The activities of CM.com N.V. (CM.com) and its group companies (for the list of group companies see note 29) primarily consists of advising, guiding, implementing, and assisting companies approaching its target audience through modern (media) techniques. CM.com N.V. has its legal seat at Konijnenberg 30 at Breda, the Netherlands and is registered at the chamber of commerce under the registration number: 70523 770. The shares of CM.com N.V. (the ultimate parent) are listed on Euronext Amsterdam in The Netherlands under the symbol CMCOM.
\nThe consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) adopted and endorsed by the European Union (\u201cEU-IFRSs\u201d) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
\nThe Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. Management's assessment was based on the assumptions used in the business plan 2024-2026. This plan supported the mid-term guidance leading to further growth in positive EBITDA and to be free cash flow positive over H2 2024. Based on sensitivity scenarios and their outcome, Management believes that the Group has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions give rise to doubt on the Group's ability to continue as a going concern, therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
\n
The consolidated financial statements have been prepared on the historical cost basis with the exception of financial assets and liabilities, which are valued at fair value through profit or loss. The consolidated financial statements are presented in euros and rounded at thousands, unless otherwise stated. The euro is the functional currency of the Company.
The financial information relating to CM.com N.V. is presented in the consolidated financial statements. The corporate financial statements have been prepared in accordance with sub article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies used to prepare the corporate financial statements are the same as that of the group.
\nCurrent assets are assets that are expected to be realized in the entity\u2019s normal operating cycle held primarily for the purpose of trading. Current assets are expected to be realized within 12 months after the reporting period. All other assets are non-current.
\nCurrent liabilities are those expected to be settled within the entity\u2019s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months (settlement by the issue of equity instruments does not impact classification). Other liabilities are non-current.
\nTransactions in foreign currencies are translated into euro using the exchange rates applicable at transaction date. At reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euro using the rates at reporting date. Exchange rate differences are recognized in profit or loss.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate at the reporting date. For consolidation purposes, the results and financial position of subsidiaries are translated to euro at closing rate on the date of the financial position (assets and liabilities) or at the average exchange rates applicable for the specific reporting period (income and expenses). If the average rate for income and expenses is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, income and expenses are translated at the dates of the transactions. All resulting exchange differences are recognized in other comprehensive result.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the Group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities.
\nFair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy as the Company uses observable market data for the interest rates.
\nThe different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements incorporate the financial statements of CM.com and entities controlled by CM.com (its subsidiaries and foundations) made up to 31 December each year. Control is achieved when the Company:
has the power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.
CM.com reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
\nWhen the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
\nThe Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements;
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when CM.com obtains control over the subsidiary and ceases when CM.com loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date CM.com gains control until the date when CM.com ceases to control the subsidiary or foundation.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with CM.com\u2019s accounting policies.
\nAll intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
\nCM.com\u2019s revenue is primarily derived from transactional and messaging services earned from customers using CM.com\u2019s communication platform. The transactional and messaging fees are recognized as revenue in the period in which the usage occurs (point-in-time). In contrast, the fees for enhanced access to the Platform and SLA fees are charged as a monthly, quarterly, or yearly subscription and recognized as revenue over time. In addition, CM.com has added SaaS-services like Mobile Service Cloud, Mobile Marketing Cloud, and AI chatbot services. This revenue is recognized over time. As these services are available to our customers in real time, revenue recognition on a straight-line monthly basis accurately reflects the transfer of goods and services.
\nCM.com\u2019s operations are divided into operating segments based on how these operations are monitored by CM.com\u2019s management. The Board of Directors, as chief operating decision-maker, monitors gross profit that each segment generates and overall costs. Non-regularly recurring items, assets, and liabilities are not allocated to CM.com\u2019s operating segments and therefore not monitored and presented by segment. Non-current assets include intangible assets, goodwill, property, plant, and equipment, long-term receivables, and deferred tax assets. The non-current assets of CM.com are mainly located in the Netherlands.
\nCM.com\u2019s operating segments consist of CPaaS, SaaS, Payments, and Ticketing.
\nCPaaS means Communication Platform as a Service. CPaaS revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering.
\nCost of services for CM.com\u2019s CPaaS segment comprises primarily of fees paid to mobile network operators and OTT-providers for the purchase of mobile messages, voice and mobile data capacity and OTT-communication capabilities.
\nSaaS means Software as a Service. CM.com provides organizations a portfolio of services that contribute to the optimization of their mobile business journey with (potential) clients. Customers pay monthly subscription fees for access to these platform features.
\nCost of services for CM.com\u2019s SaaS segment comprises primarily of fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
\nRevenue from online and point-of-sale payments consists of settlement and start-rate fees. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. Point of sales revenue consists of hardware sales and SLA fees.
\nCost of services for CM.com\u2019s Payments segment comprises primarily of fees paid to financial services providers, which will decrease relatively compared to revenue as CM.com has had its own acquiring license since mid-2023, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform.
\nWithin Ticketing, revenue is generated by selling tickets and related services. Revenue from Ticketing consists of start-rate fees and ticketing fees. Ticketing fees comprise fixed fees per transaction for the use of CM.com\u2019s platform and are recognized point-in-time, as are lease of POS terminals.
\nTicketing does not have a generic cost of services, generally the revenues generate a 100% gross margin. For some clients, however, minor client-specific cost were recognized.
\nIn the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
In the table below revenue is disaggregated by CM.com's operating segments and regions. The region is determined based on the billing address of the legal establishment of our customers.
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 133,211 | 26,637 | 15,293 | 10,320 | 185,461 |
| of which the Netherlands | 40,223 | 20,274 | 8,512 | 7,894 | 76,903 |
| of which France | 28,983 | 1,259 | 50 | 10 | 30,302 |
| APAC | 46,754 | 1,373 | 96 | - | 48,223 |
| Americas | 31,503 | 894 | 153 | - | 32,550 |
| of which the USA | 28,399 | 534 | 7 | - | 28,940 |
| \u00a0 | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 134,481 | 23,494 | 13,178 | 8,131 | 179,284 |
| of which the Netherlands | 50,467 | 17,572 | 9,449 | 6,469 | 83,957 |
| of which France | 22,916 | 1,619 | 4 | 2 | 24,540 |
| APAC | 50,966 | 1,252 | 128 | - | 52,346 |
| Americas | 50,841 | 629 | 131 | - | 51,601 |
| of which the USA | 34,812 | 418 | 22 | - | 35,252 |
| \u00a0 | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
In FY 2023 and 2022, no single customer or partner contributed more than 10% to CM.com\u2019s revenue. Revenue is reduced by an amount of \u20ac\u00a01,745 thousand (2022: \u20ac\u00a02,188 thousand) related to partner commissions paid to agents.
\nGoodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of CM.com\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirement are assigned to those units. CM.com tests goodwill and intangible assets with indefinite useful lives annually, or whenever management identifies conditions that may indicate a risk of impairment.
\nIn prior years the impairment test was always performed per year-end closing date. As of 2023, we have performed the impairment test at 1 October and tested for indicators of impairment in the period between 1 October and year-end. The change in approach was done for pragmatic reasons. The forecast period in prior models was always five years as this matches our internal forecasting period, but for the impairment model we have now extended this period with three months, also for pragmatic reasons, to continue matching our forecasting period. In the table below, the intangible assets are disaggregated per CGU, reflecting CM.com's operating segments as explained in note 4:
\n2023
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,810 | 8,780 | 748 |
| Domain names | 467 | 519 | 463 | 144 |
| Pre-tax WACC | 14.82% | 15.27% | 16.30% | 15.79% |
| Post-tax WACC | 11.00% | 11.33% | 12.10% | 11.72% |
2022
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,817 | 8,780 | 748 |
| Domain names | 481 | 608 | 372 | 140 |
| Pre-tax WACC | 15.47% | 18.24% | 16.58% | 17.08% |
| Post-tax WACC | 11.48% | 13.53% | 12.30% | 12.67% |
The impairment test is based on cash flow projections for five years and three months (note 31). These cash flow projections are based on the financial forecast approved by management, covering a three-year period (2024-2026). The cash flow projections beyond that three-year period for 2027 and 2028, are based on expected revenue growth, derived from our mid-term guidance which focuses on gross profit growth. This resulted in a revenue growth rate of 13% for SaaS as well as for Payments. For CPaaS a revenue growth rate of 6% was used and for Ticketing a revenue growth rate of 15%.
\nCGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. Recoverable amount is based on value in use and is determined using a discounted cash flow model with a five-year and three months forecast period. For all CGUs a long-term inflation expectation of 2.20% (2022: 2.44%) was used to determine the terminal value.
\nThe estimated post-tax cash flows are discounted to their present value using a post-tax weight average cost of capital (WACC). WACC is based on a peer group of similar listed entities and is determined with reference to CM.com\u2019s target capital structure. A sensitivity analysis has been performed considering a change in the WACC of 1% and a change in the long-term growth rate of 0.5%. The analysis indicates that for CPaaS, SaaS, and Ticketing there is sufficient positive headroom to absorb adverse changes in the WACC and long-term growth rate, even if these changes were to occur simultaneously. We disclose our estimated cash flows as post-tax. The pre- and post-tax WACC are presented in the table above. We refrain from disclosing the pre-tax cash flows.
\nFor Payments, headroom is limited and particularly sensitive to revenue growth and cost control measures.
\nThe Compound Annual Growth Rate (CAGR) on Revenue for Payments for the period 2023-2028 in the impairment testing model is 17.8%. The actual revenue growth over FY 2023 was 15.7%. The budget and forecast plan for 2024-2028, prepared by the Payments CGU Management Team, is reviewed and approved by the Management Board and as part of the annual budgeting and forecasting cycle, also challenged and approved by the Supervisory Board. In addition to detailed revenue targets, we also defined and included targets for cost control in the performance management cycle.
\nChallenges on the input parameters in the budget and forecast models, together with a diligently executed process, provides the Payment CGU management team, as well as the CM Management Board sufficient confidence. Revenue growth can be achieved as a result of an effective sales focus with the new business unit structure combined with services via our CM Acquiring license. Together with cost control measures and integrated platform services, the growth rate is deemed realistic. Management challenged the budget with scenarios regarding the average growth rate over the years 2023-2028. The amount by which the CGU Payments' recoverable amount exceeds its carrying amount is \u20ac\u00a02.4 million based on the approved budget 2024 and forecast. This amount of headroom changes with around \u20ac\u00a04 million per 1% higher or lower CAGR on Revenue 2023-2028 without change in other variables, like effects of cost reduction in case of revenue growth falls behind budget. Management will monitor growth against this CAGR on Revenue of 17.8% for the upcoming reporting periods and update the impairment analyses in case of impairment triggers.
\nIn the impairment testing model, the WACC was 12,1%, and long-term growth rate applied was 2,2%. The sensitivity analysis with the WACC plus-minus 1% and long-term cash flow growth rate plus-minus 0,5% resulted in a bandwidth on the headroom from minus \u20ac\u00a04.7 million for WACC +1% and long-term cash flow growth rate minus 0,5%, to plus \u20ac\u00a06.4 million for WACC -1% and long-term cash flow growth rate plus 0,5%.
\nThe outcome of the impairment testing model, which is based on the value in use, was challenged with a market approach valuation performed by an external valuation agency. Taken the same key assumptions into account for the budget 2024 and growth rate as included in the discounted cash flow valuation, they concluded that fair value (less costs of disposal) for the Payments CGU under the various valuation scenarios also indicated positive mid-point range headroom between \u20ac\u00a04.6 million and \u20ac\u00a024.2 million. Management is aware of the current level of headroom in combination with the sensitivity of the parameters used. Based on the outcome no impairment charges were recognized during 2023 and 2022.
\nProperty, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs includes the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
\nDepreciation is provided from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant, and equipment. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
\nA summary of the movements in property, plant, and equipment is provided:
\n| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 5,694 | 2,107 | 171 | 3,133 | 1,270 | 12,375 |
| Additions | 635 | 892 | - | 528 | 762 | 2,817 |
| Divestments | - | - | (27) | (20) | - | (47) |
| Acquisitions through business combinations | - | 241 | - | 113 | - | 354 |
| Currency difference | 4 | 1 | - | - | 2 | 7 |
| At 31 December 2022 | 6,333 | 3,241 | 144 | 3,754 | 2,034 | 15,506 |
| Additions | 90 | 416 | 159 | 486 | 873 | 2,024 |
| Divestments | (2,616) | (1,102) | (33) | (2,275) | (85) | (6,111) |
| Currency difference | (37) | (1) | - | (12) | (2) | (52) |
| At 31 December 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,026 | 464 | 95 | 1,334 | 223 | 5,142 |
| Depreciation | 409 | 444 | 15 | 534 | 199 | 1,601 |
| Divestments | - | - | (12) | (20) | - | (32) |
| Currency difference | 3 | - | - | - | - | 3 |
| At 31 December 2022 | 3,438 | 908 | 98 | 1,848 | 422 | 6,714 |
| Depreciation | 444 | 373 | 108 | 689 | 250 | 1,864 |
| Impairments | 207 | 89 | 1 | 29 | 54 | 380 |
| Divestments | (2,616) | (1,102) | (33) | (2,263) | (81) | (6,095) |
| Currency difference | (11) | - | - | (5) | - | (16) |
| At 31 December 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 2,895 | 2,333 | 46 | 1,906 | 1,612 | 8,792 |
| At 31 December 2023 | 2,308 | 2,286 | 96 | 1,655 | 2,175 | 8,520 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use assets are initially measured at cost and subsequently presented at cost less accumulated depreciation and, if applicable, less impairments losses and adjusted for certain re-measurements of the lease liability. Cost are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliable determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Depreciation is based on the length of the lease liability and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset is available for use.
\nThe lease liability is presented as a separate line in the consolidated statement of financial position (\u201cborrowings\u201d), see note 18. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. In relation to the leases, CM.com has recognized depreciation and interest costs in the profit or loss. In the cash flow statement, the low-value leases and short-term leases are presented as part of the cash flow from operating activities, interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for the lease liabilities is included in note 13.
\nDepreciation methods and useful lives are reviewed at each reporting date.
\nThe determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset, even if that asset is not explicitly specified in an arrangement.
\nCM.com recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets (value lower than \u20ac\u00a05 thousand when new). For these leases, CM.com recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
\nCM.com recognizes a right-of-use asset and a lease liability at the lease commencement date. CM.com makes use of the expedient in IFRS 16 not to separate non-lease components from lease components.
\nThe expenses and total cash outflow for leases are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 582 | 340 |
| Expenses relating to short-term leases | 1,322 | 1,958 |
| Total cash outflow for leases | 7,429 | 7,162 |
A summary of the movements in right-of-use assets is provided:
\n| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 8,262 | 207 | 8,640 | 1,127 | 715 | 18,951 |
| Additions | 10,761 | 29 | 7,944 | - | 452 | 19,186 |
| Acquisitions through business combinations | 1,606 | - | - | - | - | 1,606 |
| Ending of lease agreements | (198) | - | - | - | (205) | (403) |
| Currency difference | 19 | - | (21) | - | - | (2) |
| At 31 December 2022 | 20,450 | 236 | 16,563 | 1,127 | 962 | 39,338 |
| Additions | 902 | - | 10 | - | 307 | 1,219 |
| Ending of lease agreements | (976) | (116) | - | - | (311) | (1,403) |
| Currency difference | (46) | - | (49) | - | - | (95) |
| At 31 December 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,051 | 124 | 1,503 | 452 | 384 | 5,514 |
| Amortization | 1,652 | 57 | 1,476 | 113 | 234 | 3,532 |
| Ending of lease agreements | (198) | - | - | - | (180) | (378) |
| Currency difference | 12 | - | - | - | - | 12 |
| At 31 December 2022 | 4,517 | 181 | 2,979 | 565 | 438 | 8,680 |
| Amortization | 2,538 | 26 | 1,691 | 113 | 174 | 4,542 |
| Ending of lease agreements | (950) | (116) | - | - | (252) | (1,318) |
| Currency difference | (20) | - | (2) | - | - | (22) |
| At 31 December 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 15,933 | 55 | 13,584 | 562 | 524 | 30,658 |
| At 31 December 2023 | 14,245 | 29 | 11,856 | 449 | 598 | 27,177 |
Acquisitions of businesses are accounted for using the acquisition method. The aggregate of the consideration transferred in a business combination is measured at fair value on the acquisition date. Acquisition-related costs are expensed as incurred and included in other operating expenses. During 2023, there were no acquisitions and therefore no related costs (2022: \u20ac\u00a0181 thousand).
\nFor a number of earn-out arrangements made on acquisitions, as at 31 December 2023 the fair value has been remeasured. As a consequence of lower than expected performance of the acquisitions, a release of \u20ac\u00a0878 thousand has been reported under \"financial income\". Not all earn-outs have been agreed with the selling shareholders. For other acquisitions that performed better than expected, the re-measurement led to an increase in the earn-out liability for which \u20ac\u00a033 thousand has been reported under \"financial expenses\".
\nThe recognized goodwill relating to the acquisition represents future economic benefits arising from assets that do not qualify for separate recognition as intangible assets. This includes expected new customers who generate revenue streams in the future and revenues generated because of new capabilities of the acquired product platforms. The total amount of goodwill recorded for this acquisition is not deductible for corporate tax purposes.
\nOn 1 March 2022, CM.com acquired 100% of the shares and voting rights of Building Blocks Holding B.V. and its subsidiaries (hereafter \"Building blocks\"). Building Blocks is a group of unlisted entities situated in the Netherlands, specialized in consumer artificial intelligence (\u201cAI\u201d) and builds personalized consumer interactions. The purchase price allocation is based on fair value of identifiable assets and liabilities of Building Blocks. The acquisition of Building Blocks is related to the SaaS segment.
\nThe acquired trade and other receivables mainly consist of trade and VAT receivables. Building Blocks' contribution in 2022 to revenue amounts to \u20ac\u00a03,475 thousand. If the acquisition was done as per 1 January 2022, the contribution to revenue would be \u20ac\u00a04,124 thousand in 2022. The total contribution to net result of Building Block is minus \u20ac\u00a0822 thousand in 2022. If the acquisition was done as per 1 January in 2022, the contribution to net result would be minus \u20ac\u00a0976 thousand in 2022.
\nThe provisional fair values of identifiable assets and liabilities of the acquisition as at the date of acquisition as displayed below. In 2023, the Company finalized the purchase price allocation of the acquisition of Building Blocks, with no adjustment to the provisional purchase price allocation performed in 2022.
\n| x \u20ac\u00a01,000 | Building Blocks |
|---|---|
| \u00a0 | \u00a0 |
| Consideration paid in cash | 6,891 |
| Equity payment | 2,584 |
| Earn-out (part of other accruals) | 2,558 |
| Total consideration | 12,033 |
| \u00a0 | \u00a0 |
| Goodwill | 14 |
| Intangible assets (Platform and Other) | 1,280 |
| Property, plant, and equipment | 354 |
| Right-of-use assets | 1,606 |
| Long-term receivables | 24 |
| Trade and other receivables | 1,198 |
| Cash and cash equivalents | 562 |
| Long-term debt | (2,499) |
| Trade and other payables | (1,997) |
| Contract liabilities | (737) |
| Deferred tax assets | 290 |
| Deferred tax liabilities | (290) |
| Carrying amount at acquisition date | (195) |
| \u00a0 | \u00a0 |
| Platform recognized fair value adjustment | 4,157 |
| Customer relations recognized fair value adjustment | 2,636 |
| Deferred tax liability recognized fair value adjustment | (1,753) |
| Total fair value of net identifiable assets and liabilities | 4,845 |
| \u00a0 | \u00a0 |
| Goodwill recognized | 7,187 |
An associate is an entity over which CM.com has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Both results as assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5.
\nDetails of associates are as follows:
\n| Name of associate | Principal activity | Place of incorporation and principal place of business | Proportion of ownership interest and voting rights | |||
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2022 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| PHOS Services Ltd | Transforming mobile devices into POS terminals | Bromley, England | 0.00% | 8.92% |
Although CM.com held less than 20% of the equity shares of PHOS Services Ltd, and it had less than 20% of the voting power at shareholder meetings, CM.com exercised significant influence as a result of the appointment as one of the investor directors contractual rights.
\nOn 27 March 2023, the Company sold its stake of shares in PHOS Services Ltd. to an external party. The relating loan receivable has been fully repaid. The result on the divestment is a loss of \u20ac\u00a0561 thousand. The loss calculation includes an expected earn-out receivable of \u20ac\u00a0610 thousand with a targeted consideration of \u20ac\u00a02.5 million. This targeted consideration could be exceeded in case the revenue target is overachieved. The impact of the sales transaction has been recognized as result in associates per reporting date, amounting to \u20ac\u00a0561 thousand. The earn-out receivable has been recognized under other receivables, see note 16.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 1,823 | 1,974 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Sale of shares | (1,262) | - |
| Share of result of associates | (561) | (151) |
| Carrying amount as at 31 December | - | 1,823 |
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the Group\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate.
\nCM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding the Building Blocks entities, and CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
\nMajor components of the income tax expense :
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current year | 608 | 695 |
| Adjustments prior periods | 167 | 1,198 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,916) | (2,262) |
| Movement in tax losses carried forward | 1,381 | (121) |
| Tax rate differences | 28 | 77 |
| Adjustments prior year | - | 180 |
| Tax according to the profit or loss account | (732) | (233) |
The effective tax rate for 2023 is 2.5% (2022: 0.5%) and can be reconciled as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (29,451) | (44,974) |
| Income tax at statutory tax rate (25.8%) | (7,597) | (11,603) |
| Exempt income | 145 | 391 |
| Non-deductible expenses | 128 | (510) |
| Rate differential | 220 | (318) |
| Non-recognition of deferred tax assets | 6,913 | 11,875 |
| Tax losses utilised | (543) | (826) |
| Deferred tax asset through equity | (202) | (268) |
| Tax relating to prior periods | 204 | 1,378 |
| Tax according to the profit or loss account | (732) | (233) |
Deferred tax is recognized using the balance sheet method, providing for carry forward losses and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting data.
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.
\nDeferred tax assets (\"DTA\") for unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. CM.com has tax losses carried forward of \u20ac\u00a0107.2 million as at 31 December 2023 (2022: \u20ac\u00a090.5 million), out of which \u20ac\u00a00.3 million (2022: \u20ac\u00a00.8 million) expires in the following five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed). An amount of \u20ac\u00a00.5 million (2022: \u20ac\u00a00.4 million) will expire after five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed) and \u20ac\u00a0106.4 million (2022: \u20ac\u00a089.3 million) can be carried forward indefinitely (of this for a total of \u20ac\u00a05.1 million a DTA is formed). For unused tax losses of \u20ac\u00a086.4 million no deferred tax asset is formed. Deferred tax assets recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Tax losses | Convertible bonds | Right-of-use assets | Deferred costs | Other |
|---|---|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 1,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 6,478 | 5,221 | 1,113 | 44 | - | 100 |
| Mutations through profit or loss | 121 | 121 | - | - | - | - |
| Mutations through equity | (268) | - | (268) | - | - | - |
| Acquisition of subsidiary | 290 | 290 | - | - | - | - |
| Charge to profit or loss | 402 | - | - | 16 | 493 | (107) |
| Exchange differences | 3 | 18 | - | (22) | - | 7 |
| Adjustments made in temporary differences | 4,1941 | - | - | 4,194 | - | - |
| Netting of tax | (9,714)1 | (4,675) | (845) | (4,194) | - | - |
| Carrying amount as at 31 December 2022 after netting | 1,506 | 975 | - | 38 | 493 | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 845 | 4,194 | - | - |
| Carrying amount as at 31 December 2022 before netting | 11,220 | 5,650 | 845 | 4,232 | 493 | - |
| Mutations through profit or loss | (1,179) | (1,179) | - | - | - | - |
| Mutations through equity | (202) | - | (202) | - | - | - |
| Charge to profit or loss | (217) | - | - | (358) | 141 | - |
| Exchange differences | (46) | (14) | - | - | (32) | - |
| Carrying amount as at 31 December 2023 before netting | 9,576 | 4,457 | 643 | 3,874 | 602 | - |
| Netting of tax | (8,440) | (4,047) | (643) | (3,750) | - | - |
| Carrying amount as at 31 December 2023 after netting | 1,136 | 410 | - | 124 | 602 | - |
Deferred tax liabilities recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Intangible assets | Right-of-use liabilities | Convertible bonds |
|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 2,847 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 8,242 | 6,588 | - | 1,654 |
| Mutations through profit or loss | (1,860) | (1,534) | - | (326) |
| Acquisition of subsidiary | 2,043 | 2,043 | - | - |
| Effect of change in tax rate | 77 | 77 | - | - |
| Prior periods | 180 | 180 | - | - |
| Adjustments made in temporary differences | 4,1941 | - | 4,194 | - |
| Netting of tax | (9,714)1 | (4,675) | (4,194) | (845) |
| Carrying amount as at 31 December 2022 after netting | 3,162 | 2,679 | - | 483 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 4,194 | 845 |
| Carrying amount as at 31 December 2022 before netting | 12,876 | 7,354 | 4,194 | 1,328 |
| Mutations through profit or loss | (2,901) | (2,117) | (444) | (340) |
| Effect of change in tax rate | - | - | - | - |
| Prior periods | - | - | - | - |
| Carrying amount as at 31 December 2023 before netting | 9,975 | 5,237 | 3,750 | 988 |
| Netting of tax | (8,440) | (4,047) | (3,750) | (643) |
| Carrying amount as at 31 December 2023 after netting | 1,535 | 1,190 | - | 345 |
CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
\nCredit risk represents the financial loss that would have to be recognized on the reporting date if a customer or counter party to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
\nCM.com\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk of the industry and country, in which customers operate, has less of an influence on credit risk. CM.com mitigates the credit risk through setting appropriate credit limits for each of its customers. We continuously monitor the creditworthiness of debtors and act appropriately on expired invoices.
\nThe carrying amount of financial assets represents the maximum credit exposure. For CM.com\u2019s statement of the carrying amounts see note 16 and note 21. No significant concentration of credit risk existed as at the reporting date. In prior year the additional charges to expenses mainly concentrate to one individual customer for a bad debt position of \u20ac\u00a04.2 milion.
\nThe changes in the provision for expected credit losses are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per 1 January | 5,548 | 372 |
| Additions to provision | 1,604 | 5,435 |
| Utilization of provision | (4,850) | (259) |
| Release of provision | (215) | - |
| Balance as per 31 December | 2,087 | 5,548 |
The aging of accounts receivables is set out below:
\n| x \u20ac\u00a01,000 | 2023 | 2023 | 2022 | 2022 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 13,475 | 13,177 | 15,226 | 14,455 |
| 1 - 30 days | 6,252 | 6,032 | 2,796 | 2,705 |
| 31 - 60 days | 2,238 | 2,149 | 5,312 | 5,085 |
| > 60 days | 4,397 | 2,917 | 7,874 | 3,415 |
| \u00a0 | 26,362 | 24,275 | 31,208 | 25,660 |
The buckets and expected credit losses (\"ECL\") are estimated as follows:
\n| Bucket | ECL % | |
|---|---|---|
| \u00a0 | 2023 | 2022 |
| Current | 1.0% | 1.0% |
| 1 - 30 days | 1.7% | 1.7% |
| 31 - 60 days | 6.2% | 6.2% |
| > 60 days | 10.0% | 10.0% |
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past payment behaviour for a 12-month period of the debtor and analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
\nFor the other financial assets, such as other receivables and deposits, the assumption is applied that, due to low credit risk and the amounts involved, the expected credit losses are deemed as not significant.
\nCM.com applies the IFRS 9 simplified approach for measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables excluding VAT and accrued income. To measure the expected credit losses, trade receivables, and accrued income have been grouped based on shared credit risk characteristics which are determined based on the days past due. Contract assets relate to unbilled revenue and have substantially the same risk characteristics as the current trade receivables for the same types of contracts.
\nThe expected loss rates are based on the payment profiles of sales over prior periods and the corresponding historical credit losses experienced related to those periods.
\nTrade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with CM.com, and a failure to make contractual payments.
\nImpairment losses on trade receivables and accrued income are recognised excluding VAT through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
\nLiquidity risk is the risk that CM.com will not be able to meet its financial obligations as they fall due. CM.com\u2019s approach to manage liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation.
\nPeriodically, liquidity budgets are prepared. Liquidity risks are controlled through interim monitoring and possible adjustments. The liquidity budgets take cash constraints into account.
\nCM.com assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. CM.com ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 180 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. CM.com\u2019s borrowing facilities and revolving credit facilities are detailed in note 18.
\nThe table below summarizes the expected future cash flows from CM.com\u2019s financial liabilities based on contractual undiscounted payments:
\n| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 18 | 1,451 | 3,006 | 9,144 | 6,776 | 20,377 | 17,521 |
| Convertible bonds | 19 | 1,000 | 1,000 | 104,000 | - | 106,000 | 95,922 |
| Trade payables | 21 | 33,275 | - | - | - | 33,275 | 33,275 |
| Other financial liabilities | 21 | 57,692 | - | - | - | 57,692 | 57,692 |
| Tax debt | 18 | - | - | 1,121 | - | 1,121 | 1,053 |
| \u00a0 | \u00a0 | 93,418 | 4,006 | 114,265 | 6,776 | 218,465 | 205,463 |
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 18 | 2,114 | 5,957 | 11,016 | 8,807 | 27,894 | 23,689 |
| Convertible bonds | 19 | 1,000 | 1,000 | 106,000 | - | 108,000 | 94,262 |
| Trade payables | 21 | 25,241 | - | - | - | 25,241 | 25,241 |
| Other financial liabilities | 21 | 78,363 | 224 | - | - | 78,587 | 78,548 |
| Bank loans | 18 | 4 | 11 | 5 | - | 20 | 20 |
| Tax debt long-term | 18 | - | - | 1,121 | - | 1,121 | 1,053 |
| \u00a0 | \u00a0 | 106,722 | 7,192 | 118,142 | 8,807 | 240,863 | 222,813 |
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect CM.com\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. The market risk comprises three types of risk: interest rate risk, foreign currency risk, and other risk. CM.com only recognizes the foreign currency risk as an applicable currency risk, due to the fact that there are no outstanding loans with variable interest and little other risk from external factors.
\nForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. CM.com is exposed to currency risk on sales, purchases, and borrowings that are denominated in a currency other than the functional currency. The currency giving rise to this risk are primarily CNY, GBP, INR, HKD (prior year JPY), SGD, and USD. As CM.com operates globally, purchases are done in multiple currencies. Alignment of sale and purchases contracts in local currencies mitigates the risk of foreign currency translations. The amounts below are excluding the foundation's activities as the cash, receivables and payables from the foundations both receive and pay-out in the same currency, as such the currency risk on these amounts are remote.\u00a0
\nCM.com's exposure to currency risk was as follows based on notional amounts:
\n| x \u20ac\u00a01,000 | \u00a0 | USD | HKD | CNY | GBP | INR | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 2,041 | 74 | 1,028 | 410 | 160 | 202 |
| Trade receivables | \u00a0 | 11,526 | 60 | 252 | 617 | 185 | - |
| Trade payables | \u00a0 | (7,350) | (30) | (169) | (752) | (30) | (133) |
| \u00a0 | \u00a0 | 6,217 | 104 | 1,110 | 276 | 315 | 69 |
| x \u20ac\u00a01,000 | \u00a0 | USD | INR | CNY | GBP | JPY | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 528 | 497 | 4,802 | 519 | 173 | 3,143 |
| Trade receivables | \u00a0 | 12,377 | 149 | 548 | 384 | 284 | 57 |
| Trade payables | \u00a0 | (4,880) | (15) | (147) | (556) | (97) | (99) |
| \u00a0 | \u00a0 | 8,025 | 631 | 5,203 | 347 | 360 | 3,101 |
The summary below shows the effect on the result that a reasonable possible change in exchange rate (+5%, calculated from exchange rate), with all other variables held constant, could have for the primary foreign excange rates:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| USD | 440 | 617 |
| HKD | (32) | - |
| CNY | 56 | 246 |
| GBP | 13 | 17 |
| INR | 15 | 30 |
| SGD | 13 | 140 |
| JPY | - | 17 |
Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nLong-term receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deposits | 1,316 | 1,244 |
| Other receivables | 732 | 971 |
| Other participation | 60 | 60 |
| \u00a0 | 2,108 | 2,275 |
| Current portion of long-term receivables | 596 | 810 |
| \u00a0 | 1,512 | 1,465 |
No impairment losses were recognized in 2023 and 2022. The other participation relates to an investment in 5% of the shares of Wireless Interactions & NFC Accelerator 2013 B.V.
\nA summary of the movements in long-term receivables is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 2,275 | 2,670 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Loans granted / advance payment | 222 | 1,016 |
| Repayment loans | (422) | (632) |
| Write off loans | (38) | (952) |
| Paid deposits | 568 | 599 |
| Refund deposits | (421) | (468) |
| Other movements | (55) | - |
| Acquisitions | - | 24 |
| Currency difference | (21) | 18 |
| Carrying amount as at 31 December | 2,108 | 2,275 |
Trade and other receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 24,275 | 25,660 |
| Accrued revenue | 18,623 | 22,696 |
| Prepayments | 1,747 | 3,160 |
| Receivables from merchants and financial institutions | 3,801 | 2,105 |
| VAT and payroll tax receivables | 882 | 1,655 |
| Other receivables | 1,661 | 1,759 |
| \u00a0 | 50,989 | 57,0351 |
Trade and other receivables do not include any receivables that are payable later than 12 months after the balance sheet date. A provision for expected credit losses is accounted for and netted with the trade receivables. At the reporting date, an amount of \u20ac\u00a02,087 thousand (2022: \u20ac\u00a05,548 thousand) is provided for. CM.com\u2019s exposure to credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 13.
\nCash and cash equivalents at the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 26,220 | 46,916 |
| Cash at bank restricted | 22,379 | 35,824 |
| \u00a0 | 48,599 | 82,740 |
Cash and cash equivalents comprise of cash at bank and on-hand.
\nCash at bank restricted is solely related to the foundation's activities and to be settled with merchants of Payments and Ticketing customers. Considering that these balances cannot be used by the Company for its own activities, these are recorded as restricted cash.
\nAll other cash and cash equivalents are available for immediate use by the Company.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of CM.com\u2019s cash management.
\nBorrowings per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Lease liability | 17,521 | 23,689 |
| Tax debt | 1,053 | 1,053 |
| Bank loans | - | 20 |
| \u00a0 | 18,574 | 24,762 |
| Current portion of borrowings | 4,000 | 6,878 |
| \u00a0 | 14,574 | 17,884 |
A summary of the movements in borrowings is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 24,762 | 10,053 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Increase in bank loans | - | 31 |
| Increase in tax debt (via acquisitions) | - | 1,117 |
| Increase in lease liability (including acquisitions) | 1,367 | 20,791 |
| Redemptions of bank loans | (20) | (11) |
| Redemptions of tax debt | (260) | (64) |
| Redemptions of lease liability | (7,429) | (7,162) |
| Reclassification of tax debt1 | 260 | - |
| Ending of lease liability | (85) | - |
| Currency difference | (21) | 7 |
| Carrying amount as at 31 December | 18,574 | 24,762 |
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
\nCM.com will have the option to redeem all, but not some, of the bonds for the time being outstanding at their principal amount together with accrued interest, at any time from 24 September 2024, provided that the volume weighted average price of a share on Euronext Amsterdam shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. Any outstanding bonds are also redeemable at any time after the settlement date if at least 85% of the issued bonds have been converted, settled, or redeemed.
\nThe convertible bonds expire in September 2026, and management is confident that the Company can meet its obligations based on the Company\u2019s positive performance according to the results 2023 and business plan for 2024-2026 as well as the active dialogues taking place with the capital markets about this topic.
\nThe net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity of CM.com, as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at 1 January | 94,262 | 92,648 |
| Interest charged (using effective interest rate) | 1,660 | 1,614 |
| Carrying amount of liability component at 31 December | 95,922 | 94,262 |
The equity component of \u20ac\u00a05,738 thousand (2022: \u20ac\u00a05,940 thousand) (net of tax) has been credited to the option premium on the convertible bonds reserve. The tax effect includes a deferred tax liability of \u20ac\u00a0988 thousand (2022: \u20ac\u00a01,328 thousand) offset by a related deferred tax asset recognized through equity of \u20ac\u00a0643 thousand (2022: \u20ac\u00a0845 thousand), see note 11.
\nThe interest expense for the year is calculated by applying an effective interest rate of 3,55% to the liability component for the 12-month period. The yield is based on a CCC+ credit rating assigned by Wiserfunding. CapitalIQ is consulted on the yields of 5-year bonds rated B or CCC, with 29 US companies underlying the CCC yield curve. Subsequently, the CCC+ interest rate is calculated through exponential interpolation.
\nThe liability component is measured at amortized cost. The difference between the carrying amount of the liability component at the date of issue and the amount reported in the reporting at 31 December 2023 represents the effective interest rate less interest paid to that date.
\nThe market price at 31 December 2023 at Boerse Frankfurt is 60.70% of the nominal value (2022: 63.31%).
\nIn 2023, the Company started a new business called Ticket Guarantee in which we sell insurances to tickets of our events. The provision fully relates to the provisional amount of expected payouts on outstanding insurances. The Company has applied the simplified approach under IFRS 17 for these insurances as all insurance policies sold have a lifetime of less then 12 months. The total cost for the provision amounts to \u20ac\u00a00.1 million. The provision will be utilized within the next 12 months.
\nTrade and other payables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 33,275 | 25,241 |
| Payables to merchants and financial institutions | 25,899 | 37,735 |
| Invoices to be received for cost of services | 13,544 | 22,864 |
| VAT and payroll tax payables | 5,833 | 3,525 |
| Third-party collection payable to content providers | 1,641 | 1,302 |
| Other accruals | 9,620 | 12,403 |
| \u00a0 | 89,812 | 103,070 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
\nPayables to merchants and financial institutions relate to the collected amounts from consumers, received on the bank accounts of the foundation. These amounts are to be transferred to merchants of CM Payments B.V. and Ticketing customers.
\nThe other accruals mainly consists of earn-out liabilities relating to acquisitions amounting to \u20ac\u00a0392 thousand as per 31 December 2023 (2022: \u20ac\u00a03,087 thousand), non-trade invoices to be received and personnel accruals.
\nThe revenue received in advance mainly consists of prepaid subscription fees (linear released over the contract period) or prepaid CPaaS balances (released by usage). The amount as per 31 December 2022 is settled in full in 2023. The amount as per 31 December 2023, will be settled in full in 2024. The increase in the contract liabilities compared to 2022, is due to increased revenue in the SaaS segment, also see note 4.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 56,449 | 57,759 |
| Social security charges | 8,883 | 9,104 |
| Pension costs | 2,168 | 1,870 |
| WBSO government grant | (635) | (1,812) |
| Capitalized development costs | (12,520) | (11,773) |
| \u00a0 | 54,345 | 55,148 |
The employee benefits expenses can be split by department as follows:
\n| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 19,027 | 27,594 | 9,828 | 56,449 |
| Social security charges | 3,246 | 4,236 | 1,401 | 8,883 |
| Pension costs | 746 | 986 | 436 | 2,168 |
| WBSO government grant | (635) | - | - | (635) |
| Capitalized development costs | (12,520) | - | - | (12,520) |
| \u00a0 | 9,864 | 32,816 | 11,665 | 54,345 |
| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 16,160 | 29,310 | 12,289 | 57,759 |
| Social security charges | 2,909 | 4,592 | 1,603 | 9,104 |
| Pension costs | 585 | 849 | 436 | 1,870 |
| WBSO government grant | (1,812) | - | - | (1,812) |
| Capitalized development costs | (11,773) | - | - | (11,773) |
| \u00a0 | 6,069 | 34,751 | 14,328 | 55,148 |
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 833 (2022: 880), of which 211 FTEs are working outside the Netherlands (2022: 251). The breakdown per department of average number FTEs is as follows:
\n| \u00a0 | 2023 | 2022 |
|---|---|---|
| Sales & Marketing | 398 | 456 |
| Research & Development | 311 | 304 |
| General & Administration | 124 | 120 |
| \u00a0 | 833 | 880 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the Company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The Company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
\nThe undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the Group has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
\nEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions.
\nThe fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, CM.com revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss under Employee benefits such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
\nFor cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss under Employee benefits.
\nThe following share-based payments schemes existed during the period:
Long-Term Incentive Plans (\u201cLTIP\u2019s\u201d) for key individuals in senior leadership positions;
Key Leadership Program (\u201cKLIP\u201d) for a small group of employees in key leadership positions;
Key Person Plan (\u201cKPP\u201d) for a number of key employees within CM.com;
CM.com Awards Plan for some individual remunerations; and
Restricted Share Unit Plan (\"RSU\") for a number of key talents within CM.com.
The Management Board recognizes the importance of its employees to the future success of the Company. A Long-Term Incentive Plan (\"LTIP\") has been introduced for key individuals in senior leadership positions. There have been four grants under the LTIPs:
LTIP 2020-2023 granted at 21 February 2020. During the year, ordinary shares were granted to new participants under the same LTIP conditions. The vesting date was 21 February 2023.
LTIP 2021-2024 granted at 1 January 2021. During the year, ordinary shares were granted to new participants under the same LTIP conditions. The vesting date is 1 April 2024.
LTIP 2022-2025 granted at 1 and 21 April 2022. The vesting date is 1 April 2025.
LTIP 2023-2026 granted at 25 May 2023. The vesting date is 1 April 2026.
The number of awards made under the plan that will vest and become unconditional is subject to continued employment and the actual performance on the Total Shareholder Return (TSR), Revenue: Compound Annual Growth Rate\u00a0(CAGR), Customer Satisfaction (NPS), ESG - Gender diversity and Employee Satisfaction performance conditions. The Company used the Monte Carlo model to determine the fair value of the TSR portion of the conditional awards.
\nKey assumptions to the TSR shares 2023:
\n| \u00a0 | 24 May 2023 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 8.0 |
| Expected volitality | 46.9% |
| Vesting period (years) | 2.9 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.6/4.4/2.8 |
| Fair value at grant date | 3.42 |
Key assumptions to the TSR shares 2022:
\n| x \u20ac\u00a01,000 | 1 April 2022 | 21 April 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 19.4 | 17.3 |
| Expected volitality | 49.9% | 50.0% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | 0.135/2.57 | 0.327/2.81 |
| Fair value at grant date | 9.07 | 6.91 |
Key assumptions to the TSR shares 2021:
\n| x \u20ac\u00a01,000 | January 2021 | May 2021 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 31.0 | 28.1 |
| Expected volitality | 48.1% | 48.8% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | (0.761)/0.17 | (0.689)/0.23 |
| Fair value at grant date | 38.47 | 28.58 |
Key assumptions to the TSR shares 2020:
\n| x \u20ac\u00a01,000 | February 2020 | April 2020 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 17.1 | 12.6 |
| Expected volitality | 41% | 46% |
| Vesting period (years) | 3.0 | 2.8 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | (0.657)/1.31 | (0.673)/0.24 |
| Fair value at grant date | 15.53 | 17.48 |
The LTIP awards granted to employees are classified as equity-settled in accordance with the earlier described policy.
\nThe Key Person Program (\u2018KPP\u2019) was introduced for a number of key employees within CM.com and comprise a bonus settled in cash or ordinary shares for no consideration. During 2022 the shares granted in 2020 vested. The shares granted at 1 March 2021 vested at 1 March 2023. The condition for vesting is that the relevant employee continues to be employed by the Company for two years after grant date. There are no market performance conditions in this plan that effect the vesting.
\nThe Key Leadership Program (\u2018KLIP\u2019) was introduced for a small group of employees in key leadership positions. This is an non-recurring program with a long tenure (three years) and comprise of a cumulative total of 50,000 ordinary shares for no consideration. The first vest under this plan was done on the grant date at 18 March 2020 (25.000 shares), the second vest at 18 March 2021 (15.000 shares) and the third and final vest at 18 March 2022 (10.000 shares). There are no market performance conditions in this plan that effected the vesting.
\nThe CM.com Awards Plan has been introduced for some individual remunerations. This is a non-recurring program which comprises ordinary shares for no consideration. During 2022 the shares granted in 2021 vested. The condition for vesting is that the relevant employee continues to be employed by the Company at vesting date.There are no market performance conditions in this plan that effect the vesting.
\nThe Restricted Share Unit Plan (\u2018RSU\u2019) was introduced during 2022 to create competitive advantage in attracting, motivating and retaining key talent within CM.com and comprise ordinary shares for no consideration. The condition for vesting is that the relevant employee is still employed by the Company on vesting date and has not given or have not been given notice of termination of employment. There are no market performance conditions in this plan that effect the vesting.
\nA summary of the movements in outstanding shares for the different plans is provided:
\n| \u00a0 | LTIP | RSU | KPP | KLIP | CM.com Awards |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 44,093 | - | 27,533 | 10,000 | 2,990 |
| Granted | 35,482 | 38,572 | - | - | - |
| Forfeited | (10,977) | - | (9,387) | - | (667) |
| Vested | - | (1,830) | (12,837) | (10,000) | (2,323) |
| At 31 December 2022 | 68,598 | 36,742 | 5,309 | - | - |
| Granted | 88,228 | 17,603 | - | - | - |
| Forfeited | (8,966) | (11,449) | - | - | - |
| Vested | (19,030) | (8,997) | (5,309) | - | - |
| At 31 December 2023 | 128,830 | 33,899 | - | - | - |
None of the outstanding shares were exercisable at 31 December 2023.
\nThe Company issues to certain employees share appreciation rights (\"SARs\") that require the Company to pay the intrinsic value of the SAR to the employee at the date of exercise. The Company has recorded liabilities of \u20ac\u00a012 thousand (2022: \u20ac\u00a089 thousand). The Company recorded total expenses of \u20ac\u00a08 thousand (2022: minus \u20ac\u00a03 thousand). The total intrinsic value at 31 December 2023 \u20ac\u00a08.70 (2022: \u20ac\u00a011.36).
\nThe expenses of the different plans are recognized in profit or loss under Employee benefits expenses and can be specified as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| LTIP (equity-settled) | 351 | 232 |
| KPP (equity-settled) | - | 71 |
| KPP (cash-settled) | 8 | (3) |
| KLIP (equity-settled) | - | 7 |
| CM.com Awards (equity-settled) | - | 2 |
| RSU (equity-settled) | 112 | 236 |
| \u00a0 | 471 | 545 |
| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 7,115 | 7,502 |
| Other staff expenses | 5,285 | 9,792 |
| Marketing and sales expenses | 6,220 | 10,896 |
| General expenses | 4,310 | 6,617 |
| Housing expenses | 2,596 | 3,085 |
| Expected credit losses | 1,389 | 5,435 |
| \u00a0 | 26,915 | 43,327 |
The capitalized development costs (see note 23) have partly been allocated to the general expenses for an amount of \u20ac\u00a03,130 thousand (2022: 3,608 thousand). This charge mainly relates to Workspace and IT expenses.
\nIn the housing expenses, an amount of \u20ac\u00a01,200 thousand (2022: \u20ac\u00a01,749 thousand) relates to short-term leases. In the car expenses, an amount of \u20ac\u00a0114 thousand (2022: \u20ac\u00a0174 thousand) relates to short-term leases. Other staff expenses mainly consists of contractors and agency personnel expenses amounting to \u20ac\u00a02,138 thousand (2022: \u20ac\u00a04,663 thousand).
\nFor more information on the exposure to credit risk and the expected credit losses, see note 13.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank interest received | 379 | 22 |
| Fair value gains | 877 | 4,613 |
| Other interest received | 40 | 105 |
| \u00a0 | 1,296 | 4,740 |
Fair value gains relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
\nAs of 31 December 2023, the legal entities that are part of the group have granted guarantees amounting to \u20ac\u00a013 thousand (2022: \u20ac\u00a0136 thousand).
\nAll legal entities that can be controlled, jointly controlled, or significantly influenced are considered related parties. Entities that can control the Company or other subsidiaries of the Group are also considered related parties. In addition, the members of the Management Board and the Supervisory Board are considered key management personnel as defined in IAS 24. The remuneration policy for members of the Management Board was developed by the Supervisory Board, and approved, adopted, and amended by the General Meeting. The following transactions were carried out with related parties:
Purchases from/sales to related parties (leases from related parties); and
Management Board and Supervisory Board remuneration
CM.com has a rental agreement with CM Campus B.V. which is a related party by its shareholders (2 members of the Management Board of CM.com N.V.). The rent charged by CM Campus B.V. amounted to \u20ac\u00a01.2 million for 2023 (2022: \u20ac\u00a01.1 million) which are all considered right-of-use assets in the Companies financial statements. The right-of-use assets relating to CM Campus B.V. have a book value of \u20ac\u00a07.9 million at 31 December 2023 (2022: \u20ac\u00a08.8 million). The right-of-use liability relating to CM Campus B.V. has a book value of \u20ac\u00a08.0 million at 31 December 2023 (2022: 8.8 million). The accounts receivable position related to CM Campus B.V. was \u20ac\u00a0488 thousand at 31 December 2023 (2022: \u20ac\u00a0478 thousand). The accounts payable position relating to CM Campus B.V. was \u20ac\u00a0480 thousand at 31 December 2023 (2022: \u20ac\u00a069 thousand). CM.com has provided facility, finance, and legal services for CM Campus B.V. for an amount of \u20ac\u00a027 thousand in 2023 (2022: \u20ac\u00a039 thousand).
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Short-term employee benefits | 1,586 | 1,317 |
| Post-employment benefits | 19 | 18 |
| Share-based payments | 401 | 201 |
| \u00a0 | 2,006 | 1,536 |
| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Compensation | 251 | 262 |
| \u00a0 | 251 | 262 |
For more details see tables under \u2018\u2019Actual remuneration\u2019\u2019 and \u2018\u2019Actual Supervisory Board costs\u2019\u2019 in the Remuneration report. These tables are considered part of the financial statements and audited.
\nAll transactions with related parties are made at terms equivalent to those that prevail in arm\u2019s length transactions.
\nCM.com N.V. in Breda is the head of a group of legal entities. A summary of the information required under Article 2:379 of the Dutch Civil Code is given:
\n| Name | Registered Office | Principal Activities | Share in Issued Share Capital |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| CM.com N.V. | Breda (The Netherlands) | Holding company | 100% |
| CM.com Netherlands B.V. | Breda (The Netherlands) | CPaaS, SaaS solutions & Ticketing services | 100% |
| CM.com International B.V. | Breda (The Netherlands) | CPaaS, SaaS solutions & Ticketing services | 100% |
| CM Payments B.V. | Breda (The Netherlands) | Payments processing | 100% |
| CM Platform B.V. | Breda (The Netherlands) | R&D | 100% |
| Global Ticket B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| The Selfservice Company Solutions B.V.1 | Breda (The Netherlands) | Conversation platform services | n/a |
| SEPASoft B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| PayPlaza B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| PayPlaza Gov Solutions B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| Your Ticket Provider B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| Get-a-Ticket B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| Tracedock B.V.1 | Breda (The Netherlands) | First Party Data collection | n/a |
| CM.com R&D 1 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 2 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 3 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 4 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 5 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 6 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 7 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 8 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 9 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 10 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 11 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 12 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 13 B.V. | Breda (The Netherlands) | R&D | 100% |
| Building Blocks Holding B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| Building Blocks B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| Blocks B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| CM.com Ticket Guarantee N.V. | Breda (The Netherlands) | Ticket guarantees | 100% |
| CM.com Belgium N.V. | Zaventem (Belgium) | Marketing and sales office | 100% |
| Appmiral BVBA1 | Mechelen (Belgium) | Ticketing services | n/a |
| CM.com Germany GmbH | Frankfurt (Germany) | Marketing and sales office | 100% |
| CX Company GmbH1 | Dusseldorf (Germany) | Conversation platform services | n/a |
| CM Telecom UK Ltd. | London (UK) | Marketing and sales office | 100% |
| Elitechnology Limited1 | London (UK) | Conversation platform services | n/a |
| CM Telecom France SAS | Paris (France) | Marketing and sales office | 100% |
| CM Telecom Hong Kong Ltd. | Hong Kong (China) | Marketing and sales office | 100% |
| CM Telecom Shenzhen Co. Ltd. | Shenzhen (China) | Marketing and sales office | 100% |
| CM Telecom Singapore Private Ltd. | Singapore (Singapore) | Marketing and sales office | 100% |
| CM.com Japan K.K. | Tokyo (Japan) | Marketing and sales office | 100% |
| CM Telecom South Africa Ltd. | Cape Town (South Africa) | Marketing and sales office | 100% |
| CM.com US Inc. | Wilmington, Delaware (USA) | Marketing and sales office | 100% |
| CM Telecom FZ-LLC | Dubai (UAE) | Marketing and sales office | 100% |
| CM Communication Platform & Technology, S.L.U. | Barcelona (Spain) | Marketing and sales office | 100% |
| PayPlaza Espana S.L.2 | Madrid (Spain) | Point of Sale Gateway | 100% |
| CMCOM Turkey Elektronik Haberlesme Ltd Sti | Istanbul (Turkey) | Marketing and sales office | 100% |
| CM.com Kenya Ltd. | Nairobi (Kenya) | Marketing and sales office | 100% |
| Communication Platform India Private Limited | Bangalore (India) | Marketing and sales office | 100% |
| CM.com Italy S.r.l. | Milan (Italy) | Marketing and sales office | 100% |
| CM.COM Mexico, S. de R.L. de C.V. | Mexico City (Mexico) | Marketing and sales office | 100% |
| CM.com Brasil Ltda. | Sao Paulo (Brasil) | Marketing and sales office | 100% |
| CM.com Kazakhstan Limited Liability Company | Almaty (Kazakhstan) | Marketing and sales office | 100% |
| CM.com Denmark AS | Copenhagen (Denmark) | Marketing and sales office | 100% |
| CM.com Stichting | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting Derdengelden CM Payments | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting YourTicketProvider | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
With reference to section 2:382a (1) and (2) of the Dutch Civil Code, the following fees for the financial year have been charged by Deloitte Accountants B.V. as well as by other Deloitte member firms to the Company and its subsidiaries:
\n| x \u20ac\u00a01,000 | \u00a0 | Deloitte |
|---|---|---|
| Audit fees | \u00a0 | 770 |
| Other services | \u00a0 | 9 |
| \u00a0 | \u00a0 | 779 |
The comparative figures for 2022 are as follows:
\n| x \u20ac\u00a01,000 | \u00a0 | Deloitte |
|---|---|---|
| Audit fees | \u00a0 | 741 |
| Other services | \u00a0 | 9 |
| \u00a0 | \u00a0 | 750 |
The above includes the audit fees with respect to the Dutch statutory audits, which cannot be split from the total audit fees. The fees also include the fee for local statutory financial statements outside the Netherlands for an amount of \u20ac\u00a0248 thousand (2022: \u20ac\u00a0226 thousand).
\nThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. These estimates inherently contain a degree of uncertainty. Actual results may differ from these estimates under different assumptions or conditions.
\nThe areas where the most significant judgments and estimates are made are revenue, impairment and useful life of non-current assets, purchase price allocation, and earn-outs from relating to acquired companies.
\nIf CM.com has control of goods or services when they are delivered to a customer, then CM.com is the principal in the sale to the customer, otherwise CM.com is acting as an agent. Whether CM.com is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between CM.com and its business partners; such judgements impact the amount of reported revenue and operating expenses but do not impact reported assets, liabilities, or cash flows. Scenarios requiring judgement to determine whether CM.com is a principal or an agent include, for example, those where CM.com delivers third-party content to customers. Revenue for premium SMS is presented at a net basis.
\nAs stated in note 5, intangible assets acquired in a business combination are capitalized and amortized over their useful lives. Both initial valuations and valuations for subsequent impairment tests are based on risk adjusted future cash flows discounted using appropriate discount rates. These future cash flows will be based on forecasts which are inherently judgmental. Future events could cause the assumptions to change which could have an adverse effect on the future results of CM.com. Refer to note 5 and 6 for a description of the specific estimates and judgments used and the net book values of intangible assets.
\nAs stated in note 6, a forecast period of five years is used for the value-in-use calculation for the impairment test on goodwill and intangible assets with indefinite useful life (e.g. domain names). The cash flow projections are based on the financial forecast approved by the Management Board, covering a three-year period (2024-2026). The cash flow projections beyond that three-year period are based on expected revenue growth, derived from our mid-term guidance which focuses on gross profit growth, resulting in a growth rate of 13% for SaaS as well as for Payments. CGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. The Management Board has assessed the reasonableness of the assumptions on which its current cash flow projections are based.
\nThe useful lives have to be determined for intangible assets and property, plant, and equipment. The useful lives are estimated based on best practice within CM.com. CM.com reviews the remaining useful lives of its non-current assets annually. The uncertainty included in this estimate is that the useful lives are estimated longer than the actual useful lives of the intangible assets and property, plant, and equipment, which could possible result in accelerated amortization and depreciation in future years and/or impairments at the end of the actual useful lives of the related intangible assets and property, plant, and equipment. We have reassessed the useful lives of the capitalized developments and no change is required in FY 2023.
\nThe provisional purchase price allocation is based on an estimation of the identifiable assets acquired and liabilities assumed. This estimation requires management to estimate the future cash flows expected to arise from the assets and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. The main reason for being provisional is the settlement of liabilities.
\nAs stated in note 9, for the entities which were acquired in 2021 and 2022, earn-out has been included in the purchase price allocation. As stated in note 10, an earn-out was agreed as part of the sales transaction of the shares in Phos Services Ltd. When determining the fair value of the earn-out, several assumptions and judgments were made regarding the estimated future revenue and cash flows and therefore the future cash-out for the earn-out.
\nOn February 14 2024, CM.com signed an agreement with HSBC Continental Europe for a Revolving Credit Facility with a maximum principle amount of \u20ac\u00a015\u00a0million with an accordion option of another \u20ac10 million, including guarantees for the bank in case of default. The duration is till March 31 2026 with an interest rate of EURIBOR +4.5%
\nIn Q1 2024, management decided to close the CM.com offices in Brazil, Kazakhstan, and Turkey. The financial impact of the closure of these offices will be minimal.
\nChanges in presentation in comparison to the Statement of financial position, as included in the 2022 financial statements, are explained in the concerning notes.
\nWith regards to the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis per 1 October instead of per 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nNew standards, amendments, and/or interpretations to existing IFRS standards became effective in 2023. These new standards, amendments, and interpretations, as far as they are relevant, have no material impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nRegarding the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis as of 1 October instead of as of 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nThe Group has adopted the recent IASB amendments to IAS 12 - 'Deferred tax related to assets and liabilities arising from a single transaction' that clarify treatment for deferred tax on transactions such as leases. The amendments introduce an exception to the initial recognition exemption in IAS 12 and apply to transactions that occur on or after the beginning of the earliest comparative period presented in our financial statements. See note 11 for further disclosures.
\nIFRS 17 relating to insurance contracts took effect at the start of 2022. As CM.com set-up a legal entity to sell ticket guarantees, this standard will have an effect on our financial statements from 2023 and onward. We have ensured the data is available within the Company from the start, to be able to comply with the reporting requirements of IFRS 17. We refer to note 20 in these financial statements for the impact of IFRS 17 on the Company.
\nNew standards, amendments, and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after 1 January 2024. As far as these standards, amendments, and interpretations are applicable to the Company, these are expected to have no effect on the valuation and classification of assets and liabilities. The Company has decided not to opt for early adoption.
\nThe activities of CM.com N.V. (CM.com) and its group companies (for the list of group companies see note 29) primarily consists of advising, guiding, implementing, and assisting companies approaching its target audience through modern (media) techniques. CM.com N.V. has its legal seat at Konijnenberg 30 at Breda, the Netherlands and is registered at the chamber of commerce under the registration number: 70523 770. The shares of CM.com N.V. (the ultimate parent) are listed on Euronext Amsterdam in The Netherlands under the symbol CMCOM.
\nThe consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) adopted and endorsed by the European Union (\u201cEU-IFRSs\u201d) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
\nThe Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. Management's assessment was based on the assumptions used in the business plan 2024-2026. This plan supported the mid-term guidance leading to further growth in positive EBITDA and to be free cash flow positive over H2 2024. Based on sensitivity scenarios and their outcome, Management believes that the Group has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions give rise to doubt on the Group's ability to continue as a going concern, therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
\n
The consolidated financial statements have been prepared on the historical cost basis with the exception of financial assets and liabilities, which are valued at fair value through profit or loss. The consolidated financial statements are presented in euros and rounded at thousands, unless otherwise stated. The euro is the functional currency of the Company.
The financial information relating to CM.com N.V. is presented in the consolidated financial statements. The corporate financial statements have been prepared in accordance with sub article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies used to prepare the corporate financial statements are the same as that of the group.
\nCurrent assets are assets that are expected to be realized in the entity\u2019s normal operating cycle held primarily for the purpose of trading. Current assets are expected to be realized within 12 months after the reporting period. All other assets are non-current.
\nCurrent liabilities are those expected to be settled within the entity\u2019s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months (settlement by the issue of equity instruments does not impact classification). Other liabilities are non-current.
\nTransactions in foreign currencies are translated into euro using the exchange rates applicable at transaction date. At reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euro using the rates at reporting date. Exchange rate differences are recognized in profit or loss.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate at the reporting date. For consolidation purposes, the results and financial position of subsidiaries are translated to euro at closing rate on the date of the financial position (assets and liabilities) or at the average exchange rates applicable for the specific reporting period (income and expenses). If the average rate for income and expenses is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, income and expenses are translated at the dates of the transactions. All resulting exchange differences are recognized in other comprehensive result.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the Group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities.
\nFair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy as the Company uses observable market data for the interest rates.
\nThe different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements incorporate the financial statements of CM.com and entities controlled by CM.com (its subsidiaries and foundations) made up to 31 December each year. Control is achieved when the Company:
has the power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.
CM.com reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
\nWhen the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
\nThe Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements;
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when CM.com obtains control over the subsidiary and ceases when CM.com loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date CM.com gains control until the date when CM.com ceases to control the subsidiary or foundation.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with CM.com\u2019s accounting policies.
\nAll intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-0": { "value": "CM.com N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-5": { "value": "primarily consists of advising, guiding, implementing, and assisting companies approaching its target audience through modern (media) techniques.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-2": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-4": { "value": "Konijnenberg 30 at Breda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-3": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-6": { "value": "CM.com N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-1": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-277": { "value": "\nThe consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) adopted and endorsed by the European Union (\u201cEU-IFRSs\u201d) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
\nThe Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. Management's assessment was based on the assumptions used in the business plan 2024-2026. This plan supported the mid-term guidance leading to further growth in positive EBITDA and to be free cash flow positive over H2 2024. Based on sensitivity scenarios and their outcome, Management believes that the Group has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions give rise to doubt on the Group's ability to continue as a going concern, therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
\n
The consolidated financial statements have been prepared on the historical cost basis with the exception of financial assets and liabilities, which are valued at fair value through profit or loss. The consolidated financial statements are presented in euros and rounded at thousands, unless otherwise stated. The euro is the functional currency of the Company.
The financial information relating to CM.com N.V. is presented in the consolidated financial statements. The corporate financial statements have been prepared in accordance with sub article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies used to prepare the corporate financial statements are the same as that of the group.
\nCurrent assets are assets that are expected to be realized in the entity\u2019s normal operating cycle held primarily for the purpose of trading. Current assets are expected to be realized within 12 months after the reporting period. All other assets are non-current.
\nCurrent liabilities are those expected to be settled within the entity\u2019s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months (settlement by the issue of equity instruments does not impact classification). Other liabilities are non-current.
\nTransactions in foreign currencies are translated into euro using the exchange rates applicable at transaction date. At reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euro using the rates at reporting date. Exchange rate differences are recognized in profit or loss.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate at the reporting date. For consolidation purposes, the results and financial position of subsidiaries are translated to euro at closing rate on the date of the financial position (assets and liabilities) or at the average exchange rates applicable for the specific reporting period (income and expenses). If the average rate for income and expenses is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, income and expenses are translated at the dates of the transactions. All resulting exchange differences are recognized in other comprehensive result.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the Group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities.
\nFair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy as the Company uses observable market data for the interest rates.
\nThe different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) adopted and endorsed by the European Union (\u201cEU-IFRSs\u201d) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
\nThe Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. Management's assessment was based on the assumptions used in the business plan 2024-2026. This plan supported the mid-term guidance leading to further growth in positive EBITDA and to be free cash flow positive over H2 2024. Based on sensitivity scenarios and their outcome, Management believes that the Group has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions give rise to doubt on the Group's ability to continue as a going concern, therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
\n
The consolidated financial statements have been prepared on the historical cost basis with the exception of financial assets and liabilities, which are valued at fair value through profit or loss. The consolidated financial statements are presented in euros and rounded at thousands, unless otherwise stated. The euro is the functional currency of the Company.
The financial information relating to CM.com N.V. is presented in the consolidated financial statements. The corporate financial statements have been prepared in accordance with sub article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies used to prepare the corporate financial statements are the same as that of the group.
\nCurrent assets are assets that are expected to be realized in the entity\u2019s normal operating cycle held primarily for the purpose of trading. Current assets are expected to be realized within 12 months after the reporting period. All other assets are non-current.
\nCurrent liabilities are those expected to be settled within the entity\u2019s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months (settlement by the issue of equity instruments does not impact classification). Other liabilities are non-current.
\nTransactions in foreign currencies are translated into euro using the exchange rates applicable at transaction date. At reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euro using the rates at reporting date. Exchange rate differences are recognized in profit or loss.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate at the reporting date. For consolidation purposes, the results and financial position of subsidiaries are translated to euro at closing rate on the date of the financial position (assets and liabilities) or at the average exchange rates applicable for the specific reporting period (income and expenses). If the average rate for income and expenses is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, income and expenses are translated at the dates of the transactions. All resulting exchange differences are recognized in other comprehensive result.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the Group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities.
\nFair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy as the Company uses observable market data for the interest rates.
\nThe different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) adopted and endorsed by the European Union (\u201cEU-IFRSs\u201d) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
\nThe Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. Management's assessment was based on the assumptions used in the business plan 2024-2026. This plan supported the mid-term guidance leading to further growth in positive EBITDA and to be free cash flow positive over H2 2024. Based on sensitivity scenarios and their outcome, Management believes that the Group has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions give rise to doubt on the Group's ability to continue as a going concern, therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
\n
The consolidated financial statements have been prepared on the historical cost basis with the exception of financial assets and liabilities, which are valued at fair value through profit or loss. The consolidated financial statements are presented in euros and rounded at thousands, unless otherwise stated. The euro is the functional currency of the Company.
The financial information relating to CM.com N.V. is presented in the consolidated financial statements. The corporate financial statements have been prepared in accordance with sub article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies used to prepare the corporate financial statements are the same as that of the group.
\nCurrent assets are assets that are expected to be realized in the entity\u2019s normal operating cycle held primarily for the purpose of trading. Current assets are expected to be realized within 12 months after the reporting period. All other assets are non-current.
\nCurrent liabilities are those expected to be settled within the entity\u2019s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months (settlement by the issue of equity instruments does not impact classification). Other liabilities are non-current.
\nTransactions in foreign currencies are translated into euro using the exchange rates applicable at transaction date. At reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euro using the rates at reporting date. Exchange rate differences are recognized in profit or loss.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate at the reporting date. For consolidation purposes, the results and financial position of subsidiaries are translated to euro at closing rate on the date of the financial position (assets and liabilities) or at the average exchange rates applicable for the specific reporting period (income and expenses). If the average rate for income and expenses is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, income and expenses are translated at the dates of the transactions. All resulting exchange differences are recognized in other comprehensive result.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the Group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities.
\nFair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy as the Company uses observable market data for the interest rates.
\nThe different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) adopted and endorsed by the European Union (\u201cEU-IFRSs\u201d) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
\nThe Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. Management's assessment was based on the assumptions used in the business plan 2024-2026. This plan supported the mid-term guidance leading to further growth in positive EBITDA and to be free cash flow positive over H2 2024. Based on sensitivity scenarios and their outcome, Management believes that the Group has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions give rise to doubt on the Group's ability to continue as a going concern, therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
\n
The consolidated financial statements have been prepared on the historical cost basis with the exception of financial assets and liabilities, which are valued at fair value through profit or loss. The consolidated financial statements are presented in euros and rounded at thousands, unless otherwise stated. The euro is the functional currency of the Company.
The financial information relating to CM.com N.V. is presented in the consolidated financial statements. The corporate financial statements have been prepared in accordance with sub article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies used to prepare the corporate financial statements are the same as that of the group.
\nCurrent assets are assets that are expected to be realized in the entity\u2019s normal operating cycle held primarily for the purpose of trading. Current assets are expected to be realized within 12 months after the reporting period. All other assets are non-current.
\nCurrent liabilities are those expected to be settled within the entity\u2019s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months (settlement by the issue of equity instruments does not impact classification). Other liabilities are non-current.
\nTransactions in foreign currencies are translated into euro using the exchange rates applicable at transaction date. At reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euro using the rates at reporting date. Exchange rate differences are recognized in profit or loss.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate at the reporting date. For consolidation purposes, the results and financial position of subsidiaries are translated to euro at closing rate on the date of the financial position (assets and liabilities) or at the average exchange rates applicable for the specific reporting period (income and expenses). If the average rate for income and expenses is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, income and expenses are translated at the dates of the transactions. All resulting exchange differences are recognized in other comprehensive result.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the Group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities.
\nFair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy as the Company uses observable market data for the interest rates.
\nThe different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) adopted and endorsed by the European Union (\u201cEU-IFRSs\u201d) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
\nThe Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. Management's assessment was based on the assumptions used in the business plan 2024-2026. This plan supported the mid-term guidance leading to further growth in positive EBITDA and to be free cash flow positive over H2 2024. Based on sensitivity scenarios and their outcome, Management believes that the Group has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions give rise to doubt on the Group's ability to continue as a going concern, therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
\n
The consolidated financial statements have been prepared on the historical cost basis with the exception of financial assets and liabilities, which are valued at fair value through profit or loss. The consolidated financial statements are presented in euros and rounded at thousands, unless otherwise stated. The euro is the functional currency of the Company.
The financial information relating to CM.com N.V. is presented in the consolidated financial statements. The corporate financial statements have been prepared in accordance with sub article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies used to prepare the corporate financial statements are the same as that of the group.
\nCurrent assets are assets that are expected to be realized in the entity\u2019s normal operating cycle held primarily for the purpose of trading. Current assets are expected to be realized within 12 months after the reporting period. All other assets are non-current.
\nCurrent liabilities are those expected to be settled within the entity\u2019s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months (settlement by the issue of equity instruments does not impact classification). Other liabilities are non-current.
\nTransactions in foreign currencies are translated into euro using the exchange rates applicable at transaction date. At reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euro using the rates at reporting date. Exchange rate differences are recognized in profit or loss.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate at the reporting date. For consolidation purposes, the results and financial position of subsidiaries are translated to euro at closing rate on the date of the financial position (assets and liabilities) or at the average exchange rates applicable for the specific reporting period (income and expenses). If the average rate for income and expenses is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, income and expenses are translated at the dates of the transactions. All resulting exchange differences are recognized in other comprehensive result.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the Group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities.
\nFair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy as the Company uses observable market data for the interest rates.
\nThe different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements incorporate the financial statements of CM.com and entities controlled by CM.com (its subsidiaries and foundations) made up to 31 December each year. Control is achieved when the Company:
has the power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.
CM.com reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
\nWhen the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
\nThe Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements;
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when CM.com obtains control over the subsidiary and ceases when CM.com loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date CM.com gains control until the date when CM.com ceases to control the subsidiary or foundation.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with CM.com\u2019s accounting policies.
\nAll intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-284": { "value": "\nThe consolidated financial statements incorporate the financial statements of CM.com and entities controlled by CM.com (its subsidiaries and foundations) made up to 31 December each year. Control is achieved when the Company:
has the power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.
CM.com reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
\nWhen the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
\nThe Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements;
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when CM.com obtains control over the subsidiary and ceases when CM.com loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date CM.com gains control until the date when CM.com ceases to control the subsidiary or foundation.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with CM.com\u2019s accounting policies.
\nAll intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-286": { "value": "\nCM.com\u2019s revenue is primarily derived from transactional and messaging services earned from customers using CM.com\u2019s communication platform. The transactional and messaging fees are recognized as revenue in the period in which the usage occurs (point-in-time). In contrast, the fees for enhanced access to the Platform and SLA fees are charged as a monthly, quarterly, or yearly subscription and recognized as revenue over time. In addition, CM.com has added SaaS-services like Mobile Service Cloud, Mobile Marketing Cloud, and AI chatbot services. This revenue is recognized over time. As these services are available to our customers in real time, revenue recognition on a straight-line monthly basis accurately reflects the transfer of goods and services.
\nCM.com\u2019s operations are divided into operating segments based on how these operations are monitored by CM.com\u2019s management. The Board of Directors, as chief operating decision-maker, monitors gross profit that each segment generates and overall costs. Non-regularly recurring items, assets, and liabilities are not allocated to CM.com\u2019s operating segments and therefore not monitored and presented by segment. Non-current assets include intangible assets, goodwill, property, plant, and equipment, long-term receivables, and deferred tax assets. The non-current assets of CM.com are mainly located in the Netherlands.
\nCM.com\u2019s operating segments consist of CPaaS, SaaS, Payments, and Ticketing.
\nCPaaS means Communication Platform as a Service. CPaaS revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering.
\nCost of services for CM.com\u2019s CPaaS segment comprises primarily of fees paid to mobile network operators and OTT-providers for the purchase of mobile messages, voice and mobile data capacity and OTT-communication capabilities.
\nSaaS means Software as a Service. CM.com provides organizations a portfolio of services that contribute to the optimization of their mobile business journey with (potential) clients. Customers pay monthly subscription fees for access to these platform features.
\nCost of services for CM.com\u2019s SaaS segment comprises primarily of fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
\nRevenue from online and point-of-sale payments consists of settlement and start-rate fees. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. Point of sales revenue consists of hardware sales and SLA fees.
\nCost of services for CM.com\u2019s Payments segment comprises primarily of fees paid to financial services providers, which will decrease relatively compared to revenue as CM.com has had its own acquiring license since mid-2023, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform.
\nWithin Ticketing, revenue is generated by selling tickets and related services. Revenue from Ticketing consists of start-rate fees and ticketing fees. Ticketing fees comprise fixed fees per transaction for the use of CM.com\u2019s platform and are recognized point-in-time, as are lease of POS terminals.
\nTicketing does not have a generic cost of services, generally the revenues generate a 100% gross margin. For some clients, however, minor client-specific cost were recognized.
\nIn the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
In the table below revenue is disaggregated by CM.com's operating segments and regions. The region is determined based on the billing address of the legal establishment of our customers.
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 133,211 | 26,637 | 15,293 | 10,320 | 185,461 |
| of which the Netherlands | 40,223 | 20,274 | 8,512 | 7,894 | 76,903 |
| of which France | 28,983 | 1,259 | 50 | 10 | 30,302 |
| APAC | 46,754 | 1,373 | 96 | - | 48,223 |
| Americas | 31,503 | 894 | 153 | - | 32,550 |
| of which the USA | 28,399 | 534 | 7 | - | 28,940 |
| \u00a0 | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 134,481 | 23,494 | 13,178 | 8,131 | 179,284 |
| of which the Netherlands | 50,467 | 17,572 | 9,449 | 6,469 | 83,957 |
| of which France | 22,916 | 1,619 | 4 | 2 | 24,540 |
| APAC | 50,966 | 1,252 | 128 | - | 52,346 |
| Americas | 50,841 | 629 | 131 | - | 51,601 |
| of which the USA | 34,812 | 418 | 22 | - | 35,252 |
| \u00a0 | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
In FY 2023 and 2022, no single customer or partner contributed more than 10% to CM.com\u2019s revenue. Revenue is reduced by an amount of \u20ac\u00a01,745 thousand (2022: \u20ac\u00a02,188 thousand) related to partner commissions paid to agents.
\nGoodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of CM.com\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirement are assigned to those units. CM.com tests goodwill and intangible assets with indefinite useful lives annually, or whenever management identifies conditions that may indicate a risk of impairment.
\nIn prior years the impairment test was always performed per year-end closing date. As of 2023, we have performed the impairment test at 1 October and tested for indicators of impairment in the period between 1 October and year-end. The change in approach was done for pragmatic reasons. The forecast period in prior models was always five years as this matches our internal forecasting period, but for the impairment model we have now extended this period with three months, also for pragmatic reasons, to continue matching our forecasting period. In the table below, the intangible assets are disaggregated per CGU, reflecting CM.com's operating segments as explained in note 4:
\n2023
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,810 | 8,780 | 748 |
| Domain names | 467 | 519 | 463 | 144 |
| Pre-tax WACC | 14.82% | 15.27% | 16.30% | 15.79% |
| Post-tax WACC | 11.00% | 11.33% | 12.10% | 11.72% |
2022
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,817 | 8,780 | 748 |
| Domain names | 481 | 608 | 372 | 140 |
| Pre-tax WACC | 15.47% | 18.24% | 16.58% | 17.08% |
| Post-tax WACC | 11.48% | 13.53% | 12.30% | 12.67% |
The impairment test is based on cash flow projections for five years and three months (note 31). These cash flow projections are based on the financial forecast approved by management, covering a three-year period (2024-2026). The cash flow projections beyond that three-year period for 2027 and 2028, are based on expected revenue growth, derived from our mid-term guidance which focuses on gross profit growth. This resulted in a revenue growth rate of 13% for SaaS as well as for Payments. For CPaaS a revenue growth rate of 6% was used and for Ticketing a revenue growth rate of 15%.
\nCGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. Recoverable amount is based on value in use and is determined using a discounted cash flow model with a five-year and three months forecast period. For all CGUs a long-term inflation expectation of 2.20% (2022: 2.44%) was used to determine the terminal value.
\nThe estimated post-tax cash flows are discounted to their present value using a post-tax weight average cost of capital (WACC). WACC is based on a peer group of similar listed entities and is determined with reference to CM.com\u2019s target capital structure. A sensitivity analysis has been performed considering a change in the WACC of 1% and a change in the long-term growth rate of 0.5%. The analysis indicates that for CPaaS, SaaS, and Ticketing there is sufficient positive headroom to absorb adverse changes in the WACC and long-term growth rate, even if these changes were to occur simultaneously. We disclose our estimated cash flows as post-tax. The pre- and post-tax WACC are presented in the table above. We refrain from disclosing the pre-tax cash flows.
\nFor Payments, headroom is limited and particularly sensitive to revenue growth and cost control measures.
\nThe Compound Annual Growth Rate (CAGR) on Revenue for Payments for the period 2023-2028 in the impairment testing model is 17.8%. The actual revenue growth over FY 2023 was 15.7%. The budget and forecast plan for 2024-2028, prepared by the Payments CGU Management Team, is reviewed and approved by the Management Board and as part of the annual budgeting and forecasting cycle, also challenged and approved by the Supervisory Board. In addition to detailed revenue targets, we also defined and included targets for cost control in the performance management cycle.
\nChallenges on the input parameters in the budget and forecast models, together with a diligently executed process, provides the Payment CGU management team, as well as the CM Management Board sufficient confidence. Revenue growth can be achieved as a result of an effective sales focus with the new business unit structure combined with services via our CM Acquiring license. Together with cost control measures and integrated platform services, the growth rate is deemed realistic. Management challenged the budget with scenarios regarding the average growth rate over the years 2023-2028. The amount by which the CGU Payments' recoverable amount exceeds its carrying amount is \u20ac\u00a02.4 million based on the approved budget 2024 and forecast. This amount of headroom changes with around \u20ac\u00a04 million per 1% higher or lower CAGR on Revenue 2023-2028 without change in other variables, like effects of cost reduction in case of revenue growth falls behind budget. Management will monitor growth against this CAGR on Revenue of 17.8% for the upcoming reporting periods and update the impairment analyses in case of impairment triggers.
\nIn the impairment testing model, the WACC was 12,1%, and long-term growth rate applied was 2,2%. The sensitivity analysis with the WACC plus-minus 1% and long-term cash flow growth rate plus-minus 0,5% resulted in a bandwidth on the headroom from minus \u20ac\u00a04.7 million for WACC +1% and long-term cash flow growth rate minus 0,5%, to plus \u20ac\u00a06.4 million for WACC -1% and long-term cash flow growth rate plus 0,5%.
\nThe outcome of the impairment testing model, which is based on the value in use, was challenged with a market approach valuation performed by an external valuation agency. Taken the same key assumptions into account for the budget 2024 and growth rate as included in the discounted cash flow valuation, they concluded that fair value (less costs of disposal) for the Payments CGU under the various valuation scenarios also indicated positive mid-point range headroom between \u20ac\u00a04.6 million and \u20ac\u00a024.2 million. Management is aware of the current level of headroom in combination with the sensitivity of the parameters used. Based on the outcome no impairment charges were recognized during 2023 and 2022.
\nProperty, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs includes the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
\nDepreciation is provided from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant, and equipment. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
\nA summary of the movements in property, plant, and equipment is provided:
\n| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 5,694 | 2,107 | 171 | 3,133 | 1,270 | 12,375 |
| Additions | 635 | 892 | - | 528 | 762 | 2,817 |
| Divestments | - | - | (27) | (20) | - | (47) |
| Acquisitions through business combinations | - | 241 | - | 113 | - | 354 |
| Currency difference | 4 | 1 | - | - | 2 | 7 |
| At 31 December 2022 | 6,333 | 3,241 | 144 | 3,754 | 2,034 | 15,506 |
| Additions | 90 | 416 | 159 | 486 | 873 | 2,024 |
| Divestments | (2,616) | (1,102) | (33) | (2,275) | (85) | (6,111) |
| Currency difference | (37) | (1) | - | (12) | (2) | (52) |
| At 31 December 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,026 | 464 | 95 | 1,334 | 223 | 5,142 |
| Depreciation | 409 | 444 | 15 | 534 | 199 | 1,601 |
| Divestments | - | - | (12) | (20) | - | (32) |
| Currency difference | 3 | - | - | - | - | 3 |
| At 31 December 2022 | 3,438 | 908 | 98 | 1,848 | 422 | 6,714 |
| Depreciation | 444 | 373 | 108 | 689 | 250 | 1,864 |
| Impairments | 207 | 89 | 1 | 29 | 54 | 380 |
| Divestments | (2,616) | (1,102) | (33) | (2,263) | (81) | (6,095) |
| Currency difference | (11) | - | - | (5) | - | (16) |
| At 31 December 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 2,895 | 2,333 | 46 | 1,906 | 1,612 | 8,792 |
| At 31 December 2023 | 2,308 | 2,286 | 96 | 1,655 | 2,175 | 8,520 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use assets are initially measured at cost and subsequently presented at cost less accumulated depreciation and, if applicable, less impairments losses and adjusted for certain re-measurements of the lease liability. Cost are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliable determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Depreciation is based on the length of the lease liability and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset is available for use.
\nThe lease liability is presented as a separate line in the consolidated statement of financial position (\u201cborrowings\u201d), see note 18. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. In relation to the leases, CM.com has recognized depreciation and interest costs in the profit or loss. In the cash flow statement, the low-value leases and short-term leases are presented as part of the cash flow from operating activities, interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for the lease liabilities is included in note 13.
\nDepreciation methods and useful lives are reviewed at each reporting date.
\nThe determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset, even if that asset is not explicitly specified in an arrangement.
\nCM.com recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets (value lower than \u20ac\u00a05 thousand when new). For these leases, CM.com recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
\nCM.com recognizes a right-of-use asset and a lease liability at the lease commencement date. CM.com makes use of the expedient in IFRS 16 not to separate non-lease components from lease components.
\nThe expenses and total cash outflow for leases are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 582 | 340 |
| Expenses relating to short-term leases | 1,322 | 1,958 |
| Total cash outflow for leases | 7,429 | 7,162 |
A summary of the movements in right-of-use assets is provided:
\n| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 8,262 | 207 | 8,640 | 1,127 | 715 | 18,951 |
| Additions | 10,761 | 29 | 7,944 | - | 452 | 19,186 |
| Acquisitions through business combinations | 1,606 | - | - | - | - | 1,606 |
| Ending of lease agreements | (198) | - | - | - | (205) | (403) |
| Currency difference | 19 | - | (21) | - | - | (2) |
| At 31 December 2022 | 20,450 | 236 | 16,563 | 1,127 | 962 | 39,338 |
| Additions | 902 | - | 10 | - | 307 | 1,219 |
| Ending of lease agreements | (976) | (116) | - | - | (311) | (1,403) |
| Currency difference | (46) | - | (49) | - | - | (95) |
| At 31 December 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,051 | 124 | 1,503 | 452 | 384 | 5,514 |
| Amortization | 1,652 | 57 | 1,476 | 113 | 234 | 3,532 |
| Ending of lease agreements | (198) | - | - | - | (180) | (378) |
| Currency difference | 12 | - | - | - | - | 12 |
| At 31 December 2022 | 4,517 | 181 | 2,979 | 565 | 438 | 8,680 |
| Amortization | 2,538 | 26 | 1,691 | 113 | 174 | 4,542 |
| Ending of lease agreements | (950) | (116) | - | - | (252) | (1,318) |
| Currency difference | (20) | - | (2) | - | - | (22) |
| At 31 December 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 15,933 | 55 | 13,584 | 562 | 524 | 30,658 |
| At 31 December 2023 | 14,245 | 29 | 11,856 | 449 | 598 | 27,177 |
Acquisitions of businesses are accounted for using the acquisition method. The aggregate of the consideration transferred in a business combination is measured at fair value on the acquisition date. Acquisition-related costs are expensed as incurred and included in other operating expenses. During 2023, there were no acquisitions and therefore no related costs (2022: \u20ac\u00a0181 thousand).
\nFor a number of earn-out arrangements made on acquisitions, as at 31 December 2023 the fair value has been remeasured. As a consequence of lower than expected performance of the acquisitions, a release of \u20ac\u00a0878 thousand has been reported under \"financial income\". Not all earn-outs have been agreed with the selling shareholders. For other acquisitions that performed better than expected, the re-measurement led to an increase in the earn-out liability for which \u20ac\u00a033 thousand has been reported under \"financial expenses\".
\nThe recognized goodwill relating to the acquisition represents future economic benefits arising from assets that do not qualify for separate recognition as intangible assets. This includes expected new customers who generate revenue streams in the future and revenues generated because of new capabilities of the acquired product platforms. The total amount of goodwill recorded for this acquisition is not deductible for corporate tax purposes.
\nOn 1 March 2022, CM.com acquired 100% of the shares and voting rights of Building Blocks Holding B.V. and its subsidiaries (hereafter \"Building blocks\"). Building Blocks is a group of unlisted entities situated in the Netherlands, specialized in consumer artificial intelligence (\u201cAI\u201d) and builds personalized consumer interactions. The purchase price allocation is based on fair value of identifiable assets and liabilities of Building Blocks. The acquisition of Building Blocks is related to the SaaS segment.
\nThe acquired trade and other receivables mainly consist of trade and VAT receivables. Building Blocks' contribution in 2022 to revenue amounts to \u20ac\u00a03,475 thousand. If the acquisition was done as per 1 January 2022, the contribution to revenue would be \u20ac\u00a04,124 thousand in 2022. The total contribution to net result of Building Block is minus \u20ac\u00a0822 thousand in 2022. If the acquisition was done as per 1 January in 2022, the contribution to net result would be minus \u20ac\u00a0976 thousand in 2022.
\nThe provisional fair values of identifiable assets and liabilities of the acquisition as at the date of acquisition as displayed below. In 2023, the Company finalized the purchase price allocation of the acquisition of Building Blocks, with no adjustment to the provisional purchase price allocation performed in 2022.
\n| x \u20ac\u00a01,000 | Building Blocks |
|---|---|
| \u00a0 | \u00a0 |
| Consideration paid in cash | 6,891 |
| Equity payment | 2,584 |
| Earn-out (part of other accruals) | 2,558 |
| Total consideration | 12,033 |
| \u00a0 | \u00a0 |
| Goodwill | 14 |
| Intangible assets (Platform and Other) | 1,280 |
| Property, plant, and equipment | 354 |
| Right-of-use assets | 1,606 |
| Long-term receivables | 24 |
| Trade and other receivables | 1,198 |
| Cash and cash equivalents | 562 |
| Long-term debt | (2,499) |
| Trade and other payables | (1,997) |
| Contract liabilities | (737) |
| Deferred tax assets | 290 |
| Deferred tax liabilities | (290) |
| Carrying amount at acquisition date | (195) |
| \u00a0 | \u00a0 |
| Platform recognized fair value adjustment | 4,157 |
| Customer relations recognized fair value adjustment | 2,636 |
| Deferred tax liability recognized fair value adjustment | (1,753) |
| Total fair value of net identifiable assets and liabilities | 4,845 |
| \u00a0 | \u00a0 |
| Goodwill recognized | 7,187 |
An associate is an entity over which CM.com has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Both results as assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5.
\nDetails of associates are as follows:
\n| Name of associate | Principal activity | Place of incorporation and principal place of business | Proportion of ownership interest and voting rights | |||
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2022 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| PHOS Services Ltd | Transforming mobile devices into POS terminals | Bromley, England | 0.00% | 8.92% |
Although CM.com held less than 20% of the equity shares of PHOS Services Ltd, and it had less than 20% of the voting power at shareholder meetings, CM.com exercised significant influence as a result of the appointment as one of the investor directors contractual rights.
\nOn 27 March 2023, the Company sold its stake of shares in PHOS Services Ltd. to an external party. The relating loan receivable has been fully repaid. The result on the divestment is a loss of \u20ac\u00a0561 thousand. The loss calculation includes an expected earn-out receivable of \u20ac\u00a0610 thousand with a targeted consideration of \u20ac\u00a02.5 million. This targeted consideration could be exceeded in case the revenue target is overachieved. The impact of the sales transaction has been recognized as result in associates per reporting date, amounting to \u20ac\u00a0561 thousand. The earn-out receivable has been recognized under other receivables, see note 16.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 1,823 | 1,974 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Sale of shares | (1,262) | - |
| Share of result of associates | (561) | (151) |
| Carrying amount as at 31 December | - | 1,823 |
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the Group\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate.
\nCM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding the Building Blocks entities, and CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
\nMajor components of the income tax expense :
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current year | 608 | 695 |
| Adjustments prior periods | 167 | 1,198 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,916) | (2,262) |
| Movement in tax losses carried forward | 1,381 | (121) |
| Tax rate differences | 28 | 77 |
| Adjustments prior year | - | 180 |
| Tax according to the profit or loss account | (732) | (233) |
The effective tax rate for 2023 is 2.5% (2022: 0.5%) and can be reconciled as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (29,451) | (44,974) |
| Income tax at statutory tax rate (25.8%) | (7,597) | (11,603) |
| Exempt income | 145 | 391 |
| Non-deductible expenses | 128 | (510) |
| Rate differential | 220 | (318) |
| Non-recognition of deferred tax assets | 6,913 | 11,875 |
| Tax losses utilised | (543) | (826) |
| Deferred tax asset through equity | (202) | (268) |
| Tax relating to prior periods | 204 | 1,378 |
| Tax according to the profit or loss account | (732) | (233) |
Deferred tax is recognized using the balance sheet method, providing for carry forward losses and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting data.
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.
\nDeferred tax assets (\"DTA\") for unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. CM.com has tax losses carried forward of \u20ac\u00a0107.2 million as at 31 December 2023 (2022: \u20ac\u00a090.5 million), out of which \u20ac\u00a00.3 million (2022: \u20ac\u00a00.8 million) expires in the following five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed). An amount of \u20ac\u00a00.5 million (2022: \u20ac\u00a00.4 million) will expire after five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed) and \u20ac\u00a0106.4 million (2022: \u20ac\u00a089.3 million) can be carried forward indefinitely (of this for a total of \u20ac\u00a05.1 million a DTA is formed). For unused tax losses of \u20ac\u00a086.4 million no deferred tax asset is formed. Deferred tax assets recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Tax losses | Convertible bonds | Right-of-use assets | Deferred costs | Other |
|---|---|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 1,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 6,478 | 5,221 | 1,113 | 44 | - | 100 |
| Mutations through profit or loss | 121 | 121 | - | - | - | - |
| Mutations through equity | (268) | - | (268) | - | - | - |
| Acquisition of subsidiary | 290 | 290 | - | - | - | - |
| Charge to profit or loss | 402 | - | - | 16 | 493 | (107) |
| Exchange differences | 3 | 18 | - | (22) | - | 7 |
| Adjustments made in temporary differences | 4,1941 | - | - | 4,194 | - | - |
| Netting of tax | (9,714)1 | (4,675) | (845) | (4,194) | - | - |
| Carrying amount as at 31 December 2022 after netting | 1,506 | 975 | - | 38 | 493 | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 845 | 4,194 | - | - |
| Carrying amount as at 31 December 2022 before netting | 11,220 | 5,650 | 845 | 4,232 | 493 | - |
| Mutations through profit or loss | (1,179) | (1,179) | - | - | - | - |
| Mutations through equity | (202) | - | (202) | - | - | - |
| Charge to profit or loss | (217) | - | - | (358) | 141 | - |
| Exchange differences | (46) | (14) | - | - | (32) | - |
| Carrying amount as at 31 December 2023 before netting | 9,576 | 4,457 | 643 | 3,874 | 602 | - |
| Netting of tax | (8,440) | (4,047) | (643) | (3,750) | - | - |
| Carrying amount as at 31 December 2023 after netting | 1,136 | 410 | - | 124 | 602 | - |
Deferred tax liabilities recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Intangible assets | Right-of-use liabilities | Convertible bonds |
|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 2,847 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 8,242 | 6,588 | - | 1,654 |
| Mutations through profit or loss | (1,860) | (1,534) | - | (326) |
| Acquisition of subsidiary | 2,043 | 2,043 | - | - |
| Effect of change in tax rate | 77 | 77 | - | - |
| Prior periods | 180 | 180 | - | - |
| Adjustments made in temporary differences | 4,1941 | - | 4,194 | - |
| Netting of tax | (9,714)1 | (4,675) | (4,194) | (845) |
| Carrying amount as at 31 December 2022 after netting | 3,162 | 2,679 | - | 483 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 4,194 | 845 |
| Carrying amount as at 31 December 2022 before netting | 12,876 | 7,354 | 4,194 | 1,328 |
| Mutations through profit or loss | (2,901) | (2,117) | (444) | (340) |
| Effect of change in tax rate | - | - | - | - |
| Prior periods | - | - | - | - |
| Carrying amount as at 31 December 2023 before netting | 9,975 | 5,237 | 3,750 | 988 |
| Netting of tax | (8,440) | (4,047) | (3,750) | (643) |
| Carrying amount as at 31 December 2023 after netting | 1,535 | 1,190 | - | 345 |
CM.com\u2019s revenue is primarily derived from transactional and messaging services earned from customers using CM.com\u2019s communication platform. The transactional and messaging fees are recognized as revenue in the period in which the usage occurs (point-in-time). In contrast, the fees for enhanced access to the Platform and SLA fees are charged as a monthly, quarterly, or yearly subscription and recognized as revenue over time. In addition, CM.com has added SaaS-services like Mobile Service Cloud, Mobile Marketing Cloud, and AI chatbot services. This revenue is recognized over time. As these services are available to our customers in real time, revenue recognition on a straight-line monthly basis accurately reflects the transfer of goods and services.
\nCM.com\u2019s operations are divided into operating segments based on how these operations are monitored by CM.com\u2019s management. The Board of Directors, as chief operating decision-maker, monitors gross profit that each segment generates and overall costs. Non-regularly recurring items, assets, and liabilities are not allocated to CM.com\u2019s operating segments and therefore not monitored and presented by segment. Non-current assets include intangible assets, goodwill, property, plant, and equipment, long-term receivables, and deferred tax assets. The non-current assets of CM.com are mainly located in the Netherlands.
\nCM.com\u2019s operating segments consist of CPaaS, SaaS, Payments, and Ticketing.
\nCPaaS means Communication Platform as a Service. CPaaS revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering.
\nCost of services for CM.com\u2019s CPaaS segment comprises primarily of fees paid to mobile network operators and OTT-providers for the purchase of mobile messages, voice and mobile data capacity and OTT-communication capabilities.
\nSaaS means Software as a Service. CM.com provides organizations a portfolio of services that contribute to the optimization of their mobile business journey with (potential) clients. Customers pay monthly subscription fees for access to these platform features.
\nCost of services for CM.com\u2019s SaaS segment comprises primarily of fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
\nRevenue from online and point-of-sale payments consists of settlement and start-rate fees. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. Point of sales revenue consists of hardware sales and SLA fees.
\nCost of services for CM.com\u2019s Payments segment comprises primarily of fees paid to financial services providers, which will decrease relatively compared to revenue as CM.com has had its own acquiring license since mid-2023, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform.
\nWithin Ticketing, revenue is generated by selling tickets and related services. Revenue from Ticketing consists of start-rate fees and ticketing fees. Ticketing fees comprise fixed fees per transaction for the use of CM.com\u2019s platform and are recognized point-in-time, as are lease of POS terminals.
\nTicketing does not have a generic cost of services, generally the revenues generate a 100% gross margin. For some clients, however, minor client-specific cost were recognized.
\nIn the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
In the table below revenue is disaggregated by CM.com's operating segments and regions. The region is determined based on the billing address of the legal establishment of our customers.
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 133,211 | 26,637 | 15,293 | 10,320 | 185,461 |
| of which the Netherlands | 40,223 | 20,274 | 8,512 | 7,894 | 76,903 |
| of which France | 28,983 | 1,259 | 50 | 10 | 30,302 |
| APAC | 46,754 | 1,373 | 96 | - | 48,223 |
| Americas | 31,503 | 894 | 153 | - | 32,550 |
| of which the USA | 28,399 | 534 | 7 | - | 28,940 |
| \u00a0 | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 134,481 | 23,494 | 13,178 | 8,131 | 179,284 |
| of which the Netherlands | 50,467 | 17,572 | 9,449 | 6,469 | 83,957 |
| of which France | 22,916 | 1,619 | 4 | 2 | 24,540 |
| APAC | 50,966 | 1,252 | 128 | - | 52,346 |
| Americas | 50,841 | 629 | 131 | - | 51,601 |
| of which the USA | 34,812 | 418 | 22 | - | 35,252 |
| \u00a0 | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
In FY 2023 and 2022, no single customer or partner contributed more than 10% to CM.com\u2019s revenue. Revenue is reduced by an amount of \u20ac\u00a01,745 thousand (2022: \u20ac\u00a02,188 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-289": { "value": "\nCM.com\u2019s revenue is primarily derived from transactional and messaging services earned from customers using CM.com\u2019s communication platform. The transactional and messaging fees are recognized as revenue in the period in which the usage occurs (point-in-time). In contrast, the fees for enhanced access to the Platform and SLA fees are charged as a monthly, quarterly, or yearly subscription and recognized as revenue over time. In addition, CM.com has added SaaS-services like Mobile Service Cloud, Mobile Marketing Cloud, and AI chatbot services. This revenue is recognized over time. As these services are available to our customers in real time, revenue recognition on a straight-line monthly basis accurately reflects the transfer of goods and services.
\nCM.com\u2019s operations are divided into operating segments based on how these operations are monitored by CM.com\u2019s management. The Board of Directors, as chief operating decision-maker, monitors gross profit that each segment generates and overall costs. Non-regularly recurring items, assets, and liabilities are not allocated to CM.com\u2019s operating segments and therefore not monitored and presented by segment. Non-current assets include intangible assets, goodwill, property, plant, and equipment, long-term receivables, and deferred tax assets. The non-current assets of CM.com are mainly located in the Netherlands.
\nCM.com\u2019s operating segments consist of CPaaS, SaaS, Payments, and Ticketing.
\nCPaaS means Communication Platform as a Service. CPaaS revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering.
\nCost of services for CM.com\u2019s CPaaS segment comprises primarily of fees paid to mobile network operators and OTT-providers for the purchase of mobile messages, voice and mobile data capacity and OTT-communication capabilities.
\nSaaS means Software as a Service. CM.com provides organizations a portfolio of services that contribute to the optimization of their mobile business journey with (potential) clients. Customers pay monthly subscription fees for access to these platform features.
\nCost of services for CM.com\u2019s SaaS segment comprises primarily of fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
\nRevenue from online and point-of-sale payments consists of settlement and start-rate fees. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. Point of sales revenue consists of hardware sales and SLA fees.
\nCost of services for CM.com\u2019s Payments segment comprises primarily of fees paid to financial services providers, which will decrease relatively compared to revenue as CM.com has had its own acquiring license since mid-2023, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform.
\nWithin Ticketing, revenue is generated by selling tickets and related services. Revenue from Ticketing consists of start-rate fees and ticketing fees. Ticketing fees comprise fixed fees per transaction for the use of CM.com\u2019s platform and are recognized point-in-time, as are lease of POS terminals.
\nTicketing does not have a generic cost of services, generally the revenues generate a 100% gross margin. For some clients, however, minor client-specific cost were recognized.
\nIn the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
In the table below revenue is disaggregated by CM.com's operating segments and regions. The region is determined based on the billing address of the legal establishment of our customers.
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 133,211 | 26,637 | 15,293 | 10,320 | 185,461 |
| of which the Netherlands | 40,223 | 20,274 | 8,512 | 7,894 | 76,903 |
| of which France | 28,983 | 1,259 | 50 | 10 | 30,302 |
| APAC | 46,754 | 1,373 | 96 | - | 48,223 |
| Americas | 31,503 | 894 | 153 | - | 32,550 |
| of which the USA | 28,399 | 534 | 7 | - | 28,940 |
| \u00a0 | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 134,481 | 23,494 | 13,178 | 8,131 | 179,284 |
| of which the Netherlands | 50,467 | 17,572 | 9,449 | 6,469 | 83,957 |
| of which France | 22,916 | 1,619 | 4 | 2 | 24,540 |
| APAC | 50,966 | 1,252 | 128 | - | 52,346 |
| Americas | 50,841 | 629 | 131 | - | 51,601 |
| of which the USA | 34,812 | 418 | 22 | - | 35,252 |
| \u00a0 | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
In FY 2023 and 2022, no single customer or partner contributed more than 10% to CM.com\u2019s revenue. Revenue is reduced by an amount of \u20ac\u00a01,745 thousand (2022: \u20ac\u00a02,188 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-290": { "value": "\nIn the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
In the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
In the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
In the table below, revenue is disaggregated by CM.com's operating segments:
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 211,468 | 28,904 | 15,542 | 10,320 | 266,234 |
| Cost of services | (176,603) | (3,266) | (7,231) | (601) | (187,701) |
| Operational expenses, amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (103,101) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (24,568) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,322) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (561) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (29,451) |
| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 236,288 | 25,375 | 13,437 | 8,131 | 283,231 |
| Cost of services | (201,581) | (3,075) | (6,038) | (568) | (211,262) |
| Operational expenses, amortization, and depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (116,569) |
| Operating result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,600) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (223) |
| Share of results in associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (151) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (44,974) |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs includes the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
\nDepreciation is provided from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant, and equipment. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
\nA summary of the movements in property, plant, and equipment is provided:
\n| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 5,694 | 2,107 | 171 | 3,133 | 1,270 | 12,375 |
| Additions | 635 | 892 | - | 528 | 762 | 2,817 |
| Divestments | - | - | (27) | (20) | - | (47) |
| Acquisitions through business combinations | - | 241 | - | 113 | - | 354 |
| Currency difference | 4 | 1 | - | - | 2 | 7 |
| At 31 December 2022 | 6,333 | 3,241 | 144 | 3,754 | 2,034 | 15,506 |
| Additions | 90 | 416 | 159 | 486 | 873 | 2,024 |
| Divestments | (2,616) | (1,102) | (33) | (2,275) | (85) | (6,111) |
| Currency difference | (37) | (1) | - | (12) | (2) | (52) |
| At 31 December 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,026 | 464 | 95 | 1,334 | 223 | 5,142 |
| Depreciation | 409 | 444 | 15 | 534 | 199 | 1,601 |
| Divestments | - | - | (12) | (20) | - | (32) |
| Currency difference | 3 | - | - | - | - | 3 |
| At 31 December 2022 | 3,438 | 908 | 98 | 1,848 | 422 | 6,714 |
| Depreciation | 444 | 373 | 108 | 689 | 250 | 1,864 |
| Impairments | 207 | 89 | 1 | 29 | 54 | 380 |
| Divestments | (2,616) | (1,102) | (33) | (2,263) | (81) | (6,095) |
| Currency difference | (11) | - | - | (5) | - | (16) |
| At 31 December 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 2,895 | 2,333 | 46 | 1,906 | 1,612 | 8,792 |
| At 31 December 2023 | 2,308 | 2,286 | 96 | 1,655 | 2,175 | 8,520 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use assets are initially measured at cost and subsequently presented at cost less accumulated depreciation and, if applicable, less impairments losses and adjusted for certain re-measurements of the lease liability. Cost are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliable determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Depreciation is based on the length of the lease liability and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset is available for use.
\nThe lease liability is presented as a separate line in the consolidated statement of financial position (\u201cborrowings\u201d), see note 18. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. In relation to the leases, CM.com has recognized depreciation and interest costs in the profit or loss. In the cash flow statement, the low-value leases and short-term leases are presented as part of the cash flow from operating activities, interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for the lease liabilities is included in note 13.
\nDepreciation methods and useful lives are reviewed at each reporting date.
\nThe determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset, even if that asset is not explicitly specified in an arrangement.
\nCM.com recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets (value lower than \u20ac\u00a05 thousand when new). For these leases, CM.com recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
\nCM.com recognizes a right-of-use asset and a lease liability at the lease commencement date. CM.com makes use of the expedient in IFRS 16 not to separate non-lease components from lease components.
\nThe expenses and total cash outflow for leases are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 582 | 340 |
| Expenses relating to short-term leases | 1,322 | 1,958 |
| Total cash outflow for leases | 7,429 | 7,162 |
A summary of the movements in right-of-use assets is provided:
\n| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 8,262 | 207 | 8,640 | 1,127 | 715 | 18,951 |
| Additions | 10,761 | 29 | 7,944 | - | 452 | 19,186 |
| Acquisitions through business combinations | 1,606 | - | - | - | - | 1,606 |
| Ending of lease agreements | (198) | - | - | - | (205) | (403) |
| Currency difference | 19 | - | (21) | - | - | (2) |
| At 31 December 2022 | 20,450 | 236 | 16,563 | 1,127 | 962 | 39,338 |
| Additions | 902 | - | 10 | - | 307 | 1,219 |
| Ending of lease agreements | (976) | (116) | - | - | (311) | (1,403) |
| Currency difference | (46) | - | (49) | - | - | (95) |
| At 31 December 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,051 | 124 | 1,503 | 452 | 384 | 5,514 |
| Amortization | 1,652 | 57 | 1,476 | 113 | 234 | 3,532 |
| Ending of lease agreements | (198) | - | - | - | (180) | (378) |
| Currency difference | 12 | - | - | - | - | 12 |
| At 31 December 2022 | 4,517 | 181 | 2,979 | 565 | 438 | 8,680 |
| Amortization | 2,538 | 26 | 1,691 | 113 | 174 | 4,542 |
| Ending of lease agreements | (950) | (116) | - | - | (252) | (1,318) |
| Currency difference | (20) | - | (2) | - | - | (22) |
| At 31 December 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 15,933 | 55 | 13,584 | 562 | 524 | 30,658 |
| At 31 December 2023 | 14,245 | 29 | 11,856 | 449 | 598 | 27,177 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs includes the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
\nDepreciation is provided from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant, and equipment. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
\nA summary of the movements in property, plant, and equipment is provided:
\n| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 5,694 | 2,107 | 171 | 3,133 | 1,270 | 12,375 |
| Additions | 635 | 892 | - | 528 | 762 | 2,817 |
| Divestments | - | - | (27) | (20) | - | (47) |
| Acquisitions through business combinations | - | 241 | - | 113 | - | 354 |
| Currency difference | 4 | 1 | - | - | 2 | 7 |
| At 31 December 2022 | 6,333 | 3,241 | 144 | 3,754 | 2,034 | 15,506 |
| Additions | 90 | 416 | 159 | 486 | 873 | 2,024 |
| Divestments | (2,616) | (1,102) | (33) | (2,275) | (85) | (6,111) |
| Currency difference | (37) | (1) | - | (12) | (2) | (52) |
| At 31 December 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,026 | 464 | 95 | 1,334 | 223 | 5,142 |
| Depreciation | 409 | 444 | 15 | 534 | 199 | 1,601 |
| Divestments | - | - | (12) | (20) | - | (32) |
| Currency difference | 3 | - | - | - | - | 3 |
| At 31 December 2022 | 3,438 | 908 | 98 | 1,848 | 422 | 6,714 |
| Depreciation | 444 | 373 | 108 | 689 | 250 | 1,864 |
| Impairments | 207 | 89 | 1 | 29 | 54 | 380 |
| Divestments | (2,616) | (1,102) | (33) | (2,263) | (81) | (6,095) |
| Currency difference | (11) | - | - | (5) | - | (16) |
| At 31 December 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 2,895 | 2,333 | 46 | 1,906 | 1,612 | 8,792 |
| At 31 December 2023 | 2,308 | 2,286 | 96 | 1,655 | 2,175 | 8,520 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use assets are initially measured at cost and subsequently presented at cost less accumulated depreciation and, if applicable, less impairments losses and adjusted for certain re-measurements of the lease liability. Cost are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliable determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Depreciation is based on the length of the lease liability and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset is available for use.
\nThe lease liability is presented as a separate line in the consolidated statement of financial position (\u201cborrowings\u201d), see note 18. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. In relation to the leases, CM.com has recognized depreciation and interest costs in the profit or loss. In the cash flow statement, the low-value leases and short-term leases are presented as part of the cash flow from operating activities, interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for the lease liabilities is included in note 13.
\nDepreciation methods and useful lives are reviewed at each reporting date.
\nThe determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset, even if that asset is not explicitly specified in an arrangement.
\nCM.com recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets (value lower than \u20ac\u00a05 thousand when new). For these leases, CM.com recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
\nCM.com recognizes a right-of-use asset and a lease liability at the lease commencement date. CM.com makes use of the expedient in IFRS 16 not to separate non-lease components from lease components.
\nThe expenses and total cash outflow for leases are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 582 | 340 |
| Expenses relating to short-term leases | 1,322 | 1,958 |
| Total cash outflow for leases | 7,429 | 7,162 |
A summary of the movements in right-of-use assets is provided:
\n| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 8,262 | 207 | 8,640 | 1,127 | 715 | 18,951 |
| Additions | 10,761 | 29 | 7,944 | - | 452 | 19,186 |
| Acquisitions through business combinations | 1,606 | - | - | - | - | 1,606 |
| Ending of lease agreements | (198) | - | - | - | (205) | (403) |
| Currency difference | 19 | - | (21) | - | - | (2) |
| At 31 December 2022 | 20,450 | 236 | 16,563 | 1,127 | 962 | 39,338 |
| Additions | 902 | - | 10 | - | 307 | 1,219 |
| Ending of lease agreements | (976) | (116) | - | - | (311) | (1,403) |
| Currency difference | (46) | - | (49) | - | - | (95) |
| At 31 December 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,051 | 124 | 1,503 | 452 | 384 | 5,514 |
| Amortization | 1,652 | 57 | 1,476 | 113 | 234 | 3,532 |
| Ending of lease agreements | (198) | - | - | - | (180) | (378) |
| Currency difference | 12 | - | - | - | - | 12 |
| At 31 December 2022 | 4,517 | 181 | 2,979 | 565 | 438 | 8,680 |
| Amortization | 2,538 | 26 | 1,691 | 113 | 174 | 4,542 |
| Ending of lease agreements | (950) | (116) | - | - | (252) | (1,318) |
| Currency difference | (20) | - | (2) | - | - | (22) |
| At 31 December 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 15,933 | 55 | 13,584 | 562 | 524 | 30,658 |
| At 31 December 2023 | 14,245 | 29 | 11,856 | 449 | 598 | 27,177 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairment losses. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually.
\nIntangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairment losses. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
\nResearch costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairment losses. During the period of development, the asset is tested for impairment annually.
\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
\nA summary of the movements in intangible assets and goodwill is provided:
\n| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relation | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 56,245 | 22,753 | 29,773 | 4,660 | 113,431 |
| Additions related to external costs | 618 | - | 90 | 53 | 761 |
| Business combinations | 5,352 | 7,202 | 2,636 | 85 | 15,275 |
| Development costs | 15,435 | - | - | - | 15,435 |
| Divestments | - | - | - | (135) | (135) |
| Currency difference | - | - | (20) | - | (20) |
| At 31 December 2022 | 77,650 | 29,955 | 32,479 | 4,663 | 144,747 |
| Additions related to external costs | 207 | - | 110 | 1,469 | 1,786 |
| Development costs | 15,650 | - | - | - | 15,650 |
| Divestments | (14,318) | (114) | (4,201) | (1,301) | (19,934) |
| Currency difference | (1) | - | (6) | - | (7) |
| At 31 December 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 18,306 | 543 | 12,533 | 1,916 | 33,298 |
| Amortization | 9,755 | 8 | 3,019 | 179 | 12,961 |
| Currency difference | - | - | (15) | - | (15) |
| At 31 December 2022 | 28,061 | 551 | 15,537 | 2,095 | 46,244 |
| Amortization | 11,479 | - | 2,908 | 576 | 14,963 |
| Impairments | 85 | 7 | - | - | 92 |
| Divestments | (14,318) | (114) | (4,201) | (1,273) | (19,906) |
| Currency difference | 2 | - | (4) | - | (2) |
| At 31 December 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 49,589 | 29,404 | 16,942 | 2,568 | 98,503 |
| At 31 December 2023 | 53,879 | 29,397 | 14,142 | 3,433 | 100,851 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of CM.com\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirement are assigned to those units. CM.com tests goodwill and intangible assets with indefinite useful lives annually, or whenever management identifies conditions that may indicate a risk of impairment.
\nIn prior years the impairment test was always performed per year-end closing date. As of 2023, we have performed the impairment test at 1 October and tested for indicators of impairment in the period between 1 October and year-end. The change in approach was done for pragmatic reasons. The forecast period in prior models was always five years as this matches our internal forecasting period, but for the impairment model we have now extended this period with three months, also for pragmatic reasons, to continue matching our forecasting period. In the table below, the intangible assets are disaggregated per CGU, reflecting CM.com's operating segments as explained in note 4:
\n2023
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,810 | 8,780 | 748 |
| Domain names | 467 | 519 | 463 | 144 |
| Pre-tax WACC | 14.82% | 15.27% | 16.30% | 15.79% |
| Post-tax WACC | 11.00% | 11.33% | 12.10% | 11.72% |
2022
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,817 | 8,780 | 748 |
| Domain names | 481 | 608 | 372 | 140 |
| Pre-tax WACC | 15.47% | 18.24% | 16.58% | 17.08% |
| Post-tax WACC | 11.48% | 13.53% | 12.30% | 12.67% |
The impairment test is based on cash flow projections for five years and three months (note 31). These cash flow projections are based on the financial forecast approved by management, covering a three-year period (2024-2026). The cash flow projections beyond that three-year period for 2027 and 2028, are based on expected revenue growth, derived from our mid-term guidance which focuses on gross profit growth. This resulted in a revenue growth rate of 13% for SaaS as well as for Payments. For CPaaS a revenue growth rate of 6% was used and for Ticketing a revenue growth rate of 15%.
\nCGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. Recoverable amount is based on value in use and is determined using a discounted cash flow model with a five-year and three months forecast period. For all CGUs a long-term inflation expectation of 2.20% (2022: 2.44%) was used to determine the terminal value.
\nThe estimated post-tax cash flows are discounted to their present value using a post-tax weight average cost of capital (WACC). WACC is based on a peer group of similar listed entities and is determined with reference to CM.com\u2019s target capital structure. A sensitivity analysis has been performed considering a change in the WACC of 1% and a change in the long-term growth rate of 0.5%. The analysis indicates that for CPaaS, SaaS, and Ticketing there is sufficient positive headroom to absorb adverse changes in the WACC and long-term growth rate, even if these changes were to occur simultaneously. We disclose our estimated cash flows as post-tax. The pre- and post-tax WACC are presented in the table above. We refrain from disclosing the pre-tax cash flows.
\nFor Payments, headroom is limited and particularly sensitive to revenue growth and cost control measures.
\nThe Compound Annual Growth Rate (CAGR) on Revenue for Payments for the period 2023-2028 in the impairment testing model is 17.8%. The actual revenue growth over FY 2023 was 15.7%. The budget and forecast plan for 2024-2028, prepared by the Payments CGU Management Team, is reviewed and approved by the Management Board and as part of the annual budgeting and forecasting cycle, also challenged and approved by the Supervisory Board. In addition to detailed revenue targets, we also defined and included targets for cost control in the performance management cycle.
\nChallenges on the input parameters in the budget and forecast models, together with a diligently executed process, provides the Payment CGU management team, as well as the CM Management Board sufficient confidence. Revenue growth can be achieved as a result of an effective sales focus with the new business unit structure combined with services via our CM Acquiring license. Together with cost control measures and integrated platform services, the growth rate is deemed realistic. Management challenged the budget with scenarios regarding the average growth rate over the years 2023-2028. The amount by which the CGU Payments' recoverable amount exceeds its carrying amount is \u20ac\u00a02.4 million based on the approved budget 2024 and forecast. This amount of headroom changes with around \u20ac\u00a04 million per 1% higher or lower CAGR on Revenue 2023-2028 without change in other variables, like effects of cost reduction in case of revenue growth falls behind budget. Management will monitor growth against this CAGR on Revenue of 17.8% for the upcoming reporting periods and update the impairment analyses in case of impairment triggers.
\nIn the impairment testing model, the WACC was 12,1%, and long-term growth rate applied was 2,2%. The sensitivity analysis with the WACC plus-minus 1% and long-term cash flow growth rate plus-minus 0,5% resulted in a bandwidth on the headroom from minus \u20ac\u00a04.7 million for WACC +1% and long-term cash flow growth rate minus 0,5%, to plus \u20ac\u00a06.4 million for WACC -1% and long-term cash flow growth rate plus 0,5%.
\nThe outcome of the impairment testing model, which is based on the value in use, was challenged with a market approach valuation performed by an external valuation agency. Taken the same key assumptions into account for the budget 2024 and growth rate as included in the discounted cash flow valuation, they concluded that fair value (less costs of disposal) for the Payments CGU under the various valuation scenarios also indicated positive mid-point range headroom between \u20ac\u00a04.6 million and \u20ac\u00a024.2 million. Management is aware of the current level of headroom in combination with the sensitivity of the parameters used. Based on the outcome no impairment charges were recognized during 2023 and 2022.
\nProperty, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs includes the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
\nDepreciation is provided from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant, and equipment. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
\nA summary of the movements in property, plant, and equipment is provided:
\n| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 5,694 | 2,107 | 171 | 3,133 | 1,270 | 12,375 |
| Additions | 635 | 892 | - | 528 | 762 | 2,817 |
| Divestments | - | - | (27) | (20) | - | (47) |
| Acquisitions through business combinations | - | 241 | - | 113 | - | 354 |
| Currency difference | 4 | 1 | - | - | 2 | 7 |
| At 31 December 2022 | 6,333 | 3,241 | 144 | 3,754 | 2,034 | 15,506 |
| Additions | 90 | 416 | 159 | 486 | 873 | 2,024 |
| Divestments | (2,616) | (1,102) | (33) | (2,275) | (85) | (6,111) |
| Currency difference | (37) | (1) | - | (12) | (2) | (52) |
| At 31 December 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,026 | 464 | 95 | 1,334 | 223 | 5,142 |
| Depreciation | 409 | 444 | 15 | 534 | 199 | 1,601 |
| Divestments | - | - | (12) | (20) | - | (32) |
| Currency difference | 3 | - | - | - | - | 3 |
| At 31 December 2022 | 3,438 | 908 | 98 | 1,848 | 422 | 6,714 |
| Depreciation | 444 | 373 | 108 | 689 | 250 | 1,864 |
| Impairments | 207 | 89 | 1 | 29 | 54 | 380 |
| Divestments | (2,616) | (1,102) | (33) | (2,263) | (81) | (6,095) |
| Currency difference | (11) | - | - | (5) | - | (16) |
| At 31 December 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 2,895 | 2,333 | 46 | 1,906 | 1,612 | 8,792 |
| At 31 December 2023 | 2,308 | 2,286 | 96 | 1,655 | 2,175 | 8,520 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use assets are initially measured at cost and subsequently presented at cost less accumulated depreciation and, if applicable, less impairments losses and adjusted for certain re-measurements of the lease liability. Cost are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliable determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Depreciation is based on the length of the lease liability and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset is available for use.
\nThe lease liability is presented as a separate line in the consolidated statement of financial position (\u201cborrowings\u201d), see note 18. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. In relation to the leases, CM.com has recognized depreciation and interest costs in the profit or loss. In the cash flow statement, the low-value leases and short-term leases are presented as part of the cash flow from operating activities, interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for the lease liabilities is included in note 13.
\nDepreciation methods and useful lives are reviewed at each reporting date.
\nThe determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset, even if that asset is not explicitly specified in an arrangement.
\nCM.com recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets (value lower than \u20ac\u00a05 thousand when new). For these leases, CM.com recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
\nCM.com recognizes a right-of-use asset and a lease liability at the lease commencement date. CM.com makes use of the expedient in IFRS 16 not to separate non-lease components from lease components.
\nThe expenses and total cash outflow for leases are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 582 | 340 |
| Expenses relating to short-term leases | 1,322 | 1,958 |
| Total cash outflow for leases | 7,429 | 7,162 |
A summary of the movements in right-of-use assets is provided:
\n| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 8,262 | 207 | 8,640 | 1,127 | 715 | 18,951 |
| Additions | 10,761 | 29 | 7,944 | - | 452 | 19,186 |
| Acquisitions through business combinations | 1,606 | - | - | - | - | 1,606 |
| Ending of lease agreements | (198) | - | - | - | (205) | (403) |
| Currency difference | 19 | - | (21) | - | - | (2) |
| At 31 December 2022 | 20,450 | 236 | 16,563 | 1,127 | 962 | 39,338 |
| Additions | 902 | - | 10 | - | 307 | 1,219 |
| Ending of lease agreements | (976) | (116) | - | - | (311) | (1,403) |
| Currency difference | (46) | - | (49) | - | - | (95) |
| At 31 December 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,051 | 124 | 1,503 | 452 | 384 | 5,514 |
| Amortization | 1,652 | 57 | 1,476 | 113 | 234 | 3,532 |
| Ending of lease agreements | (198) | - | - | - | (180) | (378) |
| Currency difference | 12 | - | - | - | - | 12 |
| At 31 December 2022 | 4,517 | 181 | 2,979 | 565 | 438 | 8,680 |
| Amortization | 2,538 | 26 | 1,691 | 113 | 174 | 4,542 |
| Ending of lease agreements | (950) | (116) | - | - | (252) | (1,318) |
| Currency difference | (20) | - | (2) | - | - | (22) |
| At 31 December 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 15,933 | 55 | 13,584 | 562 | 524 | 30,658 |
| At 31 December 2023 | 14,245 | 29 | 11,856 | 449 | 598 | 27,177 |
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of CM.com\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirement are assigned to those units. CM.com tests goodwill and intangible assets with indefinite useful lives annually, or whenever management identifies conditions that may indicate a risk of impairment.
\nIn prior years the impairment test was always performed per year-end closing date. As of 2023, we have performed the impairment test at 1 October and tested for indicators of impairment in the period between 1 October and year-end. The change in approach was done for pragmatic reasons. The forecast period in prior models was always five years as this matches our internal forecasting period, but for the impairment model we have now extended this period with three months, also for pragmatic reasons, to continue matching our forecasting period. In the table below, the intangible assets are disaggregated per CGU, reflecting CM.com's operating segments as explained in note 4:
\n2023
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,810 | 8,780 | 748 |
| Domain names | 467 | 519 | 463 | 144 |
| Pre-tax WACC | 14.82% | 15.27% | 16.30% | 15.79% |
| Post-tax WACC | 11.00% | 11.33% | 12.10% | 11.72% |
2022
\n| x \u20ac\u00a01,000 | CPaaS | SaaS | Payments | Ticketing |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,059 | 18,817 | 8,780 | 748 |
| Domain names | 481 | 608 | 372 | 140 |
| Pre-tax WACC | 15.47% | 18.24% | 16.58% | 17.08% |
| Post-tax WACC | 11.48% | 13.53% | 12.30% | 12.67% |
The impairment test is based on cash flow projections for five years and three months (note 31). These cash flow projections are based on the financial forecast approved by management, covering a three-year period (2024-2026). The cash flow projections beyond that three-year period for 2027 and 2028, are based on expected revenue growth, derived from our mid-term guidance which focuses on gross profit growth. This resulted in a revenue growth rate of 13% for SaaS as well as for Payments. For CPaaS a revenue growth rate of 6% was used and for Ticketing a revenue growth rate of 15%.
\nCGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. Recoverable amount is based on value in use and is determined using a discounted cash flow model with a five-year and three months forecast period. For all CGUs a long-term inflation expectation of 2.20% (2022: 2.44%) was used to determine the terminal value.
\nThe estimated post-tax cash flows are discounted to their present value using a post-tax weight average cost of capital (WACC). WACC is based on a peer group of similar listed entities and is determined with reference to CM.com\u2019s target capital structure. A sensitivity analysis has been performed considering a change in the WACC of 1% and a change in the long-term growth rate of 0.5%. The analysis indicates that for CPaaS, SaaS, and Ticketing there is sufficient positive headroom to absorb adverse changes in the WACC and long-term growth rate, even if these changes were to occur simultaneously. We disclose our estimated cash flows as post-tax. The pre- and post-tax WACC are presented in the table above. We refrain from disclosing the pre-tax cash flows.
\nFor Payments, headroom is limited and particularly sensitive to revenue growth and cost control measures.
\nThe Compound Annual Growth Rate (CAGR) on Revenue for Payments for the period 2023-2028 in the impairment testing model is 17.8%. The actual revenue growth over FY 2023 was 15.7%. The budget and forecast plan for 2024-2028, prepared by the Payments CGU Management Team, is reviewed and approved by the Management Board and as part of the annual budgeting and forecasting cycle, also challenged and approved by the Supervisory Board. In addition to detailed revenue targets, we also defined and included targets for cost control in the performance management cycle.
\nChallenges on the input parameters in the budget and forecast models, together with a diligently executed process, provides the Payment CGU management team, as well as the CM Management Board sufficient confidence. Revenue growth can be achieved as a result of an effective sales focus with the new business unit structure combined with services via our CM Acquiring license. Together with cost control measures and integrated platform services, the growth rate is deemed realistic. Management challenged the budget with scenarios regarding the average growth rate over the years 2023-2028. The amount by which the CGU Payments' recoverable amount exceeds its carrying amount is \u20ac\u00a02.4 million based on the approved budget 2024 and forecast. This amount of headroom changes with around \u20ac\u00a04 million per 1% higher or lower CAGR on Revenue 2023-2028 without change in other variables, like effects of cost reduction in case of revenue growth falls behind budget. Management will monitor growth against this CAGR on Revenue of 17.8% for the upcoming reporting periods and update the impairment analyses in case of impairment triggers.
\nIn the impairment testing model, the WACC was 12,1%, and long-term growth rate applied was 2,2%. The sensitivity analysis with the WACC plus-minus 1% and long-term cash flow growth rate plus-minus 0,5% resulted in a bandwidth on the headroom from minus \u20ac\u00a04.7 million for WACC +1% and long-term cash flow growth rate minus 0,5%, to plus \u20ac\u00a06.4 million for WACC -1% and long-term cash flow growth rate plus 0,5%.
\nThe outcome of the impairment testing model, which is based on the value in use, was challenged with a market approach valuation performed by an external valuation agency. Taken the same key assumptions into account for the budget 2024 and growth rate as included in the discounted cash flow valuation, they concluded that fair value (less costs of disposal) for the Payments CGU under the various valuation scenarios also indicated positive mid-point range headroom between \u20ac\u00a04.6 million and \u20ac\u00a024.2 million. Management is aware of the current level of headroom in combination with the sensitivity of the parameters used. Based on the outcome no impairment charges were recognized during 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-305": { "value": "\nProperty, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs includes the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
\nDepreciation is provided from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant, and equipment. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
\nA summary of the movements in property, plant, and equipment is provided:
\n| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 5,694 | 2,107 | 171 | 3,133 | 1,270 | 12,375 |
| Additions | 635 | 892 | - | 528 | 762 | 2,817 |
| Divestments | - | - | (27) | (20) | - | (47) |
| Acquisitions through business combinations | - | 241 | - | 113 | - | 354 |
| Currency difference | 4 | 1 | - | - | 2 | 7 |
| At 31 December 2022 | 6,333 | 3,241 | 144 | 3,754 | 2,034 | 15,506 |
| Additions | 90 | 416 | 159 | 486 | 873 | 2,024 |
| Divestments | (2,616) | (1,102) | (33) | (2,275) | (85) | (6,111) |
| Currency difference | (37) | (1) | - | (12) | (2) | (52) |
| At 31 December 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,026 | 464 | 95 | 1,334 | 223 | 5,142 |
| Depreciation | 409 | 444 | 15 | 534 | 199 | 1,601 |
| Divestments | - | - | (12) | (20) | - | (32) |
| Currency difference | 3 | - | - | - | - | 3 |
| At 31 December 2022 | 3,438 | 908 | 98 | 1,848 | 422 | 6,714 |
| Depreciation | 444 | 373 | 108 | 689 | 250 | 1,864 |
| Impairments | 207 | 89 | 1 | 29 | 54 | 380 |
| Divestments | (2,616) | (1,102) | (33) | (2,263) | (81) | (6,095) |
| Currency difference | (11) | - | - | (5) | - | (16) |
| At 31 December 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 2,895 | 2,333 | 46 | 1,906 | 1,612 | 8,792 |
| At 31 December 2023 | 2,308 | 2,286 | 96 | 1,655 | 2,175 | 8,520 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs includes the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
\nDepreciation is provided from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant, and equipment. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
\nA summary of the movements in property, plant, and equipment is provided:
\n| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 5,694 | 2,107 | 171 | 3,133 | 1,270 | 12,375 |
| Additions | 635 | 892 | - | 528 | 762 | 2,817 |
| Divestments | - | - | (27) | (20) | - | (47) |
| Acquisitions through business combinations | - | 241 | - | 113 | - | 354 |
| Currency difference | 4 | 1 | - | - | 2 | 7 |
| At 31 December 2022 | 6,333 | 3,241 | 144 | 3,754 | 2,034 | 15,506 |
| Additions | 90 | 416 | 159 | 486 | 873 | 2,024 |
| Divestments | (2,616) | (1,102) | (33) | (2,275) | (85) | (6,111) |
| Currency difference | (37) | (1) | - | (12) | (2) | (52) |
| At 31 December 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,026 | 464 | 95 | 1,334 | 223 | 5,142 |
| Depreciation | 409 | 444 | 15 | 534 | 199 | 1,601 |
| Divestments | - | - | (12) | (20) | - | (32) |
| Currency difference | 3 | - | - | - | - | 3 |
| At 31 December 2022 | 3,438 | 908 | 98 | 1,848 | 422 | 6,714 |
| Depreciation | 444 | 373 | 108 | 689 | 250 | 1,864 |
| Impairments | 207 | 89 | 1 | 29 | 54 | 380 |
| Divestments | (2,616) | (1,102) | (33) | (2,263) | (81) | (6,095) |
| Currency difference | (11) | - | - | (5) | - | (16) |
| At 31 December 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 2,895 | 2,333 | 46 | 1,906 | 1,612 | 8,792 |
| At 31 December 2023 | 2,308 | 2,286 | 96 | 1,655 | 2,175 | 8,520 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use assets are initially measured at cost and subsequently presented at cost less accumulated depreciation and, if applicable, less impairments losses and adjusted for certain re-measurements of the lease liability. Cost are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliable determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Depreciation is based on the length of the lease liability and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset is available for use.
\nThe lease liability is presented as a separate line in the consolidated statement of financial position (\u201cborrowings\u201d), see note 18. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. In relation to the leases, CM.com has recognized depreciation and interest costs in the profit or loss. In the cash flow statement, the low-value leases and short-term leases are presented as part of the cash flow from operating activities, interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for the lease liabilities is included in note 13.
\nDepreciation methods and useful lives are reviewed at each reporting date.
\nThe determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset, even if that asset is not explicitly specified in an arrangement.
\nCM.com recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets (value lower than \u20ac\u00a05 thousand when new). For these leases, CM.com recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
\nCM.com recognizes a right-of-use asset and a lease liability at the lease commencement date. CM.com makes use of the expedient in IFRS 16 not to separate non-lease components from lease components.
\nThe expenses and total cash outflow for leases are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 582 | 340 |
| Expenses relating to short-term leases | 1,322 | 1,958 |
| Total cash outflow for leases | 7,429 | 7,162 |
A summary of the movements in right-of-use assets is provided:
\n| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 8,262 | 207 | 8,640 | 1,127 | 715 | 18,951 |
| Additions | 10,761 | 29 | 7,944 | - | 452 | 19,186 |
| Acquisitions through business combinations | 1,606 | - | - | - | - | 1,606 |
| Ending of lease agreements | (198) | - | - | - | (205) | (403) |
| Currency difference | 19 | - | (21) | - | - | (2) |
| At 31 December 2022 | 20,450 | 236 | 16,563 | 1,127 | 962 | 39,338 |
| Additions | 902 | - | 10 | - | 307 | 1,219 |
| Ending of lease agreements | (976) | (116) | - | - | (311) | (1,403) |
| Currency difference | (46) | - | (49) | - | - | (95) |
| At 31 December 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,051 | 124 | 1,503 | 452 | 384 | 5,514 |
| Amortization | 1,652 | 57 | 1,476 | 113 | 234 | 3,532 |
| Ending of lease agreements | (198) | - | - | - | (180) | (378) |
| Currency difference | 12 | - | - | - | - | 12 |
| At 31 December 2022 | 4,517 | 181 | 2,979 | 565 | 438 | 8,680 |
| Amortization | 2,538 | 26 | 1,691 | 113 | 174 | 4,542 |
| Ending of lease agreements | (950) | (116) | - | - | (252) | (1,318) |
| Currency difference | (20) | - | (2) | - | - | (22) |
| At 31 December 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 15,933 | 55 | 13,584 | 562 | 524 | 30,658 |
| At 31 December 2023 | 14,245 | 29 | 11,856 | 449 | 598 | 27,177 |
Right-of-use assets are initially measured at cost and subsequently presented at cost less accumulated depreciation and, if applicable, less impairments losses and adjusted for certain re-measurements of the lease liability. Cost are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliable determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Depreciation is based on the length of the lease liability and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset is available for use.
\nThe lease liability is presented as a separate line in the consolidated statement of financial position (\u201cborrowings\u201d), see note 18. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. In relation to the leases, CM.com has recognized depreciation and interest costs in the profit or loss. In the cash flow statement, the low-value leases and short-term leases are presented as part of the cash flow from operating activities, interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for the lease liabilities is included in note 13.
\nDepreciation methods and useful lives are reviewed at each reporting date.
\nThe determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset, even if that asset is not explicitly specified in an arrangement.
\nCM.com recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets (value lower than \u20ac\u00a05 thousand when new). For these leases, CM.com recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
\nCM.com recognizes a right-of-use asset and a lease liability at the lease commencement date. CM.com makes use of the expedient in IFRS 16 not to separate non-lease components from lease components.
\nThe expenses and total cash outflow for leases are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 582 | 340 |
| Expenses relating to short-term leases | 1,322 | 1,958 |
| Total cash outflow for leases | 7,429 | 7,162 |
A summary of the movements in right-of-use assets is provided:
\n| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 8,262 | 207 | 8,640 | 1,127 | 715 | 18,951 |
| Additions | 10,761 | 29 | 7,944 | - | 452 | 19,186 |
| Acquisitions through business combinations | 1,606 | - | - | - | - | 1,606 |
| Ending of lease agreements | (198) | - | - | - | (205) | (403) |
| Currency difference | 19 | - | (21) | - | - | (2) |
| At 31 December 2022 | 20,450 | 236 | 16,563 | 1,127 | 962 | 39,338 |
| Additions | 902 | - | 10 | - | 307 | 1,219 |
| Ending of lease agreements | (976) | (116) | - | - | (311) | (1,403) |
| Currency difference | (46) | - | (49) | - | - | (95) |
| At 31 December 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 3,051 | 124 | 1,503 | 452 | 384 | 5,514 |
| Amortization | 1,652 | 57 | 1,476 | 113 | 234 | 3,532 |
| Ending of lease agreements | (198) | - | - | - | (180) | (378) |
| Currency difference | 12 | - | - | - | - | 12 |
| At 31 December 2022 | 4,517 | 181 | 2,979 | 565 | 438 | 8,680 |
| Amortization | 2,538 | 26 | 1,691 | 113 | 174 | 4,542 |
| Ending of lease agreements | (950) | (116) | - | - | (252) | (1,318) |
| Currency difference | (20) | - | (2) | - | - | (22) |
| At 31 December 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | 15,933 | 55 | 13,584 | 562 | 524 | 30,658 |
| At 31 December 2023 | 14,245 | 29 | 11,856 | 449 | 598 | 27,177 |
Acquisitions of businesses are accounted for using the acquisition method. The aggregate of the consideration transferred in a business combination is measured at fair value on the acquisition date. Acquisition-related costs are expensed as incurred and included in other operating expenses. During 2023, there were no acquisitions and therefore no related costs (2022: \u20ac\u00a0181 thousand).
\nFor a number of earn-out arrangements made on acquisitions, as at 31 December 2023 the fair value has been remeasured. As a consequence of lower than expected performance of the acquisitions, a release of \u20ac\u00a0878 thousand has been reported under \"financial income\". Not all earn-outs have been agreed with the selling shareholders. For other acquisitions that performed better than expected, the re-measurement led to an increase in the earn-out liability for which \u20ac\u00a033 thousand has been reported under \"financial expenses\".
\nThe recognized goodwill relating to the acquisition represents future economic benefits arising from assets that do not qualify for separate recognition as intangible assets. This includes expected new customers who generate revenue streams in the future and revenues generated because of new capabilities of the acquired product platforms. The total amount of goodwill recorded for this acquisition is not deductible for corporate tax purposes.
\nOn 1 March 2022, CM.com acquired 100% of the shares and voting rights of Building Blocks Holding B.V. and its subsidiaries (hereafter \"Building blocks\"). Building Blocks is a group of unlisted entities situated in the Netherlands, specialized in consumer artificial intelligence (\u201cAI\u201d) and builds personalized consumer interactions. The purchase price allocation is based on fair value of identifiable assets and liabilities of Building Blocks. The acquisition of Building Blocks is related to the SaaS segment.
\nThe acquired trade and other receivables mainly consist of trade and VAT receivables. Building Blocks' contribution in 2022 to revenue amounts to \u20ac\u00a03,475 thousand. If the acquisition was done as per 1 January 2022, the contribution to revenue would be \u20ac\u00a04,124 thousand in 2022. The total contribution to net result of Building Block is minus \u20ac\u00a0822 thousand in 2022. If the acquisition was done as per 1 January in 2022, the contribution to net result would be minus \u20ac\u00a0976 thousand in 2022.
\nThe provisional fair values of identifiable assets and liabilities of the acquisition as at the date of acquisition as displayed below. In 2023, the Company finalized the purchase price allocation of the acquisition of Building Blocks, with no adjustment to the provisional purchase price allocation performed in 2022.
\n| x \u20ac\u00a01,000 | Building Blocks |
|---|---|
| \u00a0 | \u00a0 |
| Consideration paid in cash | 6,891 |
| Equity payment | 2,584 |
| Earn-out (part of other accruals) | 2,558 |
| Total consideration | 12,033 |
| \u00a0 | \u00a0 |
| Goodwill | 14 |
| Intangible assets (Platform and Other) | 1,280 |
| Property, plant, and equipment | 354 |
| Right-of-use assets | 1,606 |
| Long-term receivables | 24 |
| Trade and other receivables | 1,198 |
| Cash and cash equivalents | 562 |
| Long-term debt | (2,499) |
| Trade and other payables | (1,997) |
| Contract liabilities | (737) |
| Deferred tax assets | 290 |
| Deferred tax liabilities | (290) |
| Carrying amount at acquisition date | (195) |
| \u00a0 | \u00a0 |
| Platform recognized fair value adjustment | 4,157 |
| Customer relations recognized fair value adjustment | 2,636 |
| Deferred tax liability recognized fair value adjustment | (1,753) |
| Total fair value of net identifiable assets and liabilities | 4,845 |
| \u00a0 | \u00a0 |
| Goodwill recognized | 7,187 |
Acquisitions of businesses are accounted for using the acquisition method. The aggregate of the consideration transferred in a business combination is measured at fair value on the acquisition date. Acquisition-related costs are expensed as incurred and included in other operating expenses. During 2023, there were no acquisitions and therefore no related costs (2022: \u20ac\u00a0181 thousand).
\nFor a number of earn-out arrangements made on acquisitions, as at 31 December 2023 the fair value has been remeasured. As a consequence of lower than expected performance of the acquisitions, a release of \u20ac\u00a0878 thousand has been reported under \"financial income\". Not all earn-outs have been agreed with the selling shareholders. For other acquisitions that performed better than expected, the re-measurement led to an increase in the earn-out liability for which \u20ac\u00a033 thousand has been reported under \"financial expenses\".
\nThe recognized goodwill relating to the acquisition represents future economic benefits arising from assets that do not qualify for separate recognition as intangible assets. This includes expected new customers who generate revenue streams in the future and revenues generated because of new capabilities of the acquired product platforms. The total amount of goodwill recorded for this acquisition is not deductible for corporate tax purposes.
\nOn 1 March 2022, CM.com acquired 100% of the shares and voting rights of Building Blocks Holding B.V. and its subsidiaries (hereafter \"Building blocks\"). Building Blocks is a group of unlisted entities situated in the Netherlands, specialized in consumer artificial intelligence (\u201cAI\u201d) and builds personalized consumer interactions. The purchase price allocation is based on fair value of identifiable assets and liabilities of Building Blocks. The acquisition of Building Blocks is related to the SaaS segment.
\nThe acquired trade and other receivables mainly consist of trade and VAT receivables. Building Blocks' contribution in 2022 to revenue amounts to \u20ac\u00a03,475 thousand. If the acquisition was done as per 1 January 2022, the contribution to revenue would be \u20ac\u00a04,124 thousand in 2022. The total contribution to net result of Building Block is minus \u20ac\u00a0822 thousand in 2022. If the acquisition was done as per 1 January in 2022, the contribution to net result would be minus \u20ac\u00a0976 thousand in 2022.
\nThe provisional fair values of identifiable assets and liabilities of the acquisition as at the date of acquisition as displayed below. In 2023, the Company finalized the purchase price allocation of the acquisition of Building Blocks, with no adjustment to the provisional purchase price allocation performed in 2022.
\n| x \u20ac\u00a01,000 | Building Blocks |
|---|---|
| \u00a0 | \u00a0 |
| Consideration paid in cash | 6,891 |
| Equity payment | 2,584 |
| Earn-out (part of other accruals) | 2,558 |
| Total consideration | 12,033 |
| \u00a0 | \u00a0 |
| Goodwill | 14 |
| Intangible assets (Platform and Other) | 1,280 |
| Property, plant, and equipment | 354 |
| Right-of-use assets | 1,606 |
| Long-term receivables | 24 |
| Trade and other receivables | 1,198 |
| Cash and cash equivalents | 562 |
| Long-term debt | (2,499) |
| Trade and other payables | (1,997) |
| Contract liabilities | (737) |
| Deferred tax assets | 290 |
| Deferred tax liabilities | (290) |
| Carrying amount at acquisition date | (195) |
| \u00a0 | \u00a0 |
| Platform recognized fair value adjustment | 4,157 |
| Customer relations recognized fair value adjustment | 2,636 |
| Deferred tax liability recognized fair value adjustment | (1,753) |
| Total fair value of net identifiable assets and liabilities | 4,845 |
| \u00a0 | \u00a0 |
| Goodwill recognized | 7,187 |
Acquisitions of businesses are accounted for using the acquisition method. The aggregate of the consideration transferred in a business combination is measured at fair value on the acquisition date. Acquisition-related costs are expensed as incurred and included in other operating expenses. During 2023, there were no acquisitions and therefore no related costs (2022: \u20ac\u00a0181 thousand).
\nFor a number of earn-out arrangements made on acquisitions, as at 31 December 2023 the fair value has been remeasured. As a consequence of lower than expected performance of the acquisitions, a release of \u20ac\u00a0878 thousand has been reported under \"financial income\". Not all earn-outs have been agreed with the selling shareholders. For other acquisitions that performed better than expected, the re-measurement led to an increase in the earn-out liability for which \u20ac\u00a033 thousand has been reported under \"financial expenses\".
\nThe recognized goodwill relating to the acquisition represents future economic benefits arising from assets that do not qualify for separate recognition as intangible assets. This includes expected new customers who generate revenue streams in the future and revenues generated because of new capabilities of the acquired product platforms. The total amount of goodwill recorded for this acquisition is not deductible for corporate tax purposes.
\nOn 1 March 2022, CM.com acquired 100% of the shares and voting rights of Building Blocks Holding B.V. and its subsidiaries (hereafter \"Building blocks\"). Building Blocks is a group of unlisted entities situated in the Netherlands, specialized in consumer artificial intelligence (\u201cAI\u201d) and builds personalized consumer interactions. The purchase price allocation is based on fair value of identifiable assets and liabilities of Building Blocks. The acquisition of Building Blocks is related to the SaaS segment.
\nThe acquired trade and other receivables mainly consist of trade and VAT receivables. Building Blocks' contribution in 2022 to revenue amounts to \u20ac\u00a03,475 thousand. If the acquisition was done as per 1 January 2022, the contribution to revenue would be \u20ac\u00a04,124 thousand in 2022. The total contribution to net result of Building Block is minus \u20ac\u00a0822 thousand in 2022. If the acquisition was done as per 1 January in 2022, the contribution to net result would be minus \u20ac\u00a0976 thousand in 2022.
\nThe provisional fair values of identifiable assets and liabilities of the acquisition as at the date of acquisition as displayed below. In 2023, the Company finalized the purchase price allocation of the acquisition of Building Blocks, with no adjustment to the provisional purchase price allocation performed in 2022.
\n| x \u20ac\u00a01,000 | Building Blocks |
|---|---|
| \u00a0 | \u00a0 |
| Consideration paid in cash | 6,891 |
| Equity payment | 2,584 |
| Earn-out (part of other accruals) | 2,558 |
| Total consideration | 12,033 |
| \u00a0 | \u00a0 |
| Goodwill | 14 |
| Intangible assets (Platform and Other) | 1,280 |
| Property, plant, and equipment | 354 |
| Right-of-use assets | 1,606 |
| Long-term receivables | 24 |
| Trade and other receivables | 1,198 |
| Cash and cash equivalents | 562 |
| Long-term debt | (2,499) |
| Trade and other payables | (1,997) |
| Contract liabilities | (737) |
| Deferred tax assets | 290 |
| Deferred tax liabilities | (290) |
| Carrying amount at acquisition date | (195) |
| \u00a0 | \u00a0 |
| Platform recognized fair value adjustment | 4,157 |
| Customer relations recognized fair value adjustment | 2,636 |
| Deferred tax liability recognized fair value adjustment | (1,753) |
| Total fair value of net identifiable assets and liabilities | 4,845 |
| \u00a0 | \u00a0 |
| Goodwill recognized | 7,187 |
An associate is an entity over which CM.com has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Both results as assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5.
\nDetails of associates are as follows:
\n| Name of associate | Principal activity | Place of incorporation and principal place of business | Proportion of ownership interest and voting rights | |||
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2022 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| PHOS Services Ltd | Transforming mobile devices into POS terminals | Bromley, England | 0.00% | 8.92% |
Although CM.com held less than 20% of the equity shares of PHOS Services Ltd, and it had less than 20% of the voting power at shareholder meetings, CM.com exercised significant influence as a result of the appointment as one of the investor directors contractual rights.
\nOn 27 March 2023, the Company sold its stake of shares in PHOS Services Ltd. to an external party. The relating loan receivable has been fully repaid. The result on the divestment is a loss of \u20ac\u00a0561 thousand. The loss calculation includes an expected earn-out receivable of \u20ac\u00a0610 thousand with a targeted consideration of \u20ac\u00a02.5 million. This targeted consideration could be exceeded in case the revenue target is overachieved. The impact of the sales transaction has been recognized as result in associates per reporting date, amounting to \u20ac\u00a0561 thousand. The earn-out receivable has been recognized under other receivables, see note 16.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 1,823 | 1,974 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Sale of shares | (1,262) | - |
| Share of result of associates | (561) | (151) |
| Carrying amount as at 31 December | - | 1,823 |
An associate is an entity over which CM.com has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Both results as assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5.
\nDetails of associates are as follows:
\n| Name of associate | Principal activity | Place of incorporation and principal place of business | Proportion of ownership interest and voting rights | |||
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2022 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| PHOS Services Ltd | Transforming mobile devices into POS terminals | Bromley, England | 0.00% | 8.92% |
Although CM.com held less than 20% of the equity shares of PHOS Services Ltd, and it had less than 20% of the voting power at shareholder meetings, CM.com exercised significant influence as a result of the appointment as one of the investor directors contractual rights.
\nOn 27 March 2023, the Company sold its stake of shares in PHOS Services Ltd. to an external party. The relating loan receivable has been fully repaid. The result on the divestment is a loss of \u20ac\u00a0561 thousand. The loss calculation includes an expected earn-out receivable of \u20ac\u00a0610 thousand with a targeted consideration of \u20ac\u00a02.5 million. This targeted consideration could be exceeded in case the revenue target is overachieved. The impact of the sales transaction has been recognized as result in associates per reporting date, amounting to \u20ac\u00a0561 thousand. The earn-out receivable has been recognized under other receivables, see note 16.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 1,823 | 1,974 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Sale of shares | (1,262) | - |
| Share of result of associates | (561) | (151) |
| Carrying amount as at 31 December | - | 1,823 |
An associate is an entity over which CM.com has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Both results as assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5.
\nDetails of associates are as follows:
\n| Name of associate | Principal activity | Place of incorporation and principal place of business | Proportion of ownership interest and voting rights | |||
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2022 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| PHOS Services Ltd | Transforming mobile devices into POS terminals | Bromley, England | 0.00% | 8.92% |
Although CM.com held less than 20% of the equity shares of PHOS Services Ltd, and it had less than 20% of the voting power at shareholder meetings, CM.com exercised significant influence as a result of the appointment as one of the investor directors contractual rights.
\nOn 27 March 2023, the Company sold its stake of shares in PHOS Services Ltd. to an external party. The relating loan receivable has been fully repaid. The result on the divestment is a loss of \u20ac\u00a0561 thousand. The loss calculation includes an expected earn-out receivable of \u20ac\u00a0610 thousand with a targeted consideration of \u20ac\u00a02.5 million. This targeted consideration could be exceeded in case the revenue target is overachieved. The impact of the sales transaction has been recognized as result in associates per reporting date, amounting to \u20ac\u00a0561 thousand. The earn-out receivable has been recognized under other receivables, see note 16.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 1,823 | 1,974 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Sale of shares | (1,262) | - |
| Share of result of associates | (561) | (151) |
| Carrying amount as at 31 December | - | 1,823 |
An associate is an entity over which CM.com has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Both results as assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5.
\nDetails of associates are as follows:
\n| Name of associate | Principal activity | Place of incorporation and principal place of business | Proportion of ownership interest and voting rights | |||
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2022 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| PHOS Services Ltd | Transforming mobile devices into POS terminals | Bromley, England | 0.00% | 8.92% |
Although CM.com held less than 20% of the equity shares of PHOS Services Ltd, and it had less than 20% of the voting power at shareholder meetings, CM.com exercised significant influence as a result of the appointment as one of the investor directors contractual rights.
\nOn 27 March 2023, the Company sold its stake of shares in PHOS Services Ltd. to an external party. The relating loan receivable has been fully repaid. The result on the divestment is a loss of \u20ac\u00a0561 thousand. The loss calculation includes an expected earn-out receivable of \u20ac\u00a0610 thousand with a targeted consideration of \u20ac\u00a02.5 million. This targeted consideration could be exceeded in case the revenue target is overachieved. The impact of the sales transaction has been recognized as result in associates per reporting date, amounting to \u20ac\u00a0561 thousand. The earn-out receivable has been recognized under other receivables, see note 16.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 1,823 | 1,974 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Sale of shares | (1,262) | - |
| Share of result of associates | (561) | (151) |
| Carrying amount as at 31 December | - | 1,823 |
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the Group\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate.
\nCM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding the Building Blocks entities, and CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
\nMajor components of the income tax expense :
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current year | 608 | 695 |
| Adjustments prior periods | 167 | 1,198 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,916) | (2,262) |
| Movement in tax losses carried forward | 1,381 | (121) |
| Tax rate differences | 28 | 77 |
| Adjustments prior year | - | 180 |
| Tax according to the profit or loss account | (732) | (233) |
The effective tax rate for 2023 is 2.5% (2022: 0.5%) and can be reconciled as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (29,451) | (44,974) |
| Income tax at statutory tax rate (25.8%) | (7,597) | (11,603) |
| Exempt income | 145 | 391 |
| Non-deductible expenses | 128 | (510) |
| Rate differential | 220 | (318) |
| Non-recognition of deferred tax assets | 6,913 | 11,875 |
| Tax losses utilised | (543) | (826) |
| Deferred tax asset through equity | (202) | (268) |
| Tax relating to prior periods | 204 | 1,378 |
| Tax according to the profit or loss account | (732) | (233) |
Deferred tax is recognized using the balance sheet method, providing for carry forward losses and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting data.
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.
\nDeferred tax assets (\"DTA\") for unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. CM.com has tax losses carried forward of \u20ac\u00a0107.2 million as at 31 December 2023 (2022: \u20ac\u00a090.5 million), out of which \u20ac\u00a00.3 million (2022: \u20ac\u00a00.8 million) expires in the following five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed). An amount of \u20ac\u00a00.5 million (2022: \u20ac\u00a00.4 million) will expire after five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed) and \u20ac\u00a0106.4 million (2022: \u20ac\u00a089.3 million) can be carried forward indefinitely (of this for a total of \u20ac\u00a05.1 million a DTA is formed). For unused tax losses of \u20ac\u00a086.4 million no deferred tax asset is formed. Deferred tax assets recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Tax losses | Convertible bonds | Right-of-use assets | Deferred costs | Other |
|---|---|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 1,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 6,478 | 5,221 | 1,113 | 44 | - | 100 |
| Mutations through profit or loss | 121 | 121 | - | - | - | - |
| Mutations through equity | (268) | - | (268) | - | - | - |
| Acquisition of subsidiary | 290 | 290 | - | - | - | - |
| Charge to profit or loss | 402 | - | - | 16 | 493 | (107) |
| Exchange differences | 3 | 18 | - | (22) | - | 7 |
| Adjustments made in temporary differences | 4,1941 | - | - | 4,194 | - | - |
| Netting of tax | (9,714)1 | (4,675) | (845) | (4,194) | - | - |
| Carrying amount as at 31 December 2022 after netting | 1,506 | 975 | - | 38 | 493 | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 845 | 4,194 | - | - |
| Carrying amount as at 31 December 2022 before netting | 11,220 | 5,650 | 845 | 4,232 | 493 | - |
| Mutations through profit or loss | (1,179) | (1,179) | - | - | - | - |
| Mutations through equity | (202) | - | (202) | - | - | - |
| Charge to profit or loss | (217) | - | - | (358) | 141 | - |
| Exchange differences | (46) | (14) | - | - | (32) | - |
| Carrying amount as at 31 December 2023 before netting | 9,576 | 4,457 | 643 | 3,874 | 602 | - |
| Netting of tax | (8,440) | (4,047) | (643) | (3,750) | - | - |
| Carrying amount as at 31 December 2023 after netting | 1,136 | 410 | - | 124 | 602 | - |
Deferred tax liabilities recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Intangible assets | Right-of-use liabilities | Convertible bonds |
|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 2,847 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 8,242 | 6,588 | - | 1,654 |
| Mutations through profit or loss | (1,860) | (1,534) | - | (326) |
| Acquisition of subsidiary | 2,043 | 2,043 | - | - |
| Effect of change in tax rate | 77 | 77 | - | - |
| Prior periods | 180 | 180 | - | - |
| Adjustments made in temporary differences | 4,1941 | - | 4,194 | - |
| Netting of tax | (9,714)1 | (4,675) | (4,194) | (845) |
| Carrying amount as at 31 December 2022 after netting | 3,162 | 2,679 | - | 483 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 4,194 | 845 |
| Carrying amount as at 31 December 2022 before netting | 12,876 | 7,354 | 4,194 | 1,328 |
| Mutations through profit or loss | (2,901) | (2,117) | (444) | (340) |
| Effect of change in tax rate | - | - | - | - |
| Prior periods | - | - | - | - |
| Carrying amount as at 31 December 2023 before netting | 9,975 | 5,237 | 3,750 | 988 |
| Netting of tax | (8,440) | (4,047) | (3,750) | (643) |
| Carrying amount as at 31 December 2023 after netting | 1,535 | 1,190 | - | 345 |
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the Group\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate.
\nCM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding the Building Blocks entities, and CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
\nMajor components of the income tax expense :
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current year | 608 | 695 |
| Adjustments prior periods | 167 | 1,198 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,916) | (2,262) |
| Movement in tax losses carried forward | 1,381 | (121) |
| Tax rate differences | 28 | 77 |
| Adjustments prior year | - | 180 |
| Tax according to the profit or loss account | (732) | (233) |
The effective tax rate for 2023 is 2.5% (2022: 0.5%) and can be reconciled as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (29,451) | (44,974) |
| Income tax at statutory tax rate (25.8%) | (7,597) | (11,603) |
| Exempt income | 145 | 391 |
| Non-deductible expenses | 128 | (510) |
| Rate differential | 220 | (318) |
| Non-recognition of deferred tax assets | 6,913 | 11,875 |
| Tax losses utilised | (543) | (826) |
| Deferred tax asset through equity | (202) | (268) |
| Tax relating to prior periods | 204 | 1,378 |
| Tax according to the profit or loss account | (732) | (233) |
Deferred tax is recognized using the balance sheet method, providing for carry forward losses and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting data.
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.
\nDeferred tax assets (\"DTA\") for unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. CM.com has tax losses carried forward of \u20ac\u00a0107.2 million as at 31 December 2023 (2022: \u20ac\u00a090.5 million), out of which \u20ac\u00a00.3 million (2022: \u20ac\u00a00.8 million) expires in the following five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed). An amount of \u20ac\u00a00.5 million (2022: \u20ac\u00a00.4 million) will expire after five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed) and \u20ac\u00a0106.4 million (2022: \u20ac\u00a089.3 million) can be carried forward indefinitely (of this for a total of \u20ac\u00a05.1 million a DTA is formed). For unused tax losses of \u20ac\u00a086.4 million no deferred tax asset is formed. Deferred tax assets recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Tax losses | Convertible bonds | Right-of-use assets | Deferred costs | Other |
|---|---|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 1,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 6,478 | 5,221 | 1,113 | 44 | - | 100 |
| Mutations through profit or loss | 121 | 121 | - | - | - | - |
| Mutations through equity | (268) | - | (268) | - | - | - |
| Acquisition of subsidiary | 290 | 290 | - | - | - | - |
| Charge to profit or loss | 402 | - | - | 16 | 493 | (107) |
| Exchange differences | 3 | 18 | - | (22) | - | 7 |
| Adjustments made in temporary differences | 4,1941 | - | - | 4,194 | - | - |
| Netting of tax | (9,714)1 | (4,675) | (845) | (4,194) | - | - |
| Carrying amount as at 31 December 2022 after netting | 1,506 | 975 | - | 38 | 493 | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 845 | 4,194 | - | - |
| Carrying amount as at 31 December 2022 before netting | 11,220 | 5,650 | 845 | 4,232 | 493 | - |
| Mutations through profit or loss | (1,179) | (1,179) | - | - | - | - |
| Mutations through equity | (202) | - | (202) | - | - | - |
| Charge to profit or loss | (217) | - | - | (358) | 141 | - |
| Exchange differences | (46) | (14) | - | - | (32) | - |
| Carrying amount as at 31 December 2023 before netting | 9,576 | 4,457 | 643 | 3,874 | 602 | - |
| Netting of tax | (8,440) | (4,047) | (643) | (3,750) | - | - |
| Carrying amount as at 31 December 2023 after netting | 1,136 | 410 | - | 124 | 602 | - |
Deferred tax liabilities recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Intangible assets | Right-of-use liabilities | Convertible bonds |
|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 2,847 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 8,242 | 6,588 | - | 1,654 |
| Mutations through profit or loss | (1,860) | (1,534) | - | (326) |
| Acquisition of subsidiary | 2,043 | 2,043 | - | - |
| Effect of change in tax rate | 77 | 77 | - | - |
| Prior periods | 180 | 180 | - | - |
| Adjustments made in temporary differences | 4,1941 | - | 4,194 | - |
| Netting of tax | (9,714)1 | (4,675) | (4,194) | (845) |
| Carrying amount as at 31 December 2022 after netting | 3,162 | 2,679 | - | 483 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 4,194 | 845 |
| Carrying amount as at 31 December 2022 before netting | 12,876 | 7,354 | 4,194 | 1,328 |
| Mutations through profit or loss | (2,901) | (2,117) | (444) | (340) |
| Effect of change in tax rate | - | - | - | - |
| Prior periods | - | - | - | - |
| Carrying amount as at 31 December 2023 before netting | 9,975 | 5,237 | 3,750 | 988 |
| Netting of tax | (8,440) | (4,047) | (3,750) | (643) |
| Carrying amount as at 31 December 2023 after netting | 1,535 | 1,190 | - | 345 |
Deferred tax is recognized using the balance sheet method, providing for carry forward losses and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting data.
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.
\nDeferred tax assets (\"DTA\") for unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. CM.com has tax losses carried forward of \u20ac\u00a0107.2 million as at 31 December 2023 (2022: \u20ac\u00a090.5 million), out of which \u20ac\u00a00.3 million (2022: \u20ac\u00a00.8 million) expires in the following five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed). An amount of \u20ac\u00a00.5 million (2022: \u20ac\u00a00.4 million) will expire after five years (of this for a total of \u20ac\u00a00.0 million a DTA is formed) and \u20ac\u00a0106.4 million (2022: \u20ac\u00a089.3 million) can be carried forward indefinitely (of this for a total of \u20ac\u00a05.1 million a DTA is formed). For unused tax losses of \u20ac\u00a086.4 million no deferred tax asset is formed. Deferred tax assets recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Tax losses | Convertible bonds | Right-of-use assets | Deferred costs | Other |
|---|---|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 1,083 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 6,478 | 5,221 | 1,113 | 44 | - | 100 |
| Mutations through profit or loss | 121 | 121 | - | - | - | - |
| Mutations through equity | (268) | - | (268) | - | - | - |
| Acquisition of subsidiary | 290 | 290 | - | - | - | - |
| Charge to profit or loss | 402 | - | - | 16 | 493 | (107) |
| Exchange differences | 3 | 18 | - | (22) | - | 7 |
| Adjustments made in temporary differences | 4,1941 | - | - | 4,194 | - | - |
| Netting of tax | (9,714)1 | (4,675) | (845) | (4,194) | - | - |
| Carrying amount as at 31 December 2022 after netting | 1,506 | 975 | - | 38 | 493 | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 845 | 4,194 | - | - |
| Carrying amount as at 31 December 2022 before netting | 11,220 | 5,650 | 845 | 4,232 | 493 | - |
| Mutations through profit or loss | (1,179) | (1,179) | - | - | - | - |
| Mutations through equity | (202) | - | (202) | - | - | - |
| Charge to profit or loss | (217) | - | - | (358) | 141 | - |
| Exchange differences | (46) | (14) | - | - | (32) | - |
| Carrying amount as at 31 December 2023 before netting | 9,576 | 4,457 | 643 | 3,874 | 602 | - |
| Netting of tax | (8,440) | (4,047) | (643) | (3,750) | - | - |
| Carrying amount as at 31 December 2023 after netting | 1,136 | 410 | - | 124 | 602 | - |
Deferred tax liabilities recognized and movements thereon:
\n| x \u20ac\u00a01,000 | Total | Intangible assets | Right-of-use liabilities | Convertible bonds |
|---|---|---|---|---|
| Carrying amount as at 31 December 2021 after netting | 2,847 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 5,395 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 31 December 2021 before netting | 8,242 | 6,588 | - | 1,654 |
| Mutations through profit or loss | (1,860) | (1,534) | - | (326) |
| Acquisition of subsidiary | 2,043 | 2,043 | - | - |
| Effect of change in tax rate | 77 | 77 | - | - |
| Prior periods | 180 | 180 | - | - |
| Adjustments made in temporary differences | 4,1941 | - | 4,194 | - |
| Netting of tax | (9,714)1 | (4,675) | (4,194) | (845) |
| Carrying amount as at 31 December 2022 after netting | 3,162 | 2,679 | - | 483 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 9,714 | 4,675 | 4,194 | 845 |
| Carrying amount as at 31 December 2022 before netting | 12,876 | 7,354 | 4,194 | 1,328 |
| Mutations through profit or loss | (2,901) | (2,117) | (444) | (340) |
| Effect of change in tax rate | - | - | - | - |
| Prior periods | - | - | - | - |
| Carrying amount as at 31 December 2023 before netting | 9,975 | 5,237 | 3,750 | 988 |
| Netting of tax | (8,440) | (4,047) | (3,750) | (643) |
| Carrying amount as at 31 December 2023 after netting | 1,535 | 1,190 | - | 345 |
CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-328": { "value": "\nCM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-329": { "value": "\nCM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-330": { "value": "\nCM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-331": { "value": "\nCM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-332": { "value": "\nCM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-333": { "value": "\nCM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Company consists of net debt (borrowings as disclosed in note 18 and convertible bonds as disclosed in note 19 after deducting available cash and cash equivalents as disclosed in note 17) and shareholders\u2019 equity (comprising issued ordinary share capital, share premium, reserves, and accumulated deficits, disclosed below).
\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
\nIn 2022, the Company purchased 143,925 own shares related to business combinations and 60,000 own shares to satisfy obligations related to the equity-settled share-based compensation plans, of which 33,336 shares were vested during 2023 (2022: 4,153 shares) (see note 24). At year-end, the amount of treasury shares held amounted to \u20ac0.3 million (2022: \u20ac0.9 million) and represents 22,511 shares (2022: 55,847).
\nThe legal reserves, in amount of \u20ac\u00a039,641 thousand (2022: \u20ac\u00a031,358 thousand) are considered non-distributable in accordance with Dutch Law, as presented in the Corporate Financial Statements (see note 6) and relate to capitalized development costs. No dividends are available for distribution.
\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-334": { "value": "\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-335": { "value": "\nAt 1 January 2023, the number of issued, authorised shares was 28,934,518 with a total nominal value of \u20ac\u00a01,736 thousand. All shares are ordinary shares. During 2023, a total of 176,847 shares were issued in relation with earn-outs of acquired companies. At year-end, that brings the total of issued shares up to 29,111,365 with a total nominal value of \u20ac\u00a01,747 thousand. At balance date, there are only ordinary shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-336": { "value": "\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-337": { "value": "\nThe weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 29,022,942 (2022: 28,887,308). The total comprehensive loss used in the calculation of basic an diluted loss per share over 2023 amounts to \u20ac\u00a028,931 thousand (2022: \u20ac\u00a043,561 thousand).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-338": { "value": "\nCredit risk represents the financial loss that would have to be recognized on the reporting date if a customer or counter party to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
\nCM.com\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk of the industry and country, in which customers operate, has less of an influence on credit risk. CM.com mitigates the credit risk through setting appropriate credit limits for each of its customers. We continuously monitor the creditworthiness of debtors and act appropriately on expired invoices.
\nThe carrying amount of financial assets represents the maximum credit exposure. For CM.com\u2019s statement of the carrying amounts see note 16 and note 21. No significant concentration of credit risk existed as at the reporting date. In prior year the additional charges to expenses mainly concentrate to one individual customer for a bad debt position of \u20ac\u00a04.2 milion.
\nThe changes in the provision for expected credit losses are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per 1 January | 5,548 | 372 |
| Additions to provision | 1,604 | 5,435 |
| Utilization of provision | (4,850) | (259) |
| Release of provision | (215) | - |
| Balance as per 31 December | 2,087 | 5,548 |
The aging of accounts receivables is set out below:
\n| x \u20ac\u00a01,000 | 2023 | 2023 | 2022 | 2022 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 13,475 | 13,177 | 15,226 | 14,455 |
| 1 - 30 days | 6,252 | 6,032 | 2,796 | 2,705 |
| 31 - 60 days | 2,238 | 2,149 | 5,312 | 5,085 |
| > 60 days | 4,397 | 2,917 | 7,874 | 3,415 |
| \u00a0 | 26,362 | 24,275 | 31,208 | 25,660 |
The buckets and expected credit losses (\"ECL\") are estimated as follows:
\n| Bucket | ECL % | |
|---|---|---|
| \u00a0 | 2023 | 2022 |
| Current | 1.0% | 1.0% |
| 1 - 30 days | 1.7% | 1.7% |
| 31 - 60 days | 6.2% | 6.2% |
| > 60 days | 10.0% | 10.0% |
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past payment behaviour for a 12-month period of the debtor and analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
\nFor the other financial assets, such as other receivables and deposits, the assumption is applied that, due to low credit risk and the amounts involved, the expected credit losses are deemed as not significant.
\nCM.com applies the IFRS 9 simplified approach for measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables excluding VAT and accrued income. To measure the expected credit losses, trade receivables, and accrued income have been grouped based on shared credit risk characteristics which are determined based on the days past due. Contract assets relate to unbilled revenue and have substantially the same risk characteristics as the current trade receivables for the same types of contracts.
\nThe expected loss rates are based on the payment profiles of sales over prior periods and the corresponding historical credit losses experienced related to those periods.
\nTrade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with CM.com, and a failure to make contractual payments.
\nImpairment losses on trade receivables and accrued income are recognised excluding VAT through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
\nLiquidity risk is the risk that CM.com will not be able to meet its financial obligations as they fall due. CM.com\u2019s approach to manage liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation.
\nPeriodically, liquidity budgets are prepared. Liquidity risks are controlled through interim monitoring and possible adjustments. The liquidity budgets take cash constraints into account.
\nCM.com assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. CM.com ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 180 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. CM.com\u2019s borrowing facilities and revolving credit facilities are detailed in note 18.
\nThe table below summarizes the expected future cash flows from CM.com\u2019s financial liabilities based on contractual undiscounted payments:
\n| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 18 | 1,451 | 3,006 | 9,144 | 6,776 | 20,377 | 17,521 |
| Convertible bonds | 19 | 1,000 | 1,000 | 104,000 | - | 106,000 | 95,922 |
| Trade payables | 21 | 33,275 | - | - | - | 33,275 | 33,275 |
| Other financial liabilities | 21 | 57,692 | - | - | - | 57,692 | 57,692 |
| Tax debt | 18 | - | - | 1,121 | - | 1,121 | 1,053 |
| \u00a0 | \u00a0 | 93,418 | 4,006 | 114,265 | 6,776 | 218,465 | 205,463 |
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 18 | 2,114 | 5,957 | 11,016 | 8,807 | 27,894 | 23,689 |
| Convertible bonds | 19 | 1,000 | 1,000 | 106,000 | - | 108,000 | 94,262 |
| Trade payables | 21 | 25,241 | - | - | - | 25,241 | 25,241 |
| Other financial liabilities | 21 | 78,363 | 224 | - | - | 78,587 | 78,548 |
| Bank loans | 18 | 4 | 11 | 5 | - | 20 | 20 |
| Tax debt long-term | 18 | - | - | 1,121 | - | 1,121 | 1,053 |
| \u00a0 | \u00a0 | 106,722 | 7,192 | 118,142 | 8,807 | 240,863 | 222,813 |
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect CM.com\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. The market risk comprises three types of risk: interest rate risk, foreign currency risk, and other risk. CM.com only recognizes the foreign currency risk as an applicable currency risk, due to the fact that there are no outstanding loans with variable interest and little other risk from external factors.
\nForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. CM.com is exposed to currency risk on sales, purchases, and borrowings that are denominated in a currency other than the functional currency. The currency giving rise to this risk are primarily CNY, GBP, INR, HKD (prior year JPY), SGD, and USD. As CM.com operates globally, purchases are done in multiple currencies. Alignment of sale and purchases contracts in local currencies mitigates the risk of foreign currency translations. The amounts below are excluding the foundation's activities as the cash, receivables and payables from the foundations both receive and pay-out in the same currency, as such the currency risk on these amounts are remote.\u00a0
\nCM.com's exposure to currency risk was as follows based on notional amounts:
\n| x \u20ac\u00a01,000 | \u00a0 | USD | HKD | CNY | GBP | INR | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 2,041 | 74 | 1,028 | 410 | 160 | 202 |
| Trade receivables | \u00a0 | 11,526 | 60 | 252 | 617 | 185 | - |
| Trade payables | \u00a0 | (7,350) | (30) | (169) | (752) | (30) | (133) |
| \u00a0 | \u00a0 | 6,217 | 104 | 1,110 | 276 | 315 | 69 |
| x \u20ac\u00a01,000 | \u00a0 | USD | INR | CNY | GBP | JPY | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 528 | 497 | 4,802 | 519 | 173 | 3,143 |
| Trade receivables | \u00a0 | 12,377 | 149 | 548 | 384 | 284 | 57 |
| Trade payables | \u00a0 | (4,880) | (15) | (147) | (556) | (97) | (99) |
| \u00a0 | \u00a0 | 8,025 | 631 | 5,203 | 347 | 360 | 3,101 |
The summary below shows the effect on the result that a reasonable possible change in exchange rate (+5%, calculated from exchange rate), with all other variables held constant, could have for the primary foreign excange rates:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| USD | 440 | 617 |
| HKD | (32) | - |
| CNY | 56 | 246 |
| GBP | 13 | 17 |
| INR | 15 | 30 |
| SGD | 13 | 140 |
| JPY | - | 17 |
Credit risk represents the financial loss that would have to be recognized on the reporting date if a customer or counter party to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
\nCM.com\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk of the industry and country, in which customers operate, has less of an influence on credit risk. CM.com mitigates the credit risk through setting appropriate credit limits for each of its customers. We continuously monitor the creditworthiness of debtors and act appropriately on expired invoices.
\nThe carrying amount of financial assets represents the maximum credit exposure. For CM.com\u2019s statement of the carrying amounts see note 16 and note 21. No significant concentration of credit risk existed as at the reporting date. In prior year the additional charges to expenses mainly concentrate to one individual customer for a bad debt position of \u20ac\u00a04.2 milion.
\nThe changes in the provision for expected credit losses are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per 1 January | 5,548 | 372 |
| Additions to provision | 1,604 | 5,435 |
| Utilization of provision | (4,850) | (259) |
| Release of provision | (215) | - |
| Balance as per 31 December | 2,087 | 5,548 |
The aging of accounts receivables is set out below:
\n| x \u20ac\u00a01,000 | 2023 | 2023 | 2022 | 2022 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 13,475 | 13,177 | 15,226 | 14,455 |
| 1 - 30 days | 6,252 | 6,032 | 2,796 | 2,705 |
| 31 - 60 days | 2,238 | 2,149 | 5,312 | 5,085 |
| > 60 days | 4,397 | 2,917 | 7,874 | 3,415 |
| \u00a0 | 26,362 | 24,275 | 31,208 | 25,660 |
The buckets and expected credit losses (\"ECL\") are estimated as follows:
\n| Bucket | ECL % | |
|---|---|---|
| \u00a0 | 2023 | 2022 |
| Current | 1.0% | 1.0% |
| 1 - 30 days | 1.7% | 1.7% |
| 31 - 60 days | 6.2% | 6.2% |
| > 60 days | 10.0% | 10.0% |
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past payment behaviour for a 12-month period of the debtor and analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
\nFor the other financial assets, such as other receivables and deposits, the assumption is applied that, due to low credit risk and the amounts involved, the expected credit losses are deemed as not significant.
\nCM.com applies the IFRS 9 simplified approach for measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables excluding VAT and accrued income. To measure the expected credit losses, trade receivables, and accrued income have been grouped based on shared credit risk characteristics which are determined based on the days past due. Contract assets relate to unbilled revenue and have substantially the same risk characteristics as the current trade receivables for the same types of contracts.
\nThe expected loss rates are based on the payment profiles of sales over prior periods and the corresponding historical credit losses experienced related to those periods.
\nTrade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with CM.com, and a failure to make contractual payments.
\nImpairment losses on trade receivables and accrued income are recognised excluding VAT through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-340": { "value": "\nCredit risk represents the financial loss that would have to be recognized on the reporting date if a customer or counter party to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
\nCM.com\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk of the industry and country, in which customers operate, has less of an influence on credit risk. CM.com mitigates the credit risk through setting appropriate credit limits for each of its customers. We continuously monitor the creditworthiness of debtors and act appropriately on expired invoices.
\nThe carrying amount of financial assets represents the maximum credit exposure. For CM.com\u2019s statement of the carrying amounts see note 16 and note 21. No significant concentration of credit risk existed as at the reporting date. In prior year the additional charges to expenses mainly concentrate to one individual customer for a bad debt position of \u20ac\u00a04.2 milion.
\nThe changes in the provision for expected credit losses are as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per 1 January | 5,548 | 372 |
| Additions to provision | 1,604 | 5,435 |
| Utilization of provision | (4,850) | (259) |
| Release of provision | (215) | - |
| Balance as per 31 December | 2,087 | 5,548 |
The aging of accounts receivables is set out below:
\n| x \u20ac\u00a01,000 | 2023 | 2023 | 2022 | 2022 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 13,475 | 13,177 | 15,226 | 14,455 |
| 1 - 30 days | 6,252 | 6,032 | 2,796 | 2,705 |
| 31 - 60 days | 2,238 | 2,149 | 5,312 | 5,085 |
| > 60 days | 4,397 | 2,917 | 7,874 | 3,415 |
| \u00a0 | 26,362 | 24,275 | 31,208 | 25,660 |
The buckets and expected credit losses (\"ECL\") are estimated as follows:
\n| Bucket | ECL % | |
|---|---|---|
| \u00a0 | 2023 | 2022 |
| Current | 1.0% | 1.0% |
| 1 - 30 days | 1.7% | 1.7% |
| 31 - 60 days | 6.2% | 6.2% |
| > 60 days | 10.0% | 10.0% |
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past payment behaviour for a 12-month period of the debtor and analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
\nFor the other financial assets, such as other receivables and deposits, the assumption is applied that, due to low credit risk and the amounts involved, the expected credit losses are deemed as not significant.
\nCM.com applies the IFRS 9 simplified approach for measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables excluding VAT and accrued income. To measure the expected credit losses, trade receivables, and accrued income have been grouped based on shared credit risk characteristics which are determined based on the days past due. Contract assets relate to unbilled revenue and have substantially the same risk characteristics as the current trade receivables for the same types of contracts.
\nThe expected loss rates are based on the payment profiles of sales over prior periods and the corresponding historical credit losses experienced related to those periods.
\nTrade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with CM.com, and a failure to make contractual payments.
\nImpairment losses on trade receivables and accrued income are recognised excluding VAT through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
\nTrade and other receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 24,275 | 25,660 |
| Accrued revenue | 18,623 | 22,696 |
| Prepayments | 1,747 | 3,160 |
| Receivables from merchants and financial institutions | 3,801 | 2,105 |
| VAT and payroll tax receivables | 882 | 1,655 |
| Other receivables | 1,661 | 1,759 |
| \u00a0 | 50,989 | 57,0351 |
Trade and other receivables do not include any receivables that are payable later than 12 months after the balance sheet date. A provision for expected credit losses is accounted for and netted with the trade receivables. At the reporting date, an amount of \u20ac\u00a02,087 thousand (2022: \u20ac\u00a05,548 thousand) is provided for. CM.com\u2019s exposure to credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-341": { "value": "\nCM.com applies the IFRS 9 simplified approach for measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables excluding VAT and accrued income. To measure the expected credit losses, trade receivables, and accrued income have been grouped based on shared credit risk characteristics which are determined based on the days past due. Contract assets relate to unbilled revenue and have substantially the same risk characteristics as the current trade receivables for the same types of contracts.
\nThe expected loss rates are based on the payment profiles of sales over prior periods and the corresponding historical credit losses experienced related to those periods.
\nTrade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with CM.com, and a failure to make contractual payments.
\nImpairment losses on trade receivables and accrued income are recognised excluding VAT through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-342": { "value": "\nLiquidity risk is the risk that CM.com will not be able to meet its financial obligations as they fall due. CM.com\u2019s approach to manage liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation.
\nPeriodically, liquidity budgets are prepared. Liquidity risks are controlled through interim monitoring and possible adjustments. The liquidity budgets take cash constraints into account.
\nCM.com assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. CM.com ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 180 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. CM.com\u2019s borrowing facilities and revolving credit facilities are detailed in note 18.
\nThe table below summarizes the expected future cash flows from CM.com\u2019s financial liabilities based on contractual undiscounted payments:
\n| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 18 | 1,451 | 3,006 | 9,144 | 6,776 | 20,377 | 17,521 |
| Convertible bonds | 19 | 1,000 | 1,000 | 104,000 | - | 106,000 | 95,922 |
| Trade payables | 21 | 33,275 | - | - | - | 33,275 | 33,275 |
| Other financial liabilities | 21 | 57,692 | - | - | - | 57,692 | 57,692 |
| Tax debt | 18 | - | - | 1,121 | - | 1,121 | 1,053 |
| \u00a0 | \u00a0 | 93,418 | 4,006 | 114,265 | 6,776 | 218,465 | 205,463 |
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 18 | 2,114 | 5,957 | 11,016 | 8,807 | 27,894 | 23,689 |
| Convertible bonds | 19 | 1,000 | 1,000 | 106,000 | - | 108,000 | 94,262 |
| Trade payables | 21 | 25,241 | - | - | - | 25,241 | 25,241 |
| Other financial liabilities | 21 | 78,363 | 224 | - | - | 78,587 | 78,548 |
| Bank loans | 18 | 4 | 11 | 5 | - | 20 | 20 |
| Tax debt long-term | 18 | - | - | 1,121 | - | 1,121 | 1,053 |
| \u00a0 | \u00a0 | 106,722 | 7,192 | 118,142 | 8,807 | 240,863 | 222,813 |
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect CM.com\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. The market risk comprises three types of risk: interest rate risk, foreign currency risk, and other risk. CM.com only recognizes the foreign currency risk as an applicable currency risk, due to the fact that there are no outstanding loans with variable interest and little other risk from external factors.
\nForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. CM.com is exposed to currency risk on sales, purchases, and borrowings that are denominated in a currency other than the functional currency. The currency giving rise to this risk are primarily CNY, GBP, INR, HKD (prior year JPY), SGD, and USD. As CM.com operates globally, purchases are done in multiple currencies. Alignment of sale and purchases contracts in local currencies mitigates the risk of foreign currency translations. The amounts below are excluding the foundation's activities as the cash, receivables and payables from the foundations both receive and pay-out in the same currency, as such the currency risk on these amounts are remote.\u00a0
\nCM.com's exposure to currency risk was as follows based on notional amounts:
\n| x \u20ac\u00a01,000 | \u00a0 | USD | HKD | CNY | GBP | INR | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 2,041 | 74 | 1,028 | 410 | 160 | 202 |
| Trade receivables | \u00a0 | 11,526 | 60 | 252 | 617 | 185 | - |
| Trade payables | \u00a0 | (7,350) | (30) | (169) | (752) | (30) | (133) |
| \u00a0 | \u00a0 | 6,217 | 104 | 1,110 | 276 | 315 | 69 |
| x \u20ac\u00a01,000 | \u00a0 | USD | INR | CNY | GBP | JPY | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 528 | 497 | 4,802 | 519 | 173 | 3,143 |
| Trade receivables | \u00a0 | 12,377 | 149 | 548 | 384 | 284 | 57 |
| Trade payables | \u00a0 | (4,880) | (15) | (147) | (556) | (97) | (99) |
| \u00a0 | \u00a0 | 8,025 | 631 | 5,203 | 347 | 360 | 3,101 |
The summary below shows the effect on the result that a reasonable possible change in exchange rate (+5%, calculated from exchange rate), with all other variables held constant, could have for the primary foreign excange rates:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| USD | 440 | 617 |
| HKD | (32) | - |
| CNY | 56 | 246 |
| GBP | 13 | 17 |
| INR | 15 | 30 |
| SGD | 13 | 140 |
| JPY | - | 17 |
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. CM.com is exposed to currency risk on sales, purchases, and borrowings that are denominated in a currency other than the functional currency. The currency giving rise to this risk are primarily CNY, GBP, INR, HKD (prior year JPY), SGD, and USD. As CM.com operates globally, purchases are done in multiple currencies. Alignment of sale and purchases contracts in local currencies mitigates the risk of foreign currency translations. The amounts below are excluding the foundation's activities as the cash, receivables and payables from the foundations both receive and pay-out in the same currency, as such the currency risk on these amounts are remote.\u00a0
\nCM.com's exposure to currency risk was as follows based on notional amounts:
\n| x \u20ac\u00a01,000 | \u00a0 | USD | HKD | CNY | GBP | INR | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 2,041 | 74 | 1,028 | 410 | 160 | 202 |
| Trade receivables | \u00a0 | 11,526 | 60 | 252 | 617 | 185 | - |
| Trade payables | \u00a0 | (7,350) | (30) | (169) | (752) | (30) | (133) |
| \u00a0 | \u00a0 | 6,217 | 104 | 1,110 | 276 | 315 | 69 |
| x \u20ac\u00a01,000 | \u00a0 | USD | INR | CNY | GBP | JPY | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 528 | 497 | 4,802 | 519 | 173 | 3,143 |
| Trade receivables | \u00a0 | 12,377 | 149 | 548 | 384 | 284 | 57 |
| Trade payables | \u00a0 | (4,880) | (15) | (147) | (556) | (97) | (99) |
| \u00a0 | \u00a0 | 8,025 | 631 | 5,203 | 347 | 360 | 3,101 |
The summary below shows the effect on the result that a reasonable possible change in exchange rate (+5%, calculated from exchange rate), with all other variables held constant, could have for the primary foreign excange rates:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| USD | 440 | 617 |
| HKD | (32) | - |
| CNY | 56 | 246 |
| GBP | 13 | 17 |
| INR | 15 | 30 |
| SGD | 13 | 140 |
| JPY | - | 17 |
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. CM.com is exposed to currency risk on sales, purchases, and borrowings that are denominated in a currency other than the functional currency. The currency giving rise to this risk are primarily CNY, GBP, INR, HKD (prior year JPY), SGD, and USD. As CM.com operates globally, purchases are done in multiple currencies. Alignment of sale and purchases contracts in local currencies mitigates the risk of foreign currency translations. The amounts below are excluding the foundation's activities as the cash, receivables and payables from the foundations both receive and pay-out in the same currency, as such the currency risk on these amounts are remote.\u00a0
\nCM.com's exposure to currency risk was as follows based on notional amounts:
\n| x \u20ac\u00a01,000 | \u00a0 | USD | HKD | CNY | GBP | INR | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 2,041 | 74 | 1,028 | 410 | 160 | 202 |
| Trade receivables | \u00a0 | 11,526 | 60 | 252 | 617 | 185 | - |
| Trade payables | \u00a0 | (7,350) | (30) | (169) | (752) | (30) | (133) |
| \u00a0 | \u00a0 | 6,217 | 104 | 1,110 | 276 | 315 | 69 |
| x \u20ac\u00a01,000 | \u00a0 | USD | INR | CNY | GBP | JPY | SGD |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 528 | 497 | 4,802 | 519 | 173 | 3,143 |
| Trade receivables | \u00a0 | 12,377 | 149 | 548 | 384 | 284 | 57 |
| Trade payables | \u00a0 | (4,880) | (15) | (147) | (556) | (97) | (99) |
| \u00a0 | \u00a0 | 8,025 | 631 | 5,203 | 347 | 360 | 3,101 |
The summary below shows the effect on the result that a reasonable possible change in exchange rate (+5%, calculated from exchange rate), with all other variables held constant, could have for the primary foreign excange rates:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| USD | 440 | 617 |
| HKD | (32) | - |
| CNY | 56 | 246 |
| GBP | 13 | 17 |
| INR | 15 | 30 |
| SGD | 13 | 140 |
| JPY | - | 17 |
Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nFinancial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nFinancial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nFinancial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nFinancial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nFinancial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nThe financial assets to which CM.com is a party includes loans receivable, trade and other receivables, deposits, equity investments, cash and cash equivalents.
\nFinancial assets are, at initial recognition measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Except for trade receivables without a significant financing component, these are initially measured at the transaction price.
\nAfter initial recognition, financial assets are subsequently measured at amortized cost or fair value through profit or loss on the basis of both the entity\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset.
\nA financial asset is measured at amortized cost using the effective interest method if it meets both of the following conditions:
it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets that are subsequently measured at amortized cost are reduced by impairment losses. See note 13 for the recognition of the provision for expected credit losses for all financial assets not measured at fair value through profit or loss. Calculation of interest income is done by using the effective interest method. Interest income, currency results and impairment losses are recognized in profit or loss.
\nThe carrying amounts of CM.com\u2019s financial assets are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nCM.com derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or in which CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any gain or loss from derecognition is recognized in profit or loss.
\nFinancial liabilities to which CM.com is a party include, trade and other payables, long-term borrowings, lease liabilities, and contingent considerations (earn-outs) in business acquisitions.
\nFinancial liabilities are initially recognised at fair value less, in the case of a financial liability not at fair value through profit or loss, transaction costs directly attributable to its issue.
\nAll financial liabilities are classified as subsequently measured at amortized cost, except for contingent considerations in business acquisitions, which are subsequently measured at fair value with changes recognized through profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount are recognized in profit or loss over the period of the borrowings using the effective interest method.
\nLease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. See note 13 for maturity analysis. Generally, CM.com uses its incremental borrowing rate as the discount rate.
\nThe lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\nThe carrying amounts of CM.com\u2019s financial liabilities are a reasonable approximation of their fair values.
\nCM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. CM.com also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle simultaneously.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nAlthough CM.com may hedge its exposure to financial instruments, CM.com does not apply hedge accounting and recognizes gains and losses on undesignated hedging instruments in profit or loss.
\nLong-term receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deposits | 1,316 | 1,244 |
| Other receivables | 732 | 971 |
| Other participation | 60 | 60 |
| \u00a0 | 2,108 | 2,275 |
| Current portion of long-term receivables | 596 | 810 |
| \u00a0 | 1,512 | 1,465 |
No impairment losses were recognized in 2023 and 2022. The other participation relates to an investment in 5% of the shares of Wireless Interactions & NFC Accelerator 2013 B.V.
\nA summary of the movements in long-term receivables is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 2,275 | 2,670 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Loans granted / advance payment | 222 | 1,016 |
| Repayment loans | (422) | (632) |
| Write off loans | (38) | (952) |
| Paid deposits | 568 | 599 |
| Refund deposits | (421) | (468) |
| Other movements | (55) | - |
| Acquisitions | - | 24 |
| Currency difference | (21) | 18 |
| Carrying amount as at 31 December | 2,108 | 2,275 |
Long-term receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deposits | 1,316 | 1,244 |
| Other receivables | 732 | 971 |
| Other participation | 60 | 60 |
| \u00a0 | 2,108 | 2,275 |
| Current portion of long-term receivables | 596 | 810 |
| \u00a0 | 1,512 | 1,465 |
No impairment losses were recognized in 2023 and 2022. The other participation relates to an investment in 5% of the shares of Wireless Interactions & NFC Accelerator 2013 B.V.
\nA summary of the movements in long-term receivables is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 2,275 | 2,670 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Loans granted / advance payment | 222 | 1,016 |
| Repayment loans | (422) | (632) |
| Write off loans | (38) | (952) |
| Paid deposits | 568 | 599 |
| Refund deposits | (421) | (468) |
| Other movements | (55) | - |
| Acquisitions | - | 24 |
| Currency difference | (21) | 18 |
| Carrying amount as at 31 December | 2,108 | 2,275 |
Long-term receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deposits | 1,316 | 1,244 |
| Other receivables | 732 | 971 |
| Other participation | 60 | 60 |
| \u00a0 | 2,108 | 2,275 |
| Current portion of long-term receivables | 596 | 810 |
| \u00a0 | 1,512 | 1,465 |
No impairment losses were recognized in 2023 and 2022. The other participation relates to an investment in 5% of the shares of Wireless Interactions & NFC Accelerator 2013 B.V.
\nA summary of the movements in long-term receivables is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 2,275 | 2,670 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Loans granted / advance payment | 222 | 1,016 |
| Repayment loans | (422) | (632) |
| Write off loans | (38) | (952) |
| Paid deposits | 568 | 599 |
| Refund deposits | (421) | (468) |
| Other movements | (55) | - |
| Acquisitions | - | 24 |
| Currency difference | (21) | 18 |
| Carrying amount as at 31 December | 2,108 | 2,275 |
Trade and other receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 24,275 | 25,660 |
| Accrued revenue | 18,623 | 22,696 |
| Prepayments | 1,747 | 3,160 |
| Receivables from merchants and financial institutions | 3,801 | 2,105 |
| VAT and payroll tax receivables | 882 | 1,655 |
| Other receivables | 1,661 | 1,759 |
| \u00a0 | 50,989 | 57,0351 |
Trade and other receivables do not include any receivables that are payable later than 12 months after the balance sheet date. A provision for expected credit losses is accounted for and netted with the trade receivables. At the reporting date, an amount of \u20ac\u00a02,087 thousand (2022: \u20ac\u00a05,548 thousand) is provided for. CM.com\u2019s exposure to credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 13.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-364": { "value": "\nTrade and other receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 24,275 | 25,660 |
| Accrued revenue | 18,623 | 22,696 |
| Prepayments | 1,747 | 3,160 |
| Receivables from merchants and financial institutions | 3,801 | 2,105 |
| VAT and payroll tax receivables | 882 | 1,655 |
| Other receivables | 1,661 | 1,759 |
| \u00a0 | 50,989 | 57,0351 |
Trade and other receivables do not include any receivables that are payable later than 12 months after the balance sheet date. A provision for expected credit losses is accounted for and netted with the trade receivables. At the reporting date, an amount of \u20ac\u00a02,087 thousand (2022: \u20ac\u00a05,548 thousand) is provided for. CM.com\u2019s exposure to credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-365": { "value": "\nTrade and other receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 24,275 | 25,660 |
| Accrued revenue | 18,623 | 22,696 |
| Prepayments | 1,747 | 3,160 |
| Receivables from merchants and financial institutions | 3,801 | 2,105 |
| VAT and payroll tax receivables | 882 | 1,655 |
| Other receivables | 1,661 | 1,759 |
| \u00a0 | 50,989 | 57,0351 |
Trade and other receivables do not include any receivables that are payable later than 12 months after the balance sheet date. A provision for expected credit losses is accounted for and netted with the trade receivables. At the reporting date, an amount of \u20ac\u00a02,087 thousand (2022: \u20ac\u00a05,548 thousand) is provided for. CM.com\u2019s exposure to credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-366": { "value": "\nTrade and other receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 24,275 | 25,660 |
| Accrued revenue | 18,623 | 22,696 |
| Prepayments | 1,747 | 3,160 |
| Receivables from merchants and financial institutions | 3,801 | 2,105 |
| VAT and payroll tax receivables | 882 | 1,655 |
| Other receivables | 1,661 | 1,759 |
| \u00a0 | 50,989 | 57,0351 |
Trade and other receivables do not include any receivables that are payable later than 12 months after the balance sheet date. A provision for expected credit losses is accounted for and netted with the trade receivables. At the reporting date, an amount of \u20ac\u00a02,087 thousand (2022: \u20ac\u00a05,548 thousand) is provided for. CM.com\u2019s exposure to credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-367": { "value": "\nTrade and other receivables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 24,275 | 25,660 |
| Accrued revenue | 18,623 | 22,696 |
| Prepayments | 1,747 | 3,160 |
| Receivables from merchants and financial institutions | 3,801 | 2,105 |
| VAT and payroll tax receivables | 882 | 1,655 |
| Other receivables | 1,661 | 1,759 |
| \u00a0 | 50,989 | 57,0351 |
Trade and other receivables do not include any receivables that are payable later than 12 months after the balance sheet date. A provision for expected credit losses is accounted for and netted with the trade receivables. At the reporting date, an amount of \u20ac\u00a02,087 thousand (2022: \u20ac\u00a05,548 thousand) is provided for. CM.com\u2019s exposure to credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-368": { "value": "\nCash and cash equivalents at the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 26,220 | 46,916 |
| Cash at bank restricted | 22,379 | 35,824 |
| \u00a0 | 48,599 | 82,740 |
Cash and cash equivalents comprise of cash at bank and on-hand.
\nCash at bank restricted is solely related to the foundation's activities and to be settled with merchants of Payments and Ticketing customers. Considering that these balances cannot be used by the Company for its own activities, these are recorded as restricted cash.
\nAll other cash and cash equivalents are available for immediate use by the Company.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of CM.com\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-369": { "value": "\nCash and cash equivalents at the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 26,220 | 46,916 |
| Cash at bank restricted | 22,379 | 35,824 |
| \u00a0 | 48,599 | 82,740 |
Cash and cash equivalents comprise of cash at bank and on-hand.
\nCash at bank restricted is solely related to the foundation's activities and to be settled with merchants of Payments and Ticketing customers. Considering that these balances cannot be used by the Company for its own activities, these are recorded as restricted cash.
\nAll other cash and cash equivalents are available for immediate use by the Company.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of CM.com\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-370": { "value": "\nCash and cash equivalents at the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 26,220 | 46,916 |
| Cash at bank restricted | 22,379 | 35,824 |
| \u00a0 | 48,599 | 82,740 |
Cash and cash equivalents comprise of cash at bank and on-hand.
\nCash at bank restricted is solely related to the foundation's activities and to be settled with merchants of Payments and Ticketing customers. Considering that these balances cannot be used by the Company for its own activities, these are recorded as restricted cash.
\nAll other cash and cash equivalents are available for immediate use by the Company.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of CM.com\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-371": { "value": "\nCash and cash equivalents at the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 26,220 | 46,916 |
| Cash at bank restricted | 22,379 | 35,824 |
| \u00a0 | 48,599 | 82,740 |
Cash and cash equivalents comprise of cash at bank and on-hand.
\nCash at bank restricted is solely related to the foundation's activities and to be settled with merchants of Payments and Ticketing customers. Considering that these balances cannot be used by the Company for its own activities, these are recorded as restricted cash.
\nAll other cash and cash equivalents are available for immediate use by the Company.
\nFor the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of CM.com\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-372": { "value": "\nBorrowings per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Lease liability | 17,521 | 23,689 |
| Tax debt | 1,053 | 1,053 |
| Bank loans | - | 20 |
| \u00a0 | 18,574 | 24,762 |
| Current portion of borrowings | 4,000 | 6,878 |
| \u00a0 | 14,574 | 17,884 |
A summary of the movements in borrowings is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 24,762 | 10,053 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Increase in bank loans | - | 31 |
| Increase in tax debt (via acquisitions) | - | 1,117 |
| Increase in lease liability (including acquisitions) | 1,367 | 20,791 |
| Redemptions of bank loans | (20) | (11) |
| Redemptions of tax debt | (260) | (64) |
| Redemptions of lease liability | (7,429) | (7,162) |
| Reclassification of tax debt1 | 260 | - |
| Ending of lease liability | (85) | - |
| Currency difference | (21) | 7 |
| Carrying amount as at 31 December | 18,574 | 24,762 |
Borrowings per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Lease liability | 17,521 | 23,689 |
| Tax debt | 1,053 | 1,053 |
| Bank loans | - | 20 |
| \u00a0 | 18,574 | 24,762 |
| Current portion of borrowings | 4,000 | 6,878 |
| \u00a0 | 14,574 | 17,884 |
A summary of the movements in borrowings is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 24,762 | 10,053 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Increase in bank loans | - | 31 |
| Increase in tax debt (via acquisitions) | - | 1,117 |
| Increase in lease liability (including acquisitions) | 1,367 | 20,791 |
| Redemptions of bank loans | (20) | (11) |
| Redemptions of tax debt | (260) | (64) |
| Redemptions of lease liability | (7,429) | (7,162) |
| Reclassification of tax debt1 | 260 | - |
| Ending of lease liability | (85) | - |
| Currency difference | (21) | 7 |
| Carrying amount as at 31 December | 18,574 | 24,762 |
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
\nCM.com will have the option to redeem all, but not some, of the bonds for the time being outstanding at their principal amount together with accrued interest, at any time from 24 September 2024, provided that the volume weighted average price of a share on Euronext Amsterdam shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. Any outstanding bonds are also redeemable at any time after the settlement date if at least 85% of the issued bonds have been converted, settled, or redeemed.
\nThe convertible bonds expire in September 2026, and management is confident that the Company can meet its obligations based on the Company\u2019s positive performance according to the results 2023 and business plan for 2024-2026 as well as the active dialogues taking place with the capital markets about this topic.
\nThe net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity of CM.com, as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at 1 January | 94,262 | 92,648 |
| Interest charged (using effective interest rate) | 1,660 | 1,614 |
| Carrying amount of liability component at 31 December | 95,922 | 94,262 |
The equity component of \u20ac\u00a05,738 thousand (2022: \u20ac\u00a05,940 thousand) (net of tax) has been credited to the option premium on the convertible bonds reserve. The tax effect includes a deferred tax liability of \u20ac\u00a0988 thousand (2022: \u20ac\u00a01,328 thousand) offset by a related deferred tax asset recognized through equity of \u20ac\u00a0643 thousand (2022: \u20ac\u00a0845 thousand), see note 11.
\nThe interest expense for the year is calculated by applying an effective interest rate of 3,55% to the liability component for the 12-month period. The yield is based on a CCC+ credit rating assigned by Wiserfunding. CapitalIQ is consulted on the yields of 5-year bonds rated B or CCC, with 29 US companies underlying the CCC yield curve. Subsequently, the CCC+ interest rate is calculated through exponential interpolation.
\nThe liability component is measured at amortized cost. The difference between the carrying amount of the liability component at the date of issue and the amount reported in the reporting at 31 December 2023 represents the effective interest rate less interest paid to that date.
\nThe market price at 31 December 2023 at Boerse Frankfurt is 60.70% of the nominal value (2022: 63.31%).
\nBorrowings per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Lease liability | 17,521 | 23,689 |
| Tax debt | 1,053 | 1,053 |
| Bank loans | - | 20 |
| \u00a0 | 18,574 | 24,762 |
| Current portion of borrowings | 4,000 | 6,878 |
| \u00a0 | 14,574 | 17,884 |
A summary of the movements in borrowings is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 24,762 | 10,053 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Increase in bank loans | - | 31 |
| Increase in tax debt (via acquisitions) | - | 1,117 |
| Increase in lease liability (including acquisitions) | 1,367 | 20,791 |
| Redemptions of bank loans | (20) | (11) |
| Redemptions of tax debt | (260) | (64) |
| Redemptions of lease liability | (7,429) | (7,162) |
| Reclassification of tax debt1 | 260 | - |
| Ending of lease liability | (85) | - |
| Currency difference | (21) | 7 |
| Carrying amount as at 31 December | 18,574 | 24,762 |
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
\nCM.com will have the option to redeem all, but not some, of the bonds for the time being outstanding at their principal amount together with accrued interest, at any time from 24 September 2024, provided that the volume weighted average price of a share on Euronext Amsterdam shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. Any outstanding bonds are also redeemable at any time after the settlement date if at least 85% of the issued bonds have been converted, settled, or redeemed.
\nThe convertible bonds expire in September 2026, and management is confident that the Company can meet its obligations based on the Company\u2019s positive performance according to the results 2023 and business plan for 2024-2026 as well as the active dialogues taking place with the capital markets about this topic.
\nThe net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity of CM.com, as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at 1 January | 94,262 | 92,648 |
| Interest charged (using effective interest rate) | 1,660 | 1,614 |
| Carrying amount of liability component at 31 December | 95,922 | 94,262 |
The equity component of \u20ac\u00a05,738 thousand (2022: \u20ac\u00a05,940 thousand) (net of tax) has been credited to the option premium on the convertible bonds reserve. The tax effect includes a deferred tax liability of \u20ac\u00a0988 thousand (2022: \u20ac\u00a01,328 thousand) offset by a related deferred tax asset recognized through equity of \u20ac\u00a0643 thousand (2022: \u20ac\u00a0845 thousand), see note 11.
\nThe interest expense for the year is calculated by applying an effective interest rate of 3,55% to the liability component for the 12-month period. The yield is based on a CCC+ credit rating assigned by Wiserfunding. CapitalIQ is consulted on the yields of 5-year bonds rated B or CCC, with 29 US companies underlying the CCC yield curve. Subsequently, the CCC+ interest rate is calculated through exponential interpolation.
\nThe liability component is measured at amortized cost. The difference between the carrying amount of the liability component at the date of issue and the amount reported in the reporting at 31 December 2023 represents the effective interest rate less interest paid to that date.
\nThe market price at 31 December 2023 at Boerse Frankfurt is 60.70% of the nominal value (2022: 63.31%).
\nBorrowings per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Lease liability | 17,521 | 23,689 |
| Tax debt | 1,053 | 1,053 |
| Bank loans | - | 20 |
| \u00a0 | 18,574 | 24,762 |
| Current portion of borrowings | 4,000 | 6,878 |
| \u00a0 | 14,574 | 17,884 |
A summary of the movements in borrowings is provided:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at 1 January | 24,762 | 10,053 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Increase in bank loans | - | 31 |
| Increase in tax debt (via acquisitions) | - | 1,117 |
| Increase in lease liability (including acquisitions) | 1,367 | 20,791 |
| Redemptions of bank loans | (20) | (11) |
| Redemptions of tax debt | (260) | (64) |
| Redemptions of lease liability | (7,429) | (7,162) |
| Reclassification of tax debt1 | 260 | - |
| Ending of lease liability | (85) | - |
| Currency difference | (21) | 7 |
| Carrying amount as at 31 December | 18,574 | 24,762 |
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
\nCM.com will have the option to redeem all, but not some, of the bonds for the time being outstanding at their principal amount together with accrued interest, at any time from 24 September 2024, provided that the volume weighted average price of a share on Euronext Amsterdam shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. Any outstanding bonds are also redeemable at any time after the settlement date if at least 85% of the issued bonds have been converted, settled, or redeemed.
\nThe convertible bonds expire in September 2026, and management is confident that the Company can meet its obligations based on the Company\u2019s positive performance according to the results 2023 and business plan for 2024-2026 as well as the active dialogues taking place with the capital markets about this topic.
\nThe net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity of CM.com, as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at 1 January | 94,262 | 92,648 |
| Interest charged (using effective interest rate) | 1,660 | 1,614 |
| Carrying amount of liability component at 31 December | 95,922 | 94,262 |
The equity component of \u20ac\u00a05,738 thousand (2022: \u20ac\u00a05,940 thousand) (net of tax) has been credited to the option premium on the convertible bonds reserve. The tax effect includes a deferred tax liability of \u20ac\u00a0988 thousand (2022: \u20ac\u00a01,328 thousand) offset by a related deferred tax asset recognized through equity of \u20ac\u00a0643 thousand (2022: \u20ac\u00a0845 thousand), see note 11.
\nThe interest expense for the year is calculated by applying an effective interest rate of 3,55% to the liability component for the 12-month period. The yield is based on a CCC+ credit rating assigned by Wiserfunding. CapitalIQ is consulted on the yields of 5-year bonds rated B or CCC, with 29 US companies underlying the CCC yield curve. Subsequently, the CCC+ interest rate is calculated through exponential interpolation.
\nThe liability component is measured at amortized cost. The difference between the carrying amount of the liability component at the date of issue and the amount reported in the reporting at 31 December 2023 represents the effective interest rate less interest paid to that date.
\nThe market price at 31 December 2023 at Boerse Frankfurt is 60.70% of the nominal value (2022: 63.31%).
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-378": { "value": "\nOn 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
\nCM.com will have the option to redeem all, but not some, of the bonds for the time being outstanding at their principal amount together with accrued interest, at any time from 24 September 2024, provided that the volume weighted average price of a share on Euronext Amsterdam shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. Any outstanding bonds are also redeemable at any time after the settlement date if at least 85% of the issued bonds have been converted, settled, or redeemed.
\nThe convertible bonds expire in September 2026, and management is confident that the Company can meet its obligations based on the Company\u2019s positive performance according to the results 2023 and business plan for 2024-2026 as well as the active dialogues taking place with the capital markets about this topic.
\nThe net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity of CM.com, as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at 1 January | 94,262 | 92,648 |
| Interest charged (using effective interest rate) | 1,660 | 1,614 |
| Carrying amount of liability component at 31 December | 95,922 | 94,262 |
The equity component of \u20ac\u00a05,738 thousand (2022: \u20ac\u00a05,940 thousand) (net of tax) has been credited to the option premium on the convertible bonds reserve. The tax effect includes a deferred tax liability of \u20ac\u00a0988 thousand (2022: \u20ac\u00a01,328 thousand) offset by a related deferred tax asset recognized through equity of \u20ac\u00a0643 thousand (2022: \u20ac\u00a0845 thousand), see note 11.
\nThe interest expense for the year is calculated by applying an effective interest rate of 3,55% to the liability component for the 12-month period. The yield is based on a CCC+ credit rating assigned by Wiserfunding. CapitalIQ is consulted on the yields of 5-year bonds rated B or CCC, with 29 US companies underlying the CCC yield curve. Subsequently, the CCC+ interest rate is calculated through exponential interpolation.
\nThe liability component is measured at amortized cost. The difference between the carrying amount of the liability component at the date of issue and the amount reported in the reporting at 31 December 2023 represents the effective interest rate less interest paid to that date.
\nThe market price at 31 December 2023 at Boerse Frankfurt is 60.70% of the nominal value (2022: 63.31%).
\nOn 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
\nCM.com will have the option to redeem all, but not some, of the bonds for the time being outstanding at their principal amount together with accrued interest, at any time from 24 September 2024, provided that the volume weighted average price of a share on Euronext Amsterdam shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. Any outstanding bonds are also redeemable at any time after the settlement date if at least 85% of the issued bonds have been converted, settled, or redeemed.
\nThe convertible bonds expire in September 2026, and management is confident that the Company can meet its obligations based on the Company\u2019s positive performance according to the results 2023 and business plan for 2024-2026 as well as the active dialogues taking place with the capital markets about this topic.
\nThe net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity of CM.com, as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at 1 January | 94,262 | 92,648 |
| Interest charged (using effective interest rate) | 1,660 | 1,614 |
| Carrying amount of liability component at 31 December | 95,922 | 94,262 |
The equity component of \u20ac\u00a05,738 thousand (2022: \u20ac\u00a05,940 thousand) (net of tax) has been credited to the option premium on the convertible bonds reserve. The tax effect includes a deferred tax liability of \u20ac\u00a0988 thousand (2022: \u20ac\u00a01,328 thousand) offset by a related deferred tax asset recognized through equity of \u20ac\u00a0643 thousand (2022: \u20ac\u00a0845 thousand), see note 11.
\nThe interest expense for the year is calculated by applying an effective interest rate of 3,55% to the liability component for the 12-month period. The yield is based on a CCC+ credit rating assigned by Wiserfunding. CapitalIQ is consulted on the yields of 5-year bonds rated B or CCC, with 29 US companies underlying the CCC yield curve. Subsequently, the CCC+ interest rate is calculated through exponential interpolation.
\nThe liability component is measured at amortized cost. The difference between the carrying amount of the liability component at the date of issue and the amount reported in the reporting at 31 December 2023 represents the effective interest rate less interest paid to that date.
\nThe market price at 31 December 2023 at Boerse Frankfurt is 60.70% of the nominal value (2022: 63.31%).
\nIn 2023, the Company started a new business called Ticket Guarantee in which we sell insurances to tickets of our events. The provision fully relates to the provisional amount of expected payouts on outstanding insurances. The Company has applied the simplified approach under IFRS 17 for these insurances as all insurance policies sold have a lifetime of less then 12 months. The total cost for the provision amounts to \u20ac\u00a00.1 million. The provision will be utilized within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-382": { "value": "\nIn 2023, the Company started a new business called Ticket Guarantee in which we sell insurances to tickets of our events. The provision fully relates to the provisional amount of expected payouts on outstanding insurances. The Company has applied the simplified approach under IFRS 17 for these insurances as all insurance policies sold have a lifetime of less then 12 months. The total cost for the provision amounts to \u20ac\u00a00.1 million. The provision will be utilized within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-383": { "value": "\nTrade and other payables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 33,275 | 25,241 |
| Payables to merchants and financial institutions | 25,899 | 37,735 |
| Invoices to be received for cost of services | 13,544 | 22,864 |
| VAT and payroll tax payables | 5,833 | 3,525 |
| Third-party collection payable to content providers | 1,641 | 1,302 |
| Other accruals | 9,620 | 12,403 |
| \u00a0 | 89,812 | 103,070 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
\nPayables to merchants and financial institutions relate to the collected amounts from consumers, received on the bank accounts of the foundation. These amounts are to be transferred to merchants of CM Payments B.V. and Ticketing customers.
\nThe other accruals mainly consists of earn-out liabilities relating to acquisitions amounting to \u20ac\u00a0392 thousand as per 31 December 2023 (2022: \u20ac\u00a03,087 thousand), non-trade invoices to be received and personnel accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-384": { "value": "\nTrade and other payables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 33,275 | 25,241 |
| Payables to merchants and financial institutions | 25,899 | 37,735 |
| Invoices to be received for cost of services | 13,544 | 22,864 |
| VAT and payroll tax payables | 5,833 | 3,525 |
| Third-party collection payable to content providers | 1,641 | 1,302 |
| Other accruals | 9,620 | 12,403 |
| \u00a0 | 89,812 | 103,070 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
\nPayables to merchants and financial institutions relate to the collected amounts from consumers, received on the bank accounts of the foundation. These amounts are to be transferred to merchants of CM Payments B.V. and Ticketing customers.
\nThe other accruals mainly consists of earn-out liabilities relating to acquisitions amounting to \u20ac\u00a0392 thousand as per 31 December 2023 (2022: \u20ac\u00a03,087 thousand), non-trade invoices to be received and personnel accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-385": { "value": "\nTrade and other payables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 33,275 | 25,241 |
| Payables to merchants and financial institutions | 25,899 | 37,735 |
| Invoices to be received for cost of services | 13,544 | 22,864 |
| VAT and payroll tax payables | 5,833 | 3,525 |
| Third-party collection payable to content providers | 1,641 | 1,302 |
| Other accruals | 9,620 | 12,403 |
| \u00a0 | 89,812 | 103,070 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
\nPayables to merchants and financial institutions relate to the collected amounts from consumers, received on the bank accounts of the foundation. These amounts are to be transferred to merchants of CM Payments B.V. and Ticketing customers.
\nThe other accruals mainly consists of earn-out liabilities relating to acquisitions amounting to \u20ac\u00a0392 thousand as per 31 December 2023 (2022: \u20ac\u00a03,087 thousand), non-trade invoices to be received and personnel accruals.
\nThe revenue received in advance mainly consists of prepaid subscription fees (linear released over the contract period) or prepaid CPaaS balances (released by usage). The amount as per 31 December 2022 is settled in full in 2023. The amount as per 31 December 2023, will be settled in full in 2024. The increase in the contract liabilities compared to 2022, is due to increased revenue in the SaaS segment, also see note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-386": { "value": "\nTrade and other payables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 33,275 | 25,241 |
| Payables to merchants and financial institutions | 25,899 | 37,735 |
| Invoices to be received for cost of services | 13,544 | 22,864 |
| VAT and payroll tax payables | 5,833 | 3,525 |
| Third-party collection payable to content providers | 1,641 | 1,302 |
| Other accruals | 9,620 | 12,403 |
| \u00a0 | 89,812 | 103,070 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
\nPayables to merchants and financial institutions relate to the collected amounts from consumers, received on the bank accounts of the foundation. These amounts are to be transferred to merchants of CM Payments B.V. and Ticketing customers.
\nThe other accruals mainly consists of earn-out liabilities relating to acquisitions amounting to \u20ac\u00a0392 thousand as per 31 December 2023 (2022: \u20ac\u00a03,087 thousand), non-trade invoices to be received and personnel accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-387": { "value": "\nTrade and other payables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 33,275 | 25,241 |
| Payables to merchants and financial institutions | 25,899 | 37,735 |
| Invoices to be received for cost of services | 13,544 | 22,864 |
| VAT and payroll tax payables | 5,833 | 3,525 |
| Third-party collection payable to content providers | 1,641 | 1,302 |
| Other accruals | 9,620 | 12,403 |
| \u00a0 | 89,812 | 103,070 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
\nPayables to merchants and financial institutions relate to the collected amounts from consumers, received on the bank accounts of the foundation. These amounts are to be transferred to merchants of CM Payments B.V. and Ticketing customers.
\nThe other accruals mainly consists of earn-out liabilities relating to acquisitions amounting to \u20ac\u00a0392 thousand as per 31 December 2023 (2022: \u20ac\u00a03,087 thousand), non-trade invoices to be received and personnel accruals.
\nThe revenue received in advance mainly consists of prepaid subscription fees (linear released over the contract period) or prepaid CPaaS balances (released by usage). The amount as per 31 December 2022 is settled in full in 2023. The amount as per 31 December 2023, will be settled in full in 2024. The increase in the contract liabilities compared to 2022, is due to increased revenue in the SaaS segment, also see note 4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-388": { "value": "\nTrade and other payables per the end of the reporting period consist of the following:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 33,275 | 25,241 |
| Payables to merchants and financial institutions | 25,899 | 37,735 |
| Invoices to be received for cost of services | 13,544 | 22,864 |
| VAT and payroll tax payables | 5,833 | 3,525 |
| Third-party collection payable to content providers | 1,641 | 1,302 |
| Other accruals | 9,620 | 12,403 |
| \u00a0 | 89,812 | 103,070 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
\nPayables to merchants and financial institutions relate to the collected amounts from consumers, received on the bank accounts of the foundation. These amounts are to be transferred to merchants of CM Payments B.V. and Ticketing customers.
\nThe other accruals mainly consists of earn-out liabilities relating to acquisitions amounting to \u20ac\u00a0392 thousand as per 31 December 2023 (2022: \u20ac\u00a03,087 thousand), non-trade invoices to be received and personnel accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-391": { "value": "\nThe revenue received in advance mainly consists of prepaid subscription fees (linear released over the contract period) or prepaid CPaaS balances (released by usage). The amount as per 31 December 2022 is settled in full in 2023. The amount as per 31 December 2023, will be settled in full in 2024. The increase in the contract liabilities compared to 2022, is due to increased revenue in the SaaS segment, also see note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-392": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 56,449 | 57,759 |
| Social security charges | 8,883 | 9,104 |
| Pension costs | 2,168 | 1,870 |
| WBSO government grant | (635) | (1,812) |
| Capitalized development costs | (12,520) | (11,773) |
| \u00a0 | 54,345 | 55,148 |
The employee benefits expenses can be split by department as follows:
\n| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 19,027 | 27,594 | 9,828 | 56,449 |
| Social security charges | 3,246 | 4,236 | 1,401 | 8,883 |
| Pension costs | 746 | 986 | 436 | 2,168 |
| WBSO government grant | (635) | - | - | (635) |
| Capitalized development costs | (12,520) | - | - | (12,520) |
| \u00a0 | 9,864 | 32,816 | 11,665 | 54,345 |
| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 16,160 | 29,310 | 12,289 | 57,759 |
| Social security charges | 2,909 | 4,592 | 1,603 | 9,104 |
| Pension costs | 585 | 849 | 436 | 1,870 |
| WBSO government grant | (1,812) | - | - | (1,812) |
| Capitalized development costs | (11,773) | - | - | (11,773) |
| \u00a0 | 6,069 | 34,751 | 14,328 | 55,148 |
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 833 (2022: 880), of which 211 FTEs are working outside the Netherlands (2022: 251). The breakdown per department of average number FTEs is as follows:
\n| \u00a0 | 2023 | 2022 |
|---|---|---|
| Sales & Marketing | 398 | 456 |
| Research & Development | 311 | 304 |
| General & Administration | 124 | 120 |
| \u00a0 | 833 | 880 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the Company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The Company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
\nThe undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the Group has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-393": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 56,449 | 57,759 |
| Social security charges | 8,883 | 9,104 |
| Pension costs | 2,168 | 1,870 |
| WBSO government grant | (635) | (1,812) |
| Capitalized development costs | (12,520) | (11,773) |
| \u00a0 | 54,345 | 55,148 |
The employee benefits expenses can be split by department as follows:
\n| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 19,027 | 27,594 | 9,828 | 56,449 |
| Social security charges | 3,246 | 4,236 | 1,401 | 8,883 |
| Pension costs | 746 | 986 | 436 | 2,168 |
| WBSO government grant | (635) | - | - | (635) |
| Capitalized development costs | (12,520) | - | - | (12,520) |
| \u00a0 | 9,864 | 32,816 | 11,665 | 54,345 |
| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 16,160 | 29,310 | 12,289 | 57,759 |
| Social security charges | 2,909 | 4,592 | 1,603 | 9,104 |
| Pension costs | 585 | 849 | 436 | 1,870 |
| WBSO government grant | (1,812) | - | - | (1,812) |
| Capitalized development costs | (11,773) | - | - | (11,773) |
| \u00a0 | 6,069 | 34,751 | 14,328 | 55,148 |
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 833 (2022: 880), of which 211 FTEs are working outside the Netherlands (2022: 251). The breakdown per department of average number FTEs is as follows:
\n| \u00a0 | 2023 | 2022 |
|---|---|---|
| Sales & Marketing | 398 | 456 |
| Research & Development | 311 | 304 |
| General & Administration | 124 | 120 |
| \u00a0 | 833 | 880 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the Company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The Company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
\nThe undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the Group has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 7,115 | 7,502 |
| Other staff expenses | 5,285 | 9,792 |
| Marketing and sales expenses | 6,220 | 10,896 |
| General expenses | 4,310 | 6,617 |
| Housing expenses | 2,596 | 3,085 |
| Expected credit losses | 1,389 | 5,435 |
| \u00a0 | 26,915 | 43,327 |
The capitalized development costs (see note 23) have partly been allocated to the general expenses for an amount of \u20ac\u00a03,130 thousand (2022: 3,608 thousand). This charge mainly relates to Workspace and IT expenses.
\nIn the housing expenses, an amount of \u20ac\u00a01,200 thousand (2022: \u20ac\u00a01,749 thousand) relates to short-term leases. In the car expenses, an amount of \u20ac\u00a0114 thousand (2022: \u20ac\u00a0174 thousand) relates to short-term leases. Other staff expenses mainly consists of contractors and agency personnel expenses amounting to \u20ac\u00a02,138 thousand (2022: \u20ac\u00a04,663 thousand).
\nFor more information on the exposure to credit risk and the expected credit losses, see note 13.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-394": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 56,449 | 57,759 |
| Social security charges | 8,883 | 9,104 |
| Pension costs | 2,168 | 1,870 |
| WBSO government grant | (635) | (1,812) |
| Capitalized development costs | (12,520) | (11,773) |
| \u00a0 | 54,345 | 55,148 |
The employee benefits expenses can be split by department as follows:
\n| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 19,027 | 27,594 | 9,828 | 56,449 |
| Social security charges | 3,246 | 4,236 | 1,401 | 8,883 |
| Pension costs | 746 | 986 | 436 | 2,168 |
| WBSO government grant | (635) | - | - | (635) |
| Capitalized development costs | (12,520) | - | - | (12,520) |
| \u00a0 | 9,864 | 32,816 | 11,665 | 54,345 |
| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 16,160 | 29,310 | 12,289 | 57,759 |
| Social security charges | 2,909 | 4,592 | 1,603 | 9,104 |
| Pension costs | 585 | 849 | 436 | 1,870 |
| WBSO government grant | (1,812) | - | - | (1,812) |
| Capitalized development costs | (11,773) | - | - | (11,773) |
| \u00a0 | 6,069 | 34,751 | 14,328 | 55,148 |
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 833 (2022: 880), of which 211 FTEs are working outside the Netherlands (2022: 251). The breakdown per department of average number FTEs is as follows:
\n| \u00a0 | 2023 | 2022 |
|---|---|---|
| Sales & Marketing | 398 | 456 |
| Research & Development | 311 | 304 |
| General & Administration | 124 | 120 |
| \u00a0 | 833 | 880 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the Company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The Company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
\nThe undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the Group has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-395": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 56,449 | 57,759 |
| Social security charges | 8,883 | 9,104 |
| Pension costs | 2,168 | 1,870 |
| WBSO government grant | (635) | (1,812) |
| Capitalized development costs | (12,520) | (11,773) |
| \u00a0 | 54,345 | 55,148 |
The employee benefits expenses can be split by department as follows:
\n| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 19,027 | 27,594 | 9,828 | 56,449 |
| Social security charges | 3,246 | 4,236 | 1,401 | 8,883 |
| Pension costs | 746 | 986 | 436 | 2,168 |
| WBSO government grant | (635) | - | - | (635) |
| Capitalized development costs | (12,520) | - | - | (12,520) |
| \u00a0 | 9,864 | 32,816 | 11,665 | 54,345 |
| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 16,160 | 29,310 | 12,289 | 57,759 |
| Social security charges | 2,909 | 4,592 | 1,603 | 9,104 |
| Pension costs | 585 | 849 | 436 | 1,870 |
| WBSO government grant | (1,812) | - | - | (1,812) |
| Capitalized development costs | (11,773) | - | - | (11,773) |
| \u00a0 | 6,069 | 34,751 | 14,328 | 55,148 |
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 833 (2022: 880), of which 211 FTEs are working outside the Netherlands (2022: 251). The breakdown per department of average number FTEs is as follows:
\n| \u00a0 | 2023 | 2022 |
|---|---|---|
| Sales & Marketing | 398 | 456 |
| Research & Development | 311 | 304 |
| General & Administration | 124 | 120 |
| \u00a0 | 833 | 880 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the Company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The Company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
\nThe undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the Group has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-396": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 56,449 | 57,759 |
| Social security charges | 8,883 | 9,104 |
| Pension costs | 2,168 | 1,870 |
| WBSO government grant | (635) | (1,812) |
| Capitalized development costs | (12,520) | (11,773) |
| \u00a0 | 54,345 | 55,148 |
The employee benefits expenses can be split by department as follows:
\n| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 19,027 | 27,594 | 9,828 | 56,449 |
| Social security charges | 3,246 | 4,236 | 1,401 | 8,883 |
| Pension costs | 746 | 986 | 436 | 2,168 |
| WBSO government grant | (635) | - | - | (635) |
| Capitalized development costs | (12,520) | - | - | (12,520) |
| \u00a0 | 9,864 | 32,816 | 11,665 | 54,345 |
| x \u20ac\u00a01,000 | Research & Development | Sales & Marketing | General & Admin. | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 16,160 | 29,310 | 12,289 | 57,759 |
| Social security charges | 2,909 | 4,592 | 1,603 | 9,104 |
| Pension costs | 585 | 849 | 436 | 1,870 |
| WBSO government grant | (1,812) | - | - | (1,812) |
| Capitalized development costs | (11,773) | - | - | (11,773) |
| \u00a0 | 6,069 | 34,751 | 14,328 | 55,148 |
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 833 (2022: 880), of which 211 FTEs are working outside the Netherlands (2022: 251). The breakdown per department of average number FTEs is as follows:
\n| \u00a0 | 2023 | 2022 |
|---|---|---|
| Sales & Marketing | 398 | 456 |
| Research & Development | 311 | 304 |
| General & Administration | 124 | 120 |
| \u00a0 | 833 | 880 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the Company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The Company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
\nThe undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the Group has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 7,115 | 7,502 |
| Other staff expenses | 5,285 | 9,792 |
| Marketing and sales expenses | 6,220 | 10,896 |
| General expenses | 4,310 | 6,617 |
| Housing expenses | 2,596 | 3,085 |
| Expected credit losses | 1,389 | 5,435 |
| \u00a0 | 26,915 | 43,327 |
The capitalized development costs (see note 23) have partly been allocated to the general expenses for an amount of \u20ac\u00a03,130 thousand (2022: 3,608 thousand). This charge mainly relates to Workspace and IT expenses.
\nIn the housing expenses, an amount of \u20ac\u00a01,200 thousand (2022: \u20ac\u00a01,749 thousand) relates to short-term leases. In the car expenses, an amount of \u20ac\u00a0114 thousand (2022: \u20ac\u00a0174 thousand) relates to short-term leases. Other staff expenses mainly consists of contractors and agency personnel expenses amounting to \u20ac\u00a02,138 thousand (2022: \u20ac\u00a04,663 thousand).
\nFor more information on the exposure to credit risk and the expected credit losses, see note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-397": { "value": "\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-398": { "value": "\nGovernment grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-399": { "value": "\nEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions.
\nThe fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, CM.com revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss under Employee benefits such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
\nFor cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss under Employee benefits.
\nThe following share-based payments schemes existed during the period:
Long-Term Incentive Plans (\u201cLTIP\u2019s\u201d) for key individuals in senior leadership positions;
Key Leadership Program (\u201cKLIP\u201d) for a small group of employees in key leadership positions;
Key Person Plan (\u201cKPP\u201d) for a number of key employees within CM.com;
CM.com Awards Plan for some individual remunerations; and
Restricted Share Unit Plan (\"RSU\") for a number of key talents within CM.com.
The Management Board recognizes the importance of its employees to the future success of the Company. A Long-Term Incentive Plan (\"LTIP\") has been introduced for key individuals in senior leadership positions. There have been four grants under the LTIPs:
LTIP 2020-2023 granted at 21 February 2020. During the year, ordinary shares were granted to new participants under the same LTIP conditions. The vesting date was 21 February 2023.
LTIP 2021-2024 granted at 1 January 2021. During the year, ordinary shares were granted to new participants under the same LTIP conditions. The vesting date is 1 April 2024.
LTIP 2022-2025 granted at 1 and 21 April 2022. The vesting date is 1 April 2025.
LTIP 2023-2026 granted at 25 May 2023. The vesting date is 1 April 2026.
The number of awards made under the plan that will vest and become unconditional is subject to continued employment and the actual performance on the Total Shareholder Return (TSR), Revenue: Compound Annual Growth Rate\u00a0(CAGR), Customer Satisfaction (NPS), ESG - Gender diversity and Employee Satisfaction performance conditions. The Company used the Monte Carlo model to determine the fair value of the TSR portion of the conditional awards.
\nKey assumptions to the TSR shares 2023:
\n| \u00a0 | 24 May 2023 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 8.0 |
| Expected volitality | 46.9% |
| Vesting period (years) | 2.9 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.6/4.4/2.8 |
| Fair value at grant date | 3.42 |
Key assumptions to the TSR shares 2022:
\n| x \u20ac\u00a01,000 | 1 April 2022 | 21 April 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 19.4 | 17.3 |
| Expected volitality | 49.9% | 50.0% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | 0.135/2.57 | 0.327/2.81 |
| Fair value at grant date | 9.07 | 6.91 |
Key assumptions to the TSR shares 2021:
\n| x \u20ac\u00a01,000 | January 2021 | May 2021 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 31.0 | 28.1 |
| Expected volitality | 48.1% | 48.8% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | (0.761)/0.17 | (0.689)/0.23 |
| Fair value at grant date | 38.47 | 28.58 |
Key assumptions to the TSR shares 2020:
\n| x \u20ac\u00a01,000 | February 2020 | April 2020 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 17.1 | 12.6 |
| Expected volitality | 41% | 46% |
| Vesting period (years) | 3.0 | 2.8 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | (0.657)/1.31 | (0.673)/0.24 |
| Fair value at grant date | 15.53 | 17.48 |
The LTIP awards granted to employees are classified as equity-settled in accordance with the earlier described policy.
\nThe Key Person Program (\u2018KPP\u2019) was introduced for a number of key employees within CM.com and comprise a bonus settled in cash or ordinary shares for no consideration. During 2022 the shares granted in 2020 vested. The shares granted at 1 March 2021 vested at 1 March 2023. The condition for vesting is that the relevant employee continues to be employed by the Company for two years after grant date. There are no market performance conditions in this plan that effect the vesting.
\nThe Key Leadership Program (\u2018KLIP\u2019) was introduced for a small group of employees in key leadership positions. This is an non-recurring program with a long tenure (three years) and comprise of a cumulative total of 50,000 ordinary shares for no consideration. The first vest under this plan was done on the grant date at 18 March 2020 (25.000 shares), the second vest at 18 March 2021 (15.000 shares) and the third and final vest at 18 March 2022 (10.000 shares). There are no market performance conditions in this plan that effected the vesting.
\nThe CM.com Awards Plan has been introduced for some individual remunerations. This is a non-recurring program which comprises ordinary shares for no consideration. During 2022 the shares granted in 2021 vested. The condition for vesting is that the relevant employee continues to be employed by the Company at vesting date.There are no market performance conditions in this plan that effect the vesting.
\nThe Restricted Share Unit Plan (\u2018RSU\u2019) was introduced during 2022 to create competitive advantage in attracting, motivating and retaining key talent within CM.com and comprise ordinary shares for no consideration. The condition for vesting is that the relevant employee is still employed by the Company on vesting date and has not given or have not been given notice of termination of employment. There are no market performance conditions in this plan that effect the vesting.
\nA summary of the movements in outstanding shares for the different plans is provided:
\n| \u00a0 | LTIP | RSU | KPP | KLIP | CM.com Awards |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 44,093 | - | 27,533 | 10,000 | 2,990 |
| Granted | 35,482 | 38,572 | - | - | - |
| Forfeited | (10,977) | - | (9,387) | - | (667) |
| Vested | - | (1,830) | (12,837) | (10,000) | (2,323) |
| At 31 December 2022 | 68,598 | 36,742 | 5,309 | - | - |
| Granted | 88,228 | 17,603 | - | - | - |
| Forfeited | (8,966) | (11,449) | - | - | - |
| Vested | (19,030) | (8,997) | (5,309) | - | - |
| At 31 December 2023 | 128,830 | 33,899 | - | - | - |
None of the outstanding shares were exercisable at 31 December 2023.
\nThe Company issues to certain employees share appreciation rights (\"SARs\") that require the Company to pay the intrinsic value of the SAR to the employee at the date of exercise. The Company has recorded liabilities of \u20ac\u00a012 thousand (2022: \u20ac\u00a089 thousand). The Company recorded total expenses of \u20ac\u00a08 thousand (2022: minus \u20ac\u00a03 thousand). The total intrinsic value at 31 December 2023 \u20ac\u00a08.70 (2022: \u20ac\u00a011.36).
\nThe expenses of the different plans are recognized in profit or loss under Employee benefits expenses and can be specified as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| LTIP (equity-settled) | 351 | 232 |
| KPP (equity-settled) | - | 71 |
| KPP (cash-settled) | 8 | (3) |
| KLIP (equity-settled) | - | 7 |
| CM.com Awards (equity-settled) | - | 2 |
| RSU (equity-settled) | 112 | 236 |
| \u00a0 | 471 | 545 |
Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions.
\nThe fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, CM.com revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss under Employee benefits such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
\nFor cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss under Employee benefits.
\nThe following share-based payments schemes existed during the period:
Long-Term Incentive Plans (\u201cLTIP\u2019s\u201d) for key individuals in senior leadership positions;
Key Leadership Program (\u201cKLIP\u201d) for a small group of employees in key leadership positions;
Key Person Plan (\u201cKPP\u201d) for a number of key employees within CM.com;
CM.com Awards Plan for some individual remunerations; and
Restricted Share Unit Plan (\"RSU\") for a number of key talents within CM.com.
The Management Board recognizes the importance of its employees to the future success of the Company. A Long-Term Incentive Plan (\"LTIP\") has been introduced for key individuals in senior leadership positions. There have been four grants under the LTIPs:
LTIP 2020-2023 granted at 21 February 2020. During the year, ordinary shares were granted to new participants under the same LTIP conditions. The vesting date was 21 February 2023.
LTIP 2021-2024 granted at 1 January 2021. During the year, ordinary shares were granted to new participants under the same LTIP conditions. The vesting date is 1 April 2024.
LTIP 2022-2025 granted at 1 and 21 April 2022. The vesting date is 1 April 2025.
LTIP 2023-2026 granted at 25 May 2023. The vesting date is 1 April 2026.
The number of awards made under the plan that will vest and become unconditional is subject to continued employment and the actual performance on the Total Shareholder Return (TSR), Revenue: Compound Annual Growth Rate\u00a0(CAGR), Customer Satisfaction (NPS), ESG - Gender diversity and Employee Satisfaction performance conditions. The Company used the Monte Carlo model to determine the fair value of the TSR portion of the conditional awards.
\nKey assumptions to the TSR shares 2023:
\n| \u00a0 | 24 May 2023 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 8.0 |
| Expected volitality | 46.9% |
| Vesting period (years) | 2.9 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.6/4.4/2.8 |
| Fair value at grant date | 3.42 |
Key assumptions to the TSR shares 2022:
\n| x \u20ac\u00a01,000 | 1 April 2022 | 21 April 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 19.4 | 17.3 |
| Expected volitality | 49.9% | 50.0% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | 0.135/2.57 | 0.327/2.81 |
| Fair value at grant date | 9.07 | 6.91 |
Key assumptions to the TSR shares 2021:
\n| x \u20ac\u00a01,000 | January 2021 | May 2021 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 31.0 | 28.1 |
| Expected volitality | 48.1% | 48.8% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | (0.761)/0.17 | (0.689)/0.23 |
| Fair value at grant date | 38.47 | 28.58 |
Key assumptions to the TSR shares 2020:
\n| x \u20ac\u00a01,000 | February 2020 | April 2020 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 17.1 | 12.6 |
| Expected volitality | 41% | 46% |
| Vesting period (years) | 3.0 | 2.8 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | (0.657)/1.31 | (0.673)/0.24 |
| Fair value at grant date | 15.53 | 17.48 |
The LTIP awards granted to employees are classified as equity-settled in accordance with the earlier described policy.
\nThe Key Person Program (\u2018KPP\u2019) was introduced for a number of key employees within CM.com and comprise a bonus settled in cash or ordinary shares for no consideration. During 2022 the shares granted in 2020 vested. The shares granted at 1 March 2021 vested at 1 March 2023. The condition for vesting is that the relevant employee continues to be employed by the Company for two years after grant date. There are no market performance conditions in this plan that effect the vesting.
\nThe Key Leadership Program (\u2018KLIP\u2019) was introduced for a small group of employees in key leadership positions. This is an non-recurring program with a long tenure (three years) and comprise of a cumulative total of 50,000 ordinary shares for no consideration. The first vest under this plan was done on the grant date at 18 March 2020 (25.000 shares), the second vest at 18 March 2021 (15.000 shares) and the third and final vest at 18 March 2022 (10.000 shares). There are no market performance conditions in this plan that effected the vesting.
\nThe CM.com Awards Plan has been introduced for some individual remunerations. This is a non-recurring program which comprises ordinary shares for no consideration. During 2022 the shares granted in 2021 vested. The condition for vesting is that the relevant employee continues to be employed by the Company at vesting date.There are no market performance conditions in this plan that effect the vesting.
\nThe Restricted Share Unit Plan (\u2018RSU\u2019) was introduced during 2022 to create competitive advantage in attracting, motivating and retaining key talent within CM.com and comprise ordinary shares for no consideration. The condition for vesting is that the relevant employee is still employed by the Company on vesting date and has not given or have not been given notice of termination of employment. There are no market performance conditions in this plan that effect the vesting.
\nA summary of the movements in outstanding shares for the different plans is provided:
\n| \u00a0 | LTIP | RSU | KPP | KLIP | CM.com Awards |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2021 | 44,093 | - | 27,533 | 10,000 | 2,990 |
| Granted | 35,482 | 38,572 | - | - | - |
| Forfeited | (10,977) | - | (9,387) | - | (667) |
| Vested | - | (1,830) | (12,837) | (10,000) | (2,323) |
| At 31 December 2022 | 68,598 | 36,742 | 5,309 | - | - |
| Granted | 88,228 | 17,603 | - | - | - |
| Forfeited | (8,966) | (11,449) | - | - | - |
| Vested | (19,030) | (8,997) | (5,309) | - | - |
| At 31 December 2023 | 128,830 | 33,899 | - | - | - |
None of the outstanding shares were exercisable at 31 December 2023.
\nThe Company issues to certain employees share appreciation rights (\"SARs\") that require the Company to pay the intrinsic value of the SAR to the employee at the date of exercise. The Company has recorded liabilities of \u20ac\u00a012 thousand (2022: \u20ac\u00a089 thousand). The Company recorded total expenses of \u20ac\u00a08 thousand (2022: minus \u20ac\u00a03 thousand). The total intrinsic value at 31 December 2023 \u20ac\u00a08.70 (2022: \u20ac\u00a011.36).
\nThe expenses of the different plans are recognized in profit or loss under Employee benefits expenses and can be specified as follows:
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| LTIP (equity-settled) | 351 | 232 |
| KPP (equity-settled) | - | 71 |
| KPP (cash-settled) | 8 | (3) |
| KLIP (equity-settled) | - | 7 |
| CM.com Awards (equity-settled) | - | 2 |
| RSU (equity-settled) | 112 | 236 |
| \u00a0 | 471 | 545 |
| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 7,115 | 7,502 |
| Other staff expenses | 5,285 | 9,792 |
| Marketing and sales expenses | 6,220 | 10,896 |
| General expenses | 4,310 | 6,617 |
| Housing expenses | 2,596 | 3,085 |
| Expected credit losses | 1,389 | 5,435 |
| \u00a0 | 26,915 | 43,327 |
The capitalized development costs (see note 23) have partly been allocated to the general expenses for an amount of \u20ac\u00a03,130 thousand (2022: 3,608 thousand). This charge mainly relates to Workspace and IT expenses.
\nIn the housing expenses, an amount of \u20ac\u00a01,200 thousand (2022: \u20ac\u00a01,749 thousand) relates to short-term leases. In the car expenses, an amount of \u20ac\u00a0114 thousand (2022: \u20ac\u00a0174 thousand) relates to short-term leases. Other staff expenses mainly consists of contractors and agency personnel expenses amounting to \u20ac\u00a02,138 thousand (2022: \u20ac\u00a04,663 thousand).
\nFor more information on the exposure to credit risk and the expected credit losses, see note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-403": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 7,115 | 7,502 |
| Other staff expenses | 5,285 | 9,792 |
| Marketing and sales expenses | 6,220 | 10,896 |
| General expenses | 4,310 | 6,617 |
| Housing expenses | 2,596 | 3,085 |
| Expected credit losses | 1,389 | 5,435 |
| \u00a0 | 26,915 | 43,327 |
The capitalized development costs (see note 23) have partly been allocated to the general expenses for an amount of \u20ac\u00a03,130 thousand (2022: 3,608 thousand). This charge mainly relates to Workspace and IT expenses.
\nIn the housing expenses, an amount of \u20ac\u00a01,200 thousand (2022: \u20ac\u00a01,749 thousand) relates to short-term leases. In the car expenses, an amount of \u20ac\u00a0114 thousand (2022: \u20ac\u00a0174 thousand) relates to short-term leases. Other staff expenses mainly consists of contractors and agency personnel expenses amounting to \u20ac\u00a02,138 thousand (2022: \u20ac\u00a04,663 thousand).
\nFor more information on the exposure to credit risk and the expected credit losses, see note 13.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-404": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 7,115 | 7,502 |
| Other staff expenses | 5,285 | 9,792 |
| Marketing and sales expenses | 6,220 | 10,896 |
| General expenses | 4,310 | 6,617 |
| Housing expenses | 2,596 | 3,085 |
| Expected credit losses | 1,389 | 5,435 |
| \u00a0 | 26,915 | 43,327 |
The capitalized development costs (see note 23) have partly been allocated to the general expenses for an amount of \u20ac\u00a03,130 thousand (2022: 3,608 thousand). This charge mainly relates to Workspace and IT expenses.
\nIn the housing expenses, an amount of \u20ac\u00a01,200 thousand (2022: \u20ac\u00a01,749 thousand) relates to short-term leases. In the car expenses, an amount of \u20ac\u00a0114 thousand (2022: \u20ac\u00a0174 thousand) relates to short-term leases. Other staff expenses mainly consists of contractors and agency personnel expenses amounting to \u20ac\u00a02,138 thousand (2022: \u20ac\u00a04,663 thousand).
\nFor more information on the exposure to credit risk and the expected credit losses, see note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-405": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 7,115 | 7,502 |
| Other staff expenses | 5,285 | 9,792 |
| Marketing and sales expenses | 6,220 | 10,896 |
| General expenses | 4,310 | 6,617 |
| Housing expenses | 2,596 | 3,085 |
| Expected credit losses | 1,389 | 5,435 |
| \u00a0 | 26,915 | 43,327 |
The capitalized development costs (see note 23) have partly been allocated to the general expenses for an amount of \u20ac\u00a03,130 thousand (2022: 3,608 thousand). This charge mainly relates to Workspace and IT expenses.
\nIn the housing expenses, an amount of \u20ac\u00a01,200 thousand (2022: \u20ac\u00a01,749 thousand) relates to short-term leases. In the car expenses, an amount of \u20ac\u00a0114 thousand (2022: \u20ac\u00a0174 thousand) relates to short-term leases. Other staff expenses mainly consists of contractors and agency personnel expenses amounting to \u20ac\u00a02,138 thousand (2022: \u20ac\u00a04,663 thousand).
\nFor more information on the exposure to credit risk and the expected credit losses, see note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-407": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank interest received | 379 | 22 |
| Fair value gains | 877 | 4,613 |
| Other interest received | 40 | 105 |
| \u00a0 | 1,296 | 4,740 |
Fair value gains relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-408": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank interest received | 379 | 22 |
| Fair value gains | 877 | 4,613 |
| Other interest received | 40 | 105 |
| \u00a0 | 1,296 | 4,740 |
Fair value gains relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-409": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank interest received | 379 | 22 |
| Fair value gains | 877 | 4,613 |
| Other interest received | 40 | 105 |
| \u00a0 | 1,296 | 4,740 |
Fair value gains relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-410": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank interest received | 379 | 22 |
| Fair value gains | 877 | 4,613 |
| Other interest received | 40 | 105 |
| \u00a0 | 1,296 | 4,740 |
Fair value gains relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-411": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank interest received | 379 | 22 |
| Fair value gains | 877 | 4,613 |
| Other interest received | 40 | 105 |
| \u00a0 | 1,296 | 4,740 |
Fair value gains relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-412": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank interest received | 379 | 22 |
| Fair value gains | 877 | 4,613 |
| Other interest received | 40 | 105 |
| \u00a0 | 1,296 | 4,740 |
Fair value gains relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-415": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-416": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-417": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-419": { "value": "\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on convertible bonds | 3,660 | 3,614 |
| Currency results | 1,140 | 110 |
| Interest on right-of-use liability | 582 | 340 |
| Bank interest paid | 125 | 365 |
| Fair value losses | 33 | 504 |
| Other interest paid | 78 | 30 |
| \u00a0 | 5,618 | 4,963 |
Fair value losses relates to reassessment of earn-out liabilities measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-421": { "value": "\nAs of 31 December 2023, the legal entities that are part of the group have granted guarantees amounting to \u20ac\u00a013 thousand (2022: \u20ac\u00a0136 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-422": { "value": "\nAs of 31 December 2023, the legal entities that are part of the group have granted guarantees amounting to \u20ac\u00a013 thousand (2022: \u20ac\u00a0136 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-423": { "value": "\nAs of 31 December 2023, the legal entities that are part of the group have granted guarantees amounting to \u20ac\u00a013 thousand (2022: \u20ac\u00a0136 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-424": { "value": "\nAs of 31 December 2023, the legal entities that are part of the group have granted guarantees amounting to \u20ac\u00a013 thousand (2022: \u20ac\u00a0136 thousand).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-425": { "value": "\nAs of 31 December 2023, the legal entities that are part of the group have granted guarantees amounting to \u20ac\u00a013 thousand (2022: \u20ac\u00a0136 thousand).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-426": { "value": "\nAll legal entities that can be controlled, jointly controlled, or significantly influenced are considered related parties. Entities that can control the Company or other subsidiaries of the Group are also considered related parties. In addition, the members of the Management Board and the Supervisory Board are considered key management personnel as defined in IAS 24. The remuneration policy for members of the Management Board was developed by the Supervisory Board, and approved, adopted, and amended by the General Meeting. The following transactions were carried out with related parties:
Purchases from/sales to related parties (leases from related parties); and
Management Board and Supervisory Board remuneration
CM.com has a rental agreement with CM Campus B.V. which is a related party by its shareholders (2 members of the Management Board of CM.com N.V.). The rent charged by CM Campus B.V. amounted to \u20ac\u00a01.2 million for 2023 (2022: \u20ac\u00a01.1 million) which are all considered right-of-use assets in the Companies financial statements. The right-of-use assets relating to CM Campus B.V. have a book value of \u20ac\u00a07.9 million at 31 December 2023 (2022: \u20ac\u00a08.8 million). The right-of-use liability relating to CM Campus B.V. has a book value of \u20ac\u00a08.0 million at 31 December 2023 (2022: 8.8 million). The accounts receivable position related to CM Campus B.V. was \u20ac\u00a0488 thousand at 31 December 2023 (2022: \u20ac\u00a0478 thousand). The accounts payable position relating to CM Campus B.V. was \u20ac\u00a0480 thousand at 31 December 2023 (2022: \u20ac\u00a069 thousand). CM.com has provided facility, finance, and legal services for CM Campus B.V. for an amount of \u20ac\u00a027 thousand in 2023 (2022: \u20ac\u00a039 thousand).
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Short-term employee benefits | 1,586 | 1,317 |
| Post-employment benefits | 19 | 18 |
| Share-based payments | 401 | 201 |
| \u00a0 | 2,006 | 1,536 |
| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Compensation | 251 | 262 |
| \u00a0 | 251 | 262 |
For more details see tables under \u2018\u2019Actual remuneration\u2019\u2019 and \u2018\u2019Actual Supervisory Board costs\u2019\u2019 in the Remuneration report. These tables are considered part of the financial statements and audited.
\nAll transactions with related parties are made at terms equivalent to those that prevail in arm\u2019s length transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-427": { "value": "\nAll legal entities that can be controlled, jointly controlled, or significantly influenced are considered related parties. Entities that can control the Company or other subsidiaries of the Group are also considered related parties. In addition, the members of the Management Board and the Supervisory Board are considered key management personnel as defined in IAS 24. The remuneration policy for members of the Management Board was developed by the Supervisory Board, and approved, adopted, and amended by the General Meeting. The following transactions were carried out with related parties:
Purchases from/sales to related parties (leases from related parties); and
Management Board and Supervisory Board remuneration
CM.com has a rental agreement with CM Campus B.V. which is a related party by its shareholders (2 members of the Management Board of CM.com N.V.). The rent charged by CM Campus B.V. amounted to \u20ac\u00a01.2 million for 2023 (2022: \u20ac\u00a01.1 million) which are all considered right-of-use assets in the Companies financial statements. The right-of-use assets relating to CM Campus B.V. have a book value of \u20ac\u00a07.9 million at 31 December 2023 (2022: \u20ac\u00a08.8 million). The right-of-use liability relating to CM Campus B.V. has a book value of \u20ac\u00a08.0 million at 31 December 2023 (2022: 8.8 million). The accounts receivable position related to CM Campus B.V. was \u20ac\u00a0488 thousand at 31 December 2023 (2022: \u20ac\u00a0478 thousand). The accounts payable position relating to CM Campus B.V. was \u20ac\u00a0480 thousand at 31 December 2023 (2022: \u20ac\u00a069 thousand). CM.com has provided facility, finance, and legal services for CM Campus B.V. for an amount of \u20ac\u00a027 thousand in 2023 (2022: \u20ac\u00a039 thousand).
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Short-term employee benefits | 1,586 | 1,317 |
| Post-employment benefits | 19 | 18 |
| Share-based payments | 401 | 201 |
| \u00a0 | 2,006 | 1,536 |
| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Compensation | 251 | 262 |
| \u00a0 | 251 | 262 |
For more details see tables under \u2018\u2019Actual remuneration\u2019\u2019 and \u2018\u2019Actual Supervisory Board costs\u2019\u2019 in the Remuneration report. These tables are considered part of the financial statements and audited.
\nAll transactions with related parties are made at terms equivalent to those that prevail in arm\u2019s length transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-428": { "value": "\nAll legal entities that can be controlled, jointly controlled, or significantly influenced are considered related parties. Entities that can control the Company or other subsidiaries of the Group are also considered related parties. In addition, the members of the Management Board and the Supervisory Board are considered key management personnel as defined in IAS 24. The remuneration policy for members of the Management Board was developed by the Supervisory Board, and approved, adopted, and amended by the General Meeting. The following transactions were carried out with related parties:
Purchases from/sales to related parties (leases from related parties); and
Management Board and Supervisory Board remuneration
CM.com has a rental agreement with CM Campus B.V. which is a related party by its shareholders (2 members of the Management Board of CM.com N.V.). The rent charged by CM Campus B.V. amounted to \u20ac\u00a01.2 million for 2023 (2022: \u20ac\u00a01.1 million) which are all considered right-of-use assets in the Companies financial statements. The right-of-use assets relating to CM Campus B.V. have a book value of \u20ac\u00a07.9 million at 31 December 2023 (2022: \u20ac\u00a08.8 million). The right-of-use liability relating to CM Campus B.V. has a book value of \u20ac\u00a08.0 million at 31 December 2023 (2022: 8.8 million). The accounts receivable position related to CM Campus B.V. was \u20ac\u00a0488 thousand at 31 December 2023 (2022: \u20ac\u00a0478 thousand). The accounts payable position relating to CM Campus B.V. was \u20ac\u00a0480 thousand at 31 December 2023 (2022: \u20ac\u00a069 thousand). CM.com has provided facility, finance, and legal services for CM Campus B.V. for an amount of \u20ac\u00a027 thousand in 2023 (2022: \u20ac\u00a039 thousand).
\n| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Short-term employee benefits | 1,586 | 1,317 |
| Post-employment benefits | 19 | 18 |
| Share-based payments | 401 | 201 |
| \u00a0 | 2,006 | 1,536 |
| x \u20ac\u00a01,000 | 2023 | 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Compensation | 251 | 262 |
| \u00a0 | 251 | 262 |
For more details see tables under \u2018\u2019Actual remuneration\u2019\u2019 and \u2018\u2019Actual Supervisory Board costs\u2019\u2019 in the Remuneration report. These tables are considered part of the financial statements and audited.
\nAll transactions with related parties are made at terms equivalent to those that prevail in arm\u2019s length transactions.
\nCM.com N.V. in Breda is the head of a group of legal entities. A summary of the information required under Article 2:379 of the Dutch Civil Code is given:
\n| Name | Registered Office | Principal Activities | Share in Issued Share Capital |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| CM.com N.V. | Breda (The Netherlands) | Holding company | 100% |
| CM.com Netherlands B.V. | Breda (The Netherlands) | CPaaS, SaaS solutions & Ticketing services | 100% |
| CM.com International B.V. | Breda (The Netherlands) | CPaaS, SaaS solutions & Ticketing services | 100% |
| CM Payments B.V. | Breda (The Netherlands) | Payments processing | 100% |
| CM Platform B.V. | Breda (The Netherlands) | R&D | 100% |
| Global Ticket B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| The Selfservice Company Solutions B.V.1 | Breda (The Netherlands) | Conversation platform services | n/a |
| SEPASoft B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| PayPlaza B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| PayPlaza Gov Solutions B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| Your Ticket Provider B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| Get-a-Ticket B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| Tracedock B.V.1 | Breda (The Netherlands) | First Party Data collection | n/a |
| CM.com R&D 1 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 2 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 3 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 4 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 5 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 6 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 7 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 8 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 9 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 10 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 11 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 12 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 13 B.V. | Breda (The Netherlands) | R&D | 100% |
| Building Blocks Holding B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| Building Blocks B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| Blocks B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| CM.com Ticket Guarantee N.V. | Breda (The Netherlands) | Ticket guarantees | 100% |
| CM.com Belgium N.V. | Zaventem (Belgium) | Marketing and sales office | 100% |
| Appmiral BVBA1 | Mechelen (Belgium) | Ticketing services | n/a |
| CM.com Germany GmbH | Frankfurt (Germany) | Marketing and sales office | 100% |
| CX Company GmbH1 | Dusseldorf (Germany) | Conversation platform services | n/a |
| CM Telecom UK Ltd. | London (UK) | Marketing and sales office | 100% |
| Elitechnology Limited1 | London (UK) | Conversation platform services | n/a |
| CM Telecom France SAS | Paris (France) | Marketing and sales office | 100% |
| CM Telecom Hong Kong Ltd. | Hong Kong (China) | Marketing and sales office | 100% |
| CM Telecom Shenzhen Co. Ltd. | Shenzhen (China) | Marketing and sales office | 100% |
| CM Telecom Singapore Private Ltd. | Singapore (Singapore) | Marketing and sales office | 100% |
| CM.com Japan K.K. | Tokyo (Japan) | Marketing and sales office | 100% |
| CM Telecom South Africa Ltd. | Cape Town (South Africa) | Marketing and sales office | 100% |
| CM.com US Inc. | Wilmington, Delaware (USA) | Marketing and sales office | 100% |
| CM Telecom FZ-LLC | Dubai (UAE) | Marketing and sales office | 100% |
| CM Communication Platform & Technology, S.L.U. | Barcelona (Spain) | Marketing and sales office | 100% |
| PayPlaza Espana S.L.2 | Madrid (Spain) | Point of Sale Gateway | 100% |
| CMCOM Turkey Elektronik Haberlesme Ltd Sti | Istanbul (Turkey) | Marketing and sales office | 100% |
| CM.com Kenya Ltd. | Nairobi (Kenya) | Marketing and sales office | 100% |
| Communication Platform India Private Limited | Bangalore (India) | Marketing and sales office | 100% |
| CM.com Italy S.r.l. | Milan (Italy) | Marketing and sales office | 100% |
| CM.COM Mexico, S. de R.L. de C.V. | Mexico City (Mexico) | Marketing and sales office | 100% |
| CM.com Brasil Ltda. | Sao Paulo (Brasil) | Marketing and sales office | 100% |
| CM.com Kazakhstan Limited Liability Company | Almaty (Kazakhstan) | Marketing and sales office | 100% |
| CM.com Denmark AS | Copenhagen (Denmark) | Marketing and sales office | 100% |
| CM.com Stichting | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting Derdengelden CM Payments | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting YourTicketProvider | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
CM.com N.V. in Breda is the head of a group of legal entities. A summary of the information required under Article 2:379 of the Dutch Civil Code is given:
\n| Name | Registered Office | Principal Activities | Share in Issued Share Capital |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| CM.com N.V. | Breda (The Netherlands) | Holding company | 100% |
| CM.com Netherlands B.V. | Breda (The Netherlands) | CPaaS, SaaS solutions & Ticketing services | 100% |
| CM.com International B.V. | Breda (The Netherlands) | CPaaS, SaaS solutions & Ticketing services | 100% |
| CM Payments B.V. | Breda (The Netherlands) | Payments processing | 100% |
| CM Platform B.V. | Breda (The Netherlands) | R&D | 100% |
| Global Ticket B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| The Selfservice Company Solutions B.V.1 | Breda (The Netherlands) | Conversation platform services | n/a |
| SEPASoft B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| PayPlaza B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| PayPlaza Gov Solutions B.V. | Breda (The Netherlands) | Point of Sale Gateway | 100% |
| Your Ticket Provider B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| Get-a-Ticket B.V. | Breda (The Netherlands) | Ticketing services | 100% |
| Tracedock B.V.1 | Breda (The Netherlands) | First Party Data collection | n/a |
| CM.com R&D 1 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 2 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 3 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 4 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 5 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 6 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 7 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 8 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 9 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 10 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 11 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 12 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 13 B.V. | Breda (The Netherlands) | R&D | 100% |
| Building Blocks Holding B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| Building Blocks B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| Blocks B.V. | Breda (The Netherlands) | Consumer AI technology | 100% |
| CM.com Ticket Guarantee N.V. | Breda (The Netherlands) | Ticket guarantees | 100% |
| CM.com Belgium N.V. | Zaventem (Belgium) | Marketing and sales office | 100% |
| Appmiral BVBA1 | Mechelen (Belgium) | Ticketing services | n/a |
| CM.com Germany GmbH | Frankfurt (Germany) | Marketing and sales office | 100% |
| CX Company GmbH1 | Dusseldorf (Germany) | Conversation platform services | n/a |
| CM Telecom UK Ltd. | London (UK) | Marketing and sales office | 100% |
| Elitechnology Limited1 | London (UK) | Conversation platform services | n/a |
| CM Telecom France SAS | Paris (France) | Marketing and sales office | 100% |
| CM Telecom Hong Kong Ltd. | Hong Kong (China) | Marketing and sales office | 100% |
| CM Telecom Shenzhen Co. Ltd. | Shenzhen (China) | Marketing and sales office | 100% |
| CM Telecom Singapore Private Ltd. | Singapore (Singapore) | Marketing and sales office | 100% |
| CM.com Japan K.K. | Tokyo (Japan) | Marketing and sales office | 100% |
| CM Telecom South Africa Ltd. | Cape Town (South Africa) | Marketing and sales office | 100% |
| CM.com US Inc. | Wilmington, Delaware (USA) | Marketing and sales office | 100% |
| CM Telecom FZ-LLC | Dubai (UAE) | Marketing and sales office | 100% |
| CM Communication Platform & Technology, S.L.U. | Barcelona (Spain) | Marketing and sales office | 100% |
| PayPlaza Espana S.L.2 | Madrid (Spain) | Point of Sale Gateway | 100% |
| CMCOM Turkey Elektronik Haberlesme Ltd Sti | Istanbul (Turkey) | Marketing and sales office | 100% |
| CM.com Kenya Ltd. | Nairobi (Kenya) | Marketing and sales office | 100% |
| Communication Platform India Private Limited | Bangalore (India) | Marketing and sales office | 100% |
| CM.com Italy S.r.l. | Milan (Italy) | Marketing and sales office | 100% |
| CM.COM Mexico, S. de R.L. de C.V. | Mexico City (Mexico) | Marketing and sales office | 100% |
| CM.com Brasil Ltda. | Sao Paulo (Brasil) | Marketing and sales office | 100% |
| CM.com Kazakhstan Limited Liability Company | Almaty (Kazakhstan) | Marketing and sales office | 100% |
| CM.com Denmark AS | Copenhagen (Denmark) | Marketing and sales office | 100% |
| CM.com Stichting | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting Derdengelden CM Payments | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting YourTicketProvider | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
With reference to section 2:382a (1) and (2) of the Dutch Civil Code, the following fees for the financial year have been charged by Deloitte Accountants B.V. as well as by other Deloitte member firms to the Company and its subsidiaries:
\n| x \u20ac\u00a01,000 | \u00a0 | Deloitte |
|---|---|---|
| Audit fees | \u00a0 | 770 |
| Other services | \u00a0 | 9 |
| \u00a0 | \u00a0 | 779 |
The comparative figures for 2022 are as follows:
\n| x \u20ac\u00a01,000 | \u00a0 | Deloitte |
|---|---|---|
| Audit fees | \u00a0 | 741 |
| Other services | \u00a0 | 9 |
| \u00a0 | \u00a0 | 750 |
The above includes the audit fees with respect to the Dutch statutory audits, which cannot be split from the total audit fees. The fees also include the fee for local statutory financial statements outside the Netherlands for an amount of \u20ac\u00a0248 thousand (2022: \u20ac\u00a0226 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-432": { "value": "\nThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. These estimates inherently contain a degree of uncertainty. Actual results may differ from these estimates under different assumptions or conditions.
\nThe areas where the most significant judgments and estimates are made are revenue, impairment and useful life of non-current assets, purchase price allocation, and earn-outs from relating to acquired companies.
\nIf CM.com has control of goods or services when they are delivered to a customer, then CM.com is the principal in the sale to the customer, otherwise CM.com is acting as an agent. Whether CM.com is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between CM.com and its business partners; such judgements impact the amount of reported revenue and operating expenses but do not impact reported assets, liabilities, or cash flows. Scenarios requiring judgement to determine whether CM.com is a principal or an agent include, for example, those where CM.com delivers third-party content to customers. Revenue for premium SMS is presented at a net basis.
\nAs stated in note 5, intangible assets acquired in a business combination are capitalized and amortized over their useful lives. Both initial valuations and valuations for subsequent impairment tests are based on risk adjusted future cash flows discounted using appropriate discount rates. These future cash flows will be based on forecasts which are inherently judgmental. Future events could cause the assumptions to change which could have an adverse effect on the future results of CM.com. Refer to note 5 and 6 for a description of the specific estimates and judgments used and the net book values of intangible assets.
\nAs stated in note 6, a forecast period of five years is used for the value-in-use calculation for the impairment test on goodwill and intangible assets with indefinite useful life (e.g. domain names). The cash flow projections are based on the financial forecast approved by the Management Board, covering a three-year period (2024-2026). The cash flow projections beyond that three-year period are based on expected revenue growth, derived from our mid-term guidance which focuses on gross profit growth, resulting in a growth rate of 13% for SaaS as well as for Payments. CGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. The Management Board has assessed the reasonableness of the assumptions on which its current cash flow projections are based.
\nThe useful lives have to be determined for intangible assets and property, plant, and equipment. The useful lives are estimated based on best practice within CM.com. CM.com reviews the remaining useful lives of its non-current assets annually. The uncertainty included in this estimate is that the useful lives are estimated longer than the actual useful lives of the intangible assets and property, plant, and equipment, which could possible result in accelerated amortization and depreciation in future years and/or impairments at the end of the actual useful lives of the related intangible assets and property, plant, and equipment. We have reassessed the useful lives of the capitalized developments and no change is required in FY 2023.
\nThe provisional purchase price allocation is based on an estimation of the identifiable assets acquired and liabilities assumed. This estimation requires management to estimate the future cash flows expected to arise from the assets and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. The main reason for being provisional is the settlement of liabilities.
\nAs stated in note 9, for the entities which were acquired in 2021 and 2022, earn-out has been included in the purchase price allocation. As stated in note 10, an earn-out was agreed as part of the sales transaction of the shares in Phos Services Ltd. When determining the fair value of the earn-out, several assumptions and judgments were made regarding the estimated future revenue and cash flows and therefore the future cash-out for the earn-out.
\nOn February 14 2024, CM.com signed an agreement with HSBC Continental Europe for a Revolving Credit Facility with a maximum principle amount of \u20ac\u00a015\u00a0million with an accordion option of another \u20ac10 million, including guarantees for the bank in case of default. The duration is till March 31 2026 with an interest rate of EURIBOR +4.5%
\nIn Q1 2024, management decided to close the CM.com offices in Brazil, Kazakhstan, and Turkey. The financial impact of the closure of these offices will be minimal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-434": { "value": "\nChanges in presentation in comparison to the Statement of financial position, as included in the 2022 financial statements, are explained in the concerning notes.
\nWith regards to the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis per 1 October instead of per 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nNew standards, amendments, and/or interpretations to existing IFRS standards became effective in 2023. These new standards, amendments, and interpretations, as far as they are relevant, have no material impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nRegarding the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis as of 1 October instead of as of 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nThe Group has adopted the recent IASB amendments to IAS 12 - 'Deferred tax related to assets and liabilities arising from a single transaction' that clarify treatment for deferred tax on transactions such as leases. The amendments introduce an exception to the initial recognition exemption in IAS 12 and apply to transactions that occur on or after the beginning of the earliest comparative period presented in our financial statements. See note 11 for further disclosures.
\nIFRS 17 relating to insurance contracts took effect at the start of 2022. As CM.com set-up a legal entity to sell ticket guarantees, this standard will have an effect on our financial statements from 2023 and onward. We have ensured the data is available within the Company from the start, to be able to comply with the reporting requirements of IFRS 17. We refer to note 20 in these financial statements for the impact of IFRS 17 on the Company.
\nNew standards, amendments, and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after 1 January 2024. As far as these standards, amendments, and interpretations are applicable to the Company, these are expected to have no effect on the valuation and classification of assets and liabilities. The Company has decided not to opt for early adoption.
\nChanges in presentation in comparison to the Statement of financial position, as included in the 2022 financial statements, are explained in the concerning notes.
\nWith regards to the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis per 1 October instead of per 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nNew standards, amendments, and/or interpretations to existing IFRS standards became effective in 2023. These new standards, amendments, and interpretations, as far as they are relevant, have no material impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nRegarding the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis as of 1 October instead of as of 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nThe Group has adopted the recent IASB amendments to IAS 12 - 'Deferred tax related to assets and liabilities arising from a single transaction' that clarify treatment for deferred tax on transactions such as leases. The amendments introduce an exception to the initial recognition exemption in IAS 12 and apply to transactions that occur on or after the beginning of the earliest comparative period presented in our financial statements. See note 11 for further disclosures.
\nIFRS 17 relating to insurance contracts took effect at the start of 2022. As CM.com set-up a legal entity to sell ticket guarantees, this standard will have an effect on our financial statements from 2023 and onward. We have ensured the data is available within the Company from the start, to be able to comply with the reporting requirements of IFRS 17. We refer to note 20 in these financial statements for the impact of IFRS 17 on the Company.
\nNew standards, amendments, and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after 1 January 2024. As far as these standards, amendments, and interpretations are applicable to the Company, these are expected to have no effect on the valuation and classification of assets and liabilities. The Company has decided not to opt for early adoption.
\nChanges in presentation in comparison to the Statement of financial position, as included in the 2022 financial statements, are explained in the concerning notes.
\nWith regards to the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis per 1 October instead of per 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nNew standards, amendments, and/or interpretations to existing IFRS standards became effective in 2023. These new standards, amendments, and interpretations, as far as they are relevant, have no material impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nRegarding the impairment analysis performed on non-current assets with an indefinite useful life, among which goodwill, we have adjusted our accounting policy to perform the impairment analysis as of 1 October instead of as of 31 December based on practical considerations. We refer to note 5 and 6 of this financial statements for further details.
\nThe Group has adopted the recent IASB amendments to IAS 12 - 'Deferred tax related to assets and liabilities arising from a single transaction' that clarify treatment for deferred tax on transactions such as leases. The amendments introduce an exception to the initial recognition exemption in IAS 12 and apply to transactions that occur on or after the beginning of the earliest comparative period presented in our financial statements. See note 11 for further disclosures.
\nIFRS 17 relating to insurance contracts took effect at the start of 2022. As CM.com set-up a legal entity to sell ticket guarantees, this standard will have an effect on our financial statements from 2023 and onward. We have ensured the data is available within the Company from the start, to be able to comply with the reporting requirements of IFRS 17. We refer to note 20 in these financial statements for the impact of IFRS 17 on the Company.
\nNew standards, amendments, and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after 1 January 2024. As far as these standards, amendments, and interpretations are applicable to the Company, these are expected to have no effect on the valuation and classification of assets and liabilities. The Company has decided not to opt for early adoption.
\nThe members of the Supervisory Board signed the financial statements in order to comply with their statutory obligation pursuant to Article 2:101, paragraph 2, of the Dutch Civil Code.\u00a0
\nThe members of the Management Board signed the financial statements in order to comply with their statutory obligation pursuant to Article 2:101, paragraph 2, of the Dutch Civil Code and Article 5:25c, paragraph 2 sub c, of the Financial Markets Supervision Act.\u00a0
\nBreda, 6 March 2024
\n| Management Board | Supervisory Board |
|---|---|
| Jeroen van Glabbeek | Jacques van den Broek |
| Gilbert Gooijers | Mariken Tannemaat |
| J\u00f6rg de Graaf | Stephan Nanninga |
| \u00a0 | Lex Beins |
| \u00a0 | Jo\u00eblle Frijters |
| \u00a0 | Diederik Karsten |