momox Holding SE , a company located in Germany , is the parent company of the momox Group. The company   momox Holding GmbH was entered in the commercial register of the Berlin-Charlottenburg Local Court (HRB  210838 B) on October 4, 2019. The registered office and headquarters of the company are at Schreiberhauer   Straße 30, 10317 Berlin , Germany. The company was converted into a German stock corporation  (Aktiengesellschaft) by shareholder resolution of November 17, 2021. The corresponding entry in the commercial  register of the Berlin-Charlottenburg Local Court (HRB 236301 B) was made on December 2, 2021. The company  was converted into a European Company ( Societas Europaea—SE ) by shareholder resolution of December 5,  2022. The corresponding entry in the commercial register of the Berlin-Charlottenburg Local Court (HRB 248174  B) was made on December 13, 2022.  

The momox Group is a major retailer of used articles from private sellers. The key focus of the momox Group is   articles such as books, media, and fashion, which are purchased (“inbound”) through its own purchasing  platforms (www.momox.de, www.momox.at, www.momox.fr, www.momox.es, www.momox.it) and sold  (“outbound”) through a variety of sales channels such as its own platforms (www.medimops.de,  www.momox-shop.fr, www.momoxfashion.com, www.momoxfashion.fr) and third-party platforms such as  Amazon and eBay.  

The consolidated financial statements were prepared in accordance with the International Financial Reporting  Standards as adopted in the European Union and in accordance with the regulations additionally applicable  pursuant to Section 315e paragraph 1 of the German Commercial Code (Handelsgesetzbuch—HGB) in  conjunction with Art. 61 Council Regulation (EC) No. 2157/2001. The consolidated financial statements have been  prepared on a going concern basis, and give a true and fair view of the assets, liabilities, financial position, and  profit or loss of the group.  

The consolidated financial statements cover the fiscal year 2023, which ends at the end of the calendar year on   December 31.  

The consolidated financial statements are prepared in euro, the functional currency of momox Holding SE and   the Group’s presentation currency.  

Unless otherwise indicated, all amounts are rounded up or down to full thousands of euro (EUR thousand) or full   millions of euro (EUR million). Rounding may mean that the amounts do not add up exactly to the given total and  that percentages are not the exact result of the amounts presented.  

Current and non-current assets and liabilities are presented separately in the statement of financial position.   Accordingly, all items that are generally realized or fulfilled within a normal business cycle of a maximum of one  year are presented as current. All other assets and liabilities are regarded as non-current.  

The consolidated financial statements contain the financial statements of the parent company (momox   Holding SE) and of the companies it controls. Control is gained here when:  

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power can be exercised over the investee;  

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variable returns result from the equity interest; and  

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the power over the investee can be used to influence the amount of the returns.  

The consolidated financial statements include momox Holding SE and its subsidiaries over which control is   exercised within the meaning of IFRS 10. The number of subsidiaries included in the consolidated group did not  change in the fiscal year 2023.  

Acquisitions of subsidiaries  

The acquisition of business units is presented using the acquisition method. The consideration transferred in a   business combination is measured at fair value. This is calculated as the total of the fair values, as of the acquisition  date, of the assets transferred, the liabilities assumed from the former owners of the acquiree, and the equity  instruments issued by the Group in exchange for the control of the acquiree. Transaction costs associated with  the business combination are recognized in profit or loss when incurred.  

The identifiable assets acquired and the liabilities assumed are measured at their fair values. The following   exceptions apply:  

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Deferred tax assets or deferred tax liabilities and assets or liabilities related to employee benefit   arrangements are measured and recognized in accordance with IAS 12 Income Taxes and IAS 19 Employee  Benefits;  

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Debt or equity instruments that relate to share-based payments or to the settlement of share-based  payments by the Group are measured on the date of acquisition in accordance with IFRS 2 Share-based  Payment (see note 10.11); and

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Assets (or disposal groups) classified as held for sale in accordance with IFRS 5 Non-current Assets Held for   Sale and Discontinued Operations are measured in accordance with this IFRS.  

Goodwill is the excess of the sum of the consideration transferred, the amount of all non-controlling interests in   the acquiree, and the fair value of the equity interest previously held by the acquirer in the acquiree over the fair  value of the identifiable assets acquired and liabilities assumed as of the acquisition date.  

Non-controlling interests in companies in the consolidated group are presented separately from the Group’s   equity. Non-controlling interests of this kind, which currently convey title and grant the holder the right in the  event of liquidation to receive a proportionate share of the company’s net assets, are measured initially either at  fair value or at the proportionate share of the identifiable net assets. This option can be exercised again during  every business combination. Other components of non-controlling interests are measured at their fair value or  

based on measures arising from other standards. Following the acquisition, the carrying amount of the   non-controlling interests is produced from the value of the shares upon initial recognition plus the share of the  non-controlling interest in the subsequent changes in equity.  

If the consideration transferred includes a contingent consideration, the contingent consideration is measured at   the fair value applicable at the time of the acquisition. Changes in the fair value of the contingent consideration  within the measurement period are corrected retrospectively and accordingly set off against goodwill.  Corrections during the measurement period are adjustments to reflect additional information about facts and  circumstances at the time of acquisition. However, the measurement period shall not exceed one year from the  acquisition date.  

Changes in the fair value of the contingent consideration that do not represent adjustments in the measurement   period are accounted for based on how the contingent consideration has to be classified. If the contingent  consideration is equity, no subsequent measurement is made on subsequent reporting dates; its fulfillment is  accounted for in equity. Where it is not classified as equity, contingent consideration is measured on subsequent  reporting dates at fair value, and any gain or loss that results is recognized in the consolidated statement of profit  and loss.  

In the case of a step-by-step business combination, the equity interest previously held by the company in the   acquired enterprise is remeasured at fair value at the acquisition date. Any gain or loss resulting from this is  recognized in profit or loss.  

Changes in value in the equity interests previously held in the acquired enterprise that are recognized in other   comprehensive income before the acquisition date are transferred to the consolidated statement of profit and  loss when control of the acquired enterprise is gained.  

If the initial accounting for a business combination is incomplete by the end of a fiscal year, provisional amounts   are reported for the items. If new information becomes available within the measurement period that sheds new  light on the circumstances at the acquisition date, the amounts that have been provisionally recognized are  corrected and additional assets or liabilities are recognized if necessary.  

Changes to the Group’s ownership interests in existing subsidiaries  

Changes to the Group’s ownership interests in a subsidiary that do not result in a loss of control over this   subsidiary are reported as equity transactions. The carrying amounts of the controlling interests held by the Group  and of the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary.  Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the  consideration paid or received is directly recognized in equity and attributed to the shareholders of the parent.  

When control over a subsidiary is lost, the deconsolidation gain or loss is recognized in profit or loss. This is   calculated from the difference between  

I. The total amount of the fair value of the consideration received and the fair value of the interest   retained, and  

II. The carrying amount of the assets (including any goodwill), the liabilities of the subsidiary, and all   non-controlling interests.  

All amounts recognized in other comprehensive income in connection with the subsidiary are accounted for as   would be the case in a sale of the assets, i.e., they are reclassified to the consolidated statement of profit and loss  or transferred directly to retained earnings.  

 

If investments in the former subsidiary are retained, these are recognized at the fair value established at the time   when control is lost. This value represents the acquisition costs of the interests, which are subsequently measured  in accordance with IFRS 9 Financial Instruments or in accordance with the regulations governing associate  companies or joint ventures depending on the degree of control.  

Monetary items in a currency other than the functional currency used by the companies of the momox Group   are translated at the applicable closing rate, while non-monetary items in foreign currency are translated at  historical rates. Income and expenses of integrated companies are recognized at the rates at the time of the  business transactions and translated at average annual rates for the preparation of the consolidated financial  statements. Relevant exchange differences are recognized in profit or loss in other operating expenses or other  operating income.  

For the preparation of the consolidated financial statements, the assets and liabilities of foreign independent   operations of the momox Group are translated into the Group’s functional currency (euro), wherein the exchange  rates applicable on the reporting date are used. Income and expenses are translated at the average rate of the  period. The exchange rate differences arising from the translation of foreign independent business operations to  the Group currency are recognized in other comprehensive income, whereas the exchange rate differences  arising from the translation of foreign integrated business operations are recognized in profit or loss.  

The exchange rates used for the translation are presented below:  

in EUR		At Dec. 31, 2022	At Dec. 31, 2023	Average exchange	Average exchange
				rate 2022	rate 2023
British pound	GBP	0.89	0.87	0.85	0.87
Polish zloty	PLN	4.68	4.34	4.69	4.54
US dollar	USD	1.07	1.11	1.05	1.08
Swiss franc	CHF	0.98	0.93	1.00	0.97
Swedish krona	SEK	11.12	11.10	10.63	11.48

Goodwill resulting from a business acquisition is recognized at acquisition cost less any impairment that may be   necessary. This is subsequently subject to an impairment test, which is carried out no less frequently than once a  year. If there are specific indications of an impairment, an additional impairment test is required.  

For the purpose of impairment testing, goodwill is allocated to the cash-generating units that are expected to   benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquired  enterprise are assigned to those units or groups of units. Accordingly, the goodwill resulting from the purchase  price allocation has been assigned to momox, the only cash-generating unit (CGU).  

If the recoverable amount of the cash-generating unit falls below the carrying amount of this unit, an impairment   loss is recognized in the statement of profit and loss that cannot be recovered. The recoverable amount is the  higher of value in use and fair value less costs to sell.  

   

Separately acquired intangible assets  

Intangible assets acquired separately, i.e., not as parts of a business combination, primarily consist of software   licenses. These are capitalized at acquisition cost and amortized on a straight-line basis over their scheduled  useful life in the subsequent periods. Possible impairments are additionally taken into account.  

All intangible assets of the momox Group that have been acquired separately have a finite useful life, which   amounts to three to six years.  

Intangible assets from business combinations  

Intangible assets that have been acquired as part of a business combination are recognized separately from the   goodwill and measured at fair value on the acquisition date (acquisition cost). These intangible assets are  measured in subsequent periods in the same way as individually acquired intangible assets at cost less  accumulated amortization and impairment.  

The useful lives of the relevant intangible assets are between six and fifteen years.  

	Years
Customer relationships	10
Brands	10–15
Technology	6

Property, plant, and equipment are capitalized at acquisition or production cost and depreciated systematically   on a straight-line basis over their probable useful lives. Subsequent expenses are capitalized if they lead to a  change in the intended purpose or to an increase in the value in use of the property, plant, or equipment. The  useful lives of property, plant, or equipment are between one and fifteen years.  

	Years
Logistics fixed assets	1–14
Computer hardware	1–7
Leasehold improvements	3–15
Other operating and office equipment	5–15

The momox Group assesses at each reporting date whether there are any indications that an asset is impaired. If   such indications exist, the momox Group estimates the recoverable amount of the relevant asset. If the carrying  amount of the asset is higher than its recoverable amount, it is reduced to this amount in profit or loss.  

Gains or losses on the disposal of property, plant, and equipment are recognized in other operating income or   expenses.  

On each reporting date, the momox Group reviews the carrying amounts of the property, plant, and equipment   and intangible assets in order to establish whether there are indications of impairment of these assets. If relevant  indications are present, the recoverable amount of the asset in question is determined in order to establish the  necessary impairment loss. The recoverable amount in this context is the higher of the fair value less costs to sell  

  

and the value in use. If the recoverable amount of the asset in question cannot be determined, it is calculated at   the level of the cash-generating unit to which the asset is allocated.  

If the recoverable amount of an asset or a cash-generating unit is lower than the carrying amount, the carrying   amount of the asset or of the cash-generating unit is reduced to the recoverable amount. The resulting  impairment loss is recognized immediately in profit or loss. As soon as there are indications that the reasons for  the impairment carried out no longer exist, the company examines the need for a complete or partial reversal.  

A lease arrangement arises if a contract conveys the right to control the use of an identified asset for a period of   time in exchange for consideration.  

For all leases where the momox Group is the lessee, it recognizes the right to use the underlying asset and also a   lease liability at the commencement of the lease. Exceptions are made for short-term leases, which are  arrangements that have a term of a maximum of twelve months, and for leases of low-value assets. For these  lease arrangements, the momox Group applies the exemption rule under which the payments associated with  these leases are recognized as expenses.  

Lease liabilities are recognized in the amount of the present value of the future lease payments. The lease   payments consist of fixed and variable lease payments. The interest rate implicit in the lease has to be used in  principle for the measurement. If that interest rate cannot be readily determined, the incremental borrowing rate  is used. The lease liability is subsequently measured at amortized cost using the effective interest method.  

The amount of the right-of-use asset at the time of initial recognition corresponds to the amount of the lease   liability plus any initial direct costs of the lessee. Adjustments can additionally be necessary on account of lease  incentives received from the lessor, for payments at or before the commencement of the lease, and for  dismantling and comparable obligations. In the subsequent measurement, the right-of-use assets are amortized  on a straight-line basis over the underlying lease term.  

Changes to the term of the contract or to the expected lease payments lead to a remeasurement of the liability   and of the right to use the underlying asset.  

Leases can contain extension and termination options. If the exercise of extension options or non-exercise of   termination options have been classed as reasonably certain, these have been taken into consideration in the  determination of the term of the contract.  

Additionally, there are leases that have been entered into for an indefinite period, where both the momox Group,   as the lessee, and the lessor have been granted the right to terminate the lease, and where the maximum notice  period is up to twelve months. Contract conditions of this kind are used in order to allow the Group the maximum  operating flexibility in relation to the assets that are used, and have accordingly been classed as short-term leases.  

There were no lease arrangements in which the momox Group was a lessor.  

The inventories of the momox Group are recognized in principle at acquisition cost and primarily comprise   merchandise and, to a smaller extent, packaging materials.  

At the momox Group, the acquisition costs of the purchased merchandise are determined individually for each   article and are based on the purchase price that is indicated to the customer when they fill in the sales box on the  

  

Group’s own procurement platform. This purchase price is recalculated several times a day using a pricing   algorithm that is also responsible for determining the selling price. In addition to external data such as original  and market prices, the algorithm also takes into consideration internal data on the actual and forecast stock  levels, processing and shipping costs, marketing activities, sales commissions, and risk discounts.  

Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling   price that can be obtained in the ordinary course of business less the estimated selling costs required. Risks from  above-average storage periods and/or reduced usability are taken into account at the momox Group through  appropriate write-downs. If the reasons that have led to a write-down on the merchandise have ceased to apply,  an appropriate reversal has to be recognized.  

No reversals or write-ups arose in the fiscal year 2023.  

6.8. Financial instruments  

A financial instrument is any contract that simultaneously gives rise to both a financial asset of one entity and a   financial liability or equity instrument of another entity.  

Financial assets and financial liabilities are recognized in the consolidated statement of financial position when   the momox Group becomes party to the contractual provisions of a financial instrument.  

Financial instruments are not netted in principle. They are presented on a net basis only if there is a right to offset   and it is intended to settle on a net basis.  

6.8.1. Financial assets  

The financial assets of the momox Group comprise in particular trade receivables, receivables from factoring, and   cash and cash equivalents.  

Additional information can be found in note 10.1 et seq.  

Measurement  

Financial assets are measured initially at fair value. Trade receivables that do not contain a significant financing   component and are measured at the transaction price are an exception to this. All directly attributable transaction  costs of financial assets that are not measured at fair value through profit or loss have to be taken into  consideration in the initial measurement.  

In the subsequent measurement, financial assets are measured either  

1) At amortized cost (AC),  

2) At fair value through other comprehensive income (FVTOCI), or  

3) At fair value through profit or loss (FVTPL).  

The momox Group has only financial assets that are measured at amortized cost (AC) and at fair value through   profit or loss (FVTPL).  

Financial assets are measured at amortized cost (AC) if they are held within a business model whose objective is   to collect contractual cash flow and if the conditions of contract solely represent payments of principal and  interest on the nominal amount outstanding. Subsequent to initial recognition, these financial assets are  measured at amortized cost using the effective interest method less impairment.  

 

Financial assets measured at fair value through profit or loss (FVTPL) are held within a business model whose   objective is not to hold financial assets in order to collect contractual cash flow, and where their cash flows do  not represent solely payments of principal and interest on the nominal amount outstanding.  

Derecognition  

Financial assets are derecognized in principle at the time at which the contractual rights to principal and interest   payments from financial assets expire or the financial assets are transferred to a third party.  

Receivables, including the related impairments losses, are derecognized when they are classified as uncollectible.  

Transfer of receivables  

As part of a factoring agreement, the momox Group transfers part of its trade receivables in exchange for cash to   a factor that assumes the credit risk (del credere risk) of the receivables. Receivables that are transferred are no  longer reported in the trade receivables item in the statement of financial position. Instead, a financial asset is  recognized that is measured at fair value through profit or loss.  

Impairment of financial assets  

In accordance with IFRS 9, impairments for financial assets are calculated using the expected credit loss (ECL)   model. According to this, a classification into three levels is carried out, which draws a distinction in terms of the  assessment period, the risk provision, and the recognition of interest. The scope of the necessary impairments  depends here on the credit quality of the financial instrument.  

The impairment model consists of the following levels:  

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Level 1: For financial instruments for which the credit risk has not increased significantly as of the reporting   date since initial recognition, impairments have to be recognized in profit or loss using the 12-month  expected credit loss. The interest is recognized on the basis of the gross carrying amount.  

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Level 2: If there is a significant increase in the credit risk as of the reporting date, the risk provision has to be   recognized for the remaining term of the asset. A probability-weighted estimate of the expected loss is used  for this purpose. Interest is recognized in the same way as in Level 1.  

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Level 3: If there is objective evidence for an impairment, financial instruments must be allocated to Level 3.   The risk provision is also determined on the basis of the expected loss over the remaining term. The interest  recognition must be adjusted in subsequent periods on the basis of the net carrying amount.  

For trade receivables, the momox Group applies the simplified impairment model provided for in IFRS 9, where   the risk provision is determined over the term. Accordingly, the momox Group derives the expected default ratio  of receivables from historical credit loss experience, which is produced from the billing and payment matching of  the online trading platforms. No differentiation is made in relation to past due accounts, as defaults on receivables  and the related write-downs have been small in size in the past.  

For cash and cash equivalents and also other financial assets, which relate essentially to receivables from   factoring, deposits, and the receivables from the majority shareholders, the default risk is classed as not significant  in principle.  

6.8.2. Financial liabilities  

The financial liabilities of the momox Group comprise in particular the green bond, lease liabilities, as well as trade   payables.  

 

Additional information can be found in note 11.1.  

Measurement  

Financial liabilities are measured either in accordance with the effective interest method at amortized cost (AC)   or at fair value through profit or loss (FVTPL).  

Financial liabilities are measured at fair value through profit or loss when they are held for trading (e.g.,   derivatives), represent a contingent consideration of an acquirer in a business combination, or have been  voluntarily allocated to this category (fair value option). All other financial liabilities are measured at amortized  cost after initial recognition.  

Effective interest method  

In accordance with IFRS 9, the effective interest method is a method for calculating the amortized cost of a   financial liability and allocating interest expenses to the relevant period. The effective interest rate is the rate at  which the estimated future cash payments (including all fees, charges, and transaction costs) are discounted to  the net carrying amount over the expected life of the financial instrument or, when appropriate, a shorter period.  With a change in the market interest rate, the effective interest rate of a floating rate financial instrument must  be redetermined.  

Derecognition  

Financial liabilities are derecognized once the obligation specified in the contract is discharged, canceled, or   expires. The difference between the carrying amount of the derecognized financial liability and the consideration  received or to be received is recognized in profit or loss.  

Trading in the company’s own bonds  

When momox Holding SE acquires its own bonds, the carrying amount of the bonds acquired is derecognized   from the financial liability. The difference between the carrying amount of the derecognized liability and the  consideration paid is recorded in profit or loss. This is calculated by comparing the original carrying amount of the  liability that continues to be recognized and the derecognized portion of the financial liability, based on the  relative fair value at the date of the repurchase. The effective interest method is applied to the remaining liability.  

As the financial liability is measured at amortized cost applying the effective interest method, the interest expense   recorded by momox Holding SE is calculated on the basis of the financial liability after deduction of the amount  derecognized. As momox Holding SE pays interest on the nominal amounts of the bonds, the difference between  the amount of interest calculated and the amount actually paid represents a receivable accruing to momox  Holding SE for the bonds held, and this amount is offset against the interest liability.  

On the resale of the bonds held by momox Holding SE, this transaction is accounted for as an increase in the   financial liability. The financial liability is increased to the extent that the bonds are sold in the marketplace. The  amounts are recognized at the amount of the proceeds received. Any difference resulting between the sales  proceeds and the repayment amount is amortized in accordance with the effective interest method. The financial  liability is measured at fair value.  

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a   liability in an orderly transaction between market participants on the measurement date.  

   

All financial assets and liabilities for which the fair value is calculated or reported are assigned to the levels of the   fair value hierarchy described below. Observable input factors are, as a rule, preferred to non-observable input  factors.  

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Level 1: Measurements are obtained from quoted (unadjusted) prices on active markets for identical assets   or liabilities.  

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Level 2: Measurements are obtained from input factors that can either be directly observed for the asset or   liability or indirectly derived from other prices.  

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Level 3: Measurements are obtained from measurement models that do not use input factors observable   on the market.  

The momox Group does not exercise the fair value option, either for financial assets or for financial liabilities,   which provides that financial instruments may be measured voluntarily at fair value with recognition of the  change in value in the profit or loss for the period (FVTPL).  

Every transaction in which a company (or a company of the Group) receives goods or services from a supplier   (including an employee), either as consideration for its equity instruments or by raising debt for amounts that are  based on the price of shares or other equity instruments of the company, is defined as a share-based payment.  

The momox Group has entered into agreements for cash-settled share-based payments. An assessment is   therefore made on the reporting date of whether and in what amount a liability has to be recognized. In principle,  cash-settled share-based payments are measured on the transaction date or the grant date at fair value. Until  the liability is settled, the fair value is recalculated at each reporting date and at the date of settlement. Changes  in fair value are recognized in profit or loss.  

The momox Group creates provisions for when the Group has a current legal or constructive obligation that   results from a past event, it is more likely than not that the settlement of the obligation will lead to an outflow of  assets, and the amount of the provision can be reliably determined.  

Provisions are estimated at their fulfilment amounts, taking due consideration of all recognizable risks. This   amount represents the best estimate of the settlement amount that is required to settle the present obligation  at the balance sheet date.  

Long-term provisions are discounted on the basis of an adequate interest rate.  

Dismantling obligations  

The provision is recognized in the amount of the present value of the estimated future dismantling obligations.   Dismantling obligations of the momox Group exclusively relate to property held under leasing arrangements.  

Sales revenue is recognized in principle at the time when the power of disposal over the promised merchandise,   including the service of the delivery, is passed to a customer and the momox Group has thus fulfilled its  performance obligation. This normally takes place upon the delivery of the merchandise ordered.  

 

In accordance with the general terms and conditions of business, merchandise is dispatched only after the   purchase price, including delivery costs, has been paid in full. The momox Group offers its customers various  (standard market) payment methods for this, whereby these payment methods do not contain any significant  financing components. The payment types are shown in the accounts as debtor accounts on which the  receivables from advance payments already made by customers to the payment service providers are shown,  subdivided according to the relevant marketplaces.  

The momox Group identifies the goods and services promised in the contract with the customer as its   performance obligations. These are normally the products ordered by the customer and their shipping. The  products and the shipping are combined in a bundle for accounting purposes, i.e., they are treated as a single  performance obligation.  

The carrying amount of sales revenue is recognized less price discounts granted, taxes, and charges. Furthermore,   allowances are made for customer rights of return (returns) granted and deducted from revenues. The level of  the projected returns is based on historical return rates. The momox Group recognizes a refund liability in the  statement of financial position to reflect the estimated amounts that will be repaid to the customers. At the same  time, the cost of materials is corrected by the acquisition costs of the goods sold that are expected to be returned,  and an asset is recognized within other non-financial assets for the right to receive returned products.  

Refund liabilities relate to the right of customers to return products after sale. In principle, customers have the   option to cancel purchase agreements within the statutory period of 14 days. In addition, the momox Group  grants customers an extended right of return of 30 days for fashion products.  

For vouchers and payments received in advance, the transaction prices received from the customers are   recognized as contract liabilities. In these cases, sales revenues are recognized only at the time of use or of the  delivery of goods. Coupons are normally used within twelve months after they are issued. Performance  obligations that have been paid for in advance are generally fulfilled within a few days.  

The income tax expense consists of the current and deferred tax expense. The current and deferred tax expense   is presented in profit or loss for the period, unless the expense is connected with items that are recognized either  in the other comprehensive income or directly in equity.  

The current tax expense is calculated on the basis of the taxable income and in application of the tax regulations   applicable on the reporting date. The taxable income differs from the net income for the year in the consolidated  statement of profit and loss in respect of income and expenses that are tax deductible.  

The deferred taxes are determined on the basis of temporary differences between the consolidated financial   statements and the relevant tax carrying amounts in the calculation of the taxable income. While deferred tax  liabilities are recognized for all temporary differences, the recognition of tax assets depends on how probable it  is that taxable profits will be available in the future.  

The carrying amount of deferred tax is assessed at the end of each reporting period and reduced in value if it is   no longer probable that sufficient taxable income will be available in order to realize the asset in full or in part.  

The deferred taxes are calculated on the basis of the expected tax rates and the tax laws that are expected to   apply at the time the liability is fulfilled or the asset is realized.  

Deferred tax liabilities and deferred tax assets can be offset against each other if there is a legally enforceable   right to offset current tax refund claims against tax liabilities, or when these relate to income taxes that are  

  

collected by the same tax authority and where the Group intends to settle its current tax assets and liabilities on   a net basis.  

In preparing the consolidated financial statements, assumptions and estimates are made in accordance with the   IFRS that have an impact on the amounts presented and the related disclosures. Although these assumptions and  estimates are based on the best knowledge available and on current events and circumstances, deviations can  arise in the amounts that are subsequently realized. Key assumptions and estimates are made in particular for  the following matters:  

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Goodwill impairment testing; see note 10.1,  

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Calculating write-downs on merchandise and receivables; see note 10.6,  

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Determining expected return rates; see note 6.12,  

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Calculating the discount rate for leases and exercise of extension options; see note 6.6, and  

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Recognition and measurement of provisions; see note 6.11.  

The assumptions and estimates are based on assessments on the reporting date of the Group’s expected future   business performance, and take into consideration the expected development of the economic environment.  Should the general conditions change, the assumptions and estimates as well as the carrying amounts of the  recognized assets and liabilities are adjusted accordingly.  

  

The following overview shows the direct and indirect shareholdings of momox Holding SE in subsidiaries as of   December 31, 2023 (list of shareholdings in accordance with Section 313 paragraph 2 HGB):  

No.	Companies	Registered	Currency	Shareholding of	Shareholding in	Shareholding in
		office			2023	2022
1	momox SE*	Berlin	Euro	Direct	100.00%	100.00%
2	momox Services GmbH*	Berlin	Euro	No. 1	100.00%	100.00%
3	MOMOX Polska Sp.z o.o.	Szczecin	Polish zloty	No. 1	100.00%	100.00%

*Use of the exemption in accordance with Section 264 para. 3 HGB  

The list of shareholdings shows all the subsidiaries included in the consolidated financial statements. There are   no subsidiaries that are not included in the consolidated financial statements, joint ventures accounted for using  the equity method, associated companies, or other equity investments.  

Details of the composition of the Group as of the balance sheet date are set out below:  

	Germany	Outside	Total
		Germany
Included on Dec. 31, 2022	3	1	4
Initial consolidation	0	0	0
Included on Dec. 31, 2023	3	1	4

No business combinations within the meaning of IFRS 3 were conducted in the fiscal year 2023. There were also   no changes to the consolidated group.  

The momox Group is managed as a single business unit in the area of the purchase and sale of used articles from   private sellers. Internal reporting is accordingly carried out on a regular basis to the Management Board of momox  Holding SE, which essentially allocates resources in view of the operating activities as a re-commerce company  and acts with overall responsibility for the momox Group.  

   

The sales of the momox Group can be broken down as follows:  

in EUR tsd.	2023	2022
Books	222,465	206,004
Other*	124,749	130,578
Total	347,214	336,582

*Sales in the media and fashion areas, each accounting for a share of sales of less than 20%, are reported within "Other"   All sales revenues are recognized at a point in time.  

Other income of the momox Group breaks down as follows:  

in EUR tsd.	2023	2022
Income from currency translation	1,255	855
Income from unused coupons	1,031	1,164
Income from returns	354	344
Reimbursements arising from the Aufwendungsausgleichsgesetz	225	208
(German Expenditure Compensation Act)
Remuneration in kind	209	201
Insurance recoveries	167	122
Other	926	1,040
Total	4,168	3,935

The item “Income from returns” concerns income that the Group receives for the return of articles that do not   satisfy the quality requirements and that the customer would like returned. The category “Other” primarily  consists of the release of provisions (EUR 464 thousand; previous year: EUR 444 thousand) and trading in the  company’s own bonds (EUR 148 thousand; previous year: EUR 0 thousand).  

    

Personnel expenses break down as follows:  

in EUR tsd.	2023	2022
Wages and salaries	58,226	52,736
Social security, post-employment and other employee benefit costs	12,034	11,037
Total	70,260	63,774

Other expenses in the fiscal year 2023 comprised the following:  

in EUR tsd.	2023	2022
Costs for the purchase and sale of merchandise	63,331	68,022
Shipping costs	56,074	54,926
Services and work performed by third parties	2,205	3,687
Overhead costs	5,163	4,646
Administrative, legal, and consulting fees	3,453	3,092
Costs of IT, telecommunications, and media	1,333	1,342
Other	6,959	7,941
Total	138,518	143,656

The costs for the purchase and sale of goods primarily consist of marketing expenses and sales commissions.  

The item “Others” includes, among other things, expenses for short-term leases and leases of low-value assets   (2023: EUR 153 thousand; previous year: EUR 595 thousand; see note 10.4), expenses from currency translation  (2023: EUR 1,083 thousand; previous year: EUR 895 thousand) and other expenses necessary for the business  operations, each with an individual value of under EUR 1 million.  

Depreciation and amortization comprise the following:  

  

in EUR tsd.	2023	2022
Tangible assets	1,682	1,908
Intangible assets	5,113	5,130
Right-of-use assets	3,554	3,492
Total	10,348	10,530

The financial result consisted of the following:  

in EUR tsd.	2023	2022
Interest income	956	146
Interest expenses	11,020	7,708
Financial result	10,064	7,562

The interest expenses result essentially from the green bond (2023: EUR 9,195 thousand; previous year:   EUR 6,625 thousand) and leases (2023: EUR 1,004 thousand; previous year: EUR 357 thousand).  

Income taxes consist of taxes on income paid or accrued in Germany and Poland, plus deferred taxes. The taxes   on income include (German) trade and corporation taxes and solidarity surcharges, and the relevant Polish taxes  on income.  

A tax group for income tax purposes has been in place at momox Holding SE with momox SE and momox Services   GmbH since January 1, 2020.  

Current and deferred tax assets consist of the following:  

in EUR tsd.	2023	2022
Current taxes
Tax expense for the current period	7,341	3,387
Adjustments recognized in the current period for current taxes from previous years	-81	-29
Deferred taxes
Income from the addition/reversal of deferred taxes	-1,984	-1,872
Expenses from the addition/reversal of deferred taxes	-86	28
Total	5,189	1,513

The determination of the expected income taxes (current and deferred) is based on the application of the German   total tax rate of 31.40% (December 31, 2022: 31.44%). This rate is produced from the corporation tax rate for the  2023 assessment period, taking into account the solidarity surcharge (15.82%, December 31, 2022: 15.82%), and  the relevant trade tax rate (15.58%; December 31, 2022: 15.62%). No material effect results from the adjustment  of the total tax rate.  

The expected tax expense can be reconciled to the recognized income taxes as follows:  

  

in EUR tsd.	2023	2022
Earnings before tax	15,678	4,070
Group’s income tax rate	31.40%	31.44%
Expected tax expense	4,923	1,280
Non-deductible expenses and add-backs for trade tax purposes	427	325
Unrecognized loss carry forwards	0	0
Prior-period tax expense (-)/tax income (+)	81	0
Changes in tax rates	-5	-104
Other	-74	12
Income tax expense according to consolidated statement of comprehensive income	5,189	1,513
Effective tax rate	33.10%	37.17%

The material deferred tax assets and liabilities recognized by the Group and the changes to them are listed below:  

	Deferred tax assets		Deferred tax liabilities		Total
in EUR tsd.	31.12.2022	31.12.2023	31.12.2022	31.12.2023	31.12.2022	31.12.2023
Intangible assets	15	11	9,733	8,119	9,718	8,108
Inventories	0	0	0	0	0	0
Other financial assets	0	0	30	0	30	0
Other non-financial assets	0	0	0	0	0	0
Provisions	164	254	0	0	-164	-254
Leasing	104	242	0	0	-104	-242
Other financial liabilities	0	0	0	0	0	0
Other non-financial liabilities	0	0	0	0	0	0
Financial instruments	0	0	614	395	614	395
Total	283	507	10,377	8,514	10,094	8,008

Deferred tax liabilities in connection with intangible assets primarily resulted from the purchase price allocation.  

Deferred tax assets and liabilities recognized for lease liabilities and right-of-use assets are presented net; they   consist of deferred tax assets totaling EUR 7,024 thousand (previous year: EUR 11,713 thousand) and deferred  tax liabilities totaling EUR 6,782 thousand (previous year: EUR 11,609 thousand).  

The Group has primarily income tax liabilities totaling EUR 8,185 thousand as of December 31, 2023   (December 31, 2022: EUR 2,188 thousand). Income tax liabilities relate to trade tax (EUR 4,255 thousand;  December 31, 2022: EUR 1,057 thousand) and corporation tax (EUR 3,935 thousand; December 31, 2022: EUR  1,130 thousand).  

In addition, primarily income tax receivables at the reporting date amounted to EUR 109 thousand (December 31,   2022: EUR 62 thousand). These primarily consist of trade taxes (EUR 109 thousand; December 31, 2022: EUR 0  thousand) and overpayments of corporation taxes (EUR 0 thousand; December 31, 2022: EUR 62 thousand).  

10.1. Goodwill  

The goodwill of the momox Group in the amount of EUR 108,327 thousand results from the acquisition of momox   SE in December 2019, and was allocated in full to the momox cash-generating unit.  

The annual impairment test of the cash-generating unit was carried out as at the balance sheet date. The fair   value less cost of disposal respectively the value in use of the cash-generating unit is calculated as the recoverable

amount. This was calculated based on business plans approved by the company’s management and the corresponding cash flows for the next five years, which reflect the performance of the momox Group as well as the best estimate of the management in relation to the company’s future development. A terminal value is calculated for the period subsequent to the detailed planning phase based on a continuation of the last detailed rate of 1% is assumed for this purpose.  

The weighted average cost of capital used for discounting the net cash flow is calculated using the capital asset   pricing model (CAPM) on the basis of a risk-free interest rate, a market risk premium, and an allowance for the  credit risk (spread) as well as of the capital structure, the average tax rate, and the beta factor. A peer group of  listed companies is used to determine the systematic risk of the cash-generating unit. The weighted average cost  of capital after tax for the impairment test as of December 31, 2023 is 12,1%.  

Based on the results of the impairment test, no impairment write-down was required. At December 31, 2023   there were no indications that possible changes to the key assumptions could result in the carrying amount of  the momox cash-generating unit exceeding the recoverable amount.  

The assumptions underlying the following calculations contain estimation uncertainties:  

•

Growth rates: The estimated growth rates are based on past experience as well as on product and   country-specific growth assumptions about the target markets. Estimated growth also takes the  internationalization strategy of the momox Group into consideration.  

•

EBITDA margins: The EBITDA margins are based on past values and give greater weight to more current   values. Adjustments are made for the detailed planning period that take into account management’s  better understanding, in particular about cost drivers and increases in efficiency.  

•

Discount rates: The discount rates represent the market forecasts concerning the specific risks   associated with the cash-generating unit. The calculation of the discount rate takes into consideration  the specific circumstances of the business model.  

We conducted a sensitivity analysis in which we separately assumed a 10% reduction in the future cash flow in   the last planning year, a 10% increase in the weighted cost of capital, or a reduction in the long-term growth rate  of half a percentage point. The result on this basis was, as in the previous year, that the carrying amount of the  assets exceeded the recoverable amount of the reporting unit.  

 

10.2. Other intangible assets  

The development of the other intangible assets was as follows:  

in EUR tsd.	Customer	Brands	Technology	Total
	relationships
Acquisition and production costs
As of the beginning of the 2022 period	8,098	23,770	14,515	46,383
Additions	0	0	36	36
Disposals	0	0	0	0
As of Dec. 31, 2022 / Jan. 1, 2023	8,098	23,770	14,551	46,419
Additions	0	0	18	18
Disposals	0	0	0	0
Reclass	0	0	0	0
As of Dec. 31, 2023	8,098	23,770	14,569	46,437
Write-downs
As of Dec. 31, 2021 / Jan. 1, 2022	1,620	3,785	4,851	10,256
Additions	810	1,893	2,427	5,130
Disposals	0	0	0	0
As of Dec. 31, 2022 / Jan. 1, 2023	2,430	5,678	7,278	15,386
Additions	810	1,892	2,411	5,113
Disposals	0	0	0	0
As of Dec. 31, 2023	3,240	7,570	9,689	20,499
Carrying amounts
As of Dec. 31, 2021	6,478	19,985	9,664	36,127
As of Dec. 31, 2022	5,668	18,092	7,273	31,033
As of Dec. 31, 2023	4,858	16,200	4,880	25,938

The brands essentially include the brands momox (EUR 10,659 thousand; December 31, 2022: EUR 11,628   thousand) and medimops (EUR 4,678 thousand; December 31, 2022: EUR 5,548 thousand) with remaining useful  lives of 11 years and 6 years respectively.  

 

10.3. Tangible assets  

The property, plant, and equipment of the momox Group developed as follows:  

	Other equipment,	Payments on
in EUR tsd.	operating and	account and assets	Total
	office equipment	under construction
Acquisition and production costs
As of the beginning of the 2022 period	14,172	2,332	16,504
Additions	1,003	1,328	2,331
Disposals	-186	0	-186
Reclassifications	3,648	-3,648	0
As of Dec. 31, 2022 / Jan. 1, 2023	18,637	12	18,649
Additions	575	994	1,569
Disposals	-215	0	-215
Reclassifications	642	-642	0
As of Dec. 31, 2023	19,639	364	20,003
Write-downs
As of Dec. 31, 2021 / Jan. 1, 2022	2,368	0	2,368
Additions	1,908	0	1,908
Disposals	-69	0	-69
As of Dec. 31, 2022 / Jan. 1, 2023	4,207	0	4,207
Additions	1,682	0	1,682
Disposals	-181	0	-181
As of Dec. 31, 2023	5,708	0	5,708
Carrying amounts
As of Dec. 31, 2021	11,804	2,332	14,137
As of Dec. 31, 2022	14,430	12	14,442
As of Dec. 31, 2023	13,931	364	14,295

The “Other equipment, operating and office equipment” item primarily comprises logistics fixed assets and, to a   smaller extent, computer hardware, installations, and office equipment. The “Payments on account and assets  under construction” item involve in particular reclassifications for the logistics site in Leipzig, at which new  warehouse space has been rented and a new control system has been constructed. In this connection the Group  has other financial obligations totaling EUR 0.4 million (December 31, 2022: EUR 0.4 million) as of December 31,  2023.  

 

10.4. Leasing arrangements  

The leases of the momox Group, for which right-of-use assets and lease liabilities are recognized, relate   exclusively to buildings (office and warehouse premises as well as logistics centers). These contracts include  extension options and, in some cases, options to terminate the contract. In addition, some of these contracts  include variable payments that depend on the development of consumer price indices.  

The right-of-use assets amounted to EUR 21,601 thousand in total as of December 31, 2023 (previous year:   EUR 36,925 thousand). The additions in the fiscal year 2023 totaled EUR 4,769 thousand and primarily consist of  amendments to existing lease contracts as a result of extensions to the term of the lease periods (EUR 3,178  thousand), as well as to variable lease payments (EUR 1,591 thousand). The acquisition and manufacturing costs  of disposals totaled EUR 16,540 thousand acquisition and result from a revaluation of the lease term of a lease  contract. This reflects the economic useful life of the leased asset based on current operating data and market  trends. The reevaluation led to a reduction of EUR 16,540 thousand in the corresponding lease liability.  

The development of the right-of-use assets can be presented as follows:  

in EUR tsd.
Acquisition and production costs
As of the beginning of the 2022 period	23,953
Additions	21,619
Disposals	-126
As of Dec. 31, 2022 / Jan. 1, 2023	45,446
Additions	4,769
Disposals	-16,540
As of Dec. 31, 2023	33,675
Write-downs
As of Dec. 31, 2021 / Jan. 1, 2022	5,029
Additions	3,492
Disposals	0
As of Dec. 31, 2022 / Jan. 1, 2023	8,521
Additions	3,553
Disposals	0
As of Dec. 31, 2023	12,074
Carrying amounts
As of Dec. 31, 2021	18,924
As of Dec. 31, 2022	36,925
As of Dec. 31, 2023	21,601

The contractually agreed undiscounted lease liabilities are broken down by their maturity as follows:  

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Due in less than 1 year	4,231	4,011
Due in 1 to 5 years	17,670	15,297
Due in more than 5 years	2,515	26,543
Total	24,416	45,851

The interest expenses for lease liabilities in the fiscal year 2023 amounted to EUR 1,004 thousand (previous year:   EUR 357 thousand) and are reported in cash flows from operating activities. The repayments of lease liabilities  

  

totaled EUR 4,118 thousand (previous year: EUR 3,670 thousand) and are presented in cash flows from financing   activities.  

Variable payments relate to rent payments that are dependent on consumer price indices. In principle,   adjustments since the 2022 fiscal year are, where necessary, made once a year. In the fiscal year 2023 the rent  payable changed by approximately 4.3% due to changes in the underlying index. The additional payments for  these index-based rent adjustments thus totaled EUR 0.1 million (previous year: EUR 0.1 million).  

There are currently renewal options for the leased warehouse space in Poland. These options to extend leases   are material from the Group’s perspective and range from 1 to 5 years. Exercising all of these options could lead  to an additional cash outflow totaling EUR 5.8 million (previous year: EUR 5.5 million).  

The reassessment and the resulting shortening of the estimated lease term for a lease of property in Leipzig give   rise to options for extending this estimated lease term. Exercising all of these options could lead to an additional  cash outflow totaling EUR 22.6 million (previous year: EUR 0 million).  

In the fiscal year 2023 the expenses for short-term leases amounted to EUR 74 thousand (previous year: EUR 487   thousand) and the expenses for leases for low-value assets amounted to EUR 79 thousand (previous year:  EUR 108 thousand). The decrease is primarily due to the expiry of short-term leases.  

Cash outflows from leases (including payments for short-term leases and leases for low-value assets) totaled   EUR 5,275 thousand in the fiscal year (previous year: EUR 4,622 thousand).  

In the reporting period there were changes to existing lease contracts due to the above-mentioned variable   interest payments and to the adjustments to the lease term for leases in Germany, which resulted in a revaluation  of the right-of-use assets amounting to EUR -11.8 million and adjustments to lease liabilities of EUR -12.2 million.  

Inventories are composed as follows:  

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Raw materials, consumables, and supplies	544	511
Finished goods and merchandise	16,609	16,386
Advance payments made	1	9
Total	17,154	16,906

Write-downs of merchandise to net realizable value totaled EUR 9,487 thousand (previous year: EUR 8,235   thousand). The changes compared to the previous year of EUR 1,252 thousand were recognized as an expense  and included within the cost of materials in the fiscal year 2023.  

No write-downs resulted on the two reporting dates in relation to raw materials, consumables, and supplies and   payments on account.  

10.6. Trade receivables  

Trade receivables totaled EUR 8,553 thousand on December 31, 2023 (previous year: EUR 4,677 thousand) and   primarily consist of receivables from the online trading platforms on which books and media as well as fashion  products are sold to the end customers.  

The net inventory of the trade receivables can be presented as follows:  

 

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Gross amount of trade receivables	8,680	4,764
Write-downs implemented	-127	-87
Net amount of trade receivables	8,553	4,677

The momox Group applies the simplified approach in accordance with IFRS 9 in order to measure the expected   credit losses. The expected default rate amounts here to 2% on an assessment base modified for this calculation,  and is based on historical empirical data adjusted by forward-looking expectations. The proportionately low  default rate can be attributed among other things to the terms of payment that are offered, as well as the  assignment of receivables under a factoring agreement.  

Further, an assessment is made on each reporting date of whether there are objective indications for write-downs   of individual receivables. A Level-3 write-down is made if there are objective indications of a credit default. This  was not the case as of either December 31, 2022 or December 31, 2023.  

Write-downs on trade receivables totaled EUR 127 thousand as of the reporting date (previous year: EUR 87   thousand). The increase in the write-downs is due to the fact that as of December 31, 2023 the outstanding  receivables were significantly higher than the previous year’s level, while the risk assessment remained  unchanged.  

The majority of trade receivables are not past due (EUR 8,659 thousand; previous year: EUR 4,749 thousand).  

10.7. Other financial assets  

The other non-current financial assets of the momox Group break down as follows:  

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Deposits	3,203	2,726
Receivables from shareholders	2,255	2,147
Total	5,457	4,874

The receivables from shareholders, which result from the SARs (Stock Appreciation Rights) agreements that   momox Holding SE acquired but the rights to which it has assigned by contract to the shareholders (see Section  10.11), include interest of EUR 107 thousand (previous year: EUR 102 thousand).  

As of December 31, 2023 other non-current financial assets totaled EUR 5,430 thousand (previous year:   EUR 1,118 thousand) and included receivables from factoring of EUR 480 thousand (previous year: EUR 306  thousand) and time deposits with a maturity of more than three months of EUR 4,800 thousand (previous year:  EUR 0).  

   

10.8. Other non-financial assets  

The other current non-financial assets break down as follows:  

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Right to receive returned products	759	949
Prepaid expenses	512	343
Value added tax receivables	263	279
Other	9	24
Total	1,543	1,594

Cash and cash equivalents of the momox Group include cash on hand, account balances at banks that are   available on call, and other current highly liquid financial assets that have a maximum term of three months at  the time of acquisition.  

Cash and cash equivalents break down as follows:  

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Cash on hand	33	5
Cash in bank	42,405	38,051
Total	42,438	38,056

Share capital as of December 31, 2023 totaled EUR 120,168.00 (December 31, 2022: EUR 120,168.00). The share   capital of 120,168.00 is divided into 19,288 A-class shares and 100,880 B-class shares. The shares have a nominal  value of EUR 1.00 each and the share capital is fully paid up.  

Class of shares	Number of shares	Nominal amount in EUR
Ordinary shares Class A	19,288	19,288
Preference shares Class B	100,880	100,880
Total	120,168	120,168

The A-class shares are ordinary shares with full voting rights. The B-class shares are preference shares with a   specific preferred return and also full voting rights.  

The A-class shares do not in principle give holders any right to the distribution of profits, other distributions,   payments as part of a distribution of assets following the dissolution of the company, or any other payments from  the company until the holders of the B-class shares have received in full the preferred returns that they are  entitled to.  

 

The changes in the fiscal year 2023 were as follows:  

	Number of	Share capital
	shares	in EUR
As of January 1, 2023	120,168	120,168
Disposals	0	0
Additions	0	0
Issuance of new shares	0	0
Share repurchases	0	0
As of December 31, 2023	120,168	120,168

The capital reserve totaling EUR 61,269 thousand (December 31, 2022: EUR 61,269 thousand) results from shares   contributed by the shareholders of momox SE and other contributions.  

The retained profits increased from EUR 13,944 thousand of December 31, 2022 to EUR 16,513 thousand as of   December 31, 2023. Of this increase, EUR 2,557 thousand is attributable to the profit for 2022. In addition, a  capital adjustment was made in the retained profits brought forward in the fiscal year 2023 as a result of the  recognition of deferred taxes totaling EUR 12 thousand, which was recorded directly in equity without affecting  profit or loss. This adjustment was due to the change in the tax rate at group level as part of the calculation of the  purchase price allocation.  

The total comprehensive income of the momox Group amounted to EUR 10,489 thousand for the fiscal year   2023.  

momox SE entered into agreements on stock appreciation rights (SARs) with certain members of the company’s   management between 2013 and 2019. These agreements provided that compensation payments will be paid in  cash to the managers when certain maturity events occur, provided the beneficiaries fulfill the contractually  agreed conditions stipulating they serve four or five years.  

In the course of the step-by-step business combination, momox Holding SE (formerly momox Holding AG) bought   all or parts (50% in most cases) of the SARs from the SAR beneficiaries with effect from January 20, 2020 at a price  of EUR 1,924 thousand in total. These remain in force as of the balance sheet date.  

No liability for these SAR agreements was recognized as of December 31, 2023, as the probability that a maturity   event will occur before the SARs lapse in 2032 cannot be assessed.  

  

10.12. Provisions  

The development of the provisions can be presented as follows:  

	Dec. 31, 2022				Interest	Dec. 31,
in EUR tsd.	Jan. 1, 2023	Utilization	Additions	Reversal	expense	2023
Provisions for administrative, legal, and consulting costs	205	-101	437	-89	0	452
Dismantling provisions	479	-30	93	-10	-15	517
Provisions for marketing and sales	254	-254	2,792	0	0	2,792
Provisions for financial statements and audit	797	-522	445	-40	0	680
Personnel-related provisions	378	-286	306	-60	0	337
Provision for expected losses	28	-28	170	0	0	170
Other provisions	2,498	-2,104	3,145	-265	0	3,275
Total	4,639	-3,325	7,389	-464	-15	8,224

The provisions developed as follows in the previous year:  

in EUR tsd.	Dec. 31, 2021	Utilization	Additions	Reversal	Interest	Dec. 31,
	Jan. 1, 2022				expense	2022
Provisions for administrative, legal and consulting costs	567	-346	0	-16	0	205
Dismantling provisions	432	0	59	0	-11	479
Provisions for marketing and sales	2,438	-2,184	0	0	0	254
Provisions for financial statements and audit	655	-383	656	-131	0	797
Personnel-related provisions	446	-307	391	-152	0	378
Provision for expected losses	0	0	28	0	0	28
Other provisions	2,319	-1,180	1,505	-146	0	2,498
Total	6,857	-4,400	2,638	-444	-11	4,639

At the current time, provisions for dismantling obligations wholly concern ongoing property leases. The   personnel-related provisions include EUR 10 thousand (previous year: EUR 17 thousand) for pensions for  employees of MOMOX Poland; however, these are of minor significance for the momox Group. The other  provisions essentially include provisions for invoices where the amount and due date is not certain (EUR 3,048  thousand; previous year: EUR 2,168 thousand), indirect purchasing expenses (EUR 90 thousand; previous year:  EUR 303 thousand), and record-keeping requirements (EUR 27 thousand; previous year: EUR 27 thousand).  

The provisions are composed as follows:  

	Dec. 31, 2023		Dec. 31, 2022
in EUR tsd.	Current	Non-current	Current	Non-current
Other provisions	7,672	35	4,117	43
Dismantling obligations	0	517	0	479
Total	7,672	552	4,117	522

10.13. Trade payables  

Trade payables are due within one year. As of December 31, 2023 they totaled EUR 11,932 thousand (previous   year: EUR 10,847 thousand) and include among other things trade payables that had not yet been invoiced by  the reporting date.  

   

10.14. Green bond  

momox Holding SE issued a green bond for EUR 100 million with a term of five years on July 10, 2020. This green   bond serves primarily to finance the purchase price for the acquisition of shares in momox SE by momox Holding  SE. The amount is furthermore intended to serve the distribution and redemption of capital reserves. The green  bond was listed on the Oslo Stock Exchange on July 8, 2021.  

Transaction costs totaling EUR 3,528 thousand were incurred in 2020 in connection with the green bond, which   are deferred in due consideration of the effective interest method and amortized over the term of the bond.  

In the fiscal year 2023 momox acquired EUR 13,084 thousand of its own green bonds. The difference between   the carrying amount and the purchase price paid is recorded in profit or loss (expenses of EUR 104 thousand, income of EUR 148 thousand). There have been no changes to the duration of the bond or the terms on which interest is paid.  

The interest on the green bond is variable and linked to the 3-month EURIBOR. In accordance with the interest   rate calculation, the effective interest rate is determined on an ongoing basis based on the volatility of the  3-month EURIBOR. Interest expenses of EUR 9,543 thousand (previous year: EUR 6,626 thousand) were incurred. These were reduced by EUR 348 thousand due to the repayment in the financial year.  

The effects of the repurchase are as follows:  

in EUR tsd.	Dec. 31, 2023
Emission volume	100,000
Transaction costs	3,528
Interest recorded in accordance with the effective
interest method
Fiscal year 2020	285
Fiscal year 2021	625
Fiscal year 2022	667
Fiscal year 2023	728
Own trading
Volume (carrying amount)	13,084
Carrying amount	85,693

The liabilities from the issuance of the green bond are secured by the pledging of all shares in momox SE and   momox Services GmbH (by agreement of July 30, 2021), all receivables, as well as German bank accounts (see  note 11.5).  

10.15. Other financial liabilities  

The other current financial liabilities break down as follows:  

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Refund liabilities from returns	2,697	2,855
Green bond interest liabilities	2,051	1,729
Total	4,747	4,584

10.16. Other non-financial liabilities  

The other current non-financial liabilities break down as follows:  

in EUR tsd.	Dec. 31, 2023	Dec. 31, 2022
Contract liabilities	6,279	6,677
Liabilities from wages and salaries	3,144	2,643
Value added tax liabilities	1,770	2,129
Other	2,096	1,019
Total	13,289	12,468

The “Other” item primarily includes liabilities from payroll and church taxes (EUR 680 thousand; previous year:   EUR 423 thousand) and social security liabilities (EUR 1,011 thousand; previous year: EUR 510 thousand).  

The contract liabilities of the momox Group as of December 31, 2023 include liabilities from coupons totaling   EUR 6,096 thousand (previous year: EUR 6,314 thousand) and payments received on account totaling EUR 182  thousand (previous year: EUR 363 thousand).  

The development of the contract liabilities is presented in the overview below:  

in EUR tsd.	2023	2022
As of January 1	6,677	6,794
Additions	3,864	4,792
Sales revenue recognized in the reporting period	-3,231	-3,745
Income from unused coupons	-1,031	-1,164
As of December 31	6,279	6,677

   

11.1. Additional disclosures on financial instruments  

11.1.1.  

Financial risk management  

The momox Group is exposed to credit risks, liquidity risks, and market risks (interest and currency risks) in the   course of its normal operating activities. The aim of the financial risk management is to minimize the potentially  negative impact on the Group’s financial position so that the ability to repay debts and the financial strength of  the Group will also be maintained in the future. The risks resulting for the momox Group in the course of the  company’s operating activities are therefore monitored and actively managed by management on an ongoing  basis.  

Credit risk  

The momox Group faces the risk that business partners will be unable to meet their obligations and this will result   in a default on a financial asset. For this reason, the default risk of financial assets is monitored by management  on an ongoing basis, paying particular attention to the trade receivables.  

The maximum credit and default risk of financial assets is the same as the amounts recognized in the statement   of financial position. Furthermore, there is no notable concentration of default risks.  

The default risk relating to receivables is reduced by a factoring agreement. Moreover, in most cases the customer   is required to make payment for the goods before they are dispatched under the terms and conditions of  payment offered. More information on the development of the write-downs, as well as on the maturity structure,  is provided in note 10.6.  

Liquidity risk  

Liquidity risk describes the risk that the Group is unable to meet its financial obligations or that it is unable to   meet them in full. The management of the momox Group therefore monitors the risk of a liquidity bottleneck on  an ongoing basis using liquidity planning. The aim is to maintain a balance between covering the funding  requirements at all times and ensuring flexibility by making use of an overdraft facility where interest is charged  at 2.5% (plus, from December 1, 2022, the euro short-term rate). The credit line (EUR 3.5 million; previous year:  EUR 6.5 million) was completely unused.  

With the exception of the liabilities in connection with the green bond (see note 10.14) and the lease liabilities   (see note 10.4), the Group’s outstanding financial liabilities at December 31, 2023 are exclusively short term in  nature, meaning they are due within 12 months.  

The tables below present an analysis of the financial (undiscounted) liabilities of the Group in the relevant   maturity ranges based on their contractual terms.  

Contractual maturities of the financial liabilities	Due within	Due	Due after		Carrying
in EUR thousand	12 months	between	more than	Total	amount of
		1–5 years	five years		liabilities
Dec. 31, 2022
Trade payables	10,847	0	0	10,847	10,847
Other current financial liabilities
Thereof other	4,584	0	0	4,584	4,584
Green bond	0	100,000	0	100,000	98,049
Lease liabilities	4,011	15,297	26,543	45,851	37,255
TOTAL	19,442	115,297	26,543	161,282	150,735

Contractual maturities of the financial liabilities	Due within	Due	Due after		Carrying
in EUR thousand	12 months	between	more than	Total	amount of
		1–5 years	five years		liabilities
Dec. 31, 2023
Trade payables	11,932	0	0	11,932	11,932
Other current financial liabilities
Thereof other	4,747	0	0	4,747	4,747
Green bond	0	86,916	0	86,916	85,693
Lease liabilities	4,231	17,670	2,515	24,416	22,370
TOTAL	20,910	104,586	2,515	128,011	124,743

Currency risk  

As the momox Group operates internationally, risks arise from receipts and payments in foreign currencies. This   concerns transactions in pound sterling, US dollars, Canadian dollars, Swiss franc and Polish zloty in particular.  Currency risks from the operating business have been classed as not material in the Group up to now, as all of  the purchasing and the majority of the sales are settled in euros. In the period under review, the proportion of  the sales revenue not generated in euros amounted to less than 6% of total revenue.  

Interest rate risk  

Within the momox Group, only the green bond that was issued on July 10, 2020 for EUR 100 million with a term   of five years has a floating interest rate.  

Hedging against potential interest rate changes was not undertaken in the fiscal year. The background to this is   that the bond carries an agreed minimum interest rate, and the interest rate cannot fall below the agreed  minimum rate. Although interest costs have risen due to higher interest rates, the cost of hedging is also very  high. For this reason, the Group has not entered into any hedging arrangements to hedge possible interest rate  changes in the fiscal year. Nevertheless, future potential interest rate risks are addressed by performing ongoing  analysis of potential financial hedging options. In addition, the purchase of the Group’s own bonds leads to a  reduction in the interest rate risk.  

Protecting against potential changes in interest rates was achieved in the financial year by purchasing the own  bond and investing in interest-bearing time deposits. This made it possible to benefit from the rise in interest  rates in order to compensate for the increased (EURIBOR-linked) interest expenses for the green bond. An  analysis of interest rate sensitivity shows that an increase in the variable interest rate of 0.5 percentage points  would have led to higher interest payments of EUR 480 thousand. Accordingly, a fall in interest rates of 0.5  percentage points would have reduced interest payments by EUR 480 thousand. This accounts for 5.21% of the  interest costs for the bond, meaning that the effects for the financial year were considered to be minor.  

 

11.1.2.  

Additional information on financial instruments  

Financial assets and liabilities are classified and recognized on the acquisition date in accordance with the   categories set out in IFRS 9. Financial instruments are generally measured on initial recognition at fair value,  including any associated transaction costs.  

In view of their short-term nature it is assumed that the fair values of cash and cash equivalents, trade receivables,   trade payables, and other current financial assets and liabilities are approximately equivalent to their carrying  amounts.  

The fair values of non-current financial assets, lease liabilities, and the green bond are also approximately   equivalent to their respective carrying amounts.  

The table below shows the reconciliation of the balance sheet items and the measurement categories in   accordance with IFRS 9:  

in EUR tsd.	Measurement	Carrying amount		Fair value
	category	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Financial assets
Cash and cash equivalents	AC	42,438	38,056	42,438	38,056
Trade receivables	AC	8,553	4,677	8,553	4,677
Other current financial assets
Thereof receivables from factoring	FVTPL	480	306	480	306
Thereof time deposits	AC	4,800	0	4,800	0
Thereof other	AC	150	812	150	812
Non-current financial assets	AC	5,457	4,874	5,457	4,874
Financial liabilities
Trade payables	AC	11,932	10,847	11,932	10,847
Other current financial liabilities
Thereof call/put options	AC	0	0	0	0
Thereof shareholder loans	AC	0	0	0	0
Thereof other	AC	4,747	4,584	4,747	4,584
Green bond	AC	85,693	98,049	85,693	98,049
Other non-current financial liabilities	AC	0	0	0	0
Lease liabilities	N/A	22,370	37,255	22,370	37,255

*

Time deposits with maturities of more than three months  

AC: Amortized Cost, FVTPL: Fair Value Through Profit and Loss  

Receivables from factoring are measured in both the initial and the follow-up measurements at fair value through   profit or loss (FVTPL), and are allocated to Level 1 within the fair value hierarchy. In principle, the fair value of the  receivables is equivalent to the carrying amount or the value of the transaction, which is why no significant  changes in value are recognized in the net income for the period. No level of the fair value hierarchy is relevant  for financial instruments in the AC measurement category.  

   

The net gains/losses from financial instruments are shown in the table below:  

in EUR tsd.	2023	2022
Impairments of financial assets (AC)	0	-51
Exchange rate effects on financial assets (AC)	75	1
Net interest on financial assets (AC)	107	102
Exchange rate effects on financial liabilities (AC)	-44	-112
Net interest on financial liabilities (AC)	-10,927	-7,649
of which from effective interest method	-1,732	-1,025
Fair value adjustment to financial assets (FVTPL)	0	0
Total	-10,820	-7,597

11.2. Additional disclosures on the statement of cash flows  

Financial liabilities developed as follows:  

			Non-cash movements
in EUR tsd.	Dec. 31, 2022	Cash movements			Dec. 31, 2023
			Changes to lease	Interest effects
			contracts
Green bond	98,049	-13,084	0	727	85,693
Lease liabilities	37,255	-4,118	-11,771	1,004	22,370
Total	135,304	-17,202	-11,771	1,731	108,062

			Non-cash movements
in EUR tsd.	Dec. 31, 2021	Cash movements			Dec. 31, 2022
			Changes to lease	Interest effects
			contracts
Green bond	97,381	0	0	668	98,049
Lease liabilities	19,075	-3,670	21,493	357	37,255
Total	116,456	-3,670	21,493	1,025	135,304

11.4. Related party disclosures  

Companies and persons related to momox Holding SE are identified in accordance with IAS 24 and include the   majority shareholders, Verdane Capital X (E) AB and Verdane Capital X (D) AB, as well as the members of the  management, the Management Board, the Supervisory Board, the Audit Committee, and other key employees.  

As of December 31, 2023 there were receivables from the shareholders of momox Holding SE totaling EUR 2,255   thousand (previous year: EUR 2,147 thousand) resulting from the acquisition of SARs from the eligible employees.  Verdane will reimburse momox Holding SE these expenses and pay 5% interest until the receivables are settled  (see note 10.11). In this context, interest income of EUR 107 thousand (previous year: EUR 102 thousand) was  recognized in the fiscal year.