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"value": "-3891000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-399": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "fact-400": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-401": { "value": "-44000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-402": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-403": { "value": "-3935000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-404": { "value": "40134000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-405": { "value": "-142000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-406": { "value": "77679000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-407": { "value": "50000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "fact-408": { "value": "14708000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-409": { "value": "-3049000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-410": { "value": "2631000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-411": { "value": "181960000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370078YLPFWHE33716", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-418": { "value": "1. General information Multitude SE and its subsidiaries (\"Multitude\" or the \"Group\"), is a leading FinTech company that aims to transcend the hassle of physical banking and manual financial transactions through a financial ecosystem. This ecosystem comprises mobile and digital platforms to promote a paperless, borderless, and real-time banking experience, to end customers and small and medium enterprises (\"SMEs\")", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-419": { "value": "SE", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-420": { "value": "Multitude SE (business identity code 1950969-1) ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-421": { "value": "Multitude SE", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-422": { "value": "Ratamestarinkatu 11 A, FI-00520 Helsinki", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-423": { "value": "FI-00520 Helsinki.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-424": { "value": "
On 30 March 2022, Multitude\u2019s Board of Directors authorised the Group\u2019s consolidated financial statements as at and
for the year ended 31 December 2022 and comparative year 31 December 2021 for issuance and filing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-425": { "value": "
1.1 Significant changes in the current reporting period
2022 Multitude SE bond issue
On 7 December 2022, Multitude SE successfully placed EUR 50 million in senior unsecured bonds (ISIN: NO0012702549)
with maturity in December 2025 (the \"2022 MSE Bonds\"). The net proceeds from the Bonds were, together with ex-
isting cash, used towards refinancing Ferratum Capital Germany GmbH's outstanding bonds maturing in April 2023
(ISIN: SE0012453835). The bond will carry a floating rate coupon of 3-month Euribor plus 7.5%, priced at 97% of
the nominal amount. The Bonds will be listed on a regulated market within six months and on the Frankfurt Stock
Exchange Open Market within 60 days (with the intention to list within 30 days).
2019 FCGE bonds tap issue and redemption
On 8 April 2022, the Group announced a successful placement of EUR 40 million worth of nominal bonds under
the existing 2019 Capital Germany GmbH bond framework (ISIN: SE0012453835) (\"2019 FCGE tap issue\"). This brings
down the remaining unissued portion of the 2019 FCGE bond framework to EUR 30 million. The bonds, quoted at
99.25% in the Frankfurt Stock Exchange Open Market, were issued at 99% of their nominal values on 21 April 2022
and followed the bond covenants associated with the outstanding 2019 FCGE Bonds.
The balance of 2019 FCGE including the 2019 FCGE tap issue was settled via roll-over into 2022 MSE Bonds for the
nominal amount of EUR 24.6 million on 21 December 2022. On 29 December 2022, the remaining 2019 FCGE bonds
with an outstanding nominal amount of EUR 99.0 million and carrying amounts of EUR 97.3 million were fully re-
deemed.
2018 FCGE bonds roll-over and redemption
In conjunction with the 2019 FCGE bonds tap issue, holders of the existing 2018 FCGE bonds (ISIN: AS5772809/
SE0011167972) were given the option to roll-over their bond holdings and effectively convert them into the 2019
FCGE tap issue bonds (\"2018 FCGE roll-over bonds\") at a 1:1 conversion ratio. The transaction extinguished the un-
derlying 2018 FCGE roll-over bonds with nominal and carrying amounts of EUR 19.9 million. On 25 May 2022, the
remaining 2018 FCGE bonds with outstanding nominal and carrying amounts of EUR 0.1 million were redeemed in
full. The roll-over and redemption of the 2018 FCGE bonds resulted in a net gain of EUR 0.4 million.
Multitude Bank unsecured subordinated bonds issue
On 13 April 2022, the Group issued a total of EUR 5,052 thousand worth of unsecured subordinated bonds, out of the
EUR 20 million base prospectus listed in the Malta Stocks Exchange with a series no. 1/2022 (ISIN: MT0000911215),
Tranche No 1 (\"Tranche 1 bonds\") through its wholly owned subsidiary, Multitude Bank p.l.c. (\"MBM\"). The Tranche 1
bonds will mature on 13 April 2032 and includes a coupon rate of 6%.
Out of the EUR 5,052 thousand issued bonds, MBM has issued EUR 2.0 million to its parent company Multitude SE,
which is eliminated at the Group level as part of the consolidation process.
4.2 Credit risk 4.2.1 Credit risk management
The Group\u2019s maximum credit risk exposure without collateral held or other credit enhancements as at 31 December
are as follows:
EUR \u2019000
2022
Restated 2021
Loans to customers (gross)
619,794
573,708
Cash and cash equivalents
153,325
301,592
Other financial assets at amortised cost:
Receivables from banks
4,362
5,108
Receivables from sold portfolio
2,263
4,657
Other non-current financial assets
28,883
6,215
Other current financial assets
3,701
3,579
Total
812,328
894,859
Loans to customers The Group\u2019s loans to customers can be grouped into several portfolios based on the structure of the underlying con- tracts with customers: Prime Loans are longer-term instalment loans of up to EUR 30,000 for consumers, with loan maturity ranging between 1-10 years. The average loan amount is EUR 8,000 and the average loan term is five years. A Micro Loan is a rapid and easy loan for instant, short-term need and quick payback. Micro Loans range from EUR 50 to EUR 1,000 and are paid back in one single instalment within 30\u201345 days. The average term of a Micro Loan is 33 days, with an average loan of EUR 372 A Plus Loan is a larger loan, currently ranging from EUR 300-4,000 with maturity periods of between 2\u201318 months. The average term for a Plus Loan is 416 days and the average loan amount is EUR 1,252. Credit Limit is a pre-approved credit line, also called revolving credit, allowing customers financial flexibility. Eligible customers are pre-approved for up to EUR 5,000 and can draw money or repay without fixed amounts or timelines. Credit Limit is like a credit card without a physical card. The average loan amount for a Credit Limit is EUR 2,620, the average first withdrawal amount is EUR 1,332 and the term is open-ended. CapitalBox provides working capital instalment loans of up to EUR 350,000. These 6\u201348-month solutions are designed to help SMEs, e.g., finance expansion, inventory, marketing, hiring new talent, and purchasing or leasing equipment. The average loan amount is EUR 21,300 and the average term is 22 months. Credit risk exposure from loans to customers pertains to short and long-term lending as part of the Group\u2019s principal activities and business model. Multitude considers this exposure the most critical risk and the biggest risk driver in its operating structure. Customer credit rating and grading systems are in place to facilitate early identification and management of potential deteriorations in loan quality. Credit decisions are based on established risk governance framework, business credit policies, customer behaviour scorecards and risk categories, and country-specific legislations. The creditworthiness of potential customers is assessed by reference to the calculation of a credit score for each loan application received and based on the customer\u2019s specific affordability. The relevant credit score is computed through the application scorecard for first time customers and through the behaviour scorecard for repeat customers. Based on the credit score registered, customers are grouped into risk classes. The respective risk class determines the maxi- mum credit amount allowable for each customer. The scoring model and linked scorecards are monitored by the Risk management function of the Group. These are applied in all jurisdictions in which the Group operates with specific adaptations at country level taking cognisance of the different characteristics of each market; with the adaptations being centrally approved. The scorecards are reviewed on an ongoing basis by the management team of the Group and updated according to market trends, political circumstances in the particular jurisdiction, legislative and socio-economic changes. Credit risk exposure, including recognition and measurement of expected credit losses on loans to customers are discussed in more detail in Note 4.2.3
EUR \u2019000
2022
2021
Loans to banks repayable on call and at short notice
27, 356
48,165
At 31 December 2022, loans and advances to banks consisted primarily of immediately withdrawable nostro bal-
ances and term placements maturing within one month.
At the end of the reporting period, none of the financial assets referred to were past due or impaired.
The following tables set out information about the credit quality of specific financial assets measured at amortised
cost. The credit quality of the financial assets is determined by credit ratings applicable to issuers or counterparties
based on external ratings published by reputable credit rating agencies:
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
66,808
-
-
66,808
A+ to A-
Gross carrying amount
Loss allowance
66,808
-
-
66,808
Carrying amount \u2013
net of loss allowance
66,808
-
-
66,808
In this regard, the Government of Malta and Government of Lithuania as at 31 December 2022 had both a rating of A2, as issued by Moody\u2019s on 18 November 2022 and 29 April 2022, respectively. (2021: A2, as issued by Moody\u2019s on 06 August 2021 and 12 February 2021, respectively.) The Government of Sweden as at 31 December 2022 had a rating of AAA as issued by Moody\u2019s on 25 March 2022 (2021: AAA, as issued by Moody\u2019s on 27 March 2020). The Government of Czech as at 31 December 2022 had a rating of AA3 as issued by Moody\u2019s on 5 August 2022 (2021: AA3, as issued by Moody\u2019s on 5 February 2021). As at 31 December 2022, expected credit loss allowances in respect of balances with the Central Banks (which are assumed to have the same credit quality as the Government of Malta, Government of Lithuania, Government of Czech and Government of Sweden) were deemed to be insignificant Similarly, the Group holds immediately withdrawable balances with highly rated and reputable financial institutions. As at 31 December 2022, expected credit loss allowances in respect of such balances were deemed to be insignificant
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
138,921
-
-
138,921
A+ to A-
Gross carrying amount
Loss allowance
138,921
-
-
138,921
Carrying amount \u2013
net of loss allowance
138,921
-
-
138,921
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
3,795
-
-
3,795
A+ to A-
BBB+ to BBB-
4,478
-
-
4,478
BB+ to BB-
241
-
-
241
Unrated
18,842
-
-
18,842
Gross carrying amount
27, 356
-
-
27, 356
Loss allowance
Carrying amount \u2013
net of loss allowance
27, 356
-
-
27, 356
As at 31 December 2022 and 2021, there were no acquired credit-impaired assets. After the end of the reporting period there were no significant changes in credit ratings reflected in the tables above which have a material impact on the credit quality of the financial assets.
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
14,283
-
-
14,283
A+ to A-
BBB+ to BBB-
19,063
-
-
19,063
BB+ to BB-
1,016
-
-
1,016
Unrated
13,803
-
-
13,803
Gross carrying amount
48,165
-
-
48,165
Loss allowance
Carrying amount \u2013
net of loss allowance
48,165
-
-
48,165
4.2.3 ECL for loans to customers The table below shows the Group\u2019s gross outstanding loans to customers balances, risk grading, and basis for ECL recognition and measurement as at the years ended 31 December:
Days past due*
Risk grade
Category
Basis for ECL
Lower Upper
UTP
2022
2021
range range
Regular
Performing
Stage 1 (12-month
0 to 30
-
464,238
394,447
ECL)
Watch
Underperforming
Stage 2 (lifetime ECL)
31 - 45
31 - 60
-
20,755
20,208
Substandard
Underperforming
Stage 2 (lifetime ECL)
46 - 60
61 - 90
-
14,862
9,416
Doubtful
Non-performing
Stage 3 (lifetime ECL)
61 - 180
91 - 180
Yes
24,868
27,971
Loss
Non-performing
Stage 3 (lifetime ECL)
More than 180 days
-
95,072
121,666
Total
619,794
573,708
*Lower and upper ranges of days past due are based on DPD thresholds of 60 and 90 days, respectively, to be considered as non-performing . In addition, the table below summarises the movements and the balances of loss allowances for loans to customers for the years ended and as at 31 December:
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2022
394,447
29,623
149,637
573,708
Transfers in between stages:
Transfers out of Stage 1
(47,743)
14,126
33,618
-
Transfers out of Stage 2
3,029
(11,6 4 0)
8,610
-
Total changes from transfers in between Stages
(44,714)
2,486
42,228
-
Other changes in gross loans to customers
New loans originated during the year
736,697
36,481
68,225
841,404
Loans derecognised during the year
(613,537)
(32,294)
(123,464)
(769,295)
Write-offs
-
-
(15,006)
(15,006)
Changes in forex and other movements
(8,655)
(680)
(1,681)
(11,016)
Net changes in gross loans to customers
69,791
5,993
(29,698)
46,087
Gross loans to customers as at 31 December 2022
464,238
35,617
119,939
619,794
LOSS ALLOWANCES
Loss allowances, as at 1 January 2022
20,608
8,806
92,595
122,009
Transfers in between stages:
Transfers out of Stage 1
(3,349)
824
2,525
-
Increase (decrease) due to transfers out of Stage 1
-
3,387
14,069
17,455
Transfers out of Stage 2
795
(3,433)
2,638
-
Increase (decrease) due to transfers out of Stage 2
(540)
-
2,607
2,067
Increase (decrease) due to changes in DPD buckets
777
65
7,6 41
8,484
Total changes from transfers in between Stages
(2,317)
843
29,480
28,006
Other changes in loss allowances:
New financial assets originated during the year
46,412
11, 80 6
34,539
92,757
Financial assets derecognised during the year
(39,136)
(9,976)
(67,668)
(116,781)
Write-offs
-
-
(15,006)
(15,006)
Remeasurements from changes in model
(153)
(286)
678
239
Unwind of discount
-
-
480
480
Changes in forex and other movements
(465)
(169)
(740)
(1,373)
Net changes in loss allowances
4,341
2,218
(18,236)
(11,677)
Loss allowances as at 31 December 2022
24,949
11,024
74,359
110,332
Impaired loan coverage ratio (\"ICLR\")
5.37%
30.95%
62.00%
17. 80%
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2021
308,529
23,970
179,290
511,789
Transfers in between stages:
Transfers out of Stage 1
(42,494)
8,358
34,135
-
Transfers out of Stage 2
2,473
(12,069)
9,597
-
Total changes from transfers in between Stages
(40,021)
(3,711)
43,732
-
Other changes in gross loans to customers
New loans originated during the year
708,135
28,796
62,357
799,288
Loans derecognised during the year
(581,363)
(19,451)
(119,038)
(719,852)
Write-offs
-
-
(17,451)
(17,451)
Changes in forex and other movements
(833)
20
747
(66)
Net changes in gross loans to customers
85,918
5,653
(29,653)
61,919
Gross loans to customers as at 31 December 2021
394,447
29,623
149,637
573,708
LOSS ALLOWANCES
Loss allowances, as at 1 January 2021
20,589
7,818
118,010
146,417
Transfers in between stages:
Transfers out of Stage 1
(3,743)
603
3,141
-
Increase (decrease) due to transfers out of Stage 1
-
1,718
13,471
15,189
Transfers out of Stage 2
583
(3,834)
3,250
0
Increase (decrease) due to transfers out of Stage 2
(393)
-
2,428
2,035
Increase (decrease) due to changes in DPD buckets
340
16
9,997
10,353
Total changes from transfers in between Stages
(3,212)
(1,497)
32,286
27,577
Other changes in loss allowances:
New loans originated during the year
42,576
9,321
31,472
83,368
Loans derecognised during the year
(38,204)
(6,801)
(74,639)
(119,644)
Write-offs
-
-
(17,451)
(17,451)
Remeasurements from changes in model
(1,126)
(58)
1,358
174
Unwind of discount
-
-
787
787
Changes in forex and other movements
(14)
23
772
781
Net changes in loss allowances
20
988
(25,415)
(24,407)
Loss allowances as at 31 December 2021
20,608
8,806
92,595
122,009
Impaired loan coverage ratio (\"ICLR\")
5.22%
29.73%
61.88%
21.27%
4.2.7 Credit concentration risk Credit concentration risk for loans to customers The Group\u2019s loans to customers do not include any significant credit risk concentrations. These are comprised of retail exposures which are individually insignificant, with the biggest value per customer arising from SME loans, granted through the standard underwriting process of the Group, at a cap of EUR 350,000 or 0.01% of total Group loans to customers for the years ended 31 December 2022 and 2021. Albeit, the Group has one particular exposure to an SME which exceeds this cap. Multitude does not have clients that individually generate more than 10% of total revenue for the years ended 31 December 2022 and 2021. Credit concentration risk by geographic region The Group has also assessed and analysed the credit concentration risk exposure by geographical region based on the country of domicile of the respective customers or counter parties. The top three credit exposure by country accounts for 20.1% 18.2%, and 14.3% (22.5% 16.8%, and 9.0% in 2021) of the Group\u2019s loans to customers, cash and cash equivalents, and other financial assets at amortised cost. The 20.1% credit concentration risk as at 31 December 2022 (22.5% in 2021) relates to loans to customers, cash and cash equivalents, and other financial assets at amortised cost in Finland .
Following table shows credit concentration of the Group by country:
EUR \u2019000 Loans to Other current
Total
2022
customers financial assets
Finland
106,297
34,694
140,991
20.1%
Sweden
122,443
5,064
127,507
18.2%
Malta
-
100,352
100,352
14.3%
Latvia
83,603
123
83,726
11.9 %
Denmark
58,176
-
58,176
8.3%
Germany
39,920
1,362
41,282
5.9%
Estonia
23,290
1,152
24,442
3.5%
The Netherlands
15,895
-
15,895
2.3%
Czech Republic
10,623
229
10,852
1.5%
Others
49,216
49,471
98,687
14.1%
4.3.2 Interest rate risk Per 31.12.2022, the Group is not engaged in interest rate hedging transactions. The interest rate profile of the Group's financial assets and liabilities as at 31 December are as follows :
Variable Fixed Non-interest
EUR \u2018000 interest rate interest rate
bearing
Total
31 December 2022
Loans to customers
10,688
498,775
-
509,463
Cash and cash equivalents
86,517
-
66,808
153,325
Receivables from banks
-
4,362
-
4,362
Other financial assets
21,107
7,776
5,964
34,847
Total
118,312
510,913
72,772
701,997
Deposits from customers
(93,170)
(402,719)
(5,845)
(501,734)
Perpetual bonds
(50,000)
-
-
(50,000)
Long-term borrowings
(49,052)
-
-
(49,052)
Lease liabilities
-
(3,669)
-
(3,669)
Total
(192,222)
(406,388)
(5,845)
(604,455)
Net exposure
(73,910)
104,525
66,927
97,542
31 December 2021
Loans to customers
62,704
381,168
-
443,872
Cash and cash equivalents
134,589
125,964
41,039
301,592
Receivables from banks
-
5,108
5,108
Total
197,293
512,240
41,039
750,572
Deposits from customers
1,276
(477,969)
(8,071)
(484,764)
Short-term borrowings
(84,371)
-
-
(84,371)
Long-term borrowings
(58,979)
-
-
(58,979)
Lease liabilities
-
(1,764)
-
(1,764)
Total
(142,074)
(479,733)
(8,071)
(629,878)
Net exposure
55,219
32,507
32,968
120,694
At the end of the reporting periods, if the interest rates on the floating rate instruments had increased/decreased by 100 basis points (assuming a parallel shift of 100 basis points in yields) with all other variables held constant, the pre-tax result for the year for Multitude Bank would change by the following amounts determined by applying the shift to the net variable interest exposure at the end of the reporting periods :
EUR \u2019000
2022
2021
(+) 100 bp
(1,844)
(2,476)
(-) 100 bp
1,844
2,476
The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
The undiscounted repayment schedule for financial liabilities, including future interest payments, as at 31 December are as follows:
Less than Between Between
EUR \u2018000 12 months 1-2 years
2-5 years
Total
31 December 2022
Deposits from customers*
420,124
53,862
27,748
501,734
Borrowings:
Principal
-
3,052
46,000
49,052
Interests
-
-
-
-
Trade payables and other liabilities**
15,576
-
-
15,576
Lease liabilities
1,180
1,142
1,347
3,669
Total
436,880
58,056
75,095
570,031
31 December 2021
Deposits from customers*
401,971
65,015
17,778
484,764
Borrowings:
Principal
84,731
58,619
-
143,350
Interests
5,014
995
-
6,009
Trade payables and other liabilities*
15,221
-
-
15,221
Lease liabilities
1,467
181
116
1,764
Total
508,404
124,810
17, 894
651,108
* Deposits from customers include EUR 119.9 million at 31 December 2022 and EUR 120.2 million at 31 December 2021 of payable on demand. **Trade payables and other liabilities exclude accrued interests on borrowings . As at 31 December 2022 and 2021, the Group\u2019s pool of liquid assets consists mainly of balances with banks. The Group\u2019s financial liabilities comprise predominantly of deposits from customers i.e. amounts owed to customers. The tables below show the maturity of deposits from customers of Multitude Bank plc as well as the split of such deposits by contractual terms:
Within Between three
As at 31 December 2022, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
161,430
260,337
81,610
503,377
Deposits from customers
Within Between three
As at 31 December 2021, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
212,168
190,190
83,682
486,040
Deposits from customers
Deposits from customers by contractual terms, EUR \u2019000
2022
2021
Term deposits
402,362
394,498
Call accounts
101,015
91,542
503,377
486,040
Deposits from customers, reflected in the table above and consisting of customer deposits, are not expected to be withdrawn in accordance with contractual terms, taking cognisance of the nature of these instruments. 4.5 Capital management The Group's funding structure and cost of capital is primarily comprised of deposits received from customers and issued financial instruments such as the German bonds issued in 2018 and 2019, Multitude SE 2022 senior unsecured bonds, and Multitude Bank tranche bonds, presented borrowings, in the consolidated statement of financial position. To generate additional capitalisation, the Group issued a perpetual bond, accounted for as restricted reserves in equi- ty, with a nominal value of EUR 50 million on 5 July 2021 (Note 1.1) . The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows
EUR \u2019000
2022
2021
Cash and cash equivalents
153,325
301,592
Gross debt, due within 1 year
(420,124)
(486,342)
Gross debt, due after 1 year
(130,662)
(141,772)
Perpetual bonds with no maturity date
(50,000)
(50,000)
Net debt
(4
47,461)
(376,522)
Cash and cash equivalents
153,325
301,592
Gross debt - non-interest bearing
(402,719)
(477,969)
Gross debt - variable interest rates
(192,222)
(192,074)
Gross debt - fixed interest rates
(5,845)
(8,071)
Net debt
(4
47,461)
(376,522)
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-426": { "value": "2. Summary of significant accounting policies 2.1 Basis of preparation Multitude Group\u2019s consolidated financial statements are prepared in accordance with International Financial Report- ing Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\") and as adopted by the European Union (\"EU\"). The consolidated financial statements are presented in thousand euros (\"EUR 000\"), except when otherwise indicated, and are prepared under the historical cost convention, except as disclosed in the summary of significant accounting policies in Note 2.3. 2.3 Summary of significant accounting policies Consolidation The consolidated financial statements comprise the financial statements of the Parent Company, and each of those companies over which it exercises control. Control over an entity exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and can affect those returns through its power over the entity. When the Group has less than a majority of voting or similar rights in an entity, it considers all relevant facts and circumstances in assessing whether it has power over an entity, including contractual arrangements, voting rights and potential voting rights. The Group reassesses whether it controls an entity if facts and circumstances indicate that there are changes to the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Suppose the Group loses control over a subsidiary; in that case, the related assets, liabilities, non-controlling interests, and other components of equity are derecognised from the consolidated statement of financial positions with any gains or losses recognised in the consolidated statement of profit or loss. Any investment retained in the former subsidiary is measured at fair value. All intercompany transactions are eliminated as part of the consolidation process. Since Multitude wholly owns all its subsidiaries, no components of non-controlling interests (\"NCI\") are presented separately as a component of the Group\u2019s consolidated financial statements. Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the aggregate of the fair values of the assets transferred, liabilities incurred towards the former owners of the acquired entity or business, and equity instruments issued. Acquisition-related costs are rec- ognised as expenses in the consolidated statement of profit or loss in the period in which the costs are incurred and the related services are received with the exception of costs directly attributable to the issuance of equity instruments that are accounted for as a deduction from equity. Identifiable assets acquired and liabilities assumed are measured at the acquisition date fair values. The Group elects whether to measure the non-controlling interests in the acquiree at fair value or the proportionate share of the acquiree\u2019s identifiable net assets on a business combination by business combination basis. The excess of the consid- eration transferred over the aggregate amount of the non-controlling interests and the fair values of the identifiable net assets acquired is recorded as goodwill . Non-current assets or disposal groups held for sale and discontinued operations Non-current assets or disposal groups are classified as assets held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset, or the disposal group, must be available for immediate sale in its present condition subject only to the usual and customary terms for sales of such assets or disposal groups, and the sale must be highly probable. These assets, or in the case of disposal groups, assets and liabilities, are presented separately in the consolidated statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell. Non-current assets classified as held for sale or included in a disposal group classified as held for sale, are not depreciated or amortised. Discontinued operations are reported when a component of the Group, comprising operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes from the rest of the Group, is classified as held for sale or disposal group, or the component represents a major line of business or geographical area of operations, or is a part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Profit or loss from discontinued operations is reported separately from income and expenses from continuing operations in the consolidated statement of profit or loss, with prior periods presented on a comparative basis. Cash flows from discontinued operations are presented separately in the consolidated financial statements and accompanying notes. Intra-group revenues and expenses between continuing and discontinued operations are eliminated. Revenue recognition The Group recognises revenue from interest and fee charges arising from its banking and lending activities. Interest revenue IThe Group\u2019s revenue streams consist of process fees, rescheduling fees (charged when a customer applies to extend the repayment date), reminder fees (charged when reminder actions are effected with respect to a loan) and other fees and interest charged on revolving and longer term credit products. All these fees are considered to be an inte- gral part of the effective interest rate of the loans and advances taking cognisance of the nature of these fees, the purposes for which these fees are assessed and the substance of the services provided. Interest revenue is calculated and recognised based on the effective interest rate method. The effective interest includes fees considered an integral part of the effective interest rate on loans to customers. The effective interest rate is the rate that discounts estimated future cash flows to the net carrying amount of loans to customers. Interest revenue recognition starts when the customer loan agreement is executed and the proceeds from the loan are transferred to the customer and accrued on a day-to-day basis until the derecognition of the underlying loan to customer. Interest revenue is presented net of directly attributable transaction cost in the consolidated statement of profit or loss. Loan servicing fees The Group charges origination and commitment fees that are considered an integral part of the effective interest rate on loans to customers and are under the scope of IFRS 9. Other fees, including invoicing, penalty, and additional similar loan servicing fees, that are not considered to be an integral part of the effective interest rate on loans to customers are accounted for under IFRS 15. These fees are recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such fees are due from the customers or upon invoicing. Segment reporting Operating segments are reported in a manner consistent with the internal reports provided to the senior manage- ment team who is identified as chief operating decision-maker within the scope of IFRS 8. The senior management team is responsible for allocating resources and assessing the performance of the operating segments. The Group\u2019s operating and reportable segments comprise 100% of the Group\u2019s external revenue Employee benefits Post-retirement plans The Group companies have various post-employment plans in accordance with local regulations and practices in the countries in which they operate. Group companies\u2019 pension plans are generally considered to be defined contribution plans that employees and relevant Group companies fund through pension insurance contracts, local government retirement schemes, and other external post-employment retirement plan arrangements, where the Group does not retain or incur any additional legal or constructive obligations on top of its regular contributions to such plans. These contributions are recognised as expense in the consolidated statement of profit or loss in the period they incurred . Share-based payments The Group\u2019s share-based payments granted are equity-settled share-based payment transactions. They are booked as employee benefit expense and as increases in equity based on the grant date fair value of the options or shares grant- ed. The total expense is recognised over the vesting period, when all of the specified vesting conditions are satisfied. At the end of each period, the Group revises its estimates of the number of options or shares that are expected to vest based on the vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The cancellation of a share-based payment arrangement is accounted for as an acceleration of vesting, and the Group recognises immediately the amount that would have been settled with employees at the end of the original vesting period. Any payment made to the employee is accounted for as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments granted, measured at the cancellation date. Finance income and costs Interest income and expense Interest income is recognised based on the amount receivable or received from deposits in the bank and other finan- cial institutions and other financial assets at amortised cost apart from loans to customers, which is recognized as finance income in the consolidated statement of profit or loss.. Interest derived from loans to customers is recorded in interest revenue. Interest expense arises primarily from the current and non-current portion of borrowings, deposits from customers, and lease liabilities. Similar to interest income, interest expense is calculated and recognised based on the effective interest rate method, and considers transaction costs, premiums, or discounts that are integral parts of the origination of the underlying financial liability . Other operating income and expenses Gains and losses not arising from the Group\u2019s ordinary course of business, such as those deriving from impairment, sale, and disposal of non-current assets, among others, are recognised under other operating income (expenses) in the Group\u2019s consolidated statement of profit or loss . Foreign currency translation Functional and presentation currency The financial statements of all Group companies are measured using functional currency, the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in euro (\"EUR\"), the functional and presentation currency of the Parent Company. Transactions and balances in foreign currencies Transactions in foreign currencies are recorded at exchange rates prevailing at the dates of the individual transac- tions. For practical reasons, a rate that approximates the actual rate as of the date of the transaction is often used in day-to-day accounting. Monetary assets and liabilities denominated in foreign currency are valued at the exchange rates prevailing at the end of the reporting period. Foreign exchange gains and losses, realised or otherwise, arising from foreign currency denominated transactions and balances, including those arising from hedging activities, are recognised in financial income (cost) in the consol- idated statement of profit or loss. Group companies with different functional currencies On consolidation, the assets and liabilities of Group companies, whose functional currency is other than the euro, are translated into euros at the exchange rates prevailing at the end of the reporting period. The income and expenses of these foreign operations are translated into euros at the average exchange rates for the reporting period. The exchange differences arising from translation for consolidation are recognised as translation differences in the con- solidated statement of comprehensive income.Income taxes The income taxes comprise current tax and deferred tax. Income tax income or expense is recognised in the con- solidated statement of profit or loss, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. The related tax is recognised in other comprehensive income or equity, respectively. Current taxes Current taxes are based on the results of Group companies and are calculated using local tax regulations and tax rates that are enacted or substantively enacted at each reporting date. Corporate taxes withheld at the source of the income, on behalf of Group companies, are accounted for in income tax expense, where they are determined to represent tax on profit or loss for the period . Deferred taxes Deferred tax assets and liabilities are determined using the balance sheet liability method for all temporary differenc- es between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that future taxable profit will be available against which the unused tax losses, unused tax credits and deductible temporary differences can be utilised in the relevant jurisdictions. De- ferred tax assets are assessed for realisability as of each reporting date. When circumstances indicate it is no longer probable that deferred tax assets will be utilised, adjustments are made as necessary. Deferred tax liabilities are recognised for temporary taxable differences, and for temporary differences that arise between the fair value and the tax base of identifiable net assets acquired in business combinations. Deferred tax lia- bilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax liabilities are provided for the taxable temporary differences arising from investments in subsidiaries, except for deferred tax liability where the Group controls the timing of the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. The enacted or substantively enacted tax rates as of each reporting date, expected to apply in the period when the asset is realised or the liability is settled, are used in the measurement of deferred tax assets and deferred tax liabilities. Deferred tax assets and liabilities are not discounted. The Group periodically evaluates positions taken in tax returns with respect to the situations in which applicable tax regulation is subject to interpretation. The Group adjusts the amounts of current and deferred tax assets and liabilities recorded, where it is considered probable, i.e., more likely than not, that certain tax positions may not be fully sustained upon review by tax authorities. The amounts recorded are based on the most likely amount or the expected value, depending on which method the Group expects to predict the resolution of the uncertainty better. Deferred tax assets and deferred tax liabilities are offset for presentation purposes when there is a legally enforceable right to set off current tax assets against current tax liabilities. The deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities, which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously in each future period where significant amounts of deferred tax liabilities or deferred tax assets are expected to be settled or recovered. Property, plant and equipment Property, plant and equipment are recognised in the financial statements at their carrying amount, equal to the cost of acquisition less cumulative depreciation, and where applicable, cumulative impairment. The acquisition cost in- cludes costs directly attributable to the acquisition of the asset. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are recognised as expense in the consolidated statement of profit or loss when they are incurred. Property, plant and equipment are depreciated using the straight-line method towards their residual values and over their estimated useful lives, as follows: Office Buildings 3 \u2013 8 years Furnitures, fittings, and equipment 3 \u2013 8 years The asset\u2019s residual value and useful life are reviewed and adjusted, if appropriate, at the end of each reporting period. Gain or loss on disposal is determined as the difference between the net disposal proceeds, if any, and the carrying amount. The gain or loss from disposal is recognised in non-operating income and expenses in the consolidated statement of profit or loss . Intangible assets The Group\u2019s intangible assets mainly consist of internally generated and capitalised software development costs, and computer software purchased from third parties. The Group also has licences and trademarks that are presented under other intangible assets. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as of the date of acquisition. Research costs associated with internally gen- erated intangible assets, except for development costs that may be capitalised, are expensed in the period when they are incurred. Development costs are capitalised only if the Group has the technical feasibility to complete the asset, has an ability and intention to use or sell the asset, can demonstrate that the asset will generate future economic ben- efits, has resources available to complete the asset, and can measure reliably the expenditure during development. The useful economic life of the Group\u2019s intangible assets, other than goodwill, is finite. After initial recognition, finite intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised using the straight-line method, which is considered to reflect best the pattern in which the asset\u2019s future economic benefits are expected to be consumed, over their useful economic lives as follows: Capitalised development costs: 2 \u2013 5 years Computer software: 2 \u2013 10 years Trademarks: 3 \u2013 5 years Licences: 2 \u2013 10 years Leases The Group\u2019s lease agreements primarily consist of office buildings and equipment. At contract inception, the Group assesses whether a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration and, accordingly, recognises a right-of-use asset and a lease liability for all leases with a lease term exceeding 12 months. The commencement date is when the lessor makes the underly- ing leased asset available for use by the Group. The Group applies a practical expedient whereby leases for which the lease term is 12 months or less at the lease commencement date (\"short-term leases\") are not recognised in its consolidated statement of financial position. Instead, the Group recognises the lease payments associated with short-term leases as an operating expense on a straight-line basis over the lease term. At the same time, Group designates any long-term lease with a monthly lease payment less than EUR 500 as a \"low value lease\". It recognises lease payments as an operating expense in the case when an estimated value of right-of-use asset for such lease agreement is less than EUR 60 thousand at the start of the contractual period. In addition, as a practical expedient, the Group does not separate certain non-lease components from lease components but instead accounts for each lease component and associated specified non-lease compo- nent as a single lease component. Other payments for non-lease components, variable based on consumption (e.g., property taxes, insurance payments and variable property service costs), are recognised as an expense when incurred . Right-of-use asset The right-of-use asset is initially measured at cost, which includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, and estimated restoration costs of the leased asset to the condition required by the contract at the end of the lease period, less any lease incentives (e.g., lease-free months) and any direct costs of the lease. After initial measurement, right-of-use assets are measured at cost less any accumulated depreciation and any accu- mulated impairment losses and adjusted for certain remeasurements of the lease liability. The right-of-use asset is depreciated using the straight-line method, from the commencement date to the earlier of the end of the contractual lease term, or the estimated useful economic lives of the right-of-use assets, as follows: Office buildings: 3 \u2013 6 years Office equipment: 3 \u2013 4 years At the end of each reporting period, the Group assesses the lease terms of open-ended contracts to determine whether an extension or reduction in the lease term is appropriate. Lease liability At commencement date, lease liabilities are measured at the present value of lease payments to be made over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, as well as any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The lease payments include fixed lease payments and certain fixed non-lease components less any lease incentives receivable, variable lease payments that depend on an index or a rate, and appropriate termination fees whenever the lease term was determined based on the expectation that the Group will exercise its option to terminate. The Group does not generally enter into lease contracts with variable lease payments linked to future performance or use of an underlying asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amounts for the right-of-use asset and lease liability are remeasured if there is a modification, a change in the lease term or a change in the future lease payments resulting from a change in an index or rate used to determine such lease payments. The interest component of the lease payments is recognised as interest expense within finance costs in the consolidated statement of profit or loss . Incremental borrowing rate The lease payments are discounted using the Group\u2019s incremental borrowing rate. This rate is calculated at the begin- ning of the lease and is equal to the weighted nominal interest rate paid on the Group\u2019s long-term borrowings. At the beginning of each period, the Group reviews and assesses the need to modify the applicable incremental borrowing rate based on whether there are significant changes in the economic conditions and assumptions used for modelling the incremental borrowing rate Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use . Financial assets Initial recognition and measurement The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognised on the trade date, which is the date on which the Bank commits to purchase or sell the asset. Accordingly, the Group uses trade date accounting for regular way contracts when recording financial asset transactions. At initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset, such as fees and commissions. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Immediately after initial recognition, an expected credit loss allowance (ECL) is recognised for financial assets measured at amortised cost and investments in debt instruments measured at fair value through other comprehensive (FVOCI), which results in an accounting loss being recognised in profit or loss when an asset is newly originated. When the fair value of financial assets differs from the transaction price on initial recognition, the Group recognises the difference as follows: - When the fair value is evidenced by a quoted price in an active market for an identical asset (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the difference is recognised as a gain or loss. - In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortised over the life of the instrument, deferred until the instrument's fair value can be determined using market observable inputs, or realised through settlement . Classification and subsequent measurement The Group classifies its financial assets as financial assets subsequently measured at amortised cost (carrying amount less loss allowances calculated using expected credit losses), financial assets measured at fair value with changes recognised through other comprehensive income (\"FVOCI\"), and financial assets measured at fair value with changes recognised through profit and loss (\"FVPL\"). The appropriate category is selected based on the Group\u2019s business mod- el for managing the financial asset and the contractual cash flow characteristics of the asset. The Group\u2019s business model for managing financial assets is assessed at the portfolio level as this best reflects how the business and financial assets are managed to generate cash flows, and how information is provided to management. Similarly, the Group assesses contractual cash flow characteristics of financial assets at the portfolio level, and where applicable, at the individual product level. The Group assesses whether the contractual cash flows are generated solely through payments of principal and interest (\"SPPI\"), by considering contractual terms that might introduce elements of variability in the contractual cash flows in relation to contingent events, leverage features, prepayment clauses, the extension of payment terms, and similar modifications to the contract giving rise to a recognition of the financial asset. Financial assets measured at amortised cost are debt instruments held within a business model that has an objective to hold assets to collect contractual cash flows. The Group\u2019s financial assets measured at amortised cost include loans to customers, cash and cash equivalents, receivables from sold portfolio, receivables from banks and other current and non-current financial assets from third parties. After initial measurement, the Group determines loss allowances related to financial assets, using the expected credit loss (\"ECL\") model. The Group\u2019s ECL model, inputs, and assump- tions are disclosed in Note 3.1. Financial assets at FVOCI are either debt instruments held within a business model which objective is achieved both by holding the financial assets to collect contractual cash flows and by selling the financial assets, or equity instruments that would otherwise be classified as financial assets at FVPL that are irrevocably designated as financial assets at FVOCI at initial recognition.
Financial assets at FVPL are either equity instruments that do not meet the definition of equity under IAS 32, debt in-
struments that do not fall in either of the preceding categories, or debt instruments that fall in either of the preceding
categories but are irrevocably designated as financial asset at FVPL at initial recognition to eliminate or significantly
reduce measurement or recognition inconsistency. The Group\u2019s financial assets at FVPL consist of derivative financial
assets that are used to hedge the cash flow impact of changes in exchange rates in relation to the foreign currency
denominated intercompany loans, and as a result, do not fall in either of the preceding categories . The Group did not
Derecognition The Group generally derecognises a financial asset, or a part of a financial asset, when it ceases to have control of the contractual rights that comprise the financial asset, or a part of a financial asset. In determining the date when the Group ceases to have control of the financial asset, or a part of a financial asset, the Group considers the earliest date when the rights to the cash flows from the asset has expired; when the Group has transferred its rights to receive the cash flows and substantially all risks and rewards from the asset to another entity; and when the Group has assumed an obligation to pay the cash flows from the asset to another entity that meets the requirements set out in IFRS 9 and has transferred substantially all risks and rewards from the asset to the said entity. At derecognition, the Group recognises the difference between the net proceeds received from the transfer of the fi- nancial asset, or a part of a financial asset, to another entity, if any. The carrying amount of the financial asset, or a part of a financial asset, transferred as gain or loss on derecognition of the financial asset in the consolidated statement of profit or loss . Modification of contractual cash flows When the contractual cash flows of a financial asset are renegotiated or modified, the Group assesses whether there are substantial differences between the terms and conditions, and the contractual cash flows associated with the financial asset after the modification. If so, the Group derecognises the carrying amount of the underlying financial as- set, recalculates and recognises the gross carrying amount of the new financial asset based on the revised contractual terms and cash flows, and recognises any gains or losses arising from such modification in its consolidated statement of profit or loss . Modifications of terms and conditions and contractual cash flows related to loans to customers normally arise from various product features included in the terms and conditions of loan agreements with customers, including re- scheduling, payment holidays, due date changes, modification to the payment schedule, and payment-free months, which do not necessarily constitute forbearance as defined by EU Regulation 575/2013 (\"CRR2\"). These arrangements typically arise from short-term consumer loans that are not considered to be individually significant at the Group level. Usually, they occur without substantially modifying the contractual terms and cash flows of the underlying loan agreements apart from upfront payments of minor rescheduling and extension fees. As a result, the Group does not usually recognise any gain or loss arising from modifications of low-value consumer loans, instead, upfront resched- uling and extension fees are recognised as revenue at the point in time when the Group\u2019s performance obligation to reschedule or extend the underlying loan agreement was satisfied. Financial liabilities Classification The Group generally recognises and classifies all its issued debt instruments as financial liabilities subsequently measured at amortised cost, except for derivative financial liabilities that are classified as financial liabilities at FVPL and issued debt instruments with characteristics of an equity instrument, classified as such. The Group\u2019s financial liabilities measured at amortised cost consist of borrowings, deposits from customers, lease liabilities, trade payables, and other current and non-current liabilities that will be extinguished through cash payments. At initial recognition, the Group assesses whether an issued debt instrument should be classified as an equity in- strument. The Group considers all relevant contractual terms to determine whether the instrument does not include a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially unfavourable to the Group. In applying these criteria, the Group considers that discretionary payments of the principal amount, or any interests thereon, to the holders of the issued debt instrument do not necessarily constitute a contractual obligation to deliver cash or another financial asset to another entity .
Measurement
The Group generally recognises financial liabilities on initial measurement at their fair value including transaction
costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec-
ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which
are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in
fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia -
bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated
intercompany loans .
Derecognition and modification
The Group derecognises a financial liability, or portion of a financial liability, when its contractual obligations that
comprise the financial liability are extinguished .
An exchange between the Group and the lender of debt instruments with substantially different terms is extin- guishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability, extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred, or liabilities assumed, as gain or loss in the consolidated statement of profit or loss. When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the rel- ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss . Cash and cash equivalents Cash and cash equivalents include cash at bank and on hand as well as short-term highly liquid investments that are readily convertible to known amounts of cash with the maturities at the acquisition of three months or less, as well as bank deposits with maturities or contractual call periods at the acquisition of three months or less. Bank deposits, that are set aside as collateral to fund the Group\u2019s swaps and forward contracts and do not meet the definition of cash and cash equivalents, are classified as financial assets at amortised cost and presented as receivables from banks under other current financial assets in the consolidated statement of financial position . Derivative instruments Tracker forwards and currency forward contracts are part of the Group\u2019s risk management policy. All derivatives arising from such contracts are recognised initially at fair value when a derivative contract is entered into and subsequently remeasured at fair value. Derivative financial assets and liabilities are presented in the consolidated statement of financial position under the current assets and current liabilities section, respectively. The Group does not apply hedge accounting. As a result, realised and unrealised gains and losses arising from chang- es in fair values of the derivative financial assets and liabilities, as well as accumulated interest income and expenses for interest swaps and forward contracts during the financial period, are recognised as finance income or cost in the Group\u2019s consolidated statement of profit or loss . Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest, by using quoted market rates, discounted cash flow analyses and other appropri- ate valuation models. In contrast, equity instruments are mainly valued using Multitude\u2019s market share price, adjusted using valuation techniques that can include both observable and unobservable inputs, where applicable. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to mea- sure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All financial instruments for which fair values are being measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 - Quoted (unadjusted) market prices for exchange-traded products in active markets for identical assets or liabilities Level 2 - Valuation techniques for which significant inputs other than quoted prices are directly or indirectly observ- able; and Level 3 - Valuation techniques for which significant inputs are unobservable. The Group categorises assets and liabilities that are measured at fair value on a recurring basis into an appropriate level of the fair value hierarchy at the end of each reporting period as presented in Notes 17 and 19 for financial assets and liabilities, respectively . Contingent assets and contingent liabilities The Group discloses probable assets and contingent liabilities such as commitments, guarantees, pledges, and other items that do not meet the recognition criteria for an asset or a liability, as outlined in the conceptual framework, to the extent that the amount can be measured reliably and that upon meeting such measurement criteria, the underlying asset or liability could have significant impact to the Group\u2019s consolidated statements of financial position, profit or loss, and cash flows. The Group does not disclose contingent assets and contingent liabilities wherein the probability of the occurrence or non-occurrence of one or more uncertain future events that can confirm the existence of the underlying asset or liability is considered remote. At each reporting period, the Group performs a continuous assessment and monitoring of whether underlying events and circumstances give a rise to assets and liabilities that require disclosure and recognition in its consolidated state- ment of financial position. Equity Share capital The difference between the share par value and the fair value of considerations received in exchange for such shares are accounted for as additional paid-in capital. Treasury shares The Group recognises its equity instruments that are acquired (treasury shares) as a reduction of equity at the cost of acquisition. When cancelled or reissued, the acquisition cost of treasury shares is recognised in retained earnings or other distributable equity reserves Perpetual bonds The carrying amount of perpetual bonds issued by the Group, classified as an equity instrument, is presented as part of the consolidated statement of shareholders\u2019 equity. Transaction costs, interest payments, and principal repayments are deducted directly from retained earnings, net of tax
Unrestricted and other reserves
The unrestricted equity reserve contains the amount paid for shares in a share issue, while other reserves include
Multitude\u2019s legal reserves.
Subsequent events The Group monitors subsequent events or those transactions occurring after the end of the reporting period but before its consolidated financial statements are authorised for issue. The Group assesses whether each subsequent event provides evidence of conditions that existed at the end of the reporting period, constituting an adjusting event, or whether such subsequent events are indicative of conditions that arose after the reporting period, constituting a non-adjusting event. The Group further assesses whether each identified subsequent event would significantly impact the fair presenta- tion of the Group\u2019s consolidated financial statements, including the accompanying note disclosures, and accordingly adjusts or discloses the nature, timing, and amount relating to each significant adjusting or non-adjusting subsequent events, respectively. Significant adjusting or non-adjusting subsequent events that require adjustments or additional disclosures occurring after 31 December 2022 and before 30 March 2023, when Multitude\u2019s Board of Directors authorised the consolidated financial statements as at and for the year ended 31 December 2022, are disclosed in Note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-427": { "value": "
2.1 Basis of preparation
Multitude Group\u2019s consolidated financial statements are prepared in accordance with International Financial Report-
ing Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\") and as adopted by the
European Union (\"EU\"). The consolidated financial statements are presented in thousand euros (\"EUR 000\"), except
when otherwise indicated, and are prepared under the historical cost convention, except as disclosed in the summary
of significant accounting policies in Note 2.3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-428": { "value": "2.1 Basis of preparation Multitude Group\u2019s consolidated financial statements are prepared in accordance with International Financial Report- ing Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\") and as adopted by the European Union (\"EU\"). The consolidated financial statements are presented in thousand euros (\"EUR 000\"), except when otherwise indicated, and are prepared under the historical cost convention, except as disclosed in the summary of significant accounting policies in Note 2.3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-429": { "value": "Multitude Group\u2019s consolidated financial statements are prepared in accordance with International Financial Report- ing Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\") and as adopted by the European Union (\"EU\"). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-430": { "value": "Multitude Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-431": { "value": "
2.2 New and amended standards and interpretations
On 1 January 2022, the Group adopted the following amendments to the accounting standards issued by the IASB
and endorsed by the EU with no material impact on the Group\u2019s consolidated financial statements:
Title
Key requirements
Effective Date
The
amendment
to
IAS
16
Property,
Plant
and
Equipment
(PP&E)
prohibits an entity from deducting from the cost of an item of PP&E any
Property, Plant and proceeds received from selling items produced while the entity is
Equipment: Proceeds preparing the asset for its intended use. It also clarifies that an entity is
before intended use atesting whether the asset is functioning properly when it assesses the 1 January 2022
\u2013 Amendments to IAS 16
technical
and
physical
performance
of
the
asset.
The
financial
performance of the asset is not relevant to this assessment. Entities
must disclose separately the amounts of proceeds and costs relating to
items produced that are not an output of the entity\u2019s ordinary activities.
Minor amendments were made to IFRS 3 Business Combinations to
update
the
references
to
the
Conceptual
Framework
for
Financial
Reference to the Reporting and add an exception for the recognition of liabilities and
Conceptual Framework contingent liabilities within the scope of IAS 37 Provisions, Contingent 1 January 2022
\u2013 Amendments to IFRS 3 Liabilities and Contingent Assets and IFRIC 21 Levies. The amendments
also confirm that contingent assets should not be recognised at the
date.
acquisition
These
updates
do
not
change
the
accounting
requirements for business combinations.
The amendment to IAS 37 clarifies that the direct costs of fulfilling a
Onerous Contracts \u2013 Cost contract include both the incremental costs of fulfilling the contract
of Fulfilling a Contract and an allocation of other costs directly related to fulfilling contracts. 1 January 2022
Amendments to IAS 37 Before recognising a separate provision for an onerous contract, the
entity recognises any impairment loss that has occurred on assets used
in fulfilling the contract.
in the 10% test for derecognition of financial liabilities. The following improvements were finalised in May 2020: \u2022 IFRS 9 Financial Instruments \u2013 clarifies which fees should be included
\u2022 IFRS 16 Leases \u2013 amendment of illustrative example 13 to remove the
Annual Improvements to
illustration
of
payments
from
the
lessor
relating
to
leasehold
IFRS Standards 2018\u2013 incentives. improvements, to remove any confusion about the treatment of lease 1 January 2022
2020 \u2022 IAS 41 Agriculture \u2013 removal of the requirement for entities to exclude
cash flows for taxation when measuring fair value under IAS 41. This
amendment is intended to align with the requirement in the standard
to discount cash flows on a post-tax basis.
3. Critical accounting estimates and judgements
The preparation of financial statements requires the use of management judgment in electing and applying ac-
counting policies, as well as making estimates and assumptions about the future. These judgments, estimates and
assumptions may significantly affect the amounts recognised in the financial statements.
The estimates and assumptions used in determining the carrying amounts of assets and liabilities are based on
historical experience, expected outcomes and various other factors that were available when these consolidated
financial statements were prepared, and they are believed to be reasonable under the circumstances. The estimates
and assumptions are reviewed continually and revised if changes in circumstances occur or due to new information or
more experience. As estimates and assumptions inherently contain varying uncertainty, actual outcomes may differ
resulting in adjustments to the carrying amounts of assets and liabilities in the subsequent periods.
The accounting matters presented in this note are determined to involve the most difficult, subjective or complex
judgments or are considered as key sources of estimation uncertainty.
3.1 ECL model, inputs, and assumptions
The measurement of the expected credit loss allowance for financial assets measured at amortised cost is an area that
requires the use of complex models and significant assumptions about future economic conditions and credit be-
haviour. Explanation of the inputs, assumptions and estimation techniques used in measuring ECL is further detailed
below.
A number of significant judgements are required in measurement of expected credit loss, such as:
\u2022 Determining criteria for significant increase in credit risk;
\u2022 Choosing appropriate models and assumptions for the measurement of ECL;
\u2022 Determining the value of the recoverable value of loans to customers, including the ability of the Group to
sell credit portfolios as at predetermined price in the future; and
\u2022 Establishing the number and relative weightings of forward-looking scenarios and associated ECL.
During 2022 the levels of economic uncertainty were exacerbated again by the geopolitical developments which
were unleashed by the military conflict between Russia and Ukraine which occurred on the back of pressures which
were already being experienced in supply chain disruptions - as different economies struggled to recover from the
impacts of the pandemic. These new conditions triggered new spiraling inflationary pressures across the world and
pushed central banks, including the European Central Bank (\u2018ECB\u2019), to invoke specific monetary policy actions at their
disposal, namely the increase of interest rates to manage demand with a view curb inflation.
In a reaction to this, a number of governments implemented different levels of price mitigating fiscal measures to
support the respective economies and ease pressures especially, on energy prices, which were particularly subject to
significant price volatility.
The consequential effect of this new economic landscape implied new economic uncertainties which affected,
amongst other things, the disposable income of households, individuals and SMEs in different European territories,
and which represent the customer base of the Group.
The Group calculates expected credit losses (\"ECL\") as a function of the estimated exposure of default (\"EAD\"), prob-
ability of default (\"PD\"), loss given default (\"LGD\"), and where applicable, discounting using the effective interest rate
(\"EIR\").
3.1.1 Exposure at default
For Micro Loans, the Group considers the gross balance, including the principal and processing fees charged at the
loan's inception, of its outstanding loans to customers at the reporting date to be a reasonable estimate of EAD
regarding this facility.
On the other hand, Plus Loans, Prime Loans and SME loans are typically subject to a monthly repayment schedule
expected to impact EAD at different points in time throughout the residual life of such facilities. Similarly, the Group
charges daily interest on outstanding balances in relation to Credit Limit facilities and Credit Cards, and collects
monthly minimum repayments, which ultimately impacts EAD. However, due to the high volume and low value of in-
dividual Plus Loans, Prime Loans, SME loans, Credit Limit facilities, and Credit Cards, the Group does not calculate the
amortisation profile to estimate the EAD over the different points in time throughout the residual life of such facilities.
Rather, the Group considers the gross balance, inclusive of both principal and accrued interests, of its outstanding
loans to customers at the reporting date to be a reasonable estimate of EAD regarding these facilities.
3.1.2 Probability of default
For Micro Loans, the Group utilises a roll-rate methodology at the country level, which employs statistical analysis
of historical data and experience of delinquency to estimate the number of loans that are expected to reach default
status as a result of events which the Group is not able to identify on an individual loan basis. Under this methodology,
loans are grouped into buckets according to the number of days past due (\"DPD buckets\"). Statistical analysis (Markov
Model) is used to estimate the likelihood that loans in each bucket will progress through the various stages of delin-
quency until default status is achieved.
In line with IFRS 9, the Group adopted the curve-stitching methodology to estimate the unconditional PDs for its Plus
Loans, Prime Loans, SME loans, Credit Limit facilities, and Credit Cards. Under this approach, historical default data
analysis is carried out to estimate cumulative monthly loss rates at various snapshot dates. Subsequently, statistical
analysis is employed to combine curves with different historical performance windows into a single PD curve over
the expected lifetime of the short-term credit exposures. Loans are further grouped into ranges according to the
number of days past due, with an individual lifetime PD curve calculated for each range. Similar to Micro Loans, this
methodology is also applied at the territory or country level to incorporate adaptations to reflect the nature of the
different markets in which the Group operates.
The unconditional PD for each loan portfolio is further adjusted to consider forward-looking information through
macro-economic modelling to arrive at the applicable PD.
3.1.3 Loss given default
The Group calculates LGD based on the loan sales price and loan repayment recoveries. Based on historical data on
past portfolio sales, the Group estimates that it will take approximately 12 months after the occurrence of default
before it can sell the underlying portfolio, and that the average loan sales price of each portfolio will be between 15%
and 48%. The average loan sales price will be approximately 2% lower at each subsequent DPD bucket.
For Micro Loans, the Group utilises statistical information and the roll-rate methodology to estimate the level of recov-
eries from loan repayments it expects after loan facilities reaching a non-performing status.
For Plus Loans, Prime Loans, SME loans, Credit Limit facilities, and Credit Cards, the Group estimates the level of re-
coveries from loan repayments it expects after loan facilities reaching a non-performing status. The Group calculates
the marginal recovery rates up to 12 months after default by tracking the monthly recoveries from loan repayments
experienced over each performance window as a percentage of the total balance of defaulted exposures at each
snapshot date. Expected recoveries are calculated on a discounted cash flow basis using the contractual default
interest rate as the discounting factor.
3.1.4 Discounting using effective interest rate
The Group discounts the recoverable amount, which represents the future cash flows expected to be received from
loan sales and loan repayment recoveries using the EIR at the date of default at a rate reflective of the late payment
interest based on the applicable discount period, considering all relevant contractual terms relating to the loan. In
the case of loan sales, a time-to-sell period of 12 months is assumed, whereas repayment recoveries are discounted
monthly based on the month of occurrence. Subsequently, the Group discounts the ECL at the date of default at the
reporting date.
3.1.5 Forward-looking considerations
The calculation of ECL incorporates forward-looking information. The Group performs a historical analysis to identify
the key economic variables affecting credit risk and expected credit losses for each product portfolio at a territory
level. These economic variables and their associated impact on PD, EAD and LGD may vary by portfolio or territory.
The Group has identified key drivers of credit risk and credit losses for each portfolio of financial instruments and us-
ing an analysis of historical data, has analysed relationships between macroeconomic variables, credit risk and credit
losses. This analysis was conducted at a territory and sub portfolio level in order to take into consideration possible
differences in customer behaviour and default experience arising from different product characteristics.
The determination impact of the territories specific macroeconomic variables have been determined by performing
statistical regression analysis to understand the correlation between these macroeconomic variables and the histor-
ical default rates.
In those territories where due to certain risk data limitations, statistical relationships to macroeconomic variables
were not deemed to be statistically significant (e.g. in those territories where the Group has recently launched new
products resulting in limited available historical default experience), the Group has utilised proxy statistical data
available in other territories with close geographical and demographic similarities.
The Group has improved the reliability of its macroeconomic modelling approach by incorporating multiple for-
ward-looking economic conditions into its ECL estimates
The Group considers the \"base line\" scenario as most likely outcome based on published authoritative sources,
whereas the \"downside\" and \"upside\" scenarios represent a more pessimistic and optimistic views, respectively, as
they factor in current top and emergent risks and opportunities. As the Group considers that each scenario represents
a plausible outcome, probability weightings are assigned to each scenario based on the current global economic
outlook \u2013 60% for \"base line\" scenario, and 20% each for \"downside\" and \"upside\" scenarios.
To be able to determine the manner in which economic conditions will be impacting the ECL estimates, the Group
first performs an assessment to select the Macroeconomic Variable (\u2018MEV\u2019) which has the highest correlation to credit
risk factors for a certain country and product. The Group does this through the implementation of a one-step Error
Correction Model (\u2018ECM\u2019). The ECM is a multiple regression model that automatically corrects short-term deviations
from the long-term equilibrium relationship such that the defaulted loan amount is restored back to its long-term
equilibrium at a specific speed of adjustment.
Through the utilisation of this model the Group has determined a set of four MEVs to which the Group\u2019s portfolios are
the most sensitive, namely Gross Domestic Product (\u2018GDP\u2019), Personal Disposable Income (\u2018PDI), and Unemployment
Rate (\u2018UR\u2019) for Micro Loans, Plus Loans, Credit Limit facilities and Prime Loans, whereas Consumption Rate Private
(\u2018CRP\u2019) is the key driver for SME Loans. The choice of macroeconomic variable to be used for a particular territory and
product is determined through an optimised approach in which the ECM is run separately for each of these variables.
The variable that is ultimately applied for the territory / product is the one that produces the most statistically signif-
icant result.
In order to capture a range of possible future outcomes, three possible scenarios are considered in the determination
of the Group\u2019s ECL. The \u2018base line\u2019 scenario represents the most-likely outcome. It is based on forecasted economic
variables, provided by Oxford Economics, referred to above and providing the best estimate view of each respective
country within the Group\u2019s lending portfolio. Apart from the \u2018base line\u2019 scenario, the Group considers two other mac-
ro-economic scenarios \u2013 \u2018Upside\u2019 and \u2018Downside\u2019 scenarios \u2013 which respectively represent a more optimistic and a
more pessimistic outcome, as further explained in this section. The more optimistic and more pessimistic scenarios are
economically plausible and will not necessarily be as severe as scenarios used in stress testing.
Each scenario is weighted by a probability of occurrence, determined by a combination of macroeconomic research
and expert credit judgement, taking account the range of possible outcomes each chosen scenario represents. The
Group measures ECL as either a probability weighted 12-month ECL (Stage 1), or a probability weighted lifetime ECL
(Stages 2 and 3). These probability-weighted ECLs are determined by running each scenario through the relevant ECL
model and multiplying it by the appropriate scenario weighting (as opposed to weighting the inputs).
As with any macro-economic forecasts, the projections and likelihoods of occurrence are subject to a degree of uncer-
tainty, and therefore, the actual outcomes may be different to those projected. The Group considers these forecasts to
represent its best estimate of the possible outcomes.
The weightings assigned to each economic scenario, which are unchanged from 2021 were 60%, for the \u2018Base\u2019 sce-
nario, 20% for the \u2018Downside\u2019 scenario and 20% for the \u2018Upside\u2019 scenario. The number of scenarios used is based on
the analysis of each major product type to ensure that non-linearities are captured. The number of scenarios and
their attributes are reassessed at each reporting date. The probability weightings assigned to the respective scenarios
reflect an unbiased evaluation of range of possible outcomes.
For baseline scenario, the global economic outlook had become less positive than previously assumed. As a result,
Oxford Economics have revised down the baseline forecast for world GDP for 2023 to 1.3%. World GDP forecast has
been downgraded on the basis of severe energy market disruption, being the key near term downside risk to the
global economy, and other inflation related risks, which also remain prominent. Albeit, an early end to the supply
chain turmoil is expected to alleviate some of the pressures on the global economy. Overall, Oxford Economics expect
the US, Eurozone, UK, and Canada all to record GDP contractions in 2023 as high inflation bites alongside monetary
policy tightening and falling house prices.
For the downside scenario, management has considered the current gas rationing scenario to be more severe in terms
of outlook. This scenario incorporates a complete stop to all flows of natural gas from Russia to Europe. The supply of
oil is also more limited than in the baseline forecast. It is expected that the energy market disruption weighs heavily on
Europe in such scenario. Against the backdrop of a relatively cold European winter, governments prioritise household
heating needs and agree to ration natural gas use in the industry. With higher energy prices pushing up inflation and
inflation expectations, central banks in Europe tighten policy further in the near term. European equity prices fall
sharply, weighing additionally on domestic demand. The global economy thus contracts in the very near term, with
global GDP standing at 0.8% in 2023, 0.5ppts below baseline.
An optimistic scenario was modelled for global economy in which inflationary pressures ease through the end of
the supply-chain crisis. In this scenario, supply-chains normalise more quickly than expected, aided by an early and
successful pivot by the Chinese authorities away from their zero-Covid policy. With commodity market disruption
also more limited than anticipated, earlier rises in producer prices partially unwind. In financial markets, sentiment
improves, with equities rising and government bond yields falling below baseline. Business and consumer confidence
also improve, aiding the recovery in demand. Central banks remain cautious, with policy rates in the major economies
on hold throughout 2023, but lower inflation then allows a sharper loosening of monetary policy than in the baseline
forecast. Overall, the global economy expands by 2.2% in 2023, 0.9ppts above baseline.
In relation to the Bank's investments in debt instruments, the Bank also incorporates these macro-economic forecasts
in its periodical assessments on the pledged loan portfolios, in order to assess whether the Bank should provide for
expected credit losses. Such assessments are based on the credit information supplied by the bond issuers which
the Bank has invested in. In order for its ECL methodology to represent an appropriate estimation of its credit risk
emanating from said investments, the Bank assesses the ECL on each credit portfolio securing the Group\u2019s investment
separately.
Consistent with regulatory and industry best practices, the Bank's ECL calculations are based on Probability of Default
(PD), Exposure at Default (EAD) and Loss Given Default (LGD). The 12-month PD applicable for a stage 1 financial asset
is derived from information obtained by external credit bureaus, the EAD equates to the investment itself, whilst
the LGD is derived based on the loss arising on default when comparing the initial investment and the expected
recoverability of the pledged portfolio.
The respective macro-economic variables as applicable to the consumer lending portfolio as at 31 December 2022
used in the multiple regression were obtained from Oxford Economics and were as follows:
Australia, Gross domestic product
AUS$ Millions: 2020Q3/2021Q2 prices
2023
2024
2025
Baseline
188,304
193,129
201,378
Downside
188,314
192,846
200,940
Upside
194,291
194,291
202,770
Brazil, Personal Disposable Income
Real millions: 2000 prices
2023
2024
2025
Baseline
129,984
130,496
131,371
Downside
129,438
130,417
131,035
Upside
132,193
132,193
132,085
Bulgaria, Gross domestic product
Lev millions: chained 2015 prices
2023
2024
2025
Baseline
9,013
9,238
9,455
Downside
8,977
9,163
9,360
Upside
9,134
9,402
9,594
Croatia, Personal Disposable Income
Kunas Millions 2015 prices
2023
2024
2025
Baseline
21,678
22,478
23,156
Downside
21,697
22,537
23,209
Upside
22,718
22,718
23,349
Czech Republic, Unemployment rate
Annualised %
2023
2024
2025
Baseline
4.09
3.74
3.61
Downside
4.36
4.11
4.14
Upside
3.92
3.50
3.43
Denmark, Personal disposable income
Kroner billions: 2010 prices
2023
2024
2025
Baseline
86
89
92
Downside
86
89
92
Upside
87
90
93
Estonia, Gross domestic product
Euro millions: chained 2015 prices
2023
2024
2025
Baseline
2,189
2,304
2,387
Downside
2,146
2,270
2,362
Upside
2,206
2,330
2,412
Finland, Personal disposable income
Euro billions: 2015 prices
2023
2024
2025
Baseline
10
11
11
Downside
10
11
11
Upside
11
11
11
Germany, Gross domestic product
Euro billions: chained 2015 prices
2023
2024
2025
Baseline
271
278
283
Downside
267
275
279
Upside
276
283
286
Latvia, Personal disposable income
Euro millions: chained 2015 prices
2023
2024
2025
Baseline
946
977
992
Downside
930
964
980
Upside
960
993
1,005
The Netherlands, Personal disposable income
Euro Billons: chained 2015 prices
2023
2024
2025
Baseline
33
34
34
Downside
33
34
34
Upside
34
34
34
Norway, Gross domestic product
Kroner billions: chained 2020 prices
2023
2024
2025
Baseline
318
322
327
Downside
316
320
325
Upside
321
326
330
Poland, Unemployment rate
Annualised %
2023
2024
2025
Baseline
6.08
4.88
4.88
Downside
6.35
5.24
5.36
Upside
5.87
4.71
4.70
Romania, Unemployment rate
Annualised %
2023
2024
2025
Baseline
2.46
2.16
2.18
Downside
2.71
2.60
2.67
Upside
2.22
2.04
2.04
Slovenia, Personal disposable income
Euro millions
2023
2024
2025
Baseline
2,670
2,744
2,807
Downside
2,624
2,703
2,773
Upside
2,703
2,800
2,861
Sweden, Personal disposable income
Kronor millions: chained 2021 prices
2023
2024
2025
Baseline
212,354
216,694
220,849
Downside
211,945
216,345
220,487
Upside
214,176
218,966
223,567
The respective macro-economic variables as applicable to the SME lending portfolio as at 31 December 2022 used in
the multiple regression were obtained from Oxford Economics and were as follows:
Denmark, Consumption rate private
Kronor billions: 2010 prices
2023
2024
2025
Baseline
84
87
91
Downside
84
87
90
Upside
89
89
92
Finland, Unemployment rate
%
2023
2024
2025
Baseline
7
7
6
Downside
8
7
7
Upside
6
6
6
Lithuania,
Unemployment rate
%
2023
2024
2025
Baseline
6
6
5
Downside
8
7
7
Upside
6
6
5
The Netherlands, Personal disposable income
Euro billions: chained 2015 prices
2023
2024
2025
Baseline
33
34
34
Downside
33
34
34
Upside
34
34
34
Sweden, Consumption rate private
Kronor millions: chained 2021 prices
2023
2024
2025
Baseline
206,472
212,329
217,274
Downside
204,966
209,527
213,502
Upside
215,473
215,473
221,174
The chained prices in respect to Gross Domestic Product and Personal Disposable Income outlined above adjust the respective real currency amounts for inflation over time to allow the comparison of figures from different periods. Management monitors, on an ongoing basis, the economic forecasts releases and adjusts its model inputs and assess the connected outcomes in the light of revised macroeconomic data and other quantitative and qualitative informa- tion. 3.2. Recoverability of deferred tax assets The recognition of deferred tax assets is based on assessing whether sufficient taxable profit will be available in the future to utilise the deductible temporary differences, unused tax losses and unused tax credits before the unused tax losses and unused tax credits expire. The Group uses judgment in determining the extent to which deferred tax assets can be recognised. This assessment requires estimates of the future financial performance of a particular legal entity or a tax group that has recognised the deferred tax asset. 3.3. Fair value of rewards shares The Group applies a valuation methodology based on geometric Brownian motion and the assumption that loga- rithmic returns are normally distributed, considering the dividend-adjusted share price at valuation dates, expected rate of return, and risk-free volatility. Since the performance share plan is essentially a derivative, the Group applies a risk-neutral valuation concept that uses a risk-free rate as the expected return. Using this methodology, the Group calculated the performance share valuation by modelling potential outcomes of the Group\u2019s share price at the end of the performance period and discounted the average calculated payoffs from each outcome to get the present value of the average payoffs after the performance period.
24. Correction of a prior period errors and a change of presentation
The following corrections had material impact on the results and financial position of the Group as at 1 January 2021
and 31 December 2021:
Brokerage fees on loans and deposits
During the financial year ended 31 December 2022, the Group corrected the manner in which sales and commission
fees payable to third parties of specific lending products are recognised, and the pattern and method of recognition
of the fees within the consolidated statement of profit or loss. Previously these costs were expensed as incurred
and presented within selling and marketing expense. Subsequent to the correction, such fees which are transaction
costs directly attributable to the acquisition of loans to customers and deposits from customers, are adjusted against
the initial fair value of the instrument and are amortised to the statement of profit or loss over the estimated life of
the related loans and deposits received applying the effective interest rate method. The impact of the correction is
that the timing of the expense recognition changes, and both the interest income and fee expenses decrease within
the statement of profit or loss. Interest revenue decreased by EUR 9.5 million and selling and marketing expense
decreased by EUR 11.6 million. Similarly, finance costs increased due to adjustment of customer deposit related
brokerage fees from fee expense to interest expense with impact of EUR 1.0 million in 2021. At the same time, loans
to customers increased by EUR 7.8 million as of 31 December 2021 and EUR 4.4 million as of 1 January 2021. The
correction with impacts to profit or loss led to an increase in deferred tax liability by EUR 0.2 million as of 31 December
2021 and EUR 0.2 million as of 1 January 2021. Retained earnings increased by EUR 5.3 million as of 31 December 2021
and EUR 4.2 million as of 1 January 2021.
Comparative financial information presented within the consolidated statement of financial position and consolidat-
ed statement of profit or loss has been restated, as presented in the tables below. The impact of the correction for the
year ended 31 December 2021 was EUR 1.1 million of increase in profit (loss) from continuing operations. The impact
on the earnings per share is included in the following tables.
Classification of loans to customers as non-current or current
The Group has corrected the classification of loans to customers as current and non-current in the statement of finan-
cial position and restated the comparative financial information accordingly. Previously, the Group incorrectly classi-
fied loans to customers which did not meet the current asset criteria in IAS 1 as current assets. The Group reclassified
loans to customers with maturity exceeding 12 months from current assets to non-current assets totalling to EUR 42.9
million and EUR 90.0 million as of 1 January 2021 and 31 December 2021 respectively. The correction relates solely to
the presentation in the statement of financial position, and it has no impact on the results.
Translation differences in the UK
The Group discontinued its operations in the UK in 2021 by divesting its local subsidiary Ferratum UK Ltd. The divest-
ment was presented as discontinued operations in the consolidated statement of profit or loss and the loss recognised
in 2021 amounted to EUR 2.0 million. The Group had cumulative translation differences related to the disposed UK
subsidiary which were not recognised correctly through the 2021 statement of profit or loss upon disposal. The Group
restated the 2021 loss from discontinued operations by releasing the cumulative translation differences amounting
to EUR 2.0 million as an increase of the previously recognised loss from the discontinued operations. The restatement
has no impact on the profit (loss) from continuing operations.
Classification of depositor guarantee contributions
The Group analysed the composition and nature of its finance costs in 2022 and changed the presentation of the
contributions to the guarantee funds directly attributable to deposits received from customers to provide more rel-
evant information about the effects of such costs on the financing of the Group and to better reflect the economic
substance of the transactions. Consequently, these costs were reclassified from general and administrative expense
to finance costs since these costs are directly attributable to the funding of the Group. As a result of the change, the
general and administrative expense decreased by EUR 1.2 million and finance costs increased by EUR 1.2 million in 2021. The restatement has no impact on the result of the financial year 2021. Classification of cash flows on deposits from customers to cash flows from financing activities The Group corrected the presentation of cash flows from deposits from customers in the consolidated statement of cash flows to cash flows from financing and restated the comparative period. Previously the Group classified the deposit related cash flows as part of the cash flows from its net cash flows from operating activities. As a result, net cash flows from operating activities decreased by EUR 145.4 million in 2021 with corresponding increase in cash flows from financing activities. Reclassification of certain costs The Group has analysed the composition of its operational costs presented by function in the consolidated statement of profit or loss in 2022. As a result, the Group has made reclassification of certain costs between selling and marketing expense bank and lending costs, general and administrative expense and other expenses to align the grouping with its current operational model. The reclassification aims to enhance the quality of the financial information and to better reflect the economic substance of transactions providing more relevant information about the nature of such costs by functions. The 2021 selling and marketing expense increased by EUR 0.7 million, bank and lending costs decreased by EUR 0.4 million, general and administrative expense decreased by EUR 1.2 million and other expense increased by EUR 0.9 million. The restatement has no impact on the results. Tables below show movement between financial statement line items related to above mentioned cases: Consolidated statement of financial position
Reported 31 Brokerage Classification Translation Total Restated 31
EUR '000 December fee of loans difference correction December
2021 2021
Assets
Non-current assets
Loans to customers
-
-
89,988
-
89,988
89,988
Current assets:
Loans to customers
443,872
7, 826
(89,988)
-
(82,162)
361,710
Prepaid expenses and other
current assets
3,628
(2,304)
-
-
(2,304)
1,324
Equity
Retained earnings
67,172
5,313
-
(2,019)
3,294
70,466
Translation differences
(5,014)
-
-
2,019
2,019
(2,995)
Liabilities
Current liabilities:
Current tax liabilities
3,247
208
-
-
208
3,455
EUR '000 Reported 1 Brokerage fee Classification Total Restated 1
January 2021 of loans correction January 2021
Assets
Non-current assets:
Loans to customers
-
-
42,892
42,892
42,892
Current assets:
Loans to customers
360,955
4,417
(42,892)
(38,475)
322,480
Equity
Retained earnings
73,696
4,235
-
4,235
77,931
Liabilities
Current liabilities:
Current tax liabilities
3,241
182
-
182
3,423
Consolidated statement of profit or loss and Consolidated statement of comprehensive income
Guar- Cost Trans-
EUR '000 Reported antee optimisa- Brokerage lation Total Restated
2021 contribu- tion fee differ- correction 2021
tions ence
Statement of profit or loss:
Revenue
213,671
-
-
(9,482)
-
(9,482)
204,189
Selling and marketing expense
(26,535)
-
(718)
11,609
-
10,891
(15,644)
Bank and lending costs
(14,338)
-
397
-
-
397
(13,941)
General and administrative expense
(28,896)
1,175
1,222
-
-
2,397
(26,499)
Operating profit
23,620
1,175
901
2,127
-
4,203
27, 823
Other income (expense)
281
-
(901)
-
-
(901)
(620)
Profit before interests and taxes
23,901
1,175
-
2,127
-
3,302
27,203
(\"EBIT\")
Finance income (costs)
(20,316)
(1,175)
-
(1,023)
-
(2,199)
(22,515)
Profit before income taxes
3,585
-
-
1,104
-
1,103
4,688
Income tax expense
(2,358)
-
-
(26)
-
(26)
(2,384)
Profit from continuing operations
1,227
-
-
1,077
-
1,077
2,304
Profit (loss) for the period from
discontinued operations
(3,789)
-
-
-
(2,019)
(2,019)
(5,808)
Profit (loss) for the year
(2,562)
-
-
1,077
(2,019)
(942)
(3,504)
Statement of comprehensive
income:
Currency translation difference from
discontinued operations
-
-
-
-
2,019
2,019
2,019
Earnings per share:
Earnings per share from continuing
operations, EUR*
(0.10)
-
-
0.05
-
0.05
(0.05)
Earnings per share from
discontinued operations, EUR
(0.18)
-
-
-
(0.09)
(0.09)
(0.27)
Total earnings per share, EUR
(0.28)
-
-
0.05
(0.09)
(0.04)
(0.32)
*Adjusted for perpetual bond interest in Note 14 Consolidated statement of cash flows
EUR '000
Reported 2021
Broker- Translation Customer Total Restated 2021
age fee difference deposits correction
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit (loss) for the year
(2,562)
1,078
(2,019)
-
(942)
(3,504)
Finance costs, net
19,648
1,023
2,019
-
3,042
22,690
Increase (+) / decrease (-) in trade
payables and other current liabilities
(10,464)
(2,101)
-
-
(2,101)
(12,565)
(excl. Interest liabilities)
Deposits from customers
145,443
-
-
(145,443)
(145,443)
-
Net cash flows from operating activities
71,721
-
-
(145,443)
-
(73,722)
Deposits from customers
-
-
-
145,443
145,443
-
Net cash flows from financing activities
7,059
-
-
145,443
145,443
152,502
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-432": { "value": "2.2 New and amended standards and interpretations On 1 January 2022, the Group adopted the following amendments to the accounting standards issued by the IASB and endorsed by the EU with no material impact on the Group\u2019s consolidated financial statements:
Title
Key requirements
Effective Date
The
amendment
to
IAS
16
Property,
Plant
and
Equipment
(PP&E)
prohibits an entity from deducting from the cost of an item of PP&E any
Property, Plant and proceeds received from selling items produced while the entity is
Equipment: Proceeds preparing the asset for its intended use. It also clarifies that an entity is
before intended use atesting whether the asset is functioning properly when it assesses the 1 January 2022
\u2013 Amendments to IAS 16
technical
and
physical
performance
of
the
asset.
The
financial
performance of the asset is not relevant to this assessment. Entities
must disclose separately the amounts of proceeds and costs relating to
items produced that are not an output of the entity\u2019s ordinary activities.
Minor amendments were made to IFRS 3 Business Combinations to
update
the
references
to
the
Conceptual
Framework
for
Financial
Reference to the Reporting and add an exception for the recognition of liabilities and
Conceptual Framework contingent liabilities within the scope of IAS 37 Provisions, Contingent 1 January 2022
\u2013 Amendments to IFRS 3 Liabilities and Contingent Assets and IFRIC 21 Levies. The amendments
also confirm that contingent assets should not be recognised at the
date.
acquisition
These
updates
do
not
change
the
accounting
requirements for business combinations.
The amendment to IAS 37 clarifies that the direct costs of fulfilling a
Onerous Contracts \u2013 Cost contract include both the incremental costs of fulfilling the contract
of Fulfilling a Contract and an allocation of other costs directly related to fulfilling contracts. 1 January 2022
Amendments to IAS 37 Before recognising a separate provision for an onerous contract, the
entity recognises any impairment loss that has occurred on assets used
in fulfilling the contract.
in the 10% test for derecognition of financial liabilities. The following improvements were finalised in May 2020: \u2022 IFRS 9 Financial Instruments \u2013 clarifies which fees should be included
\u2022 IFRS 16 Leases \u2013 amendment of illustrative example 13 to remove the
Annual Improvements to
illustration
of
payments
from
the
lessor
relating
to
leasehold
IFRS Standards 2018\u2013 incentives. improvements, to remove any confusion about the treatment of lease 1 January 2022
2020 \u2022 IAS 41 Agriculture \u2013 removal of the requirement for entities to exclude
cash flows for taxation when measuring fair value under IAS 41. This
amendment is intended to align with the requirement in the standard
to discount cash flows on a post-tax basis.
24. Correction of a prior period errors and a change of presentation The following corrections had material impact on the results and financial position of the Group as at 1 January 2021 and 31 December 2021: Brokerage fees on loans and deposits During the financial year ended 31 December 2022, the Group corrected the manner in which sales and commission fees payable to third parties of specific lending products are recognised, and the pattern and method of recognition of the fees within the consolidated statement of profit or loss. Previously these costs were expensed as incurred and presented within selling and marketing expense. Subsequent to the correction, such fees which are transaction costs directly attributable to the acquisition of loans to customers and deposits from customers, are adjusted against the initial fair value of the instrument and are amortised to the statement of profit or loss over the estimated life of the related loans and deposits received applying the effective interest rate method. The impact of the correction is that the timing of the expense recognition changes, and both the interest income and fee expenses decrease within the statement of profit or loss. Interest revenue decreased by EUR 9.5 million and selling and marketing expense decreased by EUR 11.6 million. Similarly, finance costs increased due to adjustment of customer deposit related brokerage fees from fee expense to interest expense with impact of EUR 1.0 million in 2021. At the same time, loans to customers increased by EUR 7.8 million as of 31 December 2021 and EUR 4.4 million as of 1 January 2021. The correction with impacts to profit or loss led to an increase in deferred tax liability by EUR 0.2 million as of 31 December 2021 and EUR 0.2 million as of 1 January 2021. Retained earnings increased by EUR 5.3 million as of 31 December 2021 and EUR 4.2 million as of 1 January 2021. Comparative financial information presented within the consolidated statement of financial position and consolidat- ed statement of profit or loss has been restated, as presented in the tables below. The impact of the correction for the year ended 31 December 2021 was EUR 1.1 million of increase in profit (loss) from continuing operations. The impact on the earnings per share is included in the following tables. Classification of loans to customers as non-current or current The Group has corrected the classification of loans to customers as current and non-current in the statement of finan- cial position and restated the comparative financial information accordingly. Previously, the Group incorrectly classi- fied loans to customers which did not meet the current asset criteria in IAS 1 as current assets. The Group reclassified loans to customers with maturity exceeding 12 months from current assets to non-current assets totalling to EUR 42.9 million and EUR 90.0 million as of 1 January 2021 and 31 December 2021 respectively. The correction relates solely to the presentation in the statement of financial position, and it has no impact on the results. Translation differences in the UK The Group discontinued its operations in the UK in 2021 by divesting its local subsidiary Ferratum UK Ltd. The divest- ment was presented as discontinued operations in the consolidated statement of profit or loss and the loss recognised in 2021 amounted to EUR 2.0 million. The Group had cumulative translation differences related to the disposed UK subsidiary which were not recognised correctly through the 2021 statement of profit or loss upon disposal. The Group restated the 2021 loss from discontinued operations by releasing the cumulative translation differences amounting to EUR 2.0 million as an increase of the previously recognised loss from the discontinued operations. The restatement has no impact on the profit (loss) from continuing operations. Classification of depositor guarantee contributions The Group analysed the composition and nature of its finance costs in 2022 and changed the presentation of the contributions to the guarantee funds directly attributable to deposits received from customers to provide more rel- evant information about the effects of such costs on the financing of the Group and to better reflect the economic substance of the transactions. Consequently, these costs were reclassified from general and administrative expense to finance costs since these costs are directly attributable to the funding of the Group. As a result of the change, the general and administrative expense decreased by EUR 1.2 million and finance costs increased by EUR 1.2 million in 2021. The restatement has no impact on the result of the financial year 2021. Classification of cash flows on deposits from customers to cash flows from financing activities The Group corrected the presentation of cash flows from deposits from customers in the consolidated statement of cash flows to cash flows from financing and restated the comparative period. Previously the Group classified the deposit related cash flows as part of the cash flows from its net cash flows from operating activities. As a result, net cash flows from operating activities decreased by EUR 145.4 million in 2021 with corresponding increase in cash flows from financing activities. Reclassification of certain costs The Group has analysed the composition of its operational costs presented by function in the consolidated statement of profit or loss in 2022. As a result, the Group has made reclassification of certain costs between selling and marketing expense bank and lending costs, general and administrative expense and other expenses to align the grouping with its current operational model. The reclassification aims to enhance the quality of the financial information and to better reflect the economic substance of transactions providing more relevant information about the nature of such costs by functions. The 2021 selling and marketing expense increased by EUR 0.7 million, bank and lending costs decreased by EUR 0.4 million, general and administrative expense decreased by EUR 1.2 million and other expense increased by EUR 0.9 million. The restatement has no impact on the results. Tables below show movement between financial statement line items related to above mentioned cases: Consolidated statement of financial position
Reported 31 Brokerage Classification Translation Total Restated 31
EUR '000 December fee of loans difference correction December
2021 2021
Assets
Non-current assets
Loans to customers
-
-
89,988
-
89,988
89,988
Current assets:
Loans to customers
443,872
7, 826
(89,988)
-
(82,162)
361,710
Prepaid expenses and other
current assets
3,628
(2,304)
-
-
(2,304)
1,324
Equity
Retained earnings
67,172
5,313
-
(2,019)
3,294
70,466
Translation differences
(5,014)
-
-
2,019
2,019
(2,995)
Liabilities
Current liabilities:
Current tax liabilities
3,247
208
-
-
208
3,455
EUR '000 Reported 1 Brokerage fee Classification Total Restated 1
January 2021 of loans correction January 2021
Assets
Non-current assets:
Loans to customers
-
-
42,892
42,892
42,892
Current assets:
Loans to customers
360,955
4,417
(42,892)
(38,475)
322,480
Equity
Retained earnings
73,696
4,235
-
4,235
77,931
Liabilities
Current liabilities:
Current tax liabilities
3,241
182
-
182
3,423
Consolidated statement of profit or loss and Consolidated statement of comprehensive income
Guar- Cost Trans-
EUR '000 Reported antee optimisa- Brokerage lation Total Restated
2021 contribu- tion fee differ- correction 2021
tions ence
Statement of profit or loss:
Revenue
213,671
-
-
(9,482)
-
(9,482)
204,189
Selling and marketing expense
(26,535)
-
(718)
11,609
-
10,891
(15,644)
Bank and lending costs
(14,338)
-
397
-
-
397
(13,941)
General and administrative expense
(28,896)
1,175
1,222
-
-
2,397
(26,499)
Operating profit
23,620
1,175
901
2,127
-
4,203
27, 823
Other income (expense)
281
-
(901)
-
-
(901)
(620)
Profit before interests and taxes
23,901
1,175
-
2,127
-
3,302
27,203
(\"EBIT\")
Finance income (costs)
(20,316)
(1,175)
-
(1,023)
-
(2,199)
(22,515)
Profit before income taxes
3,585
-
-
1,104
-
1,103
4,688
Income tax expense
(2,358)
-
-
(26)
-
(26)
(2,384)
Profit from continuing operations
1,227
-
-
1,077
-
1,077
2,304
Profit (loss) for the period from
discontinued operations
(3,789)
-
-
-
(2,019)
(2,019)
(5,808)
Profit (loss) for the year
(2,562)
-
-
1,077
(2,019)
(942)
(3,504)
Statement of comprehensive
income:
Currency translation difference from
discontinued operations
-
-
-
-
2,019
2,019
2,019
Earnings per share:
Earnings per share from continuing
operations, EUR*
(0.10)
-
-
0.05
-
0.05
(0.05)
Earnings per share from
discontinued operations, EUR
(0.18)
-
-
-
(0.09)
(0.09)
(0.27)
Total earnings per share, EUR
(0.28)
-
-
0.05
(0.09)
(0.04)
(0.32)
*Adjusted for perpetual bond interest in Note 14 Consolidated statement of cash flows
EUR '000
Reported 2021
Broker- Translation Customer Total Restated 2021
age fee difference deposits correction
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit (loss) for the year
(2,562)
1,078
(2,019)
-
(942)
(3,504)
Finance costs, net
19,648
1,023
2,019
-
3,042
22,690
Increase (+) / decrease (-) in trade
payables and other current liabilities
(10,464)
(2,101)
-
-
(2,101)
(12,565)
(excl. Interest liabilities)
Deposits from customers
145,443
-
-
(145,443)
(145,443)
-
Net cash flows from operating activities
71,721
-
-
(145,443)
-
(73,722)
Deposits from customers
-
-
-
145,443
145,443
-
Net cash flows from financing activities
7,059
-
-
145,443
145,443
152,502
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-433": { "value": "
Consolidation
The consolidated financial statements comprise the financial statements of the Parent Company, and each of those
companies over which it exercises control. Control over an entity exists when the Group is exposed, or has rights, to
variable returns from its involvement with the entity and can affect those returns through its power over the entity.
When the Group has less than a majority of voting or similar rights in an entity, it considers all relevant facts and
circumstances in assessing whether it has power over an entity, including contractual arrangements, voting rights
and potential voting rights. The Group reassesses whether it controls an entity if facts and circumstances indicate that
there are changes to the elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control over the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during
the year are included in the consolidated financial statements from the date the Group gains control until the date the
Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control,
is accounted for as an equity transaction. Suppose the Group loses control over a subsidiary; in that case, the related
assets, liabilities, non-controlling interests, and other components of equity are derecognised from the consolidated
statement of financial positions with any gains or losses recognised in the consolidated statement of profit or loss.
Any investment retained in the former subsidiary is measured at fair value.
All intercompany transactions are eliminated as part of the consolidation process. Since Multitude wholly owns all
its subsidiaries, no components of non-controlling interests (\"NCI\") are presented separately as a component of the
Group\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-434": { "value": "Consolidation The consolidated financial statements comprise the financial statements of the Parent Company, and each of those companies over which it exercises control. Control over an entity exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and can affect those returns through its power over the entity. When the Group has less than a majority of voting or similar rights in an entity, it considers all relevant facts and circumstances in assessing whether it has power over an entity, including contractual arrangements, voting rights and potential voting rights. The Group reassesses whether it controls an entity if facts and circumstances indicate that there are changes to the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Suppose the Group loses control over a subsidiary; in that case, the related assets, liabilities, non-controlling interests, and other components of equity are derecognised from the consolidated statement of financial positions with any gains or losses recognised in the consolidated statement of profit or loss. Any investment retained in the former subsidiary is measured at fair value. All intercompany transactions are eliminated as part of the consolidation process. Since Multitude wholly owns all its subsidiaries, no components of non-controlling interests (\"NCI\") are presented separately as a component of the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-435": { "value": "All intercompany transactions are eliminated as part of the consolidation process. Since Multitude wholly owns all its subsidiaries, no components of non-controlling interests (\"NCI\") are presented separately as a component of the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-436": { "value": "
Business combinations
Business combinations are accounted for using the acquisition method. The consideration transferred in a business
combination is measured as the aggregate of the fair values of the assets transferred, liabilities incurred towards the
former owners of the acquired entity or business, and equity instruments issued. Acquisition-related costs are rec-
ognised as expenses in the consolidated statement of profit or loss in the period in which the costs are incurred and
the related services are received with the exception of costs directly attributable to the issuance of equity instruments
that are accounted for as a deduction from equity.
Identifiable assets acquired and liabilities assumed are measured at the acquisition date fair values. The Group elects
whether to measure the non-controlling interests in the acquiree at fair value or the proportionate share of the
acquiree\u2019s identifiable net assets on a business combination by business combination basis. The excess of the consid-
eration transferred over the aggregate amount of the non-controlling interests and the fair values of the identifiable
net assets acquired is recorded as goodwill .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-437": { "value": "Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the aggregate of the fair values of the assets transferred, liabilities incurred towards the former owners of the acquired entity or business, and equity instruments issued. Acquisition-related costs are rec- ognised as expenses in the consolidated statement of profit or loss in the period in which the costs are incurred and the related services are received with the exception of costs directly attributable to the issuance of equity instruments that are accounted for as a deduction from equity. Identifiable assets acquired and liabilities assumed are measured at the acquisition date fair values. The Group elects whether to measure the non-controlling interests in the acquiree at fair value or the proportionate share of the acquiree\u2019s identifiable net assets on a business combination by business combination basis. The excess of the consid- eration transferred over the aggregate amount of the non-controlling interests and the fair values of the identifiable net assets acquired is recorded as goodwill . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-438": { "value": "The excess of the consid- eration transferred over the aggregate amount of the non-controlling interests and the fair values of the identifiable net assets acquired is recorded as goodwill Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-439": { "value": "
Non-current assets or disposal groups held for sale and discontinued operations
Non-current assets or disposal groups are classified as assets held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use. For this to be the case, the asset, or the
disposal group, must be available for immediate sale in its present condition subject only to the usual and customary
terms for sales of such assets or disposal groups, and the sale must be highly probable. These assets, or in the case of
disposal groups, assets and liabilities, are presented separately in the consolidated statement of financial position and
measured at the lower of the carrying amount and fair value less costs to sell. Non-current assets classified as held for
sale or included in a disposal group classified as held for sale, are not depreciated or amortised.
Discontinued operations are reported when a component of the Group, comprising operations and cash flows that
can be clearly distinguished both operationally and for financial reporting purposes from the rest of the Group, is
classified as held for sale or disposal group, or the component represents a major line of business or geographical area
of operations, or is a part of a single coordinated plan to dispose of a separate major line of business or geographical
area of operations. Profit or loss from discontinued operations is reported separately from income and expenses from
continuing operations in the consolidated statement of profit or loss, with prior periods presented on a comparative
basis. Cash flows from discontinued operations are presented separately in the consolidated financial statements
and accompanying notes. Intra-group revenues and expenses between continuing and discontinued operations are
eliminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-440": { "value": "Non-current assets or disposal groups held for sale and discontinued operations Non-current assets or disposal groups are classified as assets held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset, or the disposal group, must be available for immediate sale in its present condition subject only to the usual and customary terms for sales of such assets or disposal groups, and the sale must be highly probable. These assets, or in the case of disposal groups, assets and liabilities, are presented separately in the consolidated statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell. Non-current assets classified as held for sale or included in a disposal group classified as held for sale, are not depreciated or amortised. Discontinued operations are reported when a component of the Group, comprising operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes from the rest of the Group, is classified as held for sale or disposal group, or the component represents a major line of business or geographical area of operations, or is a part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Profit or loss from discontinued operations is reported separately from income and expenses from continuing operations in the consolidated statement of profit or loss, with prior periods presented on a comparative basis. Cash flows from discontinued operations are presented separately in the consolidated financial statements and accompanying notes. Intra-group revenues and expenses between continuing and discontinued operations are eliminated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-441": { "value": "Non-current assets or disposal groups held for sale and discontinued operations Non-current assets or disposal groups are classified as assets held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset, or the disposal group, must be available for immediate sale in its present condition subject only to the usual and customary terms for sales of such assets or disposal groups, and the sale must be highly probable. These assets, or in the case of disposal groups, assets and liabilities, are presented separately in the consolidated statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell. Non-current assets classified as held for sale or included in a disposal group classified as held for sale, are not depreciated or amortised. Discontinued operations are reported when a component of the Group, comprising operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes from the rest of the Group, is classified as held for sale or disposal group, or the component represents a major line of business or geographical area of operations, or is a part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Profit or loss from discontinued operations is reported separately from income and expenses from continuing operations in the consolidated statement of profit or loss, with prior periods presented on a comparative basis. Cash flows from discontinued operations are presented separately in the consolidated financial statements and accompanying notes. Intra-group revenues and expenses between continuing and discontinued operations are eliminated", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-442": { "value": "
Revenue recognition
The Group recognises revenue from interest and fee charges arising from its banking and lending activities.
Interest revenue
IThe Group\u2019s revenue streams consist of process fees, rescheduling fees (charged when a customer applies to extend
the repayment date), reminder fees (charged when reminder actions are effected with respect to a loan) and other
fees and interest charged on revolving and longer term credit products. All these fees are considered to be an inte-
gral part of the effective interest rate of the loans and advances taking cognisance of the nature of these fees, the
purposes for which these fees are assessed and the substance of the services provided. Interest revenue is calculated
and recognised based on the effective interest rate method. The effective interest includes fees considered an integral
part of the effective interest rate on loans to customers. The effective interest rate is the rate that discounts estimated
future cash flows to the net carrying amount of loans to customers. Interest revenue recognition starts when the
customer loan agreement is executed and the proceeds from the loan are transferred to the customer and accrued
on a day-to-day basis until the derecognition of the underlying loan to customer. Interest revenue is presented net of
directly attributable transaction cost in the consolidated statement of profit or loss.
Loan servicing fees
The Group charges origination and commitment fees that are considered an integral part of the effective interest
rate on loans to customers and are under the scope of IFRS 9. Other fees, including invoicing, penalty, and additional
similar loan servicing fees, that are not considered to be an integral part of the effective interest rate on loans to
customers are accounted for under IFRS 15. These fees are recognised at the point in time when the Group satisfies
the underlying performance obligations, typically when such fees are due from the customers or upon invoicing.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-443": { "value": "Revenue recognition The Group recognises revenue from interest and fee charges arising from its banking and lending activities. Interest revenue IThe Group\u2019s revenue streams consist of process fees, rescheduling fees (charged when a customer applies to extend the repayment date), reminder fees (charged when reminder actions are effected with respect to a loan) and other fees and interest charged on revolving and longer term credit products. All these fees are considered to be an inte- gral part of the effective interest rate of the loans and advances taking cognisance of the nature of these fees, the purposes for which these fees are assessed and the substance of the services provided. Interest revenue is calculated and recognised based on the effective interest rate method. The effective interest includes fees considered an integral part of the effective interest rate on loans to customers. The effective interest rate is the rate that discounts estimated future cash flows to the net carrying amount of loans to customers. Interest revenue recognition starts when the customer loan agreement is executed and the proceeds from the loan are transferred to the customer and accrued on a day-to-day basis until the derecognition of the underlying loan to customer. Interest revenue is presented net of directly attributable transaction cost in the consolidated statement of profit or loss. Loan servicing fees The Group charges origination and commitment fees that are considered an integral part of the effective interest rate on loans to customers and are under the scope of IFRS 9. Other fees, including invoicing, penalty, and additional similar loan servicing fees, that are not considered to be an integral part of the effective interest rate on loans to customers are accounted for under IFRS 15. These fees are recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such fees are due from the customers or upon invoicing. There are no contract assets and liabilities relating to loan servicing fees as at 31 December 2022 and 2021 Finance income and costs Interest income and expense Interest income is recognised based on the amount receivable or received from deposits in the bank and other finan- cial institutions and other financial assets at amortised cost apart from loans to customers, which is recognized as finance income in the consolidated statement of profit or loss.. Interest derived from loans to customers is recorded in interest revenue. Interest expense arises primarily from the current and non-current portion of borrowings, deposits from customers, and lease liabilities. Similar to interest income, interest expense is calculated and recognised based on the effective interest rate method, and considers transaction costs, premiums, or discounts that are integral parts of the origination of the underlying financial liability . Other operating income and expenses Gains and losses not arising from the Group\u2019s ordinary course of business, such as those deriving from impairment, sale, and disposal of non-current assets, among others, are recognised under other operating income (expenses) in the Group\u2019s consolidated statement of profit or loss .
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over
the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for
each period. In addition, the carrying amounts for the right-of-use asset and lease liability are remeasured if there
is a modification, a change in the lease term or a change in the future lease payments resulting from a change in an
index or rate used to determine such lease payments. The interest component of the lease payments is recognised as
interest expense within finance costs in the consolidated statement of profit or loss .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-444": { "value": "Revenue recognition The Group recognises revenue from interest and fee charges arising from its banking and lending activities. Interest revenue IThe Group\u2019s revenue streams consist of process fees, rescheduling fees (charged when a customer applies to extend the repayment date), reminder fees (charged when reminder actions are effected with respect to a loan) and other fees and interest charged on revolving and longer term credit products. All these fees are considered to be an inte- gral part of the effective interest rate of the loans and advances taking cognisance of the nature of these fees, the purposes for which these fees are assessed and the substance of the services provided. Interest revenue is calculated and recognised based on the effective interest rate method. The effective interest includes fees considered an integral part of the effective interest rate on loans to customers. The effective interest rate is the rate that discounts estimated future cash flows to the net carrying amount of loans to customers. Interest revenue recognition starts when the customer loan agreement is executed and the proceeds from the loan are transferred to the customer and accrued on a day-to-day basis until the derecognition of the underlying loan to customer. Interest revenue is presented net of directly attributable transaction cost in the consolidated statement of profit or loss. Loan servicing fees The Group charges origination and commitment fees that are considered an integral part of the effective interest rate on loans to customers and are under the scope of IFRS 9. Finance income and costs Interest income and expense Interest income is recognised based on the amount receivable or received from deposits in the bank and other finan- cial institutions and other financial assets at amortised cost apart from loans to customers, which is recognized as finance income in the consolidated statement of profit or loss.. Interest derived from loans to customers is recorded in interest revenue. Interest expense arises primarily from the current and non-current portion of borrowings, deposits from customers, and lease liabilities. Similar to interest income, interest expense is calculated and recognised based on the effective interest rate method, and considers transaction costs, premiums, or discounts that are integral parts of the origination of the underlying financial liability . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-445": { "value": "Loan servicing fees The Group charges origination and commitment fees that are considered an integral part of the effective interest rate on loans to customers and are under the scope of IFRS 9. Other fees, including invoicing, penalty, and additional similar loan servicing fees, that are not considered to be an integral part of the effective interest rate on loans to customers are accounted for under IFRS 15. These fees are recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such fees are due from the customers or upon invoicing. There are no contract assets and liabilities relating to loan servicing fees as at 31 December 2022 and 2021 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-446": { "value": "
Segment reporting
Operating segments are reported in a manner consistent with the internal reports provided to the senior manage-
ment team who is identified as chief operating decision-maker within the scope of IFRS 8. The senior management
team is responsible for allocating resources and assessing the performance of the operating segments. The Group\u2019s
operating and reportable segments comprise 100% of the Group\u2019s external revenue .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-447": { "value": "Employee benefits Post-retirement plans The Group companies have various post-employment plans in accordance with local regulations and practices in the countries in which they operate. Group companies\u2019 pension plans are generally considered to be defined contribution plans that employees and relevant Group companies fund through pension insurance contracts, local government retirement schemes, and other external post-employment retirement plan arrangements, where the Group does not retain or incur any additional legal or constructive obligations on top of its regular contributions to such plans. These contributions are recognised as expense in the consolidated statement of profit or loss in the period they incurred . Share-based payments The Group\u2019s share-based payments granted are equity-settled share-based payment transactions. They are booked as employee benefit expense and as increases in equity based on the grant date fair value of the options or shares grant- ed. The total expense is recognised over the vesting period, when all of the specified vesting conditions are satisfied. At the end of each period, the Group revises its estimates of the number of options or shares that are expected to vest based on the vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The cancellation of a share-based payment arrangement is accounted for as an acceleration of vesting, and the Group recognises immediately the amount that would have been settled with employees at the end of the original vesting period. Any payment made to the employee is accounted for as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments granted, measured at the cancellation date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-448": { "value": "Group companies\u2019 pension plans are generally considered to be defined contribution plans that employees and relevant Group companies fund through pension insurance contracts, local government retirement schemes, and other external post-employment retirement plan arrangements, where the Group does not retain or incur any additional legal or constructive obligations on top of its regular contributions to such plans. These contributions are recognised as expense in the consolidated statement of profit or loss in the period they incurred The Group\u2019s share-based payments granted are equity-settled share-based payment transactions. They are booked as employee benefit expense and as increases in equity based on the grant date fair value of the options or shares grant- ed. The total expense is recognised over the vesting period, when all of the specified vesting conditions are satisfied.
Finance income and costs
Interest income and expense Interest income is recognised based on the amount receivable or received from deposits in the bank and other finan- cial institutions and other financial assets at amortised cost apart from loans to customers, which is recognized as finance income in the consolidated statement of profit or loss.. Interest derived from loans to customers is recorded in interest revenue. Interest expense arises primarily from the current and non-current portion of borrowings, deposits from customers, and lease liabilities. Similar to interest income, interest expense is calculated and recognised based on the effective interest rate method, and considers transaction costs, premiums, or discounts that are integral parts of the origination of the underlying financial liability . Other operating income and expenses Gains and losses not arising from the Group\u2019s ordinary course of business, such as those deriving from impairment, sale, and disposal of non-current assets, among others, are recognised under other operating income (expenses) in the Group\u2019s consolidated statement of profit or loss .
Foreign exchange gains and losses, realised or otherwise, arising from foreign currency denominated transactions
and balances, including those arising from hedging activities, are recognised in financial income (cost) in the consol-
idated statement of profit or loss.
Income taxes The income taxes comprise current tax and deferred tax. Income tax income or expense is recognised in the con- solidated statement of profit or loss, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. The related tax is recognised in other comprehensive income or equity, respectively. Current taxes Current taxes are based on the results of Group companies and are calculated using local tax regulations and tax rates that are enacted or substantively enacted at each reporting date. Corporate taxes withheld at the source of the income, on behalf of Group companies, are accounted for in income tax expense, where they are determined to represent tax on profit or loss for the period Property, plant and equipment are recognised in the financial statements at their carrying amount, equal to the cost of acquisition less cumulative depreciation, and where applicable, cumulative impairment. The acquisition cost in- cludes costs directly attributable to the acquisition of the asset. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are recognised as expense in the consolidated statement of profit or loss when they are incurred. The Group applies a practical expedient whereby leases for which the lease term is 12 months or less at the lease commencement date (\"short-term leases\") are not recognised in its consolidated statement of financial position. Instead, the Group recognises the lease payments associated with short-term leases as an operating expense on a straight-line basis over the lease term. At the same time, Group designates any long-term lease with a monthly lease payment less than EUR 500 as a \"low value lease\". It recognises lease payments as an operating expense in the case when an estimated value of right-of-use asset for such lease agreement is less than EUR 60 thousand at the start of the contractual period. In addition, as a practical expedient, the Group does not separate certain non-lease components from lease components but instead accounts for each lease component and associated specified non-lease compo- nent as a single lease component. Other payments for non-lease components, variable based on consumption (e.g., property taxes, insurance payments and variable property service costs), are recognised as an expense when incurred Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amounts for the right-of-use asset and lease liability are remeasured if there is a modification, a change in the lease term or a change in the future lease payments resulting from a change in an index or rate used to determine such lease payments. The interest component of the lease payments is recognised as interest expense within finance costs in the consolidated statement of profit or loss The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use . Measurement The Group generally recognises financial liabilities on initial measurement at their fair value including transaction costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec- ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia - bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated intercompany loans The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability, extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred, or liabilities assumed, as gain or loss in the consolidated statement of profit or loss. When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the rel- ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-449": { "value": "Share-based payments The Group\u2019s share-based payments granted are equity-settled share-based payment transactions. They are booked as employee benefit expense and as increases in equity based on the grant date fair value of the options or shares grant- ed. The total expense is recognised over the vesting period, when all of the specified vesting conditions are satisfied. At the end of each period, the Group revises its estimates of the number of options or shares that are expected to vest based on the vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The cancellation of a share-based payment arrangement is accounted for as an acceleration of vesting, and the Group recognises immediately the amount that would have been settled with employees at the end of the original vesting period. Any payment made to the employee is accounted for as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments granted, measured at the cancellation date", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-450": { "value": "Finance income and costs Interest income and expense Interest income is recognised based on the amount receivable or received from deposits in the bank and other finan- cial institutions and other financial assets at amortised cost apart from loans to customers, which is recognized as finance income in the consolidated statement of profit or loss.. Interest derived from loans to customers is recorded in interest revenue. Interest expense arises primarily from the current and non-current portion of borrowings, deposits from customers, and lease liabilities. Similar to interest income, interest expense is calculated and recognised based on the effective interest rate method, and considers transaction costs, premiums, or discounts that are integral parts of the origination of the underlying financial liability Lease liability At commencement date, lease liabilities are measured at the present value of lease payments to be made over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, as well as any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The lease payments include fixed lease payments and certain fixed non-lease components less any lease incentives receivable, variable lease payments that depend on an index or a rate, and appropriate termination fees whenever the lease term was determined based on the expectation that the Group will exercise its option to terminate. The Group does not generally enter into lease contracts with variable lease payments linked to future performance or use of an underlying asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amounts for the right-of-use asset and lease liability are remeasured if there is a modification, a change in the lease term or a change in the future lease payments resulting from a change in an index or rate used to determine such lease payments. The interest component of the lease payments is recognised as interest expense within finance costs in the consolidated statement of profit or loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-451": { "value": "
Other operating income and expenses
Gains and losses not arising from the Group\u2019s ordinary course of business, such as those deriving from impairment,
sale, and disposal of non-current assets, among others, are recognised under other operating income (expenses) in
the Group\u2019s consolidated statement of profit or loss .
Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
11. Other income and expenses
EUR \u2019000
Notes
2022
Restated 2021
OTHER INCOME:
Other income
37
1,386
OTHER EXPENSES:
Impairment losses
-
(1,387)
Loss from disposal of non-current assets
-
(404)
Loss from disposal of subsidiaries
5
(636)
(208)
Other expense
-
(7)
Total other expenses
(636)
(2,006)
Net other income
(600)
(620)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-452": { "value": "Other operating income and expenses Gains and losses not arising from the Group\u2019s ordinary course of business, such as those deriving from impairment, sale, and disposal of non-current assets, among others, are recognised under other operating income (expenses) in the Group\u2019s consolidated statement of profit or loss 11. Other income and expenses
EUR \u2019000
Notes
2022
Restated 2021
OTHER INCOME:
Other income
37
1,386
OTHER EXPENSES:
Impairment losses
-
(1,387)
Loss from disposal of non-current assets
-
(404)
Loss from disposal of subsidiaries
5
(636)
(208)
Other expense
-
(7)
Total other expenses
(636)
(2,006)
Net other income
(600)
(620)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-453": { "value": "Other operating income and expenses Gains and losses not arising from the Group\u2019s ordinary course of business, such as those deriving from impairment, sale, and disposal of non-current assets, among others, are recognised under other operating income (expenses) in the Group\u2019s consolidated statement of profit or loss . Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
11. Other income and expenses
EUR \u2019000
Notes
2022
Restated 2021
OTHER INCOME:
Other income
37
1,386
OTHER EXPENSES:
Impairment losses
-
(1,387)
Loss from disposal of non-current assets
-
(404)
Loss from disposal of subsidiaries
5
(636)
(208)
Other expense
-
(7)
Total other expenses
(636)
(2,006)
Net other income
(600)
(620)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-454": { "value": "Foreign currency translation Functional and presentation currency The financial statements of all Group companies are measured using functional currency, the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in euro (\"EUR\"), the functional and presentation currency of the Parent Company. Transactions and balances in foreign currencies Transactions in foreign currencies are recorded at exchange rates prevailing at the dates of the individual transac- tions. For practical reasons, a rate that approximates the actual rate as of the date of the transaction is often used in day-to-day accounting. Monetary assets and liabilities denominated in foreign currency are valued at the exchange rates prevailing at the end of the reporting period. Foreign exchange gains and losses, realised or otherwise, arising from foreign currency denominated transactions and balances, including those arising from hedging activities, are recognised in financial income (cost) in the consol- idated statement of profit or loss. Group companies with different functional currencies On consolidation, the assets and liabilities of Group companies, whose functional currency is other than the euro, are translated into euros at the exchange rates prevailing at the end of the reporting period. The income and expenses of these foreign operations are translated into euros at the average exchange rates for the reporting period. The exchange differences arising from translation for consolidation are recognised as translation differences in the con- solidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-455": { "value": "
Functional and presentation currency
The financial statements of all Group companies are measured using functional currency, the currency of the primary
economic environment in which the entity operates. The consolidated financial statements are presented in euro
(\"EUR\"), the functional and presentation currency of the Parent Company.
Group companies with different functional currencies
On consolidation, the assets and liabilities of Group companies, whose functional currency is other than the euro, are
translated into euros at the exchange rates prevailing at the end of the reporting period. The income and expenses
of these foreign operations are translated into euros at the average exchange rates for the reporting period. The
exchange differences arising from translation for consolidation are recognised as translation differences in the con-
solidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-456": { "value": "
Income taxes
The income taxes comprise current tax and deferred tax. Income tax income or expense is recognised in the con-
solidated statement of profit or loss, except to the extent that it relates to items recognised in other comprehensive
income, or directly in equity. The related tax is recognised in other comprehensive income or equity, respectively.
Current taxes
Current taxes are based on the results of Group companies and are calculated using local tax regulations and tax
rates that are enacted or substantively enacted at each reporting date. Corporate taxes withheld at the source of
the income, on behalf of Group companies, are accounted for in income tax expense, where they are determined to
represent tax on profit or loss for the period .
Deferred taxes Deferred tax assets and liabilities are determined using the balance sheet liability method for all temporary differenc- es between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that future taxable profit will be available against which the unused tax losses, unused tax credits and deductible temporary differences can be utilised in the relevant jurisdictions. De- ferred tax assets are assessed for realisability as of each reporting date. When circumstances indicate it is no longer probable that deferred tax assets will be utilised, adjustments are made as necessary. Deferred tax liabilities are recognised for temporary taxable differences, and for temporary differences that arise between the fair value and the tax base of identifiable net assets acquired in business combinations. Deferred tax lia- bilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax liabilities are provided for the taxable temporary differences arising from investments in subsidiaries, except for deferred tax liability where the Group controls the timing of the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. The enacted or substantively enacted tax rates as of each reporting date, expected to apply in the period when the asset is realised or the liability is settled, are used in the measurement of deferred tax assets and deferred tax liabilities. Deferred tax assets and liabilities are not discounted. The Group periodically evaluates positions taken in tax returns with respect to the situations in which applicable tax regulation is subject to interpretation. The Group adjusts the amounts of current and deferred tax assets and liabilities recorded, where it is considered probable, i.e., more likely than not, that certain tax positions may not be fully sustained upon review by tax authorities. The amounts recorded are based on the most likely amount or the expected value, depending on which method the Group expects to predict the resolution of the uncertainty better. Deferred tax assets and deferred tax liabilities are offset for presentation purposes when there is a legally enforceable right to set off current tax assets against current tax liabilities. The deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities, which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously in each future period where significant amounts of deferred tax liabilities or deferred tax assets are expected to be settled or recovered", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-457": { "value": "
Deferred taxes
Deferred tax assets and liabilities are determined using the balance sheet liability method for all temporary differenc-
es between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred tax assets are recognised to the extent that future taxable profit will be available against which the unused
tax losses, unused tax credits and deductible temporary differences can be utilised in the relevant jurisdictions. De-
ferred tax assets are assessed for realisability as of each reporting date. When circumstances indicate it is no longer
probable that deferred tax assets will be utilised, adjustments are made as necessary.
Deferred tax liabilities are recognised for temporary taxable differences, and for temporary differences that arise
between the fair value and the tax base of identifiable net assets acquired in business combinations. Deferred tax lia-
bilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax liabilities are provided for
the taxable temporary differences arising from investments in subsidiaries, except for deferred tax liability where the
Group controls the timing of the reversal of the temporary difference, and it is probable that the temporary difference
will not reverse in the foreseeable future.
The enacted or substantively enacted tax rates as of each reporting date, expected to apply in the period when the
asset is realised or the liability is settled, are used in the measurement of deferred tax assets and deferred tax liabilities.
Deferred tax assets and liabilities are not discounted. The Group periodically evaluates positions taken in tax returns
with respect to the situations in which applicable tax regulation is subject to interpretation. The Group adjusts the
amounts of current and deferred tax assets and liabilities recorded, where it is considered probable, i.e., more likely
than not, that certain tax positions may not be fully sustained upon review by tax authorities. The amounts recorded
are based on the most likely amount or the expected value, depending on which method the Group expects to
predict the resolution of the uncertainty better.
Deferred tax assets and deferred tax liabilities are offset for presentation purposes when there is a legally enforceable
right to set off current tax assets against current tax liabilities. The deferred tax assets and deferred tax liabilities relate
to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities,
which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the
liabilities simultaneously in each future period where significant amounts of deferred tax liabilities or deferred tax
assets are expected to be settled or recovered.
3.2. Recoverability of deferred tax assets The recognition of deferred tax assets is based on assessing whether sufficient taxable profit will be available in the future to utilise the deductible temporary differences, unused tax losses and unused tax credits before the unused tax losses and unused tax credits expire. The Group uses judgment in determining the extent to which deferred tax assets can be recognised. This assessment requires estimates of the future financial performance of a particular legal entity or a tax group that has recognised the deferred tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-458": { "value": "
Property, plant and equipment
Property, plant and equipment are recognised in the financial statements at their carrying amount, equal to the cost
of acquisition less cumulative depreciation, and where applicable, cumulative impairment. The acquisition cost in-
cludes costs directly attributable to the acquisition of the asset.
Property, plant and equipment are depreciated using the straight-line method towards their residual values and over
their estimated useful lives, as follows:
Office Buildings 3 \u2013 8 years
Furnitures, fittings, and equipment 3 \u2013 8 years
The asset\u2019s residual value and useful life are reviewed and adjusted, if appropriate, at the end of each reporting period.
Intangible assets The useful economic life of the Group\u2019s intangible assets, other than goodwill, is finite. After initial recognition, finite intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised using the straight-line method, which is considered to reflect best the pattern in which the asset\u2019s future economic benefits are expected to be consumed, over their useful economic lives as follows: Capitalised development costs: 2 \u2013 5 years Computer software: 2 \u2013 10 years Trademarks: 3 \u2013 5 years Licences: 2 \u2013 10 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-459": { "value": "Property, plant and equipment Property, plant and equipment are recognised in the financial statements at their carrying amount, equal to the cost of acquisition less cumulative depreciation, and where applicable, cumulative impairment. The acquisition cost in- cludes costs directly attributable to the acquisition of the asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amounts for the right-of-use asset and lease liability are remeasured if there is a modification, a change in the lease term or a change in the future lease payments resulting from a change in an index or rate used to determine such lease payments. The interest component of the lease payments is recognised as interest expense within finance costs in the consolidated statement of profit or loss . Financial assets Initial recognition and measurement The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognised on the trade date, which is the date on which the Bank commits to purchase or sell the asset. Accordingly, the Group uses trade date accounting for regular way contracts when recording financial asset transactions. At initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset, such as fees and commissions. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Immediately after initial recognition, an expected credit loss allowance (ECL) is recognised for financial assets measured at amortised cost and investments in debt instruments measured at fair value through other comprehensive (FVOCI), which results in an accounting loss being recognised in profit or loss when an asset is newly originated. When the fair value of financial assets differs from the transaction price on initial recognition, the Group recognises the difference as follows: - When the fair value is evidenced by a quoted price in an active market for an identical asset (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the difference is recognised as a gain or loss. - In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortised over the life of the instrument, deferred until the instrument's fair value can be determined using market observable inputs, or realised through settlement . Classification and subsequent measurement The Group classifies its financial assets as financial assets subsequently measured at amortised cost (carrying amount less loss allowances calculated using expected credit losses), financial assets measured at fair value with changes recognised through other comprehensive income (\"FVOCI\"), and financial assets measured at fair value with changes recognised through profit and loss (\"FVPL\"). The appropriate category is selected based on the Group\u2019s business mod- el for managing the financial asset and the contractual cash flow characteristics of the asset. The Group\u2019s business model for managing financial assets is assessed at the portfolio level as this best reflects how the business and financial assets are managed to generate cash flows, and how information is provided to management. Similarly, the Group assesses contractual cash flow characteristics of financial assets at the portfolio level, and where applicable, at the individual product level. The Group assesses whether the contractual cash flows are generated solely through payments of principal and interest (\"SPPI\"), by considering contractual terms that might introduce elements of variability in the contractual cash flows in relation to contingent events, leverage features, prepayment clauses, the extension of payment terms, and similar modifications to the contract giving rise to a recognition of the financial asset. Financial assets measured at amortised cost are debt instruments held within a business model that has an objective to hold assets to collect contractual cash flows. The Group\u2019s financial assets measured at amortised cost include loans to customers, cash and cash equivalents, receivables from sold portfolio, receivables from banks and other current and non-current financial assets from third parties. After initial measurement, the Group determines loss allowances related to financial assets, using the expected credit loss (\"ECL\") model. The Group\u2019s ECL model, inputs, and assump- tions are disclosed in Note 3.1. Financial assets at FVOCI are either debt instruments held within a business model which objective is achieved both by holding the financial assets to collect contractual cash flows and by selling the financial assets, or equity instruments that would otherwise be classified as financial assets at FVPL that are irrevocably designated as financial assets at FVOCI at initial recognition. Financial assets at FVPL are either equity instruments that do not meet the definition of equity under IAS 32, debt in- struments that do not fall in either of the preceding categories, or debt instruments that fall in either of the preceding categories but are irrevocably designated as financial asset at FVPL at initial recognition to eliminate or significantly reduce measurement or recognition inconsistency. The Group\u2019s financial assets at FVPL consist of derivative financial assets that are used to hedge the cash flow impact of changes in exchange rates in relation to the foreign currency denominated intercompany loans, and as a result, do not fall in either of the preceding categories . Derecognition The Group generally derecognises a financial asset, or a part of a financial asset, when it ceases to have control of the contractual rights that comprise the financial asset, or a part of a financial asset. In determining the date when the Group ceases to have control of the financial asset, or a part of a financial asset, the Group considers the earliest date when the rights to the cash flows from the asset has expired; when the Group has transferred its rights to receive the cash flows and substantially all risks and rewards from the asset to another entity; and when the Group has assumed an obligation to pay the cash flows from the asset to another entity that meets the requirements set out in IFRS 9 and has transferred substantially all risks and rewards from the asset to the said entity. At derecognition, the Group recognises the difference between the net proceeds received from the transfer of the fi- nancial asset, or a part of a financial asset, to another entity, if any. The carrying amount of the financial asset, or a part of a financial asset, transferred as gain or loss on derecognition of the financial asset in the consolidated statement of profit or loss . Modification of contractual cash flows When the contractual cash flows of a financial asset are renegotiated or modified, the Group assesses whether there are substantial differences between the terms and conditions, and the contractual cash flows associated with the financial asset after the modification. If so, the Group derecognises the carrying amount of the underlying financial as- set, recalculates and recognises the gross carrying amount of the new financial asset based on the revised contractual terms and cash flows, and recognises any gains or losses arising from such modification in its consolidated statement of profit or loss . Modifications of terms and conditions and contractual cash flows related to loans to customers normally arise from various product features included in the terms and conditions of loan agreements with customers, including re- scheduling, payment holidays, due date changes, modification to the payment schedule, and payment-free months, which do not necessarily constitute forbearance as defined by EU Regulation 575/2013 (\"CRR2\"). These arrangements typically arise from short-term consumer loans that are not considered to be individually significant at the Group level. Usually, they occur without substantially modifying the contractual terms and cash flows of the underlying loan agreements apart from upfront payments of minor rescheduling and extension fees. As a result, the Group does not usually recognise any gain or loss arising from modifications of low-value consumer loans, instead, upfront resched- uling and extension fees are recognised as revenue at the point in time when the Group\u2019s performance obligation to reschedule or extend the underlying loan agreement was satisfied. Cash and cash equivalents Cash and cash equivalents include cash at bank and on hand as well as short-term highly liquid investments that are readily convertible to known amounts of cash with the maturities at the acquisition of three months or less, as well as bank deposits with maturities or contractual call periods at the acquisition of three months or less. Bank deposits, that are set aside as collateral to fund the Group\u2019s swaps and forward contracts and do not meet the definition of cash and cash equivalents, are classified as financial assets at amortised cost and presented as receivables from banks under other current financial assets in the consolidated statement of financial position . 4.2.3 ECL for loans to customers Following the \"three-stage\" model for recognising ECL under IFRS 9, at initial recognition, the Group presumes that loans to customers are not credit-impaired (Stage 1) and measures the related loss allowance at an amount equal to the portion of credit losses from expected defaults occurring within the next 12 months (\"12-month ECL\"). At each reporting period, the Group assesses whether a significant increase in credit risk (\"SICR\") since initial recog- nition is identified (Stage 2) or whether the underlying financial assets are credit-impaired (Stage 3). In doing this assessment, the Group compares the risk of a default occurring over the expected lifetime of its loans to customers at initial recognition and as at the reporting date, considering relevant, reasonable, and supportable information based on historical data, credit scoring, delinquency status, days past due (\"DPD\"), and other forward-looking factors. Due to the relatively high volume and low value of the underlying loans to customers, the Group generally considers that a significant increase in credit risk has occurred for Micro Loans, Plus Loans, Credit Cards, and Credit Limit facilities when the outstanding loan balances exceed 30 DPD, and accordingly categorises the underlying loans to customers and measures ECL under Stage 2. Accordingly, the Group considers that default has occurred when outstanding balances for Micro Loans exceed 90 DPD, and outstanding balances for Plus Loans, Prime Loans, Credit Limit facilities and SME loans exceed 60 to 90 DPD, depending on the market where the portfolios were originated. ECL for the underlying loans to customers is categorised under Stage 3. Loss allowances on loans to customers under Stages 2 and Stage 3 are measured based on expected credit losses occurring throughout the lifetime of the financial assets (\"lifetime ECL\"). Moreover, the Group has also implemented elements and observable events which may indicate Unlikeliness-To-Pay (\"UTP\"), in addition to the quantitative criteria of days past due, in its internal credit risk assessment as part of its ECL methodology. By doing so, the Group is no longer looking at its loans as a number of homogenous portfolios, assessing performance and staging solely based on the DPD criterion. The UTP criteria adopted are the following: \u2022 Simulated Termination - The UTP flag is implemented when a loan has reached the days past due of termina- tion for the portfolio, in cases where termination occurs before default definition; \u2022 Suspected Fraud - Unlikeliness to pay is triggered if a loan is identified as possible fraud in the fraud manage- ment tool; \u2022 Insolvency - Unlikeliness to pay is triggered if a customer has notified the Group of insolvency, through either collection tool or debt manager systems; and \u2022 Death - Unlikeliness to pay is triggered if a customer has notified the Group of death, through either collection tool or debt manager systems. The UTP assessment enhances the ECL methodology by checking on a loan-by-loan level whether a customer\u2019s performance has deteriorated based on other criteria that can be observed before meeting the hard DPD criterion. Under this methodology, apart from the defined NPL DPD criteria to be reclassified as Stage 3, by applying the UTP assessment, if the customer meets certain behavioural unlikeliness to pay criteria then the loan would accordingly be reclassified as Stage 3. The Group further categorises outstanding loans to customers using an internal risk grading system based on their credit quality and performance, with \"Regular\" considered to be \"performing\" and not-credit impaired (Stage 1), \"Watch\" and \"Substandard\" regarded as \"underperforming\" with an occurrence of SICR since initial recognition (Stage 2), and \"Sub-standard\" and \"Doubtful\" considered to be \"non-performing\" and credit-impaired (Stage 3). Transfers out of Stage 1 are driven by the underlying gross loans to customers to have a significant increase in credit risks since initial recognition (Stage 2) or become credit-impaired (Stage 3), whereas transfers out of Stages 2 or 3 result from the underlying gross loans to customers no longer meeting said definitions. Transfers in between Stages or changes within DPD bucket that do not necessarily impact ECL stages could also result in an increase (decrease) in loss allowances during the year. Remeasurements from changes in the ECL model, inputs and assumptions are mainly driven by updating the calculations, statistics and modelling parameters relating to EAD, PD, LGD, and EIR based on the most recent available information at the reporting date. The unwind of discount is driven by the amortisation of the ECL's present value for long-outstanding loans to customers. 4.2.4 ECL for other financial assets at amortised cost IFRS 9 provides a practical expedient for recognising 12-month ECL for financial instruments deemed to have low credit risk at the reporting date. Where applicable, the Group applies this practical expedient in determining loss allowances regarding other financial assets measured at amortised cost. This is to the extent that the underlying receivables from counterparties are \"investment grade\" based on the definition of external rating agencies \u2013 between AAA to BBB- (Standard & Poor\u2019s, Fitch) or Aaa-Baa3 (Moody\u2019s). At each reporting date, the Group assesses whether there were any changes in circumstances that would result into a significant increase in credit risk since initial recognition in relation to its other financial assets at amortised cost and determines whether loss allowances should be recognised using lifetime ECL. 4.2.5 ECL for investments in debt instruments For the investments in debt instruments that are classified as non-current financial assets in the consolidated state- ment of financial positions of the Group, Multitude Bank conducts periodical assessments in relation to the respective portfolio to assess whether the Bank should provide for expected credit losses. In order for its ECL methodology to represent an appropriate estimation of its credit risk emanating from said investments, the Bank assesses the ECL on each investment separately. Consistent with the regulatory and industry best practices, the Bank\u2019s ECL calculations are based on Probability of Default (\"PD\"), Exposure at Default (\"EAD\") and Loss Given Default (\"LGD\"). This is consistent to the approach used for the purposes of measuring ECL under IFRS 9 (Note 18). Albeit following the same methodology based on the above components, the Bank ensures that the assumptions of the underlying ECL methodology are reflective of the different natures and characteristics of each respective invest- ment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-460": { "value": "Property, plant and equipment Property, plant and equipment are recognised in the financial statements at their carrying amount, equal to the cost of acquisition less cumulative depreciation, and where applicable, cumulative impairment. The acquisition cost in- cludes costs directly attributable to the acquisition of the asset. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are recognised as expense in the consolidated statement of profit or loss when they are incurred. Property, plant and equipment are depreciated using the straight-line method towards their residual values and over their estimated useful lives, as follows: Office Buildings 3 \u2013 8 years Furnitures, fittings, and equipment 3 \u2013 8 years The asset\u2019s residual value and useful life are reviewed and adjusted, if appropriate, at the end of each reporting period. Gain or loss on disposal is determined as the difference between the net disposal proceeds, if any, and the carrying amount. The gain or loss from disposal is recognised in non-operating income and expenses in the consolidated statement of profit or loss Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-461": { "value": "Property, plant and equipment are recognised in the financial statements at their carrying amount, equal to the cost of acquisition less cumulative depreciation, and where applicable, cumulative impairment. The acquisition cost in- cludes costs directly attributable to the acquisition of the asset. Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-462": { "value": "Property, plant and equipment are recognised in the financial statements at their carrying amount, equal to the cost of acquisition less cumulative depreciation, and where applicable, cumulative impairment. The acquisition cost in- cludes costs directly attributable to the acquisition of the asset. Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-463": { "value": "
Intangible assets
The Group\u2019s intangible assets mainly consist of internally generated and capitalised software development costs,
and computer software purchased from third parties. The Group also has licences and trademarks that are presented
under other intangible assets.
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired
in a business combination is their fair value as of the date of acquisition. Research costs associated with internally gen-
erated intangible assets, except for development costs that may be capitalised, are expensed in the period when they
are incurred. Development costs are capitalised only if the Group has the technical feasibility to complete the asset,
has an ability and intention to use or sell the asset, can demonstrate that the asset will generate future economic ben-
efits, has resources available to complete the asset, and can measure reliably the expenditure during development.
The useful economic life of the Group\u2019s intangible assets, other than goodwill, is finite. After initial recognition, finite
intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible
assets are amortised using the straight-line method, which is considered to reflect best the pattern in which the
asset\u2019s future economic benefits are expected to be consumed, over their useful economic lives as follows:
Capitalised development costs: 2 \u2013 5 years
Computer software: 2 \u2013 10 years
Trademarks: 3 \u2013 5 years
Licences: 2 \u2013 10 years
Impairment of non-financial assets
Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually
for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov-
erable.
Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the
acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or
changes in circumstances indicate impairment may have occurred.
The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when
the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of
disposal and value-in-use .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-464": { "value": "Intangible assets The Group\u2019s intangible assets mainly consist of internally generated and capitalised software development costs, and computer software purchased from third parties. The Group also has licences and trademarks that are presented under other intangible assets. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as of the date of acquisition. Research costs associated with internally gen- erated intangible assets, except for development costs that may be capitalised, are expensed in the period when they are incurred. Development costs are capitalised only if the Group has the technical feasibility to complete the asset, has an ability and intention to use or sell the asset, can demonstrate that the asset will generate future economic ben- efits, has resources available to complete the asset, and can measure reliably the expenditure during development. The useful economic life of the Group\u2019s intangible assets, other than goodwill, is finite. After initial recognition, finite intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised using the straight-line method, which is considered to reflect best the pattern in which the asset\u2019s future economic benefits are expected to be consumed, over their useful economic lives as follows: Capitalised development costs: 2 \u2013 5 years Computer software: 2 \u2013 10 years Trademarks: 3 \u2013 5 years Licences: 2 \u2013 10 years Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-465": { "value": "Intangible assets The Group\u2019s intangible assets mainly consist of internally generated and capitalised software development costs, and computer software purchased from third parties. The Group also has licences and trademarks that are presented under other intangible assets. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as of the date of acquisition. Research costs associated with internally gen- erated intangible assets, except for development costs that may be capitalised, are expensed in the period when they are incurred. Development costs are capitalised only if the Group has the technical feasibility to complete the asset, has an ability and intention to use or sell the asset, can demonstrate that the asset will generate future economic ben- efits, has resources available to complete the asset, and can measure reliably the expenditure during development. The useful economic life of the Group\u2019s intangible assets, other than goodwill, is finite. After initial recognition, finite intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised using the straight-line method, which is considered to reflect best the pattern in which the asset\u2019s future economic benefits are expected to be consumed, over their useful economic lives as follows: Capitalised development costs: 2 \u2013 5 years Computer software: 2 \u2013 10 years Trademarks: 3 \u2013 5 years Licences: 2 \u2013 10 years Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-466": { "value": "Leases The Group\u2019s lease agreements primarily consist of office buildings and equipment. At contract inception, the Group assesses whether a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration and, accordingly, recognises a right-of-use asset and a lease liability for all leases with a lease term exceeding 12 months. The commencement date is when the lessor makes the underly- ing leased asset available for use by the Group. The Group applies a practical expedient whereby leases for which the lease term is 12 months or less at the lease commencement date (\"short-term leases\") are not recognised in its consolidated statement of financial position. Instead, the Group recognises the lease payments associated with short-term leases as an operating expense on a straight-line basis over the lease term. At the same time, Group designates any long-term lease with a monthly lease payment less than EUR 500 as a \"low value lease\". It recognises lease payments as an operating expense in the case when an estimated value of right-of-use asset for such lease agreement is less than EUR 60 thousand at the start of the contractual period. In addition, as a practical expedient, the Group does not separate certain non-lease components from lease components but instead accounts for each lease component and associated specified non-lease compo- nent as a single lease component. Other payments for non-lease components, variable based on consumption (e.g., property taxes, insurance payments and variable property service costs), are recognised as an expense when incurred . Right-of-use asset The right-of-use asset is initially measured at cost, which includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, and estimated restoration costs of the leased asset to the condition required by the contract at the end of the lease period, less any lease incentives (e.g., lease-free months) and any direct costs of the lease. After initial measurement, right-of-use assets are measured at cost less any accumulated depreciation and any accu- mulated impairment losses and adjusted for certain remeasurements of the lease liability. The right-of-use asset is depreciated using the straight-line method, from the commencement date to the earlier of the end of the contractual lease term, or the estimated useful economic lives of the right-of-use assets, as follows: Office buildings: 3 \u2013 6 years Office equipment: 3 \u2013 4 years At the end of each reporting period, the Group assesses the lease terms of open-ended contracts to determine whether an extension or reduction in the lease term is appropriate. Lease liability At commencement date, lease liabilities are measured at the present value of lease payments to be made over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, as well as any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The lease payments include fixed lease payments and certain fixed non-lease components less any lease incentives receivable, variable lease payments that depend on an index or a rate, and appropriate termination fees whenever the lease term was determined based on the expectation that the Group will exercise its option to terminate. The Group does not generally enter into lease contracts with variable lease payments linked to future performance or use of an underlying asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amounts for the right-of-use asset and lease liability are remeasured if there is a modification, a change in the lease term or a change in the future lease payments resulting from a change in an index or rate used to determine such lease payments. The interest component of the lease payments is recognised as interest expense within finance costs in the consolidated statement of profit or loss . Incremental borrowing rate The lease payments are discounted using the Group\u2019s incremental borrowing rate. This rate is calculated at the begin- ning of the lease and is equal to the weighted nominal interest rate paid on the Group\u2019s long-term borrowings. At the beginning of each period, the Group reviews and assesses the need to modify the applicable incremental borrowing rate based on whether there are significant changes in the economic conditions and assumptions used for modelling the incremental borrowing rate . Impairment of non-financial assets Property, plant and equipment, intangible assets, excluding goodwill, and right-of-use assets are reviewed annually for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov- erable. Goodwill arises from business combinations accounted for using the acquisition method, where the Group is the acquirer. Goodwill is not subject to amortisation, but is tested annually for impairment, or more frequently if events or changes in circumstances indicate impairment may have occurred. The impairment loss is recognised as a non-operating expense in the consolidated statement of profit or loss when the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less costs of disposal and value-in-use . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-467": { "value": "
Financial assets
Initial recognition and measurement
The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual
provisions of the instrument. Regular way purchases and sales of financial assets are recognised on the trade date,
which is the date on which the Bank commits to purchase or sell the asset. Accordingly, the Group uses trade date
accounting for regular way contracts when recording financial asset transactions.
At initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset
not at fair value through profit or loss (FVPL), transaction costs that are incremental and directly attributable to the
acquisition or issue of the financial asset, such as fees and commissions. Transaction costs of financial assets carried
at FVPL are expensed in profit or loss. Immediately after initial recognition, an expected credit loss allowance (ECL)
is recognised for financial assets measured at amortised cost and investments in debt instruments measured at fair
value through other comprehensive (FVOCI), which results in an accounting loss being recognised in profit or loss
when an asset is newly originated.
When the fair value of financial assets differs from the transaction price on initial recognition, the Group recognises the difference as follows: - When the fair value is evidenced by a quoted price in an active market for an identical asset (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the difference is recognised as a gain or loss. - In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortised over the life of the instrument, deferred until the instrument's fair value can be determined using market observable inputs, or realised through settlement . Classification and subsequent measurement The Group classifies its financial assets as financial assets subsequently measured at amortised cost (carrying amount less loss allowances calculated using expected credit losses), financial assets measured at fair value with changes recognised through other comprehensive income (\"FVOCI\"), and financial assets measured at fair value with changes recognised through profit and loss (\"FVPL\"). The appropriate category is selected based on the Group\u2019s business mod- el for managing the financial asset and the contractual cash flow characteristics of the asset. The Group\u2019s business model for managing financial assets is assessed at the portfolio level as this best reflects how the business and financial assets are managed to generate cash flows, and how information is provided to management. Similarly, the Group assesses contractual cash flow characteristics of financial assets at the portfolio level, and where applicable, at the individual product level. The Group assesses whether the contractual cash flows are generated solely through payments of principal and interest (\"SPPI\"), by considering contractual terms that might introduce elements of variability in the contractual cash flows in relation to contingent events, leverage features, prepayment clauses, the extension of payment terms, and similar modifications to the contract giving rise to a recognition of the financial asset. Financial assets measured at amortised cost are debt instruments held within a business model that has an objective to hold assets to collect contractual cash flows. The Group\u2019s financial assets measured at amortised cost include loans to customers, cash and cash equivalents, receivables from sold portfolio, receivables from banks and other current and non-current financial assets from third parties. After initial measurement, the Group determines loss allowances related to financial assets, using the expected credit loss (\"ECL\") model. The Group\u2019s ECL model, inputs, and assump- tions are disclosed in Note 3.1. Financial assets at FVOCI are either debt instruments held within a business model which objective is achieved both by holding the financial assets to collect contractual cash flows and by selling the financial assets, or equity instruments that would otherwise be classified as financial assets at FVPL that are irrevocably designated as financial assets at FVOCI at initial recognition. Financial assets at FVPL are either equity instruments that do not meet the definition of equity under IAS 32, debt in- struments that do not fall in either of the preceding categories, or debt instruments that fall in either of the preceding categories but are irrevocably designated as financial asset at FVPL at initial recognition to eliminate or significantly reduce measurement or recognition inconsistency. The Group\u2019s financial assets at FVPL consist of derivative financial assets that are used to hedge the cash flow impact of changes in exchange rates in relation to the foreign currency denominated intercompany loans, and as a result, do not fall in either of the preceding categories . Derecognition The Group generally derecognises a financial asset, or a part of a financial asset, when it ceases to have control of the contractual rights that comprise the financial asset, or a part of a financial asset. In determining the date when the Group ceases to have control of the financial asset, or a part of a financial asset, the Group considers the earliest date when the rights to the cash flows from the asset has expired; when the Group has transferred its rights to receive the cash flows and substantially all risks and rewards from the asset to another entity; and when the Group has assumed an obligation to pay the cash flows from the asset to another entity that meets the requirements set out in IFRS 9 and has transferred substantially all risks and rewards from the asset to the said entity. At derecognition, the Group recognises the difference between the net proceeds received from the transfer of the fi- nancial asset, or a part of a financial asset, to another entity, if any. The carrying amount of the financial asset, or a part of a financial asset, transferred as gain or loss on derecognition of the financial asset in the consolidated statement of profit or loss . Modification of contractual cash flows When the contractual cash flows of a financial asset are renegotiated or modified, the Group assesses whether there are substantial differences between the terms and conditions, and the contractual cash flows associated with the financial asset after the modification. If so, the Group derecognises the carrying amount of the underlying financial as- set, recalculates and recognises the gross carrying amount of the new financial asset based on the revised contractual terms and cash flows, and recognises any gains or losses arising from such modification in its consolidated statement of profit or loss . Modifications of terms and conditions and contractual cash flows related to loans to customers normally arise from various product features included in the terms and conditions of loan agreements with customers, including re- scheduling, payment holidays, due date changes, modification to the payment schedule, and payment-free months, which do not necessarily constitute forbearance as defined by EU Regulation 575/2013 (\"CRR2\"). These arrangements typically arise from short-term consumer loans that are not considered to be individually significant at the Group level. Usually, they occur without substantially modifying the contractual terms and cash flows of the underlying loan agreements apart from upfront payments of minor rescheduling and extension fees. As a result, the Group does not usually recognise any gain or loss arising from modifications of low-value consumer loans, instead, upfront resched- uling and extension fees are recognised as revenue at the point in time when the Group\u2019s performance obligation to reschedule or extend the underlying loan agreement was satisfied. Financial liabilities Classification The Group generally recognises and classifies all its issued debt instruments as financial liabilities subsequently measured at amortised cost, except for derivative financial liabilities that are classified as financial liabilities at FVPL and issued debt instruments with characteristics of an equity instrument, classified as such. The Group\u2019s financial liabilities measured at amortised cost consist of borrowings, deposits from customers, lease liabilities, trade payables, and other current and non-current liabilities that will be extinguished through cash payments. At initial recognition, the Group assesses whether an issued debt instrument should be classified as an equity in- strument. The Group considers all relevant contractual terms to determine whether the instrument does not include a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially unfavourable to the Group. In applying these criteria, the Group considers that discretionary payments of the principal amount, or any interests thereon, to the holders of the issued debt instrument do not necessarily constitute a contractual obligation to deliver cash or another financial asset to another entity Measurement The Group generally recognises financial liabilities on initial measurement at their fair value including transaction costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec- ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia - bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated intercompany loans . Derecognition and modification The Group derecognises a financial liability, or portion of a financial liability, when its contractual obligations that comprise the financial liability are extinguished . An exchange between the Group and the lender of debt instruments with substantially different terms is extin- guishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability, extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred, or liabilities assumed, as gain or loss in the consolidated statement of profit or loss. When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the rel- ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss Cash and cash equivalents Cash and cash equivalents include cash at bank and on hand as well as short-term highly liquid investments that are readily convertible to known amounts of cash with the maturities at the acquisition of three months or less, as well as bank deposits with maturities or contractual call periods at the acquisition of three months or less. Bank deposits, that are set aside as collateral to fund the Group\u2019s swaps and forward contracts and do not meet the definition of cash and cash equivalents, are classified as financial assets at amortised cost and presented as receivables from banks under other current financial assets in the consolidated statement of financial position Derivative instruments Tracker forwards and currency forward contracts are part of the Group\u2019s risk management policy. All derivatives arising from such contracts are recognised initially at fair value when a derivative contract is entered into and subsequently remeasured at fair value. Derivative financial assets and liabilities are presented in the consolidated statement of financial position under the current assets and current liabilities section, respectively. The Group does not apply hedge accounting. As a result, realised and unrealised gains and losses arising from chang- es in fair values of the derivative financial assets and liabilities, as well as accumulated interest income and expenses for interest swaps and forward contracts during the financial period, are recognised as finance income or cost in the Group\u2019s consolidated statement of profit or loss Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest, by using quoted market rates, discounted cash flow analyses and other appropri- ate valuation models. In contrast, equity instruments are mainly valued using Multitude\u2019s market share price, adjusted using valuation techniques that can include both observable and unobservable inputs, where applicable. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to mea- sure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All financial instruments for which fair values are being measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 - Quoted (unadjusted) market prices for exchange-traded products in active markets for identical assets or liabilities Level 2 - Valuation techniques for which significant inputs other than quoted prices are directly or indirectly observ- able; and Level 3 - Valuation techniques for which significant inputs are unobservable. The Group categorises assets and liabilities that are measured at fair value on a recurring basis into an appropriate level of the fair value hierarchy at the end of each reporting period as presented in Notes 17 and 19 for financial assets and liabilities, respectively ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-468": { "value": "Financial assets Initial recognition and measurement The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognised on the trade date, which is the date on which the Bank commits to purchase or sell the asset. Accordingly, the Group uses trade date accounting for regular way contracts when recording financial asset transactions. At initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset, such as fees and commissions. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Immediately after initial recognition, an expected credit loss allowance (ECL) is recognised for financial assets measured at amortised cost and investments in debt instruments measured at fair value through other comprehensive (FVOCI), which results in an accounting loss being recognised in profit or loss when an asset is newly originated. When the fair value of financial assets differs from the transaction price on initial recognition, the Group recognises the difference as follows: - When the fair value is evidenced by a quoted price in an active market for an identical asset (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the difference is recognised as a gain or loss. - In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortised over the life of the instrument, deferred until the instrument's fair value can be determined using market observable inputs, or realised through settlement . Classification and subsequent measurement The Group classifies its financial assets as financial assets subsequently measured at amortised cost (carrying amount less loss allowances calculated using expected credit losses), financial assets measured at fair value with changes recognised through other comprehensive income (\"FVOCI\"), and financial assets measured at fair value with changes recognised through profit and loss (\"FVPL\"). The appropriate category is selected based on the Group\u2019s business mod- el for managing the financial asset and the contractual cash flow characteristics of the asset. The Group\u2019s business model for managing financial assets is assessed at the portfolio level as this best reflects how the business and financial assets are managed to generate cash flows, and how information is provided to management. Similarly, the Group assesses contractual cash flow characteristics of financial assets at the portfolio level, and where applicable, at the individual product level. The Group assesses whether the contractual cash flows are generated solely through payments of principal and interest (\"SPPI\"), by considering contractual terms that might introduce elements of variability in the contractual cash flows in relation to contingent events, leverage features, prepayment clauses, the extension of payment terms, and similar modifications to the contract giving rise to a recognition of the financial asset. Financial assets measured at amortised cost are debt instruments held within a business model that has an objective to hold assets to collect contractual cash flows. The Group\u2019s financial assets measured at amortised cost include loans to customers, cash and cash equivalents, receivables from sold portfolio, receivables from banks and other current and non-current financial assets from third parties. After initial measurement, the Group determines loss allowances related to financial assets, using the expected credit loss (\"ECL\") model. The Group\u2019s ECL model, inputs, and assump- tions are disclosed in Note 3.1. Financial assets at FVOCI are either debt instruments held within a business model which objective is achieved both by holding the financial assets to collect contractual cash flows and by selling the financial assets, or equity instruments that would otherwise be classified as financial assets at FVPL that are irrevocably designated as financial assets at FVOCI at initial recognition. Financial assets at FVPL are either equity instruments that do not meet the definition of equity under IAS 32, debt in- struments that do not fall in either of the preceding categories, or debt instruments that fall in either of the preceding categories but are irrevocably designated as financial asset at FVPL at initial recognition to eliminate or significantly reduce measurement or recognition inconsistency. The Group\u2019s financial assets at FVPL consist of derivative financial assets that are used to hedge the cash flow impact of changes in exchange rates in relation to the foreign currency denominated intercompany loans, and as a result, do not fall in either of the preceding categories . Derecognition The Group generally derecognises a financial asset, or a part of a financial asset, when it ceases to have control of the contractual rights that comprise the financial asset, or a part of a financial asset. In determining the date when the Group ceases to have control of the financial asset, or a part of a financial asset, the Group considers the earliest date when the rights to the cash flows from the asset has expired; when the Group has transferred its rights to receive the cash flows and substantially all risks and rewards from the asset to another entity; and when the Group has assumed an obligation to pay the cash flows from the asset to another entity that meets the requirements set out in IFRS 9 and has transferred substantially all risks and rewards from the asset to the said entity. At derecognition, the Group recognises the difference between the net proceeds received from the transfer of the fi- nancial asset, or a part of a financial asset, to another entity, if any. The carrying amount of the financial asset, or a part of a financial asset, transferred as gain or loss on derecognition of the financial asset in the consolidated statement of profit or loss Modification of contractual cash flows When the contractual cash flows of a financial asset are renegotiated or modified, the Group assesses whether there are substantial differences between the terms and conditions, and the contractual cash flows associated with the financial asset after the modification. If so, the Group derecognises the carrying amount of the underlying financial as- set, recalculates and recognises the gross carrying amount of the new financial asset based on the revised contractual terms and cash flows, and recognises any gains or losses arising from such modification in its consolidated statement of profit or loss Modifications of terms and conditions and contractual cash flows related to loans to customers normally arise from various product features included in the terms and conditions of loan agreements with customers, including re- scheduling, payment holidays, due date changes, modification to the payment schedule, and payment-free months, which do not necessarily constitute forbearance as defined by EU Regulation 575/2013 (\"CRR2\"). These arrangements typically arise from short-term consumer loans that are not considered to be individually significant at the Group level. Usually, they occur without substantially modifying the contractual terms and cash flows of the underlying loan agreements apart from upfront payments of minor rescheduling and extension fees. As a result, the Group does not usually recognise any gain or loss arising from modifications of low-value consumer loans, instead, upfront resched- uling and extension fees are recognised as revenue at the point in time when the Group\u2019s performance obligation to reschedule or extend the underlying loan agreement was satisfied. Financial liabilities Classification The Group generally recognises and classifies all its issued debt instruments as financial liabilities subsequently measured at amortised cost, except for derivative financial liabilities that are classified as financial liabilities at FVPL and issued debt instruments with characteristics of an equity instrument, classified as such. The Group\u2019s financial liabilities measured at amortised cost consist of borrowings, deposits from customers, lease liabilities, trade payables, and other current and non-current liabilities that will be extinguished through cash payments. At initial recognition, the Group assesses whether an issued debt instrument should be classified as an equity in- strument. The Group considers all relevant contractual terms to determine whether the instrument does not include a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially unfavourable to the Group. In applying these criteria, the Group considers that discretionary payments of the principal amount, or any interests thereon, to the holders of the issued debt instrument do not necessarily constitute a contractual obligation to deliver cash or another financial asset to another entity . Measurement The Group generally recognises financial liabilities on initial measurement at their fair value including transaction costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec- ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia - bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated intercompany loans . Derecognition and modification The Group derecognises a financial liability, or portion of a financial liability, when its contractual obligations that comprise the financial liability are extinguished An exchange between the Group and the lender of debt instruments with substantially different terms is extin- guishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability, extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred, or liabilities assumed, as gain or loss in the consolidated statement of profit or loss. When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the rel- ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss . Derivative instruments Tracker forwards and currency forward contracts are part of the Group\u2019s risk management policy. All derivatives arising from such contracts are recognised initially at fair value when a derivative contract is entered into and subsequently remeasured at fair value. Derivative financial assets and liabilities are presented in the consolidated statement of financial position under the current assets and current liabilities section, respectively. The Group does not apply hedge accounting. As a result, realised and unrealised gains and losses arising from chang- es in fair values of the derivative financial assets and liabilities, as well as accumulated interest income and expenses for interest swaps and forward contracts during the financial period, are recognised as finance income or cost in the Group\u2019s consolidated statement of profit or loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-469": { "value": "Financial assets Initial recognition and measurement The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognised on the trade date, which is the date on which the Bank commits to purchase or sell the asset. Accordingly, the Group uses trade date accounting for regular way contracts when recording financial asset transactions. At initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset, such as fees and commissions. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Immediately after initial recognition, an expected credit loss allowance (ECL) is recognised for financial assets measured at amortised cost and investments in debt instruments measured at fair value through other comprehensive (FVOCI), which results in an accounting loss being recognised in profit or loss when an asset is newly originated. When the fair value of financial assets differs from the transaction price on initial recognition, the Group recognises the difference as follows: - When the fair value is evidenced by a quoted price in an active market for an identical asset (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the difference is recognised as a gain or loss. - In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortised over the life of the instrument, deferred until the instrument's fair value can be determined using market observable inputs, or realised through settlement Classification and subsequent measurement The Group classifies its financial assets as financial assets subsequently measured at amortised cost (carrying amount less loss allowances calculated using expected credit losses), financial assets measured at fair value with changes recognised through other comprehensive income (\"FVOCI\"), and financial assets measured at fair value with changes recognised through profit and loss (\"FVPL\"). The appropriate category is selected based on the Group\u2019s business mod- el for managing the financial asset and the contractual cash flow characteristics of the asset. The Group\u2019s business model for managing financial assets is assessed at the portfolio level as this best reflects how the business and financial assets are managed to generate cash flows, and how information is provided to management. Similarly, the Group assesses contractual cash flow characteristics of financial assets at the portfolio level, and where applicable, at the individual product level. The Group assesses whether the contractual cash flows are generated solely through payments of principal and interest (\"SPPI\"), by considering contractual terms that might introduce elements of variability in the contractual cash flows in relation to contingent events, leverage features, prepayment clauses, the extension of payment terms, and similar modifications to the contract giving rise to a recognition of the financial asset. Financial assets measured at amortised cost are debt instruments held within a business model that has an objective to hold assets to collect contractual cash flows. The Group\u2019s financial assets measured at amortised cost include loans to customers, cash and cash equivalents, receivables from sold portfolio, receivables from banks and other current and non-current financial assets from third parties. After initial measurement, the Group determines loss allowances related to financial assets, using the expected credit loss (\"ECL\") model. The Group\u2019s ECL model, inputs, and assump- tions are disclosed in Note 3.1.
Financial assets at FVOCI are either debt instruments held within a business model which objective is achieved both by
holding the financial assets to collect contractual cash flows and by selling the financial assets, or equity instruments
that would otherwise be classified as financial assets at FVPL that are irrevocably designated as financial assets at
FVOCI at initial recognition. The Group did not have any financial assets classified as FVOCI, designated or otherwise,
Financial assets at FVPL are either equity instruments that do not meet the definition of equity under IAS 32, debt in- struments that do not fall in either of the preceding categories, or debt instruments that fall in either of the preceding categories but are irrevocably designated as financial asset at FVPL at initial recognition to eliminate or significantly reduce measurement or recognition inconsistency. The Group\u2019s financial assets at FVPL consist of derivative financial assets that are used to hedge the cash flow impact of changes in exchange rates in relation to the foreign currency denominated intercompany loans, and as a result, do not fall in either of the preceding categories Derecognition The Group generally derecognises a financial asset, or a part of a financial asset, when it ceases to have control of the contractual rights that comprise the financial asset, or a part of a financial asset. In determining the date when the Group ceases to have control of the financial asset, or a part of a financial asset, the Group considers the earliest date when the rights to the cash flows from the asset has expired; when the Group has transferred its rights to receive the cash flows and substantially all risks and rewards from the asset to another entity; and when the Group has assumed an obligation to pay the cash flows from the asset to another entity that meets the requirements set out in IFRS 9 and has transferred substantially all risks and rewards from the asset to the said entity. At derecognition, the Group recognises the difference between the net proceeds received from the transfer of the fi- nancial asset, or a part of a financial asset, to another entity, if any. The carrying amount of the financial asset, or a part of a financial asset, transferred as gain or loss on derecognition of the financial asset in the consolidated statement of profit or loss Modification of contractual cash flows When the contractual cash flows of a financial asset are renegotiated or modified, the Group assesses whether there are substantial differences between the terms and conditions, and the contractual cash flows associated with the financial asset after the modification. If so, the Group derecognises the carrying amount of the underlying financial as- set, recalculates and recognises the gross carrying amount of the new financial asset based on the revised contractual terms and cash flows, and recognises any gains or losses arising from such modification in its consolidated statement of profit or loss . Modifications of terms and conditions and contractual cash flows related to loans to customers normally arise from various product features included in the terms and conditions of loan agreements with customers, including re- scheduling, payment holidays, due date changes, modification to the payment schedule, and payment-free months, which do not necessarily constitute forbearance as defined by EU Regulation 575/2013 (\"CRR2\"). These arrangements typically arise from short-term consumer loans that are not considered to be individually significant at the Group level. Usually, they occur without substantially modifying the contractual terms and cash flows of the underlying loan agreements apart from upfront payments of minor rescheduling and extension fees. As a result, the Group does not usually recognise any gain or loss arising from modifications of low-value consumer loans, instead, upfront resched- uling and extension fees are recognised as revenue at the point in time when the Group\u2019s performance obligation to reschedule or extend the underlying loan agreement was satisfied. Financial liabilities Classification The Group generally recognises and classifies all its issued debt instruments as financial liabilities subsequently measured at amortised cost, except for derivative financial liabilities that are classified as financial liabilities at FVPL and issued debt instruments with characteristics of an equity instrument, classified as such. The Group\u2019s financial liabilities measured at amortised cost consist of borrowings, deposits from customers, lease liabilities, trade payables, and other current and non-current liabilities that will be extinguished through cash payments. At initial recognition, the Group assesses whether an issued debt instrument should be classified as an equity in- strument. The Group considers all relevant contractual terms to determine whether the instrument does not include a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially unfavourable to the Group. In applying these criteria, the Group considers that discretionary payments of the principal amount, or any interests thereon, to the holders of the issued debt instrument do not necessarily constitute a contractual obligation to deliver cash or another financial asset to another entity Measurement The Group generally recognises financial liabilities on initial measurement at their fair value including transaction costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec- ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia - bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated intercompany loans Derecognition and modification The Group derecognises a financial liability, or portion of a financial liability, when its contractual obligations that comprise the financial liability are extinguished An exchange between the Group and the lender of debt instruments with substantially different terms is extin- guishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability, extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred, or liabilities assumed, as gain or loss in the consolidated statement of profit or loss. When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the rel- ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss
Derivative instruments
Tracker forwards and currency forward contracts are part of the Group\u2019s risk management policy. All derivatives arising
from such contracts are recognised initially at fair value when a derivative contract is entered into and subsequently
remeasured at fair value. Derivative financial assets and liabilities are presented in the consolidated statement of
financial position under the current assets and current liabilities section, respectively.
The Group does not apply hedge accounting. As a result, realised and unrealised gains and losses arising from chang-
es in fair values of the derivative financial assets and liabilities, as well as accumulated interest income and expenses
for interest swaps and forward contracts during the financial period, are recognised as finance income or cost in the
Group\u2019s consolidated statement of profit or loss .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-470": { "value": "
Classification and subsequent measurement
The Group classifies its financial assets as financial assets subsequently measured at amortised cost (carrying amount
less loss allowances calculated using expected credit losses), financial assets measured at fair value with changes
recognised through other comprehensive income (\"FVOCI\"), and financial assets measured at fair value with changes
recognised through profit and loss (\"FVPL\"). The appropriate category is selected based on the Group\u2019s business mod-
el for managing the financial asset and the contractual cash flow characteristics of the asset.
The Group\u2019s business model for managing financial assets is assessed at the portfolio level as this best reflects how the
business and financial assets are managed to generate cash flows, and how information is provided to management.
Similarly, the Group assesses contractual cash flow characteristics of financial assets at the portfolio level, and where
applicable, at the individual product level. The Group assesses whether the contractual cash flows are generated
solely through payments of principal and interest (\"SPPI\"), by considering contractual terms that might introduce
elements of variability in the contractual cash flows in relation to contingent events, leverage features, prepayment
clauses, the extension of payment terms, and similar modifications to the contract giving rise to a recognition of the
financial asset.
Financial assets at FVOCI are either debt instruments held within a business model which objective is achieved both by holding the financial assets to collect contractual cash flows and by selling the financial assets, or equity instruments that would otherwise be classified as financial assets at FVPL that are irrevocably designated as financial assets at FVOCI at initial recognition. Financial assets at FVPL are either equity instruments that do not meet the definition of equity under IAS 32, debt in- struments that do not fall in either of the preceding categories, or debt instruments that fall in either of the preceding categories but are irrevocably designated as financial asset at FVPL at initial recognition to eliminate or significantly reduce measurement or recognition inconsistency. The Group\u2019s financial assets at FVPL consist of derivative financial assets that are used to hedge the cash flow impact of changes in exchange rates in relation to the foreign currency denominated intercompany loans, and as a result, do not fall in either of the preceding categories
Financial liabilities
Classification
The Group generally recognises and classifies all its issued debt instruments as financial liabilities subsequently
measured at amortised cost, except for derivative financial liabilities that are classified as financial liabilities at FVPL
and issued debt instruments with characteristics of an equity instrument, classified as such. The Group\u2019s financial
liabilities measured at amortised cost consist of borrowings, deposits from customers, lease liabilities, trade payables,
and other current and non-current liabilities that will be extinguished through cash payments.
Measurement The Group generally recognises financial liabilities on initial measurement at their fair value including transaction costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec- ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated intercompany loans ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-471": { "value": "The Group did not have any financial assets irrevocably designated as financial asset at FVPL at initial recognition as at and for the years ended 31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-472": { "value": "
Derecognition
The Group generally derecognises a financial asset, or a part of a financial asset, when it ceases to have control of the
contractual rights that comprise the financial asset, or a part of a financial asset.
In determining the date when the Group ceases to have control of the financial asset, or a part of a financial asset, the
Group considers the earliest date when the rights to the cash flows from the asset has expired; when the Group has
transferred its rights to receive the cash flows and substantially all risks and rewards from the asset to another entity;
and when the Group has assumed an obligation to pay the cash flows from the asset to another entity that meets the
requirements set out in IFRS 9 and has transferred substantially all risks and rewards from the asset to the said entity.
At derecognition, the Group recognises the difference between the net proceeds received from the transfer of the fi-
nancial asset, or a part of a financial asset, to another entity, if any. The carrying amount of the financial asset, or a part
of a financial asset, transferred as gain or loss on derecognition of the financial asset in the consolidated statement of
profit or loss .
Derecognition and modification The Group derecognises a financial liability, or portion of a financial liability, when its contractual obligations that comprise the financial liability are extinguished .
An exchange between the Group and the lender of debt instruments with substantially different terms is extin-
guishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial
modification of the terms of an existing financial liability, or a part of an existing financial liability, is accounted for as
an extinguishment of the original financial liability and the recognition of a new financial liability.
The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability,
extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred,
or liabilities assumed, as gain or loss in the consolidated statement of profit or loss.
When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the
financial liability between the part that continues to be recognised and the part that is derecognised based on the rel-
ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between
the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets
transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-473": { "value": "
Modification of contractual cash flows
When the contractual cash flows of a financial asset are renegotiated or modified, the Group assesses whether there
are substantial differences between the terms and conditions, and the contractual cash flows associated with the
financial asset after the modification. If so, the Group derecognises the carrying amount of the underlying financial as-
set, recalculates and recognises the gross carrying amount of the new financial asset based on the revised contractual
terms and cash flows, and recognises any gains or losses arising from such modification in its consolidated statement
of profit or loss .
Modifications of terms and conditions and contractual cash flows related to loans to customers normally arise from
various product features included in the terms and conditions of loan agreements with customers, including re-
scheduling, payment holidays, due date changes, modification to the payment schedule, and payment-free months,
which do not necessarily constitute forbearance as defined by EU Regulation 575/2013 (\"CRR2\"). These arrangements
typically arise from short-term consumer loans that are not considered to be individually significant at the Group
level. Usually, they occur without substantially modifying the contractual terms and cash flows of the underlying loan
agreements apart from upfront payments of minor rescheduling and extension fees. As a result, the Group does not
usually recognise any gain or loss arising from modifications of low-value consumer loans, instead, upfront resched-
uling and extension fees are recognised as revenue at the point in time when the Group\u2019s performance obligation to
reschedule or extend the underlying loan agreement was satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-474": { "value": "Financial liabilities Classification The Group generally recognises and classifies all its issued debt instruments as financial liabilities subsequently measured at amortised cost, except for derivative financial liabilities that are classified as financial liabilities at FVPL and issued debt instruments with characteristics of an equity instrument, classified as such. The Group\u2019s financial liabilities measured at amortised cost consist of borrowings, deposits from customers, lease liabilities, trade payables, and other current and non-current liabilities that will be extinguished through cash payments. At initial recognition, the Group assesses whether an issued debt instrument should be classified as an equity in- strument. The Group considers all relevant contractual terms to determine whether the instrument does not include a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially unfavourable to the Group. In applying these criteria, the Group considers that discretionary payments of the principal amount, or any interests thereon, to the holders of the issued debt instrument do not necessarily constitute a contractual obligation to deliver cash or another financial asset to another entity . As at 31 December 2021 and 31 December 2022, the carrying amount of issued perpetual bonds classified as an equity instrument in the Group\u2019s consolidated statement of financial position is EUR 50 million. Measurement The Group generally recognises financial liabilities on initial measurement at their fair value including transaction costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec- ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia - bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated intercompany loans . Derecognition and modification The Group derecognises a financial liability, or portion of a financial liability, when its contractual obligations that comprise the financial liability are extinguished . An exchange between the Group and the lender of debt instruments with substantially different terms is extin- guishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability, extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred, or liabilities assumed, as gain or loss in the consolidated statement of profit or loss. When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the rel- ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-475": { "value": "Financial liabilities Classification The Group generally recognises and classifies all its issued debt instruments as financial liabilities subsequently measured at amortised cost, except for derivative financial liabilities that are classified as financial liabilities at FVPL and issued debt instruments with characteristics of an equity instrument, classified as such. The Group\u2019s financial liabilities measured at amortised cost consist of borrowings, deposits from customers, lease liabilities, trade payables, and other current and non-current liabilities that will be extinguished through cash payments. At initial recognition, the Group assesses whether an issued debt instrument should be classified as an equity in- strument. The Group considers all relevant contractual terms to determine whether the instrument does not include a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially unfavourable to the Group. In applying these criteria, the Group considers that discretionary payments of the principal amount, or any interests thereon, to the holders of the issued debt instrument do not necessarily constitute a contractual obligation to deliver cash or another financial asset to another entity . As at 31 December 2021 and 31 December 2022, the carrying amount of issued perpetual bonds classified as an equity instrument in the Group\u2019s consolidated statement of financial position is EUR 50 million. Measurement The Group generally recognises financial liabilities on initial measurement at their fair value including transaction costs, and subsequently at amortised cost using the effective interest method, with resulting interest expense rec- ognised as a financial cost in the consolidated statement of profit or loss, except for financial liabilities at FVPL, which are initially measured at fair value, excluding transaction costs, and after that are carried at fair value, with changes in fair value recognised through profit or loss. The Group\u2019s financial liabilities at FVPL consist of derivative financial lia - bilities used to hedge the cash flow impact of changes in exchange rates in relation to foreign currency denominated intercompany loans . Derecognition and modification The Group derecognises a financial liability, or portion of a financial liability, when its contractual obligations that comprise the financial liability are extinguished . An exchange between the Group and the lender of debt instruments with substantially different terms is extin- guishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The Group recognises the difference between the carrying amount of a financial liability or part of a financial liability, extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred, or liabilities assumed, as gain or loss in the consolidated statement of profit or loss. When the Group repurchases a part of a financial liability, the Group allocates the previous carrying amount of the financial liability between the part that continues to be recognised and the part that is derecognised based on the rel- ative fair values of those parts on the date of the repurchase. Similarly, the Group recognises the difference between the carrying amount allocated to the part derecognised and the consideration paid, including any non-cash assets transferred, or liabilities assumed, for the part derecognised in the consolidated statement of profit or loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-476": { "value": "
Cash and cash equivalents
Cash and cash equivalents include cash at bank and on hand as well as short-term highly liquid investments that are
readily convertible to known amounts of cash with the maturities at the acquisition of three months or less, as well as
bank deposits with maturities or contractual call periods at the acquisition of three months or less.
Bank deposits, that are set aside as collateral to fund the Group\u2019s swaps and forward contracts and do not meet the
definition of cash and cash equivalents, are classified as financial assets at amortised cost and presented as receivables
from banks under other current financial assets in the consolidated statement of financial position .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-477": { "value": "
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the asset or liability, assuming that market participants
act in their economic best interest, by using quoted market rates, discounted cash flow analyses and other appropri-
ate valuation models. In contrast, equity instruments are mainly valued using Multitude\u2019s market share price, adjusted
using valuation techniques that can include both observable and unobservable inputs, where applicable. The Group
uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to mea-
sure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All financial instruments for which fair values are being measured or disclosed in the consolidated financial statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant
to the fair value measurement as a whole:
Level 1 - Quoted (unadjusted) market prices for exchange-traded products in active markets for identical assets or
liabilities
Level 2 - Valuation techniques for which significant inputs other than quoted prices are directly or indirectly observ-
able; and
Level 3 - Valuation techniques for which significant inputs are unobservable.
The Group categorises assets and liabilities that are measured at fair value on a recurring basis into an appropriate
level of the fair value hierarchy at the end of each reporting period as presented in Notes 17 and 19 for financial assets
and liabilities, respectively .
3.3. Fair value of rewards shares The Group applies a valuation methodology based on geometric Brownian motion and the assumption that loga- rithmic returns are normally distributed, considering the dividend-adjusted share price at valuation dates, expected rate of return, and risk-free volatility. Since the performance share plan is essentially a derivative, the Group applies a risk-neutral valuation concept that uses a risk-free rate as the expected return. Using this methodology, the Group calculated the performance share valuation by modelling potential outcomes of the Group\u2019s share price at the end of the performance period and discounted the average calculated payoffs from each outcome to get the present value of the average payoffs after the performance period", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-478": { "value": "
Contingent assets and contingent liabilities
ment of financial position. As at 31 December 2022, and 2021, the Group does not have any contingent assets or
contingent liabilities requiring disclosure of its consolidated financial statements .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-479": { "value": "Contingent assets and contingent liabilities The Group discloses probable assets and contingent liabilities such as commitments, guarantees, pledges, and other items that do not meet the recognition criteria for an asset or a liability, as outlined in the conceptual framework, to the extent that the amount can be measured reliably and that upon meeting such measurement criteria, the underlying asset or liability could have significant impact to the Group\u2019s consolidated statements of financial position, profit or loss, and cash flows. The Group does not disclose contingent assets and contingent liabilities wherein the probability of the occurrence or non-occurrence of one or more uncertain future events that can confirm the existence of the underlying asset or liability is considered remote. At each reporting period, the Group performs a continuous assessment and monitoring of whether underlying events and circumstances give a rise to assets and liabilities that require disclosure and recognition in its consolidated state- ment of financial position. As at 31 December 2022, and 2021, the Group does not have any contingent assets or contingent liabilities requiring disclosure of its consolidated financial statements ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-480": { "value": "Contingent assets and contingent liabilities As at 31 December 2022, and 2021, the Group does not have any contingent assets or contingent liabilities requiring disclosure of its consolidated financial statements .", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-481": { "value": "Contingent assets and contingent liabilities As at 31 December 2022, and 2021, the Group does not have any contingent assets or contingent liabilities requiring disclosure of its consolidated financial statements .", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-482": { "value": "
Equity
Share capital
The difference between the share par value and the fair value of considerations received in exchange for such shares are accounted for as additional paid-in capital. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-483": { "value": "Equity Share capital The Group has 21,577,760 shares issued and outstanding as at 31 December 2022 and 2021, with par value of EUR 1.00 per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-484": { "value": "Equity Share capital The Group has 21,577,760 shares issued and outstanding as at 31 December 2022 and 2021, with par value of EUR 1.00 per share. Treasury shares The Group holds 146,200 shares, representing 0.7% of total shares issued, held as treasury shares as at 31 December 2022 and 2021. No consideration is paid to the treasury shares in the distribution of equity
Multitude SE issued a EUR 50 million worth of unsecured and subordinated perpetual capital bonds(\"perpetual
bonds\") on 5 July 2021, at of 99.50% of the nominal amount. The perpetual bonds (ISIN NO0011037327) were drawn
against a total authorised framework of EUR 100 million with a floating coupon rate of 8.90% plus 3-month Euribor..
The Group has a right to postpone the interest payment due on the perpetual bonds, provided it has informed the
bondholders of the postponement within the timeframe specified in the terms and conditions. Any discretionary
dividend distribution by the Company triggers an interest payment obligation on the perpetual bonds
The Group did not declare any dividend distributions in relation to the results of its operations for the year ended 31 December 2021. The Board of Directors proposed to Annual General Meeting a dividend of EUR 0.12 per share in 2022 4.5 Capital management
The Group's funding structure and cost of capital is primarily comprised of deposits received from customers and
issued financial instruments such as the German bonds issued in 2018 and 2019, Multitude SE 2022 senior unsecured
bonds, and Multitude Bank tranche bonds, presented borrowings, in the consolidated statement of financial position.
To generate additional capitalisation, the Group issued a perpetual bond, accounted for as restricted reserves in equi-
ty, with a nominal value of EUR 50 million on 5 July 2021 (Note 1.1) .
The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows :
EUR \u2019000
2022
2021
Cash and cash equivalents
153,325
301,592
Gross debt, due within 1 year
(420,124)
(486,342)
Gross debt, due after 1 year
(130,662)
(141,772)
Perpetual bonds with no maturity date
(50,000)
(50,000)
Net debt
(4
47,461)
(376,522)
Cash and cash equivalents
153,325
301,592
Gross debt - non-interest bearing
(402,719)
(477,969)
Gross debt - variable interest rates
(192,222)
(192,074)
Gross debt - fixed interest rates
(5,845)
(8,071)
Net debt
(4
47,461)
(376,522)
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-485": { "value": "Equity Share capital The Group has 21,577,760 shares issued and outstanding as at 31 December 2022 and 2021, with par value of EUR 1.00 per share. Treasury shares The Group holds 146,200 shares, representing 0.7% of total shares issued, held as treasury shares as at 31 December 2022 and 2021. No consideration is paid to the treasury shares in the distribution of equity .
Perpetual bonds
Multitude SE issued a EUR 50 million worth of unsecured and subordinated perpetual capital bonds(\"perpetual bonds\") on 5 July 2021, at of 99.50% of the nominal amount. The perpetual bonds (ISIN NO0011037327) were drawn against a total authorised framework of EUR 100 million with a floating coupon rate of 8.90% plus 3-month Euribor.. The Group has a right to postpone the interest payment due on the perpetual bonds, provided it has informed the bondholders of the postponement within the timeframe specified in the terms and conditions. Any discretionary dividend distribution by the Company triggers an interest payment obligation on the perpetual bonds ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-486": { "value": "Equity
Treasury shares
other distributable equity reserves . The Group holds 146,200 shares, representing 0.7% of total shares issued, held as
treasury shares as at 31 December 2022 and 2021. No consideration is paid to the treasury shares in the distribution
of equity .
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-487": { "value": "Equity Treasury shares The Group recognises its equity instruments that are acquired (treasury shares) as a reduction of equity at the cost of acquisition. When cancelled or reissued, the acquisition cost of treasury shares is recognised in retained earnings or other distributable equity reserves .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-488": { "value": "The Group did not declare any dividend distributions in relation to the results of its operations for the year ended 31 December 2021. The Board of Directors proposed to Annual General Meeting a dividend of EUR 0.12 per share in 2022 .", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-489": { "value": "
Subsequent events
The Group monitors subsequent events or those transactions occurring after the end of the reporting period but
before its consolidated financial statements are authorised for issue. The Group assesses whether each subsequent
event provides evidence of conditions that existed at the end of the reporting period, constituting an adjusting event,
or whether such subsequent events are indicative of conditions that arose after the reporting period, constituting a
non-adjusting event.
25. Subsequent events
Fitch rating affirmation
On 23 February 2023, Fitch Ratings affirmed Multitude SE's Long-Term Issuer Default Rating (IDR) at 'B+' with Stable
Outlook. The senior unsecured notes have been affirmed at 'B+'/RR4 and the subordinated hybrid perpetual capital
notes at 'B-'/RR6.
Change of functional currency in Croatia
Croatia has been a member of the European Union since 1 July 2013. On 12 July 2022 the Council of the European
Union approved the accession of Croatia to the euro area on 1 January 2023 and determined the conversion rate for
the Croatian kuna. Multitude converted all local balances and operations at the conversion rate of HRK 7.53450 per
EUR 1.
Banking crisis 2023
Subsequent to the year ended 31 December 2022, the banking sector has faced some turmoil due to the fall of banks
in the US (Silicon Valley Bank et al.) and Europe (Credit Suisse) which may be considered to increase liquidity risk and
uncertainty in the sector. None of the Group's legal entities has direct or indirect exposures to any of these banks.
On the Bank level, liquidity position was managed by increasing the deposit portfolio by circa EUR 80 million in the
first quarter of 2023, in order to maintain a healthy liquidity position. The Bank has a very well diversified depositor
base, with 99% of its deposits from customers being covered by the depositor compensation scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-490": { "value": "3. Critical accounting estimates and judgements The preparation of financial statements requires the use of management judgment in electing and applying ac- counting policies, as well as making estimates and assumptions about the future. These judgments, estimates and assumptions may significantly affect the amounts recognised in the financial statements. The estimates and assumptions used in determining the carrying amounts of assets and liabilities are based on historical experience, expected outcomes and various other factors that were available when these consolidated financial statements were prepared, and they are believed to be reasonable under the circumstances. The estimates and assumptions are reviewed continually and revised if changes in circumstances occur or due to new information or more experience. As estimates and assumptions inherently contain varying uncertainty, actual outcomes may differ resulting in adjustments to the carrying amounts of assets and liabilities in the subsequent periods. The accounting matters presented in this note are determined to involve the most difficult, subjective or complex judgments or are considered as key sources of estimation uncertainty. 3.1 ECL model, inputs, and assumptions The measurement of the expected credit loss allowance for financial assets measured at amortised cost is an area that requires the use of complex models and significant assumptions about future economic conditions and credit be- haviour. Explanation of the inputs, assumptions and estimation techniques used in measuring ECL is further detailed below. A number of significant judgements are required in measurement of expected credit loss, such as: \u2022 Determining criteria for significant increase in credit risk; \u2022 Choosing appropriate models and assumptions for the measurement of ECL; \u2022 Determining the value of the recoverable value of loans to customers, including the ability of the Group to sell credit portfolios as at predetermined price in the future; and \u2022 Establishing the number and relative weightings of forward-looking scenarios and associated ECL. During 2022 the levels of economic uncertainty were exacerbated again by the geopolitical developments which were unleashed by the military conflict between Russia and Ukraine which occurred on the back of pressures which were already being experienced in supply chain disruptions - as different economies struggled to recover from the impacts of the pandemic. These new conditions triggered new spiraling inflationary pressures across the world and pushed central banks, including the European Central Bank (\u2018ECB\u2019), to invoke specific monetary policy actions at their disposal, namely the increase of interest rates to manage demand with a view curb inflation. In a reaction to this, a number of governments implemented different levels of price mitigating fiscal measures to support the respective economies and ease pressures especially, on energy prices, which were particularly subject to significant price volatility. The consequential effect of this new economic landscape implied new economic uncertainties which affected, amongst other things, the disposable income of households, individuals and SMEs in different European territories, and which represent the customer base of the Group. The Group calculates expected credit losses (\"ECL\") as a function of the estimated exposure of default (\"EAD\"), prob- ability of default (\"PD\"), loss given default (\"LGD\"), and where applicable, discounting using the effective interest rate (\"EIR\"). 3.1.1 Exposure at default For Micro Loans, the Group considers the gross balance, including the principal and processing fees charged at the loan's inception, of its outstanding loans to customers at the reporting date to be a reasonable estimate of EAD regarding this facility. On the other hand, Plus Loans, Prime Loans and SME loans are typically subject to a monthly repayment schedule expected to impact EAD at different points in time throughout the residual life of such facilities. Similarly, the Group charges daily interest on outstanding balances in relation to Credit Limit facilities and Credit Cards, and collects monthly minimum repayments, which ultimately impacts EAD. However, due to the high volume and low value of in- dividual Plus Loans, Prime Loans, SME loans, Credit Limit facilities, and Credit Cards, the Group does not calculate the amortisation profile to estimate the EAD over the different points in time throughout the residual life of such facilities. Rather, the Group considers the gross balance, inclusive of both principal and accrued interests, of its outstanding loans to customers at the reporting date to be a reasonable estimate of EAD regarding these facilities. 3.1.2 Probability of default For Micro Loans, the Group utilises a roll-rate methodology at the country level, which employs statistical analysis of historical data and experience of delinquency to estimate the number of loans that are expected to reach default status as a result of events which the Group is not able to identify on an individual loan basis. Under this methodology, loans are grouped into buckets according to the number of days past due (\"DPD buckets\"). Statistical analysis (Markov Model) is used to estimate the likelihood that loans in each bucket will progress through the various stages of delin- quency until default status is achieved. In line with IFRS 9, the Group adopted the curve-stitching methodology to estimate the unconditional PDs for its Plus Loans, Prime Loans, SME loans, Credit Limit facilities, and Credit Cards. Under this approach, historical default data analysis is carried out to estimate cumulative monthly loss rates at various snapshot dates. Subsequently, statistical analysis is employed to combine curves with different historical performance windows into a single PD curve over the expected lifetime of the short-term credit exposures. Loans are further grouped into ranges according to the number of days past due, with an individual lifetime PD curve calculated for each range. Similar to Micro Loans, this methodology is also applied at the territory or country level to incorporate adaptations to reflect the nature of the different markets in which the Group operates. The unconditional PD for each loan portfolio is further adjusted to consider forward-looking information through macro-economic modelling to arrive at the applicable PD. 3.1.3 Loss given default The Group calculates LGD based on the loan sales price and loan repayment recoveries. Based on historical data on past portfolio sales, the Group estimates that it will take approximately 12 months after the occurrence of default before it can sell the underlying portfolio, and that the average loan sales price of each portfolio will be between 15% and 48%. The average loan sales price will be approximately 2% lower at each subsequent DPD bucket. For Micro Loans, the Group utilises statistical information and the roll-rate methodology to estimate the level of recov- eries from loan repayments it expects after loan facilities reaching a non-performing status. For Plus Loans, Prime Loans, SME loans, Credit Limit facilities, and Credit Cards, the Group estimates the level of re- coveries from loan repayments it expects after loan facilities reaching a non-performing status. The Group calculates the marginal recovery rates up to 12 months after default by tracking the monthly recoveries from loan repayments experienced over each performance window as a percentage of the total balance of defaulted exposures at each snapshot date. Expected recoveries are calculated on a discounted cash flow basis using the contractual default interest rate as the discounting factor. 3.1.4 Discounting using effective interest rate The Group discounts the recoverable amount, which represents the future cash flows expected to be received from loan sales and loan repayment recoveries using the EIR at the date of default at a rate reflective of the late payment interest based on the applicable discount period, considering all relevant contractual terms relating to the loan. In the case of loan sales, a time-to-sell period of 12 months is assumed, whereas repayment recoveries are discounted monthly based on the month of occurrence. Subsequently, the Group discounts the ECL at the date of default at the reporting date. 3.1.5 Forward-looking considerations The calculation of ECL incorporates forward-looking information. The Group performs a historical analysis to identify the key economic variables affecting credit risk and expected credit losses for each product portfolio at a territory level. These economic variables and their associated impact on PD, EAD and LGD may vary by portfolio or territory. The Group has identified key drivers of credit risk and credit losses for each portfolio of financial instruments and us- ing an analysis of historical data, has analysed relationships between macroeconomic variables, credit risk and credit losses. This analysis was conducted at a territory and sub portfolio level in order to take into consideration possible differences in customer behaviour and default experience arising from different product characteristics. The determination impact of the territories specific macroeconomic variables have been determined by performing statistical regression analysis to understand the correlation between these macroeconomic variables and the histor- ical default rates. In those territories where due to certain risk data limitations, statistical relationships to macroeconomic variables were not deemed to be statistically significant (e.g. in those territories where the Group has recently launched new products resulting in limited available historical default experience), the Group has utilised proxy statistical data available in other territories with close geographical and demographic similarities. The Group has improved the reliability of its macroeconomic modelling approach by incorporating multiple for- ward-looking economic conditions into its ECL estimates The Group considers the \"base line\" scenario as most likely outcome based on published authoritative sources, whereas the \"downside\" and \"upside\" scenarios represent a more pessimistic and optimistic views, respectively, as they factor in current top and emergent risks and opportunities. As the Group considers that each scenario represents a plausible outcome, probability weightings are assigned to each scenario based on the current global economic outlook \u2013 60% for \"base line\" scenario, and 20% each for \"downside\" and \"upside\" scenarios. To be able to determine the manner in which economic conditions will be impacting the ECL estimates, the Group first performs an assessment to select the Macroeconomic Variable (\u2018MEV\u2019) which has the highest correlation to credit risk factors for a certain country and product. The Group does this through the implementation of a one-step Error Correction Model (\u2018ECM\u2019). The ECM is a multiple regression model that automatically corrects short-term deviations from the long-term equilibrium relationship such that the defaulted loan amount is restored back to its long-term equilibrium at a specific speed of adjustment. Through the utilisation of this model the Group has determined a set of four MEVs to which the Group\u2019s portfolios are the most sensitive, namely Gross Domestic Product (\u2018GDP\u2019), Personal Disposable Income (\u2018PDI), and Unemployment Rate (\u2018UR\u2019) for Micro Loans, Plus Loans, Credit Limit facilities and Prime Loans, whereas Consumption Rate Private (\u2018CRP\u2019) is the key driver for SME Loans. The choice of macroeconomic variable to be used for a particular territory and product is determined through an optimised approach in which the ECM is run separately for each of these variables. The variable that is ultimately applied for the territory / product is the one that produces the most statistically signif- icant result. In order to capture a range of possible future outcomes, three possible scenarios are considered in the determination of the Group\u2019s ECL. The \u2018base line\u2019 scenario represents the most-likely outcome. It is based on forecasted economic variables, provided by Oxford Economics, referred to above and providing the best estimate view of each respective country within the Group\u2019s lending portfolio. Apart from the \u2018base line\u2019 scenario, the Group considers two other mac- ro-economic scenarios \u2013 \u2018Upside\u2019 and \u2018Downside\u2019 scenarios \u2013 which respectively represent a more optimistic and a more pessimistic outcome, as further explained in this section. The more optimistic and more pessimistic scenarios are economically plausible and will not necessarily be as severe as scenarios used in stress testing. Each scenario is weighted by a probability of occurrence, determined by a combination of macroeconomic research and expert credit judgement, taking account the range of possible outcomes each chosen scenario represents. The Group measures ECL as either a probability weighted 12-month ECL (Stage 1), or a probability weighted lifetime ECL (Stages 2 and 3). These probability-weighted ECLs are determined by running each scenario through the relevant ECL model and multiplying it by the appropriate scenario weighting (as opposed to weighting the inputs). As with any macro-economic forecasts, the projections and likelihoods of occurrence are subject to a degree of uncer- tainty, and therefore, the actual outcomes may be different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes. The weightings assigned to each economic scenario, which are unchanged from 2021 were 60%, for the \u2018Base\u2019 sce- nario, 20% for the \u2018Downside\u2019 scenario and 20% for the \u2018Upside\u2019 scenario. The number of scenarios used is based on the analysis of each major product type to ensure that non-linearities are captured. The number of scenarios and their attributes are reassessed at each reporting date. The probability weightings assigned to the respective scenarios reflect an unbiased evaluation of range of possible outcomes. For baseline scenario, the global economic outlook had become less positive than previously assumed. As a result, Oxford Economics have revised down the baseline forecast for world GDP for 2023 to 1.3%. World GDP forecast has been downgraded on the basis of severe energy market disruption, being the key near term downside risk to the global economy, and other inflation related risks, which also remain prominent. Albeit, an early end to the supply chain turmoil is expected to alleviate some of the pressures on the global economy. Overall, Oxford Economics expect the US, Eurozone, UK, and Canada all to record GDP contractions in 2023 as high inflation bites alongside monetary policy tightening and falling house prices. For the downside scenario, management has considered the current gas rationing scenario to be more severe in terms of outlook. This scenario incorporates a complete stop to all flows of natural gas from Russia to Europe. The supply of oil is also more limited than in the baseline forecast. It is expected that the energy market disruption weighs heavily on Europe in such scenario. Against the backdrop of a relatively cold European winter, governments prioritise household heating needs and agree to ration natural gas use in the industry. With higher energy prices pushing up inflation and inflation expectations, central banks in Europe tighten policy further in the near term. European equity prices fall sharply, weighing additionally on domestic demand. The global economy thus contracts in the very near term, with global GDP standing at 0.8% in 2023, 0.5ppts below baseline. An optimistic scenario was modelled for global economy in which inflationary pressures ease through the end of the supply-chain crisis. In this scenario, supply-chains normalise more quickly than expected, aided by an early and successful pivot by the Chinese authorities away from their zero-Covid policy. With commodity market disruption also more limited than anticipated, earlier rises in producer prices partially unwind. In financial markets, sentiment improves, with equities rising and government bond yields falling below baseline. Business and consumer confidence also improve, aiding the recovery in demand. Central banks remain cautious, with policy rates in the major economies on hold throughout 2023, but lower inflation then allows a sharper loosening of monetary policy than in the baseline forecast. Overall, the global economy expands by 2.2% in 2023, 0.9ppts above baseline. In relation to the Bank's investments in debt instruments, the Bank also incorporates these macro-economic forecasts in its periodical assessments on the pledged loan portfolios, in order to assess whether the Bank should provide for expected credit losses. Such assessments are based on the credit information supplied by the bond issuers which the Bank has invested in. In order for its ECL methodology to represent an appropriate estimation of its credit risk emanating from said investments, the Bank assesses the ECL on each credit portfolio securing the Group\u2019s investment separately. Consistent with regulatory and industry best practices, the Bank's ECL calculations are based on Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD). The 12-month PD applicable for a stage 1 financial asset is derived from information obtained by external credit bureaus, the EAD equates to the investment itself, whilst the LGD is derived based on the loss arising on default when comparing the initial investment and the expected recoverability of the pledged portfolio. The respective macro-economic variables as applicable to the consumer lending portfolio as at 31 December 2022 used in the multiple regression were obtained from Oxford Economics and were as follows: Australia, Gross domestic product
AUS$ Millions: 2020Q3/2021Q2 prices
2023
2024
2025
Baseline
188,304
193,129
201,378
Downside
188,314
192,846
200,940
Upside
194,291
194,291
202,770
Brazil, Personal Disposable Income
Real millions: 2000 prices
2023
2024
2025
Baseline
129,984
130,496
131,371
Downside
129,438
130,417
131,035
Upside
132,193
132,193
132,085
Bulgaria, Gross domestic product
Lev millions: chained 2015 prices
2023
2024
2025
Baseline
9,013
9,238
9,455
Downside
8,977
9,163
9,360
Upside
9,134
9,402
9,594
Croatia, Personal Disposable Income
Kunas Millions 2015 prices
2023
2024
2025
Baseline
21,678
22,478
23,156
Downside
21,697
22,537
23,209
Upside
22,718
22,718
23,349
Czech Republic, Unemployment rate
Annualised %
2023
2024
2025
Baseline
4.09
3.74
3.61
Downside
4.36
4.11
4.14
Upside
3.92
3.50
3.43
Denmark, Personal disposable income
Kroner billions: 2010 prices
2023
2024
2025
Baseline
86
89
92
Downside
86
89
92
Upside
87
90
93
Estonia, Gross domestic product
Euro millions: chained 2015 prices
2023
2024
2025
Baseline
2,189
2,304
2,387
Downside
2,146
2,270
2,362
Upside
2,206
2,330
2,412
Finland, Personal disposable income
Euro billions: 2015 prices
2023
2024
2025
Baseline
10
11
11
Downside
10
11
11
Upside
11
11
11
Germany, Gross domestic product
Euro billions: chained 2015 prices
2023
2024
2025
Baseline
271
278
283
Downside
267
275
279
Upside
276
283
286
Latvia, Personal disposable income
Euro millions: chained 2015 prices
2023
2024
2025
Baseline
946
977
992
Downside
930
964
980
Upside
960
993
1,005
The Netherlands, Personal disposable income
Euro Billons: chained 2015 prices
2023
2024
2025
Baseline
33
34
34
Downside
33
34
34
Upside
34
34
34
Norway, Gross domestic product
Kroner billions: chained 2020 prices
2023
2024
2025
Baseline
318
322
327
Downside
316
320
325
Upside
321
326
330
Poland, Unemployment rate
Annualised %
2023
2024
2025
Baseline
6.08
4.88
4.88
Downside
6.35
5.24
5.36
Upside
5.87
4.71
4.70
Romania, Unemployment rate
Annualised %
2023
2024
2025
Baseline
2.46
2.16
2.18
Downside
2.71
2.60
2.67
Upside
2.22
2.04
2.04
Slovenia, Personal disposable income
Euro millions
2023
2024
2025
Baseline
2,670
2,744
2,807
Downside
2,624
2,703
2,773
Upside
2,703
2,800
2,861
Sweden, Personal disposable income
Kronor millions: chained 2021 prices
2023
2024
2025
Baseline
212,354
216,694
220,849
Downside
211,945
216,345
220,487
Upside
214,176
218,966
223,567
The respective macro-economic variables as applicable to the SME lending portfolio as at 31 December 2022 used in the multiple regression were obtained from Oxford Economics and were as follows: Denmark, Consumption rate private
Kronor billions: 2010 prices
2023
2024
2025
Baseline
84
87
91
Downside
84
87
90
Upside
89
89
92
Finland, Unemployment rate
%
2023
2024
2025
Baseline
7
7
6
Downside
8
7
7
Upside
6
6
6
Lithuania, Unemployment rate
%
2023
2024
2025
Baseline
6
6
5
Downside
8
7
7
Upside
6
6
5
The Netherlands, Personal disposable income
Euro billions: chained 2015 prices
2023
2024
2025
Baseline
33
34
34
Downside
33
34
34
Upside
34
34
34
Sweden, Consumption rate private
Kronor millions: chained 2021 prices
2023
2024
2025
Baseline
206,472
212,329
217,274
Downside
204,966
209,527
213,502
Upside
215,473
215,473
221,174
The chained prices in respect to Gross Domestic Product and Personal Disposable Income outlined above adjust the
respective real currency amounts for inflation over time to allow the comparison of figures from different periods.
Management monitors, on an ongoing basis, the economic forecasts releases and adjusts its model inputs and assess
the connected outcomes in the light of revised macroeconomic data and other quantitative and qualitative informa-
tion.
3.2. Recoverability of deferred tax assets
The recognition of deferred tax assets is based on assessing whether sufficient taxable profit will be available in the
future to utilise the deductible temporary differences, unused tax losses and unused tax credits before the unused tax
losses and unused tax credits expire. The Group uses judgment in determining the extent to which deferred tax assets
can be recognised. This assessment requires estimates of the future financial performance of a particular legal entity
or a tax group that has recognised the deferred tax asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-491": { "value": "
4. Financial risk management
4.2 Credit risk 4.2.1 Credit risk management
The calibration of the forward-looking information incorporated in the expected credit losses model (Note 3.1.5)
and the determination of weightings assigned to the different scenarios also considered the new elevated level of
economic uncertainty. The unfolding economic scenario was also considered in the process of collectively managing
the loan portfolios and in determining whether particular cohort of debtors exhibited any significant increase in
credit risk or demonstrated any unlikely to pay indicators as a result of prevailing economic conditions.
The Group reviews and grades advances to customers using the following internal risk grades:
Performing
\u2022 Regular
\u2022 Watch
\u2022 Substandard
Non-performing
\u2022 Doubtful
\u2022 Loss
The Group manages the credit quality of its loans and advances to customers by using internal risk grades, which
provide a progressively increasing risk profile ranging from \u2018Regular\u2019 (best quality, less risky) to \u2018Loss\u2019. These risk grades
are an essential tool for the Group to identify both non-performing exposures and better-performing customers. The internal risk grades used by the Group are as follows: \u2022 Performing: Internal grade \u2018Regular\u2019 \u2022 Under performing: Internal grades \u2018Watch\u2019 and \u2018Substandard\u2019; and \u2022 Non-performing: Internal grades \u2018Doubtful\u2019 and \u2018Loss\u2019. Regular The Group\u2019s loans and advances to customers which are categorised as \u2018Regular\u2019 are principally debts in respect of which payment is not overdue by 30 days and no recent history of customer default exists. Management does not expect losses from non-performance by these customers, which are considered as fully performing. Watch Loans and advances that attract this category principally comprise those where: \u2022 payment becomes overdue by 30 days, but does not exceed 60 days where a loan is deemed to be as non- performing when past due for more than 90 days; \u2022 payment becomes overdue by 30 days but does not exceed 45 days where a loan is deemed to be as non- performing when past due for more than 60 days; and \u2022 there are indicators of a significant increase in credit risk in instances when loans were granted a payment holiday in a specific portfolio. Substandard Exposures that are categorised within this category comprise those where: \u2022 payment becomes overdue by 61 days but does not exceed 90 days for where a loan is deemed to be as non- performing when past due for more than 90 days; and \u2022 where payment becomes overdue by 46 days, but does not exceed 60 days where a loan is deemed to be as non-performing when past due for more than 60 days; Doubtful Loans and advances which attract a \u2018Doubtful\u2019 grading are principally those assets in respect of which: \u2022 repayment becomes overdue by 61 days and over but not exceeding 180 days for where a loan is deemed to be as non-performing when past due for more than 60 days; \u2022 repayment becomes overdue by 91 days and over but not exceeding 180 days for a loan is deemed to be as non-performing when past due for more than 90 days; or \u2022 have indicated Unlikeliness-To-Pay criteria, as outlined in Note 4.2.3. Loss Loans and advances in respect of which payment becomes overdue by 180 days. The Group\u2019s maximum credit risk exposure without collateral held or other credit enhancements as at 31 December are as follows:
EUR \u2019000
2022
Restated 2021
Loans to customers (gross)
619,794
573,708
Cash and cash equivalents
153,325
301,592
Other financial assets at amortised cost:
Receivables from banks
4,362
5,108
Receivables from sold portfolio
2,263
4,657
Other non-current financial assets
28,883
6,215
Other current financial assets
3,701
3,579
Total
812,328
894,859
The table below shows the amount of cash and cash equivalents deposited in various bank accounts, grouped based on Fitch\u2019s credit ratings for the years ended 31 December :
EUR \u2019000
2022
2021
AAA
6,988
-
AA
-
-
AA-
2,364
1,773
A+
31,911
103,773
A
41,776
59,757
A-
24,309
69,696
BBB+
5,919
5,796
BBB
680
23
BBB-
3,161
17,488
BB+
300
-
BB
-
8,575
BB-
-
208
B
29
151
B-
-
-
No rating available
35,887
34,351
Total
153,325
301,592
Above mentioned balances include amounts deposited with central banks and loans and advances to banks.
EUR \u2019000
2022
2021
Balance with the Central Bank of Czech
474
-
Balance with the Central Bank of Malta
37,045
98,019
Balance with the Central Bank of Lithuania
22,301
40,902
Balance with the Central Bank of Sweden
6,988
-
Total
66,808
138,921
The balances with Central Bank of Malta include a reserve deposit amounting to EUR 4.2 million (2021: EUR 4.3
million) held in terms of regulation. The Group shows this deposit as cash and cash equivalent for the purposes of
statement of cash flows .
EUR \u2019000
2022
2021
Loans to banks repayable on call and at short notice
27, 356
48,165
Information on credit quality of balances with other banks In the normal course of business, the Group places funds and carries out transactions through correspondent accounts with high credit quality local listed banks and international banks having a good credit rating, subject to the operational requirements and the application of a limit framework. Accordingly, such exposures are moni- tored through the practical use of exposure limits. In certain countries, the Group had to utilise unrated financial institutions due to operational constraints within such country, in view of the profile of the banking sector in those territories. The Group would carry out a comprehensive due diligence on such banks, prior to engaging with the banks, and on an event-driven basis throughout the term of the relationship. At 31 December 2022, loans and advances to banks consisted primarily of immediately withdrawable nostro bal- ances and term placements maturing within one month. The Group runs the risk of loss of funds due to the possible political, economic and other events in a particular country where funds have been placed or invested with several counterparties domiciled in the same country or region. Countries are assessed according to their size, economic data and prospects together with credit ratings issued by international rating agencies. Existing country credit risk exposures, based on groupings of individual counterparties, are monitored and reviewed periodically. The Group\u2019s assets are predominantly in Europe. At the end of the reporting period, none of the financial assets referred to were past due or impaired. The following tables set out information about the credit quality of specific financial assets measured at amortised cost. The credit quality of the financial assets is determined by credit ratings applicable to issuers or counterparties based on external ratings published by reputable credit rating agencies:
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
66,808
-
-
66,808
A+ to A-
Gross carrying amount
Loss allowance
66,808
-
-
66,808
Carrying amount \u2013
net of loss allowance
66,808
-
-
66,808
In this regard, the Government of Malta and Government of Lithuania as at 31 December 2022 had both a rating of A2, as issued by Moody\u2019s on 18 November 2022 and 29 April 2022, respectively. (2021: A2, as issued by Moody\u2019s on 06 August 2021 and 12 February 2021, respectively.) The Government of Sweden as at 31 December 2022 had a rating of AAA as issued by Moody\u2019s on 25 March 2022 (2021: AAA, as issued by Moody\u2019s on 27 March 2020). The Government of Czech as at 31 December 2022 had a rating of AA3 as issued by Moody\u2019s on 5 August 2022 (2021: AA3, as issued by Moody\u2019s on 5 February 2021). As at 31 December 2022, expected credit loss allowances in respect of balances with the Central Banks (which are assumed to have the same credit quality as the Government of Malta, Government of Lithuania, Government of Czech and Government of Sweden) were deemed to be insignificant . Similarly, the Group holds immediately withdrawable balances with highly rated and reputable financial institutions. As at 31 December 2022, expected credit loss allowances in respect of such balances were deemed to be insignificant
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
138,921
-
-
138,921
A+ to A-
Gross carrying amount
Loss allowance
138,921
-
-
138,921
Carrying amount \u2013
net of loss allowance
138,921
-
-
138,921
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
3,795
-
-
3,795
A+ to A-
BBB+ to BBB-
4,478
-
-
4,478
BB+ to BB-
241
-
-
241
Unrated
18,842
-
-
18,842
Gross carrying amount
27, 356
-
-
27, 356
Loss allowance
Carrying amount \u2013
net of loss allowance
27, 356
-
-
27, 356
As at 31 December 2022 and 2021, there were no acquired credit-impaired assets.
After the end of the reporting period there were no significant changes in credit ratings reflected in the tables
above which have a material impact on the credit quality of the financial assets.
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
14,283
-
-
14,283
A+ to A-
BBB+ to BBB-
19,063
-
-
19,063
BB+ to BB-
1,016
-
-
1,016
Unrated
13,803
-
-
13,803
Gross carrying amount
48,165
-
-
48,165
Loss allowance
Carrying amount \u2013
net of loss allowance
48,165
-
-
48,165
4.2.3 ECL for loans to customers The table below shows the Group\u2019s gross outstanding loans to customers balances, risk grading, and basis for ECL recognition and measurement as at the years ended 31 December:
Days past due*
Risk grade
Category
Basis for ECL
Lower Upper
UTP
2022
2021
range range
Regular
Performing
Stage 1 (12-month
0 to 30
-
464,238
394,447
ECL)
Watch
Underperforming
Stage 2 (lifetime ECL)
31 - 45
31 - 60
-
20,755
20,208
Substandard
Underperforming
Stage 2 (lifetime ECL)
46 - 60
61 - 90
-
14,862
9,416
Doubtful
Non-performing
Stage 3 (lifetime ECL)
61 - 180
91 - 180
Yes
24,868
27,971
Loss
Non-performing
Stage 3 (lifetime ECL)
More than 180 days
-
95,072
121,666
Total
619,794
573,708
*Lower and upper ranges of days past due are based on DPD thresholds of 60 and 90 days, respectively, to be considered as non-performing . In addition, the table below summarises the movements and the balances of loss allowances for loans to customers for the years ended and as at 31 December:
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2022
394,447
29,623
149,637
573,708
Transfers in between stages:
Transfers out of Stage 1
(47,743)
14,126
33,618
-
Transfers out of Stage 2
3,029
(11,6 4 0)
8,610
-
Total changes from transfers in between Stages
(44,714)
2,486
42,228
-
Other changes in gross loans to customers
New loans originated during the year
736,697
36,481
68,225
841,404
Loans derecognised during the year
(613,537)
(32,294)
(123,464)
(769,295)
Write-offs
-
-
(15,006)
(15,006)
Changes in forex and other movements
(8,655)
(680)
(1,681)
(11,016)
Net changes in gross loans to customers
69,791
5,993
(29,698)
46,087
Gross loans to customers as at 31 December 2022
464,238
35,617
119,939
619,794
LOSS ALLOWANCES
Loss allowances, as at 1 January 2022
20,608
8,806
92,595
122,009
Transfers in between stages:
Transfers out of Stage 1
(3,349)
824
2,525
-
Increase (decrease) due to transfers out of Stage 1
-
3,387
14,069
17,455
Transfers out of Stage 2
795
(3,433)
2,638
-
Increase (decrease) due to transfers out of Stage 2
(540)
-
2,607
2,067
Increase (decrease) due to changes in DPD buckets
777
65
7,6 41
8,484
Total changes from transfers in between Stages
(2,317)
843
29,480
28,006
Other changes in loss allowances:
New financial assets originated during the year
46,412
11, 80 6
34,539
92,757
Financial assets derecognised during the year
(39,136)
(9,976)
(67,668)
(116,781)
Write-offs
-
-
(15,006)
(15,006)
Remeasurements from changes in model
(153)
(286)
678
239
Unwind of discount
-
-
480
480
Changes in forex and other movements
(465)
(169)
(740)
(1,373)
Net changes in loss allowances
4,341
2,218
(18,236)
(11,677)
Loss allowances as at 31 December 2022
24,949
11,024
74,359
110,332
Impaired loan coverage ratio (\"ICLR\")
5.37%
30.95%
62.00%
17. 80%
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2021
308,529
23,970
179,290
511,789
Transfers in between stages:
Transfers out of Stage 1
(42,494)
8,358
34,135
-
Transfers out of Stage 2
2,473
(12,069)
9,597
-
Total changes from transfers in between Stages
(40,021)
(3,711)
43,732
-
Other changes in gross loans to customers
New loans originated during the year
708,135
28,796
62,357
799,288
Loans derecognised during the year
(581,363)
(19,451)
(119,038)
(719,852)
Write-offs
-
-
(17,451)
(17,451)
Changes in forex and other movements
(833)
20
747
(66)
Net changes in gross loans to customers
85,918
5,653
(29,653)
61,919
Gross loans to customers as at 31 December 2021
394,447
29,623
149,637
573,708
LOSS ALLOWANCES
Loss allowances, as at 1 January 2021
20,589
7,818
118,010
146,417
Transfers in between stages:
Transfers out of Stage 1
(3,743)
603
3,141
-
Increase (decrease) due to transfers out of Stage 1
-
1,718
13,471
15,189
Transfers out of Stage 2
583
(3,834)
3,250
0
Increase (decrease) due to transfers out of Stage 2
(393)
-
2,428
2,035
Increase (decrease) due to changes in DPD buckets
340
16
9,997
10,353
Total changes from transfers in between Stages
(3,212)
(1,497)
32,286
27,577
Other changes in loss allowances:
New loans originated during the year
42,576
9,321
31,472
83,368
Loans derecognised during the year
(38,204)
(6,801)
(74,639)
(119,644)
Write-offs
-
-
(17,451)
(17,451)
Remeasurements from changes in model
(1,126)
(58)
1,358
174
Unwind of discount
-
-
787
787
Changes in forex and other movements
(14)
23
772
781
Net changes in loss allowances
20
988
(25,415)
(24,407)
Loss allowances as at 31 December 2021
20,608
8,806
92,595
122,009
Impaired loan coverage ratio (\"ICLR\")
5.22%
29.73%
61.88%
21.27%
4.2.7 Credit concentration risk Credit concentration risk for loans to customers The Group\u2019s loans to customers do not include any significant credit risk concentrations. These are comprised of retail exposures which are individually insignificant, with the biggest value per customer arising from SME loans, granted through the standard underwriting process of the Group, at a cap of EUR 350,000 or 0.01% of total Group loans to customers for the years ended 31 December 2022 and 2021. Albeit, the Group has one particular exposure to an SME which exceeds this cap. Multitude does not have clients that individually generate more than 10% of total revenue for the years ended 31 December 2022 and 2021. Credit concentration risk by geographic region The Group has also assessed and analysed the credit concentration risk exposure by geographical region based on the country of domicile of the respective customers or counter parties. The top three credit exposure by country accounts for 20.1% 18.2%, and 14.3% (22.5% 16.8%, and 9.0% in 2021) of the Group\u2019s loans to customers, cash and cash equivalents, and other financial assets at amortised cost. The 20.1% credit concentration risk as at 31 December 2022 (22.5% in 2021) relates to loans to customers, cash and cash equivalents, and other financial assets at amortised cost in Finland Following table shows credit concentration of the Group by country:
EUR \u2019000 Loans to Other current
Total
2022
customers financial assets
Finland
106,297
34,694
140,991
20.1%
Sweden
122,443
5,064
127,507
18.2%
Malta
-
100,352
100,352
14.3%
Latvia
83,603
123
83,726
11.9 %
Denmark
58,176
-
58,176
8.3%
Germany
39,920
1,362
41,282
5.9%
Estonia
23,290
1,152
24,442
3.5%
The Netherlands
15,895
-
15,895
2.3%
Czech Republic
10,623
229
10,852
1.5%
Others
49,216
49,471
98,687
14.1%
4.3 Market risk
4.3.1 Foreign exchange risk
As at 31 December 2022 and 2021, the Group\u2019s primary foreign exchange exposure arises from intercompany loans and other monetary assets and liabilities denominated in Swedish crown (\"SEK\"), Czech crown (\"CZK\"), Norwegian crown (\"NOK\") and Polish zloty (\"PLN\"). Accordingly, the Group hedges the foreign exchange risks from the net assets denominated in these currencies. SEK and CZK constitute roughly 91% of the hedged volume for 2022. The Group is mainly using CZK-to-EUR and SEK-to-EUR foreign exchange forward contracts for its hedging purposes. The Group is also subject to RON, HRK, GBP, DKK and BGN but they are assessed to be not material for both 2021 and 2022. The table below shows the nominal value of the Group\u2019s net asset exposures and the hedging coverage from foreign exchange and forward contracts in relation to SEK, CZK, NOK and PLN as at 31 December:
SEK
CZK
NOK
PLN
EUR \u2018000
2022
2021
2022
2021
2022
2021
2022
2021
Cash in Bank
18,732
12,549
5,083
12,995
2,192
2,820
1,039
4,790
Portfolio
98,610
105,551
10,480
12,262
5,745
7,372
268
2,653
Intercompany loan
20,198
30,460
-
4,001
-
-
18,020
Net position
137,541
148,559
15,563
29,259
7,938
10,193
1,306
25,463
Hedging
127,417
138,943
15,276
30,155
8,427
11, 216
1,816
14,143
Hedging coverage in %
92.64%
93.53%
98.16%
103.06%
106.16%
110.04%
139.00%
55.54%
The impact to the after-tax profit or loss if euro had weakened/strengthened by 10% against PLN and SEK, with all other variables held constant, for the years ended 31 December are as follows
SEK
CZK
NOK
PLN
EUR \u2019000
2022
2021
2022
2021
2022
2021
2022
2021
Currency up by 10%
1,012
962
29
(90)
(49)
(102)
(51)
1,132
Currency down by 10%
(1,012)
(962)
(29)
90
49
102
51
(1,132)
4.3.2 Interest rate risk Per 31.12.2022, the Group is not engaged in interest rate hedging transactions. The interest rate profile of the Group's financial assets and liabilities as at 31 December are as follows :
Variable Fixed Non-interest
EUR \u2018000 interest rate interest rate
bearing
Total
31 December 2022
Loans to customers
10,688
498,775
-
509,463
Cash and cash equivalents
86,517
-
66,808
153,325
Receivables from banks
-
4,362
-
4,362
Other financial assets
21,107
7,776
5,964
34,847
Total
118,312
510,913
72,772
701,997
Deposits from customers
(93,170)
(402,719)
(5,845)
(501,734)
Perpetual bonds
(50,000)
-
-
(50,000)
Long-term borrowings
(49,052)
-
-
(49,052)
Lease liabilities
-
(3,669)
-
(3,669)
Total
(192,222)
(406,388)
(5,845)
(604,455)
Net exposure
(73,910)
104,525
66,927
97,542
31 December 2021
Loans to customers
62,704
381,168
-
443,872
Cash and cash equivalents
134,589
125,964
41,039
301,592
Receivables from banks
-
5,108
5,108
Total
197,293
512,240
41,039
750,572
Deposits from customers
1,276
(477,969)
(8,071)
(484,764)
Short-term borrowings
(84,371)
-
-
(84,371)
Long-term borrowings
(58,979)
-
-
(58,979)
Lease liabilities
-
(1,764)
-
(1,764)
Total
(142,074)
(479,733)
(8,071)
(629,878)
Net exposure
55,219
32,507
32,968
120,694
At the end of the reporting periods, if the interest rates on the floating rate instruments had increased/decreased by 100 basis points (assuming a parallel shift of 100 basis points in yields) with all other variables held constant, the pre-tax result for the year for Multitude Bank would change by the following amounts determined by applying the shift to the net variable interest exposure at the end of the reporting periods
EUR \u2019000
2022
2021
(+) 100 bp
(1,844)
(2,476)
(-) 100 bp
1,844
2,476
4.4 Liquidity risk Liquidity risk is defined as financial distress or extraordinarily high financing costs arising from a shortage of liquid funds in a situation where outstanding debt needs to be refinanced or where business conditions unexpectedly deteriorate and require financing. Transactional liquidity risk is defined as the risk of executing a financial transaction below fair market value or not being able to execute the transaction within a specific period. The objective of liquidity risk management is to maintain sufficient liquidity and to ensure that it is readily available without endangering its value to avoid uncertainty related to financial distress at all times. Cash flow forecasting is performed at the market level in each operating entity and aggregated centrally by the Group's treasury. The Group\u2019s treasury function monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom for its borrow- ing facilities and other non-current liabilities to avoid breaches in debt agreements. Such forecasting considers the Group\u2019s debt financing plans, debt covenants, internal balance sheet ratio targets, legal and regulatory requirements, and currency restrictions. Group Treasury is, together with Bank Treasury, jointly ensuring and aligning that the Group is sufficiently liquid at all times The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
The undiscounted repayment schedule for financial liabilities, including future interest payments, as at 31 December are as follows:
Less than Between Between
EUR \u2018000 12 months 1-2 years
2-5 years
Total
31 December 2022
Deposits from customers*
420,124
53,862
27,748
501,734
Borrowings:
Principal
-
3,052
46,000
49,052
Interests
-
-
-
-
Trade payables and other liabilities**
15,576
-
-
15,576
Lease liabilities
1,180
1,142
1,347
3,669
Total
436,880
58,056
75,095
570,031
31 December 2021
Deposits from customers*
401,971
65,015
17,778
484,764
Borrowings:
Principal
84,731
58,619
-
143,350
Interests
5,014
995
-
6,009
Trade payables and other liabilities*
15,221
-
-
15,221
Lease liabilities
1,467
181
116
1,764
Total
508,404
124,810
17, 894
651,108
* Deposits from customers include EUR 119.9 million at 31 December 2022 and EUR 120.2 million at 31 December 2021 of payable on demand. **Trade payables and other liabilities exclude accrued interests on borrowings . As at 31 December 2022 and 2021, the Group\u2019s pool of liquid assets consists mainly of balances with banks. The Group\u2019s financial liabilities comprise predominantly of deposits from customers i.e. amounts owed to customers. The tables below show the maturity of deposits from customers of Multitude Bank plc as well as the split of such deposits by contractual terms:
Within Between three
As at 31 December 2022, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
161,430
260,337
81,610
503,377
Deposits from customers
Within Between three
As at 31 December 2021, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
212,168
190,190
83,682
486,040
Deposits from customers
Deposits from customers by contractual terms, EUR \u2019000
2022
2021
Term deposits
402,362
394,498
Call accounts
101,015
91,542
503,377
486,040
4.5 Capital management The Group's funding structure and cost of capital is primarily comprised of deposits received from customers and issued financial instruments such as the German bonds issued in 2018 and 2019, Multitude SE 2022 senior unsecured bonds, and Multitude Bank tranche bonds, presented borrowings, in the consolidated statement of financial position. To generate additional capitalisation, the Group issued a perpetual bond, accounted for as restricted reserves in equi- ty, with a nominal value of EUR 50 million on 5 July 2021 (Note 1.1) The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows :
EUR \u2019000
2022
2021
Cash and cash equivalents
153,325
301,592
Gross debt, due within 1 year
(420,124)
(486,342)
Gross debt, due after 1 year
(130,662)
(141,772)
Perpetual bonds with no maturity date
(50,000)
(50,000)
Net debt
(4
47,461)
(376,522)
Cash and cash equivalents
153,325
301,592
Gross debt - non-interest bearing
(402,719)
(477,969)
Gross debt - variable interest rates
(192,222)
(192,074)
Gross debt - fixed interest rates
(5,845)
(8,071)
Net debt
(4
47,461)
(376,522)
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
18. Financial assets The table below summarises the Group\u2019s financial assets presented based on their classification based on their sub- sequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
Restated 2021
EUR \u2019000 Fair value Carrying Carrying
measurement Fair value Fair value
amount amount
FINANCIAL ASSETS AT FVPL
Derivative financial assets
Level 2
3,180
3,180
324
324
FINANCIAL ASSETS AT AMORTISED COST
Loans to customers
Level 3
509,463
509,463
451,698
451,698
Cash and cash equivalents
Level 3
153,325
153,325
301,592
301,592
Other non-current financial assets
Level 3
28,883
28,883
6,215
6,215
Receivables from banks
Level 3
4,362
4,362
5,108
5,108
Receivables from sold portfolios
Level 2
2,263
2,263
4,657
4,657
Other current financial assets
Level 3
3,701
3,701
3,579
3,579
Total
705,177
705,177
773,173
773,173
Other non-current financial assets as at 31 December 2022 include investment in Cream Finance bonds amounting to EUR 10 million, with a 4-year maturity term. The value of this investment is determined using level 3 fair value mea- surement due to private placement. Other non-current financial assets as at 31 December 2022 include investment in ESTO Holding bonds amounting to EUR 10.8 million with a 3-year maturity term. The value of this investment is determined using level 3 fair value measurement due to private placement. The fair values of the remaining financial assets measured at amortised cost are determined using level 3 fair value measurement based significantly on unobservable inputs. The Group estimates that the carrying amounts of these financial assets reasonably approximate their fair values as at 31 December 2022 and 2021 . 20. Financial liabilities The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
2019 FCGE bonds Ferratum Capital Germany GmbH (ISIN: SE0012453835) (\"FCGE 2019 bonds\") were issued on 24 April 2019 with a coupon rate of 5.5% plus a 3-month Euribor, maturing on 24 April 2023. As at 31 December 2021, the 2019 FCGE bonds were presented under long-term borrowings in the Group\u2019s consolidated statement of financial position and had outstanding nominal and carrying amounts of EUR 59.0 million and EUR 57.7 million, respectively. On 21 April 2022, the Group made a tap issue which increased the outstanding nominal value of the 2019 FCGE bonds by EUR 40 million with the same coupon rate and maturing date as the original issue. During September 2022, the Group executed several repurchases amounting to EUR 1.7 million. There are no outstanding 2019 FCGE bonds in the Group\u2019s consolidated statement of financial position as at 31 December 2022. 2018 FCGE bonds
Ferratum Capital Germany GmbH (ISIN: AS5772809/SE0011167972) (\"FCGE 2018 bonds\") were issued on 25 May 2018
with a coupon rate of 5.5% plus 3-month Euribor, maturing on 25 May 2022. As at 31 December 2021, the 2018 FCGE
bonds were presented under short-term borrowings in the Group\u2019s consolidated statement of financial position and
had outstanding nominal and carrying amounts of EUR 83.7 million and EUR 83.9 million, respectively.
On 21 April 2022, the Group settled and rolled over EUR 19.9 million worth of 2018 nominal FCGE bonds in conjunc-
tion with the 2019 FCGE tap issue and on 25 May 2022, the remaining 2018 FCGE bonds were fully settled by the
Group. There are no outstanding 2018 FCGE bonds in the Group\u2019s consolidated statement of financial position as at
31 December 2022 .
2022 Multitude Bank tranche bonds The Multitude Bank p.l.c. tranche bonds (series no. 1/2022 - ISIN: MT0000911215) (\"2022 FBM tranche bonds\") were issued on 13 April 2022 with a coupon rate of 6% maturing on 13 April 2032. Out of the EUR 5.1 million bonds issued, EUR 2 million was issued to Multitude SE, which was eliminated at the Group level as part of the consolidation pro- cess. As at 31 December 2022, the 2022 FBM tranche bonds are presented as long-term borrowings in the Group\u2019s consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 3.1 million and EUR 2.9 million, respectively. 2022 Multitude SE senior unsecured bonds Multitude SE senior unsecured bonds (ISIN: NO0012702549) were issued on 7 December 2022 with a coupon rate of 7.5% plus 3-month Euribor, maturing in December 2025 (the \"2022 MSE Bonds\"). As at 31 December 2022, the MSE Bonds are presented as long-term borrowings in the Group\u2019s consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 46.0 million and EUR 43.9 million, respectively ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-492": { "value": "4. Financial risk management 4.1 Financial risk factors 4.2 Credit risk 4.2.1 Credit risk management
During the financial year 31 December 2022, the impact of the COVID-19 pandemic which had dominated the
previous two financial years declined and the different territories in which the Group operates experienced, albeit to
different extents, signals of an economic rebound close to the levels experienced prior to the onset of the pandemic
in early months of 2020.
In view of the tightening of the credit origination protocols which were introduced by the Group during 2020 as a
reaction to the pandemic, which had triggered a consequential pressure on consumer spending which was mitigated,
in part, through different forms of levels of government induced support and relief in the respective territories, the
Group has not experienced an anomalous level of defaults during the preceding financial years.
Nonetheless, during 2022 the levels of economic uncertainty were exacerbated again by the geopolitical developments which were unleashed by the military conflict between Russia and Ukraine which occurred on the back of pressures which were already being experienced in supply chain disruptions - as different economies struggled to recover from the impacts of the pandemic. These new conditions triggered new spiraling inflationary pressures across the world and pushed central banks, including the European Central Bank (\u2018ECB\u2019), to invoke specific monetary policy actions at their disposal, namely the increase of interest rates to manage demand with a view curb inflation. In a reaction to this, a number of governments implemented different levels of price mitigating fiscal measures to support the respective economies and ease pressures especially, on energy prices, which were particularly subject to significant price volatility. The consequential effect of this new economic landscape implied new economic uncertainties which affected, amongst other things, the disposable income of households, individuals and SMEs in different European territories, and which represent the customer base of the Group. In view of the above, during financial year 2022, the Group was engaged in a process of macroeconomic forecasting and modelling to assess how the Group\u2019s different geographical portfolios are affected by current economic developments. The model considers the equivalent of a \u2018Macro Exposure Score\u2019 to each country by factoring several parameters, including actual payment behavior trends, inflation, other macro indicators and government aid. Based on the assessments of the outcomes of the modelling process, the Group executed strategic decisions to tighten lending in certain markets where the model indicated unfavorable expectations. This process further assisted the Group to monitor its customer payment behavior in different territories and enabled agile action where circumstances necessitated the tightening or loosening of underwriting scorecards accordingly. The calibration of the forward-looking information incorporated in the expected credit losses model (Note 3.1.5) and the determination of weightings assigned to the different scenarios also considered the new elevated level of economic uncertainty. The unfolding economic scenario was also considered in the process of collectively managing the loan portfolios and in determining whether particular cohort of debtors exhibited any significant increase in credit risk or demonstrated any unlikely to pay indicators as a result of prevailing economic conditions. The Group reviews and grades advances to customers using the following internal risk grades: Performing \u2022 Regular \u2022 Watch \u2022 Substandard Non-performing \u2022 Doubtful \u2022 Loss The Group manages the credit quality of its loans and advances to customers by using internal risk grades, which provide a progressively increasing risk profile ranging from \u2018Regular\u2019 (best quality, less risky) to \u2018Loss\u2019. These risk grades are an essential tool for the Group to identify both non-performing exposures and better-performing customers. The internal risk grades used by the Group are as follows: \u2022 Performing: Internal grade \u2018Regular\u2019 \u2022 Under performing: Internal grades \u2018Watch\u2019 and \u2018Substandard\u2019; and \u2022 Non-performing: Internal grades \u2018Doubtful\u2019 and \u2018Loss\u2019. Regular The Group\u2019s loans and advances to customers which are categorised as \u2018Regular\u2019 are principally debts in respect of which payment is not overdue by 30 days and no recent history of customer default exists. Management does not expect losses from non-performance by these customers, which are considered as fully performing. Watch Loans and advances that attract this category principally comprise those where: \u2022 payment becomes overdue by 30 days, but does not exceed 60 days where a loan is deemed to be as non- performing when past due for more than 90 days; \u2022 payment becomes overdue by 30 days but does not exceed 45 days where a loan is deemed to be as non- performing when past due for more than 60 days; and \u2022 there are indicators of a significant increase in credit risk in instances when loans were granted a payment holiday in a specific portfolio. Substandard Exposures that are categorised within this category comprise those where: \u2022 payment becomes overdue by 61 days but does not exceed 90 days for where a loan is deemed to be as non- performing when past due for more than 90 days; and \u2022 where payment becomes overdue by 46 days, but does not exceed 60 days where a loan is deemed to be as non-performing when past due for more than 60 days; Doubtful Loans and advances which attract a \u2018Doubtful\u2019 grading are principally those assets in respect of which: \u2022 repayment becomes overdue by 61 days and over but not exceeding 180 days for where a loan is deemed to be as non-performing when past due for more than 60 days; \u2022 repayment becomes overdue by 91 days and over but not exceeding 180 days for a loan is deemed to be as non-performing when past due for more than 90 days; or \u2022 have indicated Unlikeliness-To-Pay criteria, as outlined in Note 4.2.3. Loss Loans and advances in respect of which payment becomes overdue by 180 days. The Group\u2019s maximum credit risk exposure without collateral held or other credit enhancements as at 31 December are as follows:
EUR \u2019000
2022
Restated 2021
Loans to customers (gross)
619,794
573,708
Cash and cash equivalents
153,325
301,592
Other financial assets at amortised cost:
Receivables from banks
4,362
5,108
Receivables from sold portfolio
2,263
4,657
Other non-current financial assets
28,883
6,215
Other current financial assets
3,701
3,579
Total
812,328
894,859
The table below shows the amount of cash and cash equivalents deposited in various bank accounts, grouped based on Fitch\u2019s credit ratings for the years ended 31 December
EUR \u2019000
2022
2021
AAA
6,988
-
AA
-
-
AA-
2,364
1,773
A+
31,911
103,773
A
41,776
59,757
A-
24,309
69,696
BBB+
5,919
5,796
BBB
680
23
BBB-
3,161
17,488
BB+
300
-
BB
-
8,575
BB-
-
208
B
29
151
B-
-
-
No rating available
35,887
34,351
Total
153,325
301,592
Above mentioned balances include amounts deposited with central banks and loans and advances to banks.
EUR \u2019000
2022
2021
Balance with the Central Bank of Czech
474
-
Balance with the Central Bank of Malta
37,045
98,019
Balance with the Central Bank of Lithuania
22,301
40,902
Balance with the Central Bank of Sweden
6,988
-
Total
66,808
138,921
The balances with Central Bank of Malta include a reserve deposit amounting to EUR 4.2 million (2021: EUR 4.3 million) held in terms of regulation. The Group shows this deposit as cash and cash equivalent for the purposes of statement of cash flows
EUR \u2019000
2022
2021
Loans to banks repayable on call and at short notice
27, 356
48,165
Information on credit quality of balances with other banks In the normal course of business, the Group places funds and carries out transactions through correspondent accounts with high credit quality local listed banks and international banks having a good credit rating, subject to the operational requirements and the application of a limit framework. Accordingly, such exposures are moni- tored through the practical use of exposure limits. In certain countries, the Group had to utilise unrated financial institutions due to operational constraints within such country, in view of the profile of the banking sector in those territories. The Group would carry out a comprehensive due diligence on such banks, prior to engaging with the banks, and on an event-driven basis throughout the term of the relationship. At 31 December 2022, loans and advances to banks consisted primarily of immediately withdrawable nostro bal- ances and term placements maturing within one month. The Group runs the risk of loss of funds due to the possible political, economic and other events in a particular country where funds have been placed or invested with several counterparties domiciled in the same country or region. Countries are assessed according to their size, economic data and prospects together with credit ratings issued by international rating agencies. Existing country credit risk exposures, based on groupings of individual counterparties, are monitored and reviewed periodically. The Group\u2019s assets are predominantly in Europe. At the end of the reporting period, none of the financial assets referred to were past due or impaired. The following tables set out information about the credit quality of specific financial assets measured at amortised cost. The credit quality of the financial assets is determined by credit ratings applicable to issuers or counterparties based on external ratings published by reputable credit rating agencies
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
66,808
-
-
66,808
A+ to A-
Gross carrying amount
Loss allowance
66,808
-
-
66,808
Carrying amount \u2013
net of loss allowance
66,808
-
-
66,808
In this regard, the Government of Malta and Government of Lithuania as at 31 December 2022 had both a rating of A2, as issued by Moody\u2019s on 18 November 2022 and 29 April 2022, respectively. (2021: A2, as issued by Moody\u2019s on 06 August 2021 and 12 February 2021, respectively.) The Government of Sweden as at 31 December 2022 had a rating of AAA as issued by Moody\u2019s on 25 March 2022 (2021: AAA, as issued by Moody\u2019s on 27 March 2020). The Government of Czech as at 31 December 2022 had a rating of AA3 as issued by Moody\u2019s on 5 August 2022 (2021: AA3, as issued by Moody\u2019s on 5 February 2021). As at 31 December 2022, expected credit loss allowances in respect of balances with the Central Banks (which are assumed to have the same credit quality as the Government of Malta, Government of Lithuania, Government of Czech and Government of Sweden) were deemed to be insignificant . Similarly, the Group holds immediately withdrawable balances with highly rated and reputable financial institutions. As at 31 December 2022, expected credit loss allowances in respect of such balances were deemed to be insignificant .
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
138,921
-
-
138,921
A+ to A-
Gross carrying amount
Loss allowance
138,921
-
-
138,921
Carrying amount \u2013
net of loss allowance
138,921
-
-
138,921
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
3,795
-
-
3,795
A+ to A-
BBB+ to BBB-
4,478
-
-
4,478
BB+ to BB-
241
-
-
241
Unrated
18,842
-
-
18,842
Gross carrying amount
27, 356
-
-
27, 356
Loss allowance
Carrying amount \u2013
net of loss allowance
27, 356
-
-
27, 356
As at 31 December 2022 and 2021, there were no acquired credit-impaired assets. After the end of the reporting period there were no significant changes in credit ratings reflected in the tables above which have a material impact on the credit quality of the financial assets.
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
14,283
-
-
14,283
A+ to A-
BBB+ to BBB-
19,063
-
-
19,063
BB+ to BB-
1,016
-
-
1,016
Unrated
13,803
-
-
13,803
Gross carrying amount
48,165
-
-
48,165
Loss allowance
Carrying amount \u2013
net of loss allowance
48,165
-
-
48,165
The table below shows the Group\u2019s gross outstanding loans to customers balances, risk grading, and basis for ECL recognition and measurement as at the years ended 31 December:
Days past due*
Risk grade
Category
Basis for ECL
Lower Upper
UTP
2022
2021
range range
Regular
Performing
Stage 1 (12-month
0 to 30
-
464,238
394,447
ECL)
Watch
Underperforming
Stage 2 (lifetime ECL)
31 - 45
31 - 60
-
20,755
20,208
Substandard
Underperforming
Stage 2 (lifetime ECL)
46 - 60
61 - 90
-
14,862
9,416
Doubtful
Non-performing
Stage 3 (lifetime ECL)
61 - 180
91 - 180
Yes
24,868
27,971
Loss
Non-performing
Stage 3 (lifetime ECL)
More than 180 days
-
95,072
121,666
Total
619,794
573,708
*Lower and upper ranges of days past due are based on DPD thresholds of 60 and 90 days, respectively, to be considered as non-performing In addition, the table below summarises the movements and the balances of loss allowances for loans to customers for the years ended and as at 31 December:
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2022
394,447
29,623
149,637
573,708
Transfers in between stages:
Transfers out of Stage 1
(47,743)
14,126
33,618
-
Transfers out of Stage 2
3,029
(11,6 4 0)
8,610
-
Total changes from transfers in between Stages
(44,714)
2,486
42,228
-
Other changes in gross loans to customers
New loans originated during the year
736,697
36,481
68,225
841,404
Loans derecognised during the year
(613,537)
(32,294)
(123,464)
(769,295)
Write-offs
-
-
(15,006)
(15,006)
Changes in forex and other movements
(8,655)
(680)
(1,681)
(11,016)
Net changes in gross loans to customers
69,791
5,993
(29,698)
46,087
Gross loans to customers as at 31 December 2022
464,238
35,617
119,939
619,794
LOSS ALLOWANCES
Loss allowances, as at 1 January 2022
20,608
8,806
92,595
122,009
Transfers in between stages:
Transfers out of Stage 1
(3,349)
824
2,525
-
Increase (decrease) due to transfers out of Stage 1
-
3,387
14,069
17,455
Transfers out of Stage 2
795
(3,433)
2,638
-
Increase (decrease) due to transfers out of Stage 2
(540)
-
2,607
2,067
Increase (decrease) due to changes in DPD buckets
777
65
7,6 41
8,484
Total changes from transfers in between Stages
(2,317)
843
29,480
28,006
Other changes in loss allowances:
New financial assets originated during the year
46,412
11, 80 6
34,539
92,757
Financial assets derecognised during the year
(39,136)
(9,976)
(67,668)
(116,781)
Write-offs
-
-
(15,006)
(15,006)
Remeasurements from changes in model
(153)
(286)
678
239
Unwind of discount
-
-
480
480
Changes in forex and other movements
(465)
(169)
(740)
(1,373)
Net changes in loss allowances
4,341
2,218
(18,236)
(11,677)
Loss allowances as at 31 December 2022
24,949
11,024
74,359
110,332
Impaired loan coverage ratio (\"ICLR\")
5.37%
30.95%
62.00%
17. 80%
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2021
308,529
23,970
179,290
511,789
Transfers in between stages:
Transfers out of Stage 1
(42,494)
8,358
34,135
-
Transfers out of Stage 2
2,473
(12,069)
9,597
-
Total changes from transfers in between Stages
(40,021)
(3,711)
43,732
-
Other changes in gross loans to customers
New loans originated during the year
708,135
28,796
62,357
799,288
Loans derecognised during the year
(581,363)
(19,451)
(119,038)
(719,852)
Write-offs
-
-
(17,451)
(17,451)
Changes in forex and other movements
(833)
20
747
(66)
Net changes in gross loans to customers
85,918
5,653
(29,653)
61,919
Gross loans to customers as at 31 December 2021
394,447
29,623
149,637
573,708
LOSS ALLOWANCES
Loss allowances, as at 1 January 2021
20,589
7,818
118,010
146,417
Transfers in between stages:
Transfers out of Stage 1
(3,743)
603
3,141
-
Increase (decrease) due to transfers out of Stage 1
-
1,718
13,471
15,189
Transfers out of Stage 2
583
(3,834)
3,250
0
Increase (decrease) due to transfers out of Stage 2
(393)
-
2,428
2,035
Increase (decrease) due to changes in DPD buckets
340
16
9,997
10,353
Total changes from transfers in between Stages
(3,212)
(1,497)
32,286
27,577
Other changes in loss allowances:
New loans originated during the year
42,576
9,321
31,472
83,368
Loans derecognised during the year
(38,204)
(6,801)
(74,639)
(119,644)
Write-offs
-
-
(17,451)
(17,451)
Remeasurements from changes in model
(1,126)
(58)
1,358
174
Unwind of discount
-
-
787
787
Changes in forex and other movements
(14)
23
772
781
Net changes in loss allowances
20
988
(25,415)
(24,407)
Loss allowances as at 31 December 2021
20,608
8,806
92,595
122,009
Impaired loan coverage ratio (\"ICLR\")
5.22%
29.73%
61.88%
21.27%
4.2.7 Credit concentration risk Credit concentration risk for loans to customers The Group\u2019s loans to customers do not include any significant credit risk concentrations. These are comprised of retail exposures which are individually insignificant, with the biggest value per customer arising from SME loans, granted through the standard underwriting process of the Group, at a cap of EUR 350,000 or 0.01% of total Group loans to customers for the years ended 31 December 2022 and 2021. Albeit, the Group has one particular exposure to an SME which exceeds this cap. Multitude does not have clients that individually generate more than 10% of total revenue for the years ended 31 December 2022 and 2021. Credit concentration risk by geographic region The Group has also assessed and analysed the credit concentration risk exposure by geographical region based on the country of domicile of the respective customers or counter parties. The top three credit exposure by country accounts for 20.1% 18.2%, and 14.3% (22.5% 16.8%, and 9.0% in 2021) of the Group\u2019s loans to customers, cash and cash equivalents, and other financial assets at amortised cost. The 20.1% credit concentration risk as at 31 December 2022 (22.5% in 2021) relates to loans to customers, cash and cash equivalents, and other financial assets at amortised cost in Finland . Following table shows credit concentration of the Group by country:
EUR \u2019000 Loans to Other current
Total
2022
customers financial assets
Finland
106,297
34,694
140,991
20.1%
Sweden
122,443
5,064
127,507
18.2%
Malta
-
100,352
100,352
14.3%
Latvia
83,603
123
83,726
11.9 %
Denmark
58,176
-
58,176
8.3%
Germany
39,920
1,362
41,282
5.9%
Estonia
23,290
1,152
24,442
3.5%
The Netherlands
15,895
-
15,895
2.3%
Czech Republic
10,623
229
10,852
1.5%
Others
49,216
49,471
98,687
14.1%
4.3 Market risk 4.3.1 Foreign exchange risk As at 31 December 2022 and 2021, the Group\u2019s primary foreign exchange exposure arises from intercompany loans and other monetary assets and liabilities denominated in Swedish crown (\"SEK\"), Czech crown (\"CZK\"), Norwegian crown (\"NOK\") and Polish zloty (\"PLN\"). Accordingly, the Group hedges the foreign exchange risks from the net assets denominated in these currencies. SEK and CZK constitute roughly 91% of the hedged volume for 2022. The Group is mainly using CZK-to-EUR and SEK-to-EUR foreign exchange forward contracts for its hedging purposes. The Group is also subject to RON, HRK, GBP, DKK and BGN but they are assessed to be not material for both 2021 and 2022. The table below shows the nominal value of the Group\u2019s net asset exposures and the hedging coverage from foreign exchange and forward contracts in relation to SEK, CZK, NOK and PLN as at 31 December:
SEK
CZK
NOK
PLN
EUR \u2018000
2022
2021
2022
2021
2022
2021
2022
2021
Cash in Bank
18,732
12,549
5,083
12,995
2,192
2,820
1,039
4,790
Portfolio
98,610
105,551
10,480
12,262
5,745
7,372
268
2,653
Intercompany loan
20,198
30,460
-
4,001
-
-
18,020
Net position
137,541
148,559
15,563
29,259
7,938
10,193
1,306
25,463
Hedging
127,417
138,943
15,276
30,155
8,427
11, 216
1,816
14,143
Hedging coverage in %
92.64%
93.53%
98.16%
103.06%
106.16%
110.04%
139.00%
55.54%
The impact to the after-tax profit or loss if euro had weakened/strengthened by 10% against PLN and SEK, with all other variables held constant, for the years ended 31 December are as follows :
SEK
CZK
NOK
PLN
EUR \u2019000
2022
2021
2022
2021
2022
2021
2022
2021
Currency up by 10%
1,012
962
29
(90)
(49)
(102)
(51)
1,132
Currency down by 10%
(1,012)
(962)
(29)
90
49
102
51
(1,132)
4.3.2 Interest rate risk Per 31.12.2022, the Group is not engaged in interest rate hedging transactions. The interest rate profile of the Group's financial assets and liabilities as at 31 December are as follows :
Variable Fixed Non-interest
EUR \u2018000 interest rate interest rate
bearing
Total
31 December 2022
Loans to customers
10,688
498,775
-
509,463
Cash and cash equivalents
86,517
-
66,808
153,325
Receivables from banks
-
4,362
-
4,362
Other financial assets
21,107
7,776
5,964
34,847
Total
118,312
510,913
72,772
701,997
Deposits from customers
(93,170)
(402,719)
(5,845)
(501,734)
Perpetual bonds
(50,000)
-
-
(50,000)
Long-term borrowings
(49,052)
-
-
(49,052)
Lease liabilities
-
(3,669)
-
(3,669)
Total
(192,222)
(406,388)
(5,845)
(604,455)
Net exposure
(73,910)
104,525
66,927
97,542
31 December 2021
Loans to customers
62,704
381,168
-
443,872
Cash and cash equivalents
134,589
125,964
41,039
301,592
Receivables from banks
-
5,108
5,108
Total
197,293
512,240
41,039
750,572
Deposits from customers
1,276
(477,969)
(8,071)
(484,764)
Short-term borrowings
(84,371)
-
-
(84,371)
Long-term borrowings
(58,979)
-
-
(58,979)
Lease liabilities
-
(1,764)
-
(1,764)
Total
(142,074)
(479,733)
(8,071)
(629,878)
Net exposure
55,219
32,507
32,968
120,694
At the end of the reporting periods, if the interest rates on the floating rate instruments had increased/decreased by 100 basis points (assuming a parallel shift of 100 basis points in yields) with all other variables held constant, the pre-tax result for the year for Multitude Bank would change by the following amounts determined by applying the shift to the net variable interest exposure at the end of the reporting periods :
EUR \u2019000
2022
2021
(+) 100 bp
(1,844)
(2,476)
(-) 100 bp
1,844
2,476
4.4 Liquidity risk Liquidity risk is defined as financial distress or extraordinarily high financing costs arising from a shortage of liquid funds in a situation where outstanding debt needs to be refinanced or where business conditions unexpectedly deteriorate and require financing. Transactional liquidity risk is defined as the risk of executing a financial transaction below fair market value or not being able to execute the transaction within a specific period. The objective of liquidity risk management is to maintain sufficient liquidity and to ensure that it is readily available without endangering its value to avoid uncertainty related to financial distress at all times. Cash flow forecasting is performed at the market level in each operating entity and aggregated centrally by the Group's treasury. The Group\u2019s treasury function monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom for its borrow- ing facilities and other non-current liabilities to avoid breaches in debt agreements. Such forecasting considers the Group\u2019s debt financing plans, debt covenants, internal balance sheet ratio targets, legal and regulatory requirements, and currency restrictions. Group Treasury is, together with Bank Treasury, jointly ensuring and aligning that the Group is sufficiently liquid at all times The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
The undiscounted repayment schedule for financial liabilities, including future interest payments, as at 31 December are as follows:
Less than Between Between
EUR \u2018000 12 months 1-2 years
2-5 years
Total
31 December 2022
Deposits from customers*
420,124
53,862
27,748
501,734
Borrowings:
Principal
-
3,052
46,000
49,052
Interests
-
-
-
-
Trade payables and other liabilities**
15,576
-
-
15,576
Lease liabilities
1,180
1,142
1,347
3,669
Total
436,880
58,056
75,095
570,031
31 December 2021
Deposits from customers*
401,971
65,015
17,778
484,764
Borrowings:
Principal
84,731
58,619
-
143,350
Interests
5,014
995
-
6,009
Trade payables and other liabilities*
15,221
-
-
15,221
Lease liabilities
1,467
181
116
1,764
Total
508,404
124,810
17, 894
651,108
* Deposits from customers include EUR 119.9 million at 31 December 2022 and EUR 120.2 million at 31 December 2021 of payable on demand. **Trade payables and other liabilities exclude accrued interests on borrowings . As at 31 December 2022 and 2021, the Group\u2019s pool of liquid assets consists mainly of balances with banks. The Group\u2019s financial liabilities comprise predominantly of deposits from customers i.e. amounts owed to customers. The tables below show the maturity of deposits from customers of Multitude Bank plc as well as the split of such deposits by contractual terms:
Within Between three
As at 31 December 2022, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
161,430
260,337
81,610
503,377
Deposits from customers
Within Between three
As at 31 December 2021, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
212,168
190,190
83,682
486,040
Deposits from customers
Deposits from customers by contractual terms, EUR \u2019000
2022
2021
Term deposits
402,362
394,498
Call accounts
101,015
91,542
503,377
486,040
Deposits from customers, reflected in the table above and consisting of customer deposits, are not expected to be withdrawn in accordance with contractual terms, taking cognisance of the nature of these instruments. 4.5 Capital management The Group's funding structure and cost of capital is primarily comprised of deposits received from customers and issued financial instruments such as the German bonds issued in 2018 and 2019, Multitude SE 2022 senior unsecured bonds, and Multitude Bank tranche bonds, presented borrowings, in the consolidated statement of financial position. To generate additional capitalisation, the Group issued a perpetual bond, accounted for as restricted reserves in equi- ty, with a nominal value of EUR 50 million on 5 July 2021 (Note 1.1) . The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows
EUR \u2019000
2022
2021
Cash and cash equivalents
153,325
301,592
Gross debt, due within 1 year
(420,124)
(486,342)
Gross debt, due after 1 year
(130,662)
(141,772)
Perpetual bonds with no maturity date
(50,000)
(50,000)
Net debt
(4
47,461)
(376,522)
Cash and cash equivalents
153,325
301,592
Gross debt - non-interest bearing
(402,719)
(477,969)
Gross debt - variable interest rates
(192,222)
(192,074)
Gross debt - fixed interest rates
(5,845)
(8,071)
Net debt
(4
47,461)
(376,522)
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
In addition to managing capital at Group level as described above, Multitude Bank monitors its capital require-
ments in compliance with applicable regulations by Malta Financial Services Authority (MFSA) due to the banking
license, and through the net equity covenants for Multitude SE as prescribed by terms and conditions of 2022 senior
unsecured floating rate bonds. Capital adequacy and the use of regulatory capital are monitored on an ongoing
basis by the management, employing techniques based on the guidelines developed by the Basel Committee
and the European Union Directives and regulations, as implemented by the MFSA for supervisory purposes. The
level of own funds represents the Multitude Bank p.l.c. available capital and reserves for the purposes of assessing
capital adequacy from a regulatory perspective. Multitude Bank. is required to maintain a ratio of total regulatory
capital to risk-weighted assets (\u201cCapital requirements ratio\u201d) as well as a CET 1 capital ratio above a minimum level
as prescribed by banking regulations. The Bank has processes to ensure that the minimum regulatory requirements
in relation to own funds are met at all times.
According to bond documentation the Multitude SE is obliged to ensure that Group\u2019s consolidated equity is
maintained at the certain levels on each reporting date. These measurements include Maintenance Covenant and
Distribution Test. The Maintenance Covenant shall be calculated in accordance with the Accounting Principles
applicable to the Group and tested by reference to each of the consolidated financial statements on each reference
date with respect to the reference period ending on such reference date. The first test date shall be 31 December
2022. Multitude SE shall ensure that the Net Equity Ratio is at all times at least 18%.
The calculation of the Net Equity Ratio for the purpose of the Distribution Test shall be on the most recent consol-
idated financial statements, adjusted for any Restricted Distributions made after the end of the period covered by
such consolidated financial statements but before the date of the Restricted Distribution and include the contem-
plated Restricted Distribution on a pro forma basis. The Distribution Test is met if the Net Equity Ratio exceeds 25%.
In relation to this test, Restricted Distribution shall be understood as dividends and other restricted payments that
may be distributed to 50% of a Group's previous year's net profit and up to 10% of cash on the Group level (exclud-
ing Multitude Bank p.l.c.). Moreover, the Distribution Test shall be met at the time of distribution when calculated
pro forma, including the relevant Restricted Distribution. Net Equity Ratio is 30.2% as of 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-493": { "value": "
4.2 Credit risk
4.2.1 Credit risk management
The calibration of the forward-looking information incorporated in the expected credit losses model (Note 3.1.5) and the determination of weightings assigned to the different scenarios also considered the new elevated level of economic uncertainty. The unfolding economic scenario was also considered in the process of collectively managing the loan portfolios and in determining whether particular cohort of debtors exhibited any significant increase in credit risk or demonstrated any unlikely to pay indicators as a result of prevailing economic conditions. The Group reviews and grades advances to customers using the following internal risk grades: Performing \u2022 Regular \u2022 Watch \u2022 Substandard Non-performing \u2022 Doubtful \u2022 Loss The Group manages the credit quality of its loans and advances to customers by using internal risk grades, which provide a progressively increasing risk profile ranging from \u2018Regular\u2019 (best quality, less risky) to \u2018Loss\u2019. These risk grades are an essential tool for the Group to identify both non-performing exposures and better-performing customers. The internal risk grades used by the Group are as follows: \u2022 Performing: Internal grade \u2018Regular\u2019 \u2022 Under performing: Internal grades \u2018Watch\u2019 and \u2018Substandard\u2019; and \u2022 Non-performing: Internal grades \u2018Doubtful\u2019 and \u2018Loss\u2019. Regular The Group\u2019s loans and advances to customers which are categorised as \u2018Regular\u2019 are principally debts in respect of which payment is not overdue by 30 days and no recent history of customer default exists. Management does not expect losses from non-performance by these customers, which are considered as fully performing. Watch Loans and advances that attract this category principally comprise those where: \u2022 payment becomes overdue by 30 days, but does not exceed 60 days where a loan is deemed to be as non- performing when past due for more than 90 days; \u2022 payment becomes overdue by 30 days but does not exceed 45 days where a loan is deemed to be as non- performing when past due for more than 60 days; and \u2022 there are indicators of a significant increase in credit risk in instances when loans were granted a payment holiday in a specific portfolio. Substandard Exposures that are categorised within this category comprise those where: \u2022 payment becomes overdue by 61 days but does not exceed 90 days for where a loan is deemed to be as non- performing when past due for more than 90 days; and \u2022 where payment becomes overdue by 46 days, but does not exceed 60 days where a loan is deemed to be as non-performing when past due for more than 60 days; Doubtful Loans and advances which attract a \u2018Doubtful\u2019 grading are principally those assets in respect of which: \u2022 repayment becomes overdue by 61 days and over but not exceeding 180 days for where a loan is deemed to be as non-performing when past due for more than 60 days; \u2022 repayment becomes overdue by 91 days and over but not exceeding 180 days for a loan is deemed to be as non-performing when past due for more than 90 days; or \u2022 have indicated Unlikeliness-To-Pay criteria, as outlined in Note 4.2.3. Loss Loans and advances in respect of which payment becomes overdue by 180 days. The Group\u2019s maximum credit risk exposure without collateral held or other credit enhancements as at 31 December are as follows:
EUR \u2019000
2022
Restated 2021
Loans to customers (gross)
619,794
573,708
Cash and cash equivalents
153,325
301,592
Other financial assets at amortised cost:
Receivables from banks
4,362
5,108
Receivables from sold portfolio
2,263
4,657
Other non-current financial assets
28,883
6,215
Other current financial assets
3,701
3,579
Total
812,328
894,859
The table below shows the amount of cash and cash equivalents deposited in various bank accounts, grouped based on Fitch\u2019s credit ratings for the years ended 31 December :
EUR \u2019000
2022
2021
AAA
6,988
-
AA
-
-
AA-
2,364
1,773
A+
31,911
103,773
A
41,776
59,757
A-
24,309
69,696
BBB+
5,919
5,796
BBB
680
23
BBB-
3,161
17,488
BB+
300
-
BB
-
8,575
BB-
-
208
B
29
151
B-
-
-
No rating available
35,887
34,351
Total
153,325
301,592
Above mentioned balances include amounts deposited with central banks and loans and advances to banks
EUR \u2019000
2022
2021
Balance with the Central Bank of Czech
474
-
Balance with the Central Bank of Malta
37,045
98,019
Balance with the Central Bank of Lithuania
22,301
40,902
Balance with the Central Bank of Sweden
6,988
-
Total
66,808
138,921
The balances with Central Bank of Malta include a reserve deposit amounting to EUR 4.2 million (2021: EUR 4.3 million) held in terms of regulation. The Group shows this deposit as cash and cash equivalent for the purposes of statement of cash flows .
EUR \u2019000
2022
2021
Loans to banks repayable on call and at short notice
27, 356
48,165
Information on credit quality of balances with other banks In the normal course of business, the Group places funds and carries out transactions through correspondent accounts with high credit quality local listed banks and international banks having a good credit rating, subject to the operational requirements and the application of a limit framework. Accordingly, such exposures are moni- tored through the practical use of exposure limits. In certain countries, the Group had to utilise unrated financial institutions due to operational constraints within such country, in view of the profile of the banking sector in those territories. The Group would carry out a comprehensive due diligence on such banks, prior to engaging with the banks, and on an event-driven basis throughout the term of the relationship. At 31 December 2022, loans and advances to banks consisted primarily of immediately withdrawable nostro bal- ances and term placements maturing within one month. The Group runs the risk of loss of funds due to the possible political, economic and other events in a particular country where funds have been placed or invested with several counterparties domiciled in the same country or region. Countries are assessed according to their size, economic data and prospects together with credit ratings issued by international rating agencies. Existing country credit risk exposures, based on groupings of individual counterparties, are monitored and reviewed periodically. The Group\u2019s assets are predominantly in Europe. At the end of the reporting period, none of the financial assets referred to were past due or impaired. The following tables set out information about the credit quality of specific financial assets measured at amortised cost. The credit quality of the financial assets is determined by credit ratings applicable to issuers or counterparties based on external ratings published by reputable credit rating agencies:
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
66,808
-
-
66,808
A+ to A-
Gross carrying amount
Loss allowance
66,808
-
-
66,808
Carrying amount \u2013
net of loss allowance
66,808
-
-
66,808
In this regard, the Government of Malta and Government of Lithuania as at 31 December 2022 had both a rating of
A2, as issued by Moody\u2019s on 18 November 2022 and 29 April 2022, respectively. (2021: A2, as issued by Moody\u2019s on 06
August 2021 and 12 February 2021, respectively.) The Government of Sweden as at 31 December 2022 had a rating of
AAA as issued by Moody\u2019s on 25 March 2022 (2021: AAA, as issued by Moody\u2019s on 27 March 2020). The Government
of Czech as at 31 December 2022 had a rating of AA3 as issued by Moody\u2019s on 5 August 2022 (2021: AA3, as issued by
Moody\u2019s on 5 February 2021).
As at 31 December 2022, expected credit loss allowances in respect of balances with the Central Banks (which are
assumed to have the same credit quality as the Government of Malta, Government of Lithuania, Government of Czech
and Government of Sweden) were deemed to be insignificant .
Similarly, the Group holds immediately withdrawable balances with highly rated and reputable financial institutions.
As at 31 December 2022, expected credit loss allowances in respect of such balances were deemed to be insignificant .
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
138,921
-
-
138,921
A+ to A-
Gross carrying amount
Loss allowance
138,921
-
-
138,921
Carrying amount \u2013
net of loss allowance
138,921
-
-
138,921
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
3,795
-
-
3,795
A+ to A-
BBB+ to BBB-
4,478
-
-
4,478
BB+ to BB-
241
-
-
241
Unrated
18,842
-
-
18,842
Gross carrying amount
27, 356
-
-
27, 356
Loss allowance
Carrying amount \u2013
net of loss allowance
27, 356
-
-
27, 356
As at 31 December 2022 and 2021, there were no acquired credit-impaired assets.
After the end of the reporting period there were no significant changes in credit ratings reflected in the tables above which have a material impact on the credit quality of the financial assets
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
14,283
-
-
14,283
A+ to A-
BBB+ to BBB-
19,063
-
-
19,063
BB+ to BB-
1,016
-
-
1,016
Unrated
13,803
-
-
13,803
Gross carrying amount
48,165
-
-
48,165
Loss allowance
Carrying amount \u2013
net of loss allowance
48,165
-
-
48,165
The table below shows the Group\u2019s gross outstanding loans to customers balances, risk grading, and basis for ECL recognition and measurement as at the years ended 31 December:
Days past due*
Risk grade
Category
Basis for ECL
Lower Upper
UTP
2022
2021
range range
Regular
Performing
Stage 1 (12-month
0 to 30
-
464,238
394,447
ECL)
Watch
Underperforming
Stage 2 (lifetime ECL)
31 - 45
31 - 60
-
20,755
20,208
Substandard
Underperforming
Stage 2 (lifetime ECL)
46 - 60
61 - 90
-
14,862
9,416
Doubtful
Non-performing
Stage 3 (lifetime ECL)
61 - 180
91 - 180
Yes
24,868
27,971
Loss
Non-performing
Stage 3 (lifetime ECL)
More than 180 days
-
95,072
121,666
Total
619,794
573,708
*Lower and upper ranges of days past due are based on DPD thresholds of 60 and 90 days, respectively, to be considered as non-performing In addition, the table below summarises the movements and the balances of loss allowances for loans to customers for the years ended and as at 31 December:
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2022
394,447
29,623
149,637
573,708
Transfers in between stages:
Transfers out of Stage 1
(47,743)
14,126
33,618
-
Transfers out of Stage 2
3,029
(11,6 4 0)
8,610
-
Total changes from transfers in between Stages
(44,714)
2,486
42,228
-
Other changes in gross loans to customers
New loans originated during the year
736,697
36,481
68,225
841,404
Loans derecognised during the year
(613,537)
(32,294)
(123,464)
(769,295)
Write-offs
-
-
(15,006)
(15,006)
Changes in forex and other movements
(8,655)
(680)
(1,681)
(11,016)
Net changes in gross loans to customers
69,791
5,993
(29,698)
46,087
Gross loans to customers as at 31 December 2022
464,238
35,617
119,939
619,794
LOSS ALLOWANCES
Loss allowances, as at 1 January 2022
20,608
8,806
92,595
122,009
Transfers in between stages:
Transfers out of Stage 1
(3,349)
824
2,525
-
Increase (decrease) due to transfers out of Stage 1
-
3,387
14,069
17,455
Transfers out of Stage 2
795
(3,433)
2,638
-
Increase (decrease) due to transfers out of Stage 2
(540)
-
2,607
2,067
Increase (decrease) due to changes in DPD buckets
777
65
7,6 41
8,484
Total changes from transfers in between Stages
(2,317)
843
29,480
28,006
Other changes in loss allowances:
New financial assets originated during the year
46,412
11, 80 6
34,539
92,757
Financial assets derecognised during the year
(39,136)
(9,976)
(67,668)
(116,781)
Write-offs
-
-
(15,006)
(15,006)
Remeasurements from changes in model
(153)
(286)
678
239
Unwind of discount
-
-
480
480
Changes in forex and other movements
(465)
(169)
(740)
(1,373)
Net changes in loss allowances
4,341
2,218
(18,236)
(11,677)
Loss allowances as at 31 December 2022
24,949
11,024
74,359
110,332
Impaired loan coverage ratio (\"ICLR\")
5.37%
30.95%
62.00%
17. 80%
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2021
308,529
23,970
179,290
511,789
Transfers in between stages:
Transfers out of Stage 1
(42,494)
8,358
34,135
-
Transfers out of Stage 2
2,473
(12,069)
9,597
-
Total changes from transfers in between Stages
(40,021)
(3,711)
43,732
-
Other changes in gross loans to customers
New loans originated during the year
708,135
28,796
62,357
799,288
Loans derecognised during the year
(581,363)
(19,451)
(119,038)
(719,852)
Write-offs
-
-
(17,451)
(17,451)
Changes in forex and other movements
(833)
20
747
(66)
Net changes in gross loans to customers
85,918
5,653
(29,653)
61,919
Gross loans to customers as at 31 December 2021
394,447
29,623
149,637
573,708
LOSS ALLOWANCES
Loss allowances, as at 1 January 2021
20,589
7,818
118,010
146,417
Transfers in between stages:
Transfers out of Stage 1
(3,743)
603
3,141
-
Increase (decrease) due to transfers out of Stage 1
-
1,718
13,471
15,189
Transfers out of Stage 2
583
(3,834)
3,250
0
Increase (decrease) due to transfers out of Stage 2
(393)
-
2,428
2,035
Increase (decrease) due to changes in DPD buckets
340
16
9,997
10,353
Total changes from transfers in between Stages
(3,212)
(1,497)
32,286
27,577
Other changes in loss allowances:
New loans originated during the year
42,576
9,321
31,472
83,368
Loans derecognised during the year
(38,204)
(6,801)
(74,639)
(119,644)
Write-offs
-
-
(17,451)
(17,451)
Remeasurements from changes in model
(1,126)
(58)
1,358
174
Unwind of discount
-
-
787
787
Changes in forex and other movements
(14)
23
772
781
Net changes in loss allowances
20
988
(25,415)
(24,407)
Loss allowances as at 31 December 2021
20,608
8,806
92,595
122,009
Impaired loan coverage ratio (\"ICLR\")
5.22%
29.73%
61.88%
21.27%
4.2.7 Credit concentration risk
Credit concentration risk for loans to customers The Group\u2019s loans to customers do not include any significant credit risk concentrations. These are comprised of retail exposures which are individually insignificant, with the biggest value per customer arising from SME loans, granted through the standard underwriting process of the Group, at a cap of EUR 350,000 or 0.01% of total Group loans to customers for the years ended 31 December 2022 and 2021. Albeit, the Group has one particular exposure to an SME which exceeds this cap. Multitude does not have clients that individually generate more than 10% of total revenue for the years ended 31 December 2022 and 2021. Credit concentration risk by geographic region The Group has also assessed and analysed the credit concentration risk exposure by geographical region based on the country of domicile of the respective customers or counter parties. The top three credit exposure by country accounts for 20.1% 18.2%, and 14.3% (22.5% 16.8%, and 9.0% in 2021) of the Group\u2019s loans to customers, cash and cash equivalents, and other financial assets at amortised cost. The 20.1% credit concentration risk as at 31 December 2022 (22.5% in 2021) relates to loans to customers, cash and cash equivalents, and other financial assets at amortised cost in Finland . Following table shows credit concentration of the Group by country
EUR \u2019000 Loans to Other current
Total
2022
customers financial assets
Finland
106,297
34,694
140,991
20.1%
Sweden
122,443
5,064
127,507
18.2%
Malta
-
100,352
100,352
14.3%
Latvia
83,603
123
83,726
11.9 %
Denmark
58,176
-
58,176
8.3%
Germany
39,920
1,362
41,282
5.9%
Estonia
23,290
1,152
24,442
3.5%
The Netherlands
15,895
-
15,895
2.3%
Czech Republic
10,623
229
10,852
1.5%
Others
49,216
49,471
98,687
14.1%
4.4 Liquidity risk Liquidity risk is defined as financial distress or extraordinarily high financing costs arising from a shortage of liquid funds in a situation where outstanding debt needs to be refinanced or where business conditions unexpectedly deteriorate and require financing. Transactional liquidity risk is defined as the risk of executing a financial transaction below fair market value or not being able to execute the transaction within a specific period. The objective of liquidity risk management is to maintain sufficient liquidity and to ensure that it is readily available without endangering its value to avoid uncertainty related to financial distress at all times. Cash flow forecasting is performed at the market level in each operating entity and aggregated centrally by the Group's treasury. The Group\u2019s treasury function monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom for its borrow- ing facilities and other non-current liabilities to avoid breaches in debt agreements. Such forecasting considers the Group\u2019s debt financing plans, debt covenants, internal balance sheet ratio targets, legal and regulatory requirements, and currency restrictions. Group Treasury is, together with Bank Treasury, jointly ensuring and aligning that the Group is sufficiently liquid at all times . ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-494": { "value": "
EUR \u2019000
2022
Restated 2021
Loans to customers (gross)
619,794
573,708
Cash and cash equivalents
153,325
301,592
Other financial assets at amortised cost:
Receivables from banks
4,362
5,108
Receivables from sold portfolio
2,263
4,657
Other non-current financial assets
28,883
6,215
Other current financial assets
3,701
3,579
Total
812,328
894,859
4.2.3 ECL for loans to customers The table below shows the Group\u2019s gross outstanding loans to customers balances, risk grading, and basis for ECL recognition and measurement as at the years ended 31 December:
Days past due*
Risk grade
Category
Basis for ECL
Lower Upper
UTP
2022
2021
range range
Regular
Performing
Stage 1 (12-month
0 to 30
-
464,238
394,447
ECL)
Watch
Underperforming
Stage 2 (lifetime ECL)
31 - 45
31 - 60
-
20,755
20,208
Substandard
Underperforming
Stage 2 (lifetime ECL)
46 - 60
61 - 90
-
14,862
9,416
Doubtful
Non-performing
Stage 3 (lifetime ECL)
61 - 180
91 - 180
Yes
24,868
27,971
Loss
Non-performing
Stage 3 (lifetime ECL)
More than 180 days
-
95,072
121,666
Total
619,794
573,708
*Lower and upper ranges of days past due are based on DPD thresholds of 60 and 90 days, respectively, to be considered as non-performing . In addition, the table below summarises the movements and the balances of loss allowances for loans to customers for the years ended and as at 31 December:
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2022
394,447
29,623
149,637
573,708
Transfers in between stages:
Transfers out of Stage 1
(47,743)
14,126
33,618
-
Transfers out of Stage 2
3,029
(11,6 4 0)
8,610
-
Total changes from transfers in between Stages
(44,714)
2,486
42,228
-
Other changes in gross loans to customers
New loans originated during the year
736,697
36,481
68,225
841,404
Loans derecognised during the year
(613,537)
(32,294)
(123,464)
(769,295)
Write-offs
-
-
(15,006)
(15,006)
Changes in forex and other movements
(8,655)
(680)
(1,681)
(11,016)
Net changes in gross loans to customers
69,791
5,993
(29,698)
46,087
Gross loans to customers as at 31 December 2022
464,238
35,617
119,939
619,794
LOSS ALLOWANCES
Loss allowances, as at 1 January 2022
20,608
8,806
92,595
122,009
Transfers in between stages:
Transfers out of Stage 1
(3,349)
824
2,525
-
Increase (decrease) due to transfers out of Stage 1
-
3,387
14,069
17,455
Transfers out of Stage 2
795
(3,433)
2,638
-
Increase (decrease) due to transfers out of Stage 2
(540)
-
2,607
2,067
Increase (decrease) due to changes in DPD buckets
777
65
7,6 41
8,484
Total changes from transfers in between Stages
(2,317)
843
29,480
28,006
Other changes in loss allowances:
New financial assets originated during the year
46,412
11, 80 6
34,539
92,757
Financial assets derecognised during the year
(39,136)
(9,976)
(67,668)
(116,781)
Write-offs
-
-
(15,006)
(15,006)
Remeasurements from changes in model
(153)
(286)
678
239
Unwind of discount
-
-
480
480
Changes in forex and other movements
(465)
(169)
(740)
(1,373)
Net changes in loss allowances
4,341
2,218
(18,236)
(11,677)
Loss allowances as at 31 December 2022
24,949
11,024
74,359
110,332
Impaired loan coverage ratio (\"ICLR\")
5.37%
30.95%
62.00%
17. 80%
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2021
308,529
23,970
179,290
511,789
Transfers in between stages:
Transfers out of Stage 1
(42,494)
8,358
34,135
-
Transfers out of Stage 2
2,473
(12,069)
9,597
-
Total changes from transfers in between Stages
(40,021)
(3,711)
43,732
-
Other changes in gross loans to customers
New loans originated during the year
708,135
28,796
62,357
799,288
Loans derecognised during the year
(581,363)
(19,451)
(119,038)
(719,852)
Write-offs
-
-
(17,451)
(17,451)
Changes in forex and other movements
(833)
20
747
(66)
Net changes in gross loans to customers
85,918
5,653
(29,653)
61,919
Gross loans to customers as at 31 December 2021
394,447
29,623
149,637
573,708
LOSS ALLOWANCES
Loss allowances, as at 1 January 2021
20,589
7,818
118,010
146,417
Transfers in between stages:
Transfers out of Stage 1
(3,743)
603
3,141
-
Increase (decrease) due to transfers out of Stage 1
-
1,718
13,471
15,189
Transfers out of Stage 2
583
(3,834)
3,250
0
Increase (decrease) due to transfers out of Stage 2
(393)
-
2,428
2,035
Increase (decrease) due to changes in DPD buckets
340
16
9,997
10,353
Total changes from transfers in between Stages
(3,212)
(1,497)
32,286
27,577
Other changes in loss allowances:
New loans originated during the year
42,576
9,321
31,472
83,368
Loans derecognised during the year
(38,204)
(6,801)
(74,639)
(119,644)
Write-offs
-
-
(17,451)
(17,451)
Remeasurements from changes in model
(1,126)
(58)
1,358
174
Unwind of discount
-
-
787
787
Changes in forex and other movements
(14)
23
772
781
Net changes in loss allowances
20
988
(25,415)
(24,407)
Loss allowances as at 31 December 2021
20,608
8,806
92,595
122,009
Impaired loan coverage ratio (\"ICLR\")
5.22%
29.73%
61.88%
21.27%
4.2.7 Credit concentration risk
Credit concentration risk for loans to customers
The Group\u2019s loans to customers do not include any significant credit risk concentrations. These are comprised of retail
exposures which are individually insignificant, with the biggest value per customer arising from SME loans, granted
through the standard underwriting process of the Group, at a cap of EUR 350,000 or 0.01% of total Group loans to
customers for the years ended 31 December 2022 and 2021. Albeit, the Group has one particular exposure to an SME
which exceeds this cap. Multitude does not have clients that individually generate more than 10% of total revenue for
the years ended 31 December 2022 and 2021.
Credit concentration risk by geographic region
The Group has also assessed and analysed the credit concentration risk exposure by geographical region based on
the country of domicile of the respective customers or counter parties. The top three credit exposure by country
accounts for 20.1% 18.2%, and 14.3% (22.5% 16.8%, and 9.0% in 2021) of the Group\u2019s loans to customers, cash and
cash equivalents, and other financial assets at amortised cost. The 20.1% credit concentration risk as at 31 December
2022 (22.5% in 2021) relates to loans to customers, cash and cash equivalents, and other financial assets at amortised
cost in Finland .
Following table shows credit concentration of the Group by country
EUR \u2019000 Loans to Other current
Total
2022
customers financial assets
Finland
106,297
34,694
140,991
20.1%
Sweden
122,443
5,064
127,507
18.2%
Malta
-
100,352
100,352
14.3%
Latvia
83,603
123
83,726
11.9 %
Denmark
58,176
-
58,176
8.3%
Germany
39,920
1,362
41,282
5.9%
Estonia
23,290
1,152
24,442
3.5%
The Netherlands
15,895
-
15,895
2.3%
Czech Republic
10,623
229
10,852
1.5%
Others
49,216
49,471
98,687
14.1%
The table below shows the nominal value of the Group\u2019s net asset exposures and the hedging coverage from foreign exchange and forward contracts in relation to SEK, CZK, NOK and PLN as at 31 December:
SEK
CZK
NOK
PLN
EUR \u2018000
2022
2021
2022
2021
2022
2021
2022
2021
Cash in Bank
18,732
12,549
5,083
12,995
2,192
2,820
1,039
4,790
Portfolio
98,610
105,551
10,480
12,262
5,745
7,372
268
2,653
Intercompany loan
20,198
30,460
-
4,001
-
-
18,020
Net position
137,541
148,559
15,563
29,259
7,938
10,193
1,306
25,463
Hedging
127,417
138,943
15,276
30,155
8,427
11, 216
1,816
14,143
Hedging coverage in %
92.64%
93.53%
98.16%
103.06%
106.16%
110.04%
139.00%
55.54%
The interest rate profile of the Group's financial assets and liabilities as at 31 December are as follows :
Variable Fixed Non-interest
EUR \u2018000 interest rate interest rate
bearing
Total
31 December 2022
Loans to customers
10,688
498,775
-
509,463
Cash and cash equivalents
86,517
-
66,808
153,325
Receivables from banks
-
4,362
-
4,362
Other financial assets
21,107
7,776
5,964
34,847
Total
118,312
510,913
72,772
701,997
Deposits from customers
(93,170)
(402,719)
(5,845)
(501,734)
Perpetual bonds
(50,000)
-
-
(50,000)
Long-term borrowings
(49,052)
-
-
(49,052)
Lease liabilities
-
(3,669)
-
(3,669)
Total
(192,222)
(406,388)
(5,845)
(604,455)
Net exposure
(73,910)
104,525
66,927
97,542
31 December 2021
Loans to customers
62,704
381,168
-
443,872
Cash and cash equivalents
134,589
125,964
41,039
301,592
Receivables from banks
-
5,108
5,108
Total
197,293
512,240
41,039
750,572
Deposits from customers
1,276
(477,969)
(8,071)
(484,764)
Short-term borrowings
(84,371)
-
-
(84,371)
Long-term borrowings
(58,979)
-
-
(58,979)
Lease liabilities
-
(1,764)
-
(1,764)
Total
(142,074)
(479,733)
(8,071)
(629,878)
Net exposure
55,219
32,507
32,968
120,694
The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
Net assets and loss on disposal of subsidiaries Immediately prior to their disposals, the Group has determined the fair values and carrying amounts of FGB and FDK\u2019s assets and liabilities as follows
EUR \u2019000 Ferratum UK Ferratum Denmark
at 31 October 2021 at 31 December 2021
ASSETS
Right-of-use assets
-
52
Loans to customers
1,058
-
Other current financial assets
-
35
Current tax assets
-
555
Prepaid expenses and other current assets
87
21
Cash and cash equivalents
927
461
Total assets
2,072
1,124
LIABILITIES
Lease liabilities
-
(53)
Trade payables
(8)
-
Accruals and other current liabilities
(73)
(863)
Total liabilities
(81)
(916)
Net assets
1,991
208
Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
18. Financial assets The table below summarises the Group\u2019s financial assets presented based on their classification based on their sub- sequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
Restated 2021
EUR \u2019000 Fair value Carrying Carrying
measurement Fair value Fair value
amount amount
FINANCIAL ASSETS AT FVPL
Derivative financial assets
Level 2
3,180
3,180
324
324
FINANCIAL ASSETS AT AMORTISED COST
Loans to customers
Level 3
509,463
509,463
451,698
451,698
Cash and cash equivalents
Level 3
153,325
153,325
301,592
301,592
Other non-current financial assets
Level 3
28,883
28,883
6,215
6,215
Receivables from banks
Level 3
4,362
4,362
5,108
5,108
Receivables from sold portfolios
Level 2
2,263
2,263
4,657
4,657
Other current financial assets
Level 3
3,701
3,701
3,579
3,579
Total
705,177
705,177
773,173
773,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-495": { "value": "
EUR \u2019000
2022
2021
AAA
6,988
-
AA
-
-
AA-
2,364
1,773
A+
31,911
103,773
A
41,776
59,757
A-
24,309
69,696
BBB+
5,919
5,796
BBB
680
23
BBB-
3,161
17,488
BB+
300
-
BB
-
8,575
BB-
-
208
B
29
151
B-
-
-
No rating available
35,887
34,351
Total
153,325
301,592
The table below shows the amount of cash and cash equivalents deposited in various bank accounts, grouped based
on Fitch\u2019s credit ratings for the years ended 31 December :
Above mentioned balances include amounts deposited with central banks and loans and advances to banks.
EUR \u2019000
2022
2021
Balance with the Central Bank of Czech
474
-
Balance with the Central Bank of Malta
37,045
98,019
Balance with the Central Bank of Lithuania
22,301
40,902
Balance with the Central Bank of Sweden
6,988
-
Total
66,808
138,921
The balances with Central Bank of Malta include a reserve deposit amounting to EUR 4.2 million (2021: EUR 4.3 million) held in terms of regulation. The Group shows this deposit as cash and cash equivalent for the purposes of statement of cash flows .
EUR \u2019000
2022
2021
Loans to banks repayable on call and at short notice
27, 356
48,165
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
66,808
-
-
66,808
A+ to A-
Gross carrying amount
Loss allowance
66,808
-
-
66,808
Carrying amount \u2013
net of loss allowance
66,808
-
-
66,808
In this regard, the Government of Malta and Government of Lithuania as at 31 December 2022 had both a rating of A2, as issued by Moody\u2019s on 18 November 2022 and 29 April 2022, respectively. (2021: A2, as issued by Moody\u2019s on 06 August 2021 and 12 February 2021, respectively.) The Government of Sweden as at 31 December 2022 had a rating of AAA as issued by Moody\u2019s on 25 March 2022 (2021: AAA, as issued by Moody\u2019s on 27 March 2020). The Government of Czech as at 31 December 2022 had a rating of AA3 as issued by Moody\u2019s on 5 August 2022 (2021: AA3, as issued by Moody\u2019s on 5 February 2021). As at 31 December 2022, expected credit loss allowances in respect of balances with the Central Banks (which are assumed to have the same credit quality as the Government of Malta, Government of Lithuania, Government of Czech and Government of Sweden) were deemed to be insignificant . Similarly, the Group holds immediately withdrawable balances with highly rated and reputable financial institutions. As at 31 December 2022, expected credit loss allowances in respect of such balances were deemed to be insignificant .
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Balances with Central Banks
at amortised cost
138,921
-
-
138,921
A+ to A-
Gross carrying amount
Loss allowance
138,921
-
-
138,921
Carrying amount \u2013
net of loss allowance
138,921
-
-
138,921
2022,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
3,795
-
-
3,795
A+ to A-
BBB+ to BBB-
4,478
-
-
4,478
BB+ to BB-
241
-
-
241
Unrated
18,842
-
-
18,842
Gross carrying amount
27, 356
-
-
27, 356
Loss allowance
Carrying amount \u2013
net of loss allowance
27, 356
-
-
27, 356
As at 31 December 2022 and 2021, there were no acquired credit-impaired assets. After the end of the reporting period there were no significant changes in credit ratings reflected in the tables above which have a material impact on the credit quality of the financial assets.
2021,
EUR \u2019000
Stage 1 Stage 2 Stage 3 Total
Lifetime ECL
12-month ECL Lifetime ECL
Loans and advances to banks
at amortised cost
14,283
-
-
14,283
A+ to A-
BBB+ to BBB-
19,063
-
-
19,063
BB+ to BB-
1,016
-
-
1,016
Unrated
13,803
-
-
13,803
Gross carrying amount
48,165
-
-
48,165
Loss allowance
Carrying amount \u2013
net of loss allowance
48,165
-
-
48,165
Credit concentration risk by geographic region The Group has also assessed and analysed the credit concentration risk exposure by geographical region based on the country of domicile of the respective customers or counter parties. The top three credit exposure by country accounts for 20.1% 18.2%, and 14.3% (22.5% 16.8%, and 9.0% in 2021) of the Group\u2019s loans to customers, cash and cash equivalents, and other financial assets at amortised cost. The 20.1% credit concentration risk as at 31 December 2022 (22.5% in 2021) relates to loans to customers, cash and cash equivalents, and other financial assets at amortised cost in Finland . Following table shows credit concentration of the Group by country:
EUR \u2019000 Loans to Other current
Total
2022
customers financial assets
Finland
106,297
34,694
140,991
20.1%
Sweden
122,443
5,064
127,507
18.2%
Malta
-
100,352
100,352
14.3%
Latvia
83,603
123
83,726
11.9 %
Denmark
58,176
-
58,176
8.3%
Germany
39,920
1,362
41,282
5.9%
Estonia
23,290
1,152
24,442
3.5%
The Netherlands
15,895
-
15,895
2.3%
Czech Republic
10,623
229
10,852
1.5%
Others
49,216
49,471
98,687
14.1%
As at 31 December 2022 and 2021, the Group\u2019s primary foreign exchange exposure arises from intercompany loans
and other monetary assets and liabilities denominated in Swedish crown (\"SEK\"), Czech crown (\"CZK\"), Norwegian
crown (\"NOK\") and Polish zloty (\"PLN\"). Accordingly, the Group hedges the foreign exchange risks from the net assets
denominated in these currencies. SEK and CZK constitute roughly 91% of the hedged volume for 2022. The Group is
mainly using CZK-to-EUR and SEK-to-EUR foreign exchange forward contracts for its hedging purposes. The Group is
also subject to RON, HRK, GBP, DKK and BGN but they are assessed to be not material for both 2021 and 2022.
The table below shows the nominal value of the Group\u2019s net asset exposures and the hedging coverage from foreign
exchange and forward contracts in relation to SEK, CZK, NOK and PLN as at 31 December:
SEK
CZK
NOK
PLN
EUR \u2018000
2022
2021
2022
2021
2022
2021
2022
2021
Cash in Bank
18,732
12,549
5,083
12,995
2,192
2,820
1,039
4,790
Portfolio
98,610
105,551
10,480
12,262
5,745
7,372
268
2,653
Intercompany loan
20,198
30,460
-
4,001
-
-
18,020
Net position
137,541
148,559
15,563
29,259
7,938
10,193
1,306
25,463
Hedging
127,417
138,943
15,276
30,155
8,427
11, 216
1,816
14,143
Hedging coverage in %
92.64%
93.53%
98.16%
103.06%
106.16%
110.04%
139.00%
55.54%
The impact to the after-tax profit or loss if euro had weakened/strengthened by 10% against PLN and SEK, with all
other variables held constant, for the years ended 31 December are as follows :
SEK
CZK
NOK
PLN
EUR \u2019000
2022
2021
2022
2021
2022
2021
2022
2021
Currency up by 10%
1,012
962
29
(90)
(49)
(102)
(51)
1,132
Currency down by 10%
(1,012)
(962)
(29)
90
49
102
51
(1,132)
The interest rate profile of the Group's financial assets and liabilities as at 31 December are as follows :
Variable Fixed Non-interest
EUR \u2018000 interest rate interest rate
bearing
Total
31 December 2022
Loans to customers
10,688
498,775
-
509,463
Cash and cash equivalents
86,517
-
66,808
153,325
Receivables from banks
-
4,362
-
4,362
Other financial assets
21,107
7,776
5,964
34,847
Total
118,312
510,913
72,772
701,997
Deposits from customers
(93,170)
(402,719)
(5,845)
(501,734)
Perpetual bonds
(50,000)
-
-
(50,000)
Long-term borrowings
(49,052)
-
-
(49,052)
Lease liabilities
-
(3,669)
-
(3,669)
Total
(192,222)
(406,388)
(5,845)
(604,455)
Net exposure
(73,910)
104,525
66,927
97,542
31 December 2021
Loans to customers
62,704
381,168
-
443,872
Cash and cash equivalents
134,589
125,964
41,039
301,592
Receivables from banks
-
5,108
5,108
Total
197,293
512,240
41,039
750,572
Deposits from customers
1,276
(477,969)
(8,071)
(484,764)
Short-term borrowings
(84,371)
-
-
(84,371)
Long-term borrowings
(58,979)
-
-
(58,979)
Lease liabilities
-
(1,764)
-
(1,764)
Total
(142,074)
(479,733)
(8,071)
(629,878)
Net exposure
55,219
32,507
32,968
120,694
The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
4.5 Capital management The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows :
EUR \u2019000
2022
2021
Cash and cash equivalents
153,325
301,592
Gross debt, due within 1 year
(420,124)
(486,342)
Gross debt, due after 1 year
(130,662)
(141,772)
Perpetual bonds with no maturity date
(50,000)
(50,000)
Net debt
(4
47,461)
(376,522)
Cash and cash equivalents
153,325
301,592
Gross debt - non-interest bearing
(402,719)
(477,969)
Gross debt - variable interest rates
(192,222)
(192,074)
Gross debt - fixed interest rates
(5,845)
(8,071)
Net debt
(4
47,461)
(376,522)
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
18. Financial assets
The table below summarises the Group\u2019s financial assets presented based on their classification based on their sub- sequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
Restated 2021
EUR \u2019000 Fair value Carrying Carrying
measurement Fair value Fair value
amount amount
FINANCIAL ASSETS AT FVPL
Derivative financial assets
Level 2
3,180
3,180
324
324
FINANCIAL ASSETS AT AMORTISED COST
Loans to customers
Level 3
509,463
509,463
451,698
451,698
Cash and cash equivalents
Level 3
153,325
153,325
301,592
301,592
Other non-current financial assets
Level 3
28,883
28,883
6,215
6,215
Receivables from banks
Level 3
4,362
4,362
5,108
5,108
Receivables from sold portfolios
Level 2
2,263
2,263
4,657
4,657
Other current financial assets
Level 3
3,701
3,701
3,579
3,579
Total
705,177
705,177
773,173
773,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-496": { "value": "
4.2.3 ECL for loans to customers
The table below shows the Group\u2019s gross outstanding loans to customers balances, risk grading, and basis for ECL
recognition and measurement as at the years ended 31 December:
Days past due*
Risk grade
Category
Basis for ECL
Lower Upper
UTP
2022
2021
range range
Regular
Performing
Stage 1 (12-month
0 to 30
-
464,238
394,447
ECL)
Watch
Underperforming
Stage 2 (lifetime ECL)
31 - 45
31 - 60
-
20,755
20,208
Substandard
Underperforming
Stage 2 (lifetime ECL)
46 - 60
61 - 90
-
14,862
9,416
Doubtful
Non-performing
Stage 3 (lifetime ECL)
61 - 180
91 - 180
Yes
24,868
27,971
Loss
Non-performing
Stage 3 (lifetime ECL)
More than 180 days
-
95,072
121,666
Total
619,794
573,708
*Lower and upper ranges of days past due are based on DPD thresholds of 60 and 90 days, respectively, to be considered as
non-performing .
In addition, the table below summarises the movements and the balances of loss allowances for loans to customers
for the years ended and as at 31 December:
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2022
394,447
29,623
149,637
573,708
Transfers in between stages:
Transfers out of Stage 1
(47,743)
14,126
33,618
-
Transfers out of Stage 2
3,029
(11,6 4 0)
8,610
-
Total changes from transfers in between Stages
(44,714)
2,486
42,228
-
Other changes in gross loans to customers
New loans originated during the year
736,697
36,481
68,225
841,404
Loans derecognised during the year
(613,537)
(32,294)
(123,464)
(769,295)
Write-offs
-
-
(15,006)
(15,006)
Changes in forex and other movements
(8,655)
(680)
(1,681)
(11,016)
Net changes in gross loans to customers
69,791
5,993
(29,698)
46,087
Gross loans to customers as at 31 December 2022
464,238
35,617
119,939
619,794
LOSS ALLOWANCES
Loss allowances, as at 1 January 2022
20,608
8,806
92,595
122,009
Transfers in between stages:
Transfers out of Stage 1
(3,349)
824
2,525
-
Increase (decrease) due to transfers out of Stage 1
-
3,387
14,069
17,455
Transfers out of Stage 2
795
(3,433)
2,638
-
Increase (decrease) due to transfers out of Stage 2
(540)
-
2,607
2,067
Increase (decrease) due to changes in DPD buckets
777
65
7,6 41
8,484
Total changes from transfers in between Stages
(2,317)
843
29,480
28,006
Other changes in loss allowances:
New financial assets originated during the year
46,412
11, 80 6
34,539
92,757
Financial assets derecognised during the year
(39,136)
(9,976)
(67,668)
(116,781)
Write-offs
-
-
(15,006)
(15,006)
Remeasurements from changes in model
(153)
(286)
678
239
Unwind of discount
-
-
480
480
Changes in forex and other movements
(465)
(169)
(740)
(1,373)
Net changes in loss allowances
4,341
2,218
(18,236)
(11,677)
Loss allowances as at 31 December 2022
24,949
11,024
74,359
110,332
Impaired loan coverage ratio (\"ICLR\")
5.37%
30.95%
62.00%
17. 80%
Stage 1 Stage 2 Stage 3
EUR \u2019000 12-month Lifetime Lifetime ECL Total
ECL ECL
GROSS LOANS TO CUSTOMERS
As at 1 January 2021
308,529
23,970
179,290
511,789
Transfers in between stages:
Transfers out of Stage 1
(42,494)
8,358
34,135
-
Transfers out of Stage 2
2,473
(12,069)
9,597
-
Total changes from transfers in between Stages
(40,021)
(3,711)
43,732
-
Other changes in gross loans to customers
New loans originated during the year
708,135
28,796
62,357
799,288
Loans derecognised during the year
(581,363)
(19,451)
(119,038)
(719,852)
Write-offs
-
-
(17,451)
(17,451)
Changes in forex and other movements
(833)
20
747
(66)
Net changes in gross loans to customers
85,918
5,653
(29,653)
61,919
Gross loans to customers as at 31 December 2021
394,447
29,623
149,637
573,708
LOSS ALLOWANCES
Loss allowances, as at 1 January 2021
20,589
7,818
118,010
146,417
Transfers in between stages:
Transfers out of Stage 1
(3,743)
603
3,141
-
Increase (decrease) due to transfers out of Stage 1
-
1,718
13,471
15,189
Transfers out of Stage 2
583
(3,834)
3,250
0
Increase (decrease) due to transfers out of Stage 2
(393)
-
2,428
2,035
Increase (decrease) due to changes in DPD buckets
340
16
9,997
10,353
Total changes from transfers in between Stages
(3,212)
(1,497)
32,286
27,577
Other changes in loss allowances:
New loans originated during the year
42,576
9,321
31,472
83,368
Loans derecognised during the year
(38,204)
(6,801)
(74,639)
(119,644)
Write-offs
-
-
(17,451)
(17,451)
Remeasurements from changes in model
(1,126)
(58)
1,358
174
Unwind of discount
-
-
787
787
Changes in forex and other movements
(14)
23
772
781
Net changes in loss allowances
20
988
(25,415)
(24,407)
Loss allowances as at 31 December 2021
20,608
8,806
92,595
122,009
Impaired loan coverage ratio (\"ICLR\")
5.22%
29.73%
61.88%
21.27%
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-497": { "value": "4.2.3 ECL for loans to customers Following the \"three-stage\" model for recognising ECL under IFRS 9, at initial recognition, the Group presumes that loans to customers are not credit-impaired (Stage 1) and measures the related loss allowance at an amount equal to the portion of credit losses from expected defaults occurring within the next 12 months (\"12-month ECL\"). At each reporting period, the Group assesses whether a significant increase in credit risk (\"SICR\") since initial recog- nition is identified (Stage 2) or whether the underlying financial assets are credit-impaired (Stage 3). In doing this assessment, the Group compares the risk of a default occurring over the expected lifetime of its loans to customers at initial recognition and as at the reporting date, considering relevant, reasonable, and supportable information based on historical data, credit scoring, delinquency status, days past due (\"DPD\"), and other forward-looking factors. Due to the relatively high volume and low value of the underlying loans to customers, the Group generally considers that a significant increase in credit risk has occurred for Micro Loans, Plus Loans, Credit Cards, and Credit Limit facilities when the outstanding loan balances exceed 30 DPD, and accordingly categorises the underlying loans to customers and measures ECL under Stage 2. Accordingly, the Group considers that default has occurred when outstanding balances for Micro Loans exceed 90 DPD, and outstanding balances for Plus Loans, Prime Loans, Credit Limit facilities and SME loans exceed 60 to 90 DPD, depending on the market where the portfolios were originated. ECL for the underlying loans to customers is categorised under Stage 3. Loss allowances on loans to customers under Stages 2 and Stage 3 are measured based on expected credit losses occurring throughout the lifetime of the financial assets (\"lifetime ECL\"). Moreover, the Group has also implemented elements and observable events which may indicate Unlikeliness-To-Pay (\"UTP\"), in addition to the quantitative criteria of days past due, in its internal credit risk assessment as part of its ECL methodology. By doing so, the Group is no longer looking at its loans as a number of homogenous portfolios, assessing performance and staging solely based on the DPD criterion. The UTP criteria adopted are the following: \u2022 Simulated Termination - The UTP flag is implemented when a loan has reached the days past due of termina- tion for the portfolio, in cases where termination occurs before default definition; \u2022 Suspected Fraud - Unlikeliness to pay is triggered if a loan is identified as possible fraud in the fraud manage- ment tool; \u2022 Insolvency - Unlikeliness to pay is triggered if a customer has notified the Group of insolvency, through either collection tool or debt manager systems; and \u2022 Death - Unlikeliness to pay is triggered if a customer has notified the Group of death, through either collection tool or debt manager systems. The UTP assessment enhances the ECL methodology by checking on a loan-by-loan level whether a customer\u2019s performance has deteriorated based on other criteria that can be observed before meeting the hard DPD criterion. Under this methodology, apart from the defined NPL DPD criteria to be reclassified as Stage 3, by applying the UTP assessment, if the customer meets certain behavioural unlikeliness to pay criteria then the loan would accordingly be reclassified as Stage 3. The Group further categorises outstanding loans to customers using an internal risk grading system based on their credit quality and performance, with \"Regular\" considered to be \"performing\" and not-credit impaired (Stage 1), \"Watch\" and \"Substandard\" regarded as \"underperforming\" with an occurrence of SICR since initial recognition (Stage 2), and \"Sub-standard\" and \"Doubtful\" considered to be \"non-performing\" and credit-impaired (Stage 3).
Transfers out of Stage 1 are driven by the underlying gross loans to customers to have a significant increase in credit risks since
initial recognition (Stage 2) or become credit-impaired (Stage 3), whereas transfers out of Stages 2 or 3 result from the underlying
gross loans to customers no longer meeting said definitions.
Transfers in between Stages or changes within DPD bucket that do not necessarily impact ECL stages could also result in an
increase (decrease) in loss allowances during the year.
Remeasurements from changes in the ECL model, inputs and assumptions are mainly driven by updating the calculations, statistics
and modelling parameters relating to EAD, PD, LGD, and EIR based on the most recent available information at the reporting date.
The unwind of discount is driven by the amortisation of the ECL's present value for long-outstanding loans to customers.
4.2.4 ECL for other financial assets at amortised cost
IFRS 9 provides a practical expedient for recognising 12-month ECL for financial instruments deemed to have low
credit risk at the reporting date. Where applicable, the Group applies this practical expedient in determining loss
allowances regarding other financial assets measured at amortised cost. This is to the extent that the underlying
receivables from counterparties are \"investment grade\" based on the definition of external rating agencies \u2013 between
AAA to BBB- (Standard & Poor\u2019s, Fitch) or Aaa-Baa3 (Moody\u2019s).
At each reporting date, the Group assesses whether there were any changes in circumstances that would result into a
significant increase in credit risk since initial recognition in relation to its other financial assets at amortised cost and
determines whether loss allowances should be recognised using lifetime ECL.
4.2.5 ECL for investments in debt instruments
For the investments in debt instruments that are classified as non-current financial assets in the consolidated state-
ment of financial positions of the Group, Multitude Bank conducts periodical assessments in relation to the respective
portfolio to assess whether the Bank should provide for expected credit losses. In order for its ECL methodology to
represent an appropriate estimation of its credit risk emanating from said investments, the Bank assesses the ECL on
each investment separately. Consistent with the regulatory and industry best practices, the Bank\u2019s ECL calculations are
based on Probability of Default (\"PD\"), Exposure at Default (\"EAD\") and Loss Given Default (\"LGD\"). This is consistent to
the approach used for the purposes of measuring ECL under IFRS 9 (Note 18).
Albeit following the same methodology based on the above components, the Bank ensures that the assumptions of
the underlying ECL methodology are reflective of the different natures and characteristics of each respective invest-
ment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-498": { "value": "4.3 Market risk The Group\u2019s operations in different markets expose it to various market risks, including foreign exchange risk, interest rate risk, and fair value risk. 4.3.1 Foreign exchange risk The Group operates in different markets, mainly within and selectively outside of the Euro zone and generates signif- icant transactions and balances in various currencies and therefore is exposed to foreign exchange risk. In addition, intercompany transactions and loans between entities with different functional currencies are often carried out within the Group due to the nature and wide geographic scope of its operations. As a result, the Group is exposed to fluctuations in future cash flows arising from foreign currency denominated assets and liabilities, both with external and internal parties, primarily driven by changes in foreign exchange rates between the euro and other currencies. Multitude manages foreign exchange risks through its treasury risk management policy that aims to hedge and mit- igate the potential adverse impact of fluctuations in foreign exchange rates between the euro and other currencies. In addition, the Group also enters into foreign exchange swaps and forward contracts to hedge material intercom- pany loans and balances that are not denominated in euros. Group treasury policy further requires all Group entities to fully manage and hedge all significant foreign currency denominated transactions and balances against their own and, ultimately, the Group\u2019s functional currencies. As at 31 December 2022 and 2021, the Group\u2019s primary foreign exchange exposure arises from intercompany loans and other monetary assets and liabilities denominated in Swedish crown (\"SEK\"), Czech crown (\"CZK\"), Norwegian crown (\"NOK\") and Polish zloty (\"PLN\"). Accordingly, the Group hedges the foreign exchange risks from the net assets denominated in these currencies. SEK and CZK constitute roughly 91% of the hedged volume for 2022. The Group is mainly using CZK-to-EUR and SEK-to-EUR foreign exchange forward contracts for its hedging purposes. The Group is also subject to RON, HRK, GBP, DKK and BGN but they are assessed to be not material for both 2021 and 2022. The table below shows the nominal value of the Group\u2019s net asset exposures and the hedging coverage from foreign exchange and forward contracts in relation to SEK, CZK, NOK and PLN as at 31 December:
SEK
CZK
NOK
PLN
EUR \u2018000
2022
2021
2022
2021
2022
2021
2022
2021
Cash in Bank
18,732
12,549
5,083
12,995
2,192
2,820
1,039
4,790
Portfolio
98,610
105,551
10,480
12,262
5,745
7,372
268
2,653
Intercompany loan
20,198
30,460
-
4,001
-
-
18,020
Net position
137,541
148,559
15,563
29,259
7,938
10,193
1,306
25,463
Hedging
127,417
138,943
15,276
30,155
8,427
11, 216
1,816
14,143
Hedging coverage in %
92.64%
93.53%
98.16%
103.06%
106.16%
110.04%
139.00%
55.54%
The impact to the after-tax profit or loss if euro had weakened/strengthened by 10% against PLN and SEK, with all other variables held constant, for the years ended 31 December are as follows :
SEK
CZK
NOK
PLN
EUR \u2019000
2022
2021
2022
2021
2022
2021
2022
2021
Currency up by 10%
1,012
962
29
(90)
(49)
(102)
(51)
1,132
Currency down by 10%
(1,012)
(962)
(29)
90
49
102
51
(1,132)
4.3.2 Interest rate risk The Group is exposed to interest rate risk either through market value fluctuations of items in the consolidated state- ment of financial position (price risk) or changes in interest income or expenses. Interest rate risk mainly arises through interest-bearing liabilities and assets. Estimated future changes in cash flows and the structure of the consolidated statement of financial position also expose the Group to interest rate risk. The objective of interest rate risk management is to mitigate adverse impacts arising from interest rate fluctuations on the consolidated statements of profit or loss, cash flows, and financial position while considering the Group\u2019s target capital structure and the resulting net interest rate exposure. The Group maintains a diverse portfolio of financial assets and liabilities that yield interest income and expenses; based on fixed and variable interest rates. The Group\u2019s financial assets and liabilities with variable and a combination of fixed and variable interest rates are based on Euribor, which is the basic rate of interest used in lending between banks and is commonly used as a reference for setting the interest rate on loans within the European union (\"EU\"). Per 31.12.2022, the Group is not engaged in interest rate hedging transactions. The interest rate profile of the Group's financial assets and liabilities as at 31 December are as follows :
Variable Fixed Non-interest
EUR \u2018000 interest rate interest rate
bearing
Total
31 December 2022
Loans to customers
10,688
498,775
-
509,463
Cash and cash equivalents
86,517
-
66,808
153,325
Receivables from banks
-
4,362
-
4,362
Other financial assets
21,107
7,776
5,964
34,847
Total
118,312
510,913
72,772
701,997
Deposits from customers
(93,170)
(402,719)
(5,845)
(501,734)
Perpetual bonds
(50,000)
-
-
(50,000)
Long-term borrowings
(49,052)
-
-
(49,052)
Lease liabilities
-
(3,669)
-
(3,669)
Total
(192,222)
(406,388)
(5,845)
(604,455)
Net exposure
(73,910)
104,525
66,927
97,542
31 December 2021
Loans to customers
62,704
381,168
-
443,872
Cash and cash equivalents
134,589
125,964
41,039
301,592
Receivables from banks
-
5,108
5,108
Total
197,293
512,240
41,039
750,572
Deposits from customers
1,276
(477,969)
(8,071)
(484,764)
Short-term borrowings
(84,371)
-
-
(84,371)
Long-term borrowings
(58,979)
-
-
(58,979)
Lease liabilities
-
(1,764)
-
(1,764)
Total
(142,074)
(479,733)
(8,071)
(629,878)
Net exposure
55,219
32,507
32,968
120,694
The Group analyses its interest rate exposures on a periodic basis. Various scenarios are simulated considering refi-
nancing, renewal of existing positions, alternative financing, and hedging. Based on these scenarios, the Group calcu-
lates the impact on profit and loss of a defined interest rate shift for the assets and liabilities held by Multitude Bank
p.l.c. that constitute the majority of interest-bearing items. The same interest rate shift is used for each simulation for
all currencies. The scenarios are run only for liabilities that represent the major interest-bearing positions.
Notwithstanding the above, the Group will keep monitoring the materiality of interest rate risk on a regular basis and
when there are significant changes to the business model or strategy which might impact the assessment.
The Group is exposed to cash flow interest rate risk in respect of certain financial assets and liabilities which are sub-
ject to floating interest rates. Taking cognisance of the nature of Multitude Bank\u2019s financial assets and liabilities, under
the requirements of IFRS 7, a sensitivity analysis in respect of interest rate changes is applied in relation to the majority
of the net floating rate instruments to which the Group is exposed to via Multitude Bank p.l.c. These instruments are
the net resultant of floating rate assets, which mainly constitute the surplus liquidity placed with banks, and floating
rate liabilities, consisting of funding through customer deposits.
At the end of the reporting periods, if the interest rates on the floating rate instruments had increased/decreased
by 100 basis points (assuming a parallel shift of 100 basis points in yields) with all other variables held constant, the
pre-tax result for the year for Multitude Bank would change by the following amounts determined by applying the
shift to the net variable interest exposure at the end of the reporting periods :
EUR \u2019000
2022
2021
(+) 100 bp
(1,844)
(2,476)
(-) 100 bp
1,844
2,476
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-499": { "value": "4.3.1 Foreign exchange risk As at 31 December 2022 and 2021, the Group\u2019s primary foreign exchange exposure arises from intercompany loans and other monetary assets and liabilities denominated in Swedish crown (\"SEK\"), Czech crown (\"CZK\"), Norwegian crown (\"NOK\") and Polish zloty (\"PLN\"). Accordingly, the Group hedges the foreign exchange risks from the net assets denominated in these currencies. SEK and CZK constitute roughly 91% of the hedged volume for 2022. The Group is mainly using CZK-to-EUR and SEK-to-EUR foreign exchange forward contracts for its hedging purposes. The Group is also subject to RON, HRK, GBP, DKK and BGN but they are assessed to be not material for both 2021 and 2022. The table below shows the nominal value of the Group\u2019s net asset exposures and the hedging coverage from foreign exchange and forward contracts in relation to SEK, CZK, NOK and PLN as at 31 December:
SEK
CZK
NOK
PLN
EUR \u2018000
2022
2021
2022
2021
2022
2021
2022
2021
Cash in Bank
18,732
12,549
5,083
12,995
2,192
2,820
1,039
4,790
Portfolio
98,610
105,551
10,480
12,262
5,745
7,372
268
2,653
Intercompany loan
20,198
30,460
-
4,001
-
-
18,020
Net position
137,541
148,559
15,563
29,259
7,938
10,193
1,306
25,463
Hedging
127,417
138,943
15,276
30,155
8,427
11, 216
1,816
14,143
Hedging coverage in %
92.64%
93.53%
98.16%
103.06%
106.16%
110.04%
139.00%
55.54%
The impact to the after-tax profit or loss if euro had weakened/strengthened by 10% against PLN and SEK, with all other variables held constant, for the years ended 31 December are as follows :
SEK
CZK
NOK
PLN
EUR \u2019000
2022
2021
2022
2021
2022
2021
2022
2021
Currency up by 10%
1,012
962
29
(90)
(49)
(102)
(51)
1,132
Currency down by 10%
(1,012)
(962)
(29)
90
49
102
51
(1,132)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-500": { "value": "
4.3.2 Interest rate risk
The interest rate profile of the Group's financial assets and liabilities as at 31 December are as follows
Variable Fixed Non-interest
EUR \u2018000 interest rate interest rate
bearing
Total
31 December 2022
Loans to customers
10,688
498,775
-
509,463
Cash and cash equivalents
86,517
-
66,808
153,325
Receivables from banks
-
4,362
-
4,362
Other financial assets
21,107
7,776
5,964
34,847
Total
118,312
510,913
72,772
701,997
Deposits from customers
(93,170)
(402,719)
(5,845)
(501,734)
Perpetual bonds
(50,000)
-
-
(50,000)
Long-term borrowings
(49,052)
-
-
(49,052)
Lease liabilities
-
(3,669)
-
(3,669)
Total
(192,222)
(406,388)
(5,845)
(604,455)
Net exposure
(73,910)
104,525
66,927
97,542
31 December 2021
Loans to customers
62,704
381,168
-
443,872
Cash and cash equivalents
134,589
125,964
41,039
301,592
Receivables from banks
-
5,108
5,108
Total
197,293
512,240
41,039
750,572
Deposits from customers
1,276
(477,969)
(8,071)
(484,764)
Short-term borrowings
(84,371)
-
-
(84,371)
Long-term borrowings
(58,979)
-
-
(58,979)
Lease liabilities
-
(1,764)
-
(1,764)
Total
(142,074)
(479,733)
(8,071)
(629,878)
Net exposure
55,219
32,507
32,968
120,694
4.4 Liquidity risk
The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are
as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
The undiscounted repayment schedule for financial liabilities, including future interest payments, as at 31 December
are as follows:
Less than Between Between
EUR \u2018000 12 months 1-2 years
2-5 years
Total
31 December 2022
Deposits from customers*
420,124
53,862
27,748
501,734
Borrowings:
Principal
-
3,052
46,000
49,052
Interests
-
-
-
-
Trade payables and other liabilities**
15,576
-
-
15,576
Lease liabilities
1,180
1,142
1,347
3,669
Total
436,880
58,056
75,095
570,031
31 December 2021
Deposits from customers*
401,971
65,015
17,778
484,764
Borrowings:
Principal
84,731
58,619
-
143,350
Interests
5,014
995
-
6,009
Trade payables and other liabilities*
15,221
-
-
15,221
Lease liabilities
1,467
181
116
1,764
Total
508,404
124,810
17, 894
651,108
* Deposits from customers include EUR 119.9 million at 31 December 2022 and EUR 120.2 million at 31 December 2021 of payable on demand. *Trade payables and other liabilities exclude accrued interests on borrowings .
changes in available liquid assets on a regular basis. As at 31 December 2022 and 2021, the Group\u2019s pool of liquid
assets consists mainly of balances with banks. The Group\u2019s financial liabilities comprise predominantly of deposits
from customers i.e. amounts owed to customers. The Group\u2019s objective is to maintain an adequate level of liquid
The tables below show the maturity of deposits from customers of Multitude Bank plc as well as the split of such
deposits by contractual terms:
Within Between three
As at 31 December 2022, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
161,430
260,337
81,610
503,377
Deposits from customers
Within Between three
As at 31 December 2021, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
212,168
190,190
83,682
486,040
Deposits from customers
Deposits from customers by contractual terms, EUR \u2019000
2022
2021
Term deposits
402,362
394,498
Call accounts
101,015
91,542
503,377
486,040
Deposits from customers, reflected in the table above and consisting of customer deposits, are not expected to be
withdrawn in accordance with contractual terms, taking cognisance of the nature of these instruments. Hence, the
4.5 Capital management
The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to
cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows :
EUR \u2019000
2022
2021
Cash and cash equivalents
153,325
301,592
Gross debt, due within 1 year
(420,124)
(486,342)
Gross debt, due after 1 year
(130,662)
(141,772)
Perpetual bonds with no maturity date
(50,000)
(50,000)
Net debt
(4
47,461)
(376,522)
Cash and cash equivalents
153,325
301,592
Gross debt - non-interest bearing
(402,719)
(477,969)
Gross debt - variable interest rates
(192,222)
(192,074)
Gross debt - fixed interest rates
(5,845)
(8,071)
Net debt
(4
47,461)
(376,522)
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
20. Financial liabilities
The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
2019 FCGE bonds
Ferratum Capital Germany GmbH (ISIN: SE0012453835) (\"FCGE 2019 bonds\") were issued on 24 April 2019 with a
coupon rate of 5.5% plus a 3-month Euribor, maturing on 24 April 2023. As at 31 December 2021, the 2019 FCGE
bonds were presented under long-term borrowings in the Group\u2019s consolidated statement of financial position and
had outstanding nominal and carrying amounts of EUR 59.0 million and EUR 57.7 million, respectively.
On 21 April 2022, the Group made a tap issue which increased the outstanding nominal value of the 2019 FCGE bonds
by EUR 40 million with the same coupon rate and maturing date as the original issue. During September 2022, the
Group executed several repurchases amounting to EUR 1.7 million. There are no outstanding 2019 FCGE bonds in the
Group\u2019s consolidated statement of financial position as at 31 December 2022.
2018 FCGE bonds
Ferratum Capital Germany GmbH (ISIN: AS5772809/SE0011167972) (\"FCGE 2018 bonds\") were issued on 25 May 2018 with a coupon rate of 5.5% plus 3-month Euribor, maturing on 25 May 2022. As at 31 December 2021, the 2018 FCGE bonds were presented under short-term borrowings in the Group\u2019s consolidated statement of financial position and had outstanding nominal and carrying amounts of EUR 83.7 million and EUR 83.9 million, respectively. On 21 April 2022, the Group settled and rolled over EUR 19.9 million worth of 2018 nominal FCGE bonds in conjunc- tion with the 2019 FCGE tap issue and on 25 May 2022, the remaining 2018 FCGE bonds were fully settled by the Group. There are no outstanding 2018 FCGE bonds in the Group\u2019s consolidated statement of financial position as at 31 December 2022 .
2022 Multitude Bank tranche bonds
The Multitude Bank p.l.c. tranche bonds (series no. 1/2022 - ISIN: MT0000911215) (\"2022 FBM tranche bonds\") were
issued on 13 April 2022 with a coupon rate of 6% maturing on 13 April 2032. Out of the EUR 5.1 million bonds issued,
EUR 2 million was issued to Multitude SE, which was eliminated at the Group level as part of the consolidation pro-
cess. As at 31 December 2022, the 2022 FBM tranche bonds are presented as long-term borrowings in the Group\u2019s
consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 3.1 million
and EUR 2.9 million, respectively.
2022 Multitude SE senior unsecured bonds Multitude SE senior unsecured bonds (ISIN: NO0012702549) were issued on 7 December 2022 with a coupon rate of 7.5% plus 3-month Euribor, maturing in December 2025 (the \"2022 MSE Bonds\"). As at 31 December 2022, the MSE Bonds are presented as long-term borrowings in the Group\u2019s consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 46.0 million and EUR 43.9 million, respectively Financial liabilities fair value measurements The fair value of derivative financial liabilities is determined using level 2 fair value measurement. It is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value of long-term and short-term borrowings that includes only listed bonds (2018 FCGE bonds, 2019 FCGE bonds, 2022 Multitude Bank tranche bonds and 2022 Multitude SE senior unsecured bonds) is determined using level 1 fair value measurement based on the published quotes in the Frankfurt Stock Exchange Open Market, Frankfurt Stock Exchange Prime Standard, and Malta Stocks Exchange, respectively. The fair value of the remaining financial liabilities measured at amortised cost is determined using level 3 fair value measurement based significantly on unobservable inputs. The Group estimates that the carrying amounts of these financial liabilities reasonably approximate their fair values at the periods presented .", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-501": { "value": "4.4 Liquidity risk Liquidity risk is defined as financial distress or extraordinarily high financing costs arising from a shortage of liquid funds in a situation where outstanding debt needs to be refinanced or where business conditions unexpectedly deteriorate and require financing. Transactional liquidity risk is defined as the risk of executing a financial transaction below fair market value or not being able to execute the transaction within a specific period. The objective of liquidity risk management is to maintain sufficient liquidity and to ensure that it is readily available without endangering its value to avoid uncertainty related to financial distress at all times. Cash flow forecasting is performed at the market level in each operating entity and aggregated centrally by the Group's treasury. The Group\u2019s treasury function monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom for its borrow- ing facilities and other non-current liabilities to avoid breaches in debt agreements. Such forecasting considers the Group\u2019s debt financing plans, debt covenants, internal balance sheet ratio targets, legal and regulatory requirements, and currency restrictions. Group Treasury is, together with Bank Treasury, jointly ensuring and aligning that the Group is sufficiently liquid at all times . The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
The undiscounted repayment schedule for financial liabilities, including future interest payments, as at 31 December are as follows:
Less than Between Between
EUR \u2018000 12 months 1-2 years
2-5 years
Total
31 December 2022
Deposits from customers*
420,124
53,862
27,748
501,734
Borrowings:
Principal
-
3,052
46,000
49,052
Interests
-
-
-
-
Trade payables and other liabilities**
15,576
-
-
15,576
Lease liabilities
1,180
1,142
1,347
3,669
Total
436,880
58,056
75,095
570,031
31 December 2021
Deposits from customers*
401,971
65,015
17,778
484,764
Borrowings:
Principal
84,731
58,619
-
143,350
Interests
5,014
995
-
6,009
Trade payables and other liabilities*
15,221
-
-
15,221
Lease liabilities
1,467
181
116
1,764
Total
508,404
124,810
17, 894
651,108
* Deposits from customers include EUR 119.9 million at 31 December 2022 and EUR 120.2 million at 31 December 2021 of payable on demand. **Trade payables and other liabilities exclude accrued interests on borrowings As at 31 December 2022 and 2021, the Group\u2019s pool of liquid assets consists mainly of balances with banks. The Group\u2019s financial liabilities comprise predominantly of deposits from customers i.e. amounts owed to customers. The tables below show the maturity of deposits from customers of Multitude Bank plc as well as the split of such deposits by contractual terms:
Within Between three
As at 31 December 2022, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
161,430
260,337
81,610
503,377
Deposits from customers
Within Between three
As at 31 December 2021, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
212,168
190,190
83,682
486,040
Deposits from customers
Deposits from customers by contractual terms, EUR \u2019000
2022
2021
Term deposits
402,362
394,498
Call accounts
101,015
91,542
503,377
486,040
Deposits from customers, reflected in the table above and consisting of customer deposits, are not expected to be withdrawn in accordance with contractual terms, taking cognisance of the nature of these instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-502": { "value": "4.4 Liquidity risk The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
The undiscounted repayment schedule for financial liabilities, including future interest payments, as at 31 December are as follows:
Less than Between Between
EUR \u2018000 12 months 1-2 years
2-5 years
Total
31 December 2022
Deposits from customers*
420,124
53,862
27,748
501,734
Borrowings:
Principal
-
3,052
46,000
49,052
Interests
-
-
-
-
Trade payables and other liabilities**
15,576
-
-
15,576
Lease liabilities
1,180
1,142
1,347
3,669
Total
436,880
58,056
75,095
570,031
31 December 2021
Deposits from customers*
401,971
65,015
17,778
484,764
Borrowings:
Principal
84,731
58,619
-
143,350
Interests
5,014
995
-
6,009
Trade payables and other liabilities*
15,221
-
-
15,221
Lease liabilities
1,467
181
116
1,764
Total
508,404
124,810
17, 894
651,108
* Deposits from customers include EUR 119.9 million at 31 December 2022 and EUR 120.2 million at 31 December 2021 of payable on demand.
**Trade payables and other liabilities exclude accrued interests on borrowings .
As at 31 December 2022 and 2021, the Group\u2019s pool of liquid assets consists mainly of balances with banks. The Group\u2019s financial liabilities comprise predominantly of deposits from customers i.e. amounts owed to customers. The tables below show the maturity of deposits from customers of Multitude Bank plc as well as the split of such deposits by contractual terms:
Within Between three
As at 31 December 2022, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
161,430
260,337
81,610
503,377
Deposits from customers
Within Between three
As at 31 December 2021, EUR \u2019000 three months months More than one Total
and one year year
Maturity of:
212,168
190,190
83,682
486,040
Deposits from customers
Deposits from customers by contractual terms, EUR \u2019000
2022
2021
Term deposits
402,362
394,498
Call accounts
101,015
91,542
503,377
486,040
The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
20. Financial liabilities The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-503": { "value": "The undiscounted repayment schedule for financial assets, including future interest payments, as at 31 December are as follows:
Less than Between Over
EUR \u2018000 12 months 1-2 years
2 years
Total
31 December 2022
Cash and cash equivalents
153,325
-
-
153,325
Loans to customers
405,736
39,828
63,899
509,463
Prepaid expenses and other assets
1,549
-
-
1,549
Other financial assets
10,326
-
28,883
39,209
Total
570,935
39,828
92,782
703,545
31 December 2021
Cash and cash equivalents
301,592
-
-
301,592
Loans to customers
361,710
55,181
34,807
451,698
Prepaid expenses and other assets
1,324
-
-
1,324
Other financial assets
13,344
6,215
-
19,559
Total
677,970
96,203
-
774,173
The undiscounted repayment schedule for financial liabilities, including future interest payments, as at 31 December are as follows:
Less than Between Between
EUR \u2018000 12 months 1-2 years
2-5 years
Total
31 December 2022
Deposits from customers*
420,124
53,862
27,748
501,734
Borrowings:
Principal
-
3,052
46,000
49,052
Interests
-
-
-
-
Trade payables and other liabilities**
15,576
-
-
15,576
Lease liabilities
1,180
1,142
1,347
3,669
Total
436,880
58,056
75,095
570,031
31 December 2021
Deposits from customers*
401,971
65,015
17,778
484,764
Borrowings:
Principal
84,731
58,619
-
143,350
Interests
5,014
995
-
6,009
Trade payables and other liabilities*
15,221
-
-
15,221
Lease liabilities
1,467
181
116
1,764
Total
508,404
124,810
17, 894
651,108
* Deposits from customers include EUR 119.9 million at 31 December 2022 and EUR 120.2 million at 31 December 2021 of payable on demand. **Trade payables and other liabilities exclude accrued interests on borrowings . 20. Financial liabilities The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-504": { "value": "4.5 Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern to provide returns to shareholders and benefits for the Group\u2019s stakeholders and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new bonds, or sell assets to reduce debt. The Group's funding structure and cost of capital is primarily comprised of deposits received from customers and issued financial instruments such as the German bonds issued in 2018 and 2019, Multitude SE 2022 senior unsecured bonds, and Multitude Bank tranche bonds, presented borrowings, in the consolidated statement of financial position. To generate additional capitalisation, the Group issued a perpetual bond, accounted for as restricted reserves in equi- ty, with a nominal value of EUR 50 million on 5 July 2021 (Note 1.1) . The nominal values, grouped by liquidity and interest characteristics, of the Group's costs of capital as compared to cash and cash equivalents (\"net debt\"), and the movements for the years ended and as at 31 December are as follows :
EUR \u2019000
2022
2021
Cash and cash equivalents
153,325
301,592
Gross debt, due within 1 year
(420,124)
(486,342)
Gross debt, due after 1 year
(130,662)
(141,772)
Perpetual bonds with no maturity date
(50,000)
(50,000)
Net debt
(4
47,461)
(376,522)
Cash and cash equivalents
153,325
301,592
Gross debt - non-interest bearing
(402,719)
(477,969)
Gross debt - variable interest rates
(192,222)
(192,074)
Gross debt - fixed interest rates
(5,845)
(8,071)
Net debt
(4
47,461)
(376,522)
EUR \u2018000
Cash and cash
Gross debt, Gross debt, Perpetual Net debt
equivalents due within 1 due after 1 bonds
year year
AS AT 1 JANUARY 2021
236,564
(275,833)
(243,689)
-
(282,958)
Issuance of perpetual bonds
-
-
-
(50,000)
(50,000)
Repayment of borrowings
-
15,629
21,021
-
36,650
Net (increase) decrease in deposits
-
(226,138)
80,896
-
(145,242)
Net increase in cash and
cash equivalents
65,103
-
-
-
65,103
Foreign exchange adjustments
(75)
-
-
-
(75)
AT 31 DECEMBER 2021
301,592
(486,342)
(141,772)
(50,000)
(376,522)
Issuance of perpetual bonds
-
-
-
-
-
Proceeds from borrowings
-
87,072
-
-
87,072
Repayment of borrowings
-
(182,150)
-
-
(182,150)
Net (increase) decrease in deposits
-
161,296
11,110
-
172,406
Net increase in cash and
cash equivalents
(142,209)
-
-
-
(142,209)
Foreign exchange adjustments
(6,059)
-
-
-
(6,059)
AT 31 DECEMBER 2022
153,325
(420,124)
(130,662)
(50,000)
(4
47,461)
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-505": { "value": "
5. Group companies
The Group organisational structure as at 31 December 2022 and comparative 31 December 2021 is shown in the table
below:
Ownership in Group companies
Country
2022
2021
Bhawana Capital Private Limited
India
99.27%
99%
Bidellus Bangladesh Ltd
Bangladesh
100%
100%
CapitalBox AB
Sweden
100%
100%
CapitalBox GmbH
Germany
100%
100%
Ferratum (Malta) Holding Limited
Malta
100%
100%
Ferratum Australia Pty Ltd
Australia
100%
100%
Multitude Bank p.l.c.
Malta
100%
100%
Ferratum Brazil Servicos De Correspondente Bancario Ltda
Brazil
100%
100%
Ferratum Bulgaria EOOD
Bulgaria
100%
100%
Vector Procurement Solutions Inc.
Canada
100%
100%
Ferratum Capital Germany GmbH
Germany
100%
100%
Ferratum Capital Oy
Finland
100%
100%
Ferratum Czech s.r.o.
Czech Republic
100%
100%
Ferratum Latvia SIA
Latvia
100%
100%
Ferratum Mexico S. de R.L. de C.V.
Mexico
100%
100%
Ferratum New Zealand Ltd. (liquidated)
New Zealand
-
100%
Ferratum Portfolio S.\u00e0 r.l.
Luxembourg
100%
100%
Ferratum Romania I.F.N.S.A.
Romania
100%
99.94%
fe Business Services O\u00dc
Estonia
100%
100%
Guarantee Services O\u00dc
Estonia
100%
100%
Multitude IT Labs s.r.o.
Slovakia
100%
100%
Inari Servi\u00e7os Financeiros Ltda
Brazil
100%
100%
Mr Credit Pty Ltd
Australia
100%
100%
Multitude Global Services Corp
Philippines
99.94%
-
Multitude International Services Oy
Finland
100%
100%
Multitude Services Sweden AB
Sweden
100%
100%
Numeratum d.o.o.
Croatia
100%
100%
Pactum Collections GmbH
Germany
100%
100%
Pactum Poland Sp. z.o.o.
Poland
100%
100%
Saldodipje SL
Spain
100%
100%
Saldo Gestion SL
Spain
100%
100%
Suomen Joustava Oy
Finland
100%
100%
Multitude Services Lithuania UAB
Lithuania
100%
100%
Net assets and loss on disposal of subsidiaries Immediately prior to their disposals, the Group has determined the fair values and carrying amounts of FGB and FDK\u2019s assets and liabilities as follows :
EUR \u2019000 Ferratum UK Ferratum Denmark
at 31 October 2021 at 31 December 2021
ASSETS
Right-of-use assets
-
52
Loans to customers
1,058
-
Other current financial assets
-
35
Current tax assets
-
555
Prepaid expenses and other current assets
87
21
Cash and cash equivalents
927
461
Total assets
2,072
1,124
LIABILITIES
Lease liabilities
-
(53)
Trade payables
(8)
-
Accruals and other current liabilities
(73)
(863)
Total liabilities
(81)
(916)
Net assets
1,991
208
In addition, immediately prior to their disposal, there were no components of non-controlling interests or other com- prehensive income attributable to FGB or FDK. Total consideration from the disposals included cash receipts of EUR 100 and EUR 27 for FGB and FDK, respectively. Losses from these disposals are calculated as follows :
EUR
Ferratum UK
Ferratum Denmark
Consideration received
100
27
Carrying amount of net assets sold
1,990,540
208,361
Loss on disposal
1,990,440
208,324
*Loss on disposal of FDK is presented in other income (expenses) in Note 11 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-506": { "value": "5. Group companies The Group organisational structure as at 31 December 2022 and comparative 31 December 2021 is shown in the table below:
Ownership in Group companies
Country
2022
2021
Bhawana Capital Private Limited
India
99.27%
99%
Bidellus Bangladesh Ltd
Bangladesh
100%
100%
CapitalBox AB
Sweden
100%
100%
CapitalBox GmbH
Germany
100%
100%
Ferratum (Malta) Holding Limited
Malta
100%
100%
Ferratum Australia Pty Ltd
Australia
100%
100%
Multitude Bank p.l.c.
Malta
100%
100%
Ferratum Brazil Servicos De Correspondente Bancario Ltda
Brazil
100%
100%
Ferratum Bulgaria EOOD
Bulgaria
100%
100%
Vector Procurement Solutions Inc.
Canada
100%
100%
Ferratum Capital Germany GmbH
Germany
100%
100%
Ferratum Capital Oy
Finland
100%
100%
Ferratum Czech s.r.o.
Czech Republic
100%
100%
Ferratum Latvia SIA
Latvia
100%
100%
Ferratum Mexico S. de R.L. de C.V.
Mexico
100%
100%
Ferratum New Zealand Ltd. (liquidated)
New Zealand
-
100%
Ferratum Portfolio S.\u00e0 r.l.
Luxembourg
100%
100%
Ferratum Romania I.F.N.S.A.
Romania
100%
99.94%
fe Business Services O\u00dc
Estonia
100%
100%
Guarantee Services O\u00dc
Estonia
100%
100%
Multitude IT Labs s.r.o.
Slovakia
100%
100%
Inari Servi\u00e7os Financeiros Ltda
Brazil
100%
100%
Mr Credit Pty Ltd
Australia
100%
100%
Multitude Global Services Corp
Philippines
99.94%
-
Multitude International Services Oy
Finland
100%
100%
Multitude Services Sweden AB
Sweden
100%
100%
Numeratum d.o.o.
Croatia
100%
100%
Pactum Collections GmbH
Germany
100%
100%
Pactum Poland Sp. z.o.o.
Poland
100%
100%
Saldodipje SL
Spain
100%
100%
Saldo Gestion SL
Spain
100%
100%
Suomen Joustava Oy
Finland
100%
100%
Multitude Services Lithuania UAB
Lithuania
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-507": { "value": "
Net assets and loss on disposal of subsidiaries
Immediately prior to their disposals, the Group has determined the fair values and carrying amounts of FGB and FDK\u2019s
assets and liabilities as follows :
EUR \u2019000 Ferratum UK Ferratum Denmark
at 31 October 2021 at 31 December 2021
ASSETS
Right-of-use assets
-
52
Loans to customers
1,058
-
Other current financial assets
-
35
Current tax assets
-
555
Prepaid expenses and other current assets
87
21
Cash and cash equivalents
927
461
Total assets
2,072
1,124
LIABILITIES
Lease liabilities
-
(53)
Trade payables
(8)
-
Accruals and other current liabilities
(73)
(863)
Total liabilities
(81)
(916)
Net assets
1,991
208
In addition, immediately prior to their disposal, there were no components of non-controlling interests or other com-
prehensive income attributable to FGB or FDK. Total consideration from the disposals included cash receipts of EUR
100 and EUR 27 for FGB and FDK, respectively. Losses from these disposals are calculated as follows :
EUR
Ferratum UK
Ferratum Denmark
Consideration received
100
27
Carrying amount of net assets sold
1,990,540
208,361
Loss on disposal
1,990,440
208,324
*Loss on disposal of FDK is presented in other income (expenses) in Note 11 .
6. Discontinued operations
On 31 October 2021, the Group disposed of its total shareholdings, representing 100% ownership interest in Ferratum
UK Ltd. (\"FGB\"), which was accounted for as discontinued operations. Accordingly, the Group carved out the results of
operations relating to FGB from its consolidated statements of profit or loss and the accompanying note disclosures
at the financial statement line-item level after the elimination of intra-group income and expenses.
Loss from discontinued operations
The loss from discontinued operations, including the loss arising from the disposal of FGB for the years ended 31
December, as in the table below, is presented as a single line item in the consolidated statement of profit or loss. The
Group did not retain any operations in FGB for the year ended 31 December 2022.
EUR \u2019000
Restated 2021
Interest revenue
(459)
Servicing fee revenue
Operating expenses:
Impairment loss on loans to customers
(538)
Bank and lending costs
(530)
Personnel expense
(403)
Selling and marketing expense
(1)
General and administrative expense
(457)
Operating loss
(2,388)
Loss on disposal of discontinued operations
(1,991)
Other income, net
4
Loss before interests and taxes (\"EBIT\")
(4,375)
Finance costs, net
(1,351)
Loss before income tax
(5,726)
Income tax expense
(82)
Loss from discontinued operations
(5,808)
Net cash flows from discontinued operations
The net cash flows from operating, investing, and financing activities relating to FGB for the years ended 31 December
are as follows:
EUR \u2019000
2021
Net cash flows from (used in) operating activities
26
Net cash flows from (used in) investing activities
8,755
Net cash flows from (used in) discontinued operations
8,781
*The net cash flows from (used in) investing activities include cash and cash equivalents transferred, net of cash proceeds received, from the disposals of FGB amounting to EUR 0.9 million . 24. Correction of a prior period errors and a change of presentation The following corrections had material impact on the results and financial position of the Group as at 1 January 2021 and 31 December 2021: Brokerage fees on loans and deposits During the financial year ended 31 December 2022, the Group corrected the manner in which sales and commission fees payable to third parties of specific lending products are recognised, and the pattern and method of recognition of the fees within the consolidated statement of profit or loss. Previously these costs were expensed as incurred and presented within selling and marketing expense. Subsequent to the correction, such fees which are transaction costs directly attributable to the acquisition of loans to customers and deposits from customers, are adjusted against the initial fair value of the instrument and are amortised to the statement of profit or loss over the estimated life of the related loans and deposits received applying the effective interest rate method. The impact of the correction is that the timing of the expense recognition changes, and both the interest income and fee expenses decrease within the statement of profit or loss. Interest revenue decreased by EUR 9.5 million and selling and marketing expense decreased by EUR 11.6 million. Similarly, finance costs increased due to adjustment of customer deposit related brokerage fees from fee expense to interest expense with impact of EUR 1.0 million in 2021. At the same time, loans to customers increased by EUR 7.8 million as of 31 December 2021 and EUR 4.4 million as of 1 January 2021. The correction with impacts to profit or loss led to an increase in deferred tax liability by EUR 0.2 million as of 31 December 2021 and EUR 0.2 million as of 1 January 2021. Retained earnings increased by EUR 5.3 million as of 31 December 2021 and EUR 4.2 million as of 1 January 2021. Comparative financial information presented within the consolidated statement of financial position and consolidat- ed statement of profit or loss has been restated, as presented in the tables below. The impact of the correction for the year ended 31 December 2021 was EUR 1.1 million of increase in profit (loss) from continuing operations. The impact on the earnings per share is included in the following tables. Classification of loans to customers as non-current or current The Group has corrected the classification of loans to customers as current and non-current in the statement of finan- cial position and restated the comparative financial information accordingly. Previously, the Group incorrectly classi- fied loans to customers which did not meet the current asset criteria in IAS 1 as current assets. The Group reclassified loans to customers with maturity exceeding 12 months from current assets to non-current assets totalling to EUR 42.9 million and EUR 90.0 million as of 1 January 2021 and 31 December 2021 respectively. The correction relates solely to the presentation in the statement of financial position, and it has no impact on the results. Translation differences in the UK The Group discontinued its operations in the UK in 2021 by divesting its local subsidiary Ferratum UK Ltd. The divest- ment was presented as discontinued operations in the consolidated statement of profit or loss and the loss recognised in 2021 amounted to EUR 2.0 million. The Group had cumulative translation differences related to the disposed UK subsidiary which were not recognised correctly through the 2021 statement of profit or loss upon disposal. The Group restated the 2021 loss from discontinued operations by releasing the cumulative translation differences amounting to EUR 2.0 million as an increase of the previously recognised loss from the discontinued operations. The restatement has no impact on the profit (loss) from continuing operations. Classification of depositor guarantee contributions The Group analysed the composition and nature of its finance costs in 2022 and changed the presentation of the contributions to the guarantee funds directly attributable to deposits received from customers to provide more rel- evant information about the effects of such costs on the financing of the Group and to better reflect the economic substance of the transactions. Consequently, these costs were reclassified from general and administrative expense to finance costs since these costs are directly attributable to the funding of the Group. As a result of the change, the general and administrative expense decreased by EUR 1.2 million and finance costs increased by EUR 1.2 million in 2021. The restatement has no impact on the result of the financial year 2021. Classification of cash flows on deposits from customers to cash flows from financing activities The Group corrected the presentation of cash flows from deposits from customers in the consolidated statement of cash flows to cash flows from financing and restated the comparative period. Previously the Group classified the deposit related cash flows as part of the cash flows from its net cash flows from operating activities. As a result, net cash flows from operating activities decreased by EUR 145.4 million in 2021 with corresponding increase in cash flows from financing activities. Reclassification of certain costs The Group has analysed the composition of its operational costs presented by function in the consolidated statement of profit or loss in 2022. As a result, the Group has made reclassification of certain costs between selling and marketing expense bank and lending costs, general and administrative expense and other expenses to align the grouping with its current operational model. The reclassification aims to enhance the quality of the financial information and to better reflect the economic substance of transactions providing more relevant information about the nature of such costs by functions. The 2021 selling and marketing expense increased by EUR 0.7 million, bank and lending costs decreased by EUR 0.4 million, general and administrative expense decreased by EUR 1.2 million and other expense increased by EUR 0.9 million. The restatement has no impact on the results.
Tables below show movement between financial statement line items related to above mentioned cases:
Consolidated statement of financial position
Reported 31 Brokerage Classification Translation Total Restated 31
EUR '000 December fee of loans difference correction December
2021 2021
Assets
Non-current assets
Loans to customers
-
-
89,988
-
89,988
89,988
Current assets:
Loans to customers
443,872
7, 826
(89,988)
-
(82,162)
361,710
Prepaid expenses and other
current assets
3,628
(2,304)
-
-
(2,304)
1,324
Equity
Retained earnings
67,172
5,313
-
(2,019)
3,294
70,466
Translation differences
(5,014)
-
-
2,019
2,019
(2,995)
Liabilities
Current liabilities:
Current tax liabilities
3,247
208
-
-
208
3,455
EUR '000 Reported 1 Brokerage fee Classification Total Restated 1
January 2021 of loans correction January 2021
Assets
Non-current assets:
Loans to customers
-
-
42,892
42,892
42,892
Current assets:
Loans to customers
360,955
4,417
(42,892)
(38,475)
322,480
Equity
Retained earnings
73,696
4,235
-
4,235
77,931
Liabilities
Current liabilities:
Current tax liabilities
3,241
182
-
182
3,423
Consolidated statement of profit or loss and Consolidated statement of comprehensive income
Guar- Cost Trans-
EUR '000 Reported antee optimisa- Brokerage lation Total Restated
2021 contribu- tion fee differ- correction 2021
tions ence
Statement of profit or loss:
Revenue
213,671
-
-
(9,482)
-
(9,482)
204,189
Selling and marketing expense
(26,535)
-
(718)
11,609
-
10,891
(15,644)
Bank and lending costs
(14,338)
-
397
-
-
397
(13,941)
General and administrative expense
(28,896)
1,175
1,222
-
-
2,397
(26,499)
Operating profit
23,620
1,175
901
2,127
-
4,203
27, 823
Other income (expense)
281
-
(901)
-
-
(901)
(620)
Profit before interests and taxes
23,901
1,175
-
2,127
-
3,302
27,203
(\"EBIT\")
Finance income (costs)
(20,316)
(1,175)
-
(1,023)
-
(2,199)
(22,515)
Profit before income taxes
3,585
-
-
1,104
-
1,103
4,688
Income tax expense
(2,358)
-
-
(26)
-
(26)
(2,384)
Profit from continuing operations
1,227
-
-
1,077
-
1,077
2,304
Profit (loss) for the period from
discontinued operations
(3,789)
-
-
-
(2,019)
(2,019)
(5,808)
Profit (loss) for the year
(2,562)
-
-
1,077
(2,019)
(942)
(3,504)
Statement of comprehensive
income:
Currency translation difference from
discontinued operations
-
-
-
-
2,019
2,019
2,019
Earnings per share:
Earnings per share from continuing
operations, EUR*
(0.10)
-
-
0.05
-
0.05
(0.05)
Earnings per share from
discontinued operations, EUR
(0.18)
-
-
-
(0.09)
(0.09)
(0.27)
Total earnings per share, EUR
(0.28)
-
-
0.05
(0.09)
(0.04)
(0.32)
*Adjusted for perpetual bond interest in Note 14
Consolidated statement of cash flows
EUR '000
Reported 2021
Broker- Translation Customer Total Restated 2021
age fee difference deposits correction
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit (loss) for the year
(2,562)
1,078
(2,019)
-
(942)
(3,504)
Finance costs, net
19,648
1,023
2,019
-
3,042
22,690
Increase (+) / decrease (-) in trade
payables and other current liabilities
(10,464)
(2,101)
-
-
(2,101)
(12,565)
(excl. Interest liabilities)
Deposits from customers
145,443
-
-
(145,443)
(145,443)
-
Net cash flows from operating activities
71,721
-
-
(145,443)
-
(73,722)
Deposits from customers
-
-
-
145,443
145,443
-
Net cash flows from financing activities
7,059
-
-
145,443
145,443
152,502
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-508": { "value": "Net assets and loss on disposal of subsidiaries Immediately prior to their disposals, the Group has determined the fair values and carrying amounts of FGB and FDK\u2019s assets and liabilities as follows :
EUR \u2019000 Ferratum UK Ferratum Denmark
at 31 October 2021 at 31 December 2021
ASSETS
Right-of-use assets
-
52
Loans to customers
1,058
-
Other current financial assets
-
35
Current tax assets
-
555
Prepaid expenses and other current assets
87
21
Cash and cash equivalents
927
461
Total assets
2,072
1,124
LIABILITIES
Lease liabilities
-
(53)
Trade payables
(8)
-
Accruals and other current liabilities
(73)
(863)
Total liabilities
(81)
(916)
Net assets
1,991
208
In addition, immediately prior to their disposal, there were no components of non-controlling interests or other com- prehensive income attributable to FGB or FDK. Total consideration from the disposals included cash receipts of EUR 100 and EUR 27 for FGB and FDK, respectively. Losses from these disposals are calculated as follows :
EUR
Ferratum UK
Ferratum Denmark
Consideration received
100
27
Carrying amount of net assets sold
1,990,540
208,361
Loss on disposal
1,990,440
208,324
*Loss on disposal of FDK is presented in other income (expenses) in Note 11 .
6. Discontinued operations On 31 October 2021, the Group disposed of its total shareholdings, representing 100% ownership interest in Ferratum UK Ltd. (\"FGB\"), which was accounted for as discontinued operations. Accordingly, the Group carved out the results of operations relating to FGB from its consolidated statements of profit or loss and the accompanying note disclosures at the financial statement line-item level after the elimination of intra-group income and expenses. Loss from discontinued operations The loss from discontinued operations, including the loss arising from the disposal of FGB for the years ended 31 December, as in the table below, is presented as a single line item in the consolidated statement of profit or loss. The Group did not retain any operations in FGB for the year ended 31 December 2022.
EUR \u2019000
Restated 2021
Interest revenue
(459)
Servicing fee revenue
Operating expenses:
Impairment loss on loans to customers
(538)
Bank and lending costs
(530)
Personnel expense
(403)
Selling and marketing expense
(1)
General and administrative expense
(457)
Operating loss
(2,388)
Loss on disposal of discontinued operations
(1,991)
Other income, net
4
Loss before interests and taxes (\"EBIT\")
(4,375)
Finance costs, net
(1,351)
Loss before income tax
(5,726)
Income tax expense
(82)
Loss from discontinued operations
(5,808)
Net cash flows from discontinued operations The net cash flows from operating, investing, and financing activities relating to FGB for the years ended 31 December are as follows:
EUR \u2019000
2021
Net cash flows from (used in) operating activities
26
Net cash flows from (used in) investing activities
8,755
Net cash flows from (used in) discontinued operations
8,781
*The net cash flows from (used in) investing activities include cash and cash equivalents transferred, net of cash proceeds received, from the disposals of FGB amounting to EUR 0.9 million ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-509": { "value": "Net assets and loss on disposal of subsidiaries Immediately prior to their disposals, the Group has determined the fair values and carrying amounts of FGB and FDK\u2019s assets and liabilities as follows :
EUR \u2019000 Ferratum UK Ferratum Denmark
at 31 October 2021 at 31 December 2021
ASSETS
Right-of-use assets
-
52
Loans to customers
1,058
-
Other current financial assets
-
35
Current tax assets
-
555
Prepaid expenses and other current assets
87
21
Cash and cash equivalents
927
461
Total assets
2,072
1,124
LIABILITIES
Lease liabilities
-
(53)
Trade payables
(8)
-
Accruals and other current liabilities
(73)
(863)
Total liabilities
(81)
(916)
Net assets
1,991
208
In addition, immediately prior to their disposal, there were no components of non-controlling interests or other com- prehensive income attributable to FGB or FDK. Total consideration from the disposals included cash receipts of EUR 100 and EUR 27 for FGB and FDK, respectively. Losses from these disposals are calculated as follows
EUR
Ferratum UK
Ferratum Denmark
Consideration received
100
27
Carrying amount of net assets sold
1,990,540
208,361
Loss on disposal
1,990,440
208,324
*Loss on disposal of FDK is presented in other income (expenses) in Note 11 6. Discontinued operations On 31 October 2021, the Group disposed of its total shareholdings, representing 100% ownership interest in Ferratum UK Ltd. (\"FGB\"), which was accounted for as discontinued operations. Accordingly, the Group carved out the results of operations relating to FGB from its consolidated statements of profit or loss and the accompanying note disclosures at the financial statement line-item level after the elimination of intra-group income and expenses. Loss from discontinued operations The loss from discontinued operations, including the loss arising from the disposal of FGB for the years ended 31 December, as in the table below, is presented as a single line item in the consolidated statement of profit or loss. The Group did not retain any operations in FGB for the year ended 31 December 2022.
EUR \u2019000
Restated 2021
Interest revenue
(459)
Servicing fee revenue
Operating expenses:
Impairment loss on loans to customers
(538)
Bank and lending costs
(530)
Personnel expense
(403)
Selling and marketing expense
(1)
General and administrative expense
(457)
Operating loss
(2,388)
Loss on disposal of discontinued operations
(1,991)
Other income, net
4
Loss before interests and taxes (\"EBIT\")
(4,375)
Finance costs, net
(1,351)
Loss before income tax
(5,726)
Income tax expense
(82)
Loss from discontinued operations
(5,808)
Net cash flows from discontinued operations The net cash flows from operating, investing, and financing activities relating to FGB for the years ended 31 December are as follows:
EUR \u2019000
2021
Net cash flows from (used in) operating activities
26
Net cash flows from (used in) investing activities
8,755
Net cash flows from (used in) discontinued operations
8,781
*The net cash flows from (used in) investing activities include cash and cash equivalents transferred, net of cash proceeds
received, from the disposals of FGB amounting to EUR 0.9 million .
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-510": { "value": "Net assets and loss on disposal of subsidiaries Immediately prior to their disposals, the Group has determined the fair values and carrying amounts of FGB and FDK\u2019s assets and liabilities as follows :
EUR \u2019000 Ferratum UK Ferratum Denmark
at 31 October 2021 at 31 December 2021
ASSETS
Right-of-use assets
-
52
Loans to customers
1,058
-
Other current financial assets
-
35
Current tax assets
-
555
Prepaid expenses and other current assets
87
21
Cash and cash equivalents
927
461
Total assets
2,072
1,124
LIABILITIES
Lease liabilities
-
(53)
Trade payables
(8)
-
Accruals and other current liabilities
(73)
(863)
Total liabilities
(81)
(916)
Net assets
1,991
208
In addition, immediately prior to their disposal, there were no components of non-controlling interests or other com- prehensive income attributable to FGB or FDK. Total consideration from the disposals included cash receipts of EUR 100 and EUR 27 for FGB and FDK, respectively. Losses from these disposals are calculated as follows :
EUR
Ferratum UK
Ferratum Denmark
Consideration received
100
27
Carrying amount of net assets sold
1,990,540
208,361
Loss on disposal
1,990,440
208,324
*Loss on disposal of FDK is presented in other income (expenses) in Note 11 . 6. Discontinued operations On 31 October 2021, the Group disposed of its total shareholdings, representing 100% ownership interest in Ferratum UK Ltd. (\"FGB\"), which was accounted for as discontinued operations. Accordingly, the Group carved out the results of operations relating to FGB from its consolidated statements of profit or loss and the accompanying note disclosures at the financial statement line-item level after the elimination of intra-group income and expenses. Loss from discontinued operations The loss from discontinued operations, including the loss arising from the disposal of FGB for the years ended 31 December, as in the table below, is presented as a single line item in the consolidated statement of profit or loss. The Group did not retain any operations in FGB for the year ended 31 December 2022.
EUR \u2019000
Restated 2021
Interest revenue
(459)
Servicing fee revenue
Operating expenses:
Impairment loss on loans to customers
(538)
Bank and lending costs
(530)
Personnel expense
(403)
Selling and marketing expense
(1)
General and administrative expense
(457)
Operating loss
(2,388)
Loss on disposal of discontinued operations
(1,991)
Other income, net
4
Loss before interests and taxes (\"EBIT\")
(4,375)
Finance costs, net
(1,351)
Loss before income tax
(5,726)
Income tax expense
(82)
Loss from discontinued operations
(5,808)
Net cash flows from discontinued operations The net cash flows from operating, investing, and financing activities relating to FGB for the years ended 31 December are as follows
EUR \u2019000
2021
Net cash flows from (used in) operating activities
26
Net cash flows from (used in) investing activities
8,755
Net cash flows from (used in) discontinued operations
8,781
*The net cash flows from (used in) investing activities include cash and cash equivalents transferred, net of cash proceeds received, from the disposals of FGB amounting to EUR 0.9 million . ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-511": { "value": "
7. Segment information
The results of operations from the Group's operating and reportable segments for current period 2022 and compara-
ble period 2021 are shown in the tables below.
Multitude has three independent business units, SweepBank, Ferratum and CapitalBox. There are no transactions
between segments.
SweepBank simplifies and personalises shopping and financing for young, tech-savvy adults and other underserved
segments, such as expatriates, into one user-friendly app. During 2022, SweepBank offered three products: Prime
Loan, Credit Card and Bank Account and operated across five markets, Finland, Germany, Denmark, Sweden, and Lat-
via. Sweep bank\u2019s offering is serviced solely through Multitude Bank p.l.c. Multitude also aggregates the transactions
arising from its investments in Cream Finance and ESTO Holding into the SweepBank segment.
Credit Card
The SweepBank Credit Card, a Mastercard\u00ae without annual or monthly fees, allows financing smaller purchases of
up to EUR 8,000. The card offers free liability coverage for purchases with it and up to 60 days interest-free period.
Virtual card integrations with Apple Pay and NFC payments allow easy usage online and at physical points of sale.
Customers onboard the app within minutes and are automatically scored. Upon successful onboarding, the free card
is immediately ready to use. Customers can also use the card as a flexible credit facility by withdrawing money from it
directly into their bank account, a feature that is growing in popularity among customers.
Prime Loan
Prime Loans, longer-term instalment loans for consumers, enable higher purchases, like home renovations, cars and
other more significant purchases. The loans can amount to up to EUR 30,000 with loan maturities ranging between
1-10 years.
Bank Account
SweepBank offers current accounts with up to 0.2% interest p.a. and fixed-term deposit accounts with up to 1% inter-
est p.a. (max. deposit EUR 100,000) for up to three years. The current account includes a virtual Mastercard\u00ae debit card
that is instantly ready to use online and in physical stores after successful onboarding to the app
Ferratum offers digital loans for the daily needs of consumers. At the end of 2022, Ferratum had three products: Credit
Limit, Plus Loan and Micro Loans and operated across 15 markets: Australia, Brazil, Bulgaria, Croatia, Czech Republic,
Denmark, Estonia, Finland, Germany, Latvia, The Netherlands, Norway, Romania, Slovenia, and Sweden. Ferratum\u2019s
offering is serviced both through Multitude Bank p.l.c. and other group entities with 92 % of loans to customers and
75 % of revenues in Multitude Bank p.l.c.
Credit Limit Credit Limit, the most popular service under Ferratum, is a pre-approved credit line, also called a revolving
credit, which enables financial flexibility on a more continuous basis. Eligible customers are pre-approved for up to
EUR 5,000 and can withdraw money and repay without fixed amounts or timelines.
Plus Loan caters to a customer\u2019s higher need for instant finance, with loan amounts ranging from EUR 300 to EUR
4,000 and maturity periods between 2-18 months with equal repayments over the loan term. Micro Loans, so-called
bullet loans, serve the need for instant, shortterm financing with quick repayment. Micro Loans range from EUR 25 to
EUR 1,000, which customers pay back in one instalment within 7-60 days.
CapitalBox offers small and medium-sized companies (SMEs) financing through Credit Lines and Instalment Loans.
At the end of 2022, CapitalBox had two products across five markets, Finland, Sweden, Denmark, Lithuania and the
Netherlands. CapitalBox service offering, and organization is organized into CapitalBox AB.
CapitalBox provides working capital instalment loans of up to EUR 350,000. These 6\u201348-month solutions are designed
to help SMEs, e.g., finance expansion, inventory, marketing, hiring new talent, and purchasing or leasing equipment.
The average loan amount is EUR 21,300 and the average term is 22 months.
Instalment Loan
Instalment Loans are working capital loans up to EUR 350,000. These 6\u201348-month solutions help SMEs finance, e.g.,
expansion, inventory, marketing, hiring new talent, and purchasing and leasing new equipment.
Credit Line
CapitalBox offers a Credit Line as a flexible form of finance to SMEs. The approved Credit Line can range from EUR
2,000 to EUR 350,000.
Purchase Finance
Through partnerships with retailers, CapitalBox financing is available to business customers for their purchases at a
point of sale
Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-512": { "value": "
Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
15. Property, plant and equipment
EUR \u2019000
Office building
Furnitures, fittings,
Total
and equipment
ACQUISITION COSTS
As at 1 January 2021
2,563
4,409
6,972
For the year ended 31 December 2021:
Additions
67
381
448
Disposals
-
(234)
(234)
Reclassifications and adjustments
(107)
-
(107)
Acquisition costs, as at 31 December 2021
2,523
4,556
7,079
ACCUMULATED DEPRECIATION
As at 1 January 2021
(597)
(2,468)
(3,065)
For the year ended 31 December 2021
Depreciation (Note 10)
(128)
(725)
(853)
Disposals
-
136
136
Reclassifications and adjustments
107
-
107
Cumulative depreciation, as at 31 December 2021
(618)
(3,057)
(3,675)
Net carrying amount, as at 1 January 2021
1,966
1,941
3,907
Net carrying amount, as at 31 December 2021
1,905
1,499
3,404
ACQUISITION COSTS
As at 1 January 2022
2,523
4,556
7,079
For the year ended 31 December 2022:
Additions
184
285
470
Disposals
-
(1,298)
(1,298)
Reclassifications and adjustments
-
(10)
(10)
Acquisition costs, as at 31 December 2022
2,707
3,533
6,241
ACCUMULATED DEPRECIATION
As at 1 January 2022
(618)
(3,057)
(3,675)
For the year ended 31 December 2022
Depreciation (Note 10)
(143)
(640)
(783)
Disposals
-
1,298
1,298
Reclassifications and adjustments
-
-
-
Cumulative depreciation, as at 31 December 2022
(761)
(2,399)
(3,160)
Net carrying amount, as at 1 January 2022
1,905
1,499
3,404
Net carrying amount, as at 31 December 2022
1,947
1,135
3,081
16. Leases
Right-of-use assets, for the years ended and as at 31 December
EUR \u2019000
Office
Office Total
buildings equipment
ACQUISITION COSTS
As at 1 January 2021
7,9 46
764
8,710
For the year ended 31 December 2021:
Additions
218
-
218
Disposals
(727)
-
(727)
Reclassifications and adjustments
(757)
(7)
(764)
Acquisition costs, as at 31 December 2021
6,680
757
7,437
ACCUMULATED DEPRECIATION
As at 1 January 2021
(4,102)
(402)
(4,504)
For the year ended 31 December 2021:
Disposals
727
-
727
Depreciation (Note 10)
(1,849)
(194)
(2,043)
Cumulative depreciation, as at 31 December 2021
(5,224)
(596)
(5,819)
Net carrying amount, as at 1 January 2021
3,845
362
4,207
Net carrying amount, as at 31 December 2021
1,457
161
1,618
ACQUISITION COSTS
As at 1 January 2022
6,680
757
7,437
For the year ended 31 December 2022:
Additions
4,230
857
5,087
Disposals
(455)
-
(455)
Reclassifications and adjustments
(76)
(15)
(91)
Acquisition costs, as at 31 December 2022
10,380
1,599
11,978
ACCUMULATED DEPRECIATION
Cumulative depreciation, as at 1 January 2022
(5,233)
(596)
(5,819)
For the year ended 31 December 2022:
Disposals
455
-
455
Reclassifications and adjustments
(203)
15
(188)
Depreciation (Note 10)
(1,634)
(179)
(1,813)
Cumulative depreciation, as at 31 December 2022
(6,606)
(760)
(7,365)
Net carrying amount, as at 1 January 2022
1,457
161
1,618
Net carrying amount, as at 31 December 2022
3,774
839
4,613
Amounts recognised in the consolidated statement of profit or loss for the years ended 31 December:
EUR '000
Notes
2022
2021
Expenses relating to short-term leases
10
47
102
Expenses relating to low value leases
10
(7)
(14)
Depreciation on ROU assets
10
(1,813)
(2,043)
Interest expense on lease liabilities
12
(230)
(194)
Rent expense on leases and depreciation of ROU assets are presented under other operating expense and deprecia-
tion and amortisation expenses, respectively, in operating expenses (Note 10). Interest expense on lease liabilities is
presented under finance costs under finance income and expense (Note 12).
17. Intangible assets
EUR \u2018000
Internally
Computer Other Total
generated Software intangible
software assets
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2021
35,156
28,412
3,108
66,676
For the year ended 31 December 2021:
Additions
8,970
1,956
77
11,003
Disposals
-
(292)
-
(292)
Reclassifications and adjustments
-
-
(220)
(220)
As at 31 December 2021
44,127
30,075
2,965
77,167
ACCUMULATED AMORTISATION
As at 1 January 2021
(14,271)
(12,374)
(1,127)
(27,772)
For the year ended 31 December 2021:
Reclassifications
-
195
22
217
Amortisation (Note 10)
(8,483)
(3,776)
(117)
(12,376)
Impairments (Note 11)
-
-
(1,386)
(1,386)
As at 31 December 2021
(22,754)
(15,955)
(2,608)
(41,317)
Net carrying amount, as at 1 January 2021
20,886
16,037
1,981
38,904
Net carrying amount, as at 31 December 2021
21,373
14,120
357
35,850
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2022
44,127
30,075
2,965
77,167
For the year ended 31 December 2022:
Additions
9,594
262
-
9,855
Disposals
-
-
-
-
Reclassifications and adjustments
968
(239)
(61)
668
As at 31 December 2022
54,688
30,098
2,905
87,691
ACCUMULATED AMORTISATION AND IMPAIRMENT
As at 1 January 2022
(22,754)
(15,955)
(2,608)
(41,317)
For the year ended 31 December 2022:
Reclassifications
-
(98)
-
-
Cumulative amortization on disposals
-
-
-
-
Amortisation (Note 10)
(9,633)
(5,244)
(49)
(14,926)
Impairments (Note 1.1, 11)
-
54
(5)
49
As at 31 December 2022
(32,387)
(21,243)
(2,662)
(56,293)
Net carrying amount, as at 1 January 2022
21,373
14,120
357
35,850
Net carrying amount, as at 31 December 2022
22,301
8,855
243
31,399
*Majority of internally generated software is driven by development of Wallet, lending systems and FerraOS.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-513": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
11. Other income and expenses
EUR \u2019000
Notes
2022
Restated 2021
OTHER INCOME:
Other income
37
1,386
OTHER EXPENSES:
Impairment losses
-
(1,387)
Loss from disposal of non-current assets
-
(404)
Loss from disposal of subsidiaries
5
(636)
(208)
Other expense
-
(7)
Total other expenses
(636)
(2,006)
Net other income
(600)
(620)
17. Intangible assets
EUR \u2018000
Internally
Computer Other Total
generated Software intangible
software assets
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2021
35,156
28,412
3,108
66,676
For the year ended 31 December 2021:
Additions
8,970
1,956
77
11,003
Disposals
-
(292)
-
(292)
Reclassifications and adjustments
-
-
(220)
(220)
As at 31 December 2021
44,127
30,075
2,965
77,167
ACCUMULATED AMORTISATION
As at 1 January 2021
(14,271)
(12,374)
(1,127)
(27,772)
For the year ended 31 December 2021:
Reclassifications
-
195
22
217
Amortisation (Note 10)
(8,483)
(3,776)
(117)
(12,376)
Impairments (Note 11)
-
-
(1,386)
(1,386)
As at 31 December 2021
(22,754)
(15,955)
(2,608)
(41,317)
Net carrying amount, as at 1 January 2021
20,886
16,037
1,981
38,904
Net carrying amount, as at 31 December 2021
21,373
14,120
357
35,850
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2022
44,127
30,075
2,965
77,167
For the year ended 31 December 2022:
Additions
9,594
262
-
9,855
Disposals
-
-
-
-
Reclassifications and adjustments
968
(239)
(61)
668
As at 31 December 2022
54,688
30,098
2,905
87,691
ACCUMULATED AMORTISATION AND IMPAIRMENT
As at 1 January 2022
(22,754)
(15,955)
(2,608)
(41,317)
For the year ended 31 December 2022:
Reclassifications
-
(98)
-
-
Cumulative amortization on disposals
-
-
-
-
Amortisation (Note 10)
(9,633)
(5,244)
(49)
(14,926)
Impairments (Note 1.1, 11)
-
54
(5)
49
As at 31 December 2022
(32,387)
(21,243)
(2,662)
(56,293)
Net carrying amount, as at 1 January 2022
21,373
14,120
357
35,850
Net carrying amount, as at 31 December 2022
22,301
8,855
243
31,399
*Majority of internally generated software is driven by development of Wallet, lending systems and FerraOS.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-514": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-515": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
9. Personnel expenses
EUR \u2019000
Note
2022
2021
Wages and salaries (27,526) (26,776)
Social security costs (3,554) (3,089)
Post-employment benefit expense (1,599) (1,572)
Share-based payment expense
22
(483) (156)
Other personnel expense (793) (1,417)
Total personnel expenses
(33,956)
(33,010)
22. Share-based payments
Performance share plan During 2021, the Group introduced a new performance share plan (\"PSP\") wherein key personnel are awarded several of Multitude shares based on defined vesting conditions at the end of the performance period. The PSP issued on 1 June 2021 has a maximum reward share of 1,159,185, of which, 10% to 100%, will be awarded to eligible participants if Multitude\u2019s market share price reaches EUR 12 to EUR 30, respectively, and provided that par- ticipants will have uninterrupted employment in Multitude at the end of the performance period, 31 December 2023. Multitude applies Monte Carlo simulation model for valuation of PSP at the grant date. The Group determines the total fair value of outstanding PSP reward shares by reference to their fair value at the grant date, calculated by determining the present value of average payoffs at the end of the performance period based on a range of potential outcomes regarding Multitude\u2019s market share price (Level 2). The table below summarises the outstanding PSP reward shares and related expenses as at and for year ended 31 December:
Grant date
2021
Performance Reward Dividend Realised Risk-free Total FV Outstanding Forfeited Vested Total FV Expense
period shares adj. share volatility volatility in EUR shares shares shares in EUR in EUR
price
1 Jun 21 -
31 Dec 23
1,159,175
4.11
62.1%
(0.4%)
743,285
1,064,925
94,250
-
682,850
154,192
On 30 September 2022 the Group decided to review the vesting conditions of PSP issued on 1 June 2021 to reflect de- teriorating macroeconomic conditions. It was decided to increase the duration of the performance period up until 31 December 2024 and change the target share price conditions to reduce the minimum target of EUR 12 to EUR 6 and the maximum target of 30 EUR to EUR 25. The incremental fair value granted as the difference between the fair value of the modified PSP, estimated at the date of the modification and that of the original PSP, is equal to EUR 169,165
Grant date
2022
Perfor- Reward Dividend Realised Risk-free Total FV
Outstand
-
Modified Vested Total FV Expense
mance shares adj. share volatility volatility in EUR ing shares shares shares in EUR in EUR
period price
1 Jun 21 -
31 Dec 23
1,159,175
4.11
62.1%
(0.4%)
743,285
1,114,985
50,060
-
714,950
264,329
The difference between the number of reward shares outstanding at the grant date and reporting date, before the end of the performance period, pertains to reward shares attributable to participants who have ceased employment at Multitude and are no longer eligible to receive reward shares. Modified shares include a number of shares removed from the share plan during the reporting period compared to the previous reporting date or grant date (if reporting period includes the grant date) as well as granted shares as result of the plan modification. Vested shares include a number of shares vested during the reporting period compared either to previous reporting date or grant date (if the reporting period includes the grant date). Matching Share Plan During 2021, the Group introduced a Matching Share Plan (\"MSP\") that allows all employees to invest up to 10% of their annual gross salary in Multitude shares. Investment shares will vest after 2 years provided that the participants have held the shares and have uninterrupted employment during the holding period. After which, the Group will provide free matching shares with a 1:1 ratio for all vested investment shares. The Group determines the total fair value of outstanding MSP investment shares by reference to Multitude\u2019s share price at the grant date (Level 1), assessed number of forfeited shares, and applicable social security costs. The table below summarises the outstanding MSP investment shares and related expenses as at and for the year ended 31 December:
Grant date
2021
Holding period Investment Share price Outstanding Forfeited Vested Total FV Expense
shares in EUR shares shares shares in EUR In EUR
31 Mar 21- 14 Mar 23
39,746
6.05
38,165
1,581
-
226,446
85,155
30 Sep 21 - 30 Sep 23
27,784
4.94
27,585
199
-
134,905
17,050
Total
67,530
65,750
1,780
-
361,351
102,205
Grant date
2022
Holding period Investment Share price Outstanding Forfeited Vested Total FV Expense
shares in EUR shares shares shares in EUR In EUR
31 Mar 21- 14 Mar 23
39,746
6.05
35,819
2,408
-
220,688
105,959
30 Sep 21 - 30 Sep 23
27,784
4.94
22,609
4,370
-
116,423
57,809
16 Mar 22 - 13 Apr 24
31,602
3.50
30,317
1,285
-
104,039
39,186
19 Sep 22 - 18 Oct 24
58,598
2.70
57,055
1,543
-
152,718
15,856
Total
157, 592
145,800
9,468
-
593,868
218,809
Differences between the number of investment shares outstanding at the grant date and reporting date, before the end of the holding period, pertain to either those investment shares withdrawn from the plan or those that are attributable to participants who have seized employment in Multitude, and therefore are no longer eligible to receive matching shares. Forfeited shares include a number of shares removed from the share plan during the reporting period compared to the previous reporting date or grant date (if reporting period includes the grant date). Vested shares include a number of shares vested during the reporting period compared either to previous reporting date or grant date (if the reporting period includes the grant date).
23. Related party transactions
Post-employment funds also meet the definition of related parties under IAS 24. The Group companies have various post-employment plans in accordance with local conditions and practices in the countries in which they operate. To- tal contributions made to these post-employment funds are recognised as an expense in the period they are incurred. Total post-employment benefit expense recognised arising from these contributions are presented in Note 9
Key management compensation
The following table summarises the related party transactions with other related parties and they key management
remuneration is specified in a table further below:
EUR \u2019000
2022
2021
COMPENSATION FOR MEMBERS OF THE BOARD OF DIRECTORS AND CEO:
Jorma Jokela, CEO
Salaries and other short-term employee benefits*
240
222
Share-based payments
16
-
Frederik Strange, Chairman
Salaries and other short-term employee benefits
48
48
Lea Liigus, Member
Salaries and other short-term employee benefits
60
60
Share-based payments
6
-
Juhani Vanhala, Member
Salaries and other short-term employee benefits
48
48
Michael Cusumano, Member
Salaries and other short-term employee benefits
48
48
Goutam Challagalla, Member
Salaries and other short-term employee benefits
48
48
Kristiina Lepp\u00e4nen, Member
Salaries and other short-term employee benefits
28
-
Jussi Mekkonen, Member
Salaries and other short-term employee benefits
29
-
Total
571
542
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Salaries and other short-term employee benefits
3,068
3,009
Share-based payments
229
154
Total
3,297
3,163
*The retirement age of CEO is 65 years, and he has no pension plan .", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-516": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-517": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-518": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-519": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-520": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
EUR \u2019000
2022
Restated 2021
Profit before tax
13,841
4,688
Tax calculated at Finnish tax rate
(2,768)
(717)
Tax effects of:
Difference between Finnish tax rate and rates in other countries
2,289
2,774
Income not subject to tax
317
258
Expenses not deductible for tax purposes
(54)
(1,997)
Utilisation of previously unrecognised tax losses
213
-
Tax losses for which no deferred income tax asset was recognised
(727)
(951)
Write down of previously recognised tax losses
(770)
(875)
Adjustment in respect of prior years
(45)
(216)
Other direct taxes
(302)
(660)
Total income tax expense
(1,846)
(2,384)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-521": { "value": "Operating and reportable segments for 2022:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
8. Revenue The Group analyses revenues by type and geographic market that represents how economic factors impact the na- ture, amount, timing, uncertainty, and cash flows of the above revenue streams. Revenues recognised per geographic market, including the composition of each geographic market, for the comparative periods and presented for each type separately, are as follows: Interest revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
25,322
30,420
Northern Europe
Sweden, Denmark, Norway
66,521
57,633
Western Europe
Germany, Netherlands, Spain
36,619
31,734
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
74,355
72,914
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
6,212
8,157
Interest revenue
209,030
200,858
Interest revenue is calculated using the effective interest rate method based on loans to customers after considering fees directly attributable to the origination of the loans. Servicing fee revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
190
249
Northern Europe
Sweden, Denmark, Norway
1,116
967
Western Europe
Germany, Netherlands, Spain
644
558
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
1,324
1,408
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
62
149
Servicing fee revenue
3,336
3,332
* There are no active business or portfolios in Belarus, Ukraine, or Russian Federation Servicing fee revenue includes charges to customers that are not directly attributable to loan origination and are recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such fees are due from the customer upon invoicing. There are no significant payment terms concerning the servicing fee revenue and no discounting to present value is applied. The Group recognises interest revenue minus the amortised transaction costs directly attributable to the acquisition of the financial asset following sections 5.1 and 5.4 of IFRS 9. The transaction costs are mainly composed of fees paid to brokers and affiliates that are irrevocably charged for the actual drawn-downs of new loans. The following table shows transaction costs deducted from the gross revenue:
EUR \u2019000
2022
Restated 2021
Gross interest revenue
218,879
210,339
Transaction costs
(9,849)
(9,482)
Interest revenue
209,030
200,857
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-522": { "value": "Operating and reportable segments for 2022
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
9. Personnel expenses
EUR \u2019000
Note
2022
2021
Wages and salaries (27,526) (26,776)
Social security costs (3,554) (3,089)
Post-employment benefit expense (1,599) (1,572)
Share-based payment expense
22
(483) (156)
Other personnel expense (793) (1,417)
Total personnel expenses
(33,956)
(33,010)
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
Audit and non-audit fees from audit companies
EUR \u2019000
2022
2021
PWC:
Audit fees
(698)
(1,011)
Non-audit fees:
Audit-related services
-
(134)
Tax advice
(16)
(48)
Other non-audit services
(91)
(67)
OTHER AUDIT COMPANIES:
Audit fees
(146)
(128)
Non-audit fees:
Tax advice
-
(24)
Other services
-
-
Total audit fees
(844)
(1,139)
Total non-audit fees
(107)
(273)
Total fees from audit companies
(951)
(1,412)
Only non-audit fees paid by Multitude Group companies to audit companies performing the local statutory audits of said Multitude Group companies are included in the above disclosure. PricewaterhouseCoopers Oy provided non-audit services to entities of Multitude Group in total 62 thousand euros during the financial year 2022 for other services (ESEF assurance).
11. Other income and expenses
EUR \u2019000
Notes
2022
Restated 2021
OTHER INCOME:
Other income
37
1,386
OTHER EXPENSES:
Impairment losses
-
(1,387)
Loss from disposal of non-current assets
-
(404)
Loss from disposal of subsidiaries
5
(636)
(208)
Other expense
-
(7)
Total other expenses
(636)
(2,006)
Net other income
(600)
(620)
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
13. Income tax expenses
EUR \u2019000
2022
Restated 2021
CURRENT TAX:
Current tax on profits for the year
(877)
(947)
Adjustments in respect of prior years
(45)
(216)
Other direct taxes
(302)
(668)
Total current tax
(1,223)
(1,831)
DEFERRED TAX:
Origination and reversal of temporary differences
(624)
(554)
Total deferred tax
(624)
(554)
Total income tax expense
(1,846)
(2,385)
Aggregate tax arising in the reporting period and not recognised in net profit or loss or other comprehensive income but directly debited or credited to equity :
EUR \u2019000
2022
2021
CURRENT TAX:
Current tax benefit from perpetual bond interest
917
763
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
EUR \u2019000
2022
Restated 2021
Profit before tax
13,841
4,688
Tax calculated at Finnish tax rate
(2,768)
(717)
Tax effects of:
Difference between Finnish tax rate and rates in other countries
2,289
2,774
Income not subject to tax
317
258
Expenses not deductible for tax purposes
(54)
(1,997)
Utilisation of previously unrecognised tax losses
213
-
Tax losses for which no deferred income tax asset was recognised
(727)
(951)
Write down of previously recognised tax losses
(770)
(875)
Adjustment in respect of prior years
(45)
(216)
Other direct taxes
(302)
(660)
Total income tax expense
(1,846)
(2,384)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-523": { "value": "Operating and reportable segments for 2022
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-524": { "value": "Operating and reportable segments for 2022
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
8. Revenue The Group analyses revenues by type and geographic market that represents how economic factors impact the na- ture, amount, timing, uncertainty, and cash flows of the above revenue streams. Revenues recognised per geographic market, including the composition of each geographic market, for the comparative periods and presented for each type separately, are as follows: Interest revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
25,322
30,420
Northern Europe
Sweden, Denmark, Norway
66,521
57,633
Western Europe
Germany, Netherlands, Spain
36,619
31,734
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
74,355
72,914
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
6,212
8,157
Interest revenue
209,030
200,858
Interest revenue is calculated using the effective interest rate method based on loans to customers after considering fees directly attributable to the origination of the loans. Servicing fee revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
190
249
Northern Europe
Sweden, Denmark, Norway
1,116
967
Western Europe
Germany, Netherlands, Spain
644
558
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
1,324
1,408
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
62
149
Servicing fee revenue
3,336
3,332
* There are no active business or portfolios in Belarus, Ukraine, or Russian Federation . Servicing fee revenue includes charges to customers that are not directly attributable to loan origination and are recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such fees are due from the customer upon invoicing. There are no significant payment terms concerning the servicing fee revenue and no discounting to present value is applied. The Group recognises interest revenue minus the amortised transaction costs directly attributable to the acquisition of the financial asset following sections 5.1 and 5.4 of IFRS 9. The transaction costs are mainly composed of fees paid to brokers and affiliates that are irrevocably charged for the actual drawn-downs of new loans. The following table shows transaction costs deducted from the gross revenue:
EUR \u2019000
2022
Restated 2021
Gross interest revenue
218,879
210,339
Transaction costs
(9,849)
(9,482)
Interest revenue
209,030
200,857
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-525": { "value": "Operating and reportable segments for 2022
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
181,980
15,457
21,443
-
218,879
Transaction costs
(7,080)
(1,642)
(1,127)
-
(9,849)
Interest revenue
174,900
13,815
20,316
-
209,030
Servicing fee revenue
3,259
77
-
-
3,336
Total revenue
178,158
13,892
20,316
-
212,366
Share in revenue, in %
83.9%
6.5%
9.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(59,259)
(11,541)
(7,860)
-
(78,660)
% of revenue
(33.3%)
(83.1%)
(38.7%)
(37.0%)
Bank and lending costs
(10,672)
(1,328)
(1,405)
-
(13,405)
Personnel expense
(19,337)
(9,364)
(5,255)
-
(33,956)
Selling and marketing expense
(8,070)
(1,586)
(2,549)
-
(12,205)
General and administrative expense
(13,980)
(6,865)
(3,563)
-
(24,408)
Depreciation and amortisation
(11,431)
(5,316)
(775)
-
(17,522)
Operating profit (loss)
55,410
(22,108)
(1,091)
-
32,211
Other income (expense), net
(503)
(39)
(57)
-
(600)
Profit (loss) before interests and taxes (\"EBIT\")
54,907
(22,148)
(1,149)
-
31,611
EBIT margin, in %
30.8%
(159.4%)
(5.7%)
14.9%
Allocated finance costs, net
(8,179)
(3,353)
(2,390)
-
(13,922)
Unallocated foreign exchange losses, net
-
-
-
(3,848)
(3,848)
Profit before income taxes
46,728
(25,501)
(3,539)
(3,848)
13,841
Profit before tax margin, in %
26.2%
(183.6%)
(17.4%)
-
6.5%
Loans to customers
299,297
122,705
87,461
-
509,463
Unallocated assets
-
-
-
-
245,766
Unallocated liabilities
-
-
-
-
573,269
Operating and reportable segments for restated 2021:
EUR \u2019000
Ferratum
Sweep-
CapitalBox
Central
Total
Bank
Gross interest revenue
179,361
8,945
22,035
-
210,339
Transaction costs
(6,881)
(2,120)
(481)
-
(9,482)
Interest revenue
172,480
6,825
21,554
-
200,857
Servicing fee revenue
3,294
37
-
-
3,332
Total revenue
175,774
6,862
21,554
-
204,189
Share in revenue, in %
86.1%
3.4%
10.6%
-
100%
Operating expenses:
Impairment loss on loans to customers
(60,206)
(6,220)
(5,522)
-
(71,949)
% of revenue
(34.3%)
(90.6%)
(25.6%)
-
(35.2%)
Bank and lending costs
(11,998)
(974)
(968)
-
(13,941)
Personnel expense
(18,584)
(8,771)
(5,656)
-
(33,010)
Selling and marketing expense
(9,944)
(2,481)
(3,220)
-
(15,644)
General and administrative expense
(15,423)
(7,591)
(3,484)
-
(26,499)
Depreciation and amortisation
(13,676)
(1,365)
(281)
-
(15,323)
Operating profit (loss)
45,944
(20,539)
2,422
-
27,823
Other income (expense), net
(590)
17
(47)
-
(620)
Profit (loss) before interests and taxes (\"EBIT\")
45,354
(20,522)
2,375
-
27,203
EBIT margin, in %
25.8%
(299.1%)
11.0%
-
13.3%
Allocated finance costs, net
(13,649)
(3,400)
(3,037)
-
(20,087)
Unallocated foreign exchange losses, net
-
-
(2,428)
-
(2,428)
Profit before income taxes
31,705
(23,922)
(662)
(2,428)
4,688
Profit before tax margin, in %
18.0%
(348.6%)
(3.1%)
-
2.3%
Loans to customers
287,454
88,098
76,147
-
451,698
Unallocated assets
-
-
-
-
372,852
Unallocated liabilities
-
-
-
-
649,747
8. Revenue The Group analyses revenues by type and geographic market that represents how economic factors impact the na- ture, amount, timing, uncertainty, and cash flows of the above revenue streams. Revenues recognised per geographic market, including the composition of each geographic market, for the comparative periods and presented for each type separately, are as follows: Interest revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
25,322
30,420
Northern Europe
Sweden, Denmark, Norway
66,521
57,633
Western Europe
Germany, Netherlands, Spain
36,619
31,734
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
74,355
72,914
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
6,212
8,157
Interest revenue
209,030
200,858
Interest revenue is calculated using the effective interest rate method based on loans to customers after considering fees directly attributable to the origination of the loans. Servicing fee revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
190
249
Northern Europe
Sweden, Denmark, Norway
1,116
967
Western Europe
Germany, Netherlands, Spain
644
558
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
1,324
1,408
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
62
149
Servicing fee revenue
3,336
3,332
* There are no active business or portfolios in Belarus, Ukraine, or Russian Federation . Servicing fee revenue includes charges to customers that are not directly attributable to loan origination and are recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such fees are due from the customer upon invoicing. There are no significant payment terms concerning the servicing fee revenue and no discounting to present value is applied. The Group recognises interest revenue minus the amortised transaction costs directly attributable to the acquisition of the financial asset following sections 5.1 and 5.4 of IFRS 9. The transaction costs are mainly composed of fees paid to brokers and affiliates that are irrevocably charged for the actual drawn-downs of new loans. The following table shows transaction costs deducted from the gross revenue:
EUR \u2019000
2022
Restated 2021
Gross interest revenue
218,879
210,339
Transaction costs
(9,849)
(9,482)
Interest revenue
209,030
200,857
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-526": { "value": "
8. Revenue
The Group analyses revenues by type and geographic market that represents how economic factors impact the na-
ture, amount, timing, uncertainty, and cash flows of the above revenue streams. Revenues recognised per geographic
market, including the composition of each geographic market, for the comparative periods and presented for each
type separately, are as follows:
Interest revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
25,322
30,420
Northern Europe
Sweden, Denmark, Norway
66,521
57,633
Western Europe
Germany, Netherlands, Spain
36,619
31,734
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
74,355
72,914
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
6,212
8,157
Interest revenue
209,030
200,858
Interest revenue is calculated using the effective interest rate method based on loans to customers after considering fees directly attributable to the origination of the loans. Servicing fee revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
190
249
Northern Europe
Sweden, Denmark, Norway
1,116
967
Western Europe
Germany, Netherlands, Spain
644
558
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
1,324
1,408
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
62
149
Servicing fee revenue
3,336
3,332
* There are no active business or portfolios in Belarus, Ukraine, or Russian Federation .
Servicing fee revenue includes charges to customers that are not directly attributable to loan origination and are
recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such
fees are due from the customer upon invoicing. There are no significant payment terms concerning the servicing fee
revenue and no discounting to present value is applied.
The Group recognises interest revenue minus the amortised transaction costs directly attributable to the acquisition
of the financial asset following sections 5.1 and 5.4 of IFRS 9. The transaction costs are mainly composed of fees paid
to brokers and affiliates that are irrevocably charged for the actual drawn-downs of new loans. The following table
shows transaction costs deducted from the gross revenue:
EUR \u2019000
2022
Restated 2021
Gross interest revenue
218,879
210,339
Transaction costs
(9,849)
(9,482)
Interest revenue
209,030
200,857
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-527": { "value": "8. Revenue The Group analyses revenues by type and geographic market that represents how economic factors impact the na- ture, amount, timing, uncertainty, and cash flows of the above revenue streams. Revenues recognised per geographic market, including the composition of each geographic market, for the comparative periods and presented for each type separately, are as follows: Interest revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
25,322
30,420
Northern Europe
Sweden, Denmark, Norway
66,521
57,633
Western Europe
Germany, Netherlands, Spain
36,619
31,734
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
74,355
72,914
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
6,212
8,157
Interest revenue
209,030
200,858
Interest revenue is calculated using the effective interest rate method based on loans to customers after considering fees directly attributable to the origination of the loans
Servicing fee revenue by geographic market
EUR \u2019000
2022
Restated 2021
Country of domicile
Finland
190
249
Northern Europe
Sweden, Denmark, Norway
1,116
967
Western Europe
Germany, Netherlands, Spain
644
558
Eastern Europe*
Bulgaria, Croatia, Czechia, Estonia, Latvia,
1,324
1,408
Lithuania, Poland, Romania
Other
Australia, Brazil, Mexico, New Zealand
62
149
Servicing fee revenue
3,336
3,332
* There are no active business or portfolios in Belarus, Ukraine, or Russian Federation .
Servicing fee revenue includes charges to customers that are not directly attributable to loan origination and are recognised at the point in time when the Group satisfies the underlying performance obligations, typically when such fees are due from the customer upon invoicing. There are no significant payment terms concerning the servicing fee revenue and no discounting to present value is applied. The Group recognises interest revenue minus the amortised transaction costs directly attributable to the acquisition of the financial asset following sections 5.1 and 5.4 of IFRS 9. The transaction costs are mainly composed of fees paid to brokers and affiliates that are irrevocably charged for the actual drawn-downs of new loans. The following table shows transaction costs deducted from the gross revenue:
EUR \u2019000
2022
Restated 2021
Gross interest revenue
218,879
210,339
Transaction costs
(9,849)
(9,482)
Interest revenue
209,030
200,857
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-528": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-529": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-530": { "value": "9. Personnel expenses
EUR \u2019000
Note
2022
2021
Wages and salaries (27,526) (26,776)
Social security costs (3,554) (3,089)
Post-employment benefit expense (1,599) (1,572)
Share-based payment expense
22
(483) (156)
Other personnel expense (793) (1,417)
Total personnel expenses
(33,956)
(33,010)
10. Operating expenses by nature
EUR \u2019000
Notes
2022
Restated 2021
Impairment loss on loans to customers
4.2.3
(78,660)
(71,949)
Bank and lending costs:
Invoicing and collection costs
(5,734)
(6,288)
Scoring costs
(3,877)
(3,877)
Loan handling costs
(3,594)
(3,600)
Other bank and lending costs
(199)
(177)
Total bank and lending costs
(13,405)
(13,942)
Selling and marketing expenses:
Marketing expenses
(6,260)
(13,315)
Commissions
(633)
(438)
Other selling and marketing expense
(5,312)
(1,892)
Total selling and marketing expense
(12,205)
(15,645)
Personnel expenses
9
(33,956)
(33,010)
Depreciation and amortisation:
Amortisation expense
17
(14,926)
(12,380)
Depreciation expense
15, 16
(2,596)
(2,944)
Total depreciation and amortisation
(17,522)
(15,324)
General and administrative expense
Professional fees
(12,281)
(11,56
8)
Other tax expense
(2,475)
(6,379)
Repairs and maintenance costs
(5,880)
(6,042)
Administrative expense
(1,451)
(1,152)
Fees and charges
(1,219)
(727)
Other operating expense
(1,103)
(627)
Total general and administrative expense
(24,408)
(26,495)
Total operating expenses
(180,155)
(176,365)
23. Related party transactions Post-employment funds also meet the definition of related parties under IAS 24. The Group companies have various post-employment plans in accordance with local conditions and practices in the countries in which they operate. To- tal contributions made to these post-employment funds are recognised as an expense in the period they are incurred. Total post-employment benefit expense recognised arising from these contributions are presented in Note 9 . Key management compensation The following table summarises the related party transactions with other related parties and they key management remuneration is specified in a table further below:
EUR \u2019000
2022
2021
COMPENSATION FOR MEMBERS OF THE BOARD OF DIRECTORS AND CEO:
Jorma Jokela, CEO
Salaries and other short-term employee benefits*
240
222
Share-based payments
16
-
Frederik Strange, Chairman
Salaries and other short-term employee benefits
48
48
Lea Liigus, Member
Salaries and other short-term employee benefits
60
60
Share-based payments
6
-
Juhani Vanhala, Member
Salaries and other short-term employee benefits
48
48
Michael Cusumano, Member
Salaries and other short-term employee benefits
48
48
Goutam Challagalla, Member
Salaries and other short-term employee benefits
48
48
Kristiina Lepp\u00e4nen, Member
Salaries and other short-term employee benefits
28
-
Jussi Mekkonen, Member
Salaries and other short-term employee benefits
29
-
Total
571
542
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Salaries and other short-term employee benefits
3,068
3,009
Share-based payments
229
154
Total
3,297
3,163
*The retirement age of CEO is 65 years, and he has no pension plan ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-531": { "value": "
Audit and non-audit fees from audit companies
EUR \u2019000
2022
2021
PWC:
Audit fees
(698)
(1,011)
Non-audit fees:
Audit-related services
-
(134)
Tax advice
(16)
(48)
Other non-audit services
(91)
(67)
OTHER AUDIT COMPANIES:
Audit fees
(146)
(128)
Non-audit fees:
Tax advice
-
(24)
Other services
-
-
Total audit fees
(844)
(1,139)
Total non-audit fees
(107)
(273)
Total fees from audit companies
(951)
(1,412)
Only non-audit fees paid by Multitude Group companies to audit companies performing the local statutory audits of
said Multitude Group companies are included in the above disclosure.
PricewaterhouseCoopers Oy provided non-audit services to entities of Multitude Group in total 62 thousand euros
during the financial year 2022 for other services (ESEF assurance).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-532": { "value": "
12. Finance income and costs
EUR \u2019000
Note
2022
Restated 2021
FINANCE INCOME
Net realised foreign exchange gain
-
2,526
Interest income
460
1,077
Total finance income
460
3,603
FINANCE COSTS
Interest expense on borrowings
(13,691)
(17,605)
Net realised foreign exchange loss
(1,739)
-
Net unrealised foreign exchange loss
(1,604)
(5,194)
Interest expense on lease liabilities
(230)
(194)
Net unrealised foreign exchange loss on derivatives
(506)
(78)
Other finance costs
(460)
(3,047)
Total finance costs
(18,230)
(26,118)
Net finance costs
(17,770)
(22,515)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-533": { "value": "
13. Income tax expenses
EUR \u2019000
2022
Restated 2021
CURRENT TAX:
Current tax on profits for the year
(877)
(947)
Adjustments in respect of prior years
(45)
(216)
Other direct taxes
(302)
(668)
Total current tax
(1,223)
(1,831)
DEFERRED TAX:
Origination and reversal of temporary differences
(624)
(554)
Total deferred tax
(624)
(554)
Total income tax expense
(1,846)
(2,385)
Aggregate tax arising in the reporting period and not recognised in net profit or loss or other comprehensive income but directly debited or credited to equity
EUR \u2019000
2022
2021
CURRENT TAX:
Current tax benefit from perpetual bond interest
917
763
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted
average tax rate applicable to profits of the consolidated entities as follows:
EUR \u2019000
2022
Restated 2021
Profit before tax
13,841
4,688
Tax calculated at Finnish tax rate
(2,768)
(717)
Tax effects of:
Difference between Finnish tax rate and rates in other countries
2,289
2,774
Income not subject to tax
317
258
Expenses not deductible for tax purposes
(54)
(1,997)
Utilisation of previously unrecognised tax losses
213
-
Tax losses for which no deferred income tax asset was recognised
(727)
(951)
Write down of previously recognised tax losses
(770)
(875)
Adjustment in respect of prior years
(45)
(216)
Other direct taxes
(302)
(660)
Total income tax expense
(1,846)
(2,384)
EUR \u2019000
2022
2021
Losses on carried forward balance as at 31 December
32,729
41,136
of which
Expires in one year
-
2,116
Expires in two years
-
-
Expires in later than two years
32,729
39,020
As at 31 December 2022, the Group has EUR 32.7 million (2021 - EUR 41.1 million) losses carried forward, with an
average maturity of 5 years.
Deferred tax assets and liabilities
Changes in and balances of deferred tax assets and liabilities for the years ended and as at 31 December:
EUR \u2019000
As at
Recognised Translation As at
1 Jan 2021 in profit or loss difference 31 Dec 2021
DEFERRED TAX ASSETS:
Tax losses carried forward
6,267
125
101
6,492
Deferred revenue and credit loss reserve
1,630
(1,142)
-
488
Derivative
-
-
-
-
Total deferred tax assets
7,897
(1,017)
101
6,980
DEFERRED TAX LIABILITIES:
Discretionary provisions
301
(92)
(5)
203
Total deferred tax liabilities
301
(92)
(5)
203
EUR \u2019000
As at
Recognised Translation As at
1 Jan 2022 in profit or loss difference 31 Dec 2022
DEFERRED TAX ASSETS:
Tax losses carried forward
6,492
173
24
6,689
Deferred revenue and credit loss reserve
488
1
-
489
Total deferred tax assets
6,980
174
24
7,178
DEFERRED TAX LIABILITIES:
Discretionary provisions
203
778
(15)
966
Total deferred tax liabilities
203
778
(15)
966
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-534": { "value": "13. Income tax expenses
EUR \u2019000
2022
Restated 2021
CURRENT TAX:
Current tax on profits for the year
(877)
(947)
Adjustments in respect of prior years
(45)
(216)
Other direct taxes
(302)
(668)
Total current tax
(1,223)
(1,831)
DEFERRED TAX:
Origination and reversal of temporary differences
(624)
(554)
Total deferred tax
(624)
(554)
Total income tax expense
(1,846)
(2,385)
Aggregate tax arising in the reporting period and not recognised in net profit or loss or other comprehensive income
but directly debited or credited to equity :
EUR \u2019000
2022
2021
CURRENT TAX:
Current tax benefit from perpetual bond interest
917
763
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
EUR \u2019000
2022
Restated 2021
Profit before tax
13,841
4,688
Tax calculated at Finnish tax rate
(2,768)
(717)
Tax effects of:
Difference between Finnish tax rate and rates in other countries
2,289
2,774
Income not subject to tax
317
258
Expenses not deductible for tax purposes
(54)
(1,997)
Utilisation of previously unrecognised tax losses
213
-
Tax losses for which no deferred income tax asset was recognised
(727)
(951)
Write down of previously recognised tax losses
(770)
(875)
Adjustment in respect of prior years
(45)
(216)
Other direct taxes
(302)
(660)
Total income tax expense
(1,846)
(2,384)
EUR \u2019000
2022
2021
Losses on carried forward balance as at 31 December
32,729
41,136
of which
Expires in one year
-
2,116
Expires in two years
-
-
Expires in later than two years
32,729
39,020
As at 31 December 2022, the Group has EUR 32.7 million (2021 - EUR 41.1 million) losses carried forward, with an average maturity of 5 years. Deferred tax assets and liabilities Changes in and balances of deferred tax assets and liabilities for the years ended and as at 31 December:
EUR \u2019000
As at
Recognised Translation As at
1 Jan 2022 in profit or loss difference 31 Dec 2022
DEFERRED TAX ASSETS:
Tax losses carried forward
6,492
173
24
6,689
Deferred revenue and credit loss reserve
488
1
-
489
Total deferred tax assets
6,980
174
24
7,178
DEFERRED TAX LIABILITIES:
Discretionary provisions
203
778
(15)
966
Total deferred tax liabilities
203
778
(15)
966
EUR \u2019000
As at
Recognised Translation As at
1 Jan 2021 in profit or loss difference 31 Dec 2021
DEFERRED TAX ASSETS:
Tax losses carried forward
6,267
125
101
6,492
Deferred revenue and credit loss reserve
1,630
(1,142)
-
488
Derivative
-
-
-
-
Total deferred tax assets
7,897
(1,017)
101
6,980
DEFERRED TAX LIABILITIES:
Discretionary provisions
301
(92)
(5)
203
Total deferred tax liabilities
301
(92)
(5)
203
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-535": { "value": "15. Property, plant and equipment
EUR \u2019000
Office building
Furnitures, fittings,
Total
and equipment
ACQUISITION COSTS
As at 1 January 2021
2,563
4,409
6,972
For the year ended 31 December 2021:
Additions
67
381
448
Disposals
-
(234)
(234)
Reclassifications and adjustments
(107)
-
(107)
Acquisition costs, as at 31 December 2021
2,523
4,556
7,079
ACCUMULATED DEPRECIATION
As at 1 January 2021
(597)
(2,468)
(3,065)
For the year ended 31 December 2021
Depreciation (Note 10)
(128)
(725)
(853)
Disposals
-
136
136
Reclassifications and adjustments
107
-
107
Cumulative depreciation, as at 31 December 2021
(618)
(3,057)
(3,675)
Net carrying amount, as at 1 January 2021
1,966
1,941
3,907
Net carrying amount, as at 31 December 2021
1,905
1,499
3,404
ACQUISITION COSTS
As at 1 January 2022
2,523
4,556
7,079
For the year ended 31 December 2022:
Additions
184
285
470
Disposals
-
(1,298)
(1,298)
Reclassifications and adjustments
-
(10)
(10)
Acquisition costs, as at 31 December 2022
2,707
3,533
6,241
ACCUMULATED DEPRECIATION
As at 1 January 2022
(618)
(3,057)
(3,675)
For the year ended 31 December 2022
Depreciation (Note 10)
(143)
(640)
(783)
Disposals
-
1,298
1,298
Reclassifications and adjustments
-
-
-
Cumulative depreciation, as at 31 December 2022
(761)
(2,399)
(3,160)
Net carrying amount, as at 1 January 2022
1,905
1,499
3,404
Net carrying amount, as at 31 December 2022
1,947
1,135
3,081
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-536": { "value": "16. Leases Right-of-use assets, for the years ended and as at 31 December
EUR \u2019000
Office
Office Total
buildings equipment
ACQUISITION COSTS
As at 1 January 2021
7,9 46
764
8,710
For the year ended 31 December 2021:
Additions
218
-
218
Disposals
(727)
-
(727)
Reclassifications and adjustments
(757)
(7)
(764)
Acquisition costs, as at 31 December 2021
6,680
757
7,437
ACCUMULATED DEPRECIATION
As at 1 January 2021
(4,102)
(402)
(4,504)
For the year ended 31 December 2021:
Disposals
727
-
727
Depreciation (Note 10)
(1,849)
(194)
(2,043)
Cumulative depreciation, as at 31 December 2021
(5,224)
(596)
(5,819)
Net carrying amount, as at 1 January 2021
3,845
362
4,207
Net carrying amount, as at 31 December 2021
1,457
161
1,618
ACQUISITION COSTS
As at 1 January 2022
6,680
757
7,437
For the year ended 31 December 2022:
Additions
4,230
857
5,087
Disposals
(455)
-
(455)
Reclassifications and adjustments
(76)
(15)
(91)
Acquisition costs, as at 31 December 2022
10,380
1,599
11,978
ACCUMULATED DEPRECIATION
Cumulative depreciation, as at 1 January 2022
(5,233)
(596)
(5,819)
For the year ended 31 December 2022:
Disposals
455
-
455
Reclassifications and adjustments
(203)
15
(188)
Depreciation (Note 10)
(1,634)
(179)
(1,813)
Cumulative depreciation, as at 31 December 2022
(6,606)
(760)
(7,365)
Net carrying amount, as at 1 January 2022
1,457
161
1,618
Net carrying amount, as at 31 December 2022
3,774
839
4,613
Lease liabilities, as at 31 December
EUR '000
2022
2021
Current
1,472
1,412
Non-current
3,095
282
Total
4,566
1,694
The above lease liabilities are presented in the consolidated statement of financial position. The maturity analysis of
these lease liabilities is disclosed in Note 4.4
Amounts recognised in the consolidated statement of profit or loss for the years ended 31 December:
EUR '000
Notes
2022
2021
Expenses relating to short-term leases
10
47
102
Expenses relating to low value leases
10
(7)
(14)
Depreciation on ROU assets
10
(1,813)
(2,043)
Interest expense on lease liabilities
12
(230)
(194)
Rent expense on leases and depreciation of ROU assets are presented under other operating expense and deprecia- tion and amortisation expenses, respectively, in operating expenses (Note 10). Interest expense on lease liabilities is presented under finance costs under finance income and expense (Note 12)
Amounts presented in the in the consolidated statement of cash flows for the years ended 31 December:
EUR '000
2022
2021
Total cash outflow for leases
(1,939)
(2,297)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-537": { "value": "17. Intangible assets
EUR \u2018000
Internally
Computer Other Total
generated Software intangible
software assets
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2021
35,156
28,412
3,108
66,676
For the year ended 31 December 2021:
Additions
8,970
1,956
77
11,003
Disposals
-
(292)
-
(292)
Reclassifications and adjustments
-
-
(220)
(220)
As at 31 December 2021
44,127
30,075
2,965
77,167
ACCUMULATED AMORTISATION
As at 1 January 2021
(14,271)
(12,374)
(1,127)
(27,772)
For the year ended 31 December 2021:
Reclassifications
-
195
22
217
Amortisation (Note 10)
(8,483)
(3,776)
(117)
(12,376)
Impairments (Note 11)
-
-
(1,386)
(1,386)
As at 31 December 2021
(22,754)
(15,955)
(2,608)
(41,317)
Net carrying amount, as at 1 January 2021
20,886
16,037
1,981
38,904
Net carrying amount, as at 31 December 2021
21,373
14,120
357
35,850
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2022
44,127
30,075
2,965
77,167
For the year ended 31 December 2022:
Additions
9,594
262
-
9,855
Disposals
-
-
-
-
Reclassifications and adjustments
968
(239)
(61)
668
As at 31 December 2022
54,688
30,098
2,905
87,691
ACCUMULATED AMORTISATION AND IMPAIRMENT
As at 1 January 2022
(22,754)
(15,955)
(2,608)
(41,317)
For the year ended 31 December 2022:
Reclassifications
-
(98)
-
-
Cumulative amortization on disposals
-
-
-
-
Amortisation (Note 10)
(9,633)
(5,244)
(49)
(14,926)
Impairments (Note 1.1, 11)
-
54
(5)
49
As at 31 December 2022
(32,387)
(21,243)
(2,662)
(56,293)
Net carrying amount, as at 1 January 2022
21,373
14,120
357
35,850
Net carrying amount, as at 31 December 2022
22,301
8,855
243
31,399
*Majority of internally generated software is driven by development of Wallet, lending systems and FerraOS", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-538": { "value": "17. Intangible assets
EUR \u2018000
Internally
Computer Other Total
generated Software intangible
software assets
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2021
35,156
28,412
3,108
66,676
For the year ended 31 December 2021:
Additions
8,970
1,956
77
11,003
Disposals
-
(292)
-
(292)
Reclassifications and adjustments
-
-
(220)
(220)
As at 31 December 2021
44,127
30,075
2,965
77,167
ACCUMULATED AMORTISATION
As at 1 January 2021
(14,271)
(12,374)
(1,127)
(27,772)
For the year ended 31 December 2021:
Reclassifications
-
195
22
217
Amortisation (Note 10)
(8,483)
(3,776)
(117)
(12,376)
Impairments (Note 11)
-
-
(1,386)
(1,386)
As at 31 December 2021
(22,754)
(15,955)
(2,608)
(41,317)
Net carrying amount, as at 1 January 2021
20,886
16,037
1,981
38,904
Net carrying amount, as at 31 December 2021
21,373
14,120
357
35,850
ACQUISITION AND DEVELOPMENT COSTS
As at 1 January 2022
44,127
30,075
2,965
77,167
For the year ended 31 December 2022:
Additions
9,594
262
-
9,855
Disposals
-
-
-
-
Reclassifications and adjustments
968
(239)
(61)
668
As at 31 December 2022
54,688
30,098
2,905
87,691
ACCUMULATED AMORTISATION AND IMPAIRMENT
As at 1 January 2022
(22,754)
(15,955)
(2,608)
(41,317)
For the year ended 31 December 2022:
Reclassifications
-
(98)
-
-
Cumulative amortization on disposals
-
-
-
-
Amortisation (Note 10)
(9,633)
(5,244)
(49)
(14,926)
Impairments (Note 1.1, 11)
-
54
(5)
49
As at 31 December 2022
(32,387)
(21,243)
(2,662)
(56,293)
Net carrying amount, as at 1 January 2022
21,373
14,120
357
35,850
Net carrying amount, as at 31 December 2022
22,301
8,855
243
31,399
*Majority of internally generated software is driven by development of Wallet, lending systems and FerraOS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-539": { "value": "18. Financial assets The table below summarises the Group\u2019s financial assets presented based on their classification based on their sub- sequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
Restated 2021
EUR \u2019000 Fair value Carrying Carrying
measurement Fair value Fair value
amount amount
FINANCIAL ASSETS AT FVPL
Derivative financial assets
Level 2
3,180
3,180
324
324
FINANCIAL ASSETS AT AMORTISED COST
Loans to customers
Level 3
509,463
509,463
451,698
451,698
Cash and cash equivalents
Level 3
153,325
153,325
301,592
301,592
Other non-current financial assets
Level 3
28,883
28,883
6,215
6,215
Receivables from banks
Level 3
4,362
4,362
5,108
5,108
Receivables from sold portfolios
Level 2
2,263
2,263
4,657
4,657
Other current financial assets
Level 3
3,701
3,701
3,579
3,579
Total
705,177
705,177
773,173
773,173
Receivables from banks include deposits held with other banks for the purpose of hedging.
Other non-current financial assets as at 31 December 2022 include investment in Cream Finance bonds amounting
to EUR 10 million, with a 4-year maturity term. The value of this investment is determined using level 3 fair value mea-
surement due to private placement. Other non-current financial assets as at 31 December 2022 include investment
in ESTO Holding bonds amounting to EUR 10.8 million with a 3-year maturity term. The value of this investment is
determined using level 3 fair value measurement due to private placement.
The fair value of derivative financial assets is determined using level 2 fair value measurement. The derivative assets
include currency forwards and tracker forwards. It is calculated as the present value of the estimated future cash flows
based on observable yield curves (income method). With currency forwards, the Group agrees to sell a predetermined
amount of its foreign currency exposure at a predetermined price. In the case of tracker forwards, the Group agrees
to sell a predetermined amount of its foreign currency exposure at a predetermined price and buy its functional
currency at the higher of the spot rate and a predetermined rate, thereby limiting the Group\u2019s downwards exposure
The fair values of the remaining financial assets measured at amortised cost are determined using level 3 fair value
measurement based significantly on unobservable inputs. The Group estimates that the carrying amounts of these
financial assets reasonably approximate their fair values as at 31 December 2022 and 2021 .
20. Financial liabilities The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
2019 FCGE bonds Ferratum Capital Germany GmbH (ISIN: SE0012453835) (\"FCGE 2019 bonds\") were issued on 24 April 2019 with a coupon rate of 5.5% plus a 3-month Euribor, maturing on 24 April 2023. As at 31 December 2021, the 2019 FCGE bonds were presented under long-term borrowings in the Group\u2019s consolidated statement of financial position and had outstanding nominal and carrying amounts of EUR 59.0 million and EUR 57.7 million, respectively. On 21 April 2022, the Group made a tap issue which increased the outstanding nominal value of the 2019 FCGE bonds by EUR 40 million with the same coupon rate and maturing date as the original issue. During September 2022, the Group executed several repurchases amounting to EUR 1.7 million. There are no outstanding 2019 FCGE bonds in the Group\u2019s consolidated statement of financial position as at 31 December 2022. 2018 FCGE bonds Ferratum Capital Germany GmbH (ISIN: AS5772809/SE0011167972) (\"FCGE 2018 bonds\") were issued on 25 May 2018 with a coupon rate of 5.5% plus 3-month Euribor, maturing on 25 May 2022. As at 31 December 2021, the 2018 FCGE bonds were presented under short-term borrowings in the Group\u2019s consolidated statement of financial position and had outstanding nominal and carrying amounts of EUR 83.7 million and EUR 83.9 million, respectively. On 21 April 2022, the Group settled and rolled over EUR 19.9 million worth of 2018 nominal FCGE bonds in conjunc- tion with the 2019 FCGE tap issue and on 25 May 2022, the remaining 2018 FCGE bonds were fully settled by the Group. There are no outstanding 2018 FCGE bonds in the Group\u2019s consolidated statement of financial position as at 31 December 2022 2022 Multitude Bank tranche bonds The Multitude Bank p.l.c. tranche bonds (series no. 1/2022 - ISIN: MT0000911215) (\"2022 FBM tranche bonds\") were issued on 13 April 2022 with a coupon rate of 6% maturing on 13 April 2032. Out of the EUR 5.1 million bonds issued, EUR 2 million was issued to Multitude SE, which was eliminated at the Group level as part of the consolidation pro- cess. As at 31 December 2022, the 2022 FBM tranche bonds are presented as long-term borrowings in the Group\u2019s consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 3.1 million and EUR 2.9 million, respectively. 2022 Multitude SE senior unsecured bonds Multitude SE senior unsecured bonds (ISIN: NO0012702549) were issued on 7 December 2022 with a coupon rate of 7.5% plus 3-month Euribor, maturing in December 2025 (the \"2022 MSE Bonds\"). As at 31 December 2022, the MSE Bonds are presented as long-term borrowings in the Group\u2019s consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 46.0 million and EUR 43.9 million, respectively . Financial liabilities fair value measurements The fair value of derivative financial liabilities is determined using level 2 fair value measurement. It is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value of long-term and short-term borrowings that includes only listed bonds (2018 FCGE bonds, 2019 FCGE bonds, 2022 Multitude Bank tranche bonds and 2022 Multitude SE senior unsecured bonds) is determined using level 1 fair value measurement based on the published quotes in the Frankfurt Stock Exchange Open Market, Frankfurt Stock Exchange Prime Standard, and Malta Stocks Exchange, respectively. The fair value of the remaining financial liabilities measured at amortised cost is determined using level 3 fair value measurement based significantly on unobservable inputs. The Group estimates that the carrying amounts of these financial liabilities reasonably approximate their fair values at the periods presented ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-540": { "value": "18. Financial assets The table below summarises the Group\u2019s financial assets presented based on their classification based on their sub- sequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
Restated 2021
EUR \u2019000 Fair value Carrying Carrying
measurement Fair value Fair value
amount amount
FINANCIAL ASSETS AT FVPL
Derivative financial assets
Level 2
3,180
3,180
324
324
FINANCIAL ASSETS AT AMORTISED COST
Loans to customers
Level 3
509,463
509,463
451,698
451,698
Cash and cash equivalents
Level 3
153,325
153,325
301,592
301,592
Other non-current financial assets
Level 3
28,883
28,883
6,215
6,215
Receivables from banks
Level 3
4,362
4,362
5,108
5,108
Receivables from sold portfolios
Level 2
2,263
2,263
4,657
4,657
Other current financial assets
Level 3
3,701
3,701
3,579
3,579
Total
705,177
705,177
773,173
773,173
Receivables from banks include deposits held with other banks for the purpose of hedging. Other non-current financial assets as at 31 December 2022 include investment in Cream Finance bonds amounting to EUR 10 million, with a 4-year maturity term. The value of this investment is determined using level 3 fair value mea- surement due to private placement. Other non-current financial assets as at 31 December 2022 include investment in ESTO Holding bonds amounting to EUR 10.8 million with a 3-year maturity term. The value of this investment is determined using level 3 fair value measurement due to private placement. The fair value of derivative financial assets is determined using level 2 fair value measurement. The derivative assets include currency forwards and tracker forwards. It is calculated as the present value of the estimated future cash flows based on observable yield curves (income method). With currency forwards, the Group agrees to sell a predetermined amount of its foreign currency exposure at a predetermined price. In the case of tracker forwards, the Group agrees to sell a predetermined amount of its foreign currency exposure at a predetermined price and buy its functional currency at the higher of the spot rate and a predetermined rate, thereby limiting the Group\u2019s downwards exposure The fair values of the remaining financial assets measured at amortised cost are determined using level 3 fair value measurement based significantly on unobservable inputs. The Group estimates that the carrying amounts of these financial assets reasonably approximate their fair values as at 31 December 2022 and 2021 20. Financial liabilities The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
2019 FCGE bonds Ferratum Capital Germany GmbH (ISIN: SE0012453835) (\"FCGE 2019 bonds\") were issued on 24 April 2019 with a coupon rate of 5.5% plus a 3-month Euribor, maturing on 24 April 2023. As at 31 December 2021, the 2019 FCGE bonds were presented under long-term borrowings in the Group\u2019s consolidated statement of financial position and had outstanding nominal and carrying amounts of EUR 59.0 million and EUR 57.7 million, respectively. On 21 April 2022, the Group made a tap issue which increased the outstanding nominal value of the 2019 FCGE bonds by EUR 40 million with the same coupon rate and maturing date as the original issue. During September 2022, the Group executed several repurchases amounting to EUR 1.7 million. There are no outstanding 2019 FCGE bonds in the Group\u2019s consolidated statement of financial position as at 31 December 2022. 2018 FCGE bonds Ferratum Capital Germany GmbH (ISIN: AS5772809/SE0011167972) (\"FCGE 2018 bonds\") were issued on 25 May 2018 with a coupon rate of 5.5% plus 3-month Euribor, maturing on 25 May 2022. As at 31 December 2021, the 2018 FCGE bonds were presented under short-term borrowings in the Group\u2019s consolidated statement of financial position and had outstanding nominal and carrying amounts of EUR 83.7 million and EUR 83.9 million, respectively. On 21 April 2022, the Group settled and rolled over EUR 19.9 million worth of 2018 nominal FCGE bonds in conjunc- tion with the 2019 FCGE tap issue and on 25 May 2022, the remaining 2018 FCGE bonds were fully settled by the Group. There are no outstanding 2018 FCGE bonds in the Group\u2019s consolidated statement of financial position as at 31 December 2022 2022 Multitude Bank tranche bonds The Multitude Bank p.l.c. tranche bonds (series no. 1/2022 - ISIN: MT0000911215) (\"2022 FBM tranche bonds\") were issued on 13 April 2022 with a coupon rate of 6% maturing on 13 April 2032. Out of the EUR 5.1 million bonds issued, EUR 2 million was issued to Multitude SE, which was eliminated at the Group level as part of the consolidation pro- cess. As at 31 December 2022, the 2022 FBM tranche bonds are presented as long-term borrowings in the Group\u2019s consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 3.1 million and EUR 2.9 million, respectively. 2022 Multitude SE senior unsecured bonds Multitude SE senior unsecured bonds (ISIN: NO0012702549) were issued on 7 December 2022 with a coupon rate of 7.5% plus 3-month Euribor, maturing in December 2025 (the \"2022 MSE Bonds\"). As at 31 December 2022, the MSE Bonds are presented as long-term borrowings in the Group\u2019s consolidated statement of financial position and have outstanding nominal and carrying amounts of EUR 46.0 million and EUR 43.9 million, respectively . Financial liabilities fair value measurements The fair value of derivative financial liabilities is determined using level 2 fair value measurement. It is calculated as the present value of the estimated future cash flows based on observable yield curves.
The fair value of long-term and short-term borrowings that includes only listed bonds (2018 FCGE bonds, 2019 FCGE
bonds, 2022 Multitude Bank tranche bonds and 2022 Multitude SE senior unsecured bonds) is determined using level
1 fair value measurement based on the published quotes in the Frankfurt Stock Exchange Open Market, Frankfurt
Stock Exchange Prime Standard, and Malta Stocks Exchange, respectively.
The fair value of the remaining financial liabilities measured at amortised cost is determined using level 3 fair value
measurement based significantly on unobservable inputs. The Group estimates that the carrying amounts of these
financial liabilities reasonably approximate their fair values at the periods presented .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-541": { "value": "18. Financial assets The table below summarises the Group\u2019s financial assets presented based on their classification based on their sub- sequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December
2022
Restated 2021
EUR \u2019000 Fair value Carrying Carrying
measurement Fair value Fair value
amount amount
FINANCIAL ASSETS AT FVPL
Derivative financial assets
Level 2
3,180
3,180
324
324
FINANCIAL ASSETS AT AMORTISED COST
Loans to customers
Level 3
509,463
509,463
451,698
451,698
Cash and cash equivalents
Level 3
153,325
153,325
301,592
301,592
Other non-current financial assets
Level 3
28,883
28,883
6,215
6,215
Receivables from banks
Level 3
4,362
4,362
5,108
5,108
Receivables from sold portfolios
Level 2
2,263
2,263
4,657
4,657
Other current financial assets
Level 3
3,701
3,701
3,579
3,579
Total
705,177
705,177
773,173
773,173
20. Financial liabilities The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-542": { "value": "18. Financial assets The table below summarises the Group\u2019s financial assets presented based on their classification based on their sub- sequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
Restated 2021
EUR \u2019000 Fair value Carrying Carrying
measurement Fair value Fair value
amount amount
FINANCIAL ASSETS AT FVPL
Derivative financial assets
Level 2
3,180
3,180
324
324
FINANCIAL ASSETS AT AMORTISED COST
Loans to customers
Level 3
509,463
509,463
451,698
451,698
Cash and cash equivalents
Level 3
153,325
153,325
301,592
301,592
Other non-current financial assets
Level 3
28,883
28,883
6,215
6,215
Receivables from banks
Level 3
4,362
4,362
5,108
5,108
Receivables from sold portfolios
Level 2
2,263
2,263
4,657
4,657
Other current financial assets
Level 3
3,701
3,701
3,579
3,579
Total
705,177
705,177
773,173
773,173
Receivables from banks include deposits held with other banks for the purpose of hedging. The fair value of derivative financial assets is determined using level 2 fair value measurement. The derivative assets include currency forwards and tracker forwards. It is calculated as the present value of the estimated future cash flows based on observable yield curves (income method). With currency forwards, the Group agrees to sell a predetermined amount of its foreign currency exposure at a predetermined price. In the case of tracker forwards, the Group agrees to sell a predetermined amount of its foreign currency exposure at a predetermined price and buy its functional currency at the higher of the spot rate and a predetermined rate, thereby limiting the Group\u2019s downwards exposure 20. Financial liabilities The table below summarises the Group\u2019s financial liabilities presented based on their classification based on their subsequent measurement, at amortised cost or FVPL; and based on their fair value measurement hierarchy, level 1, 2 or 3; as at 31 December:
2022
2021
EUR \u2019000 Fair value Carrying Fair value Carrying Fair value
hierarchy amount amount
FINANCIAL LIABILITIES AT FVPL
Derivative financial liabilities
Level 2
446
446
1,232
1,232
FINANCIAL LIABILITIES AT AMORTISED COST
Deposits from customers
Level 3
501,734
501,734
484,764
484,764
Short-term borrowings
Level 1
-
-
84,158
83,949
Long-term borrowings
Level 1
46,791
48,439
57,656
59,038
Lease liabilities
4,566
4,566
1,694
1,694
Trade payables
Level 3
6,314
6,314
1,426
1,426
Other current liabilities
Level 3
11, 531
11,531
15,159
15,159
Total
571,382
573,030
646,089
647,262
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-543": { "value": "
19. Other non-financial assets
EUR \u2019000
2022
Restated 2021
Prepaid expenses
(3)
1,077
VAT receivables
239
207
Other current assets
1,312
40
Total
1,549
1,324
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-544": { "value": "19. Other non-financial assets
EUR \u2019000
2022
Restated 2021
Prepaid expenses
(3)
1,077
VAT receivables
239
207
Other current assets
1,312
40
Total
1,549
1,324
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-545": { "value": "
21. Accruals and other liabilities
EUR \u2019000
2022
2021
Interest payable
2,268
3,008
Accrued personnel expenses
2,948
2,551
Other accrued expenses
6,315
9,600
Total
11,531
15,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-546": { "value": "21. Accruals and other liabilities
EUR \u2019000
2022
2021
Interest payable
2,268
3,008
Accrued personnel expenses
2,948
2,551
Other accrued expenses
6,315
9,600
Total
11,531
15,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-547": { "value": "21. Accruals and other liabilities
EUR \u2019000
2022
2021
Interest payable
2,268
3,008
Accrued personnel expenses
2,948
2,551
Other accrued expenses
6,315
9,600
Total
11,531
15,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-548": { "value": "21. Accruals and other liabilities
EUR \u2019000
2022
2021
Interest payable
2,268
3,008
Accrued personnel expenses
2,948
2,551
Other accrued expenses
6,315
9,600
Total
11,531
15,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-549": { "value": "22. Share-based payments Performance share plan During 2021, the Group introduced a new performance share plan (\"PSP\") wherein key personnel are awarded several of Multitude shares based on defined vesting conditions at the end of the performance period. The PSP issued on 1 June 2021 has a maximum reward share of 1,159,185, of which, 10% to 100%, will be awarded to eligible participants if Multitude\u2019s market share price reaches EUR 12 to EUR 30, respectively, and provided that par- ticipants will have uninterrupted employment in Multitude at the end of the performance period, 31 December 2023. Multitude applies Monte Carlo simulation model for valuation of PSP at the grant date. The Group determines the total fair value of outstanding PSP reward shares by reference to their fair value at the grant date, calculated by determining the present value of average payoffs at the end of the performance period based on a range of potential outcomes regarding Multitude\u2019s market share price (Level 2). The table below summarises the outstanding PSP reward shares and related expenses as at and for year ended 31 December
Grant date
2021
Performance Reward Dividend Realised Risk-free Total FV Outstanding Forfeited Vested Total FV Expense
period shares adj. share volatility volatility in EUR shares shares shares in EUR in EUR
price
1 Jun 21 -
31 Dec 23
1,159,175
4.11
62.1%
(0.4%)
743,285
1,064,925
94,250
-
682,850
154,192
On 30 September 2022 the Group decided to review the vesting conditions of PSP issued on 1 June 2021 to reflect de-
teriorating macroeconomic conditions. It was decided to increase the duration of the performance period up until 31
December 2024 and change the target share price conditions to reduce the minimum target of EUR 12 to EUR 6 and
the maximum target of 30 EUR to EUR 25. The incremental fair value granted as the difference between the fair value
of the modified PSP, estimated at the date of the modification and that of the original PSP, is equal to EUR 169,165 .
Grant date
2022
Perfor- Reward Dividend Realised Risk-free Total FV
Outstand
-
Modified Vested Total FV Expense
mance shares adj. share volatility volatility in EUR ing shares shares shares in EUR in EUR
period price
1 Jun 21 -
31 Dec 23
1,159,175
4.11
62.1%
(0.4%)
743,285
1,114,985
50,060
-
714,950
264,329
The difference between the number of reward shares outstanding at the grant date and reporting date, before the end of the performance period, pertains to reward shares attributable to participants who have ceased employment at Multitude and are no longer eligible to receive reward shares. Modified shares include a number of shares removed from the share plan during the reporting period compared to the previous reporting date or grant date (if reporting period includes the grant date) as well as granted shares as result of the plan modification. Vested shares include a number of shares vested during the reporting period compared either to previous reporting date or grant date (if the reporting period includes the grant date). Matching Share Plan During 2021, the Group introduced a Matching Share Plan (\"MSP\") that allows all employees to invest up to 10% of their annual gross salary in Multitude shares. Investment shares will vest after 2 years provided that the participants have held the shares and have uninterrupted employment during the holding period. After which, the Group will provide free matching shares with a 1:1 ratio for all vested investment shares. The Group determines the total fair value of outstanding MSP investment shares by reference to Multitude\u2019s share price at the grant date (Level 1), assessed number of forfeited shares, and applicable social security costs. The table below summarises the outstanding MSP investment shares and related expenses as at and for the year ended 31 December
Grant date
2021
Holding period Investment Share price Outstanding Forfeited Vested Total FV Expense
shares in EUR shares shares shares in EUR In EUR
31 Mar 21- 14 Mar 23
39,746
6.05
38,165
1,581
-
226,446
85,155
30 Sep 21 - 30 Sep 23
27,784
4.94
27,585
199
-
134,905
17,050
Total
67,530
65,750
1,780
-
361,351
102,205
Grant date
2022
Holding period Investment Share price Outstanding Forfeited Vested Total FV Expense
shares in EUR shares shares shares in EUR In EUR
31 Mar 21- 14 Mar 23
39,746
6.05
35,819
2,408
-
220,688
105,959
30 Sep 21 - 30 Sep 23
27,784
4.94
22,609
4,370
-
116,423
57,809
16 Mar 22 - 13 Apr 24
31,602
3.50
30,317
1,285
-
104,039
39,186
19 Sep 22 - 18 Oct 24
58,598
2.70
57,055
1,543
-
152,718
15,856
Total
157, 592
145,800
9,468
-
593,868
218,809
Differences between the number of investment shares outstanding at the grant date and reporting date, before
the end of the holding period, pertain to either those investment shares withdrawn from the plan or those that are
attributable to participants who have seized employment in Multitude, and therefore are no longer eligible to receive
matching shares. Forfeited shares include a number of shares removed from the share plan during the reporting
period compared to the previous reporting date or grant date (if reporting period includes the grant date). Vested
shares include a number of shares vested during the reporting period compared either to previous reporting date or
grant date (if the reporting period includes the grant date).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-550": { "value": "23. Related party transactions The Group is controlled by Jorma Jokela who owns 55.24% of Multitude SE's issued and outstanding shares as at 31 December 2022 (2021 - 55.20%). The Group\u2019s related parties include members of the Board of Directors and Leader- ship Team. This includes their close family members, the companies in which the Member of the Board or Leadership Team and their close family members have control or joint control. As a main principle, all transactions with related parties are conducted at arm\u2019s length and are part of the ordinary course of business. Transactions with related parties for the years ended 31 December 2022 and 2021 are as follows:
EUR \u2019000
2022
2021
Purchase of consultancy fees and other services
780
656
Rent and utilities
107
125
Total
887
781
Outstanding balances arising from the above transactions with related parties as at the years ended 31 December are as follows:
EUR \u2019000
2022
2021
Trade payables to related parties
-
49
Post-employment funds also meet the definition of related parties under IAS 24. The Group companies have various post-employment plans in accordance with local conditions and practices in the countries in which they operate. To- tal contributions made to these post-employment funds are recognised as an expense in the period they are incurred. Total post-employment benefit expense recognised arising from these contributions are presented in Note 9 . Key management compensation The following table summarises the related party transactions with other related parties and they key management remuneration is specified in a table further below
EUR \u2019000
2022
2021
COMPENSATION FOR MEMBERS OF THE BOARD OF DIRECTORS AND CEO:
Jorma Jokela, CEO
Salaries and other short-term employee benefits*
240
222
Share-based payments
16
-
Frederik Strange, Chairman
Salaries and other short-term employee benefits
48
48
Lea Liigus, Member
Salaries and other short-term employee benefits
60
60
Share-based payments
6
-
Juhani Vanhala, Member
Salaries and other short-term employee benefits
48
48
Michael Cusumano, Member
Salaries and other short-term employee benefits
48
48
Goutam Challagalla, Member
Salaries and other short-term employee benefits
48
48
Kristiina Lepp\u00e4nen, Member
Salaries and other short-term employee benefits
28
-
Jussi Mekkonen, Member
Salaries and other short-term employee benefits
29
-
Total
571
542
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Salaries and other short-term employee benefits
3,068
3,009
Share-based payments
229
154
Total
3,297
3,163
*The retirement age of CEO is 65 years, and he has no pension plan .", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-551": { "value": "Key management compensation The following table summarises the related party transactions with other related parties and they key management remuneration is specified in a table further below:
EUR \u2019000
2022
2021
COMPENSATION FOR MEMBERS OF THE BOARD OF DIRECTORS AND CEO:
Jorma Jokela, CEO
Salaries and other short-term employee benefits*
240
222
Share-based payments
16
-
Frederik Strange, Chairman
Salaries and other short-term employee benefits
48
48
Lea Liigus, Member
Salaries and other short-term employee benefits
60
60
Share-based payments
6
-
Juhani Vanhala, Member
Salaries and other short-term employee benefits
48
48
Michael Cusumano, Member
Salaries and other short-term employee benefits
48
48
Goutam Challagalla, Member
Salaries and other short-term employee benefits
48
48
Kristiina Lepp\u00e4nen, Member
Salaries and other short-term employee benefits
28
-
Jussi Mekkonen, Member
Salaries and other short-term employee benefits
29
-
Total
571
542
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Salaries and other short-term employee benefits
3,068
3,009
Share-based payments
229
154
Total
3,297
3,163
*The retirement age of CEO is 65 years, and he has no pension plan .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:74370078YLPFWHE33716", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }