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

Borrowings (Tables)

v3.23.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]  
Summary of breakdown of borrowings
This note provides a breakdown of borrowings in place as at December 31, 2022 and 2021.
(in €‘000) Interest rate Maturity December 31,
2022		 December 31,
2021
Renewed facility
Euribor* + 3.9%**
 December 19, 2027 269,033  — 
Old facility (senior debt)
Euribor* + 5%***
 May 27, 2026 —  112,935 
Shareholder loans (1) 9  % November 30, 2035,
May 31, 2035****		 —  100,193 
Shareholder loans (2)
Euribor* + 0.1%*****
 December 31, 2022 —  — 
Total 269,033  213,128 
*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 3.9% will increase by 0.2% per year, for the first time in December 2025.
***The margin of 5% would increase by 0.25% per year, for the first time it increased in June 2022.
****     Of the total shareholder loans, one shareholder loan had a maturity date of November 30, 2035. The carrying amount at December 31, 2022 was € nil (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%.
Summary of carrying amount of assets pledged
The carrying amount of assets pledged as security for the renewed and old facilities respectively are as follows:
(in €‘000) December 31,
2022		 December 31,
2021
Current assets
Floating charge
Cash and cash equivalents 56,317  6,206 
Trade receivables —  38,767 
Other receivables —  5,752 
Total current assets pledged as security 56,317  50,725 
Non-current assets
Floating charge
Non-current other financial assets 10,500  — 
Total current assets pledged as security 10,500  — 
Total assets pledged as security 66,817  50,725 
Summary of movements in liabilities from financing activities
The movements in liabilities from financing activities in 2022 and 2021 have been as follows:
(in €‘000) Renewed facility Old facility (senior debt) Shareholder
loans (1)		 Shareholder
loan (2)		 Lease
liabilities		 Total
As at January 1, 2021 —  67,579  92,031  —  13,903  173,513 
Proceeds from borrowings —  44,315  —  —  —  44,315 
Payment of principal portion of lease liabilities —  —  —  —  (3,215) (3,215)
New leases —  —  —  —  20,800  20,800 
Termination of leases —  —  —  —  (670) (670)
Other changes —  1,041  8,162  —  799  10,002 
As at December 31, 2021 —  112,935  100,193  —  31,617  244,745 
As at January 1, 2022 —  112,935  100,193  —  31,617  244,745 
Proceeds from borrowings 109,210  50,000  —  —  —  159,210 
Transaction fees (9,200) (1,505) —  —  —  (10,705)
Net settlement of old facility against renewed facility 170,000  (170,000) —  —  —  — 
Payment of old facility break costs —  (46) —  —  —  (46)
Acquisition of Mega-E —  —  —  23,398  11,055  34,453 
Acquisition of MOMA —  —  —  —  1,594  1,594 
Settlement of borrowings —  —  —  (23,403) —  (23,403)
Loss on modification of old facility —  1,730  —  —  —  1,730 
Loss on extinguishment of old facility —  2,832  —  —  —  2,832 
Conversion to equity —  —  (101,931) —  —  (101,931)
Payment of principal portion of lease liabilities —  —  —  —  (5,227) (5,227)
New leases —  —  —  —  11,607  11,607 
Termination of leases —  —  —  —  (88) (88)
Other changes (977) 4,054  1,738  5  766  5,586 
As at December 31, 2022 269,033  —  —  —  51,324  320,357