energy and services sales and contribution to evaluate segment performance and allocate resources to the overall business (Note 10).Contribution marginContribution 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.EBITDAEBITDA 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 EBITDAAdjusted EBITDA is defined as EBITDA before Adjusting items:Adjusting item Definition Exclusion justificationM&A-related Fees and other costs relating to M&A-related expenses differ every year based on acquisition activity of the Group. Exclusion of these costs allows better expensesthe Group\u2019s acquisitions activityresult comparability.Strategic Costs relating to broadening \ue641\ue945\ue907\ue7f8\ue852\ue864\ue8f7\ue8a7\ue8f7\ue88a\uec91\ue974\ue894\ue864\uec91\ue963\ue8cb\ue8a7\ue8d3\ue8d3\uec91\ue83f\ue7f8\ue963\ue864transformation the skill bases of the Group\u2019s IPO and IT strategic transformation require different skill bases of the Group\u2019s employees. Expenses related to these strategic events expensesemployees (including in respect were excluded as otherwise they would not be incurred. The expenses were not adjusted in 2023 and they will not be adjusted in the of executive search and recruiting future.costs), costs related to \ue799\ue945\ue7f8\ue8f7\ue963\ue885\ue907\ue945\ue8f0\ue7f8\ue974\ue8a7\ue907\ue8f7\uec91\ue907\ue885\uec91\ue8cb\ue864\ue9b6\uec91\ue6c5\ue799\uec91\ue963\ue9b6\ue963\ue974\ue864\ue8f0\ue963transformation of key IT systems Transformational expenditure represents investments intended to create a new product or service, or significantly enhance an existing as well as Inelo integration costsone, in order to increase the Group\u2019s revenue potential. This also includes systems and processes improvements to improve services provided 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. The programme ends in 2023, with the exception of SAP implementation, which is expected to end in 2025. SAP implementation expense adjustment amounts to EUR 5.2 million in 2023, and the Group anticipates EUR 5.0 million in 2024 and EUR 3 million in 2025. The Group does not expect significant capitalisation related to SAP in 2024 and 2025.\ue6c5\ue8f7\ue974\ue864\ue88a\ue945\ue7f8\ue974\ue8a7\ue907\ue8f7\uec91\ue846\ue907\ue963\ue974\ue963\uec91\ue907\ue885\uec91\ue6c5\ue8f7\ue864\ue8d3\ue907One-off costs relating to the transformation and integration of Inelo have been excluded for better result comparability. While the Group did not adjust integration costs in the past, the related activities and one-off costs are significantly higher than for previously completed acquisitions. The Group incurred EUR 1.8 million of integration costs in 2023 and expects to incur approximately EUR 1 million of integration costs in 2024. Share-based Equity-settled and cash-settled Share options and cash-settled compensation were provided to management and certain employees in connection with the IPO. compensationcompensation provided to the Total share-based payment charge to be excluded in period 2021\u20132024 amounts to EUR 20.7 million, from which EUR 1.3 million was Group\u2019s management before IPOa one-off in 2021 and EUR 19.4 million is amortised over three years. Although these costs were amortised over 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, EUR 5.3 million in 2022, EUR 6.5 million in 2023 and anticipated expense adjustment amounts to EUR 2.4 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.Impairment losses of Goodwill impairment The Group recognised a significant goodwill impairment of the Fleet management solutions CGU in 2023. Exclusion of these costs non-financial assetsallows better result comparability.Restructuring costs Termination benefits of a Following the acquisition of Inelo, the Group completed a major restructuring programme in 2023 to ensure the right size of the Group significant restructuring for the future. The programme incurred significant termination costs, which are considered non-recurring due to their size. The Group programmedoes not expect similar related costs to be incurred in 2024.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 reconciliationFor the year ended 31 DecemberEUR \u2019000 2023 2022Intangible assets amortisation (Note 19) 43,398 22,234Tangible assets depreciation (Note 20) 8,851 4,790Right-of-use depreciation (Note 21) 5,280 3,369Depreciation and amortisation 57,529 30,393Net finance costs and share of net loss of associates 11,616 4,763(Loss)/Profit before income tax (39,307) 27,976EBITDA 29,838 63,132M&A-related expenses (Note 8) 4,423 7,941Strategic transformation expenses 7,066 5,209Share-based compensation (Note 13) 6,538 5,311Impairment losses of non-financial assets (Note 19) 56,663 \u2014Restructuring costs 4,172 \u2014Adjusting items 78,862 18,461Adjusted EBITDA 108,700 81,593Adjusted EBITDA marginAdjusted 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 from continuing operations before Adjusting items:Adjusting item Definition Exclusion justificationAmortisation of Amortisation of assets The Group acquired a number of companies acquired recognised at the time of in the past and plans further acquisitions in intangiblesan acquisition (primarily the future. The item is prone to volatility ADS, Sygic, Webeye and from period to period depending on the Inelo)level of M&A.Amortisation due Accelerated amortisation The strategic IT transformation programme to transformational of assets being replaced of the Group is replacing selected softwares useful life changesby strategic transformation before their originally estimated useful life. of the GroupThis may also include early fixed asset write-offs. Amortisation of such assets has been accelerated and abnormally high difference between the original and accelerated depreciation was excluded to allow period on period result comparability.The item adjusted in 2020-2022 represents assets replaced by strategic IT transformation by the end of 2022. No new items were identified in 2023. Adjusting Items recognised in the Justifications for each item are listed in the items affecting preceding table, which preceding table.Adjusted EBITDAreconciles EBITDA to Adjusted EBITDATax effect Decrease in tax expense as Tax effect of above adjustments is excluded a result of above to adjust the 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 reconciliationFor the year ended 31 DecemberEUR \u2019000 2023 2022(Loss)/Profit for the year from continuing operations (43,548) 17,696Amortisation of acquired intangibles 17,166 6,562Amortisation due to transformational useful life changes \u2014 1,864Adjusting items affecting Adjusted EBITDA 78,862 18,461Tax effect (5,747) (3,029)Adjusted earnings (net profit) 46,733 41,554Adjusted basic earnings per shareAdjusted basic 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 29 for further information.Adjusted effective tax rateAdjusted 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 18 for further information.Net debt/cashNet debt/cash is calculated as cash and cash equivalents less interest-bearing loans and borrowings.Transformational capital expenditureTransformational 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.",
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"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__56": {
"value": "12. Employee expensesEmployee expenses for the respective periods consist of the following:For the year ended 31 December2023202320222022Total personnelKey management\u200a*Total personnelKey management\u200a*EUR \u2019000Wages and salaries 85,440 6,715 58,895 5,217Social security costs 17,890 1,000 13,930 702Option plans (Note 13) 7,800 7,538 6,459 5,890Total employee expenses before capitalisation 111,130 15,253 79,284 11,809Own work capitalised (14,337) \u2014 (12,072) \u2014Total employee expense 96,793 15,253 67,212 11,809* Includes the members of the Board and Executive Committee of W.A.G payment solutions plc.Termination benefits provided to key management amounted to EUR 772 thousand in 2023 (2022: EUR 873 thousand). Adjusting items in employee expenses amounted to EUR 11,658 thousand in 2023 (2022: EUR 7,424 thousand).Information regarding the highest paid Director is included in the Directors\u2019 Remuneration Report on page 118.The monthly average number of employees by category during the period was as follows:For the year ended 31 December2023 2022Sales and marketing 315 248General and administrative 311 270Technology, product and operative* 1,160 705Total average number of employees 1,786 1,223* Technology, product and operative category represents employees directly and indirectly related to product business units.",
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"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__55": {
"value": "12. Employee expensesEmployee expenses for the respective periods consist of the following:For the year ended 31 December2023202320222022Total personnelKey management\u200a*Total personnelKey management\u200a*EUR \u2019000Wages and salaries 85,440 6,715 58,895 5,217Social security costs 17,890 1,000 13,930 702Option plans (Note 13) 7,800 7,538 6,459 5,890Total employee expenses before capitalisation 111,130 15,253 79,284 11,809Own work capitalised (14,337) \u2014 (12,072) \u2014Total employee expense 96,793 15,253 67,212 11,809* Includes the members of the Board and Executive Committee of W.A.G payment solutions plc.Termination benefits provided to key management amounted to EUR 772 thousand in 2023 (2022: EUR 873 thousand). Adjusting items in employee expenses amounted to EUR 11,658 thousand in 2023 (2022: EUR 7,424 thousand).Information regarding the highest paid Director is included in the Directors\u2019 Remuneration Report on page 118.The monthly average number of employees by category during the period was as follows:For the year ended 31 December2023 2022Sales and marketing 315 248General and administrative 311 270Technology, product and operative* 1,160 705Total average number of employees 1,786 1,223* Technology, product and operative category represents employees directly and indirectly related to product business units.",
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"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__54": {
"value": "12. Employee expensesEmployee expenses for the respective periods consist of the following:For the year ended 31 December2023202320222022Total personnelKey management\u200a*Total personnelKey management\u200a*EUR \u2019000Wages and salaries 85,440 6,715 58,895 5,217Social security costs 17,890 1,000 13,930 702Option plans (Note 13) 7,800 7,538 6,459 5,890Total employee expenses before capitalisation 111,130 15,253 79,284 11,809Own work capitalised (14,337) \u2014 (12,072) \u2014Total employee expense 96,793 15,253 67,212 11,809* Includes the members of the Board and Executive Committee of W.A.G payment solutions plc.Termination benefits provided to key management amounted to EUR 772 thousand in 2023 (2022: EUR 873 thousand). Adjusting items in employee expenses amounted to EUR 11,658 thousand in 2023 (2022: EUR 7,424 thousand).Information regarding the highest paid Director is included in the Directors\u2019 Remuneration Report on page 118.The monthly average number of employees by category during the period was as follows:For the year ended 31 December2023 2022Sales and marketing 315 248General and administrative 311 270Technology, product and operative* 1,160 705Total average number of employees 1,786 1,223* Technology, product and operative category represents employees directly and indirectly related to product business units.",
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"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__57": {
"value": "13. Share-based paymentsThe Company currently operates the following share option plans:Equity-settled share option plans Pre-IPO option plansIn 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.Performance share plan (post-IPO)To provide discretionary share-based incentive awards to employees, the Company operates thePerformance share plan (\u201cPSP\u201d). The operation of the plan is supervised by the Remuneration Committee. Any employee (including an Executive Director) of the Group is eligible to participate in the PSP at the discretion of the Remuneration Committee. The PSP awards granted in 2022 and 2023 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 202331 December 2022Average exerciseNumber Average exercise Number price per shareof shareprice per share of shareoption (EUR)optionsoption (EUR) optionsOpening 0.01 7,325,684 0.01 3,706,790Granted during the period 0.01 5,380,443 0.01 4,979,758Exercised during the period 0.01 (560,204) \u2014 \u2013Forfeited during the period 0.01 (3,650,573) 0.01 (1,360,864)Closing 0.01 8,495,350 0.01 7,325,684Vested and exercisable at the end of the period 0.01 560,204 \u2014 \u2014Share options outstanding at the end of the period have the following expiry dates and exercise prices:31 December 2023 31 December 2022Weighted Weighted Numbers of average Numbers of average Exercise priceshares remaining life shares remaining life (EUR)outstanding(years)outstanding(years)0.01 8,495,350 1.80 7,325,684 2.07Total 8,495,350 7,325,684The fair value of the options granted is determined using the Black-Scholes model that takes into account the exercise price, the term of the option, the share price at grant date, the 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 2023 31 December 2022September April November April 2023 grant2023 grant2022 grant2022 grantShare price at grant date 0.915 GBP 0.945 GBP 0.81 GBP 0.94 GBPExercise price 0.01 0.01 0.01 0.01Expected price volatility of Company\u2019s shares 48.8% 48.8% 41.7% 52.8%Risk-free interest rate 4.25% 3.88% 2.73% 2.69%Cash-settled share option plans (pre-IPO)In 2021, the shadow shares plan was introduced to provide long-term incentives for certain managers to deliver long-term shareholder returns. Shadow shares were granted 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 was 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 the following liability in relation to the cash-settled option plan:31 December31 December EUR \u2019000 20232022Cash-settled plan liability 795 765Expenses arising from share-based payment transactionsFor the year ended 31 DecemberEUR \u2019000 2023 2022Equity-settled plans (pre-IPO option plans) 6,342 5,247Cash-settled plans (pre-IPO) 196 64Total pre-IPO expenses (Note 11) 6,538 5,311Equity-settled plans (PSP) 1,262 1,148Total (Note 12) 7,800 6,459For the year ended 31 December 2023, expenses related to equity-settled plans recognised in equity amount to EUR 7,604 thousand (2022: EUR 6,395 thousand).",
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"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__58": {
"value": "14. Other operating expensesOther operating expenses for the year ended 31 December were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Market research, consultancy 7,973 6,174Facilities maintenance costs 4,721 4,871Raw materials and energy consumed 5,644 3,482Legal services 1,986 1,517Accounting services 5,335 3,732Costs of services provided 9,971 5,586Insurance of receivables 1,032 956Cost of acquisition of subsidiaries 4,423 7,941Change in provisions 395 721Deficits and damages 517 187Repairs and maintenance 1,185 829Travel costs 1,858 1,277Representational costs 2,931 3,525Telephone, internet services 1,042 563Other 6,497 5,866Total 55,510 47,227Adjusting items in other operating expenses amounted to EUR 5,555 thousand in 2023 (2022: EUR 10,708 thousand), consisting mainly of acquisition related expenses.",
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"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__59": {
"value": "15. Other operating incomeOther operating income for the respective periods was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Gains from revaluation of foreign currency forwards 7,970 \u2014Other 2,119 449Total 10,089 449",
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"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "16. Finance incomeFinance income for the respective periods was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Gains from revaluation of interest rate swaps 545 3,315Gains from revaluation of foreign currency forwards and swaps \u2014 1,179Total gains from revaluation of derivatives 545 4,494Foreign exchange gain 12,225 \u2014Gain from the revaluation of securities 1,646 \u2014Interest income 219 234Other 47 22Total 14,682 4,750Foreign exchange gain includes EUR 4 million gain impacted by change of functional currency of W.A.G. payment solutions, a.s. (Note 6).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62": {
"value": "16. Finance incomeFinance income for the respective periods was as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Gains from revaluation of interest rate swaps 545 3,315Gains from revaluation of foreign currency forwards and swaps \u2014 1,179Total gains from revaluation of derivatives 545 4,494Foreign exchange gain 12,225 \u2014Gain from the revaluation of securities 1,646 \u2014Interest income 219 234Other 47 22Total 14,682 4,750Foreign exchange gain includes EUR 4 million gain impacted by change of functional currency of W.A.G. payment solutions, a.s. (Note 6).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__6__61": {
"value": "17. Finance costsFinance costs for the respective periods were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Bank guarantees fee 1,533 899Interest expense 19,787 5,815Factoring fee 4,451 1,348Foreign exchange loss \u2014 692Other 23 48Total 25,794 8,802",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "17. Finance costsFinance costs for the respective periods were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Bank guarantees fee 1,533 899Interest expense 19,787 5,815Factoring fee 4,451 1,348Foreign exchange loss \u2014 692Other 23 48Total 25,794 8,802",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__69": {
"value": "18. Income taxThe corporate income tax for companies in the Czech Republic and United Kingdom for the year 2023 was 19% and 23.44% (changed on 5 April 2023 from 19% to 25%), respectively (2022: 19%). WAG Iberia and WAG payment solutions Spain, together with all the Alava tax resident companiesof ADS sub-group (Arraia Oil and Liserteco 24h), formed a consolidation tax group for CIT purposes beginning on 1 April 2019. Spanish corporate income tax is 24% (2022: 24%).The Polish corporate income tax rate is 19% (2022: 19%).During 2023, the government of the Czech Republic introduced changes in the Czech tax systemwhich include corporate income tax rate increase from 19% to 21% for tax and accounting periodsstarting in 2024. The impact on the deferred tax as of 31 December 2023 is presented in the table below.The Group has reviewed impact of OECD Pillar 2 legislation, which is effective in most countries as of 1 January 2024. Based on the analysis of the OECD model rules and modelling performed on the data for the year ending 31 December 2022, the Group should benefit in most countries from safe harbours as defined by OECD (de minimis, simplified effective tax rate) on the assumption that our Country by Country report for the year ending 31 December 2024 is qualifying. For the other most material countries, there might be additional top-up tax in Slovakia and Spain, but this is not expected to be material. Our assessment of substantively enacted legislation, including qualifying domestic minimum taxes, is ongoing. Management will further monitor OECD Pillar 2 tax position of the Group and implement all necessary steps for proper reporting in individual countries.The structure of the income tax for the respective periods is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Current income tax charge 8,206 12,148Adjustments in respect of current income tax of prior years (195) 495Deferred tax (3,520) (2,363)Deferred tax emerged from the change of tax rate (250) \u2014Total 4,241 10,280Reconciliation of tax expense and the accounting (loss)/profit multiplied by the Company\u2019s domestic tax rate for the below periods:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976At UK\u2019s statutory income tax rate of 23.44% (2022: 19%) (9,214) 5,316Adjustments in respect of current income tax of prior years (195) 495Change of deferred tax rate impact (250) \u2014Effect of different tax rates in other countries of the Group (449) 30Non-deductible expenses (M&A related) 960 1,350Non-deductible expenses (goodwill impairment) 13,282 \u2014Non-deductible expenses (other) 4,340 1,857Share-based payments 1,284 1,020Net investment hedge \u2014 260Functional currency change impact (4,172) \u2014Tax credits (1,511) \u2014Effect of accumulated tax loss claimed in the current period \u2014 (68)Effect of unrecognised deferred tax assets relating to tax losses of current period 166 20At the effective income tax rate of (10.79%) 36.75%Income tax expense reported in the statement of profit or loss 4,241 10,280The adjusted effective tax rate is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976Adjusting items affecting adjusted EBITDA 78,862 18,461Amortisation of acquired intangibles 17,166 6,562Amortisation due to transformational useful life changes \u2014 1,864Adjusted profit before tax (A) 56,721 54,863Accounting tax expense 4,241 10,280Tax effect of above adjustments 5,747 3,029Adjusted tax expense (B) 9,988 13,309Adjusted earnings (A\u2013B) 46,733 41,554Adjusted effective tax rate (B/A) 17.6%* 24.3%* Adjusted effective tax rate in 2023 is mainly impacted by functional currency change (Note 6). Excluding this item, the 2023 adjusted effective tax rate would have been 25.0%.Unused tax losses, for which no deferred tax asset has been recognised were as follows:31 December 31 December EUR \u201900020232022Unrecognised tax losses expiring by the end of:\u2013 31 December 2023 \u2014 210\u2013 31 December 2024 147 446\u2013 31 December 2025 45 45\u2013 31 December 2026 and after 1,257 749\u2013 No expiry date \u2014 444Total unrecognised tax losses 1,449 1,894Potential tax benefit 362 360The unused tax losses have arisen in dormant subsidiaries that are not likely to generate taxable income in the foreseeable future.Deferred tax balances and movements:(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002023 combinations profit or lossto OCI differences 2023Difference between net book value of fixed assets for accounting and tax purposes (10,502) (23,896) 4,735 \u2014 (1,662) (31,325)Allowances to receivables 2,976 78 1,067 \u2014 (98) 4,023Provisions for liabilities and charges 1,585 472 355 \u2014 (22) 2,390Tax losses 345 \u2014 (345) \u2014 \u2014 \u2014Tax benefit from pre-acquisition reserves 5,943 \u2014 (1,200) \u2014 \u2014 4,743Other 1,481 1 (842) 154 61 855Net deferred tax asset/(liability) 1,828 (23,345) 3,770 154 (1,721) (19,314)Recognised deferred tax asset 10,505 126 (1,433) 154 212 9,564Recognised deferred tax liability (8,677) (23,471) 5,203 \u2014 (1,933) (28,878)(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002022 combinations profit or lossto OCI differences 2022Difference between net book value of fixed assets for accounting and tax purposes (7,522) (2,747) (243) \u2014 10 (10,502)Allowances to receivables 1,638 \u2014 1,273 \u2014 65 2,976Provisions for liabilities and charges 1,454 \u2014 94 \u2014 37 1,585Tax losses 148 \u2014 193 \u2014 4 345Tax benefit from pre-acquisition reserves 6,423 \u2014 (480) \u2014 \u2014 5,943Other 6 (49) 1,526 \u2014 (2) 1,481Net deferred tax asset/(liability) 2,147 (2,796) 2,363 \u2014 114 1,828Recognised deferred tax asset 7,642 \u2014 2,757 \u2014 106 10,505Recognised deferred tax liability (5,495) (2,796) (394) \u2014 8 (8,677)The tax benefit from pre-acquisition reserves relates to the ADS Group acquisition in 2019 and is being utilised against current period profits, similarly to tax losses.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 204,801 thousand (2022: EUR 195,685 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:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__65": {
"value": "18. Income taxThe corporate income tax for companies in the Czech Republic and United Kingdom for the year 2023 was 19% and 23.44% (changed on 5 April 2023 from 19% to 25%), respectively (2022: 19%). WAG Iberia and WAG payment solutions Spain, together with all the Alava tax resident companiesof ADS sub-group (Arraia Oil and Liserteco 24h), formed a consolidation tax group for CIT purposes beginning on 1 April 2019. Spanish corporate income tax is 24% (2022: 24%).The Polish corporate income tax rate is 19% (2022: 19%).During 2023, the government of the Czech Republic introduced changes in the Czech tax systemwhich include corporate income tax rate increase from 19% to 21% for tax and accounting periodsstarting in 2024. The impact on the deferred tax as of 31 December 2023 is presented in the table below.The Group has reviewed impact of OECD Pillar 2 legislation, which is effective in most countries as of 1 January 2024. Based on the analysis of the OECD model rules and modelling performed on the data for the year ending 31 December 2022, the Group should benefit in most countries from safe harbours as defined by OECD (de minimis, simplified effective tax rate) on the assumption that our Country by Country report for the year ending 31 December 2024 is qualifying. For the other most material countries, there might be additional top-up tax in Slovakia and Spain, but this is not expected to be material. Our assessment of substantively enacted legislation, including qualifying domestic minimum taxes, is ongoing. Management will further monitor OECD Pillar 2 tax position of the Group and implement all necessary steps for proper reporting in individual countries.The structure of the income tax for the respective periods is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Current income tax charge 8,206 12,148Adjustments in respect of current income tax of prior years (195) 495Deferred tax (3,520) (2,363)Deferred tax emerged from the change of tax rate (250) \u2014Total 4,241 10,280Reconciliation of tax expense and the accounting (loss)/profit multiplied by the Company\u2019s domestic tax rate for the below periods:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976At UK\u2019s statutory income tax rate of 23.44% (2022: 19%) (9,214) 5,316Adjustments in respect of current income tax of prior years (195) 495Change of deferred tax rate impact (250) \u2014Effect of different tax rates in other countries of the Group (449) 30Non-deductible expenses (M&A related) 960 1,350Non-deductible expenses (goodwill impairment) 13,282 \u2014Non-deductible expenses (other) 4,340 1,857Share-based payments 1,284 1,020Net investment hedge \u2014 260Functional currency change impact (4,172) \u2014Tax credits (1,511) \u2014Effect of accumulated tax loss claimed in the current period \u2014 (68)Effect of unrecognised deferred tax assets relating to tax losses of current period 166 20At the effective income tax rate of (10.79%) 36.75%Income tax expense reported in the statement of profit or loss 4,241 10,280The adjusted effective tax rate is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976Adjusting items affecting adjusted EBITDA 78,862 18,461Amortisation of acquired intangibles 17,166 6,562Amortisation due to transformational useful life changes \u2014 1,864Adjusted profit before tax (A) 56,721 54,863Accounting tax expense 4,241 10,280Tax effect of above adjustments 5,747 3,029Adjusted tax expense (B) 9,988 13,309Adjusted earnings (A\u2013B) 46,733 41,554Adjusted effective tax rate (B/A) 17.6%* 24.3%* Adjusted effective tax rate in 2023 is mainly impacted by functional currency change (Note 6). Excluding this item, the 2023 adjusted effective tax rate would have been 25.0%.Unused tax losses, for which no deferred tax asset has been recognised were as follows:31 December 31 December EUR \u201900020232022Unrecognised tax losses expiring by the end of:\u2013 31 December 2023 \u2014 210\u2013 31 December 2024 147 446\u2013 31 December 2025 45 45\u2013 31 December 2026 and after 1,257 749\u2013 No expiry date \u2014 444Total unrecognised tax losses 1,449 1,894Potential tax benefit 362 360The unused tax losses have arisen in dormant subsidiaries that are not likely to generate taxable income in the foreseeable future.Deferred tax balances and movements:(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002023 combinations profit or lossto OCI differences 2023Difference between net book value of fixed assets for accounting and tax purposes (10,502) (23,896) 4,735 \u2014 (1,662) (31,325)Allowances to receivables 2,976 78 1,067 \u2014 (98) 4,023Provisions for liabilities and charges 1,585 472 355 \u2014 (22) 2,390Tax losses 345 \u2014 (345) \u2014 \u2014 \u2014Tax benefit from pre-acquisition reserves 5,943 \u2014 (1,200) \u2014 \u2014 4,743Other 1,481 1 (842) 154 61 855Net deferred tax asset/(liability) 1,828 (23,345) 3,770 154 (1,721) (19,314)Recognised deferred tax asset 10,505 126 (1,433) 154 212 9,564Recognised deferred tax liability (8,677) (23,471) 5,203 \u2014 (1,933) (28,878)(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002022 combinations profit or lossto OCI differences 2022Difference between net book value of fixed assets for accounting and tax purposes (7,522) (2,747) (243) \u2014 10 (10,502)Allowances to receivables 1,638 \u2014 1,273 \u2014 65 2,976Provisions for liabilities and charges 1,454 \u2014 94 \u2014 37 1,585Tax losses 148 \u2014 193 \u2014 4 345Tax benefit from pre-acquisition reserves 6,423 \u2014 (480) \u2014 \u2014 5,943Other 6 (49) 1,526 \u2014 (2) 1,481Net deferred tax asset/(liability) 2,147 (2,796) 2,363 \u2014 114 1,828Recognised deferred tax asset 7,642 \u2014 2,757 \u2014 106 10,505Recognised deferred tax liability (5,495) (2,796) (394) \u2014 8 (8,677)The tax benefit from pre-acquisition reserves relates to the ADS Group acquisition in 2019 and is being utilised against current period profits, similarly to tax losses.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 204,801 thousand (2022: EUR 195,685 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64": {
"value": "18. Income taxThe corporate income tax for companies in the Czech Republic and United Kingdom for the year 2023 was 19% and 23.44% (changed on 5 April 2023 from 19% to 25%), respectively (2022: 19%). WAG Iberia and WAG payment solutions Spain, together with all the Alava tax resident companiesof ADS sub-group (Arraia Oil and Liserteco 24h), formed a consolidation tax group for CIT purposes beginning on 1 April 2019. Spanish corporate income tax is 24% (2022: 24%).The Polish corporate income tax rate is 19% (2022: 19%).During 2023, the government of the Czech Republic introduced changes in the Czech tax systemwhich include corporate income tax rate increase from 19% to 21% for tax and accounting periodsstarting in 2024. The impact on the deferred tax as of 31 December 2023 is presented in the table below.The Group has reviewed impact of OECD Pillar 2 legislation, which is effective in most countries as of 1 January 2024. Based on the analysis of the OECD model rules and modelling performed on the data for the year ending 31 December 2022, the Group should benefit in most countries from safe harbours as defined by OECD (de minimis, simplified effective tax rate) on the assumption that our Country by Country report for the year ending 31 December 2024 is qualifying. For the other most material countries, there might be additional top-up tax in Slovakia and Spain, but this is not expected to be material. Our assessment of substantively enacted legislation, including qualifying domestic minimum taxes, is ongoing. Management will further monitor OECD Pillar 2 tax position of the Group and implement all necessary steps for proper reporting in individual countries.The structure of the income tax for the respective periods is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Current income tax charge 8,206 12,148Adjustments in respect of current income tax of prior years (195) 495Deferred tax (3,520) (2,363)Deferred tax emerged from the change of tax rate (250) \u2014Total 4,241 10,280Reconciliation of tax expense and the accounting (loss)/profit multiplied by the Company\u2019s domestic tax rate for the below periods:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976At UK\u2019s statutory income tax rate of 23.44% (2022: 19%) (9,214) 5,316Adjustments in respect of current income tax of prior years (195) 495Change of deferred tax rate impact (250) \u2014Effect of different tax rates in other countries of the Group (449) 30Non-deductible expenses (M&A related) 960 1,350Non-deductible expenses (goodwill impairment) 13,282 \u2014Non-deductible expenses (other) 4,340 1,857Share-based payments 1,284 1,020Net investment hedge \u2014 260Functional currency change impact (4,172) \u2014Tax credits (1,511) \u2014Effect of accumulated tax loss claimed in the current period \u2014 (68)Effect of unrecognised deferred tax assets relating to tax losses of current period 166 20At the effective income tax rate of (10.79%) 36.75%Income tax expense reported in the statement of profit or loss 4,241 10,280The adjusted effective tax rate is as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Accounting (loss)/profit before tax (39,307) 27,976Adjusting items affecting adjusted EBITDA 78,862 18,461Amortisation of acquired intangibles 17,166 6,562Amortisation due to transformational useful life changes \u2014 1,864Adjusted profit before tax (A) 56,721 54,863Accounting tax expense 4,241 10,280Tax effect of above adjustments 5,747 3,029Adjusted tax expense (B) 9,988 13,309Adjusted earnings (A\u2013B) 46,733 41,554Adjusted effective tax rate (B/A) 17.6%* 24.3%* Adjusted effective tax rate in 2023 is mainly impacted by functional currency change (Note 6). Excluding this item, the 2023 adjusted effective tax rate would have been 25.0%.Unused tax losses, for which no deferred tax asset has been recognised were as follows:31 December 31 December EUR \u201900020232022Unrecognised tax losses expiring by the end of:\u2013 31 December 2023 \u2014 210\u2013 31 December 2024 147 446\u2013 31 December 2025 45 45\u2013 31 December 2026 and after 1,257 749\u2013 No expiry date \u2014 444Total unrecognised tax losses 1,449 1,894Potential tax benefit 362 360The unused tax losses have arisen in dormant subsidiaries that are not likely to generate taxable income in the foreseeable future.Deferred tax balances and movements:(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002023 combinations profit or lossto OCI differences 2023Difference between net book value of fixed assets for accounting and tax purposes (10,502) (23,896) 4,735 \u2014 (1,662) (31,325)Allowances to receivables 2,976 78 1,067 \u2014 (98) 4,023Provisions for liabilities and charges 1,585 472 355 \u2014 (22) 2,390Tax losses 345 \u2014 (345) \u2014 \u2014 \u2014Tax benefit from pre-acquisition reserves 5,943 \u2014 (1,200) \u2014 \u2014 4,743Other 1,481 1 (842) 154 61 855Net deferred tax asset/(liability) 1,828 (23,345) 3,770 154 (1,721) (19,314)Recognised deferred tax asset 10,505 126 (1,433) 154 212 9,564Recognised deferred tax liability (8,677) (23,471) 5,203 \u2014 (1,933) (28,878)(Charged)1 January Business credited toCharged Translation31 DecemberEUR \u20190002022 combinations profit or lossto OCI differences 2022Difference between net book value of fixed assets for accounting and tax purposes (7,522) (2,747) (243) \u2014 10 (10,502)Allowances to receivables 1,638 \u2014 1,273 \u2014 65 2,976Provisions for liabilities and charges 1,454 \u2014 94 \u2014 37 1,585Tax losses 148 \u2014 193 \u2014 4 345Tax benefit from pre-acquisition reserves 6,423 \u2014 (480) \u2014 \u2014 5,943Other 6 (49) 1,526 \u2014 (2) 1,481Net deferred tax asset/(liability) 2,147 (2,796) 2,363 \u2014 114 1,828Recognised deferred tax asset 7,642 \u2014 2,757 \u2014 106 10,505Recognised deferred tax liability (5,495) (2,796) (394) \u2014 8 (8,677)The tax benefit from pre-acquisition reserves relates to the ADS Group acquisition in 2019 and is being utilised against current period profits, similarly to tax losses.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 204,801 thousand (2022: EUR 195,685 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:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "19. Intangible assetsCost of intangible assets subject to amortisation:InternalClient softwarePatentsExternal Other intangibleInternal assets External assets EUR \u2019000 Goodwillrelationships development and rightssoftware assetsin progressin progress Total1 January 2022 105,198 29,245 60,889 5,465 24,245 31 19,058 459 244,590Additions \u2014 \u2014 21,592 \u2014 2,398 \u2014 8,302 3,291 35,583Acquisition of a subsidiary 31,305 21,080 5,898 105 298 \u2014 \u2014 \u2014 58,686Transfer \u2014 \u2014 17,149 \u2014 \u2014 \u2014 (16,972) (177) \u2014Disposals \u2014 \u2014 (69) \u2014 (24) \u2014 (35) \u2014 (128)Translation differences 712 (102) 2,579 \u2014 269 \u2014 430 (4) 3,88431 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615Additions \u2014 \u2014 22,422 52 2,293 \u2014 13,200 \u2014 37,967Acquisition of a subsidiary 171,815 94,676 26,893 2,255 755 2 4,634 \u2014 301,030Transfer \u2014 \u2014 11,018 \u2014 \u2014 \u2014 (10,861) (157) \u2014Disposals (1,018) \u2014 (7) (2,674) (3,294) (6) (87) \u2014 (7,086)Translation differences 14,712 7,355 5,357 376 (79) \u2014 796 8 28,52531 December 2023 322,724 152,254 173,721 5,579 26,861 27 18,465 3,420 703,051Accumulated amortisation and impairment of intangible assets subject to amortisation:Internal Other Client softwarePatents External intangibleAssets in EUR \u2019000 Goodwillrelationships developmentand rightssoftware assetsprogress Total1 January 2022 \u2014 (11,687) (23,967) (2,737) (12,720) (26) \u2014 (51,137)Amortisation \u2014 (4,024) (14,512) (28) (3,668) (2) \u2014 (22,234)Disposals \u2014 \u2014 69 \u2014 10 \u2014 \u2014 79Translation differences \u2014 \u2014 (974) (2) (176) \u2014 \u2014 (1,152)31 December 2022 \u2014 (15,711) (39,384) (2,767) (16,554) (28) \u2014 (74,444)Amortisation \u2014 (10,081) (27,947) (1,389) (3,979) (2) \u2014 (43,398)Disposals \u2014 \u2014 7 2,643 3,294 5 \u2014 5,949Impairment (56,663) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (56,663)Translation differences \u2014 (174) (1,732) (253) 68 \u2014 \u2014 (2,091)31 December 2023 (56,663) (25,966) (69,056) (1,766) (17,171) (25) \u2014 (170,647)Net book value:Internal Other Client software Patents External intangible Internal assets External assetsEUR \u2019000 Goodwillrelationshipsdevelopmentand rightssoftwareassetsin progress in progress TotalNet book value at 31 December 2022 137,215 34,512 68,654 2,803 10,632 3 10,783 3,569 268,171Net book value at 31 December 2023 266,061 126,288 104,665 3,813 9,690 2 18,465 3,420 532,404Internal assets in progress consist of assets where the development phase has not yet been completed.The table below presents the carrying amounts and remaining amortisation periods of individual intangible assets that are considered material to the Group\u2019s consolidated financial statements:As at 31 December 2023 As at 31 December 2022Net book RemainingNet book Remainingvalue useful life value useful life Individual asset name(in EUR \u2019000) (in months)(in EUR \u2019000)(in months)Customer relationships - ADS 5,845 48 7,306 60Customer relationships - Webeye 18,403 101 19,794 113Customer relationships - INELO 95,967 171 \u2014 \u2014Internal software - EETS toll platform 17,790 74 15,046 62Internal software - SAP billing 6,537 71 6,658 83Internal software - Webeye platform 6,356 43 6,265 55Software (GBOX) \u2013 INELO 6,910 51 \u2014 \u2014EETS 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 a single OBU for all toll systems within the EU. The Group developed a platform enabling its EETS-certified OBUs to make toll payments in multiple countries.The Group capitalised employee expenses (Note 12)together with the cost of materials and services used or consumed in generating the intangible asset.Research and development costs that were not capitalised and are, therefore, recognised in the statement of profit and loss are as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Expensed research and development costs 3,246 3,331Impairment testingGoodwill 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 \u201900020232022Energy 93,951 40,180Navigation 33,592 34,610Fleet management solutions 138,518 57,963Tax refund \u2014 2,401Toll \u2014 2,061Total 266,061 137,215The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecasts approved by the Board covering a five-year period. Key assumptions used for impairment testingThe discounted cash flow model is based on the following key assumptions: @iscount rate @et energy and services sales for Energy CGU; revenues for Navigation and Fleet management solutions CGUs @ong-term revenue growth rateNet 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 product 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 asat 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 20232022Energy CGUPre-tax discount rate 8.5% 9.5%Net energy and services sales growth rate* 3.8% 1.9%Long-term growth rate 2.0% 1.8%Navigation CGUPre-tax discount rate 11.0% 12.0%Revenue growth rate* 9.2% 20.0%Long-term growth rate 2.0% 3.0%Fleet management solutions CGUPre-tax discount rate 12.0% 12.0%Revenue growth rate* 9.9% 17.0%Long-term growth rate 2.5% 3.0%* Average over five-year period.Decrease in pre-tax discount rate of Energy and Navigation CGUs and stable discount rate of Fleet management solutions CGU are driven by change of company size premium. Previously, the Group applied mid-cap premium, however, following the acquisition of Inelo, the Group became large enough to decrease the size risk premium as at 31 December 2023.An impairment charge of EUR 52,217 thousand was recognised in the Fleet management solutions CGU based on value-in-use model. This was a result of an adjustment to the revenue growth assumption for the Fleet management solution CGU, including Inelo, reflecting the impact of macro conditions on near-term revenue growth. The test was also adjusted for our cost synergies assumptions anticipated from the integration of Inelo, which is now lower due to the higher investment in systems and related costs. No class of assets other than goodwill was impaired.As at 31 December 2023, the recoverable amount of the entire CGU was EUR 314,309 thousand determined based on value-in-use.Management has also determined fair value less cost of disposal (\u201cFVLCD\u201d) for Fleet management solutions CGU. The valuation is considered to be level 3 in the fair value hierarchy based on unobservable inputs used in the valuation. FVLCD was lower than value-in-use. FVLCD was calculated based on EBITDA multiple model. The model was based on 2023 EBITDA of the CGU, which was adjusted for 2023 OBUs additions to allow comparison of the CGU with peer groups that sell OBUs. The EBITDA multiple was estimated based on Group\u2019s experience with previous Fleet management solutions acquisitions and adjusted for synergies allocated to EnergyCGU. Cost of disposal were assumed to be 8% of expected disposal proceeds and were based on Group\u2019s experience with previous Fleet management solutions acquisitions, considering all directly related internal and external costs paid by sellers.Carrying amount under FVLCD model does not include deferred tax liabilities of EUR 24,889 thousand recognised on identifiable intangible assets and allocated to Fleet management solutions CGU. The Group is unable to benefit from deferred taxes recognised at acquisition and believes that no standard market participant could benefit from these acquisition-related deferred taxes.The Group has considered the potential impact of climate change in impairment tests of the Navigation and Fleet management solutions CGUs. A combination of revenue decrease and operating and capital expenses increase was therefore included in base models. 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.For the Energy CGU, additional sensitivities of discounted cash flows were modelled to determine breakeven 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 the Energy CGUEnergyThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 288,532 thousand.Discount rate used in the value-in-use calculation would have to increase to 16.1% for the recoverable amount to be equal to its carrying amount.Average net energy and services growth rate over 5-year period used in the value-in-use calculation would have to decrease to (1.2)% for the recoverable amount to be equal to its carrying amount.No reasonable change in long-term revenue growth rate would render recoverable amount equal to its carrying amount.NavigationThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 13,661 thousand.Discount rate used in the value-in-use calculation would have to increase to 13.0% for the recoverable amount to be equal to its carrying amount.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.5% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to (4.3)% for the recoverable amount to be equal to its carrying amount. Fleet management solutionsDiscount rate used in the value-in-use calculation would have to increase to 12.2% for a significant additional impairment to occur.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.6% for a significant additional impairment to occur.Long-term revenue growth rate would have to decrease to 1.9% for a significant additional impairment to occur.EBITDA multiple used in FVLCD calculation would have to increase by 17.9% for a significantly lower impairment to occur.Tax refund and toll CGUsImpairment charge of EUR 4,446 thousand was recognised in these two CGUs with minor amounts of goodwill, which were mostly resulting from the 2019 ADS Group acquisition. In December 2023, the Group engaged independent experts to perform a valuation of toll and tax refund ADS businesses and concluded that their carrying amounts exceeded recoverable amounts. No class of assets other than goodwill was impaired.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67": {
"value": "19. Intangible assetsCost of intangible assets subject to amortisation:InternalClient softwarePatentsExternal Other intangibleInternal assets External assets EUR \u2019000 Goodwillrelationships development and rightssoftware assetsin progressin progress Total1 January 2022 105,198 29,245 60,889 5,465 24,245 31 19,058 459 244,590Additions \u2014 \u2014 21,592 \u2014 2,398 \u2014 8,302 3,291 35,583Acquisition of a subsidiary 31,305 21,080 5,898 105 298 \u2014 \u2014 \u2014 58,686Transfer \u2014 \u2014 17,149 \u2014 \u2014 \u2014 (16,972) (177) \u2014Disposals \u2014 \u2014 (69) \u2014 (24) \u2014 (35) \u2014 (128)Translation differences 712 (102) 2,579 \u2014 269 \u2014 430 (4) 3,88431 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615Additions \u2014 \u2014 22,422 52 2,293 \u2014 13,200 \u2014 37,967Acquisition of a subsidiary 171,815 94,676 26,893 2,255 755 2 4,634 \u2014 301,030Transfer \u2014 \u2014 11,018 \u2014 \u2014 \u2014 (10,861) (157) \u2014Disposals (1,018) \u2014 (7) (2,674) (3,294) (6) (87) \u2014 (7,086)Translation differences 14,712 7,355 5,357 376 (79) \u2014 796 8 28,52531 December 2023 322,724 152,254 173,721 5,579 26,861 27 18,465 3,420 703,051Accumulated amortisation and impairment of intangible assets subject to amortisation:Internal Other Client softwarePatents External intangibleAssets in EUR \u2019000 Goodwillrelationships developmentand rightssoftware assetsprogress Total1 January 2022 \u2014 (11,687) (23,967) (2,737) (12,720) (26) \u2014 (51,137)Amortisation \u2014 (4,024) (14,512) (28) (3,668) (2) \u2014 (22,234)Disposals \u2014 \u2014 69 \u2014 10 \u2014 \u2014 79Translation differences \u2014 \u2014 (974) (2) (176) \u2014 \u2014 (1,152)31 December 2022 \u2014 (15,711) (39,384) (2,767) (16,554) (28) \u2014 (74,444)Amortisation \u2014 (10,081) (27,947) (1,389) (3,979) (2) \u2014 (43,398)Disposals \u2014 \u2014 7 2,643 3,294 5 \u2014 5,949Impairment (56,663) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (56,663)Translation differences \u2014 (174) (1,732) (253) 68 \u2014 \u2014 (2,091)31 December 2023 (56,663) (25,966) (69,056) (1,766) (17,171) (25) \u2014 (170,647)Net book value:Internal Other Client software Patents External intangible Internal assets External assetsEUR \u2019000 Goodwillrelationshipsdevelopmentand rightssoftwareassetsin progress in progress TotalNet book value at 31 December 2022 137,215 34,512 68,654 2,803 10,632 3 10,783 3,569 268,171Net book value at 31 December 2023 266,061 126,288 104,665 3,813 9,690 2 18,465 3,420 532,404Internal assets in progress consist of assets where the development phase has not yet been completed.The table below presents the carrying amounts and remaining amortisation periods of individual intangible assets that are considered material to the Group\u2019s consolidated financial statements:As at 31 December 2023 As at 31 December 2022Net book RemainingNet book Remainingvalue useful life value useful life Individual asset name(in EUR \u2019000) (in months)(in EUR \u2019000)(in months)Customer relationships - ADS 5,845 48 7,306 60Customer relationships - Webeye 18,403 101 19,794 113Customer relationships - INELO 95,967 171 \u2014 \u2014Internal software - EETS toll platform 17,790 74 15,046 62Internal software - SAP billing 6,537 71 6,658 83Internal software - Webeye platform 6,356 43 6,265 55Software (GBOX) \u2013 INELO 6,910 51 \u2014 \u2014EETS 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 a single OBU for all toll systems within the EU. The Group developed a platform enabling its EETS-certified OBUs to make toll payments in multiple countries.The Group capitalised employee expenses (Note 12)together with the cost of materials and services used or consumed in generating the intangible asset.Research and development costs that were not capitalised and are, therefore, recognised in the statement of profit and loss are as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Expensed research and development costs 3,246 3,331Impairment testingGoodwill 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 \u201900020232022Energy 93,951 40,180Navigation 33,592 34,610Fleet management solutions 138,518 57,963Tax refund \u2014 2,401Toll \u2014 2,061Total 266,061 137,215The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecasts approved by the Board covering a five-year period. Key assumptions used for impairment testingThe discounted cash flow model is based on the following key assumptions: @iscount rate @et energy and services sales for Energy CGU; revenues for Navigation and Fleet management solutions CGUs @ong-term revenue growth rateNet 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 product 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 asat 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 20232022Energy CGUPre-tax discount rate 8.5% 9.5%Net energy and services sales growth rate* 3.8% 1.9%Long-term growth rate 2.0% 1.8%Navigation CGUPre-tax discount rate 11.0% 12.0%Revenue growth rate* 9.2% 20.0%Long-term growth rate 2.0% 3.0%Fleet management solutions CGUPre-tax discount rate 12.0% 12.0%Revenue growth rate* 9.9% 17.0%Long-term growth rate 2.5% 3.0%* Average over five-year period.Decrease in pre-tax discount rate of Energy and Navigation CGUs and stable discount rate of Fleet management solutions CGU are driven by change of company size premium. Previously, the Group applied mid-cap premium, however, following the acquisition of Inelo, the Group became large enough to decrease the size risk premium as at 31 December 2023.An impairment charge of EUR 52,217 thousand was recognised in the Fleet management solutions CGU based on value-in-use model. This was a result of an adjustment to the revenue growth assumption for the Fleet management solution CGU, including Inelo, reflecting the impact of macro conditions on near-term revenue growth. The test was also adjusted for our cost synergies assumptions anticipated from the integration of Inelo, which is now lower due to the higher investment in systems and related costs. No class of assets other than goodwill was impaired.As at 31 December 2023, the recoverable amount of the entire CGU was EUR 314,309 thousand determined based on value-in-use.Management has also determined fair value less cost of disposal (\u201cFVLCD\u201d) for Fleet management solutions CGU. The valuation is considered to be level 3 in the fair value hierarchy based on unobservable inputs used in the valuation. FVLCD was lower than value-in-use. FVLCD was calculated based on EBITDA multiple model. The model was based on 2023 EBITDA of the CGU, which was adjusted for 2023 OBUs additions to allow comparison of the CGU with peer groups that sell OBUs. The EBITDA multiple was estimated based on Group\u2019s experience with previous Fleet management solutions acquisitions and adjusted for synergies allocated to EnergyCGU. Cost of disposal were assumed to be 8% of expected disposal proceeds and were based on Group\u2019s experience with previous Fleet management solutions acquisitions, considering all directly related internal and external costs paid by sellers.Carrying amount under FVLCD model does not include deferred tax liabilities of EUR 24,889 thousand recognised on identifiable intangible assets and allocated to Fleet management solutions CGU. The Group is unable to benefit from deferred taxes recognised at acquisition and believes that no standard market participant could benefit from these acquisition-related deferred taxes.The Group has considered the potential impact of climate change in impairment tests of the Navigation and Fleet management solutions CGUs. A combination of revenue decrease and operating and capital expenses increase was therefore included in base models. 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.For the Energy CGU, additional sensitivities of discounted cash flows were modelled to determine breakeven 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 the Energy CGUEnergyThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 288,532 thousand.Discount rate used in the value-in-use calculation would have to increase to 16.1% for the recoverable amount to be equal to its carrying amount.Average net energy and services growth rate over 5-year period used in the value-in-use calculation would have to decrease to (1.2)% for the recoverable amount to be equal to its carrying amount.No reasonable change in long-term revenue growth rate would render recoverable amount equal to its carrying amount.NavigationThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 13,661 thousand.Discount rate used in the value-in-use calculation would have to increase to 13.0% for the recoverable amount to be equal to its carrying amount.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.5% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to (4.3)% for the recoverable amount to be equal to its carrying amount. Fleet management solutionsDiscount rate used in the value-in-use calculation would have to increase to 12.2% for a significant additional impairment to occur.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.6% for a significant additional impairment to occur.Long-term revenue growth rate would have to decrease to 1.9% for a significant additional impairment to occur.EBITDA multiple used in FVLCD calculation would have to increase by 17.9% for a significantly lower impairment to occur.Tax refund and toll CGUsImpairment charge of EUR 4,446 thousand was recognised in these two CGUs with minor amounts of goodwill, which were mostly resulting from the 2019 ADS Group acquisition. In December 2023, the Group engaged independent experts to perform a valuation of toll and tax refund ADS businesses and concluded that their carrying amounts exceeded recoverable amounts. No class of assets other than goodwill was impaired.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66": {
"value": "19. Intangible assetsCost of intangible assets subject to amortisation:InternalClient softwarePatentsExternal Other intangibleInternal assets External assets EUR \u2019000 Goodwillrelationships development and rightssoftware assetsin progressin progress Total1 January 2022 105,198 29,245 60,889 5,465 24,245 31 19,058 459 244,590Additions \u2014 \u2014 21,592 \u2014 2,398 \u2014 8,302 3,291 35,583Acquisition of a subsidiary 31,305 21,080 5,898 105 298 \u2014 \u2014 \u2014 58,686Transfer \u2014 \u2014 17,149 \u2014 \u2014 \u2014 (16,972) (177) \u2014Disposals \u2014 \u2014 (69) \u2014 (24) \u2014 (35) \u2014 (128)Translation differences 712 (102) 2,579 \u2014 269 \u2014 430 (4) 3,88431 December 2022 137,215 50,223 108,038 5,570 27,186 31 10,783 3,569 342,615Additions \u2014 \u2014 22,422 52 2,293 \u2014 13,200 \u2014 37,967Acquisition of a subsidiary 171,815 94,676 26,893 2,255 755 2 4,634 \u2014 301,030Transfer \u2014 \u2014 11,018 \u2014 \u2014 \u2014 (10,861) (157) \u2014Disposals (1,018) \u2014 (7) (2,674) (3,294) (6) (87) \u2014 (7,086)Translation differences 14,712 7,355 5,357 376 (79) \u2014 796 8 28,52531 December 2023 322,724 152,254 173,721 5,579 26,861 27 18,465 3,420 703,051Accumulated amortisation and impairment of intangible assets subject to amortisation:Internal Other Client softwarePatents External intangibleAssets in EUR \u2019000 Goodwillrelationships developmentand rightssoftware assetsprogress Total1 January 2022 \u2014 (11,687) (23,967) (2,737) (12,720) (26) \u2014 (51,137)Amortisation \u2014 (4,024) (14,512) (28) (3,668) (2) \u2014 (22,234)Disposals \u2014 \u2014 69 \u2014 10 \u2014 \u2014 79Translation differences \u2014 \u2014 (974) (2) (176) \u2014 \u2014 (1,152)31 December 2022 \u2014 (15,711) (39,384) (2,767) (16,554) (28) \u2014 (74,444)Amortisation \u2014 (10,081) (27,947) (1,389) (3,979) (2) \u2014 (43,398)Disposals \u2014 \u2014 7 2,643 3,294 5 \u2014 5,949Impairment (56,663) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (56,663)Translation differences \u2014 (174) (1,732) (253) 68 \u2014 \u2014 (2,091)31 December 2023 (56,663) (25,966) (69,056) (1,766) (17,171) (25) \u2014 (170,647)Net book value:Internal Other Client software Patents External intangible Internal assets External assetsEUR \u2019000 Goodwillrelationshipsdevelopmentand rightssoftwareassetsin progress in progress TotalNet book value at 31 December 2022 137,215 34,512 68,654 2,803 10,632 3 10,783 3,569 268,171Net book value at 31 December 2023 266,061 126,288 104,665 3,813 9,690 2 18,465 3,420 532,404Internal assets in progress consist of assets where the development phase has not yet been completed.The table below presents the carrying amounts and remaining amortisation periods of individual intangible assets that are considered material to the Group\u2019s consolidated financial statements:As at 31 December 2023 As at 31 December 2022Net book RemainingNet book Remainingvalue useful life value useful life Individual asset name(in EUR \u2019000) (in months)(in EUR \u2019000)(in months)Customer relationships - ADS 5,845 48 7,306 60Customer relationships - Webeye 18,403 101 19,794 113Customer relationships - INELO 95,967 171 \u2014 \u2014Internal software - EETS toll platform 17,790 74 15,046 62Internal software - SAP billing 6,537 71 6,658 83Internal software - Webeye platform 6,356 43 6,265 55Software (GBOX) \u2013 INELO 6,910 51 \u2014 \u2014EETS 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 a single OBU for all toll systems within the EU. The Group developed a platform enabling its EETS-certified OBUs to make toll payments in multiple countries.The Group capitalised employee expenses (Note 12)together with the cost of materials and services used or consumed in generating the intangible asset.Research and development costs that were not capitalised and are, therefore, recognised in the statement of profit and loss are as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Expensed research and development costs 3,246 3,331Impairment testingGoodwill 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 \u201900020232022Energy 93,951 40,180Navigation 33,592 34,610Fleet management solutions 138,518 57,963Tax refund \u2014 2,401Toll \u2014 2,061Total 266,061 137,215The recoverable amount of CGUs has been determined based on a value-in-use calculation using cash flow projections from financial budgets and forecasts approved by the Board covering a five-year period. Key assumptions used for impairment testingThe discounted cash flow model is based on the following key assumptions: @iscount rate @et energy and services sales for Energy CGU; revenues for Navigation and Fleet management solutions CGUs @ong-term revenue growth rateNet 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 product 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 asat 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 20232022Energy CGUPre-tax discount rate 8.5% 9.5%Net energy and services sales growth rate* 3.8% 1.9%Long-term growth rate 2.0% 1.8%Navigation CGUPre-tax discount rate 11.0% 12.0%Revenue growth rate* 9.2% 20.0%Long-term growth rate 2.0% 3.0%Fleet management solutions CGUPre-tax discount rate 12.0% 12.0%Revenue growth rate* 9.9% 17.0%Long-term growth rate 2.5% 3.0%* Average over five-year period.Decrease in pre-tax discount rate of Energy and Navigation CGUs and stable discount rate of Fleet management solutions CGU are driven by change of company size premium. Previously, the Group applied mid-cap premium, however, following the acquisition of Inelo, the Group became large enough to decrease the size risk premium as at 31 December 2023.An impairment charge of EUR 52,217 thousand was recognised in the Fleet management solutions CGU based on value-in-use model. This was a result of an adjustment to the revenue growth assumption for the Fleet management solution CGU, including Inelo, reflecting the impact of macro conditions on near-term revenue growth. The test was also adjusted for our cost synergies assumptions anticipated from the integration of Inelo, which is now lower due to the higher investment in systems and related costs. No class of assets other than goodwill was impaired.As at 31 December 2023, the recoverable amount of the entire CGU was EUR 314,309 thousand determined based on value-in-use.Management has also determined fair value less cost of disposal (\u201cFVLCD\u201d) for Fleet management solutions CGU. The valuation is considered to be level 3 in the fair value hierarchy based on unobservable inputs used in the valuation. FVLCD was lower than value-in-use. FVLCD was calculated based on EBITDA multiple model. The model was based on 2023 EBITDA of the CGU, which was adjusted for 2023 OBUs additions to allow comparison of the CGU with peer groups that sell OBUs. The EBITDA multiple was estimated based on Group\u2019s experience with previous Fleet management solutions acquisitions and adjusted for synergies allocated to EnergyCGU. Cost of disposal were assumed to be 8% of expected disposal proceeds and were based on Group\u2019s experience with previous Fleet management solutions acquisitions, considering all directly related internal and external costs paid by sellers.Carrying amount under FVLCD model does not include deferred tax liabilities of EUR 24,889 thousand recognised on identifiable intangible assets and allocated to Fleet management solutions CGU. The Group is unable to benefit from deferred taxes recognised at acquisition and believes that no standard market participant could benefit from these acquisition-related deferred taxes.The Group has considered the potential impact of climate change in impairment tests of the Navigation and Fleet management solutions CGUs. A combination of revenue decrease and operating and capital expenses increase was therefore included in base models. 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.For the Energy CGU, additional sensitivities of discounted cash flows were modelled to determine breakeven 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 the Energy CGUEnergyThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 288,532 thousand.Discount rate used in the value-in-use calculation would have to increase to 16.1% for the recoverable amount to be equal to its carrying amount.Average net energy and services growth rate over 5-year period used in the value-in-use calculation would have to decrease to (1.2)% for the recoverable amount to be equal to its carrying amount.No reasonable change in long-term revenue growth rate would render recoverable amount equal to its carrying amount.NavigationThe recoverable amount is estimated to exceed the carrying amount of the CGU at 31 December 2023 by EUR 13,661 thousand.Discount rate used in the value-in-use calculation would have to increase to 13.0% for the recoverable amount to be equal to its carrying amount.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.5% for the recoverable amount to be equal to its carrying amount.Long-term revenue growth rate would have to decrease to (4.3)% for the recoverable amount to be equal to its carrying amount. Fleet management solutionsDiscount rate used in the value-in-use calculation would have to increase to 12.2% for a significant additional impairment to occur.Average revenue growth rate over 5-year period used in the value-in-use calculation would have to decrease to 8.6% for a significant additional impairment to occur.Long-term revenue growth rate would have to decrease to 1.9% for a significant additional impairment to occur.EBITDA multiple used in FVLCD calculation would have to increase by 17.9% for a significantly lower impairment to occur.Tax refund and toll CGUsImpairment charge of EUR 4,446 thousand was recognised in these two CGUs with minor amounts of goodwill, which were mostly resulting from the 2019 ADS Group acquisition. In December 2023, the Group engaged independent experts to perform a valuation of toll and tax refund ADS businesses and concluded that their carrying amounts exceeded recoverable amounts. No class of assets other than goodwill was impaired.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "21. 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 December31 December EUR \u2019000 20232022Buildings 18,288 11,404Lands 416 451Vehicles and machinery 3,522 1,485Total 22,226 13,340Additions to the right-of-use assets 14,385 8,571Depreciation charge of right-of-use assetsFor the year ended 31 DecemberEUR \u2019000 2023 2022Buildings (4,183) (2,897)Lands (38) (50)Vehicles and machinery (1,059) (422)Total (5,280) (3,369)Lease liabilities31 December 31 December EUR \u201900020232022Long-term lease liabilities 17,417 9,510Short-term lease liabilities 4,909 3,917Total lease liabilities 22,326 13,42731 December 31 December EUR \u201900020232022Within one year 4,909 3,917After one year but not more than five years 13,140 7,929More than five years 4,277 1,581Total lease liabilities 22,326 13,427The discount rates used for new leases to calculate the liabilities was in the range of 3.90% \u2013 5.67% (2022: 1.10% - 3.25%).Leases in the statement of profit and lossLeases are shown as follows in the statement of profit and loss:For the year ended 31 DecemberEUR \u2019000 2023 2022Other operating incomeTerminated rent (2) (1)Other operating expenseShort-term lease expenses 1,354 914Low-value lease expenses 144 105Other lease expenses (additional costs) 274 235Depreciation and impairment lossesDepreciation of right-of-use assets 5,280 3,369Net finance costsInterest expense on lease liabilities 306 261Currency translation (gains)/losses on lease liabilities (120) (210)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "22. Investment in associatesSet out below are the associates of the Group:Effective economic interestName Measurement method Registered office2023 2022Threeforce B.V. (Last Mile Solutions) Equity method The Netherlands 27.75% 27.75%UAB \u201cTankita\u201d (Drivitty) Equity method Lithuania 20% 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 \u2019000 2023 2022Opening balance at 1 January 12,223 12,934Share of net loss (504) (711)Closing balance at 31 December 11,719 12,223Commitments and contingent liabilities in respect of associatesThe 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 will be settled at gross margin multiple in case it is exercised. As of 31 December 2023, the fair value of the put option is EUR 127 thousand (31 December 2022: EUR 153 thousand) (Note 26).The Group had a call option to acquire the remaining shares of Drivitty, which expired in December 2023. In late 2023 a discussion of the extension of that option commenced but has not yet been finalised. Summarised financial informationThe 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 the 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.Summarised balance sheetThreeforce B.V. (Last Mile Solutions)31 December 31 December EUR \u201900020232022Current assets 49,319 30,656Current liabilities 51,898 30,136Current net assets (2,579) 520Non-current assets 10,392 9,085Non-current liabilities 303 484Non-current net assets 10,089 8,601Net assets 7,510 9,121Reconciliation to carrying amounts:Opening net assets 9,121 11,261Loss for the period (1,610) (2 139)Translation (1) (1)Closing net assets 7,510 9,121Group\u2019s share in % 27.75% 27.75%Group\u2019s share in EUR \u2019000 2,084 2,531Goodwill 7,442 7,442Carrying amount 9,526 9,973Summarised statement of comprehensive incomeThreeforce B.V. (Last Mile Solutions)For the For the year ended year ended31 December 31 December EUR \u201900020232022Revenue 229,771 102,019Loss for the period (1,610) (2,139)Total comprehensive income (1,610) (2,139)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73": {
"value": "23. Financial assets at fair value through other comprehensive income (\u201cFVOCI\u201d)Equity investments at FVOCI comprise the following individual investments:31 December 31 December EUR \u201900020232022Unlisted securitiesJITPay GmbH \u2014 14,364Total \u2014 14,364For more information please refer to Note 8.As at 31 December 2023, fair value of the equity investment in Jitpay was decreased by EUR 15,475 thousand through other comprehensive income (2022: EUR 0). JITpay performance in second half of 2023 was significantly below expectations, which impacts overall valuation of the investment.Any related balance within FVOCI reserve will be reclassified to retained earnings on disposal of the equity investment. During the years 2023 and 2022, no related gains or losses were recognised in profit or loss.Information about the methods and assumptions used in determining fair value is provided in Note 4.2 and Note 9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "23. Financial assets at fair value through other comprehensive income (\u201cFVOCI\u201d)Equity investments at FVOCI comprise the following individual investments:31 December 31 December EUR \u201900020232022Unlisted securitiesJITPay GmbH \u2014 14,364Total \u2014 14,364For more information please refer to Note 8.As at 31 December 2023, fair value of the equity investment in Jitpay was decreased by EUR 15,475 thousand through other comprehensive income (2022: EUR 0). JITpay performance in second half of 2023 was significantly below expectations, which impacts overall valuation of the investment.Any related balance within FVOCI reserve will be reclassified to retained earnings on disposal of the equity investment. During the years 2023 and 2022, no related gains or losses were recognised in profit or loss.Information about the methods and assumptions used in determining fair value is provided in Note 4.2 and Note 9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__74": {
"value": "24. Inventories31 December31 DecemberEUR \u2019000 20232022Raw materials* 4,378 6,652Goods (excluding on-board units) 7,447 9,173Finished products 306 197On-board units 2,772 4,269Total 14,903 20,291* Represents primarily material for OBUs.Write-downs of inventories to net realisable value were as follows:For the year ended 31 DecemberEUR \u2019000 2023 2022Write-downs of inventories to net realisable value 8 183Write-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 DecemberEUR \u2019000 2023 2022Raw materials consumed (in other operating expense) 243 213",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__76": {
"value": "25. Trade and other receivables31 December 31 December EUR \u201900020232022Trade receivables 278,466 240,788Tax refund receivables 66,953 79,274Receivables from tax authorities 18,716 24,528Advances granted 14,346 12,059Unbilled revenue 4,027 9,728Miscellaneous receivables 5,879 4,798Prepaid expenses and accrued income 4,671 3,976Contract assets 3,885 3,001Total 396,943 378,152Trade 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.Advances granted consist mainly of advances related to production of OBU units and other business-related advances.As security to the Group\u2019s bank loans, W.A.G. payment solutions, a.s. has pledged its shares, which has the following impact on trade and other receivables:31 December 31 December EUR \u201900020232022Pledged receivables 395,296 377,044Total 395,296 377,044The 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. The simplified approach adopted by the Group in 2020 uses elements from the general approach; the main difference is that no staging of financial assets is used.The carrying value of trade and other receivables approximates their fair value due to their short-term maturities.On the basis described previously, the loss allowance was as follows:31 December 2023Past due Past due more EUR \u2019000 Current1\u201390 daysthan 90 days TotalGross value of receivables* 281,454 74,287 26,042 381,783Expected credit loss 235 4,292 21,932 26,45931 December 2022Past due Past due more EUR \u2019000 Current1\u201390 daysthan 90 days TotalGross value of receivables* 282,947 51,183 24,530 358,660Expected credit loss 557 2,806 20,709 24,072* 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 the statement of profit or loss based on the analysis of their collectability.EUR \u2019000 AmountAllowances at 1 January 2022 19,830Acquisition of subsidiary 618Charged 4,163Utilised (907)Unused amounts reversed (252)Translation 620Allowances at 31 December 2022 24,072Acquisition of subsidiary 1,343Charged 8,928Utilised (7,632)Unused amounts reversed (44)Translation (208)Allowances at 31 December 2023 26,459Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Typically this is when the customer fails 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75": {
"value": "25. Trade and other receivables31 December 31 December EUR \u201900020232022Trade receivables 278,466 240,788Tax refund receivables 66,953 79,274Receivables from tax authorities 18,716 24,528Advances granted 14,346 12,059Unbilled revenue 4,027 9,728Miscellaneous receivables 5,879 4,798Prepaid expenses and accrued income 4,671 3,976Contract assets 3,885 3,001Total 396,943 378,152Trade 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.Advances granted consist mainly of advances related to production of OBU units and other business-related advances.As security to the Group\u2019s bank loans, W.A.G. payment solutions, a.s. has pledged its shares, which has the following impact on trade and other receivables:31 December 31 December EUR \u201900020232022Pledged receivables 395,296 377,044Total 395,296 377,044The 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. The simplified approach adopted by the Group in 2020 uses elements from the general approach; the main difference is that no staging of financial assets is used.The carrying value of trade and other receivables approximates their fair value due to their short-term maturities.On the basis described previously, the loss allowance was as follows:31 December 2023Past due Past due more EUR \u2019000 Current1\u201390 daysthan 90 days TotalGross value of receivables* 281,454 74,287 26,042 381,783Expected credit loss 235 4,292 21,932 26,45931 December 2022Past due Past due more EUR \u2019000 Current1\u201390 daysthan 90 days TotalGross value of receivables* 282,947 51,183 24,530 358,660Expected credit loss 557 2,806 20,709 24,072* 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 the statement of profit or loss based on the analysis of their collectability.EUR \u2019000 AmountAllowances at 1 January 2022 19,830Acquisition of subsidiary 618Charged 4,163Utilised (907)Unused amounts reversed (252)Translation 620Allowances at 31 December 2022 24,072Acquisition of subsidiary 1,343Charged 8,928Utilised (7,632)Unused amounts reversed (44)Translation (208)Allowances at 31 December 2023 26,459Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Typically this is when the customer fails 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:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "26. DerivativesThe fair value of derivatives in the statement of financial position:31 December 31 December EUR \u201900020232022Derivative assetsForeign currency forwards \u2013 held for trading \u2014 1Interest rate swaps \u2013 cash flow hedges 3,425 6,943Total derivative assets at fair value 3,425 6,944Current 3,425 3,851Non-current \u2014 3,093Derivative liabilities Foreign currency forwards \u2013 held for trading \u2014 17Put options related to associates 127 153Interest rate swaps \u2013 cash flow hedges 3,201 33Total derivative liabilities at fair value 3,328 203Current 188 17Non-current 3,140 186Put options redemption liability related to non-controlling interests is described in Note 32. Put options related to an associate, which is measured as a derivative instrument and its fair value is EUR 127 thousand as of 31 December 2023, is described in Note 22 (31 December 2022: EUR 153 thousand).Cash flow hedgesInterest rate riskThe Group obtained club financing facilities (Note 30) with floating interest rates 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 a principal amount in EUR. This instrument allows the Group to reduce its interest rate cash flow risk. EUR \u2019000 31 December 2023 31 December 2022Carrying amount (current and non-current asset) 3,425 6,943Carrying amount (current and non-current liabilities) 3,201 (33)Nominal amount 278,667 150,000Maturity date 2024 and 2027 2024 and 2027Change in fair value of outstanding hedging instruments since 1 January (6,686) 7,185Change in value of hedged item used to determine hedge effectiveness 6,686 (7,185)Average fixed rate of interest rate swaps 1.98% 0.62%Hedging itemsThe Group used the following hedging instruments with nominal value:31 December 31 December EUR \u201900020232022Interest rate swaps 278,667 150,000Total 278,667 150,000Hedging effects to other comprehensive income in the respective periods were the following:EUR \u2019000 2023 2022Revaluation interest rate swaps (existing) (6,686) 7,185Revaluation interest rate swaps (terminated) \u2014 3,865Reclassification to profit or loss interest rate swaps (554) (3,311)Translation 101 (137)Other comprehensive (expense)/income (7,139) 7,602Net investment hedgeThe investments of the Group are held by W.A.G. payment solutions, a.s. (\u201cWAG PS\u201d). Based on this fact, one of the Group\u2019s objectives in the area of currency risk management up to March 2023 was to minimise the exposure of W.A.G. PS, whose functional currency was CZK, to changes in the value of its investments arising from fluctuations in exchange rates. A foreign currency exposure arised from net investments in entities whose functional currency differs from CZK. To minimise its exposure to currency risk, W.A.G. PS used loans denominated in EUR to finance acquisitions of its foreign investments. Following Inelo acquisition in March 2023, W.A.G. PS changed its functional currency to EUR and net investment hedge was discontinued as of this date.31 December 31 December EUR \u201900020232022Carrying amount (non-current borrowings) \u2014 45,112Change in carrying amount of bank loan as a result of foreign currency movements since 1 January, recognised in OCI \u2014 (1,353)Change in value of hedged item used to determine hedge effectiveness \u2014 1,401Weighted average hedged rate for the year \u2014 24.559 CZK = 1 EUR",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__78": {
"value": "27. Cash and cash equivalentsFor the purpose of the statement of cash flows, cash and cash equivalents comprise the following:31 December 31 December EUR \u201900020232022Cash at banks 90,309 145,938Cash on hand 34 65Cash and cash equivalents presented in the statement of financial position 90,343 146,003Bank overdrafts (1) (2)Cash and cash equivalents presented in the statement of cash flows 90,342 146,001Pledged cash at bank subject to security of bank loans: 31 December 31 December EUR \u201900020232022Cash at banks pledged 89,867 144,259The 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:External rating scale31 December31 December EUR \u2019000 20232022Aa \u2014 32A 14,747 23,070Baa 63,908 113,464Ba 9,459 3,151B 852 1,960Caa 1,036 4,048Unrated 307 213Total 90,309 145,938",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__82": {
"value": "28. EquityShares authorised, issued and fully paid:Ordinary shares Class B shareShareShareShareMergerNumber of capitalNumber of capital premium reservesharesEUR \u2019000 sharesEUR \u2019000EUR \u2019000EUR \u2019000At 1 January 2022 688,911,333 8,107 1 30,006 194,763 (25,963)1Capital reduction\u2014 \u2014 (1) (30,006) (191,805) \u2014At 31 December 2022 688,911,333 8,107 \u2014 \u2014 2,958 (25,963)2Share options exercised560 204 6 \u2014 \u2014 \u2014 \u2014At 31 December 2023 689,471,537 8,113 \u2014 \u2014 2,958 (25,963)1 On 13 December 2021, the PLC allotted from merger reserve one Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has a 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 2022.2 On 15 August 2023, 560,204 new ordinary shares of the Company were issued in relation to exercised share options. The nominal value of the shares was GBP 0.01 per share resulting in EUR 6 thousand share capital increase.Share-based paymentsThe 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 reservesForeign currencyFinancial assets translation Cash-flow EUR \u2019000 Note at FVOCIreserve Reserve fundshedge reserve Total1 January 2022 \u2014 1,683 54 (272) 1,465Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 7,602 7,602Exchange differences on translation of foreign operations (excluding NCI) \u2014 1,275 \u2014 \u2014 1,27531 December 2022 \u2014 2,958 54 7,330 10,342Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 (7,139) (7,139)Revaluation \u2013 gross 23 (15,475) \u2014 \u2014 \u2014 (15,475)Deferred tax \u2014 \u2014 \u2014 154 154Exchange differences on translation of foreign operations (excluding NCI) \u2014 16,545 \u2014 \u2014 16,54531 December 2023 (15,475) 19,503 54 345 4,427Minor balances of reserve funds relate to selected subsidiaries, where the Group is obliged to make annual contributions from local profits.Business combinations equity adjustmentThis reserve reflects corresponding charge related to the present value of the put options redemption amount (Note 32). 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 the Non-controlling interests section below for further details.Non-controlling interests (\u201cNCI\u201d)In 2021, the Group acquired KomTes Group. As of 31 December 2023, non-controlling interests related to KomTes Group amount to EUR 4,993 thousand (31 December 2022: EUR 3,605 thousand). On 15 December 2023, the Group signed an agreement to acquire the NCI in 2024 (Note 8).Following the agreement with Sygic non-controlling shareholders in December 2022 (Note 8), the NCI of EUR 5,644 thousand was transferred to business combination equity adjustment. In 2023, controlling shareholders have all the risks and rewards associated with ownership, therefore no profit was attributed to NCI from Sygic.Following the agreement with Tripomatic s.r.o. non-controlling shareholders in December 2023 (Note 8), the controlling interest of 51% (31 December 2022: 51%) was sold to the non-controlling shareholders for a consideration of EUR 150 thousand. The value of NCI as of the date of the transaction was EUR 525 thousand (31 December 2022: EUR 678 thousand).In 2023, the Group acquired CVS Group and two FIRETMS.COM subsidiaries with NCI as part of the Inelo acquisition (Note 8). As of 31 December 2023, the NCI relating to CVS Group amounts to EUR 1,053 thousand and the NCI relating to FIRETMS.COM amounts to EUR 335 thousand.Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.Summarised balance sheetSygic CVS Group31 December 31 December31 December 31 DecemberEUR \u20190002023 20222023 2022Current assets \u2014 \u2014 6,224 \u2014Current liabilities \u2014 \u2014 3,484 \u2014Current net assets \u2014 \u2014 2,740 \u2014Non-current assets \u2014 \u2014 5,762 \u2014Non-current liabilities \u2014 \u2014 1,726 \u2014Non-current net assets \u2014 \u2014 4,036 \u2014Net assets \u2014 \u2014 6,776 \u2014Accumulated NCI \u2014 \u2014 1,053 \u2014Summarised statement of comprehensive incomeSygic CVS GroupEUR \u2019000 2023 2022 2023 2022Revenues \u2014 16,476 11,560 \u2014Profit/(loss) for the period \u2014 228 1,637 \u2014Other comprehensive income \u2014 44 143 \u2014Total comprehensive income \u2014 272 1,780 \u2014Profit allocated to NCI \u2014 169 85 \u2014Other comprehensive income allocated to NCI \u2014 28 \u2014 \u2014Dividends paid to NCI \u2014 56 \u2014 \u2014Summarised cash flows Sygic CVS GroupEUR \u2019000 2023 2022 2023 2022Cash flows from operating activities \u2014 3,812 2,657 \u2014Cash flows from investing activities \u2014 (3,224) (1,978) \u2014Cash flows from financing activities \u2014 (314) (143) \u2014Net increase/(decrease) in cash and cash equivalents \u2014 274 536 \u2014In 2023, the Group acquired a NCI in CVS Group (Note 8). The effect on the equity attributable tothe owners of the Group is summarised as follows:31 December 31 December EUR \u201900020232022Carrying amount of non-controlling interests acquired 2,512 \u2014Forward liability in the opening balance sheet 2,515Consideration paid to non-controlling interests (6,976) \u2014Excess of consideration paid recognised within retained earnings (1,949) \u2014",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__81": {
"value": "28. EquityShares authorised, issued and fully paid:Ordinary shares Class B shareShareShareShareMergerNumber of capitalNumber of capital premium reservesharesEUR \u2019000 sharesEUR \u2019000EUR \u2019000EUR \u2019000At 1 January 2022 688,911,333 8,107 1 30,006 194,763 (25,963)1Capital reduction\u2014 \u2014 (1) (30,006) (191,805) \u2014At 31 December 2022 688,911,333 8,107 \u2014 \u2014 2,958 (25,963)2Share options exercised560 204 6 \u2014 \u2014 \u2014 \u2014At 31 December 2023 689,471,537 8,113 \u2014 \u2014 2,958 (25,963)1 On 13 December 2021, the PLC allotted from merger reserve one Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has a 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 2022.2 On 15 August 2023, 560,204 new ordinary shares of the Company were issued in relation to exercised share options. The nominal value of the shares was GBP 0.01 per share resulting in EUR 6 thousand share capital increase.Share-based paymentsThe 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 reservesForeign currencyFinancial assets translation Cash-flow EUR \u2019000 Note at FVOCIreserve Reserve fundshedge reserve Total1 January 2022 \u2014 1,683 54 (272) 1,465Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 7,602 7,602Exchange differences on translation of foreign operations (excluding NCI) \u2014 1,275 \u2014 \u2014 1,27531 December 2022 \u2014 2,958 54 7,330 10,342Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 (7,139) (7,139)Revaluation \u2013 gross 23 (15,475) \u2014 \u2014 \u2014 (15,475)Deferred tax \u2014 \u2014 \u2014 154 154Exchange differences on translation of foreign operations (excluding NCI) \u2014 16,545 \u2014 \u2014 16,54531 December 2023 (15,475) 19,503 54 345 4,427Minor balances of reserve funds relate to selected subsidiaries, where the Group is obliged to make annual contributions from local profits.Business combinations equity adjustmentThis reserve reflects corresponding charge related to the present value of the put options redemption amount (Note 32). 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 the Non-controlling interests section below for further details.Non-controlling interests (\u201cNCI\u201d)In 2021, the Group acquired KomTes Group. As of 31 December 2023, non-controlling interests related to KomTes Group amount to EUR 4,993 thousand (31 December 2022: EUR 3,605 thousand). On 15 December 2023, the Group signed an agreement to acquire the NCI in 2024 (Note 8).Following the agreement with Sygic non-controlling shareholders in December 2022 (Note 8), the NCI of EUR 5,644 thousand was transferred to business combination equity adjustment. In 2023, controlling shareholders have all the risks and rewards associated with ownership, therefore no profit was attributed to NCI from Sygic.Following the agreement with Tripomatic s.r.o. non-controlling shareholders in December 2023 (Note 8), the controlling interest of 51% (31 December 2022: 51%) was sold to the non-controlling shareholders for a consideration of EUR 150 thousand. The value of NCI as of the date of the transaction was EUR 525 thousand (31 December 2022: EUR 678 thousand).In 2023, the Group acquired CVS Group and two FIRETMS.COM subsidiaries with NCI as part of the Inelo acquisition (Note 8). As of 31 December 2023, the NCI relating to CVS Group amounts to EUR 1,053 thousand and the NCI relating to FIRETMS.COM amounts to EUR 335 thousand.Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.Summarised balance sheetSygic CVS Group31 December 31 December31 December 31 DecemberEUR \u20190002023 20222023 2022Current assets \u2014 \u2014 6,224 \u2014Current liabilities \u2014 \u2014 3,484 \u2014Current net assets \u2014 \u2014 2,740 \u2014Non-current assets \u2014 \u2014 5,762 \u2014Non-current liabilities \u2014 \u2014 1,726 \u2014Non-current net assets \u2014 \u2014 4,036 \u2014Net assets \u2014 \u2014 6,776 \u2014Accumulated NCI \u2014 \u2014 1,053 \u2014Summarised statement of comprehensive incomeSygic CVS GroupEUR \u2019000 2023 2022 2023 2022Revenues \u2014 16,476 11,560 \u2014Profit/(loss) for the period \u2014 228 1,637 \u2014Other comprehensive income \u2014 44 143 \u2014Total comprehensive income \u2014 272 1,780 \u2014Profit allocated to NCI \u2014 169 85 \u2014Other comprehensive income allocated to NCI \u2014 28 \u2014 \u2014Dividends paid to NCI \u2014 56 \u2014 \u2014Summarised cash flows Sygic CVS GroupEUR \u2019000 2023 2022 2023 2022Cash flows from operating activities \u2014 3,812 2,657 \u2014Cash flows from investing activities \u2014 (3,224) (1,978) \u2014Cash flows from financing activities \u2014 (314) (143) \u2014Net increase/(decrease) in cash and cash equivalents \u2014 274 536 \u2014In 2023, the Group acquired a NCI in CVS Group (Note 8). The effect on the equity attributable tothe owners of the Group is summarised as follows:31 December 31 December EUR \u201900020232022Carrying amount of non-controlling interests acquired 2,512 \u2014Forward liability in the opening balance sheet 2,515Consideration paid to non-controlling interests (6,976) \u2014Excess of consideration paid recognised within retained earnings (1,949) \u2014",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__80": {
"value": "28. EquityShares authorised, issued and fully paid:Ordinary shares Class B shareShareShareShareMergerNumber of capitalNumber of capital premium reservesharesEUR \u2019000 sharesEUR \u2019000EUR \u2019000EUR \u2019000At 1 January 2022 688,911,333 8,107 1 30,006 194,763 (25,963)1Capital reduction\u2014 \u2014 (1) (30,006) (191,805) \u2014At 31 December 2022 688,911,333 8,107 \u2014 \u2014 2,958 (25,963)2Share options exercised560 204 6 \u2014 \u2014 \u2014 \u2014At 31 December 2023 689,471,537 8,113 \u2014 \u2014 2,958 (25,963)1 On 13 December 2021, the PLC allotted from merger reserve one Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has a 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 2022.2 On 15 August 2023, 560,204 new ordinary shares of the Company were issued in relation to exercised share options. The nominal value of the shares was GBP 0.01 per share resulting in EUR 6 thousand share capital increase.Share-based paymentsThe 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 reservesForeign currencyFinancial assets translation Cash-flow EUR \u2019000 Note at FVOCIreserve Reserve fundshedge reserve Total1 January 2022 \u2014 1,683 54 (272) 1,465Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 7,602 7,602Exchange differences on translation of foreign operations (excluding NCI) \u2014 1,275 \u2014 \u2014 1,27531 December 2022 \u2014 2,958 54 7,330 10,342Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 (7,139) (7,139)Revaluation \u2013 gross 23 (15,475) \u2014 \u2014 \u2014 (15,475)Deferred tax \u2014 \u2014 \u2014 154 154Exchange differences on translation of foreign operations (excluding NCI) \u2014 16,545 \u2014 \u2014 16,54531 December 2023 (15,475) 19,503 54 345 4,427Minor balances of reserve funds relate to selected subsidiaries, where the Group is obliged to make annual contributions from local profits.Business combinations equity adjustmentThis reserve reflects corresponding charge related to the present value of the put options redemption amount (Note 32). 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 the Non-controlling interests section below for further details.Non-controlling interests (\u201cNCI\u201d)In 2021, the Group acquired KomTes Group. As of 31 December 2023, non-controlling interests related to KomTes Group amount to EUR 4,993 thousand (31 December 2022: EUR 3,605 thousand). On 15 December 2023, the Group signed an agreement to acquire the NCI in 2024 (Note 8).Following the agreement with Sygic non-controlling shareholders in December 2022 (Note 8), the NCI of EUR 5,644 thousand was transferred to business combination equity adjustment. In 2023, controlling shareholders have all the risks and rewards associated with ownership, therefore no profit was attributed to NCI from Sygic.Following the agreement with Tripomatic s.r.o. non-controlling shareholders in December 2023 (Note 8), the controlling interest of 51% (31 December 2022: 51%) was sold to the non-controlling shareholders for a consideration of EUR 150 thousand. The value of NCI as of the date of the transaction was EUR 525 thousand (31 December 2022: EUR 678 thousand).In 2023, the Group acquired CVS Group and two FIRETMS.COM subsidiaries with NCI as part of the Inelo acquisition (Note 8). As of 31 December 2023, the NCI relating to CVS Group amounts to EUR 1,053 thousand and the NCI relating to FIRETMS.COM amounts to EUR 335 thousand.Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.Summarised balance sheetSygic CVS Group31 December 31 December31 December 31 DecemberEUR \u20190002023 20222023 2022Current assets \u2014 \u2014 6,224 \u2014Current liabilities \u2014 \u2014 3,484 \u2014Current net assets \u2014 \u2014 2,740 \u2014Non-current assets \u2014 \u2014 5,762 \u2014Non-current liabilities \u2014 \u2014 1,726 \u2014Non-current net assets \u2014 \u2014 4,036 \u2014Net assets \u2014 \u2014 6,776 \u2014Accumulated NCI \u2014 \u2014 1,053 \u2014Summarised statement of comprehensive incomeSygic CVS GroupEUR \u2019000 2023 2022 2023 2022Revenues \u2014 16,476 11,560 \u2014Profit/(loss) for the period \u2014 228 1,637 \u2014Other comprehensive income \u2014 44 143 \u2014Total comprehensive income \u2014 272 1,780 \u2014Profit allocated to NCI \u2014 169 85 \u2014Other comprehensive income allocated to NCI \u2014 28 \u2014 \u2014Dividends paid to NCI \u2014 56 \u2014 \u2014Summarised cash flows Sygic CVS GroupEUR \u2019000 2023 2022 2023 2022Cash flows from operating activities \u2014 3,812 2,657 \u2014Cash flows from investing activities \u2014 (3,224) (1,978) \u2014Cash flows from financing activities \u2014 (314) (143) \u2014Net increase/(decrease) in cash and cash equivalents \u2014 274 536 \u2014In 2023, the Group acquired a NCI in CVS Group (Note 8). The effect on the equity attributable tothe owners of the Group is summarised as follows:31 December 31 December EUR \u201900020232022Carrying amount of non-controlling interests acquired 2,512 \u2014Forward liability in the opening balance sheet 2,515Consideration paid to non-controlling interests (6,976) \u2014Excess of consideration paid recognised within retained earnings (1,949) \u2014",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__79": {
"value": "28. EquityShares authorised, issued and fully paid:Ordinary shares Class B shareShareShareShareMergerNumber of capitalNumber of capital premium reservesharesEUR \u2019000 sharesEUR \u2019000EUR \u2019000EUR \u2019000At 1 January 2022 688,911,333 8,107 1 30,006 194,763 (25,963)1Capital reduction\u2014 \u2014 (1) (30,006) (191,805) \u2014At 31 December 2022 688,911,333 8,107 \u2014 \u2014 2,958 (25,963)2Share options exercised560 204 6 \u2014 \u2014 \u2014 \u2014At 31 December 2023 689,471,537 8,113 \u2014 \u2014 2,958 (25,963)1 On 13 December 2021, the PLC allotted from merger reserve one Class B share with no voting rights or rights to distributions or rights to the return of capital on winding up. The share has a 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 2022.2 On 15 August 2023, 560,204 new ordinary shares of the Company were issued in relation to exercised share options. The nominal value of the shares was GBP 0.01 per share resulting in EUR 6 thousand share capital increase.Share-based paymentsThe 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 reservesForeign currencyFinancial assets translation Cash-flow EUR \u2019000 Note at FVOCIreserve Reserve fundshedge reserve Total1 January 2022 \u2014 1,683 54 (272) 1,465Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 7,602 7,602Exchange differences on translation of foreign operations (excluding NCI) \u2014 1,275 \u2014 \u2014 1,27531 December 2022 \u2014 2,958 54 7,330 10,342Change in fair value of cash flow hedge recognised in equity 26 \u2014 \u2014 \u2014 (7,139) (7,139)Revaluation \u2013 gross 23 (15,475) \u2014 \u2014 \u2014 (15,475)Deferred tax \u2014 \u2014 \u2014 154 154Exchange differences on translation of foreign operations (excluding NCI) \u2014 16,545 \u2014 \u2014 16,54531 December 2023 (15,475) 19,503 54 345 4,427Minor balances of reserve funds relate to selected subsidiaries, where the Group is obliged to make annual contributions from local profits.Business combinations equity adjustmentThis reserve reflects corresponding charge related to the present value of the put options redemption amount (Note 32). 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 the Non-controlling interests section below for further details.Non-controlling interests (\u201cNCI\u201d)In 2021, the Group acquired KomTes Group. As of 31 December 2023, non-controlling interests related to KomTes Group amount to EUR 4,993 thousand (31 December 2022: EUR 3,605 thousand). On 15 December 2023, the Group signed an agreement to acquire the NCI in 2024 (Note 8).Following the agreement with Sygic non-controlling shareholders in December 2022 (Note 8), the NCI of EUR 5,644 thousand was transferred to business combination equity adjustment. In 2023, controlling shareholders have all the risks and rewards associated with ownership, therefore no profit was attributed to NCI from Sygic.Following the agreement with Tripomatic s.r.o. non-controlling shareholders in December 2023 (Note 8), the controlling interest of 51% (31 December 2022: 51%) was sold to the non-controlling shareholders for a consideration of EUR 150 thousand. The value of NCI as of the date of the transaction was EUR 525 thousand (31 December 2022: EUR 678 thousand).In 2023, the Group acquired CVS Group and two FIRETMS.COM subsidiaries with NCI as part of the Inelo acquisition (Note 8). As of 31 December 2023, the NCI relating to CVS Group amounts to EUR 1,053 thousand and the NCI relating to FIRETMS.COM amounts to EUR 335 thousand.Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.Summarised balance sheetSygic CVS Group31 December 31 December31 December 31 DecemberEUR \u20190002023 20222023 2022Current assets \u2014 \u2014 6,224 \u2014Current liabilities \u2014 \u2014 3,484 \u2014Current net assets \u2014 \u2014 2,740 \u2014Non-current assets \u2014 \u2014 5,762 \u2014Non-current liabilities \u2014 \u2014 1,726 \u2014Non-current net assets \u2014 \u2014 4,036 \u2014Net assets \u2014 \u2014 6,776 \u2014Accumulated NCI \u2014 \u2014 1,053 \u2014Summarised statement of comprehensive incomeSygic CVS GroupEUR \u2019000 2023 2022 2023 2022Revenues \u2014 16,476 11,560 \u2014Profit/(loss) for the period \u2014 228 1,637 \u2014Other comprehensive income \u2014 44 143 \u2014Total comprehensive income \u2014 272 1,780 \u2014Profit allocated to NCI \u2014 169 85 \u2014Other comprehensive income allocated to NCI \u2014 28 \u2014 \u2014Dividends paid to NCI \u2014 56 \u2014 \u2014Summarised cash flows Sygic CVS GroupEUR \u2019000 2023 2022 2023 2022Cash flows from operating activities \u2014 3,812 2,657 \u2014Cash flows from investing activities \u2014 (3,224) (1,978) \u2014Cash flows from financing activities \u2014 (314) (143) \u2014Net increase/(decrease) in cash and cash equivalents \u2014 274 536 \u2014In 2023, the Group acquired a NCI in CVS Group (Note 8). The effect on the equity attributable tothe owners of the Group is summarised as follows:31 December 31 December EUR \u201900020232022Carrying amount of non-controlling interests acquired 2,512 \u2014Forward liability in the opening balance sheet 2,515Consideration paid to non-controlling interests (6,976) \u2014Excess of consideration paid recognised within retained earnings (1,949) \u2014",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__83": {
"value": "29. Earnings per shareAll ordinary shares have the same rights. Basic EPS is calculated by dividing the net profit/(loss) 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/(loss) 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.Adjusted diluted EPS is calculated by dividing the Adjusted earnings (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 issuedif all dilutive potential ordinary shares were converted into ordinary shares.In periods where a net loss is recognised, the impact of potentially dilutive outstanding share-based awards is excluded from the calculation of diluted loss per share as their inclusion would have an anti-dilutive effect.The following reflects the income and share data used in calculating EPS:For the year ended 31 December2023 2022Net (loss)/profit attributable to equity holders (EUR \u2019000) (45,637) 16,630Basic weighted average number of shares 689,126,206 688,911,333Effects of dilution from share options \u2014 816,306Total number of shares used in computing dilutive earnings per share 689,126,206 689,727,639Basic (loss)/earnings per share (cents/share) (6.62) 2.41Diluted (loss)/earnings per share (cents/share) (6.62) 2.41Adjusted earnings per share measures:For the year ended 31 December2023 2022Net (loss)/profit attributable to equity holders (EUR \u2019000) (45,637) 16,630Loss after tax for the year from discontinued operations 489 \u2014Adjusting items affecting Adjusted EBITDA (Note 11) 78,862 18,461Amortisation of acquired intangibles* 16,653 5,499Amortisation due to transformational useful life changes \u2014 1,864Tax impact of above adjustments* (5,650) (2,813)Adjusted net profit attributable to equity holders (EUR \u2019000) 44,717 39,641Basic weighted average number of shares 689,126,206 688,911,333Adjusted basic earnings per share (cents/share) 6.49 5.75Effects of dilution from share options 2,629,512 816,306Diluted weighted average number of shares 691,755,718 689,727,639Adjusted diluted earnings per share (cents/share) 6.46 5.75* Non-controlling interests impact was excluded.OptionsOptions 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 assuming the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__84": {
"value": "30. Interest-bearing loans and borrowings 31 December 2023 31 December 2022Total limit Amount in Amount in Total limit Amount in Amount in Currency Maturity Interest ratein currencyoriginal currencyEUR \u2019000 in currencyoriginal currencyEUR \u2019000 Bank loans EUR 2027/09 3M EURIBOR + margin 45,000 37,865 37,865 45,000 42,941 42,941EUR 2027/09 3M EURIBOR + margin 68,000 52,642 52,642 68,000 64,889 64,889EUR 2027/09 3M EURIBOR + margin 37,000 34,303 34,303 37,000 35,307 35,307Multicurrency term and revolving facilities agreement*EUR 2027/09 3M EURIBOR + margin 120,000 99,364 99,364 \u2014 \u2014 \u2014EUR 2027/09 3M EURIBOR + margin 60,000 49,683 49,683 \u2014 \u2014 \u2014EUR 2027/09 3M EURIBOR + margin 50,000 44,739 44,739 \u2014 \u2014 \u2014EUR 2027/09 3M EURIBOR + margin 33,500 32,850 32,850 \u2014 \u2014 \u2014Other loans CZK fixed rate 96 96 5 393 393 17Other loans EUR fixed rate 25 25 25 \u2014 \u2014 \u2014Financial liabilities to telecoms PLN 36 months from the Fixed rate \u2013 10,825 10,825 2,495 \u2014 \u2014 \u2014REPO transaction6.29\u201316.86%Other non-bank loans PLN 3M WIBOR + 2% 642 642 147 \u2014 \u2014 \u2014Revolving facilities and overdrafts \u2014 \u2014 \u2014 85,000 53,001 53,001 \u2014 2 2Total EUR 407,119 143,156Current EUR 113,297 21,884Non-current EUR 293,822 121,272* On 21 September 2022, the Group signed a multicurrency term and revolving facilities agreement (\u201cClub Finance facility\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 branch i. \u010cesk\u00e1 exportn\u00ed banka, a.s.The Club Finance facility consists of four tranches: @UR 150 million committed facility A for the refinancing of all existing term loan indebtedness @UR 180 million committed facility B for permitted acquisitions and capital expenditure @UR 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 @UR 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 loansThe applicable interest rate base margin for the club financing facilities are determined according to the following margin grid and according to the so-called ESG adjustment detailed below:Net leverage Facilities> 3.25 2.30% p.a.\u2264 3.25 \u2265 2.50 2.10% p.a.< 2.50 1.90% p.a.On 17 May 2023, the Group signed an amendment to the Club Finance facility which incorporatesESG key performance indicators into margin calculation (ESG adjustment) from 31 December 2023, with overall impact on the margin in the range of (0.05 p.p.) - 0.05 p.p. If all three sustainability KPI targets are met, the base margin is reduced by 0.05 p.p. If none of the KPIs are met, the base margin is increased by 0.05 p.p. If one KPIs is not met, the base margin is reduced by 0.025 p.p. If two KPIs are not met, the base margin is increased by 0.025 p.p.The interest expense relating to bank loans and borrowings is presented in Note 17.Interest-bearing loans and borrowings are non-derivative financial liabilities carried at amortised cost.On 10 March 2023, the Group received EUR 180 million through facility B of the Club Finance facility. The new loan was used to finance the Inelo acquisition (Note 8). Interest rate risk was managed by concluding new interest rate swaps.On 26 May 2023, the Group received EUR 50 million through Incremental Facility I of the Club Finance facility. The purpose of the new drawdown was financing of the capital expenditures incurred or to be incurred. No interest rate swaps were concluded to cover the related interest rate risk. For more information refer to Note 35.On 15 November 2023, the Group received EUR 33.5 million through Incremental Facility II of the Club Finance facility. The purpose of the new drawdown was financing of the acquisition related payments incurred or to be incurred. No interest rate swaps were concluded to cover the related interest rate risk. For more information refer to Note 35.As at 31 December 2023 and 2022, the following pledges have been made as a security for aforementioned loans: @ledge of shares (mainly W.A.G payment solution, a.s.) @ledge of receivables (Note 25) @ledge of bank accounts (Note 27) @ledge of trademarksThe Group complied with all financial covenants under the Club Finance facility as of 31 December 2023 and 31 December 2022, and forecasts compliance for the going concern period based on the revised terms disclosed in Note 38.Financial covenant terms of the Club Finance facility were as follows:ActualActual31 December 31 December Covenant Calculation Target20232022Interest cover the ratio of Adjusted EBITDA Min 4.00 4.82 11.20to finance chargesNet leverage the ratio of total net debt to Max 4.00* 2.90 0.13Adjusted EBITDAAdjusted net leverage the ratio of the Adjusted total Max 6.50 4.22 1.95net debt to Adjusted EBITDA* The covenant shall not exceed 3.50 in 2025 and onwards.For covenants calculations, alternative performance measures are defined differently by the Club Finance facility: @djusted EBITDA represents full year Adjusted EBITDA of companies acquired during the period @et debt includes lease liabilities and derivative liabilities @djusted net debt includes face amount of guarantees, bonds, standby or documentary letters 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__85": {
"value": "32. Trade and other payables, other liabilities31 December 31 December EUR \u201900020232022CurrentTrade payables 303,165 332,676Employee related liabilities 15,388 9,243Advances received 12,911 15,325Miscellaneous payables 8,644 9,790Payables to tax authorities 18,562 12,734Contract liabilities 6,971 4,439Refund liabilities 4,461 2,822Deferred acquisition consideration 32,732 11,206Total trade and other payables 402,834 398,235Non-currentPut option redemption liability 5,825 4,435Contract liabilities 3,353 2,276Employee related liabilities \u2014 765Deferred acquisition consideration \u2014 19,898Other liabilities 58 2Total other non-current liabilities 9,236 27,376Trade payables are non-interest bearing and are normally settled on 30-day terms. 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.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.Advances received include mainly customer deposits related to OBUs and prepaid cards (Eurowag Mastercard product).Miscellaneous payables relates primarily to payables to factoring companies (for working capital management), representing cash collected from customers in respect of sold receivables and on behalf of factoring companies.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 \u2019000 2023 2022Opening balance 6,715 4,893Additions 5,538 4,988Acquisition of a subsidiary 2,497 \u2014Release (4,426) (3,166)Closing balance 10,324 6,715Short term 6,971 4,439Long term 3,353 2,276Total 10,324 6,715The total amount of deferred revenue is expected to be released in the statement of profit or losswith the following pattern:Release to statement of profit or loss 1 year 2 years 3\u20135 years Total31 December 2023 6,972 2,187 1,165 10,32431 December 2022 4,439 1,280 996 6,715Present value of deferred acquisition consideration relates to the following acquisitions:31 December 31 December EUR \u201900020232022Sygic, a.s. 14,216 13,735Webeye Group 9,128 16,669KomTes Group* 8,688 \u2014Aldobec technologies, s.r.o. 700 700Total 32,732 31,104* presented as put option redemption liability as at 31 December 2022 (Note 8).Put option redemption liability related to non-controlling interests represents present value of expected future settlement.For explanations on the Group\u2019s liquidity risk management processes, refer to Note 35.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__86": {
"value": "33. ProvisionsEUR \u2019000 Other provisions1 January 2022 1,545Additions 541 Utilised (21) Translation 59 31 December 2022 2,124Additions 405Utilised (14)Acquisition of a subsidiary 1,324Translation 1431 December 2023 3,853The provisions mostly relate to unutilised customer credit limits disclosed in Note 35.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__87": {
"value": "34. Contingent assets and liabilitiesOff-balance sheet commitments are following:31 December 31 December EUR \u201900020232022Unutilised customer credit limits 371,580 411,859Credit limits are further described in credit risk section of Note 35.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__91": {
"value": "35. 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. These financial liabilities relate to the financing of 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 Group\u2019s management identifies financial risks that may have an adverse impact on the business objectives and through active risk management reduces these risks to an acceptable level.Market riskMarket 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 2023 and 31 December 2022.Sensitivity analyses have been prepared on the basis that 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: @he 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 liabilitiesheld at 31 December 2023 and 31 December 2022.Interest rate riskInterest rate risk is the risk 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 toexchange, 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 2023, after taking into account the effect of interest rate swaps, the Group\u2019s borrowings of EUR 79,200 thousand were at a variable interest rate (excluding revolving facilities and overdrafts). Sensitivity to interest rate changes is disclosed in the table below. As at 31 December 2022, after taking into account the effect of interest rate swaps, the total amount of Group\u2019s borrowings was at a fixed rate of interest. The average fixed rate of interest rate swaps is 1.98% at 31 December 2023 (31 December 2022: 0.62%).The following table demonstrates the sensitivity to a reasonably possible change in interest rateson the portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s (loss)/profit before tax is affected through the impact on floating rate borrowings as follows:31 December 31 December EUR \u201900020232022Increase by 50 basis points (396) \u2014Decrease by 50 basis points 396 \u2014Foreign currency riskForeign 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, 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 (loss)/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 all 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 (loss)/profit before tax:31 December 31 December EUR \u2019000 % change in rate20232022EUR +/- 10% +/- 17,341 +/- 7,022PLN +/- 10% +/- 261 +/- 429CZK +/- 10% +/- 8,361 +/- 379Others +/- 10% +/- 164 +/- 2,157The increase in exposure to EUR mainly relates to the acquisition of Inelo. The exposure would have been higher by additional EUR 14,797 thousand without the change in functional currency of W.A.G. payment solutions, a.s. from CZK to EUR (Note 6). The Group manages its foreign currency risk by using foreign currency forwards and swaps, the impact of which is as disclosed in Notes 15 and 17. The above effect on (loss)/profit before tax is not adjusted for the impact of derivatives.Credit riskCredit risk is the risk 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 34 for unutilised customer credit limits.The outstanding balances of trade receivables and compliance with credit limits are monitored on a regular basis. Group management seeks to minimise exposure of credit risk to single counterparty or group of similar counterparties when possible. As at 31 December 2023 and 31 December 2022, there was 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\u2019s management.Refer to Note 25 for further details.Liquidity riskPrudent 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) is: 31 December 31 December 20232022Current ratio 0.97 1.27Excluding deferred acquisition considerations and put option redemption liabilities (Note 32), the current ratio would be 1.04 as at 31 December 2023 (31 December 2022: 1.39).The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments (EUR \u2019000):Less than More than 31 December 2023 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 75,360 67,962 315,652 \u2014 458,974Lease liabilities \u2014 1,325 4,397 14,614 5,118 25,454Trade and other payables* \u2014 337,145 27,244 5,883 \u2014 370,272Total non-derivatives \u2014 413,830 99,603 336,149 5,118 854,700DerivativesTrading derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Less than More than 31 December 2022 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 7,550 22,789 142,411 \u2014 172,750Lease liabilities \u2014 1,179 2,969 7,959 2,020 14,127Trade and other payables* \u2014 354,545 10,911 26,197 \u2014 391,653Total non-derivatives \u2014 363,274 36,669 176,567 2,020 578,530DerivativesTrading derivatives \u2014 17 \u2014 \u2014 \u2014 17Total derivatives \u2014 17 \u2014 \u2014 \u2014 17* Trade and other payables exclude tax payables, advances received and contract liabilities as these are non-financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__90": {
"value": "35. 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. These financial liabilities relate to the financing of 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 Group\u2019s management identifies financial risks that may have an adverse impact on the business objectives and through active risk management reduces these risks to an acceptable level.Market riskMarket 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 2023 and 31 December 2022.Sensitivity analyses have been prepared on the basis that 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: @he 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 liabilitiesheld at 31 December 2023 and 31 December 2022.Interest rate riskInterest rate risk is the risk 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 toexchange, 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 2023, after taking into account the effect of interest rate swaps, the Group\u2019s borrowings of EUR 79,200 thousand were at a variable interest rate (excluding revolving facilities and overdrafts). Sensitivity to interest rate changes is disclosed in the table below. As at 31 December 2022, after taking into account the effect of interest rate swaps, the total amount of Group\u2019s borrowings was at a fixed rate of interest. The average fixed rate of interest rate swaps is 1.98% at 31 December 2023 (31 December 2022: 0.62%).The following table demonstrates the sensitivity to a reasonably possible change in interest rateson the portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s (loss)/profit before tax is affected through the impact on floating rate borrowings as follows:31 December 31 December EUR \u201900020232022Increase by 50 basis points (396) \u2014Decrease by 50 basis points 396 \u2014Foreign currency riskForeign 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, 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 (loss)/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 all 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 (loss)/profit before tax:31 December 31 December EUR \u2019000 % change in rate20232022EUR +/- 10% +/- 17,341 +/- 7,022PLN +/- 10% +/- 261 +/- 429CZK +/- 10% +/- 8,361 +/- 379Others +/- 10% +/- 164 +/- 2,157The increase in exposure to EUR mainly relates to the acquisition of Inelo. The exposure would have been higher by additional EUR 14,797 thousand without the change in functional currency of W.A.G. payment solutions, a.s. from CZK to EUR (Note 6). The Group manages its foreign currency risk by using foreign currency forwards and swaps, the impact of which is as disclosed in Notes 15 and 17. The above effect on (loss)/profit before tax is not adjusted for the impact of derivatives.Credit riskCredit risk is the risk 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 34 for unutilised customer credit limits.The outstanding balances of trade receivables and compliance with credit limits are monitored on a regular basis. Group management seeks to minimise exposure of credit risk to single counterparty or group of similar counterparties when possible. As at 31 December 2023 and 31 December 2022, there was 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\u2019s management.Refer to Note 25 for further details.Liquidity riskPrudent 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) is: 31 December 31 December 20232022Current ratio 0.97 1.27Excluding deferred acquisition considerations and put option redemption liabilities (Note 32), the current ratio would be 1.04 as at 31 December 2023 (31 December 2022: 1.39).The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments (EUR \u2019000):Less than More than 31 December 2023 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 75,360 67,962 315,652 \u2014 458,974Lease liabilities \u2014 1,325 4,397 14,614 5,118 25,454Trade and other payables* \u2014 337,145 27,244 5,883 \u2014 370,272Total non-derivatives \u2014 413,830 99,603 336,149 5,118 854,700DerivativesTrading derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Less than More than 31 December 2022 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 7,550 22,789 142,411 \u2014 172,750Lease liabilities \u2014 1,179 2,969 7,959 2,020 14,127Trade and other payables* \u2014 354,545 10,911 26,197 \u2014 391,653Total non-derivatives \u2014 363,274 36,669 176,567 2,020 578,530DerivativesTrading derivatives \u2014 17 \u2014 \u2014 \u2014 17Total derivatives \u2014 17 \u2014 \u2014 \u2014 17* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__89": {
"value": "35. 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. These financial liabilities relate to the financing of 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 Group\u2019s management identifies financial risks that may have an adverse impact on the business objectives and through active risk management reduces these risks to an acceptable level.Market riskMarket 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 2023 and 31 December 2022.Sensitivity analyses have been prepared on the basis that 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: @he 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 liabilitiesheld at 31 December 2023 and 31 December 2022.Interest rate riskInterest rate risk is the risk 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 toexchange, 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 2023, after taking into account the effect of interest rate swaps, the Group\u2019s borrowings of EUR 79,200 thousand were at a variable interest rate (excluding revolving facilities and overdrafts). Sensitivity to interest rate changes is disclosed in the table below. As at 31 December 2022, after taking into account the effect of interest rate swaps, the total amount of Group\u2019s borrowings was at a fixed rate of interest. The average fixed rate of interest rate swaps is 1.98% at 31 December 2023 (31 December 2022: 0.62%).The following table demonstrates the sensitivity to a reasonably possible change in interest rateson the portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s (loss)/profit before tax is affected through the impact on floating rate borrowings as follows:31 December 31 December EUR \u201900020232022Increase by 50 basis points (396) \u2014Decrease by 50 basis points 396 \u2014Foreign currency riskForeign 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, 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 (loss)/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 all 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 (loss)/profit before tax:31 December 31 December EUR \u2019000 % change in rate20232022EUR +/- 10% +/- 17,341 +/- 7,022PLN +/- 10% +/- 261 +/- 429CZK +/- 10% +/- 8,361 +/- 379Others +/- 10% +/- 164 +/- 2,157The increase in exposure to EUR mainly relates to the acquisition of Inelo. The exposure would have been higher by additional EUR 14,797 thousand without the change in functional currency of W.A.G. payment solutions, a.s. from CZK to EUR (Note 6). The Group manages its foreign currency risk by using foreign currency forwards and swaps, the impact of which is as disclosed in Notes 15 and 17. The above effect on (loss)/profit before tax is not adjusted for the impact of derivatives.Credit riskCredit risk is the risk 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 34 for unutilised customer credit limits.The outstanding balances of trade receivables and compliance with credit limits are monitored on a regular basis. Group management seeks to minimise exposure of credit risk to single counterparty or group of similar counterparties when possible. As at 31 December 2023 and 31 December 2022, there was 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\u2019s management.Refer to Note 25 for further details.Liquidity riskPrudent 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) is: 31 December 31 December 20232022Current ratio 0.97 1.27Excluding deferred acquisition considerations and put option redemption liabilities (Note 32), the current ratio would be 1.04 as at 31 December 2023 (31 December 2022: 1.39).The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments (EUR \u2019000):Less than More than 31 December 2023 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 75,360 67,962 315,652 \u2014 458,974Lease liabilities \u2014 1,325 4,397 14,614 5,118 25,454Trade and other payables* \u2014 337,145 27,244 5,883 \u2014 370,272Total non-derivatives \u2014 413,830 99,603 336,149 5,118 854,700DerivativesTrading derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Less than More than 31 December 2022 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 7,550 22,789 142,411 \u2014 172,750Lease liabilities \u2014 1,179 2,969 7,959 2,020 14,127Trade and other payables* \u2014 354,545 10,911 26,197 \u2014 391,653Total non-derivatives \u2014 363,274 36,669 176,567 2,020 578,530DerivativesTrading derivatives \u2014 17 \u2014 \u2014 \u2014 17Total derivatives \u2014 17 \u2014 \u2014 \u2014 17* Trade and other payables exclude tax payables, advances received and contract liabilities as these are non-financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__88": {
"value": "35. 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. These financial liabilities relate to the financing of 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 Group\u2019s management identifies financial risks that may have an adverse impact on the business objectives and through active risk management reduces these risks to an acceptable level.Market riskMarket 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 2023 and 31 December 2022.Sensitivity analyses have been prepared on the basis that 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: @he 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 liabilitiesheld at 31 December 2023 and 31 December 2022.Interest rate riskInterest rate risk is the risk 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 toexchange, 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 2023, after taking into account the effect of interest rate swaps, the Group\u2019s borrowings of EUR 79,200 thousand were at a variable interest rate (excluding revolving facilities and overdrafts). Sensitivity to interest rate changes is disclosed in the table below. As at 31 December 2022, after taking into account the effect of interest rate swaps, the total amount of Group\u2019s borrowings was at a fixed rate of interest. The average fixed rate of interest rate swaps is 1.98% at 31 December 2023 (31 December 2022: 0.62%).The following table demonstrates the sensitivity to a reasonably possible change in interest rateson the portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s (loss)/profit before tax is affected through the impact on floating rate borrowings as follows:31 December 31 December EUR \u201900020232022Increase by 50 basis points (396) \u2014Decrease by 50 basis points 396 \u2014Foreign currency riskForeign 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, 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 (loss)/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 all 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 (loss)/profit before tax:31 December 31 December EUR \u2019000 % change in rate20232022EUR +/- 10% +/- 17,341 +/- 7,022PLN +/- 10% +/- 261 +/- 429CZK +/- 10% +/- 8,361 +/- 379Others +/- 10% +/- 164 +/- 2,157The increase in exposure to EUR mainly relates to the acquisition of Inelo. The exposure would have been higher by additional EUR 14,797 thousand without the change in functional currency of W.A.G. payment solutions, a.s. from CZK to EUR (Note 6). The Group manages its foreign currency risk by using foreign currency forwards and swaps, the impact of which is as disclosed in Notes 15 and 17. The above effect on (loss)/profit before tax is not adjusted for the impact of derivatives.Credit riskCredit risk is the risk 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 34 for unutilised customer credit limits.The outstanding balances of trade receivables and compliance with credit limits are monitored on a regular basis. Group management seeks to minimise exposure of credit risk to single counterparty or group of similar counterparties when possible. As at 31 December 2023 and 31 December 2022, there was 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\u2019s management.Refer to Note 25 for further details.Liquidity riskPrudent 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) is: 31 December 31 December 20232022Current ratio 0.97 1.27Excluding deferred acquisition considerations and put option redemption liabilities (Note 32), the current ratio would be 1.04 as at 31 December 2023 (31 December 2022: 1.39).The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments (EUR \u2019000):Less than More than 31 December 2023 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 75,360 67,962 315,652 \u2014 458,974Lease liabilities \u2014 1,325 4,397 14,614 5,118 25,454Trade and other payables* \u2014 337,145 27,244 5,883 \u2014 370,272Total non-derivatives \u2014 413,830 99,603 336,149 5,118 854,700DerivativesTrading derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Less than More than 31 December 2022 On demand3 months 3 to 12 months 1 to 5 years5 years TotalNon-derivativesInterest-bearing loans and borrowings \u2014 7,550 22,789 142,411 \u2014 172,750Lease liabilities \u2014 1,179 2,969 7,959 2,020 14,127Trade and other payables* \u2014 354,545 10,911 26,197 \u2014 391,653Total non-derivatives \u2014 363,274 36,669 176,567 2,020 578,530DerivativesTrading derivatives \u2014 17 \u2014 \u2014 \u2014 17Total derivatives \u2014 17 \u2014 \u2014 \u2014 17* Trade and other payables exclude tax payables, advances received and contract liabilities as these are non-financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__92": {
"value": "36. Capital managementThe primary objective of the Group\u2019s capital management is to ensure 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: @Investment in technology and capabilities for organic growth @Investment in value-accretive strategic acquisitions @aintaining a robust balance sheet and financial strength to provide strategic flexibility @rioritising growth over dividends with no intention to declare dividends in the near termThe 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 \u2019000 20232022Interest bearing loans 407,119 143,156Cash and cash equivalents (90,343) (146,003)Net indebtedness 316,776 (2,847)Total equity attributable to Company 256,455 312,280Gearing ratio 123.52% (0.91)%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 Club Finance facility. Further details are disclosed in Note 30.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__93": {
"value": "37. Related party disclosuresCompanyThe Company controlling the Group is disclosed in Note 1.SubsidiariesInterests in subsidiaries are set out in Note 7.Key management personnel compensationKey management personnel compensation is disclosed in Note 12.Ultimate controlling partyThe Company is the ultimate parent entity of the Group and it is considered that there is no ultimate controlling party. Decision making is made collectively by the Board of Directors or by Board sub-committees on behalf of the Board. The Board is the first to approve many of the items brought to vote at the Annual General Meeting (e.g. Directors\u2019 appointments and resignations, authority to allot shares, annual accounts approval, appointment of auditors). Mr Voh\u00e1nka does not control either the Board of Directors or its sub-committees.Paid dividendsPaid dividends are disclosed in consolidated statement of changes in shareholders\u2019 equity.Transactions with other related partiesFor the year ended 31 DecemberEUR \u2019000 2023 2022Sale of goods to key management personnel 1 1Sale of fixed assets (vehicles) to key management personnel 3 29Purchases of various goods and services from key management personnel \u2014 3Purchases of various goods and services from entities controlled by the Company\u2019s shareholders \u2014 11Purchases of various goods and services from entities controlled by key management personnel* 1,730 16Purchases of various goods and services from associates 6 \u2014Payment made to Company\u2019s shareholders in relation to share capital \u2014 58Sale of W.A.G. payments solutions, a.s. shares to key management personnel \u2014 \u2014Sale of W.A.G payments solutions PLC shares to key management personnel 6 \u2014* The Group acquired the following goods and services from entities that are controlled by members of the Group\u2019s key management personnel: software development, marketing research, consultancy, taxi services.Outstanding balances arising from sales/purchases of goods and services31 December31 December EUR \u2019000 20232022Trade payables to entities controlled by key management personnel 138 \u2014In December 2023, an agreement for purchasing of the remaining 49% interest in KomTes Chrudim, s.r.o. was entered into with two minority shareholders, Ji\u0159\u00ed Dan\u011bk and Daniel \u0158\u00edha. As they were both Directors of KomTes Group subsidiaries during 2023, the transaction is considered a related party transaction. Under UK Listing Rules, the two combined KomTes subsidiaries were classified as an insignificant subsidiary undertaking. After signing the agreement, they were replaced in their positions as KomTes Group Directors as of 1 January 2024. For more information on the transaction, please refer to Note 8.During 2022, an agreement for purchasing the remaining 30% interest in Sygic was entered into with various minority shareholders, including QQ Capital SE (investors include Michal Stencl), Pasanote Capital (investors include Jan Sameliak) and others. As Michal Stencl and Jan Sameliakwere both Directors of Sygic during 2022, the transaction is considered a related party transaction. After signing the agreement, Michal Stencl and Jan Sameliak were replaced in their positions as Sygic\u2019s Directors. For more information on the transaction, please refer to Note 8.As at 31 December 2023 and 2022, the Group had no outstanding loans, credit, security or other benefits in either monetary or in-kind form with 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.Selected employees benefit from the private use of the Group cars.Terms and conditionsTransactions 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 termsand conditions and at market rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__94": {
"value": "38. Subsequent eventsPay-out of deferred considerationOn 2 January 2024, the Group paid deferred acquisition consideration of EUR 5,000 thousand related to the acquisition of WebEye.Acquisition of 4.19% interest in CVS Mobile d.d.On 7 February 2024, the Group acquired the remaining 4.19% interest in CVS mobile d.d. through its subsidiary Napredna telematika d.o.o. for a consideration of EUR 760 thousand.Amendment to the Club Finance facilityOn 14 March 2024, the Group signed an amendment to the Club Finance facility, which increased share of revolving loans within uncommitted incremental facility up to EUR 40 million (previously up to EUR 25 million in Note 30). The total amount of uncommitted incremental facility remains unchanged.The amendment also removes the interest cover covenant for the six months ended 30 June 2024.JITpay GmbH insolvencyOn 22 March 2024 District Court of Braunschweig appointed provisional insolvency administrator of JITpay GmbH, a holding company of JITpay group. The Group continues discussions with the other stakeholders to determine the impact on our investment, which had a valuation of nil as at 31 December 2023 (Note 9).As permitted by section 408 of Companies Act 2006, a separate statement of comprehensive income for W.A.G. payment solutions plc has not been included in these financial statements. Total comprehensive loss for the year amounted to EUR 2.0 million (financial year ended 31 December 2022: EUR 3.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__95": {
"value": ", a separate statement of comprehensive income for W.A.G. payment solutions plc has not been included in these financial statements. Total comprehensive loss for the year amounted to EUR 2.0 million (financial year ended 31 December 2022: EUR 3.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HU63CWV5J8YK95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}