Borrowings (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2022 |
Dec. 31, 2021 |
| Text Block [Abstract] |
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| Summary of breakdown of borrowings |
This note provides a breakdown of borrowings in place as at June 30, 2022 and December 31, 2021.
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Euribor* +
5%** |
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May 27, 2026 |
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114,556 |
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112,935 |
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9% |
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November 30, 2035,
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— |
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100,193 |
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Euribor +
0.1%**** |
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December 31,
2022***** |
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23,404 |
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— |
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The Euribor rate (6M) is floored at 0%. This floor is closely related to the contract of the loan and is therefore not presented separately in the consolidated statement of financial position. |
| ** |
The margin of 5% will increase by 0.25% per year, for the first time in June 2022. |
| *** |
Of the total shareholder loans, one shareholder loan has a maturity date of November 30, 2035. The carrying amount as at June 30, 2022 was € nil (December 31, 2021: € 8,129 thousand). |
| **** |
The Euribor rate (6M) is floored at 0%. Therefore in case of a negative Euribor the applied interest rate is 0.1%. |
| ***** |
The loan has a maturity date of December 31
, 2022
. However, it is expected that the loan will be settled pursuant to the Mega-E call option being exercised by the Group. Therefore the loan has been classified as current. |
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This note provides a breakdown of borrowings in place as at December 31, 2021 and 2020.
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Euribor* + 5%** |
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May 27, 2026 |
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112,935 |
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67,579 |
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9% |
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100,193 |
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92,031 |
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| * |
The Euribor rate (6M) is floored at 0%. This floor is closely related to the contract of the loan and is therefore not presented separately in the consolidated statement of financial position. |
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The margin of 5% will increase by 0.25% per year, for the first time in June 2022. |
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Of the total shareholder loans, one shareholder loan has a maturity date of November 30, 2035. The carrying amount at December 31, 2021 was €8,129 thousand (2020: €7,853 thousand). |
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| Summary of carrying amount of assets pledged |
The carrying amount of assets pledged as security for the senior debt are as follows:
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Cash and cash equivalents |
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3,065 |
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6,206 |
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36,855 |
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38,767 |
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7,414 |
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5,752 |
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Total current assets pledged as security |
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The carrying amount of assets pledged as security for the senior debt are as follows:
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Cash and cash equivalents |
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6,206 |
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6,363 |
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38,767 |
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22,287 |
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5,752 |
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827 |
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Total current assets pledged as security |
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| Summary of movements in liabilities from financing activities |
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The movements in liabilities from financing activities in 2021 and 2020 have been as follows:
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38,339 |
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— |
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— |
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38,339 |
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Payment of principal portion of lease liabilities |
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— |
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— |
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(1,658 |
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(1,658 |
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— |
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— |
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1,571 |
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1,571 |
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— |
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— |
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(589 |
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(589 |
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(725 |
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7,529 |
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— |
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6,804 |
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44,315 |
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— |
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— |
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44,315 |
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Payment of principal portion of lease liabilities |
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— |
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(3,215 |
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(3,215 |
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— |
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— |
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20,800 |
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20,800 |
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— |
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— |
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(670 |
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(670 |
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1,041 |
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8,162 |
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799 |
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10,002 |
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| Summary of Covenant Ratios Are Determined Based on a Twelvemonth Running Basis |
The target default covenant ratios are determined based on a twelve-month running basis and are as follows:
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-15.43 |
% |
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-/-€15.5 million |
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9.55x |
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-9.29 |
% |
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-/-€12.2 million |
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8.94x |
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0.59 |
% |
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Unconditional |
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9.86x |
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1.07 |
% |
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Unconditional |
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10.75x |
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1.58 |
% |
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Unconditional |
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12.00x |
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1.95 |
% |
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Unconditional |
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13.16x |
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2.29 |
% |
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Unconditional |
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14.48x |
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2.56 |
% |
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Unconditional |
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15.91x |
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2.68 |
% |
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Unconditional |
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18.37x |
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2.77 |
% |
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Unconditional |
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20.68x |
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The target (drawdown stop) covenant ratios are determined based on a twelve-month running basis and are as follows:
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Testing date of loan covenants |
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-26.03 |
% |
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-/- €18.4 million |
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11.26x |
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-13.12 |
% |
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-/- €13.2 million |
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10.00x |
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-6.29 |
% |
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-/- €8.2 million |
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10.50x |
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1.18 |
% |
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Unconditional |
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11.80x |
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2.15 |
% |
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Unconditional |
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12.78x |
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3.16 |
% |
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Unconditional |
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14.19x |
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3.90 |
% |
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Unconditional |
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15.48x |
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4.57 |
% |
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Unconditional |
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17.06x |
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5.11 |
% |
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Unconditional |
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18.77x |
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5.37 |
% |
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Unconditional |
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21.60x |
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5.55 |
% |
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Unconditional |
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24.21x |
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| Summary of disclosure of actual covenant ratios |
For the six months ended June 30, 2022, the actual covenant ratios (based on Dutch GAAP) were as follows:
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5.63 |
% |
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negative 12.92 |
% |
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€ |
7 million |
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negative €8 million |
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21.70x |
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13.57x |
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