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

Borrowings (Tables)

v3.24.1.1.u2
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022.
(in €‘000) Interest rate Maturity December 31,
2023		 December 31,
2022
Renewed facility
Euribor* + 3.9%**
December 19, 2027 350,722  269,033 
Total***
350,722  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% for the first time in December 2025.
***During the year ended December 31, 2022, the Group had an old facility, which was settled with the proceeds from the renewed facility. In addition, the Group had two shareholder loans, which were either settled or converted to equity during the year ended December 31, 2022. Refer to the paragraphs below for details.
Summary of Carrying Amount of Assets Pledged
The carrying amount of assets pledged as security for the renewed facility are as follows:
(in €‘000) December 31,
2023		 December 31,
2022
Current assets
Floating charge
Cash and cash equivalents 40,628  56,317 
Trade receivables 7,178  — 
Other receivables —  — 
Total current assets pledged as security 47,806  56,317 
Non-current assets
Floating charge
Non-current other financial assets 10,500  10,500 
Total current assets pledged as security 10,500  10,500 
Total assets pledged as security 58,306  66,817 
Summary of Movements in Liabilities from Financing Activities
The movements in liabilities from financing activities in 2023 and 2022 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, 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)
Foreign exchange adjustments —  —  —  —  766  766 
Other changes (977) 4,054  1,738  5  —  4,820 
As at December 31, 2022 269,033  —  —  —  51,324  320,357 
Proceeds from borrowings 82,400  —  —  —  —  82,400 
Transaction fees* (624) —  —  —  —  (624)
Payment of principal portion of lease liabilities —  —  —  —  (4,692) (4,692)
New leases —  —  —  —  37,932  37,932 
Termination of leases —  —  —  —  (393) (393)
Foreign exchange adjustments —  —  —  —  (684) (684)
Other changes (87) —  —  —  3  (84)
As at December 31, 2023 350,722  —  —  —  83,490  434,212 
*The transaction costs on borrowings as displayed in the consolidated statement of cash flows of €1,576 thousand do not reconcile to the transaction fees disclosed above for the year ended December 31, 2023 as they also include the cash payment of transaction costs incurred in the previous period on the refinancing of the facility and shown as payables in the prior period of €952 thousand.