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

Reserves

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Reserves
 12 Months Ended
Dec. 31, 2023
Disclosure of reserves within equity [abstract]  
Reserves Reserves
(in €‘000) Legal
reserve for
capitalized
development
costs		 Foreign
currency
translation
reserve		 Reserve for financial assets at FVOCI Total
As at January 1, 2021 3,812  11  —  3,823 
Exchange differences on translation of foreign operations —  (14) —  (14)
Reclassification 386  —  —  386 
As at December 31, 2021 4,198  (3) —  4,195 
As at January 1, 2022 4,198  (3) —  4,195 
Exchange differences on translation of foreign operations —  98  —  98 
Changes in the fair value of equity investments at fair value through other comprehensive income —  —  (10,595) (10,595)
Deferred tax on changes in the fair value of equity investments at fair value through other comprehensive income —  —  328  328 
Reclassification (886) —  —  (886)
As at December 31, 2022 3,312  95  (10,267) (6,860)
As at January 1, 2023 3,312  95  (10,267) (6,860)
Exchange differences on translation of foreign operations —  (65) —  (65)
Changes in the fair value of equity investments at fair value through other comprehensive income —  —  (14,832) (14,832)
Deferred tax on changes in the fair value of equity investments at fair value through other comprehensive income —  —  461  461 
Reclassification (1,845) —  —  (1,845)
As at December 31, 2023 1,467  30  (24,638) (23,141)
Legal reserve for capitalized development costs
The Company’s legal reserve relates to the capitalized development costs of the Group’s internally developed EV Cloud software platform. The Company recorded the net change in the legal reserve of negative €1,845 thousand in 2023 (2022: negative €886 thousand, 2021: positive €386 thousand) through accumulated deficit.
Reserve for financial assets at FVOCI
The Group has elected to recognize changes in the fair value of its investment in Voltalis in the consolidated statement of other comprehensive income. These changes are accumulated within the FVOCI reserve within equity.
Foreign currency translation reserve
Exchange differences arising on translation of the foreign controlled entity are recognized in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
The legal reserve for capitalized development costs, the foreign currency translation reserve, and the reserve for financial assets at FVOCI are not freely distributable.