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General

TIE Kinetix N.V. is a public company incorporated in the Netherlands with its registered address at De Corridor 5d, Breukelen (Dutch Chamber of Commerce number: 34072305 0000, LEI code: 724500IS1M4H9S4SDD39). Subsidiaries are located in France, Germany, the Netherlands and the US. TIE Kinetix is listed on the NYSE EuroNext in Amsterdam (EAM: TIE). In these consolidated financial statements, the names \u201cTIE Kinetix\u201d, \u201cthe Company\u201d or \u201cthe Group\u201d will be used to refer to TIE Kinetix N.V. and its various subsidiaries.

TIE Kinetix develops, sells, and distributes software and services for 100% supply chain digitalization around the world through a network of subsidiaries and resellers. The Company has been active not only in the software development but in the standardization process as well.

The consolidated financial statements for the year ending September 30, 2022, were authorized for issuing through a resolution of the Executive Board dated November 30, 2022. The Annual General Meeting of Shareholders, to be held on March 24, 2023, in the Netherlands will be requested to adopt the consolidated financial statements.

The consolidated financial statements are presented in Euros, and all values are rounded to the nearest thousand (\u20ac x 1,000), unless stated otherwise.

Basis of preparation

The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union, and Title 9 of Book 2 of the Dutch Civil Code (DCC).

The consolidated financial statements have been prepared under the historical cost convention, unless otherwise indicated.

Impact of recent macro-economic events

COVID-19

COVID-19 and the government measures to contain the virus have impacted the TIE Kinetix operations in FY 2022 in a limited way. In fact, our operations have reached a new equilibrium of flexible working. During lockdowns, our offices have been closed, and travel was suspended. As in prior lockdowns, our employees were very well able to continue the business from their remote offices. The Company continued its path to maintain a fair and flexible working environment, offering its staff ample flexibility to maintain a healthy work-life balance and continue to (partially) work remotely. The 2022 Annual General Meeting was held in a hybrid format, with part of the attendees being physically present and part attending digitally.

Some customers of the Company continued to suffer from the COVID-19 measures imposed by governments. As the case may be such customers have been granted extended payment terms or other mechanisms to help them through this difficult period. Fortunately, this occurred very limitedly in FY 2022. Such customer situations may occur if new measures are taken in subsequent periods, though this is not expected as the countries in which the Group operates have vaccinated the majority of their citizens, and/or governmental support programs are reduced. Potentially negative effects of decreasing GDP may hurt our customers\u2019 income and ability to pay our invoices or engage into new sales contracts. At the same time TIE Kinetix acknowledges that most of its customer base is in sectors that are robust in economically challenging times \u2013 such as food retail.

We have assessed that the fifth wave of COVID-19 that has occurred during FY 2022 has not affected the valuation of assets and did not lead to any material deterioration of our receivables position. If anything, the ramifications of COVID-19 are that its effect has been neutral to positive through increased customer awareness on the need for 100% digitalization, driving (SaaS) sales.

War in Ukraine

The Company has not been exposed directly to the Russia-Ukraine conflict in any way, as the Company does not have any operations, customers or suppliers in either of these territories.

Of course, the war, combined with other macro-economic developments and events, has had its ramifications on the global economy, and has impacted the Company in the following ways:

Going concern

Considering the macro-economic developments explained under the headings above, as well as the financial position of the Company, the going concern is considered to be sufficiently safeguarded.

Implications of new, amended and improved standards

New standards, amendments and interpretations applicable to the Company as of 1 October 2021

The Company has adopted the following amendments with a date of initial application of 1 October 2021:

The Company has determined that these amendments had no current impact on the consolidated financial statements of the Company, but nonetheless may impact future periods.

Standards and amendments not mandatorily applicable to the Company as of 1 October 2021

The standards, amendments and interpretations that are issued, but not yet effective up to the date of issuance of the consolidated financial statements are disclosed below, insofar that they are reasonably expected to be relevant to the Company. The Company intends to adopt these, if applicable, when they become effective and have been endorsed by the European Union.

These amendments are not expected to have a material impact on the financial statements of the Company, though the amendments to IAS 1 related to disclosure of accounting policies \u2013 which require an entity to disclose its material accounting policies rather than its significant accounting policies \u2013 may lead to a different number of accounting policies disclosed in the Company\u2019s financial statements when adopted.

Significant accounting estimates and judgments

The preparation of the consolidated financial statements involves making judgments, estimates and assumptions with respect to the recognition and measurement of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and assumptions, due to changes in facts and circumstances.

Estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable, and are continuously evaluated.

Significant estimates

The major sources of estimation uncertainty, where a change in the underlying assumptions may have a material impact on the income statement of a subsequent period, are the following:

Impairment of goodwill and other non-financial assets

When testing for impairment, a value-in-use model is applied to determine net present values of future cash flows for CGU\u2019s in order to compare with the fixed assets\u2019 carrying values of the CGU. This encompasses management exercising judgment and making certain assumptions. The assumptions applied to which the value-in-use of fixed assets including goodwill is most sensitive are disclosed in the note Intangible fixed assets, starting on page 106.

Recognition of deferred tax assets

The Company recognizes deferred tax assets arising from tax losses carried forward and deductible temporary differences, to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary differences and tax losses carried forward can be utilized. Assessing the probability of future taxable profits involves significant estimation uncertainty as it requires forecasting taxable income and deductible expenses, while taking into account the horizon to utilize tax losses carried forward. Per 30 September 2022, management has re-assessed the probability of future taxable income and as a consequence, additional deferred tax assets for tax losses carried forward have been recognized, refer to the note Deferred taxes, starting on page 110.

Significant judgments

Capitalization of development costs

Product development costs are eligible for capitalization only when a projected outcome is determined technically feasible and deemed probable that future economic benefits will flow from the released product. Also, these economic benefits must be expected to exceed capitalized development cost. In determining both technical and economic feasibility of a project, management exercises judgment with respect to the current economic and technical environment, as well as expected developments therein. This not only involves assessing the potential market for the product under development, but also estimating potential sales volumes. The amount of capitalized development costs is disclosed in the note Intangible fixed assets, starting on page 106.

Commencement of recognition of SaaS subscription revenue

SaaS revenue is to be recognized over time (as a right to access the FLOW portal exists during the contract period) commencing on the go-live date, being the date at which a customer is granted access. This revenue recognition pattern coincides with the consumption of the subscription to the FLOW portal. In practice, however, the Company starts recognizing revenues as from the initial invoice date for the SaaS subscription. Management has judged that this date generally approximates the go-live date. As such, any difference in revenue recognition that is be attributable to the time between the initial invoice date and the go-live date is considered immaterial.

Amortization of set-up costs in SaaS contracts

When a new customer signs a contract for the FLOW platform, the Company incurs expenses related to the set-up of the customer. In accordance with the accounting policy, such costs to fulfill the contract are capitalized under the contract cost assets and amortized over the expected customer life. Due to a lack of historical information or other means of reliably determining the expected customer life, the Company currently assumes that contract life equals customer life. It may be that the customer life exceeds the contract term, which, if this were known at the time of entering into the contract, would have led to a different amortization pattern, namely over a longer term.

Recognition of revenues for services supportive of SaaS

When a new customer signs a contract for the FLOW platform, a setup is performed for which the customer is generally charged a setup fee. As part of the setup or subsequently, our consultants may also perform other work for the respective customer, such as making new mappings or onboarding suppliers to the platform. Where these services are not provided as part of the setup, they will constitute separate performance obligations. Insofar they add to the functionality of the customer\u2019s FLOW portal, the control over the service is transferred over time as the customer obtains benefit from the service throughout the course of his FLOW subscription. For the purpose of recognizing revenues from these services, the contract life is assumed to be three years. It may be that the actual (remaining) contract life of a FLOW customer is shorter or longer, which would have led to revenue recognition for the service over a different term. Management has judged that on average, however, this leads to an appropriate recognition pattern.

Presentation of government grants

During FY 2021, the Group has recognized a COVID-19 related government grant. Where the Group had previously received government grants related to income (for example for employee benefits related to R&D activities in the Netherlands), income under such grants was presented net of the related expenses. The Group has determined, however, that the COVID-19 related grant is dissimilar in nature and conditions to earlier grants received. As such, the Group has elected to present income under this COVID-19-related grant as part of \u2018Other Income\u2019 as of the moment that reasonable assurance was obtained on compliance with the conditions of the grant in 2021. See the note Other income, starting on page 126.

Significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are detailed below and have been prepared on a historical cost basis, unless stated otherwise. These policies have been consistently applied to all the presented years, unless stated otherwise.

Basis of consolidation

The consolidated financial statements include the financial information of TIE Kinetix N.V. and its subsidiaries. Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure or rights to variable returns from the investee, and the ability of the Company to use its power to affect those variable returns. The assessment of control is based on the substance of the relationship between the Company and the entity and, among other things, considers existing and potential voting rights that are presently exercisable and convertible.

Subsidiaries are consolidated from the date on which the Company obtains control. They will continue to be consolidated until the date that such control ceases. All intercompany balances, transactions, and income and expenses resulting from intercompany transactions are eliminated in full.

Discontinued operations

A discontinued operation is a component of the Group\u2019s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which represents a separate major line of business or geographical area of operations.\u00a0

Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale.\u00a0

When an operation is classified as a discontinued operation, the income and expenses related to the discontinued operation are presented in the statement of comprehensive income\u00a0on a single line separately from the results of continuing operations. Comparative figures are re-presented as if the operation had been discontinued from the start of the comparative year.

Foreign currencies

Certain foreign operations have a functional currency other than the Euro depending on the primary environment in which they operate. For consolidation purposes, foreign operations with a foreign functional currency are translated into Euro, the functional currency of TIE Kinetix N.V. and the designated presentation currency of these consolidated financial statements.

Assets and liabilities of such foreign operations are translated using the closing rate at the balance sheet date. Income and expenses are translated using average exchange rates or the actual rate at the date of the transaction, if more appropriate. All resulting exchange rate differences are recognized in other comprehensive income and consequently in the foreign currency translation reserve in equity. In the event of a disposal of a foreign operation, the relevant part of the foreign currency translation reserve pertaining to the respective foreign operation that is sold will be released from equity and included in the realized gain or loss on the sale.\u00a0

Per the balance sheet date, monetary assets and liabilities are translated against the closing exchange rate. Resulting exchange rate differences on monetary items are recognized in profit or loss. Non-monetary items are translated by using the exchange rate at the date of the transaction.

In consolidation, exchange differences resulting from the translation of an intercompany monetary item, which forms part of the net investment in a consolidated foreign operation, is recognized in other comprehensive income and consequently in the foreign currency translation reserve in equity. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

Intangible fixed assets\u00a0

Goodwill

Goodwill arising from a business combination is recognized as an intangible asset and is measured initially as the difference between the fair value of the net identifiable assets and the sum of the consideration transferred plus any non-controlling interest recognized, if applicable. Subsequently, goodwill is carried at cost less accumulated impairment charges.

From the acquisition date, goodwill is allocated to (groups of) cash generating units that are expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level, being country level.

Upon disposal of a cash generating unit to which goodwill has been allocated, the remaining goodwill balance associated with that operation will be included in the carrying amount of the operation when determining the gain or loss on disposal.\u00a0

Customer base\u00a0

The customer base of acquired businesses is identified as a separate intangible asset upon acquisition, and is initially carried at cost, being its fair value at the acquisition date. Subsequently it is carried at cost less accumulated amortization and impairment. It is amortized over its useful life in a straight-line manner. This is re-assessed annually and adjusted when circumstances give rise to such action.\u00a0

Development costs\u00a0

Projects for the development of software are broken down into a research phase and a development phase. The costs pertaining to research are expensed immediately. The development costs are recognized as an intangible asset after establishing the technical feasibility of the project, future economic benefits from the project are deemed probable, sufficient resources are available and devoted to the project to facilitate successful completion and the Company can reliably measure the expenditure attributable to the intangible asset during its development. Development costs are carried at a cost less amortization and accumulated impairments.

The useful life assessment is based on the current experience and the present economic and technological environment. The useful life of this asset is reassessed annually and adjusted when circumstances give rise to such action.\u00a0

All FLOW development costs are monitored per commercial module. All FLOW modules are developed under the direction of the CTO and TIE Kinetix Management Team. FLOW product modules compete with products developed by other vendors in the marketplace and may be expected to be replaced by our next generation products after their useful life, over which they are amortized on a straight-line basis.

Development costs of products other than FLOW are amortized straight-line based on their expected useful life.\u00a0

Software\u00a0

Software purchased from third parties, as well as any related development and implementation costs, are recognized at cost and are amortized based upon a straight-line method over their estimated useful life. The useful life of these assets is reassessed annually and adjusted when circumstances give rise to such action.

Where the Company is party to a SaaS-arrangement as a customer, the costs incurred under such an arrangement (including fees for the use of software and any implementation fees) are not capitalized where the Company does not have control over the software and the arrangement does not contain a lease. These costs are expensed as incurred.

Tangible fixed assets

Tangible fixed assets (which include hardware and leasehold improvements) are initially recognized at cost less accumulated depreciation and impairments. Costs include expenses directly attributable to the acquisition of the asset and the expense of replacing a part of the tangible fixed asset when that cost is incurred, and the recognition criteria are met. Each component of an item of tangible fixed assets with an initial carrying value (cost) that is significant in relation to the total cost of the item is separately identified and depreciated over its useful life. Subsequently, tangible fixed assets are depreciated on a straight-line basis over their estimated useful life to their estimated residual value (generally nil).

Useful life estimates are based on management\u2019s best estimate of the amount of time over which economic benefits from these assets will flow to the Company. For leasehold improvements, this period has been limited to the lease term of the respective office buildings, taking into account anticipated extensions of leases. Residual values are reviewed annually and are adjusted when appropriate.

The carrying amount of an asset is derecognized in the event that no future economic benefit is expected to arise from its use or when it is disposed of. Gains and/ or losses on derecognition are the differences between the net disposal proceeds and the carrying value of the asset. Gains and/or losses on derecognition are accounted for in profit or loss.

Impairment of non-current assets

Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. Other non-current non-financial assets with a finite useful life are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To this extent, an assessment is performed at the balance sheet date to establish whether such indicators exist.

An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Impairment losses for cash generating units are first charged against the goodwill balances allocated to that cash generating unit. Any remaining impairments are allocated to the other fixed assets of the cash generating unit.

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the balance sheet date.

Income taxes

The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses carried forward.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.\u00a0

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill unless that goodwill is deductible in determining taxable result. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Financial assets

Recognition and initial measurement\u00a0

Regular way purchases and sales of financial assets are initially recognized when they are originated, being the trade date i.e., the date when the Company becomes a party to the contractual provisions of the instrument.

A financial asset is initially measured at fair value plus, for an item not measured subsequently at fair value through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.

Classification and subsequent measurement

Subsequent to initial recognition, a financial asset that is a debt instrument is classified in one of the following three measurement categories:

  • At amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included under Interest and Other Financial Income using the effective interest rate method.\u00a0 Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in Interest and Other Financial Income or Expense together with foreign exchange gains and losses. Impairment losses are classified as part of General & Administrative expenses in profit or loss.
  • At fair value through OCI (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. The Company currently does not hold instruments classified as FVOCI.
  • At fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The Company currently does not hold instruments classified as FVPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Company\u00a0changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\u00a0

Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or a financial asset is transferred, and the transfer qualifies for derecognition.

Business model assessment\u00a0

The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management.\u00a0

Impairment

The Company assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortized cost. To this extent, a three-stage impairment model is applied, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. These three stages then determine the amount of impairment to be recognized as expected credit losses (as well as the amount of interest income to be recorded) at each reporting date:\u00a0

  • Stage 1: Credit risk has not increased significantly since initial recognition \u2013 12 months ECL is applied (i.e., the portion of lifetime ECLs that represent the ECLs that result from default events that are possible within the 12-months after the reporting date), and interest is recognized on a gross basis.
  • Stage 2: Credit risk has increased significantly since initial recognition \u2013lifetime ECL is recognized (i.e., ECLs that result from all possible default events over the expected life of a financial instrument), and interest is recognized on a gross basis.
  • Stage 3: Financial asset is credit impaired \u2013 lifetime ECL is recognized, and interest is recognized on a net basis (i.e., on the gross carrying amount less credit allowance).

The Company considers the probability of default upon initial recognition of financial assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk, the Company compares the risk of a default occurring on the asset at the reporting date with the risk of default as the date of initial recognition. For trade receivables and contract assets (with a maturity of 12 months or less), lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 'Financial Instruments').\u00a0

Cash & cash equivalents\u00a0

Cash and cash equivalents are valued at face value and include cash in hand, deposits, and other short-term highly liquid investments with original maturities of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, excluding bank overdrafts.\u00a0

Equity\u00a0

Shareholders\u2019 equity\u00a0

Financial instruments issued by the Company to the extent that they indicate a residual interest in the assets of the Company, including ordinary shares, are classified as equity. All proceeds from the issue of equity instruments, or considerations paid for the purchase of equity instruments, are recognized in equity. Incremental external costs that are directly attributable to the issuing of TIE Kinetix equity instruments are also recognized in equity, net of tax.

Dividends and other distributions to holders of equity instruments are recognized in equity, net of withholding tax. A liability for dividends payable is not recognized until the dividends have been declared and approved by the General Meeting of Shareholders.\u00a0

Warrants

The Company has issued warrants other than as consideration for goods or services received. Under the terms of the respective contracts, such warrants are derivative financial instruments that will be settled by the Company in own equity instruments. Upon exercise, a fixed amount of ordinary shares is exchanged for a fixed amount of cash. Therefore, such warrants are classified as equity instruments. Consideration received for such warrants upon issue is accounted for in equity. Cash received upon exercise is accounted for in equity as well.\u00a0

Borrowings

Loans and borrowings are recognized initially at fair value, net of transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the profit or loss when the liabilities are derecognized as well as through the amortization process. The amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included under Interest and Other Financial Expense in the statement of comprehensive income.

Trade payables and other financial liabilities

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

Financial liabilities are derecognized when they are extinguished - i.e., when the obligation specified in the contract is discharged or cancelled or expires.

Provisions\u00a0

The Company recognizes a provision in cases where the Company has a present legal or constructive obligation resulting from a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are

measured at management\u2019s best estimate of the future outflow required to settle the obligation. Where the time value of money is material, it is measured at the present value of such future outflow, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The change in the time value of future outflows is recognized under Interest and Other Financial Expense in the statement of comprehensive income.\u00a0

To the extent that future events are likely to occur and are expected to have an effect on the amount required to settle a recognized liability, these future events are taken into consideration in determining the appropriate provision level. Provisions are reviewed at each balance sheet date and will be adjusted to reflect the current best estimate.\u00a0

Revenue recognition

The Company recognizes revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer. The Company recognizes revenue upon the satisfaction of performance obligations, which occurs when control of the good or service transfers to the customer. Control can transfer at a point in time or over time.

The Company has four revenue streams, namely:

  • Software as a Service (SaaS);
  • Maintenance and Support;
  • Consultancy; and
  • Licenses.

We have described the revenue recognition for each of the revenue streams below using the 5-step model of IFRS 15 'Revenue from Contracts with Customers'.\u00a0

Step 1 \u2013 Identify the contract\u00a0

For each service and thus for each revenue stream the Company enters into a contract with a customer which outlines the parties\u2019 rights and obligations, the consideration and our general terms and conditions. Our general conditions include a net 30-day payment term from invoice date and do not contain warranties or return obligations. SaaS and maintenance fees are typically invoiced upfront. As the period over which the invoicing up front takes place generally does not exceed a year, the Company applies the practical expedient of IFRS 15 with respect to the existence of a significant financing component, which is then not deemed to exist.

Step 2 \u2013 Identify the performance obligations\u00a0
Software as a Service revenue\u00a0

The service under a SaaS contract is the ongoing effort of the Company to provide connectivity of the FLOW portal to the customer and its trading partners in order to allow the exchange of data between the customer and each trading partner. When setting up the service, the FLOW portal is typically connected to other data networks. The FLOW portal is owned and controlled by the Company and not transferred to the customer.\u00a0

Through the SaaS, the customer connects with the FLOW portal, either using his own VAN (Value Added Network) or through a closed network or through a VAN network controlled by TIE Kinetix. Once the customer is connected/set up, the customer benefits directly from the service and will continue to benefit from the service until contract end.

Set-up activities

Our contracts may include non-refundable upfront fees for setting the customer up. During the set-up the FLOW platform is prepared for use by the customer. Usually, the setup phase for a customer project involves a consultant or a group of consultants in order to define, configure, implement test and deploy the customer\u2019s contracted features before putting them in production in the (SaaS) environment. Usual work performed includes connecting FLOW to the customer's ERP-system, mappings, business processes setup, workflow configuration, notifications setup, portal setup, business rules configuration, communication setup, building landing pages, etc.

These services are not transferred to the customer separate from the SaaS performance. Since no good or service is transferred to the customer separately, the set-up is not considered to be a performance obligation. Rather, the setup fee is included in the revenue that is allocated to the SaaS performance obligation.

Consultancy services supportive of SaaS

As part of the setup or subsequently, our consultants may also perform other work for a FLOW customer, such as making new mappings or onboarding suppliers to the platform. Where these services are not provided as part of the setup, they will constitute separate performance obligations since they are distinct from the FLOW portal. This is because the customer is able to benefit from the service together with their FLOW portal (that is readily available to the customer), and the service is separately identifiable.

Volume and overage

SaaS contracts include a component for a bundle of messages which the client can process via the FLOW portal, plus an option for additional messages sent beyond the contracted volumes (\u201coverage\u201d). As any unused capacity under the contracted bundle cannot be carried forward to a subsequent period, this is not distinct and as such not identified as a separate performance obligation.

\u00a0Maintenance and Support revenue

The Company provides, predominantly connected to license revenue, post-contract maintenance and support services. Maintenance services are tasks performed periodically in order to maintain, improve and secure the level of services and/or security. These services are considered to be distinct from the license.\u00a0

Consultancy revenue

The Company provides consultancy services which comprise of various kinds of consulting, including software customization work, or on how to increase revenue by using cloud automation, through A/B testing and personalization, with enterprise search and by using big data / machine learning. These consultancy services are sold in hours or bundles of hours. The performance obligation of the Company is to provide the customer with these consultancy hours.

License revenue

The Company licenses certain products to its customers and are typically installed on the customer\u2019s server which is the Company\u2019s performance obligation. Licensed products represent a right to use the software to which the Company has the intellectual property rights. The life of the license is in principle indefinite and no updates are necessary for the proper operation of the licensed software. As such, the installed licensed software is the Company\u2019s performance obligation.

Step 3 \u2013 Determining the transaction price and Step 4 Allocating the transaction price to performance obligations
Software as a Service revenue\u00a0

Transaction price is stipulated in the contract and typically has a fixed component (SaaS fees, if applicable a non-refundable set-up fee, plus a contractual bundle of messages component), and a variable component for additional messages sent beyond the contracted volumes. There are no volume discounts given when message levels exceed contracted volumes.

The fixed component of the transaction price is allocated to the SaaS performance obligation. The variable component of the transaction price represents a usage-based royalty that is also allocated to the SaaS performance obligation.

Contract durations are between 1 to 5 years (on average 3 years) with payment for use of the FLOW portal (including data networks) occurring always upfront for the entire contract period or part of the contract period.

Licenses, Maintenance and Support and Consultancy revenue

The transaction prices of the revenue streams are based on internal price lists and agreed with the customer in a contract. The prices are separately included in the contract and are the standalone selling prices. The transaction price is allocated to the single performance obligations which are described above.\u00a0

Step 5 \u2013 Revenue recognition method\u00a0
Software as a Service revenue

Software as a Service revenue (that is, the fixed component of the total consideration) is recognized over time as control over the services is transferred over the course of the contract period. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise to provide access to the software.

Revenue from consultancy services supportive of SaaS are classified as SaaS revenues and recognized over the course of the SaaS contract period. Reference is also made to the Significant accounting estimates and judgments, starting on page 89. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise to provide access to the software.

Overage revenues are recognized in the period in which the usage occurs, and the SaaS performance obligation has been partially satisfied for the respective period.

Maintenance and Support revenue

Maintenance and Support revenue is recognized over time as control over the services is transferred over the course of the contract period. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise

to provide maintenance and support on an as-needed basis.

Consultancy revenue

Consultancy revenue is recognized over time as control over the services is transferred as the customer utilizes the contracted consultancy hours. Progress is measured on the input method (hours utilization), as the ratio of hours utilized to total hours most faithfully represents the Company's performance under its promise to provide consultancy services.

License revenue

License revenue is recognized at a point in time because the customer has the indefinite right to use the (software) license when control is transferred.

Contract balances\u00a0
Contract assets\u00a0

A contract asset represents the right to consideration in exchange for goods or services transferred to the customer. If the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.\u00a0

A contract asset becomes a receivable when the Company\u2019s right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities\u00a0

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Company satisfies the performance obligation. The contract liability recognized by the Company relates to the Company\u2019s obligation to fulfil the contract.

Contract cost assets

Capitalized costs incurred to fulfill customer contracts consist of direct costs for set-up of the FLOW platform (as well as other consultancy projects supportive of SaaS) for customers under SaaS-contracts, as far as these costs are not in scope of other standards than IFRS 15 and as far as they are expected to be recovered. These costs are amortized after completion of the set-up on a straight-line basis over the average expected customer life (refer to Significant accounting estimates and judgments, starting on page 89). Amortization of capitalized costs to fulfill contracts is included in the Cost of Sales in the statement of comprehensive income.

Government grants

Grants from a government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the Company will comply with all attached conditions. Government grants relating to costs are deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Where governments grants become receivable as compensation for expenses or losses already incurred, they are recognized in profit or loss in the period in which they become receivable.

Employee benefits

Short term employee benefits\u00a0

Short term employee benefits entail salaries payable over past service, short-term compensated absences that are expected to occur within twelve months after the end of the period in which the employee renders the related service, profit sharing, or bonus arrangements. A liability is set up to the extent that amounts are due based on rendered services. Short term employee benefits expenses are presented in the statement of comprehensive income net of government grants received in relation to the Company\u2019s employee benefit costs.\u00a0

Termination benefits\u00a0

Termination benefits are the result of the Company\u2019s decision to terminate an employee\u2019s employment before normal retirement date. Termination benefits are expensed immediately when the Company is demonstrably committed to terminate employment prior to normal retirement date. The termination benefits include all termination of employment related expenses.\u00a0

Post-employment benefits\u00a0

The Company operates with insured defined contribution pension plans in the Netherlands and France. Under the terms and conditions of this plan, the Company has no obligation towards the employees covered under the plan, other than to pay a fixed contribution. The contributions payable are recognized as an expense in income. To the extent that the paid amount exceeds the amount due for services rendered, an asset is recognized. Plan contributions payable to a third-party insurer are recognized as a liability.\u00a0

The Company has a defined benefit arrangement in place for a single employee in Germany. This plan is unfunded and only a defined benefit obligation is recognized for it. In addition, the Company also has a defined benefit arrangement in place for employees in France. This plan is also unfunded and only a defined benefit obligation is recognized for it.\u00a0 As this plan is immaterial, no further details are provided in these consolidated financial statements.\u00a0

In the US, the Company staff participates in a corporate 401(k) savings plan with discretionary contributions. These discretionary payments are recognized in profit or loss\u00a0if and when they are paid into the plan.

Share-based payments\u00a0

In 2016 the Company has implemented a Performance Share Plan. Under this Plan, certain members of the TIE Kinetix Management Team may be awarded shares, based on achievement of performance conditions tied to the Company\u2019s operational performance and achievement of strategic goals. Shares issued under the Performance Share Plan are subject to transfer restrictions (a non-vesting condition). In the past, stock options were also granted under a Stock Option Plan to TIE Kinetix staff that entitles staff members to receive equity instruments it has issued. These grants of shares and of stock options are classified as equity settled share-based payment plans.

Granted shares vest immediately at the grant date in absence of a service condition. Stock options granted had a vesting period of three years. The expense resulting from these grants is based on the fair value of the instruments at grant date. The corresponding expense is recognized in profit or loss, with the offsetting entry in equity over the term in which the services are rendered, i.e., the vesting period where this applies. The expense reflects management\u2019s best estimate of the number of instruments expected to vest, where applicable. Any consideration received, net of any directly attributable transaction costs, is accounted for in equity upon issue of shares or exercise of the options. When the non-vesting condition under the Performance Share Plan is not satisfied, or when a stock option is cancelled, the grant is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the grant is recognized immediately. However, if a new stock option is awarded in substitution of the cancelled stock option, the substitution is treated as if it is a modification of the original. An additional expense is recognized to the extent the modification results in an increased fair value of the modified stock options, compared to the original ones.\u00a0

Leasing

The Company leases various offices and vehicles to support its operations. Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

The Company recognizes a right-of-use asset representing its right to use the underlying leased asset, and a lease liability representing its obligation to make lease payments.

Lease liabilities are initially measured at the present value of lease payments not yet paid at commencement date, less any lease incentives receivable. Such lease payments include fixed payments but may also include lease payments to be made under extension options to the extent that it is reasonably certain that the Company will exercise such an option. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the incremental borrowing rate is used. This is the rate of interest that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset\u00a0in a similar economic environment.

Lease payments are allocated between principal and finance cost. After initial recognition, the lease liability is increased by the finance cost, which is recognized in profit or loss as part of Interest and Other Financial Expense, and decreased by principal payments made. The lease liability is remeasured when there is a change in future lease payments or based on changes in the assessment of execution of certain extension or termination options in the contracts. The Company applies judgement to determine the lease term for lease contracts that contain renewal options.

Right-of-use assets are initially measured at cost, which comprises the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs. The right-of-use asset is subsequently carried at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The right-of-use asset is

adjusted for certain re-measurements of the lease liabilities.

The Company recognizes lease payments associated with short term leases (lease term <1 year) as well as low value leases (value of the leased asset < \u20ac 5k) as an expense on a straight-line basis over the lease term.

Earnings per share\u00a0

Basic earnings per share are calculated by dividing net income attributable to equity holders of the Company by the weighted average number of outstanding shares. Diluted earnings per share take into effect the dilutive effect of outstanding warrants upon exercise. The dilutive effect of these instruments equals the number of shares issuable under the terms and conditions of these arrangements for no consideration. Warrants are considered non-dilutive when the exercise price is in excess of the average market price of the shares of the Company during the period.

Analysis of expenses

Expenses are presented in the consolidated statement of comprehensive income according to their function. Management has defined the functions of expenses as follows:

  • Cost of Sales: Expenses that are directly or indirectly attributable to the Company\u2019s performance under ongoing contracts with customers;
  • Research & Development: Expenses that are attributable to activities of the Company in the field of research of new products or applications or development activities with respect to the FLOW platform or otherwise;
  • Selling & Marketing: Expenses that are attributable to the activities of the Company in the field of marketing and sales; and
  • General & Administrative expenses: Includes all other operating expenses of the Company in relation to its ordinary activities.

Statement of cash flows

The cash flows from operating activities in the statement of cash flows are presented in accordance with the indirect method. Under this method, the income before tax is adjusted for items in the profit and loss account that do not influence receipts and expenditures during the year, movements in balance sheet items, and profit and loss account items not relating to operating activities. Transactions not involving a cash inflow or outflow are not included in the statement of cash flows. The cash position in the statement of cash flows consists solely of cash and cash equivalents. Exchange differences on cash and cash equivalents are presented separately in the statement of cash flows. Interest received and paid as well as income taxes paid are included in the cash flows from operating activities. Dividends paid are included in the cash flows from financing activities. The selling price of divested group companies (divestments) is presented in the cash flows from investing activities insofar as payment has been received in cash, net of any cash balances present in divested group companies.

Subsequent events

These consolidated financial statements include the effects of events occurring between balance sheet date and the date these financial statements are authorized for issue, to the extent that these events provide evidence of conditions that existed at the balance sheet date. Where effects of events that arise post-balance sheet date are disclosed, they have not resulted in an adjustment of the financial statements.

Financial risk management

The Company\u2019s activities expose it to a variety of risks, including market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Company has policies in place towards managing these risks, insofar as relevant and depending on the risk appetite of the Company with respect to a certain risk. The Executive Board has overall responsibility for the establishment and oversight of the Company\u2019s risk management system, including identifying and analyzing risks faced by the Company, implementing risk limits and controls as appropriate as well as monitoring the exposure to risks against these limits and maintaining the risk management system in the light of changes in the Company and market conditions. The Supervisory Board oversees how the Company monitors adherence to risk management policies and procedures and assesses the effectiveness of its risk management system in relation to the relevant risks.

The Company does not have an exposure to financial risks associated with derivatives. The Company's exposure to financial instruments is mainly concentrated in its working capital. The Company neither holds nor issues financial instruments for trading purposes, and currently does not contract any derivative financial instruments to hedge risks.

Classification of financial assets and liabilities

Financial assets and liabilities recognized on the consolidated Statement of Financial Position are classified in the following table.

Classification of financial instruments
(\u20ac x 1,000)
Financial assets at amortized costFinancial liabilities at amortized cost
Class of financial instruments30 September 202230 September 202130 September 202230 September 2021
Cash and cash equivalents9,5939,921
Trade receivables1,4951,442
Other receivables7978
Lease liabilities452765
Trade creditors1,304833
Other payables1,8651,512
Total11,16711,4413,6223,110

Use of fair values

The fair values of financial instruments carried at amortized cost, which include trade debtors, other receivables, loans receivable, trade creditors and other payables have been assessed to be in line with their carrying values due to the short-term nature of such items and applicable market interest rates. Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13 'Fair Value Measurement'. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.\u00a0\u00a0

There are no items in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring or non-recurring basis, for both years presented.

Currency risk\u00a0

Currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group operates across the globe in various currency environments and is exposed to foreign exchange risks, mainly with respect to the US dollar. The Group does not hedge the foreign exchange risks associated with its net investments in foreign operations. To manage currency risks, however, it is the intention to balance assets and liabilities in foreign currencies as much as possible and ensure that the local balance sheet of group companies contain as much as possible only positions denominated in the functional currency of that group company. The Group's exposure to risk arising from other currencies than the euro arises almost exclusively from the US dollar, hence the following disclosures are only made for the US dollar.

The Group has applied an USD/EUR exchange rate at balance sheet date of 0.98 (30 September 2021: 1.16). The average exchange rate used to translate the income and expenses in the US was 1.08 (2021: 1.20). The following table details the sensitivity of consolidated equity and net income had the year-end exchange rates varied by a reasonably possible change in such rates \u2013 all other variables held constant.

For purposes of the sensitivity analysis, financial instruments are only considered sensitive to foreign exchange rates when they are not denominated in the functional currency of the group company holding the relevant financial instrument. This analysis, presented under the heading 'Foreign currency risk' in the following table, takes into account only outstanding foreign currency-denominated monetary assets and liabilities (in other words - those monetary assets and liabilities denominated in a currency that differs from the relevant group company\u2019s functional currency) and adjusts their translation at the period-end for a reasonably possible change in the dollar/euro exchange rate. The sensitivity analysis includes external receivables and payables, as well as intercompany positions within the group, but excludes translation differences due to translating from functional currency to presentation currency.

Foreign currency sensitivity analysis
(\u20ac x 1,000)
20222021
Change in rateImpact on y/e equityImpact on net incomeImpact on y/e equityImpact on net income
Foreign currency risk\u00a0\u00a0\u00a0\u00a0
USD +10% against EUR(139)106(936)364
USD -10% against EUR114(87)766(298)
Translation risk
USD +10% against EUR173-1,064-
USD -10% against EUR(141)-(871)-
Impact of USD movement7610010(47)

The analysis shows that equity is exposed to sensitivity that arises from a US dollar-denominated intercompany liability to the US-subsidiary that is considered to be part of the net investment (and as such, foreign exchange differences on this intercompany liability are accounted for in other comprehensive income, impacting equity). The section 'Translation risk' below explains the offsetting translation effect in equity.

The analysis also shows that net income is also exposed to sensitivity that arises from the USD bank account balances of the Company and any subsidiaries with a functional currency other than the US dollar.

Translation risk

The table above also includes an analysis of translation risk. While translation risk is disregarded in the above analysis of foreign currency risk (as defined by IFRS), translation risks together with foreign currency risks form an integral part of the Group's management of the exposure of financial instruments to foreign currencies.

To this extent, the Company has disclosed the translation risk analysis in the previous table. This analysis takes into account the translation effect of the monetary assets and liabilities of the US subsidiary (which has a US dollar functional currency) and adjusts their translation at the period-end for the same changes in foreign currency rates. This sensitivity analysis includes external receivables and payables, as well as intercompany

positions within the group, but excludes the foreign operation's non-monetary assets and liabilities. The effect from translating from the functional currency to the Group's presentation currency is recorded in other comprehensive income and therefore impacts equity (please note that this also applies to the translation of non-monetary assets and liabilities of the foreign operation though these are excluded from the analysis).

The analysis shows an offsetting effect to the exposure of equity to foreign currency risk. This is due to the aforementioned US dollar-denominated intercompany position, which acts as a natural hedge, balancing foreign currency risk against translation risk.

In addition, the bottom row ('Impact of USD movement') presents a further, backward-looking, analysis of the Group's exposure currency translation exposure. This measures the impact on the net assets at year-end and impact on net income of the US foreign operation, when comparing to the hypothetical situation that the exchange rate had not moved during the year (thus would have remained at the opening rate at the beginning of the year). In essence, this illustrates the impact of movements in the USD exchange rate during the year on the net assets and net result of the US segment. For the purpose of this analysis, the net assets of the US-subsidiary include non-monetary assets and exclude intercompany positions, while the net income excludes intercompany gains and losses, as these are eliminated in consolidation. The resulting numbers show the impact on net income for the years presented (impact of income translated against the year's opening exchange rate rather than at the weighted-average exchange rate for the year) and on equity at year-end (impact of net assets translated against the opening exchange rate rather than at the closing rate).

Interest rate risk

Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The exposure of the Company to this risk is limited as the Company currently does not have any variable-rate borrowings per 30 September 2022 (30 September 2021: nil). Debt of the Company is concentrated in its lease liabilities which have fixed cash flows based on fixed rates of interest.

Other price risk

Other price risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than arising from currency risk or interest rate risk. As the Company's financial instruments are limited to short term debt instruments (carried at amortized cost) and long-term debt in the form of lease liabilities, the Company does not have an exposure to other forms of price risk such as commodity price risk or equity price risk.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk mainly from its operating activities: this risk is primarily associated with the trade receivables and contract assets, but also arises from deposits with banks.

The Company manages the exposure on its cash deposits with banks by only working with reputable banks that have proven in the past to be financially stable, have appropriate licenses to operate and are under the supervision of regulatory authorities. Cash is managed centrally within the Group.

With respect to credit risk arising from trade receivables and contract assets from customer contracts, the Company generally works with large and well-known organizations as customers for which the credit risk is deemed to be limited. In other cases, before a contract is signed, research is performed for a prospective customer prior to signing the contract. In addition, the Company generally invoices in advance and has the ability to discontinue the access of a customer to the product remotely in the event of unceasing defaults of contractual payment obligations. As the Company has measures in place that reduce the credit risk exposure to a sufficiently low level, it has not insured its trade receivables. Instead, in the event of (expected) collectability issues or defaults, this is reflected in the lifetime expected credit losses that are recognized on the relevant receivables to cover the potential loss. Loss rates are determined based on historical credit losses realized and any expectations on economic downturn. In measuring expected credit losses, trade receivables are grouped according to their ageing profile. Based on this ageing profile, any significant increase in credit risk since initial recognition is determined (typically when a contractual payment is more than 30 days past due).

Management monitors any extended default (instances where a debtor continues to not meet its payment obligations) by a customer and determines on an individual basis whether such receivables are considered credit-impaired. A receivable is written off and the corresponding expected credit loss derecognized if it is determined to be uncollectible, which is assessed on a case-by-case basis. The Company does not have a history of significant credit losses. This has not changed as a consequence of the COVID-19 pandemic.

The Company has no significant concentrations of credit risk. The top 100 customers account for 59% (2021: 52%) of total revenues, while no individual customers accounts for more than 5% (2021: 3%) of total revenues. The Company serves a number of vertical supply chains like business services, industry, industry & home improvement, telecom, banking & insurance, food industry & food retail, non-food, consumer electronics, transport & logistics, office supplies, automotive, medical and others, mitigating the risk of relying upon a single industry. In addition, the Company serves federal & local government institutions, for which the credit risk is deemed limited in the countries the Group operates in.

The Company\u2019s maximum exposure to credit risk equals the outstanding balance of its financial assets. The top 10 outstanding debtors amount to 30% (2021: 46%) of the outstanding trade receivables. The note Trade receivables, starting on page 112 details the expected credit losses and loss rates applied to trade receivables as of the balance sheet date.

Liquidity risk

The Company\u2019s liquidity management is geared towards having sufficient liquidity available to fund its operations. In this regard, projections of cash flows from operating activities are positive. The Company\u2019s SaaS business is growing, and consequently the Company is becoming more resilient to cashflow seasonality. Occasionally, the Company engages in contracts with commercially dominant counterparties with whom extended payment terms are agreed. Such payment terms may put a strain on working capital balances of group companies.

The Company had a working capital facility in place for funding working capital as needed. During the year, however, the Company terminated this credit facility as withdrawals under this credit facility had never been made and the Group has had ample liquidity for some years. Liquidity is managed centrally within the Group. As such, Group management monitors the liquidity positions of the individual group companies. There is a structure of intercompany current accounts in place to support the liquidity management.

As at the balance sheet date, the Company had ample resources. As such, the liquidity risk of the Company originating from financial instruments is deemed limited. In this respect it should also be noted that the Company\u2019s current liabilities consist for a substantial part of deferred revenue, which under normal circumstances would not be refunded to customers but recognized as revenues and as such are not financial liabilities.

The following maturity analyses detail the remaining undiscounted cash flows under its non-derivative financial liabilities (the Company does not have derivative financial liabilities), classified by their maturity, being the earliest date on which the Company can be required to settle the liability. These analyses include both interest and principal cash flows.

2022 Maturity analysis of financial liabilities
(\u20ac x 1,000)
Short termLong termTotal
< 1 year> 1 year <5 years> 5 years30 September 2022
Lease Liabilities - Principal payments261191-452
Lease Liabilities - Interest payable115-16
Trade Creditors1,304--1,304
Other Payables1,865--1,865
Total3,442196-3,638
2021 Maturity analysis of financial liabilities
(\u20ac x 1,000)
Short termLong termTotal
< 1 year> 1 year <5 years> 5 years30 September 2021
Lease Liabilities - Principal payments380385-765
Lease Liabilities - Interest payable195-24
Trade Creditors833--833
Other Payables1,512--1,512
Total2,744390-3,134

Capital risk management

The management of capital is centralized and is aimed at both ensuring the Company has a healthy capital structure so that the continuity of its operations is safeguarded, as well as having sufficient means available to fund the Company\u2019s future growth ambitions. To this extent, management regularly assesses outstanding share capital, options, warrants, convertible instruments, the need for issuing any such instruments (in line with limits set by the shareholders), outstanding debt positions and evaluates funding opportunities in line with strategic targets. The Company considers its equity as capital, in line with prior period. Management's policy with respect to managing capital is to maintain a positive equity, while limiting funding through debt as much as possible due to the liquidity risks attached to debt. This implies that business combinations, investments and operations are funded primarily by cash or by issuing equity instruments, also in the event of a cash component payable arising from a business combination.

1Acquisitions and disposals

Acquisitions

No acquisitions have been made during 2022 or 2021.

Disposals

2022

There have been no disposals during 2022.

2021

During FY 2020 the Company strategically divested the business lines Demand Generation and Google AdWords for Channel. The consideration of \u20ac 6 million was paid with \u20ac 3 million in cash, and \u20ac 3 million in a one year 10% secured loan. Interest due on the vendor loan was paid in monthly instalments. The Demand Generation business was classified as a discontinued operation.

During FY 2021, in May 2021, the repayment of the loan was received. The receipt of the \u20ac 3 million loan has been classified as a cash flow from investing activities in the statement of cash flows and represents a cash flow from the discontinued operation.

No income or expenses from the discontinued operation have been recognized in FY 2022 or FY 2021.

2Intangible fixed assets

The movements in Intangible fixed assets are summarized below:

Movement schedule of intangible fixed assets
(\u20ac x 1,000)
GoodwillCustomer BaseSoftware development costsPurchased SoftwareTotal
Balance as at October 1, 20202,245192,9301065,300
Movements 2021
Additions--83311844
Amortization-(15)(1,160)(72)(1,247)
Impairment-(4)--(4)
Translation adjustments on acc. investments5-10-15
Translation adjustments on acc. amortization--(10)-(10)
Balance as at September 30, 20212,250-2,603454,898
Accumulated investments3,67184910,85495716,331
Accumulated amortization(107)(836)(8,213)(901)(10,055)
Accumulated impairments(1,314)(13)(38)(11)(1,376)
Balance as at September 30, 20212,250-2,603454,898
Movements 2022
Additions--1,024831,107
Disposals---(50)(50)
Amortization--(1,113)(35)(1,148)
Translation adjustments on acc. investments83115213250
Translation adjustments on acc. amortization--(152)(7)(160)
Translation adjustments on acc. impairments-(1)-(6)(7)
Balance as at September 30, 20222,333-2,514924,940
Accumulated investments3,75485012,0301,00217,637
Accumulated amortization(107)(836)(9,478)(893)(11,314)
Accumulated impairments(1,314)(14)(38)(17)(1,383)
Balance as at September 30, 20222,333-2,514924,940
Useful lifeIndefinite10 years5 years3-5 years

Cash generating units

TIE Kinetix has active country operations in the Netherlands, in the US, in Germany, and in France through its various subsidiaries. Management has identified the following cash generating units:

  • TIE Netherlands
  • TIE France
  • TIE US
  • TIE Germany
  • TIE Product Development

Allocation of the carrying value of the intangible fixed assets tested to the CGU\u2019s and segments for impairment per year-end and comparative number are as follows (please note that there are no intangibles allocated to Germany):

2022 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2022
Goodwill1,640153540-2,333
Software development costs---2,5142,514
Purchased software85--793
Total1,7261535402,5214,940
2021 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2021
Goodwill1,640153457-2,250
Software development costs---2,6032,603
Purchased software36--945
Total1,6761534572,6124,898

Annual impairment testing

Goodwill is tested annually for impairment (or more frequently when indicators of impairment are identified). Other than goodwill, the Company does not have indefinite-lived intangible assets. As in past years we used a discounted cash flow model to determine the value in use of CGUs to which goodwill has been allocated, based on a 10-year horizon (based on historic recurring revenue patterns and considering the Company's multi-year SaaS contract model) without terminal value projections.

The following key assumptions have been applied in the impairment test:

  • Adjusted EBITDA growth rate: Estimated EBITDA is adjusted for expected corporate management fees and royalty fees on the use of the IP that is located in the Product Development CGU. For all cash generating units, annual growth rates have been applied (in line with our multi-year planning assumptions). These growth rates are used to extrapolate cash flows beyond the budget for FY 2023, as approved by the Executive Board and Supervisory Board, and the following nine years.
  • Terminal value and growth rate: Our discounted cash flow calculations includes no residual value after 10 years; adding additional years to the cash flow calculation has limited effect under the applied discount rates and the residual value becomes less predictable.
  • Discount Rate: The test is based on a post tax WACC of 12.3% (2021: 11.4%) and reflects the current market assessment of the risks specific to each CGU. The discount rate used was estimated on the weighted average costs of capital for shareholders\u2019 equity and costs of debt. The cost structure of shareholder\u2019s capital is determined on the basis of the interest rate adjusted for cyclical and market risks. The cost of debt is determined on the basis of the weighted average interest rate for long term loans (effectively the Company's lease liabilities). The pretax discount rate is determined through an iterative computation.

The values assigned to each key assumptions are outlined in the table below.

Key assumptions used in impairment testing
NLFranceUS
202220212022202120222021
Adjusted EBITDA growth rate20-25%15-20%25-30%20-25%25-30%10-15%
Pretax discount rate14%14%16%17%17%17%
Terminal growth rate0%0%0%0%0%0%

Management has conducted annual impairment testing and assessed that for all cash generating units the value in use of the cash generating units tested exceeds the carrying value of the non-financial non-current assets allocated to those cash generating units. Furthermore, management has no indications that individual assets of any cash generating units may be impaired. With regard to the assessment of the recoverable amount of each CGU and the total Company, management believes that a reasonably possible change in any of the above key assumptions would not lead to an impairment. Given the available headroom, no sensitivity analysis has been disclosed.

3Tangible fixed assets

Movements in tangible fixed assets are shown below:

Movement schedule of tangible fixed assets
(\u20ac x 1,000)
Leasehold ImprovementsRight-Of-Use AssetHardwareTotal
Carrying value as at October 1, 202015945591,019
Movements 2021
Additions-16855223
Disposals-(103)-(103)
Depreciation(10)(367)(24)(401)
Depreciation on disposals-103-103
Other-(22)-(22)
Translation adjustments on acc. investments6-39
Translation adjustments on acc. depreciation(8)-(3)(10)
Carrying value as at September 30, 2021372490818
Accumulated investments8381,4951,2083,541
Accumulated depreciation(835)(771)(1,118)(2,724)
Carrying value as at September 30, 2021372490818
Movements 2022
Additions578111194
Disposals(253)(367)(258)(877)
Depreciation(4)(366)(41)(411)
Depreciation on disposals253367258877
Translation adjustments on acc. investments22-2345
Translation adjustments on acc. depreciation(22)3(23)(42)
Carrying value as at September 30, 20225439160604
Accumulated investments6131,2061,0842,903
Accumulated depreciation(608)(767)(924)(2,299)
Carrying value as at September 30, 20225439160604
Useful livesMax. 10 yearsLease term5 years\u00a0

At the balance sheet date there are no restrictions on title. No items of tangible fixed assets have been pledged as security against liabilities.

The following table details the carrying amounts at the balance sheet date of right-of-use assets by class of underlying asset, as well as the depreciation charge for the year of right-of-use assets by class of underlying asset.

Right of Use assets by class
(\u20ac x 1,000)
Carrying amountDepreciationCarrying amountDepreciation
30 September 2022202230 September 20212021
Offices and parking space215242453269
Vehicles22412427198
Total439366724367

4Deferred taxes

The following table details the amounts of deferred tax assets and liabilities arising from both temporary differences and unused tax losses carried forward, including the effects of offsetting some of those deferred tax assets and liabilities.

Deferred tax assets & liabilities
(\u20ac x 1,000)
Category of temporary difference30 September 202230 September 2021
Property, Plant & Equipment-16
Trade Receivables142
Deferred Revenue304275
Lease Liabilities114123
Other Payables and Accruals4231
Tax Credits729
Tax Losses Carried Forward1,522408
Total Gross Deferred Tax Assets2,115863
Offset against deferred tax liabilities(251)(239)
Total Net Deferred Tax Assets1,864625
Goodwill(139)(124)
Right-of-use assets(112)(115)
Other(2)(2)
Total Gross Deferred Tax Liabilities(253)(240)
Offset against deferred tax assets251239
Total Net Deferred Tax Liabilities(2)(2)
Total Deferred Tax Positions (Net)1,862623

Of the total net deferred tax position, an amount of \u20ac 1,284k (2021: \u20ac 334k) is expected to be settled after more than twelve months. The deferred tax liability on goodwill relates to goodwill that is tax deductible in the United States and for which the temporary difference arose after initial recognition of the goodwill.

In determining the recognition of deferred tax assets from unused tax losses carried forward, management has considered whether sufficient taxable temporary differences exist or there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilized. Management has assessed that sufficient convincing evidence existed to justify the recognition of deferred tax assets from unused tax losses for the amount of \u20ac 1,522k\u00a0(30 September 2021: \u20ac 408k). Given the sizeable amount of tax losses carried forward available in the Netherlands, this has only led to partial recognition.

In addition, in 2016 the Company applied tax planning structures in the Netherlands to prevent the expiring of its available tax loss carry forward position. Although the Dutch Tax authorities have not explicitly reviewed this structure, the tax loss carry forward position includes the effects of this structure. While management does not expect this, a possible adverse position taken by the Dutch Tax authorities would likely have no effect on the carrying value of the deferred tax asset from unrealized tax losses given the size of the respective tax losses in relation to the total available tax losses and those for which a deferred tax asset has been recognized.

The aggregate amount of temporary differences related to investments in subsidiaries for which no deferred tax liability is recognized as at 30 September 2022 is \u20ac 106k (30 September 2021: \u20ac 338k). This amount is limited since the retained earnings and currency translation differences related to most investments is negative as of the balance sheet date.

Movements in the net deferred tax position during the year are detailed in the following table.

Movement schedule of net deferred tax position
(\u20ac x 1,000)
20222021
Balance as at October 1623256
Recognized in profit or loss1,196365
Currency translation differences recognized in OCI432
Balance as at September 301,862623

Unused tax losses, deductible temporary differences and unused tax credits

The following tables detail the availability of available gross unused tax losses, tax credits and deductible temporary differences, classified by expected period of expiry, as well as to what extent such items have been recognized resulting in a deferred tax asset. The tables do not include all deductible temporary differences but only those for which no deferred tax asset has been recognized. Those items that are classified as indefinite do not have an expiration term.

2022 Expiration of tax losses, tax credits and deductible temporary differences
(\u20ac x 1,000)
< 1 year1 - 5 years6 - 10 years> 10 yearsIndefiniteTotal
Available as at 30 September 2022----15,47515,475
Less: Recognized as deferred tax asset----5,5115,511
Unrecognized as at 30 September 2022----9,9639,963
2021 Expiration of tax losses, tax credits and deductible temporary differences
(\u20ac x 1,000)
< 1 year1 - 5 years6 - 10 years> 10 yearsIndefiniteTotal
Available as at 30 September 20211,511267-8710,05711,922
Less: Recognized as deferred tax asset---872,7172,804
Unrecognized as at 30 September 20211,511267--7,3409,118

In 2021, new Dutch tax legislation was enacted whereby part of the losses carried forward in the Netherlands no longer have an expiration term.

The recognition of deferred tax assets for deductible temporary differences and tax losses carried forward in excess of the profits from the reversal of taxable temporary differences is supported an assessment of taxable future profits based on the authorized budget for 2023. Management believes these assessments are based on supportable and realistic assumptions.

5Trade receivables

Details of trade receivables
(\u20ac x 1,000)
30 September 202230 September 2021
Trade receivables1,6441,516
Less: Valuation allowance(149)(73)
Trade receivables net of valuation allowance1,4951,442

As at 30 September 2021, trade receivables in the Netherlands were pledged as collateral, refer to the note Commitments and contingent liabilities, starting on page 133. As at 30 September 2022, this no longer applies.

Impairment of trade receivables

The following tables reflect the gross outstanding trade receivable balance as of September 30th, broken down into balances that have not passed their due dates and balances that have passed their due dates. The latter category is further broken down into categories detailing the extent to which they have passed their due dates. The \u201cless than 30 days\u201d outstanding category represents receivables that have not yet passed their respective due dates.

2022 Aging of trade receivables by region
(\u20ac x 1,000)
Not past duePast due not individually credit impairedTotal
Less than 30 days31 to 60 days61 to 90 daysIn excess of 90 days30 September 2022
The Netherlands45638982585
United States3581095226545
France1132812144
Germany-18633-220
Total927363951111,495
2021 Aging of trade receivables by region
(\u20ac x 1,000)
Not past duePast due not individually credit impairedTotal
Less than 30 days31 to 60 days61 to 90 daysIn excess of 90 days30 September 2021
The Netherlands3575267422
United States4454151-537
France9112--103
Germany17314562-380
Total1,06625011971,442

The Company has applied the following loss rates to these categories of trade receivables to determine the allowance for expected credit losses:

2022 Loss rates applied
(\u20ac x 1,000)
Days outstandingWeighted average loss rate appliedGross carrying amountECL recognized
1 to 30 days (not due)0%806-
31 to 60 days (past due)0%363-
61 to 90 days (past due)0%95-
91 to 360 days (past due)0.1%111-
More than 360 days (past due)0.1%--
Individually credit-impaired (stage 3 ECL)n/a149(149)
Total1,523(149)
2021 Loss rates applied
(\u20ac x 1,000)
Days outstandingWeighted average loss rate appliedGross carrying amountECL recognized
1 to 30 days (not due)0%1,066-
31 to 60 days (past due)0%250-
61 to 90 days (past due)0%119-
91 to 360 days (past due)0.1%7-
More than 360 days (past due)0.1%--
Individually credit-impaired (stage 3 ECL)n/a73(73)
Total1,515(73)

Details on the movements in the valuation allowance (excluding recoverable VAT) are included in the following table.

Movements in the valuation allowance
(\u20ac x 1,000)
ECL on individually credit-impaired receivablesECL on receivables past due not individually credit-impairedTotal
Balance as at October 1, 202026-26
Charge for the year73-73
Utilized(7)-(7)
Unused amounts reversed(19)-(19)
Currency exchange rate differences---
Balance as at September 30, 202173-73
Charge for the year78-78
Utilized(2)-(2)
Unused amounts reversed(1)-(1)
Currency exchange rate differences1-1
Balance as at September 30, 2022149-149

6Other receivables and prepayments

Details of other receivables and prepayments
(\u20ac x 1,000)
30 September 202230 September 2022
Security Deposits8078
Prepayments211179
Total290257

Security deposits mainly regard to rental agreements. Prepayments include short term prepaid amounts to suppliers (resulting from SaaS sales to customers < 1 year), prepaid rent and insurance premiums.

7Cash and cash equivalents

Under this heading, the Company only includes cash at banks, potentially short-term deposits, and payments in transfer. As at 30 September 2022, there were restrictions with respect to availability in the amount of \u20ac 34k (30 September 2021: \u20ac 29k).

8Equity

Share Capital

The Company\u2019s authorized share capital amounts to \u20ac 500k (2021: \u20ac 500k), consisting of 5 million ordinary shares with a nominal value of \u20ac 0.10 each. Shareholders\u2019 equity (which equals Group equity) amounts to \u20ac 10,869k (or \u20ac 5.60 per share) as at September 30, 2022 (30 September 2021: \u20ac 11,225k, or \u20ac 6.69 per share). The movements in the number of common shares outstanding are summarized in the following table. All issued shares have been fully paid.

Shares outstanding
20222021
Balance as at October 11,678,7181,632,665
Issued262,82046,053
Balance as at September 301,941,5381,678,718
In \u20ac (x 1,000)194168

Shares issued include those issued for no consideration under share-based payment arrangements. For details refer to the note Share-based payments, starting on page 116.

Warrants

For the acquisition of TFT in 2013, 388,846 warrants were issued on December 2, 2013. Each warrant entitles to holder to purchase a newly issued TIE Kinetix share at a share price of \u20ac 7.00 until December 2, 2023. In FY 2022, warrants were exercised for a consideration of \u20ac 1.6 million in cash (2021: \u20ac 160k).

Warrants outstanding
20222021
Exercise Price (\u20ac)Number of warrantsExercise Price (\u20ac)Number of warrants
Warrants outstanding at October 17.00295,7287.00318,612
Warrants exercised7.00(228,568)7.00(22,884)
Warrants outstanding at September 307.0067,1607.00295,728

Other reserves

The 'other reserves and retained earnings' component of equity contains other reserves, consisting of the legal reserves under Dutch law, which restrict the distribution of dividends or capital in the amount of \u20ac 2,514k (30 September 2021: \u20ac 2,603k).

Such restrictions also apply to the foreign currency translation reserve, carried at \u20ac 83k (30 September 2021: \u20ac 27k), which is also regarded as a legal reserve under Dutch law.

FY22 Interim dividend distribution

At the Annual General Meeting of shareholders, held on 25 March 2022, the Company's shareholders approved the distribution of an interim dividend for the financial year 2022 from the Company\u2019s equity reserves, in the amount of \u20ac 0.50 per share. Given the total number of 1,907,286 outstanding ordinary shares at that time, the total dividend declared amounted to \u20ac 954k. Shareholders had a choice between receiving the dividend in shares or in cash.

Subsequently, on 29 April 2022, the interim dividend was distributed. A gross cash dividend of \u20ac 335k was paid in cash to the shareholders after deduction of dividend withholding taxes. The cash dividend was distributed from the Company's retained earnings and the stock dividend from the Company's share premium. To settle the stock dividend, 34,252 new ordinary shares were issued at a fair value of \u20ac18.05 per share (representing a total fair value of \u20ac 618k). An amount of \u20ac 3k was recognized in share capital for the nominal value of the newly issued shares (\u20ac 0.10 per share) with a corresponding charge to share premium. In addition, transaction costs related to the issuance of the shares were charged to share premium.

FY21 Recycling of reserve for currency translation differences

During FY 2021, the subsidiary TIE Asia-Pacific Ltd was liquidated. While this did not result in any liquidation gain or loss, the part of the foreign currency translation reserve that was associated with this foreign subsidiary was derecognized and reclassified to profit or loss. As a result, a gain of \u20ac 36k was recognized as part of the exchange gains and losses. Refer to the note Financial income and expenses, starting on page 129. As part of the other comprehensive income in the statement of comprehensive income, the exchange differences are presented net of this reclassification adjustment.

9Share-based payments

Performance Share Plan

Under this Plan, members of the Executive Board may be awarded shares, based on achievement of performance conditions tied to the Company\u2019s operational performance and achievement of strategic goals. Shares issued under the Performance Share Plan are subject to transfer restrictions (a non-vesting condition). The fair value of the shares issued is determined based on the share price at the grant date, taking into account the effect of non-vesting conditions, not taking into account expected dividends. The following table details the number and weighted average fair value of the shares granted during the year.

Shares granted
20222021
Number of shares granted-23,169
Weighted average fair value at grant date-EUR 23.4

No performance shares were granted during FY 2022. The performance shares granted and issued in 2021 pertained to both a grant related to FY 2021 as well as a grant related to FY 2020. Both grants were approved in 2021 and as such the fair value of the shares granted was determined at the approval date. An expense of \u20ac 542k was recognized under the employee benefits expenses in 2021. Reference is made to the note Operating expenses, starting on page 126.

Stock options

Since FY 2020, no stock options are still outstanding under the Annual Stock Options Plan, nor are there any non-employee stock options outstanding.

10Provisions

The provisions consist of a pension provision (classified as non-current in the statement of financial position) and a legal provision (classified as current in the statement of financial position).

Pension provision

The provisions relate to a pension provision for an unfunded defined benefit plans in Germany. Movements in the provision are disclosed below. As management has determined that the amounts of the defined benefit obligations are immaterial - both individually per plan and in aggregate - no further disclosures are provided in respect of these plans.

Movement schedule of pension provision
(\u20ac x 1,000)
20222021
Balance as at October 1190170
Charged/(released) to income statement(70)20
Balance as at September 30120190

Legal provision

The provision has been formed for (potential) claims and disputes. The amount of the related outflow of resources is uncertain but the carrying amount represents management's best estimate to settle the liabilities as at the balance sheet date. Settlement is expected to take place within 12 months after the balance sheet date.

Movement schedule of legal provision
(\u20ac x 1,000)
20222021
Balance as at October 1--
Additions236-
Balance as at September 30236-

11Leasing

The Company mainly leases offices and vehicles to support its operations. The total lease liability can be broken down into a current and non-current component as shown in the following table.

Details of lease liability
(\u20ac x 1,000)
30 September 202230 September 2021
Non-current portion191385
Current portion261380
Total lease liability452765

Details on the Right of Use-assets and movements thereof are provided in the note Tangible fixed assets, starting on page 109. The movements of the lease liability are detailed in the following table.

Movement schedule of lease liability
(\u20ac x 1,000)
20222021
Balance as at October 17651,005
New lease contracts78168
Repayment of lease liabilities(383)(411)
Translation differences(8)3
Balance as at September 30452765

Possible cash outflows under extension and termination options of existing lease agreements that have not been included in the measurement of the lease liability amount to \u20ac 931k (2021: \u20ac 881k). Additional disclosures on the expenses recognized and cash outflows from leasing activities in 2022 are disclosed in the following table.

Cash outflow for leases
(\u20ac x 1,000)
20222021
Short term lease expenses100126
Low value lease expenses1516
Less: Sublease income(27)-
Repayments of lease liabilities383411
Interest expense on lease liabilities2232
Total cash outflow for leases493585

12Taxation and social security payable

Details of taxation and social security payables
(\u20ac x 1,000)
30 September 202230 September 2021
Payroll tax224218
VAT86256
Total310475

Payroll tax liabilities include also liabilities for social security.

13Other payables and accruals

Details of other payables and accruals
(\u20ac x 1,000)
30 September 202230 September 2021
Accrued Expenses1,3441,057
Other Payables and Accruals506461
Pension Premiums16(6)
Total1,8651,512

The accrued expenses include, among others, accrued holiday allowance and variable compensation for employees. The line other payables and accruals includes, among others, accruals for holiday rights outstanding with employees and salary payables.

14Segment reporting

The segment reporting in these consolidated financial statements is aligned with the internal reporting to the Executive Board as Chief Operating Decision Maker of the Company. Reporting is based on country segments and product development. All revenue, direct costs and fee earning staff are allocated to country operations and product development (or holding functions). As such, the operating segments (and reportable segments as no aggregation of operating segments takes place) are identified as the countries in which the Group operates, as well as TIE Product Development. The Company applies intercompany transfer pricing to account for the various roles country operations have in developing, marketing, selling and delivering our products to the customers. As the case may be, the Company identifies sales roles, product ownership roles and development roles, with each role rewarded commensurate with its place in the value chain.

For segment reporting purposes, the Company applies the accounting policies as applied to these consolidated financial statements. The Executive Board evaluates segment performance on the basis of EBITDA. Inter-segment sales are only monitored by the Executive Board on a CGU level and not for the purpose of segment reporting. Information on segment assets and liabilities is not regularly provided to the Executive Board.

Segment highlights are reported in the Executive Board's Segmental review, starting on page 41. That information is not part of these consolidated financial statements.

The tables on the following pages detail the segment information as well as the reconciliations of such segment information to profit before tax as per the statement of comprehensive income.

Note

Following the 100% focus on SaaS delivery, the Company has revisited its consultancy activities to prioritize activities that support SaaS growth. As a result, the Company has reclassified certain activities previously reported under consultancy revenue to (future) SaaS revenue, as previously reported in our quarterly Trading Updates and Half Year Report. The reclassification is a presentation matter where revenue (and costs) of certain consultancy activities are presented under SaaS revenue, and recognized over 36 months (and costs amortized accordingly). This time allocation does not lead to lower or different revenue/margins over the life of the contract. To illustrate this effect, out of \u20ac 4,067k invoiced to customers on active consultancy projects in 2022 (2021: \u20ac 3,438k), an amount of \u20ac 3,261k shall be allocated to (future) SaaS revenue (2021: \u20ac 759k). As at 30 September 2022, a total amount of \u20ac 1,123k (or \u20ac 31k SaaS revenue per month) is accumulated within the deferred revenue position on the balance sheet related to setup fees for projects awaiting completion. The effect of reclassifications from consultancy revenues on SaaS revenues for 2022 is immaterial.

2022 Segment information
(\u20ac x 1,000)
RevenuesTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Software as a Service4,6213,9001,2221,385--11,127
Maintenance and Support24580312829--1,206
Consultancy78269869380-61,934
Licenses286012--91
Revenues5,6755,4601,4191,796-614,357
Other Income-----2727
Intercompany Sales18---1,031(1,049)-
Total Income5,6935,4601,4191,7961,031(1,016)14,384
Cost of Sales(1,658)(2,809)(332)(1,265)(1,015)1,025(6,054)
Gross Margin4,0352,6511,08753216108,330
\u00a0
Operating Expenses\u00a0
Employee Benefits(1,442)(1,223)(773)(357)-(2,979)(6,773)
Other Operating Expenses(2,099)(2,376)(609)(635)-2,548(3,171)
Total Operating Expenses(3,541)(3,599)(1,382)(991)-(432)(9,945)
EBITDA494(948)(295)(460)16(422)(1,615)
2022 Reconciliation of total segments EBITDA to profit or loss
(\u20ac x 1,000)
2022
EBITDA(1,615)
Depreciation and amortization(1,560)
Impairment-
EBIT(3,174)
Interest and Other Financial Income216
Interest and Other Financial Expense(37)
Income/(Loss) before Tax(2,995)
Corporate Income Tax1,321
Net Income(1,674)
2021 Segment information
(\u20ac x 1,000)
RevenuesTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Software as a Service4,1573,3459571,229--9,688
Maintenance and Support2941,239153161--1,846
Consultancy1,094696406737-592,991
Licenses392304220--331
Revenues5,5845,5091,5572,146-5914,856
Other Income-455----455
Intercompany Sales18---879(897)-
Total Income5,6025,9651,5572,146879(838)15,311
Cost of Sales(1,732)(2,366)(409)(1,258)(890)904(5,751)
Gross Margin3,8703,5981,148889(11)669,560
Operating Expenses
Employee Benefits(726)(787)(471)(490)-(3,000)(5,473)
Other Operating Expenses(1,668)(1,938)(552)(520)-2,502(2,176)
Total Operating Expenses(2,394)(2,725)(1,023)(1,009)-(498)(7,649)
EBITDA1,476874125(121)(11)(432)1,911
2021 Reconciliation of total segments EBITDA to profit or loss
(\u20ac x 1,000)
2021
EBITDA1,911
Depreciation and amortization(1,659)
Impairment(4)
EBIT249
Interest and Other Financial Income307
Interest and Other Financial Expense(40)
Income/(Loss) before Tax515
Corporate Income Tax116
Net Income632

The following tables include information on assets and liabilities of segments as well as other selected segment information, other than the measures of profit or loss for each segment. For the purposes of segment reporting, intercompany receivables and payables are included under the liabilities and not reclassified to assets if they are in a (net) receivable position for the respective segment.

2022 Other information on segments
(\u20ac x 1,000)
AssetsTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Intangible Fixed Assets595540--2,5211,2834,940
Tangible Fixed Assets73-4--527604
Deferred Tax Asset-56248--1,2541,864
Contract Cost Asset1571549106--326
Current Assets1,2641,085437842368,59312,257
Total Assets2,0902,2015389472,55811,65819,992
Liabilities
Non-Current Liabilities36557201478-1451,247
Current Liabilities2,7671,654771945541,6857,876
Intercompany Positions(5,308)(1,620)(578)(495)15,380(7,379)-
Total Liabilities(2,177)9139592815,435(5,549)9,123
Other Selected Items
Capital expenditure----1,0241991,223
Amortization and depreciation548117-1,1152921,560
FTE at year end34331511824123
2021 Other information on segments
(\u20ac x 1,000)
AssetsTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Intangible Fixed Assets597457--2,6121,2324,898
Tangible Fixed Assets997821--620818
Deferred Tax Asset-215---409625
Contract Cost Asset615011---122
Current Assets2,0261,897454561247,24112,203
Total Assets2,7832,6974865612,6369,50318,666
Liabilities
Non-Current Liabilities389149123160-3261,147
Current Liabilities2,0431,716573723161,2216,294
Intercompany Positions(3,479)(9,331)(586)(256)14,292(640)-
Total Liabilities(1,047)(7,466)11162714,3089077,441
Other Selected Items
Capital expenditure----84358900
Impairment of fixed assets4-----4
Amortization and depreciation781071721,1752801,659
FTE at year end262512121218104

The actual geographical distribution of intangible assets differs from the intangible assets distribution displayed above as part of the segment information as goodwill allocated to the French CGU is carried in TIE Kinetix Holding B.V. The geographical distribution of intangible assets is displayed below.

Geographical distribution of intangible fixed assets
(\u20ac x 1,000)
30 September 202230 September 2021
The Netherlands4,2474,288
United States540457
France153153
Total4,9404,898

In the table above, the intangible assets in the Netherlands include 100% of the TIE Kinetix N.V. and TIE Kinetix Holding B.V. intangible assets.

15Revenues

The Company derives its revenues from four different streams:

  • Software as a Service (SaaS);
  • Maintenance and Support;
  • Consultancy; and
  • Licenses.

Further background on these revenue streams and associated performance obligations can be found in the Significant accounting policies, starting on page 90. Disaggregated information on revenues by type of revenue as well as by geographical region is disclosed in the Segment reporting, starting on page 119. In addition, the table below shows the disaggregation of revenues by timing of transfer of services to customers. Revenue that is recognized at a point in time regards to license revenue.

Disaggregation of revenue by timing of recognition
(\u20ac x 1,000)
20222021
At a point in time91331
Over time14,26614,525
Total Revenues14,35714,856

Contract assets and liabilities

Contract assets and liabilities per the balance sheet date can be specified as follows:

Details of contract balances
(\u20ac x 1,000)
30 September 202230 September 2021
Total contract assets145379
Deferred revenue (non-current)933571
Deferred revenue (current)3,8962,992
Total contract liabilities4,8293,563

Contract assets represent the Company's right to consideration for services delivered to a customer, but where the Company is not yet entitled to invoice the customer (for example because a contractual milestone is not yet reached). Contract assets mainly regard to consultancy revenues and partly to overage for which the Company does not yet have a right to receive consideration. There have been no significant changes to the contract asset balance during the period requiring disclosure.

Deferred revenue represents the unearned portion of revenues for which consideration has been received from the customer. The Company strives to continuously balance its sales funnel so that there are sufficient consultancy projects planned and to prevent consultants becoming idle, while ensuring an excellent customer experience where customers can be served quickly. As such, any work that is prepaid for by customers will typically lead to recognition of consultancy revenues within a year after receipt of payment. An exception to this are setup fees for SaaS contracts. SaaS contracts include subscription fees and setup fees. Subscription fees are typically invoiced upfront annually. Subsequently revenue is recognized over the year. Setup fees for a contract are invoiced upfront and deferred over the contract life, which is on

average 3 years. Maintenance and support agreements with customers entitle them to support and updates of our software. These maintenance and support revenues are typically invoiced upfront, deferred and recognized over the contract period, which is usually 12 months. There have been no significant changes to the contract liabilities balance during the period requiring disclosure.

Of the total deferred revenue balance as of 30 September 2021, \u20ac 2,992k has been recognized as revenue in financial year 2021 (2021: \u20ac 2,891k included in the deferred revenue balance as of 30 September 2020). These amounts equal the short-term deferred revenue balances at the previous balance sheet date as these pertain largely to short term consultancy contracts and partially to deferred setup fees for which the revenue recognition pattern is known based on the contract life. There was no revenue recognized during the current or prior year from performance obligations (partially) satisfied in previous periods.

Remaining performance obligations

The revenue expected to be recognized in the future related to performance obligations that are (partially) unsatisfied at the balance sheet date amounts to \u20ac 18,269k (30 September 2021: \u20ac 12,931k). As SaaS contracts have an average duration of 3 years, the Company expects to realize these revenues over the course of the following 3 to 4 years (including implementation and setup time for SaaS contracts).

This estimate includes expected future revenues from ongoing SaaS and maintenance & support contracts, as well as deferred set-up fees and deferred fees for consultancy projects supportive of SaaS, to be recognized as revenues for those contracts. However, this estimate does not include:

  • Revenue from future renewals after the initial contract term (or subsequent ongoing renewal term) has ended for SaaS and maintenance & support performance obligations - insofar the contractual term for the customer for cancelling the auto-renewal of a contract has not passed, in which case the revenue during the renewal period is taken into account (please note that in the comparative 2021 this was not taken into account);
  • Overage revenue that is connected with SaaS. For overage fees charged, being usage-based royalties, the Company's right to consideration corresponds directly with the value to the customer of the Company's performance to date;
  • Revenue from consultancy contracts that are partially or wholly unperformed, as those contracts have an expected duration of less than one year.

Contract costs

Contract cost assets are presented separately on the face of the statement of financial position and represent setup costs incurred under SaaS contracts. The amortization charge incurred during the year on such assets\u00a0is included in the cost of sales.

Details of contract costs
(\u20ac x 1,000)
30 September 202230 September 2021
Non-current326122
Current579173
Total contract cost assets906296
Amortization recognized during the year405203

16Other income

Details of other income
(\u20ac x 1,000)
20222021
Government grants-455
Other27-
Total other income27455

Government grants

During 2021, the Group has recognized a COVID-19 related government grant. In 2020, the Company's subsidiary TIE Commerce Inc had received a loan under the United States Payroll Protection Program (PPP) When relevant conditions were met during 2021, this loan was converted into a grant. A gain of \u20ac 455k ($ 550k) was recognized under \u2018Other income\u2019.

The Company has further received (dissimilar) government grants in both 2022 and 2021 that are deducted from the related expenses, refer to the note Operating expenses, starting on page 126.

Other

The category 'Other' in 2022 pertains to sublease income. Also refer to the note Leasing, starting on page 117.

17Operating expenses

The expenses in the consolidated statement of comprehensive income have been presented based on their function.

Expenses by nature

The following tables detail the expenses by their nature, in a way that facilitates reconciliation to the expenses presented by their function.

2022 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2022
Nature of expenses
Direct Purchase Costs2,488---2,488
Employee Benefits3,5662673,2943,21210,339
Depreciation and Amortization-1,117224211,560
Other Operating Expenses-985172,5573,171
Total6,0541,4813,8336,19017,558
2021 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2021
Nature of expenses
Direct Purchase Costs2,155---2,155
Employee Benefits3,5961292,2853,0599,069
Depreciation and Amortization-1,178114701,659
Impairments of Fixed Assets---44
Other Operating Expenses-802371,8592,176
Total5,7511,3872,5335,39115,063

Direct Purchase Costs consist of expenses directly associated with revenue. This includes third party software licenses, consultant fees and hosting costs.

Employee benefits under the R&D function represent the net of incurred employee benefits expenditures, any subsidies received, and the employee benefits capitalized as part of the software development costs under intangible fixed assets. Amortization and depreciation under the R&D function largely consists of the amortization of the capitalized software development costs.

The other operating expenses include impairment losses on financial assets as further detailed in the note Trade receivables, starting on page 112.

Employee benefits

Details of employee benefit expenses
(\u20ac x 1,000)
20222021
Salaries7,2305,885
Salaries variable component1,102811
Social security charges755639
Contributions to post employment arrangements243281
Invoiced management fees740555
Supervisory Board remuneration4347
Third party contractors and temporary employees752444
Share-based payment expense-542
Other employee benefit expenses1,5871,098
Government grants(244)(227)
Transfer to contract cost asset(845)(173)
Capitalized R&D employee cost(1,024)(833)
Total10,3399,069

The contributions to post employment arrangements include premiums payable with respect to the Netherlands operations\u2019 defined contribution post employment plan as well as the discretionary employer contributions to the tax facilitated retirement plan (401k) in the United States.

The invoiced management fees include remuneration due to the members of the Executive Board that is invoiced through a management company. Further details on this and on the Supervisory Board remuneration are provided in the note Related party disclosures, starting on page 132.

For details on the share-based payments, reference is made to note Share-based payments, starting on page 116.

The governments grants relate to WBSO ('Wet Bevordering Speur- en Ontwikkelingswerk') received in the Netherlands for employee costs spent incurred for research & development activities, and in 2021 to a lesser extent to Kug (\"Kurzarbeidergeld\") subsidies received in Germany as well.

The transfers to contract cost asset relates to employee benefit expenses that are directly attributable to set-up projects and other consultancy projects supportive of SaaS contracts and qualify for capitalization as costs to fulfil. Further disclosure is provided in the note Revenues, starting on page 124.

The capitalized R&D employee costs relates to research and development costs that are capitalized as internally developed intangible assets, refer to note Intangible fixed assets, starting on page 106.

Number of employees
FTE per department as at year-end
20222021
Research and Development1411
Sales and Marketing3128
Consulting and Support5642
General and Administrative2323
Total1)123104
1)Of which 58 are employed abroad (2021: 48)

Other operating expenses

Details of other operating expenses
(\u20ac x 1,000)
20222021
Accommodation Expenses145177
Professional Service918860
Communications Expenses509440
Marketing Expenses482151
Travel17221
Office & Computer Supplies321303
General & Administration624224
Total3,1712,176

The general & administration expenses for 2022 include the expenses for additions to the legal provision. Reference is made to the note Provisions, starting on page 143.

Auditor's remuneration

Included in the expenses for professional services are the fees charged by the Company's external independent auditor. These are detailed in the table below and represent the amounts expensed by the Company for the periods presented.

Details of auditor's remuneration
(\u20ac x 1,000)
20222021
PricewaterhouseCoopers Accountants N.V.BDO Audit & Assurance B.V.
Audit of the financial statements218242
Other audit services-24
Tax advisory services--
Other non-audit services--
Total218266

18Financial income and expenses

Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267

Exchange rate gains and losses include realized and unrealized gains and losses. They are classified as either financial income or financial expense in the statement of comprehensive income depending on their aggregate amount.

In 2021, the exchange rate gains and losses include a gain of \u20ac 36k related to the currency translation reserve attributable to TIE Asia-Pacific Ltd, which was reclassified to profit or loss upon liquidation of this group company during 2021. In this respect, reference is also made to the note Equity, starting on page 115.

19Corporate income tax

Details of corporate income tax charge/(benefit)
(\u20ac x 1,000)
20222021
Deferred tax expense/(income) relating to origination and reversal of temporary differences(27)44
Deferred tax expense/(income) relating to (de)recognition of unused tax losses(1,169)(408)
Deferred tax charge/(benefit)(1,196)(364)
Current period tax charge/(benefit)(31)184
Adjustments recognized for current tax of prior periods(94)63
Current tax charge/(benefit)(125)247
Income Tax reported in the Statement of Comprehensive Income(1,321)(116)

Effective tax reconciliation

The Company is domiciled in the Netherlands and its subsidiaries operate predominantly in the Netherlands, Germany, France and North America. As a basis for the effective tax reconciliation, management has applied the applicable tax rates in the Netherlands to the Company's profit before tax. Such rates are 25%, or 15% for profits up to \u20ac 245k (2021: 25% and 16.5% for profits up to \u20ac 200k).

Reconciliation between applicable and effective income tax
(\u20ac x 1,000)
20222021
Result before income tax expense(2,995)515
Tax expense at the Company's statutory tax rate(773)112
Effect of foreign tax rates83(37)
Non-deductible expenses510
Recognition of previously unrecognized tax losses and deductible temporary differences as deferred tax asset(845)(408)
Tax losses and deductible temporary differences not recognized38993
Impact of other taxes classified as income taxes(40)49
Prior period tax adjustments(134)63
Other(5)3
Corporate income tax charge/(benefit)(1,321)(116)

The impact of other taxes classified as income taxes regards to US state taxes that classify as income taxes.

20Earnings per share

Basic earnings per share

The following table details the calculation of basic earnings per share.

Basic earnings per share
20222021
Net income/(loss) (\u20ac * 1,000)(1,674)632
Weighted average number of shares outstanding (thousands)1,8291,649
Basic earnings/(loss) per share - total (\u20ac x 1)(0.92)0.38

Diluted earnings per share

Diluted earnings per share take into effect the dilutive effect of warrants upon exercise. There are no other instruments with dilutive effects. The following table details the calculation of diluted earnings per share.

Diluted earnings per share
20222021
Net income/(loss) (\u20ac * 1,000)(1,674)632
Weighted average number of shares outstanding (thousands)1,8291,649
Dilutive effect of warrants (thousands)42190
Weighted average number of shares outstanding (thousands) - fully diluted1,8711,839
Diluted earnings/(loss) per share - total (\u20ac x 1)(0.89)0.34

21Related party disclosures

Key Management remuneration

Key management consists of the members of the Executive Board.

Executive Board remuneration
(\u20ac x 1,000)
Jan Sundelin, CEOMichiel Wolfswinkel, CFOTotal
202220212022202120222021
Periodic remuneration303276273248576524
Variable remuneration152150136135288285
Company car141614142830
Total short term employee benefits469442423397892839
Post-employment benefits---6-6
Share-based payment-285-257-542
Total remuneration4697274236608921,387

The periodic remuneration expensed in 2021 related partly to a catch-up of base salary for 2020 as the Executive Board members did not receive an increase in base salary in 2020.

The share-based payment that is accounted for in 2021 related to both 2020 and 2021. Reference is made to the note Share-based payments, starting on page 116.

Remuneration and expenses of the CEO are paid to his personal management B.V., CAPTA Management B.V. and his pension B.V., Bred Import B.V.. Starting during 2021, remuneration and expenses of the CFO are also paid to his personal management B.V., CouCou Compagnie B.V.

Supervisory Board remuneration

The General Meeting of Shareholders sets the remuneration of the members of the Supervisory Board. Members of the Supervisory Board are entitled to a fixed remuneration as well as a reimbursement for travel expenses incurred.

Supervisory Board remuneration
(\u20ac x 1,000)
PositionRemuneration 2022Remuneration 2021
Georg WergerChairman2020
Gerdy Harteveld-SmeetsMember1010
Per NordlingMember1010
Total fixed remuneration4040
Travel expenses reimbursed37
Total remuneration4347

Composition of the Group

The consolidated financial statements include the financial information of TIE Kinetix N.V., located in Breukelen, the Netherlands, and its direct and indirect subsidiaries as included in the following table.

Group companies
NameStatutory Seat30 September 202230 September 2021
TIE Nederland B.V.Amsterdam (Schiphol-Rijk), The Netherlands100%100%
TIE Product Development B.V.Hoofddorp, The Netherlands100%100%
TIE MamboFive B.V.Utrecht, The Netherlands100%100%
TIE Kinetix Europe B.V.Amsterdam, The Netherlands100%100%
TIE Kinetix Holding B.V.Hoofddorp, The Netherlands100%100%
Pingli B.V.Hoofddorp, The Netherlands100%100%
TIE Commerce Inc.Burlington, MA, USA100%100%
TIE Kinetix S.A.S.Montpellier, France100%100%
TIE Kinetix DACH GmbHM\u00fcnchen, Germany100%100%
Performance Analytics GmbHM\u00fcnchen, Germany100%100%
TIE Ascention GmbHSt. Gallen, Switzerland100%100%
TIE Kinetix LtdMarlow, United Kingdom100%100%

22Commitments and contingent liabilities

Collateral

Previously, the Company had a working capital facility with Rabobank amounting to \u20ac 1,210k. The facility included a pledge on all trade debtors, had an indefinite term and bore interest at a rate of EURIBOR plus a margin. No drawings were made. During 2021, the working capital facility was terminated.

For the lease of the office in Breukelen, the Netherlands the Company issued a bank guarantee of \u20ac 72k, and for the lease of storage space in Germany a bank guarantee of \u20ac 40k.

Claims and disputes

Other than provided for in the legal provision (refer to the note Provisions, starting on page 117), there were no claims or disputes requiring disclosure as at 30 September 2022 or 30 September 2021.

23Subsequent events

A provision has been formed at year end 2022 for (potential) claims and disputes in the amount of \u20ac 236k. Subsequent to year end, but prior to the release date of these Financial Statements, a settlement has been reached as a result of which an amount of \u20ac 200k from this provision will not be required. This amount will be released in the subsequent period.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10045": { "value": "

General

TIE Kinetix N.V. is a public company incorporated in the Netherlands with its registered address at De Corridor 5d, Breukelen (Dutch Chamber of Commerce number: 34072305 0000, LEI code: 724500IS1M4H9S4SDD39). Subsidiaries are located in France, Germany, the Netherlands and the US. TIE Kinetix is listed on the NYSE EuroNext in Amsterdam (EAM: TIE). In these consolidated financial statements, the names \u201cTIE Kinetix\u201d, \u201cthe Company\u201d or \u201cthe Group\u201d will be used to refer to TIE Kinetix N.V. and its various subsidiaries.

TIE Kinetix develops, sells, and distributes software and services for 100% supply chain digitalization around the world through a network of subsidiaries and resellers. The Company has been active not only in the software development but in the standardization process as well.

The consolidated financial statements for the year ending September 30, 2022, were authorized for issuing through a resolution of the Executive Board dated November 30, 2022. The Annual General Meeting of Shareholders, to be held on March 24, 2023, in the Netherlands will be requested to adopt the consolidated financial statements.

The consolidated financial statements are presented in Euros, and all values are rounded to the nearest thousand (\u20ac x 1,000), unless stated otherwise.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10049": { "value": "TIE Kinetix N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10050": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10051": { "value": "De Corridor 5d, Breukelen", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10052": { "value": "724500IS1M4H9S4SDD39", "dimensions": { "concept": "lei:LEI", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10053": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10055": { "value": "TIE Kinetix develops, sells, and distributes software and services for 100% supply chain digitalization around the world through a network of subsidiaries and resellers. The Company has been active not only in the software development but in the standardization process as well.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10056": { "value": "

The consolidated financial statements for the year ending September 30, 2022, were authorized for issuing through a resolution of the Executive Board dated November 30, 2022. The Annual General Meeting of Shareholders, to be held on March 24, 2023, in the Netherlands will be requested to adopt the consolidated financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10058": { "value": "consolidated financial statements", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfFinancialStatements", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10059": { "value": "year", "dimensions": { "concept": "ifrs-full:PeriodCoveredByFinancialStatements", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10060": { "value": "2022-09-30", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10061": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10063": { "value": "

Basis of preparation

The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union, and Title 9 of Book 2 of the Dutch Civil Code (DCC).

The consolidated financial statements have been prepared under the historical cost convention, unless otherwise indicated.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10066": { "value": "

The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union, and Title 9 of Book 2 of the Dutch Civil Code (DCC).

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10069": { "value": "

Impact of recent macro-economic events

COVID-19

COVID-19 and the government measures to contain the virus have impacted the TIE Kinetix operations in FY 2022 in a limited way. In fact, our operations have reached a new equilibrium of flexible working. During lockdowns, our offices have been closed, and travel was suspended. As in prior lockdowns, our employees were very well able to continue the business from their remote offices. The Company continued its path to maintain a fair and flexible working environment, offering its staff ample flexibility to maintain a healthy work-life balance and continue to (partially) work remotely. The 2022 Annual General Meeting was held in a hybrid format, with part of the attendees being physically present and part attending digitally.

Some customers of the Company continued to suffer from the COVID-19 measures imposed by governments. As the case may be such customers have been granted extended payment terms or other mechanisms to help them through this difficult period. Fortunately, this occurred very limitedly in FY 2022. Such customer situations may occur if new measures are taken in subsequent periods, though this is not expected as the countries in which the Group operates have vaccinated the majority of their citizens, and/or governmental support programs are reduced. Potentially negative effects of decreasing GDP may hurt our customers\u2019 income and ability to pay our invoices or engage into new sales contracts. At the same time TIE Kinetix acknowledges that most of its customer base is in sectors that are robust in economically challenging times \u2013 such as food retail.

We have assessed that the fifth wave of COVID-19 that has occurred during FY 2022 has not affected the valuation of assets and did not lead to any material deterioration of our receivables position. If anything, the ramifications of COVID-19 are that its effect has been neutral to positive through increased customer awareness on the need for 100% digitalization, driving (SaaS) sales.

War in Ukraine

The Company has not been exposed directly to the Russia-Ukraine conflict in any way, as the Company does not have any operations, customers or suppliers in either of these territories.

Of course, the war, combined with other macro-economic developments and events, has had its ramifications on the global economy, and has impacted the Company in the following ways:

  • Our operating costs have generally increased as a consequence of inflation, affecting both increasing rates charged by suppliers, as well as increasing employee benefits costs due to the current tight labour market.
  • In turn, we have increased our sales prices by indexing pricing under our contracts with customers to counter the negative effects of inflation on our margins.
  • The Company has taken benefit from the strengthening of the US dollar over the past year and converted nearly all its US dollar cash balances to euro.

Going concern

Considering the macro-economic developments explained under the headings above, as well as the financial position of the Company, the going concern is considered to be sufficiently safeguarded.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10160": { "value": "

Significant accounting estimates and judgments

The preparation of the consolidated financial statements involves making judgments, estimates and assumptions with respect to the recognition and measurement of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and assumptions, due to changes in facts and circumstances.

Estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable, and are continuously evaluated.

Significant estimates

The major sources of estimation uncertainty, where a change in the underlying assumptions may have a material impact on the income statement of a subsequent period, are the following:

Impairment of goodwill and other non-financial assets

When testing for impairment, a value-in-use model is applied to determine net present values of future cash flows for CGU\u2019s in order to compare with the fixed assets\u2019 carrying values of the CGU. This encompasses management exercising judgment and making certain assumptions. The assumptions applied to which the value-in-use of fixed assets including goodwill is most sensitive are disclosed in the note Intangible fixed assets, starting on page 106.

Recognition of deferred tax assets

The Company recognizes deferred tax assets arising from tax losses carried forward and deductible temporary differences, to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary differences and tax losses carried forward can be utilized. Assessing the probability of future taxable profits involves significant estimation uncertainty as it requires forecasting taxable income and deductible expenses, while taking into account the horizon to utilize tax losses carried forward. Per 30 September 2022, management has re-assessed the probability of future taxable income and as a consequence, additional deferred tax assets for tax losses carried forward have been recognized, refer to the note Deferred taxes, starting on page 110.

Significant judgments

Capitalization of development costs

Product development costs are eligible for capitalization only when a projected outcome is determined technically feasible and deemed probable that future economic benefits will flow from the released product. Also, these economic benefits must be expected to exceed capitalized development cost. In determining both technical and economic feasibility of a project, management exercises judgment with respect to the current economic and technical environment, as well as expected developments therein. This not only involves assessing the potential market for the product under development, but also estimating potential sales volumes. The amount of capitalized development costs is disclosed in the note Intangible fixed assets, starting on page 106.

Commencement of recognition of SaaS subscription revenue

SaaS revenue is to be recognized over time (as a right to access the FLOW portal exists during the contract period) commencing on the go-live date, being the date at which a customer is granted access. This revenue recognition pattern coincides with the consumption of the subscription to the FLOW portal. In practice, however, the Company starts recognizing revenues as from the initial invoice date for the SaaS subscription. Management has judged that this date generally approximates the go-live date. As such, any difference in revenue recognition that is be attributable to the time between the initial invoice date and the go-live date is considered immaterial.

Amortization of set-up costs in SaaS contracts

When a new customer signs a contract for the FLOW platform, the Company incurs expenses related to the set-up of the customer. In accordance with the accounting policy, such costs to fulfill the contract are capitalized under the contract cost assets and amortized over the expected customer life. Due to a lack of historical information or other means of reliably determining the expected customer life, the Company currently assumes that contract life equals customer life. It may be that the customer life exceeds the contract term, which, if this were known at the time of entering into the contract, would have led to a different amortization pattern, namely over a longer term.

Recognition of revenues for services supportive of SaaS

When a new customer signs a contract for the FLOW platform, a setup is performed for which the customer is generally charged a setup fee. As part of the setup or subsequently, our consultants may also perform other work for the respective customer, such as making new mappings or onboarding suppliers to the platform. Where these services are not provided as part of the setup, they will constitute separate performance obligations. Insofar they add to the functionality of the customer\u2019s FLOW portal, the control over the service is transferred over time as the customer obtains benefit from the service throughout the course of his FLOW subscription. For the purpose of recognizing revenues from these services, the contract life is assumed to be three years. It may be that the actual (remaining) contract life of a FLOW customer is shorter or longer, which would have led to revenue recognition for the service over a different term. Management has judged that on average, however, this leads to an appropriate recognition pattern.

Presentation of government grants

During FY 2021, the Group has recognized a COVID-19 related government grant. Where the Group had previously received government grants related to income (for example for employee benefits related to R&D activities in the Netherlands), income under such grants was presented net of the related expenses. The Group has determined, however, that the COVID-19 related grant is dissimilar in nature and conditions to earlier grants received. As such, the Group has elected to present income under this COVID-19-related grant as part of \u2018Other Income\u2019 as of the moment that reasonable assurance was obtained on compliance with the conditions of the grant in 2021. See the note Other income, starting on page 126.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10219": { "value": "

Significant estimates

The major sources of estimation uncertainty, where a change in the underlying assumptions may have a material impact on the income statement of a subsequent period, are the following:

Impairment of goodwill and other non-financial assets

When testing for impairment, a value-in-use model is applied to determine net present values of future cash flows for CGU\u2019s in order to compare with the fixed assets\u2019 carrying values of the CGU. This encompasses management exercising judgment and making certain assumptions. The assumptions applied to which the value-in-use of fixed assets including goodwill is most sensitive are disclosed in the note Intangible fixed assets, starting on page 106.

Recognition of deferred tax assets

The Company recognizes deferred tax assets arising from tax losses carried forward and deductible temporary differences, to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary differences and tax losses carried forward can be utilized. Assessing the probability of future taxable profits involves significant estimation uncertainty as it requires forecasting taxable income and deductible expenses, while taking into account the horizon to utilize tax losses carried forward. Per 30 September 2022, management has re-assessed the probability of future taxable income and as a consequence, additional deferred tax assets for tax losses carried forward have been recognized, refer to the note Deferred taxes, starting on page 110.

", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10222": { "value": "
Impairment of goodwill and other non-financial assets

When testing for impairment, a value-in-use model is applied to determine net present values of future cash flows for CGU\u2019s in order to compare with the fixed assets\u2019 carrying values of the CGU. This encompasses management exercising judgment and making certain assumptions. The assumptions applied to which the value-in-use of fixed assets including goodwill is most sensitive are disclosed in the note Intangible fixed assets, starting on page 106.

Recognition of deferred tax assets

The Company recognizes deferred tax assets arising from tax losses carried forward and deductible temporary differences, to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary differences and tax losses carried forward can be utilized. Assessing the probability of future taxable profits involves significant estimation uncertainty as it requires forecasting taxable income and deductible expenses, while taking into account the horizon to utilize tax losses carried forward. Per 30 September 2022, management has re-assessed the probability of future taxable income and as a consequence, additional deferred tax assets for tax losses carried forward have been recognized, refer to the note Deferred taxes, starting on page 110.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10304": { "value": "

Significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are detailed below and have been prepared on a historical cost basis, unless stated otherwise. These policies have been consistently applied to all the presented years, unless stated otherwise.

Basis of consolidation

The consolidated financial statements include the financial information of TIE Kinetix N.V. and its subsidiaries. Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure or rights to variable returns from the investee, and the ability of the Company to use its power to affect those variable returns. The assessment of control is based on the substance of the relationship between the Company and the entity and, among other things, considers existing and potential voting rights that are presently exercisable and convertible.

Subsidiaries are consolidated from the date on which the Company obtains control. They will continue to be consolidated until the date that such control ceases. All intercompany balances, transactions, and income and expenses resulting from intercompany transactions are eliminated in full.

Discontinued operations

A discontinued operation is a component of the Group\u2019s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which represents a separate major line of business or geographical area of operations.\u00a0

Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale.\u00a0

When an operation is classified as a discontinued operation, the income and expenses related to the discontinued operation are presented in the statement of comprehensive income\u00a0on a single line separately from the results of continuing operations. Comparative figures are re-presented as if the operation had been discontinued from the start of the comparative year.

Foreign currencies

Certain foreign operations have a functional currency other than the Euro depending on the primary environment in which they operate. For consolidation purposes, foreign operations with a foreign functional currency are translated into Euro, the functional currency of TIE Kinetix N.V. and the designated presentation currency of these consolidated financial statements.

Assets and liabilities of such foreign operations are translated using the closing rate at the balance sheet date. Income and expenses are translated using average exchange rates or the actual rate at the date of the transaction, if more appropriate. All resulting exchange rate differences are recognized in other comprehensive income and consequently in the foreign currency translation reserve in equity. In the event of a disposal of a foreign operation, the relevant part of the foreign currency translation reserve pertaining to the respective foreign operation that is sold will be released from equity and included in the realized gain or loss on the sale.\u00a0

Per the balance sheet date, monetary assets and liabilities are translated against the closing exchange rate. Resulting exchange rate differences on monetary items are recognized in profit or loss. Non-monetary items are translated by using the exchange rate at the date of the transaction.

In consolidation, exchange differences resulting from the translation of an intercompany monetary item, which forms part of the net investment in a consolidated foreign operation, is recognized in other comprehensive income and consequently in the foreign currency translation reserve in equity. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

Intangible fixed assets\u00a0

Goodwill

Goodwill arising from a business combination is recognized as an intangible asset and is measured initially as the difference between the fair value of the net identifiable assets and the sum of the consideration transferred plus any non-controlling interest recognized, if applicable. Subsequently, goodwill is carried at cost less accumulated impairment charges.

From the acquisition date, goodwill is allocated to (groups of) cash generating units that are expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level, being country level.

Upon disposal of a cash generating unit to which goodwill has been allocated, the remaining goodwill balance associated with that operation will be included in the carrying amount of the operation when determining the gain or loss on disposal.\u00a0

Customer base\u00a0

The customer base of acquired businesses is identified as a separate intangible asset upon acquisition, and is initially carried at cost, being its fair value at the acquisition date. Subsequently it is carried at cost less accumulated amortization and impairment. It is amortized over its useful life in a straight-line manner. This is re-assessed annually and adjusted when circumstances give rise to such action.\u00a0

Development costs\u00a0

Projects for the development of software are broken down into a research phase and a development phase. The costs pertaining to research are expensed immediately. The development costs are recognized as an intangible asset after establishing the technical feasibility of the project, future economic benefits from the project are deemed probable, sufficient resources are available and devoted to the project to facilitate successful completion and the Company can reliably measure the expenditure attributable to the intangible asset during its development. Development costs are carried at a cost less amortization and accumulated impairments.

The useful life assessment is based on the current experience and the present economic and technological environment. The useful life of this asset is reassessed annually and adjusted when circumstances give rise to such action.\u00a0

All FLOW development costs are monitored per commercial module. All FLOW modules are developed under the direction of the CTO and TIE Kinetix Management Team. FLOW product modules compete with products developed by other vendors in the marketplace and may be expected to be replaced by our next generation products after their useful life, over which they are amortized on a straight-line basis.

Development costs of products other than FLOW are amortized straight-line based on their expected useful life.\u00a0

Software\u00a0

Software purchased from third parties, as well as any related development and implementation costs, are recognized at cost and are amortized based upon a straight-line method over their estimated useful life. The useful life of these assets is reassessed annually and adjusted when circumstances give rise to such action.

Where the Company is party to a SaaS-arrangement as a customer, the costs incurred under such an arrangement (including fees for the use of software and any implementation fees) are not capitalized where the Company does not have control over the software and the arrangement does not contain a lease. These costs are expensed as incurred.

Tangible fixed assets

Tangible fixed assets (which include hardware and leasehold improvements) are initially recognized at cost less accumulated depreciation and impairments. Costs include expenses directly attributable to the acquisition of the asset and the expense of replacing a part of the tangible fixed asset when that cost is incurred, and the recognition criteria are met. Each component of an item of tangible fixed assets with an initial carrying value (cost) that is significant in relation to the total cost of the item is separately identified and depreciated over its useful life. Subsequently, tangible fixed assets are depreciated on a straight-line basis over their estimated useful life to their estimated residual value (generally nil).

Useful life estimates are based on management\u2019s best estimate of the amount of time over which economic benefits from these assets will flow to the Company. For leasehold improvements, this period has been limited to the lease term of the respective office buildings, taking into account anticipated extensions of leases. Residual values are reviewed annually and are adjusted when appropriate.

The carrying amount of an asset is derecognized in the event that no future economic benefit is expected to arise from its use or when it is disposed of. Gains and/ or losses on derecognition are the differences between the net disposal proceeds and the carrying value of the asset. Gains and/or losses on derecognition are accounted for in profit or loss.

Impairment of non-current assets

Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. Other non-current non-financial assets with a finite useful life are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To this extent, an assessment is performed at the balance sheet date to establish whether such indicators exist.

An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Impairment losses for cash generating units are first charged against the goodwill balances allocated to that cash generating unit. Any remaining impairments are allocated to the other fixed assets of the cash generating unit.

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the balance sheet date.

Income taxes

The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses carried forward.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.\u00a0

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill unless that goodwill is deductible in determining taxable result. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Financial assets

Recognition and initial measurement\u00a0

Regular way purchases and sales of financial assets are initially recognized when they are originated, being the trade date i.e., the date when the Company becomes a party to the contractual provisions of the instrument.

A financial asset is initially measured at fair value plus, for an item not measured subsequently at fair value through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.

Classification and subsequent measurement

Subsequent to initial recognition, a financial asset that is a debt instrument is classified in one of the following three measurement categories:

  • At amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included under Interest and Other Financial Income using the effective interest rate method.\u00a0 Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in Interest and Other Financial Income or Expense together with foreign exchange gains and losses. Impairment losses are classified as part of General & Administrative expenses in profit or loss.
  • At fair value through OCI (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. The Company currently does not hold instruments classified as FVOCI.
  • At fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The Company currently does not hold instruments classified as FVPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Company\u00a0changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\u00a0

Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or a financial asset is transferred, and the transfer qualifies for derecognition.

Business model assessment\u00a0

The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management.\u00a0

Impairment

The Company assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortized cost. To this extent, a three-stage impairment model is applied, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. These three stages then determine the amount of impairment to be recognized as expected credit losses (as well as the amount of interest income to be recorded) at each reporting date:\u00a0

  • Stage 1: Credit risk has not increased significantly since initial recognition \u2013 12 months ECL is applied (i.e., the portion of lifetime ECLs that represent the ECLs that result from default events that are possible within the 12-months after the reporting date), and interest is recognized on a gross basis.
  • Stage 2: Credit risk has increased significantly since initial recognition \u2013lifetime ECL is recognized (i.e., ECLs that result from all possible default events over the expected life of a financial instrument), and interest is recognized on a gross basis.
  • Stage 3: Financial asset is credit impaired \u2013 lifetime ECL is recognized, and interest is recognized on a net basis (i.e., on the gross carrying amount less credit allowance).

The Company considers the probability of default upon initial recognition of financial assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk, the Company compares the risk of a default occurring on the asset at the reporting date with the risk of default as the date of initial recognition. For trade receivables and contract assets (with a maturity of 12 months or less), lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 'Financial Instruments').\u00a0

Cash & cash equivalents\u00a0

Cash and cash equivalents are valued at face value and include cash in hand, deposits, and other short-term highly liquid investments with original maturities of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, excluding bank overdrafts.\u00a0

Equity\u00a0

Shareholders\u2019 equity\u00a0

Financial instruments issued by the Company to the extent that they indicate a residual interest in the assets of the Company, including ordinary shares, are classified as equity. All proceeds from the issue of equity instruments, or considerations paid for the purchase of equity instruments, are recognized in equity. Incremental external costs that are directly attributable to the issuing of TIE Kinetix equity instruments are also recognized in equity, net of tax.

Dividends and other distributions to holders of equity instruments are recognized in equity, net of withholding tax. A liability for dividends payable is not recognized until the dividends have been declared and approved by the General Meeting of Shareholders.\u00a0

Warrants

The Company has issued warrants other than as consideration for goods or services received. Under the terms of the respective contracts, such warrants are derivative financial instruments that will be settled by the Company in own equity instruments. Upon exercise, a fixed amount of ordinary shares is exchanged for a fixed amount of cash. Therefore, such warrants are classified as equity instruments. Consideration received for such warrants upon issue is accounted for in equity. Cash received upon exercise is accounted for in equity as well.\u00a0

Borrowings

Loans and borrowings are recognized initially at fair value, net of transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the profit or loss when the liabilities are derecognized as well as through the amortization process. The amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included under Interest and Other Financial Expense in the statement of comprehensive income.

Trade payables and other financial liabilities

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

Financial liabilities are derecognized when they are extinguished - i.e., when the obligation specified in the contract is discharged or cancelled or expires.

Provisions\u00a0

The Company recognizes a provision in cases where the Company has a present legal or constructive obligation resulting from a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are

measured at management\u2019s best estimate of the future outflow required to settle the obligation. Where the time value of money is material, it is measured at the present value of such future outflow, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The change in the time value of future outflows is recognized under Interest and Other Financial Expense in the statement of comprehensive income.\u00a0

To the extent that future events are likely to occur and are expected to have an effect on the amount required to settle a recognized liability, these future events are taken into consideration in determining the appropriate provision level. Provisions are reviewed at each balance sheet date and will be adjusted to reflect the current best estimate.\u00a0

Revenue recognition

The Company recognizes revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer. The Company recognizes revenue upon the satisfaction of performance obligations, which occurs when control of the good or service transfers to the customer. Control can transfer at a point in time or over time.

The Company has four revenue streams, namely:

  • Software as a Service (SaaS);
  • Maintenance and Support;
  • Consultancy; and
  • Licenses.

We have described the revenue recognition for each of the revenue streams below using the 5-step model of IFRS 15 'Revenue from Contracts with Customers'.\u00a0

Step 1 \u2013 Identify the contract\u00a0

For each service and thus for each revenue stream the Company enters into a contract with a customer which outlines the parties\u2019 rights and obligations, the consideration and our general terms and conditions. Our general conditions include a net 30-day payment term from invoice date and do not contain warranties or return obligations. SaaS and maintenance fees are typically invoiced upfront. As the period over which the invoicing up front takes place generally does not exceed a year, the Company applies the practical expedient of IFRS 15 with respect to the existence of a significant financing component, which is then not deemed to exist.

Step 2 \u2013 Identify the performance obligations\u00a0
Software as a Service revenue\u00a0

The service under a SaaS contract is the ongoing effort of the Company to provide connectivity of the FLOW portal to the customer and its trading partners in order to allow the exchange of data between the customer and each trading partner. When setting up the service, the FLOW portal is typically connected to other data networks. The FLOW portal is owned and controlled by the Company and not transferred to the customer.\u00a0

Through the SaaS, the customer connects with the FLOW portal, either using his own VAN (Value Added Network) or through a closed network or through a VAN network controlled by TIE Kinetix. Once the customer is connected/set up, the customer benefits directly from the service and will continue to benefit from the service until contract end.

Set-up activities

Our contracts may include non-refundable upfront fees for setting the customer up. During the set-up the FLOW platform is prepared for use by the customer. Usually, the setup phase for a customer project involves a consultant or a group of consultants in order to define, configure, implement test and deploy the customer\u2019s contracted features before putting them in production in the (SaaS) environment. Usual work performed includes connecting FLOW to the customer's ERP-system, mappings, business processes setup, workflow configuration, notifications setup, portal setup, business rules configuration, communication setup, building landing pages, etc.

These services are not transferred to the customer separate from the SaaS performance. Since no good or service is transferred to the customer separately, the set-up is not considered to be a performance obligation. Rather, the setup fee is included in the revenue that is allocated to the SaaS performance obligation.

Consultancy services supportive of SaaS

As part of the setup or subsequently, our consultants may also perform other work for a FLOW customer, such as making new mappings or onboarding suppliers to the platform. Where these services are not provided as part of the setup, they will constitute separate performance obligations since they are distinct from the FLOW portal. This is because the customer is able to benefit from the service together with their FLOW portal (that is readily available to the customer), and the service is separately identifiable.

Volume and overage

SaaS contracts include a component for a bundle of messages which the client can process via the FLOW portal, plus an option for additional messages sent beyond the contracted volumes (\u201coverage\u201d). As any unused capacity under the contracted bundle cannot be carried forward to a subsequent period, this is not distinct and as such not identified as a separate performance obligation.

\u00a0Maintenance and Support revenue

The Company provides, predominantly connected to license revenue, post-contract maintenance and support services. Maintenance services are tasks performed periodically in order to maintain, improve and secure the level of services and/or security. These services are considered to be distinct from the license.\u00a0

Consultancy revenue

The Company provides consultancy services which comprise of various kinds of consulting, including software customization work, or on how to increase revenue by using cloud automation, through A/B testing and personalization, with enterprise search and by using big data / machine learning. These consultancy services are sold in hours or bundles of hours. The performance obligation of the Company is to provide the customer with these consultancy hours.

License revenue

The Company licenses certain products to its customers and are typically installed on the customer\u2019s server which is the Company\u2019s performance obligation. Licensed products represent a right to use the software to which the Company has the intellectual property rights. The life of the license is in principle indefinite and no updates are necessary for the proper operation of the licensed software. As such, the installed licensed software is the Company\u2019s performance obligation.

Step 3 \u2013 Determining the transaction price and Step 4 Allocating the transaction price to performance obligations
Software as a Service revenue\u00a0

Transaction price is stipulated in the contract and typically has a fixed component (SaaS fees, if applicable a non-refundable set-up fee, plus a contractual bundle of messages component), and a variable component for additional messages sent beyond the contracted volumes. There are no volume discounts given when message levels exceed contracted volumes.

The fixed component of the transaction price is allocated to the SaaS performance obligation. The variable component of the transaction price represents a usage-based royalty that is also allocated to the SaaS performance obligation.

Contract durations are between 1 to 5 years (on average 3 years) with payment for use of the FLOW portal (including data networks) occurring always upfront for the entire contract period or part of the contract period.

Licenses, Maintenance and Support and Consultancy revenue

The transaction prices of the revenue streams are based on internal price lists and agreed with the customer in a contract. The prices are separately included in the contract and are the standalone selling prices. The transaction price is allocated to the single performance obligations which are described above.\u00a0

Step 5 \u2013 Revenue recognition method\u00a0
Software as a Service revenue

Software as a Service revenue (that is, the fixed component of the total consideration) is recognized over time as control over the services is transferred over the course of the contract period. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise to provide access to the software.

Revenue from consultancy services supportive of SaaS are classified as SaaS revenues and recognized over the course of the SaaS contract period. Reference is also made to the Significant accounting estimates and judgments, starting on page 89. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise to provide access to the software.

Overage revenues are recognized in the period in which the usage occurs, and the SaaS performance obligation has been partially satisfied for the respective period.

Maintenance and Support revenue

Maintenance and Support revenue is recognized over time as control over the services is transferred over the course of the contract period. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise

to provide maintenance and support on an as-needed basis.

Consultancy revenue

Consultancy revenue is recognized over time as control over the services is transferred as the customer utilizes the contracted consultancy hours. Progress is measured on the input method (hours utilization), as the ratio of hours utilized to total hours most faithfully represents the Company's performance under its promise to provide consultancy services.

License revenue

License revenue is recognized at a point in time because the customer has the indefinite right to use the (software) license when control is transferred.

Contract balances\u00a0
Contract assets\u00a0

A contract asset represents the right to consideration in exchange for goods or services transferred to the customer. If the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.\u00a0

A contract asset becomes a receivable when the Company\u2019s right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities\u00a0

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Company satisfies the performance obligation. The contract liability recognized by the Company relates to the Company\u2019s obligation to fulfil the contract.

Contract cost assets

Capitalized costs incurred to fulfill customer contracts consist of direct costs for set-up of the FLOW platform (as well as other consultancy projects supportive of SaaS) for customers under SaaS-contracts, as far as these costs are not in scope of other standards than IFRS 15 and as far as they are expected to be recovered. These costs are amortized after completion of the set-up on a straight-line basis over the average expected customer life (refer to Significant accounting estimates and judgments, starting on page 89). Amortization of capitalized costs to fulfill contracts is included in the Cost of Sales in the statement of comprehensive income.

Government grants

Grants from a government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the Company will comply with all attached conditions. Government grants relating to costs are deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Where governments grants become receivable as compensation for expenses or losses already incurred, they are recognized in profit or loss in the period in which they become receivable.

Employee benefits

Short term employee benefits\u00a0

Short term employee benefits entail salaries payable over past service, short-term compensated absences that are expected to occur within twelve months after the end of the period in which the employee renders the related service, profit sharing, or bonus arrangements. A liability is set up to the extent that amounts are due based on rendered services. Short term employee benefits expenses are presented in the statement of comprehensive income net of government grants received in relation to the Company\u2019s employee benefit costs.\u00a0

Termination benefits\u00a0

Termination benefits are the result of the Company\u2019s decision to terminate an employee\u2019s employment before normal retirement date. Termination benefits are expensed immediately when the Company is demonstrably committed to terminate employment prior to normal retirement date. The termination benefits include all termination of employment related expenses.\u00a0

Post-employment benefits\u00a0

The Company operates with insured defined contribution pension plans in the Netherlands and France. Under the terms and conditions of this plan, the Company has no obligation towards the employees covered under the plan, other than to pay a fixed contribution. The contributions payable are recognized as an expense in income. To the extent that the paid amount exceeds the amount due for services rendered, an asset is recognized. Plan contributions payable to a third-party insurer are recognized as a liability.\u00a0

The Company has a defined benefit arrangement in place for a single employee in Germany. This plan is unfunded and only a defined benefit obligation is recognized for it. In addition, the Company also has a defined benefit arrangement in place for employees in France. This plan is also unfunded and only a defined benefit obligation is recognized for it.\u00a0 As this plan is immaterial, no further details are provided in these consolidated financial statements.\u00a0

In the US, the Company staff participates in a corporate 401(k) savings plan with discretionary contributions. These discretionary payments are recognized in profit or loss\u00a0if and when they are paid into the plan.

Share-based payments\u00a0

In 2016 the Company has implemented a Performance Share Plan. Under this Plan, certain members of the TIE Kinetix Management Team may be awarded shares, based on achievement of performance conditions tied to the Company\u2019s operational performance and achievement of strategic goals. Shares issued under the Performance Share Plan are subject to transfer restrictions (a non-vesting condition). In the past, stock options were also granted under a Stock Option Plan to TIE Kinetix staff that entitles staff members to receive equity instruments it has issued. These grants of shares and of stock options are classified as equity settled share-based payment plans.

Granted shares vest immediately at the grant date in absence of a service condition. Stock options granted had a vesting period of three years. The expense resulting from these grants is based on the fair value of the instruments at grant date. The corresponding expense is recognized in profit or loss, with the offsetting entry in equity over the term in which the services are rendered, i.e., the vesting period where this applies. The expense reflects management\u2019s best estimate of the number of instruments expected to vest, where applicable. Any consideration received, net of any directly attributable transaction costs, is accounted for in equity upon issue of shares or exercise of the options. When the non-vesting condition under the Performance Share Plan is not satisfied, or when a stock option is cancelled, the grant is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the grant is recognized immediately. However, if a new stock option is awarded in substitution of the cancelled stock option, the substitution is treated as if it is a modification of the original. An additional expense is recognized to the extent the modification results in an increased fair value of the modified stock options, compared to the original ones.\u00a0

Leasing

The Company leases various offices and vehicles to support its operations. Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

The Company recognizes a right-of-use asset representing its right to use the underlying leased asset, and a lease liability representing its obligation to make lease payments.

Lease liabilities are initially measured at the present value of lease payments not yet paid at commencement date, less any lease incentives receivable. Such lease payments include fixed payments but may also include lease payments to be made under extension options to the extent that it is reasonably certain that the Company will exercise such an option. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the incremental borrowing rate is used. This is the rate of interest that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset\u00a0in a similar economic environment.

Lease payments are allocated between principal and finance cost. After initial recognition, the lease liability is increased by the finance cost, which is recognized in profit or loss as part of Interest and Other Financial Expense, and decreased by principal payments made. The lease liability is remeasured when there is a change in future lease payments or based on changes in the assessment of execution of certain extension or termination options in the contracts. The Company applies judgement to determine the lease term for lease contracts that contain renewal options.

Right-of-use assets are initially measured at cost, which comprises the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs. The right-of-use asset is subsequently carried at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The right-of-use asset is

adjusted for certain re-measurements of the lease liabilities.

The Company recognizes lease payments associated with short term leases (lease term <1 year) as well as low value leases (value of the leased asset < \u20ac 5k) as an expense on a straight-line basis over the lease term.

Earnings per share\u00a0

Basic earnings per share are calculated by dividing net income attributable to equity holders of the Company by the weighted average number of outstanding shares. Diluted earnings per share take into effect the dilutive effect of outstanding warrants upon exercise. The dilutive effect of these instruments equals the number of shares issuable under the terms and conditions of these arrangements for no consideration. Warrants are considered non-dilutive when the exercise price is in excess of the average market price of the shares of the Company during the period.

Analysis of expenses

Expenses are presented in the consolidated statement of comprehensive income according to their function. Management has defined the functions of expenses as follows:

  • Cost of Sales: Expenses that are directly or indirectly attributable to the Company\u2019s performance under ongoing contracts with customers;
  • Research & Development: Expenses that are attributable to activities of the Company in the field of research of new products or applications or development activities with respect to the FLOW platform or otherwise;
  • Selling & Marketing: Expenses that are attributable to the activities of the Company in the field of marketing and sales; and
  • General & Administrative expenses: Includes all other operating expenses of the Company in relation to its ordinary activities.

Statement of cash flows

The cash flows from operating activities in the statement of cash flows are presented in accordance with the indirect method. Under this method, the income before tax is adjusted for items in the profit and loss account that do not influence receipts and expenditures during the year, movements in balance sheet items, and profit and loss account items not relating to operating activities. Transactions not involving a cash inflow or outflow are not included in the statement of cash flows. The cash position in the statement of cash flows consists solely of cash and cash equivalents. Exchange differences on cash and cash equivalents are presented separately in the statement of cash flows. Interest received and paid as well as income taxes paid are included in the cash flows from operating activities. Dividends paid are included in the cash flows from financing activities. The selling price of divested group companies (divestments) is presented in the cash flows from investing activities insofar as payment has been received in cash, net of any cash balances present in divested group companies.

Subsequent events

These consolidated financial statements include the effects of events occurring between balance sheet date and the date these financial statements are authorized for issue, to the extent that these events provide evidence of conditions that existed at the balance sheet date. Where effects of events that arise post-balance sheet date are disclosed, they have not resulted in an adjustment of the financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10308": { "value": "

Basis of consolidation

The consolidated financial statements include the financial information of TIE Kinetix N.V. and its subsidiaries. Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure or rights to variable returns from the investee, and the ability of the Company to use its power to affect those variable returns. The assessment of control is based on the substance of the relationship between the Company and the entity and, among other things, considers existing and potential voting rights that are presently exercisable and convertible.

Subsidiaries are consolidated from the date on which the Company obtains control. They will continue to be consolidated until the date that such control ceases. All intercompany balances, transactions, and income and expenses resulting from intercompany transactions are eliminated in full.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10312": { "value": "

Discontinued operations

A discontinued operation is a component of the Group\u2019s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which represents a separate major line of business or geographical area of operations.\u00a0

Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale.\u00a0

When an operation is classified as a discontinued operation, the income and expenses related to the discontinued operation are presented in the statement of comprehensive income\u00a0on a single line separately from the results of continuing operations. Comparative figures are re-presented as if the operation had been discontinued from the start of the comparative year.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10371": { "value": "

Foreign currencies

Certain foreign operations have a functional currency other than the Euro depending on the primary environment in which they operate. For consolidation purposes, foreign operations with a foreign functional currency are translated into Euro, the functional currency of TIE Kinetix N.V. and the designated presentation currency of these consolidated financial statements.

Assets and liabilities of such foreign operations are translated using the closing rate at the balance sheet date. Income and expenses are translated using average exchange rates or the actual rate at the date of the transaction, if more appropriate. All resulting exchange rate differences are recognized in other comprehensive income and consequently in the foreign currency translation reserve in equity. In the event of a disposal of a foreign operation, the relevant part of the foreign currency translation reserve pertaining to the respective foreign operation that is sold will be released from equity and included in the realized gain or loss on the sale.\u00a0

Per the balance sheet date, monetary assets and liabilities are translated against the closing exchange rate. Resulting exchange rate differences on monetary items are recognized in profit or loss. Non-monetary items are translated by using the exchange rate at the date of the transaction.

In consolidation, exchange differences resulting from the translation of an intercompany monetary item, which forms part of the net investment in a consolidated foreign operation, is recognized in other comprehensive income and consequently in the foreign currency translation reserve in equity. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10373": { "value": "

Certain foreign operations have a functional currency other than the Euro depending on the primary environment in which they operate. For consolidation purposes, foreign operations with a foreign functional currency are translated into Euro, the functional currency of TIE Kinetix N.V. and the designated presentation currency of these consolidated financial statements.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10378": { "value": "

Intangible fixed assets\u00a0

Goodwill

Goodwill arising from a business combination is recognized as an intangible asset and is measured initially as the difference between the fair value of the net identifiable assets and the sum of the consideration transferred plus any non-controlling interest recognized, if applicable. Subsequently, goodwill is carried at cost less accumulated impairment charges.

From the acquisition date, goodwill is allocated to (groups of) cash generating units that are expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level, being country level.

Upon disposal of a cash generating unit to which goodwill has been allocated, the remaining goodwill balance associated with that operation will be included in the carrying amount of the operation when determining the gain or loss on disposal.\u00a0

Customer base\u00a0

The customer base of acquired businesses is identified as a separate intangible asset upon acquisition, and is initially carried at cost, being its fair value at the acquisition date. Subsequently it is carried at cost less accumulated amortization and impairment. It is amortized over its useful life in a straight-line manner. This is re-assessed annually and adjusted when circumstances give rise to such action.\u00a0

Development costs\u00a0

Projects for the development of software are broken down into a research phase and a development phase. The costs pertaining to research are expensed immediately. The development costs are recognized as an intangible asset after establishing the technical feasibility of the project, future economic benefits from the project are deemed probable, sufficient resources are available and devoted to the project to facilitate successful completion and the Company can reliably measure the expenditure attributable to the intangible asset during its development. Development costs are carried at a cost less amortization and accumulated impairments.

The useful life assessment is based on the current experience and the present economic and technological environment. The useful life of this asset is reassessed annually and adjusted when circumstances give rise to such action.\u00a0

All FLOW development costs are monitored per commercial module. All FLOW modules are developed under the direction of the CTO and TIE Kinetix Management Team. FLOW product modules compete with products developed by other vendors in the marketplace and may be expected to be replaced by our next generation products after their useful life, over which they are amortized on a straight-line basis.

Development costs of products other than FLOW are amortized straight-line based on their expected useful life.\u00a0

Software\u00a0

Software purchased from third parties, as well as any related development and implementation costs, are recognized at cost and are amortized based upon a straight-line method over their estimated useful life. The useful life of these assets is reassessed annually and adjusted when circumstances give rise to such action.

Where the Company is party to a SaaS-arrangement as a customer, the costs incurred under such an arrangement (including fees for the use of software and any implementation fees) are not capitalized where the Company does not have control over the software and the arrangement does not contain a lease. These costs are expensed as incurred.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10380": { "value": "
Goodwill

Goodwill arising from a business combination is recognized as an intangible asset and is measured initially as the difference between the fair value of the net identifiable assets and the sum of the consideration transferred plus any non-controlling interest recognized, if applicable. Subsequently, goodwill is carried at cost less accumulated impairment charges.

From the acquisition date, goodwill is allocated to (groups of) cash generating units that are expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level, being country level.

Upon disposal of a cash generating unit to which goodwill has been allocated, the remaining goodwill balance associated with that operation will be included in the carrying amount of the operation when determining the gain or loss on disposal.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10381": { "value": "
Goodwill

Goodwill arising from a business combination is recognized as an intangible asset and is measured initially as the difference between the fair value of the net identifiable assets and the sum of the consideration transferred plus any non-controlling interest recognized, if applicable. Subsequently, goodwill is carried at cost less accumulated impairment charges.

From the acquisition date, goodwill is allocated to (groups of) cash generating units that are expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level, being country level.

Upon disposal of a cash generating unit to which goodwill has been allocated, the remaining goodwill balance associated with that operation will be included in the carrying amount of the operation when determining the gain or loss on disposal.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10386": { "value": "
Customer base\u00a0

The customer base of acquired businesses is identified as a separate intangible asset upon acquisition, and is initially carried at cost, being its fair value at the acquisition date. Subsequently it is carried at cost less accumulated amortization and impairment. It is amortized over its useful life in a straight-line manner. This is re-assessed annually and adjusted when circumstances give rise to such action.\u00a0

Development costs\u00a0

Projects for the development of software are broken down into a research phase and a development phase. The costs pertaining to research are expensed immediately. The development costs are recognized as an intangible asset after establishing the technical feasibility of the project, future economic benefits from the project are deemed probable, sufficient resources are available and devoted to the project to facilitate successful completion and the Company can reliably measure the expenditure attributable to the intangible asset during its development. Development costs are carried at a cost less amortization and accumulated impairments.

The useful life assessment is based on the current experience and the present economic and technological environment. The useful life of this asset is reassessed annually and adjusted when circumstances give rise to such action.\u00a0

All FLOW development costs are monitored per commercial module. All FLOW modules are developed under the direction of the CTO and TIE Kinetix Management Team. FLOW product modules compete with products developed by other vendors in the marketplace and may be expected to be replaced by our next generation products after their useful life, over which they are amortized on a straight-line basis.

Development costs of products other than FLOW are amortized straight-line based on their expected useful life.\u00a0

Software\u00a0

Software purchased from third parties, as well as any related development and implementation costs, are recognized at cost and are amortized based upon a straight-line method over their estimated useful life. The useful life of these assets is reassessed annually and adjusted when circumstances give rise to such action.

Where the Company is party to a SaaS-arrangement as a customer, the costs incurred under such an arrangement (including fees for the use of software and any implementation fees) are not capitalized where the Company does not have control over the software and the arrangement does not contain a lease. These costs are expensed as incurred.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10389": { "value": "
Development costs\u00a0

Projects for the development of software are broken down into a research phase and a development phase. The costs pertaining to research are expensed immediately. The development costs are recognized as an intangible asset after establishing the technical feasibility of the project, future economic benefits from the project are deemed probable, sufficient resources are available and devoted to the project to facilitate successful completion and the Company can reliably measure the expenditure attributable to the intangible asset during its development. Development costs are carried at a cost less amortization and accumulated impairments.

The useful life assessment is based on the current experience and the present economic and technological environment. The useful life of this asset is reassessed annually and adjusted when circumstances give rise to such action.\u00a0

All FLOW development costs are monitored per commercial module. All FLOW modules are developed under the direction of the CTO and TIE Kinetix Management Team. FLOW product modules compete with products developed by other vendors in the marketplace and may be expected to be replaced by our next generation products after their useful life, over which they are amortized on a straight-line basis.

Development costs of products other than FLOW are amortized straight-line based on their expected useful life.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10455": { "value": "

Tangible fixed assets

Tangible fixed assets (which include hardware and leasehold improvements) are initially recognized at cost less accumulated depreciation and impairments. Costs include expenses directly attributable to the acquisition of the asset and the expense of replacing a part of the tangible fixed asset when that cost is incurred, and the recognition criteria are met. Each component of an item of tangible fixed assets with an initial carrying value (cost) that is significant in relation to the total cost of the item is separately identified and depreciated over its useful life. Subsequently, tangible fixed assets are depreciated on a straight-line basis over their estimated useful life to their estimated residual value (generally nil).

Useful life estimates are based on management\u2019s best estimate of the amount of time over which economic benefits from these assets will flow to the Company. For leasehold improvements, this period has been limited to the lease term of the respective office buildings, taking into account anticipated extensions of leases. Residual values are reviewed annually and are adjusted when appropriate.

The carrying amount of an asset is derecognized in the event that no future economic benefit is expected to arise from its use or when it is disposed of. Gains and/ or losses on derecognition are the differences between the net disposal proceeds and the carrying value of the asset. Gains and/or losses on derecognition are accounted for in profit or loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10457": { "value": "

Tangible fixed assets (which include hardware and leasehold improvements) are initially recognized at cost less accumulated depreciation and impairments. Costs include expenses directly attributable to the acquisition of the asset and the expense of replacing a part of the tangible fixed asset when that cost is incurred, and the recognition criteria are met. Each component of an item of tangible fixed assets with an initial carrying value (cost) that is significant in relation to the total cost of the item is separately identified and depreciated over its useful life. Subsequently, tangible fixed assets are depreciated on a straight-line basis over their estimated useful life to their estimated residual value (generally nil).

Useful life estimates are based on management\u2019s best estimate of the amount of time over which economic benefits from these assets will flow to the Company. For leasehold improvements, this period has been limited to the lease term of the respective office buildings, taking into account anticipated extensions of leases. Residual values are reviewed annually and are adjusted when appropriate.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10461": { "value": "

Impairment of non-current assets

Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. Other non-current non-financial assets with a finite useful life are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To this extent, an assessment is performed at the balance sheet date to establish whether such indicators exist.

An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Impairment losses for cash generating units are first charged against the goodwill balances allocated to that cash generating unit. Any remaining impairments are allocated to the other fixed assets of the cash generating unit.

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the balance sheet date.

Impairment

The Company assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortized cost. To this extent, a three-stage impairment model is applied, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. These three stages then determine the amount of impairment to be recognized as expected credit losses (as well as the amount of interest income to be recorded) at each reporting date:\u00a0

  • Stage 1: Credit risk has not increased significantly since initial recognition \u2013 12 months ECL is applied (i.e., the portion of lifetime ECLs that represent the ECLs that result from default events that are possible within the 12-months after the reporting date), and interest is recognized on a gross basis.
  • Stage 2: Credit risk has increased significantly since initial recognition \u2013lifetime ECL is recognized (i.e., ECLs that result from all possible default events over the expected life of a financial instrument), and interest is recognized on a gross basis.
  • Stage 3: Financial asset is credit impaired \u2013 lifetime ECL is recognized, and interest is recognized on a net basis (i.e., on the gross carrying amount less credit allowance).

The Company considers the probability of default upon initial recognition of financial assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk, the Company compares the risk of a default occurring on the asset at the reporting date with the risk of default as the date of initial recognition. For trade receivables and contract assets (with a maturity of 12 months or less), lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 'Financial Instruments').\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10462": { "value": "

Impairment of non-current assets

Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. Other non-current non-financial assets with a finite useful life are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To this extent, an assessment is performed at the balance sheet date to establish whether such indicators exist.

An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Impairment losses for cash generating units are first charged against the goodwill balances allocated to that cash generating unit. Any remaining impairments are allocated to the other fixed assets of the cash generating unit.

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the balance sheet date.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10467": { "value": "

Income taxes

The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses carried forward.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.\u00a0

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill unless that goodwill is deductible in determining taxable result. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10526": { "value": "

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill unless that goodwill is deductible in determining taxable result. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10531": { "value": "

Financial assets

Recognition and initial measurement\u00a0

Regular way purchases and sales of financial assets are initially recognized when they are originated, being the trade date i.e., the date when the Company becomes a party to the contractual provisions of the instrument.

A financial asset is initially measured at fair value plus, for an item not measured subsequently at fair value through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.

Classification and subsequent measurement

Subsequent to initial recognition, a financial asset that is a debt instrument is classified in one of the following three measurement categories:

  • At amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included under Interest and Other Financial Income using the effective interest rate method.\u00a0 Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in Interest and Other Financial Income or Expense together with foreign exchange gains and losses. Impairment losses are classified as part of General & Administrative expenses in profit or loss.
  • At fair value through OCI (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. The Company currently does not hold instruments classified as FVOCI.
  • At fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The Company currently does not hold instruments classified as FVPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Company\u00a0changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\u00a0

Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or a financial asset is transferred, and the transfer qualifies for derecognition.

Business model assessment\u00a0

The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management.\u00a0

Impairment

The Company assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortized cost. To this extent, a three-stage impairment model is applied, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. These three stages then determine the amount of impairment to be recognized as expected credit losses (as well as the amount of interest income to be recorded) at each reporting date:\u00a0

  • Stage 1: Credit risk has not increased significantly since initial recognition \u2013 12 months ECL is applied (i.e., the portion of lifetime ECLs that represent the ECLs that result from default events that are possible within the 12-months after the reporting date), and interest is recognized on a gross basis.
  • Stage 2: Credit risk has increased significantly since initial recognition \u2013lifetime ECL is recognized (i.e., ECLs that result from all possible default events over the expected life of a financial instrument), and interest is recognized on a gross basis.
  • Stage 3: Financial asset is credit impaired \u2013 lifetime ECL is recognized, and interest is recognized on a net basis (i.e., on the gross carrying amount less credit allowance).

The Company considers the probability of default upon initial recognition of financial assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk, the Company compares the risk of a default occurring on the asset at the reporting date with the risk of default as the date of initial recognition. For trade receivables and contract assets (with a maturity of 12 months or less), lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 'Financial Instruments').\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10532": { "value": "

Financial assets

Recognition and initial measurement\u00a0

Regular way purchases and sales of financial assets are initially recognized when they are originated, being the trade date i.e., the date when the Company becomes a party to the contractual provisions of the instrument.

A financial asset is initially measured at fair value plus, for an item not measured subsequently at fair value through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.

Classification and subsequent measurement

Subsequent to initial recognition, a financial asset that is a debt instrument is classified in one of the following three measurement categories:

  • At amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included under Interest and Other Financial Income using the effective interest rate method.\u00a0 Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in Interest and Other Financial Income or Expense together with foreign exchange gains and losses. Impairment losses are classified as part of General & Administrative expenses in profit or loss.
  • At fair value through OCI (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. The Company currently does not hold instruments classified as FVOCI.
  • At fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The Company currently does not hold instruments classified as FVPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Company\u00a0changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\u00a0

Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or a financial asset is transferred, and the transfer qualifies for derecognition.

Business model assessment\u00a0

The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management.\u00a0

Impairment

The Company assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortized cost. To this extent, a three-stage impairment model is applied, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. These three stages then determine the amount of impairment to be recognized as expected credit losses (as well as the amount of interest income to be recorded) at each reporting date:\u00a0

  • Stage 1: Credit risk has not increased significantly since initial recognition \u2013 12 months ECL is applied (i.e., the portion of lifetime ECLs that represent the ECLs that result from default events that are possible within the 12-months after the reporting date), and interest is recognized on a gross basis.
  • Stage 2: Credit risk has increased significantly since initial recognition \u2013lifetime ECL is recognized (i.e., ECLs that result from all possible default events over the expected life of a financial instrument), and interest is recognized on a gross basis.
  • Stage 3: Financial asset is credit impaired \u2013 lifetime ECL is recognized, and interest is recognized on a net basis (i.e., on the gross carrying amount less credit allowance).

The Company considers the probability of default upon initial recognition of financial assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk, the Company compares the risk of a default occurring on the asset at the reporting date with the risk of default as the date of initial recognition. For trade receivables and contract assets (with a maturity of 12 months or less), lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 'Financial Instruments').\u00a0

Borrowings

Loans and borrowings are recognized initially at fair value, net of transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the profit or loss when the liabilities are derecognized as well as through the amortization process. The amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included under Interest and Other Financial Expense in the statement of comprehensive income.

Trade payables and other financial liabilities

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

Financial liabilities are derecognized when they are extinguished - i.e., when the obligation specified in the contract is discharged or cancelled or expires.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10543": { "value": "At fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The Company currently does not hold instruments classified as FVPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10544": { "value": "

Financial assets are not reclassified subsequent to their initial recognition unless the Company\u00a0changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10546": { "value": "

Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or a financial asset is transferred, and the transfer qualifies for derecognition.

Financial liabilities are derecognized when they are extinguished - i.e., when the obligation specified in the contract is discharged or cancelled or expires.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10553": { "value": "
Impairment

The Company assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortized cost. To this extent, a three-stage impairment model is applied, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. These three stages then determine the amount of impairment to be recognized as expected credit losses (as well as the amount of interest income to be recorded) at each reporting date:\u00a0

  • Stage 1: Credit risk has not increased significantly since initial recognition \u2013 12 months ECL is applied (i.e., the portion of lifetime ECLs that represent the ECLs that result from default events that are possible within the 12-months after the reporting date), and interest is recognized on a gross basis.
  • Stage 2: Credit risk has increased significantly since initial recognition \u2013lifetime ECL is recognized (i.e., ECLs that result from all possible default events over the expected life of a financial instrument), and interest is recognized on a gross basis.
  • Stage 3: Financial asset is credit impaired \u2013 lifetime ECL is recognized, and interest is recognized on a net basis (i.e., on the gross carrying amount less credit allowance).

The Company considers the probability of default upon initial recognition of financial assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk, the Company compares the risk of a default occurring on the asset at the reporting date with the risk of default as the date of initial recognition. For trade receivables and contract assets (with a maturity of 12 months or less), lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 'Financial Instruments').\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10619": { "value": "

Cash & cash equivalents\u00a0

Cash and cash equivalents are valued at face value and include cash in hand, deposits, and other short-term highly liquid investments with original maturities of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, excluding bank overdrafts.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10623": { "value": "
Shareholders\u2019 equity\u00a0

Financial instruments issued by the Company to the extent that they indicate a residual interest in the assets of the Company, including ordinary shares, are classified as equity. All proceeds from the issue of equity instruments, or considerations paid for the purchase of equity instruments, are recognized in equity. Incremental external costs that are directly attributable to the issuing of TIE Kinetix equity instruments are also recognized in equity, net of tax.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10626": { "value": "

Dividends and other distributions to holders of equity instruments are recognized in equity, net of withholding tax. A liability for dividends payable is not recognized until the dividends have been declared and approved by the General Meeting of Shareholders.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10628": { "value": "
Warrants

The Company has issued warrants other than as consideration for goods or services received. Under the terms of the respective contracts, such warrants are derivative financial instruments that will be settled by the Company in own equity instruments. Upon exercise, a fixed amount of ordinary shares is exchanged for a fixed amount of cash. Therefore, such warrants are classified as equity instruments. Consideration received for such warrants upon issue is accounted for in equity. Cash received upon exercise is accounted for in equity as well.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10632": { "value": "

Borrowings

Loans and borrowings are recognized initially at fair value, net of transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the profit or loss when the liabilities are derecognized as well as through the amortization process. The amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included under Interest and Other Financial Expense in the statement of comprehensive income.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10633": { "value": "

Borrowings

Loans and borrowings are recognized initially at fair value, net of transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the profit or loss when the liabilities are derecognized as well as through the amortization process. The amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included under Interest and Other Financial Expense in the statement of comprehensive income.

Trade payables and other financial liabilities

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

Financial liabilities are derecognized when they are extinguished - i.e., when the obligation specified in the contract is discharged or cancelled or expires.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10637": { "value": "

Trade payables and other financial liabilities

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

Financial liabilities are derecognized when they are extinguished - i.e., when the obligation specified in the contract is discharged or cancelled or expires.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10644": { "value": "

Provisions\u00a0

The Company recognizes a provision in cases where the Company has a present legal or constructive obligation resulting from a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are

measured at management\u2019s best estimate of the future outflow required to settle the obligation. Where the time value of money is material, it is measured at the present value of such future outflow, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The change in the time value of future outflows is recognized under Interest and Other Financial Expense in the statement of comprehensive income.\u00a0

To the extent that future events are likely to occur and are expected to have an effect on the amount required to settle a recognized liability, these future events are taken into consideration in determining the appropriate provision level. Provisions are reviewed at each balance sheet date and will be adjusted to reflect the current best estimate.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10704": { "value": "

Revenue recognition

The Company recognizes revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer. The Company recognizes revenue upon the satisfaction of performance obligations, which occurs when control of the good or service transfers to the customer. Control can transfer at a point in time or over time.

The Company has four revenue streams, namely:

  • Software as a Service (SaaS);
  • Maintenance and Support;
  • Consultancy; and
  • Licenses.

We have described the revenue recognition for each of the revenue streams below using the 5-step model of IFRS 15 'Revenue from Contracts with Customers'.\u00a0

Step 1 \u2013 Identify the contract\u00a0

For each service and thus for each revenue stream the Company enters into a contract with a customer which outlines the parties\u2019 rights and obligations, the consideration and our general terms and conditions. Our general conditions include a net 30-day payment term from invoice date and do not contain warranties or return obligations. SaaS and maintenance fees are typically invoiced upfront. As the period over which the invoicing up front takes place generally does not exceed a year, the Company applies the practical expedient of IFRS 15 with respect to the existence of a significant financing component, which is then not deemed to exist.

Step 2 \u2013 Identify the performance obligations\u00a0
Software as a Service revenue\u00a0

The service under a SaaS contract is the ongoing effort of the Company to provide connectivity of the FLOW portal to the customer and its trading partners in order to allow the exchange of data between the customer and each trading partner. When setting up the service, the FLOW portal is typically connected to other data networks. The FLOW portal is owned and controlled by the Company and not transferred to the customer.\u00a0

Through the SaaS, the customer connects with the FLOW portal, either using his own VAN (Value Added Network) or through a closed network or through a VAN network controlled by TIE Kinetix. Once the customer is connected/set up, the customer benefits directly from the service and will continue to benefit from the service until contract end.

Set-up activities

Our contracts may include non-refundable upfront fees for setting the customer up. During the set-up the FLOW platform is prepared for use by the customer. Usually, the setup phase for a customer project involves a consultant or a group of consultants in order to define, configure, implement test and deploy the customer\u2019s contracted features before putting them in production in the (SaaS) environment. Usual work performed includes connecting FLOW to the customer's ERP-system, mappings, business processes setup, workflow configuration, notifications setup, portal setup, business rules configuration, communication setup, building landing pages, etc.

These services are not transferred to the customer separate from the SaaS performance. Since no good or service is transferred to the customer separately, the set-up is not considered to be a performance obligation. Rather, the setup fee is included in the revenue that is allocated to the SaaS performance obligation.

Consultancy services supportive of SaaS

As part of the setup or subsequently, our consultants may also perform other work for a FLOW customer, such as making new mappings or onboarding suppliers to the platform. Where these services are not provided as part of the setup, they will constitute separate performance obligations since they are distinct from the FLOW portal. This is because the customer is able to benefit from the service together with their FLOW portal (that is readily available to the customer), and the service is separately identifiable.

Volume and overage

SaaS contracts include a component for a bundle of messages which the client can process via the FLOW portal, plus an option for additional messages sent beyond the contracted volumes (\u201coverage\u201d). As any unused capacity under the contracted bundle cannot be carried forward to a subsequent period, this is not distinct and as such not identified as a separate performance obligation.

\u00a0Maintenance and Support revenue

The Company provides, predominantly connected to license revenue, post-contract maintenance and support services. Maintenance services are tasks performed periodically in order to maintain, improve and secure the level of services and/or security. These services are considered to be distinct from the license.\u00a0

Consultancy revenue

The Company provides consultancy services which comprise of various kinds of consulting, including software customization work, or on how to increase revenue by using cloud automation, through A/B testing and personalization, with enterprise search and by using big data / machine learning. These consultancy services are sold in hours or bundles of hours. The performance obligation of the Company is to provide the customer with these consultancy hours.

License revenue

The Company licenses certain products to its customers and are typically installed on the customer\u2019s server which is the Company\u2019s performance obligation. Licensed products represent a right to use the software to which the Company has the intellectual property rights. The life of the license is in principle indefinite and no updates are necessary for the proper operation of the licensed software. As such, the installed licensed software is the Company\u2019s performance obligation.

Step 3 \u2013 Determining the transaction price and Step 4 Allocating the transaction price to performance obligations
Software as a Service revenue\u00a0

Transaction price is stipulated in the contract and typically has a fixed component (SaaS fees, if applicable a non-refundable set-up fee, plus a contractual bundle of messages component), and a variable component for additional messages sent beyond the contracted volumes. There are no volume discounts given when message levels exceed contracted volumes.

The fixed component of the transaction price is allocated to the SaaS performance obligation. The variable component of the transaction price represents a usage-based royalty that is also allocated to the SaaS performance obligation.

Contract durations are between 1 to 5 years (on average 3 years) with payment for use of the FLOW portal (including data networks) occurring always upfront for the entire contract period or part of the contract period.

Licenses, Maintenance and Support and Consultancy revenue

The transaction prices of the revenue streams are based on internal price lists and agreed with the customer in a contract. The prices are separately included in the contract and are the standalone selling prices. The transaction price is allocated to the single performance obligations which are described above.\u00a0

Step 5 \u2013 Revenue recognition method\u00a0
Software as a Service revenue

Software as a Service revenue (that is, the fixed component of the total consideration) is recognized over time as control over the services is transferred over the course of the contract period. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise to provide access to the software.

Revenue from consultancy services supportive of SaaS are classified as SaaS revenues and recognized over the course of the SaaS contract period. Reference is also made to the Significant accounting estimates and judgments, starting on page 89. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise to provide access to the software.

Overage revenues are recognized in the period in which the usage occurs, and the SaaS performance obligation has been partially satisfied for the respective period.

Maintenance and Support revenue

Maintenance and Support revenue is recognized over time as control over the services is transferred over the course of the contract period. Progress is measured based on the output method (passage of time), as a linear revenue recognition pattern most faithfully represents the Company's performance under its promise

to provide maintenance and support on an as-needed basis.

Consultancy revenue

Consultancy revenue is recognized over time as control over the services is transferred as the customer utilizes the contracted consultancy hours. Progress is measured on the input method (hours utilization), as the ratio of hours utilized to total hours most faithfully represents the Company's performance under its promise to provide consultancy services.

License revenue

License revenue is recognized at a point in time because the customer has the indefinite right to use the (software) license when control is transferred.

Contract balances\u00a0
Contract assets\u00a0

A contract asset represents the right to consideration in exchange for goods or services transferred to the customer. If the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.\u00a0

A contract asset becomes a receivable when the Company\u2019s right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities\u00a0

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Company satisfies the performance obligation. The contract liability recognized by the Company relates to the Company\u2019s obligation to fulfil the contract.

Contract cost assets

Capitalized costs incurred to fulfill customer contracts consist of direct costs for set-up of the FLOW platform (as well as other consultancy projects supportive of SaaS) for customers under SaaS-contracts, as far as these costs are not in scope of other standards than IFRS 15 and as far as they are expected to be recovered. These costs are amortized after completion of the set-up on a straight-line basis over the average expected customer life (refer to Significant accounting estimates and judgments, starting on page 89). Amortization of capitalized costs to fulfill contracts is included in the Cost of Sales in the statement of comprehensive income.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10885": { "value": "

Government grants

Grants from a government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the Company will comply with all attached conditions. Government grants relating to costs are deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Where governments grants become receivable as compensation for expenses or losses already incurred, they are recognized in profit or loss in the period in which they become receivable.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10888": { "value": "

Employee benefits

Short term employee benefits\u00a0

Short term employee benefits entail salaries payable over past service, short-term compensated absences that are expected to occur within twelve months after the end of the period in which the employee renders the related service, profit sharing, or bonus arrangements. A liability is set up to the extent that amounts are due based on rendered services. Short term employee benefits expenses are presented in the statement of comprehensive income net of government grants received in relation to the Company\u2019s employee benefit costs.\u00a0

Termination benefits\u00a0

Termination benefits are the result of the Company\u2019s decision to terminate an employee\u2019s employment before normal retirement date. Termination benefits are expensed immediately when the Company is demonstrably committed to terminate employment prior to normal retirement date. The termination benefits include all termination of employment related expenses.\u00a0

Post-employment benefits\u00a0

The Company operates with insured defined contribution pension plans in the Netherlands and France. Under the terms and conditions of this plan, the Company has no obligation towards the employees covered under the plan, other than to pay a fixed contribution. The contributions payable are recognized as an expense in income. To the extent that the paid amount exceeds the amount due for services rendered, an asset is recognized. Plan contributions payable to a third-party insurer are recognized as a liability.\u00a0

The Company has a defined benefit arrangement in place for a single employee in Germany. This plan is unfunded and only a defined benefit obligation is recognized for it. In addition, the Company also has a defined benefit arrangement in place for employees in France. This plan is also unfunded and only a defined benefit obligation is recognized for it.\u00a0 As this plan is immaterial, no further details are provided in these consolidated financial statements.\u00a0

In the US, the Company staff participates in a corporate 401(k) savings plan with discretionary contributions. These discretionary payments are recognized in profit or loss\u00a0if and when they are paid into the plan.

Share-based payments\u00a0

In 2016 the Company has implemented a Performance Share Plan. Under this Plan, certain members of the TIE Kinetix Management Team may be awarded shares, based on achievement of performance conditions tied to the Company\u2019s operational performance and achievement of strategic goals. Shares issued under the Performance Share Plan are subject to transfer restrictions (a non-vesting condition). In the past, stock options were also granted under a Stock Option Plan to TIE Kinetix staff that entitles staff members to receive equity instruments it has issued. These grants of shares and of stock options are classified as equity settled share-based payment plans.

Granted shares vest immediately at the grant date in absence of a service condition. Stock options granted had a vesting period of three years. The expense resulting from these grants is based on the fair value of the instruments at grant date. The corresponding expense is recognized in profit or loss, with the offsetting entry in equity over the term in which the services are rendered, i.e., the vesting period where this applies. The expense reflects management\u2019s best estimate of the number of instruments expected to vest, where applicable. Any consideration received, net of any directly attributable transaction costs, is accounted for in equity upon issue of shares or exercise of the options. When the non-vesting condition under the Performance Share Plan is not satisfied, or when a stock option is cancelled, the grant is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the grant is recognized immediately. However, if a new stock option is awarded in substitution of the cancelled stock option, the substitution is treated as if it is a modification of the original. An additional expense is recognized to the extent the modification results in an increased fair value of the modified stock options, compared to the original ones.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10892": { "value": "
Termination benefits\u00a0

Termination benefits are the result of the Company\u2019s decision to terminate an employee\u2019s employment before normal retirement date. Termination benefits are expensed immediately when the Company is demonstrably committed to terminate employment prior to normal retirement date. The termination benefits include all termination of employment related expenses.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10954": { "value": "
Share-based payments\u00a0

In 2016 the Company has implemented a Performance Share Plan. Under this Plan, certain members of the TIE Kinetix Management Team may be awarded shares, based on achievement of performance conditions tied to the Company\u2019s operational performance and achievement of strategic goals. Shares issued under the Performance Share Plan are subject to transfer restrictions (a non-vesting condition). In the past, stock options were also granted under a Stock Option Plan to TIE Kinetix staff that entitles staff members to receive equity instruments it has issued. These grants of shares and of stock options are classified as equity settled share-based payment plans.

Granted shares vest immediately at the grant date in absence of a service condition. Stock options granted had a vesting period of three years. The expense resulting from these grants is based on the fair value of the instruments at grant date. The corresponding expense is recognized in profit or loss, with the offsetting entry in equity over the term in which the services are rendered, i.e., the vesting period where this applies. The expense reflects management\u2019s best estimate of the number of instruments expected to vest, where applicable. Any consideration received, net of any directly attributable transaction costs, is accounted for in equity upon issue of shares or exercise of the options. When the non-vesting condition under the Performance Share Plan is not satisfied, or when a stock option is cancelled, the grant is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the grant is recognized immediately. However, if a new stock option is awarded in substitution of the cancelled stock option, the substitution is treated as if it is a modification of the original. An additional expense is recognized to the extent the modification results in an increased fair value of the modified stock options, compared to the original ones.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f10958": { "value": "

Leasing

The Company leases various offices and vehicles to support its operations. Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

The Company recognizes a right-of-use asset representing its right to use the underlying leased asset, and a lease liability representing its obligation to make lease payments.

Lease liabilities are initially measured at the present value of lease payments not yet paid at commencement date, less any lease incentives receivable. Such lease payments include fixed payments but may also include lease payments to be made under extension options to the extent that it is reasonably certain that the Company will exercise such an option. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the incremental borrowing rate is used. This is the rate of interest that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset\u00a0in a similar economic environment.

Lease payments are allocated between principal and finance cost. After initial recognition, the lease liability is increased by the finance cost, which is recognized in profit or loss as part of Interest and Other Financial Expense, and decreased by principal payments made. The lease liability is remeasured when there is a change in future lease payments or based on changes in the assessment of execution of certain extension or termination options in the contracts. The Company applies judgement to determine the lease term for lease contracts that contain renewal options.

Right-of-use assets are initially measured at cost, which comprises the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs. The right-of-use asset is subsequently carried at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The right-of-use asset is

adjusted for certain re-measurements of the lease liabilities.

The Company recognizes lease payments associated with short term leases (lease term <1 year) as well as low value leases (value of the leased asset < \u20ac 5k) as an expense on a straight-line basis over the lease term.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11022": { "value": "

Earnings per share\u00a0

Basic earnings per share are calculated by dividing net income attributable to equity holders of the Company by the weighted average number of outstanding shares. Diluted earnings per share take into effect the dilutive effect of outstanding warrants upon exercise. The dilutive effect of these instruments equals the number of shares issuable under the terms and conditions of these arrangements for no consideration. Warrants are considered non-dilutive when the exercise price is in excess of the average market price of the shares of the Company during the period.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11025": { "value": "

Analysis of expenses

Expenses are presented in the consolidated statement of comprehensive income according to their function. Management has defined the functions of expenses as follows:

  • Cost of Sales: Expenses that are directly or indirectly attributable to the Company\u2019s performance under ongoing contracts with customers;
  • Research & Development: Expenses that are attributable to activities of the Company in the field of research of new products or applications or development activities with respect to the FLOW platform or otherwise;
  • Selling & Marketing: Expenses that are attributable to the activities of the Company in the field of marketing and sales; and
  • General & Administrative expenses: Includes all other operating expenses of the Company in relation to its ordinary activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11033": { "value": "

Statement of cash flows

The cash flows from operating activities in the statement of cash flows are presented in accordance with the indirect method. Under this method, the income before tax is adjusted for items in the profit and loss account that do not influence receipts and expenditures during the year, movements in balance sheet items, and profit and loss account items not relating to operating activities. Transactions not involving a cash inflow or outflow are not included in the statement of cash flows. The cash position in the statement of cash flows consists solely of cash and cash equivalents. Exchange differences on cash and cash equivalents are presented separately in the statement of cash flows. Interest received and paid as well as income taxes paid are included in the cash flows from operating activities. Dividends paid are included in the cash flows from financing activities. The selling price of divested group companies (divestments) is presented in the cash flows from investing activities insofar as payment has been received in cash, net of any cash balances present in divested group companies.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11036": { "value": "

Subsequent events

These consolidated financial statements include the effects of events occurring between balance sheet date and the date these financial statements are authorized for issue, to the extent that these events provide evidence of conditions that existed at the balance sheet date. Where effects of events that arise post-balance sheet date are disclosed, they have not resulted in an adjustment of the financial statements.

", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11039": { "value": "

Financial risk management

The Company\u2019s activities expose it to a variety of risks, including market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Company has policies in place towards managing these risks, insofar as relevant and depending on the risk appetite of the Company with respect to a certain risk. The Executive Board has overall responsibility for the establishment and oversight of the Company\u2019s risk management system, including identifying and analyzing risks faced by the Company, implementing risk limits and controls as appropriate as well as monitoring the exposure to risks against these limits and maintaining the risk management system in the light of changes in the Company and market conditions. The Supervisory Board oversees how the Company monitors adherence to risk management policies and procedures and assesses the effectiveness of its risk management system in relation to the relevant risks.

The Company does not have an exposure to financial risks associated with derivatives. The Company's exposure to financial instruments is mainly concentrated in its working capital. The Company neither holds nor issues financial instruments for trading purposes, and currently does not contract any derivative financial instruments to hedge risks.

Classification of financial assets and liabilities

Financial assets and liabilities recognized on the consolidated Statement of Financial Position are classified in the following table.

Classification of financial instruments
(\u20ac x 1,000)
Financial assets at amortized costFinancial liabilities at amortized cost
Class of financial instruments30 September 202230 September 202130 September 202230 September 2021
Cash and cash equivalents9,5939,921
Trade receivables1,4951,442
Other receivables7978
Lease liabilities452765
Trade creditors1,304833
Other payables1,8651,512
Total11,16711,4413,6223,110

Use of fair values

The fair values of financial instruments carried at amortized cost, which include trade debtors, other receivables, loans receivable, trade creditors and other payables have been assessed to be in line with their carrying values due to the short-term nature of such items and applicable market interest rates. Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13 'Fair Value Measurement'. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.\u00a0\u00a0

There are no items in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring or non-recurring basis, for both years presented.

Currency risk\u00a0

Currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group operates across the globe in various currency environments and is exposed to foreign exchange risks, mainly with respect to the US dollar. The Group does not hedge the foreign exchange risks associated with its net investments in foreign operations. To manage currency risks, however, it is the intention to balance assets and liabilities in foreign currencies as much as possible and ensure that the local balance sheet of group companies contain as much as possible only positions denominated in the functional currency of that group company. The Group's exposure to risk arising from other currencies than the euro arises almost exclusively from the US dollar, hence the following disclosures are only made for the US dollar.

The Group has applied an USD/EUR exchange rate at balance sheet date of 0.98 (30 September 2021: 1.16). The average exchange rate used to translate the income and expenses in the US was 1.08 (2021: 1.20). The following table details the sensitivity of consolidated equity and net income had the year-end exchange rates varied by a reasonably possible change in such rates \u2013 all other variables held constant.

For purposes of the sensitivity analysis, financial instruments are only considered sensitive to foreign exchange rates when they are not denominated in the functional currency of the group company holding the relevant financial instrument. This analysis, presented under the heading 'Foreign currency risk' in the following table, takes into account only outstanding foreign currency-denominated monetary assets and liabilities (in other words - those monetary assets and liabilities denominated in a currency that differs from the relevant group company\u2019s functional currency) and adjusts their translation at the period-end for a reasonably possible change in the dollar/euro exchange rate. The sensitivity analysis includes external receivables and payables, as well as intercompany positions within the group, but excludes translation differences due to translating from functional currency to presentation currency.

Foreign currency sensitivity analysis
(\u20ac x 1,000)
20222021
Change in rateImpact on y/e equityImpact on net incomeImpact on y/e equityImpact on net income
Foreign currency risk\u00a0\u00a0\u00a0\u00a0
USD +10% against EUR(139)106(936)364
USD -10% against EUR114(87)766(298)
Translation risk
USD +10% against EUR173-1,064-
USD -10% against EUR(141)-(871)-
Impact of USD movement7610010(47)

The analysis shows that equity is exposed to sensitivity that arises from a US dollar-denominated intercompany liability to the US-subsidiary that is considered to be part of the net investment (and as such, foreign exchange differences on this intercompany liability are accounted for in other comprehensive income, impacting equity). The section 'Translation risk' below explains the offsetting translation effect in equity.

The analysis also shows that net income is also exposed to sensitivity that arises from the USD bank account balances of the Company and any subsidiaries with a functional currency other than the US dollar.

Translation risk

The table above also includes an analysis of translation risk. While translation risk is disregarded in the above analysis of foreign currency risk (as defined by IFRS), translation risks together with foreign currency risks form an integral part of the Group's management of the exposure of financial instruments to foreign currencies.

To this extent, the Company has disclosed the translation risk analysis in the previous table. This analysis takes into account the translation effect of the monetary assets and liabilities of the US subsidiary (which has a US dollar functional currency) and adjusts their translation at the period-end for the same changes in foreign currency rates. This sensitivity analysis includes external receivables and payables, as well as intercompany

positions within the group, but excludes the foreign operation's non-monetary assets and liabilities. The effect from translating from the functional currency to the Group's presentation currency is recorded in other comprehensive income and therefore impacts equity (please note that this also applies to the translation of non-monetary assets and liabilities of the foreign operation though these are excluded from the analysis).

The analysis shows an offsetting effect to the exposure of equity to foreign currency risk. This is due to the aforementioned US dollar-denominated intercompany position, which acts as a natural hedge, balancing foreign currency risk against translation risk.

In addition, the bottom row ('Impact of USD movement') presents a further, backward-looking, analysis of the Group's exposure currency translation exposure. This measures the impact on the net assets at year-end and impact on net income of the US foreign operation, when comparing to the hypothetical situation that the exchange rate had not moved during the year (thus would have remained at the opening rate at the beginning of the year). In essence, this illustrates the impact of movements in the USD exchange rate during the year on the net assets and net result of the US segment. For the purpose of this analysis, the net assets of the US-subsidiary include non-monetary assets and exclude intercompany positions, while the net income excludes intercompany gains and losses, as these are eliminated in consolidation. The resulting numbers show the impact on net income for the years presented (impact of income translated against the year's opening exchange rate rather than at the weighted-average exchange rate for the year) and on equity at year-end (impact of net assets translated against the opening exchange rate rather than at the closing rate).

Interest rate risk

Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The exposure of the Company to this risk is limited as the Company currently does not have any variable-rate borrowings per 30 September 2022 (30 September 2021: nil). Debt of the Company is concentrated in its lease liabilities which have fixed cash flows based on fixed rates of interest.

Other price risk

Other price risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than arising from currency risk or interest rate risk. As the Company's financial instruments are limited to short term debt instruments (carried at amortized cost) and long-term debt in the form of lease liabilities, the Company does not have an exposure to other forms of price risk such as commodity price risk or equity price risk.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk mainly from its operating activities: this risk is primarily associated with the trade receivables and contract assets, but also arises from deposits with banks.

The Company manages the exposure on its cash deposits with banks by only working with reputable banks that have proven in the past to be financially stable, have appropriate licenses to operate and are under the supervision of regulatory authorities. Cash is managed centrally within the Group.

With respect to credit risk arising from trade receivables and contract assets from customer contracts, the Company generally works with large and well-known organizations as customers for which the credit risk is deemed to be limited. In other cases, before a contract is signed, research is performed for a prospective customer prior to signing the contract. In addition, the Company generally invoices in advance and has the ability to discontinue the access of a customer to the product remotely in the event of unceasing defaults of contractual payment obligations. As the Company has measures in place that reduce the credit risk exposure to a sufficiently low level, it has not insured its trade receivables. Instead, in the event of (expected) collectability issues or defaults, this is reflected in the lifetime expected credit losses that are recognized on the relevant receivables to cover the potential loss. Loss rates are determined based on historical credit losses realized and any expectations on economic downturn. In measuring expected credit losses, trade receivables are grouped according to their ageing profile. Based on this ageing profile, any significant increase in credit risk since initial recognition is determined (typically when a contractual payment is more than 30 days past due).

Management monitors any extended default (instances where a debtor continues to not meet its payment obligations) by a customer and determines on an individual basis whether such receivables are considered credit-impaired. A receivable is written off and the corresponding expected credit loss derecognized if it is determined to be uncollectible, which is assessed on a case-by-case basis. The Company does not have a history of significant credit losses. This has not changed as a consequence of the COVID-19 pandemic.

The Company has no significant concentrations of credit risk. The top 100 customers account for 59% (2021: 52%) of total revenues, while no individual customers accounts for more than 5% (2021: 3%) of total revenues. The Company serves a number of vertical supply chains like business services, industry, industry & home improvement, telecom, banking & insurance, food industry & food retail, non-food, consumer electronics, transport & logistics, office supplies, automotive, medical and others, mitigating the risk of relying upon a single industry. In addition, the Company serves federal & local government institutions, for which the credit risk is deemed limited in the countries the Group operates in.

The Company\u2019s maximum exposure to credit risk equals the outstanding balance of its financial assets. The top 10 outstanding debtors amount to 30% (2021: 46%) of the outstanding trade receivables. The note Trade receivables, starting on page 112 details the expected credit losses and loss rates applied to trade receivables as of the balance sheet date.

Liquidity risk

The Company\u2019s liquidity management is geared towards having sufficient liquidity available to fund its operations. In this regard, projections of cash flows from operating activities are positive. The Company\u2019s SaaS business is growing, and consequently the Company is becoming more resilient to cashflow seasonality. Occasionally, the Company engages in contracts with commercially dominant counterparties with whom extended payment terms are agreed. Such payment terms may put a strain on working capital balances of group companies.

The Company had a working capital facility in place for funding working capital as needed. During the year, however, the Company terminated this credit facility as withdrawals under this credit facility had never been made and the Group has had ample liquidity for some years. Liquidity is managed centrally within the Group. As such, Group management monitors the liquidity positions of the individual group companies. There is a structure of intercompany current accounts in place to support the liquidity management.

As at the balance sheet date, the Company had ample resources. As such, the liquidity risk of the Company originating from financial instruments is deemed limited. In this respect it should also be noted that the Company\u2019s current liabilities consist for a substantial part of deferred revenue, which under normal circumstances would not be refunded to customers but recognized as revenues and as such are not financial liabilities.

The following maturity analyses detail the remaining undiscounted cash flows under its non-derivative financial liabilities (the Company does not have derivative financial liabilities), classified by their maturity, being the earliest date on which the Company can be required to settle the liability. These analyses include both interest and principal cash flows.

2022 Maturity analysis of financial liabilities
(\u20ac x 1,000)
Short termLong termTotal
< 1 year> 1 year <5 years> 5 years30 September 2022
Lease Liabilities - Principal payments261191-452
Lease Liabilities - Interest payable115-16
Trade Creditors1,304--1,304
Other Payables1,865--1,865
Total3,442196-3,638
2021 Maturity analysis of financial liabilities
(\u20ac x 1,000)
Short termLong termTotal
< 1 year> 1 year <5 years> 5 years30 September 2021
Lease Liabilities - Principal payments380385-765
Lease Liabilities - Interest payable195-24
Trade Creditors833--833
Other Payables1,512--1,512
Total2,744390-3,134

Capital risk management

The management of capital is centralized and is aimed at both ensuring the Company has a healthy capital structure so that the continuity of its operations is safeguarded, as well as having sufficient means available to fund the Company\u2019s future growth ambitions. To this extent, management regularly assesses outstanding share capital, options, warrants, convertible instruments, the need for issuing any such instruments (in line with limits set by the shareholders), outstanding debt positions and evaluates funding opportunities in line with strategic targets. The Company considers its equity as capital, in line with prior period. Management's policy with respect to managing capital is to maintain a positive equity, while limiting funding through debt as much as possible due to the liquidity risks attached to debt. This implies that business combinations, investments and operations are funded primarily by cash or by issuing equity instruments, also in the event of a cash component payable arising from a business combination.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11098": { "value": "

Classification of financial assets and liabilities

Financial assets and liabilities recognized on the consolidated Statement of Financial Position are classified in the following table.

Classification of financial instruments
(\u20ac x 1,000)
Financial assets at amortized costFinancial liabilities at amortized cost
Class of financial instruments30 September 202230 September 202130 September 202230 September 2021
Cash and cash equivalents9,5939,921
Trade receivables1,4951,442
Other receivables7978
Lease liabilities452765
Trade creditors1,304833
Other payables1,8651,512
Total11,16711,4413,6223,110
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11179": { "value": "

Use of fair values

The fair values of financial instruments carried at amortized cost, which include trade debtors, other receivables, loans receivable, trade creditors and other payables have been assessed to be in line with their carrying values due to the short-term nature of such items and applicable market interest rates. Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13 'Fair Value Measurement'. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.\u00a0\u00a0

There are no items in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring or non-recurring basis, for both years presented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11180": { "value": "

Use of fair values

The fair values of financial instruments carried at amortized cost, which include trade debtors, other receivables, loans receivable, trade creditors and other payables have been assessed to be in line with their carrying values due to the short-term nature of such items and applicable market interest rates. Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13 'Fair Value Measurement'. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.\u00a0\u00a0

There are no items in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring or non-recurring basis, for both years presented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11238": { "value": "

Currency risk\u00a0

Currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group operates across the globe in various currency environments and is exposed to foreign exchange risks, mainly with respect to the US dollar. The Group does not hedge the foreign exchange risks associated with its net investments in foreign operations. To manage currency risks, however, it is the intention to balance assets and liabilities in foreign currencies as much as possible and ensure that the local balance sheet of group companies contain as much as possible only positions denominated in the functional currency of that group company. The Group's exposure to risk arising from other currencies than the euro arises almost exclusively from the US dollar, hence the following disclosures are only made for the US dollar.

The Group has applied an USD/EUR exchange rate at balance sheet date of 0.98 (30 September 2021: 1.16). The average exchange rate used to translate the income and expenses in the US was 1.08 (2021: 1.20). The following table details the sensitivity of consolidated equity and net income had the year-end exchange rates varied by a reasonably possible change in such rates \u2013 all other variables held constant.

For purposes of the sensitivity analysis, financial instruments are only considered sensitive to foreign exchange rates when they are not denominated in the functional currency of the group company holding the relevant financial instrument. This analysis, presented under the heading 'Foreign currency risk' in the following table, takes into account only outstanding foreign currency-denominated monetary assets and liabilities (in other words - those monetary assets and liabilities denominated in a currency that differs from the relevant group company\u2019s functional currency) and adjusts their translation at the period-end for a reasonably possible change in the dollar/euro exchange rate. The sensitivity analysis includes external receivables and payables, as well as intercompany positions within the group, but excludes translation differences due to translating from functional currency to presentation currency.

Foreign currency sensitivity analysis
(\u20ac x 1,000)
20222021
Change in rateImpact on y/e equityImpact on net incomeImpact on y/e equityImpact on net income
Foreign currency risk\u00a0\u00a0\u00a0\u00a0
USD +10% against EUR(139)106(936)364
USD -10% against EUR114(87)766(298)
Translation risk
USD +10% against EUR173-1,064-
USD -10% against EUR(141)-(871)-
Impact of USD movement7610010(47)

The analysis shows that equity is exposed to sensitivity that arises from a US dollar-denominated intercompany liability to the US-subsidiary that is considered to be part of the net investment (and as such, foreign exchange differences on this intercompany liability are accounted for in other comprehensive income, impacting equity). The section 'Translation risk' below explains the offsetting translation effect in equity.

The analysis also shows that net income is also exposed to sensitivity that arises from the USD bank account balances of the Company and any subsidiaries with a functional currency other than the US dollar.

Translation risk

The table above also includes an analysis of translation risk. While translation risk is disregarded in the above analysis of foreign currency risk (as defined by IFRS), translation risks together with foreign currency risks form an integral part of the Group's management of the exposure of financial instruments to foreign currencies.

To this extent, the Company has disclosed the translation risk analysis in the previous table. This analysis takes into account the translation effect of the monetary assets and liabilities of the US subsidiary (which has a US dollar functional currency) and adjusts their translation at the period-end for the same changes in foreign currency rates. This sensitivity analysis includes external receivables and payables, as well as intercompany

positions within the group, but excludes the foreign operation's non-monetary assets and liabilities. The effect from translating from the functional currency to the Group's presentation currency is recorded in other comprehensive income and therefore impacts equity (please note that this also applies to the translation of non-monetary assets and liabilities of the foreign operation though these are excluded from the analysis).

The analysis shows an offsetting effect to the exposure of equity to foreign currency risk. This is due to the aforementioned US dollar-denominated intercompany position, which acts as a natural hedge, balancing foreign currency risk against translation risk.

In addition, the bottom row ('Impact of USD movement') presents a further, backward-looking, analysis of the Group's exposure currency translation exposure. This measures the impact on the net assets at year-end and impact on net income of the US foreign operation, when comparing to the hypothetical situation that the exchange rate had not moved during the year (thus would have remained at the opening rate at the beginning of the year). In essence, this illustrates the impact of movements in the USD exchange rate during the year on the net assets and net result of the US segment. For the purpose of this analysis, the net assets of the US-subsidiary include non-monetary assets and exclude intercompany positions, while the net income excludes intercompany gains and losses, as these are eliminated in consolidation. The resulting numbers show the impact on net income for the years presented (impact of income translated against the year's opening exchange rate rather than at the weighted-average exchange rate for the year) and on equity at year-end (impact of net assets translated against the opening exchange rate rather than at the closing rate).

Interest rate risk

Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The exposure of the Company to this risk is limited as the Company currently does not have any variable-rate borrowings per 30 September 2022 (30 September 2021: nil). Debt of the Company is concentrated in its lease liabilities which have fixed cash flows based on fixed rates of interest.

Other price risk

Other price risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than arising from currency risk or interest rate risk. As the Company's financial instruments are limited to short term debt instruments (carried at amortized cost) and long-term debt in the form of lease liabilities, the Company does not have an exposure to other forms of price risk such as commodity price risk or equity price risk.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11407": { "value": "

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk mainly from its operating activities: this risk is primarily associated with the trade receivables and contract assets, but also arises from deposits with banks.

The Company manages the exposure on its cash deposits with banks by only working with reputable banks that have proven in the past to be financially stable, have appropriate licenses to operate and are under the supervision of regulatory authorities. Cash is managed centrally within the Group.

With respect to credit risk arising from trade receivables and contract assets from customer contracts, the Company generally works with large and well-known organizations as customers for which the credit risk is deemed to be limited. In other cases, before a contract is signed, research is performed for a prospective customer prior to signing the contract. In addition, the Company generally invoices in advance and has the ability to discontinue the access of a customer to the product remotely in the event of unceasing defaults of contractual payment obligations. As the Company has measures in place that reduce the credit risk exposure to a sufficiently low level, it has not insured its trade receivables. Instead, in the event of (expected) collectability issues or defaults, this is reflected in the lifetime expected credit losses that are recognized on the relevant receivables to cover the potential loss. Loss rates are determined based on historical credit losses realized and any expectations on economic downturn. In measuring expected credit losses, trade receivables are grouped according to their ageing profile. Based on this ageing profile, any significant increase in credit risk since initial recognition is determined (typically when a contractual payment is more than 30 days past due).

Management monitors any extended default (instances where a debtor continues to not meet its payment obligations) by a customer and determines on an individual basis whether such receivables are considered credit-impaired. A receivable is written off and the corresponding expected credit loss derecognized if it is determined to be uncollectible, which is assessed on a case-by-case basis. The Company does not have a history of significant credit losses. This has not changed as a consequence of the COVID-19 pandemic.

The Company has no significant concentrations of credit risk. The top 100 customers account for 59% (2021: 52%) of total revenues, while no individual customers accounts for more than 5% (2021: 3%) of total revenues. The Company serves a number of vertical supply chains like business services, industry, industry & home improvement, telecom, banking & insurance, food industry & food retail, non-food, consumer electronics, transport & logistics, office supplies, automotive, medical and others, mitigating the risk of relying upon a single industry. In addition, the Company serves federal & local government institutions, for which the credit risk is deemed limited in the countries the Group operates in.

The Company\u2019s maximum exposure to credit risk equals the outstanding balance of its financial assets. The top 10 outstanding debtors amount to 30% (2021: 46%) of the outstanding trade receivables. The note Trade receivables, starting on page 112 details the expected credit losses and loss rates applied to trade receivables as of the balance sheet date.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11473": { "value": "

Liquidity risk

The Company\u2019s liquidity management is geared towards having sufficient liquidity available to fund its operations. In this regard, projections of cash flows from operating activities are positive. The Company\u2019s SaaS business is growing, and consequently the Company is becoming more resilient to cashflow seasonality. Occasionally, the Company engages in contracts with commercially dominant counterparties with whom extended payment terms are agreed. Such payment terms may put a strain on working capital balances of group companies.

The Company had a working capital facility in place for funding working capital as needed. During the year, however, the Company terminated this credit facility as withdrawals under this credit facility had never been made and the Group has had ample liquidity for some years. Liquidity is managed centrally within the Group. As such, Group management monitors the liquidity positions of the individual group companies. There is a structure of intercompany current accounts in place to support the liquidity management.

As at the balance sheet date, the Company had ample resources. As such, the liquidity risk of the Company originating from financial instruments is deemed limited. In this respect it should also be noted that the Company\u2019s current liabilities consist for a substantial part of deferred revenue, which under normal circumstances would not be refunded to customers but recognized as revenues and as such are not financial liabilities.

The following maturity analyses detail the remaining undiscounted cash flows under its non-derivative financial liabilities (the Company does not have derivative financial liabilities), classified by their maturity, being the earliest date on which the Company can be required to settle the liability. These analyses include both interest and principal cash flows.

2022 Maturity analysis of financial liabilities
(\u20ac x 1,000)
Short termLong termTotal
< 1 year> 1 year <5 years> 5 years30 September 2022
Lease Liabilities - Principal payments261191-452
Lease Liabilities - Interest payable115-16
Trade Creditors1,304--1,304
Other Payables1,865--1,865
Total3,442196-3,638
2021 Maturity analysis of financial liabilities
(\u20ac x 1,000)
Short termLong termTotal
< 1 year> 1 year <5 years> 5 years30 September 2021
Lease Liabilities - Principal payments380385-765
Lease Liabilities - Interest payable195-24
Trade Creditors833--833
Other Payables1,512--1,512
Total2,744390-3,134
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11674": { "value": "

Capital risk management

The management of capital is centralized and is aimed at both ensuring the Company has a healthy capital structure so that the continuity of its operations is safeguarded, as well as having sufficient means available to fund the Company\u2019s future growth ambitions. To this extent, management regularly assesses outstanding share capital, options, warrants, convertible instruments, the need for issuing any such instruments (in line with limits set by the shareholders), outstanding debt positions and evaluates funding opportunities in line with strategic targets. The Company considers its equity as capital, in line with prior period. Management's policy with respect to managing capital is to maintain a positive equity, while limiting funding through debt as much as possible due to the liquidity risks attached to debt. This implies that business combinations, investments and operations are funded primarily by cash or by issuing equity instruments, also in the event of a cash component payable arising from a business combination.

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11735": { "value": "

Disposals

2022

There have been no disposals during 2022.

2021

During FY 2020 the Company strategically divested the business lines Demand Generation and Google AdWords for Channel. The consideration of \u20ac 6 million was paid with \u20ac 3 million in cash, and \u20ac 3 million in a one year 10% secured loan. Interest due on the vendor loan was paid in monthly instalments. The Demand Generation business was classified as a discontinued operation.

During FY 2021, in May 2021, the repayment of the loan was received. The receipt of the \u20ac 3 million loan has been classified as a cash flow from investing activities in the statement of cash flows and represents a cash flow from the discontinued operation.

No income or expenses from the discontinued operation have been recognized in FY 2022 or FY 2021.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11736": { "value": "

Disposals

2022

There have been no disposals during 2022.

2021

During FY 2020 the Company strategically divested the business lines Demand Generation and Google AdWords for Channel. The consideration of \u20ac 6 million was paid with \u20ac 3 million in cash, and \u20ac 3 million in a one year 10% secured loan. Interest due on the vendor loan was paid in monthly instalments. The Demand Generation business was classified as a discontinued operation.

During FY 2021, in May 2021, the repayment of the loan was received. The receipt of the \u20ac 3 million loan has been classified as a cash flow from investing activities in the statement of cash flows and represents a cash flow from the discontinued operation.

No income or expenses from the discontinued operation have been recognized in FY 2022 or FY 2021.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11744": { "value": "

2Intangible fixed assets

The movements in Intangible fixed assets are summarized below:

Movement schedule of intangible fixed assets
(\u20ac x 1,000)
GoodwillCustomer BaseSoftware development costsPurchased SoftwareTotal
Balance as at October 1, 20202,245192,9301065,300
Movements 2021
Additions--83311844
Amortization-(15)(1,160)(72)(1,247)
Impairment-(4)--(4)
Translation adjustments on acc. investments5-10-15
Translation adjustments on acc. amortization--(10)-(10)
Balance as at September 30, 20212,250-2,603454,898
Accumulated investments3,67184910,85495716,331
Accumulated amortization(107)(836)(8,213)(901)(10,055)
Accumulated impairments(1,314)(13)(38)(11)(1,376)
Balance as at September 30, 20212,250-2,603454,898
Movements 2022
Additions--1,024831,107
Disposals---(50)(50)
Amortization--(1,113)(35)(1,148)
Translation adjustments on acc. investments83115213250
Translation adjustments on acc. amortization--(152)(7)(160)
Translation adjustments on acc. impairments-(1)-(6)(7)
Balance as at September 30, 20222,333-2,514924,940
Accumulated investments3,75485012,0301,00217,637
Accumulated amortization(107)(836)(9,478)(893)(11,314)
Accumulated impairments(1,314)(14)(38)(17)(1,383)
Balance as at September 30, 20222,333-2,514924,940
Useful lifeIndefinite10 years5 years3-5 years

Cash generating units

TIE Kinetix has active country operations in the Netherlands, in the US, in Germany, and in France through its various subsidiaries. Management has identified the following cash generating units:

  • TIE Netherlands
  • TIE France
  • TIE US
  • TIE Germany
  • TIE Product Development

Allocation of the carrying value of the intangible fixed assets tested to the CGU\u2019s and segments for impairment per year-end and comparative number are as follows (please note that there are no intangibles allocated to Germany):

2022 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2022
Goodwill1,640153540-2,333
Software development costs---2,5142,514
Purchased software85--793
Total1,7261535402,5214,940
2021 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2021
Goodwill1,640153457-2,250
Software development costs---2,6032,603
Purchased software36--945
Total1,6761534572,6124,898

Annual impairment testing

Goodwill is tested annually for impairment (or more frequently when indicators of impairment are identified). Other than goodwill, the Company does not have indefinite-lived intangible assets. As in past years we used a discounted cash flow model to determine the value in use of CGUs to which goodwill has been allocated, based on a 10-year horizon (based on historic recurring revenue patterns and considering the Company's multi-year SaaS contract model) without terminal value projections.

The following key assumptions have been applied in the impairment test:

  • Adjusted EBITDA growth rate: Estimated EBITDA is adjusted for expected corporate management fees and royalty fees on the use of the IP that is located in the Product Development CGU. For all cash generating units, annual growth rates have been applied (in line with our multi-year planning assumptions). These growth rates are used to extrapolate cash flows beyond the budget for FY 2023, as approved by the Executive Board and Supervisory Board, and the following nine years.
  • Terminal value and growth rate: Our discounted cash flow calculations includes no residual value after 10 years; adding additional years to the cash flow calculation has limited effect under the applied discount rates and the residual value becomes less predictable.
  • Discount Rate: The test is based on a post tax WACC of 12.3% (2021: 11.4%) and reflects the current market assessment of the risks specific to each CGU. The discount rate used was estimated on the weighted average costs of capital for shareholders\u2019 equity and costs of debt. The cost structure of shareholder\u2019s capital is determined on the basis of the interest rate adjusted for cyclical and market risks. The cost of debt is determined on the basis of the weighted average interest rate for long term loans (effectively the Company's lease liabilities). The pretax discount rate is determined through an iterative computation.

The values assigned to each key assumptions are outlined in the table below.

Key assumptions used in impairment testing
NLFranceUS
202220212022202120222021
Adjusted EBITDA growth rate20-25%15-20%25-30%20-25%25-30%10-15%
Pretax discount rate14%14%16%17%17%17%
Terminal growth rate0%0%0%0%0%0%

Management has conducted annual impairment testing and assessed that for all cash generating units the value in use of the cash generating units tested exceeds the carrying value of the non-financial non-current assets allocated to those cash generating units. Furthermore, management has no indications that individual assets of any cash generating units may be impaired. With regard to the assessment of the recoverable amount of each CGU and the total Company, management believes that a reasonably possible change in any of the above key assumptions would not lead to an impairment. Given the available headroom, no sensitivity analysis has been disclosed.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11745": { "value": "

2Intangible fixed assets

The movements in Intangible fixed assets are summarized below:

Movement schedule of intangible fixed assets
(\u20ac x 1,000)
GoodwillCustomer BaseSoftware development costsPurchased SoftwareTotal
Balance as at October 1, 20202,245192,9301065,300
Movements 2021
Additions--83311844
Amortization-(15)(1,160)(72)(1,247)
Impairment-(4)--(4)
Translation adjustments on acc. investments5-10-15
Translation adjustments on acc. amortization--(10)-(10)
Balance as at September 30, 20212,250-2,603454,898
Accumulated investments3,67184910,85495716,331
Accumulated amortization(107)(836)(8,213)(901)(10,055)
Accumulated impairments(1,314)(13)(38)(11)(1,376)
Balance as at September 30, 20212,250-2,603454,898
Movements 2022
Additions--1,024831,107
Disposals---(50)(50)
Amortization--(1,113)(35)(1,148)
Translation adjustments on acc. investments83115213250
Translation adjustments on acc. amortization--(152)(7)(160)
Translation adjustments on acc. impairments-(1)-(6)(7)
Balance as at September 30, 20222,333-2,514924,940
Accumulated investments3,75485012,0301,00217,637
Accumulated amortization(107)(836)(9,478)(893)(11,314)
Accumulated impairments(1,314)(14)(38)(17)(1,383)
Balance as at September 30, 20222,333-2,514924,940
Useful lifeIndefinite10 years5 years3-5 years

Cash generating units

TIE Kinetix has active country operations in the Netherlands, in the US, in Germany, and in France through its various subsidiaries. Management has identified the following cash generating units:

  • TIE Netherlands
  • TIE France
  • TIE US
  • TIE Germany
  • TIE Product Development

Allocation of the carrying value of the intangible fixed assets tested to the CGU\u2019s and segments for impairment per year-end and comparative number are as follows (please note that there are no intangibles allocated to Germany):

2022 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2022
Goodwill1,640153540-2,333
Software development costs---2,5142,514
Purchased software85--793
Total1,7261535402,5214,940
2021 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2021
Goodwill1,640153457-2,250
Software development costs---2,6032,603
Purchased software36--945
Total1,6761534572,6124,898

Annual impairment testing

Goodwill is tested annually for impairment (or more frequently when indicators of impairment are identified). Other than goodwill, the Company does not have indefinite-lived intangible assets. As in past years we used a discounted cash flow model to determine the value in use of CGUs to which goodwill has been allocated, based on a 10-year horizon (based on historic recurring revenue patterns and considering the Company's multi-year SaaS contract model) without terminal value projections.

The following key assumptions have been applied in the impairment test:

  • Adjusted EBITDA growth rate: Estimated EBITDA is adjusted for expected corporate management fees and royalty fees on the use of the IP that is located in the Product Development CGU. For all cash generating units, annual growth rates have been applied (in line with our multi-year planning assumptions). These growth rates are used to extrapolate cash flows beyond the budget for FY 2023, as approved by the Executive Board and Supervisory Board, and the following nine years.
  • Terminal value and growth rate: Our discounted cash flow calculations includes no residual value after 10 years; adding additional years to the cash flow calculation has limited effect under the applied discount rates and the residual value becomes less predictable.
  • Discount Rate: The test is based on a post tax WACC of 12.3% (2021: 11.4%) and reflects the current market assessment of the risks specific to each CGU. The discount rate used was estimated on the weighted average costs of capital for shareholders\u2019 equity and costs of debt. The cost structure of shareholder\u2019s capital is determined on the basis of the interest rate adjusted for cyclical and market risks. The cost of debt is determined on the basis of the weighted average interest rate for long term loans (effectively the Company's lease liabilities). The pretax discount rate is determined through an iterative computation.

The values assigned to each key assumptions are outlined in the table below.

Key assumptions used in impairment testing
NLFranceUS
202220212022202120222021
Adjusted EBITDA growth rate20-25%15-20%25-30%20-25%25-30%10-15%
Pretax discount rate14%14%16%17%17%17%
Terminal growth rate0%0%0%0%0%0%

Management has conducted annual impairment testing and assessed that for all cash generating units the value in use of the cash generating units tested exceeds the carrying value of the non-financial non-current assets allocated to those cash generating units. Furthermore, management has no indications that individual assets of any cash generating units may be impaired. With regard to the assessment of the recoverable amount of each CGU and the total Company, management believes that a reasonably possible change in any of the above key assumptions would not lead to an impairment. Given the available headroom, no sensitivity analysis has been disclosed.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f11805": { "value": "
Movement schedule of intangible fixed assets
(\u20ac x 1,000)
GoodwillCustomer BaseSoftware development costsPurchased SoftwareTotal
Balance as at October 1, 20202,245192,9301065,300
Movements 2021
Additions--83311844
Amortization-(15)(1,160)(72)(1,247)
Impairment-(4)--(4)
Translation adjustments on acc. investments5-10-15
Translation adjustments on acc. amortization--(10)-(10)
Balance as at September 30, 20212,250-2,603454,898
Accumulated investments3,67184910,85495716,331
Accumulated amortization(107)(836)(8,213)(901)(10,055)
Accumulated impairments(1,314)(13)(38)(11)(1,376)
Balance as at September 30, 20212,250-2,603454,898
Movements 2022
Additions--1,024831,107
Disposals---(50)(50)
Amortization--(1,113)(35)(1,148)
Translation adjustments on acc. investments83115213250
Translation adjustments on acc. amortization--(152)(7)(160)
Translation adjustments on acc. impairments-(1)-(6)(7)
Balance as at September 30, 20222,333-2,514924,940
Accumulated investments3,75485012,0301,00217,637
Accumulated amortization(107)(836)(9,478)(893)(11,314)
Accumulated impairments(1,314)(14)(38)(17)(1,383)
Balance as at September 30, 20222,333-2,514924,940
Useful lifeIndefinite10 years5 years3-5 years

Cash generating units

TIE Kinetix has active country operations in the Netherlands, in the US, in Germany, and in France through its various subsidiaries. Management has identified the following cash generating units:

  • TIE Netherlands
  • TIE France
  • TIE US
  • TIE Germany
  • TIE Product Development

Allocation of the carrying value of the intangible fixed assets tested to the CGU\u2019s and segments for impairment per year-end and comparative number are as follows (please note that there are no intangibles allocated to Germany):

2022 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2022
Goodwill1,640153540-2,333
Software development costs---2,5142,514
Purchased software85--793
Total1,7261535402,5214,940
2021 Allocation of intangible assets to CGUs
(\u20ac x 1,000)
NLFranceUSProduct DevelopmentTotal 30 September 2021
Goodwill1,640153457-2,250
Software development costs---2,6032,603
Purchased software36--945
Total1,6761534572,6124,898

Annual impairment testing

Goodwill is tested annually for impairment (or more frequently when indicators of impairment are identified). Other than goodwill, the Company does not have indefinite-lived intangible assets. As in past years we used a discounted cash flow model to determine the value in use of CGUs to which goodwill has been allocated, based on a 10-year horizon (based on historic recurring revenue patterns and considering the Company's multi-year SaaS contract model) without terminal value projections.

The following key assumptions have been applied in the impairment test:

  • Adjusted EBITDA growth rate: Estimated EBITDA is adjusted for expected corporate management fees and royalty fees on the use of the IP that is located in the Product Development CGU. For all cash generating units, annual growth rates have been applied (in line with our multi-year planning assumptions). These growth rates are used to extrapolate cash flows beyond the budget for FY 2023, as approved by the Executive Board and Supervisory Board, and the following nine years.
  • Terminal value and growth rate: Our discounted cash flow calculations includes no residual value after 10 years; adding additional years to the cash flow calculation has limited effect under the applied discount rates and the residual value becomes less predictable.
  • Discount Rate: The test is based on a post tax WACC of 12.3% (2021: 11.4%) and reflects the current market assessment of the risks specific to each CGU. The discount rate used was estimated on the weighted average costs of capital for shareholders\u2019 equity and costs of debt. The cost structure of shareholder\u2019s capital is determined on the basis of the interest rate adjusted for cyclical and market risks. The cost of debt is determined on the basis of the weighted average interest rate for long term loans (effectively the Company's lease liabilities). The pretax discount rate is determined through an iterative computation.

The values assigned to each key assumptions are outlined in the table below.

Key assumptions used in impairment testing
NLFranceUS
202220212022202120222021
Adjusted EBITDA growth rate20-25%15-20%25-30%20-25%25-30%10-15%
Pretax discount rate14%14%16%17%17%17%
Terminal growth rate0%0%0%0%0%0%

Management has conducted annual impairment testing and assessed that for all cash generating units the value in use of the cash generating units tested exceeds the carrying value of the non-financial non-current assets allocated to those cash generating units. Furthermore, management has no indications that individual assets of any cash generating units may be impaired. With regard to the assessment of the recoverable amount of each CGU and the total Company, management believes that a reasonably possible change in any of the above key assumptions would not lead to an impairment. Given the available headroom, no sensitivity analysis has been disclosed.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f12334": { "value": "

Annual impairment testing

Goodwill is tested annually for impairment (or more frequently when indicators of impairment are identified). Other than goodwill, the Company does not have indefinite-lived intangible assets. As in past years we used a discounted cash flow model to determine the value in use of CGUs to which goodwill has been allocated, based on a 10-year horizon (based on historic recurring revenue patterns and considering the Company's multi-year SaaS contract model) without terminal value projections.

The following key assumptions have been applied in the impairment test:

  • Adjusted EBITDA growth rate: Estimated EBITDA is adjusted for expected corporate management fees and royalty fees on the use of the IP that is located in the Product Development CGU. For all cash generating units, annual growth rates have been applied (in line with our multi-year planning assumptions). These growth rates are used to extrapolate cash flows beyond the budget for FY 2023, as approved by the Executive Board and Supervisory Board, and the following nine years.
  • Terminal value and growth rate: Our discounted cash flow calculations includes no residual value after 10 years; adding additional years to the cash flow calculation has limited effect under the applied discount rates and the residual value becomes less predictable.
  • Discount Rate: The test is based on a post tax WACC of 12.3% (2021: 11.4%) and reflects the current market assessment of the risks specific to each CGU. The discount rate used was estimated on the weighted average costs of capital for shareholders\u2019 equity and costs of debt. The cost structure of shareholder\u2019s capital is determined on the basis of the interest rate adjusted for cyclical and market risks. The cost of debt is determined on the basis of the weighted average interest rate for long term loans (effectively the Company's lease liabilities). The pretax discount rate is determined through an iterative computation.

The values assigned to each key assumptions are outlined in the table below.

Key assumptions used in impairment testing
NLFranceUS
202220212022202120222021
Adjusted EBITDA growth rate20-25%15-20%25-30%20-25%25-30%10-15%
Pretax discount rate14%14%16%17%17%17%
Terminal growth rate0%0%0%0%0%0%

Management has conducted annual impairment testing and assessed that for all cash generating units the value in use of the cash generating units tested exceeds the carrying value of the non-financial non-current assets allocated to those cash generating units. Furthermore, management has no indications that individual assets of any cash generating units may be impaired. With regard to the assessment of the recoverable amount of each CGU and the total Company, management believes that a reasonably possible change in any of the above key assumptions would not lead to an impairment. Given the available headroom, no sensitivity analysis has been disclosed.

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f12464": { "value": "

3Tangible fixed assets

Movements in tangible fixed assets are shown below:

Movement schedule of tangible fixed assets
(\u20ac x 1,000)
Leasehold ImprovementsRight-Of-Use AssetHardwareTotal
Carrying value as at October 1, 202015945591,019
Movements 2021
Additions-16855223
Disposals-(103)-(103)
Depreciation(10)(367)(24)(401)
Depreciation on disposals-103-103
Other-(22)-(22)
Translation adjustments on acc. investments6-39
Translation adjustments on acc. depreciation(8)-(3)(10)
Carrying value as at September 30, 2021372490818
Accumulated investments8381,4951,2083,541
Accumulated depreciation(835)(771)(1,118)(2,724)
Carrying value as at September 30, 2021372490818
Movements 2022
Additions578111194
Disposals(253)(367)(258)(877)
Depreciation(4)(366)(41)(411)
Depreciation on disposals253367258877
Translation adjustments on acc. investments22-2345
Translation adjustments on acc. depreciation(22)3(23)(42)
Carrying value as at September 30, 20225439160604
Accumulated investments6131,2061,0842,903
Accumulated depreciation(608)(767)(924)(2,299)
Carrying value as at September 30, 20225439160604
Useful livesMax. 10 yearsLease term5 years\u00a0

At the balance sheet date there are no restrictions on title. No items of tangible fixed assets have been pledged as security against liabilities.

The following table details the carrying amounts at the balance sheet date of right-of-use assets by class of underlying asset, as well as the depreciation charge for the year of right-of-use assets by class of underlying asset.

Right of Use assets by class
(\u20ac x 1,000)
Carrying amountDepreciationCarrying amountDepreciation
30 September 2022202230 September 20212021
Offices and parking space215242453269
Vehicles22412427198
Total439366724367
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f12857": { "value": "

The following table details the carrying amounts at the balance sheet date of right-of-use assets by class of underlying asset, as well as the depreciation charge for the year of right-of-use assets by class of underlying asset.

Right of Use assets by class
(\u20ac x 1,000)
Carrying amountDepreciationCarrying amountDepreciation
30 September 2022202230 September 20212021
Offices and parking space215242453269
Vehicles22412427198
Total439366724367

11Leasing

The Company mainly leases offices and vehicles to support its operations. The total lease liability can be broken down into a current and non-current component as shown in the following table.

Details of lease liability
(\u20ac x 1,000)
30 September 202230 September 2021
Non-current portion191385
Current portion261380
Total lease liability452765

Details on the Right of Use-assets and movements thereof are provided in the note Tangible fixed assets, starting on page 109. The movements of the lease liability are detailed in the following table.

Movement schedule of lease liability
(\u20ac x 1,000)
20222021
Balance as at October 17651,005
New lease contracts78168
Repayment of lease liabilities(383)(411)
Translation differences(8)3
Balance as at September 30452765

Possible cash outflows under extension and termination options of existing lease agreements that have not been included in the measurement of the lease liability amount to \u20ac 931k (2021: \u20ac 881k). Additional disclosures on the expenses recognized and cash outflows from leasing activities in 2022 are disclosed in the following table.

Cash outflow for leases
(\u20ac x 1,000)
20222021
Short term lease expenses100126
Low value lease expenses1516
Less: Sublease income(27)-
Repayments of lease liabilities383411
Interest expense on lease liabilities2232
Total cash outflow for leases493585

Other

The category 'Other' in 2022 pertains to sublease income. Also refer to the note Leasing, starting on page 117.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f12910": { "value": "

4Deferred taxes

The following table details the amounts of deferred tax assets and liabilities arising from both temporary differences and unused tax losses carried forward, including the effects of offsetting some of those deferred tax assets and liabilities.

Deferred tax assets & liabilities
(\u20ac x 1,000)
Category of temporary difference30 September 202230 September 2021
Property, Plant & Equipment-16
Trade Receivables142
Deferred Revenue304275
Lease Liabilities114123
Other Payables and Accruals4231
Tax Credits729
Tax Losses Carried Forward1,522408
Total Gross Deferred Tax Assets2,115863
Offset against deferred tax liabilities(251)(239)
Total Net Deferred Tax Assets1,864625
Goodwill(139)(124)
Right-of-use assets(112)(115)
Other(2)(2)
Total Gross Deferred Tax Liabilities(253)(240)
Offset against deferred tax assets251239
Total Net Deferred Tax Liabilities(2)(2)
Total Deferred Tax Positions (Net)1,862623

Of the total net deferred tax position, an amount of \u20ac 1,284k (2021: \u20ac 334k) is expected to be settled after more than twelve months. The deferred tax liability on goodwill relates to goodwill that is tax deductible in the United States and for which the temporary difference arose after initial recognition of the goodwill.

In determining the recognition of deferred tax assets from unused tax losses carried forward, management has considered whether sufficient taxable temporary differences exist or there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilized. Management has assessed that sufficient convincing evidence existed to justify the recognition of deferred tax assets from unused tax losses for the amount of \u20ac 1,522k\u00a0(30 September 2021: \u20ac 408k). Given the sizeable amount of tax losses carried forward available in the Netherlands, this has only led to partial recognition.

In addition, in 2016 the Company applied tax planning structures in the Netherlands to prevent the expiring of its available tax loss carry forward position. Although the Dutch Tax authorities have not explicitly reviewed this structure, the tax loss carry forward position includes the effects of this structure. While management does not expect this, a possible adverse position taken by the Dutch Tax authorities would likely have no effect on the carrying value of the deferred tax asset from unrealized tax losses given the size of the respective tax losses in relation to the total available tax losses and those for which a deferred tax asset has been recognized.

The aggregate amount of temporary differences related to investments in subsidiaries for which no deferred tax liability is recognized as at 30 September 2022 is \u20ac 106k (30 September 2021: \u20ac 338k). This amount is limited since the retained earnings and currency translation differences related to most investments is negative as of the balance sheet date.

Movements in the net deferred tax position during the year are detailed in the following table.

Movement schedule of net deferred tax position
(\u20ac x 1,000)
20222021
Balance as at October 1623256
Recognized in profit or loss1,196365
Currency translation differences recognized in OCI432
Balance as at September 301,862623

Unused tax losses, deductible temporary differences and unused tax credits

The following tables detail the availability of available gross unused tax losses, tax credits and deductible temporary differences, classified by expected period of expiry, as well as to what extent such items have been recognized resulting in a deferred tax asset. The tables do not include all deductible temporary differences but only those for which no deferred tax asset has been recognized. Those items that are classified as indefinite do not have an expiration term.

2022 Expiration of tax losses, tax credits and deductible temporary differences
(\u20ac x 1,000)
< 1 year1 - 5 years6 - 10 years> 10 yearsIndefiniteTotal
Available as at 30 September 2022----15,47515,475
Less: Recognized as deferred tax asset----5,5115,511
Unrecognized as at 30 September 2022----9,9639,963
2021 Expiration of tax losses, tax credits and deductible temporary differences
(\u20ac x 1,000)
< 1 year1 - 5 years6 - 10 years> 10 yearsIndefiniteTotal
Available as at 30 September 20211,511267-8710,05711,922
Less: Recognized as deferred tax asset---872,7172,804
Unrecognized as at 30 September 20211,511267--7,3409,118

In 2021, new Dutch tax legislation was enacted whereby part of the losses carried forward in the Netherlands no longer have an expiration term.

The recognition of deferred tax assets for deductible temporary differences and tax losses carried forward in excess of the profits from the reversal of taxable temporary differences is supported an assessment of taxable future profits based on the authorized budget for 2023. Management believes these assessments are based on supportable and realistic assumptions.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13313": { "value": "

5Trade receivables

Details of trade receivables
(\u20ac x 1,000)
30 September 202230 September 2021
Trade receivables1,6441,516
Less: Valuation allowance(149)(73)
Trade receivables net of valuation allowance1,4951,442

As at 30 September 2021, trade receivables in the Netherlands were pledged as collateral, refer to the note Commitments and contingent liabilities, starting on page 133. As at 30 September 2022, this no longer applies.

Impairment of trade receivables

The following tables reflect the gross outstanding trade receivable balance as of September 30th, broken down into balances that have not passed their due dates and balances that have passed their due dates. The latter category is further broken down into categories detailing the extent to which they have passed their due dates. The \u201cless than 30 days\u201d outstanding category represents receivables that have not yet passed their respective due dates.

2022 Aging of trade receivables by region
(\u20ac x 1,000)
Not past duePast due not individually credit impairedTotal
Less than 30 days31 to 60 days61 to 90 daysIn excess of 90 days30 September 2022
The Netherlands45638982585
United States3581095226545
France1132812144
Germany-18633-220
Total927363951111,495
2021 Aging of trade receivables by region
(\u20ac x 1,000)
Not past duePast due not individually credit impairedTotal
Less than 30 days31 to 60 days61 to 90 daysIn excess of 90 days30 September 2021
The Netherlands3575267422
United States4454151-537
France9112--103
Germany17314562-380
Total1,06625011971,442

The Company has applied the following loss rates to these categories of trade receivables to determine the allowance for expected credit losses:

2022 Loss rates applied
(\u20ac x 1,000)
Days outstandingWeighted average loss rate appliedGross carrying amountECL recognized
1 to 30 days (not due)0%806-
31 to 60 days (past due)0%363-
61 to 90 days (past due)0%95-
91 to 360 days (past due)0.1%111-
More than 360 days (past due)0.1%--
Individually credit-impaired (stage 3 ECL)n/a149(149)
Total1,523(149)
2021 Loss rates applied
(\u20ac x 1,000)
Days outstandingWeighted average loss rate appliedGross carrying amountECL recognized
1 to 30 days (not due)0%1,066-
31 to 60 days (past due)0%250-
61 to 90 days (past due)0%119-
91 to 360 days (past due)0.1%7-
More than 360 days (past due)0.1%--
Individually credit-impaired (stage 3 ECL)n/a73(73)
Total1,515(73)

Details on the movements in the valuation allowance (excluding recoverable VAT) are included in the following table.

Movements in the valuation allowance
(\u20ac x 1,000)
ECL on individually credit-impaired receivablesECL on receivables past due not individually credit-impairedTotal
Balance as at October 1, 202026-26
Charge for the year73-73
Utilized(7)-(7)
Unused amounts reversed(19)-(19)
Currency exchange rate differences---
Balance as at September 30, 202173-73
Charge for the year78-78
Utilized(2)-(2)
Unused amounts reversed(1)-(1)
Currency exchange rate differences1-1
Balance as at September 30, 2022149-149
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13352": { "value": "

Impairment of trade receivables

The following tables reflect the gross outstanding trade receivable balance as of September 30th, broken down into balances that have not passed their due dates and balances that have passed their due dates. The latter category is further broken down into categories detailing the extent to which they have passed their due dates. The \u201cless than 30 days\u201d outstanding category represents receivables that have not yet passed their respective due dates.

2022 Aging of trade receivables by region
(\u20ac x 1,000)
Not past duePast due not individually credit impairedTotal
Less than 30 days31 to 60 days61 to 90 daysIn excess of 90 days30 September 2022
The Netherlands45638982585
United States3581095226545
France1132812144
Germany-18633-220
Total927363951111,495
2021 Aging of trade receivables by region
(\u20ac x 1,000)
Not past duePast due not individually credit impairedTotal
Less than 30 days31 to 60 days61 to 90 daysIn excess of 90 days30 September 2021
The Netherlands3575267422
United States4454151-537
France9112--103
Germany17314562-380
Total1,06625011971,442

The Company has applied the following loss rates to these categories of trade receivables to determine the allowance for expected credit losses:

2022 Loss rates applied
(\u20ac x 1,000)
Days outstandingWeighted average loss rate appliedGross carrying amountECL recognized
1 to 30 days (not due)0%806-
31 to 60 days (past due)0%363-
61 to 90 days (past due)0%95-
91 to 360 days (past due)0.1%111-
More than 360 days (past due)0.1%--
Individually credit-impaired (stage 3 ECL)n/a149(149)
Total1,523(149)
2021 Loss rates applied
(\u20ac x 1,000)
Days outstandingWeighted average loss rate appliedGross carrying amountECL recognized
1 to 30 days (not due)0%1,066-
31 to 60 days (past due)0%250-
61 to 90 days (past due)0%119-
91 to 360 days (past due)0.1%7-
More than 360 days (past due)0.1%--
Individually credit-impaired (stage 3 ECL)n/a73(73)
Total1,515(73)

Details on the movements in the valuation allowance (excluding recoverable VAT) are included in the following table.

Movements in the valuation allowance
(\u20ac x 1,000)
ECL on individually credit-impaired receivablesECL on receivables past due not individually credit-impairedTotal
Balance as at October 1, 202026-26
Charge for the year73-73
Utilized(7)-(7)
Unused amounts reversed(19)-(19)
Currency exchange rate differences---
Balance as at September 30, 202173-73
Charge for the year78-78
Utilized(2)-(2)
Unused amounts reversed(1)-(1)
Currency exchange rate differences1-1
Balance as at September 30, 2022149-149
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13870": { "value": "

6Other receivables and prepayments

Details of other receivables and prepayments
(\u20ac x 1,000)
30 September 202230 September 2022
Security Deposits8078
Prepayments211179
Total290257

Security deposits mainly regard to rental agreements. Prepayments include short term prepaid amounts to suppliers (resulting from SaaS sales to customers < 1 year), prepaid rent and insurance premiums.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13871": { "value": "

6Other receivables and prepayments

Details of other receivables and prepayments
(\u20ac x 1,000)
30 September 202230 September 2022
Security Deposits8078
Prepayments211179
Total290257

Security deposits mainly regard to rental agreements. Prepayments include short term prepaid amounts to suppliers (resulting from SaaS sales to customers < 1 year), prepaid rent and insurance premiums.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13872": { "value": "

6Other receivables and prepayments

Details of other receivables and prepayments
(\u20ac x 1,000)
30 September 202230 September 2022
Security Deposits8078
Prepayments211179
Total290257

Security deposits mainly regard to rental agreements. Prepayments include short term prepaid amounts to suppliers (resulting from SaaS sales to customers < 1 year), prepaid rent and insurance premiums.

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13876": { "value": "
Details of other receivables and prepayments
(\u20ac x 1,000)
30 September 202230 September 2022
Security Deposits8078
Prepayments211179
Total290257

Security deposits mainly regard to rental agreements. Prepayments include short term prepaid amounts to suppliers (resulting from SaaS sales to customers < 1 year), prepaid rent and insurance premiums.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13961": { "value": "

7Cash and cash equivalents

Under this heading, the Company only includes cash at banks, potentially short-term deposits, and payments in transfer. As at 30 September 2022, there were restrictions with respect to availability in the amount of \u20ac 34k (30 September 2021: \u20ac 29k).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13966": { "value": "

8Equity

Share Capital

The Company\u2019s authorized share capital amounts to \u20ac 500k (2021: \u20ac 500k), consisting of 5 million ordinary shares with a nominal value of \u20ac 0.10 each. Shareholders\u2019 equity (which equals Group equity) amounts to \u20ac 10,869k (or \u20ac 5.60 per share) as at September 30, 2022 (30 September 2021: \u20ac 11,225k, or \u20ac 6.69 per share). The movements in the number of common shares outstanding are summarized in the following table. All issued shares have been fully paid.

Shares outstanding
20222021
Balance as at October 11,678,7181,632,665
Issued262,82046,053
Balance as at September 301,941,5381,678,718
In \u20ac (x 1,000)194168

Shares issued include those issued for no consideration under share-based payment arrangements. For details refer to the note Share-based payments, starting on page 116.

Warrants

For the acquisition of TFT in 2013, 388,846 warrants were issued on December 2, 2013. Each warrant entitles to holder to purchase a newly issued TIE Kinetix share at a share price of \u20ac 7.00 until December 2, 2023. In FY 2022, warrants were exercised for a consideration of \u20ac 1.6 million in cash (2021: \u20ac 160k).

Warrants outstanding
20222021
Exercise Price (\u20ac)Number of warrantsExercise Price (\u20ac)Number of warrants
Warrants outstanding at October 17.00295,7287.00318,612
Warrants exercised7.00(228,568)7.00(22,884)
Warrants outstanding at September 307.0067,1607.00295,728

Other reserves

The 'other reserves and retained earnings' component of equity contains other reserves, consisting of the legal reserves under Dutch law, which restrict the distribution of dividends or capital in the amount of \u20ac 2,514k (30 September 2021: \u20ac 2,603k).

Such restrictions also apply to the foreign currency translation reserve, carried at \u20ac 83k (30 September 2021: \u20ac 27k), which is also regarded as a legal reserve under Dutch law.

FY22 Interim dividend distribution

At the Annual General Meeting of shareholders, held on 25 March 2022, the Company's shareholders approved the distribution of an interim dividend for the financial year 2022 from the Company\u2019s equity reserves, in the amount of \u20ac 0.50 per share. Given the total number of 1,907,286 outstanding ordinary shares at that time, the total dividend declared amounted to \u20ac 954k. Shareholders had a choice between receiving the dividend in shares or in cash.

Subsequently, on 29 April 2022, the interim dividend was distributed. A gross cash dividend of \u20ac 335k was paid in cash to the shareholders after deduction of dividend withholding taxes. The cash dividend was distributed from the Company's retained earnings and the stock dividend from the Company's share premium. To settle the stock dividend, 34,252 new ordinary shares were issued at a fair value of \u20ac18.05 per share (representing a total fair value of \u20ac 618k). An amount of \u20ac 3k was recognized in share capital for the nominal value of the newly issued shares (\u20ac 0.10 per share) with a corresponding charge to share premium. In addition, transaction costs related to the issuance of the shares were charged to share premium.

FY21 Recycling of reserve for currency translation differences

During FY 2021, the subsidiary TIE Asia-Pacific Ltd was liquidated. While this did not result in any liquidation gain or loss, the part of the foreign currency translation reserve that was associated with this foreign subsidiary was derecognized and reclassified to profit or loss. As a result, a gain of \u20ac 36k was recognized as part of the exchange gains and losses. Refer to the note Financial income and expenses, starting on page 129. As part of the other comprehensive income in the statement of comprehensive income, the exchange differences are presented net of this reclassification adjustment.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f13970": { "value": "

Share Capital

The Company\u2019s authorized share capital amounts to \u20ac 500k (2021: \u20ac 500k), consisting of 5 million ordinary shares with a nominal value of \u20ac 0.10 each. Shareholders\u2019 equity (which equals Group equity) amounts to \u20ac 10,869k (or \u20ac 5.60 per share) as at September 30, 2022 (30 September 2021: \u20ac 11,225k, or \u20ac 6.69 per share). The movements in the number of common shares outstanding are summarized in the following table. All issued shares have been fully paid.

Shares outstanding
20222021
Balance as at October 11,678,7181,632,665
Issued262,82046,053
Balance as at September 301,941,5381,678,718
In \u20ac (x 1,000)194168

Shares issued include those issued for no consideration under share-based payment arrangements. For details refer to the note Share-based payments, starting on page 116.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14071": { "value": "

Other reserves

The 'other reserves and retained earnings' component of equity contains other reserves, consisting of the legal reserves under Dutch law, which restrict the distribution of dividends or capital in the amount of \u20ac 2,514k (30 September 2021: \u20ac 2,603k).

Such restrictions also apply to the foreign currency translation reserve, carried at \u20ac 83k (30 September 2021: \u20ac 27k), which is also regarded as a legal reserve under Dutch law.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14133": { "value": "

FY22 Interim dividend distribution

At the Annual General Meeting of shareholders, held on 25 March 2022, the Company's shareholders approved the distribution of an interim dividend for the financial year 2022 from the Company\u2019s equity reserves, in the amount of \u20ac 0.50 per share. Given the total number of 1,907,286 outstanding ordinary shares at that time, the total dividend declared amounted to \u20ac 954k. Shareholders had a choice between receiving the dividend in shares or in cash.

Subsequently, on 29 April 2022, the interim dividend was distributed. A gross cash dividend of \u20ac 335k was paid in cash to the shareholders after deduction of dividend withholding taxes. The cash dividend was distributed from the Company's retained earnings and the stock dividend from the Company's share premium. To settle the stock dividend, 34,252 new ordinary shares were issued at a fair value of \u20ac18.05 per share (representing a total fair value of \u20ac 618k). An amount of \u20ac 3k was recognized in share capital for the nominal value of the newly issued shares (\u20ac 0.10 per share) with a corresponding charge to share premium. In addition, transaction costs related to the issuance of the shares were charged to share premium.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14142": { "value": "

9Share-based payments

Performance Share Plan

Under this Plan, members of the Executive Board may be awarded shares, based on achievement of performance conditions tied to the Company\u2019s operational performance and achievement of strategic goals. Shares issued under the Performance Share Plan are subject to transfer restrictions (a non-vesting condition). The fair value of the shares issued is determined based on the share price at the grant date, taking into account the effect of non-vesting conditions, not taking into account expected dividends. The following table details the number and weighted average fair value of the shares granted during the year.

Shares granted
20222021
Number of shares granted-23,169
Weighted average fair value at grant date-EUR 23.4

No performance shares were granted during FY 2022. The performance shares granted and issued in 2021 pertained to both a grant related to FY 2021 as well as a grant related to FY 2020. Both grants were approved in 2021 and as such the fair value of the shares granted was determined at the approval date. An expense of \u20ac 542k was recognized under the employee benefits expenses in 2021. Reference is made to the note Operating expenses, starting on page 126.

Stock options

Since FY 2020, no stock options are still outstanding under the Annual Stock Options Plan, nor are there any non-employee stock options outstanding.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14179": { "value": "

10Provisions

The provisions consist of a pension provision (classified as non-current in the statement of financial position) and a legal provision (classified as current in the statement of financial position).

Pension provision

The provisions relate to a pension provision for an unfunded defined benefit plans in Germany. Movements in the provision are disclosed below. As management has determined that the amounts of the defined benefit obligations are immaterial - both individually per plan and in aggregate - no further disclosures are provided in respect of these plans.

Movement schedule of pension provision
(\u20ac x 1,000)
20222021
Balance as at October 1190170
Charged/(released) to income statement(70)20
Balance as at September 30120190

Legal provision

The provision has been formed for (potential) claims and disputes. The amount of the related outflow of resources is uncertain but the carrying amount represents management's best estimate to settle the liabilities as at the balance sheet date. Settlement is expected to take place within 12 months after the balance sheet date.

Movement schedule of legal provision
(\u20ac x 1,000)
20222021
Balance as at October 1--
Additions236-
Balance as at September 30236-
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14491": { "value": "

12Taxation and social security payable

Details of taxation and social security payables
(\u20ac x 1,000)
30 September 202230 September 2021
Payroll tax224218
VAT86256
Total310475

Payroll tax liabilities include also liabilities for social security.

13Other payables and accruals

Details of other payables and accruals
(\u20ac x 1,000)
30 September 202230 September 2021
Accrued Expenses1,3441,057
Other Payables and Accruals506461
Pension Premiums16(6)
Total1,8651,512

The accrued expenses include, among others, accrued holiday allowance and variable compensation for employees. The line other payables and accruals includes, among others, accruals for holiday rights outstanding with employees and salary payables.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14492": { "value": "

12Taxation and social security payable

Details of taxation and social security payables
(\u20ac x 1,000)
30 September 202230 September 2021
Payroll tax224218
VAT86256
Total310475

Payroll tax liabilities include also liabilities for social security.

13Other payables and accruals

Details of other payables and accruals
(\u20ac x 1,000)
30 September 202230 September 2021
Accrued Expenses1,3441,057
Other Payables and Accruals506461
Pension Premiums16(6)
Total1,8651,512

The accrued expenses include, among others, accrued holiday allowance and variable compensation for employees. The line other payables and accruals includes, among others, accruals for holiday rights outstanding with employees and salary payables.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14528": { "value": "

13Other payables and accruals

Details of other payables and accruals
(\u20ac x 1,000)
30 September 202230 September 2021
Accrued Expenses1,3441,057
Other Payables and Accruals506461
Pension Premiums16(6)
Total1,8651,512

The accrued expenses include, among others, accrued holiday allowance and variable compensation for employees. The line other payables and accruals includes, among others, accruals for holiday rights outstanding with employees and salary payables.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14626": { "value": "

14Segment reporting

The segment reporting in these consolidated financial statements is aligned with the internal reporting to the Executive Board as Chief Operating Decision Maker of the Company. Reporting is based on country segments and product development. All revenue, direct costs and fee earning staff are allocated to country operations and product development (or holding functions). As such, the operating segments (and reportable segments as no aggregation of operating segments takes place) are identified as the countries in which the Group operates, as well as TIE Product Development. The Company applies intercompany transfer pricing to account for the various roles country operations have in developing, marketing, selling and delivering our products to the customers. As the case may be, the Company identifies sales roles, product ownership roles and development roles, with each role rewarded commensurate with its place in the value chain.

For segment reporting purposes, the Company applies the accounting policies as applied to these consolidated financial statements. The Executive Board evaluates segment performance on the basis of EBITDA. Inter-segment sales are only monitored by the Executive Board on a CGU level and not for the purpose of segment reporting. Information on segment assets and liabilities is not regularly provided to the Executive Board.

Segment highlights are reported in the Executive Board's Segmental review, starting on page 41. That information is not part of these consolidated financial statements.

The tables on the following pages detail the segment information as well as the reconciliations of such segment information to profit before tax as per the statement of comprehensive income.

Note

Following the 100% focus on SaaS delivery, the Company has revisited its consultancy activities to prioritize activities that support SaaS growth. As a result, the Company has reclassified certain activities previously reported under consultancy revenue to (future) SaaS revenue, as previously reported in our quarterly Trading Updates and Half Year Report. The reclassification is a presentation matter where revenue (and costs) of certain consultancy activities are presented under SaaS revenue, and recognized over 36 months (and costs amortized accordingly). This time allocation does not lead to lower or different revenue/margins over the life of the contract. To illustrate this effect, out of \u20ac 4,067k invoiced to customers on active consultancy projects in 2022 (2021: \u20ac 3,438k), an amount of \u20ac 3,261k shall be allocated to (future) SaaS revenue (2021: \u20ac 759k). As at 30 September 2022, a total amount of \u20ac 1,123k (or \u20ac 31k SaaS revenue per month) is accumulated within the deferred revenue position on the balance sheet related to setup fees for projects awaiting completion. The effect of reclassifications from consultancy revenues on SaaS revenues for 2022 is immaterial.

2022 Segment information
(\u20ac x 1,000)
RevenuesTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Software as a Service4,6213,9001,2221,385--11,127
Maintenance and Support24580312829--1,206
Consultancy78269869380-61,934
Licenses286012--91
Revenues5,6755,4601,4191,796-614,357
Other Income-----2727
Intercompany Sales18---1,031(1,049)-
Total Income5,6935,4601,4191,7961,031(1,016)14,384
Cost of Sales(1,658)(2,809)(332)(1,265)(1,015)1,025(6,054)
Gross Margin4,0352,6511,08753216108,330
\u00a0
Operating Expenses\u00a0
Employee Benefits(1,442)(1,223)(773)(357)-(2,979)(6,773)
Other Operating Expenses(2,099)(2,376)(609)(635)-2,548(3,171)
Total Operating Expenses(3,541)(3,599)(1,382)(991)-(432)(9,945)
EBITDA494(948)(295)(460)16(422)(1,615)
2022 Reconciliation of total segments EBITDA to profit or loss
(\u20ac x 1,000)
2022
EBITDA(1,615)
Depreciation and amortization(1,560)
Impairment-
EBIT(3,174)
Interest and Other Financial Income216
Interest and Other Financial Expense(37)
Income/(Loss) before Tax(2,995)
Corporate Income Tax1,321
Net Income(1,674)
2021 Segment information
(\u20ac x 1,000)
RevenuesTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Software as a Service4,1573,3459571,229--9,688
Maintenance and Support2941,239153161--1,846
Consultancy1,094696406737-592,991
Licenses392304220--331
Revenues5,5845,5091,5572,146-5914,856
Other Income-455----455
Intercompany Sales18---879(897)-
Total Income5,6025,9651,5572,146879(838)15,311
Cost of Sales(1,732)(2,366)(409)(1,258)(890)904(5,751)
Gross Margin3,8703,5981,148889(11)669,560
Operating Expenses
Employee Benefits(726)(787)(471)(490)-(3,000)(5,473)
Other Operating Expenses(1,668)(1,938)(552)(520)-2,502(2,176)
Total Operating Expenses(2,394)(2,725)(1,023)(1,009)-(498)(7,649)
EBITDA1,476874125(121)(11)(432)1,911
2021 Reconciliation of total segments EBITDA to profit or loss
(\u20ac x 1,000)
2021
EBITDA1,911
Depreciation and amortization(1,659)
Impairment(4)
EBIT249
Interest and Other Financial Income307
Interest and Other Financial Expense(40)
Income/(Loss) before Tax515
Corporate Income Tax116
Net Income632

The following tables include information on assets and liabilities of segments as well as other selected segment information, other than the measures of profit or loss for each segment. For the purposes of segment reporting, intercompany receivables and payables are included under the liabilities and not reclassified to assets if they are in a (net) receivable position for the respective segment.

2022 Other information on segments
(\u20ac x 1,000)
AssetsTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Intangible Fixed Assets595540--2,5211,2834,940
Tangible Fixed Assets73-4--527604
Deferred Tax Asset-56248--1,2541,864
Contract Cost Asset1571549106--326
Current Assets1,2641,085437842368,59312,257
Total Assets2,0902,2015389472,55811,65819,992
Liabilities
Non-Current Liabilities36557201478-1451,247
Current Liabilities2,7671,654771945541,6857,876
Intercompany Positions(5,308)(1,620)(578)(495)15,380(7,379)-
Total Liabilities(2,177)9139592815,435(5,549)9,123
Other Selected Items
Capital expenditure----1,0241991,223
Amortization and depreciation548117-1,1152921,560
FTE at year end34331511824123
2021 Other information on segments
(\u20ac x 1,000)
AssetsTIE NLTIE USTIE FranceTIE GermanyTIE Product DevelopmentHolding and EliminationsTotal
Intangible Fixed Assets597457--2,6121,2324,898
Tangible Fixed Assets997821--620818
Deferred Tax Asset-215---409625
Contract Cost Asset615011---122
Current Assets2,0261,897454561247,24112,203
Total Assets2,7832,6974865612,6369,50318,666
Liabilities
Non-Current Liabilities389149123160-3261,147
Current Liabilities2,0431,716573723161,2216,294
Intercompany Positions(3,479)(9,331)(586)(256)14,292(640)-
Total Liabilities(1,047)(7,466)11162714,3089077,441
Other Selected Items
Capital expenditure----84358900
Impairment of fixed assets4-----4
Amortization and depreciation781071721,1752801,659
FTE at year end262512121218104

The actual geographical distribution of intangible assets differs from the intangible assets distribution displayed above as part of the segment information as goodwill allocated to the French CGU is carried in TIE Kinetix Holding B.V. The geographical distribution of intangible assets is displayed below.

Geographical distribution of intangible fixed assets
(\u20ac x 1,000)
30 September 202230 September 2021
The Netherlands4,2474,288
United States540457
France153153
Total4,9404,898

In the table above, the intangible assets in the Netherlands include 100% of the TIE Kinetix N.V. and TIE Kinetix Holding B.V. intangible assets.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f14630": { "value": "

The segment reporting in these consolidated financial statements is aligned with the internal reporting to the Executive Board as Chief Operating Decision Maker of the Company. Reporting is based on country segments and product development. All revenue, direct costs and fee earning staff are allocated to country operations and product development (or holding functions). As such, the operating segments (and reportable segments as no aggregation of operating segments takes place) are identified as the countries in which the Group operates, as well as TIE Product Development. The Company applies intercompany transfer pricing to account for the various roles country operations have in developing, marketing, selling and delivering our products to the customers. As the case may be, the Company identifies sales roles, product ownership roles and development roles, with each role rewarded commensurate with its place in the value chain.

For segment reporting purposes, the Company applies the accounting policies as applied to these consolidated financial statements. The Executive Board evaluates segment performance on the basis of EBITDA. Inter-segment sales are only monitored by the Executive Board on a CGU level and not for the purpose of segment reporting. Information on segment assets and liabilities is not regularly provided to the Executive Board.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16097": { "value": "

15Revenues

The Company derives its revenues from four different streams:

  • Software as a Service (SaaS);
  • Maintenance and Support;
  • Consultancy; and
  • Licenses.

Further background on these revenue streams and associated performance obligations can be found in the Significant accounting policies, starting on page 90. Disaggregated information on revenues by type of revenue as well as by geographical region is disclosed in the Segment reporting, starting on page 119. In addition, the table below shows the disaggregation of revenues by timing of transfer of services to customers. Revenue that is recognized at a point in time regards to license revenue.

Disaggregation of revenue by timing of recognition
(\u20ac x 1,000)
20222021
At a point in time91331
Over time14,26614,525
Total Revenues14,35714,856

Contract assets and liabilities

Contract assets and liabilities per the balance sheet date can be specified as follows:

Details of contract balances
(\u20ac x 1,000)
30 September 202230 September 2021
Total contract assets145379
Deferred revenue (non-current)933571
Deferred revenue (current)3,8962,992
Total contract liabilities4,8293,563

Contract assets represent the Company's right to consideration for services delivered to a customer, but where the Company is not yet entitled to invoice the customer (for example because a contractual milestone is not yet reached). Contract assets mainly regard to consultancy revenues and partly to overage for which the Company does not yet have a right to receive consideration. There have been no significant changes to the contract asset balance during the period requiring disclosure.

Deferred revenue represents the unearned portion of revenues for which consideration has been received from the customer. The Company strives to continuously balance its sales funnel so that there are sufficient consultancy projects planned and to prevent consultants becoming idle, while ensuring an excellent customer experience where customers can be served quickly. As such, any work that is prepaid for by customers will typically lead to recognition of consultancy revenues within a year after receipt of payment. An exception to this are setup fees for SaaS contracts. SaaS contracts include subscription fees and setup fees. Subscription fees are typically invoiced upfront annually. Subsequently revenue is recognized over the year. Setup fees for a contract are invoiced upfront and deferred over the contract life, which is on

average 3 years. Maintenance and support agreements with customers entitle them to support and updates of our software. These maintenance and support revenues are typically invoiced upfront, deferred and recognized over the contract period, which is usually 12 months. There have been no significant changes to the contract liabilities balance during the period requiring disclosure.

Of the total deferred revenue balance as of 30 September 2021, \u20ac 2,992k has been recognized as revenue in financial year 2021 (2021: \u20ac 2,891k included in the deferred revenue balance as of 30 September 2020). These amounts equal the short-term deferred revenue balances at the previous balance sheet date as these pertain largely to short term consultancy contracts and partially to deferred setup fees for which the revenue recognition pattern is known based on the contract life. There was no revenue recognized during the current or prior year from performance obligations (partially) satisfied in previous periods.

Remaining performance obligations

The revenue expected to be recognized in the future related to performance obligations that are (partially) unsatisfied at the balance sheet date amounts to \u20ac 18,269k (30 September 2021: \u20ac 12,931k). As SaaS contracts have an average duration of 3 years, the Company expects to realize these revenues over the course of the following 3 to 4 years (including implementation and setup time for SaaS contracts).

This estimate includes expected future revenues from ongoing SaaS and maintenance & support contracts, as well as deferred set-up fees and deferred fees for consultancy projects supportive of SaaS, to be recognized as revenues for those contracts. However, this estimate does not include:

  • Revenue from future renewals after the initial contract term (or subsequent ongoing renewal term) has ended for SaaS and maintenance & support performance obligations - insofar the contractual term for the customer for cancelling the auto-renewal of a contract has not passed, in which case the revenue during the renewal period is taken into account (please note that in the comparative 2021 this was not taken into account);
  • Overage revenue that is connected with SaaS. For overage fees charged, being usage-based royalties, the Company's right to consideration corresponds directly with the value to the customer of the Company's performance to date;
  • Revenue from consultancy contracts that are partially or wholly unperformed, as those contracts have an expected duration of less than one year.

Contract costs

Contract cost assets are presented separately on the face of the statement of financial position and represent setup costs incurred under SaaS contracts. The amortization charge incurred during the year on such assets\u00a0is included in the cost of sales.

Details of contract costs
(\u20ac x 1,000)
30 September 202230 September 2021
Non-current326122
Current579173
Total contract cost assets906296
Amortization recognized during the year405203
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16200": { "value": "

Contract assets and liabilities

Contract assets and liabilities per the balance sheet date can be specified as follows:

Details of contract balances
(\u20ac x 1,000)
30 September 202230 September 2021
Total contract assets145379
Deferred revenue (non-current)933571
Deferred revenue (current)3,8962,992
Total contract liabilities4,8293,563

Contract assets represent the Company's right to consideration for services delivered to a customer, but where the Company is not yet entitled to invoice the customer (for example because a contractual milestone is not yet reached). Contract assets mainly regard to consultancy revenues and partly to overage for which the Company does not yet have a right to receive consideration. There have been no significant changes to the contract asset balance during the period requiring disclosure.

Deferred revenue represents the unearned portion of revenues for which consideration has been received from the customer. The Company strives to continuously balance its sales funnel so that there are sufficient consultancy projects planned and to prevent consultants becoming idle, while ensuring an excellent customer experience where customers can be served quickly. As such, any work that is prepaid for by customers will typically lead to recognition of consultancy revenues within a year after receipt of payment. An exception to this are setup fees for SaaS contracts. SaaS contracts include subscription fees and setup fees. Subscription fees are typically invoiced upfront annually. Subsequently revenue is recognized over the year. Setup fees for a contract are invoiced upfront and deferred over the contract life, which is on

average 3 years. Maintenance and support agreements with customers entitle them to support and updates of our software. These maintenance and support revenues are typically invoiced upfront, deferred and recognized over the contract period, which is usually 12 months. There have been no significant changes to the contract liabilities balance during the period requiring disclosure.

Of the total deferred revenue balance as of 30 September 2021, \u20ac 2,992k has been recognized as revenue in financial year 2021 (2021: \u20ac 2,891k included in the deferred revenue balance as of 30 September 2020). These amounts equal the short-term deferred revenue balances at the previous balance sheet date as these pertain largely to short term consultancy contracts and partially to deferred setup fees for which the revenue recognition pattern is known based on the contract life. There was no revenue recognized during the current or prior year from performance obligations (partially) satisfied in previous periods.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16356": { "value": "

16Other income

Details of other income
(\u20ac x 1,000)
20222021
Government grants-455
Other27-
Total other income27455

Government grants

During 2021, the Group has recognized a COVID-19 related government grant. In 2020, the Company's subsidiary TIE Commerce Inc had received a loan under the United States Payroll Protection Program (PPP) When relevant conditions were met during 2021, this loan was converted into a grant. A gain of \u20ac 455k ($ 550k) was recognized under \u2018Other income\u2019.

The Company has further received (dissimilar) government grants in both 2022 and 2021 that are deducted from the related expenses, refer to the note Operating expenses, starting on page 126.

Other

The category 'Other' in 2022 pertains to sublease income. Also refer to the note Leasing, starting on page 117.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16445": { "value": "

Government grants

During 2021, the Group has recognized a COVID-19 related government grant. In 2020, the Company's subsidiary TIE Commerce Inc had received a loan under the United States Payroll Protection Program (PPP) When relevant conditions were met during 2021, this loan was converted into a grant. A gain of \u20ac 455k ($ 550k) was recognized under \u2018Other income\u2019.

The Company has further received (dissimilar) government grants in both 2022 and 2021 that are deducted from the related expenses, refer to the note Operating expenses, starting on page 126.

The governments grants relate to WBSO ('Wet Bevordering Speur- en Ontwikkelingswerk') received in the Netherlands for employee costs spent incurred for research & development activities, and in 2021 to a lesser extent to Kug (\"Kurzarbeidergeld\") subsidies received in Germany as well.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16458": { "value": "

17Operating expenses

The expenses in the consolidated statement of comprehensive income have been presented based on their function.

Expenses by nature

The following tables detail the expenses by their nature, in a way that facilitates reconciliation to the expenses presented by their function.

2022 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2022
Nature of expenses
Direct Purchase Costs2,488---2,488
Employee Benefits3,5662673,2943,21210,339
Depreciation and Amortization-1,117224211,560
Other Operating Expenses-985172,5573,171
Total6,0541,4813,8336,19017,558
2021 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2021
Nature of expenses
Direct Purchase Costs2,155---2,155
Employee Benefits3,5961292,2853,0599,069
Depreciation and Amortization-1,178114701,659
Impairments of Fixed Assets---44
Other Operating Expenses-802371,8592,176
Total5,7511,3872,5335,39115,063

Direct Purchase Costs consist of expenses directly associated with revenue. This includes third party software licenses, consultant fees and hosting costs.

Employee benefits under the R&D function represent the net of incurred employee benefits expenditures, any subsidies received, and the employee benefits capitalized as part of the software development costs under intangible fixed assets. Amortization and depreciation under the R&D function largely consists of the amortization of the capitalized software development costs.

The other operating expenses include impairment losses on financial assets as further detailed in the note Trade receivables, starting on page 112.

Employee benefits

Details of employee benefit expenses
(\u20ac x 1,000)
20222021
Salaries7,2305,885
Salaries variable component1,102811
Social security charges755639
Contributions to post employment arrangements243281
Invoiced management fees740555
Supervisory Board remuneration4347
Third party contractors and temporary employees752444
Share-based payment expense-542
Other employee benefit expenses1,5871,098
Government grants(244)(227)
Transfer to contract cost asset(845)(173)
Capitalized R&D employee cost(1,024)(833)
Total10,3399,069

The contributions to post employment arrangements include premiums payable with respect to the Netherlands operations\u2019 defined contribution post employment plan as well as the discretionary employer contributions to the tax facilitated retirement plan (401k) in the United States.

The invoiced management fees include remuneration due to the members of the Executive Board that is invoiced through a management company. Further details on this and on the Supervisory Board remuneration are provided in the note Related party disclosures, starting on page 132.

For details on the share-based payments, reference is made to note Share-based payments, starting on page 116.

The governments grants relate to WBSO ('Wet Bevordering Speur- en Ontwikkelingswerk') received in the Netherlands for employee costs spent incurred for research & development activities, and in 2021 to a lesser extent to Kug (\"Kurzarbeidergeld\") subsidies received in Germany as well.

The transfers to contract cost asset relates to employee benefit expenses that are directly attributable to set-up projects and other consultancy projects supportive of SaaS contracts and qualify for capitalization as costs to fulfil. Further disclosure is provided in the note Revenues, starting on page 124.

The capitalized R&D employee costs relates to research and development costs that are capitalized as internally developed intangible assets, refer to note Intangible fixed assets, starting on page 106.

Number of employees
FTE per department as at year-end
20222021
Research and Development1411
Sales and Marketing3128
Consulting and Support5642
General and Administrative2323
Total1)123104
1)Of which 58 are employed abroad (2021: 48)

Other operating expenses

Details of other operating expenses
(\u20ac x 1,000)
20222021
Accommodation Expenses145177
Professional Service918860
Communications Expenses509440
Marketing Expenses482151
Travel17221
Office & Computer Supplies321303
General & Administration624224
Total3,1712,176

The general & administration expenses for 2022 include the expenses for additions to the legal provision. Reference is made to the note Provisions, starting on page 143.

Auditor's remuneration

Included in the expenses for professional services are the fees charged by the Company's external independent auditor. These are detailed in the table below and represent the amounts expensed by the Company for the periods presented.

Details of auditor's remuneration
(\u20ac x 1,000)
20222021
PricewaterhouseCoopers Accountants N.V.BDO Audit & Assurance B.V.
Audit of the financial statements218242
Other audit services-24
Tax advisory services--
Other non-audit services--
Total218266
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16463": { "value": "

Expenses by nature

The following tables detail the expenses by their nature, in a way that facilitates reconciliation to the expenses presented by their function.

2022 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2022
Nature of expenses
Direct Purchase Costs2,488---2,488
Employee Benefits3,5662673,2943,21210,339
Depreciation and Amortization-1,117224211,560
Other Operating Expenses-985172,5573,171
Total6,0541,4813,8336,19017,558
2021 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2021
Nature of expenses
Direct Purchase Costs2,155---2,155
Employee Benefits3,5961292,2853,0599,069
Depreciation and Amortization-1,178114701,659
Impairments of Fixed Assets---44
Other Operating Expenses-802371,8592,176
Total5,7511,3872,5335,39115,063

Direct Purchase Costs consist of expenses directly associated with revenue. This includes third party software licenses, consultant fees and hosting costs.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16464": { "value": "

Expenses by nature

The following tables detail the expenses by their nature, in a way that facilitates reconciliation to the expenses presented by their function.

2022 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2022
Nature of expenses
Direct Purchase Costs2,488---2,488
Employee Benefits3,5662673,2943,21210,339
Depreciation and Amortization-1,117224211,560
Other Operating Expenses-985172,5573,171
Total6,0541,4813,8336,19017,558
2021 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2021
Nature of expenses
Direct Purchase Costs2,155---2,155
Employee Benefits3,5961292,2853,0599,069
Depreciation and Amortization-1,178114701,659
Impairments of Fixed Assets---44
Other Operating Expenses-802371,8592,176
Total5,7511,3872,5335,39115,063

Employee benefits under the R&D function represent the net of incurred employee benefits expenditures, any subsidies received, and the employee benefits capitalized as part of the software development costs under intangible fixed assets. Amortization and depreciation under the R&D function largely consists of the amortization of the capitalized software development costs.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16465": { "value": "

Expenses by nature

The following tables detail the expenses by their nature, in a way that facilitates reconciliation to the expenses presented by their function.

2022 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2022
Nature of expenses
Direct Purchase Costs2,488---2,488
Employee Benefits3,5662673,2943,21210,339
Depreciation and Amortization-1,117224211,560
Other Operating Expenses-985172,5573,171
Total6,0541,4813,8336,19017,558
2021 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2021
Nature of expenses
Direct Purchase Costs2,155---2,155
Employee Benefits3,5961292,2853,0599,069
Depreciation and Amortization-1,178114701,659
Impairments of Fixed Assets---44
Other Operating Expenses-802371,8592,176
Total5,7511,3872,5335,39115,063

Direct Purchase Costs consist of expenses directly associated with revenue. This includes third party software licenses, consultant fees and hosting costs.

Employee benefits under the R&D function represent the net of incurred employee benefits expenditures, any subsidies received, and the employee benefits capitalized as part of the software development costs under intangible fixed assets. Amortization and depreciation under the R&D function largely consists of the amortization of the capitalized software development costs.

The other operating expenses include impairment losses on financial assets as further detailed in the note Trade receivables, starting on page 112.

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16466": { "value": "

Expenses by nature

The following tables detail the expenses by their nature, in a way that facilitates reconciliation to the expenses presented by their function.

2022 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2022
Nature of expenses
Direct Purchase Costs2,488---2,488
Employee Benefits3,5662673,2943,21210,339
Depreciation and Amortization-1,117224211,560
Other Operating Expenses-985172,5573,171
Total6,0541,4813,8336,19017,558
2021 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2021
Nature of expenses
Direct Purchase Costs2,155---2,155
Employee Benefits3,5961292,2853,0599,069
Depreciation and Amortization-1,178114701,659
Impairments of Fixed Assets---44
Other Operating Expenses-802371,8592,176
Total5,7511,3872,5335,39115,063

The other operating expenses include impairment losses on financial assets as further detailed in the note Trade receivables, starting on page 112.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16467": { "value": "

Expenses by nature

The following tables detail the expenses by their nature, in a way that facilitates reconciliation to the expenses presented by their function.

2022 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2022
Nature of expenses
Direct Purchase Costs2,488---2,488
Employee Benefits3,5662673,2943,21210,339
Depreciation and Amortization-1,117224211,560
Other Operating Expenses-985172,5573,171
Total6,0541,4813,8336,19017,558
2021 Expenses by nature
(\u20ac x 1,000)
Cost of SalesResearch & DevelopmentSelling & MarketingGeneral & AdministrativeTotal Expenses 2021
Nature of expenses
Direct Purchase Costs2,155---2,155
Employee Benefits3,5961292,2853,0599,069
Depreciation and Amortization-1,178114701,659
Impairments of Fixed Assets---44
Other Operating Expenses-802371,8592,176
Total5,7511,3872,5335,39115,063

Employee benefits under the R&D function represent the net of incurred employee benefits expenditures, any subsidies received, and the employee benefits capitalized as part of the software development costs under intangible fixed assets. Amortization and depreciation under the R&D function largely consists of the amortization of the capitalized software development costs.

", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16722": { "value": "

Employee benefits

Details of employee benefit expenses
(\u20ac x 1,000)
20222021
Salaries7,2305,885
Salaries variable component1,102811
Social security charges755639
Contributions to post employment arrangements243281
Invoiced management fees740555
Supervisory Board remuneration4347
Third party contractors and temporary employees752444
Share-based payment expense-542
Other employee benefit expenses1,5871,098
Government grants(244)(227)
Transfer to contract cost asset(845)(173)
Capitalized R&D employee cost(1,024)(833)
Total10,3399,069

The contributions to post employment arrangements include premiums payable with respect to the Netherlands operations\u2019 defined contribution post employment plan as well as the discretionary employer contributions to the tax facilitated retirement plan (401k) in the United States.

The invoiced management fees include remuneration due to the members of the Executive Board that is invoiced through a management company. Further details on this and on the Supervisory Board remuneration are provided in the note Related party disclosures, starting on page 132.

For details on the share-based payments, reference is made to note Share-based payments, starting on page 116.

The governments grants relate to WBSO ('Wet Bevordering Speur- en Ontwikkelingswerk') received in the Netherlands for employee costs spent incurred for research & development activities, and in 2021 to a lesser extent to Kug (\"Kurzarbeidergeld\") subsidies received in Germany as well.

The transfers to contract cost asset relates to employee benefit expenses that are directly attributable to set-up projects and other consultancy projects supportive of SaaS contracts and qualify for capitalization as costs to fulfil. Further disclosure is provided in the note Revenues, starting on page 124.

The capitalized R&D employee costs relates to research and development costs that are capitalized as internally developed intangible assets, refer to note Intangible fixed assets, starting on page 106.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16891": { "value": "
Number of employees
FTE per department as at year-end
20222021
Research and Development1411
Sales and Marketing3128
Consulting and Support5642
General and Administrative2323
Total1)123104
1)Of which 58 are employed abroad (2021: 48)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f16940": { "value": "

Other operating expenses

Details of other operating expenses
(\u20ac x 1,000)
20222021
Accommodation Expenses145177
Professional Service918860
Communications Expenses509440
Marketing Expenses482151
Travel17221
Office & Computer Supplies321303
General & Administration624224
Total3,1712,176

The general & administration expenses for 2022 include the expenses for additions to the legal provision. Reference is made to the note Provisions, starting on page 143.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17061": { "value": "
Auditor's remuneration

Included in the expenses for professional services are the fees charged by the Company's external independent auditor. These are detailed in the table below and represent the amounts expensed by the Company for the periods presented.

Details of auditor's remuneration
(\u20ac x 1,000)
20222021
PricewaterhouseCoopers Accountants N.V.BDO Audit & Assurance B.V.
Audit of the financial statements218242
Other audit services-24
Tax advisory services--
Other non-audit services--
Total218266
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17111": { "value": "

18Financial income and expenses

Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267

Exchange rate gains and losses include realized and unrealized gains and losses. They are classified as either financial income or financial expense in the statement of comprehensive income depending on their aggregate amount.

In 2021, the exchange rate gains and losses include a gain of \u20ac 36k related to the currency translation reserve attributable to TIE Asia-Pacific Ltd, which was reclassified to profit or loss upon liquidation of this group company during 2021. In this respect, reference is also made to the note Equity, starting on page 115.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17112": { "value": "

18Financial income and expenses

Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267

Exchange rate gains and losses include realized and unrealized gains and losses. They are classified as either financial income or financial expense in the statement of comprehensive income depending on their aggregate amount.

In 2021, the exchange rate gains and losses include a gain of \u20ac 36k related to the currency translation reserve attributable to TIE Asia-Pacific Ltd, which was reclassified to profit or loss upon liquidation of this group company during 2021. In this respect, reference is also made to the note Equity, starting on page 115.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17113": { "value": "

18Financial income and expenses

Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267

Exchange rate gains and losses include realized and unrealized gains and losses. They are classified as either financial income or financial expense in the statement of comprehensive income depending on their aggregate amount.

In 2021, the exchange rate gains and losses include a gain of \u20ac 36k related to the currency translation reserve attributable to TIE Asia-Pacific Ltd, which was reclassified to profit or loss upon liquidation of this group company during 2021. In this respect, reference is also made to the note Equity, starting on page 115.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17114": { "value": "

18Financial income and expenses

Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267

Exchange rate gains and losses include realized and unrealized gains and losses. They are classified as either financial income or financial expense in the statement of comprehensive income depending on their aggregate amount.

In 2021, the exchange rate gains and losses include a gain of \u20ac 36k related to the currency translation reserve attributable to TIE Asia-Pacific Ltd, which was reclassified to profit or loss upon liquidation of this group company during 2021. In this respect, reference is also made to the note Equity, starting on page 115.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17118": { "value": "
Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267

Exchange rate gains and losses include realized and unrealized gains and losses. They are classified as either financial income or financial expense in the statement of comprehensive income depending on their aggregate amount.

In 2021, the exchange rate gains and losses include a gain of \u20ac 36k related to the currency translation reserve attributable to TIE Asia-Pacific Ltd, which was reclassified to profit or loss upon liquidation of this group company during 2021. In this respect, reference is also made to the note Equity, starting on page 115.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17119": { "value": "
Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17120": { "value": "
Details of financial income and expenses
(\u20ac x 1,000)
20222021
Interest income-202
Interest expense(37)(40)
Exchange rate gain/loss216106
Total179267
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17163": { "value": "

19Corporate income tax

Details of corporate income tax charge/(benefit)
(\u20ac x 1,000)
20222021
Deferred tax expense/(income) relating to origination and reversal of temporary differences(27)44
Deferred tax expense/(income) relating to (de)recognition of unused tax losses(1,169)(408)
Deferred tax charge/(benefit)(1,196)(364)
Current period tax charge/(benefit)(31)184
Adjustments recognized for current tax of prior periods(94)63
Current tax charge/(benefit)(125)247
Income Tax reported in the Statement of Comprehensive Income(1,321)(116)

Effective tax reconciliation

The Company is domiciled in the Netherlands and its subsidiaries operate predominantly in the Netherlands, Germany, France and North America. As a basis for the effective tax reconciliation, management has applied the applicable tax rates in the Netherlands to the Company's profit before tax. Such rates are 25%, or 15% for profits up to \u20ac 245k (2021: 25% and 16.5% for profits up to \u20ac 200k).

Reconciliation between applicable and effective income tax
(\u20ac x 1,000)
20222021
Result before income tax expense(2,995)515
Tax expense at the Company's statutory tax rate(773)112
Effect of foreign tax rates83(37)
Non-deductible expenses510
Recognition of previously unrecognized tax losses and deductible temporary differences as deferred tax asset(845)(408)
Tax losses and deductible temporary differences not recognized38993
Impact of other taxes classified as income taxes(40)49
Prior period tax adjustments(134)63
Other(5)3
Corporate income tax charge/(benefit)(1,321)(116)

The impact of other taxes classified as income taxes regards to US state taxes that classify as income taxes.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17364": { "value": "

20Earnings per share

Basic earnings per share

The following table details the calculation of basic earnings per share.

Basic earnings per share
20222021
Net income/(loss) (\u20ac * 1,000)(1,674)632
Weighted average number of shares outstanding (thousands)1,8291,649
Basic earnings/(loss) per share - total (\u20ac x 1)(0.92)0.38

Diluted earnings per share

Diluted earnings per share take into effect the dilutive effect of warrants upon exercise. There are no other instruments with dilutive effects. The following table details the calculation of diluted earnings per share.

Diluted earnings per share
20222021
Net income/(loss) (\u20ac * 1,000)(1,674)632
Weighted average number of shares outstanding (thousands)1,8291,649
Dilutive effect of warrants (thousands)42190
Weighted average number of shares outstanding (thousands) - fully diluted1,8711,839
Diluted earnings/(loss) per share - total (\u20ac x 1)(0.89)0.34
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17514": { "value": "

21Related party disclosures

Key Management remuneration

Key management consists of the members of the Executive Board.

Executive Board remuneration
(\u20ac x 1,000)
Jan Sundelin, CEOMichiel Wolfswinkel, CFOTotal
202220212022202120222021
Periodic remuneration303276273248576524
Variable remuneration152150136135288285
Company car141614142830
Total short term employee benefits469442423397892839
Post-employment benefits---6-6
Share-based payment-285-257-542
Total remuneration4697274236608921,387

The periodic remuneration expensed in 2021 related partly to a catch-up of base salary for 2020 as the Executive Board members did not receive an increase in base salary in 2020.

The share-based payment that is accounted for in 2021 related to both 2020 and 2021. Reference is made to the note Share-based payments, starting on page 116.

Remuneration and expenses of the CEO are paid to his personal management B.V., CAPTA Management B.V. and his pension B.V., Bred Import B.V.. Starting during 2021, remuneration and expenses of the CFO are also paid to his personal management B.V., CouCou Compagnie B.V.

Supervisory Board remuneration

The General Meeting of Shareholders sets the remuneration of the members of the Supervisory Board. Members of the Supervisory Board are entitled to a fixed remuneration as well as a reimbursement for travel expenses incurred.

Supervisory Board remuneration
(\u20ac x 1,000)
PositionRemuneration 2022Remuneration 2021
Georg WergerChairman2020
Gerdy Harteveld-SmeetsMember1010
Per NordlingMember1010
Total fixed remuneration4040
Travel expenses reimbursed37
Total remuneration4347

Composition of the Group

The consolidated financial statements include the financial information of TIE Kinetix N.V., located in Breukelen, the Netherlands, and its direct and indirect subsidiaries as included in the following table.

Group companies
NameStatutory Seat30 September 202230 September 2021
TIE Nederland B.V.Amsterdam (Schiphol-Rijk), The Netherlands100%100%
TIE Product Development B.V.Hoofddorp, The Netherlands100%100%
TIE MamboFive B.V.Utrecht, The Netherlands100%100%
TIE Kinetix Europe B.V.Amsterdam, The Netherlands100%100%
TIE Kinetix Holding B.V.Hoofddorp, The Netherlands100%100%
Pingli B.V.Hoofddorp, The Netherlands100%100%
TIE Commerce Inc.Burlington, MA, USA100%100%
TIE Kinetix S.A.S.Montpellier, France100%100%
TIE Kinetix DACH GmbHM\u00fcnchen, Germany100%100%
Performance Analytics GmbHM\u00fcnchen, Germany100%100%
TIE Ascention GmbHSt. Gallen, Switzerland100%100%
TIE Kinetix LtdMarlow, United Kingdom100%100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17572": { "value": "

Key Management remuneration

Key management consists of the members of the Executive Board.

Executive Board remuneration
(\u20ac x 1,000)
Jan Sundelin, CEOMichiel Wolfswinkel, CFOTotal
202220212022202120222021
Periodic remuneration303276273248576524
Variable remuneration152150136135288285
Company car141614142830
Total short term employee benefits469442423397892839
Post-employment benefits---6-6
Share-based payment-285-257-542
Total remuneration4697274236608921,387

The periodic remuneration expensed in 2021 related partly to a catch-up of base salary for 2020 as the Executive Board members did not receive an increase in base salary in 2020.

The share-based payment that is accounted for in 2021 related to both 2020 and 2021. Reference is made to the note Share-based payments, starting on page 116.

Remuneration and expenses of the CEO are paid to his personal management B.V., CAPTA Management B.V. and his pension B.V., Bred Import B.V.. Starting during 2021, remuneration and expenses of the CFO are also paid to his personal management B.V., CouCou Compagnie B.V.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17813": { "value": "

Composition of the Group

The consolidated financial statements include the financial information of TIE Kinetix N.V., located in Breukelen, the Netherlands, and its direct and indirect subsidiaries as included in the following table.

Group companies
NameStatutory Seat30 September 202230 September 2021
TIE Nederland B.V.Amsterdam (Schiphol-Rijk), The Netherlands100%100%
TIE Product Development B.V.Hoofddorp, The Netherlands100%100%
TIE MamboFive B.V.Utrecht, The Netherlands100%100%
TIE Kinetix Europe B.V.Amsterdam, The Netherlands100%100%
TIE Kinetix Holding B.V.Hoofddorp, The Netherlands100%100%
Pingli B.V.Hoofddorp, The Netherlands100%100%
TIE Commerce Inc.Burlington, MA, USA100%100%
TIE Kinetix S.A.S.Montpellier, France100%100%
TIE Kinetix DACH GmbHM\u00fcnchen, Germany100%100%
Performance Analytics GmbHM\u00fcnchen, Germany100%100%
TIE Ascention GmbHSt. Gallen, Switzerland100%100%
TIE Kinetix LtdMarlow, United Kingdom100%100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17915": { "value": "

22Commitments and contingent liabilities

Collateral

Previously, the Company had a working capital facility with Rabobank amounting to \u20ac 1,210k. The facility included a pledge on all trade debtors, had an indefinite term and bore interest at a rate of EURIBOR plus a margin. No drawings were made. During 2021, the working capital facility was terminated.

For the lease of the office in Breukelen, the Netherlands the Company issued a bank guarantee of \u20ac 72k, and for the lease of storage space in Germany a bank guarantee of \u20ac 40k.

Claims and disputes

Other than provided for in the legal provision (refer to the note Provisions, starting on page 117), there were no claims or disputes requiring disclosure as at 30 September 2022 or 30 September 2021.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17916": { "value": "

22Commitments and contingent liabilities

Collateral

Previously, the Company had a working capital facility with Rabobank amounting to \u20ac 1,210k. The facility included a pledge on all trade debtors, had an indefinite term and bore interest at a rate of EURIBOR plus a margin. No drawings were made. During 2021, the working capital facility was terminated.

For the lease of the office in Breukelen, the Netherlands the Company issued a bank guarantee of \u20ac 72k, and for the lease of storage space in Germany a bank guarantee of \u20ac 40k.

Claims and disputes

Other than provided for in the legal provision (refer to the note Provisions, starting on page 117), there were no claims or disputes requiring disclosure as at 30 September 2022 or 30 September 2021.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17917": { "value": "

22Commitments and contingent liabilities

Collateral

Previously, the Company had a working capital facility with Rabobank amounting to \u20ac 1,210k. The facility included a pledge on all trade debtors, had an indefinite term and bore interest at a rate of EURIBOR plus a margin. No drawings were made. During 2021, the working capital facility was terminated.

For the lease of the office in Breukelen, the Netherlands the Company issued a bank guarantee of \u20ac 72k, and for the lease of storage space in Germany a bank guarantee of \u20ac 40k.

Claims and disputes

Other than provided for in the legal provision (refer to the note Provisions, starting on page 117), there were no claims or disputes requiring disclosure as at 30 September 2022 or 30 September 2021.

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17921": { "value": "

Collateral

Previously, the Company had a working capital facility with Rabobank amounting to \u20ac 1,210k. The facility included a pledge on all trade debtors, had an indefinite term and bore interest at a rate of EURIBOR plus a margin. No drawings were made. During 2021, the working capital facility was terminated.

For the lease of the office in Breukelen, the Netherlands the Company issued a bank guarantee of \u20ac 72k, and for the lease of storage space in Germany a bank guarantee of \u20ac 40k.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17925": { "value": "

Claims and disputes

Other than provided for in the legal provision (refer to the note Provisions, starting on page 117), there were no claims or disputes requiring disclosure as at 30 September 2022 or 30 September 2021.

", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } }, "f17931": { "value": "

23Subsequent events

A provision has been formed at year end 2022 for (potential) claims and disputes in the amount of \u20ac 236k. Subsequent to year end, but prior to the release date of these Financial Statements, a settlement has been reached as a result of which an amount of \u20ac 200k from this provision will not be required. This amount will be released in the subsequent period.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00" } } } }