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

Financial risk management (Tables)

v3.23.1
Financial risk management (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [abstract]  
Summary of nature and extent of risks arising from financial instruments
This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance.
Risk Exposure arising from Measurement Management
Market risk – interest rate risk Long-term borrowings at variable rates Sensitivity analysis Economic hedge with an interest rate cap
Market risk – price risk Investments in equity securities Sensitivity analysis Monitoring quarterly valuation updates and forecasts of future cash flows
Credit risk Cash and cash equivalents, trade receivables, derivative financial instruments and contract assets. Aging analysis Doing business with creditworthy companies and a strict policy of cash collection.
Liquidity risk Borrowings and other liabilities Cash flow forecasts Availability of borrowing facilities.
Summary of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities The impact on the loss for the years ended December 31, 2022 and 2021 as a result of a change in interest rates is as follows:
(in €‘000) Impact on pre-tax loss
2022 2021
Interest rates – increase by 10 basis points*
 586  76 
Interest rates – decrease by 10 basis points*
 (629) (68)
*Keeping all other variables constant.
Summary of unobservable input parameters used in the valuation model
The table below summarizes the impact of increases/decreases of the price of equity securities acquired in 2022 on the group’s equity through OCI reserve for the period. The analysis is based on the assumption that the fair value of the equity securities held by the group has increased or decreased by 40%, with all other variables held constant.
(in €‘000) Impact on Group's equity
2022
Fair Value – increase by 4,000 basis points
 12,556 
Fair Value – decrease by 4,000 basis points
 (12,556)
Summary of provision matrix
On that basis, the loss allowance as at December 31, 2022 and December 31, 2021 was determined as follows for both trade receivables and contract assets:
(in €‘000) Current 1 – 30
 days past
 due		 31 –60
 days past
 due		 61 –90
 days past
 due		 91+ days
 past due		 Total
As at December 31, 2021
Expected loss rate (in %) 0.00  % 0.00  % 0.00  % 0.00  % 0.00  %
Gross carrying amount – trade receivables 33,439  909  480  382  4,353  39,563 
Gross carrying amount – contract assets 1,226  —  —  —  —  1,226 
Loss allowance 1  —  —  —  —  1 
As at December 31, 2022
Expected loss rate (in %) 0.00  % 0.00  % 0.00  % 0.00  % 0.00  %
Gross carrying amount – trade receivables 31,404  5,337  3,189  292  2,448  42,670 
Gross carrying amount – contract assets 1,512  —  —  —  —  1,512 
Loss allowance —  —  —  —  —  — 
Disclosure of additional information about understanding financial position and liquidity of entity
The Group had access to the following undrawn borrowing facilities for each reporting period presented:
(in €‘000) December 31, 2022 December 31, 2021
Expiring beyond one year—renewed facility 120,790  — 
Expiring beyond one year—old facility —  — 
Summary of maturity analysis for non-derivative financial liabilities
The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments). Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
Contractual cash flows
(in €‘000) Carrying
amount of
liabilities		 Total Less
than 6
months		 6–12
months		 1–2
years		 2–5 years More
than 5
years
As at December 31, 2021
Borrowings 213,128  464,440  2,975  3,176  6,451  137,258  314,580 
Lease liabilities 31,617  38,208  3,630  3,560  6,871  16,729  7,418 
Trade and other payables 24,072  24,072  24,072  —  —  —  — 
Total 268,817  526,720  30,677  6,736  13,322  153,987  321,998 
As at December 31, 2022
Borrowings 269,033  501,004  9,441  13,925  27,802  449,836  — 
Lease liabilities 51,324  71,097  4,546  4,828  8,891  18,916  33,916 
Trade and other payables 51,263  51,263  51,263  —  —  —  — 
Warrant liabilities 1,296  1,296  1,296  —  —  —  — 
Total 372,916  624,660  66,546  18,753  36,693  468,752  33,916