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

Revenue from contracts with customers

v3.23.1
Revenue from contracts with customers
 12 Months Ended
Dec. 31, 2022
Revenues [Abstract]  
Revenue from contracts with customers Revenue from contracts with customers
Disaggregation and timing of revenue from contracts with customers
Set out below is the disaggregation of the Group’s revenue from contracts with customers.
(in €‘000) 2022 2021 2020
Type of goods or service
Charging sessions 65,347  26,108  14,879 
Service revenue from the sale of charging equipment 33,585  37,253  15,207 
Service revenue from installation services 28,630  19,516  12,313 
Service revenue from operation and maintenance of charging equipment 3,230  3,414  1,850 
Service revenue from consulting services 3,108  —  — 
Total revenue from external customers 133,900  86,291  44,249 
Timing of revenue recognition
Services transferred over time 34,968  22,930  14,162 
Goods and services transferred at a point in time 98,932  63,361  30,087 
Total revenue from external customers 133,900  86,291  44,249 
Assets and liabilities related to contracts with customers
The Group has recognized the following assets and liabilities related to contracts with customers:
(in €‘000) December 31, 2022 December 31, 2021
Assets
Current contract assets 1,512  1,226 
Loss allowance —  — 
Total contract assets 1,512  1,226 
Liabilities
Current contract liabilities 7,917  21,192 
Non-current contract liabilities 2,442  — 
Total contract liabilities 10,359  21,192 
Refer to Note 20 for details on trade receivables and the loss allowance on trade receivables and contract assets.
Significant changes in contract assets and liabilities
The change in contract assets and contract liabilities is the result of the Group’s development contract activities which started in 2019 and which have increased since then. For certain development contracts, the Group provides services exceeding the payments received from customers which result in contract assets. Conversely, the Group receives prepayments for certain development contracts which result in contract liabilities. For the year ended December 31, 2022, contract assets increased mainly for development contracts with Mega-E where significant milestones were reached. Contract liabilities decreased mainly as a result of prepayments received for development contracts with EV Cars in prior year for which the performance obligations have been satisfied in the current year. This decrease has been offset by an increase in contract liabilities of €3,358 thousand for future charging services to be provided to one of the PIPE Investors. For more information on balances with related parties, reference is made to Note 35.2
During the year ended December 31, 2022, the Group entered into a strategic partnership with a PIPE Investor for future charging sessions. A portion of the cash received for the PIPE Investment was therefore accounted for as a contract liability in recognition of future services to be transferred to the customer. As of December 31, 2022, €3,358 thousand (December 31, 2021: € nil) of the contract liability balance relates to this arrangement, of which €916 thousand is recognized as current and €2,442 thousand is recognized as non-current.
The Group did not recognize a loss allowance for contract assets in accordance with IFRS 9 as of December 31, 2022 and December 31, 2021, see Note 32 for further information.
Revenue recognized in relation to contract liabilities
The following table shows how much revenue the Group recognized that relates to carried-forward contract liabilities.
(in €‘000) 2022 2021 2020
Revenue recognized that was included in the contract liability balance at the beginning of the period 21,192  7,280  5,250 
Performance obligations
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at each reporting date is, as follows:
(in €‘000) 2022 2021
Within one year 24,791  25,274 
More than one year 7,909  — 
Total 32,700  25,274 
As at December 31, 2022, the Group expects that 76% of the transaction price allocated to unsatisfied performance obligations will be recognized as revenue during the next financial reporting year. The remaining 24% will be recognized in the 2024 and 2025 financial reporting years. Of the total unsatisfied performance obligations, 90% relates to service revenue from the sale of charging equipment and service revenue from installation services. The remaining portion of 10% relates to revenue from charging sessions.