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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1. CORPORATE INFORMATIONEbusco Holding N.V. is a public limited Company under Dutch law, incorporated and domiciled in the Netherlands and registered at the Chamber of Commerce in the Netherlands under number 75407922. Ebusco Holding N.V. is the ultimate parent company of the group of legal entities (together, \u201cthe Group\u201d) and is listed on Euronext Amsterdam. The Group is a developer, manufacturer and distributor of zero emission buses and charging systems, as well as a supplier of ancillary services to the electric vehicle ecosystem and manufacturer and supplier of Energy Storage Systems (ESS) and Mobile Energy Containers (MEC).The Group has its headquarters and registered office located at Vuurijzer 23, 5753 SV Deurne, The Netherlands.2. DEVELOPMENTS DURING THE YEAR IMPACTING THE GROUP WAR IN UKRAINEThe geopolitical situation in Eastern Europe intensified on 24 February 2022, with Russia\u2019s invasion of Ukraine. The war between the two countries continues to evolve as military activity proceeds and additional sanctions are imposed. In addition to the human toll and impact of the events on entities that have operations in Russia, Ukraine, or neighboring countries (e.g., Belarus) or that conduct business with their counterparties, the war is increasingly affecting economic and global financial markets and exacerbating ongoing economic challenges, including issues such as rising inflation and global supply-chain disruption.The impact for the Group is limited to the ongoing global economic challenges, as there are no activities in Eastern Europe. The Group is not immune to the geopolitical uncertainty and the continued strain on the glob-al supply chain. Uncertainty in the supply chain continues and the Group have to cope with delayed deliveries and higher costs. The Group is closely following these developments and taking actions where required.COVID-19 IMPACT ON BUSINESSThe Covid-19 pandemic has impacted economic, government and social activity across the world since early 2020. In response to the pandemic, government regulations aimed at shifting social behaviours to limit or close non-essential transportation, business activities, government functions and person-to-person interac-tions, resulting in employees working from home. In some instances where these restrictions have been eased, governments followed with actual or contemplated returns to stringent restrictions on gatherings or commerce or with reduced forms of restrictions that limited transportation, business activities and other person-to-per-son interactions. These trends resulted in limited demand for public transport, which in turn resulted in a reduced amount of income generated by Public Transport Authorities (PTAs) and Public Transport Operators (PTOs) who responded by offering fewer requests for tenders, bids or quotations for new buses in 2020 and the first half of 2021. The effect had been compounded by further supply chain disruptions that reflected reduced production capacity at certain suppliers of the Group which scaled back production in response to Covid-19. As a result, the Group experienced further delays in bus production and shipments in 2021 and compared to 2020, revenue was down by approximately 76% in 2021. From the second half of 2021, the order book has strengthened and the Group has seen a sharp increase in order intake, tender activity and shipments and deliveries in 2022. As a result, revenue showed a strong recovery to \u20ac111.6 million, an increase of 360%, in 2022.The Group has in the past and continues to experience supply chain disruptions and supply shortages as a result of the prolonged Covid-19 pandemic, in combination with the war in Ukraine. The Company is taking pro-active steps to manage the risk of further impact from the supply chain disruptions by building its safety stock, shipping components by air rather than sea (where this is an option and cost effective), designing alter-native replacement parts, installing certain components at its headquarters in Deurne instead of its third-party assembly partner in China and by using exchange parts. The Group has also invested significant time and effort in further optimising the supply chain with a strong focus on identifying dual suppliers to lower risks and scale advantages to lower cost of goods sold.The Group continues to closely monitor the development of the Covid-19 outbreak by analyzing the risks which the effects of the pandemic imposes for its financial results, position and cash flows and implementing miti-gating actions promptly.3. SIGNIFICANT ACCOUNTING POLICIES3.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2022 with comparative information for the year ended 31 December 2021.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls as at 31 December:Entity Registered officeDate of incorporationOwnershipinterest (%)31 December 2022Ownershipinterest (%)31 December 2021Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%1Pondus Holding B.V. Deurne, Netherlands 16 March 2017 - 100%Pondus Operations B.V. Deurne, Netherlands 16 March 2017 90% 90%2Pondus R&D B.V. Deurne, Netherlands 16 March 2017 - 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd Tasmania, Australia 18 July 2019 100% 100%Ebusco France SAS Paris, France 9 November 2020 100% 100%Ebusco North America LLC Delaware, United States 19 August 2021 100% 100%Ebusco New Energy (Xiamen) Co LtdXiamen, China17 September 2021100% 100% 3Gr8 Technologies B.V.Amsterdam, Netherlands 1 December 2017 - 100%Ebusco Canada Inc. Toronto, Canada February 9, 2022 100% -Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% -Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% -Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% -Ebusco Spain SL Barcelona, Spain August 18, 2022 100% -1 Pondus Holding B.V. (disappearing entity) merged with Ebusco B.V. per 28 December 20222 Pondus R&D B.V. (disappearing entity) merged with Pondus Holding B.V. per 27 December 20223 Gr8 Technologies B.V. is liquidated per 6 July 20223.2. BASIS OF PREPARATIONThe consolidated financial statements of the Group have been prepared in accordance with International Fi-nancial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and en-dorsed by the European Union (EU) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.The financial statements were signed and authorised for issuance by the Supervisory Board and Management Board on 29 March 2023 and will be submitted for adoption to the General Meeting of Shareholders on 17 May 2023. The consolidated financial statements have been prepared on a historical cost basis, except when otherwise indicated. All amounts are stated in thousands of EUR, unless otherwise stated.The consolidated financial statements are prepared on a going concern basis.3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESFUNCTIONAL AND PRESENTATION CURRENCYThe Group\u2019s consolidated financial statements are presented in euros, which is also the Parent\u2019s functional currency. The financial statements of entities that have a functional currency different from that of the Parent (\u201cforeign operations\u201d) are translated into euros as follows:Group companies:\u2022 Foreign currency differences resulting from translation of subsidiaries are recognised in other comprehen-sive income.Transactions and balances:\u2022 Assets, equity and liabilities - at the closing rate at the date of the statement of financial position.\u2022 Income and expenses - at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates).CURRENT VERSUS NON-CURRENT CLASSIFICATIONThe Group presents assets and liabilities in the statement of financial position based on current/non-currentclassification. An asset is current when it is:\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle\u2022 Held primarily for the purpose of trading\u2022 Expected to be realised within twelve months after the reporting periodOr\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodA liability is current when:\u2022 It is expected to be settled in the normal operating cycle\u2022 It is held primarily for the purpose of trading\u2022 It is due to be settled within twelve months after the reporting periodOr\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting periodDeferred tax assets and liabilities are classified as non-current assets and liabilities.FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.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. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rised 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:\u2022 Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is directly or indirectly observable;\u2022 Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable.For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categori-sation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortised) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortised cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortised cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortised cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortised cost: Interest income from these financial assets is included in finance income using the effec-tive interest rate method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognised in profit or loss and presented net within other gains and losses for the period in which it arises.FINANCIAL LIABILITIES \u2013 NOT DERIVATIVESThe Group measures its financial liabilities at amortised cost.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tised cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables, IFRS 15 contract assets and lease receivables.The Group determines its expected credit losses on trade receivables based on the historical weighted aver-age credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receivables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given de-fault and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 1-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.REVENUE REVENUE FROM CONTRACTS WITH CUSTOMERS In determination of its recognition of revenue, the Group applies the 5-step model in line with IFRS 15.Revenue is recognised if the Group has entered into a contract with a customer in which the performance obligations can be identified, the terms of the transaction are clear, and it is probable that the customer will pay. Revenue is recognised for each contract. If a contract involves several performance obligations, revenue is separately attributed to the performance obligations based on relative stand-alone selling prices. Revenue is recognised over time if the customer simultaneously receives and consumes the benefit of the Group\u2019s performance or if the Group produces an asset without alternative use which it is contractually obligated to deliver to the customer and for which the Group has an enforceable right to payment. Revenue is recognised at a point in time if it does not meet the criteria to be satisfied over time. The Group does not have any contracts with material variable consideration.If a contract contains a significant financing component, the Group adjusts the revenue accordingly. This is not done if the time between the fulfilment of the performance obligation and the payment of the consider-ation is less than one year.If the results from a contract cannot be determined reliably, contract revenue is only recognised to the extent of costs incurred. Expected contract losses are recognised immediately in the statement of profit or loss. In measuring the amount of provisions for losses, the Group proceeds on the basis of the economic benefits expected to be received compared with the attributable costs of the contract.The Group has two main types of revenue from contracts:1. Contracts for the sale of zero emission buses: the Group sells zero emission buses and related charging systems customized for each customer. The Group negotiates with each customer according to the needs of the customer and charges a transaction price based on the type and number of buses ordered. Con-tracts are fulfilled, on average, within six to twelve months. Revenue for sales of zero emission buses is recognised over time as the Group produces a bus without an alternate use which the Group is contractually obligated to deliver and for which the Group has an enforceable right to payment. The revenue relating to work in progress is recognised in the statement of profit or loss based on percentage of completion of the project. The stage of completion is assessed by reference to the proportion of costs recorded in relation to the total expected costs to the extent that the costs incurred are representative of the progress made in the transfer of goods/services to the client. Inefficiencies are disregarded in determining the stage of completion. In-progress contracts are recorded as contract assets.2. Contracts for charging systems and ancillary services and goods: the Group also sells items and services in addition to its zero emission buses. These goods and services consist of additional parts for the Group\u2019s buses or represent services, including repair and maintenance services, and service type warranty, which support the customer\u2019s use of zero emission buses sold by the Group. Revenue is recognised either at a point in time or over time based on the nature of the good or service in accordance with the Group\u2019s revenue recognition policy. Typically, spare parts and charging systems are recognised at a point in time whilst services are recognised over time. If applicable, service-type warranties are accounted for as separate per-formance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognised as the Group performs its obligation.The accounting policies regarding trade receivables, contract assets, and contract liabilities are set out in the corresponding notes (refer to Note 15 for trade receivables and below for contract assets and liabilities).TRANSACTION PRICE AND STAND-ALONE SELLING PRICES Transaction prices are determined per individual contract, based on goods and services ordered by each customer. Payment terms vary per contract. The performance obligation that significantly affects the de-termination of the transaction price is the supply of zero-emission buses. Progress is measured using an input method. The Group measures the progress for the projects based on the input costs consisting of the cost of materials and other costs. The Group assessed that the input method used based on costs incurred to measure its progress towards completion reflects proportionately the Group\u2019s progress in satisfying the performance obligation and is a fair reflection of the Group\u2019s performance.CONTRACT ASSETS AND CONTRACT LIABILITIESThe Group recognises a contract asset for services or goods transferred to a customer to which the Group has a right to receive consideration. The Group reclassifies contract assets to trade receivables when perfor-mance obligations are satisfied and the right to consideration becomes unconditional. The Group recognises a contract liability when a payment is received from a customer or is due before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs its obligations.Contract assets and receivables generally have a term of less than 12 months.SEGMENT REPORTINGAn operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The operating results of each segment are regularly reviewed by the entity\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) in order to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The Group re-ports separate information about an operating segment if the reported revenue, profit or loss or assets exceed 10 per cent of the total of the Group, or if the Management Board believes that information about the segment would be useful to the users of the financial statements.EMPLOYEE BENEFIT EXPENSESEmployee benefits are all forms of consideration given by the Group in exchange for services rendered by employees or for the termination of employment. Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees rendered the related service.Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cu-mulative expenses recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognise the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of eq-uity instruments that will ultimately vest. No expenses are recognised for awards that ultimately do not vest because service conditions have not been met.PENSIONSThe Group has a defined contribution plan (which is capped at an annual pensionable salary of \u20ac115). For the defined contribution plan, the group pays contributions to a public or privately administered pension in-surance plan on a mandatory or contractual basis. The Group has no legal or constructive obligations to pay additional contribution if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee service in the current and prior periods. The contribution is recognised as employee benefit expense when it is due. Prepaid contribution is recognised as an asset to the extent that a cash refund or a reduction in the future payments is available and can be contractually enforced.OTHER OPERATING EXPENSESOther operating expenses are recorded on a historical basis and allocated to the reporting period when they occur.FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period when they occur.INCOME TAXCURRENT INCOME TAXCurrent tax is the expected tax payable/receivable on the taxable income or loss for the year, using applica-ble tax rates at the end of the reporting period, and any adjustment to tax payable/receivable in respect of previous years.DEFERRED INCOME TAXDeferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of tax-able temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are re-versed when the probability of future taxable profits improves.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty re-lated to income taxes, if any.The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and 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 in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.EARNINGS PER SHAREThe Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. The calculation for the earnings per share is as follows:\u2022 Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. \u2022 Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recoverable.PPE includes equipment and office inventory, transportation and assets under construction. The estimated use-ful life of the aforementioned PPE is between 3 and 5 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.INTANGIBLE ASSETS The intangible assets for the Group consist of goodwill, development assets, software and assets under con-struction.BUSINESS COMBINATIONS AND GOODWILLGoodwill represents amounts arising on acquisition of subsidiaries. All business combinations are accounted for by applying the acquisition method as at the acquisition date.Goodwill is measured as the difference between:\u2022 the aggregate of the (a) the value of the consideration transferred (generally at fair value), (b) the amount of any non-controlling interest (at fair value) and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and \u2022 the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but tested annually for impairment.DEVELOPMENT ASSETSDevelopment assets are internally generated intangible assets. The costs capitalised consist of salaries, ma-terials and services directly attributable to the development activities.Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. Impairment assess-ments have been performed and no indications of impairment have been identified.Research costs are expensed as incurred.AMORTISATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use modelestimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and as-sessed for impairment whenever there is an indication that the intangible asset may be impaired. The amorti-sation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortised over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss.INVESTMENT IN ASSOCIATES ASSOCIATESAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in associates are accounted for using the equity method of accounting (see below), after initially being recognised at cost. On acquisition of the investment, any difference between the cost of the investment and the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities is accounted for as follows:(a) Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. (b) Any excess of the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity\u2019s share of the associate or joint venture\u2019s profit or loss in the period in which the investment is acquired.EQUITY METHODUnder the equity method of accounting, the investments are initially recognised at cost and adjusted there-after to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the en-tity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.NON-CURRENT FINANCIAL ASSETSFinancial assets are initially recognised at fair value and subsequently measured at amortised cost less im-pairments based on the general expected credit loss approach. The Group\u2019s financial assets consist of long-term deposits. INVENTORIESInventories are the assets sold in the ordinary course of business. Inventories are measured at the lower of cost and net realisable value. The cost price of the inventory is determined based on the weighted average purchase price method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.TRADE RECEIVABLESTrade receivables are classified at amortised cost, initially recognised at transaction price and subsequently measured at amortised cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. At 31 December 2022, the Group had 3 customers (2021: 6) that owed more than \u20ac500,000 each and which accounted for approximately 92% (2021: 94%) of all the receivables outstanding. There were 2 customers (2021: 3 customers) with balances greater than \u20ac1 million accounting for just over 88% (2021: 78%) of the total amounts of trade receivable.The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.OTHER CURRENT FINANCIAL ASSETSOther receivables and accrued assets are initially recognised at fair value and subsequently measured at amortised cost less impairments based on the simplified expected credit loss approach.CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months.Cash is classified at amortised cost, initially recognised at fair value and subsequently measured at amor-tised cost less impairments based on the general ECL approach. IMPAIRMENT OF NON-FINANCIAL ASSETSFurther disclosures relating to impairment of non-financial assets are also provided in the following accounting policies:\u2022 Property, plant and equipment\u2022 Intangible assets, including goodwill \u2022 Right-of-use-assets\u2022 Significant accounting judgements, estimates and assumptions (note 4)The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into ac-count. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on most recent budgets and forecast calculations, which are pre-pared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.The Group assesses where climate risks could have a significant impact, such as the introduction of emis-sion-reduction legislation that may increase manufacturing costs. Although the introduction of such legis-lation would also result in a higher demand for the Group, these risks in relation to climate-related matters would be included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash flow forecasts in assessing value-in-use amounts.EQUITYOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of the ordinary shares are netted, net of tax, from the proceeds.The Group evaluates its equity instruments, including its preferred shares. Certain instruments contain as-pects which would require their classification as either liabilities or compound instruments which would con-tain both equity and liability components, including whether or not the Group has a contractual obligation to deliver cash or financial asset to another party. Equity classification is only appropriate if the Group has an unconditional right to avoid delivering cash or other financial instruments.NON-CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)Financial liabilities (non-derivatives) are initially measured at fair value less transaction costs and subse-quently measured at amortised cost.LEASES (THE GROUP AS A LESSEE)The Group assesses whether a contract is or contains a lease at the inception of the contract to determine whether an asset is identifiable, and the lessee has control to direct its use, and receives all economic bene-fits related to the asset.The Group recognises a right-of-use asset (\u201cROU asset\u201d) and a corresponding lease liability with respect to all lease arrangements in which it is a lessee. The lease liability is initially measured by calculating the present value of all future lease payments, discounted by the incremental borrowing rate. All future lease payments are fixed in nature with exception of yearly indexations. The interest on the lease liability for each period from the discount rate is recognised in the profit or loss statement for the year. At initial recognition, the ROU asset amounts to the initial lease liability adjusted for any initial direct costs or the expected costs for dismantling.In case of changes in the lease term or other conditions, the Group will reassess the discount rate and the remaining lease payments. The Group shall remeasure the carrying amount of the lease liability to reflect a reassessment or lease modification, using a revised discount rate, if any. ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable. The main lease concerns a contract for office and manufacturing space in Deurne, the Netherlands with a lease term of 5 years ending 30 September 2023. This leas contains an extension period of 5 additional years which the Group has exercised. The Group also has lease contracts which consist of cars for company personnel with a lease term between 4 and 5 years. Interest on lease liability is recognised as an expense in the statement of profit or loss.PROVISIONSProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. By nature, provisions include uncertainty and if the actual outcome differs froprovm the assumptions, the estimated provision will be revised, and this could have an effect on the financial position and results of the Group.PROVISION FOR WARRANTIESProvisions for warranties are recognised when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated.Assurance-type warranties are not distinct within customer contracts. Service-type warranties are account-ed for as separate performance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognised as the Group performs its obligation.Provisions related to assurance-type warranties are measured at the present value of the expenditures ex-pected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)The financial liabilities (non-derivatives) are initially measured at fair value and subsequently at amortised cost. The fair value of the current financial liabilities approximates the book value due to its short-term nature.RELATED PARTY TRANSACTIONSA related party is a person or an entity that is related to the reporting entity: \u2022 A person or a close member of that person\u2019s family is related to the Group if that person has control, joint control, or significant influence over the Group or is a member of its key management personnel.\u2022 An entity is related to the Group if, among other circumstances, it is a parent, subsidiary, fellow subsidiary, associate, or joint venture of the Group, or it is controlled, jointly controlled, or significantly influenced or managed by a person who is a related party.A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.The Group discloses the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for understanding of the potential effect of the relationship on the fi-nancial statements. These disclosures are made separately for each category of related parties.Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group.COMMITMENTS, CONTINGENT ASSETS AND LIABILITIESContingent liabilities and assets do not meet the recognition criteria. The Group discloses a contingent liability if there is a possible obligation that arises from past evens and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events that are not wholly within the control of the Group. The liability is not recognized because it is not probable that a outflow of resources will take place to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. When the possibility of an outflow of resources is remote, no contingent liability is disclosed.The Group discloses a contingent asset if there a possible asset that arises from past events and whose exis-tence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. The asset is only disclosed when the possibility of an inflow of resources is probably.3.4 NEW AND AMENDED IFRS ACCOUNTING STANDARDS THAT ARE EFFECTIVE FOR THE CURRENT YEARIn the current year, the Group has applied a number of amendments to existing IFRS standards that are man-datorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.\u2022 Amendments to IFRS 3 Reference to the Conceptual Framework;\u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract;\u2022 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use. The Group concluded that the amendments to the following existing IFRS standards do not have an impact:\u2022 Amendments to IFRS 1 First time adoption\u2022 Amendments to IFRS 9; Fees in 10 % test for derecognition\u2022 Amendments to IAS 41 Agriculture \u2013 Taxation in fair value measurements3.5 NEW AND REVISED IFRS ACCOUNTING STANDARDS IN ISSUE BUT NOT YET EFFECTIVEThe Group has not applied the following new and revised IFRS\u2019s that have been issued, but are not yet effec-tive:\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current - Deferral of Effective Date (applica-ble for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU);\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Ac-counting Estimates (applicable for annual periods beginning on or after 1 January 2023, but not yet endor-sed in the EU);\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2: Making Materiality Judgements (applicable for annual periods beginning on or after 1 January 2023);\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU);\u2022 The IFRS 17 Insurance Contracts standard (applicable for annual periods beginning on or after 1 January 2023), is not relevant to the Group and therefore will not be detailed further in these financial statements.The impact of the adoption of the above new standards is still being determined, but not expected to be ma-terial on the consolidated financial statements.The Group plans to adopt these standards on their respective dates. 4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSBelow is a summary of the Group\u2019s significant accounting judgements, estimates, and assumptions. PERCENTAGE OF COMPLETION OF CUSTOMER CONTRACTS In determining the stage of completion, the Group makes a critical estimate of the remaining cost. This esti-mation requires a consistent judgment (forecast) of the final outcome of the project, including costs to come and variance analyses of divergences compared with earlier assessment dates. Estimates are an inherent part of this assessment and actual future outcome may deviate from the estimated outcome. Historical ex-perience has also shown that estimates are, on the whole, sufficiently reliable. Estimates and judgements are made relating to a number of factors when assessing contracts. These primarily include the program of work throughout the contract period and an assessment of future costs after considering any changes in the scope of work. The Group reviews its estimates for its contracts with customers for buses, which are recorded under the percentage of completion method and, based on the data available to the Group, may record adjustments to its calculations as appropriate. Reference is made to Note 6.1 for further details.VALUATION DEFERRED TAX ASSET Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Further details on taxes are dis-closed in Note 10.IMPAIRMENT OF GOODWILLGoodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carry-ing amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on the fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. Level 3 input is a Discounted Cash Flow (\u201cDCF\u201d) model in which the cash flows are derived from the forecast for the next five years and includes the cash flows of the future investments that will enhance the performance of the assets of the CGU being tested. As the Group continues to invest significantly in the future growth of the Company, the fair value less costs of disposal model is consi-dered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity analysis, are disclosed and further explained in Note 13. ESTIMATION USEFUL LIFE OF INTANGIBLE ASSETS The Group has made a significant estimate of the useful life of Development assets and Software. Uncertain-ty about this estimate could result in significant changes in the reported amount of amortisation expenses and, subsequently, in result for the year. The estimated useful life of intangible assets is between 3 - 5 years. Reference is made to Note 13.PROVISION FOR WARRANTIESTypically, the Group provides a 2 year assurance-type warranty on the buses that it sells to customers. The Group generally bears the risk that products/components will bear any manufacturing defect and/or defect in material. Back-to-back warranty from suppliers apply as additional assurance in case the Group can, for whatever reason, not fulfil their liabilities of the battery warranty to the customer. In addition, the Company generally has back-to-back guarantees in place for key spare parts.The production of zero emission buses is based on new technology for a relatively small customer base for which relatively limited historical information regarding warranty expenses is available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. A warranty pro-vision is recognized for the products sold to which the warranty period has not yet expired. The Group in-cluded the best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for all products. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. Further details are disclosed in Note 23.5. ACQUISITIONS AND MERGERSACQUISITION IN 2021 OF 60% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 19 April 2021, the Group acquired 60% of the voting shares of its associate Pondus Holding B.V. (Pondus), raising its total shareholding of Pondus Holding to 80% and upon the acquisition date the Group gained con-trol of Pondus. Pondus Holding B.V. is the parent company of Pondus Operations B.V. (90% ownership) and Pondus R&D B.V. (100% ownership).Pondus is involved in the research and production of lightweight composite materials suitable for use in constructing electric zero emission buses. Pondus\u2019 principal place of business is the Netherlands. The Group acquired Pondus for the purpose of using proprietary technology to develop and manufacture lightweight carrying structures and parts for use in the Group\u2019s buses. The considerations included the following:\u2022 \u20ac16.6 million (the initial purchase price) paid by the Purchaser on completion of the acquisition;\u2022 \u20ac5.0 million (the deferred purchase price) of contingent consideration paid by the Purchaser upon the ini-tial public offering (\u201cIPO\u201d) in October 2021;\u2022 \u20ac0.75 million (earn out) of contingent consideration also paid upon the IPO in October 2021.At the acquisition date, the fair value of the contingent consideration was estimated to be \u20ac5.8 million. The Group considered the IPO to be a probable event within the next three months; the IPO actually occurred on 22 October 2021. Considering the short period of time, the discounting was negligible.The purchase price allocation is as follows:Fair value of identifiable net assetsNon-current assetsProperty, plant and equipment 1,563Intangible assets 4,246Non-current financial assets 53Total non-current assets 5,862 Net working capitalReceivables from related parties 1,605Other current assets 26Trade payables (110)Payables to related parties (1,051)Other current liabilities (351)Total net working capital 119Non-controlling interest (10% in Pondus Operations) (86)Loans and borrowings (7,909)Cash and cash equivalents 6Subtotal: Identifiable net assets acquired at fair value (2,008)Fair value of non-controlling interest 7,450Fair value of previously held equity interest 7,450Fair value of consideration transferred- Cash 16,600- Contingent consideration 5,750Subtotal: Consideration transferred 37,250Goodwill arising on acquisition 39,258Goodwill is attributable to the assembled workforce of Pondus, expected synergies, and expected future sales and customers. The goodwill is not deductible for income tax purposes. At the acquisition date, the carrying value of the Group\u2019s 20% interest in Pondus was nihil. Accordingly, the Group recognised a gain of \u20ac7.5 million as a result of remeasuring the carrying amount of its \u2018Investment in associates\u2019 at fair value. The Group has elected to measure the non-controlling interest in Pondus at fair value; the non-controlling interest is determined based on Pondus\u2019 full amount of goodwill. As a result, the value of the non-controlling interest is \u20ac7.5 million. ACQUISITION IN 2021 OF REMAINING 20% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 18 October 2021, the Group acquired the remaining 20% of the shares in Pondus through the acquisition of 100% of the shares of Gr8 Technologies B.V., owning the remaining 20% of the voting shares of Pondus Holding B.V. The Group acquired the shares of Gr8 Technologies B.V. from its previous shareholders, being two persons (participating for 50% each) affiliated to VDVI B.V., one of the existing shareholders of Ebusco Holding N.V. Holding the shares in Pondus Holding B.V. was the only activity of Gr8 Technologies B.V.; Gr8 Technologies B.V. is expected to be liquidated in the first half of 2022.The net cash outflow amounted to \u20ac19,996 (being \u20ac20,000 less cash acquired). Following the acquisition, the carrying value of the non-controlling interest of \u20ac7,190 has been reclassified to the equity of Ebusco Holding N.V., and the difference between the fair value of the consideration paid and the carrying value of the non-controlling interest being \u20ac12,806 has been charged against the Company\u2019s share premium.Accordingly, the total cash outflow from investments in group companies (net of cash acquired) amounted to \u20ac22,344 and cash outflow from acquisition of non-controlling interest amounted to \u20ac19,996. In 2021, Pondus did not contribute to the Group\u2019s consolidated revenue and contributed a loss of \u20ac1,713 to the Group\u2019s consolidated operating result. If the acquisition had occurred on 1 January 2021, the acquired business would not have contributed to consolidated revenue and would have contributed a loss of \u20ac2,381 to consolidated operating result. Total transaction costs incurred amount to \u20ac85 thousand for both acquisitions.MERGER OF PONDUS GROUP ENTITIES IN 2022In December 2022, the following mergers took place:\u2022 Pondus Holding B.V. (acquiring entity) merged with Pondus R&D B.V. (disappearing entity);\u2022 Ebusco B.V. (acquiring entity) merged with Pondus Holding B.V. (disappearing entity).As this merger is under common control it has been accounted for in line with the \u2018pooling of interest\u2019-method, meaning the mergers are recognised as if these entities had always been combined.After the merger Ebusco B.V. directly holds the 90% interest in Pondus Operations B.V.ACQUISITION IN 2022 OF 48.57% OF THE VOTING SHARES OF ZERO EMISSION SERVICES (ZES) B.V. On 28 January 2022, Ebusco Energy B.V. acquired 40% of the voting shares of Zero Emission Services B.V. (ZES), a provider of all-in concepts for emission-free inland shipping in the Netherlands. The consideration paid amounts to one euro. ZES and Ebusco share their commitment to zero-emission transportation. As their solutions are highly complementary, together Ebusco and ZES can significantly increase their joint impact in the maritime sector. ZES was founded in May 2020 and offers a complete range of products and services, based on interchange-able battery containers charged with renewable power, charging stations, technical support and an innova-tive pay per use concept for ship owners. In September 2021 the first emission-free inland shipping vessel, with energy containers from ZES, commenced operation. ZES was founded by ING bank, energy and technical service provider ENGIE, maritime technology company W\u00e4rtsil\u00e4 and the Port of Rotterdam Authority. Ebusco took over its 40% stake from ENGIE, one of the founding shareholders of ZES. All shareholders provide equity, expertise and staff to support ZES in its development. On 8 November 2022 the shareholders of ZES were granted the option to subscribe to an additional share issuance. As a result the Group acquired an additional 8.57% of the voting shares of ZES. The consideration paid amounts to an additional \u20ac1,500. The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment of 40% is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES (euro 1). Reference is made to Note 14 for subsequent measurement.6. REVENUE, COST OF MATERIALS AND SEGMENT REPORTINGThe activities of the Group primarily consist of the sale of zero emission buses and ancillary services and goods, including charging systems, related to the electric vehicle ecosystem. 6.1 REVENUEREVENUE FROM CONTRACTS WITH CUSTOMERS The Group earns the majority of its revenue from its single performance obligation of the sale and supply of zero emission buses. The other primary performance obligations include a sale and supply of zero emission bus chargers, a guarantee to provide a complete change of batteries, repair and maintenance services and extended warranty. Performance obligations for other services and goods, including supply of bus charging systems, are ancillary and supportive of the performance obligation of the sale and supply of zero emission buses.The breakdown of the revenue based on type is presented below:Revenue type 20222021Revenue from zero emission buses 105,026 20,736Revenue from charging systems and ancillary services and goods 6,591 3,529Total 111,617 24,265Revenue recognised over time relates to contracts regarding the sale of zero emission buses and support ser-vices. Revenue recognised at a point in time relates to contracts for the sale of charging systems and parts. Transfer of control occurs when the Group has transferred physical possession of the asset and revenue is recognised at that point of time.Revenue recognition 20222021Revenue recognised over time 107,81419,266Revenue recognised at point in time 3,8034,999Total 111,61724,265As at 31 December 2022 the remaining performance obligations amount to \u20ac42.0 million (31 December 2021: \u20ac34.9 million). The Group estimates 70% (31 December 2021: 81%) of these anticipated revenues are expect-ed to be recognised during the next 12 months. This revenue relates primarily to customer contracts for zero emission buses.For multiple sales contracts, the company is exposed to penalty clauses for late delivery of the buses. These penalties are capped at a percentage of the contractual selling price. Due to continuing material shortages and delay in the increase in production capacity, the company could face penalty charges for late delivery. At 31 December 2022, the Group concluded that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. Reference is made to Note 23 for further details of the provision recorded for assurance-type warranties under customer contracts.CONTRACT ASSETS AND CONTRACT LIABILITIESContract assets / (liabilities) \u2013 31 December 2022 2021Contract assets (positive balance of work in progress) 62,97113,450Contract liabilities (negative balance of work in progress) (8,912)(174)Balance of contract assets and liabilities 54,05913,276The contract assets balance as per 31 December 2022 is \u20ac63.0 million (2021: \u20ac13.5 million). Contract assets are measured taking account of expected credit losses in a way similar to the method used for trade and other receivables; no material expected credit losses haves been recorded for contract assets for the periods pre-sented. The significant increase in contract assets in 2022 is primarily explained by the increased demand after covid. During 2021 the Group experienced lower demand and orders for its zero emission buses. In 2021 contract assets were related exclusively to work in progress assets for zero-emission buses and the decrease in orders combined with invoicing resulted in a correspondingly lower amount of contract assets. Revenue received in advance (contract liability) as per 31 December 2022 amounts to \u20ac8,912 (2021: \u20ac174). The increase in the contract liabilities in 2022 is explained by the upfront payment of two customers. 6.2 COST OF MATERIALSCost of materials are recognised and presented in the statement of profit or loss. These costs include amounts paid to the supplier for zero emission bus contracts, costs for parts included in zero emission bus contracts, transportation costs, import duties and warranty expenses.6.3 SEGMENT REPORTINGThe Group has identified the Management Board, which consists of the CEO, CFO and COO, as the chief operat-ing decision makers (CODM). The operating results and performance of the total Group are regularly reviewed by the entity\u2019s CODM in order to make decisions about resources to be allocated to the Group. Discrete finan-cial information is available for the total Group. The total business of selling zero emission buses and ancillary revenue streams from these buses has been identified as a single operating segment.The following table summarizes the Group\u2019s geographical breakdown of its revenue, based on the location of the external customers for the periods indicated:Revenue \u2013 Geographical breakdown 20222021 1DACH59,8129,7222Nordics 27,4688,418Benelux 16,9466,035Spain 7,389 -Rest of the World (RoW) 290Total 111,61724,2651 DACH is an acronym for Germany (D), Austria (A) and Switzerland (CH).2 Nordics is an acronym for Denmark, Sweden, Norway and Finland.In 2022, the revenues from external customers attributed to the entity\u2019s country of domicile (the Netherlands) amounted to \u20ac16.5 million (2021: \u20ac4.9 million). At 31 December 2022 \u20ac82.5 million of the non-current assets were in the Netherlands (the country of domicile for the Group) (31 December 2021: \u20ac68.5 million).LARGE CUSTOMERSIn 2022, one customer generated 40% of total revenue. In 2021, one customer (a different one) generated 31% of total revenue.7. EMPLOYEE BENEFIT EXPENSES AND REMUNERATION KEY MANAGEMENTEMPLOYEE BENEFIT EXPENSES AND PENSIONSThe table below gives a breakdown of the employee benefit expenses recognised in respect of short-term employee benefits and post-employment benefits:Employee benefit expenses 2022 2021Wages and salaries 17,742 8,974 Temporary staff 11,162 5,491 Social security charges 2,892 1,481Other staff expenses 2,253 1,066 Pension costs 961 422 Car expenses 349 229 Share based payments expenses 166 -Other compensation - 5,000Management fee - 443Total 35,525 23,106 1 Reference to Note 7.1: Remuneration key managementWages and salaries include the remuneration of the members of the Management Board (including the CEO and CFO as from 17 October 2021) and the Supervisory Board. Wages and salaries includes a research and development grant for the 3.0 bus for an amount of \u20ac337 (2021: \u20ac267) and various other grants of \u20ac239.The increase in wages and salaries is mainly driven by the increase in average number of full-time employees (see table below). Car expenses relate to short-term rental expenses, fuel, insurance and repairs costs. Long-term car lease contracts for employees are included in Note 22 \u2013 Leases.The management fee of 2021 includes management fees charged by the CEO and CFO based on service contracts up to 17 October 2021.Other staff expenses include employee costs that are not directly related to salaries and social security charges, including travel and related expenses.The average number of full-time employees for the period active within, respectively outside the Netherlands is as follows:Full-time employees2022 2021Active within the Netherlands310 167Active outside the Netherlands11 4Total321 171SHARE BASED PAYMENTSThe Group initiated one share-based compensation plan that will be settled in ordinary shares: a \u2018One-off Appreciation and Retention Plan\u2019. Under the One-off Appreciation and Retention Plan, certain senior employees have been granted Restricted Share Units (RSU\u2019s) on 11 February 2022, which will vest on 11 February 2024 only when the employees are still employed by the Group on that date. The fair value of these share-based compensations, calculated on grant date, is based on Ebusco\u2019s share price (observable input). Details of the share-based compensation plan during the year are as follows:2022 2021Restricted Share Units (RSU\u2019s)Number of sharesFair valueNumber of sharesFair valueOutstanding at the beginning of the year----Granted during the year17,00022,10--Outstanding at the end of the year17,00022,10--The expected realisation of the service conditions is set at 100%. Dividends declared on the underlying shares while the RSU is unvested are expected to be nil, subsequently no amount is deducted from the grant-date price of the company\u2019s share in estimating the fair value.7.1 REMUNERATION KEY MANAGEMENTThe Group\u2019s key management consists of the CEO, CFO, COO, CTO, CPO and HR Director per 31 December 2022. Total remuneration for the Group\u2019s key management amounted to \u20ac1,654 for 2022 (2021: \u20ac6,183). Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the entity (directly or indirectly) including any directors. The table below provides the remuneration of the Management Board for the years ended 31 December 2022 and 2021.2022 2021Base salaryPension costsOther com-pensa-tion Other TotalBase salaryPension costsOther com-pensa-tionOther TotalPeter Bijvelds (CEO) 387 63 - 10 460 268 12 - 7 287Paul van Beers (CFO) 275 45 - 18 338 295 9 5,000 11 5,315Bob Fleuren 1(COO)275 45 - 16 336 183 18 - 12 213Total 937 153 -441,134 746 39 5,000 30 5,8151 Appointed as COO and member of the Management Board as from 1 April 2021BASE SALARY All three members of the Management Board are included in the payroll administration of the Company as from 17 October 2021.PENSIONSThe members of the Management Board have been granted a pension allowance equal to an amount of ap-proximately 16% of their fixed base salary, excluding any allowances and bonus payments. Other benefits include 25 days of paid vacation leave per calendar year. Furthermore, the members of the Management Board receive a car allowance or company car in accordance with the company\u2019s car policy. No other benefits are granted.OTHER COMPENSATIONAs a result of the IPO in October 2021, the CFO received a settlement fee of \u20ac5.0 million, with the requirement to re-invest the net proceeds of the settlement in shares of the Company.7.2 SUPERVISORY BOARD REMUNERATION EXPENSESFixedOther compensationTotalIn euro2022 2021 2022 2021 2022 20211Derk Haank58,000 14,500 450 150 58,450 14,6502Carin Gorter50,000 12,500 1,350 300 51,350 12,8003Jeroen Drost47,000 11,750 600 150 47,600 11,9004Ruud Spoor47,000 11,750 1,200 - 48,200 11,7505Roelf de Boer47,000 11,750 750 150 47,750 11,900Total 249,000 62,250 4,350 750 253,350 63,0001 Derk Haank has been appointed as Chair of the Supervisory Board and member of the Nomination and Remuneration Committee2 Carin Gorter has been appointed as Chair of the Audit Committee and member of the Supervisory Board3 Jeroen Drost has been appointed as Chair of the Remuneration Committee and member of the Supervisory Board4 Ruud Spoor has been appointed as member of the Audit Committee and member of the Supervisory Board5 Roelf de Boer has been appointed as Chair of the Nomination Committee and member of the Supervisory BoardWith regards to the comparative figures, the fixed compensation relates to the fourth quarter of 2021.8. OTHER OPERATING EXPENSESOther operating expenses comprise general, distribution, marketing and other expenses.Other operating expenses 2022 2021General expenses 5,416 8,176 Distribution expenses 2,687 1,449IT expenses 2,541 1,213Marketing expenses 1,156 552 Facility expenses 996 450Office expenses 264 136 Other expenses 1,856 378 Total other operating expenses14,916 12,354 General expenses mainly include audit, advisory and insurance fees. In addition, general expenses include changes to the provision for doubtful debts. Marketing expenses are costs which include marketing and pro-motional costs and costs associated with making products available for delivery to customers. Facility ex-penses include costs for utilities, insurance, and other non-rent related expenses associated with the Group\u2019s facilities. Office expenses include telecom expenses, office supplies, and subscriptions. IT expenses include software maintenance costs and license costs, as well as other IT services. Other expenses consist of various expenses that are incurred as part of the Group\u2019s daily operations. The Group has R&D expenditures of \u20ac456 recognised as an expense during the reporting periods (2021: nil).9. FINANCE EXPENSES, NETFinance costs2022 2021Foreign currency exchange rate results, including (gains)/losses on derivatives 127 470 Interest and similar expenses on loans and borrowings 989 3,642Interest income (241) -Interest on lease liabilities185 128Total 1,060 4,240 10. INCOME TAXThe major components of income tax expense for the years ended 31 December 2022 and 31 December 2021 are presented below.Income tax expense2022 2021Current tax (expense)/benefit:Relating to current year(20) 4,837 Adjustment prior year- 837(20) 5,674 Deferred tax (expense)/benefit:Relating to changes in tax rates - 224 Relating to origination and reversal of temporary differences100 211Relating to tax losses9,725 4,143Relating to limitation interest deduction (94) 146Adjustment prior year and others 23 (811) 9,754 3,913 Income tax (expense)/benefit reported in the statement of profit or loss9,734 9,587 Deferred tax (expense)/benefit related to items recognised in OCI during the year2022 2021Derivatives (299) (371)Deferred tax charged to OCI(299) (371)The operations of the Group are subject to income taxes in the Netherlands and in the other countries where the Group is conducting a business. Ebusco Holding N.V. is the head of the Dutch fiscal unity for both income tax and VAT; all Dutch subsidiaries are part of the fiscal unity except for Pondus Operations B.V. as the Group\u2019s shareholding in this entity is only 90% and ZES (48.57%).A reconciliation of the statutory income tax rate of the Netherlands to the effective income tax rate is as follows:Effective tax rate2022 2021Accounting profit before tax(41,927) (36,384)Domestic income tax rate25.8% 25.0%Theoretical income tax (expense)/benefit10,817 9,096 Tax effect of:Deviating rates(4) (3)Change in tax rates- 224 Share of results of an associate(111) -Non-deductible expenses, tax exempt income and other permanent differences(59) 721 Benefit from previously unrecognised and unused tax losses 295 3Effect of unrecognised and unused tax losses(1,223) (467)Other effects including adjustments prior year19 13 Total income tax (expense)/benefit9,734 9,587 Effective tax rate23.2% 26.3% The enacted income tax rate in the Netherlands is set at 25.8% in 2022 (2021: 25.0%).Non-deductible expenses, tax exempt income and other permanent differences in 2022 mainly include the tax effect of tax exempt income from associates, non-deductible employee benefit expenses related share based payments and non-deductible advisory fees related to the acquisition of Zero Emission Services B.V. The effect of unrecognised and unused tax losses in 2022 mainly relates to fiscal tax losses incurred by Pondus Operations B.V.. The effect of previously unrecognised and unused tax losses in 2022 relates to future expected taxable profits of Pondus R&D B.V. Pondus R&D is merged into Pondus Holding B.V. per 27 December 2022. Pondus Holding B.V. is merged into Ebusco B.V. per 28 December 2022.Prior year adjustments mainly include differences between initial and final tax assessments and the impact of timing differences materialising in a different year as assumed. The balances and movements for current tax and deferred tax for the years ended 31 December 2022 and 31 December 2021 are presented below:Current income tax liabilitiesAs at 31 December 2022As at 31 December 2021Income tax payable5 9The (net) deferred tax asset position of the Group as per 31 December 2022 and 31 December 2021 mainly relates to tax losses carried forward, limitation of interest deduction, right-of-use asset and lease liability positions resulting from the application of IFRS 16, the depreciation pattern of property, plant and equipment and derivative positions resulting from the application of hedge accounting. Deferred tax assetsAs at 31 December 2022As at 31 December 2021Intangible assets- -Property, plant and equipment112 147 Right-of-use assets(1,871) (2,058) Derivatives(313) (89) Lease liabilities2,002 2,164Tax losses carried forward16,262 6,824Limitation of interest deduction 173 151Total net deferred tax asset16,365 7,139Changes in deferred tax assets and (liabilities), net2022 2021Carrying amount as at 1 January7,139 909Changes:Recognised in income statement9,754 3,913Recognised in other comprehensive income(299) (371)Recognised against share premium(194) 2,474 Other(35) 214Balance as at 31 December16,365 7,139 The changes in deferred tax positions reflected in other comprehensive income are linked to the deriva-tive balances resulting from the application of hedge accounting, whilst the one recognised in the income statement mainly refer to the recognition of tax losses carried forward and (the reversal of (net) deferred tax positions related to) the depreciation pattern of tangible assets. The change in the deferred tax position recognised against share premium relates to share issuance expenses directly charged against equity (refer-ence is made to Note 20: Equity).Tax losses carried forward available as at 31 December 2022 amount to \u20ac71.1 million (31 December 2021: \u20ac30.0 million) of which \u20ac63.0 million (31 December 2021: \u20ac26.3) has been recognised resulting in a deferred tax asset of \u20ac16.3 million (31 December 2021: \u20ac6.8). The remaining balance of \u20ac8.1 million (31 December 2021: \u20ac3.7) mainly relates to unrecognised tax carried forward losses of Pondus Operations B.V., which can be carried forward indefinitely. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the busi-ness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.11. EARNINGS PER SHAREThe Group\u2019s equity structure as per 31 December consists of 59,039,380 ordinary shares with a nominal value of \u20ac0.01.Earnings per share can be specified as follows:Share information 2022 2021Net profit attributable to ordinary shareholders (in euro thousands) (31,717) (26,388) Weighted average number of ordinary shares for the period 59,039,380 47,502,302Dilutive number of shares - -Total number of dilutive ordinary shares 59,039,380 47,502,302Basic earnings per share (in euro\u2019s) (0.54) (0.56) Dilutive earnings per share (in euro\u2019s) (0.54) (0.56) Under the One-off Appreciation and Retention Plan (Note 7), certain senior employees have been granted 17,000 Restricted Share Units (RSU\u2019s), which will vest on 11 February 2024 when the employees are still employed by Ebusco on that date. The expected realisation of the service conditions for both plans is set at 100% and the effect of the expected exercise of stock and the increasing number of 17,000 outstanding shares on vesting date has not been included in the dilutive earnings per share, as the earning per share are loss-making. 12. PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipmentEquipment and office inventoryTransportation Assets under constructionTotalBalance as of 1 January 2022Cost 6,578 3,968 520 11,066 Accumulated depreciation (1,471) (2,617) - (4,088) Net book value 5,107 1,351 520 6,978 Change in net book value:Additions 2,812 424 2,611 5,847 Transfer from assets under construction 458 393 (851) - Other transfer at cost- (116) - (116)Accumulated depreciation other transfer- 93 - 93Depreciation (1,673) (674) - (2,347) Translation differences- (1) - (1)Total changes 1,597 119 1,760 3,476 Balance as of 31 December 2022Cost 9,848 4,668 2,280 16,796 Accumulated depreciation (3,144) (3,198) - (6,342) Net book value 6,704 1,470 2,280 10,454Balance as of 1 January 2021Cost 1,448 3,688 560 5,696 Accumulated depreciation (434) (2,172) - (2,606) Net book value 1,014 1,516 560 3,090 Change in net book value:Acquisitions through business combinations 1,519 45 - 1,564 Additions 3,377 7 780 4,164 Transfer to contract assets - (154) - (154) Transfer from assets under construction - 820 (820) - Depreciation (803) (883) - (1,686) Total changes 4,093 (165) (40) 3,888 Balance as of 31 December 2021Cost 6,578 3,968 520 11,066 Accumulated depreciation (1,471) (2,617) - (4,088) Net book value 5,107 1,351 520 6,978 The Group has performed an impairment assessment with regard to its property, plant and equipment assets; no indications of impairment have been identified and no impairment has been recorded.13. INTANGIBLE ASSETSIntangible assetsGoodwill Development assetsSoftware Assets under constructionTotalBalance as of 1 January 2022Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 Change in net book value:Additions - 10 122 3,746 3,878 Transfer from assets under construction-- 48 (48) -Transfer to inventory - - - (625) (625)Amortisation - (1,252) (605) - (1,857) Total changes - (1,242) (435) 3,073 1,396 Balance as of 31 December 2022Cost 39,258 14,793 1,843 3,267 59,161Accumulated amortisation - (10,324) (1,242) - (11,566) Net book value 39,258 4,469 601 3,267 47,595 Balance as of 1 January 2021Cost - 10,417 1,191 - 11,608 Accumulated amortisation - (7,059) (106) - (7,165) Net book value - 3,358 1,085 - 4,443 Change in net book value:Acquisitions through business combinations 39,258 4,246 - - 43,504Additions- 120 482 194 7 9 6 Amortisation - (2,013) (531) - (2,544) Total changes 39,258 2,353 (49) 194 41,756 Balance as of 31 December 2021Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 13.1 GOODWILLThe goodwill recognised is related to the Pondus acquisition in 2021. The Group assessed the recoverable amount of the cash-generating unit (CGU) for annual goodwill impairment testing purposes. The CGU is the Ebusco business in total, excluding future cash flows related to the sale of energy containers. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a Discounted Cash Flow (DCF) model that does not include significant future investments that will enhance the performance of the assets of the CGU being tested. The fair value less cost of disposal model includes the cash flows related to future investments. As the Group continues to invest significantly in the future growth of the Company, this model is considered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current mar-ket conditions. For the purpose of the goodwill impairment assessment, the fair value less cost of disposal exceeds the outcome of the value in use calculation. If either of the fair value less cost of disposal and the value in use amounts exceeds the asset\u2019s carrying amount, the asset is not impaired and it is not necessary to estimate the other value. The fair value less costs of disposal calculation is based on a fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. For the annual goodwill impairment anal-ysis of 2022, level 3 data was used to determine the recoverable amount of the CGU. Level 3 input is a DCF model in which the cash flows are derived from the forecast for the next five years. In 2021 the recoverable amount of the cash-generating unit, the Ebusco business in total, was also based on a fair value less cost of disposal basis. As Ebusco became listed on the Euronext after a successful IPO at the end of October 2021, the Group concluded that the fair value less cost of disposal was determined using a observable market price (level 1 input): the IPO offer share price of \u20ac23.00 per share and a market capitalization post listing for ap-proximately \u20ac1.3 billion. This was significantly higher than the carrying amount and no impairment had been identified in 2021. As such observable data was not directly available and observable in 2022, the Group has used the level 3 valuation technique.The recoverable amount at 31 December 2022 based on the level 3 Discounted Cash Flow model significantly exceeds the carrying amount of \u20ac270 million and no impairment loss has been recognised in 2022. The car-rying amount does not include intangible assets with indefinite useful lives. A key assumptions used in the DCF model is the pre-tax WACC (weighted average cost of capital) of 11.95%. This corresponds to a discount rate of 9.7%. The period used for discounting cash flows is infinite. For determining the future cash flows the medium-term plans of the Group were used. The assumptions from the medium-term plans are based on past experience and external sources of information. The plan covers a period of 5 years. Cash flows after 5 years are extrapolated with an estimated future inflation of 2%. Another important estimate in the cash flow forecast is the expected turnover growth. The growth is based on the order book and the medium-term inter-national expansion objective to significantly increase manufacturing, production and assembly as defined during the IPO. 13.2 DEVELOPMENT ASSETSDevelopment assets refer to the design, construction and testing of a chosen alternative for the new low floor bus which is 100% electrically powered. This project was taken into use in 2021.Ebusco started with the development of energy systems in 2022, whereby the first contract to sell this was signed in 2022, with expected delivery in 2023. Ebusco expects to further develop this asset in the upcoming year which would lead to Development assets from the moment relevant criteria are met. 13.3 SOFTWARESoftware mainly refers to the Group\u2019s after sales and inventory management system, acquired from and developed by third party suppliers.13.4 ASSETS UNDER CONSTRUCTIONAssets under construction relate mainly to the third-party supplier and internal staff expenses incurred to im-plement a new ERP system (\u20ac1.2 million) and to the development of energy containers (\u20ac1.2 million). The ERP system is not yet live at 31 December 2022. The development of the mobile energy containers are expected to be 100% completed and delivered to the customer in 2023. These containers can be used in hybrid electric barges, providing a fully green alternative requiring significantly less fuel and emitting significantly less CO2 than conventional diesel-powered barges.The intangible assets which are not yet in use were tested for impairment, no impairment was identified. The Group has performed an impairment assessment with regards to its intangible assets and has not identified impairment indicators. 14. INVESTMENT IN AN ASSOCIATEThe Group has a 40% interest in Zero Emission Services (ZES) B.V. as per 28 January 2022 and a 48.57% interest as per 8 November 2022. Further disclosure concerning the acquisition of ZES is disclosed in Note 5.ZES offers a complete range of products and services, based on interchangeable battery containers charged with renewable power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarised financial information of the Group\u2019s invest-ment in ZES:Investment in an associate2022Current assets 15,769Non-current assets 2,703Current liabilities (15,111)Non-current liabilities -Equity 3,362Group\u2019s share in equity (48.57%) 1,633Fair value adjustment (565)Group\u2019s carrying amount of the investment 1,068Revenue from contracts with customers 163Cost of sales (309)Administrative expenses (1,069)Profit/(loss) before tax (1,215)Income tax expense -Profit/(loss) for the year (continuing operations) (1,215)Other comprehensive income/loss -Total comprehensive income for the year (continuing operations) (1,215)Group\u2019s share of the loss (432)On 11 November 2022, the Group approved another contribution in a proposed new share issuance of ZES. On 21 February 2023 the capital contribution was approved and paid. The Group contributed \u20ac2.35 million and as a result the interest in the associate increased to 49.39%. At 31 December 2022 the associate has a commitment to purchase energy containers (\u20ac10.4 million) from Ebusco Energy B.V.15. NON-CURRENT FINANCIAL ASSETSNon-current financial assetsAs at 31 December 2022As at 31 December 2021Long-term deposits 9 205 Total 9 205 The Group\u2019s non-current financial assets consist of long-term deposits. Instead of providing a bank guarantee as security for a 3-year factory warranty, the Group agreed with one customer to keep 5% of the sales invoices as a deposit instead of a bank guarantee. This deposit has a duration of 3 years.Considering the relatively low value of the deposit, the Group estimates the carrying amount is not materially different from its fair value. 16. INVENTORIES Inventories relate to (raw) materials for production, trade goods ready for sale and spare parts to service zero emission electric buses sold by the Group.InventoriesAs at 31 December 2022As at 31 December 2021Trade goods for sale and spare parts 47,976 22,853 Inventories, gross 47,976 22,853 Allowance for obsolescence (534) (523)Inventories, net 47,442 22,330The amount of write down of inventories recognised as an expense during 2022 amount to \u20ac11 (2021: \u20ac290).17. TRADE RECEIVABLESTrade receivablesAs at 31 December 2022As at 31 December 2021Trade receivables 26,487 17,112Doubtful debtor provision (574) (514)Net trade debtors25,913 16,598In 2022, doubtful debtor provision consists of a provision for individual debtors with objective evidence of impairment (\u20ac402) and the allowance for expected credit losses (\u20ac172). In total \u20ac167 has been added to the doubtful debtor provision in 2022 and the usage to the allowance amounts to \u20ac107. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 42051418. OTHER CURRENT ASSETSOther current assetsAs at 31 December 2022As at 31 December 2021Taxes and social securities3,884 2,898Derivatives1,248 343Other accrued assets 1,195 582Income tax receivable5 -Total other current financial assets6,332 3,823Due to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.19. CASH AND CASH EQUIVALENTSCash and cash equivalentsAs at 31 December 2022As at 31 December2021Cash at hand1 1Cash at bank95,211 207,922Total cash and cash equivalents 95,212 207,923The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-perfor-mance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignificant.As per 31 December 2022, Ebusco is maintaining bank guarantee credit facilities for a total of \u20ac50 million with ING Bank N.V. (\u20ac20 million), Co\u00f6peratieve Rabobank U.A. (\u20ac20 million) and ABN Amro N.V. (\u20ac10 million) which have been established during 2022. At 31 December 2022 an amount of \u20ac5,395 has been utilized by means of a rental guaran-tee, advance payment guarantee, bid bonds and a performance bond guarantee at the credit facility of ING Bank N.V., whereas \u20ac981 has been utilized at the credit facility of ABN Amro N.V. by means of a advanced payment guarantee. As per 31 December 2021, an amount of \u20ac30 million has been blocked and provided as pledge to ING Bank N.V. by Ebusco B.V. as security for the payment or repayment of everything that Ebusco B.V. and Ebusco Manufacturing B.V. may owe to ING Bank N.V. In addition, an amount of \u20ac1.8 million has been blocked and provided as pledge to Co\u00f6peratieve Rabobank U.A. as coverage for outstanding letter of credit amounts. In addition, an amount of \u20ac668 of the bank accounts has been blocked as per 31 December 2021 as coverage of outstanding bank guarantees. The outstanding bank guarantees included a bank guarantee for the rental agreement of the premises in Deurne as at 31 December 2022 of \u20ac132. 20. EQUITY20.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPCAPITAL MANAGEMENTFor the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to safeguard the ability to continue as going concern and to provide return for share-holders and benefits to other stakeholders.The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, if applicable. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2022 and 2021. EQUITY AND CAPITAL MANAGEMENTISSUED AND PAID IN ORDINARY SHARE CAPITALThe issued and paid in ordinary share capital amounts to \u20ac590 as at 31 December 2022 (31 December 2021: \u20ac590) and is subdivided into: 59,039,380 ordinary shares with a nominal value of \u20ac0.01 (31 December 2021: 59,039,380 ordinary shares with a nominal value of \u20ac0.01).In 2022 no changes in the issued and paid in ordinary share capital occurred. SHARE PREMIUMFollowing final settlement with all parties involved, \u20ac750 of the per 31 December 2021 accrued share issu-ance expenses was released in 2022. This led to a reversal of the charge against share-premium in 2021 of \u20ac557, net of tax.LEGAL RESERVESThe Group has recorded cash flow reserve as a result of application of hedge accounting, linked to its foreign currency risk management policy as at 31 December 2022 of \u20ac966 (31 December 2021: \u20ac0). In 2022 the Group elected not to record a cost of hedging reserve (31 December 2021: \u20ac6).In addition, the Group has recorded a legal (non-distributable) reserve as required by Dutch law in respect of: \u2022 capitalised development assets excluding development assets acquired through business combinations (classified as Other reserve) as at 31 December 2022 of \u20ac7,738 (31 December 2021: \u20ac1,757) as required by Dutch law.\u2022 the remeasurement gain of \u20ac7,450 in 2021 as a result of remeasuring the carrying amount of its 20% in-vestment in Pondus associates\u2019 at fair value.The share-based payment reserve of \u20ac166 (31 December 2022: \u20ac0) is used to recognise the value of equi-ty-settled share-based payments provided to employees, including key management personnel, as part of their renumeration. Refer to Note 7 for further details of these plans.20.2 NON-CONTROLLING INTERESTSIn financial year 2021 the non-controlling interests included the remaining 20% of the shares in Pondus held by Gr8 Technologies B.V.after the acquisition of 60% of Pondus in April 2021. The fair value of the non-con-trolling interest was assessed at \u20ac7,450.On 18 October 2021, the Group acquired the remaining 20% of Pondus through the acquisition of 100% of the shares of Gr8 Technologies B.V. Following the acquisition, the carrying value of the non-controlling interest of \u20ac7,190 (including loss for the period of \u20ac260) had been reclassified to the equity of Ebusco Holding N.V.No transactions with non-controlling interests occurred in financial year 2022. The non-controlling interest as at 31 December 2022 of \u20ac539 (asset) (31 December 2021: \u20ac63) includes the carrying value of 10% of Pondus Operations B.V. held by minority shareholders. 21. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)FINANCIAL LIABILITIES (NON-DERIVATIVES)Loans and borrowings consist of the following:As at 31 December 2022 As at 31 December 2021Loans and borrowings Non-current Current Total Non-current Current TotalDebt to credit institutions - - - - 215 215Debt to a third party - 486 486 - - -Debts to other related parties - - - 463 - 463Total -486 486463215 678DEBT TO CREDIT INSTITUTIONSThe outstanding balance as at 31 December 2021 of \u20ac215 includes a letter of credit entered into with Rabobank.DEBTS TO OTHER RELATED PARTIESDebts to other related parties included a payable to BaBoDiDa Ltd at 31 December 2021. The long-term loan from BaBoDiDa Ltd. bears an interest rate of 5% per year. The interest is added to the loan. No security have been provided with regards to the loan. At 31 December 2022 this loan was transferred to a third party and the loan was fully repaid in January 2023. The Group used a discounted cash flow method, with reference to the borrowing rate of the issuer as at end of the reporting period in order to determine the fair value of the borrowings. However, the Group reached the conclusion that the difference between the carrying amount of the loan and their fair value was not material and therefore no fair value adjustment was recorded.The following table sets out the reconciliation from the net cash flows from financing activities with the fi-nancing positions of loans and borrowings as at 31 December 2022 and 2021.Debt to credit institutionsDebt to a third party Debts to other related partiesLeases TotalBalance as at 1 January 2022 215 463 8,382 9,060Changes from financing cash flowsRepayment of loans & borrowings (215)-- - (215)Payment of lease liabilities --- (1,472) (1, 472)Transfer to credit institutions-486(486)- -Total changes from financing cash flows (215) 486(486) (1,472) (1,687)Other changesAdditions and remeasurements - - - 816 816Disposals (150)(150)Interest and similar expense --23 185 208Total liability-related other changes --23 851 874Balance as at 31 December 2022-486- 7,761 8,247Debt to credit institu-tionsMezza- nine facilityRVO LoanDebt to share- holdersCumula- tive pref-erence sharesDebts to other related partiesLeases TotalBalance as at 1 January 2021 41,788 - 5,436 - 10,400 441 1,782 59,847Changes from financing cash flowsProceeds from loans & borrowings 9,000 32,500 - - - - - 41,500Repayment of loans & borrowings (50,923) (33,168) (11,426) - (10,000) - - (105,517)Payment of lease liabilities - - - - - - (1,244) (1,244)Interest paid (1,262) - - - (1,065) - - (2,327)Total changes from financing cash flows (43,185) (668) (11,426) - (11,065) - (1,244) (67,588)Other changesAcquisition through business combination - - 5,696 2,213 - - - 7,909New leases / remeasurements - - - - - - 7,716 7,716Interest and similar expense 1,612 668 294 (85) 665 22 128 3,304 Transfer to payables to related parties - - - (2,128) - - - (2,128)Total liability-related other changes 1,612 668 5,990 - 665 22 7,844 16,801 Balance as at 31 December 2021 215 - - - - 463 8,382 9,06022. LEASESLease liabilityAs at 31 December 2022 As at 31 December 2021Lease liability (non-current) 6,298 7,250 Lease liability (current) 1,463 1,132 Total 7,761 8,382 The Group has several lease agreements in which it acts as a lessee. The main lease concerns a contract for office and manufacturing space in Deurne, the Netherlands with a lease term of 5 years ending 30 September 2023. This lease contains an extension period of 5 additional years which the Group has exercised.The Group also has lease contracts which consist of cars for company personnel. The lease term for the aforementioned lease contracts is between 4 and 5 years. No lease contracts for the personnel cars contain an extension option. New car lease contracts and remeasurements resulted in an increase of both the ROU asset and lease liabilities by \u20ac236 (2022: \u20ac233) and \u20ac273 (2022: \u20ac230) respectively.All lease contracts have fixed lease payments and are only adjusted for indexation. None of the lease agree-ments contain a termination option.Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:Right-of-use assets Land and buildings Cars TotalBalance as of 1 January 2022 7,573 473 8,046 Change in net book value:Additions and remeasurements 543 236 779Disposals -(147) (147)Depreciation (1,214) (209) (1,423)Total changes 671 (120) (791)Balance as of 31 December 2022 6,902 353 7,255Balance as of 1 January 2021 1,041 387 1,428 Change in net book value:Additions and remeasurements 7,486 233 7,719Depreciation (954) (147) (1,101) Total changes 6,532 86 6,618 Balance as of 31 December 2021 7,573 473 8,046 Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrow-ings) and the movements during the period:Lease liabilities 2022 2021As at 1 January8,382 1,782Additions and remeasurements816 7,716Accretion of interest185 128Payments(1,472) (1,244)Disposal(150) -As at 31 December7,761 8,382The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases (less than 12 months) and low-value assets. Short-term (less than 12 months) and small value lease contracts are expensed in the statement of profit or loss and other comprehensive income on a straight-line basis over the lease term. The amount of expense incurred in 2022 is \u20ac604 in total (2021: \u20ac92).The future cash outflows relating to leases that have not yet commenced are disclosed in Note 26: Commit-ments and contingencies (if applicable).For interest expenses on leases where the Group is a lessee, we refer to Note 9: Finance expenses, net.The Group has only limited lease contracts in which it is a lessor. The lease income amounts to \u20ac9 (2021: \u20ac126).23. PROVISIONS Details of the provisions are presented in the table below:As at 31 December 2022 As at 31 December 2021Provisions Non-current Current Total Non-current Current TotalProvision for disputes- 253 253 - 1,130 1,130Provision for warranties147 524 671 - - -Total 147 777 924 - 1,130 1,130PROVISION FOR DISPUTESAfter complaints of a customer, the Group held the supplier of climate systems liable for the delivery of a non-conforming climate system. Following a court verdict in April 2021 the Group complaints were confirmed by the court and the supplier was determined liable for this issue. Subsequently, the supplier started a temporary injunction opposing to the execution of the verdict. The verdict in the temporary injunction was that the supplier was not dismissed from the original verdict and was ordered to comply within two months. A settlement agreement was reached on 30 July 2021 and subsequently the Group started replacing climate systems on all buses delivered. The Group recognised a provision of \u20ac3,939 in total in 2021, of which \u20ac3,686 has been used at 31 December 2022 (31 December 2021: \u20ac2,809). As per 31 December 2022 the provision amounts to \u20ac253 (31 December 2022: \u20ac1,130) to cover remaining costs to be incurred in the future as replace-ment has not been completed yet as per year-end.Although the Group has a strong legal case which is supported by court it is unclear whether and what amount the supplier has to pay towards the Group. Due to the uncertainty, no receivable as per 31 December 2022 has been recognised in the balance sheet.PROVISION FOR ASSURANCE-TYPE WARRANTIESHistorically, the Group was unable to reliably estimate warranty expense related to its assurance-type war-ranties. The production of zero-emission buses is based on new technology for a relatively small customer base for which insufficient historical information regarding warranty expenses was available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. Therefore the Group did not record a provision for warranty expense in prior year(s). In 2022 the Group was able to collect additional historical information with sufficient details regarding actual warranty claims incurred for buses of which the warranty period expired in the course of 2022. Based on this additional historical data a more reliable estimate was made. The Group included the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The effect of the change in the accounting estimate amounts to \u20ac671 and is recorded prospectively in 2022. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period has expired at 31 December 2022. A change of the claims as per-centage of revenue by 0.25% would result in a change in the provision of \u20ac105. The effect of discounting is immaterial.24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:Trade payables and other current liabilities As at 31 December 2022As at 31 December 2021Trade payables 21,115 10,883Pension funds liabilities - 29Taxes and social securities 3,064 741Derivates 37 -Other current liabilities 4,854 6,207Total 29,070 17,860 Trade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.The Other current liabilities balance as at 31 December 2021 included accrued IPO expenses of \u20ac3,083.25. RELATED PARTY TRANSACTIONSThe Group identifies a related party as a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group. Note 2 provides information about the Group\u2019s structure, including details of the subsidiaries and the holding company.The Group engages with its shareholders in certain related party transactions disclosed in this and other notes in these financial statements. The Group holds receivables and payables from its shareholders who represent related parties.Balances and transactions between the Company and its subsidiaries, which are related parties of the Com-pany, have been eliminated on consolidation.Transactions and balances with related parties can be specified as follows:Entity / person with significant influenceYear Purchases from related partyInterest owed by/(to) related partyAmounts owed by related partiesAmounts owed to related partiesBijvelds Car Trading B.V. 2022 2 - - -2021 - - 24 -BaBoDiDa Ltd. 2022 - (23) - -2021 - (22) - 463VDVI B.V. 2022 29 - - -2021 - - - 534Trimados Holding B.V. 2022 - - - -2021 22,344 - - -B. van den Nieuwenhuijzen 2022 - - - -2021 9,998 - - -B.A. van den Nieuwenhuijzen 2022 - - - -2021 9,998 - - -ING Bank N.V. 2022 - (390) - -2021 - 609 - -SALES AND PURCHASES TO RELATED PARTIESZero Emission Services B.V. became a related party on 28 January 2022 when 40% of the shares were ac-quired for a consideration of 1 euro. On 8 November 2022 an additional 8.57% of the shares were acquired in exchange for a cash contribution of \u20ac1,500. At year-end all investments were settled and no amounts were outstanding to Zero Emission Services B.V. For more background reference is made to Note 5. Tridamos Holding B.V. is owned by the COO and sold his 60% share in Pondus Holding B.V. to the Group in April 2021. Reference is made to Note 5: Acquisitions.On 18 October, 2021, the Group acquired the remaining 20% of the shares in Pondus Holding B.V. through the acquisition of 100% of the shares of Gr8 Technologies B.V., which were owned by B. and B.A. van den Nieuwenhuijzen. The acquisition price of \u20ac20.0 million was based on the further manufacturing roll-out of the composite buses and external market data. Both persons were each participating for 50% in Gr8 Technologies B.V. and are related to VDVI B.V. which is one of the existing shareholders of Ebusco Holding N.V. Other purchases from related parties are within the normal course of the business.INTEREST OWED TO RELATED PARTIESDuring the normal course of business, the Group engages in transactions with ING, including loan facilities and issuance of letters of credit. All transactions are carried out at arms-length. The interest incurred and paid in 2022 amounts to \u20ac390 (2021: \u20ac609). As a result of the cash generated from the IPO in October 2021, the credit facility agreement has been cancelled with approval of all banks in December 2021. Reference is made to Note 20: Loans and borrowings.RECEIVABLES AND PAYABLES FROM RELATED PARTIESAs at 31 December 2021, there was an outstanding balance of \u20ac24 of receivables from related parties, being Bijvelds Car Trading B.V. As at 31 December 2022 there were no outstanding balances to related parties.As at 31 December 2021, the non-current loans and borrowings include a payable to BaBoDiDa Ltd (related party of shareholder VDVI B.V.). The long-term loan from BaBoDiDa Ltd. bears an interest rate of 5% per year. No security nor repayment terms have been provided with regards to the loan. In 2022, the loan has been transferred to another (non-related) party and it is presented in the current loans and borrowings. Payables to related parties as at 31 December 2021 includes an outstanding liability of \u20ac534 towards VDVI B.V which has been repaid in January 2022. TRANSACTIONS WITH KEY MANAGEMENT PERSONNELFor compensation of key management personnel of the Group reference is made to Note 7. The pre-IPO share-holders have entered into a settlement agreement with PBE Support, in the context of the pre-IPO restruc-turing. PBE Support is wholly owned by Ebusco\u2019s CFO, Paul van Beers. A payment is due to PBE Support by the respective pre-IPO shareholder if a change in ownership of the shares held by the pre-IPO shareholders would occur. In 2022 one of the pre-IPO shareholders sold shares, which triggered a payment of \u20ac1.5 million by that respective shareholder. This transaction has no impact on Ebusco\u2019s balance sheet, income statement or cash flows. Therefore, this transaction is not included in the CFO\u2019s remuneration as summarized in Note 7 for both 2021 and 2022.26. COMMITMENTS AND CONTINGENCIESPURCHASE COMMITMENTS The Group made commitments for the purchasing of electric buses for an amount of \u20ac3.0 million at 31 December 2022 (2021: \u20ac9.4 million).OTHER DISPUTESDuring December 2020, the Group delivered four buses to a customer, generating \u20ac2.0 million of revenues. After the transfer of control of the buses, the customer\u2019s facility experienced fire damage and the buses were destroyed. The Group asserts that control and ownership of the buses was transferred before the event and the amounts receivable for the delivered buses are owed to the Group. The customer disputes the Group\u2019s assertion and disputes the amount payable to the Group for the buses. The matter is still under dispute and the Group plans to pursue collection of the amount receivable. The outcome is neither probable nor estimable and no significant provision is recorded.CONTINGENT ASSETIn 2021 the Group held a supplier of climate systems liable for the delivery of a non-conforming climate sys-tem. Due uncertainty no receivable as per 31 December 2022 is recognised in the balance sheet. Reference is made to Note 23: Provisions.CONTINGENT LIABILITYIn July 2022 the Group signed a letter of intent with SNC Renault Cl\u00e9on to lease 21,092m2 in the Metropole Rouen. This location will be used as a production facility and will function as the French headquarter of the Group. The site is expected to be fully operational early 2024 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be \u20ac15 million. The duration of the lease contract is for an initial period of 10 years and can be extended after this period. Impact on the right-of-use assets/liabilities is estimated at \u20ac9.2 million. As at 31 December 2022 there is no signed agreement in place.27. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk, and credit risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk.Risk type Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to pay its short-term liabilities.Immediate liquidity risks for the Group could arise from\u2022 Short-term payments on long-term liabilities\u2022 Short-term lease payables\u2022 Trade and other payables\u2022 Other current liabilitiesThe duration of the financial liabilities of the Group is shown in the table below (as at 31 December 2022 and 31 December 2021). Approximately 86% of the liabilities of the Group are short-term (this amounts to \u20ac40.7 million, including income tax payable); the Group\u2019s current assets (maturity shorter than 1 year) amount \u20ac237.9 million, including cash and cash equivalents of \u20ac95.2 million. Based on this, the Group considers the residual liquidity risk to be low. The remaining risk is limited.LimitedMarket risksForeign exchange risk is the part of the market risk that arises due to exposure of the Group to foreign currencies. This exposure arises from the Group\u2019s involvement in foreign operations or trade in foreign currency (buy and sell).The Group has risk management policies and procedures in place for managing its foreign exchange risk. The foreign currencies the Group has exposure to are the Chinese Yuan (Renminbi) (RMB), Norwegian Krone (NOK), Australian Dollar (AUD), Danish Krone (DKK) and Canadian Dollar (CAD) based on\u2022 Sales in NOK, RMB and DKK\u2022 Trade and other receivables denominated in NOK, RMB and DKK \u2022 Purchases in RMB, NOK, AUD, DKK and CAD\u2022 Trade and other payables denominated in RMB, NOK, AUD, DKK and CADFor its RMB and NOK transactions the Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12-month period for hedges of forecasted purchases. The Group\u2019s DKK sales are immaterial.The Group accepts the limited remaining risk.LimitedInflation risk is the part of the market risk that arises due to (unexpected) price increased of goods and services purchased by the Group.The ongoing inflation is resulting in an increase in cost levels for the Group.The Group is continuously monitoring the development or purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.MediumInterest rate risk is the part of the market risk that arises due to movements in interest rates.The Group is exposed to changes in interest rates resulting from the following\u2022 Long term liabilities\u2022 The interest rate implicit in the leaseHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group\u2019s cash position, due to its short-term nature, has limited exposure to interest rate risk. The resulting residual interest rate risk is considered to be limited.LimitedCredit riskCredit risk for the Group mainly consists of the de-fault of trade debtors and contract assets.The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Furthermore, the Group determined that the custom-ers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.LimitedThe table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual un-discounted payments, including interest and dividend on cumulative preference shares. As at 31 December 2022Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebt to a third party486 486 486 - - -Lease liabilities7,761 8,277 454 1,170 6,653 -Trade creditors21,115 21,115 21,115 - - -Contract liabilities8,912 8,912 - 8,912 - -Other current liabilities7,918 7,918 6,176 1,663 80 -Total 46,192 46,708 28,231 11,745 6,733 -Derivatives (1,210) (1,210) 37 (1,247) - -As at 31 December 2021Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebts to credit institutions215 215 - 215 - -Loan from related parties463 591 - - - 591Lease liabilities8,382 9,099 364 1,130 6,672 933Trade creditors10,883 10,883 10,883 - - -Payables to related parties534 534 534 - - -Contract liabilities174 174 174 - - -Other current liabilities6,977 6,977 2,626 4,351 - -Total 27,628 28,473 14,581 5,696 6,672 1,524 Derivatives (343) (343) (303) (40) - -28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).The Group uses the following derivative financial instruments in a cash flow hedge accounting relationship:As at 31 December 2022As at 31 December 2021Carrying amount hedging instruments 1,210 40Notional amount hedging instruments 42,397 (387)As at 31 December 2022, the carrying amount of the derivatives includes no derivatives with no hedge des-ignation. In 2021 the carrying amount of the derivatives included one derivatives with no hedge designation. The fair value of this contract amounts to \u20ac303.The notional amount of the hedging instruments relate to sales contracts of \u20ac45,869 and purchase contracts of \u20ac3,472. The derivatives used for cash flow hedge accounting are included in the statement of financial position line-item Other current financial assets respectively liabilities. Derivatives2022 2021Other current financial assets1,247 343Other current financial liabilities(37) -As at 31 December1,210 343The average currency exchange rate used in cash flow hedge accounting is for 2022: \u20ac/RMB 7.1118 (2021: 7.5819).\u20ac/NOK 10.2475 (2021: n/a).Cash flow hedging \u2013 change in fair value of hedged itemsChange in value used for calculating hedge ineffectiveness for the periodOf which are changes in spot rates (hedged risk)Of which are amortization of forward elementOf which are changes in fair value attributable to cur-rency basis spreads As at 31 December 2022FX -- - -As at 31 December 2021FX 221 29 (8)Gains and losses on the effective portions of derivatives designated under cash flow hedge accounting are recognised in Other Comprehensive Income (hedge reserve). In 2021, the changes in fair value of the forward contract and foreign currency basis spread of a financial instrument, in relation to a transaction-related hed-ged item accumulated in the cost of hedging reserve, are reclassified to profit or loss only when the hedged transaction affects profit or loss, or included as a basis adjustment to the non-financial hedged item. In 2022, the Group elected not to accumulatethe changes in fair value of the forward contract and foreign currency basis spread of a financial instrument in the cost of hedging reserve.The following table shows the cash flow hedge accounting impact on profit or loss and comprehensive inco-me, excluding tax impact:Cash flow hedging \u2013 impact of hedging instruments on the statement of profit or loss and other comprehensive incomeHedging gains (+) or losses (-) (OCI)Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)Amount reclassified from cash flow hedge reserveAs at 31 December 2022FX 1,161 93144As at 31 December 2021FX (8) -(870)The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingFair value measurement hierarchy for assets as at 31 December 2022 and 2021Date of valuationTotal Quoted prices in active markets (Level 1)Significant observable \u00e6inputs (Level 2)Significant unobservable inputs (Level 3)Assets measured at fair value:Foreign exchange forward/ 31 December swaps contracts2022 1,210 - 1,210 -Foreign exchange forward/ 31 December swaps contracts2021 343 - 343There were no transfers between Level 1 and Level 2 during 2022 and 2021.The valuation technique used in the measurement of the Level 2 securities is based on observable market data. The inputs used in the measurement represent FX and interest rate curves.29. EVENTS AFTER THE BALANCE SHEET DATESubsequent to 31 December 2022 the following event occurred:On 11 November 2022, the Group approved the contribution in the new issued shares of ZES. On 21 Feb-ruary 2023 the capital contribution was approved and paid. The Group contributed \u20ac2.35 million and as a result the interest in the associate increased to 49.39%.At the end of 2022, the Group signed a contract with its associate ZES for the delivery of nine Mobile Energy Containers. Ebusco has developed the Mobile Energy Containers, which are expected to be 100% completed and delivered to the customer in 2023 upon which revenue will be recognized (\u20ac10.4 million). On 23 February 2023 an addendum to the contract was signed to purchase 11 additional Mobile Energy Containers, expected to be completed and delivered in 2024. Downstream transactions of sales to the associate will be eliminated. These containers can be used in hybrid electric barges, providing a fully green alternative requiring signifi-cantly less fuel and emitting significantly less CO2 than conventional diesel-powered barges. 2In July 2022 the Group signed a letter of intent with SNC Renault Cl\u00e9on to lease 21,092m in the Metropole Rouen. On 9 January 2023 the lease agreement was signed, with the fulfilment of several conditions precedent. The conditions were fulfilled on 28 February 2023, after which the lease took effect. This lo-cation will be used as a production facility and will function as the French headquarter of the Group. The site is expected to be fully operational early 2024 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be \u20ac15 million. Reference is made to note 26 for the estimated future lease liability and right-of-use asset.OTHER NOTESAs approved for publication, Deurne, 29 March 2023Management Board P.H.A.M. Bijvelds, Chief Executive Officer P. van Beers, Chief Financial Officer B.H.M.J. Fleuren, Chief Operating Officer Supervisory Board D.J. Haank, Chairman C.W. GorterJ. DrostR. SpoorR.H. de Boer",
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"value": "The Group is a developer, manufacturer and distributor of zero emission buses and charging systems, as well as a supplier of ancillary services to the electric vehicle ecosystem and manufacturer and supplier of Energy Storage Systems (ESS) and Mobile Energy Containers (MEC).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37621": {
"value": "Vuurijzer 23, 5753 SV Deurne, The Netherlands.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37622": {
"value": "Vuurijzer 23, 5753 SV Deurne, The Netherlands.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-2": {
"value": "3. SIGNIFICANT ACCOUNTING POLICIES3.1 BASIS OF CONSOLIDATIONSubsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESFUNCTIONAL AND PRESENTATION CURRENCYThe Group\u2019s consolidated financial statements are presented in euros, which is also the Parent\u2019s functional currency. The financial statements of entities that have a functional currency different from that of the Parent (\u201cforeign operations\u201d) are translated into euros as follows:Group companies:\u2022 Foreign currency differences resulting from translation of subsidiaries are recognised in other comprehen-sive income.Transactions and balances:\u2022 Assets, equity and liabilities - at the closing rate at the date of the statement of financial position.\u2022 Income and expenses - at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates).CURRENT VERSUS NON-CURRENT CLASSIFICATIONThe Group presents assets and liabilities in the statement of financial position based on current/non-currentclassification. An asset is current when it is:\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle\u2022 Held primarily for the purpose of trading\u2022 Expected to be realised within twelve months after the reporting periodOr\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodA liability is current when:\u2022 It is expected to be settled in the normal operating cycle\u2022 It is held primarily for the purpose of trading\u2022 It is due to be settled within twelve months after the reporting periodOr\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting periodDeferred tax assets and liabilities are classified as non-current assets and liabilities.FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.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. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rised 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:\u2022 Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is directly or indirectly observable;\u2022 Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable.For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categori-sation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortised) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortised cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortised cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortised cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortised cost: Interest income from these financial assets is included in finance income using the effec-tive interest rate method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognised in profit or loss and presented net within other gains and losses for the period in which it arises.FINANCIAL LIABILITIES \u2013 NOT DERIVATIVESThe Group measures its financial liabilities at amortised cost.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tised cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables, IFRS 15 contract assets and lease receivables.The Group determines its expected credit losses on trade receivables based on the historical weighted aver-age credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receivables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given de-fault and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 1-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.REVENUE REVENUE FROM CONTRACTS WITH CUSTOMERS In determination of its recognition of revenue, the Group applies the 5-step model in line with IFRS 15.Revenue is recognised if the Group has entered into a contract with a customer in which the performance obligations can be identified, the terms of the transaction are clear, and it is probable that the customer will pay. Revenue is recognised for each contract. If a contract involves several performance obligations, revenue is separately attributed to the performance obligations based on relative stand-alone selling prices. Revenue is recognised over time if the customer simultaneously receives and consumes the benefit of the Group\u2019s performance or if the Group produces an asset without alternative use which it is contractually obligated to deliver to the customer and for which the Group has an enforceable right to payment. Revenue is recognised at a point in time if it does not meet the criteria to be satisfied over time. The Group does not have any contracts with material variable consideration.If a contract contains a significant financing component, the Group adjusts the revenue accordingly. This is not done if the time between the fulfilment of the performance obligation and the payment of the consider-ation is less than one year.If the results from a contract cannot be determined reliably, contract revenue is only recognised to the extent of costs incurred. Expected contract losses are recognised immediately in the statement of profit or loss. In measuring the amount of provisions for losses, the Group proceeds on the basis of the economic benefits expected to be received compared with the attributable costs of the contract.The Group has two main types of revenue from contracts:1. Contracts for the sale of zero emission buses: the Group sells zero emission buses and related charging systems customized for each customer. The Group negotiates with each customer according to the needs of the customer and charges a transaction price based on the type and number of buses ordered. Con-tracts are fulfilled, on average, within six to twelve months. Revenue for sales of zero emission buses is recognised over time as the Group produces a bus without an alternate use which the Group is contractually obligated to deliver and for which the Group has an enforceable right to payment. The revenue relating to work in progress is recognised in the statement of profit or loss based on percentage of completion of the project. The stage of completion is assessed by reference to the proportion of costs recorded in relation to the total expected costs to the extent that the costs incurred are representative of the progress made in the transfer of goods/services to the client. Inefficiencies are disregarded in determining the stage of completion. In-progress contracts are recorded as contract assets.2. Contracts for charging systems and ancillary services and goods: the Group also sells items and services in addition to its zero emission buses. These goods and services consist of additional parts for the Group\u2019s buses or represent services, including repair and maintenance services, and service type warranty, which support the customer\u2019s use of zero emission buses sold by the Group. Revenue is recognised either at a point in time or over time based on the nature of the good or service in accordance with the Group\u2019s revenue recognition policy. Typically, spare parts and charging systems are recognised at a point in time whilst services are recognised over time. If applicable, service-type warranties are accounted for as separate per-formance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognised as the Group performs its obligation.The accounting policies regarding trade receivables, contract assets, and contract liabilities are set out in the corresponding notes (refer to Note 15 for trade receivables and below for contract assets and liabilities).TRANSACTION PRICE AND STAND-ALONE SELLING PRICES Transaction prices are determined per individual contract, based on goods and services ordered by each customer. Payment terms vary per contract. The performance obligation that significantly affects the de-termination of the transaction price is the supply of zero-emission buses. Progress is measured using an input method. The Group measures the progress for the projects based on the input costs consisting of the cost of materials and other costs. The Group assessed that the input method used based on costs incurred to measure its progress towards completion reflects proportionately the Group\u2019s progress in satisfying the performance obligation and is a fair reflection of the Group\u2019s performance.CONTRACT ASSETS AND CONTRACT LIABILITIESThe Group recognises a contract asset for services or goods transferred to a customer to which the Group has a right to receive consideration. The Group reclassifies contract assets to trade receivables when perfor-mance obligations are satisfied and the right to consideration becomes unconditional. The Group recognises a contract liability when a payment is received from a customer or is due before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs its obligations.Contract assets and receivables generally have a term of less than 12 months.SEGMENT REPORTINGAn operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The operating results of each segment are regularly reviewed by the entity\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) in order to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The Group re-ports separate information about an operating segment if the reported revenue, profit or loss or assets exceed 10 per cent of the total of the Group, or if the Management Board believes that information about the segment would be useful to the users of the financial statements.EMPLOYEE BENEFIT EXPENSESEmployee benefits are all forms of consideration given by the Group in exchange for services rendered by employees or for the termination of employment. Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees rendered the related service.Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cu-mulative expenses recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognise the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of eq-uity instruments that will ultimately vest. No expenses are recognised for awards that ultimately do not vest because service conditions have not been met.PENSIONSThe Group has a defined contribution plan (which is capped at an annual pensionable salary of \u20ac115). For the defined contribution plan, the group pays contributions to a public or privately administered pension in-surance plan on a mandatory or contractual basis. The Group has no legal or constructive obligations to pay additional contribution if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee service in the current and prior periods. The contribution is recognised as employee benefit expense when it is due. Prepaid contribution is recognised as an asset to the extent that a cash refund or a reduction in the future payments is available and can be contractually enforced.OTHER OPERATING EXPENSESOther operating expenses are recorded on a historical basis and allocated to the reporting period when they occur.FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period when they occur.INCOME TAXCURRENT INCOME TAXCurrent tax is the expected tax payable/receivable on the taxable income or loss for the year, using applica-ble tax rates at the end of the reporting period, and any adjustment to tax payable/receivable in respect of previous years.DEFERRED INCOME TAXDeferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of tax-able temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are re-versed when the probability of future taxable profits improves.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty re-lated to income taxes, if any.The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and 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 in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.EARNINGS PER SHAREThe Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. The calculation for the earnings per share is as follows:\u2022 Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. \u2022 Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recoverable.PPE includes equipment and office inventory, transportation and assets under construction. The estimated use-ful life of the aforementioned PPE is between 3 and 5 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.INTANGIBLE ASSETS The intangible assets for the Group consist of goodwill, development assets, software and assets under con-struction.BUSINESS COMBINATIONS AND GOODWILLGoodwill represents amounts arising on acquisition of subsidiaries. All business combinations are accounted for by applying the acquisition method as at the acquisition date.Goodwill is measured as the difference between:\u2022 the aggregate of the (a) the value of the consideration transferred (generally at fair value), (b) the amount of any non-controlling interest (at fair value) and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and \u2022 the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but tested annually for impairment.DEVELOPMENT ASSETSDevelopment assets are internally generated intangible assets. The costs capitalised consist of salaries, ma-terials and services directly attributable to the development activities.Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. Impairment assess-ments have been performed and no indications of impairment have been identified.Research costs are expensed as incurred.AMORTISATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use modelestimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and as-sessed for impairment whenever there is an indication that the intangible asset may be impaired. The amorti-sation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortised over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss.INVESTMENT IN ASSOCIATES ASSOCIATESAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in associates are accounted for using the equity method of accounting (see below), after initially being recognised at cost. On acquisition of the investment, any difference between the cost of the investment and the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities is accounted for as follows:(a) Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. (b) Any excess of the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity\u2019s share of the associate or joint venture\u2019s profit or loss in the period in which the investment is acquired.EQUITY METHODUnder the equity method of accounting, the investments are initially recognised at cost and adjusted there-after to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the en-tity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.NON-CURRENT FINANCIAL ASSETSFinancial assets are initially recognised at fair value and subsequently measured at amortised cost less im-pairments based on the general expected credit loss approach. The Group\u2019s financial assets consist of long-term deposits. INVENTORIESInventories are the assets sold in the ordinary course of business. Inventories are measured at the lower of cost and net realisable value. The cost price of the inventory is determined based on the weighted average purchase price method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.TRADE RECEIVABLESTrade receivables are classified at amortised cost, initially recognised at transaction price and subsequently measured at amortised cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. At 31 December 2022, the Group had 3 customers (2021: 6) that owed more than \u20ac500,000 each and which accounted for approximately 92% (2021: 94%) of all the receivables outstanding. There were 2 customers (2021: 3 customers) with balances greater than \u20ac1 million accounting for just over 88% (2021: 78%) of the total amounts of trade receivable.The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.OTHER CURRENT FINANCIAL ASSETSOther receivables and accrued assets are initially recognised at fair value and subsequently measured at amortised cost less impairments based on the simplified expected credit loss approach.CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months.Cash is classified at amortised cost, initially recognised at fair value and subsequently measured at amor-tised cost less impairments based on the general ECL approach. IMPAIRMENT OF NON-FINANCIAL ASSETSFurther disclosures relating to impairment of non-financial assets are also provided in the following accounting policies:\u2022 Property, plant and equipment\u2022 Intangible assets, including goodwill \u2022 Right-of-use-assets\u2022 Significant accounting judgements, estimates and assumptions (note 4)The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into ac-count. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on most recent budgets and forecast calculations, which are pre-pared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.The Group assesses where climate risks could have a significant impact, such as the introduction of emis-sion-reduction legislation that may increase manufacturing costs. Although the introduction of such legis-lation would also result in a higher demand for the Group, these risks in relation to climate-related matters would be included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash flow forecasts in assessing value-in-use amounts.EQUITYOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of the ordinary shares are netted, net of tax, from the proceeds.The Group evaluates its equity instruments, including its preferred shares. Certain instruments contain as-pects which would require their classification as either liabilities or compound instruments which would con-tain both equity and liability components, including whether or not the Group has a contractual obligation to deliver cash or financial asset to another party. Equity classification is only appropriate if the Group has an unconditional right to avoid delivering cash or other financial instruments.NON-CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)Financial liabilities (non-derivatives) are initially measured at fair value less transaction costs and subse-quently measured at amortised cost.LEASES (THE GROUP AS A LESSEE)The Group assesses whether a contract is or contains a lease at the inception of the contract to determine whether an asset is identifiable, and the lessee has control to direct its use, and receives all economic bene-fits related to the asset.The Group recognises a right-of-use asset (\u201cROU asset\u201d) and a corresponding lease liability with respect to all lease arrangements in which it is a lessee. The lease liability is initially measured by calculating the present value of all future lease payments, discounted by the incremental borrowing rate. All future lease payments are fixed in nature with exception of yearly indexations. The interest on the lease liability for each period from the discount rate is recognised in the profit or loss statement for the year. At initial recognition, the ROU asset amounts to the initial lease liability adjusted for any initial direct costs or the expected costs for dismantling.In case of changes in the lease term or other conditions, the Group will reassess the discount rate and the remaining lease payments. The Group shall remeasure the carrying amount of the lease liability to reflect a reassessment or lease modification, using a revised discount rate, if any. ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable. The main lease concerns a contract for office and manufacturing space in Deurne, the Netherlands with a lease term of 5 years ending 30 September 2023. This leas contains an extension period of 5 additional years which the Group has exercised. The Group also has lease contracts which consist of cars for company personnel with a lease term between 4 and 5 years. Interest on lease liability is recognised as an expense in the statement of profit or loss.PROVISIONSProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. By nature, provisions include uncertainty and if the actual outcome differs froprovm the assumptions, the estimated provision will be revised, and this could have an effect on the financial position and results of the Group.PROVISION FOR WARRANTIESProvisions for warranties are recognised when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated.Assurance-type warranties are not distinct within customer contracts. Service-type warranties are account-ed for as separate performance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognised as the Group performs its obligation.Provisions related to assurance-type warranties are measured at the present value of the expenditures ex-pected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)The financial liabilities (non-derivatives) are initially measured at fair value and subsequently at amortised cost. The fair value of the current financial liabilities approximates the book value due to its short-term nature.RELATED PARTY TRANSACTIONSA related party is a person or an entity that is related to the reporting entity: \u2022 A person or a close member of that person\u2019s family is related to the Group if that person has control, joint control, or significant influence over the Group or is a member of its key management personnel.\u2022 An entity is related to the Group if, among other circumstances, it is a parent, subsidiary, fellow subsidiary, associate, or joint venture of the Group, or it is controlled, jointly controlled, or significantly influenced or managed by a person who is a related party.A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.The Group discloses the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for understanding of the potential effect of the relationship on the fi-nancial statements. These disclosures are made separately for each category of related parties.Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group.COMMITMENTS, CONTINGENT ASSETS AND LIABILITIESContingent liabilities and assets do not meet the recognition criteria. The Group discloses a contingent liability if there is a possible obligation that arises from past evens and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events that are not wholly within the control of the Group. The liability is not recognized because it is not probable that a outflow of resources will take place to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. When the possibility of an outflow of resources is remote, no contingent liability is disclosed.The Group discloses a contingent asset if there a possible asset that arises from past events and whose exis-tence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. The asset is only disclosed when the possibility of an inflow of resources is probably.28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).",
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"value": "3.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2022 with comparative information for the year ended 31 December 2021.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls as at 31 December:Entity Registered officeDate of incorporationOwnershipinterest (%)31 December 2022Ownershipinterest (%)31 December 2021Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%1Pondus Holding B.V. Deurne, Netherlands 16 March 2017 - 100%Pondus Operations B.V. Deurne, Netherlands 16 March 2017 90% 90%2Pondus R&D B.V. Deurne, Netherlands 16 March 2017 - 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd Tasmania, Australia 18 July 2019 100% 100%Ebusco France SAS Paris, France 9 November 2020 100% 100%Ebusco North America LLC Delaware, United States 19 August 2021 100% 100%Ebusco New Energy (Xiamen) Co LtdXiamen, China17 September 2021100% 100% 3Gr8 Technologies B.V.Amsterdam, Netherlands 1 December 2017 - 100%Ebusco Canada Inc. Toronto, Canada February 9, 2022 100% -Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% -Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% -Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% -Ebusco Spain SL Barcelona, Spain August 18, 2022 100% -1 Pondus Holding B.V. (disappearing entity) merged with Ebusco B.V. per 28 December 20222 Pondus R&D B.V. (disappearing entity) merged with Pondus Holding B.V. per 27 December 20223 Gr8 Technologies B.V. is liquidated per 6 July 2022",
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"pp-value-23-4": {
"value": "3.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2022 with comparative information for the year ended 31 December 2021.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls as at 31 December:Entity Registered officeDate of incorporationOwnershipinterest (%)31 December 2022Ownershipinterest (%)31 December 2021Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%1Pondus Holding B.V. Deurne, Netherlands 16 March 2017 - 100%Pondus Operations B.V. Deurne, Netherlands 16 March 2017 90% 90%2Pondus R&D B.V. Deurne, Netherlands 16 March 2017 - 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd Tasmania, Australia 18 July 2019 100% 100%Ebusco France SAS Paris, France 9 November 2020 100% 100%Ebusco North America LLC Delaware, United States 19 August 2021 100% 100%Ebusco New Energy (Xiamen) Co LtdXiamen, China17 September 2021100% 100% 3Gr8 Technologies B.V.Amsterdam, Netherlands 1 December 2017 - 100%Ebusco Canada Inc. Toronto, Canada February 9, 2022 100% -Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% -Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% -Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% -Ebusco Spain SL Barcelona, Spain August 18, 2022 100% -1 Pondus Holding B.V. (disappearing entity) merged with Ebusco B.V. per 28 December 20222 Pondus R&D B.V. (disappearing entity) merged with Pondus Holding B.V. per 27 December 20223 Gr8 Technologies B.V. is liquidated per 6 July 2022",
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"pp-value-23-5": {
"value": "3.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2022 with comparative information for the year ended 31 December 2021.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls as at 31 December:Entity Registered officeDate of incorporationOwnershipinterest (%)31 December 2022Ownershipinterest (%)31 December 2021Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%1Pondus Holding B.V. Deurne, Netherlands 16 March 2017 - 100%Pondus Operations B.V. Deurne, Netherlands 16 March 2017 90% 90%2Pondus R&D B.V. Deurne, Netherlands 16 March 2017 - 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd Tasmania, Australia 18 July 2019 100% 100%Ebusco France SAS Paris, France 9 November 2020 100% 100%Ebusco North America LLC Delaware, United States 19 August 2021 100% 100%Ebusco New Energy (Xiamen) Co LtdXiamen, China17 September 2021100% 100% 3Gr8 Technologies B.V.Amsterdam, Netherlands 1 December 2017 - 100%Ebusco Canada Inc. Toronto, Canada February 9, 2022 100% -Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% -Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% -Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% -Ebusco Spain SL Barcelona, Spain August 18, 2022 100% -1 Pondus Holding B.V. (disappearing entity) merged with Ebusco B.V. per 28 December 20222 Pondus R&D B.V. (disappearing entity) merged with Pondus Holding B.V. per 27 December 20223 Gr8 Technologies B.V. is liquidated per 6 July 2022",
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"pp-value-23-6": {
"value": "3.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2022 with comparative information for the year ended 31 December 2021.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls as at 31 December:Entity Registered officeDate of incorporationOwnershipinterest (%)31 December 2022Ownershipinterest (%)31 December 2021Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%1Pondus Holding B.V. Deurne, Netherlands 16 March 2017 - 100%Pondus Operations B.V. Deurne, Netherlands 16 March 2017 90% 90%2Pondus R&D B.V. Deurne, Netherlands 16 March 2017 - 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd Tasmania, Australia 18 July 2019 100% 100%Ebusco France SAS Paris, France 9 November 2020 100% 100%Ebusco North America LLC Delaware, United States 19 August 2021 100% 100%Ebusco New Energy (Xiamen) Co LtdXiamen, China17 September 2021100% 100% 3Gr8 Technologies B.V.Amsterdam, Netherlands 1 December 2017 - 100%Ebusco Canada Inc. Toronto, Canada February 9, 2022 100% -Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% -Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% -Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% -Ebusco Spain SL Barcelona, Spain August 18, 2022 100% -1 Pondus Holding B.V. (disappearing entity) merged with Ebusco B.V. per 28 December 20222 Pondus R&D B.V. (disappearing entity) merged with Pondus Holding B.V. per 27 December 20223 Gr8 Technologies B.V. is liquidated per 6 July 20225. ACQUISITIONS AND MERGERSACQUISITION IN 2021 OF 60% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 19 April 2021, the Group acquired 60% of the voting shares of its associate Pondus Holding B.V. (Pondus), raising its total shareholding of Pondus Holding to 80% and upon the acquisition date the Group gained con-trol of Pondus. Pondus Holding B.V. is the parent company of Pondus Operations B.V. (90% ownership) and Pondus R&D B.V. (100% ownership).Pondus is involved in the research and production of lightweight composite materials suitable for use in constructing electric zero emission buses. Pondus\u2019 principal place of business is the Netherlands. The Group acquired Pondus for the purpose of using proprietary technology to develop and manufacture lightweight carrying structures and parts for use in the Group\u2019s buses. The considerations included the following:\u2022 \u20ac16.6 million (the initial purchase price) paid by the Purchaser on completion of the acquisition;\u2022 \u20ac5.0 million (the deferred purchase price) of contingent consideration paid by the Purchaser upon the ini-tial public offering (\u201cIPO\u201d) in October 2021;\u2022 \u20ac0.75 million (earn out) of contingent consideration also paid upon the IPO in October 2021.At the acquisition date, the fair value of the contingent consideration was estimated to be \u20ac5.8 million. The Group considered the IPO to be a probable event within the next three months; the IPO actually occurred on 22 October 2021. Considering the short period of time, the discounting was negligible.The purchase price allocation is as follows:Fair value of identifiable net assetsNon-current assetsProperty, plant and equipment 1,563Intangible assets 4,246Non-current financial assets 53Total non-current assets 5,862 Net working capitalReceivables from related parties 1,605Other current assets 26Trade payables (110)Payables to related parties (1,051)Other current liabilities (351)Total net working capital 119Non-controlling interest (10% in Pondus Operations) (86)Loans and borrowings (7,909)Cash and cash equivalents 6Subtotal: Identifiable net assets acquired at fair value (2,008)Fair value of non-controlling interest 7,450Fair value of previously held equity interest 7,450Fair value of consideration transferred- Cash 16,600- Contingent consideration 5,750Subtotal: Consideration transferred 37,250Goodwill arising on acquisition 39,258Goodwill is attributable to the assembled workforce of Pondus, expected synergies, and expected future sales and customers. The goodwill is not deductible for income tax purposes. At the acquisition date, the carrying value of the Group\u2019s 20% interest in Pondus was nihil. Accordingly, the Group recognised a gain of \u20ac7.5 million as a result of remeasuring the carrying amount of its \u2018Investment in associates\u2019 at fair value. The Group has elected to measure the non-controlling interest in Pondus at fair value; the non-controlling interest is determined based on Pondus\u2019 full amount of goodwill. As a result, the value of the non-controlling interest is \u20ac7.5 million. ACQUISITION IN 2021 OF REMAINING 20% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 18 October 2021, the Group acquired the remaining 20% of the shares in Pondus through the acquisition of 100% of the shares of Gr8 Technologies B.V., owning the remaining 20% of the voting shares of Pondus Holding B.V. The Group acquired the shares of Gr8 Technologies B.V. from its previous shareholders, being two persons (participating for 50% each) affiliated to VDVI B.V., one of the existing shareholders of Ebusco Holding N.V. Holding the shares in Pondus Holding B.V. was the only activity of Gr8 Technologies B.V.; Gr8 Technologies B.V. is expected to be liquidated in the first half of 2022.The net cash outflow amounted to \u20ac19,996 (being \u20ac20,000 less cash acquired). Following the acquisition, the carrying value of the non-controlling interest of \u20ac7,190 has been reclassified to the equity of Ebusco Holding N.V., and the difference between the fair value of the consideration paid and the carrying value of the non-controlling interest being \u20ac12,806 has been charged against the Company\u2019s share premium.Accordingly, the total cash outflow from investments in group companies (net of cash acquired) amounted to \u20ac22,344 and cash outflow from acquisition of non-controlling interest amounted to \u20ac19,996. In 2021, Pondus did not contribute to the Group\u2019s consolidated revenue and contributed a loss of \u20ac1,713 to the Group\u2019s consolidated operating result. If the acquisition had occurred on 1 January 2021, the acquired business would not have contributed to consolidated revenue and would have contributed a loss of \u20ac2,381 to consolidated operating result. Total transaction costs incurred amount to \u20ac85 thousand for both acquisitions.MERGER OF PONDUS GROUP ENTITIES IN 2022In December 2022, the following mergers took place:\u2022 Pondus Holding B.V. (acquiring entity) merged with Pondus R&D B.V. (disappearing entity);\u2022 Ebusco B.V. (acquiring entity) merged with Pondus Holding B.V. (disappearing entity).As this merger is under common control it has been accounted for in line with the \u2018pooling of interest\u2019-method, meaning the mergers are recognised as if these entities had always been combined.After the merger Ebusco B.V. directly holds the 90% interest in Pondus Operations B.V.ACQUISITION IN 2022 OF 48.57% OF THE VOTING SHARES OF ZERO EMISSION SERVICES (ZES) B.V. On 28 January 2022, Ebusco Energy B.V. acquired 40% of the voting shares of Zero Emission Services B.V. (ZES), a provider of all-in concepts for emission-free inland shipping in the Netherlands. The consideration paid amounts to one euro. ZES and Ebusco share their commitment to zero-emission transportation. As their solutions are highly complementary, together Ebusco and ZES can significantly increase their joint impact in the maritime sector. ZES was founded in May 2020 and offers a complete range of products and services, based on interchange-able battery containers charged with renewable power, charging stations, technical support and an innova-tive pay per use concept for ship owners. In September 2021 the first emission-free inland shipping vessel, with energy containers from ZES, commenced operation. ZES was founded by ING bank, energy and technical service provider ENGIE, maritime technology company W\u00e4rtsil\u00e4 and the Port of Rotterdam Authority. Ebusco took over its 40% stake from ENGIE, one of the founding shareholders of ZES. All shareholders provide equity, expertise and staff to support ZES in its development. On 8 November 2022 the shareholders of ZES were granted the option to subscribe to an additional share issuance. As a result the Group acquired an additional 8.57% of the voting shares of ZES. The consideration paid amounts to an additional \u20ac1,500. The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment of 40% is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES (euro 1). Reference is made to Note 14 for subsequent measurement.14. INVESTMENT IN AN ASSOCIATEThe Group has a 40% interest in Zero Emission Services (ZES) B.V. as per 28 January 2022 and a 48.57% interest as per 8 November 2022. Further disclosure concerning the acquisition of ZES is disclosed in Note 5.ZES offers a complete range of products and services, based on interchangeable battery containers charged with renewable power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarised financial information of the Group\u2019s invest-ment in ZES:Investment in an associate2022Current assets 15,769Non-current assets 2,703Current liabilities (15,111)Non-current liabilities -Equity 3,362Group\u2019s share in equity (48.57%) 1,633Fair value adjustment (565)Group\u2019s carrying amount of the investment 1,068Revenue from contracts with customers 163Cost of sales (309)Administrative expenses (1,069)Profit/(loss) before tax (1,215)Income tax expense -Profit/(loss) for the year (continuing operations) (1,215)Other comprehensive income/loss -Total comprehensive income for the year (continuing operations) (1,215)Group\u2019s share of the loss (432)On 11 November 2022, the Group approved another contribution in a proposed new share issuance of ZES. On 21 February 2023 the capital contribution was approved and paid. The Group contributed \u20ac2.35 million and as a result the interest in the associate increased to 49.39%. At 31 December 2022 the associate has a commitment to purchase energy containers (\u20ac10.4 million) from Ebusco Energy B.V.",
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"pp-value-23-7": {
"value": "3.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2022 with comparative information for the year ended 31 December 2021.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls as at 31 December:Entity Registered officeDate of incorporationOwnershipinterest (%)31 December 2022Ownershipinterest (%)31 December 2021Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%1Pondus Holding B.V. Deurne, Netherlands 16 March 2017 - 100%Pondus Operations B.V. Deurne, Netherlands 16 March 2017 90% 90%2Pondus R&D B.V. Deurne, Netherlands 16 March 2017 - 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd Tasmania, Australia 18 July 2019 100% 100%Ebusco France SAS Paris, France 9 November 2020 100% 100%Ebusco North America LLC Delaware, United States 19 August 2021 100% 100%Ebusco New Energy (Xiamen) Co LtdXiamen, China17 September 2021100% 100% 3Gr8 Technologies B.V.Amsterdam, Netherlands 1 December 2017 - 100%Ebusco Canada Inc. Toronto, Canada February 9, 2022 100% -Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% -Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% -Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% -Ebusco Spain SL Barcelona, Spain August 18, 2022 100% -1 Pondus Holding B.V. (disappearing entity) merged with Ebusco B.V. per 28 December 20222 Pondus R&D B.V. (disappearing entity) merged with Pondus Holding B.V. per 27 December 20223 Gr8 Technologies B.V. is liquidated per 6 July 20225. ACQUISITIONS AND MERGERSACQUISITION IN 2021 OF 60% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 19 April 2021, the Group acquired 60% of the voting shares of its associate Pondus Holding B.V. (Pondus), raising its total shareholding of Pondus Holding to 80% and upon the acquisition date the Group gained con-trol of Pondus. Pondus Holding B.V. is the parent company of Pondus Operations B.V. (90% ownership) and Pondus R&D B.V. (100% ownership).Pondus is involved in the research and production of lightweight composite materials suitable for use in constructing electric zero emission buses. Pondus\u2019 principal place of business is the Netherlands. The Group acquired Pondus for the purpose of using proprietary technology to develop and manufacture lightweight carrying structures and parts for use in the Group\u2019s buses. The considerations included the following:\u2022 \u20ac16.6 million (the initial purchase price) paid by the Purchaser on completion of the acquisition;\u2022 \u20ac5.0 million (the deferred purchase price) of contingent consideration paid by the Purchaser upon the ini-tial public offering (\u201cIPO\u201d) in October 2021;\u2022 \u20ac0.75 million (earn out) of contingent consideration also paid upon the IPO in October 2021.At the acquisition date, the fair value of the contingent consideration was estimated to be \u20ac5.8 million. The Group considered the IPO to be a probable event within the next three months; the IPO actually occurred on 22 October 2021. Considering the short period of time, the discounting was negligible.The purchase price allocation is as follows:Fair value of identifiable net assetsNon-current assetsProperty, plant and equipment 1,563Intangible assets 4,246Non-current financial assets 53Total non-current assets 5,862 Net working capitalReceivables from related parties 1,605Other current assets 26Trade payables (110)Payables to related parties (1,051)Other current liabilities (351)Total net working capital 119Non-controlling interest (10% in Pondus Operations) (86)Loans and borrowings (7,909)Cash and cash equivalents 6Subtotal: Identifiable net assets acquired at fair value (2,008)Fair value of non-controlling interest 7,450Fair value of previously held equity interest 7,450Fair value of consideration transferred- Cash 16,600- Contingent consideration 5,750Subtotal: Consideration transferred 37,250Goodwill arising on acquisition 39,258Goodwill is attributable to the assembled workforce of Pondus, expected synergies, and expected future sales and customers. The goodwill is not deductible for income tax purposes. At the acquisition date, the carrying value of the Group\u2019s 20% interest in Pondus was nihil. Accordingly, the Group recognised a gain of \u20ac7.5 million as a result of remeasuring the carrying amount of its \u2018Investment in associates\u2019 at fair value. The Group has elected to measure the non-controlling interest in Pondus at fair value; the non-controlling interest is determined based on Pondus\u2019 full amount of goodwill. As a result, the value of the non-controlling interest is \u20ac7.5 million. ACQUISITION IN 2021 OF REMAINING 20% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 18 October 2021, the Group acquired the remaining 20% of the shares in Pondus through the acquisition of 100% of the shares of Gr8 Technologies B.V., owning the remaining 20% of the voting shares of Pondus Holding B.V. The Group acquired the shares of Gr8 Technologies B.V. from its previous shareholders, being two persons (participating for 50% each) affiliated to VDVI B.V., one of the existing shareholders of Ebusco Holding N.V. Holding the shares in Pondus Holding B.V. was the only activity of Gr8 Technologies B.V.; Gr8 Technologies B.V. is expected to be liquidated in the first half of 2022.The net cash outflow amounted to \u20ac19,996 (being \u20ac20,000 less cash acquired). Following the acquisition, the carrying value of the non-controlling interest of \u20ac7,190 has been reclassified to the equity of Ebusco Holding N.V., and the difference between the fair value of the consideration paid and the carrying value of the non-controlling interest being \u20ac12,806 has been charged against the Company\u2019s share premium.Accordingly, the total cash outflow from investments in group companies (net of cash acquired) amounted to \u20ac22,344 and cash outflow from acquisition of non-controlling interest amounted to \u20ac19,996. In 2021, Pondus did not contribute to the Group\u2019s consolidated revenue and contributed a loss of \u20ac1,713 to the Group\u2019s consolidated operating result. If the acquisition had occurred on 1 January 2021, the acquired business would not have contributed to consolidated revenue and would have contributed a loss of \u20ac2,381 to consolidated operating result. Total transaction costs incurred amount to \u20ac85 thousand for both acquisitions.MERGER OF PONDUS GROUP ENTITIES IN 2022In December 2022, the following mergers took place:\u2022 Pondus Holding B.V. (acquiring entity) merged with Pondus R&D B.V. (disappearing entity);\u2022 Ebusco B.V. (acquiring entity) merged with Pondus Holding B.V. (disappearing entity).As this merger is under common control it has been accounted for in line with the \u2018pooling of interest\u2019-method, meaning the mergers are recognised as if these entities had always been combined.After the merger Ebusco B.V. directly holds the 90% interest in Pondus Operations B.V.ACQUISITION IN 2022 OF 48.57% OF THE VOTING SHARES OF ZERO EMISSION SERVICES (ZES) B.V. On 28 January 2022, Ebusco Energy B.V. acquired 40% of the voting shares of Zero Emission Services B.V. (ZES), a provider of all-in concepts for emission-free inland shipping in the Netherlands. The consideration paid amounts to one euro. ZES and Ebusco share their commitment to zero-emission transportation. As their solutions are highly complementary, together Ebusco and ZES can significantly increase their joint impact in the maritime sector. ZES was founded in May 2020 and offers a complete range of products and services, based on interchange-able battery containers charged with renewable power, charging stations, technical support and an innova-tive pay per use concept for ship owners. In September 2021 the first emission-free inland shipping vessel, with energy containers from ZES, commenced operation. ZES was founded by ING bank, energy and technical service provider ENGIE, maritime technology company W\u00e4rtsil\u00e4 and the Port of Rotterdam Authority. Ebusco took over its 40% stake from ENGIE, one of the founding shareholders of ZES. All shareholders provide equity, expertise and staff to support ZES in its development. On 8 November 2022 the shareholders of ZES were granted the option to subscribe to an additional share issuance. As a result the Group acquired an additional 8.57% of the voting shares of ZES. The consideration paid amounts to an additional \u20ac1,500. The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment of 40% is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES (euro 1). Reference is made to Note 14 for subsequent measurement.7.1 REMUNERATION KEY MANAGEMENTThe Group\u2019s key management consists of the CEO, CFO, COO, CTO, CPO and HR Director per 31 December 2022. Total remuneration for the Group\u2019s key management amounted to \u20ac1,654 for 2022 (2021: \u20ac6,183). Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the entity (directly or indirectly) including any directors. The table below provides the remuneration of the Management Board for the years ended 31 December 2022 and 2021.2022 2021Base salaryPension costsOther com-pensa-tion Other TotalBase salaryPension costsOther com-pensa-tionOther TotalPeter Bijvelds (CEO) 387 63 - 10 460 268 12 - 7 287Paul van Beers (CFO) 275 45 - 18 338 295 9 5,000 11 5,315Bob Fleuren 1(COO)275 45 - 16 336 183 18 - 12 213Total 937 153 -441,134 746 39 5,000 30 5,8151 Appointed as COO and member of the Management Board as from 1 April 2021BASE SALARY All three members of the Management Board are included in the payroll administration of the Company as from 17 October 2021.PENSIONSThe members of the Management Board have been granted a pension allowance equal to an amount of ap-proximately 16% of their fixed base salary, excluding any allowances and bonus payments. Other benefits include 25 days of paid vacation leave per calendar year. Furthermore, the members of the Management Board receive a car allowance or company car in accordance with the company\u2019s car policy. No other benefits are granted.OTHER COMPENSATIONAs a result of the IPO in October 2021, the CFO received a settlement fee of \u20ac5.0 million, with the requirement to re-invest the net proceeds of the settlement in shares of the Company.7.2 SUPERVISORY BOARD REMUNERATION EXPENSESFixedOther compensationTotalIn euro2022 2021 2022 2021 2022 20211Derk Haank58,000 14,500 450 150 58,450 14,6502Carin Gorter50,000 12,500 1,350 300 51,350 12,8003Jeroen Drost47,000 11,750 600 150 47,600 11,9004Ruud Spoor47,000 11,750 1,200 - 48,200 11,7505Roelf de Boer47,000 11,750 750 150 47,750 11,900Total 249,000 62,250 4,350 750 253,350 63,0001 Derk Haank has been appointed as Chair of the Supervisory Board and member of the Nomination and Remuneration Committee2 Carin Gorter has been appointed as Chair of the Audit Committee and member of the Supervisory Board3 Jeroen Drost has been appointed as Chair of the Remuneration Committee and member of the Supervisory Board4 Ruud Spoor has been appointed as member of the Audit Committee and member of the Supervisory Board5 Roelf de Boer has been appointed as Chair of the Nomination Committee and member of the Supervisory BoardWith regards to the comparative figures, the fixed compensation relates to the fourth quarter of 2021.DEBTS TO OTHER RELATED PARTIESDebts to other related parties included a payable to BaBoDiDa Ltd at 31 December 2021. The long-term loan from BaBoDiDa Ltd. bears an interest rate of 5% per year. The interest is added to the loan. No security have been provided with regards to the loan. At 31 December 2022 this loan was transferred to a third party and the loan was fully repaid in January 2023. The Group used a discounted cash flow method, with reference to the borrowing rate of the issuer as at end of the reporting period in order to determine the fair value of the borrowings. However, the Group reached the conclusion that the difference between the carrying amount of the loan and their fair value was not material and therefore no fair value adjustment was recorded.The following table sets out the reconciliation from the net cash flows from financing activities with the fi-nancing positions of loans and borrowings as at 31 December 2022 and 2021.Debt to credit institutionsDebt to a third party Debts to other related partiesLeases TotalBalance as at 1 January 2022 215 463 8,382 9,060Changes from financing cash flowsRepayment of loans & borrowings (215)-- - (215)Payment of lease liabilities --- (1,472) (1, 472)Transfer to credit institutions-486(486)- -Total changes from financing cash flows (215) 486(486) (1,472) (1,687)Other changesAdditions and remeasurements - - - 816 816Disposals (150)(150)Interest and similar expense --23 185 208Total liability-related other changes --23 851 874Balance as at 31 December 2022-486- 7,761 8,247Debt to credit institu-tionsMezza- nine facilityRVO LoanDebt to share- holdersCumula- tive pref-erence sharesDebts to other related partiesLeases TotalBalance as at 1 January 2021 41,788 - 5,436 - 10,400 441 1,782 59,847Changes from financing cash flowsProceeds from loans & borrowings 9,000 32,500 - - - - - 41,500Repayment of loans & borrowings (50,923) (33,168) (11,426) - (10,000) - - (105,517)Payment of lease liabilities - - - - - - (1,244) (1,244)Interest paid (1,262) - - - (1,065) - - (2,327)Total changes from financing cash flows (43,185) (668) (11,426) - (11,065) - (1,244) (67,588)Other changesAcquisition through business combination - - 5,696 2,213 - - - 7,909New leases / remeasurements - - - - - - 7,716 7,716Interest and similar expense 1,612 668 294 (85) 665 22 128 3,304 Transfer to payables to related parties - - - (2,128) - - - (2,128)Total liability-related other changes 1,612 668 5,990 - 665 22 7,844 16,801 Balance as at 31 December 2021 215 - - - - 463 8,382 9,06025. RELATED PARTY TRANSACTIONSThe Group identifies a related party as a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group. Note 2 provides information about the Group\u2019s structure, including details of the subsidiaries and the holding company.The Group engages with its shareholders in certain related party transactions disclosed in this and other notes in these financial statements. The Group holds receivables and payables from its shareholders who represent related parties.Balances and transactions between the Company and its subsidiaries, which are related parties of the Com-pany, have been eliminated on consolidation.Transactions and balances with related parties can be specified as follows:Entity / person with significant influenceYear Purchases from related partyInterest owed by/(to) related partyAmounts owed by related partiesAmounts owed to related partiesBijvelds Car Trading B.V. 2022 2 - - -2021 - - 24 -BaBoDiDa Ltd. 2022 - (23) - -2021 - (22) - 463VDVI B.V. 2022 29 - - -2021 - - - 534Trimados Holding B.V. 2022 - - - -2021 22,344 - - -B. van den Nieuwenhuijzen 2022 - - - -2021 9,998 - - -B.A. van den Nieuwenhuijzen 2022 - - - -2021 9,998 - - -ING Bank N.V. 2022 - (390) - -2021 - 609 - -SALES AND PURCHASES TO RELATED PARTIESZero Emission Services B.V. became a related party on 28 January 2022 when 40% of the shares were ac-quired for a consideration of 1 euro. On 8 November 2022 an additional 8.57% of the shares were acquired in exchange for a cash contribution of \u20ac1,500. At year-end all investments were settled and no amounts were outstanding to Zero Emission Services B.V. For more background reference is made to Note 5. Tridamos Holding B.V. is owned by the COO and sold his 60% share in Pondus Holding B.V. to the Group in April 2021. Reference is made to Note 5: Acquisitions.On 18 October, 2021, the Group acquired the remaining 20% of the shares in Pondus Holding B.V. through the acquisition of 100% of the shares of Gr8 Technologies B.V., which were owned by B. and B.A. van den Nieuwenhuijzen. The acquisition price of \u20ac20.0 million was based on the further manufacturing roll-out of the composite buses and external market data. Both persons were each participating for 50% in Gr8 Technologies B.V. and are related to VDVI B.V. which is one of the existing shareholders of Ebusco Holding N.V. Other purchases from related parties are within the normal course of the business.INTEREST OWED TO RELATED PARTIESDuring the normal course of business, the Group engages in transactions with ING, including loan facilities and issuance of letters of credit. All transactions are carried out at arms-length. The interest incurred and paid in 2022 amounts to \u20ac390 (2021: \u20ac609). As a result of the cash generated from the IPO in October 2021, the credit facility agreement has been cancelled with approval of all banks in December 2021. Reference is made to Note 20: Loans and borrowings.RECEIVABLES AND PAYABLES FROM RELATED PARTIESAs at 31 December 2021, there was an outstanding balance of \u20ac24 of receivables from related parties, being Bijvelds Car Trading B.V. As at 31 December 2022 there were no outstanding balances to related parties.As at 31 December 2021, the non-current loans and borrowings include a payable to BaBoDiDa Ltd (related party of shareholder VDVI B.V.). The long-term loan from BaBoDiDa Ltd. bears an interest rate of 5% per year. No security nor repayment terms have been provided with regards to the loan. In 2022, the loan has been transferred to another (non-related) party and it is presented in the current loans and borrowings. Payables to related parties as at 31 December 2021 includes an outstanding liability of \u20ac534 towards VDVI B.V which has been repaid in January 2022. TRANSACTIONS WITH KEY MANAGEMENT PERSONNELFor compensation of key management personnel of the Group reference is made to Note 7. The pre-IPO share-holders have entered into a settlement agreement with PBE Support, in the context of the pre-IPO restruc-turing. PBE Support is wholly owned by Ebusco\u2019s CFO, Paul van Beers. A payment is due to PBE Support by the respective pre-IPO shareholder if a change in ownership of the shares held by the pre-IPO shareholders would occur. In 2022 one of the pre-IPO shareholders sold shares, which triggered a payment of \u20ac1.5 million by that respective shareholder. This transaction has no impact on Ebusco\u2019s balance sheet, income statement or cash flows. Therefore, this transaction is not included in the CFO\u2019s remuneration as summarized in Note 7 for both 2021 and 2022.",
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"value": "3.1 BASIS OF CONSOLIDATIONSubsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognised in profit or loss.",
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"value": "3.2. BASIS OF PREPARATIONThe consolidated financial statements of the Group have been prepared in accordance with International Fi-nancial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and en-dorsed by the European Union (EU) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.The financial statements were signed and authorised for issuance by the Supervisory Board and Management Board on 29 March 2023 and will be submitted for adoption to the General Meeting of Shareholders on 17 May 2023. The consolidated financial statements have been prepared on a historical cost basis, except when otherwise indicated. All amounts are stated in thousands of EUR, unless otherwise stated.The consolidated financial statements are prepared on a going concern basis.",
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"value": "The consolidated financial statements of the Group have been prepared in accordance with International Fi-nancial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and en-dorsed by the European Union (EU) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.",
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"value": "The financial statements were signed and authorised for issuance by the Supervisory Board and Management Board on 29 March 2023 and will be submitted for adoption to the General Meeting of Shareholders on 17 May 2023. OTHER NOTESAs approved for publication, Deurne, 29 March 2023Management Board P.H.A.M. Bijvelds, Chief Executive Officer P. van Beers, Chief Financial Officer B.H.M.J. Fleuren, Chief Operating Officer Supervisory Board D.J. Haank, Chairman C.W. GorterJ. DrostR. SpoorR.H. de Boer",
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"value": "The consolidated financial statements are prepared on a going concern basis.",
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"value": "FUNCTIONAL AND PRESENTATION CURRENCYThe Group\u2019s consolidated financial statements are presented in euros, which is also the Parent\u2019s functional currency. ",
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"language": "en",
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"value": "FUNCTIONAL AND PRESENTATION CURRENCYThe financial statements of entities that have a functional currency different from that of the Parent (\u201cforeign operations\u201d) are translated into euros as follows:Group companies:\u2022 Foreign currency differences resulting from translation of subsidiaries are recognised in other comprehen-sive income.Transactions and balances:\u2022 Assets, equity and liabilities - at the closing rate at the date of the statement of financial position.\u2022 Income and expenses - at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates).",
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"value": "CURRENT VERSUS NON-CURRENT CLASSIFICATIONThe Group presents assets and liabilities in the statement of financial position based on current/non-currentclassification. An asset is current when it is:\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle\u2022 Held primarily for the purpose of trading\u2022 Expected to be realised within twelve months after the reporting periodOr\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodA liability is current when:\u2022 It is expected to be settled in the normal operating cycle\u2022 It is held primarily for the purpose of trading\u2022 It is due to be settled within twelve months after the reporting periodOr\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting periodDeferred tax assets and liabilities are classified as non-current assets and liabilities.",
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"language": "en",
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"pp-value-45-3": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.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. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rised 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:\u2022 Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is directly or indirectly observable;\u2022 Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable.For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categori-sation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortised) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortised cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortised cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortised cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortised cost: Interest income from these financial assets is included in finance income using the effec-tive interest rate method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognised in profit or loss and presented net within other gains and losses for the period in which it arises.FINANCIAL LIABILITIES \u2013 NOT DERIVATIVESThe Group measures its financial liabilities at amortised cost.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tised cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables, IFRS 15 contract assets and lease receivables.The Group determines its expected credit losses on trade receivables based on the historical weighted aver-age credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receivables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given de-fault and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 1-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.NON-CURRENT FINANCIAL ASSETSFinancial assets are initially recognised at fair value and subsequently measured at amortised cost less im-pairments based on the general expected credit loss approach. The Group\u2019s financial assets consist of long-term deposits. TRADE RECEIVABLESTrade receivables are classified at amortised cost, initially recognised at transaction price and subsequently measured at amortised cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. At 31 December 2022, the Group had 3 customers (2021: 6) that owed more than \u20ac500,000 each and which accounted for approximately 92% (2021: 94%) of all the receivables outstanding. There were 2 customers (2021: 3 customers) with balances greater than \u20ac1 million accounting for just over 88% (2021: 78%) of the total amounts of trade receivable.The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.OTHER CURRENT FINANCIAL ASSETSOther receivables and accrued assets are initially recognised at fair value and subsequently measured at amortised cost less impairments based on the simplified expected credit loss approach.CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months.Cash is classified at amortised cost, initially recognised at fair value and subsequently measured at amor-tised cost less impairments based on the general ECL approach. NON-CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)Financial liabilities (non-derivatives) are initially measured at fair value less transaction costs and subse-quently measured at amortised cost.CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)The financial liabilities (non-derivatives) are initially measured at fair value and subsequently at amortised cost. The fair value of the current financial liabilities approximates the book value due to its short-term nature.28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-4": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tised cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables, IFRS 15 contract assets and lease receivables.The Group determines its expected credit losses on trade receivables based on the historical weighted aver-age credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receivables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given de-fault and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 1-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.TRADE RECEIVABLESTrade receivables are classified at amortised cost, initially recognised at transaction price and subsequently measured at amortised cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. At 31 December 2022, the Group had 3 customers (2021: 6) that owed more than \u20ac500,000 each and which accounted for approximately 92% (2021: 94%) of all the receivables outstanding. There were 2 customers (2021: 3 customers) with balances greater than \u20ac1 million accounting for just over 88% (2021: 78%) of the total amounts of trade receivable.The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-5": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-6": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.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. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rised 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:\u2022 Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is directly or indirectly observable;\u2022 Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable.For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categori-sation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-7": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortised) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortised cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortised cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortised cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortised cost: Interest income from these financial assets is included in finance income using the effec-tive interest rate method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognised in profit or loss and presented net within other gains and losses for the period in which it arises.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tised cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables, IFRS 15 contract assets and lease receivables.The Group determines its expected credit losses on trade receivables based on the historical weighted aver-age credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receivables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given de-fault and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 1-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.NON-CURRENT FINANCIAL ASSETSFinancial assets are initially recognised at fair value and subsequently measured at amortised cost less im-pairments based on the general expected credit loss approach. The Group\u2019s financial assets consist of long-term deposits. TRADE RECEIVABLESTrade receivables are classified at amortised cost, initially recognised at transaction price and subsequently measured at amortised cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. At 31 December 2022, the Group had 3 customers (2021: 6) that owed more than \u20ac500,000 each and which accounted for approximately 92% (2021: 94%) of all the receivables outstanding. There were 2 customers (2021: 3 customers) with balances greater than \u20ac1 million accounting for just over 88% (2021: 78%) of the total amounts of trade receivable.The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.OTHER CURRENT FINANCIAL ASSETSOther receivables and accrued assets are initially recognised at fair value and subsequently measured at amortised cost less impairments based on the simplified expected credit loss approach.CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months.Cash is classified at amortised cost, initially recognised at fair value and subsequently measured at amor-tised cost less impairments based on the general ECL approach. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-6": {
"value": "IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tised cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables, IFRS 15 contract assets and lease receivables.The Group determines its expected credit losses on trade receivables based on the historical weighted aver-age credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receivables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given de-fault and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 1-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.TRADE RECEIVABLESTrade receivables are classified at amortised cost, initially recognised at transaction price and subsequently measured at amortised cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. At 31 December 2022, the Group had 3 customers (2021: 6) that owed more than \u20ac500,000 each and which accounted for approximately 92% (2021: 94%) of all the receivables outstanding. There were 2 customers (2021: 3 customers) with balances greater than \u20ac1 million accounting for just over 88% (2021: 78%) of the total amounts of trade receivable.The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "REVENUE REVENUE FROM CONTRACTS WITH CUSTOMERS In determination of its recognition of revenue, the Group applies the 5-step model in line with IFRS 15.Revenue is recognised if the Group has entered into a contract with a customer in which the performance obligations can be identified, the terms of the transaction are clear, and it is probable that the customer will pay. Revenue is recognised for each contract. If a contract involves several performance obligations, revenue is separately attributed to the performance obligations based on relative stand-alone selling prices. Revenue is recognised over time if the customer simultaneously receives and consumes the benefit of the Group\u2019s performance or if the Group produces an asset without alternative use which it is contractually obligated to deliver to the customer and for which the Group has an enforceable right to payment. Revenue is recognised at a point in time if it does not meet the criteria to be satisfied over time. The Group does not have any contracts with material variable consideration.If a contract contains a significant financing component, the Group adjusts the revenue accordingly. This is not done if the time between the fulfilment of the performance obligation and the payment of the consider-ation is less than one year.If the results from a contract cannot be determined reliably, contract revenue is only recognised to the extent of costs incurred. Expected contract losses are recognised immediately in the statement of profit or loss. In measuring the amount of provisions for losses, the Group proceeds on the basis of the economic benefits expected to be received compared with the attributable costs of the contract.The Group has two main types of revenue from contracts:1. Contracts for the sale of zero emission buses: the Group sells zero emission buses and related charging systems customized for each customer. The Group negotiates with each customer according to the needs of the customer and charges a transaction price based on the type and number of buses ordered. Con-tracts are fulfilled, on average, within six to twelve months. Revenue for sales of zero emission buses is recognised over time as the Group produces a bus without an alternate use which the Group is contractually obligated to deliver and for which the Group has an enforceable right to payment. The revenue relating to work in progress is recognised in the statement of profit or loss based on percentage of completion of the project. The stage of completion is assessed by reference to the proportion of costs recorded in relation to the total expected costs to the extent that the costs incurred are representative of the progress made in the transfer of goods/services to the client. Inefficiencies are disregarded in determining the stage of completion. In-progress contracts are recorded as contract assets.2. Contracts for charging systems and ancillary services and goods: the Group also sells items and services in addition to its zero emission buses. These goods and services consist of additional parts for the Group\u2019s buses or represent services, including repair and maintenance services, and service type warranty, which support the customer\u2019s use of zero emission buses sold by the Group. Revenue is recognised either at a point in time or over time based on the nature of the good or service in accordance with the Group\u2019s revenue recognition policy. Typically, spare parts and charging systems are recognised at a point in time whilst services are recognised over time. If applicable, service-type warranties are accounted for as separate per-formance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognised as the Group performs its obligation.The accounting policies regarding trade receivables, contract assets, and contract liabilities are set out in the corresponding notes (refer to Note 15 for trade receivables and below for contract assets and liabilities).TRANSACTION PRICE AND STAND-ALONE SELLING PRICES Transaction prices are determined per individual contract, based on goods and services ordered by each customer. Payment terms vary per contract. The performance obligation that significantly affects the de-termination of the transaction price is the supply of zero-emission buses. Progress is measured using an input method. The Group measures the progress for the projects based on the input costs consisting of the cost of materials and other costs. The Group assessed that the input method used based on costs incurred to measure its progress towards completion reflects proportionately the Group\u2019s progress in satisfying the performance obligation and is a fair reflection of the Group\u2019s performance.CONTRACT ASSETS AND CONTRACT LIABILITIESThe Group recognises a contract asset for services or goods transferred to a customer to which the Group has a right to receive consideration. The Group reclassifies contract assets to trade receivables when perfor-mance obligations are satisfied and the right to consideration becomes unconditional. The Group recognises a contract liability when a payment is received from a customer or is due before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs its obligations.Contract assets and receivables generally have a term of less than 12 months.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-3": {
"value": "SEGMENT REPORTINGAn operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The operating results of each segment are regularly reviewed by the entity\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) in order to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The Group re-ports separate information about an operating segment if the reported revenue, profit or loss or assets exceed 10 per cent of the total of the Group, or if the Management Board believes that information about the segment would be useful to the users of the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-3": {
"value": "EMPLOYEE BENEFIT EXPENSESEmployee benefits are all forms of consideration given by the Group in exchange for services rendered by employees or for the termination of employment. Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees rendered the related service.Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cu-mulative expenses recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognise the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of eq-uity instruments that will ultimately vest. No expenses are recognised for awards that ultimately do not vest because service conditions have not been met.PENSIONSThe Group has a defined contribution plan (which is capped at an annual pensionable salary of \u20ac115). For the defined contribution plan, the group pays contributions to a public or privately administered pension in-surance plan on a mandatory or contractual basis. The Group has no legal or constructive obligations to pay additional contribution if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee service in the current and prior periods. The contribution is recognised as employee benefit expense when it is due. Prepaid contribution is recognised as an asset to the extent that a cash refund or a reduction in the future payments is available and can be contractually enforced.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-4": {
"value": "EMPLOYEE BENEFIT EXPENSESEmployee benefits are all forms of consideration given by the Group in exchange for services rendered by employees or for the termination of employment. Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees rendered the related service.Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cu-mulative expenses recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognise the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of eq-uity instruments that will ultimately vest. No expenses are recognised for awards that ultimately do not vest because service conditions have not been met.PENSIONSThe Group has a defined contribution plan (which is capped at an annual pensionable salary of \u20ac115). For the defined contribution plan, the group pays contributions to a public or privately administered pension in-surance plan on a mandatory or contractual basis. The Group has no legal or constructive obligations to pay additional contribution if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee service in the current and prior periods. The contribution is recognised as employee benefit expense when it is due. Prepaid contribution is recognised as an asset to the extent that a cash refund or a reduction in the future payments is available and can be contractually enforced.OTHER OPERATING EXPENSESOther operating expenses are recorded on a historical basis and allocated to the reporting period when they occur.FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period when they occur.PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recoverable.PPE includes equipment and office inventory, transportation and assets under construction. The estimated use-ful life of the aforementioned PPE is between 3 and 5 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.Research costs are expensed as incurred.LEASES (THE GROUP AS A LESSEE)ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable. The main lease concerns a contract for office and manufacturing space in Deurne, the Netherlands with a lease term of 5 years ending 30 September 2023. This leas contains an extension period of 5 additional years which the Group has exercised. The Group also has lease contracts which consist of cars for company personnel with a lease term between 4 and 5 years. Interest on lease liability is recognised as an expense in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-5": {
"value": "GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-5": {
"value": "SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cu-mulative expenses recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognise the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of eq-uity instruments that will ultimately vest. No expenses are recognised for awards that ultimately do not vest because service conditions have not been met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-4": {
"value": "FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period when they occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-5": {
"value": "FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period when they occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-6": {
"value": "FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period when they occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-3": {
"value": "INCOME TAXDEFERRED INCOME TAXDeferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of tax-able temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are re-versed when the probability of future taxable profits improves.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty re-lated to income taxes, if any.The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and 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 in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-4": {
"value": "INCOME TAXCURRENT INCOME TAXCurrent tax is the expected tax payable/receivable on the taxable income or loss for the year, using applica-ble tax rates at the end of the reporting period, and any adjustment to tax payable/receivable in respect of previous years.DEFERRED INCOME TAXDeferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of tax-able temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are re-versed when the probability of future taxable profits improves.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty re-lated to income taxes, if any.The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and 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 in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-3": {
"value": "EARNINGS PER SHAREThe Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. The calculation for the earnings per share is as follows:\u2022 Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. \u2022 Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-4": {
"value": "PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recoverable.PPE includes equipment and office inventory, transportation and assets under construction. The estimated use-ful life of the aforementioned PPE is between 3 and 5 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-5": {
"value": "PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recoverable.PPE includes equipment and office inventory, transportation and assets under construction. The estimated use-ful life of the aforementioned PPE is between 3 and 5 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.LEASES (THE GROUP AS A LESSEE)ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable. The main lease concerns a contract for office and manufacturing space in Deurne, the Netherlands with a lease term of 5 years ending 30 September 2023. This leas contains an extension period of 5 additional years which the Group has exercised. The Group also has lease contracts which consist of cars for company personnel with a lease term between 4 and 5 years. Interest on lease liability is recognised as an expense in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-3": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of goodwill, development assets, software and assets under con-struction.DEVELOPMENT ASSETSDevelopment assets are internally generated intangible assets. The costs capitalised consist of salaries, ma-terials and services directly attributable to the development activities.Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. Impairment assess-ments have been performed and no indications of impairment have been identified.AMORTISATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use modelestimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and as-sessed for impairment whenever there is an indication that the intangible asset may be impaired. The amorti-sation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortised over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-4": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of goodwill, development assets, software and assets under con-struction.BUSINESS COMBINATIONS AND GOODWILLGoodwill represents amounts arising on acquisition of subsidiaries. All business combinations are accounted for by applying the acquisition method as at the acquisition date.Goodwill is measured as the difference between:\u2022 the aggregate of the (a) the value of the consideration transferred (generally at fair value), (b) the amount of any non-controlling interest (at fair value) and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and \u2022 the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but tested annually for impairment.DEVELOPMENT ASSETSDevelopment assets are internally generated intangible assets. The costs capitalised consist of salaries, ma-terials and services directly attributable to the development activities.Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. Impairment assess-ments have been performed and no indications of impairment have been identified.Research costs are expensed as incurred.AMORTISATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use modelestimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and as-sessed for impairment whenever there is an indication that the intangible asset may be impaired. The amorti-sation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortised over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-5": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of goodwill, development assets, software and assets under con-struction.AMORTISATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use modelestimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and as-sessed for impairment whenever there is an indication that the intangible asset may be impaired. The amorti-sation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortised over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss.TRADE RECEIVABLESTrade receivables are classified at amortised cost, initially recognised at transaction price and subsequently measured at amortised cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. At 31 December 2022, the Group had 3 customers (2021: 6) that owed more than \u20ac500,000 each and which accounted for approximately 92% (2021: 94%) of all the receivables outstanding. There were 2 customers (2021: 3 customers) with balances greater than \u20ac1 million accounting for just over 88% (2021: 78%) of the total amounts of trade receivable.The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.IMPAIRMENT OF NON-FINANCIAL ASSETSFurther disclosures relating to impairment of non-financial assets are also provided in the following accounting policies:\u2022 Property, plant and equipment\u2022 Intangible assets, including goodwill \u2022 Right-of-use-assets\u2022 Significant accounting judgements, estimates and assumptions (note 4)The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into ac-count. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on most recent budgets and forecast calculations, which are pre-pared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.The Group assesses where climate risks could have a significant impact, such as the introduction of emis-sion-reduction legislation that may increase manufacturing costs. Although the introduction of such legis-lation would also result in a higher demand for the Group, these risks in relation to climate-related matters would be included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash flow forecasts in assessing value-in-use amounts.4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSIMPAIRMENT OF GOODWILLGoodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carry-ing amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on the fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. Level 3 input is a Discounted Cash Flow (\u201cDCF\u201d) model in which the cash flows are derived from the forecast for the next five years and includes the cash flows of the future investments that will enhance the performance of the assets of the CGU being tested. As the Group continues to invest significantly in the future growth of the Company, the fair value less costs of disposal model is consi-dered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity analysis, are disclosed and further explained in Note 13. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-6": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of goodwill, development assets, software and assets under con-struction.AMORTISATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use modelestimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and as-sessed for impairment whenever there is an indication that the intangible asset may be impaired. The amorti-sation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortised over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss.IMPAIRMENT OF NON-FINANCIAL ASSETSFurther disclosures relating to impairment of non-financial assets are also provided in the following accounting policies:\u2022 Property, plant and equipment\u2022 Intangible assets, including goodwill \u2022 Right-of-use-assets\u2022 Significant accounting judgements, estimates and assumptions (note 4)The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into ac-count. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on most recent budgets and forecast calculations, which are pre-pared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.The Group assesses where climate risks could have a significant impact, such as the introduction of emis-sion-reduction legislation that may increase manufacturing costs. Although the introduction of such legis-lation would also result in a higher demand for the Group, these risks in relation to climate-related matters would be included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash flow forecasts in assessing value-in-use amounts.4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSIMPAIRMENT OF GOODWILLGoodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carry-ing amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on the fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. Level 3 input is a Discounted Cash Flow (\u201cDCF\u201d) model in which the cash flows are derived from the forecast for the next five years and includes the cash flows of the future investments that will enhance the performance of the assets of the CGU being tested. As the Group continues to invest significantly in the future growth of the Company, the fair value less costs of disposal model is consi-dered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity analysis, are disclosed and further explained in Note 13. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-4": {
"value": "BUSINESS COMBINATIONS AND GOODWILLGoodwill represents amounts arising on acquisition of subsidiaries. All business combinations are accounted for by applying the acquisition method as at the acquisition date.Goodwill is measured as the difference between:\u2022 the aggregate of the (a) the value of the consideration transferred (generally at fair value), (b) the amount of any non-controlling interest (at fair value) and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and \u2022 the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but tested annually for impairment.AMORTISATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use modelestimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and as-sessed for impairment whenever there is an indication that the intangible asset may be impaired. The amorti-sation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortised over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-5": {
"value": "BUSINESS COMBINATIONS AND GOODWILLGoodwill represents amounts arising on acquisition of subsidiaries. All business combinations are accounted for by applying the acquisition method as at the acquisition date.Goodwill is measured as the difference between:\u2022 the aggregate of the (a) the value of the consideration transferred (generally at fair value), (b) the amount of any non-controlling interest (at fair value) and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and \u2022 the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but tested annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-6": {
"value": "BUSINESS COMBINATIONS AND GOODWILLGoodwill represents amounts arising on acquisition of subsidiaries. All business combinations are accounted for by applying the acquisition method as at the acquisition date.Goodwill is measured as the difference between:\u2022 the aggregate of the (a) the value of the consideration transferred (generally at fair value), (b) the amount of any non-controlling interest (at fair value) and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and \u2022 the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but tested annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f42839": {
"value": "Research costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-3": {
"value": "INVESTMENT IN ASSOCIATES ASSOCIATESAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in associates are accounted for using the equity method of accounting (see below), after initially being recognised at cost. On acquisition of the investment, any difference between the cost of the investment and the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities is accounted for as follows:(a) Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. (b) Any excess of the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity\u2019s share of the associate or joint venture\u2019s profit or loss in the period in which the investment is acquired.EQUITY METHODUnder the equity method of accounting, the investments are initially recognised at cost and adjusted there-after to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the en-tity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-4": {
"value": "INVESTMENT IN ASSOCIATES ASSOCIATESAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in associates are accounted for using the equity method of accounting (see below), after initially being recognised at cost. On acquisition of the investment, any difference between the cost of the investment and the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities is accounted for as follows:(a) Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. (b) Any excess of the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity\u2019s share of the associate or joint venture\u2019s profit or loss in the period in which the investment is acquired.EQUITY METHODUnder the equity method of accounting, the investments are initially recognised at cost and adjusted there-after to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the en-tity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-3": {
"value": "INVENTORIESInventories are the assets sold in the ordinary course of business. Inventories are measured at the lower of cost and net realisable value. The cost price of the inventory is determined based on the weighted average purchase price method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-5": {
"value": "CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months.Cash is classified at amortised cost, initially recognised at fair value and subsequently measured at amor-tised cost less impairments based on the general ECL approach. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-3": {
"value": "EQUITYOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of the ordinary shares are netted, net of tax, from the proceeds.The Group evaluates its equity instruments, including its preferred shares. Certain instruments contain as-pects which would require their classification as either liabilities or compound instruments which would con-tain both equity and liability components, including whether or not the Group has a contractual obligation to deliver cash or financial asset to another party. Equity classification is only appropriate if the Group has an unconditional right to avoid delivering cash or other financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-4": {
"value": "NON-CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)Financial liabilities (non-derivatives) are initially measured at fair value less transaction costs and subse-quently measured at amortised cost.CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)The financial liabilities (non-derivatives) are initially measured at fair value and subsequently at amortised cost. The fair value of the current financial liabilities approximates the book value due to its short-term nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-5": {
"value": "LEASES (THE GROUP AS A LESSEE)The Group assesses whether a contract is or contains a lease at the inception of the contract to determine whether an asset is identifiable, and the lessee has control to direct its use, and receives all economic bene-fits related to the asset.The Group recognises a right-of-use asset (\u201cROU asset\u201d) and a corresponding lease liability with respect to all lease arrangements in which it is a lessee. The lease liability is initially measured by calculating the present value of all future lease payments, discounted by the incremental borrowing rate. All future lease payments are fixed in nature with exception of yearly indexations. The interest on the lease liability for each period from the discount rate is recognised in the profit or loss statement for the year. At initial recognition, the ROU asset amounts to the initial lease liability adjusted for any initial direct costs or the expected costs for dismantling.In case of changes in the lease term or other conditions, the Group will reassess the discount rate and the remaining lease payments. The Group shall remeasure the carrying amount of the lease liability to reflect a reassessment or lease modification, using a revised discount rate, if any. ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable. The main lease concerns a contract for office and manufacturing space in Deurne, the Netherlands with a lease term of 5 years ending 30 September 2023. This leas contains an extension period of 5 additional years which the Group has exercised. The Group also has lease contracts which consist of cars for company personnel with a lease term between 4 and 5 years. Interest on lease liability is recognised as an expense in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-3": {
"value": "PROVISIONSProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. By nature, provisions include uncertainty and if the actual outcome differs froprovm the assumptions, the estimated provision will be revised, and this could have an effect on the financial position and results of the Group.PROVISION FOR WARRANTIESProvisions for warranties are recognised when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated.Assurance-type warranties are not distinct within customer contracts. Service-type warranties are account-ed for as separate performance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognised as the Group performs its obligation.Provisions related to assurance-type warranties are measured at the present value of the expenditures ex-pected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-3": {
"value": "RELATED PARTY TRANSACTIONSA related party is a person or an entity that is related to the reporting entity: \u2022 A person or a close member of that person\u2019s family is related to the Group if that person has control, joint control, or significant influence over the Group or is a member of its key management personnel.\u2022 An entity is related to the Group if, among other circumstances, it is a parent, subsidiary, fellow subsidiary, associate, or joint venture of the Group, or it is controlled, jointly controlled, or significantly influenced or managed by a person who is a related party.A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.The Group discloses the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for understanding of the potential effect of the relationship on the fi-nancial statements. These disclosures are made separately for each category of related parties.Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-3": {
"value": "COMMITMENTS, CONTINGENT ASSETS AND LIABILITIESContingent liabilities and assets do not meet the recognition criteria. The Group discloses a contingent liability if there is a possible obligation that arises from past evens and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events that are not wholly within the control of the Group. The liability is not recognized because it is not probable that a outflow of resources will take place to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. When the possibility of an outflow of resources is remote, no contingent liability is disclosed.The Group discloses a contingent asset if there a possible asset that arises from past events and whose exis-tence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. The asset is only disclosed when the possibility of an inflow of resources is probably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-2": {
"value": "3.4 NEW AND AMENDED IFRS ACCOUNTING STANDARDS THAT ARE EFFECTIVE FOR THE CURRENT YEARIn the current year, the Group has applied a number of amendments to existing IFRS standards that are man-datorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.\u2022 Amendments to IFRS 3 Reference to the Conceptual Framework;\u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract;\u2022 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use. The Group concluded that the amendments to the following existing IFRS standards do not have an impact:\u2022 Amendments to IFRS 1 First time adoption\u2022 Amendments to IFRS 9; Fees in 10 % test for derecognition\u2022 Amendments to IAS 41 Agriculture \u2013 Taxation in fair value measurements3.5 NEW AND REVISED IFRS ACCOUNTING STANDARDS IN ISSUE BUT NOT YET EFFECTIVEThe Group has not applied the following new and revised IFRS\u2019s that have been issued, but are not yet effec-tive:\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current - Deferral of Effective Date (applica-ble for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU);\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Ac-counting Estimates (applicable for annual periods beginning on or after 1 January 2023, but not yet endor-sed in the EU);\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2: Making Materiality Judgements (applicable for annual periods beginning on or after 1 January 2023);\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU);\u2022 The IFRS 17 Insurance Contracts standard (applicable for annual periods beginning on or after 1 January 2023), is not relevant to the Group and therefore will not be detailed further in these financial statements.The impact of the adoption of the above new standards is still being determined, but not expected to be ma-terial on the consolidated financial statements.The Group plans to adopt these standards on their respective dates. 23. PROVISIONS PROVISION FOR ASSURANCE-TYPE WARRANTIESHistorically, the Group was unable to reliably estimate warranty expense related to its assurance-type war-ranties. The production of zero-emission buses is based on new technology for a relatively small customer base for which insufficient historical information regarding warranty expenses was available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. Therefore the Group did not record a provision for warranty expense in prior year(s). In 2022 the Group was able to collect additional historical information with sufficient details regarding actual warranty claims incurred for buses of which the warranty period expired in the course of 2022. Based on this additional historical data a more reliable estimate was made. The Group included the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The effect of the change in the accounting estimate amounts to \u20ac671 and is recorded prospectively in 2022. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period has expired at 31 December 2022. A change of the claims as per-centage of revenue by 0.25% would result in a change in the provision of \u20ac105. The effect of discounting is immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-3": {
"value": "3.4 NEW AND AMENDED IFRS ACCOUNTING STANDARDS THAT ARE EFFECTIVE FOR THE CURRENT YEARIn the current year, the Group has applied a number of amendments to existing IFRS standards that are man-datorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.\u2022 Amendments to IFRS 3 Reference to the Conceptual Framework;\u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract;\u2022 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use. The Group concluded that the amendments to the following existing IFRS standards do not have an impact:\u2022 Amendments to IFRS 1 First time adoption\u2022 Amendments to IFRS 9; Fees in 10 % test for derecognition\u2022 Amendments to IAS 41 Agriculture \u2013 Taxation in fair value measurements3.5 NEW AND REVISED IFRS ACCOUNTING STANDARDS IN ISSUE BUT NOT YET EFFECTIVEThe Group has not applied the following new and revised IFRS\u2019s that have been issued, but are not yet effec-tive:\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current - Deferral of Effective Date (applica-ble for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU);\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Ac-counting Estimates (applicable for annual periods beginning on or after 1 January 2023, but not yet endor-sed in the EU);\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2: Making Materiality Judgements (applicable for annual periods beginning on or after 1 January 2023);\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU);\u2022 The IFRS 17 Insurance Contracts standard (applicable for annual periods beginning on or after 1 January 2023), is not relevant to the Group and therefore will not be detailed further in these financial statements.The impact of the adoption of the above new standards is still being determined, but not expected to be ma-terial on the consolidated financial statements.The Group plans to adopt these standards on their respective dates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-2": {
"value": "4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSBelow is a summary of the Group\u2019s significant accounting judgements, estimates, and assumptions. PERCENTAGE OF COMPLETION OF CUSTOMER CONTRACTS In determining the stage of completion, the Group makes a critical estimate of the remaining cost. This esti-mation requires a consistent judgment (forecast) of the final outcome of the project, including costs to come and variance analyses of divergences compared with earlier assessment dates. Estimates are an inherent part of this assessment and actual future outcome may deviate from the estimated outcome. Historical ex-perience has also shown that estimates are, on the whole, sufficiently reliable. Estimates and judgements are made relating to a number of factors when assessing contracts. These primarily include the program of work throughout the contract period and an assessment of future costs after considering any changes in the scope of work. The Group reviews its estimates for its contracts with customers for buses, which are recorded under the percentage of completion method and, based on the data available to the Group, may record adjustments to its calculations as appropriate. Reference is made to Note 6.1 for further details.VALUATION DEFERRED TAX ASSET Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Further details on taxes are dis-closed in Note 10.IMPAIRMENT OF GOODWILLGoodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carry-ing amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on the fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. Level 3 input is a Discounted Cash Flow (\u201cDCF\u201d) model in which the cash flows are derived from the forecast for the next five years and includes the cash flows of the future investments that will enhance the performance of the assets of the CGU being tested. As the Group continues to invest significantly in the future growth of the Company, the fair value less costs of disposal model is consi-dered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity analysis, are disclosed and further explained in Note 13. ESTIMATION USEFUL LIFE OF INTANGIBLE ASSETS The Group has made a significant estimate of the useful life of Development assets and Software. Uncertain-ty about this estimate could result in significant changes in the reported amount of amortisation expenses and, subsequently, in result for the year. The estimated useful life of intangible assets is between 3 - 5 years. Reference is made to Note 13.PROVISION FOR WARRANTIESTypically, the Group provides a 2 year assurance-type warranty on the buses that it sells to customers. The Group generally bears the risk that products/components will bear any manufacturing defect and/or defect in material. Back-to-back warranty from suppliers apply as additional assurance in case the Group can, for whatever reason, not fulfil their liabilities of the battery warranty to the customer. In addition, the Company generally has back-to-back guarantees in place for key spare parts.The production of zero emission buses is based on new technology for a relatively small customer base for which relatively limited historical information regarding warranty expenses is available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. A warranty pro-vision is recognized for the products sold to which the warranty period has not yet expired. The Group in-cluded the best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for all products. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. Further details are disclosed in Note 23.13. INTANGIBLE ASSETS13.1 GOODWILLThe goodwill recognised is related to the Pondus acquisition in 2021. The Group assessed the recoverable amount of the cash-generating unit (CGU) for annual goodwill impairment testing purposes. The CGU is the Ebusco business in total, excluding future cash flows related to the sale of energy containers. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a Discounted Cash Flow (DCF) model that does not include significant future investments that will enhance the performance of the assets of the CGU being tested. The fair value less cost of disposal model includes the cash flows related to future investments. As the Group continues to invest significantly in the future growth of the Company, this model is considered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current mar-ket conditions. For the purpose of the goodwill impairment assessment, the fair value less cost of disposal exceeds the outcome of the value in use calculation. If either of the fair value less cost of disposal and the value in use amounts exceeds the asset\u2019s carrying amount, the asset is not impaired and it is not necessary to estimate the other value. The fair value less costs of disposal calculation is based on a fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. For the annual goodwill impairment anal-ysis of 2022, level 3 data was used to determine the recoverable amount of the CGU. Level 3 input is a DCF model in which the cash flows are derived from the forecast for the next five years. In 2021 the recoverable amount of the cash-generating unit, the Ebusco business in total, was also based on a fair value less cost of disposal basis. As Ebusco became listed on the Euronext after a successful IPO at the end of October 2021, the Group concluded that the fair value less cost of disposal was determined using a observable market price (level 1 input): the IPO offer share price of \u20ac23.00 per share and a market capitalization post listing for ap-proximately \u20ac1.3 billion. This was significantly higher than the carrying amount and no impairment had been identified in 2021. As such observable data was not directly available and observable in 2022, the Group has used the level 3 valuation technique.The recoverable amount at 31 December 2022 based on the level 3 Discounted Cash Flow model significantly exceeds the carrying amount of \u20ac270 million and no impairment loss has been recognised in 2022. The car-rying amount does not include intangible assets with indefinite useful lives. A key assumptions used in the DCF model is the pre-tax WACC (weighted average cost of capital) of 11.95%. This corresponds to a discount rate of 9.7%. The period used for discounting cash flows is infinite. For determining the future cash flows the medium-term plans of the Group were used. The assumptions from the medium-term plans are based on past experience and external sources of information. The plan covers a period of 5 years. Cash flows after 5 years are extrapolated with an estimated future inflation of 2%. Another important estimate in the cash flow forecast is the expected turnover growth. The growth is based on the order book and the medium-term inter-national expansion objective to significantly increase manufacturing, production and assembly as defined during the IPO. 23. PROVISIONS PROVISION FOR ASSURANCE-TYPE WARRANTIESHistorically, the Group was unable to reliably estimate warranty expense related to its assurance-type war-ranties. The production of zero-emission buses is based on new technology for a relatively small customer base for which insufficient historical information regarding warranty expenses was available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. Therefore the Group did not record a provision for warranty expense in prior year(s). In 2022 the Group was able to collect additional historical information with sufficient details regarding actual warranty claims incurred for buses of which the warranty period expired in the course of 2022. Based on this additional historical data a more reliable estimate was made. The Group included the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The effect of the change in the accounting estimate amounts to \u20ac671 and is recorded prospectively in 2022. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period has expired at 31 December 2022. A change of the claims as per-centage of revenue by 0.25% would result in a change in the provision of \u20ac105. The effect of discounting is immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-3": {
"value": "4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSBelow is a summary of the Group\u2019s significant accounting judgements, estimates, and assumptions. PERCENTAGE OF COMPLETION OF CUSTOMER CONTRACTS In determining the stage of completion, the Group makes a critical estimate of the remaining cost. This esti-mation requires a consistent judgment (forecast) of the final outcome of the project, including costs to come and variance analyses of divergences compared with earlier assessment dates. Estimates are an inherent part of this assessment and actual future outcome may deviate from the estimated outcome. Historical ex-perience has also shown that estimates are, on the whole, sufficiently reliable. Estimates and judgements are made relating to a number of factors when assessing contracts. These primarily include the program of work throughout the contract period and an assessment of future costs after considering any changes in the scope of work. The Group reviews its estimates for its contracts with customers for buses, which are recorded under the percentage of completion method and, based on the data available to the Group, may record adjustments to its calculations as appropriate. Reference is made to Note 6.1 for further details.VALUATION DEFERRED TAX ASSET Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Further details on taxes are dis-closed in Note 10.IMPAIRMENT OF GOODWILLGoodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carry-ing amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on the fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. Level 3 input is a Discounted Cash Flow (\u201cDCF\u201d) model in which the cash flows are derived from the forecast for the next five years and includes the cash flows of the future investments that will enhance the performance of the assets of the CGU being tested. As the Group continues to invest significantly in the future growth of the Company, the fair value less costs of disposal model is consi-dered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity analysis, are disclosed and further explained in Note 13. ESTIMATION USEFUL LIFE OF INTANGIBLE ASSETS The Group has made a significant estimate of the useful life of Development assets and Software. Uncertain-ty about this estimate could result in significant changes in the reported amount of amortisation expenses and, subsequently, in result for the year. The estimated useful life of intangible assets is between 3 - 5 years. Reference is made to Note 13.PROVISION FOR WARRANTIESTypically, the Group provides a 2 year assurance-type warranty on the buses that it sells to customers. The Group generally bears the risk that products/components will bear any manufacturing defect and/or defect in material. Back-to-back warranty from suppliers apply as additional assurance in case the Group can, for whatever reason, not fulfil their liabilities of the battery warranty to the customer. In addition, the Company generally has back-to-back guarantees in place for key spare parts.The production of zero emission buses is based on new technology for a relatively small customer base for which relatively limited historical information regarding warranty expenses is available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. A warranty pro-vision is recognized for the products sold to which the warranty period has not yet expired. The Group in-cluded the best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for all products. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. Further details are disclosed in Note 23.13. INTANGIBLE ASSETS13.1 GOODWILLThe goodwill recognised is related to the Pondus acquisition in 2021. The Group assessed the recoverable amount of the cash-generating unit (CGU) for annual goodwill impairment testing purposes. The CGU is the Ebusco business in total, excluding future cash flows related to the sale of energy containers. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a Discounted Cash Flow (DCF) model that does not include significant future investments that will enhance the performance of the assets of the CGU being tested. The fair value less cost of disposal model includes the cash flows related to future investments. As the Group continues to invest significantly in the future growth of the Company, this model is considered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current mar-ket conditions. For the purpose of the goodwill impairment assessment, the fair value less cost of disposal exceeds the outcome of the value in use calculation. If either of the fair value less cost of disposal and the value in use amounts exceeds the asset\u2019s carrying amount, the asset is not impaired and it is not necessary to estimate the other value. The fair value less costs of disposal calculation is based on a fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. For the annual goodwill impairment anal-ysis of 2022, level 3 data was used to determine the recoverable amount of the CGU. Level 3 input is a DCF model in which the cash flows are derived from the forecast for the next five years. In 2021 the recoverable amount of the cash-generating unit, the Ebusco business in total, was also based on a fair value less cost of disposal basis. As Ebusco became listed on the Euronext after a successful IPO at the end of October 2021, the Group concluded that the fair value less cost of disposal was determined using a observable market price (level 1 input): the IPO offer share price of \u20ac23.00 per share and a market capitalization post listing for ap-proximately \u20ac1.3 billion. This was significantly higher than the carrying amount and no impairment had been identified in 2021. As such observable data was not directly available and observable in 2022, the Group has used the level 3 valuation technique.The recoverable amount at 31 December 2022 based on the level 3 Discounted Cash Flow model significantly exceeds the carrying amount of \u20ac270 million and no impairment loss has been recognised in 2022. The car-rying amount does not include intangible assets with indefinite useful lives. A key assumptions used in the DCF model is the pre-tax WACC (weighted average cost of capital) of 11.95%. This corresponds to a discount rate of 9.7%. The period used for discounting cash flows is infinite. For determining the future cash flows the medium-term plans of the Group were used. The assumptions from the medium-term plans are based on past experience and external sources of information. The plan covers a period of 5 years. Cash flows after 5 years are extrapolated with an estimated future inflation of 2%. Another important estimate in the cash flow forecast is the expected turnover growth. The growth is based on the order book and the medium-term inter-national expansion objective to significantly increase manufacturing, production and assembly as defined during the IPO. 23. PROVISIONS PROVISION FOR ASSURANCE-TYPE WARRANTIESHistorically, the Group was unable to reliably estimate warranty expense related to its assurance-type war-ranties. The production of zero-emission buses is based on new technology for a relatively small customer base for which insufficient historical information regarding warranty expenses was available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. Therefore the Group did not record a provision for warranty expense in prior year(s). In 2022 the Group was able to collect additional historical information with sufficient details regarding actual warranty claims incurred for buses of which the warranty period expired in the course of 2022. Based on this additional historical data a more reliable estimate was made. The Group included the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The effect of the change in the accounting estimate amounts to \u20ac671 and is recorded prospectively in 2022. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period has expired at 31 December 2022. A change of the claims as per-centage of revenue by 0.25% would result in a change in the provision of \u20ac105. The effect of discounting is immaterial.",
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-4": {
"value": "4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSBelow is a summary of the Group\u2019s significant accounting judgements, estimates, and assumptions. PERCENTAGE OF COMPLETION OF CUSTOMER CONTRACTS In determining the stage of completion, the Group makes a critical estimate of the remaining cost. This esti-mation requires a consistent judgment (forecast) of the final outcome of the project, including costs to come and variance analyses of divergences compared with earlier assessment dates. Estimates are an inherent part of this assessment and actual future outcome may deviate from the estimated outcome. Historical ex-perience has also shown that estimates are, on the whole, sufficiently reliable. Estimates and judgements are made relating to a number of factors when assessing contracts. These primarily include the program of work throughout the contract period and an assessment of future costs after considering any changes in the scope of work. The Group reviews its estimates for its contracts with customers for buses, which are recorded under the percentage of completion method and, based on the data available to the Group, may record adjustments to its calculations as appropriate. Reference is made to Note 6.1 for further details.VALUATION DEFERRED TAX ASSET Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Further details on taxes are dis-closed in Note 10.IMPAIRMENT OF GOODWILLGoodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carry-ing amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on the fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. Level 3 input is a Discounted Cash Flow (\u201cDCF\u201d) model in which the cash flows are derived from the forecast for the next five years and includes the cash flows of the future investments that will enhance the performance of the assets of the CGU being tested. As the Group continues to invest significantly in the future growth of the Company, the fair value less costs of disposal model is consi-dered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity analysis, are disclosed and further explained in Note 13. ESTIMATION USEFUL LIFE OF INTANGIBLE ASSETS The Group has made a significant estimate of the useful life of Development assets and Software. Uncertain-ty about this estimate could result in significant changes in the reported amount of amortisation expenses and, subsequently, in result for the year. The estimated useful life of intangible assets is between 3 - 5 years. Reference is made to Note 13.PROVISION FOR WARRANTIESTypically, the Group provides a 2 year assurance-type warranty on the buses that it sells to customers. The Group generally bears the risk that products/components will bear any manufacturing defect and/or defect in material. Back-to-back warranty from suppliers apply as additional assurance in case the Group can, for whatever reason, not fulfil their liabilities of the battery warranty to the customer. In addition, the Company generally has back-to-back guarantees in place for key spare parts.The production of zero emission buses is based on new technology for a relatively small customer base for which relatively limited historical information regarding warranty expenses is available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. A warranty pro-vision is recognized for the products sold to which the warranty period has not yet expired. The Group in-cluded the best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for all products. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. Further details are disclosed in Note 23.13. INTANGIBLE ASSETS13.1 GOODWILLThe goodwill recognised is related to the Pondus acquisition in 2021. The Group assessed the recoverable amount of the cash-generating unit (CGU) for annual goodwill impairment testing purposes. The CGU is the Ebusco business in total, excluding future cash flows related to the sale of energy containers. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a Discounted Cash Flow (DCF) model that does not include significant future investments that will enhance the performance of the assets of the CGU being tested. The fair value less cost of disposal model includes the cash flows related to future investments. As the Group continues to invest significantly in the future growth of the Company, this model is considered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current mar-ket conditions. For the purpose of the goodwill impairment assessment, the fair value less cost of disposal exceeds the outcome of the value in use calculation. If either of the fair value less cost of disposal and the value in use amounts exceeds the asset\u2019s carrying amount, the asset is not impaired and it is not necessary to estimate the other value. The fair value less costs of disposal calculation is based on a fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. For the annual goodwill impairment anal-ysis of 2022, level 3 data was used to determine the recoverable amount of the CGU. Level 3 input is a DCF model in which the cash flows are derived from the forecast for the next five years. In 2021 the recoverable amount of the cash-generating unit, the Ebusco business in total, was also based on a fair value less cost of disposal basis. As Ebusco became listed on the Euronext after a successful IPO at the end of October 2021, the Group concluded that the fair value less cost of disposal was determined using a observable market price (level 1 input): the IPO offer share price of \u20ac23.00 per share and a market capitalization post listing for ap-proximately \u20ac1.3 billion. This was significantly higher than the carrying amount and no impairment had been identified in 2021. As such observable data was not directly available and observable in 2022, the Group has used the level 3 valuation technique.The recoverable amount at 31 December 2022 based on the level 3 Discounted Cash Flow model significantly exceeds the carrying amount of \u20ac270 million and no impairment loss has been recognised in 2022. The car-rying amount does not include intangible assets with indefinite useful lives. A key assumptions used in the DCF model is the pre-tax WACC (weighted average cost of capital) of 11.95%. This corresponds to a discount rate of 9.7%. The period used for discounting cash flows is infinite. For determining the future cash flows the medium-term plans of the Group were used. The assumptions from the medium-term plans are based on past experience and external sources of information. The plan covers a period of 5 years. Cash flows after 5 years are extrapolated with an estimated future inflation of 2%. Another important estimate in the cash flow forecast is the expected turnover growth. The growth is based on the order book and the medium-term inter-national expansion objective to significantly increase manufacturing, production and assembly as defined during the IPO. 23. PROVISIONS PROVISION FOR ASSURANCE-TYPE WARRANTIESHistorically, the Group was unable to reliably estimate warranty expense related to its assurance-type war-ranties. The production of zero-emission buses is based on new technology for a relatively small customer base for which insufficient historical information regarding warranty expenses was available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. Therefore the Group did not record a provision for warranty expense in prior year(s). In 2022 the Group was able to collect additional historical information with sufficient details regarding actual warranty claims incurred for buses of which the warranty period expired in the course of 2022. Based on this additional historical data a more reliable estimate was made. The Group included the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The effect of the change in the accounting estimate amounts to \u20ac671 and is recorded prospectively in 2022. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period has expired at 31 December 2022. A change of the claims as per-centage of revenue by 0.25% would result in a change in the provision of \u20ac105. The effect of discounting is immaterial.",
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-110-4": {
"value": "5. ACQUISITIONS AND MERGERSACQUISITION IN 2021 OF 60% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 19 April 2021, the Group acquired 60% of the voting shares of its associate Pondus Holding B.V. (Pondus), raising its total shareholding of Pondus Holding to 80% and upon the acquisition date the Group gained con-trol of Pondus. Pondus Holding B.V. is the parent company of Pondus Operations B.V. (90% ownership) and Pondus R&D B.V. (100% ownership).Pondus is involved in the research and production of lightweight composite materials suitable for use in constructing electric zero emission buses. Pondus\u2019 principal place of business is the Netherlands. The Group acquired Pondus for the purpose of using proprietary technology to develop and manufacture lightweight carrying structures and parts for use in the Group\u2019s buses. The considerations included the following:\u2022 \u20ac16.6 million (the initial purchase price) paid by the Purchaser on completion of the acquisition;\u2022 \u20ac5.0 million (the deferred purchase price) of contingent consideration paid by the Purchaser upon the ini-tial public offering (\u201cIPO\u201d) in October 2021;\u2022 \u20ac0.75 million (earn out) of contingent consideration also paid upon the IPO in October 2021.At the acquisition date, the fair value of the contingent consideration was estimated to be \u20ac5.8 million. The Group considered the IPO to be a probable event within the next three months; the IPO actually occurred on 22 October 2021. Considering the short period of time, the discounting was negligible.The purchase price allocation is as follows:Fair value of identifiable net assetsNon-current assetsProperty, plant and equipment 1,563Intangible assets 4,246Non-current financial assets 53Total non-current assets 5,862 Net working capitalReceivables from related parties 1,605Other current assets 26Trade payables (110)Payables to related parties (1,051)Other current liabilities (351)Total net working capital 119Non-controlling interest (10% in Pondus Operations) (86)Loans and borrowings (7,909)Cash and cash equivalents 6Subtotal: Identifiable net assets acquired at fair value (2,008)Fair value of non-controlling interest 7,450Fair value of previously held equity interest 7,450Fair value of consideration transferred- Cash 16,600- Contingent consideration 5,750Subtotal: Consideration transferred 37,250Goodwill arising on acquisition 39,258Goodwill is attributable to the assembled workforce of Pondus, expected synergies, and expected future sales and customers. The goodwill is not deductible for income tax purposes. At the acquisition date, the carrying value of the Group\u2019s 20% interest in Pondus was nihil. Accordingly, the Group recognised a gain of \u20ac7.5 million as a result of remeasuring the carrying amount of its \u2018Investment in associates\u2019 at fair value. The Group has elected to measure the non-controlling interest in Pondus at fair value; the non-controlling interest is determined based on Pondus\u2019 full amount of goodwill. As a result, the value of the non-controlling interest is \u20ac7.5 million. ACQUISITION IN 2021 OF REMAINING 20% OF THE VOTING SHARES OF PONDUS HOLDING B.V. On 18 October 2021, the Group acquired the remaining 20% of the shares in Pondus through the acquisition of 100% of the shares of Gr8 Technologies B.V., owning the remaining 20% of the voting shares of Pondus Holding B.V. The Group acquired the shares of Gr8 Technologies B.V. from its previous shareholders, being two persons (participating for 50% each) affiliated to VDVI B.V., one of the existing shareholders of Ebusco Holding N.V. Holding the shares in Pondus Holding B.V. was the only activity of Gr8 Technologies B.V.; Gr8 Technologies B.V. is expected to be liquidated in the first half of 2022.The net cash outflow amounted to \u20ac19,996 (being \u20ac20,000 less cash acquired). Following the acquisition, the carrying value of the non-controlling interest of \u20ac7,190 has been reclassified to the equity of Ebusco Holding N.V., and the difference between the fair value of the consideration paid and the carrying value of the non-controlling interest being \u20ac12,806 has been charged against the Company\u2019s share premium.Accordingly, the total cash outflow from investments in group companies (net of cash acquired) amounted to \u20ac22,344 and cash outflow from acquisition of non-controlling interest amounted to \u20ac19,996. In 2021, Pondus did not contribute to the Group\u2019s consolidated revenue and contributed a loss of \u20ac1,713 to the Group\u2019s consolidated operating result. If the acquisition had occurred on 1 January 2021, the acquired business would not have contributed to consolidated revenue and would have contributed a loss of \u20ac2,381 to consolidated operating result. Total transaction costs incurred amount to \u20ac85 thousand for both acquisitions.MERGER OF PONDUS GROUP ENTITIES IN 2022In December 2022, the following mergers took place:\u2022 Pondus Holding B.V. (acquiring entity) merged with Pondus R&D B.V. (disappearing entity);\u2022 Ebusco B.V. (acquiring entity) merged with Pondus Holding B.V. (disappearing entity).As this merger is under common control it has been accounted for in line with the \u2018pooling of interest\u2019-method, meaning the mergers are recognised as if these entities had always been combined.After the merger Ebusco B.V. directly holds the 90% interest in Pondus Operations B.V.ACQUISITION IN 2022 OF 48.57% OF THE VOTING SHARES OF ZERO EMISSION SERVICES (ZES) B.V. On 28 January 2022, Ebusco Energy B.V. acquired 40% of the voting shares of Zero Emission Services B.V. (ZES), a provider of all-in concepts for emission-free inland shipping in the Netherlands. The consideration paid amounts to one euro. ZES and Ebusco share their commitment to zero-emission transportation. As their solutions are highly complementary, together Ebusco and ZES can significantly increase their joint impact in the maritime sector. ZES was founded in May 2020 and offers a complete range of products and services, based on interchange-able battery containers charged with renewable power, charging stations, technical support and an innova-tive pay per use concept for ship owners. In September 2021 the first emission-free inland shipping vessel, with energy containers from ZES, commenced operation. ZES was founded by ING bank, energy and technical service provider ENGIE, maritime technology company W\u00e4rtsil\u00e4 and the Port of Rotterdam Authority. Ebusco took over its 40% stake from ENGIE, one of the founding shareholders of ZES. All shareholders provide equity, expertise and staff to support ZES in its development. On 8 November 2022 the shareholders of ZES were granted the option to subscribe to an additional share issuance. As a result the Group acquired an additional 8.57% of the voting shares of ZES. The consideration paid amounts to an additional \u20ac1,500. The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment of 40% is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES (euro 1). Reference is made to Note 14 for subsequent measurement.",
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"value": "5. ACQUISITIONS AND MERGERSACQUISITION IN 2022 OF 48.57% OF THE VOTING SHARES OF ZERO EMISSION SERVICES (ZES) B.V. On 28 January 2022, Ebusco Energy B.V. acquired 40% of the voting shares of Zero Emission Services B.V. (ZES), a provider of all-in concepts for emission-free inland shipping in the Netherlands. The consideration paid amounts to one euro. ZES and Ebusco share their commitment to zero-emission transportation. As their solutions are highly complementary, together Ebusco and ZES can significantly increase their joint impact in the maritime sector. ZES was founded in May 2020 and offers a complete range of products and services, based on interchange-able battery containers charged with renewable power, charging stations, technical support and an innova-tive pay per use concept for ship owners. In September 2021 the first emission-free inland shipping vessel, with energy containers from ZES, commenced operation. ZES was founded by ING bank, energy and technical service provider ENGIE, maritime technology company W\u00e4rtsil\u00e4 and the Port of Rotterdam Authority. Ebusco took over its 40% stake from ENGIE, one of the founding shareholders of ZES. All shareholders provide equity, expertise and staff to support ZES in its development. On 8 November 2022 the shareholders of ZES were granted the option to subscribe to an additional share issuance. As a result the Group acquired an additional 8.57% of the voting shares of ZES. The consideration paid amounts to an additional \u20ac1,500. The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment of 40% is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES (euro 1). Reference is made to Note 14 for subsequent measurement.14. INVESTMENT IN AN ASSOCIATEThe Group has a 40% interest in Zero Emission Services (ZES) B.V. as per 28 January 2022 and a 48.57% interest as per 8 November 2022. Further disclosure concerning the acquisition of ZES is disclosed in Note 5.ZES offers a complete range of products and services, based on interchangeable battery containers charged with renewable power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarised financial information of the Group\u2019s invest-ment in ZES:Investment in an associate2022Current assets 15,769Non-current assets 2,703Current liabilities (15,111)Non-current liabilities -Equity 3,362Group\u2019s share in equity (48.57%) 1,633Fair value adjustment (565)Group\u2019s carrying amount of the investment 1,068Revenue from contracts with customers 163Cost of sales (309)Administrative expenses (1,069)Profit/(loss) before tax (1,215)Income tax expense -Profit/(loss) for the year (continuing operations) (1,215)Other comprehensive income/loss -Total comprehensive income for the year (continuing operations) (1,215)Group\u2019s share of the loss (432)On 11 November 2022, the Group approved another contribution in a proposed new share issuance of ZES. On 21 February 2023 the capital contribution was approved and paid. The Group contributed \u20ac2.35 million and as a result the interest in the associate increased to 49.39%. At 31 December 2022 the associate has a commitment to purchase energy containers (\u20ac10.4 million) from Ebusco Energy B.V.",
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"pp-value-110-6": {
"value": "5. ACQUISITIONS AND MERGERSACQUISITION IN 2022 OF 48.57% OF THE VOTING SHARES OF ZERO EMISSION SERVICES (ZES) B.V. On 28 January 2022, Ebusco Energy B.V. acquired 40% of the voting shares of Zero Emission Services B.V. (ZES), a provider of all-in concepts for emission-free inland shipping in the Netherlands. The consideration paid amounts to one euro. ZES and Ebusco share their commitment to zero-emission transportation. As their solutions are highly complementary, together Ebusco and ZES can significantly increase their joint impact in the maritime sector. ZES was founded in May 2020 and offers a complete range of products and services, based on interchange-able battery containers charged with renewable power, charging stations, technical support and an innova-tive pay per use concept for ship owners. In September 2021 the first emission-free inland shipping vessel, with energy containers from ZES, commenced operation. ZES was founded by ING bank, energy and technical service provider ENGIE, maritime technology company W\u00e4rtsil\u00e4 and the Port of Rotterdam Authority. Ebusco took over its 40% stake from ENGIE, one of the founding shareholders of ZES. All shareholders provide equity, expertise and staff to support ZES in its development. On 8 November 2022 the shareholders of ZES were granted the option to subscribe to an additional share issuance. As a result the Group acquired an additional 8.57% of the voting shares of ZES. The consideration paid amounts to an additional \u20ac1,500. The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment of 40% is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES (euro 1). Reference is made to Note 14 for subsequent measurement.14. INVESTMENT IN AN ASSOCIATEThe Group has a 40% interest in Zero Emission Services (ZES) B.V. as per 28 January 2022 and a 48.57% interest as per 8 November 2022. Further disclosure concerning the acquisition of ZES is disclosed in Note 5.ZES offers a complete range of products and services, based on interchangeable battery containers charged with renewable power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarised financial information of the Group\u2019s invest-ment in ZES:Investment in an associate2022Current assets 15,769Non-current assets 2,703Current liabilities (15,111)Non-current liabilities -Equity 3,362Group\u2019s share in equity (48.57%) 1,633Fair value adjustment (565)Group\u2019s carrying amount of the investment 1,068Revenue from contracts with customers 163Cost of sales (309)Administrative expenses (1,069)Profit/(loss) before tax (1,215)Income tax expense -Profit/(loss) for the year (continuing operations) (1,215)Other comprehensive income/loss -Total comprehensive income for the year (continuing operations) (1,215)Group\u2019s share of the loss (432)On 11 November 2022, the Group approved another contribution in a proposed new share issuance of ZES. On 21 February 2023 the capital contribution was approved and paid. The Group contributed \u20ac2.35 million and as a result the interest in the associate increased to 49.39%. At 31 December 2022 the associate has a commitment to purchase energy containers (\u20ac10.4 million) from Ebusco Energy B.V.",
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"pp-value-116-2": {
"value": "6. REVENUE, COST OF MATERIALS AND SEGMENT REPORTINGThe activities of the Group primarily consist of the sale of zero emission buses and ancillary services and goods, including charging systems, related to the electric vehicle ecosystem. 6.1 REVENUEREVENUE FROM CONTRACTS WITH CUSTOMERS The Group earns the majority of its revenue from its single performance obligation of the sale and supply of zero emission buses. The other primary performance obligations include a sale and supply of zero emission bus chargers, a guarantee to provide a complete change of batteries, repair and maintenance services and extended warranty. Performance obligations for other services and goods, including supply of bus charging systems, are ancillary and supportive of the performance obligation of the sale and supply of zero emission buses.The breakdown of the revenue based on type is presented below:Revenue type 20222021Revenue from zero emission buses 105,026 20,736Revenue from charging systems and ancillary services and goods 6,591 3,529Total 111,617 24,265Revenue recognised over time relates to contracts regarding the sale of zero emission buses and support ser-vices. Revenue recognised at a point in time relates to contracts for the sale of charging systems and parts. Transfer of control occurs when the Group has transferred physical possession of the asset and revenue is recognised at that point of time.Revenue recognition 20222021Revenue recognised over time 107,81419,266Revenue recognised at point in time 3,8034,999Total 111,61724,265As at 31 December 2022 the remaining performance obligations amount to \u20ac42.0 million (31 December 2021: \u20ac34.9 million). The Group estimates 70% (31 December 2021: 81%) of these anticipated revenues are expect-ed to be recognised during the next 12 months. This revenue relates primarily to customer contracts for zero emission buses.For multiple sales contracts, the company is exposed to penalty clauses for late delivery of the buses. These penalties are capped at a percentage of the contractual selling price. Due to continuing material shortages and delay in the increase in production capacity, the company could face penalty charges for late delivery. At 31 December 2022, the Group concluded that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. Reference is made to Note 23 for further details of the provision recorded for assurance-type warranties under customer contracts.CONTRACT ASSETS AND CONTRACT LIABILITIESContract assets / (liabilities) \u2013 31 December 2022 2021Contract assets (positive balance of work in progress) 62,97113,450Contract liabilities (negative balance of work in progress) (8,912)(174)Balance of contract assets and liabilities 54,05913,276The contract assets balance as per 31 December 2022 is \u20ac63.0 million (2021: \u20ac13.5 million). Contract assets are measured taking account of expected credit losses in a way similar to the method used for trade and other receivables; no material expected credit losses haves been recorded for contract assets for the periods pre-sented. The significant increase in contract assets in 2022 is primarily explained by the increased demand after covid. During 2021 the Group experienced lower demand and orders for its zero emission buses. In 2021 contract assets were related exclusively to work in progress assets for zero-emission buses and the decrease in orders combined with invoicing resulted in a correspondingly lower amount of contract assets. Revenue received in advance (contract liability) as per 31 December 2022 amounts to \u20ac8,912 (2021: \u20ac174). The increase in the contract liabilities in 2022 is explained by the upfront payment of two customers. 6.3 SEGMENT REPORTINGThe Group has identified the Management Board, which consists of the CEO, CFO and COO, as the chief operat-ing decision makers (CODM). The operating results and performance of the total Group are regularly reviewed by the entity\u2019s CODM in order to make decisions about resources to be allocated to the Group. Discrete finan-cial information is available for the total Group. The total business of selling zero emission buses and ancillary revenue streams from these buses has been identified as a single operating segment.The following table summarizes the Group\u2019s geographical breakdown of its revenue, based on the location of the external customers for the periods indicated:Revenue \u2013 Geographical breakdown 20222021 1DACH59,8129,7222Nordics 27,4688,418Benelux 16,9466,035Spain 7,389 -Rest of the World (RoW) 290Total 111,61724,2651 DACH is an acronym for Germany (D), Austria (A) and Switzerland (CH).2 Nordics is an acronym for Denmark, Sweden, Norway and Finland.In 2022, the revenues from external customers attributed to the entity\u2019s country of domicile (the Netherlands) amounted to \u20ac16.5 million (2021: \u20ac4.9 million). At 31 December 2022 \u20ac82.5 million of the non-current assets were in the Netherlands (the country of domicile for the Group) (31 December 2021: \u20ac68.5 million).LARGE CUSTOMERSIn 2022, one customer generated 40% of total revenue. In 2021, one customer (a different one) generated 31% of total revenue.",
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"pp-value-116-3": {
"value": "6. REVENUE, COST OF MATERIALS AND SEGMENT REPORTINGThe activities of the Group primarily consist of the sale of zero emission buses and ancillary services and goods, including charging systems, related to the electric vehicle ecosystem. 6.1 REVENUEREVENUE FROM CONTRACTS WITH CUSTOMERS The Group earns the majority of its revenue from its single performance obligation of the sale and supply of zero emission buses. The other primary performance obligations include a sale and supply of zero emission bus chargers, a guarantee to provide a complete change of batteries, repair and maintenance services and extended warranty. Performance obligations for other services and goods, including supply of bus charging systems, are ancillary and supportive of the performance obligation of the sale and supply of zero emission buses.The breakdown of the revenue based on type is presented below:Revenue type 20222021Revenue from zero emission buses 105,026 20,736Revenue from charging systems and ancillary services and goods 6,591 3,529Total 111,617 24,265Revenue recognised over time relates to contracts regarding the sale of zero emission buses and support ser-vices. Revenue recognised at a point in time relates to contracts for the sale of charging systems and parts. Transfer of control occurs when the Group has transferred physical possession of the asset and revenue is recognised at that point of time.Revenue recognition 20222021Revenue recognised over time 107,81419,266Revenue recognised at point in time 3,8034,999Total 111,61724,265As at 31 December 2022 the remaining performance obligations amount to \u20ac42.0 million (31 December 2021: \u20ac34.9 million). The Group estimates 70% (31 December 2021: 81%) of these anticipated revenues are expect-ed to be recognised during the next 12 months. This revenue relates primarily to customer contracts for zero emission buses.For multiple sales contracts, the company is exposed to penalty clauses for late delivery of the buses. These penalties are capped at a percentage of the contractual selling price. Due to continuing material shortages and delay in the increase in production capacity, the company could face penalty charges for late delivery. At 31 December 2022, the Group concluded that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. Reference is made to Note 23 for further details of the provision recorded for assurance-type warranties under customer contracts.CONTRACT ASSETS AND CONTRACT LIABILITIESContract assets / (liabilities) \u2013 31 December 2022 2021Contract assets (positive balance of work in progress) 62,97113,450Contract liabilities (negative balance of work in progress) (8,912)(174)Balance of contract assets and liabilities 54,05913,276The contract assets balance as per 31 December 2022 is \u20ac63.0 million (2021: \u20ac13.5 million). Contract assets are measured taking account of expected credit losses in a way similar to the method used for trade and other receivables; no material expected credit losses haves been recorded for contract assets for the periods pre-sented. The significant increase in contract assets in 2022 is primarily explained by the increased demand after covid. During 2021 the Group experienced lower demand and orders for its zero emission buses. In 2021 contract assets were related exclusively to work in progress assets for zero-emission buses and the decrease in orders combined with invoicing resulted in a correspondingly lower amount of contract assets. Revenue received in advance (contract liability) as per 31 December 2022 amounts to \u20ac8,912 (2021: \u20ac174). The increase in the contract liabilities in 2022 is explained by the upfront payment of two customers. 6.3 SEGMENT REPORTINGThe Group has identified the Management Board, which consists of the CEO, CFO and COO, as the chief operat-ing decision makers (CODM). The operating results and performance of the total Group are regularly reviewed by the entity\u2019s CODM in order to make decisions about resources to be allocated to the Group. Discrete finan-cial information is available for the total Group. The total business of selling zero emission buses and ancillary revenue streams from these buses has been identified as a single operating segment.The following table summarizes the Group\u2019s geographical breakdown of its revenue, based on the location of the external customers for the periods indicated:Revenue \u2013 Geographical breakdown 20222021 1DACH59,8129,7222Nordics 27,4688,418Benelux 16,9466,035Spain 7,389 -Rest of the World (RoW) 290Total 111,61724,2651 DACH is an acronym for Germany (D), Austria (A) and Switzerland (CH).2 Nordics is an acronym for Denmark, Sweden, Norway and Finland.In 2022, the revenues from external customers attributed to the entity\u2019s country of domicile (the Netherlands) amounted to \u20ac16.5 million (2021: \u20ac4.9 million). At 31 December 2022 \u20ac82.5 million of the non-current assets were in the Netherlands (the country of domicile for the Group) (31 December 2021: \u20ac68.5 million).LARGE CUSTOMERSIn 2022, one customer generated 40% of total revenue. In 2021, one customer (a different one) generated 31% of total revenue.",
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"value": "6.2 COST OF MATERIALSCost of materials are recognised and presented in the statement of profit or loss. These costs include amounts paid to the supplier for zero emission bus contracts, costs for parts included in zero emission bus contracts, transportation costs, import duties and warranty expenses.",
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"pp-value-119-3": {
"value": "6.2 COST OF MATERIALSCost of materials are recognised and presented in the statement of profit or loss. These costs include amounts paid to the supplier for zero emission bus contracts, costs for parts included in zero emission bus contracts, transportation costs, import duties and warranty expenses.7. EMPLOYEE BENEFIT EXPENSES AND REMUNERATION KEY MANAGEMENTEMPLOYEE BENEFIT EXPENSES AND PENSIONSThe table below gives a breakdown of the employee benefit expenses recognised in respect of short-term employee benefits and post-employment benefits:Employee benefit expenses 2022 2021Wages and salaries 17,742 8,974 Temporary staff 11,162 5,491 Social security charges 2,892 1,481Other staff expenses 2,253 1,066 Pension costs 961 422 Car expenses 349 229 Share based payments expenses 166 -Other compensation - 5,000Management fee - 443Total 35,525 23,106 1 Reference to Note 7.1: Remuneration key managementWages and salaries include the remuneration of the members of the Management Board (including the CEO and CFO as from 17 October 2021) and the Supervisory Board. Wages and salaries includes a research and development grant for the 3.0 bus for an amount of \u20ac337 (2021: \u20ac267) and various other grants of \u20ac239.The increase in wages and salaries is mainly driven by the increase in average number of full-time employees (see table below). Car expenses relate to short-term rental expenses, fuel, insurance and repairs costs. Long-term car lease contracts for employees are included in Note 22 \u2013 Leases.The management fee of 2021 includes management fees charged by the CEO and CFO based on service contracts up to 17 October 2021.Other staff expenses include employee costs that are not directly related to salaries and social security charges, including travel and related expenses.The average number of full-time employees for the period active within, respectively outside the Netherlands is as follows:Full-time employees2022 2021Active within the Netherlands310 167Active outside the Netherlands11 4Total321 1718. OTHER OPERATING EXPENSESOther operating expenses comprise general, distribution, marketing and other expenses.Other operating expenses 2022 2021General expenses 5,416 8,176 Distribution expenses 2,687 1,449IT expenses 2,541 1,213Marketing expenses 1,156 552 Facility expenses 996 450Office expenses 264 136 Other expenses 1,856 378 Total other operating expenses14,916 12,354 General expenses mainly include audit, advisory and insurance fees. In addition, general expenses include changes to the provision for doubtful debts. Marketing expenses are costs which include marketing and pro-motional costs and costs associated with making products available for delivery to customers. Facility ex-penses include costs for utilities, insurance, and other non-rent related expenses associated with the Group\u2019s facilities. Office expenses include telecom expenses, office supplies, and subscriptions. IT expenses include software maintenance costs and license costs, as well as other IT services. Other expenses consist of various expenses that are incurred as part of the Group\u2019s daily operations. The Group has R&D expenditures of \u20ac456 recognised as an expense during the reporting periods (2021: nil).",
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"pp-value-120-4": {
"value": "6.3 SEGMENT REPORTINGThe Group has identified the Management Board, which consists of the CEO, CFO and COO, as the chief operat-ing decision makers (CODM). The operating results and performance of the total Group are regularly reviewed by the entity\u2019s CODM in order to make decisions about resources to be allocated to the Group. Discrete finan-cial information is available for the total Group. The total business of selling zero emission buses and ancillary revenue streams from these buses has been identified as a single operating segment.The following table summarizes the Group\u2019s geographical breakdown of its revenue, based on the location of the external customers for the periods indicated:Revenue \u2013 Geographical breakdown 20222021 1DACH59,8129,7222Nordics 27,4688,418Benelux 16,9466,035Spain 7,389 -Rest of the World (RoW) 290Total 111,61724,2651 DACH is an acronym for Germany (D), Austria (A) and Switzerland (CH).2 Nordics is an acronym for Denmark, Sweden, Norway and Finland.In 2022, the revenues from external customers attributed to the entity\u2019s country of domicile (the Netherlands) amounted to \u20ac16.5 million (2021: \u20ac4.9 million). At 31 December 2022 \u20ac82.5 million of the non-current assets were in the Netherlands (the country of domicile for the Group) (31 December 2021: \u20ac68.5 million).LARGE CUSTOMERSIn 2022, one customer generated 40% of total revenue. In 2021, one customer (a different one) generated 31% of total revenue.",
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"pp-value-121-3": {
"value": "7. EMPLOYEE BENEFIT EXPENSES AND REMUNERATION KEY MANAGEMENTEMPLOYEE BENEFIT EXPENSES AND PENSIONSThe table below gives a breakdown of the employee benefit expenses recognised in respect of short-term employee benefits and post-employment benefits:Employee benefit expenses 2022 2021Wages and salaries 17,742 8,974 Temporary staff 11,162 5,491 Social security charges 2,892 1,481Other staff expenses 2,253 1,066 Pension costs 961 422 Car expenses 349 229 Share based payments expenses 166 -Other compensation - 5,000Management fee - 443Total 35,525 23,106 1 Reference to Note 7.1: Remuneration key managementWages and salaries include the remuneration of the members of the Management Board (including the CEO and CFO as from 17 October 2021) and the Supervisory Board. Wages and salaries includes a research and development grant for the 3.0 bus for an amount of \u20ac337 (2021: \u20ac267) and various other grants of \u20ac239.The increase in wages and salaries is mainly driven by the increase in average number of full-time employees (see table below). Car expenses relate to short-term rental expenses, fuel, insurance and repairs costs. Long-term car lease contracts for employees are included in Note 22 \u2013 Leases.The management fee of 2021 includes management fees charged by the CEO and CFO based on service contracts up to 17 October 2021.Other staff expenses include employee costs that are not directly related to salaries and social security charges, including travel and related expenses.The average number of full-time employees for the period active within, respectively outside the Netherlands is as follows:Full-time employees2022 2021Active within the Netherlands310 167Active outside the Netherlands11 4Total321 171",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-121-4": {
"value": "7. EMPLOYEE BENEFIT EXPENSES AND REMUNERATION KEY MANAGEMENTWages and salaries includes a research and development grant for the 3.0 bus for an amount of \u20ac337 (2021: \u20ac267) and various other grants of \u20ac239.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-126-4": {
"value": "The average number of full-time employees for the period active within, respectively outside the Netherlands is as follows:Full-time employees2022 2021Active within the Netherlands310 167Active outside the Netherlands11 4Total321 171",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-127-2": {
"value": "SHARE BASED PAYMENTSThe Group initiated one share-based compensation plan that will be settled in ordinary shares: a \u2018One-off Appreciation and Retention Plan\u2019. Under the One-off Appreciation and Retention Plan, certain senior employees have been granted Restricted Share Units (RSU\u2019s) on 11 February 2022, which will vest on 11 February 2024 only when the employees are still employed by the Group on that date. The fair value of these share-based compensations, calculated on grant date, is based on Ebusco\u2019s share price (observable input). Details of the share-based compensation plan during the year are as follows:2022 2021Restricted Share Units (RSU\u2019s)Number of sharesFair valueNumber of sharesFair valueOutstanding at the beginning of the year----Granted during the year17,00022,10--Outstanding at the end of the year17,00022,10--The expected realisation of the service conditions is set at 100%. Dividends declared on the underlying shares while the RSU is unvested are expected to be nil, subsequently no amount is deducted from the grant-date price of the company\u2019s share in estimating the fair value.",
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-129-3": {
"value": "7.1 REMUNERATION KEY MANAGEMENTThe Group\u2019s key management consists of the CEO, CFO, COO, CTO, CPO and HR Director per 31 December 2022. Total remuneration for the Group\u2019s key management amounted to \u20ac1,654 for 2022 (2021: \u20ac6,183). Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the entity (directly or indirectly) including any directors. The table below provides the remuneration of the Management Board for the years ended 31 December 2022 and 2021.2022 2021Base salaryPension costsOther com-pensa-tion Other TotalBase salaryPension costsOther com-pensa-tionOther TotalPeter Bijvelds (CEO) 387 63 - 10 460 268 12 - 7 287Paul van Beers (CFO) 275 45 - 18 338 295 9 5,000 11 5,315Bob Fleuren 1(COO)275 45 - 16 336 183 18 - 12 213Total 937 153 -441,134 746 39 5,000 30 5,8151 Appointed as COO and member of the Management Board as from 1 April 2021BASE SALARY All three members of the Management Board are included in the payroll administration of the Company as from 17 October 2021.PENSIONSThe members of the Management Board have been granted a pension allowance equal to an amount of ap-proximately 16% of their fixed base salary, excluding any allowances and bonus payments. Other benefits include 25 days of paid vacation leave per calendar year. Furthermore, the members of the Management Board receive a car allowance or company car in accordance with the company\u2019s car policy. No other benefits are granted.OTHER COMPENSATIONAs a result of the IPO in October 2021, the CFO received a settlement fee of \u20ac5.0 million, with the requirement to re-invest the net proceeds of the settlement in shares of the Company.7.2 SUPERVISORY BOARD REMUNERATION EXPENSESFixedOther compensationTotalIn euro2022 2021 2022 2021 2022 20211Derk Haank58,000 14,500 450 150 58,450 14,6502Carin Gorter50,000 12,500 1,350 300 51,350 12,8003Jeroen Drost47,000 11,750 600 150 47,600 11,9004Ruud Spoor47,000 11,750 1,200 - 48,200 11,7505Roelf de Boer47,000 11,750 750 150 47,750 11,900Total 249,000 62,250 4,350 750 253,350 63,0001 Derk Haank has been appointed as Chair of the Supervisory Board and member of the Nomination and Remuneration Committee2 Carin Gorter has been appointed as Chair of the Audit Committee and member of the Supervisory Board3 Jeroen Drost has been appointed as Chair of the Remuneration Committee and member of the Supervisory Board4 Ruud Spoor has been appointed as member of the Audit Committee and member of the Supervisory Board5 Roelf de Boer has been appointed as Chair of the Nomination Committee and member of the Supervisory BoardWith regards to the comparative figures, the fixed compensation relates to the fourth quarter of 2021.25. RELATED PARTY TRANSACTIONSTRANSACTIONS WITH KEY MANAGEMENT PERSONNELFor compensation of key management personnel of the Group reference is made to Note 7. The pre-IPO share-holders have entered into a settlement agreement with PBE Support, in the context of the pre-IPO restruc-turing. PBE Support is wholly owned by Ebusco\u2019s CFO, Paul van Beers. A payment is due to PBE Support by the respective pre-IPO shareholder if a change in ownership of the shares held by the pre-IPO shareholders would occur. In 2022 one of the pre-IPO shareholders sold shares, which triggered a payment of \u20ac1.5 million by that respective shareholder. This transaction has no impact on Ebusco\u2019s balance sheet, income statement or cash flows. Therefore, this transaction is not included in the CFO\u2019s remuneration as summarized in Note 7 for both 2021 and 2022.",
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"pp-value-145-3": {
"value": "8. OTHER OPERATING EXPENSESOther operating expenses comprise general, distribution, marketing and other expenses.Other operating expenses 2022 2021General expenses 5,416 8,176 Distribution expenses 2,687 1,449IT expenses 2,541 1,213Marketing expenses 1,156 552 Facility expenses 996 450Office expenses 264 136 Other expenses 1,856 378 Total other operating expenses14,916 12,354 General expenses mainly include audit, advisory and insurance fees. In addition, general expenses include changes to the provision for doubtful debts. Marketing expenses are costs which include marketing and pro-motional costs and costs associated with making products available for delivery to customers. Facility ex-penses include costs for utilities, insurance, and other non-rent related expenses associated with the Group\u2019s facilities. Office expenses include telecom expenses, office supplies, and subscriptions. IT expenses include software maintenance costs and license costs, as well as other IT services. Other expenses consist of various expenses that are incurred as part of the Group\u2019s daily operations. The Group has R&D expenditures of \u20ac456 recognised as an expense during the reporting periods (2021: nil).",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-145-4": {
"value": "8. OTHER OPERATING EXPENSESOther operating expenses comprise general, distribution, marketing and other expenses.Other operating expenses 2022 2021General expenses 5,416 8,176 Distribution expenses 2,687 1,449IT expenses 2,541 1,213Marketing expenses 1,156 552 Facility expenses 996 450Office expenses 264 136 Other expenses 1,856 378 Total other operating expenses14,916 12,354 General expenses mainly include audit, advisory and insurance fees. In addition, general expenses include changes to the provision for doubtful debts. Marketing expenses are costs which include marketing and pro-motional costs and costs associated with making products available for delivery to customers. Facility ex-penses include costs for utilities, insurance, and other non-rent related expenses associated with the Group\u2019s facilities. Office expenses include telecom expenses, office supplies, and subscriptions. IT expenses include software maintenance costs and license costs, as well as other IT services. Other expenses consist of various expenses that are incurred as part of the Group\u2019s daily operations. The Group has R&D expenditures of \u20ac456 recognised as an expense during the reporting periods (2021: nil).",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-146-2": {
"value": "9. FINANCE EXPENSES, NETFinance costs2022 2021Foreign currency exchange rate results, including (gains)/losses on derivatives 127 470 Interest and similar expenses on loans and borrowings 989 3,642Interest income (241) -Interest on lease liabilities185 128Total 1,060 4,240 ",
"dimensions": {
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-146-3": {
"value": "9. FINANCE EXPENSES, NETFinance costs2022 2021Foreign currency exchange rate results, including (gains)/losses on derivatives 127 470 Interest and similar expenses on loans and borrowings 989 3,642Interest income (241) -Interest on lease liabilities185 128Total 1,060 4,240 ",
"dimensions": {
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-146-4": {
"value": "9. FINANCE EXPENSES, NETFinance costs2022 2021Foreign currency exchange rate results, including (gains)/losses on derivatives 127 470 Interest and similar expenses on loans and borrowings 989 3,642Interest income (241) -Interest on lease liabilities185 128Total 1,060 4,240 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-146-5": {
"value": "9. FINANCE EXPENSES, NETFinance costs2022 2021Foreign currency exchange rate results, including (gains)/losses on derivatives 127 470 Interest and similar expenses on loans and borrowings 989 3,642Interest income (241) -Interest on lease liabilities185 128Total 1,060 4,240 22. LEASESLease liabilityAs at 31 December 2022 As at 31 December 2021Lease liability (non-current) 6,298 7,250 Lease liability (current) 1,463 1,132 Total 7,761 8,382 The Group has several lease agreements in which it acts as a lessee. The main lease concerns a contract for office and manufacturing space in Deurne, the Netherlands with a lease term of 5 years ending 30 September 2023. This lease contains an extension period of 5 additional years which the Group has exercised.The Group also has lease contracts which consist of cars for company personnel. The lease term for the aforementioned lease contracts is between 4 and 5 years. No lease contracts for the personnel cars contain an extension option. New car lease contracts and remeasurements resulted in an increase of both the ROU asset and lease liabilities by \u20ac236 (2022: \u20ac233) and \u20ac273 (2022: \u20ac230) respectively.All lease contracts have fixed lease payments and are only adjusted for indexation. None of the lease agree-ments contain a termination option.Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:Right-of-use assets Land and buildings Cars TotalBalance as of 1 January 2022 7,573 473 8,046 Change in net book value:Additions and remeasurements 543 236 779Disposals -(147) (147)Depreciation (1,214) (209) (1,423)Total changes 671 (120) (791)Balance as of 31 December 2022 6,902 353 7,255Balance as of 1 January 2021 1,041 387 1,428 Change in net book value:Additions and remeasurements 7,486 233 7,719Depreciation (954) (147) (1,101) Total changes 6,532 86 6,618 Balance as of 31 December 2021 7,573 473 8,046 Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrow-ings) and the movements during the period:Lease liabilities 2022 2021As at 1 January8,382 1,782Additions and remeasurements816 7,716Accretion of interest185 128Payments(1,472) (1,244)Disposal(150) -As at 31 December7,761 8,382The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases (less than 12 months) and low-value assets. Short-term (less than 12 months) and small value lease contracts are expensed in the statement of profit or loss and other comprehensive income on a straight-line basis over the lease term. The amount of expense incurred in 2022 is \u20ac604 in total (2021: \u20ac92).The future cash outflows relating to leases that have not yet commenced are disclosed in Note 26: Commit-ments and contingencies (if applicable).For interest expenses on leases where the Group is a lessee, we refer to Note 9: Finance expenses, net.The Group has only limited lease contracts in which it is a lessor. The lease income amounts to \u20ac9 (2021: \u20ac126).26. COMMITMENTS AND CONTINGENCIESCONTINGENT LIABILITYIn July 2022 the Group signed a letter of intent with SNC Renault Cl\u00e9on to lease 21,092m2 in the Metropole Rouen. This location will be used as a production facility and will function as the French headquarter of the Group. The site is expected to be fully operational early 2024 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be \u20ac15 million. The duration of the lease contract is for an initial period of 10 years and can be extended after this period. Impact on the right-of-use assets/liabilities is estimated at \u20ac9.2 million. As at 31 December 2022 there is no signed agreement in place.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-146-6": {
"value": "9. FINANCE EXPENSES, NETFinance costs2022 2021Foreign currency exchange rate results, including (gains)/losses on derivatives 127 470 Interest and similar expenses on loans and borrowings 989 3,642Interest income (241) -Interest on lease liabilities185 128Total 1,060 4,240 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-147-2": {
"value": "10. INCOME TAXDeferred tax (expense)/benefit related to items recognised in OCI during the year2022 2021Derivatives (299) (371)Deferred tax charged to OCI(299) (371)The balances and movements for current tax and deferred tax for the years ended 31 December 2022 and 31 December 2021 are presented below:The (net) deferred tax asset position of the Group as per 31 December 2022 and 31 December 2021 mainly relates to tax losses carried forward, limitation of interest deduction, right-of-use asset and lease liability positions resulting from the application of IFRS 16, the depreciation pattern of property, plant and equipment and derivative positions resulting from the application of hedge accounting. Deferred tax assetsAs at 31 December 2022As at 31 December 2021Intangible assets- -Property, plant and equipment112 147 Right-of-use assets(1,871) (2,058) Derivatives(313) (89) Lease liabilities2,002 2,164Tax losses carried forward16,262 6,824Limitation of interest deduction 173 151Total net deferred tax asset16,365 7,139Changes in deferred tax assets and (liabilities), net2022 2021Carrying amount as at 1 January7,139 909Changes:Recognised in income statement9,754 3,913Recognised in other comprehensive income(299) (371)Recognised against share premium(194) 2,474 Other(35) 214Balance as at 31 December16,365 7,139 The changes in deferred tax positions reflected in other comprehensive income are linked to the deriva-tive balances resulting from the application of hedge accounting, whilst the one recognised in the income statement mainly refer to the recognition of tax losses carried forward and (the reversal of (net) deferred tax positions related to) the depreciation pattern of tangible assets. The change in the deferred tax position recognised against share premium relates to share issuance expenses directly charged against equity (refer-ence is made to Note 20: Equity).Tax losses carried forward available as at 31 December 2022 amount to \u20ac71.1 million (31 December 2021: \u20ac30.0 million) of which \u20ac63.0 million (31 December 2021: \u20ac26.3) has been recognised resulting in a deferred tax asset of \u20ac16.3 million (31 December 2021: \u20ac6.8). The remaining balance of \u20ac8.1 million (31 December 2021: \u20ac3.7) mainly relates to unrecognised tax carried forward losses of Pondus Operations B.V., which can be carried forward indefinitely. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the busi-ness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-147-3": {
"value": "10. INCOME TAXThe major components of income tax expense for the years ended 31 December 2022 and 31 December 2021 are presented below.Income tax expense2022 2021Current tax (expense)/benefit:Relating to current year(20) 4,837 Adjustment prior year- 837(20) 5,674 Deferred tax (expense)/benefit:Relating to changes in tax rates - 224 Relating to origination and reversal of temporary differences100 211Relating to tax losses9,725 4,143Relating to limitation interest deduction (94) 146Adjustment prior year and others 23 (811) 9,754 3,913 Income tax (expense)/benefit reported in the statement of profit or loss9,734 9,587 Deferred tax (expense)/benefit related to items recognised in OCI during the year2022 2021Derivatives (299) (371)Deferred tax charged to OCI(299) (371)The operations of the Group are subject to income taxes in the Netherlands and in the other countries where the Group is conducting a business. Ebusco Holding N.V. is the head of the Dutch fiscal unity for both income tax and VAT; all Dutch subsidiaries are part of the fiscal unity except for Pondus Operations B.V. as the Group\u2019s shareholding in this entity is only 90% and ZES (48.57%).A reconciliation of the statutory income tax rate of the Netherlands to the effective income tax rate is as follows:Effective tax rate2022 2021Accounting profit before tax(41,927) (36,384)Domestic income tax rate25.8% 25.0%Theoretical income tax (expense)/benefit10,817 9,096 Tax effect of:Deviating rates(4) (3)Change in tax rates- 224 Share of results of an associate(111) -Non-deductible expenses, tax exempt income and other permanent differences(59) 721 Benefit from previously unrecognised and unused tax losses 295 3Effect of unrecognised and unused tax losses(1,223) (467)Other effects including adjustments prior year19 13 Total income tax (expense)/benefit9,734 9,587 Effective tax rate23.2% 26.3% The enacted income tax rate in the Netherlands is set at 25.8% in 2022 (2021: 25.0%).Non-deductible expenses, tax exempt income and other permanent differences in 2022 mainly include the tax effect of tax exempt income from associates, non-deductible employee benefit expenses related share based payments and non-deductible advisory fees related to the acquisition of Zero Emission Services B.V. The effect of unrecognised and unused tax losses in 2022 mainly relates to fiscal tax losses incurred by Pondus Operations B.V.. The effect of previously unrecognised and unused tax losses in 2022 relates to future expected taxable profits of Pondus R&D B.V. Pondus R&D is merged into Pondus Holding B.V. per 27 December 2022. Pondus Holding B.V. is merged into Ebusco B.V. per 28 December 2022.Prior year adjustments mainly include differences between initial and final tax assessments and the impact of timing differences materialising in a different year as assumed. The balances and movements for current tax and deferred tax for the years ended 31 December 2022 and 31 December 2021 are presented below:Current income tax liabilitiesAs at 31 December 2022As at 31 December 2021Income tax payable5 9The (net) deferred tax asset position of the Group as per 31 December 2022 and 31 December 2021 mainly relates to tax losses carried forward, limitation of interest deduction, right-of-use asset and lease liability positions resulting from the application of IFRS 16, the depreciation pattern of property, plant and equipment and derivative positions resulting from the application of hedge accounting. Deferred tax assetsAs at 31 December 2022As at 31 December 2021Intangible assets- -Property, plant and equipment112 147 Right-of-use assets(1,871) (2,058) Derivatives(313) (89) Lease liabilities2,002 2,164Tax losses carried forward16,262 6,824Limitation of interest deduction 173 151Total net deferred tax asset16,365 7,139Changes in deferred tax assets and (liabilities), net2022 2021Carrying amount as at 1 January7,139 909Changes:Recognised in income statement9,754 3,913Recognised in other comprehensive income(299) (371)Recognised against share premium(194) 2,474 Other(35) 214Balance as at 31 December16,365 7,139 The changes in deferred tax positions reflected in other comprehensive income are linked to the deriva-tive balances resulting from the application of hedge accounting, whilst the one recognised in the income statement mainly refer to the recognition of tax losses carried forward and (the reversal of (net) deferred tax positions related to) the depreciation pattern of tangible assets. The change in the deferred tax position recognised against share premium relates to share issuance expenses directly charged against equity (refer-ence is made to Note 20: Equity).Tax losses carried forward available as at 31 December 2022 amount to \u20ac71.1 million (31 December 2021: \u20ac30.0 million) of which \u20ac63.0 million (31 December 2021: \u20ac26.3) has been recognised resulting in a deferred tax asset of \u20ac16.3 million (31 December 2021: \u20ac6.8). The remaining balance of \u20ac8.1 million (31 December 2021: \u20ac3.7) mainly relates to unrecognised tax carried forward losses of Pondus Operations B.V., which can be carried forward indefinitely. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the busi-ness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-147-4": {
"value": "10. INCOME TAXThe balances and movements for current tax and deferred tax for the years ended 31 December 2022 and 31 December 2021 are presented below:Current income tax liabilitiesAs at 31 December 2022As at 31 December 2021Income tax payable5 9",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-164-2": {
"value": "11. EARNINGS PER SHAREThe Group\u2019s equity structure as per 31 December consists of 59,039,380 ordinary shares with a nominal value of \u20ac0.01.Earnings per share can be specified as follows:Share information 2022 2021Net profit attributable to ordinary shareholders (in euro thousands) (31,717) (26,388) Weighted average number of ordinary shares for the period 59,039,380 47,502,302Dilutive number of shares - -Total number of dilutive ordinary shares 59,039,380 47,502,302Basic earnings per share (in euro\u2019s) (0.54) (0.56) Dilutive earnings per share (in euro\u2019s) (0.54) (0.56) Under the One-off Appreciation and Retention Plan (Note 7), certain senior employees have been granted 17,000 Restricted Share Units (RSU\u2019s), which will vest on 11 February 2024 when the employees are still employed by Ebusco on that date. The expected realisation of the service conditions for both plans is set at 100% and the effect of the expected exercise of stock and the increasing number of 17,000 outstanding shares on vesting date has not been included in the dilutive earnings per share, as the earning per share are loss-making. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-165-2": {
"value": "12. PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipmentEquipment and office inventoryTransportation Assets under constructionTotalBalance as of 1 January 2022Cost 6,578 3,968 520 11,066 Accumulated depreciation (1,471) (2,617) - (4,088) Net book value 5,107 1,351 520 6,978 Change in net book value:Additions 2,812 424 2,611 5,847 Transfer from assets under construction 458 393 (851) - Other transfer at cost- (116) - (116)Accumulated depreciation other transfer- 93 - 93Depreciation (1,673) (674) - (2,347) Translation differences- (1) - (1)Total changes 1,597 119 1,760 3,476 Balance as of 31 December 2022Cost 9,848 4,668 2,280 16,796 Accumulated depreciation (3,144) (3,198) - (6,342) Net book value 6,704 1,470 2,280 10,454Balance as of 1 January 2021Cost 1,448 3,688 560 5,696 Accumulated depreciation (434) (2,172) - (2,606) Net book value 1,014 1,516 560 3,090 Change in net book value:Acquisitions through business combinations 1,519 45 - 1,564 Additions 3,377 7 780 4,164 Transfer to contract assets - (154) - (154) Transfer from assets under construction - 820 (820) - Depreciation (803) (883) - (1,686) Total changes 4,093 (165) (40) 3,888 Balance as of 31 December 2021Cost 6,578 3,968 520 11,066 Accumulated depreciation (1,471) (2,617) - (4,088) Net book value 5,107 1,351 520 6,978 The Group has performed an impairment assessment with regard to its property, plant and equipment assets; no indications of impairment have been identified and no impairment has been recorded.",
"dimensions": {
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-5": {
"value": "13. INTANGIBLE ASSETSIntangible assetsGoodwill Development assetsSoftware Assets under constructionTotalBalance as of 1 January 2022Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 Change in net book value:Additions - 10 122 3,746 3,878 Transfer from assets under construction-- 48 (48) -Transfer to inventory - - - (625) (625)Amortisation - (1,252) (605) - (1,857) Total changes - (1,242) (435) 3,073 1,396 Balance as of 31 December 2022Cost 39,258 14,793 1,843 3,267 59,161Accumulated amortisation - (10,324) (1,242) - (11,566) Net book value 39,258 4,469 601 3,267 47,595 Balance as of 1 January 2021Cost - 10,417 1,191 - 11,608 Accumulated amortisation - (7,059) (106) - (7,165) Net book value - 3,358 1,085 - 4,443 Change in net book value:Acquisitions through business combinations 39,258 4,246 - - 43,504Additions- 120 482 194 7 9 6 Amortisation - (2,013) (531) - (2,544) Total changes 39,258 2,353 (49) 194 41,756 Balance as of 31 December 2021Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 13.1 GOODWILLThe goodwill recognised is related to the Pondus acquisition in 2021. The Group assessed the recoverable amount of the cash-generating unit (CGU) for annual goodwill impairment testing purposes. The CGU is the Ebusco business in total, excluding future cash flows related to the sale of energy containers. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a Discounted Cash Flow (DCF) model that does not include significant future investments that will enhance the performance of the assets of the CGU being tested. The fair value less cost of disposal model includes the cash flows related to future investments. As the Group continues to invest significantly in the future growth of the Company, this model is considered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current mar-ket conditions. For the purpose of the goodwill impairment assessment, the fair value less cost of disposal exceeds the outcome of the value in use calculation. If either of the fair value less cost of disposal and the value in use amounts exceeds the asset\u2019s carrying amount, the asset is not impaired and it is not necessary to estimate the other value. The fair value less costs of disposal calculation is based on a fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. For the annual goodwill impairment anal-ysis of 2022, level 3 data was used to determine the recoverable amount of the CGU. Level 3 input is a DCF model in which the cash flows are derived from the forecast for the next five years. In 2021 the recoverable amount of the cash-generating unit, the Ebusco business in total, was also based on a fair value less cost of disposal basis. As Ebusco became listed on the Euronext after a successful IPO at the end of October 2021, the Group concluded that the fair value less cost of disposal was determined using a observable market price (level 1 input): the IPO offer share price of \u20ac23.00 per share and a market capitalization post listing for ap-proximately \u20ac1.3 billion. This was significantly higher than the carrying amount and no impairment had been identified in 2021. As such observable data was not directly available and observable in 2022, the Group has used the level 3 valuation technique.The recoverable amount at 31 December 2022 based on the level 3 Discounted Cash Flow model significantly exceeds the carrying amount of \u20ac270 million and no impairment loss has been recognised in 2022. The car-rying amount does not include intangible assets with indefinite useful lives. A key assumptions used in the DCF model is the pre-tax WACC (weighted average cost of capital) of 11.95%. This corresponds to a discount rate of 9.7%. The period used for discounting cash flows is infinite. For determining the future cash flows the medium-term plans of the Group were used. The assumptions from the medium-term plans are based on past experience and external sources of information. The plan covers a period of 5 years. Cash flows after 5 years are extrapolated with an estimated future inflation of 2%. Another important estimate in the cash flow forecast is the expected turnover growth. The growth is based on the order book and the medium-term inter-national expansion objective to significantly increase manufacturing, production and assembly as defined during the IPO. 13.2 DEVELOPMENT ASSETSDevelopment assets refer to the design, construction and testing of a chosen alternative for the new low floor bus which is 100% electrically powered. This project was taken into use in 2021.Ebusco started with the development of energy systems in 2022, whereby the first contract to sell this was signed in 2022, with expected delivery in 2023. Ebusco expects to further develop this asset in the upcoming year which would lead to Development assets from the moment relevant criteria are met. 13.3 SOFTWARESoftware mainly refers to the Group\u2019s after sales and inventory management system, acquired from and developed by third party suppliers.13.4 ASSETS UNDER CONSTRUCTIONAssets under construction relate mainly to the third-party supplier and internal staff expenses incurred to im-plement a new ERP system (\u20ac1.2 million) and to the development of energy containers (\u20ac1.2 million). The ERP system is not yet live at 31 December 2022. The development of the mobile energy containers are expected to be 100% completed and delivered to the customer in 2023. These containers can be used in hybrid electric barges, providing a fully green alternative requiring significantly less fuel and emitting significantly less CO2 than conventional diesel-powered barges.The intangible assets which are not yet in use were tested for impairment, no impairment was identified. The Group has performed an impairment assessment with regards to its intangible assets and has not identified impairment indicators. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-6": {
"value": "13. INTANGIBLE ASSETSIntangible assetsGoodwill Development assetsSoftware Assets under constructionTotalBalance as of 1 January 2022Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 Change in net book value:Additions - 10 122 3,746 3,878 Transfer from assets under construction-- 48 (48) -Transfer to inventory - - - (625) (625)Amortisation - (1,252) (605) - (1,857) Total changes - (1,242) (435) 3,073 1,396 Balance as of 31 December 2022Cost 39,258 14,793 1,843 3,267 59,161Accumulated amortisation - (10,324) (1,242) - (11,566) Net book value 39,258 4,469 601 3,267 47,595 Balance as of 1 January 2021Cost - 10,417 1,191 - 11,608 Accumulated amortisation - (7,059) (106) - (7,165) Net book value - 3,358 1,085 - 4,443 Change in net book value:Acquisitions through business combinations 39,258 4,246 - - 43,504Additions- 120 482 194 7 9 6 Amortisation - (2,013) (531) - (2,544) Total changes 39,258 2,353 (49) 194 41,756 Balance as of 31 December 2021Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 13.2 DEVELOPMENT ASSETSDevelopment assets refer to the design, construction and testing of a chosen alternative for the new low floor bus which is 100% electrically powered. This project was taken into use in 2021.Ebusco started with the development of energy systems in 2022, whereby the first contract to sell this was signed in 2022, with expected delivery in 2023. Ebusco expects to further develop this asset in the upcoming year which would lead to Development assets from the moment relevant criteria are met. 13.3 SOFTWARESoftware mainly refers to the Group\u2019s after sales and inventory management system, acquired from and developed by third party suppliers.13.4 ASSETS UNDER CONSTRUCTIONAssets under construction relate mainly to the third-party supplier and internal staff expenses incurred to im-plement a new ERP system (\u20ac1.2 million) and to the development of energy containers (\u20ac1.2 million). The ERP system is not yet live at 31 December 2022. The development of the mobile energy containers are expected to be 100% completed and delivered to the customer in 2023. These containers can be used in hybrid electric barges, providing a fully green alternative requiring significantly less fuel and emitting significantly less CO2 than conventional diesel-powered barges.The intangible assets which are not yet in use were tested for impairment, no impairment was identified. The Group has performed an impairment assessment with regards to its intangible assets and has not identified impairment indicators. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-7": {
"value": "13. INTANGIBLE ASSETSIntangible assetsGoodwill Development assetsSoftware Assets under constructionTotalBalance as of 1 January 2022Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 Change in net book value:Additions - 10 122 3,746 3,878 Transfer from assets under construction-- 48 (48) -Transfer to inventory - - - (625) (625)Amortisation - (1,252) (605) - (1,857) Total changes - (1,242) (435) 3,073 1,396 Balance as of 31 December 2022Cost 39,258 14,793 1,843 3,267 59,161Accumulated amortisation - (10,324) (1,242) - (11,566) Net book value 39,258 4,469 601 3,267 47,595 Balance as of 1 January 2021Cost - 10,417 1,191 - 11,608 Accumulated amortisation - (7,059) (106) - (7,165) Net book value - 3,358 1,085 - 4,443 Change in net book value:Acquisitions through business combinations 39,258 4,246 - - 43,504Additions- 120 482 194 7 9 6 Amortisation - (2,013) (531) - (2,544) Total changes 39,258 2,353 (49) 194 41,756 Balance as of 31 December 2021Cost 39,258 14,783 1,673 194 55,908 Accumulated amortisation - (9,072) (637) - ( 9 , 7 0 9 ) Net book value 39,258 5,711 1,036 194 46,199 13.1 GOODWILLThe goodwill recognised is related to the Pondus acquisition in 2021. The Group assessed the recoverable amount of the cash-generating unit (CGU) for annual goodwill impairment testing purposes. The CGU is the Ebusco business in total, excluding future cash flows related to the sale of energy containers. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a Discounted Cash Flow (DCF) model that does not include significant future investments that will enhance the performance of the assets of the CGU being tested. The fair value less cost of disposal model includes the cash flows related to future investments. As the Group continues to invest significantly in the future growth of the Company, this model is considered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current mar-ket conditions. For the purpose of the goodwill impairment assessment, the fair value less cost of disposal exceeds the outcome of the value in use calculation. If either of the fair value less cost of disposal and the value in use amounts exceeds the asset\u2019s carrying amount, the asset is not impaired and it is not necessary to estimate the other value. The fair value less costs of disposal calculation is based on a fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. For the annual goodwill impairment anal-ysis of 2022, level 3 data was used to determine the recoverable amount of the CGU. Level 3 input is a DCF model in which the cash flows are derived from the forecast for the next five years. In 2021 the recoverable amount of the cash-generating unit, the Ebusco business in total, was also based on a fair value less cost of disposal basis. As Ebusco became listed on the Euronext after a successful IPO at the end of October 2021, the Group concluded that the fair value less cost of disposal was determined using a observable market price (level 1 input): the IPO offer share price of \u20ac23.00 per share and a market capitalization post listing for ap-proximately \u20ac1.3 billion. This was significantly higher than the carrying amount and no impairment had been identified in 2021. As such observable data was not directly available and observable in 2022, the Group has used the level 3 valuation technique.The recoverable amount at 31 December 2022 based on the level 3 Discounted Cash Flow model significantly exceeds the carrying amount of \u20ac270 million and no impairment loss has been recognised in 2022. The car-rying amount does not include intangible assets with indefinite useful lives. A key assumptions used in the DCF model is the pre-tax WACC (weighted average cost of capital) of 11.95%. This corresponds to a discount rate of 9.7%. The period used for discounting cash flows is infinite. For determining the future cash flows the medium-term plans of the Group were used. The assumptions from the medium-term plans are based on past experience and external sources of information. The plan covers a period of 5 years. Cash flows after 5 years are extrapolated with an estimated future inflation of 2%. Another important estimate in the cash flow forecast is the expected turnover growth. The growth is based on the order book and the medium-term inter-national expansion objective to significantly increase manufacturing, production and assembly as defined during the IPO. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-8": {
"value": "13. INTANGIBLE ASSETS13.1 GOODWILLThe goodwill recognised is related to the Pondus acquisition in 2021. The Group assessed the recoverable amount of the cash-generating unit (CGU) for annual goodwill impairment testing purposes. The CGU is the Ebusco business in total, excluding future cash flows related to the sale of energy containers. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a Discounted Cash Flow (DCF) model that does not include significant future investments that will enhance the performance of the assets of the CGU being tested. The fair value less cost of disposal model includes the cash flows related to future investments. As the Group continues to invest significantly in the future growth of the Company, this model is considered the most reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current mar-ket conditions. For the purpose of the goodwill impairment assessment, the fair value less cost of disposal exceeds the outcome of the value in use calculation. If either of the fair value less cost of disposal and the value in use amounts exceeds the asset\u2019s carrying amount, the asset is not impaired and it is not necessary to estimate the other value. The fair value less costs of disposal calculation is based on a fair value hierarchy that categorises the inputs of valuation techniques used to measure fair value into three levels. For the annual goodwill impairment anal-ysis of 2022, level 3 data was used to determine the recoverable amount of the CGU. Level 3 input is a DCF model in which the cash flows are derived from the forecast for the next five years. In 2021 the recoverable amount of the cash-generating unit, the Ebusco business in total, was also based on a fair value less cost of disposal basis. As Ebusco became listed on the Euronext after a successful IPO at the end of October 2021, the Group concluded that the fair value less cost of disposal was determined using a observable market price (level 1 input): the IPO offer share price of \u20ac23.00 per share and a market capitalization post listing for ap-proximately \u20ac1.3 billion. This was significantly higher than the carrying amount and no impairment had been identified in 2021. As such observable data was not directly available and observable in 2022, the Group has used the level 3 valuation technique.The recoverable amount at 31 December 2022 based on the level 3 Discounted Cash Flow model significantly exceeds the carrying amount of \u20ac270 million and no impairment loss has been recognised in 2022. The car-rying amount does not include intangible assets with indefinite useful lives. A key assumptions used in the DCF model is the pre-tax WACC (weighted average cost of capital) of 11.95%. This corresponds to a discount rate of 9.7%. The period used for discounting cash flows is infinite. For determining the future cash flows the medium-term plans of the Group were used. The assumptions from the medium-term plans are based on past experience and external sources of information. The plan covers a period of 5 years. Cash flows after 5 years are extrapolated with an estimated future inflation of 2%. Another important estimate in the cash flow forecast is the expected turnover growth. The growth is based on the order book and the medium-term inter-national expansion objective to significantly increase manufacturing, production and assembly as defined during the IPO. The intangible assets which are not yet in use were tested for impairment, no impairment was identified. The Group has performed an impairment assessment with regards to its intangible assets and has not identified impairment indicators. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-188-2": {
"value": "15. NON-CURRENT FINANCIAL ASSETSNon-current financial assetsAs at 31 December 2022As at 31 December 2021Long-term deposits 9 205 Total 9 205 The Group\u2019s non-current financial assets consist of long-term deposits. Instead of providing a bank guarantee as security for a 3-year factory warranty, the Group agreed with one customer to keep 5% of the sales invoices as a deposit instead of a bank guarantee. This deposit has a duration of 3 years.Considering the relatively low value of the deposit, the Group estimates the carrying amount is not materially different from its fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-188-3": {
"value": "15. NON-CURRENT FINANCIAL ASSETSNon-current financial assetsAs at 31 December 2022As at 31 December 2021Long-term deposits 9 205 Total 9 205 The Group\u2019s non-current financial assets consist of long-term deposits. Instead of providing a bank guarantee as security for a 3-year factory warranty, the Group agreed with one customer to keep 5% of the sales invoices as a deposit instead of a bank guarantee. This deposit has a duration of 3 years.Considering the relatively low value of the deposit, the Group estimates the carrying amount is not materially different from its fair value. 17. TRADE RECEIVABLESTrade receivablesAs at 31 December 2022As at 31 December 2021Trade receivables 26,487 17,112Doubtful debtor provision (574) (514)Net trade debtors25,913 16,598In 2022, doubtful debtor provision consists of a provision for individual debtors with objective evidence of impairment (\u20ac402) and the allowance for expected credit losses (\u20ac172). In total \u20ac167 has been added to the doubtful debtor provision in 2022 and the usage to the allowance amounts to \u20ac107. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 42051418. OTHER CURRENT ASSETSOther current assetsAs at 31 December 2022As at 31 December 2021Taxes and social securities3,884 2,898Derivatives1,248 343Other accrued assets 1,195 582Income tax receivable5 -Total other current financial assets6,332 3,823Due to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.19. CASH AND CASH EQUIVALENTSCash and cash equivalentsAs at 31 December 2022As at 31 December2021Cash at hand1 1Cash at bank95,211 207,922Total cash and cash equivalents 95,212 207,923The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-perfor-mance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignificant.As per 31 December 2022, Ebusco is maintaining bank guarantee credit facilities for a total of \u20ac50 million with ING Bank N.V. (\u20ac20 million), Co\u00f6peratieve Rabobank U.A. (\u20ac20 million) and ABN Amro N.V. (\u20ac10 million) which have been established during 2022. At 31 December 2022 an amount of \u20ac5,395 has been utilized by means of a rental guaran-tee, advance payment guarantee, bid bonds and a performance bond guarantee at the credit facility of ING Bank N.V., whereas \u20ac981 has been utilized at the credit facility of ABN Amro N.V. by means of a advanced payment guarantee. As per 31 December 2021, an amount of \u20ac30 million has been blocked and provided as pledge to ING Bank N.V. by Ebusco B.V. as security for the payment or repayment of everything that Ebusco B.V. and Ebusco Manufacturing B.V. may owe to ING Bank N.V. In addition, an amount of \u20ac1.8 million has been blocked and provided as pledge to Co\u00f6peratieve Rabobank U.A. as coverage for outstanding letter of credit amounts. In addition, an amount of \u20ac668 of the bank accounts has been blocked as per 31 December 2021 as coverage of outstanding bank guarantees. The outstanding bank guarantees included a bank guarantee for the rental agreement of the premises in Deurne as at 31 December 2022 of \u20ac132. 21. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)FINANCIAL LIABILITIES (NON-DERIVATIVES)Loans and borrowings consist of the following:As at 31 December 2022 As at 31 December 2021Loans and borrowings Non-current Current Total Non-current Current TotalDebt to credit institutions - - - - 215 215Debt to a third party - 486 486 - - -Debts to other related parties - - - 463 - 463Total -486 486463215 678DEBT TO CREDIT INSTITUTIONSThe outstanding balance as at 31 December 2021 of \u20ac215 includes a letter of credit entered into with Rabobank.DEBTS TO OTHER RELATED PARTIESDebts to other related parties included a payable to BaBoDiDa Ltd at 31 December 2021. The long-term loan from BaBoDiDa Ltd. bears an interest rate of 5% per year. The interest is added to the loan. No security have been provided with regards to the loan. At 31 December 2022 this loan was transferred to a third party and the loan was fully repaid in January 2023. The Group used a discounted cash flow method, with reference to the borrowing rate of the issuer as at end of the reporting period in order to determine the fair value of the borrowings. However, the Group reached the conclusion that the difference between the carrying amount of the loan and their fair value was not material and therefore no fair value adjustment was recorded.The following table sets out the reconciliation from the net cash flows from financing activities with the fi-nancing positions of loans and borrowings as at 31 December 2022 and 2021.Debt to credit institutionsDebt to a third party Debts to other related partiesLeases TotalBalance as at 1 January 2022 215 463 8,382 9,060Changes from financing cash flowsRepayment of loans & borrowings (215)-- - (215)Payment of lease liabilities --- (1,472) (1, 472)Transfer to credit institutions-486(486)- -Total changes from financing cash flows (215) 486(486) (1,472) (1,687)Other changesAdditions and remeasurements - - - 816 816Disposals (150)(150)Interest and similar expense --23 185 208Total liability-related other changes --23 851 874Balance as at 31 December 2022-486- 7,761 8,247Debt to credit institu-tionsMezza- nine facilityRVO LoanDebt to share- holdersCumula- tive pref-erence sharesDebts to other related partiesLeases TotalBalance as at 1 January 2021 41,788 - 5,436 - 10,400 441 1,782 59,847Changes from financing cash flowsProceeds from loans & borrowings 9,000 32,500 - - - - - 41,500Repayment of loans & borrowings (50,923) (33,168) (11,426) - (10,000) - - (105,517)Payment of lease liabilities - - - - - - (1,244) (1,244)Interest paid (1,262) - - - (1,065) - - (2,327)Total changes from financing cash flows (43,185) (668) (11,426) - (11,065) - (1,244) (67,588)Other changesAcquisition through business combination - - 5,696 2,213 - - - 7,909New leases / remeasurements - - - - - - 7,716 7,716Interest and similar expense 1,612 668 294 (85) 665 22 128 3,304 Transfer to payables to related parties - - - (2,128) - - - (2,128)Total liability-related other changes 1,612 668 5,990 - 665 22 7,844 16,801 Balance as at 31 December 2021 215 - - - - 463 8,382 9,06024. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:Trade payables and other current liabilities As at 31 December 2022As at 31 December 2021Trade payables 21,115 10,883Pension funds liabilities - 29Taxes and social securities 3,064 741Derivates 37 -Other current liabilities 4,854 6,207Total 29,070 17,860 Trade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.The Other current liabilities balance as at 31 December 2021 included accrued IPO expenses of \u20ac3,083.27. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk, and credit risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk.Risk type Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to pay its short-term liabilities.Immediate liquidity risks for the Group could arise from\u2022 Short-term payments on long-term liabilities\u2022 Short-term lease payables\u2022 Trade and other payables\u2022 Other current liabilitiesThe duration of the financial liabilities of the Group is shown in the table below (as at 31 December 2022 and 31 December 2021). Approximately 86% of the liabilities of the Group are short-term (this amounts to \u20ac40.7 million, including income tax payable); the Group\u2019s current assets (maturity shorter than 1 year) amount \u20ac237.9 million, including cash and cash equivalents of \u20ac95.2 million. Based on this, the Group considers the residual liquidity risk to be low. The remaining risk is limited.LimitedMarket risksForeign exchange risk is the part of the market risk that arises due to exposure of the Group to foreign currencies. This exposure arises from the Group\u2019s involvement in foreign operations or trade in foreign currency (buy and sell).The Group has risk management policies and procedures in place for managing its foreign exchange risk. The foreign currencies the Group has exposure to are the Chinese Yuan (Renminbi) (RMB), Norwegian Krone (NOK), Australian Dollar (AUD), Danish Krone (DKK) and Canadian Dollar (CAD) based on\u2022 Sales in NOK, RMB and DKK\u2022 Trade and other receivables denominated in NOK, RMB and DKK \u2022 Purchases in RMB, NOK, AUD, DKK and CAD\u2022 Trade and other payables denominated in RMB, NOK, AUD, DKK and CADFor its RMB and NOK transactions the Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12-month period for hedges of forecasted purchases. The Group\u2019s DKK sales are immaterial.The Group accepts the limited remaining risk.LimitedInflation risk is the part of the market risk that arises due to (unexpected) price increased of goods and services purchased by the Group.The ongoing inflation is resulting in an increase in cost levels for the Group.The Group is continuously monitoring the development or purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.MediumInterest rate risk is the part of the market risk that arises due to movements in interest rates.The Group is exposed to changes in interest rates resulting from the following\u2022 Long term liabilities\u2022 The interest rate implicit in the leaseHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group\u2019s cash position, due to its short-term nature, has limited exposure to interest rate risk. The resulting residual interest rate risk is considered to be limited.LimitedCredit riskCredit risk for the Group mainly consists of the de-fault of trade debtors and contract assets.The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Furthermore, the Group determined that the custom-ers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.LimitedThe table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual un-discounted payments, including interest and dividend on cumulative preference shares. As at 31 December 2022Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebt to a third party486 486 486 - - -Lease liabilities7,761 8,277 454 1,170 6,653 -Trade creditors21,115 21,115 21,115 - - -Contract liabilities8,912 8,912 - 8,912 - -Other current liabilities7,918 7,918 6,176 1,663 80 -Total 46,192 46,708 28,231 11,745 6,733 -Derivatives (1,210) (1,210) 37 (1,247) - -As at 31 December 2021Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebts to credit institutions215 215 - 215 - -Loan from related parties463 591 - - - 591Lease liabilities8,382 9,099 364 1,130 6,672 933Trade creditors10,883 10,883 10,883 - - -Payables to related parties534 534 534 - - -Contract liabilities174 174 174 - - -Other current liabilities6,977 6,977 2,626 4,351 - -Total 27,628 28,473 14,581 5,696 6,672 1,524 Derivatives (343) (343) (303) (40) - -28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).The Group uses the following derivative financial instruments in a cash flow hedge accounting relationship:As at 31 December 2022As at 31 December 2021Carrying amount hedging instruments 1,210 40Notional amount hedging instruments 42,397 (387)As at 31 December 2022, the carrying amount of the derivatives includes no derivatives with no hedge des-ignation. In 2021 the carrying amount of the derivatives included one derivatives with no hedge designation. The fair value of this contract amounts to \u20ac303.The notional amount of the hedging instruments relate to sales contracts of \u20ac45,869 and purchase contracts of \u20ac3,472. The derivatives used for cash flow hedge accounting are included in the statement of financial position line-item Other current financial assets respectively liabilities. Derivatives2022 2021Other current financial assets1,247 343Other current financial liabilities(37) -As at 31 December1,210 343The average currency exchange rate used in cash flow hedge accounting is for 2022: \u20ac/RMB 7.1118 (2021: 7.5819).\u20ac/NOK 10.2475 (2021: n/a).Cash flow hedging \u2013 change in fair value of hedged itemsChange in value used for calculating hedge ineffectiveness for the periodOf which are changes in spot rates (hedged risk)Of which are amortization of forward elementOf which are changes in fair value attributable to cur-rency basis spreads As at 31 December 2022FX -- - -As at 31 December 2021FX 221 29 (8)Gains and losses on the effective portions of derivatives designated under cash flow hedge accounting are recognised in Other Comprehensive Income (hedge reserve). In 2021, the changes in fair value of the forward contract and foreign currency basis spread of a financial instrument, in relation to a transaction-related hed-ged item accumulated in the cost of hedging reserve, are reclassified to profit or loss only when the hedged transaction affects profit or loss, or included as a basis adjustment to the non-financial hedged item. In 2022, the Group elected not to accumulatethe changes in fair value of the forward contract and foreign currency basis spread of a financial instrument in the cost of hedging reserve.The following table shows the cash flow hedge accounting impact on profit or loss and comprehensive inco-me, excluding tax impact:Cash flow hedging \u2013 impact of hedging instruments on the statement of profit or loss and other comprehensive incomeHedging gains (+) or losses (-) (OCI)Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)Amount reclassified from cash flow hedge reserveAs at 31 December 2022FX 1,161 93144As at 31 December 2021FX (8) -(870)The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingFair value measurement hierarchy for assets as at 31 December 2022 and 2021Date of valuationTotal Quoted prices in active markets (Level 1)Significant observable \u00e6inputs (Level 2)Significant unobservable inputs (Level 3)Assets measured at fair value:Foreign exchange forward/ 31 December swaps contracts2022 1,210 - 1,210 -Foreign exchange forward/ 31 December swaps contracts2021 343 - 343There were no transfers between Level 1 and Level 2 during 2022 and 2021.The valuation technique used in the measurement of the Level 2 securities is based on observable market data. The inputs used in the measurement represent FX and interest rate curves.",
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"pp-value-194-2": {
"value": "16. INVENTORIES Inventories relate to (raw) materials for production, trade goods ready for sale and spare parts to service zero emission electric buses sold by the Group.InventoriesAs at 31 December 2022As at 31 December 2021Trade goods for sale and spare parts 47,976 22,853 Inventories, gross 47,976 22,853 Allowance for obsolescence (534) (523)Inventories, net 47,442 22,330The amount of write down of inventories recognised as an expense during 2022 amount to \u20ac11 (2021: \u20ac290).",
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-200-3": {
"value": "17. TRADE RECEIVABLESTrade receivablesAs at 31 December 2022As at 31 December 2021Trade receivables 26,487 17,112Doubtful debtor provision (574) (514)Net trade debtors25,913 16,598In 2022, doubtful debtor provision consists of a provision for individual debtors with objective evidence of impairment (\u20ac402) and the allowance for expected credit losses (\u20ac172). In total \u20ac167 has been added to the doubtful debtor provision in 2022 and the usage to the allowance amounts to \u20ac107. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 42051418. OTHER CURRENT ASSETSOther current assetsAs at 31 December 2022As at 31 December 2021Taxes and social securities3,884 2,898Derivatives1,248 343Other accrued assets 1,195 582Income tax receivable5 -Total other current financial assets6,332 3,823Due to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-200-4": {
"value": "17. TRADE RECEIVABLESTrade receivablesAs at 31 December 2022As at 31 December 2021Trade receivables 26,487 17,112Doubtful debtor provision (574) (514)Net trade debtors25,913 16,598In 2022, doubtful debtor provision consists of a provision for individual debtors with objective evidence of impairment (\u20ac402) and the allowance for expected credit losses (\u20ac172). In total \u20ac167 has been added to the doubtful debtor provision in 2022 and the usage to the allowance amounts to \u20ac107. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 420514",
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
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"pp-value-200-5": {
"value": "17. TRADE RECEIVABLESDue to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 42051418. OTHER CURRENT ASSETSDue to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.21. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)The Group used a discounted cash flow method, with reference to the borrowing rate of the issuer as at end of the reporting period in order to determine the fair value of the borrowings. However, the Group reached the conclusion that the difference between the carrying amount of the loan and their fair value was not material and therefore no fair value adjustment was recorded.24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESTrade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingFair value measurement hierarchy for assets as at 31 December 2022 and 2021Date of valuationTotal Quoted prices in active markets (Level 1)Significant observable \u00e6inputs (Level 2)Significant unobservable inputs (Level 3)Assets measured at fair value:Foreign exchange forward/ 31 December swaps contracts2022 1,210 - 1,210 -Foreign exchange forward/ 31 December swaps contracts2021 343 - 343There were no transfers between Level 1 and Level 2 during 2022 and 2021.The valuation technique used in the measurement of the Level 2 securities is based on observable market data. The inputs used in the measurement represent FX and interest rate curves.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-200-6": {
"value": "17. TRADE RECEIVABLESDue to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 42051418. OTHER CURRENT ASSETSDue to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.21. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)The Group used a discounted cash flow method, with reference to the borrowing rate of the issuer as at end of the reporting period in order to determine the fair value of the borrowings. However, the Group reached the conclusion that the difference between the carrying amount of the loan and their fair value was not material and therefore no fair value adjustment was recorded.24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESTrade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingFair value measurement hierarchy for assets as at 31 December 2022 and 2021Date of valuationTotal Quoted prices in active markets (Level 1)Significant observable \u00e6inputs (Level 2)Significant unobservable inputs (Level 3)Assets measured at fair value:Foreign exchange forward/ 31 December swaps contracts2022 1,210 - 1,210 -Foreign exchange forward/ 31 December swaps contracts2021 343 - 343There were no transfers between Level 1 and Level 2 during 2022 and 2021.The valuation technique used in the measurement of the Level 2 securities is based on observable market data. The inputs used in the measurement represent FX and interest rate curves.",
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"pp-value-200-7": {
"value": "17. TRADE RECEIVABLESTrade receivablesAs at 31 December 2022As at 31 December 2021Trade receivables 26,487 17,112Doubtful debtor provision (574) (514)Net trade debtors25,913 16,598In 2022, doubtful debtor provision consists of a provision for individual debtors with objective evidence of impairment (\u20ac402) and the allowance for expected credit losses (\u20ac172). In total \u20ac167 has been added to the doubtful debtor provision in 2022 and the usage to the allowance amounts to \u20ac107. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 42051419. CASH AND CASH EQUIVALENTSCash and cash equivalentsAs at 31 December 2022As at 31 December2021Cash at hand1 1Cash at bank95,211 207,922Total cash and cash equivalents 95,212 207,923The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-perfor-mance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignificant.27. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk, and credit risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk.Risk type Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to pay its short-term liabilities.Immediate liquidity risks for the Group could arise from\u2022 Short-term payments on long-term liabilities\u2022 Short-term lease payables\u2022 Trade and other payables\u2022 Other current liabilitiesThe duration of the financial liabilities of the Group is shown in the table below (as at 31 December 2022 and 31 December 2021). Approximately 86% of the liabilities of the Group are short-term (this amounts to \u20ac40.7 million, including income tax payable); the Group\u2019s current assets (maturity shorter than 1 year) amount \u20ac237.9 million, including cash and cash equivalents of \u20ac95.2 million. Based on this, the Group considers the residual liquidity risk to be low. The remaining risk is limited.LimitedMarket risksForeign exchange risk is the part of the market risk that arises due to exposure of the Group to foreign currencies. This exposure arises from the Group\u2019s involvement in foreign operations or trade in foreign currency (buy and sell).The Group has risk management policies and procedures in place for managing its foreign exchange risk. The foreign currencies the Group has exposure to are the Chinese Yuan (Renminbi) (RMB), Norwegian Krone (NOK), Australian Dollar (AUD), Danish Krone (DKK) and Canadian Dollar (CAD) based on\u2022 Sales in NOK, RMB and DKK\u2022 Trade and other receivables denominated in NOK, RMB and DKK \u2022 Purchases in RMB, NOK, AUD, DKK and CAD\u2022 Trade and other payables denominated in RMB, NOK, AUD, DKK and CADFor its RMB and NOK transactions the Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12-month period for hedges of forecasted purchases. The Group\u2019s DKK sales are immaterial.The Group accepts the limited remaining risk.LimitedInflation risk is the part of the market risk that arises due to (unexpected) price increased of goods and services purchased by the Group.The ongoing inflation is resulting in an increase in cost levels for the Group.The Group is continuously monitoring the development or purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.MediumInterest rate risk is the part of the market risk that arises due to movements in interest rates.The Group is exposed to changes in interest rates resulting from the following\u2022 Long term liabilities\u2022 The interest rate implicit in the leaseHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group\u2019s cash position, due to its short-term nature, has limited exposure to interest rate risk. The resulting residual interest rate risk is considered to be limited.LimitedCredit riskCredit risk for the Group mainly consists of the de-fault of trade debtors and contract assets.The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Furthermore, the Group determined that the custom-ers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.Limited",
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"pp-value-200-8": {
"value": "17. TRADE RECEIVABLESTrade receivablesAs at 31 December 2022As at 31 December 2021Trade receivables 26,487 17,112Doubtful debtor provision (574) (514)Net trade debtors25,913 16,598In 2022, doubtful debtor provision consists of a provision for individual debtors with objective evidence of impairment (\u20ac402) and the allowance for expected credit losses (\u20ac172). In total \u20ac167 has been added to the doubtful debtor provision in 2022 and the usage to the allowance amounts to \u20ac107. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables (average less than 3 months) the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2022 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.1% 2.7% 0.4% 6.1%Estimated total gross carrying amount at default 62,971 20,512 212 3,684 2,07926,487Expected credit loss - 25 6 14 12717231 December 2021 Contract assetsTrade receivables - Days past due<30 days 30-60 days60-90 days>91 days TotalExpected credit loss rate 0% 0.5% 0.5% 6% 6%Estimated total gross carrying amount at default 13,450 4.672 4,300 830 7,31017,112Expected credit loss - 25 17 52 42051419. CASH AND CASH EQUIVALENTSCash and cash equivalentsAs at 31 December 2022As at 31 December2021Cash at hand1 1Cash at bank95,211 207,922Total cash and cash equivalents 95,212 207,923The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-perfor-mance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignificant.27. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk, and credit risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk.Risk type Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to pay its short-term liabilities.Immediate liquidity risks for the Group could arise from\u2022 Short-term payments on long-term liabilities\u2022 Short-term lease payables\u2022 Trade and other payables\u2022 Other current liabilitiesThe duration of the financial liabilities of the Group is shown in the table below (as at 31 December 2022 and 31 December 2021). Approximately 86% of the liabilities of the Group are short-term (this amounts to \u20ac40.7 million, including income tax payable); the Group\u2019s current assets (maturity shorter than 1 year) amount \u20ac237.9 million, including cash and cash equivalents of \u20ac95.2 million. Based on this, the Group considers the residual liquidity risk to be low. The remaining risk is limited.LimitedMarket risksForeign exchange risk is the part of the market risk that arises due to exposure of the Group to foreign currencies. This exposure arises from the Group\u2019s involvement in foreign operations or trade in foreign currency (buy and sell).The Group has risk management policies and procedures in place for managing its foreign exchange risk. The foreign currencies the Group has exposure to are the Chinese Yuan (Renminbi) (RMB), Norwegian Krone (NOK), Australian Dollar (AUD), Danish Krone (DKK) and Canadian Dollar (CAD) based on\u2022 Sales in NOK, RMB and DKK\u2022 Trade and other receivables denominated in NOK, RMB and DKK \u2022 Purchases in RMB, NOK, AUD, DKK and CAD\u2022 Trade and other payables denominated in RMB, NOK, AUD, DKK and CADFor its RMB and NOK transactions the Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12-month period for hedges of forecasted purchases. The Group\u2019s DKK sales are immaterial.The Group accepts the limited remaining risk.LimitedInflation risk is the part of the market risk that arises due to (unexpected) price increased of goods and services purchased by the Group.The ongoing inflation is resulting in an increase in cost levels for the Group.The Group is continuously monitoring the development or purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.MediumInterest rate risk is the part of the market risk that arises due to movements in interest rates.The Group is exposed to changes in interest rates resulting from the following\u2022 Long term liabilities\u2022 The interest rate implicit in the leaseHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group\u2019s cash position, due to its short-term nature, has limited exposure to interest rate risk. The resulting residual interest rate risk is considered to be limited.LimitedCredit riskCredit risk for the Group mainly consists of the de-fault of trade debtors and contract assets.The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Furthermore, the Group determined that the custom-ers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.LimitedThe table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual un-discounted payments, including interest and dividend on cumulative preference shares. As at 31 December 2022Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebt to a third party486 486 486 - - -Lease liabilities7,761 8,277 454 1,170 6,653 -Trade creditors21,115 21,115 21,115 - - -Contract liabilities8,912 8,912 - 8,912 - -Other current liabilities7,918 7,918 6,176 1,663 80 -Total 46,192 46,708 28,231 11,745 6,733 -Derivatives (1,210) (1,210) 37 (1,247) - -As at 31 December 2021Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebts to credit institutions215 215 - 215 - -Loan from related parties463 591 - - - 591Lease liabilities8,382 9,099 364 1,130 6,672 933Trade creditors10,883 10,883 10,883 - - -Payables to related parties534 534 534 - - -Contract liabilities174 174 174 - - -Other current liabilities6,977 6,977 2,626 4,351 - -Total 27,628 28,473 14,581 5,696 6,672 1,524 Derivatives (343) (343) (303) (40) - -28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.",
"dimensions": {
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-2": {
"value": "20. EQUITY20.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPISSUED AND PAID IN ORDINARY SHARE CAPITALThe issued and paid in ordinary share capital amounts to \u20ac590 as at 31 December 2022 (31 December 2021: \u20ac590) and is subdivided into: 59,039,380 ordinary shares with a nominal value of \u20ac0.01 (31 December 2021: 59,039,380 ordinary shares with a nominal value of \u20ac0.01).In 2022 no changes in the issued and paid in ordinary share capital occurred. SHARE PREMIUMFollowing final settlement with all parties involved, \u20ac750 of the per 31 December 2021 accrued share issu-ance expenses was released in 2022. This led to a reversal of the charge against share-premium in 2021 of \u20ac557, net of tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-3": {
"value": "20. EQUITY20.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPEQUITY AND CAPITAL MANAGEMENTISSUED AND PAID IN ORDINARY SHARE CAPITALThe issued and paid in ordinary share capital amounts to \u20ac590 as at 31 December 2022 (31 December 2021: \u20ac590) and is subdivided into: 59,039,380 ordinary shares with a nominal value of \u20ac0.01 (31 December 2021: 59,039,380 ordinary shares with a nominal value of \u20ac0.01).In 2022 no changes in the issued and paid in ordinary share capital occurred. SHARE PREMIUMFollowing final settlement with all parties involved, \u20ac750 of the per 31 December 2021 accrued share issu-ance expenses was released in 2022. This led to a reversal of the charge against share-premium in 2021 of \u20ac557, net of tax.LEGAL RESERVESThe Group has recorded cash flow reserve as a result of application of hedge accounting, linked to its foreign currency risk management policy as at 31 December 2022 of \u20ac966 (31 December 2021: \u20ac0). In 2022 the Group elected not to record a cost of hedging reserve (31 December 2021: \u20ac6).In addition, the Group has recorded a legal (non-distributable) reserve as required by Dutch law in respect of: \u2022 capitalised development assets excluding development assets acquired through business combinations (classified as Other reserve) as at 31 December 2022 of \u20ac7,738 (31 December 2021: \u20ac1,757) as required by Dutch law.\u2022 the remeasurement gain of \u20ac7,450 in 2021 as a result of remeasuring the carrying amount of its 20% in-vestment in Pondus associates\u2019 at fair value.The share-based payment reserve of \u20ac166 (31 December 2022: \u20ac0) is used to recognise the value of equi-ty-settled share-based payments provided to employees, including key management personnel, as part of their renumeration. Refer to Note 7 for further details of these plans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-4": {
"value": "20. EQUITY20.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPCAPITAL MANAGEMENTFor the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to safeguard the ability to continue as going concern and to provide return for share-holders and benefits to other stakeholders.The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, if applicable. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2022 and 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-5": {
"value": "20. EQUITY20.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPLEGAL RESERVESThe Group has recorded cash flow reserve as a result of application of hedge accounting, linked to its foreign currency risk management policy as at 31 December 2022 of \u20ac966 (31 December 2021: \u20ac0). In 2022 the Group elected not to record a cost of hedging reserve (31 December 2021: \u20ac6).In addition, the Group has recorded a legal (non-distributable) reserve as required by Dutch law in respect of: \u2022 capitalised development assets excluding development assets acquired through business combinations (classified as Other reserve) as at 31 December 2022 of \u20ac7,738 (31 December 2021: \u20ac1,757) as required by Dutch law.\u2022 the remeasurement gain of \u20ac7,450 in 2021 as a result of remeasuring the carrying amount of its 20% in-vestment in Pondus associates\u2019 at fair value.The share-based payment reserve of \u20ac166 (31 December 2022: \u20ac0) is used to recognise the value of equi-ty-settled share-based payments provided to employees, including key management personnel, as part of their renumeration. Refer to Note 7 for further details of these plans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-6": {
"value": "20. EQUITY20.2 NON-CONTROLLING INTERESTSIn financial year 2021 the non-controlling interests included the remaining 20% of the shares in Pondus held by Gr8 Technologies B.V.after the acquisition of 60% of Pondus in April 2021. The fair value of the non-con-trolling interest was assessed at \u20ac7,450.On 18 October 2021, the Group acquired the remaining 20% of Pondus through the acquisition of 100% of the shares of Gr8 Technologies B.V. Following the acquisition, the carrying value of the non-controlling interest of \u20ac7,190 (including loss for the period of \u20ac260) had been reclassified to the equity of Ebusco Holding N.V.No transactions with non-controlling interests occurred in financial year 2022. The non-controlling interest as at 31 December 2022 of \u20ac539 (asset) (31 December 2021: \u20ac63) includes the carrying value of 10% of Pondus Operations B.V. held by minority shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-225-6": {
"value": "18. OTHER CURRENT ASSETSOther current assetsAs at 31 December 2022As at 31 December 2021Taxes and social securities3,884 2,898Derivatives1,248 343Other accrued assets 1,195 582Income tax receivable5 -Total other current financial assets6,332 3,823Due to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-225-7": {
"value": "18. OTHER CURRENT ASSETSOther current assetsAs at 31 December 2022As at 31 December 2021Taxes and social securities3,884 2,898Derivatives1,248 343Other accrued assets 1,195 582Income tax receivable5 -Total other current financial assets6,332 3,823Due to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-225-8": {
"value": "18. OTHER CURRENT ASSETSOther current assetsAs at 31 December 2022As at 31 December 2021Taxes and social securities3,884 2,898Derivatives1,248 343Other accrued assets 1,195 582Income tax receivable5 -Total other current financial assets6,332 3,823Due to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-225-9": {
"value": "18. OTHER CURRENT ASSETSOther current assetsAs at 31 December 2022As at 31 December 2021Taxes and social securities3,884 2,898Derivatives1,248 343Other accrued assets 1,195 582Income tax receivable5 -Total other current financial assets6,332 3,823Due to the short duration of the non-derivative current financial assets the fair value approximates the car-rying value.24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:Trade payables and other current liabilities As at 31 December 2022As at 31 December 2021Trade payables 21,115 10,883Pension funds liabilities - 29Taxes and social securities 3,064 741Derivates 37 -Other current liabilities 4,854 6,207Total 29,070 17,860 Trade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.The Other current liabilities balance as at 31 December 2021 included accrued IPO expenses of \u20ac3,083.28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).The Group uses the following derivative financial instruments in a cash flow hedge accounting relationship:As at 31 December 2022As at 31 December 2021Carrying amount hedging instruments 1,210 40Notional amount hedging instruments 42,397 (387)As at 31 December 2022, the carrying amount of the derivatives includes no derivatives with no hedge des-ignation. In 2021 the carrying amount of the derivatives included one derivatives with no hedge designation. The fair value of this contract amounts to \u20ac303.The notional amount of the hedging instruments relate to sales contracts of \u20ac45,869 and purchase contracts of \u20ac3,472. The derivatives used for cash flow hedge accounting are included in the statement of financial position line-item Other current financial assets respectively liabilities. Derivatives2022 2021Other current financial assets1,247 343Other current financial liabilities(37) -As at 31 December1,210 343The average currency exchange rate used in cash flow hedge accounting is for 2022: \u20ac/RMB 7.1118 (2021: 7.5819).\u20ac/NOK 10.2475 (2021: n/a).Cash flow hedging \u2013 change in fair value of hedged itemsChange in value used for calculating hedge ineffectiveness for the periodOf which are changes in spot rates (hedged risk)Of which are amortization of forward elementOf which are changes in fair value attributable to cur-rency basis spreads As at 31 December 2022FX -- - -As at 31 December 2021FX 221 29 (8)Gains and losses on the effective portions of derivatives designated under cash flow hedge accounting are recognised in Other Comprehensive Income (hedge reserve). In 2021, the changes in fair value of the forward contract and foreign currency basis spread of a financial instrument, in relation to a transaction-related hed-ged item accumulated in the cost of hedging reserve, are reclassified to profit or loss only when the hedged transaction affects profit or loss, or included as a basis adjustment to the non-financial hedged item. In 2022, the Group elected not to accumulatethe changes in fair value of the forward contract and foreign currency basis spread of a financial instrument in the cost of hedging reserve.The following table shows the cash flow hedge accounting impact on profit or loss and comprehensive inco-me, excluding tax impact:Cash flow hedging \u2013 impact of hedging instruments on the statement of profit or loss and other comprehensive incomeHedging gains (+) or losses (-) (OCI)Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)Amount reclassified from cash flow hedge reserveAs at 31 December 2022FX 1,161 93144As at 31 December 2021FX (8) -(870)The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingFair value measurement hierarchy for assets as at 31 December 2022 and 2021Date of valuationTotal Quoted prices in active markets (Level 1)Significant observable \u00e6inputs (Level 2)Significant unobservable inputs (Level 3)Assets measured at fair value:Foreign exchange forward/ 31 December swaps contracts2022 1,210 - 1,210 -Foreign exchange forward/ 31 December swaps contracts2021 343 - 343There were no transfers between Level 1 and Level 2 during 2022 and 2021.The valuation technique used in the measurement of the Level 2 securities is based on observable market data. The inputs used in the measurement represent FX and interest rate curves.",
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"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-231-5": {
"value": "19. CASH AND CASH EQUIVALENTSAs per 31 December 2022, Ebusco is maintaining bank guarantee credit facilities for a total of \u20ac50 million with ING Bank N.V. (\u20ac20 million), Co\u00f6peratieve Rabobank U.A. (\u20ac20 million) and ABN Amro N.V. (\u20ac10 million) which have been established during 2022. At 31 December 2022 an amount of \u20ac5,395 has been utilized by means of a rental guaran-tee, advance payment guarantee, bid bonds and a performance bond guarantee at the credit facility of ING Bank N.V., whereas \u20ac981 has been utilized at the credit facility of ABN Amro N.V. by means of a advanced payment guarantee. As per 31 December 2021, an amount of \u20ac30 million has been blocked and provided as pledge to ING Bank N.V. by Ebusco B.V. as security for the payment or repayment of everything that Ebusco B.V. and Ebusco Manufacturing B.V. may owe to ING Bank N.V. In addition, an amount of \u20ac1.8 million has been blocked and provided as pledge to Co\u00f6peratieve Rabobank U.A. as coverage for outstanding letter of credit amounts. In addition, an amount of \u20ac668 of the bank accounts has been blocked as per 31 December 2021 as coverage of outstanding bank guarantees. The outstanding bank guarantees included a bank guarantee for the rental agreement of the premises in Deurne as at 31 December 2022 of \u20ac132. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-231-6": {
"value": "19. CASH AND CASH EQUIVALENTSCash and cash equivalentsAs at 31 December 2022As at 31 December2021Cash at hand1 1Cash at bank95,211 207,922Total cash and cash equivalents 95,212 207,923The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-perfor-mance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignificant.As per 31 December 2022, Ebusco is maintaining bank guarantee credit facilities for a total of \u20ac50 million with ING Bank N.V. (\u20ac20 million), Co\u00f6peratieve Rabobank U.A. (\u20ac20 million) and ABN Amro N.V. (\u20ac10 million) which have been established during 2022. At 31 December 2022 an amount of \u20ac5,395 has been utilized by means of a rental guaran-tee, advance payment guarantee, bid bonds and a performance bond guarantee at the credit facility of ING Bank N.V., whereas \u20ac981 has been utilized at the credit facility of ABN Amro N.V. by means of a advanced payment guarantee. As per 31 December 2021, an amount of \u20ac30 million has been blocked and provided as pledge to ING Bank N.V. by Ebusco B.V. as security for the payment or repayment of everything that Ebusco B.V. and Ebusco Manufacturing B.V. may owe to ING Bank N.V. In addition, an amount of \u20ac1.8 million has been blocked and provided as pledge to Co\u00f6peratieve Rabobank U.A. as coverage for outstanding letter of credit amounts. In addition, an amount of \u20ac668 of the bank accounts has been blocked as per 31 December 2021 as coverage of outstanding bank guarantees. The outstanding bank guarantees included a bank guarantee for the rental agreement of the premises in Deurne as at 31 December 2022 of \u20ac132. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-249-5": {
"value": "21. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)FINANCIAL LIABILITIES (NON-DERIVATIVES)Loans and borrowings consist of the following:As at 31 December 2022 As at 31 December 2021Loans and borrowings Non-current Current Total Non-current Current TotalDebt to credit institutions - - - - 215 215Debt to a third party - 486 486 - - -Debts to other related parties - - - 463 - 463Total -486 486463215 678DEBT TO CREDIT INSTITUTIONSThe outstanding balance as at 31 December 2021 of \u20ac215 includes a letter of credit entered into with Rabobank.DEBTS TO OTHER RELATED PARTIESDebts to other related parties included a payable to BaBoDiDa Ltd at 31 December 2021. The long-term loan from BaBoDiDa Ltd. bears an interest rate of 5% per year. The interest is added to the loan. No security have been provided with regards to the loan. At 31 December 2022 this loan was transferred to a third party and the loan was fully repaid in January 2023. The Group used a discounted cash flow method, with reference to the borrowing rate of the issuer as at end of the reporting period in order to determine the fair value of the borrowings. However, the Group reached the conclusion that the difference between the carrying amount of the loan and their fair value was not material and therefore no fair value adjustment was recorded.The following table sets out the reconciliation from the net cash flows from financing activities with the fi-nancing positions of loans and borrowings as at 31 December 2022 and 2021.Debt to credit institutionsDebt to a third party Debts to other related partiesLeases TotalBalance as at 1 January 2022 215 463 8,382 9,060Changes from financing cash flowsRepayment of loans & borrowings (215)-- - (215)Payment of lease liabilities --- (1,472) (1, 472)Transfer to credit institutions-486(486)- -Total changes from financing cash flows (215) 486(486) (1,472) (1,687)Other changesAdditions and remeasurements - - - 816 816Disposals (150)(150)Interest and similar expense --23 185 208Total liability-related other changes --23 851 874Balance as at 31 December 2022-486- 7,761 8,247Debt to credit institu-tionsMezza- nine facilityRVO LoanDebt to share- holdersCumula- tive pref-erence sharesDebts to other related partiesLeases TotalBalance as at 1 January 2021 41,788 - 5,436 - 10,400 441 1,782 59,847Changes from financing cash flowsProceeds from loans & borrowings 9,000 32,500 - - - - - 41,500Repayment of loans & borrowings (50,923) (33,168) (11,426) - (10,000) - - (105,517)Payment of lease liabilities - - - - - - (1,244) (1,244)Interest paid (1,262) - - - (1,065) - - (2,327)Total changes from financing cash flows (43,185) (668) (11,426) - (11,065) - (1,244) (67,588)Other changesAcquisition through business combination - - 5,696 2,213 - - - 7,909New leases / remeasurements - - - - - - 7,716 7,716Interest and similar expense 1,612 668 294 (85) 665 22 128 3,304 Transfer to payables to related parties - - - (2,128) - - - (2,128)Total liability-related other changes 1,612 668 5,990 - 665 22 7,844 16,801 Balance as at 31 December 2021 215 - - - - 463 8,382 9,060",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-249-6": {
"value": "21. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)The following table sets out the reconciliation from the net cash flows from financing activities with the fi-nancing positions of loans and borrowings as at 31 December 2022 and 2021.Debt to credit institutionsDebt to a third party Debts to other related partiesLeases TotalBalance as at 1 January 2022 215 463 8,382 9,060Changes from financing cash flowsRepayment of loans & borrowings (215)-- - (215)Payment of lease liabilities --- (1,472) (1, 472)Transfer to credit institutions-486(486)- -Total changes from financing cash flows (215) 486(486) (1,472) (1,687)Other changesAdditions and remeasurements - - - 816 816Disposals (150)(150)Interest and similar expense --23 185 208Total liability-related other changes --23 851 874Balance as at 31 December 2022-486- 7,761 8,247Debt to credit institu-tionsMezza- nine facilityRVO LoanDebt to share- holdersCumula- tive pref-erence sharesDebts to other related partiesLeases TotalBalance as at 1 January 2021 41,788 - 5,436 - 10,400 441 1,782 59,847Changes from financing cash flowsProceeds from loans & borrowings 9,000 32,500 - - - - - 41,500Repayment of loans & borrowings (50,923) (33,168) (11,426) - (10,000) - - (105,517)Payment of lease liabilities - - - - - - (1,244) (1,244)Interest paid (1,262) - - - (1,065) - - (2,327)Total changes from financing cash flows (43,185) (668) (11,426) - (11,065) - (1,244) (67,588)Other changesAcquisition through business combination - - 5,696 2,213 - - - 7,909New leases / remeasurements - - - - - - 7,716 7,716Interest and similar expense 1,612 668 294 (85) 665 22 128 3,304 Transfer to payables to related parties - - - (2,128) - - - (2,128)Total liability-related other changes 1,612 668 5,990 - 665 22 7,844 16,801 Balance as at 31 December 2021 215 - - - - 463 8,382 9,060",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-277-6": {
"value": "23. PROVISIONS Details of the provisions are presented in the table below:As at 31 December 2022 As at 31 December 2021Provisions Non-current Current Total Non-current Current TotalProvision for disputes- 253 253 - 1,130 1,130Provision for warranties147 524 671 - - -Total 147 777 924 - 1,130 1,130PROVISION FOR DISPUTESAfter complaints of a customer, the Group held the supplier of climate systems liable for the delivery of a non-conforming climate system. Following a court verdict in April 2021 the Group complaints were confirmed by the court and the supplier was determined liable for this issue. Subsequently, the supplier started a temporary injunction opposing to the execution of the verdict. The verdict in the temporary injunction was that the supplier was not dismissed from the original verdict and was ordered to comply within two months. A settlement agreement was reached on 30 July 2021 and subsequently the Group started replacing climate systems on all buses delivered. The Group recognised a provision of \u20ac3,939 in total in 2021, of which \u20ac3,686 has been used at 31 December 2022 (31 December 2021: \u20ac2,809). As per 31 December 2022 the provision amounts to \u20ac253 (31 December 2022: \u20ac1,130) to cover remaining costs to be incurred in the future as replace-ment has not been completed yet as per year-end.Although the Group has a strong legal case which is supported by court it is unclear whether and what amount the supplier has to pay towards the Group. Due to the uncertainty, no receivable as per 31 December 2022 has been recognised in the balance sheet.PROVISION FOR ASSURANCE-TYPE WARRANTIESHistorically, the Group was unable to reliably estimate warranty expense related to its assurance-type war-ranties. The production of zero-emission buses is based on new technology for a relatively small customer base for which insufficient historical information regarding warranty expenses was available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. Therefore the Group did not record a provision for warranty expense in prior year(s). In 2022 the Group was able to collect additional historical information with sufficient details regarding actual warranty claims incurred for buses of which the warranty period expired in the course of 2022. Based on this additional historical data a more reliable estimate was made. The Group included the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The effect of the change in the accounting estimate amounts to \u20ac671 and is recorded prospectively in 2022. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period has expired at 31 December 2022. A change of the claims as per-centage of revenue by 0.25% would result in a change in the provision of \u20ac105. The effect of discounting is immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-277-7": {
"value": "23. PROVISIONS Details of the provisions are presented in the table below:As at 31 December 2022 As at 31 December 2021Provisions Non-current Current Total Non-current Current TotalProvision for disputes- 253 253 - 1,130 1,130Provision for warranties147 524 671 - - -Total 147 777 924 - 1,130 1,130PROVISION FOR DISPUTESAfter complaints of a customer, the Group held the supplier of climate systems liable for the delivery of a non-conforming climate system. Following a court verdict in April 2021 the Group complaints were confirmed by the court and the supplier was determined liable for this issue. Subsequently, the supplier started a temporary injunction opposing to the execution of the verdict. The verdict in the temporary injunction was that the supplier was not dismissed from the original verdict and was ordered to comply within two months. A settlement agreement was reached on 30 July 2021 and subsequently the Group started replacing climate systems on all buses delivered. The Group recognised a provision of \u20ac3,939 in total in 2021, of which \u20ac3,686 has been used at 31 December 2022 (31 December 2021: \u20ac2,809). As per 31 December 2022 the provision amounts to \u20ac253 (31 December 2022: \u20ac1,130) to cover remaining costs to be incurred in the future as replace-ment has not been completed yet as per year-end.Although the Group has a strong legal case which is supported by court it is unclear whether and what amount the supplier has to pay towards the Group. Due to the uncertainty, no receivable as per 31 December 2022 has been recognised in the balance sheet.PROVISION FOR ASSURANCE-TYPE WARRANTIESHistorically, the Group was unable to reliably estimate warranty expense related to its assurance-type war-ranties. The production of zero-emission buses is based on new technology for a relatively small customer base for which insufficient historical information regarding warranty expenses was available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. Therefore the Group did not record a provision for warranty expense in prior year(s). In 2022 the Group was able to collect additional historical information with sufficient details regarding actual warranty claims incurred for buses of which the warranty period expired in the course of 2022. Based on this additional historical data a more reliable estimate was made. The Group included the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and the limited historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The effect of the change in the accounting estimate amounts to \u20ac671 and is recorded prospectively in 2022. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period has expired at 31 December 2022. A change of the claims as per-centage of revenue by 0.25% would result in a change in the provision of \u20ac105. The effect of discounting is immaterial.26. COMMITMENTS AND CONTINGENCIESOTHER DISPUTESDuring December 2020, the Group delivered four buses to a customer, generating \u20ac2.0 million of revenues. After the transfer of control of the buses, the customer\u2019s facility experienced fire damage and the buses were destroyed. The Group asserts that control and ownership of the buses was transferred before the event and the amounts receivable for the delivered buses are owed to the Group. The customer disputes the Group\u2019s assertion and disputes the amount payable to the Group for the buses. The matter is still under dispute and the Group plans to pursue collection of the amount receivable. The outcome is neither probable nor estimable and no significant provision is recorded.CONTINGENT ASSETIn 2021 the Group held a supplier of climate systems liable for the delivery of a non-conforming climate sys-tem. Due uncertainty no receivable as per 31 December 2022 is recognised in the balance sheet. Reference is made to Note 23: Provisions.CONTINGENT LIABILITYIn July 2022 the Group signed a letter of intent with SNC Renault Cl\u00e9on to lease 21,092m2 in the Metropole Rouen. This location will be used as a production facility and will function as the French headquarter of the Group. The site is expected to be fully operational early 2024 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be \u20ac15 million. The duration of the lease contract is for an initial period of 10 years and can be extended after this period. Impact on the right-of-use assets/liabilities is estimated at \u20ac9.2 million. As at 31 December 2022 there is no signed agreement in place.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-282-6": {
"value": "24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:Trade payables and other current liabilities As at 31 December 2022As at 31 December 2021Trade payables 21,115 10,883Pension funds liabilities - 29Taxes and social securities 3,064 741Derivates 37 -Other current liabilities 4,854 6,207Total 29,070 17,860 Trade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.The Other current liabilities balance as at 31 December 2021 included accrued IPO expenses of \u20ac3,083.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-282-7": {
"value": "24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:Trade payables and other current liabilities As at 31 December 2022As at 31 December 2021Trade payables 21,115 10,883Pension funds liabilities - 29Taxes and social securities 3,064 741Derivates 37 -Other current liabilities 4,854 6,207Total 29,070 17,860 Trade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.The Other current liabilities balance as at 31 December 2021 included accrued IPO expenses of \u20ac3,083.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-282-8": {
"value": "24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:Trade payables and other current liabilities As at 31 December 2022As at 31 December 2021Trade payables 21,115 10,883Pension funds liabilities - 29Taxes and social securities 3,064 741Derivates 37 -Other current liabilities 4,854 6,207Total 29,070 17,860 Trade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.The Other current liabilities balance as at 31 December 2021 included accrued IPO expenses of \u20ac3,083.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-282-9": {
"value": "24. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:Trade payables and other current liabilities As at 31 December 2022As at 31 December 2021Trade payables 21,115 10,883Pension funds liabilities - 29Taxes and social securities 3,064 741Derivates 37 -Other current liabilities 4,854 6,207Total 29,070 17,860 Trade payables are non-interest bearing and are normally settled on 30-days terms. Due to the short duration of the payables, the fair value approximates the carrying value. Other current liabilities are non-interest bear-ing and have an average term of two months.The Other current liabilities balance as at 31 December 2021 included accrued IPO expenses of \u20ac3,083.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-302-4": {
"value": "26. COMMITMENTS AND CONTINGENCIESPURCHASE COMMITMENTS The Group made commitments for the purchasing of electric buses for an amount of \u20ac3.0 million at 31 December 2022 (2021: \u20ac9.4 million).OTHER DISPUTESDuring December 2020, the Group delivered four buses to a customer, generating \u20ac2.0 million of revenues. After the transfer of control of the buses, the customer\u2019s facility experienced fire damage and the buses were destroyed. The Group asserts that control and ownership of the buses was transferred before the event and the amounts receivable for the delivered buses are owed to the Group. The customer disputes the Group\u2019s assertion and disputes the amount payable to the Group for the buses. The matter is still under dispute and the Group plans to pursue collection of the amount receivable. The outcome is neither probable nor estimable and no significant provision is recorded.CONTINGENT LIABILITYIn July 2022 the Group signed a letter of intent with SNC Renault Cl\u00e9on to lease 21,092m2 in the Metropole Rouen. This location will be used as a production facility and will function as the French headquarter of the Group. The site is expected to be fully operational early 2024 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be \u20ac15 million. The duration of the lease contract is for an initial period of 10 years and can be extended after this period. Impact on the right-of-use assets/liabilities is estimated at \u20ac9.2 million. As at 31 December 2022 there is no signed agreement in place.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-302-5": {
"value": "26. COMMITMENTS AND CONTINGENCIESPURCHASE COMMITMENTS The Group made commitments for the purchasing of electric buses for an amount of \u20ac3.0 million at 31 December 2022 (2021: \u20ac9.4 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-302-6": {
"value": "26. COMMITMENTS AND CONTINGENCIESOTHER DISPUTESDuring December 2020, the Group delivered four buses to a customer, generating \u20ac2.0 million of revenues. After the transfer of control of the buses, the customer\u2019s facility experienced fire damage and the buses were destroyed. The Group asserts that control and ownership of the buses was transferred before the event and the amounts receivable for the delivered buses are owed to the Group. The customer disputes the Group\u2019s assertion and disputes the amount payable to the Group for the buses. The matter is still under dispute and the Group plans to pursue collection of the amount receivable. The outcome is neither probable nor estimable and no significant provision is recorded.CONTINGENT LIABILITYIn July 2022 the Group signed a letter of intent with SNC Renault Cl\u00e9on to lease 21,092m2 in the Metropole Rouen. This location will be used as a production facility and will function as the French headquarter of the Group. The site is expected to be fully operational early 2024 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be \u20ac15 million. The duration of the lease contract is for an initial period of 10 years and can be extended after this period. Impact on the right-of-use assets/liabilities is estimated at \u20ac9.2 million. As at 31 December 2022 there is no signed agreement in place.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-307-5": {
"value": "27. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk, and credit risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk.Risk type Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to pay its short-term liabilities.Immediate liquidity risks for the Group could arise from\u2022 Short-term payments on long-term liabilities\u2022 Short-term lease payables\u2022 Trade and other payables\u2022 Other current liabilitiesThe duration of the financial liabilities of the Group is shown in the table below (as at 31 December 2022 and 31 December 2021). Approximately 86% of the liabilities of the Group are short-term (this amounts to \u20ac40.7 million, including income tax payable); the Group\u2019s current assets (maturity shorter than 1 year) amount \u20ac237.9 million, including cash and cash equivalents of \u20ac95.2 million. Based on this, the Group considers the residual liquidity risk to be low. The remaining risk is limited.LimitedMarket risksForeign exchange risk is the part of the market risk that arises due to exposure of the Group to foreign currencies. This exposure arises from the Group\u2019s involvement in foreign operations or trade in foreign currency (buy and sell).The Group has risk management policies and procedures in place for managing its foreign exchange risk. The foreign currencies the Group has exposure to are the Chinese Yuan (Renminbi) (RMB), Norwegian Krone (NOK), Australian Dollar (AUD), Danish Krone (DKK) and Canadian Dollar (CAD) based on\u2022 Sales in NOK, RMB and DKK\u2022 Trade and other receivables denominated in NOK, RMB and DKK \u2022 Purchases in RMB, NOK, AUD, DKK and CAD\u2022 Trade and other payables denominated in RMB, NOK, AUD, DKK and CADFor its RMB and NOK transactions the Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12-month period for hedges of forecasted purchases. The Group\u2019s DKK sales are immaterial.The Group accepts the limited remaining risk.LimitedInflation risk is the part of the market risk that arises due to (unexpected) price increased of goods and services purchased by the Group.The ongoing inflation is resulting in an increase in cost levels for the Group.The Group is continuously monitoring the development or purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.MediumInterest rate risk is the part of the market risk that arises due to movements in interest rates.The Group is exposed to changes in interest rates resulting from the following\u2022 Long term liabilities\u2022 The interest rate implicit in the leaseHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group\u2019s cash position, due to its short-term nature, has limited exposure to interest rate risk. The resulting residual interest rate risk is considered to be limited.LimitedCredit riskCredit risk for the Group mainly consists of the de-fault of trade debtors and contract assets.The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Furthermore, the Group determined that the custom-ers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.LimitedThe table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual un-discounted payments, including interest and dividend on cumulative preference shares. As at 31 December 2022Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebt to a third party486 486 486 - - -Lease liabilities7,761 8,277 454 1,170 6,653 -Trade creditors21,115 21,115 21,115 - - -Contract liabilities8,912 8,912 - 8,912 - -Other current liabilities7,918 7,918 6,176 1,663 80 -Total 46,192 46,708 28,231 11,745 6,733 -Derivatives (1,210) (1,210) 37 (1,247) - -As at 31 December 2021Carrying amountTotal Cash flows0 to 3 months3 to 12 months1 - 5 years More than 5 yearsDebts to credit institutions215 215 - 215 - -Loan from related parties463 591 - - - 591Lease liabilities8,382 9,099 364 1,130 6,672 933Trade creditors10,883 10,883 10,883 - - -Payables to related parties534 534 534 - - -Contract liabilities174 174 174 - - -Other current liabilities6,977 6,977 2,626 4,351 - -Total 27,628 28,473 14,581 5,696 6,672 1,524 Derivatives (343) (343) (303) (40) - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-307-6": {
"value": "27. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk, and credit risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk.Risk type Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to pay its short-term liabilities.Immediate liquidity risks for the Group could arise from\u2022 Short-term payments on long-term liabilities\u2022 Short-term lease payables\u2022 Trade and other payables\u2022 Other current liabilitiesThe duration of the financial liabilities of the Group is shown in the table below (as at 31 December 2022 and 31 December 2021). Approximately 86% of the liabilities of the Group are short-term (this amounts to \u20ac40.7 million, including income tax payable); the Group\u2019s current assets (maturity shorter than 1 year) amount \u20ac237.9 million, including cash and cash equivalents of \u20ac95.2 million. Based on this, the Group considers the residual liquidity risk to be low. The remaining risk is limited.LimitedMarket risksForeign exchange risk is the part of the market risk that arises due to exposure of the Group to foreign currencies. This exposure arises from the Group\u2019s involvement in foreign operations or trade in foreign currency (buy and sell).The Group has risk management policies and procedures in place for managing its foreign exchange risk. The foreign currencies the Group has exposure to are the Chinese Yuan (Renminbi) (RMB), Norwegian Krone (NOK), Australian Dollar (AUD), Danish Krone (DKK) and Canadian Dollar (CAD) based on\u2022 Sales in NOK, RMB and DKK\u2022 Trade and other receivables denominated in NOK, RMB and DKK \u2022 Purchases in RMB, NOK, AUD, DKK and CAD\u2022 Trade and other payables denominated in RMB, NOK, AUD, DKK and CADFor its RMB and NOK transactions the Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12-month period for hedges of forecasted purchases. The Group\u2019s DKK sales are immaterial.The Group accepts the limited remaining risk.LimitedInflation risk is the part of the market risk that arises due to (unexpected) price increased of goods and services purchased by the Group.The ongoing inflation is resulting in an increase in cost levels for the Group.The Group is continuously monitoring the development or purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.MediumInterest rate risk is the part of the market risk that arises due to movements in interest rates.The Group is exposed to changes in interest rates resulting from the following\u2022 Long term liabilities\u2022 The interest rate implicit in the leaseHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group\u2019s cash position, due to its short-term nature, has limited exposure to interest rate risk. The resulting residual interest rate risk is considered to be limited.LimitedCredit riskCredit risk for the Group mainly consists of the de-fault of trade debtors and contract assets.The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Furthermore, the Group determined that the custom-ers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.Limited28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-344-10": {
"value": "28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-344-11": {
"value": "28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-344-12": {
"value": "28. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGThe Group applies hedge accounting. At the moment of entering into a hedge relationship, this is documented by the Group. By means of a test, the company periodically assesses the effectiveness of the hedge relation-ship. This may be achieved by comparing the critical characteristics of the hedge instrument with those of the covered position or by comparing the change in fair value of the hedge instrument and the covered position. If applicable, the ineffective share of the value adjustment of the currency futures contracts is accounted for in the profit and loss account under financial income and expenses. USE OF DERIVATIVESThe Group is exposed to financial market risk in the normal course of its business operations. The Group uses derivatives for economic hedging purposes to manage its foreign currency risk. The primary objective of the Group\u2019s hedging activities is to manage the potential year-on-year volatility caused by foreign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified risk exposure to reduce that exposure. The single risk which is being hedged is foreign currency exchange rate risk. This risk is primarily hedged with foreign exchange forwards/swaps. The Group\u2019s hedging activities do not have an effect on timing or amount of forecasted transactions.CASH FLOW HEDGE ACCOUNTINGDerivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the nature of the hedged exposure and the type of IFRS hedge accounting model that is applicable. The three models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting, and hedge accounting of a net investment in a foreign operation. The Group applies cash flow hedge accounting to highly probably future cash flows, namely forecasted purchases in a currency other than the Group\u2019s functional currency (\u20ac). The Group enters into foreign exchange forwards and swaps to protect against volatility caused by for-eign-currency movements on its net earnings by hedging the anticipated net exposure of foreign currencies resulting from foreign-currency purchases. The Group hedges the net anticipated exposures up to the date on which the forecasted transaction is expected to occur. The amounts and timing of future cash flows are projected based on contractual terms. These projected cash flows form the basis for identifying the notional amount subject to foreign currency exchange rate risk that is designated under cash flow hedge accounting. From the derivatives, the Group decides on a contract basis to either allocate the instrument its entirety or to split the spot and the forward element and only designate the spot element as a hedge instrument.The Group determines an economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the qualitative characteristics of these items and the hedged risk. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as changes in the foreign exchange rates. At the moment of entering into a hedge relationship, this is documented by the Group. The Group periodically assesses the effectiveness of the hedge relationship and analysis the identified potential sources of ineffec-tiveness. The Group has identified the following potential sources of ineffectiveness: \u2022 Differences in timing of cash flows of the hedged item(s) and hedging instrument(s);\u2022 Incidental notional over-hedging;\u2022 The lack of collateralization of the derivatives, and the resulting counterparty credit risk;\u2022 Difference between hedged on-shore and hedging off-shore foreign currency exchange rate;\u2022 The Group assumes that the fair value of the hedging instrument is nil at inception of the hedge. Should the fair value of the hedging instrument not be zero at the inception of the hedge, ineffectiveness may arise. The ineffectiveness portion is accounted for in the consolidated statement of profit or loss under Finance expenses, net.The hedge ratio is the ratio between the amount of hedged item and the amount of hedging instrument. The Group has established a hedge ratio of 1:1 (100%).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-376-2": {
"value": "29. EVENTS AFTER THE BALANCE SHEET DATESubsequent to 31 December 2022 the following event occurred:On 11 November 2022, the Group approved the contribution in the new issued shares of ZES. On 21 Feb-ruary 2023 the capital contribution was approved and paid. The Group contributed \u20ac2.35 million and as a result the interest in the associate increased to 49.39%.At the end of 2022, the Group signed a contract with its associate ZES for the delivery of nine Mobile Energy Containers. Ebusco has developed the Mobile Energy Containers, which are expected to be 100% completed and delivered to the customer in 2023 upon which revenue will be recognized (\u20ac10.4 million). On 23 February 2023 an addendum to the contract was signed to purchase 11 additional Mobile Energy Containers, expected to be completed and delivered in 2024. Downstream transactions of sales to the associate will be eliminated. These containers can be used in hybrid electric barges, providing a fully green alternative requiring signifi-cantly less fuel and emitting significantly less CO2 than conventional diesel-powered barges. 2In July 2022 the Group signed a letter of intent with SNC Renault Cl\u00e9on to lease 21,092m in the Metropole Rouen. On 9 January 2023 the lease agreement was signed, with the fulfilment of several conditions precedent. The conditions were fulfilled on 28 February 2023, after which the lease took effect. This lo-cation will be used as a production facility and will function as the French headquarter of the Group. The site is expected to be fully operational early 2024 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be \u20ac15 million. Reference is made to note 26 for the estimated future lease liability and right-of-use asset.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}