Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Borrowings (Tables)

v3.23.2
Borrowings (Tables)
6 Months Ended
Jun. 30, 2023
Disclosure of detailed information about borrowings [abstract]  
Summary of Breakdown of Borrowings
This note provides a breakdown of borrowings in place as at June 30, 2023 and December 31, 2022.
(in €‘000) Interest rate Maturity June 30,
2023
December 31,
2022
Renewed facility
Euribor* + 3.9%**
December 19, 2027 312,400  269,033 
Total 312,400  269,033 
*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.
Summary of Carrying Amount of Assets Pledged The carrying amount of assets pledged as security for the renewed facility is as follows:
(in €‘000) June 30,
2023
December 31,
2022
Current assets
Floating charge
Cash and cash equivalents 59,187  56,317 
Trade receivables 12,310  — 
Total current assets pledged as security 71,497  56,317 
Non-current assets
Floating charge
Non-current other financial assets 10,500  10,500 
Total non-current assets pledged as security 10,500  10,500 
Total assets pledged as security 81,997  66,817 
Disclosure Of Covenant Ratios
The target covenant ratios are determined based on a twelve-month running basis and are as follows:

Testing period ending on Leverage ratio Interest cover ratio
June 30, 2023 Unconditional
-0.8x
December 31, 2023 Unconditional
-0.9x
June 30, 2024
34x
0.4x
December 31, 2024
5.4x
2.3x
June 30, 2025
3.2x
3.8x
December 31, 2025
2.2x
5.5x
June 30, 2026
2.2x
5.5x
December 31, 2026
2.2x
5.5x
June 30, 2027
2.2x
5.5x
The target drawdown stop conditions are determined based on a twelve-month running basis and are as follows:
Testing period ending on EBITDA margin (drawstop) EBITDA (drawstop) Fast/ultrafast charging equipment utilization rate (drawstop)
June 30, 2023 -4.3  % (8.5)  million 10.4  %
December 31, 2023 -5.8  % (11.6)  million 11.5  %
June 30, 2024 8.1  % 19.8   million 12.7  %
December 31, 2024 19.4  % 68.2   million 12.9  %
June 30, 2025 24.1  % 111.2   million 14.2  %
December 31, 2025 27.3  % 157.5   million 15.5  %
June 30, 2026 28.9  % 200.0   million 16.6  %
December 31, 2026 Unconditional Unconditional Unconditional
June 30, 2027 Unconditional Unconditional Unconditional