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"value": "\n
\n
\nNotes to the consolidated financial statements
\n\n
\n1 General
\nEase2pay N.V. is a payment service provider that aims to decrease
\npayment expenses for consumers and retailers. Ease2pay N.V. offers a
\nfree parking and fuelling mobile app resulting in lower transaction fees for
\nusers. The Group also operates a platform that connects travellers with
\nproviders of parking and charging facilities, not only on the road but also
\non water. The transaction platforms of Ease2pay N.V. transform every
\nsmartphone in a payment terminal.
\nEase2pay N.V. (hereafter referred to as: the \u201cCompany\u201d and together with
\nthe entities it controls: the \u201cGroup\u201d) is located in the Netherlands at
\nBurgermeester Oudlaan 50, 3062 PA, Rotterdam and registered at the
\nDutch Commercial Register under number 16081306. The Company\u2019s
\nshares are listed on Euronext Amsterdam (ticker symbol: EAS2P).
\nThe Group provides services via its payment transaction platform, which
\noffers users services to order and pay in one action.
\nThe parking and fuelling payment transactions are processed by the group
\ncompany Ease2pay B.V. Ease2pay B.V. is for this purpose listed in the
\nregisters of exempt electronic money institutions and exempt payment
\nservice providers at De Nederlandsche Bank N.V. (DNB). Ease2pay B.V. is
\nexempt in both roles and is therefore not regulated by DNB. In addition,
\nEase2pay B.V. is accredited by Currence as an eMandate Service Provider
\n(MSP) and certified as a Collecting Payment Service Provider (CPSP) for
\niDEAL.
\n\nThese financial statements were authorised for issue by the Management
\nBoard and the Supervisory Board on 26 October 2023. The adoption of
\nthese financial statements will be scheduled for the shareholders in the
\nnext Extraordinary General Meeting (EGM), on a date that will be
\nannounced on the investor\u2019s website of the Company.
\n
\n\n
\n
\n\n\n
\n
\n
\n2 Basis of preparation and general accounting policies
\n\n2.1 Statement of compliance
\nThe consolidated financial statements have been prepared in accordance
\nwith the International Financial Reporting Standards as adopted by the
\nEuropean Union (IFRS-EU) and in accordance with the financial reporting
\nrequirements included in Part 9 of Book 2 of the Dutch Civil Code.
\n
\n\n\n2.2 Basis of preparation
\nThe consolidated financial statements have been prepared on their
\nhistorical cost basis, unless stated otherwise. Income and expenses have
\nbeen accounted for on an accrual basis.
\n
\n\n\nGoing concern
\nThe Group has consistently applied going concern accounting policies in
\nthe consolidated financial statements to all periods presented, unless
\nstated otherwise. The Group experienced higher cash outflows for non-
\nrecurring advisory expenses for the prospectus and the administrative
\ninaccuracies that contributed to a reduction of the operational cashflow
\nin the year to EUR 2.7 million negative. On 31 December 2022, the Group
\nhad almost EUR 3.4 million cash and cash equivalents.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nOn 30 June 2023, the cash and cash equivalents are EUR 2.8 million. In the
\nsix-month period ended 30 June 2023, the cash outflow is EUR 0.6; a
\nsignificant improvement related the operational cash outflow of the full
\nyear 2022. The improvement in the six-month period ended 30 June 2023
\nis mainly driven by improvements of the gross margin and other operating
\nexpenses. The Group forecasts increasing cash generation of its activities
\nin future years, which is underlined by the developments in the six-month
\nperiod ended 30 June 2023. The Group has sufficient liquidity to cover
\nexpenses payable for at least the twelve months from the publication of
\nthis report.
\n
\n\n\nChanges in accounting policies effective as from 1 January 2022
\n- Annual Improvements to IFRS Standards 2018 \u2013 2020 contain the
\nfollowing amendments to the IFRSs:
\n\u25aa Subsidiary as a first-time adopter in IFRS 1 First-time Adoption of
\nInternational Financial Reporting Standards. This amendment
\npermits a subsidiary (or an associate or joint venture) to measure
\nits cumulative translation differences using the amounts reported
\nby the parent, based on the parent\u2019s date of transition to IFRS.
\nThe amendment is not applicable to the Group.
\n\u25aa IFRS 9 Financial Instruments: \u201cFees in the \u201910 per cent\u2019 test for
\nderecognition of financial liabilities\u201d. This amendment clarifies the
\nfee an entity includes when assessing whether the terms of a new
\nor modified financial liability are substantially different from the
\nterms of the original financial liability. The amendment is not
\napplicable to the Group.
\n\u25aa Illustrative Examples accompanying IFRS 16 Leases: This
\namendment enhances the illustrative examples of IFRS 16 by
\nremoving potential confusion regarding the treatment of lease
\nincentives. The amendment is not relevant for the Group.
\n\u25aa IAS 41 Agriculture, this standard is not applicable to the Group.
\n- Amendments to IFRS 3 Business Combinations: \u201cReference to the
\nConceptual Framework\u201d. The amendments are applied prospectively.
\nA reference is replaced to the Framework for the Preparation and
\nPresentation of Financial Statements, issued in 1989, is replaced by a
\nreference to the Conceptual Framework for Financial Reporting issued
\nin March 2018 without this significantly changing its requirements.
\nAlso, an exception to the recognition principle of IFRS 3 has been
\nadded to avoid the issue of potential \u2018day 2\u2019 gains or losses arising
\nfrom liabilities and contingent liabilities that would be within the
\nscope of IAS 37 Provisions, Contingent Liabilities and Contingent
\nAssets or IFRIC 21 Levies, if incurred separately. Furthermore,
\nclarifications have been provided to existing guidance in IFRS 3 for
\ncontingent assets that would not be affected by replacing the
\nreference to the Framework for the Preparation and Presentation of
\nFinancial Statements. The amendments do not have a material impact
\non the Group.
\n- IAS 16 Property, Plant and Equipment: \u201cProceeds before Intended Use
\n\u2013 Amendments to IAS 16\u201d. These amendments must be applied
\nretrospectively and require that, during the period in which assets are
\nbrought to the location and/or in the condition necessary for them to
\nbe capable of operating in the manner intended by management,
\nproceeds from sales are recognised in the profit or loss. The
\namendments are not applicable to the Group.
\n- Amendments to IAS 37 Provisions, Contingent Liabilities and
\nContingent Assets: \u201cOnerous Contracts \u2013 Costs of Fulfilling a Contract
\n\u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and
\nContingent Assets\u201d. These amendments will be applied to contracts
\nwhose obligations have not yet been complied with. The amendments
\nspecify which costs need to be included when assessing whether a
\ncontract is onerous or loss-making. The amendments have no
\nmaterial impact on the Group.
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n- IFRS 16 \u201cLeases\u201d, \u201cCOVID-19-Related Rent Concessions beyond
\n30 June 2021\u201d, is applicable from 30 June 2021 retrospectively when
\nan entity had applied Amendments to IFRS 16 \u201cLeases\u201d COVID 19 -
\nRelated Rent Concessions that was effective on or after 1 April 2020.
\nAs the Group only has short-term leases, this relief is not applicable.
\n- Insurance activities are not applicable to the Group and therefore
\n\u201cAmendments to IFRS 4 Insurance Contracts\u201d - deferral of IFRS 9
\n\u201cFinancial Instruments\u201d and IFRS 17 \u201cInsurance contracts\u201d are not
\napplicable (and also \u201cAmendments to IFRS 17 Insurance contracts:
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u201d).
\nSee note 24 for amendments in IFRS standards and interpretations that
\nbecame effective after the financial year 2022.
\n
\n\n\n2.3 Basis of consolidation
\nThe consolidated financial statements include the accounts of the
\nCompany and the entities it controls.
\nControl
\nThe Group controls an entity when it has (i) power over the entity based
\non existing rights that give the current ability to direct the relevant
\nactivities of the entity, (ii) is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and (iii) has the ability to use its
\npower to affect its returns. The Group reassesses whether it controls an
\nentity if facts and circumstances indicate that there are changes to one or
\nmore of the elements of control stated above. All relevant facts and
\ncircumstances are considered in assessing whether the Group\u2019s voting
\nand share rights in an entity are sufficient to give it power. Consolidation
\nof a subsidiary begins when control over the entity is obtained and ceases
\nwhen control over the entity is lost. See note 3.1 for details of the
\nconsolidation of Stichting Beheer Derdengelden Ease2pay.
\n
\n\n\n
\n\n2.4 Functional and presentation currency
\nThese financial statements are presented in euro (\u201cEUR\u201d), the
\npresentation currency of the Group and the functional currency of
\nEase2pay N.V. All amounts in these financial statements are stated in
\nthousands of euro (\u201cEUR\u201d), unless stated otherwise.
\nIn preparing the financial statements, transactions in currencies other
\nthan the functional currency are recognised at the rates of exchange
\nprevailing at the dates of the transactions. At the end of each reporting
\nperiod, monetary assets and liabilities that are denominated in foreign
\ncurrencies are translated at the rates prevailing at that date. Non-
\nmonetary items that are measured in terms of historical cost in a foreign
\ncurrency are not translated. Exchange differences on monetary items are
\nrecognised in profit or loss in the period in which they arise.
\n
\n\n
\n\n\n2.5 Current and non-current classification
\nThe Group presents its assets and liabilities in the consolidated statement
\nof financial position based on current and non-current classifications. An
\nasset is current when it is expected to be realised or intended to be sold
\nor consumed in the normal operating cycle, held primarily for the purpose
\nof trading, expected to be realised within twelve months after the
\nreporting period, or cash or cash equivalent unless restricted from being
\nexchanged or used to settle a liability for at least twelve months after the
\nreporting period. All other assets are classified as non-current.
\nA liability is current when it is expected to be settled in the normal
\noperating cycle, held primarily for the purpose of trading, due to be
\nsettled within twelve months after the reporting period, or there is no
\nunconditional right to defer the settlement of the liability for at least
\ntwelve months after the reporting period.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nThe Group classifies all other liabilities as non-current. Deferred tax assets
\nand liabilities are classified as non-current assets and liabilities.
\n
\n\n\n2.6 Impairment of non-financial assets
\nGoodwill and intangible assets that have an indefinite useful life are not
\nsubject to amortisation and are tested annually for impairment, or more
\nfrequently if events or changes in circumstances indicate that they might
\nbe impaired. Other assets are tested for impairment whenever events or
\nchanges in circumstances indicate that the carrying amount may not be
\nrecoverable. An impairment loss is recognised for the amount by which
\nthe asset\u2019s carrying amount exceeds its recoverable amount.
\nThe recoverable amount is the higher of an asset\u2019s fair value less costs of
\ndisposal and value in use. For the purposes of assessing impairment,
\nassets are grouped at the lowest levels for which there are separately
\nidentifiable cash inflows, which are largely independent of the cash
\ninflows from other assets or groups of assets (cash-generating units).
\nNon-financial assets other than goodwill that suffered an impairment are
\nreviewed for possible reversal of the impairment at the end of each
\nreporting period.
\n
\n\n\n
\n\n
\n
\n2.7 Financial instruments
\n\n
\n
\n
\n\nRecognition and derecognition
\nFinancial assets and financial liabilities are recognised when the Group
\nbecomes a party to contractual provisions of a financial instrument.
\nRegular way purchases and sales of financial assets are recognised on
\ntrade date, being the date on which the group commits to purchase or sell
\nthe asset. Financial assets are derecognised when the contractual rights
\nto the cash flows expire, or when the financial asset and substantially all
\nof the risks and rewards are transferred. A financial liability is
\nderecognised when it is extinguished, discharged, cancelled, or expired.
\n
\n\nClassification
\nFor a financial asset to be classified and measured at amortised cost, it
\nneeds to (i) give rise to cash flows that are solely payments of the
\nprincipal and interest on the principal amount outstanding and (ii) be held
\nwithin a business model with the objective of holding financial assets in
\norder to collect contractual cash flows. This assessment depends on the
\ncharacteristics of the financial asset and the Group\u2019s business model to
\nmanage these assets. Financial assets with cash flows that are not solely
\npayments of principal and interest are classified and measured at their
\nfair value through profit or loss, irrespective of the business model.
\nFinancial assets of the Group, like trade and other receivables, cash and
\ncash equivalents, are classified as financial assets measured at amortised
\ncost.
\n\n
\n\nFinancial liabilities, like borrowings and trade and other payables, are
\nclassified as financial liabilities measured at amortised cost.
\n
\n\n
\n\n
\n
\n\nMeasurement
\nFinancial assets
\n\n
\nExcept for trade receivables, the Group initially measures financial assets
\nat their fair value plus transaction costs. The Group measures its trade
\nreceivables at initial recognition on the transaction price of the revenue
\nrecognised. A trade receivable is recognised if the amount of the services
\nprovided to the customer is unconditional and the receivable relates only
\nto the passage of time. After initial recognition, financial assets are
\nmeasured at amortised cost using the effective interest method, less
\nallowance for expected credit losses.
\n\n
\n\nImpairment of financial assets
\nA credit loss allowance is recognised for the impairment of financial
\nassets. The credit loss allowance is based on the future expected credit
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n
\n\n
\n\n
\n\n
\n\nexposures for the financial assets. The Group only has financial assets
\nwith a short lifetime, like trade and other receivables. The credit loss
\nallowance may be determined for the lifetime expected credit loss for
\nreceivables with a short lifetime (simplified approach).
\nApplying the simplified method, the Group uses the historical experience
\nof its activities, external indicators and forward-looking information to
\ncalculate the expected credit losses using a provision matrix. The
\nexpected credit losses on trade receivables and amounts to be invoiced
\nare estimated using a provision matrix by reference to historical credit
\nloss experience based on the Group\u2019s historical credit loss experience,
\nadjusted for factors that are specific to the debtors, general economic
\nconditions and an assessment of both the current and the forecast
\ndirection of conditions at the reporting date, including time value of
\nmoney where appropriate.
\n
\n\nA loss is recognised within other operating expenses. When a trade
\nreceivable becomes uncollectible, it is written off against the allowance
\naccount for doubtful debts. Subsequent recoveries of amounts previously
\nwritten off are credited against other operating expenses.
\nThe Group writes off a financial asset when there is information indicating
\nthat the debtor is in severe financial difficulty and there is no realistic
\nprospect of recovering the contractual cash flows. Financial assets written
\noff may still be subject to enforcement activities under the debt\u2019s
\nrecovery procedures. Any recoveries made are recognised in profit or loss.
\n
\n\n
\n\n
\n\n\nFinancial liabilities
\nFinancial liabilities measured at amortised cost are initially measured at
\ntheir fair value less transaction costs, if any. After initial measurement,
\nfinancial liabilities are measured at amortised cost using the effective
\ninterest method.
\n
\n
\n\n\nFair value
\nFair value is the price that would be received to sell an asset or paid to
\ntransfer a liability in an orderly transaction between market participants
\nat the measurement date.
\nFinancial assets and financial liabilities measured at fair value in the
\nbalance sheet are grouped into three levels of the fair value hierarchy.
\nThe three levels are defined based on the observability of significant
\ninputs to the measurement, as follows:
\n- Level 1: Quoted prices (unadjusted) in active markets for identical
\nassets or liabilities;
\n- Level 2: Inputs other than quoted prices included in Level 1 that are
\nobservable for the asset or liability, either directly or indirectly; or
\n- Level 3: Unobservable inputs for the asset or liability.
\nThe fair values of borrowings are determined by using a discounted cash
\nflow method, using a discount rate that reflects the borrowing rate as at
\nthe end of the reporting period.
\n
\n\n
\n
\n\n\n2.8 Principles underlying the consolidated statement of cash flows
\nGeneral
\nThe consolidated statement of cash flows distinguishes between
\noperating, investing and financing activities.
\nCash flows from or used in operating activities
\nCash flows from or used in operating activities are calculated by the
\nindirect method, by adjusting the consolidated profit or loss before tax for
\nthe effects of transactions of a non-cash nature, any deferrals or accruals
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nof past or future operating cash receipts or payments and items of income
\nor expense associated with investing or financing cash flows.
\nCash flows from or used in investing activities
\nCash flows from or used in investing activities are cash payments and/or
\nreceipts from capital expenditure and acquisitions.
\nCash flows from or used in financing activities
\nThe cash flows from or used in financing activities comprise the cash
\nreceipts and payments from the issue of shares, borrowings drawn or
\nrepaid.
\n
\n\n\n3 Significant accounting judgements and estimates
\nIn preparing these consolidated financial statements, the Management
\nBoard has made judgements and estimates that affect the application of
\nthe Group\u2019s accounting policies and the reported amounts of assets,
\nliabilities, income and expenses. Actual results may differ from these
\nestimates.
\n3.1 Judgements
\nConsolidation of Stichting Beheer Derdengelden Ease2pay
\nIn 2017, Ease2pay B.V. entered into an agreement with Stichting Beheer
\nDerdengelden Ease2pay (\"the Foundation\"), which sets out the conditions
\nand approach that enable the Foundation to perform its statutory
\nindependent obligations. The purpose of the Foundation is to safeguard
\nmoney of users of the transaction platform to pay for their parking and
\nfuelling services. The amounts entrusted by the users of the platform to
\nthe Foundation shall be used to pay parking and fuel providers for their
\nservices. Due to the agreement, the Group may exert an influence on the
\nFoundation\u2019s Board. It is agreed that all losses of the Foundation will be
\ncharged to Ease2pay B.V., consisting of operational expenses of the
\nFoundation (the reimbursements of Ease2pay B.V. reflects income of the
\nFoundation). Ease2pay B.V. settles the transactions on behalf of the
\nFoundation with Foundation\u2019s counterparties.
\nThe Group has concluded, in accordance with the consolidation
\nrequirements mentioned in note 2.3 - (i) influence in the Board, (ii)
\nexposed to variable results and (iii) the ability to exert an influence on the
\nBoard to affect Foundations\u2019 results - that the financial information of the
\nFoundation needs to be consolidated. The balance sheet of the
\nFoundation shows mainly cash and cash equivalents, trade and other
\nliabilities that are presented in the \u201cAmounts entrusted to Stichting
\nBeheer Derdengelden Ease2pay\u201d and \u201cLiabilities to Stichting Beheer
\nDerdengelden Ease2pay\u201d in the Group\u2019s consolidated statement of
\nfinancial position. The Foundation's cash and cash equivalents are legally
\nseparated and are only available to pay for services provided to the users
\nof the platform (in the line items mentioned above).
\nPrincipal versus agent for revenue out of settlement fees
\nThe Group has contracts with financial institutions that provide
\nservices to enable payment processing, for which payment network fees
\nare charged. The Group has applied judgement in determining whether it
\nhas control of the full payment service before the service is transferred to
\nits customers and whether the Group acts as an agent or principal in
\nrelation to the settlement fees charged by financial institutions.
\nThe Group is responsible for fulfilling the promise to provide payment
\ntransaction services. The Group is ultimately responsible for ensuring that
\nthe services are performed and are acceptable to the customers. The
\nGroup is thus considered to control the full payment service.
\n
\n
\n\n
\n\n
\n\n\n\n\n\n\nFor all payments of processing settlement services that are provided to
\ncustomers, the Group retains the exposure to financial institutions and
\nthe related payment costs. As such the Group has concluded it acts as
\nprincipal for these services purchased from financial institutions. The
\nprocessing fees are based on these related payment costs and other
\nrelevant costs for the processing services.
\n3.2 Estimates
\nImpairment test of goodwill and non-current assets of Involtum
\nOn an annual basis, the group tests whether goodwill (together with other
\nnon-current assets of a cash-generating unit, see note 11) is subject to
\nany impairment. For the 2022 reporting period, the recoverable amount
\nof the cash-generating units was determined based on value in use
\ncalculations, which require the use of assumptions. The calculations used
\nare cash flow projections based on financial budgets approved by
\nmanagement covering a five-year period. See note 11 for further details
\non these assumptions.
\nMeasurement of assets and liabilities acquired in a business
\ncombination
\nIn 2022, the Group acquired the activities of Involtum Holding B.V. and its
\nrespective companies it controls, which operates a comprehensive IoT
\nand payment platform. The main assets obtained are the platforms
\ntechnology, customer relationships and property, plant and equipment.
\nSee note 4 for the measurement of the assets and liabilities acquired and
\nthe related assumptions.
\nMeasurement of the parking services platform
\nThe Group assesses the measurement of the parking services platform
\nbased on historical cost less amortisations and impairments, if applicable,
\nby estimating the expected future earning capacity. See note 12 for
\nfurther details of this assessment.
\nMeasurement of deferred taxes
\nThe Group has obtained deferred taxes from its acquisition of Involtum
\nHolding B.V. and has a significant amount of unrecognised unused tax
\nlosses. The Group has a history of losses and has therefore no sufficient
\nevidence for offsetting unused taxes with possible future profits (see note
\n10.3).
\n\n\n\n\n\n4 Business combinations
\n\n\n\n4.1 Significant accounting policy
\nBusiness combinations are accounted for using the acquisition method.
\nThe cost of an acquisition is measured as the aggregate of the
\nconsideration transferred, which is measured at acquisition date at fair
\nvalue and the amount of any non-controlling interests in the acquiree. For
\neach business combination, the Group elects whether to measure the
\nnon-controlling interests in the acquiree at fair value, or at the
\nproportionate share of the acquiree\u2019s identifiable net assets, if any.
\nAcquisition-related costs are expensed as incurred and included in other
\noperational expenses in the consolidated statement of profit or loss.
\nWhen the Group acquires a business, it assesses the financial assets and
\nliabilities assumed for appropriate classification and designation in
\naccordance with the contractual terms, economic circumstances and
\npertinent conditions as at the acquisition date.
\nAny contingent consideration to be transferred by the acquirer will be
\nrecognised at fair value at the acquisition date, if any. Contingent
\nconsiderations classified as financial liabilities are measured at fair value
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nwith the changes in fair value recognised in the consolidated statement of
\nprofit or loss.
\n\nGoodwill is initially measured at cost as the excess of the aggregate of the
\nconsideration transferred and the amount recognised for non-controlling
\ninterests and any previous interest held over the net identifiable assets
\nacquired and liabilities assumed. If the fair value of the net assets
\nacquired is in excess of the aggregate consideration transferred, the
\nGroup re-assesses whether it has correctly identified all of the assets
\nacquired and all of the liabilities assumed and reviews the procedures
\nused to measure the amounts to be recognised at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets
\nacquired over the aggregate consideration transferred, then the gain is
\nrecognised in profit or loss.
\n\n\nAll identified assets and liabilities are measured at fair value, the main
\nremeasured items in the purchase price allocation are mentioned below.
\nPlatform \u2013 intangible assets
\nThe software acquired is needed for the energy portals, apps and
\npayments and was valued based on the cost approach that considers the
\ntime, knowledge and related expenses to reproduce the platform. The
\ncost approach is a generally accepted method to determine the fair value
\nof such an asset. This fair value is based on level 3 of the fair value
\nhierarchy. On the acquisition date, the useful life of this platform is
\ndetermined at five years.
\nCustomer relationships \u2013 intangible assets
\nCustomer relationships reflect the expected future benefits of existing
\nrelationships with customers at acquisition date, excluding selling orders
\nagreed. The customer relationships acquired as part of the acquired
\ncompanies were valued based on the Excess Earnings method, which
\nconsiders the attrition data, profitability data and growth of revenues
\ncoming from existing customers. The Excess Earnings method is a
\ngenerally accepted method to determine the fair value of such an asset.
\nThis fair value is based on level 3 of the fair value hierarchy. To determine
\nthe fair value of the customers relationships, varying growth rates have
\nbeen used: from 2% to 38% positive; attrition rates of 0% and discount
\nrates of 21%. On the acquisition date, the useful life of these customer
\nrelationships is determined at ten years.
\n\n\n\n\n\n\n\n\n\n4.2 Acquisition of Involtum Holding B.V.
\nOn 19 January 2022, the Group obtained control over Involtum Holding
\nB.V. by acquiring all of the shares of Involtum Holding B.V. (hereafter
\n\u201cInvoltum\u201d). Involtum and its group companies is a Dutch Group that
\nprovides the services of its Internet of Things switching and transaction
\nplatform. This platform has integrated invoicing and payment modules.
\nInvoltum's platform and services enable our customers to market
\ninnovative 'sharing' services.
\nInvoltum helps its customers with the development and improvement of
\ntheir services and aims to develop labels or communities that can be used
\nby multiple customers. In this way, Involtum enables parties to make a
\nlimited number of facilities available for a sharing service, without having
\nto develop a platform themselves. Involtum relieves providers of power
\nsupplies in marinas, in (sea) ports, on camping sites, in parking spaces
\n(electric transport), at events (festivals, markets, fairs) with its switching,
\nmetering, invoicing and payment solution. Wherever electricity is
\navailable and used temporarily, payment can be made possible.
\nWith customer-specific energy portals, smartphone apps and flexible
\npayment methods, Involtum literally takes care of everything that comes
\n\n\n\n\n\n\n\n\n\n\n\nwith offering energy. Involtum mobile power concepts enable customers
\nto activate electricity and other utilities using their smartphone, gain
\nrealtime insight into their consumption, receive customised bills and
\nenjoy easy and quick payment possibilities.
\nConsideration transferred and valuation of assets obtained
\nThe Group has issued shares to the shareholders of the acquiree to fulfil
\nthe acquisition consideration. The consideration transferred is EUR 27,635
\nthousand, consisting of 10,714,792 shares of Ease2pay N.V. with a price
\non the Euronext Amsterdam exchange of EUR 2.58 on 19 January 2022,
\nless the 1-year lock-up premium. The consideration is satisfied in shares of
\nEase2pay N.V. An investment cash outflow has not been included in the
\nconsolidated cash flow statement for this acquistion.
\nEUR thousands
\nInvoltum Holding B.V.
\nTechnology of the platform (intangible assets)
\n1,630
\nCustomer relationships (intangible assets)
\n1,195
\nOther equipment (property, plant and equipment)
\n595
\nTrade receivables
\n171
\nOther current assets
\n366
\nCash and cash equivalents
\n105
\nTrade and other liabilities
\n-1,205
\nDeferred taxes
\n-201
\nTotal identified assets obtained and liabilities assumed
\n2,656
\nGoodwill
\n24,979
\nConsideration transferred
\n27,635
\nOther disclosures of the business combination
\nThe goodwill of EUR 24,979 thousand primarily related to growth and
\nsynergy expectations by integrating the platforms and offering customers
\na more integrated and wider range of services and the expertise and
\nknowledge of the workforce (see note 11 for the impairment test of this
\n\n\n\ngoodwill). The goodwill is not tax deductible. The Group evaluates
\ngoodwill on impairments based on recent budgets and forecasts. Since
\nthe acquisition date, the revenue of the company acquired has been
\napproximately EUR 2.8 million and the net loss was approximately
\nEUR 1.4 million. The activities are included in the Group figures for the
\nwhole financial year period. The acquisition-related costs of this
\ntransaction are approximately EUR 706 thousand and are recognised in
\nthe other operating expenses in the consolidated statement of profit or
\nloss. The amount of issuance costs of shares related to the business
\ncombination is some EUR 327 thousand and is recognised in the share
\npremium. The fair value and the carrying amount of trade receivables are
\nEUR 171 thousand.
\n\n\n\n\n5 Revenue and segment information
\n\n5.1 Significant accounting policy
\nRevenue is measured based on the consideration to which the Group
\nexpects to be entitled from contracts with customers and excludes
\namounts collected on behalf of third parties. The Group recognises
\nrevenue when it transfers control of the service to a customer.
\nA performance obligation is the unit of account for revenue recognition.
\nAt contract inception, the Group identifies the performance obligations
\nwithin the contract. To determine whether a promised service (or bundle
\nof services) is distinct, the Group applies judgment using two criteria:
\n- Capable of being distinct: The customer can benefit from the good or
\nservice on its own or together with other readily available resources.
\n- Distinct within the context of the contract: The Group considers a
\npromise distinct within the context of the contract when the
\npromised transfer of the good or service is separately identifiable
\nfrom other promises in the contract.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBesides the other services, the revenue of the Group consists of two fees:
\n- Settlement fees: A customer obtains the right to execute transactions
\non the platform in a specific period. This is a performance obligation
\nsatisfied over time. Settlement fees are fixed fees per period and are
\nrecognised on a straight-line basis in the period.
\n- Processing fees: A customer executes transactions at one moment on
\nthe platform. This is a performance obligation satisfied over time (in a
\nvery short timeframe). Processing fees are fees per transactions and
\nare recognised when the transaction has been executed.
\nBesides these fees, the Group provides connectors to customers to be
\nable to connect to the platform. These performance obligations are
\nsatisfied at a point in time. The Group also provides other services mainly
\nproviding power to customers via its public connectors or maintenance of
\nthe platform to connect or provide services to customers, these
\nperformance obligations are satisfied over time.
\n\nRevenue is measured net of discounts, value added tax and other sales-
\nrelated taxes. There are no significant financing components in the
\ncontracts.
\n\n\n\n\n\n\n\n5.2 Revenue
\nEUR thousands 2022 2021
\nSettlement fees
\n869 138
\nProcessing fees
\n697 199
\nOther services (performance obligations
\n670 17
\nsatisfied over time)
\nOther services (performance obligations
\n1,14
\n6
\n0
\nsatisfied at a point-in-time)
\n3,382 354
\nAmounts for the year 2021 have been reclassified for comparative
\npurposes.
\n\n\n\n\n\n\n5.3 Segment information
\nThe basis of the segment information is the periodical assessment of the
\nChief Operating Decision Maker (CODM). The Management Board is
\nidentified as CODM. The Group\u2019s business model is based on its platform
\nfor parking, fuelling, Internet of Things switching, transactions and other
\n(supporting) services and are identified as one reporting segment. The
\nManagement Board also assesses the performance of the Group also on
\nthe basis of the complete platform. The segment information is identical
\nto the consolidated financial information in these financial statements,
\ndue to the limited size of the reporting segment and the operations of the
\npayment platform.
\n\nSegment information is measured according to the same policy as assets,
\nliabilities, income and expenses in these consolidated financial
\nstatements. The Group is in a scale-up phase for which a strict
\nmanagement of costs is essential. The Management Board assesses the
\noperational costs that affect directly the Group\u2019s revenue:
\n\n\n\n\n\n\n\nEUR thousands 2022 2021
\nCost incurred from financial institutions and other
\n-2,532 -27
\n0
\ncosts
\nEmployee benefits
\n-1,107 -19
\n7
\nOther operating expenses
\n-1,533 -47
\n4
\nTotal
\n-5,172 -94
\n1
\nRevenue
\n3,382 35
\n4
\nThe increase in the year relates to the revenue of the activities of
\nInvoltum that are acquired in beginning 2022. Revenues of approximately
\nEUR 1,565 thousand (2021: EUR 36 thousand) are derived from a single
\nexternal customer.
\n\n\n\n\n
\n
\n
\n\n6 Cost of revenue
\nEUR thousands 2022 2021
\nCost incurred from financial institutions related to
\npayment transactions
\n904
\n270
\nCost for power supply and other platform related
\nservices
\n511
\n0
\nCost of goods sold to enable platform services
\n1,117
\n0
\n2,532 270
\nCost incurred from financial institutions related to payment transactions
\ninclude expenses that relate to external expenses to service these
\ntransactions. Cost for power supply and other platform related services
\ninclude expenses that relate to external expenses for power purchases.
\nCost of goods sold to enable platform services include expenses for new,
\nexpanding and replacing existing connectors that are sold to customers.
\n
\n\n\n
\n7 Employee benefits
\n\n
\nSignificant accounting policy
\nShort-term employee benefits are expensed as the related service is
\nprovided. A liability is recognised for the amount expected to be paid if
\nthe Group has a present legal or constructive obligation to pay this
\namount because of past service provided by the employee and the
\nobligation can be estimated reliably. Staff costs comprise directly
\nattributable costs of staff, Management Board and Supervisory Board
\nmembers, social security contributions, pension contribution payments
\nand temporary staff expenses.
\nPension contribution payments of the Group relate to defined-
\ncontribution plans, which are recognised as an expense when employees
\nhave rendered services entitling them to the payments.
\n\nThe Group may receive government grants to compensate personnel
\nexpenses related to specific activities of employees. Grants from the
\ngovernment are recognised at their fair values where there is a
\nreasonable assurance that the grant will be received and the Group will
\ncomply with all conditions attached.
\n
\n\n
\n
\n\n
\n
\n\n\n
\nEmployee expenses
\nEUR thousands
\n2022
\n2021
\nWages and salaries
\n756
\n154
\nSocial security contributions
\n135
\n29
\nPension contribution payments
\n7
\n7
\nOther employee expenses
\n209
\n7
\n1,107
\n197
\nOther employee benefits include also expenses of external business
\ndevelopment staff. The Group received government grants related to
\nemployee activities in the amount of EUR 30 thousand (2021: EUR 29
\nthousand) included as part of the Wages and salaries.
\n\nWorkforce
\nThe average number of employees is summarised below.
\nAverage number of FTEs
\n2022
\n2021
\nManagement
\n3.8
\n2.0
\nPlatform and administrative
\n10.7
\n4.6
\n14.5
\n6.6
\nAll people are employed in the Netherlands.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n8 Other operating expenses
\nEUR thousands
\n2022
\n2021
\nAdvisory and consultancy expenses
\n1,117
\n327
\nOther expenses
\n416
\n147
\n1,533
\n474
\nOther expenses have mainly increased due to the acquisition of Involtum.
\nSee note 27.2 Other expenses in the company financial statements for the
\ndisclosure of the remuneration of independent auditors.
\n
\n\n\n9 Finance expenses
\nSee note 2.7 for the relevant accounting policy.
\nEUR thousands 2022 2021
\nInterest credit facilities
\n8 10
\nInterest bank overdrafts
\n15 0
\n23 10
\n
\n\n\n
\n\n
\n10 Income taxes
\n10.1 Significant accounting policy
\n\nTax expense or income recognised in the consolidated financial statement
\nof profit or loss comprises the sum of deferred tax and current tax that is
\nnot recognised in other comprehensive income or directly in equity.
\nCurrent and deferred taxes are calculated based on tax rates and tax laws
\nthat were enacted or substantively enacted by the end of the reporting
\nperiod. Deferred tax is the tax expected to be payable or recoverable on
\ndifferences between the carrying amounts of assets and liabilities in the
\nfinancial statements and the corresponding tax bases used in the
\ncomputation of taxable profit and is accounted for using the liability
\nmethod. Deferred tax assets and liabilities are generally recognised for all
\ntemporary differences. Deferred tax assets could also arise from unused
\ntax losses and tax credits.
\n
\n
\n\nDeferred tax assets are recognised to the extent that it is probable that
\ntaxable profits will be available against deductible temporary differences
\nthat can be utilised. In case of a history of recent losses exists, a deferred
\ntax asset is only recognised for unused tax losses to the extent that
\nsufficient taxable temporary differences are available or convincing other
\nevidence exists that sufficient taxable profit will be available to utilise for
\nthe unused tax losses. Such assets and liabilities are not recognised if the
\ntemporary difference arises from the initial recognition (other than in a
\nbusiness combination) of other assets and liabilities in a transaction that
\naffects neither the taxable profit nor the accounting profit. Deferred tax
\nliabilities are not recognised if the temporary difference arises from the
\ninitial recognition of goodwill.
\nThe carrying amount of deferred tax assets is reviewed at each reporting
\ndate and adjusted to the extent that it is (no longer) probable that
\nsufficient taxable profits will be available to allow all or part of the asset
\nto be recovered.
\nDeferred tax assets and liabilities are offset when there is a legally
\nenforceable right to set off current tax assets against current tax liabilities
\nand when they relate to income taxes levied by the same taxation
\nauthority on either the same taxable entity or different taxable entities
\nwhich intend to settle their current tax assets and liabilities either on a
\nnet basis or simultaneously.
\n
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n10.2 Income tax recognised in profit or loss
\nEUR thousands
\n2022 2021
\nCurrent tax expense / income
\n0 0
\nDeferred tax expense / income
\n-371 0
\nIncome tax expense / income
\n-371 0
\nReconciliation of the effective income tax rate
\nA tax rate of 15.0% (2021: 15.0%) is applicable to profits with a threshold
\nof EUR 395 thousand (2021: EUR 245 thousand). Profits exceeding this
\namount are subject to a tax rate of 25.8% (2021: 25.0%).
\nThe income tax expense or benefit for the year reconciled to the
\naccounting loss is as follows:
\nEUR thousands 2022 2021
\nLoss before income tax
\n-26,446 -808
\nIncome tax benefit calculated at 25.8% Dutch income
\ntax rate
\n6,823 202
\nEffect of lower tax rate for income up to EUR 395
\nthousand (2021: EUR 245 thousand)
\n-43 -25
\nRemeasurement deferred tax asset of unused tax losses
\n-457 0
\nTax losses not eligible to recognise deferred tax assets
\n-6,694 -177
\nIncome tax expense
\n-371 0
\n
\n\n10.3 Deferred taxes
\nThe changes in deferred taxes for 2022 are summarised below.
\nEUR thousands
\nAs at
\n1 January
\nBusiness
\ncombinations
\nProfit or loss
\nAs at 31
\nDecember
\nIntangible assets
\n0 -
\n507
\n45 -462
\nProperty, plant and
\nequipment
\n0 -
\n151
\n41 -110
\nUnused tax losses
\n0
\n457
\n-457 0
\n0 -
\n201
\n-371 -572
\nThe deferred taxes arisen at the acquisition of Involtum are remeasured
\nat nil based on the existing historical tax losses of both Ease2pay and
\nInvoltum. Some EUR 100 thousand of the deferred tax liabilities is
\nexpected to be released within one year (2021: nil). On 31 December
\n2021, the deferred taxes were nil and no changes had occurred in 2021.
\nExpiry period of unrecognised tax losses
\nUnused tax losses are not recognised due to the advancing negative
\nresults of the Group in the year under review and losses in previous years.
\nOn 1 January 2022, the Dutch tax provisions for compensation of tax
\nlosses changed. From that date, tax losses will be carried-forward
\nunlimitedly and can compensate for at least EUR 1 million, if any, or to a
\nmaximum of 50% of the taxable profit per year less EUR 1 million. This
\nmechanism prevents leakage of tax losses, but a longer period is needed
\nto compensate all losses. The tax losses are summarised hereafter.
\nExpiration of the unrecognised deferred taxes
\n2022
\n2021
\nUnlimited
\n12,825
\n0
\nExpire in 2025
\n0
\n1,387
\nExpire in 2026
\n0
\n1,051
\nExpire in 2027
\n0
\n1,519
\nTotal
\n12,825
\n3,957
\nAs from 2023, a tax rate of 19% (2022: 15%) has been applied to the
\nunused tax losses for results of EUR 200 thousand per year (2022:
\nEUR 395 thousand per year) and 25.8% to profits above this threshold
\n(2022: 25.8%). Based on the tax rate of 25.8%, the unrecognised tax losses
\nrepresent a tax asset of EUR 3,191 thousand (2021: EUR 1,021 thousand,
\nbased on a tax rate of 25.8%).
\n
\n\n
\n\n
\n
\n\n
\n11 Goodwill
\nSignificant accounting policy
\n\nGoodwill is initially measured at cost, as the excess of the sum of the
\nconsideration transferred over the net of the acquisition-date amounts of
\nthe identifiable assets acquired and the liabilities assumed. After initial
\nrecognition, goodwill is measured at cost less accumulated impairments,
\nif any (see note 2.6).
\n
\n\n
\n\n\n
\nChanges in goodwill
\nEUR thousands
\n2022
\n2021
\nBalance as at 1 January
\n0
\n0
\nAcquired in business combinations (see note 4)
\n24,979
\n0
\nImpairment losses
\n-
\n23,766
\n0
\nChanges in the year
\n1,213
\n0
\nCost
\n24,979
\n0
\nAccumulated impairment losses
\n-
\n23,766
\n0
\nBalance as at 31 December
\n1,213
\n0
\n\n
\nImpairment test of non-financial non-current assets
\n\nThe recoverable amount is determined based on value-in-use
\ncalculations, covering a detailed five-year forecast, followed by an
\nextrapolation of expected cash flows using a declining growth rate
\ndetermined by management. The present value of the expected cash
\nflows of each unit is determined by applying a suitable discount rate
\nreflecting current market assessments of the time value of money and
\nrisks specific to the segment.
\n
\n\nAssumptions used
\nThe Group distinguishes two cash generating units:
\n- NomadPower and related services: a service line with activities for
\nelectricity supply and charging infrastructure and digital payment for
\nself-service in ports, truck parks, camp sites, marinas and carwashes;
\nand
\n- Communication with devices connected: a services line with activities
\nto activate and deactivate washing machines, dryers and/or other
\nequipment for among others launderette via the platform.
\nThe value in use of the cash generating units NomadPower and related
\nservices and Communication with devices connected are based on the
\ncash flow projections reflect increasing profit margins in the forecast five-
\nyear period. After this period the cash flows are extrapolated. No
\nexpected efficiency improvements have been considered and prices and
\nwages reflect publicly available forecasts of inflation in the industry over
\nthe forecast five-year period. Management is currently not aware of any
\nother reasonably possible changes to key assumptions that would cause a
\ncash-generating unit\u2019s carrying amount to exceed its recoverable amount.
\nThe discount rate and long-term growth rate are shown below.
\nCash generating units
\nDiscount rate
\nLong-
\nterm
\ngrowth rate
\nNomadPower and related services
\n17.5%
\n2.4%
\nCommunication with devices connected
\n17.5%
\n2.4%
\nImpairment loss
\nThe effect of the impairment test on the goodwill is showed hereafter.
\nGoodwill per cash generating unit
\nEUR thousands
\nBefore
\nimpairment Impairment
\nAfter
\nimpairment
\nNomadPower and related services
\n23,766 -23,766 0
\nCommunication with devices connected
\n1,213 0 1,213
\nTotal
\n24,979 -
\n23,766
\n1,213
\nThe cash generating unit of NomadPower and its related services have a
\nvalue in use of EUR 1.1 million and equals the carrying amount of the
\nrelated assets after impairment of goodwill. After the acquisition of these
\nactivities, the Group decided to cancel its further expansions of its
\ncharging station network for trucks and focus on the switching platform
\n
\n
\n\n
\n
\n\n
\n\n
\n
\n
\n\n
\n\nonly, at least for the medium term. The expansion of charging stations
\nrequires additional capital. During the second half of 2022, it became
\nclear that the Group was unable to obtain sufficient capital for this
\nexpansion. In the year 2022, significant challenges arose in this context,
\nsuch as the higher and volatile power prices, which required higher capital
\nrequirements for a company in this industry, and high inflation, which
\nsubstantially increased the capital required for such an investment. The
\nGroup decided to optimise the processes of these activities and aim for
\nfurther growth of the platform switching services. This resulted in lower
\nexpected future cash inflows, significantly lower to make up the purchase
\nprice of this part of Involtum Holding B.V.
\nThe value in use of the cash generating unit Communication with devices
\nconnected is EUR 2.5 million and the carrying amount of the related
\nassets is EUR 2.3 million.
\nSensitivity
\nEUR thousands
\nHeadroom
\nDiscount rate
\nincrease of 1%
\nLong-term growth
\ndecrease of 0.5%
\nCash generating units after goodwill impairment
\nNomadPower and its related services
\nn.a. n.a. n.a.
\nCommunication with devices connected
\n0.2 0.2 0.1
\nAfter the impairment of the goodwill of the cash generation unit
\nNomadPower and its related services all goodwill impaired. The cash
\ngenerating unit Communication with devices connected would not be
\nimpaired if the discount rate 1% increases.
\n
\n\n
\n\n\n
\n12 Intangible assets
\n\nSignificant accounting policy
\nIntangible assets represent the payment transaction platform (the
\n\u201cplatform\u201d) that provides services for the settlement of parking and
\nfuelling, Internet of Things switching, transaction platform and other
\nservices. Intangible assets acquired in a business combination are
\nrecognised separately from goodwill and are initially recognised at their
\nfair values at the acquisition date (which is regarded as their cost). After
\ninitial recognition, intangible assets acquired in a business combination
\nare reported at cost less accumulated amortisation and accumulated
\nimpairment losses, if any. Amortisation is recognised on a straight-line
\nbasis over the useful life of the asset.
\nIntangible assets arising from development are recognised provided that
\nthe following criteria are met (i) the development costs can be measured
\nreliably, (ii) the activities are technically and commercially feasible, (iii)
\nthe Group intends to and has sufficient resources to complete the project,
\n(iv) the Group has the ability to use or sell the software, and (iv) the
\nactivities will likely generate future economic benefits. Development costs
\nnot meeting these criteria for capitalisation are expensed as incurred.
\nIntangible assets arising from development or acquired separately are
\nmeasured at cost less accumulated amortisation and accumulated
\nimpairment losses, if any. Amortisation is recognised on a straight-line
\nbasis over the useful life of the asset. The useful life and amortisation
\nmethod are reviewed at the end of each reporting period.
\nIntangible assets are derecognised upon disposal, or when no future
\neconomic benefits are expected from their use or disposal. Any resulting
\ngain or loss is measured as the difference between the net disposal
\nproceeds and the carrying amount of the asset and is recognised in profit
\nor loss when the asset is derecognised.
\nResearch and development expenses
\nThe Group has incurred some EUR 247 thousand for research and
\ndevelopment expenses (2021: EUR 150 thousand).
\n
\n
\n\n
\n
\n\n
\n\n
\n
\n
\n
\n
\n\nChanges in intangible assets
\nEUR thousands
\nPlatform
\ntechnology
\nCustomer
\nrelationships Total
\nAs at 1 January 2022
\nCost
\n2,529 0 2,529
\nAccumulated amortisation
\n-710 0 -710
\nCarrying amount as at 1 January 2022
\n1,819 0 1,819
\nChanges in the year
\nAcquired through business combination
\n1,630
\n1,195
\n2,825
\nAmortisation charge
\n-
\n578
\n-
\n120
\n-
\n698
\n1,052
\n1,075
\n2,127
\nAs at 31 December 2022
\nCost
\n4,159 1,195 5,354
\nAccumulated amortisation
\n-1,288 -120 -1,408
\nCarrying amount as at 31 December 2022
\n2,871 1,075 3,946
\nUseful life in years
\n5
\n-
\n10
\n10
\nRemaining useful life in years
\n4
\n-
\n8
\n9
\nAs at 1 January 2021
\nCost
\n1,858 0 1,858
\nAccumulated amortisation
\n-499 0 -499
\nCarrying amount as at 1 January 2021
\n1,359 0 1,359
\nChanges in the year
\nAcquired through business combination
\n671 0 671
\nAmortisation charge
\n-211 0 -211
\n460 0 460
\nAs at 31 December 2021
\nCost
\n2,529 0 2,529
\nAccumulated amortisation
\n-710 0 -710
\nCarrying amount as at 31 December 2021
\n1,819 0 1,819
\nUseful life in years
\n10 -
\nRemaining useful life in years
\n7 -
\n
\n\n\n
\n13 Property, plant and equipment
\n\nSignificant accounting policy
\nProperty, plant and equipment relate to energy charging connections and
\nother equipment and are measured at cost less accumulated depreciation
\nand accumulated impairment losses, if any. Depreciation is calculated
\nfrom the date an asset becomes available for use and is provided on a
\nstraight-line basis over the estimated useful life of each part of an item of
\nproperty, plant and equipment. The depreciation method, useful lives and
\nresidual values are reviewed annually.
\nAn asset is derecognised upon disposal or when no future economic
\nbenefits are expected to arise from its continued use. Any resulting gain
\nor loss is measured as the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognised in profit or loss when the
\nasset is derecognised.
\n
\n\n
\n\n\nChanges in other equipment
\nEUR thousands 2022
\n2021
\nAs at 1 January
\nCost
\n6
\n6
\nAccumulated depreciation
\n-
\n4
\n-
\n4
\nCarrying amount as at 1 January
\n2
\n2
\nChanges in the year
\nAcquired through business combination
\n595
\n0
\nAdditions
\n6
\n0
\nDepreciation charge
\n-169
\n0
\n432
\n0
\nAs at 31 December
\nCost
\n607
\n6
\nAccumulated depreciation
\n-
\n173
\n-
\n4
\nCarrying amount as at 31 December
\n434
\n2
\nUseful life in years
\n2 - 5
\n2
\n
\n\n
\n\n
\n
\n
\n
\n\nThe depreciation expenses include an impairment loss of EUR 49
\nthousand for some items of other equipment due to damages.
\n
\n\n\n14 Trade and other receivables
\nSee note 2.7 for the relevant accounting policy.
\nEUR thousands As at 31 December
\n2022 2021
\nTrade receivables
\n276 8
\nReceivables outstanding for merchants
\n422 0
\nAmounts to be invoiced
\n162 7
\nValue added tax receivable
\n110 0
\nOther receivables and accruals
\n324 10
\nTotal
\n1,294 25
\nThe aging of the trade receivable is shown below.
\nAs at 31 December 2022
\nCredit loss
\nCarrying
\nEUR thousands
\nGross amount
\nallowance
\namount
\nNot past due
\n193 0 193
\n0 to 30 days
\n30 0 30
\n30 to 60 days
\n808
\nMore than 60 days
\n47 -2 45
\nTotal
\n278 -2 276
\nAs at 31 December 2021
\nCredit loss
\nCarrying
\nEUR thousands
\nGross amount
\nallowance
\namount
\nNot past due
\n606
\n0 to 30 days
\n101
\n30 to 60 days
\n000
\nMore than 60 days
\n101
\nTotal
\n808
\nThe credit risk of the trade receivables is limited for the parking and
\nfuelling payment processing, as most receivables are paid from the
\namounts trusted to Stichting Beheer Derdengelden Ease2pay of the
\nfoundation. For the services of the Internet of Things switching and
\ntransaction platform and other goods provided, the Group has direct
\nreceivables from its customers. Merchants bear the credit risk of
\nreceivables outstanding for merchants.
\nThe movement of the credit loss allowance is summarised below.
\nEUR thousands 2022 2021
\nBalance as at 1 January
\n00
\nAdditions
\n20
\nBalance as at 31 December
\n20
\n
\n
\n\n\n\n\n15 Amounts entrusted to Stichting Beheer Derdengelden Ease2pay
\nSee note 2.7 for the relevant accounting policy.
\nAmounts entrusted to Stichting Beheer Derdengelden Ease2pay are
\namounts received for the services of the providers of parking and fuelling
\nservices and amount to EUR 747 thousand (2021: EUR 344 thousand). The
\namounts are separated in an entity segregated from the Group, the
\nfoundation, Stichting Beheer Derdengelden Ease2pay (the Foundation), to
\npay the service providers (for parking and fuelling) when their services are
\nprovided to customers using the platform.
\n\n\n
\n\n\n16 Cash and cash equivalents
\nSee note 2.7 for the relevant accounting policy.
\nThe cash and cash equivalents amounting to EUR 3,378 thousand (2021:
\nEUR 2 thousand) were available to the Group without any restrictions
\n(2021: no restrictions). The Group does not receive of pay interest on its
\ncash and cash equivalents. Note 22.1 sets out the credit risk of the
\ncounterparties with regard to the amounts of cash and cash equivalents.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n17 Equity
\n17.1 Equity
\n\nSignificant accounting policy
\nShare capital
\nOrdinary share capital is classified as share capital. The authorised share
\ncapital is the maximum capital that the Company can issue under the
\nterms of the Company\u2019s Articles of Association.
\nShare premium
\nShare premium is the excess of the amount received by the Company over
\nand above the nominal value of its shares issued. Incremental costs
\ndirectly attributable to the issue of new shares are shown in shareholders\u2019
\nequity as a deduction, net of tax, from the proceeds and are presented in
\nshare premium.
\n
\n\n
\n\n\n
\n\nChanges in shares issued
\nThe authorised share capital of EUR 11.0 million (2021: EUR 2.5 million) is
\ndivided into 110,000,000 ordinary shares with a par value of EUR 0.10
\n(2021: 25,000,000 ordinary shares with a par value of EUR 0.10). The
\nissued share capital is summarised below.
\nNumber of ordinary shares issued and fully paid
\n2022 2021
\nIssued shares as at 1 January
\n10,550,208 9,239,998
\nIssued shares in the year
\n12,992,007 1,310,210
\nIssued shares as at 31 December
\n23,542,215 10,550,208
\nOn 19 January 2022, the Group obtained control over Involtum Holding
\nB.V. by acquiring all of the shares of Involtum Holding B.V. and transferred
\n10,714,792 new issued shares of Ease2pay N.V. to the sellers (see note 4.2
\nconsideration transferred).
\nOn 19 January 2022, the Group successfully completed a private
\nplacement share issuance to a group of majority shareholders. The Group
\nissued 2,108,344 shares of EUR 3.02 each, resulting in cash proceeds of
\nEUR 6,375 thousand. The emission price was based on the weighted
\ntrade-volume average price of ordinary shares on Euronext Amsterdam
\nover a period of 90 days before the Group\u2019s press release on
\n29 November 2021.
\nOn 19 January 2022, the Group converted its liability of its credit facility of
\nEUR 509 thousand including accrued interest into 168,871 shares of
\nEUR 3.02 each.
\nThe Group incurred cost for the share issuance amounting to EUR 396
\nthousand in the year.
\nOn 8 January 2021, the Group issued 1,310,210 shares for EUR 1.00 per
\nshare, amounting to EUR 131 thousand share capital and EUR 1,140
\nthousand share premium in a private placement. The expenses of this
\nissuance, amounting to EUR 39 thousand, have been charged to the share
\npremium.
\nSee the consolidated statement of changes in equity for changes in the
\nequity components in the year and see note 30.1 of the company financial
\nstatements for more detailed information.
\n
\n
\n\nLoss allocation
\nThe loss of the year amounting to EUR 26,817 thousand, will be deducted
\nfrom the retained earnings.
\n
\n
\n\n
\n\n
\n\n
\n
\n
\n\n17.2 Basic and diluted loss per share
\nThe loss per share is based on the weighted average number of shares.
\nFor the year ended 31 December
\n2022 2021
\nBalance on 1 January (in number of shares)
\n10,550,208 9,239,998
\nWeighted effect of shares issued in the year (in
\nnumber of shares)
\n12,315,711 1,285,083
\nWeighted average number of shares for the year
\n22,865,919 10,525,081
\nLoss after tax attributable to shareholders (in EUR
\nthousand)
\n-
\n26,817
\n-
\n808
\nBasic and diluted loss per share (in EUR)
\n-1.17 -0.08
\n
\n\n\n17.3 Capital management
\nThe Group's policy is to maintain an adequate capital position to retain
\nthe confidence of its customers, investors, creditors and the financial
\nmarkets and enable future development and growth of its business
\nactivities. The Management Board monitors the capital defined by the
\nGroup as shareholders' equity, EUR 8.2 million on 31 December 2022
\n(2021: EUR 0.9 million). The Management Board also monitors events in
\nrelation to the development phase of the Group's business. The current
\nscale-up phase is not suitable for setting rigid quantitative targets. The
\nManagement Board strives for a balanced development for the further
\nrollout of the platform and activities, resulting in future growth of the
\nGroup's earnings. In the year under review, the Group's capital
\nmanagement approach has not changed. The Group is not subject to any
\nexternally imposed capital requirements.
\nOn 31 December 2022, the ratio of liabilities of EUR 2.8 million (2021:
\nEUR 1.3 million) to equity of EUR 8.2 million (2021: EUR 0.9 million) was
\n0.34 (2021: 1.37). The change is due to the capital increase related to
\ntotal assets (including the impairment) in 2022.
\n
\n\n\n18 Borrowings
\nSee note 2.7 for the relevant accounting policy.
\nChanges in borrowings
\nEUR thousands
\n2022
\n2021
\nBalance as at 1 January
\n509
\n677
\nAmounts repaid
\n0
\n-678
\nAmounts drawn
\n0
\n500
\nBorrowings converted into equity (see note 17.1)
\n-
\n509
\n0
\nInterest accrual
\n0
\n10
\nBalance as at 31 December
\n0
\n509
\nCurrent borrowings as at 31 December
\n0
\n509
\nOn 18 December 2019, The Internet of Cars V.O.F. provided a credit
\nfacility with a notional value of EUR 650 thousand (excluding accrued
\ninterest). The interest rate of the facility was 5.0% per year. This facility
\noriginated when the Group agreed to merge its existing credit facilities
\nwith the lender to one facility with a total nominal amount of EUR 650
\nthousand (excluding accruing interest).
\nIn January 2021, the Group repaid the outstanding amount of EUR 678
\nthousand. On 29 April 2021, the Group agreed to extend this credit facility
\nto 30 June 2022, on this date the facility terminated. In June 2021, the
\nGroup drawn EUR 500 thousand on this facility.
\nOn 19 January 2022, the Group converted its liability of this credit facility
\nof EUR 509 thousand including accrued interest into equity (see note
\n17.1).
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n19 Liabilities to Stichting Beheer Derdengelden Ease2pay
\nSee note 2.7 for the relevant accounting policy.
\nAn amount of EUR 322 thousand of the liabilities to Stichting Beheer
\nDerdengelden Ease2pay relates to amounts received by the Foundation
\nfrom users of the platform to be used to pay parking and fuel providers
\n(EGI credits) (2021: EUR 254 thousand) and an amount of EUR 428
\nthousand to amounts payable to providers of parking services or fuel
\n(merchants) (2021: EUR 94 thousand).
\n
\n\n
\n\n\n20 Trade and other liabilities
\nSee note 2.7 for the relevant accounting policy.
\nEUR thousands As at 31 December
\n2022 2021
\nTrade payables
\n90 100
\nPayables related to merchants
\n254 0
\nWage and value added taxes payable
\n117 58
\nOther liabilities
\n999 253
\nTotal
\n1,460 411
\nThe Management Board and its external advisor have been evaluating and
\nremediating the value added tax position, including ongoing interaction
\nwith the relevant tax authorities, currently resulting in a value added tax
\nliability as at 31 December 2022 of EUR 103 thousand.
\n
\n\n\n
\n21 Contingencies
\n\n21.1 Short-term leases
\nSignificant accounting policy
\nThe Group has entered into a short-term lease agreement for office
\nspace. The payments of short-term leases are expensed on a straight-line
\nbasis over the lease term of the contract.
\n
\n\n
\n\n\n
\n\nLease expenses
\nThe Group\u2019s short-term lease contract ends in September 2023. In 2022,
\nthe Group included EUR 50 thousand for short-term lease expenses in the
\nother operational expenses in the consolidated statement of profit or loss
\n(2021: EUR 6 thousand). On 31 December 2022, the Group\u2019s short-lease
\ncommitment was EUR 34 thousand (2021: EUR 3 thousand).
\n
\n\n
\n\n\n22 Financial risk management
\nThe Group is exposed to financial instruments that occur or are used in its
\nbusiness activities. The use of financial instruments expose the Group to
\nthe following risks:
\n- Credit risk;
\n- Liquidity risk; and
\n- Market risk.
\nThe Management Board is responsible for setting up and overseeing the
\nGroup\u2019s risk management framework. The Group continuously develops
\nits internal risk management framework. The Management Board reports
\nregularly on these activities to the Supervisory Board. The purpose of the
\nrisk policy is to identify and assess to which risks the Group is exposed, to
\nset appropriate risk limits and measures and to monitor the risks and
\ncompliance with the limits. Risk management policies and systems are
\nregularly reviewed and adjusted as necessary to reflect changes in market
\nconditions and the Group's activities. The Group aims through its training,
\nmanagement standards and procedures, to develop a monitored and
\nconstructive control environment in which employees understand their
\nroles and obligations.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n22.1 Credit risk
\nCredit risk is the risk that one party to a financial instrument will cause a
\nfinancial loss for the other party by failing to comply with an obligation. A
\ncredit risk arises when counterparties, including debtors or banks, fail to
\nmeet their obligations to the Group. The Group\u2019s credit risk is limited to
\nparking and fuelling payment processing fees as most of those fees are
\npaid via Stichting Beheer Derdengelden Ease2pay. As the credit risk of the
\nswitching platform activities is attributable to the Group\u2019s customer, only
\na limited amount for the Group\u2019s fee is at risk. The Group considers the
\nfollowing as constituting an event of default:
\n- When information developed internally or obtained from external
\nsources indicates that the debtor is unlikely to pay its creditors; or
\n- When a financial asset is 90 days past due.
\nThe cash and cash equivalents held with banks are considered financial
\nassets rated investment grade. ABN AMRO Bank N.V. has ratings of A, A1,
\nA from Standard & Poors, Moody's and Fitch, respectively. Rabobank has
\nratings of A+, Aa2, A+ from Standard & Poors, Moody's and Fitch
\nrespectively. The Group's maximum exposure to credit risks is limited to
\nthe carrying amount of the financial assets in the consolidated statement
\nof financial position.
\n
\n\n\n22.2 Liquidity risk
\nLiquidity risk is the risk that the Group will encounter difficulty in meeting
\nobligations associated with financial liabilities that are settled by
\ndelivering cash or another financial asset. The Group's policy is to meet its
\ncurrent and future payment obligations, to enable the continuance and
\ngrowth of its business activities. The principles underlying liquidity risk
\nmanagement are that sufficient liquidity is available to meet financial
\nobligations arising from the Group's activities.
\nOn 31 December 2022, the Group had EUR 3,378 thousand in cash and
\ncash equivalents at its free disposal (2021: EUR 2 thousand). On the same
\ndate, the Group had no credit facility (2021: a credit facility of EUR 650
\nthousand of which EUR 150 thousand could be drawn).
\nThe expected cash outflows of the Group are as follows:
\nAs at 31 December 2022
\nLess than
\n6 to 12
\nAfter 12
\nEUR thousands
\nCarrying
\nTotal
\n6 months
\nmonths
\nmonths
\namount
\nCash outflows
\nLiabilities to Stichting Beheer
\n750 750 750 0 0
\nDerdengelden Ease2pay
\nTrade and other liabilities
\n1,460 1,460 1,460 0 0
\nTotal
\n2,210 2,210 2,210 0 0
\nAs at 31 December 2021
\nLess than
\n6 to 12
\nAfter 12
\nEUR thousands
\nCarrying
\nTotal
\n6 months
\nmonths
\nmonths
\namount
\nCash outflows
\nBorrowings
\n509 0 0 0 0
\nLiabilities to Stichting Beheer
\n348 348 348 0 0
\nDerdengelden Ease2pay
\nTrade and other liabilities
\n411 411 411 0 0
\nTotal
\n1,268 759 759 0 0
\nIn January 2022, the outstanding borrowings were converted into shares
\nand did not result in a cash outflow (see note 17.1).
\n
\n
\n\n\n22.3 Market risk
\nMarket risk is the risk that the fair value or future cash flows of a financial
\ninstrument will fluctuate because of changes in market prices. The
\nobjective of market risk management is to manage and control market
\nrisk exposures within acceptable limits whilst optimising the acceptable
\nlimits and whilst optimising returns.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n
\n\n
\nInterest rate risk
\nInterest rate risk is the risk that the fair value or future cash flows of a
\nfinancial instrument will fluctuate because of changes in market interest
\nrates. The Group makes use of interest-bearing liabilities or credit
\nfacilities with fixed interest rates. The Group aims to conclude credit
\nfacilities with fixed interest rates to mitigate the risk of changing interest
\nrates and to have certainty about outgoing cash flows. Changes in interest
\nrates affect the fair value of a loan, but do not lead to a change in cash
\noutflows. On 31 December 2022, the Group was not exposed to any
\ninterest rate risk as it has no interest-bearing debts (2021: not exposed as
\nthe outstanding facility had a fixed interest rate).
\n\nForeign currency risk
\nThe Group has low foreign currency risk exposure, as a limited number of
\nInternet of Things switching and transaction platform services are
\nperformed in currencies other than the euro.
\n
\n\n
\n\n\nFair value of financial instruments
\nThe carrying amounts of the financial instruments in the Consolidated
\nstatement of financial position, consisting of trade and other receivables,
\ncash and cash equivalents, borrowings and other current liabilities, are
\nreasonable approximations of the fair value of the instruments.
\n
\n\nSustainable risk
\nThe Group facilitates the energy transition in individual, recreational and
\nfreight transport. The Group core activities are processing of the
\ntransactions for parking, fuelling and use of power or related services.
\nTransport will change to electric sources, however it is expected that
\npayment transaction related to mobility and other transaction will be
\nneeded and therefore the Group expects that customers continues to use
\nits services.
\n
\n\n
\n
\n\n
\n
\n\n
\n23 Related party transactions
\n\n23.1 Significant accounting policy
\nA related party is a person or company that is related to the Group. These
\ninclude both people and companies with an influence or control in the
\nGroup or subjected to the influence or control of the Group. The
\nManagement and Supervisory Boards, The Internet of Cars V.O.F.
\n(majority shareholder) and Ease2pay N.V.\u2019s group companies are related
\nparties. Transactions with related parties are accounted for in accordance
\nwith the requirements of relevant accounting policies and consider the
\nsubstance as well as the legal form. Related party transactions were made
\non terms equivalent to those that prevail in arm\u2019s length transactions.
\nBalances and transactions within the Group, which are related parties of
\nthe Group, have been eliminated on consolidation and are not disclosed.
\nRelated parties of the Group are its key management and its majority
\nshareholder.
\n
\n\n
\n\n\n23.2 Group companies
\nThe group companies that are included in the consolidation are
\nsummarised hereafter.
\nShare as at 31 December
\nName and seat
\n2022 2021
\nEase2pay B.V., Rotterdam, The Netherlands
\n100% 100%
\nEase2platform B.V., Rotterdam, The Netherlands
\n100% 100%
\nInvoltum Holding B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nInvoltum Services B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nNomad Power B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nYoreon B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\n(a) Companies are acquired as part of the acquistion of Involtum, see note
\n4.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n\n
\n\n
\n\n23.3 Management and Supervisory Boards
\nManagement Board
\nThe remuneration of the members of the Management Board is in
\naccordance with the responsibilities of their respective positions. The
\ndifferent positions are weighted, considering aspects such as the scope
\nand nature of responsibilities, the complexity of the management context
\nin which they operate and the required knowledge, experience and
\ncompetences required. The remuneration of the members of the
\nManagement Board consists of a fixed amount. No variable, pension or
\nother benefits were granted.
\nSalaries
\nTotal
\nEUR thousands
\n(short-term)
\nMr Jan H.L. Borghuis
\n82 82
\nMr Maarten L. Hektor (from 19 January to
\n82 82
\n27 December 2022)
\nMr Gijs J. van Lookeren Campagne
\n82 82
\nMr Edwin M. Noomen (from 19 January to
\n82 82
\n27 December 2022)
\n328 328
\nThe Management Board members were not entitled to pension premiums
\nas part of their remuneration. In January 2022, the Management Board
\nmembers entered into employment agreements with the Group. Until
\nthat date, the Group had entered into agreements with the respective
\nmanagement companies of the Group\u2019s Board Members, based on the
\nprevious agreements Mr Borghuis and Mr van Lookeren Campagne were
\npaid each EUR 22 thousand each in 2021. These management companies
\nare the only two sole participants in the partnership (The Internet of Cars
\nV.O.F.) that has a significant influence in the Group. In the year under
\nreview, loans were not provided to the members of the Management
\nBoard members (2021: no loans).
\nSupervisory Board
\nIn 2022 and 2021, the members of the Supervisory Board received
\ncompensation for their work, as shown below. The compensations are
\ncommensurate with the time spent on their activities. On 30 June 2022,
\nMs Melis, Ms Terpstra, Mr Withagen and Mr De Witte were appointed
\nand Mr Fahrner and Ms Van der Veer resigned.
\nEUR thousands
\n2022 2021
\nMr W.C.H. Fahrner (until 30 June 2022)
\n510
\nMs Manuela N.D. Melis (from 30 June 2022)
\n60
\nMs Marijke A.J. Terpstra (from 30 June 2022)
\n60
\nMs N. van der Veer (until 30 June 2022)
\n510
\nMr Heini C.A.M. Withagen (from 30 June 2022)
\n60
\nMr Tom M. de Witte (from 30 June 2022)
\n80
\n6
\n3
\n20
\n
\n
\n\n
\n
\n\n23.4 Shareholders
\nThe transactions and balances at year-end with the shareholder with a
\nsignificant influence, The Internet of Cars V.O.F., for the year are set out
\nbelow (see also notes 17.1 and 18):
\nEUR thousands
\nTransactions Balances
\n2022 2021 2022 2021
\nCredit facility
\n-509 -178 0 509
\nThe majority shareholder participated in the share issuance on 19 January
\n2022 for EUR 509 thousand by converting the loan into new issued shares
\n(2021: Shareholders participated in the capital issuance for EUR 1,043
\nthousand) (see note 17).
\n
\n\n
\n\n24 New and/or amended IFRS standards and/or interpretations
\nissued but not yet effective
\nThe standards and interpretations that are issued, but not yet effective,
\nup to the date of issuance of the Group\u2019s consolidated financial
\nstatements are disclosed hereafter. The Group intends to adopt these
\nstandards, if applicable, when they become effective.
\nIFRS standards and interpretations endorsed by the European Union
\n- Amendments to IAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2 Making Materiality Judgements: \u201cDisclosure of
\nAccounting policies\u201d is effective as from 1 January 2023. The
\namendments require to disclose material accounting policy
\ninformation and clarify that accounting policy information is material
\nif users need this to understand the financial statements. These
\namendments will only affect the disclosures of the Consolidated
\nFinancial Statements.
\n- Amendments to IAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: \u201cDefinition of Accounting Estimates\u201d, effective
\nas from 1 January 2023. In these amendments, the definition of a
\nchange in accounting estimates is changed to monetary amounts in
\nfinancial statements that are subject to measurement uncertainty.
\nThe amendments clarify that a change in accounting estimate that
\nresults from new information or new developments is not the
\ncorrection of an error and changes in inputs or a measurement
\ntechnique are changes in accounting estimates. These amendments
\nare not expected to have a material impact.
\n- Amendments to IAS 12 Income Taxes: \u201cIncome Taxes: Deferred Tax
\nrelated to Assets and Liabilities arising from a Single Transaction\u201d,
\neffective from 1 January 2023. These amendments clarify that the
\ninitial recognition exemption does not apply to transactions in which
\nequal amounts of deductible and taxable temporary differences arise
\non initial recognition. These amendments are not expected to have a
\nmaterial impact.
\nIFRS standards and interpretations issued by the International
\nAccounting Standard Board (IASB) and not yet endorsed by the European
\nUnion
\nThe changes in standards mentioned below are not yet endorsed by the
\nEuropean Union. The effective dates mentioned are determined by the
\nInternational Accounting Standard Board (IASB).
\n- Amendments to IAS 1 Presentation of Financial Statements:
\n\u201cClassification of Liabilities as Current or Non-current and
\nClassification of Liabilities as Current or Non-current - Deferral of
\nEffective Date\u201d expected to be effective as from 1 January 2024.
\nThese amendments modify the requirements that were introduced by
\nthe amendments \u201cClassification of Liabilities as Current or Non-
\ncurrent on how an entity classifies debt and other financial liabilities
\nas current or non-current in particular circumstances: Only covenants
\nwith which an entity is required to comply on or before the reporting
\ndate affect the classification of a liability as current or non-current\u201d. In
\naddition, an entity has to disclose information in the notes to enable
\nusers of financial statements to understand the risk that non-current
\nliabilities with covenants could become repayable within twelve
\nmonths. These amendments are not relevant for the Group as it has
\nno borrowings that are subject to covenants.
\n
\n\n
\n- Amendments to IFRS 16 Leases: \u201cLease Liability in a Sale and
\nLeaseback\u201d, expected to be effective as from 1 January 2024. The
\namendments require a seller-lessee to subsequently measure lease
\nliabilities arising from a leaseback in a way that it does not recognise
\nany amount of the gain or loss that relates to the right of use it
\nretains. As the Group has no lease, these amendments will have no
\nimpact on the Group\u2019s equity and result.
\n- Amendments to IAS 12 Income taxes \u201cInternational Tax Reform \u2013
\nPillar Two Model Rules\u201d, expected to be effective immediately. The
\namendments require to introduce a temporary exception from
\naccounting for deferred taxes arising from the implementation of the
\nOECD Pillar Two model rules, together with disclosure requirements.
\nThe Group expects that these amendments will have no impact on the
\nGroup\u2019s equity and result.
\n- Amendments to IAS 7 Statement of Cash Flows and IFRS 7 \u201cSupplier
\nFinance Arrangements\u201d, expected to be effective as from 1 January
\n2024. The amendments require to add disclosures about supplier
\nfinance arrangements. These amendments are not applicable for the
\nGroup.
\n\n25 Events after balance sheet date
\nIn its press release of 20 April 2023, Ease2pay announced that changing
\nmarket conditions resulted in the Management Board\u2019s decision to no
\nlonger invest in realising an own network of charging points for e-trucks.
\nThe consequences of this decision are reflected in this annual report,
\nmainly in the impairment of goodwill, see note 11. Separately, Ease2pay
\ndetected inaccuracies in administrative processes and systems of
\nInvoltum-related business units, in particular impacting its value added
\ntax position. In 2023, the Management Board and its external advisor
\nhave been evaluating and remediating the value added tax position; see
\n\u201cDelayed publication of the annual report\u201d in the Report of the
\nManagement Board.
\nThe procedures above were completed after the balance sheet date and
\nbefore publication of the annual report and recognised in the relevant
\nitems of the financial statements.
\n
\n\n
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\n1 General
\nEase2pay N.V. is a payment service provider that aims to decrease
\npayment expenses for consumers and retailers. Ease2pay N.V. offers a
\nfree parking and fuelling mobile app resulting in lower transaction fees for
\nusers. The Group also operates a platform that connects travellers with
\nproviders of parking and charging facilities, not only on the road but also
\non water. The transaction platforms of Ease2pay N.V. transform every
\nsmartphone in a payment terminal.
\nEase2pay N.V. (hereafter referred to as: the \u201cCompany\u201d and together with
\nthe entities it controls: the \u201cGroup\u201d) is located in the Netherlands at
\nBurgermeester Oudlaan 50, 3062 PA, Rotterdam and registered at the
\nDutch Commercial Register under number 16081306. The Company\u2019s
\nshares are listed on Euronext Amsterdam (ticker symbol: EAS2P).
\nThe Group provides services via its payment transaction platform, which
\noffers users services to order and pay in one action.
\nThe parking and fuelling payment transactions are processed by the group
\ncompany Ease2pay B.V. Ease2pay B.V. is for this purpose listed in the
\nregisters of exempt electronic money institutions and exempt payment
\nservice providers at De Nederlandsche Bank N.V. (DNB). Ease2pay B.V. is
\nexempt in both roles and is therefore not regulated by DNB. In addition,
\nEase2pay B.V. is accredited by Currence as an eMandate Service Provider
\n(MSP) and certified as a Collecting Payment Service Provider (CPSP) for
\niDEAL.
\n\nThese financial statements were authorised for issue by the Management
\nBoard and the Supervisory Board on 26 October 2023. The adoption of
\nthese financial statements will be scheduled for the shareholders in the
\nnext Extraordinary General Meeting (EGM), on a date that will be
\nannounced on the investor\u2019s website of the Company.
\n
\n\n
\n
\n",
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"value": "Ease2pay N.V.",
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"Tag193": {
"value": "the Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag212": {
"value": "Burgermeester Oudlaan 50, 3062 PA, Rotterdam",
"dimensions": {
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"language": "en",
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"value": "\nThese financial statements were authorised for issue by the Management
\nBoard and the Supervisory Board on 26 October 2023. The adoption of
\nthese financial statements will be scheduled for the shareholders in the
\nnext Extraordinary General Meeting (EGM), on a date that will be
\nannounced on the investor\u2019s website of the Company.
\n
\n",
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\n
\n
\n2 Basis of preparation and general accounting policies
\n\n2.1 Statement of compliance
\nThe consolidated financial statements have been prepared in accordance
\nwith the International Financial Reporting Standards as adopted by the
\nEuropean Union (IFRS-EU) and in accordance with the financial reporting
\nrequirements included in Part 9 of Book 2 of the Dutch Civil Code.
\n
\n\n\n2.2 Basis of preparation
\nThe consolidated financial statements have been prepared on their
\nhistorical cost basis, unless stated otherwise. Income and expenses have
\nbeen accounted for on an accrual basis.
\n
\n\n\nGoing concern
\nThe Group has consistently applied going concern accounting policies in
\nthe consolidated financial statements to all periods presented, unless
\nstated otherwise. The Group experienced higher cash outflows for non-
\nrecurring advisory expenses for the prospectus and the administrative
\ninaccuracies that contributed to a reduction of the operational cashflow
\nin the year to EUR 2.7 million negative. On 31 December 2022, the Group
\nhad almost EUR 3.4 million cash and cash equivalents.
\n
\n\n
\n\n
\n
\n\nOn 30 June 2023, the cash and cash equivalents are EUR 2.8 million. In the
\nsix-month period ended 30 June 2023, the cash outflow is EUR 0.6; a
\nsignificant improvement related the operational cash outflow of the full
\nyear 2022. The improvement in the six-month period ended 30 June 2023
\nis mainly driven by improvements of the gross margin and other operating
\nexpenses. The Group forecasts increasing cash generation of its activities
\nin future years, which is underlined by the developments in the six-month
\nperiod ended 30 June 2023. The Group has sufficient liquidity to cover
\nexpenses payable for at least the twelve months from the publication of
\nthis report.
\n
\n\n\nChanges in accounting policies effective as from 1 January 2022
\n- Annual Improvements to IFRS Standards 2018 \u2013 2020 contain the
\nfollowing amendments to the IFRSs:
\n\u25aa Subsidiary as a first-time adopter in IFRS 1 First-time Adoption of
\nInternational Financial Reporting Standards. This amendment
\npermits a subsidiary (or an associate or joint venture) to measure
\nits cumulative translation differences using the amounts reported
\nby the parent, based on the parent\u2019s date of transition to IFRS.
\nThe amendment is not applicable to the Group.
\n\u25aa IFRS 9 Financial Instruments: \u201cFees in the \u201910 per cent\u2019 test for
\nderecognition of financial liabilities\u201d. This amendment clarifies the
\nfee an entity includes when assessing whether the terms of a new
\nor modified financial liability are substantially different from the
\nterms of the original financial liability. The amendment is not
\napplicable to the Group.
\n\u25aa Illustrative Examples accompanying IFRS 16 Leases: This
\namendment enhances the illustrative examples of IFRS 16 by
\nremoving potential confusion regarding the treatment of lease
\nincentives. The amendment is not relevant for the Group.
\n\u25aa IAS 41 Agriculture, this standard is not applicable to the Group.
\n- Amendments to IFRS 3 Business Combinations: \u201cReference to the
\nConceptual Framework\u201d. The amendments are applied prospectively.
\nA reference is replaced to the Framework for the Preparation and
\nPresentation of Financial Statements, issued in 1989, is replaced by a
\nreference to the Conceptual Framework for Financial Reporting issued
\nin March 2018 without this significantly changing its requirements.
\nAlso, an exception to the recognition principle of IFRS 3 has been
\nadded to avoid the issue of potential \u2018day 2\u2019 gains or losses arising
\nfrom liabilities and contingent liabilities that would be within the
\nscope of IAS 37 Provisions, Contingent Liabilities and Contingent
\nAssets or IFRIC 21 Levies, if incurred separately. Furthermore,
\nclarifications have been provided to existing guidance in IFRS 3 for
\ncontingent assets that would not be affected by replacing the
\nreference to the Framework for the Preparation and Presentation of
\nFinancial Statements. The amendments do not have a material impact
\non the Group.
\n- IAS 16 Property, Plant and Equipment: \u201cProceeds before Intended Use
\n\u2013 Amendments to IAS 16\u201d. These amendments must be applied
\nretrospectively and require that, during the period in which assets are
\nbrought to the location and/or in the condition necessary for them to
\nbe capable of operating in the manner intended by management,
\nproceeds from sales are recognised in the profit or loss. The
\namendments are not applicable to the Group.
\n- Amendments to IAS 37 Provisions, Contingent Liabilities and
\nContingent Assets: \u201cOnerous Contracts \u2013 Costs of Fulfilling a Contract
\n\u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and
\nContingent Assets\u201d. These amendments will be applied to contracts
\nwhose obligations have not yet been complied with. The amendments
\nspecify which costs need to be included when assessing whether a
\ncontract is onerous or loss-making. The amendments have no
\nmaterial impact on the Group.
\n
\n
\n\n
\n\n
\n
\n
\n
\n\n- IFRS 16 \u201cLeases\u201d, \u201cCOVID-19-Related Rent Concessions beyond
\n30 June 2021\u201d, is applicable from 30 June 2021 retrospectively when
\nan entity had applied Amendments to IFRS 16 \u201cLeases\u201d COVID 19 -
\nRelated Rent Concessions that was effective on or after 1 April 2020.
\nAs the Group only has short-term leases, this relief is not applicable.
\n- Insurance activities are not applicable to the Group and therefore
\n\u201cAmendments to IFRS 4 Insurance Contracts\u201d - deferral of IFRS 9
\n\u201cFinancial Instruments\u201d and IFRS 17 \u201cInsurance contracts\u201d are not
\napplicable (and also \u201cAmendments to IFRS 17 Insurance contracts:
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u201d).
\nSee note 24 for amendments in IFRS standards and interpretations that
\nbecame effective after the financial year 2022.
\n
\n\n\n2.3 Basis of consolidation
\nThe consolidated financial statements include the accounts of the
\nCompany and the entities it controls.
\nControl
\nThe Group controls an entity when it has (i) power over the entity based
\non existing rights that give the current ability to direct the relevant
\nactivities of the entity, (ii) is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and (iii) has the ability to use its
\npower to affect its returns. The Group reassesses whether it controls an
\nentity if facts and circumstances indicate that there are changes to one or
\nmore of the elements of control stated above. All relevant facts and
\ncircumstances are considered in assessing whether the Group\u2019s voting
\nand share rights in an entity are sufficient to give it power. Consolidation
\nof a subsidiary begins when control over the entity is obtained and ceases
\nwhen control over the entity is lost. See note 3.1 for details of the
\nconsolidation of Stichting Beheer Derdengelden Ease2pay.
\n
\n\n\n
\n\n2.4 Functional and presentation currency
\nThese financial statements are presented in euro (\u201cEUR\u201d), the
\npresentation currency of the Group and the functional currency of
\nEase2pay N.V. All amounts in these financial statements are stated in
\nthousands of euro (\u201cEUR\u201d), unless stated otherwise.
\nIn preparing the financial statements, transactions in currencies other
\nthan the functional currency are recognised at the rates of exchange
\nprevailing at the dates of the transactions. At the end of each reporting
\nperiod, monetary assets and liabilities that are denominated in foreign
\ncurrencies are translated at the rates prevailing at that date. Non-
\nmonetary items that are measured in terms of historical cost in a foreign
\ncurrency are not translated. Exchange differences on monetary items are
\nrecognised in profit or loss in the period in which they arise.
\n
\n\n
\n\n\n2.5 Current and non-current classification
\nThe Group presents its assets and liabilities in the consolidated statement
\nof financial position based on current and non-current classifications. An
\nasset is current when it is expected to be realised or intended to be sold
\nor consumed in the normal operating cycle, held primarily for the purpose
\nof trading, expected to be realised within twelve months after the
\nreporting period, or cash or cash equivalent unless restricted from being
\nexchanged or used to settle a liability for at least twelve months after the
\nreporting period. All other assets are classified as non-current.
\nA liability is current when it is expected to be settled in the normal
\noperating cycle, held primarily for the purpose of trading, due to be
\nsettled within twelve months after the reporting period, or there is no
\nunconditional right to defer the settlement of the liability for at least
\ntwelve months after the reporting period.
\n
\n\n
\n\n
\n
\n
\n\nThe Group classifies all other liabilities as non-current. Deferred tax assets
\nand liabilities are classified as non-current assets and liabilities.
\n
\n\n\n2.6 Impairment of non-financial assets
\nGoodwill and intangible assets that have an indefinite useful life are not
\nsubject to amortisation and are tested annually for impairment, or more
\nfrequently if events or changes in circumstances indicate that they might
\nbe impaired. Other assets are tested for impairment whenever events or
\nchanges in circumstances indicate that the carrying amount may not be
\nrecoverable. An impairment loss is recognised for the amount by which
\nthe asset\u2019s carrying amount exceeds its recoverable amount.
\nThe recoverable amount is the higher of an asset\u2019s fair value less costs of
\ndisposal and value in use. For the purposes of assessing impairment,
\nassets are grouped at the lowest levels for which there are separately
\nidentifiable cash inflows, which are largely independent of the cash
\ninflows from other assets or groups of assets (cash-generating units).
\nNon-financial assets other than goodwill that suffered an impairment are
\nreviewed for possible reversal of the impairment at the end of each
\nreporting period.
\n
\n\n\n
\n\n
\n
\n2.7 Financial instruments
\n\n
\n
\n
\n\nRecognition and derecognition
\nFinancial assets and financial liabilities are recognised when the Group
\nbecomes a party to contractual provisions of a financial instrument.
\nRegular way purchases and sales of financial assets are recognised on
\ntrade date, being the date on which the group commits to purchase or sell
\nthe asset. Financial assets are derecognised when the contractual rights
\nto the cash flows expire, or when the financial asset and substantially all
\nof the risks and rewards are transferred. A financial liability is
\nderecognised when it is extinguished, discharged, cancelled, or expired.
\n
\n\nClassification
\nFor a financial asset to be classified and measured at amortised cost, it
\nneeds to (i) give rise to cash flows that are solely payments of the
\nprincipal and interest on the principal amount outstanding and (ii) be held
\nwithin a business model with the objective of holding financial assets in
\norder to collect contractual cash flows. This assessment depends on the
\ncharacteristics of the financial asset and the Group\u2019s business model to
\nmanage these assets. Financial assets with cash flows that are not solely
\npayments of principal and interest are classified and measured at their
\nfair value through profit or loss, irrespective of the business model.
\nFinancial assets of the Group, like trade and other receivables, cash and
\ncash equivalents, are classified as financial assets measured at amortised
\ncost.
\n\n
\n\nFinancial liabilities, like borrowings and trade and other payables, are
\nclassified as financial liabilities measured at amortised cost.
\n
\n\n
\n\n
\n
\n\nMeasurement
\nFinancial assets
\n\n
\nExcept for trade receivables, the Group initially measures financial assets
\nat their fair value plus transaction costs. The Group measures its trade
\nreceivables at initial recognition on the transaction price of the revenue
\nrecognised. A trade receivable is recognised if the amount of the services
\nprovided to the customer is unconditional and the receivable relates only
\nto the passage of time. After initial recognition, financial assets are
\nmeasured at amortised cost using the effective interest method, less
\nallowance for expected credit losses.
\n\n
\n\nImpairment of financial assets
\nA credit loss allowance is recognised for the impairment of financial
\nassets. The credit loss allowance is based on the future expected credit
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n\n
\n\n
\n
\n\n
\n
\n
\n\n
\n\n
\n\n
\n\nexposures for the financial assets. The Group only has financial assets
\nwith a short lifetime, like trade and other receivables. The credit loss
\nallowance may be determined for the lifetime expected credit loss for
\nreceivables with a short lifetime (simplified approach).
\nApplying the simplified method, the Group uses the historical experience
\nof its activities, external indicators and forward-looking information to
\ncalculate the expected credit losses using a provision matrix. The
\nexpected credit losses on trade receivables and amounts to be invoiced
\nare estimated using a provision matrix by reference to historical credit
\nloss experience based on the Group\u2019s historical credit loss experience,
\nadjusted for factors that are specific to the debtors, general economic
\nconditions and an assessment of both the current and the forecast
\ndirection of conditions at the reporting date, including time value of
\nmoney where appropriate.
\n
\n\nA loss is recognised within other operating expenses. When a trade
\nreceivable becomes uncollectible, it is written off against the allowance
\naccount for doubtful debts. Subsequent recoveries of amounts previously
\nwritten off are credited against other operating expenses.
\nThe Group writes off a financial asset when there is information indicating
\nthat the debtor is in severe financial difficulty and there is no realistic
\nprospect of recovering the contractual cash flows. Financial assets written
\noff may still be subject to enforcement activities under the debt\u2019s
\nrecovery procedures. Any recoveries made are recognised in profit or loss.
\n
\n\n
\n\n
\n\n\nFinancial liabilities
\nFinancial liabilities measured at amortised cost are initially measured at
\ntheir fair value less transaction costs, if any. After initial measurement,
\nfinancial liabilities are measured at amortised cost using the effective
\ninterest method.
\n
\n
\n\n\nFair value
\nFair value is the price that would be received to sell an asset or paid to
\ntransfer a liability in an orderly transaction between market participants
\nat the measurement date.
\nFinancial assets and financial liabilities measured at fair value in the
\nbalance sheet are grouped into three levels of the fair value hierarchy.
\nThe three levels are defined based on the observability of significant
\ninputs to the measurement, as follows:
\n- Level 1: Quoted prices (unadjusted) in active markets for identical
\nassets or liabilities;
\n- Level 2: Inputs other than quoted prices included in Level 1 that are
\nobservable for the asset or liability, either directly or indirectly; or
\n- Level 3: Unobservable inputs for the asset or liability.
\nThe fair values of borrowings are determined by using a discounted cash
\nflow method, using a discount rate that reflects the borrowing rate as at
\nthe end of the reporting period.
\n
\n\n
\n
\n\n\n2.8 Principles underlying the consolidated statement of cash flows
\nGeneral
\nThe consolidated statement of cash flows distinguishes between
\noperating, investing and financing activities.
\nCash flows from or used in operating activities
\nCash flows from or used in operating activities are calculated by the
\nindirect method, by adjusting the consolidated profit or loss before tax for
\nthe effects of transactions of a non-cash nature, any deferrals or accruals
\n
\n\n
\n\n
\n
\n\nof past or future operating cash receipts or payments and items of income
\nor expense associated with investing or financing cash flows.
\nCash flows from or used in investing activities
\nCash flows from or used in investing activities are cash payments and/or
\nreceipts from capital expenditure and acquisitions.
\nCash flows from or used in financing activities
\nThe cash flows from or used in financing activities comprise the cash
\nreceipts and payments from the issue of shares, borrowings drawn or
\nrepaid.
\n
\n\n\n3 Significant accounting judgements and estimates
\nIn preparing these consolidated financial statements, the Management
\nBoard has made judgements and estimates that affect the application of
\nthe Group\u2019s accounting policies and the reported amounts of assets,
\nliabilities, income and expenses. Actual results may differ from these
\nestimates.
\n3.1 Judgements
\nConsolidation of Stichting Beheer Derdengelden Ease2pay
\nIn 2017, Ease2pay B.V. entered into an agreement with Stichting Beheer
\nDerdengelden Ease2pay (\"the Foundation\"), which sets out the conditions
\nand approach that enable the Foundation to perform its statutory
\nindependent obligations. The purpose of the Foundation is to safeguard
\nmoney of users of the transaction platform to pay for their parking and
\nfuelling services. The amounts entrusted by the users of the platform to
\nthe Foundation shall be used to pay parking and fuel providers for their
\nservices. Due to the agreement, the Group may exert an influence on the
\nFoundation\u2019s Board. It is agreed that all losses of the Foundation will be
\ncharged to Ease2pay B.V., consisting of operational expenses of the
\nFoundation (the reimbursements of Ease2pay B.V. reflects income of the
\nFoundation). Ease2pay B.V. settles the transactions on behalf of the
\nFoundation with Foundation\u2019s counterparties.
\nThe Group has concluded, in accordance with the consolidation
\nrequirements mentioned in note 2.3 - (i) influence in the Board, (ii)
\nexposed to variable results and (iii) the ability to exert an influence on the
\nBoard to affect Foundations\u2019 results - that the financial information of the
\nFoundation needs to be consolidated. The balance sheet of the
\nFoundation shows mainly cash and cash equivalents, trade and other
\nliabilities that are presented in the \u201cAmounts entrusted to Stichting
\nBeheer Derdengelden Ease2pay\u201d and \u201cLiabilities to Stichting Beheer
\nDerdengelden Ease2pay\u201d in the Group\u2019s consolidated statement of
\nfinancial position. The Foundation's cash and cash equivalents are legally
\nseparated and are only available to pay for services provided to the users
\nof the platform (in the line items mentioned above).
\nPrincipal versus agent for revenue out of settlement fees
\nThe Group has contracts with financial institutions that provide
\nservices to enable payment processing, for which payment network fees
\nare charged. The Group has applied judgement in determining whether it
\nhas control of the full payment service before the service is transferred to
\nits customers and whether the Group acts as an agent or principal in
\nrelation to the settlement fees charged by financial institutions.
\nThe Group is responsible for fulfilling the promise to provide payment
\ntransaction services. The Group is ultimately responsible for ensuring that
\nthe services are performed and are acceptable to the customers. The
\nGroup is thus considered to control the full payment service.
\n
\n
\n\n
\n\n\n\n\nFor all payments of processing settlement services that are provided to
\ncustomers, the Group retains the exposure to financial institutions and
\nthe related payment costs. As such the Group has concluded it acts as
\nprincipal for these services purchased from financial institutions. The
\nprocessing fees are based on these related payment costs and other
\nrelevant costs for the processing services.
\n3.2 Estimates
\nImpairment test of goodwill and non-current assets of Involtum
\nOn an annual basis, the group tests whether goodwill (together with other
\nnon-current assets of a cash-generating unit, see note 11) is subject to
\nany impairment. For the 2022 reporting period, the recoverable amount
\nof the cash-generating units was determined based on value in use
\ncalculations, which require the use of assumptions. The calculations used
\nare cash flow projections based on financial budgets approved by
\nmanagement covering a five-year period. See note 11 for further details
\non these assumptions.
\nMeasurement of assets and liabilities acquired in a business
\ncombination
\nIn 2022, the Group acquired the activities of Involtum Holding B.V. and its
\nrespective companies it controls, which operates a comprehensive IoT
\nand payment platform. The main assets obtained are the platforms
\ntechnology, customer relationships and property, plant and equipment.
\nSee note 4 for the measurement of the assets and liabilities acquired and
\nthe related assumptions.
\nMeasurement of the parking services platform
\nThe Group assesses the measurement of the parking services platform
\nbased on historical cost less amortisations and impairments, if applicable,
\nby estimating the expected future earning capacity. See note 12 for
\nfurther details of this assessment.
\nMeasurement of deferred taxes
\nThe Group has obtained deferred taxes from its acquisition of Involtum
\nHolding B.V. and has a significant amount of unrecognised unused tax
\nlosses. The Group has a history of losses and has therefore no sufficient
\nevidence for offsetting unused taxes with possible future profits (see note
\n10.3).
\n\n\n\n\n\n4 Business combinations
\n\n\n\n4.1 Significant accounting policy
\nBusiness combinations are accounted for using the acquisition method.
\nThe cost of an acquisition is measured as the aggregate of the
\nconsideration transferred, which is measured at acquisition date at fair
\nvalue and the amount of any non-controlling interests in the acquiree. For
\neach business combination, the Group elects whether to measure the
\nnon-controlling interests in the acquiree at fair value, or at the
\nproportionate share of the acquiree\u2019s identifiable net assets, if any.
\nAcquisition-related costs are expensed as incurred and included in other
\noperational expenses in the consolidated statement of profit or loss.
\nWhen the Group acquires a business, it assesses the financial assets and
\nliabilities assumed for appropriate classification and designation in
\naccordance with the contractual terms, economic circumstances and
\npertinent conditions as at the acquisition date.
\nAny contingent consideration to be transferred by the acquirer will be
\nrecognised at fair value at the acquisition date, if any. Contingent
\nconsiderations classified as financial liabilities are measured at fair value
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nwith the changes in fair value recognised in the consolidated statement of
\nprofit or loss.
\n\nGoodwill is initially measured at cost as the excess of the aggregate of the
\nconsideration transferred and the amount recognised for non-controlling
\ninterests and any previous interest held over the net identifiable assets
\nacquired and liabilities assumed. If the fair value of the net assets
\nacquired is in excess of the aggregate consideration transferred, the
\nGroup re-assesses whether it has correctly identified all of the assets
\nacquired and all of the liabilities assumed and reviews the procedures
\nused to measure the amounts to be recognised at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets
\nacquired over the aggregate consideration transferred, then the gain is
\nrecognised in profit or loss.
\n\n\nAll identified assets and liabilities are measured at fair value, the main
\nremeasured items in the purchase price allocation are mentioned below.
\nPlatform \u2013 intangible assets
\nThe software acquired is needed for the energy portals, apps and
\npayments and was valued based on the cost approach that considers the
\ntime, knowledge and related expenses to reproduce the platform. The
\ncost approach is a generally accepted method to determine the fair value
\nof such an asset. This fair value is based on level 3 of the fair value
\nhierarchy. On the acquisition date, the useful life of this platform is
\ndetermined at five years.
\nCustomer relationships \u2013 intangible assets
\nCustomer relationships reflect the expected future benefits of existing
\nrelationships with customers at acquisition date, excluding selling orders
\nagreed. The customer relationships acquired as part of the acquired
\ncompanies were valued based on the Excess Earnings method, which
\nconsiders the attrition data, profitability data and growth of revenues
\ncoming from existing customers. The Excess Earnings method is a
\ngenerally accepted method to determine the fair value of such an asset.
\nThis fair value is based on level 3 of the fair value hierarchy. To determine
\nthe fair value of the customers relationships, varying growth rates have
\nbeen used: from 2% to 38% positive; attrition rates of 0% and discount
\nrates of 21%. On the acquisition date, the useful life of these customer
\nrelationships is determined at ten years.
\n\n\n\n\n\n\n\n\n\n\n5 Revenue and segment information
\n\n5.1 Significant accounting policy
\nRevenue is measured based on the consideration to which the Group
\nexpects to be entitled from contracts with customers and excludes
\namounts collected on behalf of third parties. The Group recognises
\nrevenue when it transfers control of the service to a customer.
\nA performance obligation is the unit of account for revenue recognition.
\nAt contract inception, the Group identifies the performance obligations
\nwithin the contract. To determine whether a promised service (or bundle
\nof services) is distinct, the Group applies judgment using two criteria:
\n- Capable of being distinct: The customer can benefit from the good or
\nservice on its own or together with other readily available resources.
\n- Distinct within the context of the contract: The Group considers a
\npromise distinct within the context of the contract when the
\npromised transfer of the good or service is separately identifiable
\nfrom other promises in the contract.
\n\n\n\n\n\n\n\nBesides the other services, the revenue of the Group consists of two fees:
\n- Settlement fees: A customer obtains the right to execute transactions
\non the platform in a specific period. This is a performance obligation
\nsatisfied over time. Settlement fees are fixed fees per period and are
\nrecognised on a straight-line basis in the period.
\n- Processing fees: A customer executes transactions at one moment on
\nthe platform. This is a performance obligation satisfied over time (in a
\nvery short timeframe). Processing fees are fees per transactions and
\nare recognised when the transaction has been executed.
\nBesides these fees, the Group provides connectors to customers to be
\nable to connect to the platform. These performance obligations are
\nsatisfied at a point in time. The Group also provides other services mainly
\nproviding power to customers via its public connectors or maintenance of
\nthe platform to connect or provide services to customers, these
\nperformance obligations are satisfied over time.
\n\nRevenue is measured net of discounts, value added tax and other sales-
\nrelated taxes. There are no significant financing components in the
\ncontracts.
\n\n\n\n\n\n\n\n\n\n5.3 Segment information
\nThe basis of the segment information is the periodical assessment of the
\nChief Operating Decision Maker (CODM). The Management Board is
\nidentified as CODM. The Group\u2019s business model is based on its platform
\nfor parking, fuelling, Internet of Things switching, transactions and other
\n(supporting) services and are identified as one reporting segment. The
\nManagement Board also assesses the performance of the Group also on
\nthe basis of the complete platform. The segment information is identical
\nto the consolidated financial information in these financial statements,
\ndue to the limited size of the reporting segment and the operations of the
\npayment platform.
\n\nSegment information is measured according to the same policy as assets,
\nliabilities, income and expenses in these consolidated financial
\nstatements. The Group is in a scale-up phase for which a strict
\nmanagement of costs is essential. The Management Board assesses the
\noperational costs that affect directly the Group\u2019s revenue:
\n\n\n\n\n\n\n
\n7 Employee benefits
\n\n
\nSignificant accounting policy
\nShort-term employee benefits are expensed as the related service is
\nprovided. A liability is recognised for the amount expected to be paid if
\nthe Group has a present legal or constructive obligation to pay this
\namount because of past service provided by the employee and the
\nobligation can be estimated reliably. Staff costs comprise directly
\nattributable costs of staff, Management Board and Supervisory Board
\nmembers, social security contributions, pension contribution payments
\nand temporary staff expenses.
\nPension contribution payments of the Group relate to defined-
\ncontribution plans, which are recognised as an expense when employees
\nhave rendered services entitling them to the payments.
\n\nThe Group may receive government grants to compensate personnel
\nexpenses related to specific activities of employees. Grants from the
\ngovernment are recognised at their fair values where there is a
\nreasonable assurance that the grant will be received and the Group will
\ncomply with all conditions attached.
\n
\n\n
\n
\n\n
\n
\n\n
\n\n
\n10 Income taxes
\n10.1 Significant accounting policy
\n\nTax expense or income recognised in the consolidated financial statement
\nof profit or loss comprises the sum of deferred tax and current tax that is
\nnot recognised in other comprehensive income or directly in equity.
\nCurrent and deferred taxes are calculated based on tax rates and tax laws
\nthat were enacted or substantively enacted by the end of the reporting
\nperiod. Deferred tax is the tax expected to be payable or recoverable on
\ndifferences between the carrying amounts of assets and liabilities in the
\nfinancial statements and the corresponding tax bases used in the
\ncomputation of taxable profit and is accounted for using the liability
\nmethod. Deferred tax assets and liabilities are generally recognised for all
\ntemporary differences. Deferred tax assets could also arise from unused
\ntax losses and tax credits.
\n
\n
\n\nDeferred tax assets are recognised to the extent that it is probable that
\ntaxable profits will be available against deductible temporary differences
\nthat can be utilised. In case of a history of recent losses exists, a deferred
\ntax asset is only recognised for unused tax losses to the extent that
\nsufficient taxable temporary differences are available or convincing other
\nevidence exists that sufficient taxable profit will be available to utilise for
\nthe unused tax losses. Such assets and liabilities are not recognised if the
\ntemporary difference arises from the initial recognition (other than in a
\nbusiness combination) of other assets and liabilities in a transaction that
\naffects neither the taxable profit nor the accounting profit. Deferred tax
\nliabilities are not recognised if the temporary difference arises from the
\ninitial recognition of goodwill.
\nThe carrying amount of deferred tax assets is reviewed at each reporting
\ndate and adjusted to the extent that it is (no longer) probable that
\nsufficient taxable profits will be available to allow all or part of the asset
\nto be recovered.
\nDeferred tax assets and liabilities are offset when there is a legally
\nenforceable right to set off current tax assets against current tax liabilities
\nand when they relate to income taxes levied by the same taxation
\nauthority on either the same taxable entity or different taxable entities
\nwhich intend to settle their current tax assets and liabilities either on a
\nnet basis or simultaneously.
\n
\n
\n\n
\n
\n\n
\n11 Goodwill
\nSignificant accounting policy
\n\nGoodwill is initially measured at cost, as the excess of the sum of the
\nconsideration transferred over the net of the acquisition-date amounts of
\nthe identifiable assets acquired and the liabilities assumed. After initial
\nrecognition, goodwill is measured at cost less accumulated impairments,
\nif any (see note 2.6).
\n
\n\n
\n\nThe recoverable amount is determined based on value-in-use
\ncalculations, covering a detailed five-year forecast, followed by an
\nextrapolation of expected cash flows using a declining growth rate
\ndetermined by management. The present value of the expected cash
\nflows of each unit is determined by applying a suitable discount rate
\nreflecting current market assessments of the time value of money and
\nrisks specific to the segment.
\n
\n\n
\n12 Intangible assets
\n\nSignificant accounting policy
\nIntangible assets represent the payment transaction platform (the
\n\u201cplatform\u201d) that provides services for the settlement of parking and
\nfuelling, Internet of Things switching, transaction platform and other
\nservices. Intangible assets acquired in a business combination are
\nrecognised separately from goodwill and are initially recognised at their
\nfair values at the acquisition date (which is regarded as their cost). After
\ninitial recognition, intangible assets acquired in a business combination
\nare reported at cost less accumulated amortisation and accumulated
\nimpairment losses, if any. Amortisation is recognised on a straight-line
\nbasis over the useful life of the asset.
\nIntangible assets arising from development are recognised provided that
\nthe following criteria are met (i) the development costs can be measured
\nreliably, (ii) the activities are technically and commercially feasible, (iii)
\nthe Group intends to and has sufficient resources to complete the project,
\n(iv) the Group has the ability to use or sell the software, and (iv) the
\nactivities will likely generate future economic benefits. Development costs
\nnot meeting these criteria for capitalisation are expensed as incurred.
\nIntangible assets arising from development or acquired separately are
\nmeasured at cost less accumulated amortisation and accumulated
\nimpairment losses, if any. Amortisation is recognised on a straight-line
\nbasis over the useful life of the asset. The useful life and amortisation
\nmethod are reviewed at the end of each reporting period.
\nIntangible assets are derecognised upon disposal, or when no future
\neconomic benefits are expected from their use or disposal. Any resulting
\ngain or loss is measured as the difference between the net disposal
\nproceeds and the carrying amount of the asset and is recognised in profit
\nor loss when the asset is derecognised.
\nResearch and development expenses
\nThe Group has incurred some EUR 247 thousand for research and
\ndevelopment expenses (2021: EUR 150 thousand).
\n
\n
\n\n
\n
\n\n
\n13 Property, plant and equipment
\n\nSignificant accounting policy
\nProperty, plant and equipment relate to energy charging connections and
\nother equipment and are measured at cost less accumulated depreciation
\nand accumulated impairment losses, if any. Depreciation is calculated
\nfrom the date an asset becomes available for use and is provided on a
\nstraight-line basis over the estimated useful life of each part of an item of
\nproperty, plant and equipment. The depreciation method, useful lives and
\nresidual values are reviewed annually.
\nAn asset is derecognised upon disposal or when no future economic
\nbenefits are expected to arise from its continued use. Any resulting gain
\nor loss is measured as the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognised in profit or loss when the
\nasset is derecognised.
\n
\n\n
\n\n
\n17 Equity
\n17.1 Equity
\n\nSignificant accounting policy
\nShare capital
\nOrdinary share capital is classified as share capital. The authorised share
\ncapital is the maximum capital that the Company can issue under the
\nterms of the Company\u2019s Articles of Association.
\nShare premium
\nShare premium is the excess of the amount received by the Company over
\nand above the nominal value of its shares issued. Incremental costs
\ndirectly attributable to the issue of new shares are shown in shareholders\u2019
\nequity as a deduction, net of tax, from the proceeds and are presented in
\nshare premium.
\n
\n\n
\n\n
\n21 Contingencies
\n\n21.1 Short-term leases
\nSignificant accounting policy
\nThe Group has entered into a short-term lease agreement for office
\nspace. The payments of short-term leases are expensed on a straight-line
\nbasis over the lease term of the contract.
\n
\n\n
\n\n
\n23 Related party transactions
\n\n23.1 Significant accounting policy
\nA related party is a person or company that is related to the Group. These
\ninclude both people and companies with an influence or control in the
\nGroup or subjected to the influence or control of the Group. The
\nManagement and Supervisory Boards, The Internet of Cars V.O.F.
\n(majority shareholder) and Ease2pay N.V.\u2019s group companies are related
\nparties. Transactions with related parties are accounted for in accordance
\nwith the requirements of relevant accounting policies and consider the
\nsubstance as well as the legal form. Related party transactions were made
\non terms equivalent to those that prevail in arm\u2019s length transactions.
\nBalances and transactions within the Group, which are related parties of
\nthe Group, have been eliminated on consolidation and are not disclosed.
\nRelated parties of the Group are its key management and its majority
\nshareholder.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag216": {
"value": "\n2.1 Statement of compliance
\nThe consolidated financial statements have been prepared in accordance
\nwith the International Financial Reporting Standards as adopted by the
\nEuropean Union (IFRS-EU) and in accordance with the financial reporting
\nrequirements included in Part 9 of Book 2 of the Dutch Civil Code.
\n
\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag217": {
"value": "\n2.2 Basis of preparation
\nThe consolidated financial statements have been prepared on their
\nhistorical cost basis, unless stated otherwise. Income and expenses have
\nbeen accounted for on an accrual basis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag201": {
"value": "\nGoing concern
\nThe Group has consistently applied going concern accounting policies in
\nthe consolidated financial statements to all periods presented, unless
\nstated otherwise. The Group experienced higher cash outflows for non-
\nrecurring advisory expenses for the prospectus and the administrative
\ninaccuracies that contributed to a reduction of the operational cashflow
\nin the year to EUR 2.7 million negative. On 31 December 2022, the Group
\nhad almost EUR 3.4 million cash and cash equivalents.
\n
\n\nOn 30 June 2023, the cash and cash equivalents are EUR 2.8 million. In the
\nsix-month period ended 30 June 2023, the cash outflow is EUR 0.6; a
\nsignificant improvement related the operational cash outflow of the full
\nyear 2022. The improvement in the six-month period ended 30 June 2023
\nis mainly driven by improvements of the gross margin and other operating
\nexpenses. The Group forecasts increasing cash generation of its activities
\nin future years, which is underlined by the developments in the six-month
\nperiod ended 30 June 2023. The Group has sufficient liquidity to cover
\nexpenses payable for at least the twelve months from the publication of
\nthis report.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag210": {
"value": "\nChanges in accounting policies effective as from 1 January 2022
\n- Annual Improvements to IFRS Standards 2018 \u2013 2020 contain the
\nfollowing amendments to the IFRSs:
\n\u25aa Subsidiary as a first-time adopter in IFRS 1 First-time Adoption of
\nInternational Financial Reporting Standards. This amendment
\npermits a subsidiary (or an associate or joint venture) to measure
\nits cumulative translation differences using the amounts reported
\nby the parent, based on the parent\u2019s date of transition to IFRS.
\nThe amendment is not applicable to the Group.
\n\u25aa IFRS 9 Financial Instruments: \u201cFees in the \u201910 per cent\u2019 test for
\nderecognition of financial liabilities\u201d. This amendment clarifies the
\nfee an entity includes when assessing whether the terms of a new
\nor modified financial liability are substantially different from the
\nterms of the original financial liability. The amendment is not
\napplicable to the Group.
\n\u25aa Illustrative Examples accompanying IFRS 16 Leases: This
\namendment enhances the illustrative examples of IFRS 16 by
\nremoving potential confusion regarding the treatment of lease
\nincentives. The amendment is not relevant for the Group.
\n\u25aa IAS 41 Agriculture, this standard is not applicable to the Group.
\n- Amendments to IFRS 3 Business Combinations: \u201cReference to the
\nConceptual Framework\u201d. The amendments are applied prospectively.
\nA reference is replaced to the Framework for the Preparation and
\nPresentation of Financial Statements, issued in 1989, is replaced by a
\nreference to the Conceptual Framework for Financial Reporting issued
\nin March 2018 without this significantly changing its requirements.
\nAlso, an exception to the recognition principle of IFRS 3 has been
\nadded to avoid the issue of potential \u2018day 2\u2019 gains or losses arising
\nfrom liabilities and contingent liabilities that would be within the
\nscope of IAS 37 Provisions, Contingent Liabilities and Contingent
\nAssets or IFRIC 21 Levies, if incurred separately. Furthermore,
\nclarifications have been provided to existing guidance in IFRS 3 for
\ncontingent assets that would not be affected by replacing the
\nreference to the Framework for the Preparation and Presentation of
\nFinancial Statements. The amendments do not have a material impact
\non the Group.
\n- IAS 16 Property, Plant and Equipment: \u201cProceeds before Intended Use
\n\u2013 Amendments to IAS 16\u201d. These amendments must be applied
\nretrospectively and require that, during the period in which assets are
\nbrought to the location and/or in the condition necessary for them to
\nbe capable of operating in the manner intended by management,
\nproceeds from sales are recognised in the profit or loss. The
\namendments are not applicable to the Group.
\n- Amendments to IAS 37 Provisions, Contingent Liabilities and
\nContingent Assets: \u201cOnerous Contracts \u2013 Costs of Fulfilling a Contract
\n\u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and
\nContingent Assets\u201d. These amendments will be applied to contracts
\nwhose obligations have not yet been complied with. The amendments
\nspecify which costs need to be included when assessing whether a
\ncontract is onerous or loss-making. The amendments have no
\nmaterial impact on the Group.
\n
\n
\n\n- IFRS 16 \u201cLeases\u201d, \u201cCOVID-19-Related Rent Concessions beyond
\n30 June 2021\u201d, is applicable from 30 June 2021 retrospectively when
\nan entity had applied Amendments to IFRS 16 \u201cLeases\u201d COVID 19 -
\nRelated Rent Concessions that was effective on or after 1 April 2020.
\nAs the Group only has short-term leases, this relief is not applicable.
\n- Insurance activities are not applicable to the Group and therefore
\n\u201cAmendments to IFRS 4 Insurance Contracts\u201d - deferral of IFRS 9
\n\u201cFinancial Instruments\u201d and IFRS 17 \u201cInsurance contracts\u201d are not
\napplicable (and also \u201cAmendments to IFRS 17 Insurance contracts:
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u201d).
\nSee note 24 for amendments in IFRS standards and interpretations that
\nbecame effective after the financial year 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag205": {
"value": "\n2.3 Basis of consolidation
\nThe consolidated financial statements include the accounts of the
\nCompany and the entities it controls.
\nControl
\nThe Group controls an entity when it has (i) power over the entity based
\non existing rights that give the current ability to direct the relevant
\nactivities of the entity, (ii) is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and (iii) has the ability to use its
\npower to affect its returns. The Group reassesses whether it controls an
\nentity if facts and circumstances indicate that there are changes to one or
\nmore of the elements of control stated above. All relevant facts and
\ncircumstances are considered in assessing whether the Group\u2019s voting
\nand share rights in an entity are sufficient to give it power. Consolidation
\nof a subsidiary begins when control over the entity is obtained and ceases
\nwhen control over the entity is lost. See note 3.1 for details of the
\nconsolidation of Stichting Beheer Derdengelden Ease2pay.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag213": {
"value": "\n
\n\n2.4 Functional and presentation currency
\nThese financial statements are presented in euro (\u201cEUR\u201d), the
\npresentation currency of the Group and the functional currency of
\nEase2pay N.V. All amounts in these financial statements are stated in
\nthousands of euro (\u201cEUR\u201d), unless stated otherwise.
\nIn preparing the financial statements, transactions in currencies other
\nthan the functional currency are recognised at the rates of exchange
\nprevailing at the dates of the transactions. At the end of each reporting
\nperiod, monetary assets and liabilities that are denominated in foreign
\ncurrencies are translated at the rates prevailing at that date. Non-
\nmonetary items that are measured in terms of historical cost in a foreign
\ncurrency are not translated. Exchange differences on monetary items are
\nrecognised in profit or loss in the period in which they arise.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag208": {
"value": "\n2.4 Functional and presentation currency
\nThese financial statements are presented in euro (\u201cEUR\u201d), the
\npresentation currency of the Group and the functional currency of
\nEase2pay N.V. All amounts in these financial statements are stated in
\nthousands of euro (\u201cEUR\u201d), unless stated otherwise.
\nIn preparing the financial statements, transactions in currencies other
\nthan the functional currency are recognised at the rates of exchange
\nprevailing at the dates of the transactions. At the end of each reporting
\nperiod, monetary assets and liabilities that are denominated in foreign
\ncurrencies are translated at the rates prevailing at that date. Non-
\nmonetary items that are measured in terms of historical cost in a foreign
\ncurrency are not translated. Exchange differences on monetary items are
\nrecognised in profit or loss in the period in which they arise.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag194": {
"value": "\n2.5 Current and non-current classification
\nThe Group presents its assets and liabilities in the consolidated statement
\nof financial position based on current and non-current classifications. An
\nasset is current when it is expected to be realised or intended to be sold
\nor consumed in the normal operating cycle, held primarily for the purpose
\nof trading, expected to be realised within twelve months after the
\nreporting period, or cash or cash equivalent unless restricted from being
\nexchanged or used to settle a liability for at least twelve months after the
\nreporting period. All other assets are classified as non-current.
\nA liability is current when it is expected to be settled in the normal
\noperating cycle, held primarily for the purpose of trading, due to be
\nsettled within twelve months after the reporting period, or there is no
\nunconditional right to defer the settlement of the liability for at least
\ntwelve months after the reporting period.
\n
\n\nThe Group classifies all other liabilities as non-current. Deferred tax assets
\nand liabilities are classified as non-current assets and liabilities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag192": {
"value": "\n2.6 Impairment of non-financial assets
\nGoodwill and intangible assets that have an indefinite useful life are not
\nsubject to amortisation and are tested annually for impairment, or more
\nfrequently if events or changes in circumstances indicate that they might
\nbe impaired. Other assets are tested for impairment whenever events or
\nchanges in circumstances indicate that the carrying amount may not be
\nrecoverable. An impairment loss is recognised for the amount by which
\nthe asset\u2019s carrying amount exceeds its recoverable amount.
\nThe recoverable amount is the higher of an asset\u2019s fair value less costs of
\ndisposal and value in use. For the purposes of assessing impairment,
\nassets are grouped at the lowest levels for which there are separately
\nidentifiable cash inflows, which are largely independent of the cash
\ninflows from other assets or groups of assets (cash-generating units).
\nNon-financial assets other than goodwill that suffered an impairment are
\nreviewed for possible reversal of the impairment at the end of each
\nreporting period.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag214": {
"value": "\n
\n\n
\n
\n2.7 Financial instruments
\n\n
\n
\n
\n\nRecognition and derecognition
\nFinancial assets and financial liabilities are recognised when the Group
\nbecomes a party to contractual provisions of a financial instrument.
\nRegular way purchases and sales of financial assets are recognised on
\ntrade date, being the date on which the group commits to purchase or sell
\nthe asset. Financial assets are derecognised when the contractual rights
\nto the cash flows expire, or when the financial asset and substantially all
\nof the risks and rewards are transferred. A financial liability is
\nderecognised when it is extinguished, discharged, cancelled, or expired.
\n
\n\nClassification
\nFor a financial asset to be classified and measured at amortised cost, it
\nneeds to (i) give rise to cash flows that are solely payments of the
\nprincipal and interest on the principal amount outstanding and (ii) be held
\nwithin a business model with the objective of holding financial assets in
\norder to collect contractual cash flows. This assessment depends on the
\ncharacteristics of the financial asset and the Group\u2019s business model to
\nmanage these assets. Financial assets with cash flows that are not solely
\npayments of principal and interest are classified and measured at their
\nfair value through profit or loss, irrespective of the business model.
\nFinancial assets of the Group, like trade and other receivables, cash and
\ncash equivalents, are classified as financial assets measured at amortised
\ncost.
\n\n
\n\nFinancial liabilities, like borrowings and trade and other payables, are
\nclassified as financial liabilities measured at amortised cost.
\n
\n\n
\n\n
\n
\n\nMeasurement
\nFinancial assets
\n\n
\nExcept for trade receivables, the Group initially measures financial assets
\nat their fair value plus transaction costs. The Group measures its trade
\nreceivables at initial recognition on the transaction price of the revenue
\nrecognised. A trade receivable is recognised if the amount of the services
\nprovided to the customer is unconditional and the receivable relates only
\nto the passage of time. After initial recognition, financial assets are
\nmeasured at amortised cost using the effective interest method, less
\nallowance for expected credit losses.
\n\n
\n\nImpairment of financial assets
\nA credit loss allowance is recognised for the impairment of financial
\nassets. The credit loss allowance is based on the future expected credit
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n\n
\n
\n
\n\n
\n\n
\n\n
\n\nexposures for the financial assets. The Group only has financial assets
\nwith a short lifetime, like trade and other receivables. The credit loss
\nallowance may be determined for the lifetime expected credit loss for
\nreceivables with a short lifetime (simplified approach).
\nApplying the simplified method, the Group uses the historical experience
\nof its activities, external indicators and forward-looking information to
\ncalculate the expected credit losses using a provision matrix. The
\nexpected credit losses on trade receivables and amounts to be invoiced
\nare estimated using a provision matrix by reference to historical credit
\nloss experience based on the Group\u2019s historical credit loss experience,
\nadjusted for factors that are specific to the debtors, general economic
\nconditions and an assessment of both the current and the forecast
\ndirection of conditions at the reporting date, including time value of
\nmoney where appropriate.
\n
\n\nA loss is recognised within other operating expenses. When a trade
\nreceivable becomes uncollectible, it is written off against the allowance
\naccount for doubtful debts. Subsequent recoveries of amounts previously
\nwritten off are credited against other operating expenses.
\nThe Group writes off a financial asset when there is information indicating
\nthat the debtor is in severe financial difficulty and there is no realistic
\nprospect of recovering the contractual cash flows. Financial assets written
\noff may still be subject to enforcement activities under the debt\u2019s
\nrecovery procedures. Any recoveries made are recognised in profit or loss.
\n
\n\n
\n\n
\n\n\nFinancial liabilities
\nFinancial liabilities measured at amortised cost are initially measured at
\ntheir fair value less transaction costs, if any. After initial measurement,
\nfinancial liabilities are measured at amortised cost using the effective
\ninterest method.
\n
\n
\n\n\nFair value
\nFair value is the price that would be received to sell an asset or paid to
\ntransfer a liability in an orderly transaction between market participants
\nat the measurement date.
\nFinancial assets and financial liabilities measured at fair value in the
\nbalance sheet are grouped into three levels of the fair value hierarchy.
\nThe three levels are defined based on the observability of significant
\ninputs to the measurement, as follows:
\n- Level 1: Quoted prices (unadjusted) in active markets for identical
\nassets or liabilities;
\n- Level 2: Inputs other than quoted prices included in Level 1 that are
\nobservable for the asset or liability, either directly or indirectly; or
\n- Level 3: Unobservable inputs for the asset or liability.
\nThe fair values of borrowings are determined by using a discounted cash
\nflow method, using a discount rate that reflects the borrowing rate as at
\nthe end of the reporting period.
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag211": {
"value": "\n
\n
\n2.7 Financial instruments
\n\n
\n
\n
\n\nRecognition and derecognition
\nFinancial assets and financial liabilities are recognised when the Group
\nbecomes a party to contractual provisions of a financial instrument.
\nRegular way purchases and sales of financial assets are recognised on
\ntrade date, being the date on which the group commits to purchase or sell
\nthe asset. Financial assets are derecognised when the contractual rights
\nto the cash flows expire, or when the financial asset and substantially all
\nof the risks and rewards are transferred. A financial liability is
\nderecognised when it is extinguished, discharged, cancelled, or expired.
\n
\n\nClassification
\nFor a financial asset to be classified and measured at amortised cost, it
\nneeds to (i) give rise to cash flows that are solely payments of the
\nprincipal and interest on the principal amount outstanding and (ii) be held
\nwithin a business model with the objective of holding financial assets in
\norder to collect contractual cash flows. This assessment depends on the
\ncharacteristics of the financial asset and the Group\u2019s business model to
\nmanage these assets. Financial assets with cash flows that are not solely
\npayments of principal and interest are classified and measured at their
\nfair value through profit or loss, irrespective of the business model.
\nFinancial assets of the Group, like trade and other receivables, cash and
\ncash equivalents, are classified as financial assets measured at amortised
\ncost.
\n\n
\n\nFinancial liabilities, like borrowings and trade and other payables, are
\nclassified as financial liabilities measured at amortised cost.
\n
\n\n
\n\n
\n
\n\nMeasurement
\nFinancial assets
\n\n
\nExcept for trade receivables, the Group initially measures financial assets
\nat their fair value plus transaction costs. The Group measures its trade
\nreceivables at initial recognition on the transaction price of the revenue
\nrecognised. A trade receivable is recognised if the amount of the services
\nprovided to the customer is unconditional and the receivable relates only
\nto the passage of time. After initial recognition, financial assets are
\nmeasured at amortised cost using the effective interest method, less
\nallowance for expected credit losses.
\n\n
\n\nImpairment of financial assets
\nA credit loss allowance is recognised for the impairment of financial
\nassets. The credit loss allowance is based on the future expected credit
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\n\nexposures for the financial assets. The Group only has financial assets
\nwith a short lifetime, like trade and other receivables. The credit loss
\nallowance may be determined for the lifetime expected credit loss for
\nreceivables with a short lifetime (simplified approach).
\nApplying the simplified method, the Group uses the historical experience
\nof its activities, external indicators and forward-looking information to
\ncalculate the expected credit losses using a provision matrix. The
\nexpected credit losses on trade receivables and amounts to be invoiced
\nare estimated using a provision matrix by reference to historical credit
\nloss experience based on the Group\u2019s historical credit loss experience,
\nadjusted for factors that are specific to the debtors, general economic
\nconditions and an assessment of both the current and the forecast
\ndirection of conditions at the reporting date, including time value of
\nmoney where appropriate.
\n
\n\nA loss is recognised within other operating expenses. When a trade
\nreceivable becomes uncollectible, it is written off against the allowance
\naccount for doubtful debts. Subsequent recoveries of amounts previously
\nwritten off are credited against other operating expenses.
\nThe Group writes off a financial asset when there is information indicating
\nthat the debtor is in severe financial difficulty and there is no realistic
\nprospect of recovering the contractual cash flows. Financial assets written
\noff may still be subject to enforcement activities under the debt\u2019s
\nrecovery procedures. Any recoveries made are recognised in profit or loss.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag196": {
"value": "\n
\n
\n
\n\nRecognition and derecognition
\nFinancial assets and financial liabilities are recognised when the Group
\nbecomes a party to contractual provisions of a financial instrument.
\nRegular way purchases and sales of financial assets are recognised on
\ntrade date, being the date on which the group commits to purchase or sell
\nthe asset. Financial assets are derecognised when the contractual rights
\nto the cash flows expire, or when the financial asset and substantially all
\nof the risks and rewards are transferred. A financial liability is
\nderecognised when it is extinguished, discharged, cancelled, or expired.
\n
\n\nClassification
\nFor a financial asset to be classified and measured at amortised cost, it
\nneeds to (i) give rise to cash flows that are solely payments of the
\nprincipal and interest on the principal amount outstanding and (ii) be held
\nwithin a business model with the objective of holding financial assets in
\norder to collect contractual cash flows. This assessment depends on the
\ncharacteristics of the financial asset and the Group\u2019s business model to
\nmanage these assets. Financial assets with cash flows that are not solely
\npayments of principal and interest are classified and measured at their
\nfair value through profit or loss, irrespective of the business model.
\nFinancial assets of the Group, like trade and other receivables, cash and
\ncash equivalents, are classified as financial assets measured at amortised
\ncost.
\n\n
\n\nFinancial liabilities, like borrowings and trade and other payables, are
\nclassified as financial liabilities measured at amortised cost.
\n
\n\n
\n\n
\n
\n\nFinancial liabilities
\nFinancial liabilities measured at amortised cost are initially measured at
\ntheir fair value less transaction costs, if any. After initial measurement,
\nfinancial liabilities are measured at amortised cost using the effective
\ninterest method.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag207": {
"value": "\nRecognition and derecognition
\nFinancial assets and financial liabilities are recognised when the Group
\nbecomes a party to contractual provisions of a financial instrument.
\nRegular way purchases and sales of financial assets are recognised on
\ntrade date, being the date on which the group commits to purchase or sell
\nthe asset. Financial assets are derecognised when the contractual rights
\nto the cash flows expire, or when the financial asset and substantially all
\nof the risks and rewards are transferred. A financial liability is
\nderecognised when it is extinguished, discharged, cancelled, or expired.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag221": {
"value": "\n
\n\nFinancial liabilities, like borrowings and trade and other payables, are
\nclassified as financial liabilities measured at amortised cost.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag204": {
"value": "\nFinancial liabilities, like borrowings and trade and other payables, are
\nclassified as financial liabilities measured at amortised cost.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag199": {
"value": "\n
\nExcept for trade receivables, the Group initially measures financial assets
\nat their fair value plus transaction costs. The Group measures its trade
\nreceivables at initial recognition on the transaction price of the revenue
\nrecognised. A trade receivable is recognised if the amount of the services
\nprovided to the customer is unconditional and the receivable relates only
\nto the passage of time. After initial recognition, financial assets are
\nmeasured at amortised cost using the effective interest method, less
\nallowance for expected credit losses.
\n\n
\n\nImpairment of financial assets
\nA credit loss allowance is recognised for the impairment of financial
\nassets. The credit loss allowance is based on the future expected credit
\n
\n\n
\n\n
\n\n
\n\n
\n\nexposures for the financial assets. The Group only has financial assets
\nwith a short lifetime, like trade and other receivables. The credit loss
\nallowance may be determined for the lifetime expected credit loss for
\nreceivables with a short lifetime (simplified approach).
\nApplying the simplified method, the Group uses the historical experience
\nof its activities, external indicators and forward-looking information to
\ncalculate the expected credit losses using a provision matrix. The
\nexpected credit losses on trade receivables and amounts to be invoiced
\nare estimated using a provision matrix by reference to historical credit
\nloss experience based on the Group\u2019s historical credit loss experience,
\nadjusted for factors that are specific to the debtors, general economic
\nconditions and an assessment of both the current and the forecast
\ndirection of conditions at the reporting date, including time value of
\nmoney where appropriate.
\n
\n\nA loss is recognised within other operating expenses. When a trade
\nreceivable becomes uncollectible, it is written off against the allowance
\naccount for doubtful debts. Subsequent recoveries of amounts previously
\nwritten off are credited against other operating expenses.
\nThe Group writes off a financial asset when there is information indicating
\nthat the debtor is in severe financial difficulty and there is no realistic
\nprospect of recovering the contractual cash flows. Financial assets written
\noff may still be subject to enforcement activities under the debt\u2019s
\nrecovery procedures. Any recoveries made are recognised in profit or loss.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag195": {
"value": "\n
\n\nImpairment of financial assets
\nA credit loss allowance is recognised for the impairment of financial
\nassets. The credit loss allowance is based on the future expected credit
\n
\n\n
\n\n
\n\nexposures for the financial assets. The Group only has financial assets
\nwith a short lifetime, like trade and other receivables. The credit loss
\nallowance may be determined for the lifetime expected credit loss for
\nreceivables with a short lifetime (simplified approach).
\nApplying the simplified method, the Group uses the historical experience
\nof its activities, external indicators and forward-looking information to
\ncalculate the expected credit losses using a provision matrix. The
\nexpected credit losses on trade receivables and amounts to be invoiced
\nare estimated using a provision matrix by reference to historical credit
\nloss experience based on the Group\u2019s historical credit loss experience,
\nadjusted for factors that are specific to the debtors, general economic
\nconditions and an assessment of both the current and the forecast
\ndirection of conditions at the reporting date, including time value of
\nmoney where appropriate.
\n
\n\nA loss is recognised within other operating expenses. When a trade
\nreceivable becomes uncollectible, it is written off against the allowance
\naccount for doubtful debts. Subsequent recoveries of amounts previously
\nwritten off are credited against other operating expenses.
\nThe Group writes off a financial asset when there is information indicating
\nthat the debtor is in severe financial difficulty and there is no realistic
\nprospect of recovering the contractual cash flows. Financial assets written
\noff may still be subject to enforcement activities under the debt\u2019s
\nrecovery procedures. Any recoveries made are recognised in profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag203": {
"value": "\nImpairment of financial assets
\nA credit loss allowance is recognised for the impairment of financial
\nassets. The credit loss allowance is based on the future expected credit
\n
\n\nexposures for the financial assets. The Group only has financial assets
\nwith a short lifetime, like trade and other receivables. The credit loss
\nallowance may be determined for the lifetime expected credit loss for
\nreceivables with a short lifetime (simplified approach).
\nApplying the simplified method, the Group uses the historical experience
\nof its activities, external indicators and forward-looking information to
\ncalculate the expected credit losses using a provision matrix. The
\nexpected credit losses on trade receivables and amounts to be invoiced
\nare estimated using a provision matrix by reference to historical credit
\nloss experience based on the Group\u2019s historical credit loss experience,
\nadjusted for factors that are specific to the debtors, general economic
\nconditions and an assessment of both the current and the forecast
\ndirection of conditions at the reporting date, including time value of
\nmoney where appropriate.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag215": {
"value": "\nFair value
\nFair value is the price that would be received to sell an asset or paid to
\ntransfer a liability in an orderly transaction between market participants
\nat the measurement date.
\nFinancial assets and financial liabilities measured at fair value in the
\nbalance sheet are grouped into three levels of the fair value hierarchy.
\nThe three levels are defined based on the observability of significant
\ninputs to the measurement, as follows:
\n- Level 1: Quoted prices (unadjusted) in active markets for identical
\nassets or liabilities;
\n- Level 2: Inputs other than quoted prices included in Level 1 that are
\nobservable for the asset or liability, either directly or indirectly; or
\n- Level 3: Unobservable inputs for the asset or liability.
\nThe fair values of borrowings are determined by using a discounted cash
\nflow method, using a discount rate that reflects the borrowing rate as at
\nthe end of the reporting period.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag200": {
"value": "\n2.8 Principles underlying the consolidated statement of cash flows
\nGeneral
\nThe consolidated statement of cash flows distinguishes between
\noperating, investing and financing activities.
\nCash flows from or used in operating activities
\nCash flows from or used in operating activities are calculated by the
\nindirect method, by adjusting the consolidated profit or loss before tax for
\nthe effects of transactions of a non-cash nature, any deferrals or accruals
\n
\n\nof past or future operating cash receipts or payments and items of income
\nor expense associated with investing or financing cash flows.
\nCash flows from or used in investing activities
\nCash flows from or used in investing activities are cash payments and/or
\nreceipts from capital expenditure and acquisitions.
\nCash flows from or used in financing activities
\nThe cash flows from or used in financing activities comprise the cash
\nreceipts and payments from the issue of shares, borrowings drawn or
\nrepaid.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag222": {
"value": "\n3 Significant accounting judgements and estimates
\nIn preparing these consolidated financial statements, the Management
\nBoard has made judgements and estimates that affect the application of
\nthe Group\u2019s accounting policies and the reported amounts of assets,
\nliabilities, income and expenses. Actual results may differ from these
\nestimates.
\n3.1 Judgements
\nConsolidation of Stichting Beheer Derdengelden Ease2pay
\nIn 2017, Ease2pay B.V. entered into an agreement with Stichting Beheer
\nDerdengelden Ease2pay (\"the Foundation\"), which sets out the conditions
\nand approach that enable the Foundation to perform its statutory
\nindependent obligations. The purpose of the Foundation is to safeguard
\nmoney of users of the transaction platform to pay for their parking and
\nfuelling services. The amounts entrusted by the users of the platform to
\nthe Foundation shall be used to pay parking and fuel providers for their
\nservices. Due to the agreement, the Group may exert an influence on the
\nFoundation\u2019s Board. It is agreed that all losses of the Foundation will be
\ncharged to Ease2pay B.V., consisting of operational expenses of the
\nFoundation (the reimbursements of Ease2pay B.V. reflects income of the
\nFoundation). Ease2pay B.V. settles the transactions on behalf of the
\nFoundation with Foundation\u2019s counterparties.
\nThe Group has concluded, in accordance with the consolidation
\nrequirements mentioned in note 2.3 - (i) influence in the Board, (ii)
\nexposed to variable results and (iii) the ability to exert an influence on the
\nBoard to affect Foundations\u2019 results - that the financial information of the
\nFoundation needs to be consolidated. The balance sheet of the
\nFoundation shows mainly cash and cash equivalents, trade and other
\nliabilities that are presented in the \u201cAmounts entrusted to Stichting
\nBeheer Derdengelden Ease2pay\u201d and \u201cLiabilities to Stichting Beheer
\nDerdengelden Ease2pay\u201d in the Group\u2019s consolidated statement of
\nfinancial position. The Foundation's cash and cash equivalents are legally
\nseparated and are only available to pay for services provided to the users
\nof the platform (in the line items mentioned above).
\nPrincipal versus agent for revenue out of settlement fees
\nThe Group has contracts with financial institutions that provide
\nservices to enable payment processing, for which payment network fees
\nare charged. The Group has applied judgement in determining whether it
\nhas control of the full payment service before the service is transferred to
\nits customers and whether the Group acts as an agent or principal in
\nrelation to the settlement fees charged by financial institutions.
\nThe Group is responsible for fulfilling the promise to provide payment
\ntransaction services. The Group is ultimately responsible for ensuring that
\nthe services are performed and are acceptable to the customers. The
\nGroup is thus considered to control the full payment service.
\n
\n
\n\nFor all payments of processing settlement services that are provided to
\ncustomers, the Group retains the exposure to financial institutions and
\nthe related payment costs. As such the Group has concluded it acts as
\nprincipal for these services purchased from financial institutions. The
\nprocessing fees are based on these related payment costs and other
\nrelevant costs for the processing services.
\n3.2 Estimates
\nImpairment test of goodwill and non-current assets of Involtum
\nOn an annual basis, the group tests whether goodwill (together with other
\nnon-current assets of a cash-generating unit, see note 11) is subject to
\nany impairment. For the 2022 reporting period, the recoverable amount
\nof the cash-generating units was determined based on value in use
\ncalculations, which require the use of assumptions. The calculations used
\nare cash flow projections based on financial budgets approved by
\nmanagement covering a five-year period. See note 11 for further details
\non these assumptions.
\nMeasurement of assets and liabilities acquired in a business
\ncombination
\nIn 2022, the Group acquired the activities of Involtum Holding B.V. and its
\nrespective companies it controls, which operates a comprehensive IoT
\nand payment platform. The main assets obtained are the platforms
\ntechnology, customer relationships and property, plant and equipment.
\nSee note 4 for the measurement of the assets and liabilities acquired and
\nthe related assumptions.
\nMeasurement of the parking services platform
\nThe Group assesses the measurement of the parking services platform
\nbased on historical cost less amortisations and impairments, if applicable,
\nby estimating the expected future earning capacity. See note 12 for
\nfurther details of this assessment.
\nMeasurement of deferred taxes
\nThe Group has obtained deferred taxes from its acquisition of Involtum
\nHolding B.V. and has a significant amount of unrecognised unused tax
\nlosses. The Group has a history of losses and has therefore no sufficient
\nevidence for offsetting unused taxes with possible future profits (see note
\n10.3).
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag111": {
"value": "\n\n4 Business combinations
\n\n\n\n4.1 Significant accounting policy
\nBusiness combinations are accounted for using the acquisition method.
\nThe cost of an acquisition is measured as the aggregate of the
\nconsideration transferred, which is measured at acquisition date at fair
\nvalue and the amount of any non-controlling interests in the acquiree. For
\neach business combination, the Group elects whether to measure the
\nnon-controlling interests in the acquiree at fair value, or at the
\nproportionate share of the acquiree\u2019s identifiable net assets, if any.
\nAcquisition-related costs are expensed as incurred and included in other
\noperational expenses in the consolidated statement of profit or loss.
\nWhen the Group acquires a business, it assesses the financial assets and
\nliabilities assumed for appropriate classification and designation in
\naccordance with the contractual terms, economic circumstances and
\npertinent conditions as at the acquisition date.
\nAny contingent consideration to be transferred by the acquirer will be
\nrecognised at fair value at the acquisition date, if any. Contingent
\nconsiderations classified as financial liabilities are measured at fair value
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nwith the changes in fair value recognised in the consolidated statement of
\nprofit or loss.
\n\nGoodwill is initially measured at cost as the excess of the aggregate of the
\nconsideration transferred and the amount recognised for non-controlling
\ninterests and any previous interest held over the net identifiable assets
\nacquired and liabilities assumed. If the fair value of the net assets
\nacquired is in excess of the aggregate consideration transferred, the
\nGroup re-assesses whether it has correctly identified all of the assets
\nacquired and all of the liabilities assumed and reviews the procedures
\nused to measure the amounts to be recognised at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets
\nacquired over the aggregate consideration transferred, then the gain is
\nrecognised in profit or loss.
\n\n\nAll identified assets and liabilities are measured at fair value, the main
\nremeasured items in the purchase price allocation are mentioned below.
\nPlatform \u2013 intangible assets
\nThe software acquired is needed for the energy portals, apps and
\npayments and was valued based on the cost approach that considers the
\ntime, knowledge and related expenses to reproduce the platform. The
\ncost approach is a generally accepted method to determine the fair value
\nof such an asset. This fair value is based on level 3 of the fair value
\nhierarchy. On the acquisition date, the useful life of this platform is
\ndetermined at five years.
\nCustomer relationships \u2013 intangible assets
\nCustomer relationships reflect the expected future benefits of existing
\nrelationships with customers at acquisition date, excluding selling orders
\nagreed. The customer relationships acquired as part of the acquired
\ncompanies were valued based on the Excess Earnings method, which
\nconsiders the attrition data, profitability data and growth of revenues
\ncoming from existing customers. The Excess Earnings method is a
\ngenerally accepted method to determine the fair value of such an asset.
\nThis fair value is based on level 3 of the fair value hierarchy. To determine
\nthe fair value of the customers relationships, varying growth rates have
\nbeen used: from 2% to 38% positive; attrition rates of 0% and discount
\nrates of 21%. On the acquisition date, the useful life of these customer
\nrelationships is determined at ten years.
\n\n\n\n\n\n\n\n\n\n4.2 Acquisition of Involtum Holding B.V.
\nOn 19 January 2022, the Group obtained control over Involtum Holding
\nB.V. by acquiring all of the shares of Involtum Holding B.V. (hereafter
\n\u201cInvoltum\u201d). Involtum and its group companies is a Dutch Group that
\nprovides the services of its Internet of Things switching and transaction
\nplatform. This platform has integrated invoicing and payment modules.
\nInvoltum's platform and services enable our customers to market
\ninnovative 'sharing' services.
\nInvoltum helps its customers with the development and improvement of
\ntheir services and aims to develop labels or communities that can be used
\nby multiple customers. In this way, Involtum enables parties to make a
\nlimited number of facilities available for a sharing service, without having
\nto develop a platform themselves. Involtum relieves providers of power
\nsupplies in marinas, in (sea) ports, on camping sites, in parking spaces
\n(electric transport), at events (festivals, markets, fairs) with its switching,
\nmetering, invoicing and payment solution. Wherever electricity is
\navailable and used temporarily, payment can be made possible.
\nWith customer-specific energy portals, smartphone apps and flexible
\npayment methods, Involtum literally takes care of everything that comes
\n\n\nwith offering energy. Involtum mobile power concepts enable customers
\nto activate electricity and other utilities using their smartphone, gain
\nrealtime insight into their consumption, receive customised bills and
\nenjoy easy and quick payment possibilities.
\nConsideration transferred and valuation of assets obtained
\nThe Group has issued shares to the shareholders of the acquiree to fulfil
\nthe acquisition consideration. The consideration transferred is EUR 27,635
\nthousand, consisting of 10,714,792 shares of Ease2pay N.V. with a price
\non the Euronext Amsterdam exchange of EUR 2.58 on 19 January 2022,
\nless the 1-year lock-up premium. The consideration is satisfied in shares of
\nEase2pay N.V. An investment cash outflow has not been included in the
\nconsolidated cash flow statement for this acquistion.
\nEUR thousands
\nInvoltum Holding B.V.
\nTechnology of the platform (intangible assets)
\n1,630
\nCustomer relationships (intangible assets)
\n1,195
\nOther equipment (property, plant and equipment)
\n595
\nTrade receivables
\n171
\nOther current assets
\n366
\nCash and cash equivalents
\n105
\nTrade and other liabilities
\n-1,205
\nDeferred taxes
\n-201
\nTotal identified assets obtained and liabilities assumed
\n2,656
\nGoodwill
\n24,979
\nConsideration transferred
\n27,635
\nOther disclosures of the business combination
\nThe goodwill of EUR 24,979 thousand primarily related to growth and
\nsynergy expectations by integrating the platforms and offering customers
\na more integrated and wider range of services and the expertise and
\nknowledge of the workforce (see note 11 for the impairment test of this
\n\n\ngoodwill). The goodwill is not tax deductible. The Group evaluates
\ngoodwill on impairments based on recent budgets and forecasts. Since
\nthe acquisition date, the revenue of the company acquired has been
\napproximately EUR 2.8 million and the net loss was approximately
\nEUR 1.4 million. The activities are included in the Group figures for the
\nwhole financial year period. The acquisition-related costs of this
\ntransaction are approximately EUR 706 thousand and are recognised in
\nthe other operating expenses in the consolidated statement of profit or
\nloss. The amount of issuance costs of shares related to the business
\ncombination is some EUR 327 thousand and is recognised in the share
\npremium. The fair value and the carrying amount of trade receivables are
\nEUR 171 thousand.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag113": {
"value": "\n\n\n4.1 Significant accounting policy
\nBusiness combinations are accounted for using the acquisition method.
\nThe cost of an acquisition is measured as the aggregate of the
\nconsideration transferred, which is measured at acquisition date at fair
\nvalue and the amount of any non-controlling interests in the acquiree. For
\neach business combination, the Group elects whether to measure the
\nnon-controlling interests in the acquiree at fair value, or at the
\nproportionate share of the acquiree\u2019s identifiable net assets, if any.
\nAcquisition-related costs are expensed as incurred and included in other
\noperational expenses in the consolidated statement of profit or loss.
\nWhen the Group acquires a business, it assesses the financial assets and
\nliabilities assumed for appropriate classification and designation in
\naccordance with the contractual terms, economic circumstances and
\npertinent conditions as at the acquisition date.
\nAny contingent consideration to be transferred by the acquirer will be
\nrecognised at fair value at the acquisition date, if any. Contingent
\nconsiderations classified as financial liabilities are measured at fair value
\n\n\n\n\n\n\n\n\nwith the changes in fair value recognised in the consolidated statement of
\nprofit or loss.
\n\nGoodwill is initially measured at cost as the excess of the aggregate of the
\nconsideration transferred and the amount recognised for non-controlling
\ninterests and any previous interest held over the net identifiable assets
\nacquired and liabilities assumed. If the fair value of the net assets
\nacquired is in excess of the aggregate consideration transferred, the
\nGroup re-assesses whether it has correctly identified all of the assets
\nacquired and all of the liabilities assumed and reviews the procedures
\nused to measure the amounts to be recognised at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets
\nacquired over the aggregate consideration transferred, then the gain is
\nrecognised in profit or loss.
\n\n\nAll identified assets and liabilities are measured at fair value, the main
\nremeasured items in the purchase price allocation are mentioned below.
\nPlatform \u2013 intangible assets
\nThe software acquired is needed for the energy portals, apps and
\npayments and was valued based on the cost approach that considers the
\ntime, knowledge and related expenses to reproduce the platform. The
\ncost approach is a generally accepted method to determine the fair value
\nof such an asset. This fair value is based on level 3 of the fair value
\nhierarchy. On the acquisition date, the useful life of this platform is
\ndetermined at five years.
\nCustomer relationships \u2013 intangible assets
\nCustomer relationships reflect the expected future benefits of existing
\nrelationships with customers at acquisition date, excluding selling orders
\nagreed. The customer relationships acquired as part of the acquired
\ncompanies were valued based on the Excess Earnings method, which
\nconsiders the attrition data, profitability data and growth of revenues
\ncoming from existing customers. The Excess Earnings method is a
\ngenerally accepted method to determine the fair value of such an asset.
\nThis fair value is based on level 3 of the fair value hierarchy. To determine
\nthe fair value of the customers relationships, varying growth rates have
\nbeen used: from 2% to 38% positive; attrition rates of 0% and discount
\nrates of 21%. On the acquisition date, the useful life of these customer
\nrelationships is determined at ten years.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag112": {
"value": "\n4.1 Significant accounting policy
\nBusiness combinations are accounted for using the acquisition method.
\nThe cost of an acquisition is measured as the aggregate of the
\nconsideration transferred, which is measured at acquisition date at fair
\nvalue and the amount of any non-controlling interests in the acquiree. For
\neach business combination, the Group elects whether to measure the
\nnon-controlling interests in the acquiree at fair value, or at the
\nproportionate share of the acquiree\u2019s identifiable net assets, if any.
\nAcquisition-related costs are expensed as incurred and included in other
\noperational expenses in the consolidated statement of profit or loss.
\nWhen the Group acquires a business, it assesses the financial assets and
\nliabilities assumed for appropriate classification and designation in
\naccordance with the contractual terms, economic circumstances and
\npertinent conditions as at the acquisition date.
\nAny contingent consideration to be transferred by the acquirer will be
\nrecognised at fair value at the acquisition date, if any. Contingent
\nconsiderations classified as financial liabilities are measured at fair value
\n\n\n\n\nwith the changes in fair value recognised in the consolidated statement of
\nprofit or loss.
\n\nGoodwill is initially measured at cost as the excess of the aggregate of the
\nconsideration transferred and the amount recognised for non-controlling
\ninterests and any previous interest held over the net identifiable assets
\nacquired and liabilities assumed. If the fair value of the net assets
\nacquired is in excess of the aggregate consideration transferred, the
\nGroup re-assesses whether it has correctly identified all of the assets
\nacquired and all of the liabilities assumed and reviews the procedures
\nused to measure the amounts to be recognised at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets
\nacquired over the aggregate consideration transferred, then the gain is
\nrecognised in profit or loss.
\n\n\nAll identified assets and liabilities are measured at fair value, the main
\nremeasured items in the purchase price allocation are mentioned below.
\nPlatform \u2013 intangible assets
\nThe software acquired is needed for the energy portals, apps and
\npayments and was valued based on the cost approach that considers the
\ntime, knowledge and related expenses to reproduce the platform. The
\ncost approach is a generally accepted method to determine the fair value
\nof such an asset. This fair value is based on level 3 of the fair value
\nhierarchy. On the acquisition date, the useful life of this platform is
\ndetermined at five years.
\nCustomer relationships \u2013 intangible assets
\nCustomer relationships reflect the expected future benefits of existing
\nrelationships with customers at acquisition date, excluding selling orders
\nagreed. The customer relationships acquired as part of the acquired
\ncompanies were valued based on the Excess Earnings method, which
\nconsiders the attrition data, profitability data and growth of revenues
\ncoming from existing customers. The Excess Earnings method is a
\ngenerally accepted method to determine the fair value of such an asset.
\nThis fair value is based on level 3 of the fair value hierarchy. To determine
\nthe fair value of the customers relationships, varying growth rates have
\nbeen used: from 2% to 38% positive; attrition rates of 0% and discount
\nrates of 21%. On the acquisition date, the useful life of these customer
\nrelationships is determined at ten years.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag114": {
"value": "\nGoodwill is initially measured at cost as the excess of the aggregate of the
\nconsideration transferred and the amount recognised for non-controlling
\ninterests and any previous interest held over the net identifiable assets
\nacquired and liabilities assumed. If the fair value of the net assets
\nacquired is in excess of the aggregate consideration transferred, the
\nGroup re-assesses whether it has correctly identified all of the assets
\nacquired and all of the liabilities assumed and reviews the procedures
\nused to measure the amounts to be recognised at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets
\nacquired over the aggregate consideration transferred, then the gain is
\nrecognised in profit or loss.
\n\n\nGoodwill is initially measured at cost, as the excess of the sum of the
\nconsideration transferred over the net of the acquisition-date amounts of
\nthe identifiable assets acquired and the liabilities assumed. After initial
\nrecognition, goodwill is measured at cost less accumulated impairments,
\nif any (see note 2.6).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag115": {
"value": "\n5.1 Significant accounting policy
\nRevenue is measured based on the consideration to which the Group
\nexpects to be entitled from contracts with customers and excludes
\namounts collected on behalf of third parties. The Group recognises
\nrevenue when it transfers control of the service to a customer.
\nA performance obligation is the unit of account for revenue recognition.
\nAt contract inception, the Group identifies the performance obligations
\nwithin the contract. To determine whether a promised service (or bundle
\nof services) is distinct, the Group applies judgment using two criteria:
\n- Capable of being distinct: The customer can benefit from the good or
\nservice on its own or together with other readily available resources.
\n- Distinct within the context of the contract: The Group considers a
\npromise distinct within the context of the contract when the
\npromised transfer of the good or service is separately identifiable
\nfrom other promises in the contract.
\n\n\n\nBesides the other services, the revenue of the Group consists of two fees:
\n- Settlement fees: A customer obtains the right to execute transactions
\non the platform in a specific period. This is a performance obligation
\nsatisfied over time. Settlement fees are fixed fees per period and are
\nrecognised on a straight-line basis in the period.
\n- Processing fees: A customer executes transactions at one moment on
\nthe platform. This is a performance obligation satisfied over time (in a
\nvery short timeframe). Processing fees are fees per transactions and
\nare recognised when the transaction has been executed.
\nBesides these fees, the Group provides connectors to customers to be
\nable to connect to the platform. These performance obligations are
\nsatisfied at a point in time. The Group also provides other services mainly
\nproviding power to customers via its public connectors or maintenance of
\nthe platform to connect or provide services to customers, these
\nperformance obligations are satisfied over time.
\n\nRevenue is measured net of discounts, value added tax and other sales-
\nrelated taxes. There are no significant financing components in the
\ncontracts.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag116": {
"value": "\nRevenue is measured net of discounts, value added tax and other sales-
\nrelated taxes. There are no significant financing components in the
\ncontracts.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag117": {
"value": "\n5.2 Revenue
\nEUR thousands 2022 2021
\nSettlement fees
\n869 138
\nProcessing fees
\n697 199
\nOther services (performance obligations
\n670 17
\nsatisfied over time)
\nOther services (performance obligations
\n1,14
\n6
\n0
\nsatisfied at a point-in-time)
\n3,382 354
\nAmounts for the year 2021 have been reclassified for comparative
\npurposes.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag118": {
"value": "\n\n5.3 Segment information
\nThe basis of the segment information is the periodical assessment of the
\nChief Operating Decision Maker (CODM). The Management Board is
\nidentified as CODM. The Group\u2019s business model is based on its platform
\nfor parking, fuelling, Internet of Things switching, transactions and other
\n(supporting) services and are identified as one reporting segment. The
\nManagement Board also assesses the performance of the Group also on
\nthe basis of the complete platform. The segment information is identical
\nto the consolidated financial information in these financial statements,
\ndue to the limited size of the reporting segment and the operations of the
\npayment platform.
\n\nSegment information is measured according to the same policy as assets,
\nliabilities, income and expenses in these consolidated financial
\nstatements. The Group is in a scale-up phase for which a strict
\nmanagement of costs is essential. The Management Board assesses the
\noperational costs that affect directly the Group\u2019s revenue:
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag119": {
"value": "\nSegment information is measured according to the same policy as assets,
\nliabilities, income and expenses in these consolidated financial
\nstatements. The Group is in a scale-up phase for which a strict
\nmanagement of costs is essential. The Management Board assesses the
\noperational costs that affect directly the Group\u2019s revenue:
\n\n\nEUR thousands 2022 2021
\nCost incurred from financial institutions and other
\n-2,532 -27
\n0
\ncosts
\nEmployee benefits
\n-1,107 -19
\n7
\nOther operating expenses
\n-1,533 -47
\n4
\nTotal
\n-5,172 -94
\n1
\nRevenue
\n3,382 35
\n4
\nThe increase in the year relates to the revenue of the activities of
\nInvoltum that are acquired in beginning 2022. Revenues of approximately
\nEUR 1,565 thousand (2021: EUR 36 thousand) are derived from a single
\nexternal customer.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag98": {
"value": "\n6 Cost of revenue
\nEUR thousands 2022 2021
\nCost incurred from financial institutions related to
\npayment transactions
\n904
\n270
\nCost for power supply and other platform related
\nservices
\n511
\n0
\nCost of goods sold to enable platform services
\n1,117
\n0
\n2,532 270
\nCost incurred from financial institutions related to payment transactions
\ninclude expenses that relate to external expenses to service these
\ntransactions. Cost for power supply and other platform related services
\ninclude expenses that relate to external expenses for power purchases.
\nCost of goods sold to enable platform services include expenses for new,
\nexpanding and replacing existing connectors that are sold to customers.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag108": {
"value": "\n
\nSignificant accounting policy
\nShort-term employee benefits are expensed as the related service is
\nprovided. A liability is recognised for the amount expected to be paid if
\nthe Group has a present legal or constructive obligation to pay this
\namount because of past service provided by the employee and the
\nobligation can be estimated reliably. Staff costs comprise directly
\nattributable costs of staff, Management Board and Supervisory Board
\nmembers, social security contributions, pension contribution payments
\nand temporary staff expenses.
\nPension contribution payments of the Group relate to defined-
\ncontribution plans, which are recognised as an expense when employees
\nhave rendered services entitling them to the payments.
\n\nThe Group may receive government grants to compensate personnel
\nexpenses related to specific activities of employees. Grants from the
\ngovernment are recognised at their fair values where there is a
\nreasonable assurance that the grant will be received and the Group will
\ncomply with all conditions attached.
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag109": {
"value": "\nThe Group may receive government grants to compensate personnel
\nexpenses related to specific activities of employees. Grants from the
\ngovernment are recognised at their fair values where there is a
\nreasonable assurance that the grant will be received and the Group will
\ncomply with all conditions attached.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag104": {
"value": "\n
\nEmployee expenses
\nEUR thousands
\n2022
\n2021
\nWages and salaries
\n756
\n154
\nSocial security contributions
\n135
\n29
\nPension contribution payments
\n7
\n7
\nOther employee expenses
\n209
\n7
\n1,107
\n197
\nOther employee benefits include also expenses of external business
\ndevelopment staff. The Group received government grants related to
\nemployee activities in the amount of EUR 30 thousand (2021: EUR 29
\nthousand) included as part of the Wages and salaries.
\n\nWorkforce
\nThe average number of employees is summarised below.
\nAverage number of FTEs
\n2022
\n2021
\nManagement
\n3.8
\n2.0
\nPlatform and administrative
\n10.7
\n4.6
\n14.5
\n6.6
\nAll people are employed in the Netherlands.
\n
\n\n
\n\n
\n\n23.3 Management and Supervisory Boards
\nManagement Board
\nThe remuneration of the members of the Management Board is in
\naccordance with the responsibilities of their respective positions. The
\ndifferent positions are weighted, considering aspects such as the scope
\nand nature of responsibilities, the complexity of the management context
\nin which they operate and the required knowledge, experience and
\ncompetences required. The remuneration of the members of the
\nManagement Board consists of a fixed amount. No variable, pension or
\nother benefits were granted.
\nSalaries
\nTotal
\nEUR thousands
\n(short-term)
\nMr Jan H.L. Borghuis
\n82 82
\nMr Maarten L. Hektor (from 19 January to
\n82 82
\n27 December 2022)
\nMr Gijs J. van Lookeren Campagne
\n82 82
\nMr Edwin M. Noomen (from 19 January to
\n82 82
\n27 December 2022)
\n328 328
\nThe Management Board members were not entitled to pension premiums
\nas part of their remuneration. In January 2022, the Management Board
\nmembers entered into employment agreements with the Group. Until
\nthat date, the Group had entered into agreements with the respective
\nmanagement companies of the Group\u2019s Board Members, based on the
\nprevious agreements Mr Borghuis and Mr van Lookeren Campagne were
\npaid each EUR 22 thousand each in 2021. These management companies
\nare the only two sole participants in the partnership (The Internet of Cars
\nV.O.F.) that has a significant influence in the Group. In the year under
\nreview, loans were not provided to the members of the Management
\nBoard members (2021: no loans).
\nSupervisory Board
\nIn 2022 and 2021, the members of the Supervisory Board received
\ncompensation for their work, as shown below. The compensations are
\ncommensurate with the time spent on their activities. On 30 June 2022,
\nMs Melis, Ms Terpstra, Mr Withagen and Mr De Witte were appointed
\nand Mr Fahrner and Ms Van der Veer resigned.
\nEUR thousands
\n2022 2021
\nMr W.C.H. Fahrner (until 30 June 2022)
\n510
\nMs Manuela N.D. Melis (from 30 June 2022)
\n60
\nMs Marijke A.J. Terpstra (from 30 June 2022)
\n60
\nMs N. van der Veer (until 30 June 2022)
\n510
\nMr Heini C.A.M. Withagen (from 30 June 2022)
\n60
\nMr Tom M. de Witte (from 30 June 2022)
\n80
\n6
\n3
\n20
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag106": {
"value": "The Group received government grants related toemployee activities in the amount of EUR 30 thousand (2021: EUR 29thousand) included as part of the Wages and salaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag107": {
"value": "\nWorkforce
\nThe average number of employees is summarised below.
\nAverage number of FTEs
\n2022
\n2021
\nManagement
\n3.8
\n2.0
\nPlatform and administrative
\n10.7
\n4.6
\n14.5
\n6.6
\nAll people are employed in the Netherlands.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag100": {
"value": "\n8 Other operating expenses
\nEUR thousands
\n2022
\n2021
\nAdvisory and consultancy expenses
\n1,117
\n327
\nOther expenses
\n416
\n147
\n1,533
\n474
\nOther expenses have mainly increased due to the acquisition of Involtum.
\nSee note 27.2 Other expenses in the company financial statements for the
\ndisclosure of the remuneration of independent auditors.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag97": {
"value": "\n9 Finance expenses
\nSee note 2.7 for the relevant accounting policy.
\nEUR thousands 2022 2021
\nInterest credit facilities
\n8 10
\nInterest bank overdrafts
\n15 0
\n23 10
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag110": {
"value": "\n
\n10 Income taxes
\n10.1 Significant accounting policy
\n\nTax expense or income recognised in the consolidated financial statement
\nof profit or loss comprises the sum of deferred tax and current tax that is
\nnot recognised in other comprehensive income or directly in equity.
\nCurrent and deferred taxes are calculated based on tax rates and tax laws
\nthat were enacted or substantively enacted by the end of the reporting
\nperiod. Deferred tax is the tax expected to be payable or recoverable on
\ndifferences between the carrying amounts of assets and liabilities in the
\nfinancial statements and the corresponding tax bases used in the
\ncomputation of taxable profit and is accounted for using the liability
\nmethod. Deferred tax assets and liabilities are generally recognised for all
\ntemporary differences. Deferred tax assets could also arise from unused
\ntax losses and tax credits.
\n
\n
\n\nDeferred tax assets are recognised to the extent that it is probable that
\ntaxable profits will be available against deductible temporary differences
\nthat can be utilised. In case of a history of recent losses exists, a deferred
\ntax asset is only recognised for unused tax losses to the extent that
\nsufficient taxable temporary differences are available or convincing other
\nevidence exists that sufficient taxable profit will be available to utilise for
\nthe unused tax losses. Such assets and liabilities are not recognised if the
\ntemporary difference arises from the initial recognition (other than in a
\nbusiness combination) of other assets and liabilities in a transaction that
\naffects neither the taxable profit nor the accounting profit. Deferred tax
\nliabilities are not recognised if the temporary difference arises from the
\ninitial recognition of goodwill.
\nThe carrying amount of deferred tax assets is reviewed at each reporting
\ndate and adjusted to the extent that it is (no longer) probable that
\nsufficient taxable profits will be available to allow all or part of the asset
\nto be recovered.
\nDeferred tax assets and liabilities are offset when there is a legally
\nenforceable right to set off current tax assets against current tax liabilities
\nand when they relate to income taxes levied by the same taxation
\nauthority on either the same taxable entity or different taxable entities
\nwhich intend to settle their current tax assets and liabilities either on a
\nnet basis or simultaneously.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag101": {
"value": "\nTax expense or income recognised in the consolidated financial statement
\nof profit or loss comprises the sum of deferred tax and current tax that is
\nnot recognised in other comprehensive income or directly in equity.
\nCurrent and deferred taxes are calculated based on tax rates and tax laws
\nthat were enacted or substantively enacted by the end of the reporting
\nperiod. Deferred tax is the tax expected to be payable or recoverable on
\ndifferences between the carrying amounts of assets and liabilities in the
\nfinancial statements and the corresponding tax bases used in the
\ncomputation of taxable profit and is accounted for using the liability
\nmethod. Deferred tax assets and liabilities are generally recognised for all
\ntemporary differences. Deferred tax assets could also arise from unused
\ntax losses and tax credits.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag103": {
"value": "\n
\n\n10.2 Income tax recognised in profit or loss
\nEUR thousands
\n2022 2021
\nCurrent tax expense / income
\n0 0
\nDeferred tax expense / income
\n-371 0
\nIncome tax expense / income
\n-371 0
\nReconciliation of the effective income tax rate
\nA tax rate of 15.0% (2021: 15.0%) is applicable to profits with a threshold
\nof EUR 395 thousand (2021: EUR 245 thousand). Profits exceeding this
\namount are subject to a tax rate of 25.8% (2021: 25.0%).
\nThe income tax expense or benefit for the year reconciled to the
\naccounting loss is as follows:
\nEUR thousands 2022 2021
\nLoss before income tax
\n-26,446 -808
\nIncome tax benefit calculated at 25.8% Dutch income
\ntax rate
\n6,823 202
\nEffect of lower tax rate for income up to EUR 395
\nthousand (2021: EUR 245 thousand)
\n-43 -25
\nRemeasurement deferred tax asset of unused tax losses
\n-457 0
\nTax losses not eligible to recognise deferred tax assets
\n-6,694 -177
\nIncome tax expense
\n-371 0
\n
\n\n10.3 Deferred taxes
\nThe changes in deferred taxes for 2022 are summarised below.
\nEUR thousands
\nAs at
\n1 January
\nBusiness
\ncombinations
\nProfit or loss
\nAs at 31
\nDecember
\nIntangible assets
\n0 -
\n507
\n45 -462
\nProperty, plant and
\nequipment
\n0 -
\n151
\n41 -110
\nUnused tax losses
\n0
\n457
\n-457 0
\n0 -
\n201
\n-371 -572
\nThe deferred taxes arisen at the acquisition of Involtum are remeasured
\nat nil based on the existing historical tax losses of both Ease2pay and
\nInvoltum. Some EUR 100 thousand of the deferred tax liabilities is
\nexpected to be released within one year (2021: nil). On 31 December
\n2021, the deferred taxes were nil and no changes had occurred in 2021.
\nExpiry period of unrecognised tax losses
\nUnused tax losses are not recognised due to the advancing negative
\nresults of the Group in the year under review and losses in previous years.
\nOn 1 January 2022, the Dutch tax provisions for compensation of tax
\nlosses changed. From that date, tax losses will be carried-forward
\nunlimitedly and can compensate for at least EUR 1 million, if any, or to a
\nmaximum of 50% of the taxable profit per year less EUR 1 million. This
\nmechanism prevents leakage of tax losses, but a longer period is needed
\nto compensate all losses. The tax losses are summarised hereafter.
\nExpiration of the unrecognised deferred taxes
\n2022
\n2021
\nUnlimited
\n12,825
\n0
\nExpire in 2025
\n0
\n1,387
\nExpire in 2026
\n0
\n1,051
\nExpire in 2027
\n0
\n1,519
\nTotal
\n12,825
\n3,957
\nAs from 2023, a tax rate of 19% (2022: 15%) has been applied to the
\nunused tax losses for results of EUR 200 thousand per year (2022:
\nEUR 395 thousand per year) and 25.8% to profits above this threshold
\n(2022: 25.8%). Based on the tax rate of 25.8%, the unrecognised tax losses
\nrepresent a tax asset of EUR 3,191 thousand (2021: EUR 1,021 thousand,
\nbased on a tax rate of 25.8%).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag99": {
"value": "\n10.2 Income tax recognised in profit or loss
\nEUR thousands
\n2022 2021
\nCurrent tax expense / income
\n0 0
\nDeferred tax expense / income
\n-371 0
\nIncome tax expense / income
\n-371 0
\nReconciliation of the effective income tax rate
\nA tax rate of 15.0% (2021: 15.0%) is applicable to profits with a threshold
\nof EUR 395 thousand (2021: EUR 245 thousand). Profits exceeding this
\namount are subject to a tax rate of 25.8% (2021: 25.0%).
\nThe income tax expense or benefit for the year reconciled to the
\naccounting loss is as follows:
\nEUR thousands 2022 2021
\nLoss before income tax
\n-26,446 -808
\nIncome tax benefit calculated at 25.8% Dutch income
\ntax rate
\n6,823 202
\nEffect of lower tax rate for income up to EUR 395
\nthousand (2021: EUR 245 thousand)
\n-43 -25
\nRemeasurement deferred tax asset of unused tax losses
\n-457 0
\nTax losses not eligible to recognise deferred tax assets
\n-6,694 -177
\nIncome tax expense
\n-371 0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag105": {
"value": "\n
\nChanges in goodwill
\nEUR thousands
\n2022
\n2021
\nBalance as at 1 January
\n0
\n0
\nAcquired in business combinations (see note 4)
\n24,979
\n0
\nImpairment losses
\n-
\n23,766
\n0
\nChanges in the year
\n1,213
\n0
\nCost
\n24,979
\n0
\nAccumulated impairment losses
\n-
\n23,766
\n0
\nBalance as at 31 December
\n1,213
\n0
\n\n
\nImpairment test of non-financial non-current assets
\n\nThe recoverable amount is determined based on value-in-use
\ncalculations, covering a detailed five-year forecast, followed by an
\nextrapolation of expected cash flows using a declining growth rate
\ndetermined by management. The present value of the expected cash
\nflows of each unit is determined by applying a suitable discount rate
\nreflecting current market assessments of the time value of money and
\nrisks specific to the segment.
\n
\n\nAssumptions used
\nThe Group distinguishes two cash generating units:
\n- NomadPower and related services: a service line with activities for
\nelectricity supply and charging infrastructure and digital payment for
\nself-service in ports, truck parks, camp sites, marinas and carwashes;
\nand
\n- Communication with devices connected: a services line with activities
\nto activate and deactivate washing machines, dryers and/or other
\nequipment for among others launderette via the platform.
\nThe value in use of the cash generating units NomadPower and related
\nservices and Communication with devices connected are based on the
\ncash flow projections reflect increasing profit margins in the forecast five-
\nyear period. After this period the cash flows are extrapolated. No
\nexpected efficiency improvements have been considered and prices and
\nwages reflect publicly available forecasts of inflation in the industry over
\nthe forecast five-year period. Management is currently not aware of any
\nother reasonably possible changes to key assumptions that would cause a
\ncash-generating unit\u2019s carrying amount to exceed its recoverable amount.
\nThe discount rate and long-term growth rate are shown below.
\nCash generating units
\nDiscount rate
\nLong-
\nterm
\ngrowth rate
\nNomadPower and related services
\n17.5%
\n2.4%
\nCommunication with devices connected
\n17.5%
\n2.4%
\nImpairment loss
\nThe effect of the impairment test on the goodwill is showed hereafter.
\nGoodwill per cash generating unit
\nEUR thousands
\nBefore
\nimpairment Impairment
\nAfter
\nimpairment
\nNomadPower and related services
\n23,766 -23,766 0
\nCommunication with devices connected
\n1,213 0 1,213
\nTotal
\n24,979 -
\n23,766
\n1,213
\nThe cash generating unit of NomadPower and its related services have a
\nvalue in use of EUR 1.1 million and equals the carrying amount of the
\nrelated assets after impairment of goodwill. After the acquisition of these
\nactivities, the Group decided to cancel its further expansions of its
\ncharging station network for trucks and focus on the switching platform
\n
\n
\n\n
\n
\n\n
\n\nonly, at least for the medium term. The expansion of charging stations
\nrequires additional capital. During the second half of 2022, it became
\nclear that the Group was unable to obtain sufficient capital for this
\nexpansion. In the year 2022, significant challenges arose in this context,
\nsuch as the higher and volatile power prices, which required higher capital
\nrequirements for a company in this industry, and high inflation, which
\nsubstantially increased the capital required for such an investment. The
\nGroup decided to optimise the processes of these activities and aim for
\nfurther growth of the platform switching services. This resulted in lower
\nexpected future cash inflows, significantly lower to make up the purchase
\nprice of this part of Involtum Holding B.V.
\nThe value in use of the cash generating unit Communication with devices
\nconnected is EUR 2.5 million and the carrying amount of the related
\nassets is EUR 2.3 million.
\nSensitivity
\nEUR thousands
\nHeadroom
\nDiscount rate
\nincrease of 1%
\nLong-term growth
\ndecrease of 0.5%
\nCash generating units after goodwill impairment
\nNomadPower and its related services
\nn.a. n.a. n.a.
\nCommunication with devices connected
\n0.2 0.2 0.1
\nAfter the impairment of the goodwill of the cash generation unit
\nNomadPower and its related services all goodwill impaired. The cash
\ngenerating unit Communication with devices connected would not be
\nimpaired if the discount rate 1% increases.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag102": {
"value": "\n
\nImpairment test of non-financial non-current assets
\n\nThe recoverable amount is determined based on value-in-use
\ncalculations, covering a detailed five-year forecast, followed by an
\nextrapolation of expected cash flows using a declining growth rate
\ndetermined by management. The present value of the expected cash
\nflows of each unit is determined by applying a suitable discount rate
\nreflecting current market assessments of the time value of money and
\nrisks specific to the segment.
\n
\n\nAssumptions used
\nThe Group distinguishes two cash generating units:
\n- NomadPower and related services: a service line with activities for
\nelectricity supply and charging infrastructure and digital payment for
\nself-service in ports, truck parks, camp sites, marinas and carwashes;
\nand
\n- Communication with devices connected: a services line with activities
\nto activate and deactivate washing machines, dryers and/or other
\nequipment for among others launderette via the platform.
\nThe value in use of the cash generating units NomadPower and related
\nservices and Communication with devices connected are based on the
\ncash flow projections reflect increasing profit margins in the forecast five-
\nyear period. After this period the cash flows are extrapolated. No
\nexpected efficiency improvements have been considered and prices and
\nwages reflect publicly available forecasts of inflation in the industry over
\nthe forecast five-year period. Management is currently not aware of any
\nother reasonably possible changes to key assumptions that would cause a
\ncash-generating unit\u2019s carrying amount to exceed its recoverable amount.
\nThe discount rate and long-term growth rate are shown below.
\nCash generating units
\nDiscount rate
\nLong-
\nterm
\ngrowth rate
\nNomadPower and related services
\n17.5%
\n2.4%
\nCommunication with devices connected
\n17.5%
\n2.4%
\nImpairment loss
\nThe effect of the impairment test on the goodwill is showed hereafter.
\nGoodwill per cash generating unit
\nEUR thousands
\nBefore
\nimpairment Impairment
\nAfter
\nimpairment
\nNomadPower and related services
\n23,766 -23,766 0
\nCommunication with devices connected
\n1,213 0 1,213
\nTotal
\n24,979 -
\n23,766
\n1,213
\nThe cash generating unit of NomadPower and its related services have a
\nvalue in use of EUR 1.1 million and equals the carrying amount of the
\nrelated assets after impairment of goodwill. After the acquisition of these
\nactivities, the Group decided to cancel its further expansions of its
\ncharging station network for trucks and focus on the switching platform
\n
\n
\n\nonly, at least for the medium term. The expansion of charging stations
\nrequires additional capital. During the second half of 2022, it became
\nclear that the Group was unable to obtain sufficient capital for this
\nexpansion. In the year 2022, significant challenges arose in this context,
\nsuch as the higher and volatile power prices, which required higher capital
\nrequirements for a company in this industry, and high inflation, which
\nsubstantially increased the capital required for such an investment. The
\nGroup decided to optimise the processes of these activities and aim for
\nfurther growth of the platform switching services. This resulted in lower
\nexpected future cash inflows, significantly lower to make up the purchase
\nprice of this part of Involtum Holding B.V.
\nThe value in use of the cash generating unit Communication with devices
\nconnected is EUR 2.5 million and the carrying amount of the related
\nassets is EUR 2.3 million.
\nSensitivity
\nEUR thousands
\nHeadroom
\nDiscount rate
\nincrease of 1%
\nLong-term growth
\ndecrease of 0.5%
\nCash generating units after goodwill impairment
\nNomadPower and its related services
\nn.a. n.a. n.a.
\nCommunication with devices connected
\n0.2 0.2 0.1
\nAfter the impairment of the goodwill of the cash generation unit
\nNomadPower and its related services all goodwill impaired. The cash
\ngenerating unit Communication with devices connected would not be
\nimpaired if the discount rate 1% increases.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag172": {
"value": "\nSignificant accounting policy
\nIntangible assets represent the payment transaction platform (the
\n\u201cplatform\u201d) that provides services for the settlement of parking and
\nfuelling, Internet of Things switching, transaction platform and other
\nservices. Intangible assets acquired in a business combination are
\nrecognised separately from goodwill and are initially recognised at their
\nfair values at the acquisition date (which is regarded as their cost). After
\ninitial recognition, intangible assets acquired in a business combination
\nare reported at cost less accumulated amortisation and accumulated
\nimpairment losses, if any. Amortisation is recognised on a straight-line
\nbasis over the useful life of the asset.
\nIntangible assets arising from development are recognised provided that
\nthe following criteria are met (i) the development costs can be measured
\nreliably, (ii) the activities are technically and commercially feasible, (iii)
\nthe Group intends to and has sufficient resources to complete the project,
\n(iv) the Group has the ability to use or sell the software, and (iv) the
\nactivities will likely generate future economic benefits. Development costs
\nnot meeting these criteria for capitalisation are expensed as incurred.
\nIntangible assets arising from development or acquired separately are
\nmeasured at cost less accumulated amortisation and accumulated
\nimpairment losses, if any. Amortisation is recognised on a straight-line
\nbasis over the useful life of the asset. The useful life and amortisation
\nmethod are reviewed at the end of each reporting period.
\nIntangible assets are derecognised upon disposal, or when no future
\neconomic benefits are expected from their use or disposal. Any resulting
\ngain or loss is measured as the difference between the net disposal
\nproceeds and the carrying amount of the asset and is recognised in profit
\nor loss when the asset is derecognised.
\nResearch and development expenses
\nThe Group has incurred some EUR 247 thousand for research and
\ndevelopment expenses (2021: EUR 150 thousand).
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag168": {
"value": "Afterinitial recognition, intangible assets acquired in a business combinationare reported at cost less accumulated amortisation and accumulatedimpairment losses, if any. Amortisation is recognised on a straight-linebasis over the useful life of the asset.Intangible assets arising from development or acquired separately aremeasured at cost less accumulated amortisation and accumulatedimpairment losses, if any. Amortisation is recognised on a straight-linebasis over the useful life of the asset.Depreciation is calculatedfrom the date an asset becomes available for use and is provided on astraight-line basis over the estimated useful life of each part of an item ofproperty, plant and equipment. The depreciation method, useful lives andresidual values are reviewed annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag164": {
"value": "\nChanges in intangible assets
\nEUR thousands
\nPlatform
\ntechnology
\nCustomer
\nrelationships Total
\nAs at 1 January 2022
\nCost
\n2,529 0 2,529
\nAccumulated amortisation
\n-710 0 -710
\nCarrying amount as at 1 January 2022
\n1,819 0 1,819
\nChanges in the year
\nAcquired through business combination
\n1,630
\n1,195
\n2,825
\nAmortisation charge
\n-
\n578
\n-
\n120
\n-
\n698
\n1,052
\n1,075
\n2,127
\nAs at 31 December 2022
\nCost
\n4,159 1,195 5,354
\nAccumulated amortisation
\n-1,288 -120 -1,408
\nCarrying amount as at 31 December 2022
\n2,871 1,075 3,946
\nUseful life in years
\n5
\n-
\n10
\n10
\nRemaining useful life in years
\n4
\n-
\n8
\n9
\nAs at 1 January 2021
\nCost
\n1,858 0 1,858
\nAccumulated amortisation
\n-499 0 -499
\nCarrying amount as at 1 January 2021
\n1,359 0 1,359
\nChanges in the year
\nAcquired through business combination
\n671 0 671
\nAmortisation charge
\n-211 0 -211
\n460 0 460
\nAs at 31 December 2021
\nCost
\n2,529 0 2,529
\nAccumulated amortisation
\n-710 0 -710
\nCarrying amount as at 31 December 2021
\n1,819 0 1,819
\nUseful life in years
\n10 -
\nRemaining useful life in years
\n7 -
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag167": {
"value": "\nSignificant accounting policy
\nProperty, plant and equipment relate to energy charging connections and
\nother equipment and are measured at cost less accumulated depreciation
\nand accumulated impairment losses, if any. Depreciation is calculated
\nfrom the date an asset becomes available for use and is provided on a
\nstraight-line basis over the estimated useful life of each part of an item of
\nproperty, plant and equipment. The depreciation method, useful lives and
\nresidual values are reviewed annually.
\nAn asset is derecognised upon disposal or when no future economic
\nbenefits are expected to arise from its continued use. Any resulting gain
\nor loss is measured as the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognised in profit or loss when the
\nasset is derecognised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag163": {
"value": "\nChanges in other equipment
\nEUR thousands 2022
\n2021
\nAs at 1 January
\nCost
\n6
\n6
\nAccumulated depreciation
\n-
\n4
\n-
\n4
\nCarrying amount as at 1 January
\n2
\n2
\nChanges in the year
\nAcquired through business combination
\n595
\n0
\nAdditions
\n6
\n0
\nDepreciation charge
\n-169
\n0
\n432
\n0
\nAs at 31 December
\nCost
\n607
\n6
\nAccumulated depreciation
\n-
\n173
\n-
\n4
\nCarrying amount as at 31 December
\n434
\n2
\nUseful life in years
\n2 - 5
\n2
\n
\n\nThe depreciation expenses include an impairment loss of EUR 49
\nthousand for some items of other equipment due to damages.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag174": {
"value": "\n14 Trade and other receivables
\nSee note 2.7 for the relevant accounting policy.
\nEUR thousands As at 31 December
\n2022 2021
\nTrade receivables
\n276 8
\nReceivables outstanding for merchants
\n422 0
\nAmounts to be invoiced
\n162 7
\nValue added tax receivable
\n110 0
\nOther receivables and accruals
\n324 10
\nTotal
\n1,294 25
\nThe aging of the trade receivable is shown below.
\nAs at 31 December 2022
\nCredit loss
\nCarrying
\nEUR thousands
\nGross amount
\nallowance
\namount
\nNot past due
\n193 0 193
\n0 to 30 days
\n30 0 30
\n30 to 60 days
\n808
\nMore than 60 days
\n47 -2 45
\nTotal
\n278 -2 276
\nAs at 31 December 2021
\nCredit loss
\nCarrying
\nEUR thousands
\nGross amount
\nallowance
\namount
\nNot past due
\n606
\n0 to 30 days
\n101
\n30 to 60 days
\n000
\nMore than 60 days
\n101
\nTotal
\n808
\nThe credit risk of the trade receivables is limited for the parking and
\nfuelling payment processing, as most receivables are paid from the
\namounts trusted to Stichting Beheer Derdengelden Ease2pay of the
\nfoundation. For the services of the Internet of Things switching and
\ntransaction platform and other goods provided, the Group has direct
\nreceivables from its customers. Merchants bear the credit risk of
\nreceivables outstanding for merchants.
\nThe movement of the credit loss allowance is summarised below.
\nEUR thousands 2022 2021
\nBalance as at 1 January
\n00
\nAdditions
\n20
\nBalance as at 31 December
\n20
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag190": {
"value": "\n\n\n15 Amounts entrusted to Stichting Beheer Derdengelden Ease2pay
\nSee note 2.7 for the relevant accounting policy.
\nAmounts entrusted to Stichting Beheer Derdengelden Ease2pay are
\namounts received for the services of the providers of parking and fuelling
\nservices and amount to EUR 747 thousand (2021: EUR 344 thousand). The
\namounts are separated in an entity segregated from the Group, the
\nfoundation, Stichting Beheer Derdengelden Ease2pay (the Foundation), to
\npay the service providers (for parking and fuelling) when their services are
\nprovided to customers using the platform.
\n\n\n
\n\n
\n\n19 Liabilities to Stichting Beheer Derdengelden Ease2pay
\nSee note 2.7 for the relevant accounting policy.
\nAn amount of EUR 322 thousand of the liabilities to Stichting Beheer
\nDerdengelden Ease2pay relates to amounts received by the Foundation
\nfrom users of the platform to be used to pay parking and fuel providers
\n(EGI credits) (2021: EUR 254 thousand) and an amount of EUR 428
\nthousand to amounts payable to providers of parking services or fuel
\n(merchants) (2021: EUR 94 thousand).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag191": {
"value": "\n15 Amounts entrusted to Stichting Beheer Derdengelden Ease2pay
\nSee note 2.7 for the relevant accounting policy.
\nAmounts entrusted to Stichting Beheer Derdengelden Ease2pay are
\namounts received for the services of the providers of parking and fuelling
\nservices and amount to EUR 747 thousand (2021: EUR 344 thousand). The
\namounts are separated in an entity segregated from the Group, the
\nfoundation, Stichting Beheer Derdengelden Ease2pay (the Foundation), to
\npay the service providers (for parking and fuelling) when their services are
\nprovided to customers using the platform.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag175": {
"value": "\n16 Cash and cash equivalents
\nSee note 2.7 for the relevant accounting policy.
\nThe cash and cash equivalents amounting to EUR 3,378 thousand (2021:
\nEUR 2 thousand) were available to the Group without any restrictions
\n(2021: no restrictions). The Group does not receive of pay interest on its
\ncash and cash equivalents. Note 22.1 sets out the credit risk of the
\ncounterparties with regard to the amounts of cash and cash equivalents.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag170": {
"value": "\n
\n
\n\n
\n17 Equity
\n17.1 Equity
\n\nSignificant accounting policy
\nShare capital
\nOrdinary share capital is classified as share capital. The authorised share
\ncapital is the maximum capital that the Company can issue under the
\nterms of the Company\u2019s Articles of Association.
\nShare premium
\nShare premium is the excess of the amount received by the Company over
\nand above the nominal value of its shares issued. Incremental costs
\ndirectly attributable to the issue of new shares are shown in shareholders\u2019
\nequity as a deduction, net of tax, from the proceeds and are presented in
\nshare premium.
\n
\n\n
\n\n\n
\n\nChanges in shares issued
\nThe authorised share capital of EUR 11.0 million (2021: EUR 2.5 million) is
\ndivided into 110,000,000 ordinary shares with a par value of EUR 0.10
\n(2021: 25,000,000 ordinary shares with a par value of EUR 0.10). The
\nissued share capital is summarised below.
\nNumber of ordinary shares issued and fully paid
\n2022 2021
\nIssued shares as at 1 January
\n10,550,208 9,239,998
\nIssued shares in the year
\n12,992,007 1,310,210
\nIssued shares as at 31 December
\n23,542,215 10,550,208
\nOn 19 January 2022, the Group obtained control over Involtum Holding
\nB.V. by acquiring all of the shares of Involtum Holding B.V. and transferred
\n10,714,792 new issued shares of Ease2pay N.V. to the sellers (see note 4.2
\nconsideration transferred).
\nOn 19 January 2022, the Group successfully completed a private
\nplacement share issuance to a group of majority shareholders. The Group
\nissued 2,108,344 shares of EUR 3.02 each, resulting in cash proceeds of
\nEUR 6,375 thousand. The emission price was based on the weighted
\ntrade-volume average price of ordinary shares on Euronext Amsterdam
\nover a period of 90 days before the Group\u2019s press release on
\n29 November 2021.
\nOn 19 January 2022, the Group converted its liability of its credit facility of
\nEUR 509 thousand including accrued interest into 168,871 shares of
\nEUR 3.02 each.
\nThe Group incurred cost for the share issuance amounting to EUR 396
\nthousand in the year.
\nOn 8 January 2021, the Group issued 1,310,210 shares for EUR 1.00 per
\nshare, amounting to EUR 131 thousand share capital and EUR 1,140
\nthousand share premium in a private placement. The expenses of this
\nissuance, amounting to EUR 39 thousand, have been charged to the share
\npremium.
\nSee the consolidated statement of changes in equity for changes in the
\nequity components in the year and see note 30.1 of the company financial
\nstatements for more detailed information.
\n
\n
\n\nLoss allocation
\nThe loss of the year amounting to EUR 26,817 thousand, will be deducted
\nfrom the retained earnings.
\n
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag162": {
"value": "\nSignificant accounting policy
\nShare capital
\nOrdinary share capital is classified as share capital. The authorised share
\ncapital is the maximum capital that the Company can issue under the
\nterms of the Company\u2019s Articles of Association.
\nShare premium
\nShare premium is the excess of the amount received by the Company over
\nand above the nominal value of its shares issued. Incremental costs
\ndirectly attributable to the issue of new shares are shown in shareholders\u2019
\nequity as a deduction, net of tax, from the proceeds and are presented in
\nshare premium.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag165": {
"value": "\n
\n\nChanges in shares issued
\nThe authorised share capital of EUR 11.0 million (2021: EUR 2.5 million) is
\ndivided into 110,000,000 ordinary shares with a par value of EUR 0.10
\n(2021: 25,000,000 ordinary shares with a par value of EUR 0.10). The
\nissued share capital is summarised below.
\nNumber of ordinary shares issued and fully paid
\n2022 2021
\nIssued shares as at 1 January
\n10,550,208 9,239,998
\nIssued shares in the year
\n12,992,007 1,310,210
\nIssued shares as at 31 December
\n23,542,215 10,550,208
\nOn 19 January 2022, the Group obtained control over Involtum Holding
\nB.V. by acquiring all of the shares of Involtum Holding B.V. and transferred
\n10,714,792 new issued shares of Ease2pay N.V. to the sellers (see note 4.2
\nconsideration transferred).
\nOn 19 January 2022, the Group successfully completed a private
\nplacement share issuance to a group of majority shareholders. The Group
\nissued 2,108,344 shares of EUR 3.02 each, resulting in cash proceeds of
\nEUR 6,375 thousand. The emission price was based on the weighted
\ntrade-volume average price of ordinary shares on Euronext Amsterdam
\nover a period of 90 days before the Group\u2019s press release on
\n29 November 2021.
\nOn 19 January 2022, the Group converted its liability of its credit facility of
\nEUR 509 thousand including accrued interest into 168,871 shares of
\nEUR 3.02 each.
\nThe Group incurred cost for the share issuance amounting to EUR 396
\nthousand in the year.
\nOn 8 January 2021, the Group issued 1,310,210 shares for EUR 1.00 per
\nshare, amounting to EUR 131 thousand share capital and EUR 1,140
\nthousand share premium in a private placement. The expenses of this
\nissuance, amounting to EUR 39 thousand, have been charged to the share
\npremium.
\nSee the consolidated statement of changes in equity for changes in the
\nequity components in the year and see note 30.1 of the company financial
\nstatements for more detailed information.
\n
\n
\n\nLoss allocation
\nThe loss of the year amounting to EUR 26,817 thousand, will be deducted
\nfrom the retained earnings.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag169": {
"value": "\nChanges in shares issued
\nThe authorised share capital of EUR 11.0 million (2021: EUR 2.5 million) is
\ndivided into 110,000,000 ordinary shares with a par value of EUR 0.10
\n(2021: 25,000,000 ordinary shares with a par value of EUR 0.10). The
\nissued share capital is summarised below.
\nNumber of ordinary shares issued and fully paid
\n2022 2021
\nIssued shares as at 1 January
\n10,550,208 9,239,998
\nIssued shares in the year
\n12,992,007 1,310,210
\nIssued shares as at 31 December
\n23,542,215 10,550,208
\nOn 19 January 2022, the Group obtained control over Involtum Holding
\nB.V. by acquiring all of the shares of Involtum Holding B.V. and transferred
\n10,714,792 new issued shares of Ease2pay N.V. to the sellers (see note 4.2
\nconsideration transferred).
\nOn 19 January 2022, the Group successfully completed a private
\nplacement share issuance to a group of majority shareholders. The Group
\nissued 2,108,344 shares of EUR 3.02 each, resulting in cash proceeds of
\nEUR 6,375 thousand. The emission price was based on the weighted
\ntrade-volume average price of ordinary shares on Euronext Amsterdam
\nover a period of 90 days before the Group\u2019s press release on
\n29 November 2021.
\nOn 19 January 2022, the Group converted its liability of its credit facility of
\nEUR 509 thousand including accrued interest into 168,871 shares of
\nEUR 3.02 each.
\nThe Group incurred cost for the share issuance amounting to EUR 396
\nthousand in the year.
\nOn 8 January 2021, the Group issued 1,310,210 shares for EUR 1.00 per
\nshare, amounting to EUR 131 thousand share capital and EUR 1,140
\nthousand share premium in a private placement. The expenses of this
\nissuance, amounting to EUR 39 thousand, have been charged to the share
\npremium.
\nSee the consolidated statement of changes in equity for changes in the
\nequity components in the year and see note 30.1 of the company financial
\nstatements for more detailed information.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag171": {
"value": "\n17.2 Basic and diluted loss per share
\nThe loss per share is based on the weighted average number of shares.
\nFor the year ended 31 December
\n2022 2021
\nBalance on 1 January (in number of shares)
\n10,550,208 9,239,998
\nWeighted effect of shares issued in the year (in
\nnumber of shares)
\n12,315,711 1,285,083
\nWeighted average number of shares for the year
\n22,865,919 10,525,081
\nLoss after tax attributable to shareholders (in EUR
\nthousand)
\n-
\n26,817
\n-
\n808
\nBasic and diluted loss per share (in EUR)
\n-1.17 -0.08
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag173": {
"value": "\n17.3 Capital management
\nThe Group's policy is to maintain an adequate capital position to retain
\nthe confidence of its customers, investors, creditors and the financial
\nmarkets and enable future development and growth of its business
\nactivities. The Management Board monitors the capital defined by the
\nGroup as shareholders' equity, EUR 8.2 million on 31 December 2022
\n(2021: EUR 0.9 million). The Management Board also monitors events in
\nrelation to the development phase of the Group's business. The current
\nscale-up phase is not suitable for setting rigid quantitative targets. The
\nManagement Board strives for a balanced development for the further
\nrollout of the platform and activities, resulting in future growth of the
\nGroup's earnings. In the year under review, the Group's capital
\nmanagement approach has not changed. The Group is not subject to any
\nexternally imposed capital requirements.
\nOn 31 December 2022, the ratio of liabilities of EUR 2.8 million (2021:
\nEUR 1.3 million) to equity of EUR 8.2 million (2021: EUR 0.9 million) was
\n0.34 (2021: 1.37). The change is due to the capital increase related to
\ntotal assets (including the impairment) in 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag166": {
"value": "\n18 Borrowings
\nSee note 2.7 for the relevant accounting policy.
\nChanges in borrowings
\nEUR thousands
\n2022
\n2021
\nBalance as at 1 January
\n509
\n677
\nAmounts repaid
\n0
\n-678
\nAmounts drawn
\n0
\n500
\nBorrowings converted into equity (see note 17.1)
\n-
\n509
\n0
\nInterest accrual
\n0
\n10
\nBalance as at 31 December
\n0
\n509
\nCurrent borrowings as at 31 December
\n0
\n509
\nOn 18 December 2019, The Internet of Cars V.O.F. provided a credit
\nfacility with a notional value of EUR 650 thousand (excluding accrued
\ninterest). The interest rate of the facility was 5.0% per year. This facility
\noriginated when the Group agreed to merge its existing credit facilities
\nwith the lender to one facility with a total nominal amount of EUR 650
\nthousand (excluding accruing interest).
\nIn January 2021, the Group repaid the outstanding amount of EUR 678
\nthousand. On 29 April 2021, the Group agreed to extend this credit facility
\nto 30 June 2022, on this date the facility terminated. In June 2021, the
\nGroup drawn EUR 500 thousand on this facility.
\nOn 19 January 2022, the Group converted its liability of this credit facility
\nof EUR 509 thousand including accrued interest into equity (see note
\n17.1).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag176": {
"value": "\n19 Liabilities to Stichting Beheer Derdengelden Ease2pay
\nSee note 2.7 for the relevant accounting policy.
\nAn amount of EUR 322 thousand of the liabilities to Stichting Beheer
\nDerdengelden Ease2pay relates to amounts received by the Foundation
\nfrom users of the platform to be used to pay parking and fuel providers
\n(EGI credits) (2021: EUR 254 thousand) and an amount of EUR 428
\nthousand to amounts payable to providers of parking services or fuel
\n(merchants) (2021: EUR 94 thousand).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag177": {
"value": "\n20 Trade and other liabilities
\nSee note 2.7 for the relevant accounting policy.
\nEUR thousands As at 31 December
\n2022 2021
\nTrade payables
\n90 100
\nPayables related to merchants
\n254 0
\nWage and value added taxes payable
\n117 58
\nOther liabilities
\n999 253
\nTotal
\n1,460 411
\nThe Management Board and its external advisor have been evaluating and
\nremediating the value added tax position, including ongoing interaction
\nwith the relevant tax authorities, currently resulting in a value added tax
\nliability as at 31 December 2022 of EUR 103 thousand.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag178": {
"value": "\n21.1 Short-term leases
\nSignificant accounting policy
\nThe Group has entered into a short-term lease agreement for office
\nspace. The payments of short-term leases are expensed on a straight-line
\nbasis over the lease term of the contract.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag179": {
"value": "\n
\n\nLease expenses
\nThe Group\u2019s short-term lease contract ends in September 2023. In 2022,
\nthe Group included EUR 50 thousand for short-term lease expenses in the
\nother operational expenses in the consolidated statement of profit or loss
\n(2021: EUR 6 thousand). On 31 December 2022, the Group\u2019s short-lease
\ncommitment was EUR 34 thousand (2021: EUR 3 thousand).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag189": {
"value": "\nLease expenses
\nThe Group\u2019s short-term lease contract ends in September 2023. In 2022,
\nthe Group included EUR 50 thousand for short-term lease expenses in the
\nother operational expenses in the consolidated statement of profit or loss
\n(2021: EUR 6 thousand). On 31 December 2022, the Group\u2019s short-lease
\ncommitment was EUR 34 thousand (2021: EUR 3 thousand).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag180": {
"value": "\n22 Financial risk management
\nThe Group is exposed to financial instruments that occur or are used in its
\nbusiness activities. The use of financial instruments expose the Group to
\nthe following risks:
\n- Credit risk;
\n- Liquidity risk; and
\n- Market risk.
\nThe Management Board is responsible for setting up and overseeing the
\nGroup\u2019s risk management framework. The Group continuously develops
\nits internal risk management framework. The Management Board reports
\nregularly on these activities to the Supervisory Board. The purpose of the
\nrisk policy is to identify and assess to which risks the Group is exposed, to
\nset appropriate risk limits and measures and to monitor the risks and
\ncompliance with the limits. Risk management policies and systems are
\nregularly reviewed and adjusted as necessary to reflect changes in market
\nconditions and the Group's activities. The Group aims through its training,
\nmanagement standards and procedures, to develop a monitored and
\nconstructive control environment in which employees understand their
\nroles and obligations.
\n
\n\n
\n
\n
\n\n22.1 Credit risk
\nCredit risk is the risk that one party to a financial instrument will cause a
\nfinancial loss for the other party by failing to comply with an obligation. A
\ncredit risk arises when counterparties, including debtors or banks, fail to
\nmeet their obligations to the Group. The Group\u2019s credit risk is limited to
\nparking and fuelling payment processing fees as most of those fees are
\npaid via Stichting Beheer Derdengelden Ease2pay. As the credit risk of the
\nswitching platform activities is attributable to the Group\u2019s customer, only
\na limited amount for the Group\u2019s fee is at risk. The Group considers the
\nfollowing as constituting an event of default:
\n- When information developed internally or obtained from external
\nsources indicates that the debtor is unlikely to pay its creditors; or
\n- When a financial asset is 90 days past due.
\nThe cash and cash equivalents held with banks are considered financial
\nassets rated investment grade. ABN AMRO Bank N.V. has ratings of A, A1,
\nA from Standard & Poors, Moody's and Fitch, respectively. Rabobank has
\nratings of A+, Aa2, A+ from Standard & Poors, Moody's and Fitch
\nrespectively. The Group's maximum exposure to credit risks is limited to
\nthe carrying amount of the financial assets in the consolidated statement
\nof financial position.
\n
\n\n\n22.2 Liquidity risk
\nLiquidity risk is the risk that the Group will encounter difficulty in meeting
\nobligations associated with financial liabilities that are settled by
\ndelivering cash or another financial asset. The Group's policy is to meet its
\ncurrent and future payment obligations, to enable the continuance and
\ngrowth of its business activities. The principles underlying liquidity risk
\nmanagement are that sufficient liquidity is available to meet financial
\nobligations arising from the Group's activities.
\nOn 31 December 2022, the Group had EUR 3,378 thousand in cash and
\ncash equivalents at its free disposal (2021: EUR 2 thousand). On the same
\ndate, the Group had no credit facility (2021: a credit facility of EUR 650
\nthousand of which EUR 150 thousand could be drawn).
\nThe expected cash outflows of the Group are as follows:
\nAs at 31 December 2022
\nLess than
\n6 to 12
\nAfter 12
\nEUR thousands
\nCarrying
\nTotal
\n6 months
\nmonths
\nmonths
\namount
\nCash outflows
\nLiabilities to Stichting Beheer
\n750 750 750 0 0
\nDerdengelden Ease2pay
\nTrade and other liabilities
\n1,460 1,460 1,460 0 0
\nTotal
\n2,210 2,210 2,210 0 0
\nAs at 31 December 2021
\nLess than
\n6 to 12
\nAfter 12
\nEUR thousands
\nCarrying
\nTotal
\n6 months
\nmonths
\nmonths
\namount
\nCash outflows
\nBorrowings
\n509 0 0 0 0
\nLiabilities to Stichting Beheer
\n348 348 348 0 0
\nDerdengelden Ease2pay
\nTrade and other liabilities
\n411 411 411 0 0
\nTotal
\n1,268 759 759 0 0
\nIn January 2022, the outstanding borrowings were converted into shares
\nand did not result in a cash outflow (see note 17.1).
\n
\n
\n\n\n22.3 Market risk
\nMarket risk is the risk that the fair value or future cash flows of a financial
\ninstrument will fluctuate because of changes in market prices. The
\nobjective of market risk management is to manage and control market
\nrisk exposures within acceptable limits whilst optimising the acceptable
\nlimits and whilst optimising returns.
\n
\n\n
\n\n
\n
\n\n
\nInterest rate risk
\nInterest rate risk is the risk that the fair value or future cash flows of a
\nfinancial instrument will fluctuate because of changes in market interest
\nrates. The Group makes use of interest-bearing liabilities or credit
\nfacilities with fixed interest rates. The Group aims to conclude credit
\nfacilities with fixed interest rates to mitigate the risk of changing interest
\nrates and to have certainty about outgoing cash flows. Changes in interest
\nrates affect the fair value of a loan, but do not lead to a change in cash
\noutflows. On 31 December 2022, the Group was not exposed to any
\ninterest rate risk as it has no interest-bearing debts (2021: not exposed as
\nthe outstanding facility had a fixed interest rate).
\n\nForeign currency risk
\nThe Group has low foreign currency risk exposure, as a limited number of
\nInternet of Things switching and transaction platform services are
\nperformed in currencies other than the euro.
\n
\n\n
\n\n\nFair value of financial instruments
\nThe carrying amounts of the financial instruments in the Consolidated
\nstatement of financial position, consisting of trade and other receivables,
\ncash and cash equivalents, borrowings and other current liabilities, are
\nreasonable approximations of the fair value of the instruments.
\n
\n\nSustainable risk
\nThe Group facilitates the energy transition in individual, recreational and
\nfreight transport. The Group core activities are processing of the
\ntransactions for parking, fuelling and use of power or related services.
\nTransport will change to electric sources, however it is expected that
\npayment transaction related to mobility and other transaction will be
\nneeded and therefore the Group expects that customers continues to use
\nits services.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag181": {
"value": "\n22.1 Credit risk
\nCredit risk is the risk that one party to a financial instrument will cause a
\nfinancial loss for the other party by failing to comply with an obligation. A
\ncredit risk arises when counterparties, including debtors or banks, fail to
\nmeet their obligations to the Group. The Group\u2019s credit risk is limited to
\nparking and fuelling payment processing fees as most of those fees are
\npaid via Stichting Beheer Derdengelden Ease2pay. As the credit risk of the
\nswitching platform activities is attributable to the Group\u2019s customer, only
\na limited amount for the Group\u2019s fee is at risk. The Group considers the
\nfollowing as constituting an event of default:
\n- When information developed internally or obtained from external
\nsources indicates that the debtor is unlikely to pay its creditors; or
\n- When a financial asset is 90 days past due.
\nThe cash and cash equivalents held with banks are considered financial
\nassets rated investment grade. ABN AMRO Bank N.V. has ratings of A, A1,
\nA from Standard & Poors, Moody's and Fitch, respectively. Rabobank has
\nratings of A+, Aa2, A+ from Standard & Poors, Moody's and Fitch
\nrespectively. The Group's maximum exposure to credit risks is limited to
\nthe carrying amount of the financial assets in the consolidated statement
\nof financial position.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag182": {
"value": "\n22.2 Liquidity risk
\nLiquidity risk is the risk that the Group will encounter difficulty in meeting
\nobligations associated with financial liabilities that are settled by
\ndelivering cash or another financial asset. The Group's policy is to meet its
\ncurrent and future payment obligations, to enable the continuance and
\ngrowth of its business activities. The principles underlying liquidity risk
\nmanagement are that sufficient liquidity is available to meet financial
\nobligations arising from the Group's activities.
\nOn 31 December 2022, the Group had EUR 3,378 thousand in cash and
\ncash equivalents at its free disposal (2021: EUR 2 thousand). On the same
\ndate, the Group had no credit facility (2021: a credit facility of EUR 650
\nthousand of which EUR 150 thousand could be drawn).
\nThe expected cash outflows of the Group are as follows:
\nAs at 31 December 2022
\nLess than
\n6 to 12
\nAfter 12
\nEUR thousands
\nCarrying
\nTotal
\n6 months
\nmonths
\nmonths
\namount
\nCash outflows
\nLiabilities to Stichting Beheer
\n750 750 750 0 0
\nDerdengelden Ease2pay
\nTrade and other liabilities
\n1,460 1,460 1,460 0 0
\nTotal
\n2,210 2,210 2,210 0 0
\nAs at 31 December 2021
\nLess than
\n6 to 12
\nAfter 12
\nEUR thousands
\nCarrying
\nTotal
\n6 months
\nmonths
\nmonths
\namount
\nCash outflows
\nBorrowings
\n509 0 0 0 0
\nLiabilities to Stichting Beheer
\n348 348 348 0 0
\nDerdengelden Ease2pay
\nTrade and other liabilities
\n411 411 411 0 0
\nTotal
\n1,268 759 759 0 0
\nIn January 2022, the outstanding borrowings were converted into shares
\nand did not result in a cash outflow (see note 17.1).
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag183": {
"value": "\n22.3 Market risk
\nMarket risk is the risk that the fair value or future cash flows of a financial
\ninstrument will fluctuate because of changes in market prices. The
\nobjective of market risk management is to manage and control market
\nrisk exposures within acceptable limits whilst optimising the acceptable
\nlimits and whilst optimising returns.
\n
\n\n
\nInterest rate risk
\nInterest rate risk is the risk that the fair value or future cash flows of a
\nfinancial instrument will fluctuate because of changes in market interest
\nrates. The Group makes use of interest-bearing liabilities or credit
\nfacilities with fixed interest rates. The Group aims to conclude credit
\nfacilities with fixed interest rates to mitigate the risk of changing interest
\nrates and to have certainty about outgoing cash flows. Changes in interest
\nrates affect the fair value of a loan, but do not lead to a change in cash
\noutflows. On 31 December 2022, the Group was not exposed to any
\ninterest rate risk as it has no interest-bearing debts (2021: not exposed as
\nthe outstanding facility had a fixed interest rate).
\n\nForeign currency risk
\nThe Group has low foreign currency risk exposure, as a limited number of
\nInternet of Things switching and transaction platform services are
\nperformed in currencies other than the euro.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag184": {
"value": "\nForeign currency risk
\nThe Group has low foreign currency risk exposure, as a limited number of
\nInternet of Things switching and transaction platform services are
\nperformed in currencies other than the euro.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag185": {
"value": "\nFair value of financial instruments
\nThe carrying amounts of the financial instruments in the Consolidated
\nstatement of financial position, consisting of trade and other receivables,
\ncash and cash equivalents, borrowings and other current liabilities, are
\nreasonable approximations of the fair value of the instruments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag186": {
"value": "\n
\n
\n\n
\n23 Related party transactions
\n\n23.1 Significant accounting policy
\nA related party is a person or company that is related to the Group. These
\ninclude both people and companies with an influence or control in the
\nGroup or subjected to the influence or control of the Group. The
\nManagement and Supervisory Boards, The Internet of Cars V.O.F.
\n(majority shareholder) and Ease2pay N.V.\u2019s group companies are related
\nparties. Transactions with related parties are accounted for in accordance
\nwith the requirements of relevant accounting policies and consider the
\nsubstance as well as the legal form. Related party transactions were made
\non terms equivalent to those that prevail in arm\u2019s length transactions.
\nBalances and transactions within the Group, which are related parties of
\nthe Group, have been eliminated on consolidation and are not disclosed.
\nRelated parties of the Group are its key management and its majority
\nshareholder.
\n
\n\n
\n\n\n23.2 Group companies
\nThe group companies that are included in the consolidation are
\nsummarised hereafter.
\nShare as at 31 December
\nName and seat
\n2022 2021
\nEase2pay B.V., Rotterdam, The Netherlands
\n100% 100%
\nEase2platform B.V., Rotterdam, The Netherlands
\n100% 100%
\nInvoltum Holding B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nInvoltum Services B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nNomad Power B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nYoreon B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\n(a) Companies are acquired as part of the acquistion of Involtum, see note
\n4.
\n
\n\n
\n\n
\n\n
\n\n23.3 Management and Supervisory Boards
\nManagement Board
\nThe remuneration of the members of the Management Board is in
\naccordance with the responsibilities of their respective positions. The
\ndifferent positions are weighted, considering aspects such as the scope
\nand nature of responsibilities, the complexity of the management context
\nin which they operate and the required knowledge, experience and
\ncompetences required. The remuneration of the members of the
\nManagement Board consists of a fixed amount. No variable, pension or
\nother benefits were granted.
\nSalaries
\nTotal
\nEUR thousands
\n(short-term)
\nMr Jan H.L. Borghuis
\n82 82
\nMr Maarten L. Hektor (from 19 January to
\n82 82
\n27 December 2022)
\nMr Gijs J. van Lookeren Campagne
\n82 82
\nMr Edwin M. Noomen (from 19 January to
\n82 82
\n27 December 2022)
\n328 328
\nThe Management Board members were not entitled to pension premiums
\nas part of their remuneration. In January 2022, the Management Board
\nmembers entered into employment agreements with the Group. Until
\nthat date, the Group had entered into agreements with the respective
\nmanagement companies of the Group\u2019s Board Members, based on the
\nprevious agreements Mr Borghuis and Mr van Lookeren Campagne were
\npaid each EUR 22 thousand each in 2021. These management companies
\nare the only two sole participants in the partnership (The Internet of Cars
\nV.O.F.) that has a significant influence in the Group. In the year under
\nreview, loans were not provided to the members of the Management
\nBoard members (2021: no loans).
\nSupervisory Board
\nIn 2022 and 2021, the members of the Supervisory Board received
\ncompensation for their work, as shown below. The compensations are
\ncommensurate with the time spent on their activities. On 30 June 2022,
\nMs Melis, Ms Terpstra, Mr Withagen and Mr De Witte were appointed
\nand Mr Fahrner and Ms Van der Veer resigned.
\nEUR thousands
\n2022 2021
\nMr W.C.H. Fahrner (until 30 June 2022)
\n510
\nMs Manuela N.D. Melis (from 30 June 2022)
\n60
\nMs Marijke A.J. Terpstra (from 30 June 2022)
\n60
\nMs N. van der Veer (until 30 June 2022)
\n510
\nMr Heini C.A.M. Withagen (from 30 June 2022)
\n60
\nMr Tom M. de Witte (from 30 June 2022)
\n80
\n6
\n3
\n20
\n
\n
\n\n
\n
\n\n23.4 Shareholders
\nThe transactions and balances at year-end with the shareholder with a
\nsignificant influence, The Internet of Cars V.O.F., for the year are set out
\nbelow (see also notes 17.1 and 18):
\nEUR thousands
\nTransactions Balances
\n2022 2021 2022 2021
\nCredit facility
\n-509 -178 0 509
\nThe majority shareholder participated in the share issuance on 19 January
\n2022 for EUR 509 thousand by converting the loan into new issued shares
\n(2021: Shareholders participated in the capital issuance for EUR 1,043
\nthousand) (see note 17).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag187": {
"value": "\n23.1 Significant accounting policy
\nA related party is a person or company that is related to the Group. These
\ninclude both people and companies with an influence or control in the
\nGroup or subjected to the influence or control of the Group. The
\nManagement and Supervisory Boards, The Internet of Cars V.O.F.
\n(majority shareholder) and Ease2pay N.V.\u2019s group companies are related
\nparties. Transactions with related parties are accounted for in accordance
\nwith the requirements of relevant accounting policies and consider the
\nsubstance as well as the legal form. Related party transactions were made
\non terms equivalent to those that prevail in arm\u2019s length transactions.
\nBalances and transactions within the Group, which are related parties of
\nthe Group, have been eliminated on consolidation and are not disclosed.
\nRelated parties of the Group are its key management and its majority
\nshareholder.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag188": {
"value": "\n23.2 Group companies
\nThe group companies that are included in the consolidation are
\nsummarised hereafter.
\nShare as at 31 December
\nName and seat
\n2022 2021
\nEase2pay B.V., Rotterdam, The Netherlands
\n100% 100%
\nEase2platform B.V., Rotterdam, The Netherlands
\n100% 100%
\nInvoltum Holding B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nInvoltum Services B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nNomad Power B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\nYoreon B.V., Rotterdam, The Netherlands (a)
\n100% 0%
\n(a) Companies are acquired as part of the acquistion of Involtum, see note
\n4.
\n
\n",
"dimensions": {
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"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag224": {
"value": "\n23.3 Management and Supervisory Boards
\nManagement Board
\nThe remuneration of the members of the Management Board is in
\naccordance with the responsibilities of their respective positions. The
\ndifferent positions are weighted, considering aspects such as the scope
\nand nature of responsibilities, the complexity of the management context
\nin which they operate and the required knowledge, experience and
\ncompetences required. The remuneration of the members of the
\nManagement Board consists of a fixed amount. No variable, pension or
\nother benefits were granted.
\nSalaries
\nTotal
\nEUR thousands
\n(short-term)
\nMr Jan H.L. Borghuis
\n82 82
\nMr Maarten L. Hektor (from 19 January to
\n82 82
\n27 December 2022)
\nMr Gijs J. van Lookeren Campagne
\n82 82
\nMr Edwin M. Noomen (from 19 January to
\n82 82
\n27 December 2022)
\n328 328
\nThe Management Board members were not entitled to pension premiums
\nas part of their remuneration. In January 2022, the Management Board
\nmembers entered into employment agreements with the Group. Until
\nthat date, the Group had entered into agreements with the respective
\nmanagement companies of the Group\u2019s Board Members, based on the
\nprevious agreements Mr Borghuis and Mr van Lookeren Campagne were
\npaid each EUR 22 thousand each in 2021. These management companies
\nare the only two sole participants in the partnership (The Internet of Cars
\nV.O.F.) that has a significant influence in the Group. In the year under
\nreview, loans were not provided to the members of the Management
\nBoard members (2021: no loans).
\nSupervisory Board
\nIn 2022 and 2021, the members of the Supervisory Board received
\ncompensation for their work, as shown below. The compensations are
\ncommensurate with the time spent on their activities. On 30 June 2022,
\nMs Melis, Ms Terpstra, Mr Withagen and Mr De Witte were appointed
\nand Mr Fahrner and Ms Van der Veer resigned.
\nEUR thousands
\n2022 2021
\nMr W.C.H. Fahrner (until 30 June 2022)
\n510
\nMs Manuela N.D. Melis (from 30 June 2022)
\n60
\nMs Marijke A.J. Terpstra (from 30 June 2022)
\n60
\nMs N. van der Veer (until 30 June 2022)
\n510
\nMr Heini C.A.M. Withagen (from 30 June 2022)
\n60
\nMr Tom M. de Witte (from 30 June 2022)
\n80
\n6
\n3
\n20
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag228": {
"value": "\n25 Events after balance sheet date
\nIn its press release of 20 April 2023, Ease2pay announced that changing
\nmarket conditions resulted in the Management Board\u2019s decision to no
\nlonger invest in realising an own network of charging points for e-trucks.
\nThe consequences of this decision are reflected in this annual report,
\nmainly in the impairment of goodwill, see note 11. Separately, Ease2pay
\ndetected inaccuracies in administrative processes and systems of
\nInvoltum-related business units, in particular impacting its value added
\ntax position. In 2023, the Management Board and its external advisor
\nhave been evaluating and remediating the value added tax position; see
\n\u201cDelayed publication of the annual report\u201d in the Report of the
\nManagement Board.
\nThe procedures above were completed after the balance sheet date and
\nbefore publication of the annual report and recognised in the relevant
\nitems of the financial statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag223": {
"value": "\nCompany financial statements 2022
\nCompany statement of profit or loss
\nfor the year ended 31 December
\nEUR thousands Note 2022
\n2021
\nWages and salaries
\n27 -156
\n0
\nSocial security and pension contributions
\n27 -28
\n0
\nOther expenses
\n27 -1,229 -
\n421
\nOperating result
\n-1,413 -
\n421
\nInterest income
\n28
\n52
\n36
\nInterest expenses
\n-16 -
\n10
\nResult group companies
\n28 -25,440 -
\n413
\nLoss before tax
\n-26,817 -
\n808
\nIncome tax expense
\n0
\n0
\nResult after tax
\n-
\n26,817
\n-
\n808
\nCompany statement of financial position
\nBefore appropriation of result for the year
\nas at 31 December
\nEUR thousands
\nNote
\n2022
\n2021
\nNon-current assets
\nNon-current financial assets
\n28
\n5,135
\n1,643
\nTotal non-current assets
\n5,135
\n1,643
\nCurrent assets
\nOther receivables
\n29
\n62
\n29
\nCash and cash equivalents
\n3,352
\n0
\nTotal current assets
\n3,414
\n29
\nTotal assets
\n8,549
\n1,672
\nEquity and liabilities
\nEquity
\n30
\nShare capital
\n2,354
\n1,055
\nShare premium
\n37,057
\n4,233
\nAccumulated losses
\n-
\n4,364
\n-
\n3,556
\nLoss for the year
\n-
\n26,817
\n-
\n808
\nTotal equity
\n8,230
\n924
\nCurrent liabilities
\nBorrowings
\n31
\n0
\n509
\nTrade and other liabilities
\n32
\n319
\n239
\nTotal current liabilities
\n319
\n748
\nTotal equity and liabilities
\n8,549
\n1,672
\nThe accompanying notes form an integral part of these company financial statements.
\n
\n\nNotes to the Company financial statements
\n26 Significant accounting policies
\nEase2pay N.V. (\u201cthe Company\u201d) is a public limited liability company
\nincorporated and domiciled in Rotterdam, the Netherlands (see note 1 of
\nthe consolidated financial statements).
\nBasis of preparation
\nThe company financial statements have been drawn up using the same
\naccounting policies applied for preparing the consolidated financial
\nstatements, in accordance with Section 362(8), Part 9 of Book 2 of the
\nDutch Civil Code. Based on Section 362(8), Part 9 of Book 2 of the Dutch
\nCivil Code, the consolidated financial statements have been prepared in
\naccordance with the International Financial Reporting Standards as
\nadopted by the European Union (IFRS-EU) and with Part 9 of Book 2 of the
\nDutch Civil Code. These accounting principles are disclosed in the notes to
\nthe consolidated financial statements, unless stated otherwise below.
\nAll amounts in these explanatory notes are stated in thousands of euros
\n(\u201cEUR\u201d), unless stated otherwise.
\n27 Personnel and other expenses
\n27.1 Personnel expenses
\nEUR thousands
\n2022 2021
\nWages and salaries
\n156 0
\nSocial security contributions
\n28 0
\nPensions contributions
\n00
\n18
\n4
\n0
\nAverage number of employees
\n4
\n0
\nOf the total wages and salaries amounted to EUR 278 thousand was
\nEUR 122 thousand recharged to other group companies and for social
\nsecurity contributions amounted to EUR 50 thousand of was EUR 22
\nthousand recharged. All employees are employed in the Netherlands. See
\nnote 23.3 of the consolidated financial statements for the remunerations
\nof the Management and Supervisory Boards.
\n27.2 Other expenses
\nThe Other expenses are specified hereafter.
\nEUR thousands 2022 2021
\nAdvisory and consultancy expenses
\n1,060 295
\nOther expenses
\n169 126
\nOther operating expenses
\n1,229 421
\nIndependent auditor remuneration
\nIn accordance with Section 382a, Part 9 of Book 2 of the Dutch Civil Code,
\nthe aggregate fees by the Company\u2019s independent auditor of services in
\nthe Netherlands, PricewaterhouseCoopers Accountants N.V., are
\nsummarised below. These fees relate to the audit of the 2022 financial
\nstatements, regardless of whether the work was performed during the
\nfinancial year.
\nEUR thousands 2022 2021
\nAudit of the financial statements
\n391 90
\nOther audit services
\n265 0
\nTax services
\n00
\nNon-audit services
\n00
\nTotal
\n65
\n6
\n90
\nFees for audit services include the audit of the financial statements of the
\nCompany and its group companies.
\n
\n\n28 Non-current financial assets
\nSignificant accounting policies
\nInvestments in group companies are measured using the equity method.
\nThe carrying amounts are based on the measurements of assets and
\nliabilities and profit or loss based on the accounting policies applied in the
\nconsolidated financial statements. Group companies with a negative
\nequity are measured at nil, unless the Company has an obligation for
\nliabilities of or a receivable on the group company. In case a receivable (or
\nloan) is provided to the group company, the loan provided is decreased by
\nthe negative amount of the equity value. A provision is recognised if a
\nliability remains for the Company.
\nLoans to and amounts due from or to group companies are stated initially
\nat fair value and subsequently at amortised cost, using the effective
\ninterest rate, less impairments. Each group company is considered a
\ncombination of assets and liabilities rather than an indivisible asset and,
\ntherefore, expected credit losses are eliminated.
\nChanges in the year
\nEUR thousands
\nInvestments
\ngroup
\ncompanies
\nLoans
\nto group
\ncompanies Total
\nBalance as at 1 January 2022
\n0 1,643 1,643
\nAdditions
\n27,635 1,245 28,880
\nResult for the year
\n-25,157 -283 -25,440
\nInterest accrued
\n0 52 52
\nBalance as at 31 December 2022
\n2,478 2,657 5,135
\nBalance as at 1 January 2021
\n0 1,244 1,244
\nOffset group company value against loans
\n0 -413 -413
\nInterest accrued
\n0 36 36
\nInterest accrued
\n0 776 776
\nBalance as at 31 December 2021
\n0 1,643 1,643
\nThe result for the year of group companies includes the impairment loss
\nof the group companies (as disclosed in note 11).
\nSee note 23.2 for the Company\u2019s group companies.
\n29 Other receivables
\nEUR thousands As at 31 December
\n2022
\n2021
\nValue added tax receivable
\n0
\n22
\nOther receivables and accruals
\n62
\n7
\nTotal
\n62
\n29
\n30 Equity
\n30.1 Issued capital
\nShare capital
\nThe authorised share capital of EUR 11.0 million (2021: EUR 2.5 million) is
\ndivided into 110,000,000 ordinary shares with a par value of EUR 0.10
\n(2021: 25,000,000 ordinary shares with a par value of EUR 0.10). The
\nissued share capital is summarised below.
\nNumber of ordinary shares issued and fully paid
\n2022
\n2021
\nIssued shares as at 1 January
\n10,550,208
\n9,239,998
\nIssued shares in the year
\n12,992,007
\n1,310,210
\nIssued shares as at 31 December
\n23,542,215
\n10,550,208
\nOn 19 January 2022, the Group obtained control over Involtum Holding
\nB.V. by acquiring all of the shares of Involtum Holding B.V. and transferred
\n10,714,792 new issued shares of Ease2pay N.V. to the sellers (see note 4.2
\nconsideration transferred).
\n
\n\nOn 19 January 2022, the Group successfully completed a private
\nplacement share issuance to a group of majority shareholders. The Group
\nissued 2,108,344 shares of EUR 3.02 each, resulting in cash proceeds of
\nEUR 6,375 thousand. The emission price was based on the weighted
\ntrade-volume average price of ordinary shares on Euronext Amsterdam
\nover a period of 90 days before the Groups\u2019 press release on
\n29 November 2021.
\nOn 19 January 2022, the Group converted its liability of its credit facility of
\nEUR 509 thousand including accrued interest into 168,871 shares of
\nEUR 3.02 each.
\nThe Group incurred cost for the share issuance amounting to EUR 396
\nthousand in the year under review.
\nShare premium
\nShare premium is the excess of the amount received by the Company over
\nand above the nominal value of its shares issued. Incremental costs
\ndirectly attributable to the issue of new shares are shown in shareholders\u2019
\nequity as a deduction, net of tax, from the proceeds and are presented in
\nshare premium.
\n30.2 Accumulated deficits
\nAccumulated deficits are related to past net losses allocated to
\nshareholder\u2019s equity.
\n30.3 Changes in the year
\n2022
\n1 January
\nIssuance
\nof capital
\nLoss ap-
\npropriation
\nLoss for
\nthe year
\n31
\nDecember
\nEUR thousands
\nShare capital
\n1,055
\n1,299
\n0
\n0
\n2,354
\nShare premium
\n4,233 32,824 0 0 37,057
\nAccumulated deficits
\n-3,556 0 -808 0 -4,364
\nResult for the year
\n-808 0 808 -26,817 -26,817
\n924 34,123 0 -26,817 8,230
\n2021
\n1 January
\nIssuance
\nof capital
\nLoss ap
\n-
\npropriation
\nLoss for
\nthe year
\n31
\nDecemberEUR thousands
\nShare capital
\n924 131
\n0
\n0 1,055
\nShare premium
\n3,093 1,140
\n0
\n0 4,233
\nAccumulated deficits
\n-2,816 0 -
\n740
\n0 -3,556
\nResult for the year
\n-740 0
\n740
\n-808 -808
\n461
\n1,271
\n0
\n-
\n808
\n924
\n30.4 Loss allocation
\nThe loss for the year amount to EUR 26,817 thousand, will be deducted
\nfrom the retained earnings.
\n31 Borrowings
\nEUR thousands
\n2022
\n2021
\nBalance as at 1 January
\n509
\n677
\nAmounts repaid
\n0
\n-678
\nAmounts drawn
\n0
\n500
\nBorrowings converted into equity (see note 17.1)
\n-
\n509
\n0
\nInterest accrual
\n0
\n10
\nBalance as at 31 December
\n0
\n509
\nCurrent borrowings as at 31 December
\n0
\n509
\n
\n\nOn 18 December 2019, The Internet of Cars V.O.F. provided a credit
\nfacility with a notional value of EUR 650 thousand (excluding accrued
\ninterest). The interest rate of the facility was 5.0% per year. This facility
\noriginated when the Group agreed to merge its existing credit facilities
\nwith the lender to one facility with a total nominal amount of EUR 650
\nthousand (excluding accruing interest).
\nIn January 2021, the Group repaid the outstanding amount of EUR 678
\nthousand. On 29 April 2021, the Group agreed to extend this credit facility
\nto 30 June 2022, on this date the facility terminated. In June 2021, the
\nGroup drawn EUR 500 thousand on this facility.
\nOn 19 January 2022, the Group converted its liability of this credit facility
\nof EUR 509 thousand including accrued interest into equity (see note
\n30.1).
\n32 Trade and other liabilities
\nEUR thousands As at 31 December
\n2022 2021
\nTrade payables
\n0 87
\nOther liabilities and accruals
\n319 152
\nOther liabilities
\n319 239
\n33 Contingencies
\nFiscal unities
\nThe Company is head of the Dutch fiscal unities for corporate income and
\nvalue added tax. The Company is therefore liable for the tax obligations of
\nthe Dutch fiscal unities.
\nShort-term leases
\nSee note 21.1 of the consolidated financial statements.
\n34 Financial risk management
\nGeneral
\nInherent to the use of financial instruments, the Company is exposed to
\ncredit risks, liquidity risks and market risks. The notes to the consolidated
\nfinancial statements provide information on the Group\u2019s exposure to each
\nof these risks, its objectives, principles and procedures for managing and
\nmeasuring these risks, as well as Group capital management. These risks,
\nobjectives, principles and procedures for managing and measuring these
\nrisks as well as capital management apply mutatis mutandis to these
\ncompany financial statements (see notes 17.3 and 22 of the consolidated
\nfinancial statements).
\nFair value
\nThe carrying amounts of the financial instruments in the Company
\nbalance sheet, including receivables, cash and cash equivalents,
\nborrowings and current liabilities, are reasonable approximations of the
\nfair values of these instruments.
\n35 Related parties
\nRelated parties of the Group are its key management and its majority
\nshareholder (see note 23 of the consolidated financial statements).
\nBesides the transactions with related parties disclosed in the consolidated
\nfinancial statements, the Company has issued loans to its group
\ncompanies.
\nEUR thousands
\nTransactions Balances
\n2022 2021 2022 2021
\nLoans to group companies
\nAmounts drawn
\n1,245 776 2,657 1,643
\nInterest accrued
\n52 36 0 0
\n
\n\n36 Events after balance sheet date
\nSee note 25 of the consolidated financial statements.
\nRotterdam, 26 October 2023,
\nManagement Board,
\nJan H.L. Borghuis
\nGijs J. van Lookeren Campagne
\nSupervisory Board,
\nManuela N.D. Melis
\nMarijke A.J. Terpstra
\nHeini C.A.M. Withagen
\nTom M. de Witte
\n
\n\nOther information
\nArticles of association provisions governing the appropriation of profit
\nArticle 31 of the articles of association states the following in respect of
\ndividends and reserves:
\n1. Distribution of the profit may only take place after adoption of the
\nfinancial statements showing that the company's equity is more than
\nthe amount of the paid-up and called-up part of the capital increased
\nby the reserves that must be maintained pursuant to the law.
\n2. The part of the profit - the positive balance of the profit and loss
\naccount - realised in the financial year last passed to be reserved is
\ndetermined by the management board subject to the approval of the
\nsupervisory board.
\n3. The part of the profit remaining after the reservation is at the disposal
\nof the general meeting for distribution to the holders of shares,
\nproportionally to the shares they hold.
\n4. Subject to previous approval by the supervisory board, already prior
\nto the adoption of the financial statements of any financial year the
\nmanagement board may resolve to distribute the dividend to be
\nexpected at the account of the financial year concerned in the form of
\none or more interim dividends, provided an interim statement of
\nassets and liabilities as referred to in Article 2:105 paragraph 4DCC
\nsigned by the management board shows that the requirement
\nregarding the status of the capital in paragraph 1 of this article has
\nbeen satisfied.
\n5. No profit is distributed on shares in its capital held by the company
\nunless a right of usufruct has been established on those shares or
\ndepositary receipts thereof have been issued with the company's
\ncooperation. In calculating the division of the profit, the shares in its
\ncapital held by the company and on which no profit may be
\ndistributed are not counted.
\n6. A general dividend reserve will be maintained for all shares.
\nArticle 32 of the articles of association states the following in respect of
\ndistributions in the form of shares and distributions charged against the
\nreserves:
\n1. The general meeting may resolve, based on a proposal from the
\nmanagement board that has been approved by the supervisory board,
\nthat a dividend on shares will take place in full or in part not in cash
\nbut in shares in the company.
\n2. The general meeting may resolve, based on a proposal of the
\nmanagement board that has been approved by the supervisory board,
\nto distribute to the holders of shares at the expense of the share
\npremium and freely distributable reserves. These distributions may
\nalso be made in full or in part not in cash but in shares in the
\ncompany.
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag226": {
"value": "the Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag227": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:724500G36285VC273D97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}