Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Reserves

v3.22.1
Reserves
 12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Reserves
23. Reserves
 
(in €‘000)
   
Legal
reserve for
capitalized
development
costs
     
Foreign
currency
translation
reserve
     
Total
  
As at January 1, 2019
   
 
2,561
 
   
 
—  
 
   
 
2,561
 
Exchange differences on translation of foreign operations
      —          3        3  
Reclassification
      2,028        —          2,028  
       
As at December 31, 20
19
   
 
4,589
 
   
 
3
 
   
 
4,592
 
As at January 1, 2020
   
 
4,589
 
   
 
3
 
   
 
4,592
 
Exchange differences on translation of foreign operations
      —          8        8  
Reclassification
      (777 )       —          (777 ) 
As at December 31, 2020
   
 
3,812
 
   
 
11
 
   
 
3,823
 
       
As at January 1, 2021
   
 
3,812
 
   
 
11
 
   
 
3,823
 
Exchange differences on translation of foreign operations
      —          (14 )       (14 ) 
Reclassification
      386        —          386  
As at December 31, 2021
   
 
4,198
 
   
 
(3
) 
   
 
4,195
 
Legal reserve for capitalized development costs
The Company’s legal reserve relates to the capitalized development costs of the Group’s internally developed EV Cloud software platform. The Company recorded the net change in the legal reserve of €386 thousand in 2021 (2020: negative €777 thousand, 2019: €2,028 thousand) through retained earnings.
The legal reserve for capitalized development costs and the foreign currency translation reserve are not freely distributable.