Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38863 |
Entity Registrant Name | JUMIA TECHNOLOGIES AG |
Entity Incorporation, State or Country Code | 2M |
Entity Address, Address Line One | Skalitzer Strasse 104 |
Entity Address, Postal Zip Code | 10997 |
Entity Address, City or Town | Berlin |
Entity Address, Country | DE |
Entity Common Stock, Shares Outstanding | 201,232,560 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001756708 |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Skalitzer Strasse 104 |
Entity Address, Postal Zip Code | 10997 |
Entity Address, City or Town | Berlin |
Entity Address, Country | DE |
Contact Personnel Name | Francis Dufay |
City Area Code | 30 |
Local Phone Number | 398 20 34 54 |
ADR | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | JMIA |
Security Exchange Name | NYSE |
Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, no par value |
No Trading Symbol Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young S.A. |
Auditor Firm ID | 1367 |
Auditor Location | Luxembourg, Grand Duchy of Luxembourg |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Property and equipment | $ 28,498 | $ 21,824 |
Deferred tax assets | 710 | 665 |
Other taxes receivable | 5,967 | 0 |
Other non-current assets | 3,589 | 2,605 |
Total Non-current assets | 38,764 | 25,094 |
Current assets | ||
Inventories | 11,437 | 10,948 |
Trade and other receivables | 23,101 | 18,350 |
Income tax receivables | 1,792 | 1,468 |
Other taxes receivable | 6,368 | 3,775 |
Prepaid expenses | 21,334 | 5,672 |
Term deposits and other financial assets | 155,846 | 395,715 |
Cash and cash equivalents | 71,579 | 117,090 |
Total Current assets | 291,457 | 553,018 |
Total Assets | 330,221 | 578,112 |
Equity | ||
Share capital | 235,659 | 234,154 |
Share premium | 1,736,469 | 1,736,469 |
Other reserves | 163,174 | 164,675 |
Accumulated losses | (1,960,584) | (1,722,260) |
Equity attributable to the equity holders of the Company | 174,718 | 413,038 |
Non-controlling interests | (469) | (454) |
Total Equity | 174,249 | 412,584 |
Non-current liabilities | ||
Non-current borrowings | 8,709 | 8,631 |
Trade and other payables | 209 | 769 |
Deferred tax liabilities | 899 | 0 |
Other taxes payable | 1,749 | 0 |
Provisions for liabilities and other charges | 889 | 676 |
Deferred income | 345 | 875 |
Total Non-current liabilities | 12,800 | 10,951 |
Current liabilities | ||
Current borrowings | 5,138 | 3,906 |
Trade and other payables | 64,230 | 76,077 |
Income tax payables | 12,986 | 13,281 |
Other taxes payable | 20,947 | 18,952 |
Provisions for liabilities and other charges | 35,899 | 36,409 |
Deferred income | 3,972 | 5,952 |
Total Current liabilities | 143,172 | 154,577 |
Total Liabilities | 155,972 | 165,528 |
Total Equity and Liabilities | $ 330,221 | $ 578,112 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Revenue | $ 221,882 | $ 177,934 | $ 159,366 |
Cost of revenue | (91,469) | (67,804) | (51,521) |
Gross profit | 130,413 | 110,130 | 107,845 |
Fulfillment expense | (98,846) | (89,321) | (82,220) |
Sales and advertising expense | (75,685) | (81,924) | (37,063) |
Technology and content expense | (55,252) | (39,197) | (31,781) |
General and administrative expense | (125,849) | (141,720) | (130,791) |
Other operating income | 2,086 | 1,415 | 3,797 |
Other operating expense | (86) | (279) | (116) |
Termination benefits | (3,706) | 0 | 0 |
Operating loss | (226,925) | (240,896) | (170,329) |
Finance income | 15,253 | 24,764 | 5,620 |
Finance costs | (19,618) | (10,331) | (16,023) |
Loss before Income tax | (231,290) | (226,463) | (180,732) |
Income tax expense | (6,979) | (442) | (2,986) |
Loss for the period | (238,269) | (226,905) | (183,718) |
Attributable to: | |||
Equity holders of the Company | (238,232) | (226,865) | (183,682) |
Less: net loss attributable to non-controlling interest | (37) | (40) | (36) |
Loss for the period | (238,269) | (226,905) | (183,718) |
Other comprehensive income / (loss) to be classified to profit or loss in subsequent periods | |||
Exchange differences gain / (loss) on translation of foreign operations | 178,932 | (12,282) | 95,187 |
Other comprehensive income / (loss) on net investment in foreign operations | (182,501) | (3,549) | (84,926) |
Other comprehensive income / (loss) on financial assets at fair value through OCI | (5,672) | (3,941) | 0 |
Other comprehensive income / (loss) | (9,241) | (19,772) | 10,261 |
Total comprehensive loss for the period | (247,510) | (246,677) | (173,457) |
Attributable to: | |||
Equity holders of the Company | (247,490) | (246,666) | (173,430) |
Non-controlling interests | (20) | (11) | (27) |
Total comprehensive loss for the year | $ (247,510) | $ (246,677) | $ (173,457) |
Earnings per share (EPS) in USD: | |||
Basic Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | $ (1.19) | $ (1.17) | $ (1.14) |
Diluted Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | $ (1.19) | $ (1.17) | $ (1.14) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Share Capital | Share premium | Accumulated losses | Other reserves | Total | Non- controlling interests |
Beginning balance at Dec. 31, 2019 | $ 204,749 | $ 175,868 | $ 1,141,997 | $ (1,239,991) | $ 127,449 | $ 205,323 | $ (574) |
Loss for the year | (183,718) | (183,682) | (183,682) | (36) | |||
Other comprehensive loss | 10,261 | 10,252 | 10,252 | 9 | |||
Total comprehensive loss for the period | (173,457) | (183,682) | 10,252 | (173,430) | (27) | ||
Capital contribution (Note 15) | 243,202 | 19,207 | 223,995 | 243,202 | |||
Capital contribution from exercised stock options | 741 | 7,120 | (6,379) | 741 | |||
Translation to presentation currency | 0 | 17,450 | 112,235 | (129,607) | (84) | (6) | 6 |
Share-based payments (Note 17) | 12,681 | 12,681 | 12,681 | ||||
Equity transaction costs (Note 15) | (13,014) | (13,014) | (13,014) | ||||
Change in Non-controlling interests | (5) | 198 | 3 | (306) | (48) | (153) | 148 |
Ending balance at Dec. 31, 2020 | 274,897 | 219,843 | 1,478,230 | (1,566,600) | 143,871 | 275,344 | (447) |
Loss for the year | (226,905) | (226,865) | (226,865) | (40) | |||
Other comprehensive loss | (19,772) | (19,801) | (19,801) | 29 | |||
Total comprehensive loss for the period | (246,677) | (226,865) | (19,801) | (246,666) | (11) | ||
Capital contribution (Note 15) | 348,646 | 21,320 | 327,326 | 348,646 | |||
Capital contribution from exercised stock options | 69 | 2,915 | (2,846) | 69 | |||
Translation to presentation currency | 0 | (9,924) | (69,089) | 79,013 | 0 | ||
Share-based payments (Note 17) | 43,451 | 43,451 | 43,451 | ||||
Equity transaction costs (Note 15) | (7,816) | (7,816) | (7,816) | ||||
Change in Non-controlling interests | 14 | 2 | 8 | 10 | 4 | ||
Ending balance at Dec. 31, 2021 | 412,584 | 234,154 | 1,736,469 | (1,722,260) | 164,675 | 413,038 | (454) |
Loss for the year | (238,269) | (238,232) | (238,232) | (37) | |||
Other comprehensive loss | (9,241) | (9,258) | (9,258) | 17 | |||
Total comprehensive loss for the period | (247,510) | (238,232) | (9,258) | (247,490) | (20) | ||
Capital contribution from exercised stock options | 25 | 1,505 | (1,480) | 25 | |||
Share-based payments (Note 17) | 9,241 | 9,237 | 9,237 | 4 | |||
Equity transaction costs (Note 15) | (91) | (91) | (91) | ||||
Change in Non-controlling interests | (1) | (1) | 1 | ||||
Ending balance at Dec. 31, 2022 | $ 174,249 | $ 235,659 | $ 1,736,469 | $ (1,960,584) | $ 163,174 | $ 174,718 | $ (469) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Loss before Income tax | $ (231,290) | $ (226,463) | $ (180,732) |
Depreciation and amortization of tangible and intangible assets | 11,646 | 9,656 | 9,282 |
Impairment losses on loans, receivables and other assets | 6,008 | 2,011 | 5,028 |
Impairment losses on obsolete inventories | 1,947 | 416 | 539 |
Share-based payment expense | 8,240 | 34,548 | 24,710 |
Net (gain)/loss from disposal of tangible and intangible assets | 35 | 180 | (19) |
Change in provision for liabilities and other charges | 473 | (243) | 6,226 |
Lease modification (income)/expense | 23 | (37) | (66) |
Interest (income)/expense | (2,721) | (996) | 700 |
Discounting effect (income) / expense | 486 | 0 | 0 |
Net foreign exchange (gain)/loss | 5,517 | (7,656) | 12,118 |
Net (gain)/loss on financial instruments at fair value through profit or loss | 7,167 | 998 | 0 |
Impairment losses / (reversals) on financial assets at fair value through OCI | (35) | 88 | 0 |
Net (gain)/loss recognized on disposal of debt instruments held at fair value through OCI | 2,290 | 0 | 0 |
Share-based payment expense - settlement | (444) | (1,237) | 0 |
(Increase)/Decrease in trade and other receivables, prepaid expenses and other tax receivables | (39,526) | (3,017) | 6,120 |
(Increase)/Decrease in inventories | (4,036) | (3,751) | 2,007 |
Increase/(Decrease) in trade and other payables, deferred income and other tax payables | (3,099) | 26,341 | 2,951 |
Income taxes paid | (2,859) | (2,017) | (1,253) |
Net cash flows used in operating activities | (240,178) | (171,179) | (112,389) |
Cash flows from investing activities | |||
Purchase of property and equipment | (11,147) | (7,166) | (2,279) |
Proceeds from sale of property and equipment | 11 | 22 | 24 |
Purchase of intangible assets | 0 | (19) | (595) |
Interest received | 4,762 | 2,602 | 883 |
Movement in other non-current assets | (1,586) | (683) | 57 |
Movement in term deposits and other financial assets | 220,207 | (399,566) | 68,862 |
Net cash flows (used in) / from investing activities | 212,247 | (404,810) | 66,952 |
Cash flows from financing activities | |||
Interest settled - financing | (41) | (74) | (39) |
Payment of lease interest | (1,496) | (1,543) | (1,520) |
Repayment of lease liabilities | (7,170) | (5,072) | (4,570) |
Equity transaction costs | (79) | (7,779) | (12,776) |
Capital Contributions | 0 | 348,646 | 243,202 |
Proceeds from exercise of stock options | 26 | 68 | 747 |
Net cash flows (used in) / from financing activities | (8,760) | 334,246 | 225,044 |
Net (decrease)/increase in cash and cash equivalents | (36,691) | (241,743) | 179,607 |
Effect of exchange rate changes on cash and cash equivalents | (8,820) | (15,098) | 3,645 |
Cash and cash equivalents at the beginning of the period | 117,090 | 373,931 | 190,679 |
Cash and cash equivalents at the end of the period | $ 71,579 | $ 117,090 | $ 373,931 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2022 | |
Corporate information | |
Corporate information | 1 Corporate information The accompanying consolidated financial statements and notes present the operations of Jumia Technologies AG (the “Company” or “Jumia Tech”) and its subsidiaries (the “Group” or “Jumia”). The Company was incorporated as Africa Internet Holding GmbH on June 26, 2012, and was transformed into Jumia Technologies AG, a German stock corporation on January 31, 2019. The Company is domiciled in Germany and has its registered office located at Skalitzer Strasse 104, 10997 Berlin, Germany. The Group operates in e-commerce across the African continent. In April 2019 Jumia Tech became a listed company on New York Stock Exchange (NYSE), with ticker symbol “JMIA”. Jumia is the leading pan-African e-commerce platform. Jumia’s platform consists of a marketplace, which connects sellers with consumers, a logistics service, which enables the shipping and delivery of packages from sellers to consumers, and a payment service, which facilitates transactions among participants active on Jumia’s platform. The Group has incurred significant losses since its incorporation. The Group expects to continue generating losses as it makes the necessary investments to grow and/or rebalance its business. The Group will therefore continue to require additional funding either from existing or new shareholders. The consolidated financial statements disclose all matters of which the Group is aware, and which are relevant to the Group’s ability to continue as a going concern, including all significant events and mitigating factors. Further details can be found in Note 33. The consolidated financial statements have been prepared on a basis which assumes that the Group will continue as a going concern, and which contemplates the recoverability of assets and the satisfaction of the liabilities and commitments in the normal course of business. The Group has sufficient resources to operate as a going concern for the next 12 months. On May 15, 2023 the Supervisory Board authorized these consolidated financial statements for issuance. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. a) Basis of preparation The consolidated financial statements of the Group (“consolidated financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets, financial liabilities and share based compensation plan, which have been measured at fair value (as further disclosed within this Note). The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated. b) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies. Subsidiaries are those investees that the Group controls because the Group (i) has power to direct relevant activities of the investees that significantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the investees, and (iii) has the ability to use its power over the investees to affect the amount of Group’s returns. The existence and effect of substantive rights, including substantive potential voting rights, are considered when assessing whether the Group has power over another entity. For a right to be substantive, the holder must have practical ability to exercise that right when decisions about the direction of the relevant activities of the investee need to be made. The Group may have power over an investee even when it holds less than majority of voting power in an investee. In such a case, the Group assesses the size of its voting rights relative to the size and dispersion of holdings of the other vote holders to determine if it has de-facto power over the investee. Protective rights of other investors, such as those that relate to fundamental changes of investee’s activities or apply only in exceptional circumstances, do not prevent the Group from controlling an investee. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, revenue and expense of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. As of December 31, 2020, 2021 and 2022, the Group consolidated 66, 67 and 67 subsidiaries, respectively. c) Current versus non-current classification The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is expected to be realized or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realized within twelve months after the reporting period. Cash and cash equivalents are presented as current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities as non-current. d) Property and equipment Property and equipment are stated at cost less accumulated depreciation and any impairment losses. Costs of minor repairs and maintenance are expensed when incurred. The cost of replacing major parts or components of property and equipment items are capitalized and the replaced part is written off. Whenever events or changes in market conditions indicate a risk of impairment of property and equipment, management estimates the recoverable amount, which is determined as the higher of an asset’s fair value less costs to sell and its value in use. The carrying amount is reduced to the recoverable amount and the impairment loss is recognized in profit or loss for the year. Depreciation on items of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows: Useful life in years Buildings Up to 40 Transportation equipment 5 to 8 Technical equipment and machinery 3 to 10 Furniture and office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. A recognized item of property and equipment and any significant part is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of operations when the asset is derecognized. e) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group only acts as a lessee. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are recognized in the statement of financial position as “Property and equipment” and are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: • Offices and Warehouses - 2 to 10 years • Motor vehicles and other equipment 2 to 6 years Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including, in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term. Lease expenses are primarily classified as ‘General and administrative expense’. f) Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group has financial assets in the form of bank deposits, trade notes and accounts receivable and other receivables and financial investments included in the item “Term deposits and other financial assets”. Initial recognition and subsequent measurement With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. Trade and other receivables are subsequently measured at amortized cost using the effective interest rate method. The classification of financial assets that are debt instruments at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Contractual cash flows arising from the financial assets are assessed by the Group as to whether they are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The business model for managing financial assets that are debt instruments is either “hold to collect”, “hold to collect and sell” or other (such as when the asset is held for trading or is otherwise managed on a fair value basis). In order for a financial asset that is a debt instrument to be classified and subsequently measured at amortized cost, contractual cash flows need to arise as SPPI and the business model for the financial asset must be to “hold to collect”. Amortized cost is measured according to effective interest rate method and interest income is recognized in “Finance income”. A financial asset that is a debt instrument is classified and subsequently measured at fair value through other comprehensive income, if arising contractual cash flows are SPPI and the business model for the financial asset is “hold to collect and sell”. Interest income is measured according to effective interest rate method and recognized in “Finance income”. Changes in fair value are recognized in other comprehensive income, and the accumulated amount is presented in the statement of financial position in Other reserves. The fair value reserve is reclassified to profit or loss when the investments are derecognized. Gains and losses upon disposal or maturity are recognized in “Finance income” or “Finance costs”. Changes in the allowance for expected credit losses are recognized in the statement of profit or loss in “Finance income” or “Finance costs”, against the fair value reserve. Investments in debt instruments for which cash flows are not SPPI or for which the business model is “hold to sell” are subsequently measured at fair value through profit or loss. Interest and dividend income are recognized on an accrual basis and presented in “Finance income”. Changes in fair value are recognized in the statement of profit or loss in “Finance income” or “Finance costs”. Impairment – expected credit losses model Impairment of investments in debt instruments subsequently measured at amortized cost or fair value through comprehensive income, as well as of contract assets within the scope of IFRS 15, is recognized as an expected credit loss allowance against these assets, according to the IFRS 9 3-stage model based on changes in credit quality since initial recognition. A simplified approach is available for trade receivables and contract assets that do not contain a significant financing component. Stage 1 includes financial instruments that have not had a significant increase in credit risk since initial recognition or that, under the available practical expedient, have low credit risk at the reporting date. For these assets, 12-month expected credit losses are recognized and interest revenue is calculated on their gross carrying amount. Stage 2 includes financial instruments that have had a significant increase in credit risk since initial recognition (except if they have low credit risk at the reporting date) but that do not have objective evidence of impairment. For these assets, the allowance includes lifetime expected credit losses, and interest revenue is calculated on their gross carrying amount. Stage 3 includes financial assets that have objective evidence of impairment at the reporting date. For these assets, the allowance is for lifetime expected credit losses and interest revenue is calculated on their carrying amount (net of the expected credit loss allowance). Impairment – accounts receivable The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When calculating ECL, the expected recovery from collateral is taken into account. The Group has the contractual right to dispose of marketplace products and apply all proceeds of sales to discharge any amounts that are owed by sellers. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporated several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. The Group writes off accounts receivable no later than when the balance becomes 12 months past due. Default and write-off of financial assets The Group determines the probability of default upon the initial recognition of the asset. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Impairment – other financial assets The Group’s maximum exposure to credit risk for other financial assets as of December 31, 2021 and 2022 is the respective carrying amount. As of December 31, 2021 and 2022, all of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk, and the loss allowance recognized during the period was therefore limited to the expected credit losses for 12 months. Management considers ‘low credit risk’ for listed bonds to be an investment grade credit rating by a major rating agency. The Group considers that credit risk increases significantly if the credit rating deteriorates to a non-investment grade rating. The probability of default (PD) and loss given default (LGD) are determined for the investments on an individual basis, using available public corporate PD and LGD assessments of the securities performed by credit rating agencies, which incorporate both historical and forward-looking information, according to market standards. Forward-looking information includes credit rating outlooks and economic forecast measured using country gross domestic product (GDP) and credit default swap (CDS). Financial liabilities The Group has financial liabilities in the form of trade and other payables and deferred income that are initially recognized at fair value which primarily represents the original invoiced amount. They are subsequently measured at amortized cost using the effective interest method. "Interest expense is recognized in “Finance costs”. Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Deferred income is subsequently recognized as revenue in the Consolidated Statement of Operations and Comprehensive Income (Loss). A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis or to realize the assets and settle the liabilities simultaneously. g) Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating-unit’s (CGU) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. h) Inventories Inventories are valued at the lower of cost or net realizable value. Cost of inventory is determined on first-in-first out basis (FIFO) method. The cost of inventory includes purchase costs and costs incurred to bring the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Impairment losses, if any, due to obsolete materials and slow inventory movement are deducted from the carrying amount of the inventories. i) Cash and cash equivalents and term deposits Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less, for which the risk of changes in value is insignificant. Term deposits are deposits placed with banks with an original maturity of more than three months and, therefore, not included as ‘cash and cash equivalents’ in the statements of financial position and consolidated statement of cash flows. j) Value added tax Output value added tax (“VAT”) related to sales is payable to tax authorities on the earlier of (a) collection of receivables from consumers or (b) delivery of goods or services to consumers. Input VAT is generally recoverable against output VAT upon receipt of the VAT invoice. The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. When input and output VAT expire or are settled in different patterns, VAT is recognized in the statement of financial position and disclosed separately as an asset and liability. Where a provision has been made for impairment of receivables, the gross amount of the debtor, including VAT, is provided for. If the effect of the time value of money is material, tax receivables and payables are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the asset or liability. When discounting is used, the increase in the asset or liability due to the passage of time is recognized as a finance cost. k) Provisions and contingent liabilities Provisions are recognized when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement of operations and comprehensive income (loss) along with any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Where it is more likely that no present obligation exists at the reporting date, the Group discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefit is remote, in which case no disclosure is required. l) Foreign currency translation Functional and presentation currency Amounts included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in US dollars (USD), which is the Group’s presentation currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities using exchange rates at the dates of transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations within finance costs and finance income. The Group considers that monetary long-term receivables from or loans to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, a part of the Group’s net investment in that foreign operation. The related foreign exchange differences and income tax effect of the foreign exchange differences are included in the exchange difference on net investment in foreign operations within equity. In case of repayment, the Group has elected to maintain exchange differences in equity until disposal of the foreign operation. On disposal of a foreign operation, the deferred cumulative amount recognized in equity relating to that particular foreign operation is reclassified to the consolidated statement of operations and comprehensive income (loss). The following tables present currency translation rates against the US dollars for the Group’s most significant operations. Year Ended December 31, 2020 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 126.38 131.70 Cameroon CFA Franc BEAC (XAF) 574.70 534.86 China Yuan Renminbi (CNY) 6.89 6.53 Ivory Coast CFA Franc BCEAO (XOF) 574.70 534.86 Egypt Egyptian Pound (EGP) 15.77 15.71 Germany Euro (EUR) 0.88 0.82 Ghana Cedi (Ghana) (GHS) 5.72 5.85 Kenya Kenyan Shilling (KES) 105.56 108.14 Morocco Moroccan Dirham (MAD) 9.39 8.80 Nigeria Naira (NGN) 378.28 382.96 Portugal Euro (EUR) 0.88 0.82 Rwanda Rwanda Franc (RWF) 944.47 974.50 Senegal CFA Franc BCEAO (XOF) 574.70 534.86 South Africa Rand (ZAR) 16.44 14.65 Tunisia Tunisian Dinar (TND) 2.78 2.66 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,304.47 2,291.44 Uganda Uganda Shilling (UGX) 3,692.52 3,629.35 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2021 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 134.56 138.50 Cameroon CFA Franc BEAC (XAF) 554.72 578.23 China Yuan Renminbi (CNY) 6.45 6.36 Ivory Coast CFA Franc BCEAO (XOF) 554.72 578.23 Egypt Egyptian Pound (EGP) 15.67 15.68 Ghana Cedi (Ghana) (GHS) 5.90 6.13 Kenya Kenyan Shilling (KES) 108.79 112.25 Morocco Moroccan Dirham (MAD) 8.90 9.16 Nigeria Naira (NGN) 399.35 410.97 Portugal Euro (EUR) 0.85 0.88 Rwanda Rwanda Franc (RWF) 986.02 1,016.15 Senegal CFA Franc BCEAO (XOF) 554.72 578.23 South Africa Rand (ZAR) 14.78 15.92 Tunisia Tunisian Dinar (TND) 2.75 2.87 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,307.88 2,296.51 Uganda Uganda Shilling (UGX) 3,567.41 3,526.41 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2022 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 141.96 137.36 Cameroon CFA Franc BEAC (XAF) 623.87 612.84 China Yuan Renminbi (CNY) 6.73 6.90 Ivory Coast CFA Franc BCEAO (XOF) 623.87 612.84 Egypt Egyptian Pound (EGP) 19.20 24.75 Ghana Cedi (Ghana) (GHS) 8.99 10.20 Kenya Kenyan Shilling (KES) 117.60 123.50 Morocco Moroccan Dirham (MAD) 10.13 10.46 Nigeria Naira (NGN) 423.01 448.08 Portugal Euro (EUR) 0.95 0.93 Rwanda Rwanda Franc (RWF) 1,031.64 1,067.00 Senegal CFA Franc BCEAO (XOF) 623.87 612.84 South Africa Rand (ZAR) 16.37 17.02 Tunisia Tunisian Dinar (TND) 3.08 3.11 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,322.97 2,332.45 Uganda Uganda Shilling (UGX) 3,682.08 3,717.61 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Translation into presentation currency On consolidation, the results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; ii. Income and expense for each item of the statement of comprehensive income (loss) are translated at average exchange rates; All resulting exchange differences arising on translation for consolidation are recognized in other comprehensive income. m) Revenue from contracts with customers The Group generates revenue primarily from commissions, sale of goods, fulfillment, marketing and advertising and provision of other services. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis, which requires Management judgment. In performing their analysis, the Group considers first whether it controls the goods or services before they are transferred to the customers and if it has the ability to direct the use of the goods or services or obtain benefits from them. The Group also considers the following indicators: – The latitude in establishing prices and selecting suppliers – The inventory risk borne by the Group before and after the goods have been transferred to the customer When the Group is primarily obliged in a transaction, is subject to inventory risk, has all, or has several but not all, of the indicators, the Group acts as principal and revenue is recorded on a gross basis. When the Group is not the primary obligor, does not bear the inventory risk and does not have the ability to establish price, the Group acts as agent and revenue is recorded on a net basis. Revenue recognition policies for each type of revenue stream are as follows: (1) Sales of goods Revenue from sales of goods relates to transactions where Jumia acts directly as the seller, where it enters into an agreement with a consumer to sell goods. These goods are sold for a fixed price as determined by the Group and the Group bears the obligation to deliver those goods to the consumer. As such, the Group is considered to be the principal in these transactions and recognizes sales on a gross basis for the selling price at the point in time when the goods are delivered to the consumer. The delivery of the goods is not a separate performance obligation, as the consumer cannot benefit from the goods without the delivery, which must be performed by Jumia. Therefore, revenue for goods and delivery are recognized at a point in time. (2) Third party sales This revenue is related to the online selling platform which provides sellers the ability to sell goods directly to consumers. In this case, Jumia’s performance obligation with respect to these transactions is to arrange the transaction through the online platform. Further, Jumia also delivers the goods to consumers on behalf of the sellers. The Group considers that Jumia has one performance obligation in respect of these transactions which is to arrange the sale and delivery of goods to consumers on behalf of sellers and since Jumia does not control the goods, it is an agent in these transactions. The revenue from these transactions is recognized at a point in time when the goods are delivered to the end consumer which is the time when the Group satisfies its performance obligation. Jumia generates the following revenues from these marketplace transactions: 2 a) Commission revenue Jumia generates a commission fee (normally a percentage of the selling price) which it charges to sellers based on agreements with the sellers. 2 b) Fulfillment revenue Jumia charges a delivery fee to consumers when delivering goods to consumers on behalf of the sellers which it recognizes as fulfillment revenue. 2 c) Value added service revenue In some instances, Jumia also charges a delivery fee to sellers when delivering goods to consumers on behalf of the sellers which it recognizes as part of value-added services revenue. (3) Marketing and advertising The Group provides advertising services to vendors and non-vendors, such as performance marketing campaigns, placing banners on the Jumia platform or sending newsletters and notifications. The advertising services are contractually agreed with the advertisers. As Jumia establishes pricing and is primarily obliged to deliver these advertising services, revenue is recognized on a gross basis. The campaigns and banners can be run for a short period as well as be spread over a year and are therefore recognized at a point in time or over the period. (4) Value added services In addition to the delivery fee charged to sellers in respect of marketplace transactions noted above, the Group also provides other services to sellers for which it charges a fee such as logistics services (transportation, warehousing and packaging) of products ahead of shipment and technical support. As Jumia establishes pricing and controls the services, revenue is recognized on a gross basis. Revenue for wareho |
Significant accounting estimate
Significant accounting estimates, judgments and assumptions in applying accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
Significant accounting estimates, judgments and assumptions in applying accounting policies | 3 Significant accounting estimates, judgments and assumptions in applying accounting policies The preparation of the Group’s consolidated financial statements requires its management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, including disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements: Climate change Up to now, the Group has not been significantly impacted by climate change, and, currently, Management has not considered the climate-related risks as part of the Group's top key risks. Nevertheless, Management will continue monitoring every year the potential risks resulting from the effects of climate change. So far, Management has not identified nor considered any material impacts of climate change on assumptions used and, on the Group's financial reporting (e.g. provisions, fixed assets, etc.). Determining the lease term of contracts with renewal and termination options – Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). The Group has several lease contracts that include extension and termination options. These options are negotiated by management to align with the Group’s business needs. The Group has assessed potential future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease term, and determined that there are no significant extension options expected not to be exercised nor significant termination options expected to be exercised. Revenue from contracts with customers The Group applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers: Principal versus agent considerations The Group enters into contracts where it acts as a seller and determines the price and bears the obligation to deliver those goods to the consumer. Under these contracts, the Group determines that it controls the goods before they are transferred to customers and hence is a principal. Additionally, in cases where the group enters into transactions wherein it provides marketing services, it is obliged to render the services as well as has the discretion to set the price, and hence is considered as a principal in such transactions. In cases where the Group enters into a contract that provides the selling platform to vendors to sell goods and services to consumers, the Group has no discretion in setting the price and has no inventory risk and hence is considered to be the agent in such transactions. The fulfillment services are seen as activities to fulfill the promise to transfer the goods to consumers. The sale and the delivery services together constitute a single performance obligation. Classification and presentation of other financial assets In 2021, the Group acquired investment grade bonds managed via a discretionary fund and in passively managed ETF funds. These investments are included in the statement of financial position as other financial assets. Further details can be found in Note 12. Based on the terms of the discretionary fund agreement, the Group determines itself to be the principal in holding the investments in the bonds, which, as set out in the investment parameters, are held under a “hold to collect and sell” business model. The investments held via the discretionary fund are directly recognized by the Group and classified as financial assets measured at fair value through other comprehensive income. The Group determines the investments in ETF funds meet the definition of investments in debt instruments. As the contractual cash flows arising from these investments are not SPPI (solely payments of principal and interest), the investments are classified as financial assets measured at fair value through profit or loss according to IFRS 9. The amounts of other financial assets are presented as current whenever maturity of the investments is within 12 months of the reporting date or if the Group expects to sell the asset within 12 months. Estimates and assumptions Ukraine and Russia war The effects of Ukraine and Russia war have required assessment of significant judgments and estimates to be made, including but not limited to: • Estimates of net realizable value (NRV) of inventory may be subject to more estimation uncertainty than in the past, and determining the appropriate assumptions may require significant judgment.; and, • Estimates of expected credit losses (ECL) attributable to accounts receivable arising from sales to customers on credit terms, including the incorporation of forward-looking information to supplement historical credit loss rates. The Group has assessed that the conflict in Ukraine did not have a significant impact on estimates and judgments. The Group continues to assess potential impact on an ongoing basis, more particularly as it relates to ECL and NRV provisions. Covid-19 The effects of COVID-19 have required assessment of significant judgments and estimates to be made, including but not limited to: • Determining the net realizable value (NRV) of inventory that has become slow moving due to the effects of COVID-19; and, • Estimates of expected credit losses (ECL) attributable to accounts receivable arising from sales to customers on credit terms, including the incorporation of forward-looking information to supplement historical credit loss rates. The Group has assessed that Covid 19 did not have a significant impact on estimates and judgments. The Group continues to assess potential impact on an ongoing basis, more particularly as it relates to ECL and NRV provisions. Uncertain tax positions The Group operates in certain countries where the application of tax rules to complex transactions is sometimes open to interpretation, both by the Group and taxation authorities. Tax systems, regulations and enforcement processes also have varying stages of development creating uncertainty regarding application of tax law and interpretation of tax treatments. The Group is also subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will accept a specific tax treatment under the local tax law, that tax treatment is considered uncertain. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Therefore, Management’s estimate is required to determine provisions for taxes. Uncertain tax positions are assessed and reviewed by management at the end of each reporting period. Liabilities are recorded for tax positions that are determined by management as more likely than not to result in additional taxes being levied if the positions were to be challenged by the tax authorities. The assessment relies on estimates and assumptions and may involve a series of judgments about future events. These judgments are based on the interpretation of tax laws that have been enacted or substantively enacted by the end of the reporting period, and any known court or other rulings on such issues. Liabilities for penalties, interest and taxes are recognized based on management’s best estimate of the expenditure required to settle the obligations at the end of the reporting period. Management’s best estimate of the amount to be provided is determined by their judgment and, in some cases, reports from independent experts. Further details can be found in note 21. Share-based compensation For grants prior to May 10, 2019 (grants prior to IPO), the Group measured the fair value of its ordinary shares and of its call options as follows: the fair value of the Group’s ordinary shares was based on the income approach to estimate the equity value of the Group. The future cash flows are discounted using a weighted average cost of capital that takes into consideration the stage of development of the business in each of the countries in which the Group operates. For grants subsequent to May 10, 2019 (grants after IPO), the fair value of the share is based on the value per American Depositary Shares (ADS) of Jumia Technologies AG traded on the New York Stock Exchange. The fair value of the Group’s call options is derived from the fair value of the Group’s ordinary shares measured based on the Black-Scholes-Merton formula with the underlying assumptions that: • The options can be exercised only on the expiry date • There are no taxes or transaction costs and no margin requirements • The volatility of the underlying shares is constant and is defined as the standard deviation of the continuously compounded rates of return on the share over a specified period • The risk-free interest rate is relatively constant over time This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield. For all awards subject to performance conditions, the probability of achieving the performance condition is derived based on a Monte Carlo simulation. For non-vesting conditions, the probability of achieving the condition is included at grant date in the fair value of the option. For vesting conditions, the probability of achieving the non-market performance condition is reassessed at least annually. The determination of the several valuation inputs, including the probability of achieving performance targets is considered to be complex and subjective. Further details can be found in Note 17. Impairment of trade and other receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporate several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity under credit risk. Impairment of other financial assets Other financial assets include debt instruments held under a business model of “hold to collect and sell”, and are measured at fair value through other comprehensive income. The Group recognizes an allowance for expected credit losses according to the IFRS 9 3-stage model. All of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk (stage 1 of the 3-stage model), and the loss allowance recognized during the period was therefore limited to expected credit losses for 12 months. |
New accounting pronouncements
New accounting pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
New accounting pronouncements | |
New accounting pronouncements | 4 New accounting pronouncements a) New standards, interpretations and amendments adopted by the Group The impact of the adoption of the new standards and amendments to standards that became effective as of January 1, 2022 is as follows: IFRS 16 amendment to Leases – COVID-19 related rent concessions beyond 30 June 2021 On 31 March 2021, the IASB published 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' that extends, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification, allowing to recognise rent concessions related to COVID-19 as variable lease payments and not as a modification to the lease. The conditions of application of the practical expedient remain, and the extension of the practical expedient can only be applied by the lessees who applied the previous practical expedient. There is no material impact of the adoption of this amendment in the financial statements. IFRS 3 amendments updating a reference to the Conceptual Framework On May 14, 2020, the IASB issued 'Reference to the Conceptual Framework (Amendments to IFRS 3)' with amendments to IFRS 3 'Business Combinations' that update an outdated reference in IFRS 3 without significantly changing its requirements. This amendment also clarifies the accounting treatment to be given to contingent liabilities and liabilities under IAS 37 and IFRIC 21, incurred separately versus within a business combination. This amendment is applied prospectively. There is no material impact of the adoption of this amendment in the financial statements. IAS 37 amendments regarding onerous contracts On May 14, 2020, the IASB issued 'Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)'. This amendment specifies that when assessing whether a contract is onerous or not, only expenses directly related to the performance of the contract, such as incremental costs related to direct labor and materials and the allocation of other expenses directly related to the allocation of depreciation expenses of tangible assets used to carry out the contract, can be considered. This amendment must be applied to contracts that, at the beginning of the first annual reporting period to which the amendment is applied, still include contractual obligations to be satisfied, without restating comparatives. There is no material impact of the adoption of this amendment in the financial statements. Annual Improvements 2018 - 2020 On May 14, 2020, the IASB issued 'Annual Improvements to IFRS Standards 2018–2020'. The pronouncement contains amendments to four International Financial Reporting Standards (IFRSs) as result of the IASB's annual improvements project. The 2018-2020 annual improvements impact: IFRS 1, IFRS 9, IFRS 16 and IAS 41. There is no material impact of the adoption of this amendment in the financial statements. IAS 16 amendments regarding proceeds before intended use On May 14, 2020, the IASB issued 'Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)'. This amendment changes the accounting treatment of the proceeds obtained from the sale of products that result from the production test phase of property, plant and equipment, prohibiting their deduction to the acquisition cost of assets. The entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented. There is no material impact of the adoption of this amendment in the financial statements. b) Standards issued but not yet effective The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. IFRS 17 – Insurance contracts (new) On 18 May 2017, the IASB issued 'IFRS 17 – Insurance contracts’. This new standard replaces IFRS 4 and applies to all entities issuing insurance contracts, reinsurance contracts and investment contracts with discretionary participation characteristics. IFRS 17 is based on the current measurement of technical liabilities at each reporting date. The current measurement can be based on a general model "building block approach" or a simplified one "premium allocation approach". The "building block approach" is based on discounted, probability-weighted cash flows, a risk adjustment and a contractual service margin ('CSM'), which represents the unearned profit of the contract. Subsequent changes in estimated cash flows are adjusted against the contractual service margin, unless it becomes negative. IFRS 17 is applied retrospectively. The standard is effective for annual reporting periods beginning on or after January 1, 2023. IFRS 17 – Insurance contracts (amendment) On 25 June 2020, the IASB issued 'Amendments to IFRS 17' that includes specific changes in eight areas of IFRS 17, such as: i) scope; ii) level of aggregation of insurance contracts; iii) recognition; iv) measurement; v) modification and derecognition; vi) presentation of the Statement of Financial Position; vii) recognition and measurement of the Income statement; and viii) disclosures. This amendment also includes clarifications, which aim to simplify some of the requirements of this standard and ease transition. IFRS 17 is applied retrospectively. On the issue of this amendment the end date for applying IFRS 9 (temporary exemption or overlay approach) under the IFRS 4 standard, was extended to 1 January 2023, aligned with the effective date of IFRS 17. IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) On 9 December 2021, the IASB issued ' Initial Application of IFRS 17 and IFRS 9' that relates only to insurers’ transitioning to the IFRS 17 and allows the adoption of a classification overlay to a financial asset for which the entity does not restate IFRS 9 comparative information. This amendment seeks to avoid temporary accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented, when applying IFRS 17 for the first time, providing for (i) the application on a financial asset-by-financial asset basis; (ii) the presentation of comparative information as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset, but without requiring an entity to apply the impairment requirements of IFRS 9; and (iii) the obligation to use reasonable and supported information available at the transition date, to determine how the entity expects that financial asset to be classified in accordance with IFRS 9. This amendment is effective for annual periods beginning on or after 1 January 2023. IAS 1 amendments on Disclosure of accounting policies On 12 February 2021, the IASB issued 'Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)'. Amendment to the requirement to disclose the accounting policies based on “material” instead of “significant”. The amendment specifies that an accounting policy information is expected to be material if, in its absence, the users of the financial statements would be unable to understand other material information in those same financial statements. Immaterial accounting policy information need not be disclosed. The IFRS Practice Statement 2 was also amended to provide guidance for the application of the concept of materiality to accounting policy disclosures. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. IAS 8 amendment on Definition of accounting estimates On 12 February 2021, the IASB issued 'Definition of Accounting Estimates (Amendments to IAS 8)' to help entities to distinguish between accounting policies and accounting estimates. Introduction of the concept of accounting estimate and the way it is distinct from changes to accounting policies. The accounting estimates are defined as corresponding to monetary amounts that are subject to measurement uncertainty, used to achieve an accounting policy’s objective(s). The amendments are effective for annual reporting periods beginning on or after January 1, 2023. IAS 12 amendment to Deferred tax related to assets and liabilities arising from a single transaction On 7 May 2021, the IASB issued 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)' that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. IAS 12 will require entities to recognize deferred tax on specific transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. These applies to the recognition of: i) right-of-use assets and lease liabilities; and ii) decommissioning, restoration and similar liabilities, and the corresponding amounts recognized as part of the cost of the related asset, when not relevant for tax purposes. Such temporary differences are no longer subject to the initial recognition exemption for deferred taxes. The cumulative effect of initially applying the amendment is recognized as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the earliest comparative period presented. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. The Group has estimated the impact of the future adoption of this amendment in the financial statements, considering the retrospective application. As of January 1, 2021, the estimated impact amounts to a USD 503 thousand of retained earnings (“Accumulated losses”) increase, a USD 3,551 thousand increase in total liabilities and a USD 3,048 thousand increase in total assets. As of December 31, 2021, the estimated impact amounts to a gain of USD 53 thousand and the total balance of deferred tax liabilities and deferred tax assets related to this amendment amounts to USD 3,179 thousand and to USD 2,729 thousand, respectively. As of December 31, 2022, the estimated impact amounts to a loss of USD 153 thousand and the total balance of deferred tax liabilities and deferred tax assets related to this amendment amounts to USD 3,851 thousand and to USD 3,249 thousand, respectively. IFRS 16 amendment on Lease Liability in a Sale and Leaseback On 22 September 2022, the IASB issued 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' that requires a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. IAS 1 amendment on the classification of debt with covenants On 31 October 2022, the IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' that i) modifies the requirements introduced by amendments to IAS 1: Classification of Liabilities as Current or Non-current in January 2020 on how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances: Only covenants with which an entity is required to comply on or before the reporting date affect the classification of a liability as current or non-current. In addition, an entity has to disclose information in the notes that enables users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months.; and ii) defers the effective date of the 2020 amendments to 1 January 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. |
Group Information
Group Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Group Information | 5 Group Information At December 31, 2022, Jumia consolidated the Parent entity (Jumia Technologies AG) and the following subsidiaries: Company name Country of % control Principal activities (1) December 31, 2021 December 31, 2022 Africa Internet General Trading LLC UAE 100.00 100.00 Services Africa Internet Services SAS FRANCE 100.00 100.00 Not active African Internet Services S.A. ANGOLA 100.00 — — AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG GERMANY 99.89 99.89 Holding AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Atol Internet Services Ltd. MAURITIUS 100.00 — — Atol Internet Services Rwanda RWANDA 100.00 100.00 Not active Atol Internet Services S.a.r.l. Tunisia TUNISIA 100.00 100.00 Not active Atol Ivory Coast SARL IVORY COAST 100.00 100.00 Not active Atol Services Gabon SARL GABON 100.00 100.00 Not active Atol Technology PLC ETHIOPIA 100.00 100.00 Not active Bambino 162. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner EasyTaxi Egypt EGYPT 100.00 — — Ecart Internet Services Nigeria Ltd. NIGERIA 99.89 99.89 Online retailer Ecart Services Algeria SARL ALGERIA 100.00 100.00 Not active Ecart Services Cameroon Ltd. CAMEROON 100.00 100.00 Not active Ecart Services Ghana Ltd. GHANA 100.00 — — Ecart Services Ivory Coast SARL IVORY COAST 100.00 100.00 Online retailer Ecart Services Kenya Ltd. KENYA 100.00 100.00 Online retailer Ecart Services Morocco Sarlau MOROCCO 100.00 100.00 Online retailer Ecart Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Hellopay Africa Integrated Services Ltd. (formerly: Lipco Internet Services Nigeria) NIGERIA 100.00 100.00 Jumia Pay Jade E-Services Algeria SARL ALGERIA 100.00 100.00 Marketplace Jade E-Services Ghana Ltd. GHANA 100.00 100.00 Online retailer Jade E-Services Kenya Ltd. KENYA 100.00 100.00 Not active Jade E-Services Senegal SARL (formerly: Hellofood Senegal SUARL) SENEGAL 100.00 100.00 Online retailer Jade E-Services South Africa Proprietary Ltd. SOUTH AFRICA 100.00 100.00 Online retailer Jade E-Services Tunisia SARL TUNISIA 100.00 100.00 Not active Jade E-Services Uganda Ltd. UGANDA 100.00 100.00 Online retailer Jolali Global Resources Ltd. NIGERIA 99.89 99.89 Not active Jumia Egypt LLC EGYPT 100.00 100.00 Online retailer Jumia Electronic Payment Services S.A.E EGYPT 100.00 100.00 Jumia Pay Jumia Eservices SARL TUNISIA 100.00 100.00 Not active Jumia Financial Services Ltd. Nigeria — 100.00 Jumia Pay Jumia for Trading LLC EGYPT 100.00 100.00 Not active Jumia Payment Services Kenya Ltd. KENYA — 100.00 Jumia Pay Jumia Payment Services Ltd. UGANDA — 100.00 Jumia Pay Jumia Services FZ-LLC UAE 100.00 100.00 Services Jumia Services GmbH GERMANY 100.00 100.00 Services Jumia Technologies Cote D'Ivoire SARLU IVORY COAST 100.00 100.00 Marketing services Jumia Technologies Spain SLU SPAIN 100.00 100.00 Services Jumia Technologies SUARL TUNISIA 100.00 100.00 Services Jumia Technology Services (Shenzhen) Co., Ltd CHINA 100.00 100.00 Services Jumia UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Jumia USA LLC USA 100.00 100.00 Services JumiaPay Tunisie Suarl TUNISIA — 100.00 Jumia Pay Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 194. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel E-Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Lendico S.A (PTY) Ltd. SOUTH AFRICA 100.00 100.00 Not active Lipco Internet Services Zimbabwe Ltd. ZIMBABWE 100.00 100.00 Not active Silveroak Internet Services Portugal, Unipessoal Lda PORTUGAL 100.00 100.00 IT Services _________________________ (1) Principal activities as of December 31, 2022 The changes in scope during 2022 result from creation of new entities, mergers and liquidations. Newly created entities in 2022 are Jumia Financial Services Ltd., Jumia Payment Services Kenya Ltd., Jumia Payment Services Ltd. and JumiaPay Tunisie Suarl. EasyTaxi Egypt, Atol Internet Services Ltd. and Ecart Services Ghana Ltd. were liquidated in 2022. African Internet Services S.A. was removed from the scope in 2022 due to loss of control. |
Change in accounting policy and
Change in accounting policy and restatement of comparative figures | 12 Months Ended |
Dec. 31, 2022 | |
Restatement of Comparative Figures [Abstract] | |
Change in accounting policy and restatement of comparative figures | 6 Change in accounting policy and restatement of comparative figures Change in accounting policy The prior years figures in the Consolidated Statements of Operations and Comprehensive Income (Loss) have been reclassified to reflect the impact of the accounting policy change for all payment processing costs presented in prior periods as "General and administrative expense" (third parties payment processing costs) or as "Cost of revenue" (Jumia Pay processing costs) that are being presented together under "Fulfillment expense" starting from the current period. The Group believes this presentation provides alignment with the change of the Group business strategy and more relevant information for the users of the financial statements. The change in accounting policy has no effect on the previously reported loss or equity of the Group. Restatements The prior years figures in the Consolidated Statements of Operations and Comprehensive Income (Loss) have been restated to reflect the impact of the reclassification of direct costs of providing logistic services to non-sellers at Jumia from "Fulfillment expense" to "Cost of revenue". The restatement has no effect on the previously reported loss or equity of the Group. The impacts in the Consolidated Statements of Operations and Comprehensive Income (Loss), of the change in accounting policy and restatement, are summarized as follows: For the year ended December 31, 2021 2021 In thousands of USD As previously reported Change in accounting policy Restatements As reclassified / restated Cost of revenue (67,385) 2,646 (3,065) (67,804) Gross profit 110,549 2,646 (3,065) 110,130 Fulfillment expense (88,695) (3,691) 3,065 (89,321) General and administrative expense (142,765) 1,045 — (141,720) For the year ended December 31, 2020 2020 In thousands of USD As previously reported Change in accounting policy Restatements As reclassified / restated Cost of revenue (53,397) 2,408 (532) (51,521) Gross profit 105,969 2,408 (532) 107,845 Fulfillment expense (79,114) (3,638) 532 (82,220) General and administrative expense (132,021) 1,230 — (130,791) The prior year disclosure of "Trade and other receivables" has been restated to reflect the correction of an error in the write-off of accounts receivable. The write-off constitutes a derecognition event whereby the gross carrying amount of such receivables is reduced against the corresponding amount previously recorded as an allowance for expected credit losses. The Group writes off accounts receivable when they are deemed not recoverable, but no later than when the balance becomes 12 months past due. Such restatement has no effect on the previously reported profit or equity of the Group. The restatement is summarized as follows: For the year ended December 31, 2021 2021 Difference In thousands of USD As previously reported As restated Trade notes and accounts receivable 20,974 18,033 (2,941) Less: Allowance for impairment of trade notes and accounts receivable (8,980) (6,039) 2,941 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | 7 Property and Equipment Movements in the carrying amount of property and equipment were as follows: In thousands of USD Buildings Technical Transportation Right of use Total Balance as of January 1, 2021 2,987 2,991 14,192 21,757 41,927 Additions and modifications (1) 381 829 5,957 4,092 11,259 Disposals (540) (344) (1,591) — (2,475) Reclassification (336) 459 (123) — — Effect of translation (103) (202) (819) (1,173) (2,297) Balance as of December 31, 2021 2,389 3,733 17,616 24,676 48,414 Additions and modifications (1) 878 3,051 7,218 7,491 18,638 Disposals (31) — (67) — (98) Reclassification — — — — — Effect of translation (409) (582) (2,559) (3,781) (7,331) Balance as of December 31, 2022 2,827 6,202 22,208 28,386 59,623 Accumulated depreciation Balance as of January 1, 2021 (1,969) (1,701) (9,687) (8,262) (21,619) Depreciation charge (402) (834) (2,804) (5,405) (9,445) Accumulated depreciation on disposals 372 457 1,442 — 2,271 Lease modifications — — — 861 861 Reclassification 152 (174) 40 — 18 Effect of translation 77 117 549 581 1,324 Balance as of December 31, 2021 (1,770) (2,135) (10,460) (12,225) (26,590) Depreciation charge (408) (899) (3,667) (6,480) (11,454) Accumulated depreciation on disposals 3 — 50 — 53 Lease modifications — — — 3,444 3,444 Reclassification — — — — — Effect of translation 267 263 1,412 1,480 3,422 Balance as of December 31, 2022 (1,908) (2,771) (12,665) (13,781) (31,125) Carrying amount as of December 31, 2021 619 1,598 7,156 12,451 21,824 Carrying amount as of December 31, 2022 919 3,431 9,543 14,605 28,498 _____________________ (1) The additions and modifications for the "Right of use of assets - Office and Warehouse" includes additions impact of USD 10,391 thousand and modifications impact of USD (2,900) thousand as of December 31, 2022 (December 31, 2021: additions impact of USD 3,485 thousand and modifications impact of USD 607 thousand). Set out below, are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period: In thousands of USD Right of use assets Lease Liabilities As at January 1, 2021 13,495 13,388 Additions 3,485 3,427 Depreciation (5,405) — Interest expense — 1,527 Lease modifications 1,468 1,388 Payments — (6,615) Effect of translation (592) (578) As at January 1, 2022 12,451 12,537 Additions 10,391 10,160 Depreciation (6,480) — Interest expense — 1,710 Lease modifications 543 595 Payments — (8,666) Effect of translation (2,300) (2,489) As at December 31, 2022 14,605 13,847 During 2022, the Group's main additions on Right of use assets includes new contracts for offices in Nigeria, Uganda, Egypt and China and warehouse facilities in Kenya, Algeria, Egypt, Ivory Coast and Nigeria. During 2021, the Group’s main additions on Right of use assets include renewal lease contract for an office in Portugal, new lease contract for an office in Egypt, Tunisia and China and a warehouse facility in Egypt. The Group recognized rent expense from short-term leases of USD 2,708 thousand in the year ended December 31, 2022 (2021: USD 1,740 thousand and 2020: USD 1,549 thousand). The following are the amounts recognized in profit or loss: In thousands of USD 2020 2021 2022 Depreciation expense of right-of-use assets (5,138) (5,405) (6,480) Interest expense on lease liabilities (1,516) (1,527) (1,710) Expense relating to short-term leases (1,549) (1,740) (2,708) Total amount recognized in profit or loss (8,203) (8,672) (10,898) The Group had total cash outflows for leases of USD 8,666 thousand in 2022 (2021: USD 6,615 thousand and 2020: USD 6,084 thousand). The Group also had non-cash additions to right-of-use assets and lease liabilities of USD 10,391 thousand and USD 10,160 thousand in 2022, respectively (2021: USD 3,485 thousand and USD 3,427 thousand, respectively and 2020: USD 5,786 thousand and USD 5,821 thousand, respectively). |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Net deferred tax assets and liabilities [abstract] | |
Deferred Tax Assets and Liabilities | 8 Deferred Tax Assets and Liabilities The Group records the tax effect resulting from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As of December 31, 2022 and December 31, 2021, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: As of December 31, In thousands of USD 2021 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 Financial assets measured at fair value through OCI — — 4,124 — 4,124 Financial assets measured at fair value through PL 517 456 — — 973 Tax losses 5,783 4,107 — (577) 9,313 Tax benefits 665 70 — (36) 699 Others 80 (81) — 1 — Deferred tax assets offset (6,380) (8,596) — 577 (14,399) Total Deferred tax assets 665 (4,044) 4,124 (35) 710 As of December 31, In thousands of USD 2021 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 Assets depreciation and amortization (458) (529) — — (987) Unrealized foreign exchange gains - P&L (5,388) (9,068) — 580 (13,876) Others (534) 99 — — (435) Deferred tax liabilities offset 6,380 8,596 — (577) 14,399 Total Deferred tax liabilities — (902) — 3 (899) As of December 31, In thousands of USD 2020 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2021 Financial assets measured at fair value — 517 — — 517 Tax losses — 5,791 — (8) 5,783 Tax benefits 125 572 — (32) 665 Others — 81 — (1) 80 Deferred tax assets offset — (6,389) — 9 (6,380) Total Deferred tax assets 125 572 — (32) 665 As of December 31, In thousands of USD 2020 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2021 Assets depreciation and amortization (61) (415) — 18 (458) Unrealized foreign exchange gains - P&L — (5,384) — (4) (5,388) Others — (534) — — (534) Deferred tax liabilities offset — 6,421 — (41) 6,380 Total Deferred tax liabilities (61) 88 — (27) — As mentioned on the accounting policies, Note 2 t), the offset between deferred tax assets and liabilities is performed at each subsidiary level. |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Non-current Assets [Abstract] | |
Other non-current assets | 9 Other non-current assets As of December 31, 2022, other non-current assets were comprised of rent, trade, and other term deposits amounting to USD 3,441 thousand (2021: USD 2,277 thousand), restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period, and other non-current assets amounting to USD 148 thousand as of December 31, 2022 (2021: USD 328 thousand). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Inventories | 10 Inventories Inventories are comprised of the following: As of December 31, In thousands of USD 2021 2022 Merchandise available for sale 12,379 13,920 Less: Provision for slow moving and obsolete inventories (1,431) (2,483) Total Inventories 10,948 11,437 The total cost of revenue, which consists primarily of the purchase price of consumer products, recognized as an expense in the consolidated profit or loss was USD 91,469 thousand (2021: USD 67,804 thousand and 2020: USD 51,521 thousand). Provision for slow moving and obsolete inventories The movement in the provision for inventories is as follows: In thousands of USD Inventories Provision Balance as of January 1, 2021 1,523 Additions 765 Reversal (349) Use of provision (436) Effect of translation (72) Balance as of December 31, 2021 1,431 Additions 2,221 Reversal (274) Use of provision (612) Effect of translation (283) Balance as of December 31, 2022 2,483 The provisions are reversed whenever correspondent items are either sold or returned to the vendors. The increase in the provisions relates to a slower movement of stock and to the closure of some dark stores. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 11 Cash and cash equivalents Cash and cash equivalents are comprised the following: As of December 31, In thousands of USD 2021 2022 Cash at bank and in hand 96,094 58,083 Short-term deposits 20,996 13,496 Total Cash and cash equivalents 117,090 71,579 Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. The Group has no restricted cash on cash and cash equivalents as of December 31, 2022 (December 31, 2021: nil). While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified expected credit loss was immaterial, due to low credit risk rating of the financial institutions. |
Term deposits and other financi
Term deposits and other financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Term Deposits | |
Term deposits and other financial assets | 12 Term deposits and other financial assets Term deposits and other financial assets are comprised the following: As of December 31, In thousands of USD 2021 2022 Financial assets at fair value through profit or loss 198,998 38,646 Financial assets at fair value through OCI 195,722 116,116 Short term deposits - banks 995 1,084 Term Deposits and other financial assets 395,715 155,846 Deposits represent interest bearing deposits with a commercial bank for a fixed period of more than 3 months. Other financial assets comprised the following: As of December 31, In thousands of USD 2021 2022 Current financial assets measured at fair value through profit or loss 198,998 38,646 Current financial assets measured at fair value through other comprehensive income 195,722 116,116 Other financial assets – current 394,720 154,762 Financial assets measured at fair value through other comprehensive income comprise investments in listed investment grade bonds, via a discretionary account managed by Citi Private Bank, with the objective of maintaining capital and obtaining benchmark yields. The Group holds these investments under a “hold to collect and sell” business model as defined under IFRS 9. Interest income from financial assets at fair value through OCI are disclosed in Note 28. The reduction in the amount of the assets occurred throughout 2022, is explained by the sale of listed investment grade bonds and the fair value loss. Financial assets measured at fair value through profit or loss comprise investments in Exchange Traded Funds (ETF), namely ETF shares held by the Group in passively managed subfunds of UBS (Lux) Fund Solutions, which track particular indexed, with the objective of obtaining returns in line with specific market benchmarks. Fair value variances are disclosed in Note 28. The reduction in the amount of the assets occurred throughout 2022, is explained by the sale of investments in Exchange Traded Funds (ETF) and the fair value loss. Other financial assets are presented as current whenever maturity of the investments is within 12 months of the reporting date or if management expects to sell the asset within 12 months. Fair value reserve The movement in the fair value reserve for financial assets at fair value through other comprehensive income (“FVOCI”), including the allowance for expected credit losses (“ECL”), is as follows: In thousands of USD OCI on financial assets at fair Balance as of December 31, 2020 — Changes in fair value of financial assets (4,029) Changes in allowance for expected credit losses - increase / (reversal) 88 Changes recognized in other comprehensive income of the period (Note 16) (3,941) Balance as of December 31, 2021 (3,941) Changes in fair value of financial assets (12,051) Deferred tax assets on fair value loss through through other comprehensive income 4,124 Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets 2,290 Changes in allowance for expected credit losses - increase / (reversal) (35) Changes recognized in other comprehensive income of the period (Note 16) (5,672) Balance as of December 31, 2022 (9,613) Allowance for expected credit losses The movement of allowance for expected credit losses (“ECL”) of other financial assets measured at fair value through other comprehensive income is as follows: In thousands of USD ECL of other financial assets Balance as of December 31, 2020 — Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) 88 Total changes in allowance for expected credit losses 88 Balance as of December 31, 2021 88 Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) (35) Total changes in allowance for expected credit losses (35) Balance as of December 31, 2022 53 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current receivables [abstract] | |
Trade and other receivables | 13 Trade and other receivables Trade and other receivables are comprised of the following: As of December 31, 2021 2022 In thousands of USD Restated Advances to suppliers 1,529 1,266 Trade notes and accounts receivable 18,033 24,422 Less: Allowance for impairment of trade notes and accounts receivable (6,039) (6,566) Unbilled revenues 1,160 2,254 Other receivables 4,042 2,695 Less: Allowance for impairment of other receivables (375) (970) Trade and other receivables 18,350 23,101 Allowance for expected credit losses The movement of allowance for expected credit losses (“ECL”) of trade notes and accounts receivable and other receivables is as follows: ECL of trade notes ECL of other In thousands of USD Restated Balance as of January 1, 2021 9,885 723 Additions 2,359 107 Reversal (237) (218) Use of provision (5,524) (130) Effect of translation (444) (107) Balance as of December 31, 2021 6,039 375 Additions 5,367 853 Reversal (51) (161) Use of provision (3,456) — Effect of translation (1,333) (97) Balance as of December 31, 2022 6,566 970 The ageing analysis of trade notes and accounts receivable is as follows: Past due but not impaired Total net Total Total Neither past < 30 30 - 90 >90 In thousands of USD Restated Restated As of December 31, 2021 11,994 18,033 (6,039) 4,102 4,703 502 2,687 As of December 31, 2022 17,856 24,422 (6,566) 4,813 8,163 1,390 3,490 |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid expenses | |
Prepaid expenses | 14 Prepaid expenses As of December 31, 2022, prepaid expenses were comprised of prepaid server hosting fees and software licenses USD 14,421 thousand (2021: USD 1,652 thousand), advance payments to the Group’s partners for online payment services amounting to USD 1,155 thousand (2021: USD 1,183 thousand) and prepaid rent represents USD 3,015 thousand (2021: USD 594 thousand). The remaining amount of USD 2,743 thousand is related to insurance and other goods and services (2021: USD 2,243 thousand). |
Share capital and share premium
Share capital and share premium | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Share capital and share premium | 15 Share capital and share premium Ordinary shares issued and fully paid as at December 31, 2022 Number of shares Class Par value Share capital Share premium Total 201,232,560 Ordinary 1 235,659 1,736,469 1,972,128 Total 1 235,659 1,736,469 1,972,128 The total authorized number of ordinary shares is 201,232,560 shares as at December 31, 2022 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote. During 2022, 1,478,438 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD 91 thousand are recognized directly in the accumulated losses. Ordinary shares issued and fully paid as at December 31, 2021 Number of shares Class Par value Share capital Share premium Total 199,754,122 Ordinary 1 234,154 1,736,469 1,970,623 Total 1 234,154 1,736,469 1,970,623 The total authorized number of ordinary shares is 199,754,122 shares as at December 31, 2021 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote. During 2021, 2,568,954 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD 179 thousand are recognized directly in the accumulated losses. Furthermore, during March 2021, we completed an equity offering for which 17,925,922 shares were issued, all fully paid. Proceeds from the offering, net of commissions and expenses, were approximately USD 341 million. Transaction costs of USD 7,638 thousand related to the offering are recognized directly in the accumulated losses. Ordinary shares issued and fully paid as at December 31, 2020 Number of shares Class Par value Share capital Share premium Total 179,259,246 Ordinary 1 219,843 1,478,230 1,698,073 Total 1 219,843 1,478,230 1,698,073 The total authorized number of ordinary shares is 179,259,246 shares as at December 31, 2020 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote. During 2020, 6,502,784 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD 631 thousand are recognized directly in the accumulated losses. Furthermore, during March 2021, we completed an equity offering for which 15,939,968 shares were issued, all fully paid. Proceeds from the offering, net of commissions and expenses, were approximately USD 231 million. Transaction costs of USD 12,383 thousand related to the offering are recognized directly in the accumulated losses. |
Other Reserves
Other Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Other Reserves | 16 Other Reserves In thousands of USD Share-based Exchange Fair value reserve Currency Total As of January 1, 2020 129,453 (76,942) — 74,938 127,449 Other comprehensive loss — (84,884) — 95,136 10,252 Total comprehensive loss for the year — (84,884) — 95,136 10,252 Share-based payments 12,681 — — — 12,681 Exercise of options (6,379) — — — (6,379) Capital revaluation (71) (13) — — (84) Change in Non-controlling interests — (63) — 15 (48) As of December 31, 2020 135,684 (161,902) — 170,089 143,871 Other comprehensive loss — (3,554) (3,941) (12,306) (19,801) Total comprehensive loss for the year — (3,554) (3,941) (12,306) (19,801) Share-based payments 43,451 — — — 43,451 Exercise of options (2,846) — — — (2,846) As of December 31, 2021 176,289 (165,456) (3,941) 157,783 164,675 Other comprehensive loss — (182,489) (5,672) 178,903 (9,258) Total comprehensive loss for the period — (182,489) (5,672) 178,903 (9,258) Share-based payments 9,237 — — — 9,237 Exercise of options (1,480) — — — (1,480) As of December 31, 2022 184,046 (347,945) (9,613) 336,686 163,174 The share-based payment reserve represents the Group’s cumulative equity settled share option expense. The exchange difference on net investment in foreign operations represents the cumulative amount of the exchange differences related to foreign operations that are consolidated. The fair value reserve of financial assets at FVOCI represents the fair value changes on financial assets at fair value through other comprehensive income. The Currency translation adjustment reserve represents the cumulative exchange differences on the translation of the Group’s overseas subsidiaries into the Group’s presentation currency. |
Share based compensation
Share based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based compensation | 17 Share-based compensation Stock Option Program 2016 (JSOP 2016) As at December 31, 2022, all options granted under the JSOP 2016 have been fully vested. Jumia Technologies AG is authorized to opt to make payments in cash or settle in equity at the time of settlement of the awards. In some cases, the company is aware of restrictions, that generally relate to country-specific limitations on individual investment in foreign assets, that may require it to settle awards in cash. For the beneficiaries impacted by these restrictions, the Company’s intention is to cash settle all outstanding awards in the future and they are recognized as cash-settled. The remaining awards are recognized as equity-settled as there is no constructive obligation to settle in cash as the past practice has always been to settle in equity and there is no valid expectation that the awards would be settled in cash. During the year 2022, 219,481 options of the JSOP 2016 have been exercised with an average exercise price of USD 0.13. In total, 352,207 outstanding vested options exist as at December 31, 2022. In connection with the JSOP 2016, Jumia recognized expenses of USD (0.3) million for the twelve months ended December 31, 2022. (December 31, 2021: USD (0.6) million and December 31, 2020: USD 4.0 million). Equity Programs 2019 Stock Option Program 2019 In 2019, Jumia Technologies AG established a new stock option plan, the SOP 2019, under which stock options were granted to beneficiaries. On May 15, 2020 additional stock options were granted under the SOP 2019. Each stock option entitles the holder to receive one share of Jumia Technologies AG upon exercise and payment of an exercise price of EUR 1.00 per share. The stock options may be exercised after a waiting period of four years from the grant date and expire following seven years after the end of the waiting period. The exercise of stock options is not possible during defined blackout periods. Jumia may, at its sole discretion, settle vested stock options in cash instead of issuing shares in Jumia Technologies AG. The stock options can only be exercised, if the average annual growth rate of the Gross Merchandise Value amounts to at least 10% during the four-year waiting period. If this target is not met, all options will lapse. This condition is classified under IFRS 2 as a non-market performance condition and thus, the probability of achievement has to be reassessed at each reporting date. Only for certain grants in 2020 this condition has been classified as a non-vesting condition, as the vesting period is shorter than the performance period. In this case, the probability of achievement has been derived as at the grant date and is reflected in the fair value and is not reassessed subsequently. Moreover, the stock options are subject to vesting requirements. The stock options shall generally vest in one or more tranches. The SOP 2019 plan sets out several criteria of bad leaver and good leaver cases. For beneficiaries, who are members of the management board, the total vesting period shall be at least four years and all unexercised options will be forfeited, if the employee resigns and start working for a competitor within six months after resignation. If other beneficiaries (i.e. not members of the management board) resign before the vesting date as specified in the individual grant agreements and are classified as good leaver, all vested stock options will be retained. However, all unexercised stock options will be forfeited, if a beneficiary terminates the employment within four years after the IPO on April 12, 2019. The stock options granted in 2020 will vest either 3 or 4 years after the IPO according to the individual grant agreements. If Jumia Technologies AG pays dividends during the waiting period or exercise period, the beneficiaries are entitled to receive a dividend payment for each vested but not yet exercised stock option. However, Jumia Technologies AG does not expect to pay dividends during the next years. Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the SOP 2019 either in cash or in equity. As specified above, for JSOP 2016, the SOP 2019 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. The fair values of the cash-settled stock options as of December 31, 2022 are derived from the Black-Scholes-Merton model with the following inputs: December 31, 2021 December 31, 2022 Fair value per share (1) USD 5.70 USD 1.61 Exercise price per share EUR 1.00 EUR 1.00 Risk-free interest rate (2) 0.0% 2.0% Expected dividend yield (3) 0% 0% Expected life (years) (4) 1.4 years 0.4 years Expected volatility (5) 55.0% 111.9% Fair value of options USD 4.57 USD 0.69 _________________________ (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (2) Risk-free interest rate is based on German government bond yields consistent to the expected life of options, A risk free rate of 0% is considered as a floor (3) Expected dividend yield is assumed to be 0% based on the fact that the Group has no history or expectation of paying a dividend. (4) Expected life of share options is based on the minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant. For the SOP 2019, Jumia recognized expenses of USD (5.5) million for the twelve months ended December 31, 2022 (December 31, 2021 USD 3.6 million and December 31, 2020: USD 0.1 million), primarily due to the reversal of stock grant expenses related to performance targets that were not met or not expected to be met. SOP 2019 Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2022 1,304,804 1.4 1.00 6.65 Granted during the period — — — — Exercised during the period — — — — Forfeited during the period (1,243,947) — — — Cancelled during the period — — — — Vested during the period — — — — Unvested awards outstanding at December 31, 2022 60,857 0.3 1.00 0.78 Virtual Restricted Stock Unit Program 2019 In 2019, Jumia Technologies AG established a new Virtual Restricted Stock Unit Program (VRSUP 2019), under which Restricted Stock Units (RSU) were granted to beneficiaries. In 2020, additional RSUs were granted under the VRSUP 2019. Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the VRSUP 2019 either in cash or in equity. As specified above, for JSOP 2016, the VSRUP 2019 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. No RSUs are subject to any performance conditions or a maximum payout amount (cap). All RSUs will be forfeited if a beneficiary, who is a member of the board of management, resigns and starts working for a competitor within twelve months after the resignation. Other beneficiaries need to remain employed with Jumia Technologies AG until the vesting date as specified in the individual grant agreement in order to avoid any forfeiture. At December 31, 2022, all RSUs granted under VRSUP 2019 have vested. For the VRSUP 2019, Jumia recognized expenses of USD nil for the twelve months ended December 31, 2022 (December 31, 2021 USD 1.3 million and December 31, 2020: USD 6.4 million). Equity Programs 2020 Stock Option Program 2020 In 2020, with the approval of the annual general meeting of shareholders, Jumia Technologies AG established a new stock option plan, the SOP 2020, under which Jumia granted an individual number of stock options to beneficiaries under the terms and conditions of the SOP 2020. Each stock option entitles the holder to receive one share in Jumia Technologies AG (or 0.5 ADS as 1 ADS represents 2 shares of Jumia). The option can be exercised after a waiting period of four years at a price which is determined based on the average share price of the last 60 trading days prior to the contract date of the individual grant agreements. The exercise period starts directly after the waiting period and ends two years following the expiry of the waiting period. The exercise of stock options is prohibited during defined blackout periods. Jumia may, at its sole discretion, settle each vested stock option in cash instead of issuing a share in Jumia Technologies AG. The stock options can only be exercised, if the average annual growth rate of the Gross Merchandise Value amounts to at least 10% during the four years waiting period. If this performance target is not met, all options will lapse. For specific grants under the 2020 Plan this condition is classified under IFRS 2 as a non-market performance condition and thus, the probability of achievement has to be reassessed at each reporting date. For all other grants this condition has been classified as a non-vesting condition. In this case, the probability of achievement has been derived as at the grant date and is reflected in the fair value and is not reassessed subsequently. Moreover, there are stock options granted to certain beneficiaries with an additional criteria which relates to reaching certain profitability targets. This second condition is as well either classified as a non-market performance condition or as a non-vesting condition depending on the vesting period of the grants and the respective period in which the condition has to be met. The stock options are subject to vesting requirements. The stock options shall generally vest in two tranches. Two-thirds of the granted stock options vest after two years from the grant date. The remaining one-third of the granted stock options vest after three years from the grant date. Beneficiaries who are members of the management board will forfeit the right to exercise their options if they resign and start working for a competitor within six months after resignation. Other beneficiaries will keep all vested stock options. If Jumia pays dividends during the waiting period or exercise period, the beneficiaries are entitled to receive a dividend payment for each vested but not yet exercised stock option. However, Jumia does not expect to pay dividends during the next years. Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the SOP 2020 either in cash or in equity. As specified above, for JSOP 2016 and others, the SOP 2020 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. The fair values of the cash-settled SOPs are derived from the Black-Scholes-Merton model with the following inputs: December 31, 2021 December 31, 2022 Fair value per share (1) USD 5.70 USD 1.61 Exercise price per share USD 1.84 USD 1.84 Risk-free interest rate (2) 0.4% 4.8% Expected dividend yield (3) 0% 0% Expected life (years) (4) 2.4 1.4 Expected volatility (5) 55.0% 111.9% Weighted average of Fair value of Options USD 3.90 USD 0.75 _________________________ (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (2) Risk-free interest rate is based on US government bond yields consistent to the expected life of options. (3) Expected dividend yield is assumed to be 0% based on the fact that the Group has no history or expectation of paying a dividend (4) Expected life of share options is based on the minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant. As each stock option entitles the holder to receive one share of Jumia, the fair value per ADS and the exercise price per ADS must be divided by 2 in order to derive the value per option. For the SOP 2020, Jumia recognized expenses USD (1.0) million for the twelve months ended December 31, 2022 (December 31, 2021 USD 1.9 million and December 31, 2020: USD 1.1 million). Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2022 2,260,833 1.4 1.84 2.08 Granted during the period — — — — Granted as a replacement during the period — — — — Replaced during the period — — — — Forfeited during the period (1,266,111) — — — Cancelled during the period — — — — Vested during the period (827,222) — — — Unvested awards outstanding at December 31, 2022 167,500 0.4 1.84 1.26 Virtual Restricted Stock Unit Program 2020 The 2020 annual general meeting of shareholders also approved the Virtual Restricted Stock Unit Program 2020 (the "VRSUP 2020"). Jumia granted an individual number of restricted stock units (RSU) to beneficiaries under the terms and conditions of the VRSUP 2020. On April 1, 2021, additional RSUs were granted under the VRSUP 2020. Grants are based on individual grant agreements. Each beneficiary received an individual grant agreement that includes the individual number of RSUs. Each RSU entitles the holder to receive a cash payment equal to the ten In general, the RSUs shall vest one year after the grant and will be paid out as soon as reasonably practicable following the expiration of a period of twelve No RSUs are subject to any performance conditions or a maximum payout amount (cap). Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the VRSUP 2020 either in cash or in equity. As specified above, for JSOP 2016, the VSRUP 2020 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. At December 31, 2022, all RSUs granted under VRSUP 2020 have vested. For the VRSUP 2020, Jumia recognized expenses of USD 1.1 million for the twelve months ended December 31, 2022 (December 31, 2021 USD 7.1 million and December 31, 2020: USD 13.1 million). Equity Programs 2021 Stock Option Program 2021 By resolution of the Company’s General Meeting, dated June 9, 2021, the Stock Option Program 2021 (SOP 2021) was approved. Jumia granted a specific number of stock options to beneficiaries under the terms and conditions of the SOP 2021. Each stock option entitles the holder to receive one share of Jumia (or 0.5 ADS as 1 ADS represents 2 shares of Jumia). The option can be exercised after a four-year waiting period, commencing on the grant date, at a price which is determined based on the average share price of the last 30 trading days prior to the grant date. The exercise period starts directly after the waiting period and ends two years following the expiration of the waiting period. The exercise of stock options is prohibited during defined black-out periods. Jumia is entitled to elect, at its sole discretion, a cash payment for each vested stock option instead of issuing one share. The stock options are subject to vesting requirements. The awards are (i) divided in tranches of options vesting upon defined years of service and (ii) can only be exercised if a non-market performance condition, related to reaching a certain growth target of the Gross Merchandise Value during a defined period, is met. The probability of achievement of this performance target has been derived based on a Monte Carlo simulation and it has to be reassessed at each reporting date. Beneficiaries who are members of the management board will forfeit the right to exercise their options if they resign (before the term of office) and start working for a competitor within the six months following the resignation. Other beneficiaries will keep all stock options that are vested. If Jumia pays dividends during the waiting period or exercise period, the beneficiaries are entitled to receive a dividend payment for each vested but not yet exercised stock option. However, Jumia does not expect to pay dividends during the next years. As each stock option entitles the holder to receive one share of Jumia, the Fair value per ADS and the exercise price per ADS have to be divided by 2 in order to derive the value per option. During 2022, the two beneficiaries of JSOP2021 unconditionally forfeited the stock options granted to them under the program. JSOP2021 and its associated conditional capital were subsequently cancelled without payment of any kind in order to allow the Company in the future to create a new virtual restricted stock unit or other equity incentive program. Jumia recognised the amount that otherwise would have been recognised for services received over the remainder of the vesting period, USD 4.2 million. Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2022 823,458 4.00 14.21 5.91 Granted during the period — — — — Granted as a replacement during the period — — — — Replaced during the period — — — — Forfeited during the period — — — — Cancelled during the period (823,458) — — — Vested during the period — — — — Unvested awards outstanding at December 31, 2022 — — — — For the SOP 2021, Jumia recognized expenses of USD 4.2 million for the twelve months ended December 31, 2022 (December 31, 2021 USD 0.7 million). Virtual Restricted Stock Unit Program 2021 The 2021 annual general meeting of shareholders also approved the Virtual Restricted Stock Unit Program 2021 (the “VRSUP 2021”). Jumia granted a specific number of virtual restricted stock units (“VRSUs”) to beneficiaries under the terms and conditions of the VRSUP 2021. Grants are based on individual grant agreements. Each beneficiary received an individual grant agreement that includes the specific number of VRSUs. Each VRSU entitles the holder to receive a cash payment equal to the average of the Relevant Closing Price on the first five Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the VRSUP 2021 either in cash or in equity. As specified above, for JSOP 2016 and others, the VSRUP 2021 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. The vesting period and conditions may vary according to participants seniority. The awards are divided in tranches which vest upon determined years of service. Moreover, certain awards are subject to additional criteria which includes reaching certain growth target, profitability and share price targets. These conditions are either classified as non-market performance conditions or as non-vesting conditions depending on the vesting period of the grants and the respective period in which the condition has to be met. In the event the Participant’s office term as member of the Management Board or the Participant’s service or employment relationship with the Company ends before settlement and the Participant qualifies as a “Bad Leaver”, all VRSUs will be forfeited. If the Participant does not qualify as a “Bad Leaver”, it shall retain all VRSUs already vested and not yet settled. The fair value per VRSU was derived based on the observable stock price of Jumia as at the reporting date or at the grant date depending on the cash- or equity-settled classification. The fair value per cash-settled VRSU amounts to USD 1.61. The average fair value per equity-settled RSU amounts to USD 4.93. The average fair value per equity-settled RSU amounts to USD 2.17 for the VRSUP 2021 granted in 2022. For the VRSUP 2021, Jumia recognized expenses of USD 9.8 million for the twelve months ended December 31, 2022 (December 31, 2021 USD 20.5 million). For all plans, Jumia recognized share-based compensation expenses of USD 8.2 million for the twelve months ended December 31, 2022 (December 31, 2021 USD 34.5 million and December 31, 2020: USD 24.7 million). For certain geographies, equity awards are settled on a net basis, i.e., the group withhold shares for settlement of tax obligations plan on behalf of employees under share-based compensation plans. During 2021, Jumia modified the classification of certain awards from equity-settled to cash-settled, driven by a change in expectations regarding the method of settlement. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Trade and other payables | 18 Trade and other payables Trade and other payables are comprised of the following: As of December 31, In thousands of USD 2021 2022 Trade payables 23,792 18,193 Invoices not yet received 25,824 19,248 Accrued employee benefit costs 12,698 11,772 Share-based compensation - Cash settled payable 2,010 566 Trade Deposits 1,510 1,082 Sundry accruals 11,012 13,578 Trade and Other Payables 76,846 64,439 Current 76,077 64,230 Non-current 769 209 Terms and conditions of the above financial liabilities: • Trade payables are non-interest bearing and are normally settled on 0-90 day terms • Other payables are non-interest bearing and have an average term of 1-2 months • For terms and conditions with related parties, refer to Note 31. • For explanations on the Group’s financial risk management processes, refer to Note 33. Sundry accruals relate principally to consultancy, legal, marketing, IT and logistics services payables. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Borrowings | 19 Borrowings Lease liabilities are presented in the statement of financial position as follows: As of December 31, In thousands of USD 2021 2022 Current 3,906 5,138 Non-current 8,631 8,709 Total Lease liabilities 12,537 13,847 Set out below is the maturity of the lease liabilities classified as non-current: In thousands of USD One to five years More than five years Total Lease liability future payments 8,704 5 8,709 The Group has several lease contracts that include extension and termination options. Whenever the contracts do not include a mutual agreement clause, the Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. Future cash outflows as of December 31, 2022 to which the Group is potentially exposed that are not reflected in the measurement of lease liabilities amounts to USD 0.8 million and relates to new contracts signed in 2023 and potential renewals. Changes in liabilities arising from financing activities In thousands of USD January 1, 2021 Additions Payments Reclassification Effect of translation December 31, 2021 Current lease liabilities 3,638 4,173 (6,615) 2,905 (195) 3,906 Non-current lease liabilities 9,750 2,169 — (2,905) (383) 8,631 Total liabilities from financing activities 13,388 6,342 (6,615) — (578) 12,537 In thousands of USD January 1, 2022 Additions Payments Reclassification Effect of translation December 31, 2022 Current lease liabilities 3,906 5,584 (8,666) 4,944 (630) 5,138 Non-current lease liabilities 8,631 6,881 — (4,944) (1,859) 8,709 Total liabilities from financing activities 12,537 12,465 (8,666) — (2,489) 13,847 Additions include USD 1,710 thousand of accrued interest as of December 31, 2022 (December 31, 2021: USD 1,527 thousand) as described in Note 7. Lease payments not recognized as a liability The group has elected not to recognize a lease liability for short term leases (leases of expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred. The expense relating to payments not included in the measurement of the lease liability is as follows: As of December 31, In thousands of USD 2021 2022 Short-term leases 1,740 2,708 Variable lease payments 133 79 Total expense 1,873 2,787 At December 31, 2022 the Group was committed to short-term leases and the total commitment at that date was USD 1,107 thousand (December 31, 2021: USD 1,044 thousand). |
Other taxes receivable & Other
Other taxes receivable & Other taxes payable | 12 Months Ended |
Dec. 31, 2022 | |
Other taxes payable & Other taxes receivable | |
Other taxes receivable & Other taxes payable | 20 Other taxes receivable & Other taxes payable Other taxes receivable are comprised of the following: For the year ended December 31, In thousands of USD 2021 2022 Value added taxes 3,541 12,052 Other taxes receivable 234 283 Other taxes receivable 3,775 12,335 Current 3,775 6,368 Non-Current — 5,967 Other taxes payable are comprised of the following: For the year ended December 31, In thousands of USD 2021 2022 Value added taxes 6,085 11,841 Withholding Tax 11,785 10,412 Other taxes payable 1,082 443 Other taxes payable 18,952 22,696 Current 18,952 20,947 Non-Current — 1,749 Value added taxes receivable comprises a maturity of 3.5 years and value added taxes payable comprises a maturity of 2.0 years. |
Provisions for liabilities and
Provisions for liabilities and other charges | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Provisions for liabilities and other charges | 21 Provisions for liabilities and other charges Movements in provisions for liabilities and other charges are as follows: In thousands of USD Uncertain tax positions Marketplace Provision for Total Balance as of January 1, 2021 36,827 977 1,642 39,446 Additions 3,010 313 730 4,053 Reversals (3,278) (483) (141) (3,902) Use of provision (319) — (75) (394) Reclassification — 53 (53) — Effect of translation (2,019) (43) (56) (2,118) Balance as of December 31, 2021 34,221 817 2,047 37,085 Additions 3,061 247 1,137 4,445 Reversals (2,297) (299) (97) (2,693) Use of provision (670) — (609) (1,279) Reclassification — — — — Effect of translation (445) (102) (223) (770) Balance as of December 31, 2022 33,870 663 2,255 36,788 Current 33,870 663 1,366 35,899 Non-current — — 889 889 Uncertain tax positions Uncertain tax positions includes provisions related to VAT for USD 9,854 thousand (2021: USD 9,904 thousand), provisions related to Withholding Tax (WHT) for USD 22,044 thousand (2021: USD 23,562 thousand) and provisions related to other taxes for USD 1,972 thousand (2021: USD 755 thousand). Provision is calculated based on the detailed review of uncertain tax positions completed by management across the group and in consideration of the probability of a liability arising, within the applicable statute of limitations. Marketplace and consignment goods The provision for marketplace and consignment goods relates to the lost and damaged items, to be reimbursed to the vendors. Provision is calculated based on the detailed review of these items, and it is expected to be utilized during the exercise period of 2023. Provision for other expenses Provision for other expense includes end of service provision of USD 889 thousand (2021: USD 676 thousand), various litigation and penalty provisions of USD 1,246 thousand (2021: USD 1,360 thousand) and restructuring provision of USD 120 thousand (2021: USD 11 thousand). The provisions are calculated based on our best estimate considering past experience. |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2022 | |
Accruals and deferred income including contract liabilities [abstract] | |
Deferred income | 22 Deferred income Deferred income consists of USD 880 thousand (2021: USD 1,415 thousand) related to a depositary fee from BNY Mellon, deferred over the course of 5 years and thus, USD 345 thousand (2021: USD 875 thousand) classified as non-current in the consolidated statement of financial position. Our depositary agreement with BNY Mellon contains a compensation for each ADS issued during our primary (IPO) and secondary offerings. This compensation is accrued over the term of the agreement. Other amounts refers to contract liabilities related to payments received from end customers in advance for goods that have been ordered but are not yet delivered. As of December 31, 2022 contract liabilities amounts to USD 3,437 thousand (2021: USD 5,412 thousand). The total amount of the contract liability, as of the beginning of the period, was recognized as revenue in 2022. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Revenue | 23 Revenue Revenue is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Sales of goods 50,426 65,126 84,984 Commissions 39,540 35,345 47,829 Fulfillment 36,992 36,392 31,774 Value added services 21,754 25,665 32,843 Marketing and advertising 8,799 10,778 18,041 Other revenue 1,855 4,628 6,411 Revenue 159,366 177,934 221,882 No single customer accounted for more than 5% of Group revenues for the years ended December 31, 2022, 2021 and 2020. The breakdown of the Group’s revenue from contracts with customers by region is disclosed in the Note 2 u) Segments. |
Fulfillment expense
Fulfillment expense | 12 Months Ended |
Dec. 31, 2022 | |
Fulfillment expense | |
Fulfillment expense | 24 Fulfillment expense Fulfillment expense is comprised of the following: For the year ended December 31, 2020 2021 2022 In thousands of USD Restated Restated Fulfillment staff costs 20,041 20,233 23,295 Fulfillment centers expense 4,136 4,978 6,057 Freight and shipping expense 58,043 64,110 69,494 Fulfillment expense 82,220 89,321 98,846 |
Sales and advertising expense
Sales and advertising expense | 12 Months Ended |
Dec. 31, 2022 | |
Sales and advertising expense | |
Sales and advertising expense | 25 Sales and advertising expense Sales and advertising expense is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Staff costs 9,717 9,815 10,316 Advertising campaigns 24,765 69,521 62,457 Selling expenses 2,581 2,588 2,912 Sales and advertising expense 37,063 81,924 75,685 Sales and advertising expense decreased by 7.6% from USD 81.9 million in 2021 to USD 75.7 million in 2022, as the Group brought more discipline to marketing investments. |
Technology and content expense
Technology and content expense | 12 Months Ended |
Dec. 31, 2022 | |
Technology and content expense | |
Technology and content expense | 26 Technology and content expense Technology and content expense is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Staff Costs - Technology and content 15,125 16,355 26,806 Technology license and maintenance expenses 16,656 22,842 28,446 Technology and content expense 31,781 39,197 55,252 Technology and content expense increased by 41.0% from USD 39.2 million in 2021 to USD 55.3 million in 2022, as the Group continues investing in tech backbone. |
General and administrative expe
General and administrative expense and Termination benefits | 12 Months Ended |
Dec. 31, 2022 | |
General and administrative expense [Abstract] | |
General and administrative expense and Termination benefits | 27 General and administrative expense and Termination benefits General and administrative expense General and administrative expense is comprised of the following: For the year ended December 31, 2020 2021 2022 In thousands of USD Restated Restated Staff Costs 66,976 83,549 63,841 Occupancy Costs 1,589 1,740 2,648 Professional fees 12,899 18,250 11,952 Travel and entertainment 1,735 1,910 3,458 Office and related expenses 7,361 7,332 8,905 Bank fees & payment costs 715 646 778 Bad debt expense / reversal 5,582 1,711 6,523 Tax expenses 14,747 11,125 11,214 Depreciation and amortization 9,282 9,656 11,646 Other general and administrative expense 9,905 5,801 4,884 General and administrative expense 130,791 141,720 125,849 Staff costs expense includes share options granted to eligible employees of USD 8,240 thousand (2021: USD 34,548 thousand and 2020: USD 24,710 thousand). As of December 31, 2022 Tax expenses, that refers to taxes expenses other than income tax, includes mainly USD 4,952 thousand (December 31, 2021: USD 7,064 thousand and 2020: USD 9,426 thousand) for expenses related to withholding taxes and USD 3,020 thousand (December 31, 2021: USD 994 thousand and 2020: USD 2,729 thousand) related to VAT. As of December 31, 2022 Other general and administrative expense includes USD 4,274 thousand (2021: USD 4,238 thousand and 2020: USD 3,139 thousand) for insurance premiums. As of December 31, 2020, other general and administrative expense also includes a litigation settlement accrual of USD 5,000 thousand. As disclosed in prior years, several putative class action lawsuits were filed in the U.S. District Court for the Southern District of New York and the New York County Supreme Court against us and other defendants, including certain current and former members of our management and supervisory boards, in 2019. The cases asserted claims under federal securities laws based on alleged misstatements and omissions in connection with, and following, our initial public offering. On August 11, 2020, we reached an agreement to fully resolve all of the actions, subject to conditions including court approval. Under this agreement, in which the defendants did not admit any liability or wrongdoing, Jumia made a settlement payment of $5 million on January 18, 2021, $1 million of which was funded by insurance coverage proceeds received on January 13, 2021. The U.S. District Court for the Southern District of New York and the New York County Supreme Court approved the settlement agreement in March 2021. No shareholders have filed objections to the settlements. Termination benefits Termination benefits relate to redundancy expenses amounting to USD 3,706 thousand as of December 31, 2022 as a result of a significant action in the fourth quarter of 2022 to streamline the Group's organization structure and reduce the Group's headcount. As of December 31, 2021 and 2020 there are no material redundancy costs. |
Finance income and finance cost
Finance income and finance costs | 12 Months Ended |
Dec. 31, 2022 | |
Finance income and finance costs | |
Finance income and finance costs | 28 Finance income and finance costs Finance income and finance costs comprise of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Foreign exchange gain 4,736 22,162 10,496 Interest and similar income 884 258 388 Interest income from financial assets at fair value through OCI — 2,344 4,064 Other income — — 305 Finance income 5,620 24,764 15,253 Foreign exchange loss 14,440 7,485 7,492 Interest and similar expense 1,583 1,606 1,718 Fair value loss on financial assets at fair value through profit and loss — 998 7,167 Loss recognized on disposal of debt instruments held at fair value through OCI (Note 12) — — 2,290 Other charges — 242 951 Finance costs 16,023 10,331 19,618 Fair value on financial assets corresponds to fair value losses on financial assets at fair value through profit or loss and amounts to USD 7,167 thousand (2021: 998 thousand and 2020: nil). Interest income from financial assets at fair value through OCI includes the interest measured and recognized according to effective interest rate method and amounts to USD 4,064 thousand (2021: 2,344 thousand and 2020: nil). |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Income tax | 29 Income tax Income tax payables as of December 31, 2021 and December 31, 2022 comprise the following: As of December 31, In thousands of USD 2021 2022 Income Tax Payables 448 301 Provision for Income Tax 12,833 12,685 Total 13,281 12,986 The reconciliation of tax expense and the effective tax rate was as follows: For the year ended December 31, In thousands of USD 2020 2021 2022 Loss before income tax (180,732) (226,463) (231,290) Statutory tax rate (1) 27.85 % 24.02 % 19.25 % Expected income tax benefit 50,342 54,406 44,512 Tax effects of: Sundry permanent differences 44 970 (1,141) Effect of functional to local reporting currency in Germany — (338) (4,948) Equity Transaction costs 3,549 1,878 18 Share based payments (3,584) (7,520) (1,734) Tax Expenses (2,338) (1,605) (1,438) Bad debt expense (1,379) (439) (1,180) Management fees (5,563) (6,167) (4,367) Interest expense (439) (1,324) (777) Unrecognized deferred tax asset arising from timing differences relating to: FX unrealized gain/loss (1,241) (1,575) 863 Share based payments (3,403) (443) 277 Tax Expenses (751) 277 192 Sundry temporary differences (1,885) (308) (101) Minimum tax (417) (395) (637) Deferred tax not recognized (mainly tax losses carried forward) (35,874) (38,707) (31,573) Deferred tax: relating to origination and reversal of temporary differences and tax losses (47) 848 (4,946) Income tax expense (2,986) (442) (6,979) Effective tax rate 1.65 % 0.20 % 3.02 % _________________________ (1) The Statutory tax rate consists of an average tax rate weighted in proportion to accounting profit(loss) in each geographical territory. Income tax expense is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Current tax (expense) / income (2,939) (1,102) (2,033) Deferred tax (expense) / income (47) 660 (4,946) Total Income tax (expense) / income (2,986) (442) (6,979) Tax losses available for offsetting against future taxable profits were as follows: As of December 31, 2020 2021 2022 In thousands of USD Country Duration Rate Accumulated tax Accumulated tax Accumulated tax Germany ** Indefinite 30.2 % * (32,175) (37,933) (27,142) Morocco 4 years 31.0 % (34,512) (29,580) (37,863) Egypt 5 years 22.5 % (132,244) (151,823) (100,454) Nigeria Indefinite 30.0 % (248,166) (269,961) (252,909) South Africa Indefinite 28.0 % (46,853) (49,591) (53,251) Kenya 10 Years 30.0 % (78,780) (87,785) (86,933) Ivory Coast 5 years 25.0 % (34,309) (34,784) (35,101) Ghana 3 years 25.0 % (10,124) (9,560) (6,852) Other N/A N/A (57,191) (67,864) (81,040) Total (674,354) (738,881) (681,545) _________________________ * In Germany, the calculation of current tax is based on a combined tax rate of 30.2%, consisting of a corporate income tax rate of 15.8% and a trade tax rate of 14.4%. ** Accumulated tax losses related to Trade Tax amount to USD 53,474 thousand as of December 31, 2022, not included in the table above. Various tax rules may limit the use of the tax losses above. No deferred tax asset has generally been recognized in respect of the tax losses as the latter may either be time barred at the time when they could have otherwise offset taxable profits, may be subject to limitations as to their use, or there is no tax opportunity or other evidence of recoverability within a short timeline. This general principle is subject to a few exceptions disclosed in Note 8. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per share | 30 Earnings per share Basic EPS is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares and excludes all potential shares outstanding during the year, as their inclusion would be anti-dilutive. The Group potential shares consist of incremental shares issuable upon the assumed exercise of share options and the incremental shares issuable upon the assumed vesting of unvested share awards. The following table reflects the loss and share data used in the basic and diluted EPS calculations: For the year ended December 31, In thousands of USD 2020 2021 2022 Numerator Loss for the period (183,718) (226,905) (238,269) Less: net loss attributable to non-controlling interest (36) (40) (37) Loss attributable to Equity of the Company (183,682) (226,865) (238,232) Denominator Weighted average number of shares for basic and diluted EPS 160,697,588 193,835,475 200,349,548 Loss per share - basic and diluted (1.14) (1.17) (1.19) Potential dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive are as follows: For the year ended December 31, 2020 2021 2022 Share Options 5,252,152 2,070,033 1,874,830 |
Transactions and balances with
Transactions and balances with related parties | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Transactions and balances with related parties | 31 Transactions and balances with related parties Terms and conditions of transactions with related parties The following is a description of related party transactions the Group has entered into since January 1, 2020, with members of our supervisory or management board, executive officers or holders of more than 10% of any class of our voting securities. Transactions with MTN Our shareholder Mobile Telephone Networks Holdings (Pty) Ltd sold a significant number of shares in Jumia, during the third quarter of 2020, and no longer qualifies as a related party, as of December 31, 2020, December 31, 2021 and December 31, 2022. The Group engages in several initiatives with affiliates of MTN. For example, consumers may pay for transactions on Jumia’s platform with MTN’s mobile money. The Group has also set up dedicated MTN branded online stores on our platform. For the year ended December 31, 2020, the expenses incurred with MTN amounted to USD 251 thousand. In 2020, the Group also entered into an agreement in which MTN prepaid for corporate and gift purchases in Jumia’s platform through vouchers, which amounted for the year ended December 31, 2020 to USD 1,097 thousand, which have all been converted into revenue during the period. Transactions with Key management Key management includes the senior executives. The compensation paid or payable to key management for employee services is shown below: For the year ended December 31, In thousands of USD 2020 2021 2022 Short-term employee benefits 3,634 4,236 3,889 Other benefits 53 81 107 Share-based compensation 15,445 9,299 5,155 Total 19,132 13,616 9,151 Additional Compensation to the Former Members of the Management Board In 2022, the former Management Board were also entitled to receive an additional compensation in the amount of USD 1.7 million, following their resignations. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Fair Values of Financial Instruments | 32 Fair Values of Financial Instruments Financial instruments comprise of financial assets and financial liabilities. Financial assets consist of bank balances and cash, other financial investments, trade receivables and receivables due from related parties. Financial liabilities consist of trade payables and payables due to related parties. Management considers that the carrying amounts of financial assets measured at amortized cost, and financial liabilities in the financial statements approximate their fair values, due to their short term maturities. Financial investments measured at fair value As of December 31, 2022 other financial assets were measured using as inputs quoted prices in an active market, corresponding to the Level 1 of the fair value hierarchy of IFRS 13. When transfers into and out of fair value hierarchy levels are required, it is the Group's policy to transfer the amounts at the end of the reporting period. Amounts of other financial assets corresponding to the Level 1 of the fair value hierarchy are transferred to Level 2 when quoted prices cease to be available. Level 2 measurements of fair value are determined by maximizing the use of market data other than the quoted price, such as interest rate yield curves and publicly available credit ratings. Conversely, amounts of other financial assets corresponding to the Level 2 are transferred to Level 1 when quoted prices become available. |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of risk management strategy related to hedge accounting [abstract] | |
Financial risk management objectives and policies | 33 Financial risk management objectives and policies The Group is exposed to market risk, credit risk and liquidity risk. The risks are monitored by appropriate management at each level. The Group’s financial risk activities are governed by appropriate policies and procedures, and financial risks are identified, measured and managed in accordance with the Group’s policies. The Supervisory Board reviews and approves the policies for managing each of these risks, which are summarized below. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group’s market risk relates to foreign currency risks, interest rate risk and security prices. Financial instruments affected by foreign currency risk include cash and cash equivalents, trade and other receivables and trade and other payables. The Group does not hedge its foreign currency risk. Financial instruments affected by interest rate risk and security price risk include financial assets measured at fair value Foreign currency risk Currency risk is the risk that the fair value of financial assets or financial liabilities held in foreign currency or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Due to its international business activities, the Group is exposed to the risk of changes in foreign exchange rates in connection with trade payables and trade receivables resulting from purchase and sales transactions denominated in a different currency from the functional currency of the respective operation as well as intercompany financing. However, the Group maintains an effective natural hedge across most of the Group’s cash flows as the Group’s revenue streams are generated in local currencies matched by Group’s costs mostly incurred in the respective local currencies. In respect of currency risk, management sets limits on the level of exposure by currency and in total. The positions are monitored monthly. The Group does not use derivatives as hedging instruments to limit its exposure from foreign currency risks. Foreign currency sensitivity As of December 31, 2022, if the EUR or USD had strengthened/weakened by +/- 5 or +/-10% against all other currencies with all other variables held constant, the hypothetical impact in the major local currencies on pre-tax equity and profit before tax would have been as follows, mainly as a result of foreign exchange gains/losses on translation of trade and other receivables, cash as well as trade and other payables denominated in EUR or USD. The following tables demonstrate the sensitivity to a reasonably possible change in Euros and US dollars and major currencies to which the Group is exposed (EUR, AED, XOF, KES, MAD, NGN, DZD, GHS, UGX, ZAR, EGP, TND), with all other variables held constant. The Group’s exposure to foreign currency changes for all other currencies is not material. The Group assessed a possible change of +/- 5% to Euro (EUR), Algerian Dinar (DZD), West African CFA franc (XOF) and Ugandan Shilling (UGX ) due to valuation fluctuations in 2022 of (0.8)% to 6.0% of these currencies to the USD, a possible change of +/- 10% to Egyptian Pound (EGP), Nigerian Naira (NGN), South African Rand (ZAR), Moroccan Dirham (MAD), Kenyan Shilling (KES), Ghanaian Cedi (GHS) and Tunisian Dinar (TND) due to valuation fluctuations in 2022 of 6.9% to 66.3% of these currencies to the USD. The Group also assessed a possible change of +/- 5% to Algerian Dinar (DZD), Kenyan Shilling (KES), Ugandan Shilling (UGX ), Nigerian Naira (NGN), South African Rand (ZAR), UAE Dirham (AED) and Tunisian Dinar (TND) due to valuation fluctuations in 2022 of (6.4)% to 3.8% of these currencies to the EUR, a possible change of +/- 10% to Moroccan Dirham (MAD), Ghanaian Cedi (GHS) and Egyptian Pound (EGP) due to valuation fluctuations in 2022 of 7.7% to 56.9% of these currencies to the EUR. Intercompany loans bear the majority of the Group’s foreign currency risk as they are issued and are repayable in Euro or US dollars. Fluctuation of various exchange rates in Africa and the resulting related foreign exchange gains or losses are recognized in other comprehensive income. The impacts in the major local currencies are as follows: In thousands of USD Effect on Effect on Change in EUR/USD 5 % (85,448) (150) (5) % 85,448 150 Change in EUR/AED 5 % 1,700 (79) (5) % (1,700) 79 Change in EUR/KES 5 % (4,932) 31 (5) % 4,932 (31) Change in EUR/MAD 10 % (11,138) (286) (10) % 11,138 286 Change in EUR/NGN 5 % (11,353) (118) (5) % 11,353 118 Change in EUR/DZD 5 % (1,288) (16) (5) % 1,288 16 Change in EUR/GHS 10 % (1,919) (17) (10) % 1,919 17 Change in EUR/UGX 5 % (1,473) (26) (5) % 1,473 26 Change in EUR/ZAR 5 % (794) (3) (5) % 794 3 Change in EUR/EGP 10 % (16,177) (47) (10) % 16,177 47 Change in EUR/TND 5 % (629) (21) (5) % 629 21 In thousands of USD Effect on Effect on Change in USD/XOF 5 % (1,504) 17 (5) % 1,504 (17) Change in USD/KES 10 % (3,214) 376 (10) % 3,214 (376) Change in USD/MAD 10 % (2,658) (191) (10) % 2,658 191 Change in USD/NGN 10 % (8,587) (1,636) (10) % 8,587 1,636 Change in USD/DZD 5 % (733) — (5) % 733 — Change in USD/GHS 10 % (692) (70) (10) % 692 70 Change in USD/UGX 5 % (832) (38) (5) % 832 38 Change in USD/ZAR 10 % (696) 10 (10) % 696 (10) Change in USD/EGP 10 % (5,037) 420 (10) % 5,037 (420) Change in USD/TND 10 % (1,415) 16 (10) % 1,415 (16) Interest rate risk Interest rate risk is the risk that: i. the fair value of financial assets or financial liabilities will change due to movements in the interest rate curve; and, ii. the cash flows of financial assets or financial liabilities will change due to movements in the interest rate curve. The Group has invested excess cash in financial instruments such as listed investment grade bonds and exchange traded funds pursuant to its cash management strategy, as discussed in Note 12. Changes in the interest rate curve will affect the fair value and/or cash flows of the listed investment grade bonds. In respect of interest rate risk, management monitors the change in interest rates. The Group does not use derivatives as hedging instruments to limit its exposure from interest rate risks. As of December 31, 2022, the listed investment grade bonds held by the Group are fixed-rate instruments. Interest rate sensitivity As of December 31, 2022, if the interest rate curves had changed by +/-50bps, with all other variables held constant, the hypothetical impact on pre-tax equity would have been as follows: In thousands of USD Effect on CITI - listed investment grade bonds 0.5 % (1,231) (0.5) % 1,231 Securities price risk Securities price risk is the risk that the fair value of financial assets held by the Group or the cash flows resulting from a sale of those financial assets will change as a result of a change in the prices of exchange traded funds. The Group has invested excess cash in financial instruments such as listed investment grade bonds and exchange traded funds pursuant to its cash management strategy, as discussed in Note 12. Changes in the net asset value of the exchange traded funds will change its price, which will affect the fair value of these securities and cash flows resulting from a sale of these securities. In respect of securities price risk, management monitors the performance of equity markets and equity indexes. The Group does not use derivatives as hedging instruments to limit its exposure from securities price risk. Securities price sensitivity As of December 31, 2022, if the exchange traded funds price had changed by 1%, with all other variables held constant, the hypothetical impact on profit before tax would have been as follows: In thousands of USD Effect on UBS - exchange traded funds price 1 % 386 (1) % (386) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, financial investments in bonds and ETF funds, and foreign exchange transactions. Trade receivables As of December 31, 2022, the Group has as an allowance for uncollectible receivables of USD 6,566 thousand (2021: USD 6,039 thousand) as set out in the Note 13. Additionally, the Group has as an allowance for uncollectible other receivables of USD 970 thousand (2021: USD 375 thousand). The Group evaluates this risk based on known troubled accounts, historical experience of losses incurred and also detailed analysis of the credit worthiness of the consumers at each reporting date. The Group follows risk control procedures to assess the credit quality of the customers taking into account their financial position, past experience and other factors. The compliance with credit limits by corporate customers is regularly monitored by management. Sales to retail consumers are required to be settled in cash or using major credit cards, mitigating credit risk. There are no significant concentrations of credit risk, whether through exposure to Individual consumers, specific industry sectors and/or regions. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporated several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. Certain Group entities (namely, among others, Ecart Internet Services Nigeria Limited, Jade E-Services Uganda Ltd. and Ecart Services Kenya Ltd.) entered into account compensation and settlement agreements with certain international marketplace vendors. Therefore, the Group has offset associated trade receivables and payables for an amount of USD 152 thousand as of December 31, 2022. (2021: USD 317 thousand). The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Cash deposits Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance with the Group’s policy. The Group’s maximum exposure to credit risk for the components of the statement of financial position as of December 31, 2021 and 2022 is the carrying amount as illustrated in cash and cash equivalents in the consolidated statement of financial position. The expected credit losses (“ECL”) from cash and cash equivalents, are estimated by the Group as immaterial as of December 31, 2020, 2021 and 2022, due to low credit risk rating of the financial institutions. The Group considers cash deposits are in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. Cash deposits are written off when there is no reasonable expectation of recovering the contractual cash flows. Other financial assets The Group’s maximum exposure to credit risk for other financial assets of December 31, 2022 is the respective carrying amount. As of December 31, 2022, all of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk (stage 1 of the 3-stage model), and the loss allowance recognized during the period was therefore limited to expected credit losses for 12 months. Management considers ‘low credit risk’ for listed bonds to be an investment grade credit rating by a major rating agency. The Group considers that credit risk increases significantly if the credit rating deteriorates to a non-investment grade rating. The probability of default (PD) and loss given default (LGD) are determined for the investments on an individual basis, using available public corporate PD and LGD assessments of the securities performed by credit rating agencies, which incorporate both historical and forward-looking information, according to market standards. Forward-looking information includes credit rating outlooks and economic forecast measured using country GDP and CDS. Liquidity risk The primary objective of the Group’s liquidity and capital management is to monitor the availability of cash and other financial assets and capital in order to support its business expansion and growth. The Group manages its liquidity and capital structure with reference to economic conditions, performance of its local operations and local regulations. Funding is managed by a central treasury department that monitors the amounts of funds to be granted according to management and Shareholder approval. All funding follows strict operational and legal monitoring executed by the treasury and legal departments. During 2019, the Group has secured funding relating to the entry of a new investor in January 2019 and the Initial Public Offering (IPO) with concurrent private placement in April 2019. We received approximately USD 280 million in net proceeds from our initial public offering and additional capital in the aggregate amount of USD 86 million from Pernod Ricard Deutschland GmbH. Most of this funding is transferred to operating entities in the form of loans which are eliminated in consolidation. In December 2020, the Group completed an equity offering. Proceeds from the offering, net of commissions and expenses, were approximately USD 231 million. During March 2021, the Group raised additional equity funding with proceeds, net of commissions and expenses, of USD 341 million. As all funding has been exclusively obtained from the shareholders and there are no external borrowings, the Group does not incur an interest rate risk at this regard. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies | |
Commitments and contingencies | 34 Commitments and contingencies Tax contingencies The Group has contingent liabilities related to potential tax claims arising in the ordinary course of business. As of December 31, 2022, there are ongoing tax audits in various countries. Some of these tax inquiries have resulted in re-assessments, whilst others are still at an early stage and no re-assessment has yet been raised. Management is required to make estimates and judgments about the ultimate outcome of these investigations or litigation in determining legal provisions. Final claims or court rulings may differ from management estimates. In addition, Management is required to make estimates and judgements about the ultimate outcome of other tax risks that have not led to an investigation or litigation but that, based on Management’s own assessment, may lead to potential tax claims. As of December 31, 2022, the Group has accrued for net tax provisions (excluding Uncertainty over Income Tax payables in accordance with IFRIC 23 interpretation) in the amount of USD 33,870 thousand (2021: USD 34,221 thousand) as a result of the assessment of potential exposures due to uncertain tax positions as well as pending and resolved matters with the relevant tax authorities (Note 21). Additionally, as of December 31, 2022 Uncertainty over Income Tax payables in accordance with IFRIC 23 interpretation amounts to USD 12,685 thousand (2021: USD 12,833 thousand) In addition to the above tax risks, in common with other international groups, the conflict between the Group’s international operating model, the jurisdictional approach of tax authorities and some domestic tax requirements in relation to withholding tax and VAT compliance and recoverability rules, could lead to a further USD 17,564 thousand in additional uncertainty on tax positions. The likelihood of future economic outflows with regard to these potential tax claims is however considered as only possible, but not probable. Accordingly, no provision for a liability has been made in these consolidated financial statements. The Group may also be subject to other tax claims for which the risk of future economic outflows is currently evaluated to be remote. Guarantees The Group has other commitments such as bank guarantees issued. As of December 31, 2022 The Group bank guarantees amount to USD 1,092 thousand (December 31, 2021: USD 1,221 thousand). Legal Proceedings with shareholders Since May 2019, several putative class action lawsuits had been filed in the U.S. District Court for the Southern District of New York and the New York County Supreme Court against the company, certain of its management and supervisory board members, the underwriters of its IPO, its U.S. representative and, in New York State court, its auditor. The cases assert claims under federal securities laws based on alleged misstatements and omissions in connection with, and following, the company’s initial public offering. On August 11, 2020, we reached an agreement to fully resolve all of the actions, subject to conditions including court approval. Under this agreement, in which the defendants do not admit any liability or wrongdoing, Jumia made a settlement payment of USD 5 million on January 18, 2021, USD 1 million of which was funded by insurance coverage proceeds received on January 13, 2021. The U.S. District Court for the Southern District of New York and the New York County Supreme Court approved the settlement agreement in March 2021. No shareholders have filed objections to the settlements. Lease commitments As disclosed in Note 19, the Group was committed to short term leases which at December 31, 2022 amounts to USD 1,107 thousand (2021: USD 1,044 thousand). Other commitments The Group has committed to pay USD 37.5 million to a service supplier over three years. As of December 31, 2022 the Group has paid USD 12.0 million. The Group will pay USD 12.5 million in December 2023 and USD 13.0 million in December 2024. Others The Group is involved in several ongoing cases with suppliers and employees. The Group continuously reviews and assesses these claims and records provisions based on management judgments and estimates from consultant at each reporting date. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 35 Subsequent events |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Basis of preparation | a) Basis of preparation The consolidated financial statements of the Group (“consolidated financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets, financial liabilities and share based compensation plan, which have been measured at fair value (as further disclosed within this Note). The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated. |
Basis of consolidation | b) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies. Subsidiaries are those investees that the Group controls because the Group (i) has power to direct relevant activities of the investees that significantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the investees, and (iii) has the ability to use its power over the investees to affect the amount of Group’s returns. The existence and effect of substantive rights, including substantive potential voting rights, are considered when assessing whether the Group has power over another entity. For a right to be substantive, the holder must have practical ability to exercise that right when decisions about the direction of the relevant activities of the investee need to be made. The Group may have power over an investee even when it holds less than majority of voting power in an investee. In such a case, the Group assesses the size of its voting rights relative to the size and dispersion of holdings of the other vote holders to determine if it has de-facto power over the investee. Protective rights of other investors, such as those that relate to fundamental changes of investee’s activities or apply only in exceptional circumstances, do not prevent the Group from controlling an investee. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, revenue and expense of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. As of December 31, 2020, 2021 and 2022, the Group consolidated 66, 67 and 67 subsidiaries, respectively. |
Current versus non-current classification | c) Current versus non-current classification The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is expected to be realized or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realized within twelve months after the reporting period. Cash and cash equivalents are presented as current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities as non-current. |
Property and equipment | d) Property and equipment Property and equipment are stated at cost less accumulated depreciation and any impairment losses. Costs of minor repairs and maintenance are expensed when incurred. The cost of replacing major parts or components of property and equipment items are capitalized and the replaced part is written off. Whenever events or changes in market conditions indicate a risk of impairment of property and equipment, management estimates the recoverable amount, which is determined as the higher of an asset’s fair value less costs to sell and its value in use. The carrying amount is reduced to the recoverable amount and the impairment loss is recognized in profit or loss for the year. Depreciation on items of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows: Useful life in years Buildings Up to 40 Transportation equipment 5 to 8 Technical equipment and machinery 3 to 10 Furniture and office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. A recognized item of property and equipment and any significant part is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss |
Leases | e) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group only acts as a lessee. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are recognized in the statement of financial position as “Property and equipment” and are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: • Offices and Warehouses - 2 to 10 years • Motor vehicles and other equipment 2 to 6 years Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including, in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term. Lease expenses are primarily classified as ‘General and administrative expense’. |
Financial instruments - initial recognition and subsequent measurement | ) Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group has financial assets in the form of bank deposits, trade notes and accounts receivable and other receivables and financial investments included in the item “Term deposits and other financial assets”. Initial recognition and subsequent measurement With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. Trade and other receivables are subsequently measured at amortized cost using the effective interest rate method. The classification of financial assets that are debt instruments at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Contractual cash flows arising from the financial assets are assessed by the Group as to whether they are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The business model for managing financial assets that are debt instruments is either “hold to collect”, “hold to collect and sell” or other (such as when the asset is held for trading or is otherwise managed on a fair value basis). In order for a financial asset that is a debt instrument to be classified and subsequently measured at amortized cost, contractual cash flows need to arise as SPPI and the business model for the financial asset must be to “hold to collect”. Amortized cost is measured according to effective interest rate method and interest income is recognized in “Finance income”. A financial asset that is a debt instrument is classified and subsequently measured at fair value through other comprehensive income, if arising contractual cash flows are SPPI and the business model for the financial asset is “hold to collect and sell”. Interest income is measured according to effective interest rate method and recognized in “Finance income”. Changes in fair value are recognized in other comprehensive income, and the accumulated amount is presented in the statement of financial position in Other reserves. The fair value reserve is reclassified to profit or loss when the investments are derecognized. Gains and losses upon disposal or maturity are recognized in “Finance income” or “Finance costs”. Changes in the allowance for expected credit losses are recognized in the statement of profit or loss in “Finance income” or “Finance costs”, against the fair value reserve. Investments in debt instruments for which cash flows are not SPPI or for which the business model is “hold to sell” are subsequently measured at fair value through profit or loss. Interest and dividend income are recognized on an accrual basis and presented in “Finance income”. Changes in fair value are recognized in the statement of profit or loss in “Finance income” or “Finance costs”. Impairment – expected credit losses model Impairment of investments in debt instruments subsequently measured at amortized cost or fair value through comprehensive income, as well as of contract assets within the scope of IFRS 15, is recognized as an expected credit loss allowance against these assets, according to the IFRS 9 3-stage model based on changes in credit quality since initial recognition. A simplified approach is available for trade receivables and contract assets that do not contain a significant financing component. Stage 1 includes financial instruments that have not had a significant increase in credit risk since initial recognition or that, under the available practical expedient, have low credit risk at the reporting date. For these assets, 12-month expected credit losses are recognized and interest revenue is calculated on their gross carrying amount. Stage 2 includes financial instruments that have had a significant increase in credit risk since initial recognition (except if they have low credit risk at the reporting date) but that do not have objective evidence of impairment. For these assets, the allowance includes lifetime expected credit losses, and interest revenue is calculated on their gross carrying amount. Stage 3 includes financial assets that have objective evidence of impairment at the reporting date. For these assets, the allowance is for lifetime expected credit losses and interest revenue is calculated on their carrying amount (net of the expected credit loss allowance). Impairment – accounts receivable The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When calculating ECL, the expected recovery from collateral is taken into account. The Group has the contractual right to dispose of marketplace products and apply all proceeds of sales to discharge any amounts that are owed by sellers. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporated several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. The Group writes off accounts receivable no later than when the balance becomes 12 months past due. Default and write-off of financial assets The Group determines the probability of default upon the initial recognition of the asset. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Impairment – other financial assets The Group’s maximum exposure to credit risk for other financial assets as of December 31, 2021 and 2022 is the respective carrying amount. As of December 31, 2021 and 2022, all of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk, and the loss allowance recognized during the period was therefore limited to the expected credit losses for 12 months. Management considers ‘low credit risk’ for listed bonds to be an investment grade credit rating by a major rating agency. The Group considers that credit risk increases significantly if the credit rating deteriorates to a non-investment grade rating. The probability of default (PD) and loss given default (LGD) are determined for the investments on an individual basis, using available public corporate PD and LGD assessments of the securities performed by credit rating agencies, which incorporate both historical and forward-looking information, according to market standards. Forward-looking information includes credit rating outlooks and economic forecast measured using country gross domestic product (GDP) and credit default swap (CDS). Financial liabilities The Group has financial liabilities in the form of trade and other payables and deferred income that are initially recognized at fair value which primarily represents the original invoiced amount. They are subsequently measured at amortized cost using the effective interest method. "Interest expense is recognized in “Finance costs”. Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Deferred income is subsequently recognized as revenue in the Consolidated Statement of Operations and Comprehensive Income (Loss). A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis or to realize the assets and settle the liabilities simultaneously. |
Impairment of non-financial assets | g) Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating-unit’s (CGU) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. |
Inventories | h) Inventories Inventories are valued at the lower of cost or net realizable value. Cost of inventory is determined on first-in-first out basis (FIFO) method. The cost of inventory includes purchase costs and costs incurred to bring the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Impairment losses, if any, due to obsolete materials and slow inventory movement are deducted from the carrying amount of the inventories. |
Cash and cash equivalents and term deposits | i) Cash and cash equivalents and term deposits Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less, for which the risk of changes in value is insignificant. Term deposits are deposits placed with banks with an original maturity of more than three months and, therefore, not included as ‘cash and cash equivalents’ in the statements of financial position and consolidated statement of cash flows. |
Value added tax | j) Value added tax Output value added tax (“VAT”) related to sales is payable to tax authorities on the earlier of (a) collection of receivables from consumers or (b) delivery of goods or services to consumers. Input VAT is generally recoverable against output VAT upon receipt of the VAT invoice. The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. When input and output VAT expire or are settled in different patterns, VAT is recognized in the statement of financial position and disclosed separately as an asset and liability. Where a provision has been made for impairment of receivables, the gross amount of the debtor, including VAT, is provided for. If the effect of the time value of money is material, tax receivables and payables are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the asset or liability. When discounting is used, the increase in the asset or liability due to the passage of time is recognized as a finance cost. |
Provisions and contingent liabilities | k) Provisions and contingent liabilities Provisions are recognized when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement of operations and comprehensive income (loss) along with any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Where it is more likely that no present obligation exists at the reporting date, the Group discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefit is remote, in which case no disclosure is required. |
Foreign currency translation | l) Foreign currency translation Functional and presentation currency Amounts included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in US dollars (USD), which is the Group’s presentation currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities using exchange rates at the dates of transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations within finance costs and finance income. The Group considers that monetary long-term receivables from or loans to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, a part of the Group’s net investment in that foreign operation. The related foreign exchange differences and income tax effect of the foreign exchange differences are included in the exchange difference on net investment in foreign operations within equity. In case of repayment, the Group has elected to maintain exchange differences in equity until disposal of the foreign operation. On disposal of a foreign operation, the deferred cumulative amount recognized in equity relating to that particular foreign operation is reclassified to the consolidated statement of operations and comprehensive income (loss). The following tables present currency translation rates against the US dollars for the Group’s most significant operations. Year Ended December 31, 2020 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 126.38 131.70 Cameroon CFA Franc BEAC (XAF) 574.70 534.86 China Yuan Renminbi (CNY) 6.89 6.53 Ivory Coast CFA Franc BCEAO (XOF) 574.70 534.86 Egypt Egyptian Pound (EGP) 15.77 15.71 Germany Euro (EUR) 0.88 0.82 Ghana Cedi (Ghana) (GHS) 5.72 5.85 Kenya Kenyan Shilling (KES) 105.56 108.14 Morocco Moroccan Dirham (MAD) 9.39 8.80 Nigeria Naira (NGN) 378.28 382.96 Portugal Euro (EUR) 0.88 0.82 Rwanda Rwanda Franc (RWF) 944.47 974.50 Senegal CFA Franc BCEAO (XOF) 574.70 534.86 South Africa Rand (ZAR) 16.44 14.65 Tunisia Tunisian Dinar (TND) 2.78 2.66 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,304.47 2,291.44 Uganda Uganda Shilling (UGX) 3,692.52 3,629.35 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2021 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 134.56 138.50 Cameroon CFA Franc BEAC (XAF) 554.72 578.23 China Yuan Renminbi (CNY) 6.45 6.36 Ivory Coast CFA Franc BCEAO (XOF) 554.72 578.23 Egypt Egyptian Pound (EGP) 15.67 15.68 Ghana Cedi (Ghana) (GHS) 5.90 6.13 Kenya Kenyan Shilling (KES) 108.79 112.25 Morocco Moroccan Dirham (MAD) 8.90 9.16 Nigeria Naira (NGN) 399.35 410.97 Portugal Euro (EUR) 0.85 0.88 Rwanda Rwanda Franc (RWF) 986.02 1,016.15 Senegal CFA Franc BCEAO (XOF) 554.72 578.23 South Africa Rand (ZAR) 14.78 15.92 Tunisia Tunisian Dinar (TND) 2.75 2.87 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,307.88 2,296.51 Uganda Uganda Shilling (UGX) 3,567.41 3,526.41 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2022 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 141.96 137.36 Cameroon CFA Franc BEAC (XAF) 623.87 612.84 China Yuan Renminbi (CNY) 6.73 6.90 Ivory Coast CFA Franc BCEAO (XOF) 623.87 612.84 Egypt Egyptian Pound (EGP) 19.20 24.75 Ghana Cedi (Ghana) (GHS) 8.99 10.20 Kenya Kenyan Shilling (KES) 117.60 123.50 Morocco Moroccan Dirham (MAD) 10.13 10.46 Nigeria Naira (NGN) 423.01 448.08 Portugal Euro (EUR) 0.95 0.93 Rwanda Rwanda Franc (RWF) 1,031.64 1,067.00 Senegal CFA Franc BCEAO (XOF) 623.87 612.84 South Africa Rand (ZAR) 16.37 17.02 Tunisia Tunisian Dinar (TND) 3.08 3.11 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,322.97 2,332.45 Uganda Uganda Shilling (UGX) 3,682.08 3,717.61 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Translation into presentation currency On consolidation, the results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; ii. Income and expense for each item of the statement of comprehensive income (loss) are translated at average exchange rates; All resulting exchange differences arising on translation for consolidation are recognized in other comprehensive income. |
Revenue from contracts with customers | m) Revenue from contracts with customers The Group generates revenue primarily from commissions, sale of goods, fulfillment, marketing and advertising and provision of other services. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis, which requires Management judgment. In performing their analysis, the Group considers first whether it controls the goods or services before they are transferred to the customers and if it has the ability to direct the use of the goods or services or obtain benefits from them. The Group also considers the following indicators: – The latitude in establishing prices and selecting suppliers – The inventory risk borne by the Group before and after the goods have been transferred to the customer When the Group is primarily obliged in a transaction, is subject to inventory risk, has all, or has several but not all, of the indicators, the Group acts as principal and revenue is recorded on a gross basis. When the Group is not the primary obligor, does not bear the inventory risk and does not have the ability to establish price, the Group acts as agent and revenue is recorded on a net basis. Revenue recognition policies for each type of revenue stream are as follows: (1) Sales of goods Revenue from sales of goods relates to transactions where Jumia acts directly as the seller, where it enters into an agreement with a consumer to sell goods. These goods are sold for a fixed price as determined by the Group and the Group bears the obligation to deliver those goods to the consumer. As such, the Group is considered to be the principal in these transactions and recognizes sales on a gross basis for the selling price at the point in time when the goods are delivered to the consumer. The delivery of the goods is not a separate performance obligation, as the consumer cannot benefit from the goods without the delivery, which must be performed by Jumia. Therefore, revenue for goods and delivery are recognized at a point in time. (2) Third party sales This revenue is related to the online selling platform which provides sellers the ability to sell goods directly to consumers. In this case, Jumia’s performance obligation with respect to these transactions is to arrange the transaction through the online platform. Further, Jumia also delivers the goods to consumers on behalf of the sellers. The Group considers that Jumia has one performance obligation in respect of these transactions which is to arrange the sale and delivery of goods to consumers on behalf of sellers and since Jumia does not control the goods, it is an agent in these transactions. The revenue from these transactions is recognized at a point in time when the goods are delivered to the end consumer which is the time when the Group satisfies its performance obligation. Jumia generates the following revenues from these marketplace transactions: 2 a) Commission revenue Jumia generates a commission fee (normally a percentage of the selling price) which it charges to sellers based on agreements with the sellers. 2 b) Fulfillment revenue Jumia charges a delivery fee to consumers when delivering goods to consumers on behalf of the sellers which it recognizes as fulfillment revenue. 2 c) Value added service revenue In some instances, Jumia also charges a delivery fee to sellers when delivering goods to consumers on behalf of the sellers which it recognizes as part of value-added services revenue. (3) Marketing and advertising The Group provides advertising services to vendors and non-vendors, such as performance marketing campaigns, placing banners on the Jumia platform or sending newsletters and notifications. The advertising services are contractually agreed with the advertisers. As Jumia establishes pricing and is primarily obliged to deliver these advertising services, revenue is recognized on a gross basis. The campaigns and banners can be run for a short period as well as be spread over a year and are therefore recognized at a point in time or over the period. (4) Value added services In addition to the delivery fee charged to sellers in respect of marketplace transactions noted above, the Group also provides other services to sellers for which it charges a fee such as logistics services (transportation, warehousing and packaging) of products ahead of shipment and technical support. As Jumia establishes pricing and controls the services, revenue is recognized on a gross basis. Revenue for warehousing is recognized over the period of storage of the goods while revenue for transportation, packaging of products and technical support is recognized when the respective service is completed. (5) Other revenue The Group provides logistic services to non-sellers in Jumia such as transportation of goods. Jumia is the principal in this activity and is also deciding the price and assuming the risk of non-performing the service. The performance obligation is satisfied when the shipping services are completed. Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The Group uses the expected value method to estimate the variable consideration given the large number of contracts that have similar characteristics. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. A refund liability is recognized for the goods that are expected to be returned (i.e., the amount not included in the transaction price) and a right of return asset for the right to recover products when a refund liability is settled. Consumer incentives and subsidies The Group grants incentives to its end consumers and subsidies to its marketplace vendors. Incentives to end consumers, which include discounts or vouchers, and marketplace subsidies to vendors are consideration payable to a customer and are recognized as a reduction of revenue. Cost to obtain a contract The Group pays sales commission or fees to parties for each contract that they obtain. The Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. As such, sales commissions and fees are immediately recognized as an expense and included as part of sales and advertising expense. Cost of revenue The Group’s cost of revenue includes the external costs directly attributable to fulfilling the performance obligations mentioned above, such as the purchase price of consumer products where Jumia acts directly as the seller. Certain expenses associated with third-party sales, such as compensation paid to sellers for lost, damaged or late delivery items, and shipping costs related to logistics services to non-sellers are also included in cost of revenue. |
Fulfillment expense | n) Fulfillment expense Fulfillment expense consists of expense related to services of third-party logistics providers and payment processing expenses, which we refer to as freight and shipping, and expense mainly related to our network of warehouses, including employee benefit expense, which we refer to as fulfillment expense other than freight and shipping. Fulfillment expense other than freight and shipping represents those expenses incurred in operating and staffing our fulfillment and consumer service centers, including expense attributable to procuring, receiving, inspecting, and warehousing inventories and picking, packaging, and preparing consumer orders for shipment, including packaging materials. Lease expenses are primarily classified as “General and administrative expense”. Fulfillment expense also includes expense relating to consumer service operations. |
Sales and advertising expense | o) Sales and advertising expense Sales and advertising expenses represent expenses associated with the promotion of our marketplace and include online and offline marketing expenses, promotion of the brand through traditional media outlets, certain expense related to our consumer acquisition and engagement activities and other expense associated with our market presence. |
Technology and content expense | p) Technology and content expense Technology and content expenses consist principally of research and development activities, including wages and benefits, for employees involved in application, production, maintenance, operation for new and existing goods and services, as well as other technology infrastructure expense. |
General and administrative expense | q) General and administrative expense General and administrative expense contains wages and benefits, including share-based payment expense, of management, seller management expense, commercial development expense, accounting and legal staff expense, consulting expense, audit expense, lease expense, office related utilities expense, insurance expense, tax expense other than income tax, other overheads and other material general expenses. |
Employee benefits | r) Employee benefits Short-term benefits Wages, salaries, paid annual leave and sick leave, bonuses, and other benefits (such as health services) are accrued in the year in which the associated services are rendered by the employees of the Group. |
Share-based compensation | ) Share-based compensation The Group operates share-based payment plans, under which directors and employees receive a compensation in form of equity instruments of the Company or cash for the services provided. Awards are granted with service and/or performance conditions. For equity settled instruments, the total amount to be expensed for services received is determined by reference to the grant date fair value of the share-based payment award made. For share-based payment awards, we analyze whether the exercise price paid (or payable) by a participant, if any, exceeds the market price of the underlying equity instruments at the grant date. Any excess of (i) the estimated market value of the equity instruments and (ii) the exercise price results in share-based payment expense. The share-based payment is expensed on a straight-line basis over the vesting period with a corresponding credit to equity. Management estimates the number of awards that will eventually vest. For awards with graded-vesting features, each instalment of the award is treated as a separate grant (i.e., each instalment is separately expensed over the related vesting period). For equity settled instruments, option awards issued by the Group are initially measured using Black-Scholes valuation model on the grant date and are not subsequently re-measured. Certain of Jumia’s share based compensation transactions are subject to non-market performance targets. Depending on the vesting period and the performance measurement period, performance targets are classified as (i) non-vesting conditions or (ii) non-market performance vesting conditions. For non-vesting condition, the probability of achieving the performance target is included in the computation of the award’s fair value and is not subsequently re-assessed. Non-market performance vesting conditions are not taken into consideration when determining the grant date fair value of an award. Instead, they are taken into consideration when estimating the number of awards that will vest. On a cumulative basis, no amount is recognized for goods or services received where an award does not vest, because a specified non-market vesting condition has not been met. As a result, the IFRS 2 expense can change during the vesting period, depending on changes in expectations. The number of awards, subject to non-vesting performance conditions, that will vest is estimated based on the most likely outcome. For certain share-based compensation transactions the length of the vesting period depends on meeting a certain market condition. A market condition is a performance condition upon which the exercise price, vesting or exercisability of an equity instrument depends/ relates to the market price of the entity’s equity instruments. Where the length of the vesting period depends on when a market performance condition is satisfied, the estimate of the expected length of the vesting period is based on the most likely outcome of the performance condition and is not subsequently revised. When an award is cancelled (other than by forfeiture for failure to satisfy the vesting conditions) during the vesting period, it is treated as an acceleration of vesting, and the entity recognizes immediately the amount that would otherwise have been recognized for services received over the remainder of the vesting period. When an award is surrendered by an employee (other than by forfeiture for failure to satisfy the vesting conditions), it is accounted for as a cancellation. When new equity instruments are granted during the vesting period of the currently vesting awards, and on the date that they are granted, they are identified as replacement of the currently vesting awards, they are treated as a modification. The incremental fair value of replacement awards is recognized over its vesting period, and the replaced awards continue to be expensed as scheduled. In case there is modification of awards recognition, from equity-settled to cash-settled, a liability is recognized based on the fair value of the cash-settled award as at the date of the modification and to the extent to which the vesting period has expired. The entire corresponding debit is taken to equity. For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of goods or services received. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in general and administrative expenses. Share based payment expense are mainly sensitive to achievement of performance conditions. For the 2019, 2020 and 2021 plans, performance conditions are unlikely to be met. For the awards granted in 2022, the expense of the year is not materially sensitive to the achievement assessment of the performance condition since the awards were granted in December 2022. |
Income taxes | t) Income taxes The income tax charge comprises of current tax and deferred tax and is recognized in profit or loss for the year, unless it relates to transactions that are recognized directly in equity. Current taxes are measured at the amount expected to be paid to or recovered from the taxation authorities on the taxable profits or losses based on the prevailing tax rates on the reporting date and any adjustments to taxes payable in previous years. Taxable profits or losses are based on estimates if financial statements are authorized prior to filing relevant tax returns. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The calculation of deferred taxes is based on the balance sheet liability method that refers to the temporary differences between the tax bases of assets and liabilities and their carrying amounts. The method of calculating deferred taxes depends on how the asset’s carrying amount is expected to be realized and how the liabilities will be paid. However, in accordance with the initial recognition exemption, deferred taxes are not recorded for temporary differences on initial recognition of an asset or a liability in a transaction other than a business combination if the transaction, when initially recorded, affects neither accounting nor taxable profit and does not give rise to equal taxable and deductible temporary differences. Deferred taxes are measured at tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets are offset against deferred tax liabilities if the taxes are levied by the same taxation authority and the entity has a legally enforceable right to offset current tax assets against current tax liabilities. Deferred tax assets for deductible temporary differences and tax loss carry forwards are recorded only to the extent that they are believed to be recoverable. |
Segments | u) Segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM), which are the same figures as those presented in the statement of operations. The chief operating decision maker is comprised of the acting CEO and the Executive Vice President, Finance & Operations. In the periods presented, the Group had one operating and reportable segment, an e-Commerce platform. Although the e-Commerce platform consists of different business platforms of the Group, the CODM makes decisions as to how to allocate resources based on the long-term growth potential of the Group as determined by market research, growth potential in regions, and various internal key performance indicators. The Group’s geographical distribution of revenue and property and equipment was as follows: Revenue For the year ended December 31, In thousands of USD 2020 2021 2022 West Africa (1) 72,029 83,364 110,528 North Africa (2) 55,330 60,494 63,148 East and South Africa (3) 30,940 32,080 39,309 Europe (4) 831 329 295 United Arab Emirates 236 1,666 8,576 Others — 1 26 Total 159,366 177,934 221,882 Property and equipment As of December 31, In thousands of USD 2021 2022 West Africa (1) 6,563 12,237 North Africa (2) 8,642 8,973 East and South Africa (3) 4,528 5,812 Europe (4) 1,905 1,209 China 131 163 United Arab Emirates 55 104 Total 21,824 28,498 ___________________________ (1) West Africa covers Nigeria, Ivory Coast, Senegal, Cameroon and Ghana. (2) North Africa covers Egypt, Tunisia, Morocco and Algeria. (3) East and South Africa covers Kenya, Tanzania, Uganda, Rwanda and South Africa. (4) Portugal and Germany |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Schedule of property and equipment | Depreciation on items of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows: Useful life in years Buildings Up to 40 Transportation equipment 5 to 8 Technical equipment and machinery 3 to 10 Furniture and office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease Movements in the carrying amount of property and equipment were as follows: In thousands of USD Buildings Technical Transportation Right of use Total Balance as of January 1, 2021 2,987 2,991 14,192 21,757 41,927 Additions and modifications (1) 381 829 5,957 4,092 11,259 Disposals (540) (344) (1,591) — (2,475) Reclassification (336) 459 (123) — — Effect of translation (103) (202) (819) (1,173) (2,297) Balance as of December 31, 2021 2,389 3,733 17,616 24,676 48,414 Additions and modifications (1) 878 3,051 7,218 7,491 18,638 Disposals (31) — (67) — (98) Reclassification — — — — — Effect of translation (409) (582) (2,559) (3,781) (7,331) Balance as of December 31, 2022 2,827 6,202 22,208 28,386 59,623 Accumulated depreciation Balance as of January 1, 2021 (1,969) (1,701) (9,687) (8,262) (21,619) Depreciation charge (402) (834) (2,804) (5,405) (9,445) Accumulated depreciation on disposals 372 457 1,442 — 2,271 Lease modifications — — — 861 861 Reclassification 152 (174) 40 — 18 Effect of translation 77 117 549 581 1,324 Balance as of December 31, 2021 (1,770) (2,135) (10,460) (12,225) (26,590) Depreciation charge (408) (899) (3,667) (6,480) (11,454) Accumulated depreciation on disposals 3 — 50 — 53 Lease modifications — — — 3,444 3,444 Reclassification — — — — — Effect of translation 267 263 1,412 1,480 3,422 Balance as of December 31, 2022 (1,908) (2,771) (12,665) (13,781) (31,125) Carrying amount as of December 31, 2021 619 1,598 7,156 12,451 21,824 Carrying amount as of December 31, 2022 919 3,431 9,543 14,605 28,498 _____________________ (1) The additions and modifications for the "Right of use of assets - Office and Warehouse" includes additions impact of USD 10,391 thousand and modifications impact of USD (2,900) thousand as of December 31, 2022 (December 31, 2021: additions impact of USD 3,485 thousand and modifications impact of USD 607 thousand). |
Schedule of currency translation rates against the Euro for the group's most significant operations | The following tables present currency translation rates against the US dollars for the Group’s most significant operations. Year Ended December 31, 2020 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 126.38 131.70 Cameroon CFA Franc BEAC (XAF) 574.70 534.86 China Yuan Renminbi (CNY) 6.89 6.53 Ivory Coast CFA Franc BCEAO (XOF) 574.70 534.86 Egypt Egyptian Pound (EGP) 15.77 15.71 Germany Euro (EUR) 0.88 0.82 Ghana Cedi (Ghana) (GHS) 5.72 5.85 Kenya Kenyan Shilling (KES) 105.56 108.14 Morocco Moroccan Dirham (MAD) 9.39 8.80 Nigeria Naira (NGN) 378.28 382.96 Portugal Euro (EUR) 0.88 0.82 Rwanda Rwanda Franc (RWF) 944.47 974.50 Senegal CFA Franc BCEAO (XOF) 574.70 534.86 South Africa Rand (ZAR) 16.44 14.65 Tunisia Tunisian Dinar (TND) 2.78 2.66 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,304.47 2,291.44 Uganda Uganda Shilling (UGX) 3,692.52 3,629.35 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2021 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 134.56 138.50 Cameroon CFA Franc BEAC (XAF) 554.72 578.23 China Yuan Renminbi (CNY) 6.45 6.36 Ivory Coast CFA Franc BCEAO (XOF) 554.72 578.23 Egypt Egyptian Pound (EGP) 15.67 15.68 Ghana Cedi (Ghana) (GHS) 5.90 6.13 Kenya Kenyan Shilling (KES) 108.79 112.25 Morocco Moroccan Dirham (MAD) 8.90 9.16 Nigeria Naira (NGN) 399.35 410.97 Portugal Euro (EUR) 0.85 0.88 Rwanda Rwanda Franc (RWF) 986.02 1,016.15 Senegal CFA Franc BCEAO (XOF) 554.72 578.23 South Africa Rand (ZAR) 14.78 15.92 Tunisia Tunisian Dinar (TND) 2.75 2.87 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,307.88 2,296.51 Uganda Uganda Shilling (UGX) 3,567.41 3,526.41 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2022 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 141.96 137.36 Cameroon CFA Franc BEAC (XAF) 623.87 612.84 China Yuan Renminbi (CNY) 6.73 6.90 Ivory Coast CFA Franc BCEAO (XOF) 623.87 612.84 Egypt Egyptian Pound (EGP) 19.20 24.75 Ghana Cedi (Ghana) (GHS) 8.99 10.20 Kenya Kenyan Shilling (KES) 117.60 123.50 Morocco Moroccan Dirham (MAD) 10.13 10.46 Nigeria Naira (NGN) 423.01 448.08 Portugal Euro (EUR) 0.95 0.93 Rwanda Rwanda Franc (RWF) 1,031.64 1,067.00 Senegal CFA Franc BCEAO (XOF) 623.87 612.84 South Africa Rand (ZAR) 16.37 17.02 Tunisia Tunisian Dinar (TND) 3.08 3.11 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,322.97 2,332.45 Uganda Uganda Shilling (UGX) 3,682.08 3,717.61 United Arab Emirates UAE Dirham (AED) 3.67 3.67 |
Schedule of group's geographical distribution of revenue and property, plant and equipment | Revenue For the year ended December 31, In thousands of USD 2020 2021 2022 West Africa (1) 72,029 83,364 110,528 North Africa (2) 55,330 60,494 63,148 East and South Africa (3) 30,940 32,080 39,309 Europe (4) 831 329 295 United Arab Emirates 236 1,666 8,576 Others — 1 26 Total 159,366 177,934 221,882 Property and equipment As of December 31, In thousands of USD 2021 2022 West Africa (1) 6,563 12,237 North Africa (2) 8,642 8,973 East and South Africa (3) 4,528 5,812 Europe (4) 1,905 1,209 China 131 163 United Arab Emirates 55 104 Total 21,824 28,498 ___________________________ (1) West Africa covers Nigeria, Ivory Coast, Senegal, Cameroon and Ghana. (2) North Africa covers Egypt, Tunisia, Morocco and Algeria. (3) East and South Africa covers Kenya, Tanzania, Uganda, Rwanda and South Africa. (4) Portugal and Germany |
Group Information (Tables)
Group Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Summary of interest in subsidiaries | At December 31, 2022, Jumia consolidated the Parent entity (Jumia Technologies AG) and the following subsidiaries: Company name Country of % control Principal activities (1) December 31, 2021 December 31, 2022 Africa Internet General Trading LLC UAE 100.00 100.00 Services Africa Internet Services SAS FRANCE 100.00 100.00 Not active African Internet Services S.A. ANGOLA 100.00 — — AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG GERMANY 99.89 99.89 Holding AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Atol Internet Services Ltd. MAURITIUS 100.00 — — Atol Internet Services Rwanda RWANDA 100.00 100.00 Not active Atol Internet Services S.a.r.l. Tunisia TUNISIA 100.00 100.00 Not active Atol Ivory Coast SARL IVORY COAST 100.00 100.00 Not active Atol Services Gabon SARL GABON 100.00 100.00 Not active Atol Technology PLC ETHIOPIA 100.00 100.00 Not active Bambino 162. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner EasyTaxi Egypt EGYPT 100.00 — — Ecart Internet Services Nigeria Ltd. NIGERIA 99.89 99.89 Online retailer Ecart Services Algeria SARL ALGERIA 100.00 100.00 Not active Ecart Services Cameroon Ltd. CAMEROON 100.00 100.00 Not active Ecart Services Ghana Ltd. GHANA 100.00 — — Ecart Services Ivory Coast SARL IVORY COAST 100.00 100.00 Online retailer Ecart Services Kenya Ltd. KENYA 100.00 100.00 Online retailer Ecart Services Morocco Sarlau MOROCCO 100.00 100.00 Online retailer Ecart Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Hellopay Africa Integrated Services Ltd. (formerly: Lipco Internet Services Nigeria) NIGERIA 100.00 100.00 Jumia Pay Jade E-Services Algeria SARL ALGERIA 100.00 100.00 Marketplace Jade E-Services Ghana Ltd. GHANA 100.00 100.00 Online retailer Jade E-Services Kenya Ltd. KENYA 100.00 100.00 Not active Jade E-Services Senegal SARL (formerly: Hellofood Senegal SUARL) SENEGAL 100.00 100.00 Online retailer Jade E-Services South Africa Proprietary Ltd. SOUTH AFRICA 100.00 100.00 Online retailer Jade E-Services Tunisia SARL TUNISIA 100.00 100.00 Not active Jade E-Services Uganda Ltd. UGANDA 100.00 100.00 Online retailer Jolali Global Resources Ltd. NIGERIA 99.89 99.89 Not active Jumia Egypt LLC EGYPT 100.00 100.00 Online retailer Jumia Electronic Payment Services S.A.E EGYPT 100.00 100.00 Jumia Pay Jumia Eservices SARL TUNISIA 100.00 100.00 Not active Jumia Financial Services Ltd. Nigeria — 100.00 Jumia Pay Jumia for Trading LLC EGYPT 100.00 100.00 Not active Jumia Payment Services Kenya Ltd. KENYA — 100.00 Jumia Pay Jumia Payment Services Ltd. UGANDA — 100.00 Jumia Pay Jumia Services FZ-LLC UAE 100.00 100.00 Services Jumia Services GmbH GERMANY 100.00 100.00 Services Jumia Technologies Cote D'Ivoire SARLU IVORY COAST 100.00 100.00 Marketing services Jumia Technologies Spain SLU SPAIN 100.00 100.00 Services Jumia Technologies SUARL TUNISIA 100.00 100.00 Services Jumia Technology Services (Shenzhen) Co., Ltd CHINA 100.00 100.00 Services Jumia UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Jumia USA LLC USA 100.00 100.00 Services JumiaPay Tunisie Suarl TUNISIA — 100.00 Jumia Pay Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 194. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel E-Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Lendico S.A (PTY) Ltd. SOUTH AFRICA 100.00 100.00 Not active Lipco Internet Services Zimbabwe Ltd. ZIMBABWE 100.00 100.00 Not active Silveroak Internet Services Portugal, Unipessoal Lda PORTUGAL 100.00 100.00 IT Services _________________________ (1) Principal activities as of December 31, 2022 |
Change in accounting policy a_2
Change in accounting policy and restatement of comparative figures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restatement of Comparative Figures [Abstract] | |
Schedule of restatement of comparative figures | The impacts in the Consolidated Statements of Operations and Comprehensive Income (Loss), of the change in accounting policy and restatement, are summarized as follows: For the year ended December 31, 2021 2021 In thousands of USD As previously reported Change in accounting policy Restatements As reclassified / restated Cost of revenue (67,385) 2,646 (3,065) (67,804) Gross profit 110,549 2,646 (3,065) 110,130 Fulfillment expense (88,695) (3,691) 3,065 (89,321) General and administrative expense (142,765) 1,045 — (141,720) For the year ended December 31, 2020 2020 In thousands of USD As previously reported Change in accounting policy Restatements As reclassified / restated Cost of revenue (53,397) 2,408 (532) (51,521) Gross profit 105,969 2,408 (532) 107,845 Fulfillment expense (79,114) (3,638) 532 (82,220) General and administrative expense (132,021) 1,230 — (130,791) The restatement is summarized as follows: For the year ended December 31, 2021 2021 Difference In thousands of USD As previously reported As restated Trade notes and accounts receivable 20,974 18,033 (2,941) Less: Allowance for impairment of trade notes and accounts receivable (8,980) (6,039) 2,941 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of movements in the carrying amount of property and equipment | Depreciation on items of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows: Useful life in years Buildings Up to 40 Transportation equipment 5 to 8 Technical equipment and machinery 3 to 10 Furniture and office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease Movements in the carrying amount of property and equipment were as follows: In thousands of USD Buildings Technical Transportation Right of use Total Balance as of January 1, 2021 2,987 2,991 14,192 21,757 41,927 Additions and modifications (1) 381 829 5,957 4,092 11,259 Disposals (540) (344) (1,591) — (2,475) Reclassification (336) 459 (123) — — Effect of translation (103) (202) (819) (1,173) (2,297) Balance as of December 31, 2021 2,389 3,733 17,616 24,676 48,414 Additions and modifications (1) 878 3,051 7,218 7,491 18,638 Disposals (31) — (67) — (98) Reclassification — — — — — Effect of translation (409) (582) (2,559) (3,781) (7,331) Balance as of December 31, 2022 2,827 6,202 22,208 28,386 59,623 Accumulated depreciation Balance as of January 1, 2021 (1,969) (1,701) (9,687) (8,262) (21,619) Depreciation charge (402) (834) (2,804) (5,405) (9,445) Accumulated depreciation on disposals 372 457 1,442 — 2,271 Lease modifications — — — 861 861 Reclassification 152 (174) 40 — 18 Effect of translation 77 117 549 581 1,324 Balance as of December 31, 2021 (1,770) (2,135) (10,460) (12,225) (26,590) Depreciation charge (408) (899) (3,667) (6,480) (11,454) Accumulated depreciation on disposals 3 — 50 — 53 Lease modifications — — — 3,444 3,444 Reclassification — — — — — Effect of translation 267 263 1,412 1,480 3,422 Balance as of December 31, 2022 (1,908) (2,771) (12,665) (13,781) (31,125) Carrying amount as of December 31, 2021 619 1,598 7,156 12,451 21,824 Carrying amount as of December 31, 2022 919 3,431 9,543 14,605 28,498 _____________________ (1) The additions and modifications for the "Right of use of assets - Office and Warehouse" includes additions impact of USD 10,391 thousand and modifications impact of USD (2,900) thousand as of December 31, 2022 (December 31, 2021: additions impact of USD 3,485 thousand and modifications impact of USD 607 thousand). |
Schedule of lease liabilities and movements during the period | Set out below, are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period: In thousands of USD Right of use assets Lease Liabilities As at January 1, 2021 13,495 13,388 Additions 3,485 3,427 Depreciation (5,405) — Interest expense — 1,527 Lease modifications 1,468 1,388 Payments — (6,615) Effect of translation (592) (578) As at January 1, 2022 12,451 12,537 Additions 10,391 10,160 Depreciation (6,480) — Interest expense — 1,710 Lease modifications 543 595 Payments — (8,666) Effect of translation (2,300) (2,489) As at December 31, 2022 14,605 13,847 |
Schedule of amounts recognized in profit or loss related to right of use assets and leases | The following are the amounts recognized in profit or loss: In thousands of USD 2020 2021 2022 Depreciation expense of right-of-use assets (5,138) (5,405) (6,480) Interest expense on lease liabilities (1,516) (1,527) (1,710) Expense relating to short-term leases (1,549) (1,740) (2,708) Total amount recognized in profit or loss (8,203) (8,672) (10,898) |
Deferred Tax Assets and Liabi_2
Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net deferred tax assets and liabilities [abstract] | |
Schedule of deferred tax assets and liabilities | As of December 31, 2022 and December 31, 2021, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: As of December 31, In thousands of USD 2021 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 Financial assets measured at fair value through OCI — — 4,124 — 4,124 Financial assets measured at fair value through PL 517 456 — — 973 Tax losses 5,783 4,107 — (577) 9,313 Tax benefits 665 70 — (36) 699 Others 80 (81) — 1 — Deferred tax assets offset (6,380) (8,596) — 577 (14,399) Total Deferred tax assets 665 (4,044) 4,124 (35) 710 As of December 31, In thousands of USD 2021 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 Assets depreciation and amortization (458) (529) — — (987) Unrealized foreign exchange gains - P&L (5,388) (9,068) — 580 (13,876) Others (534) 99 — — (435) Deferred tax liabilities offset 6,380 8,596 — (577) 14,399 Total Deferred tax liabilities — (902) — 3 (899) As of December 31, In thousands of USD 2020 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2021 Financial assets measured at fair value — 517 — — 517 Tax losses — 5,791 — (8) 5,783 Tax benefits 125 572 — (32) 665 Others — 81 — (1) 80 Deferred tax assets offset — (6,389) — 9 (6,380) Total Deferred tax assets 125 572 — (32) 665 As of December 31, In thousands of USD 2020 Profit / (Loss) OCI Gain / (Loss) Effect of translation 2021 Assets depreciation and amortization (61) (415) — 18 (458) Unrealized foreign exchange gains - P&L — (5,384) — (4) (5,388) Others — (534) — — (534) Deferred tax liabilities offset — 6,421 — (41) 6,380 Total Deferred tax liabilities (61) 88 — (27) — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Schedule of inventory components and movement in the provision | Inventories are comprised of the following: As of December 31, In thousands of USD 2021 2022 Merchandise available for sale 12,379 13,920 Less: Provision for slow moving and obsolete inventories (1,431) (2,483) Total Inventories 10,948 11,437 The movement in the provision for inventories is as follows: In thousands of USD Inventories Provision Balance as of January 1, 2021 1,523 Additions 765 Reversal (349) Use of provision (436) Effect of translation (72) Balance as of December 31, 2021 1,431 Additions 2,221 Reversal (274) Use of provision (612) Effect of translation (283) Balance as of December 31, 2022 2,483 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | Cash and cash equivalents are comprised the following: As of December 31, In thousands of USD 2021 2022 Cash at bank and in hand 96,094 58,083 Short-term deposits 20,996 13,496 Total Cash and cash equivalents 117,090 71,579 |
Term deposits and other finan_2
Term deposits and other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Term Deposits | |
Schedule of term deposits | Term deposits and other financial assets are comprised the following: As of December 31, In thousands of USD 2021 2022 Financial assets at fair value through profit or loss 198,998 38,646 Financial assets at fair value through OCI 195,722 116,116 Short term deposits - banks 995 1,084 Term Deposits and other financial assets 395,715 155,846 |
Schedule of other financial assets | Other financial assets comprised the following: As of December 31, In thousands of USD 2021 2022 Current financial assets measured at fair value through profit or loss 198,998 38,646 Current financial assets measured at fair value through other comprehensive income 195,722 116,116 Other financial assets – current 394,720 154,762 |
Schedule of financial assets at fair value through FVOCI of allowance for ECL of other financial assets | The movement in the fair value reserve for financial assets at fair value through other comprehensive income (“FVOCI”), including the allowance for expected credit losses (“ECL”), is as follows: In thousands of USD OCI on financial assets at fair Balance as of December 31, 2020 — Changes in fair value of financial assets (4,029) Changes in allowance for expected credit losses - increase / (reversal) 88 Changes recognized in other comprehensive income of the period (Note 16) (3,941) Balance as of December 31, 2021 (3,941) Changes in fair value of financial assets (12,051) Deferred tax assets on fair value loss through through other comprehensive income 4,124 Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets 2,290 Changes in allowance for expected credit losses - increase / (reversal) (35) Changes recognized in other comprehensive income of the period (Note 16) (5,672) Balance as of December 31, 2022 (9,613) |
Schedule of allowance for expected credit losses ("ECL") of other financial assets measured at fair value | The movement of allowance for expected credit losses (“ECL”) of other financial assets measured at fair value through other comprehensive income is as follows: In thousands of USD ECL of other financial assets Balance as of December 31, 2020 — Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) 88 Total changes in allowance for expected credit losses 88 Balance as of December 31, 2021 88 Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) (35) Total changes in allowance for expected credit losses (35) Balance as of December 31, 2022 53 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current receivables [abstract] | |
Schedule of trade and other receivables | Trade and other receivables are comprised of the following: As of December 31, 2021 2022 In thousands of USD Restated Advances to suppliers 1,529 1,266 Trade notes and accounts receivable 18,033 24,422 Less: Allowance for impairment of trade notes and accounts receivable (6,039) (6,566) Unbilled revenues 1,160 2,254 Other receivables 4,042 2,695 Less: Allowance for impairment of other receivables (375) (970) Trade and other receivables 18,350 23,101 |
Schedule of movement of allowance for expected credit losses of trade notes and accounts receivables and other receivables | The movement of allowance for expected credit losses (“ECL”) of trade notes and accounts receivable and other receivables is as follows: ECL of trade notes ECL of other In thousands of USD Restated Balance as of January 1, 2021 9,885 723 Additions 2,359 107 Reversal (237) (218) Use of provision (5,524) (130) Effect of translation (444) (107) Balance as of December 31, 2021 6,039 375 Additions 5,367 853 Reversal (51) (161) Use of provision (3,456) — Effect of translation (1,333) (97) Balance as of December 31, 2022 6,566 970 |
Schedule of ageing analysis of trade notes and accounts receivables | The ageing analysis of trade notes and accounts receivable is as follows: Past due but not impaired Total net Total Total Neither past < 30 30 - 90 >90 In thousands of USD Restated Restated As of December 31, 2021 11,994 18,033 (6,039) 4,102 4,703 502 2,687 As of December 31, 2022 17,856 24,422 (6,566) 4,813 8,163 1,390 3,490 |
Share capital and share premi_2
Share capital and share premium (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Schedule of share capital structure | Ordinary shares issued and fully paid as at December 31, 2022 Number of shares Class Par value Share capital Share premium Total 201,232,560 Ordinary 1 235,659 1,736,469 1,972,128 Total 1 235,659 1,736,469 1,972,128 Ordinary shares issued and fully paid as at December 31, 2021 Number of shares Class Par value Share capital Share premium Total 199,754,122 Ordinary 1 234,154 1,736,469 1,970,623 Total 1 234,154 1,736,469 1,970,623 Ordinary shares issued and fully paid as at December 31, 2020 Number of shares Class Par value Share capital Share premium Total 179,259,246 Ordinary 1 219,843 1,478,230 1,698,073 Total 1 219,843 1,478,230 1,698,073 |
Other Reserves (Tables)
Other Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Schedule of other reserves | In thousands of USD Share-based Exchange Fair value reserve Currency Total As of January 1, 2020 129,453 (76,942) — 74,938 127,449 Other comprehensive loss — (84,884) — 95,136 10,252 Total comprehensive loss for the year — (84,884) — 95,136 10,252 Share-based payments 12,681 — — — 12,681 Exercise of options (6,379) — — — (6,379) Capital revaluation (71) (13) — — (84) Change in Non-controlling interests — (63) — 15 (48) As of December 31, 2020 135,684 (161,902) — 170,089 143,871 Other comprehensive loss — (3,554) (3,941) (12,306) (19,801) Total comprehensive loss for the year — (3,554) (3,941) (12,306) (19,801) Share-based payments 43,451 — — — 43,451 Exercise of options (2,846) — — — (2,846) As of December 31, 2021 176,289 (165,456) (3,941) 157,783 164,675 Other comprehensive loss — (182,489) (5,672) 178,903 (9,258) Total comprehensive loss for the period — (182,489) (5,672) 178,903 (9,258) Share-based payments 9,237 — — — 9,237 Exercise of options (1,480) — — — (1,480) As of December 31, 2022 184,046 (347,945) (9,613) 336,686 163,174 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SOP 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of option valuation models | The fair values of the cash-settled stock options as of December 31, 2022 are derived from the Black-Scholes-Merton model with the following inputs: December 31, 2021 December 31, 2022 Fair value per share (1) USD 5.70 USD 1.61 Exercise price per share EUR 1.00 EUR 1.00 Risk-free interest rate (2) 0.0% 2.0% Expected dividend yield (3) 0% 0% Expected life (years) (4) 1.4 years 0.4 years Expected volatility (5) 55.0% 111.9% Fair value of options USD 4.57 USD 0.69 _________________________ (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (2) Risk-free interest rate is based on German government bond yields consistent to the expected life of options, A risk free rate of 0% is considered as a floor (3) Expected dividend yield is assumed to be 0% based on the fact that the Group has no history or expectation of paying a dividend. (4) Expected life of share options is based on the minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant. |
Summary of awards and development during the period | SOP 2019 Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2022 1,304,804 1.4 1.00 6.65 Granted during the period — — — — Exercised during the period — — — — Forfeited during the period (1,243,947) — — — Cancelled during the period — — — — Vested during the period — — — — Unvested awards outstanding at December 31, 2022 60,857 0.3 1.00 0.78 |
SOP 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of option valuation models | The fair values of the cash-settled SOPs are derived from the Black-Scholes-Merton model with the following inputs: December 31, 2021 December 31, 2022 Fair value per share (1) USD 5.70 USD 1.61 Exercise price per share USD 1.84 USD 1.84 Risk-free interest rate (2) 0.4% 4.8% Expected dividend yield (3) 0% 0% Expected life (years) (4) 2.4 1.4 Expected volatility (5) 55.0% 111.9% Weighted average of Fair value of Options USD 3.90 USD 0.75 _________________________ (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (2) Risk-free interest rate is based on US government bond yields consistent to the expected life of options. (3) Expected dividend yield is assumed to be 0% based on the fact that the Group has no history or expectation of paying a dividend (4) Expected life of share options is based on the minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant. |
Summary of awards and development during the period | Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2022 2,260,833 1.4 1.84 2.08 Granted during the period — — — — Granted as a replacement during the period — — — — Replaced during the period — — — — Forfeited during the period (1,266,111) — — — Cancelled during the period — — — — Vested during the period (827,222) — — — Unvested awards outstanding at December 31, 2022 167,500 0.4 1.84 1.26 |
SOP 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of awards and development during the period | Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2022 823,458 4.00 14.21 5.91 Granted during the period — — — — Granted as a replacement during the period — — — — Replaced during the period — — — — Forfeited during the period — — — — Cancelled during the period (823,458) — — — Vested during the period — — — — Unvested awards outstanding at December 31, 2022 — — — — |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Schedule of trade and other payables | Trade and other payables are comprised of the following: As of December 31, In thousands of USD 2021 2022 Trade payables 23,792 18,193 Invoices not yet received 25,824 19,248 Accrued employee benefit costs 12,698 11,772 Share-based compensation - Cash settled payable 2,010 566 Trade Deposits 1,510 1,082 Sundry accruals 11,012 13,578 Trade and Other Payables 76,846 64,439 Current 76,077 64,230 Non-current 769 209 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of lease liabilities | Lease liabilities are presented in the statement of financial position as follows: As of December 31, In thousands of USD 2021 2022 Current 3,906 5,138 Non-current 8,631 8,709 Total Lease liabilities 12,537 13,847 |
Schedule of future minimum lease payments under non-cancellable operating leases | Set out below is the maturity of the lease liabilities classified as non-current: In thousands of USD One to five years More than five years Total Lease liability future payments 8,704 5 8,709 |
Schedule of changes in liabilities arising from financing activities | In thousands of USD January 1, 2021 Additions Payments Reclassification Effect of translation December 31, 2021 Current lease liabilities 3,638 4,173 (6,615) 2,905 (195) 3,906 Non-current lease liabilities 9,750 2,169 — (2,905) (383) 8,631 Total liabilities from financing activities 13,388 6,342 (6,615) — (578) 12,537 In thousands of USD January 1, 2022 Additions Payments Reclassification Effect of translation December 31, 2022 Current lease liabilities 3,906 5,584 (8,666) 4,944 (630) 5,138 Non-current lease liabilities 8,631 6,881 — (4,944) (1,859) 8,709 Total liabilities from financing activities 12,537 12,465 (8,666) — (2,489) 13,847 |
Summary of expense relating to payments not included in the measurement of the lease liability | The expense relating to payments not included in the measurement of the lease liability is as follows: As of December 31, In thousands of USD 2021 2022 Short-term leases 1,740 2,708 Variable lease payments 133 79 Total expense 1,873 2,787 |
Other taxes receivable & Othe_2
Other taxes receivable & Other taxes payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of other taxes receivable and other taxes payable | Other taxes receivable are comprised of the following: For the year ended December 31, In thousands of USD 2021 2022 Value added taxes 3,541 12,052 Other taxes receivable 234 283 Other taxes receivable 3,775 12,335 Current 3,775 6,368 Non-Current — 5,967 Other taxes payable are comprised of the following: For the year ended December 31, In thousands of USD 2021 2022 Value added taxes 6,085 11,841 Withholding Tax 11,785 10,412 Other taxes payable 1,082 443 Other taxes payable 18,952 22,696 Current 18,952 20,947 Non-Current — 1,749 |
Provision for liabilities and o
Provision for liabilities and other charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Schedule of movements in provisions for liabilities and other charges | Movements in provisions for liabilities and other charges are as follows: In thousands of USD Uncertain tax positions Marketplace Provision for Total Balance as of January 1, 2021 36,827 977 1,642 39,446 Additions 3,010 313 730 4,053 Reversals (3,278) (483) (141) (3,902) Use of provision (319) — (75) (394) Reclassification — 53 (53) — Effect of translation (2,019) (43) (56) (2,118) Balance as of December 31, 2021 34,221 817 2,047 37,085 Additions 3,061 247 1,137 4,445 Reversals (2,297) (299) (97) (2,693) Use of provision (670) — (609) (1,279) Reclassification — — — — Effect of translation (445) (102) (223) (770) Balance as of December 31, 2022 33,870 663 2,255 36,788 Current 33,870 663 1,366 35,899 Non-current — — 889 889 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Summary of revenue | Revenue is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Sales of goods 50,426 65,126 84,984 Commissions 39,540 35,345 47,829 Fulfillment 36,992 36,392 31,774 Value added services 21,754 25,665 32,843 Marketing and advertising 8,799 10,778 18,041 Other revenue 1,855 4,628 6,411 Revenue 159,366 177,934 221,882 |
Fulfillment expense (Tables)
Fulfillment expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fulfillment expense | |
Schedule of fulfillment expense | Fulfillment expense is comprised of the following: For the year ended December 31, 2020 2021 2022 In thousands of USD Restated Restated Fulfillment staff costs 20,041 20,233 23,295 Fulfillment centers expense 4,136 4,978 6,057 Freight and shipping expense 58,043 64,110 69,494 Fulfillment expense 82,220 89,321 98,846 |
Sales and advertising expense (
Sales and advertising expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Sales and advertising expense | |
Schedule of sales and advertisement expenses | Sales and advertising expense is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Staff costs 9,717 9,815 10,316 Advertising campaigns 24,765 69,521 62,457 Selling expenses 2,581 2,588 2,912 Sales and advertising expense 37,063 81,924 75,685 |
Technology and content expense
Technology and content expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Technology and content expense | |
Schedule of technology and content expense | Technology and content expense is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Staff Costs - Technology and content 15,125 16,355 26,806 Technology license and maintenance expenses 16,656 22,842 28,446 Technology and content expense 31,781 39,197 55,252 |
General and administrative ex_2
General and administrative expense and Termination benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General and administrative expense [Abstract] | |
Schedule of general and administrative expense | General and administrative expense is comprised of the following: For the year ended December 31, 2020 2021 2022 In thousands of USD Restated Restated Staff Costs 66,976 83,549 63,841 Occupancy Costs 1,589 1,740 2,648 Professional fees 12,899 18,250 11,952 Travel and entertainment 1,735 1,910 3,458 Office and related expenses 7,361 7,332 8,905 Bank fees & payment costs 715 646 778 Bad debt expense / reversal 5,582 1,711 6,523 Tax expenses 14,747 11,125 11,214 Depreciation and amortization 9,282 9,656 11,646 Other general and administrative expense 9,905 5,801 4,884 General and administrative expense 130,791 141,720 125,849 |
Finance income and finance co_2
Finance income and finance costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance income and finance costs | |
Schedule of finance income and finance costs | Finance income and finance costs comprise of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Foreign exchange gain 4,736 22,162 10,496 Interest and similar income 884 258 388 Interest income from financial assets at fair value through OCI — 2,344 4,064 Other income — — 305 Finance income 5,620 24,764 15,253 Foreign exchange loss 14,440 7,485 7,492 Interest and similar expense 1,583 1,606 1,718 Fair value loss on financial assets at fair value through profit and loss — 998 7,167 Loss recognized on disposal of debt instruments held at fair value through OCI (Note 12) — — 2,290 Other charges — 242 951 Finance costs 16,023 10,331 19,618 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Schedule of income tax payables | Income tax payables as of December 31, 2021 and December 31, 2022 comprise the following: As of December 31, In thousands of USD 2021 2022 Income Tax Payables 448 301 Provision for Income Tax 12,833 12,685 Total 13,281 12,986 |
Schedule of reconciliation of tax expense and the effective tax rate | The reconciliation of tax expense and the effective tax rate was as follows: For the year ended December 31, In thousands of USD 2020 2021 2022 Loss before income tax (180,732) (226,463) (231,290) Statutory tax rate (1) 27.85 % 24.02 % 19.25 % Expected income tax benefit 50,342 54,406 44,512 Tax effects of: Sundry permanent differences 44 970 (1,141) Effect of functional to local reporting currency in Germany — (338) (4,948) Equity Transaction costs 3,549 1,878 18 Share based payments (3,584) (7,520) (1,734) Tax Expenses (2,338) (1,605) (1,438) Bad debt expense (1,379) (439) (1,180) Management fees (5,563) (6,167) (4,367) Interest expense (439) (1,324) (777) Unrecognized deferred tax asset arising from timing differences relating to: FX unrealized gain/loss (1,241) (1,575) 863 Share based payments (3,403) (443) 277 Tax Expenses (751) 277 192 Sundry temporary differences (1,885) (308) (101) Minimum tax (417) (395) (637) Deferred tax not recognized (mainly tax losses carried forward) (35,874) (38,707) (31,573) Deferred tax: relating to origination and reversal of temporary differences and tax losses (47) 848 (4,946) Income tax expense (2,986) (442) (6,979) Effective tax rate 1.65 % 0.20 % 3.02 % _________________________ (1) The Statutory tax rate consists of an average tax rate weighted in proportion to accounting profit(loss) in each geographical territory. |
Schedule of components of income tax expense | Income tax expense is comprised of the following: For the year ended December 31, In thousands of USD 2020 2021 2022 Current tax (expense) / income (2,939) (1,102) (2,033) Deferred tax (expense) / income (47) 660 (4,946) Total Income tax (expense) / income (2,986) (442) (6,979) |
Schedule of tax losses available for offsetting against future taxable profits | Tax losses available for offsetting against future taxable profits were as follows: As of December 31, 2020 2021 2022 In thousands of USD Country Duration Rate Accumulated tax Accumulated tax Accumulated tax Germany ** Indefinite 30.2 % * (32,175) (37,933) (27,142) Morocco 4 years 31.0 % (34,512) (29,580) (37,863) Egypt 5 years 22.5 % (132,244) (151,823) (100,454) Nigeria Indefinite 30.0 % (248,166) (269,961) (252,909) South Africa Indefinite 28.0 % (46,853) (49,591) (53,251) Kenya 10 Years 30.0 % (78,780) (87,785) (86,933) Ivory Coast 5 years 25.0 % (34,309) (34,784) (35,101) Ghana 3 years 25.0 % (10,124) (9,560) (6,852) Other N/A N/A (57,191) (67,864) (81,040) Total (674,354) (738,881) (681,545) _________________________ * In Germany, the calculation of current tax is based on a combined tax rate of 30.2%, consisting of a corporate income tax rate of 15.8% and a trade tax rate of 14.4%. ** Accumulated tax losses related to Trade Tax amount to USD 53,474 thousand as of December 31, 2022, not included in the table above. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Schedule of loss and share data used in the EPS calculations | The following table reflects the loss and share data used in the basic and diluted EPS calculations: For the year ended December 31, In thousands of USD 2020 2021 2022 Numerator Loss for the period (183,718) (226,905) (238,269) Less: net loss attributable to non-controlling interest (36) (40) (37) Loss attributable to Equity of the Company (183,682) (226,865) (238,232) Denominator Weighted average number of shares for basic and diluted EPS 160,697,588 193,835,475 200,349,548 Loss per share - basic and diluted (1.14) (1.17) (1.19) |
Schedule of potential dilutive securities | Potential dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive are as follows: For the year ended December 31, 2020 2021 2022 Share Options 5,252,152 2,070,033 1,874,830 |
Transactions and balances wit_2
Transactions and balances with related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of compensation paid or payable to key management | The compensation paid or payable to key management for employee services is shown below: For the year ended December 31, In thousands of USD 2020 2021 2022 Short-term employee benefits 3,634 4,236 3,889 Other benefits 53 81 107 Share-based compensation 15,445 9,299 5,155 Total 19,132 13,616 9,151 |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of risk management strategy related to hedge accounting [abstract] | |
Schedule of foreign currency and securities price sensitivity | In thousands of USD Effect on Effect on Change in EUR/USD 5 % (85,448) (150) (5) % 85,448 150 Change in EUR/AED 5 % 1,700 (79) (5) % (1,700) 79 Change in EUR/KES 5 % (4,932) 31 (5) % 4,932 (31) Change in EUR/MAD 10 % (11,138) (286) (10) % 11,138 286 Change in EUR/NGN 5 % (11,353) (118) (5) % 11,353 118 Change in EUR/DZD 5 % (1,288) (16) (5) % 1,288 16 Change in EUR/GHS 10 % (1,919) (17) (10) % 1,919 17 Change in EUR/UGX 5 % (1,473) (26) (5) % 1,473 26 Change in EUR/ZAR 5 % (794) (3) (5) % 794 3 Change in EUR/EGP 10 % (16,177) (47) (10) % 16,177 47 Change in EUR/TND 5 % (629) (21) (5) % 629 21 In thousands of USD Effect on Effect on Change in USD/XOF 5 % (1,504) 17 (5) % 1,504 (17) Change in USD/KES 10 % (3,214) 376 (10) % 3,214 (376) Change in USD/MAD 10 % (2,658) (191) (10) % 2,658 191 Change in USD/NGN 10 % (8,587) (1,636) (10) % 8,587 1,636 Change in USD/DZD 5 % (733) — (5) % 733 — Change in USD/GHS 10 % (692) (70) (10) % 692 70 Change in USD/UGX 5 % (832) (38) (5) % 832 38 Change in USD/ZAR 10 % (696) 10 (10) % 696 (10) Change in USD/EGP 10 % (5,037) 420 (10) % 5,037 (420) Change in USD/TND 10 % (1,415) 16 (10) % 1,415 (16) As of December 31, 2022, if the interest rate curves had changed by +/-50bps, with all other variables held constant, the hypothetical impact on pre-tax equity would have been as follows: In thousands of USD Effect on CITI - listed investment grade bonds 0.5 % (1,231) (0.5) % 1,231 As of December 31, 2022, if the exchange traded funds price had changed by 1%, with all other variables held constant, the hypothetical impact on profit before tax would have been as follows: In thousands of USD Effect on UBS - exchange traded funds price 1 % 386 (1) % (386) |
Summary of significant accoun_4
Summary of significant accounting policies - Consolidation (Details) - subsidiary | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of significant accounting policies | |||
Number of subsidiaries consolidated | 67 | 67 | 66 |
Summary of significant accoun_5
Summary of significant accounting policies - PPE, Leases (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 40 years |
Transportation equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 5 years |
Transportation equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 8 years |
Technical equipment and machinery | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 3 years |
Technical equipment and machinery | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 10 years |
Furniture and office equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 5 years |
Furniture and office equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 15 years |
Offices and Warehouses | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 2 years |
Offices and Warehouses | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 10 years |
Motor vehicles and other equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 2 years |
Motor vehicles and other equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 6 years |
Summary of significant accoun_6
Summary of significant accounting policies - Foreign currency translation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Algeria | Algerian Dinar (DZD) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 141.96 | 134.56 | 126.38 |
Period-end Rate | 137.36 | 138.50 | 131.70 |
Cameroon | CFA Franc BEAC (XAF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 623.87 | 554.72 | 574.70 |
Period-end Rate | 612.84 | 578.23 | 534.86 |
China | Yuan Renminbi (CNY) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 6.73 | 6.45 | 6.89 |
Period-end Rate | 6.90 | 6.36 | 6.53 |
Ivory Coast | CFA Franc BCEAO (XOF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 623.87 | 554.72 | 574.70 |
Period-end Rate | 612.84 | 578.23 | 534.86 |
Egypt | Egyptian Pound (EGP) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 19.20 | 15.67 | 15.77 |
Period-end Rate | 24.75 | 15.68 | 15.71 |
Germany | Euro (EUR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 0.88 | ||
Period-end Rate | 0.82 | ||
Ghana | Cedi (Ghana) (GHS) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 8.99 | 5.90 | 5.72 |
Period-end Rate | 10.20 | 6.13 | 5.85 |
Kenya | Kenyan Shilling (KES) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 117.60 | 108.79 | 105.56 |
Period-end Rate | 123.50 | 112.25 | 108.14 |
Morocco | Moroccan Dirham (MAD) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 10.13 | 8.90 | 9.39 |
Period-end Rate | 10.46 | 9.16 | 8.80 |
Nigeria | Naira (NGN) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 423.01 | 399.35 | 378.28 |
Period-end Rate | 448.08 | 410.97 | 382.96 |
Portugal | Euro (EUR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 0.95 | 0.85 | 0.88 |
Period-end Rate | 0.93 | 0.88 | 0.82 |
Rwanda | Rwanda Franc (RWF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 1,031.64 | 986.02 | 944.47 |
Period-end Rate | 1,067 | 1,016.15 | 974.50 |
Senegal | CFA Franc BCEAO (XOF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 623.87 | 554.72 | 574.70 |
Period-end Rate | 612.84 | 578.23 | 534.86 |
South Africa | Rand (ZAR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 16.37 | 14.78 | 16.44 |
Period-end Rate | 17.02 | 15.92 | 14.65 |
Tunisia | Tunisian Dinar (TND) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3.08 | 2.75 | 2.78 |
Period-end Rate | 3.11 | 2.87 | 2.66 |
United Republic Of Tanzania | Tanzanian Shilling (TZS) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 2,322.97 | 2,307.88 | 2,304.47 |
Period-end Rate | 2,332.45 | 2,296.51 | 2,291.44 |
Uganda | Uganda Shilling (UGX) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3,682.08 | 3,567.41 | 3,692.52 |
Period-end Rate | 3,717.61 | 3,526.41 | 3,629.35 |
United Arab Emirates | UAE Dirham (AED) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3.67 | 3.67 | 3.67 |
Period-end Rate | 3.67 | 3.67 | 3.67 |
Summary of significant accoun_7
Summary of significant accounting policies - Segment revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of geographical areas [line items] | |||
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Revenue | $ 221,882 | $ 177,934 | $ 159,366 |
Property and equipment | 28,498 | 21,824 | |
West Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 110,528 | 83,364 | 72,029 |
Property and equipment | 12,237 | 6,563 | |
North Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 63,148 | 60,494 | 55,330 |
Property and equipment | 8,973 | 8,642 | |
East and South Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 39,309 | 32,080 | 30,940 |
Property and equipment | 5,812 | 4,528 | |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 295 | 329 | 831 |
Property and equipment | 1,209 | 1,905 | |
China | |||
Disclosure of geographical areas [line items] | |||
Property and equipment | 163 | 131 | |
United Arab Emirates | |||
Disclosure of geographical areas [line items] | |||
Revenue | 8,576 | 1,666 | 236 |
Property and equipment | 104 | 55 | |
Others | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 26 | $ 1 | $ 0 |
New accounting pronouncements -
New accounting pronouncements - IAS 12 amendment to Deferred tax related to assets and liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Retained earnings | $ (1,960,584) | $ (1,722,260) | ||
Total liabilities | 155,972 | 165,528 | ||
Total assets | 330,221 | 578,112 | ||
Profit (loss) | (238,269) | (226,905) | $ (183,718) | |
Deferred tax assets | 710 | 665 | ||
Deferred tax liabilities | 899 | 0 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs | IAS 12 amendment to Deferred tax related to assets and liabilities | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Retained earnings | $ 503 | |||
Total liabilities | 3,551 | |||
Total assets | $ 3,048 | |||
Profit (loss) | (153) | 53 | ||
Deferred tax assets | 3,851 | 3,179 | ||
Deferred tax liabilities | $ 3,249 | $ 2,729 |
Group Information (Details)
Group Information (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Africa Internet General Trading LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Africa Internet Services SAS | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
African Internet Services S.A. | ||
Principal Subsidiaries | ||
% control | 0% | 100% |
AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 99.89% | 99.89% |
AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Internet Services Ltd. | ||
Principal Subsidiaries | ||
% control | 0% | 100% |
Atol Internet Services Rwanda | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Internet Services S.a.r.l. Tunisia | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Ivory Coast SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Services Gabon SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Technology PLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Bambino 162. V V UG (haftungsbeschränkt) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
EasyTaxi Egypt | ||
Principal Subsidiaries | ||
% control | 0% | 100% |
Ecart Internet Services Nigeria Ltd. | ||
Principal Subsidiaries | ||
% control | 99.89% | 99.89% |
Ecart Services Algeria SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Cameroon Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Ghana Ltd. | ||
Principal Subsidiaries | ||
% control | 0% | 100% |
Ecart Services Ivory Coast SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Kenya Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Morocco Sarlau | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Tanzania Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Hellopay Africa Integrated Services Ltd. (formerly: Lipco Internet Services Nigeria) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Algeria SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Ghana Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Kenya Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Senegal SARL (formerly: Hellofood Senegal SUARL) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services South Africa Proprietary Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Tunisia SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Uganda Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jolali Global Resources Ltd. | ||
Principal Subsidiaries | ||
% control | 99.89% | 99.89% |
Jumia Egypt LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Electronic Payment Services S.A.E | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Eservices SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Financial Services Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 0% |
Jumia for Trading LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Payment Services Kenya Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 0% |
Jumia Payment Services Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 0% |
Jumia Services FZ-LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Services GmbH | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Technologies Cote D'Ivoire SARLU | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Technologies Spain SLU | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Technologies SUARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Technology Services (Shenzhen) Co., Ltd | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia USA LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
JumiaPay Tunisie Suarl | ||
Principal Subsidiaries | ||
% control | 100% | 0% |
Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 194. V V UG (haftungsbeschränkt) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel E-Services Tanzania Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Lendico S.A (PTY) Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Lipco Internet Services Zimbabwe Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Silveroak Internet Services Portugal, Unipessoal Lda | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Change in accounting policy a_3
Change in accounting policy and restatement of comparative figures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restatement of Comparative Figures [Line Items] | |||
Cost of revenue | $ (91,469) | $ (67,804) | $ (51,521) |
Gross profit | 130,413 | 110,130 | 107,845 |
Fulfillment expense | (98,846) | (89,321) | (82,220) |
General and administrative expense | $ (125,849) | (141,720) | (130,791) |
Trade notes and accounts receivable | 18,033 | ||
Less: Allowance for impairment of trade notes and accounts receivable | (6,039) | ||
As previously reported | |||
Restatement of Comparative Figures [Line Items] | |||
Cost of revenue | (67,385) | (53,397) | |
Gross profit | 110,549 | 105,969 | |
Fulfillment expense | (88,695) | (79,114) | |
General and administrative expense | (142,765) | (132,021) | |
Trade notes and accounts receivable | 20,974 | ||
Less: Allowance for impairment of trade notes and accounts receivable | (8,980) | ||
Change in accounting policy | |||
Restatement of Comparative Figures [Line Items] | |||
Cost of revenue | 2,646 | 2,408 | |
Gross profit | 2,646 | 2,408 | |
Fulfillment expense | (3,691) | (3,638) | |
General and administrative expense | 1,045 | 1,230 | |
Restatements | |||
Restatement of Comparative Figures [Line Items] | |||
Cost of revenue | (3,065) | (532) | |
Gross profit | (3,065) | (532) | |
Fulfillment expense | 3,065 | 532 | |
General and administrative expense | 0 | $ 0 | |
Difference | |||
Restatement of Comparative Figures [Line Items] | |||
Trade notes and accounts receivable | (2,941) | ||
Less: Allowance for impairment of trade notes and accounts receivable | $ 2,941 |
Property and equipment - Carryi
Property and equipment - Carrying amount of property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | $ 21,824 | |
Effect of translation | 3,422 | |
Ending Balance | 28,498 | $ 21,824 |
Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 48,414 | 41,927 |
Additions and modifications | 18,638 | 11,259 |
Disposals | (98) | (2,475) |
Reclassification | 0 | 0 |
Effect of translation | (7,331) | (2,297) |
Ending Balance | 59,623 | 48,414 |
Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (26,590) | (21,619) |
Disposals | 53 | 2,271 |
Reclassification | 0 | 18 |
Effect of translation | 1,324 | |
Lease modifications | 3,444 | 861 |
Depreciation charge | (11,454) | (9,445) |
Ending Balance | (31,125) | (26,590) |
Buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 619 | |
Effect of translation | 267 | |
Ending Balance | 919 | 619 |
Buildings | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 2,389 | 2,987 |
Additions and modifications | 878 | 381 |
Disposals | (31) | (540) |
Reclassification | 0 | (336) |
Effect of translation | (409) | (103) |
Ending Balance | 2,827 | 2,389 |
Buildings | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (1,770) | (1,969) |
Disposals | 3 | 372 |
Reclassification | 0 | 152 |
Effect of translation | 77 | |
Lease modifications | 0 | 0 |
Depreciation charge | (408) | (402) |
Ending Balance | (1,908) | (1,770) |
Technical equipment and machinery | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 1,598 | |
Effect of translation | 263 | |
Ending Balance | 3,431 | 1,598 |
Technical equipment and machinery | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 3,733 | 2,991 |
Additions and modifications | 3,051 | 829 |
Disposals | 0 | (344) |
Reclassification | 0 | 459 |
Effect of translation | (582) | (202) |
Ending Balance | 6,202 | 3,733 |
Technical equipment and machinery | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (2,135) | (1,701) |
Disposals | 0 | 457 |
Reclassification | 0 | (174) |
Effect of translation | 117 | |
Lease modifications | 0 | 0 |
Depreciation charge | (899) | (834) |
Ending Balance | (2,771) | (2,135) |
Transportation equipment, office equipment and other equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 7,156 | |
Effect of translation | 1,412 | |
Ending Balance | 9,543 | 7,156 |
Transportation equipment, office equipment and other equipment | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 17,616 | 14,192 |
Additions and modifications | 7,218 | 5,957 |
Disposals | (67) | (1,591) |
Reclassification | 0 | (123) |
Effect of translation | (2,559) | (819) |
Ending Balance | 22,208 | 17,616 |
Transportation equipment, office equipment and other equipment | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (10,460) | (9,687) |
Disposals | 50 | 1,442 |
Reclassification | 0 | 40 |
Effect of translation | 549 | |
Lease modifications | 0 | 0 |
Depreciation charge | (3,667) | (2,804) |
Ending Balance | (12,665) | (10,460) |
Right of use assets - Office and Warehouse | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 12,451 | |
Effect of translation | 1,480 | |
Ending Balance | 14,605 | 12,451 |
Right of use assets - Office and Warehouse | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 24,676 | 21,757 |
Additions and modifications | 7,491 | 4,092 |
Disposals | 0 | 0 |
Reclassification | 0 | 0 |
Effect of translation | (3,781) | (1,173) |
Ending Balance | 28,386 | 24,676 |
Additions | 10,391 | 3,485 |
Modifications | (2,900) | 607 |
Right of use assets - Office and Warehouse | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (12,225) | (8,262) |
Disposals | 0 | 0 |
Reclassification | 0 | 0 |
Effect of translation | 581 | |
Lease modifications | 3,444 | 861 |
Depreciation charge | (6,480) | (5,405) |
Ending Balance | $ (13,781) | $ (12,225) |
Property and equipment - Leases
Property and equipment - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Right of use assets | |||
Right-of-use assets, beginning of period | $ 12,451 | $ 13,495 | |
Additions, right-of-use assets | 10,391 | 3,485 | $ 5,786 |
Depreciation, right-of-use assets | (6,480) | (5,405) | (5,138) |
Lease modifications, right of use assets | 543 | 1,468 | |
Effect of translation, right of use assets | (2,300) | (592) | |
Right-of-use assets, end of period | 14,605 | 12,451 | 13,495 |
Lease Liabilities | |||
Lease liabilities, beginning of period | 12,537 | 13,388 | |
Additions, lease liabilities | 10,160 | 3,427 | 5,821 |
Interest expense, lease liabilities | 1,710 | 1,527 | 1,516 |
Lease modifications, lease liabilities | 595 | 1,388 | |
Payments, Lease liabilities | (8,666) | (6,615) | (6,084) |
Effect of translation, lease liabilities | (2,489) | (578) | |
Lease liabilities, end of period | $ 13,847 | $ 12,537 | $ 13,388 |
Property and equipment - Narrat
Property and equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Short-term leases | $ 2,708 | $ 1,740 | $ 1,549 |
Cash outflow for leases | 8,666 | 6,615 | 6,084 |
Additions, right-of-use assets | 10,391 | 3,485 | 5,786 |
Additions, lease liabilities | $ 10,160 | $ 3,427 | $ 5,821 |
Property and equipment - Profit
Property and equipment - Profit and Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Depreciation expense of right-of-use assets | $ (6,480) | $ (5,405) | $ (5,138) |
Interest expense on lease liabilities | (1,710) | (1,527) | (1,516) |
Rent expense from short-term leases | 2,708 | 1,740 | 1,549 |
Total amount recognised in profit or loss | $ (10,898) | $ (8,672) | $ (8,203) |
Deferred Tax Assets and Liabi_3
Deferred Tax Assets and Liabilities - Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Profit / (Loss) | $ 4,946 | $ (848) | $ 47 |
Deferred tax assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 665 | 125 | |
Profit / (Loss) | (4,044) | 572 | |
OCI Gain / (Loss) | 4,124 | 0 | |
Effect of translation | (35) | (32) | |
Deferred tax asset (liability), end of period | 710 | 665 | 125 |
Deferred tax assets | Financial assets measured at fair value through OCI | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 0 | ||
Profit / (Loss) | 0 | ||
OCI Gain / (Loss) | 4,124 | ||
Effect of translation | 0 | ||
Deferred tax asset (liability), end of period | 4,124 | 0 | |
Deferred tax assets | Financial assets at fair value through profit or loss | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 517 | ||
Profit / (Loss) | 456 | ||
OCI Gain / (Loss) | 0 | ||
Effect of translation | 0 | ||
Deferred tax asset (liability), end of period | 973 | 517 | |
Deferred tax assets | Tax losses | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 5,783 | 0 | |
Profit / (Loss) | 4,107 | 5,791 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | (577) | (8) | |
Deferred tax asset (liability), end of period | 9,313 | 5,783 | 0 |
Deferred tax assets | Tax benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 665 | 125 | |
Profit / (Loss) | 70 | 572 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | (36) | (32) | |
Deferred tax asset (liability), end of period | 699 | 665 | 125 |
Deferred tax assets | Others | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 80 | 0 | |
Profit / (Loss) | (81) | 81 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 1 | (1) | |
Deferred tax asset (liability), end of period | 0 | 80 | 0 |
Deferred tax assets | Deferred tax offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (6,380) | 0 | |
Profit / (Loss) | (8,596) | (6,389) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 577 | 9 | |
Deferred tax asset (liability), end of period | (14,399) | (6,380) | 0 |
Deferred tax assets | Financial assets measured at fair value | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 517 | 0 | |
Profit / (Loss) | 517 | ||
OCI Gain / (Loss) | 0 | ||
Effect of translation | 0 | ||
Deferred tax asset (liability), end of period | 517 | 0 | |
Deferred tax liabilities | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 0 | (61) | |
Profit / (Loss) | (902) | 88 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 3 | (27) | |
Deferred tax asset (liability), end of period | (899) | 0 | (61) |
Deferred tax liabilities | Others | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (534) | 0 | |
Profit / (Loss) | 99 | (534) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 0 | 0 | |
Deferred tax asset (liability), end of period | (435) | (534) | 0 |
Deferred tax liabilities | Deferred tax offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 6,380 | 0 | |
Profit / (Loss) | 8,596 | 6,421 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | (577) | (41) | |
Deferred tax asset (liability), end of period | 14,399 | 6,380 | 0 |
Deferred tax liabilities | Assets depreciation and amortization | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (458) | (61) | |
Profit / (Loss) | (529) | (415) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 0 | 18 | |
Deferred tax asset (liability), end of period | (987) | (458) | (61) |
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (5,388) | 0 | |
Profit / (Loss) | (9,068) | (5,384) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 580 | (4) | |
Deferred tax asset (liability), end of period | $ (13,876) | $ (5,388) | $ 0 |
Deferred Tax Assets and Liabi_4
Deferred Tax Assets and Liabilities - Narrative (Details) - Deferred tax liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Effect of translation | $ 3 | $ (27) |
Temporary Difference, Net Investment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Effect of translation | $ 2,200 | $ 2,600 |
Other non-current assets (Detai
Other non-current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Non-current Assets [Line Items] | ||
Other non-current assets | $ 3,589 | $ 2,605 |
Rent, Trade and Other Term Deposits | ||
Other Non-current Assets [Line Items] | ||
Other non-current assets | 3,441 | 2,277 |
Miscellaneous Other Non-Current Assets | ||
Other Non-current Assets [Line Items] | ||
Other non-current assets | $ 148 | $ 328 |
Inventories - Components (Detai
Inventories - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Inventory [Line Items] | |||
Inventories | $ 11,437 | $ 10,948 | |
Cost of inventories recognised as expense during period | 91,469 | 67,804 | $ 51,521 |
Gross Carrying Amount | |||
Disclosure Of Inventory [Line Items] | |||
Inventories | 13,920 | 12,379 | |
Accumulated Impairment | |||
Disclosure Of Inventory [Line Items] | |||
Inventories | $ (2,483) | $ (1,431) | $ (1,523) |
Inventories - Rollforward (Deta
Inventories - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Inventory [Line Items] | ||
Balance at beginning of period | $ (10,948) | |
Balance at end of period | (11,437) | $ (10,948) |
Accumulated Impairment | ||
Disclosure Of Inventory [Line Items] | ||
Balance at beginning of period | 1,431 | 1,523 |
Additions | 2,221 | 765 |
Reversal | (274) | (349) |
Use of provision | (612) | (436) |
Effect of translation | (283) | (72) |
Balance at end of period | $ 2,483 | $ 1,431 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash at bank and in hand | $ 58,083,000 | $ 96,094,000 | ||
Short-term deposits | 13,496,000 | 20,996,000 | ||
Total Cash and cash equivalents | 71,579,000 | 117,090,000 | $ 373,931,000 | $ 190,679,000 |
Restricted cash in cash and cash equivalents | $ 0 | $ 0 |
Term deposits and other finan_3
Term deposits and other financial assets - Term deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | $ 155,846 | $ 395,715 |
Financial assets at fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | 38,646 | 198,998 |
Financial assets at fair value through OCI | ||
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | 116,116 | 195,722 |
Short term deposits - banks | ||
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | $ 1,084 | $ 995 |
Term deposits and other finan_4
Term deposits and other financial assets - Other financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Other financial assets – current | $ 154,762 | $ 394,720 |
Current financial assets measured at fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Other financial assets – current | 38,646 | 198,998 |
Current financial assets measured at fair value through other comprehensive income | ||
Disclosure of financial assets [line items] | ||
Other financial assets – current | $ 116,116 | $ 195,722 |
Term deposits and other finan_5
Term deposits and other financial assets - Fair value reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes recognized in other comprehensive income of the period (Note 16) | $ (5,672) | $ (3,941) | $ 0 |
Financial assets at fair value through OCI | |||
Beginning balance | (3,941) | 0 | |
Changes in fair value of financial assets | (12,051) | (4,029) | |
Deferred tax assets on fair value loss through through other comprehensive income | 4,124 | ||
Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets | 2,290 | ||
Changes in allowance for expected credit losses - increase / (reversal) | (35) | 88 | |
Changes recognized in other comprehensive income of the period (Note 16) | (5,672) | (3,941) | |
Ending balance | $ (9,613) | $ (3,941) | $ 0 |
Term deposits and other finan_6
Term deposits and other financial assets - Allowance for expected credit losses (Details) - Financial assets at fair value through OCI - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | $ 88 | $ 0 |
Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) | 88 | |
Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) | (35) | |
Total changes in allowance for expected credit losses | (35) | 88 |
Ending balance | $ 53 | $ 88 |
Trade and other receivables - C
Trade and other receivables - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Advances to suppliers | $ 1,266 | $ 1,529 | |
Unbilled revenues | 2,254 | 1,160 | |
Trade and other receivables | 23,101 | 18,350 | |
Trade notes and accounts receivable | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 17,856 | 11,994 | |
Trade notes and accounts receivable | Gross Carrying Amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 24,422 | 18,033 | |
Trade notes and accounts receivable | Accumulated Impairment | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | (6,566) | (6,039) | $ (9,885) |
Other receivables | Gross Carrying Amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 2,695 | 4,042 | |
Other receivables | Accumulated Impairment | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ (970) | $ (375) | $ (723) |
Trade and other receivables - E
Trade and other receivables - ECL (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ECL of trade notes and accounts receivable | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | $ (11,994) | |
Ending balance | (17,856) | $ (11,994) |
ECL of trade notes and accounts receivable | Accumulated Impairment | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | 6,039 | 9,885 |
Additions | 5,367 | 2,359 |
Reversal | (51) | (237) |
Use of provision | (3,456) | (5,524) |
Effect of translation | (1,333) | (444) |
Ending balance | 6,566 | 6,039 |
ECL of other receivables | Accumulated Impairment | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | 375 | 723 |
Additions | 853 | 107 |
Reversal | (161) | (218) |
Use of provision | 0 | (130) |
Effect of translation | (97) | (107) |
Ending balance | $ 970 | $ 375 |
Trade and other receivables - A
Trade and other receivables - Ageing (Details) - Trade notes and accounts receivable - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | $ 17,856 | $ 11,994 | |
Neither past due nor impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 4,813 | 4,102 | |
Past due but not impaired | Less than 30 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 8,163 | 4,703 | |
Past due but not impaired | 30 to 90 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 1,390 | 502 | |
Past due but not impaired | Greater than 90 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 3,490 | 2,687 | |
Gross Carrying Amount | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 24,422 | 18,033 | |
Accumulated Impairment | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | $ (6,566) | $ (6,039) | $ (9,885) |
Prepaid expenses (Details)
Prepaid expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid expenses | ||
Prepaid hosting fees and software licenses | $ 14,421 | $ 1,652 |
Advance payments to the Group's partners for online payment services | 1,155 | 1,183 |
Prepaid rent | 3,015 | 594 |
Prepaid insurance and other goods and services | $ 2,743 | $ 2,243 |
Share capital and share premi_3
Share capital and share premium (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Apr. 30, 2019 USD ($) | Dec. 31, 2022 USD ($) vote shares | Dec. 31, 2021 USD ($) vote shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2022 € / shares | Dec. 31, 2021 € / shares | Dec. 31, 2020 € / shares | |
Disclosure of classes of share capital [line items] | |||||||||
Par value per share (in euros per share) | € / shares | € 1 | € 1 | € 1 | ||||||
Share capital | $ 219,843 | $ 235,659 | $ 234,154 | $ 219,843 | |||||
Share premium | 1,478,230 | 1,736,469 | 1,736,469 | 1,478,230 | |||||
Total share capital and share premium | $ 1,698,073 | 1,972,128 | 1,970,623 | 1,698,073 | |||||
Proceeds from issue of equity | $ 0 | $ 348,646 | $ 243,202 | ||||||
Equity Offering | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Proceeds from issue of equity | $ 341,000 | ||||||||
Ordinary Shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Number of ordinary shares issued (in shares) | shares | 179,259,246 | 201,232,560 | 199,754,122 | 179,259,246 | |||||
Number of shares authorised (in shares) | shares | 179,259,246 | 201,232,560 | 199,754,122 | 179,259,246 | |||||
Par value per share (in euros per share) | € / shares | € 1 | € 1 | € 1 | ||||||
Share capital | $ 219,843 | $ 235,659 | $ 234,154 | $ 219,843 | |||||
Share premium | 1,478,230 | 1,736,469 | 1,736,469 | 1,478,230 | |||||
Total share capital and share premium | 1,698,073 | $ 1,972,128 | $ 1,970,623 | $ 1,698,073 | |||||
Number of votes per share | vote | 1 | 1 | |||||||
Ordinary Shares | Settlement of Equity Programs | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares issued during the period (in shares) | shares | 1,478,438 | 2,568,954 | 6,502,784 | ||||||
Shares issued, transaction costs | $ 91 | $ 179 | $ 631 | ||||||
Ordinary Shares | Equity Offering | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares issued during the period (in shares) | shares | 17,925,922 | 15,939,968 | |||||||
Shares issued, transaction costs | $ 7,638 | $ 12,383 | |||||||
Proceeds from issue of equity | $ 341,000 | $ 231,000 | $ 280,000 | $ 231,000 |
Other Reserves (Details)
Other Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in Reserves | |||
Beginning balance | $ 164,675 | ||
Other comprehensive loss | (9,241) | $ (19,772) | $ 10,261 |
Total comprehensive loss for the period | (247,510) | (246,677) | (173,457) |
Share-based payments | 9,241 | 43,451 | 12,681 |
Exercise of options | 25 | 69 | 741 |
Change in Non-controlling interests | 14 | (5) | |
Ending balance | 163,174 | 164,675 | |
Total other reserves | |||
Changes in Reserves | |||
Beginning balance | 164,675 | 143,871 | 127,449 |
Other comprehensive loss | (9,258) | (19,801) | 10,252 |
Total comprehensive loss for the period | (9,258) | (19,801) | 10,252 |
Share-based payments | 9,237 | 43,451 | 12,681 |
Exercise of options | (1,480) | (2,846) | (6,379) |
Capital revaluation | (84) | ||
Change in Non-controlling interests | (48) | ||
Ending balance | 163,174 | 164,675 | 143,871 |
Share-based payment capital reserves | |||
Changes in Reserves | |||
Beginning balance | 176,289 | 135,684 | 129,453 |
Share-based payments | 9,237 | 43,451 | 12,681 |
Exercise of options | (1,480) | (2,846) | (6,379) |
Capital revaluation | (71) | ||
Ending balance | 184,046 | 176,289 | 135,684 |
Exchange difference on net investment in foreign operations | |||
Changes in Reserves | |||
Beginning balance | (165,456) | (161,902) | (76,942) |
Other comprehensive loss | (182,489) | (3,554) | (84,884) |
Total comprehensive loss for the period | (182,489) | (3,554) | (84,884) |
Capital revaluation | (13) | ||
Change in Non-controlling interests | (63) | ||
Ending balance | (347,945) | (165,456) | (161,902) |
Fair value reserve of financial assets at FVOCI | |||
Changes in Reserves | |||
Beginning balance | (3,941) | ||
Other comprehensive loss | (5,672) | (3,941) | |
Total comprehensive loss for the period | (5,672) | (3,941) | |
Ending balance | (9,613) | (3,941) | |
Currency translation adjustment | |||
Changes in Reserves | |||
Beginning balance | 157,783 | 170,089 | 74,938 |
Other comprehensive loss | 178,903 | (12,306) | 95,136 |
Total comprehensive loss for the period | 178,903 | (12,306) | 95,136 |
Change in Non-controlling interests | 15 | ||
Ending balance | $ 336,686 | $ 157,783 | $ 170,089 |
Share based compensation - JSOP
Share based compensation - JSOP 2016 and SOP 2019 Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) shares item $ / shares | Dec. 31, 2022 € / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total share-based payment expense recognized | $ | $ 8.2 | $ 34.5 | $ 24.7 | |
JSOP 2016 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Stock options exercised (in shares) | shares | 219,481 | |||
Weighted average exercise price, exercised during the period (per share) | $ / shares | $ 0.13 | |||
Outstanding vested options (in shares) | shares | 352,207 | |||
Total share-based payment expense recognized | $ | $ (0.3) | (0.6) | 4 | |
SOP 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total share-based payment expense recognized | $ | $ (5.5) | $ 3.6 | $ 0.1 | |
Number of shares per option | shares | 1 | |||
Exercise price per share (in unit per share) | € / shares | € 1 | |||
Options waiting period | 4 years | |||
Options exercise period | 7 years | |||
Option forfeiture period | 6 months | |||
SOP 2019 | Bottom of Range | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Minimum growth to exercise options (as a percent) | 10% | |||
Number of tranches | item | 1 | |||
Vesting period | 4 years | 3 years | ||
SOP 2019 | Top of Range | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 4 years | |||
Termination forfeiture period | 4 years |
Share based compensation - SOP
Share based compensation - SOP 2019 Valuation (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Y € / shares shares | Dec. 31, 2022 USD ($) Y $ / shares shares | Dec. 31, 2021 USD ($) Y € / shares | Dec. 31, 2021 USD ($) Y $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Risk free floor interest rate | 0% | 0% | ||
SOP 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price per share (in unit per share) | € / shares | € 1 | |||
Number of ordinary shares per ADS | shares | 2 | 2 | ||
Cash Settled Stock Options 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Fair value per share (in dollars per share) | $ / shares | $ 1.61 | $ 5.70 | ||
Exercise price per share (in unit per share) | € / shares | € 1 | € 1 | ||
Expected dividend yield (as a percent) | 0% | 0% | 0% | 0% |
Expected volatility (as a percent) | 111.90% | 111.90% | 55% | 55% |
Conversion ratio between ordinary shares and American Depositary Shares | 2 | 2 | ||
Number of ADS per option | shares | 1 | 1 | ||
Cash Settled Stock Options 2019 | Bottom of Range | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Risk-free interest rate | 2% | 2% | 0% | 0% |
Expected life | Y | 0.4 | 0.4 | 1.4 | 1.4 |
Fair value of options | $ | € 0.69 | $ 0.69 | € 4.57 | $ 4.57 |
Share based compensation - Acti
Share based compensation - Activity SOP 2019 (Details) - SOP 2019 | 12 Months Ended | |
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number of awards | ||
Unvested awards outstanding at beginning of period (in shares) | 1,304,804 | |
Forfeited during the period (in shares) | (1,243,947) | |
Unvested awards outstanding at end of period (in shares) | 60,857 | 1,304,804 |
Weighted average remaining life (years) | ||
Weighted average remaining life for unvested awards outstanding (in years) | 3 months 18 days | 1 year 4 months 24 days |
Weighted average exercise price | ||
Weighted average exercise price, unvested awards outstanding (in eur per share) | $ / shares | $ 1 | $ 1 |
Weighted average fair value | ||
Weigthed average fair value, unvested awards (in dollars per share) | $ / shares | $ 0.78 | $ 6.65 |
Share-based compensation - VRS
Share-based compensation - VRS 2019 Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 8.2 | $ 34.5 | $ 24.7 |
2019 VRSUP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 0 | $ 1.3 | $ 6.4 |
Share-based compensation - SOP
Share-based compensation - SOP 2020 Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ | $ 8.2 | $ 34.5 | $ 24.7 |
SOP 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares per option | 1 | ||
Number of ADS per option | 0.5 | ||
Options waiting period | 4 years | ||
Number of trading days | 60 days | ||
Options exercise period | 2 years | ||
Minimum growth to exercise options (as a percent) | 10% | ||
Number of tranches | item | 2 | ||
1st tranche, percentage vesting | 67% | ||
Period of vesting of first tranche | 2 years | ||
2nd tranche, percentage vesting | 33% | ||
Period of vesting of second tranche | 3 years | ||
Option forfeiture period | 6 months | ||
Number of ordinary shares per ADS | 2 | ||
Total share-based payment expense recognized | $ | $ (1) | $ 1.9 | $ 1.1 |
Share based compensation - SO_2
Share based compensation - SOP 2020 Valuation (Details) - Cash Settled Stock Options 2020 | 12 Months Ended | |
Dec. 31, 2022 USD ($) Y $ / shares shares | Dec. 31, 2021 USD ($) Y $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate | 4.80% | 0.40% |
Expected dividend yield (as a percent) | 0% | 0% |
Expected life | Y | 1.4 | 2.4 |
Expected volatility (as a percent) | 111.90% | 55% |
Weighted average of Fair value of Options | $ | $ 0.75 | $ 3.90 |
Conversion ratio between ordinary shares and American Depositary Shares | 2 | |
Number of ADS per option | shares | 1 | |
Number of ordinary shares per ADS | shares | 2 | |
ADR | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value per share (in dollars per share) | $ / shares | $ 1.61 | $ 5.70 |
Exercise price per share (in unit per share) | $ / shares | $ 1.84 | $ 1.84 |
Share based compensation - Ac_2
Share based compensation - Activity SOP 2020 (Details) - SOP 2020 | 12 Months Ended | |
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number of awards | ||
Unvested awards outstanding at beginning of period (in shares) | 2,260,833 | |
Forfeited during the period (in shares) | (1,266,111) | |
Vested during the period (in shares) | (827,222) | |
Unvested awards outstanding at end of period (in shares) | 167,500 | 2,260,833 |
Weighted average remaining life (years) | ||
Weighted average remaining life for unvested awards outstanding (in years) | 4 months 24 days | 1 year 4 months 24 days |
Weighted average exercise price | ||
Weighted average exercise price, unvested awards outstanding (per share) | $ / shares | $ 1.84 | $ 1.84 |
Weighted average fair value | ||
Weigthed average fair value, unvested awards (in dollars per share) | $ / shares | $ 1.26 | $ 2.08 |
Share based compensation - VRS
Share based compensation - VRS 2020 Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 8.2 | $ 34.5 | $ 24.7 |
2020 VRSUP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of trading days regarding cash payments to be received | 10 days | ||
Vesting period | 1 year | ||
Number of trading days | 12 days | ||
Total share-based payment expense recognized | $ 1.1 | $ 7.1 | $ 13.1 |
Share-based compensation - SO_2
Share-based compensation - SOP 2021 Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ | $ 8.2 | $ 34.5 | $ 24.7 |
SOP 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares per option | shares | 1 | ||
American Depositary Shares per ordinary share | 0.5 | ||
Options waiting period | 4 years | ||
Number of trading days | 30 days | ||
Options exercise period | 2 years | ||
Option forfeiture period | 6 months | ||
Number of ordinary shares per ADS | shares | 2 | ||
Total share-based payment expense recognized | $ | $ 4.2 | $ 0.7 |
Share based compensation - Ac_3
Share based compensation - Activity SOP 2021 (Details) - SOP 2021 | 12 Months Ended | |
Dec. 31, 2022 shares | Dec. 31, 2021 shares $ / shares | |
Number of awards | ||
Unvested awards outstanding at beginning of period (in shares) | 823,458 | |
Cancelled during the period (in shares) | (823,458) | |
Unvested awards outstanding at end of period (in shares) | 0 | 823,458 |
Weighted average remaining life (years) | ||
Weighted average remaining life for unvested awards outstanding (in years) | 4 years | |
Weighted average exercise price | ||
Weighted average exercise price, unvested awards outstanding (in USD per share) | $ / shares | $ 14.21 | |
Weighted average fair value | ||
Weigthed average fair value, unvested awards (per share) | $ / shares | $ 5.91 |
Share based compensation - VR_2
Share based compensation - VRS 2021 Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 8,200,000 | $ 34,500,000 | $ 24,700,000 |
2021 VRSUP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of trading days regarding cash payments to be received | 5 days | ||
Fair value, RSUs | $ 2.17 | ||
Total share-based payment expense recognized | 9,800,000 | $ 20,500,000 | |
Cash Settled Restricted Stock Units 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value, RSUs | 1.61 | ||
Equity Settled Restricted Stock Units 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value, RSUs | $ 4.93 |
Trade and other payables - Comp
Trade and other payables - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current payables [abstract] | ||
Trade payables | $ 18,193 | $ 23,792 |
Invoices not yet received | 19,248 | 25,824 |
Accrued employee benefit costs | 11,772 | 12,698 |
Share-based compensation - Cash settled payable | 566 | 2,010 |
Trade Deposits | 1,082 | 1,510 |
Sundry accruals | 13,578 | 11,012 |
Trade and Other Payables | 64,439 | 76,846 |
Current | 64,230 | 76,077 |
Non-current | $ 209 | $ 769 |
Trade and other payables - Narr
Trade and other payables - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of Range | |
Disclosure of detailed information about borrowings [line items] | |
Trade payables settlement period | 0 days |
Other payables settlement period | 1 month |
Top of Range | |
Disclosure of detailed information about borrowings [line items] | |
Trade payables settlement period | 90 days |
Other payables settlement period | 2 months |
Borrowings - Lease liabilities
Borrowings - Lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Lease Liabilities | |||
Current | $ 5,138 | $ 3,906 | $ 3,638 |
Non-current | 8,709 | 8,631 | 9,750 |
Total Lease liabilities | 13,847 | $ 12,537 | $ 13,388 |
Liability from new lease contracts | 800 | ||
One to five years | |||
Lease Liabilities | |||
Non-current | 8,704 | ||
More than five years | |||
Lease Liabilities | |||
Non-current | $ 5 |
Borrowings - Lease liabilitie_2
Borrowings - Lease liabilities rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about leases for lessee [abstract] | |||
Current lease liabilities at beginning of period | $ 3,906 | $ 3,638 | |
Additions, current | 5,584 | 4,173 | |
Payments, current | (8,666) | (6,615) | |
Reclassifications, current | 4,944 | 2,905 | |
Effect of translation, current | (630) | (195) | |
Current lease liabilities at end of period | 5,138 | 3,906 | $ 3,638 |
Non-current lease liabilities at beginning of period | 8,631 | 9,750 | |
Additions, non-current | 6,881 | 2,169 | |
Reclassifications, non-current | (4,944) | (2,905) | |
Effect of translation, non-current | (1,859) | (383) | |
Non-current lease liabilities at end of period | 8,709 | 8,631 | 9,750 |
Lease liabilities, beginning of period | 12,537 | 13,388 | |
Additions, total | 12,465 | 6,342 | |
Payments, total | (8,666) | (6,615) | (6,084) |
Effect of translation, total | (2,489) | (578) | |
Lease liabilities, end of period | 13,847 | 12,537 | 13,388 |
Accrued interest | $ 1,710 | $ 1,527 | $ 1,516 |
Borrowings - Lease expenses (De
Borrowings - Lease expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments [Abstract] | |||
Short-term leases | $ 2,708 | $ 1,740 | $ 1,549 |
Variable lease payments | 79 | 133 | |
Total expense | 2,787 | 1,873 | |
Lease liability for short-term leases subject to exemption | $ 1,107 | $ 1,044 |
Other taxes receivable & Othe_3
Other taxes receivable & Other taxes payable - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other taxes receivable: | ||
Value added taxes | $ 12,052 | $ 3,541 |
Other taxes receivable | 283 | 234 |
Other taxes receivable | 12,335 | 3,775 |
Current | 6,368 | 3,775 |
Non-Current | 5,967 | 0 |
Other taxes payable: | ||
Value added taxes | 11,841 | 6,085 |
Withholding Tax | 10,412 | 11,785 |
Other taxes payable | 443 | 1,082 |
Other taxes payable | 22,696 | 18,952 |
Current | 20,947 | 18,952 |
Non-Current | $ 1,749 | $ 0 |
Other taxes receivable & Othe_4
Other taxes receivable & Other taxes payable - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Value added tax receivable, maturity period | 3 years 6 months |
Value added tax payable, maturity period | 2 years |
Provisions for liabilities an_2
Provisions for liabilities and other charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in Reserves | ||
Balance at beginning | $ 37,085 | $ 39,446 |
Additions | 4,445 | 4,053 |
Reversals | (2,693) | (3,902) |
Use of provision | (1,279) | (394) |
Reclassification | 0 | 0 |
Effect of translation | (770) | (2,118) |
Balance at ending | 36,788 | 37,085 |
Current | 35,899 | 36,409 |
Non-current | 889 | 676 |
Uncertain tax positions | ||
Changes in Reserves | ||
Balance at beginning | 34,221 | 36,827 |
Additions | 3,061 | 3,010 |
Reversals | (2,297) | (3,278) |
Use of provision | (670) | (319) |
Reclassification | 0 | 0 |
Effect of translation | (445) | (2,019) |
Balance at ending | 33,870 | 34,221 |
Current | 33,870 | |
Non-current | 0 | |
Provision for Value-Added Tax | ||
Changes in Reserves | ||
Balance at beginning | 9,904 | |
Balance at ending | 9,854 | 9,904 |
Provisions related to Withholding Tax | ||
Changes in Reserves | ||
Balance at beginning | 23,562 | |
Balance at ending | 22,044 | 23,562 |
Provisions related to Other Taxes | ||
Changes in Reserves | ||
Balance at beginning | 755 | |
Balance at ending | 1,972 | 755 |
Marketplace and consignment goods | ||
Changes in Reserves | ||
Balance at beginning | 817 | 977 |
Additions | 247 | 313 |
Reversals | (299) | (483) |
Use of provision | 0 | 0 |
Reclassification | 0 | 53 |
Effect of translation | (102) | (43) |
Balance at ending | 663 | 817 |
Current | 663 | |
Non-current | 0 | |
Provision for other expenses | ||
Changes in Reserves | ||
Balance at beginning | 2,047 | 1,642 |
Additions | 1,137 | 730 |
Reversals | (97) | (141) |
Use of provision | (609) | (75) |
Reclassification | 0 | (53) |
Effect of translation | (223) | (56) |
Balance at ending | 2,255 | 2,047 |
Current | 1,366 | |
Non-current | 889 | |
End of service benefits provision | 889 | 676 |
Litigation and penalty provisions | 1,246 | 1,360 |
Restructuring provision | $ 120 | $ 11 |
Deferred income (Details)
Deferred income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accruals and deferred income including contract liabilities [abstract] | ||
Deferred income | $ 880 | $ 1,415 |
Deferred income period | 5 years | |
Deferred income classified as non-current | $ 345 | 875 |
Contract liabilities | $ 3,437 | $ 5,412 |
Revenue (Details)
Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) customer | Dec. 31, 2020 USD ($) customer | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 221,882 | $ 177,934 | $ 159,366 |
Number of customers individually representing more than 5 per cent of entity's revenues | customer | 0 | 0 | 0 |
Threshold percentage for reporting individual customer revenue | 5% | 5% | 5% |
Sales of goods | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 84,984 | $ 65,126 | $ 50,426 |
Commissions | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 47,829 | 35,345 | 39,540 |
Fulfillment | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 31,774 | 36,392 | 36,992 |
Value added services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 32,843 | 25,665 | 21,754 |
Marketing and advertising | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 18,041 | 10,778 | 8,799 |
Other revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 6,411 | $ 4,628 | $ 1,855 |
Fulfillment expense (Details)
Fulfillment expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Fulfillment expense | $ 98,846 | $ 89,321 | $ 82,220 |
Percentual increase in expenses (as a percent) | 41% | ||
Percentual increase in orders (as a percent) | 14% | ||
Fulfillment expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Fulfillment staff costs | $ 23,295 | 20,233 | 20,041 |
Fulfillment centers expense | 6,057 | 4,978 | 4,136 |
Freight and shipping expense | 69,494 | 64,110 | 58,043 |
Fulfillment expense | $ 98,846 | $ 89,321 | $ 82,220 |
Percentual increase in expenses (as a percent) | 10.70% |
Sales and advertising expense_2
Sales and advertising expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Sales and advertising expense | $ 75,685 | $ 81,924 | $ 37,063 |
Percentual decrease in expenses (as a percent) | (41.00%) | ||
Sales and marketing expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | $ 10,316 | 9,815 | 9,717 |
Advertising campaigns | 62,457 | 69,521 | 24,765 |
Selling expenses | 2,912 | 2,588 | 2,581 |
Sales and advertising expense | $ 75,685 | $ 81,924 | $ 37,063 |
Percentual decrease in expenses (as a percent) | 7.60% |
Technology and content expens_2
Technology and content expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Technology and content expense | $ 55,252 | $ 39,197 | $ 31,781 |
Percentual increase in expenses (as a percent) | 41% | ||
Technology and content expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff Costs - Technology and content | $ 26,806 | 16,355 | 15,125 |
Technology license and maintenance expenses | 28,446 | 22,842 | 16,656 |
Technology and content expense | $ 55,252 | $ 39,197 | $ 31,781 |
General and administrative ex_3
General and administrative expense and Termination benefits - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
General and administrative expense | $ 125,849 | $ 141,720 | $ 130,791 |
General and administrative expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | 63,841 | 83,549 | 66,976 |
Occupancy costs | 2,648 | 1,740 | 1,589 |
Professional fees | 11,952 | 18,250 | 12,899 |
Travel and entertainment | 3,458 | 1,910 | 1,735 |
Office and related expenses | 8,905 | 7,332 | 7,361 |
Bank fees & payment costs | 778 | 646 | 715 |
Bad debt expense / reversal | 6,523 | 1,711 | 5,582 |
Tax expenses | 11,214 | 11,125 | 14,747 |
Depreciation and amortization | 11,646 | 9,656 | 9,282 |
Other general and administrative expense | 4,884 | 5,801 | 9,905 |
General and administrative expense | $ 125,849 | $ 141,720 | $ 130,791 |
General and administrative ex_4
General and administrative expense and Termination benefits - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 18, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Total share-based payment expense recognized | $ 8,200 | $ 34,500 | $ 24,700 | |
Sundry accruals | 13,578 | 11,012 | ||
Termination benefits | 3,706 | 0 | 0 | |
Legal Proceedings Provision | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Sundry accruals | 5,000 | |||
Legal Proceedings Provision | Alleged misstatements and omissions in connection with and following initial public offering | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Settlement payments made, litigations | $ 5,000 | |||
Settlements funded by insurance coverage | $ 1,000 | |||
General and administrative expense | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Total share-based payment expense recognized | 8,240 | 34,548 | 24,710 | |
Tax provision related to withholding taxes | 4,952 | 7,064 | 9,426 | |
Tax provision related to VAT | 3,020 | 994 | 2,729 | |
Insurance expense | $ 4,274 | $ 4,238 | $ 3,139 |
Finance income and finance co_3
Finance income and finance costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance income and finance costs | |||
Foreign exchange gain | $ 10,496 | $ 22,162 | $ 4,736 |
Interest and similar income | 388 | 258 | 884 |
Interest income from financial assets at fair value through OCI | 4,064 | 2,344 | 0 |
Other income | 305 | 0 | 0 |
Finance income | 15,253 | 24,764 | 5,620 |
Foreign exchange loss | 7,492 | 7,485 | 14,440 |
Interest and similar expense | 1,718 | 1,606 | 1,583 |
Fair value loss on financial assets at fair value through profit and loss | 7,167 | 998 | 0 |
Loss recognized on disposal of debt instruments held at fair value through OCI (Note 12) | 2,290 | 0 | 0 |
Other charges | 951 | 242 | 0 |
Finance costs | $ 19,618 | $ 10,331 | $ 16,023 |
Income tax - Payables and recon
Income tax - Payables and reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Income Tax Payables | $ 301 | $ 448 | |
Provision for Income Tax | 12,685 | 12,833 | |
Total | 12,986 | 13,281 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Loss before income tax | $ (231,290) | $ (226,463) | $ (180,732) |
Statutory tax rate | 19.25% | 24.02% | 27.85% |
Expected income tax benefit | $ 44,512 | $ 54,406 | $ 50,342 |
Tax effects of: | |||
Sundry permanent differences | (1,141) | 970 | 44 |
Effect of functional to local reporting currency in Germany | (4,948) | (338) | 0 |
Equity Transaction costs | 18 | 1,878 | 3,549 |
Share based payments | (1,734) | (7,520) | (3,584) |
Tax Expenses | (1,438) | (1,605) | (2,338) |
Bad debt expense | (1,180) | (439) | (1,379) |
Management fees | (4,367) | (6,167) | (5,563) |
Interest expense | (777) | (1,324) | (439) |
Unrecognized deferred tax asset arising from timing differences relating to: | |||
FX unrealized gain/loss | 863 | (1,575) | (1,241) |
Share based payments | 277 | (443) | (3,403) |
Tax Expenses | 192 | 277 | (751) |
Sundry temporary differences | (101) | (308) | (1,885) |
Minimum tax | (637) | (395) | (417) |
Deferred tax not recognized (mainly tax losses carried forward) | (31,573) | (38,707) | (35,874) |
Deferred tax: relating to origination and reversal of temporary differences and tax losses | (4,946) | 848 | (47) |
Total Income tax (expense) / income | $ (6,979) | $ (442) | $ (2,986) |
Effective tax rate | 3.02% | 0.20% | 1.65% |
Income tax - Expense (Details)
Income tax - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Current tax (expense) / income | $ (2,033) | $ (1,102) | $ (2,939) |
Deferred tax (expense) / income | (4,946) | 660 | (47) |
Total Income tax (expense) / income | $ (6,979) | $ (442) | $ (2,986) |
Income tax - Tax losses availab
Income tax - Tax losses available for offsetting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Tax rate | 19.25% | 24.02% | 27.85% |
Accumulated tax loss (gross) | $ (681,545) | $ (738,881) | $ (674,354) |
Germany | |||
Disclosure of geographical areas [line items] | |||
Tax rate | 30.20% | ||
Accumulated tax loss (gross) | $ (27,142) | (37,933) | (32,175) |
Corporate income tax rate | 15.80% | ||
Trade tax rate | 14.40% | ||
Accumulated tax losses related to trade tax | $ 53,474 | ||
Morocco | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 4 years | ||
Tax rate | 31% | ||
Accumulated tax loss (gross) | $ (37,863) | (29,580) | (34,512) |
Egypt | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 5 years | ||
Tax rate | 22.50% | ||
Accumulated tax loss (gross) | $ (100,454) | (151,823) | (132,244) |
Nigeria | |||
Disclosure of geographical areas [line items] | |||
Tax rate | 30% | ||
Accumulated tax loss (gross) | $ (252,909) | (269,961) | (248,166) |
South Africa | |||
Disclosure of geographical areas [line items] | |||
Tax rate | 28% | ||
Accumulated tax loss (gross) | $ (53,251) | (49,591) | (46,853) |
Kenya | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 10 years | ||
Tax rate | 30% | ||
Accumulated tax loss (gross) | $ (86,933) | (87,785) | (78,780) |
Ivory Coast | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 5 years | ||
Tax rate | 25% | ||
Accumulated tax loss (gross) | $ (35,101) | (34,784) | (34,309) |
Ghana | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 3 years | ||
Tax rate | 25% | ||
Accumulated tax loss (gross) | $ (6,852) | (9,560) | (10,124) |
Other | |||
Disclosure of geographical areas [line items] | |||
Accumulated tax loss (gross) | $ (81,040) | $ (67,864) | $ (57,191) |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Loss for the period | $ (238,269) | $ (226,905) | $ (183,718) |
Less: net loss attributable to non-controlling interest | (37) | (40) | (36) |
Loss attributable to Equity of the Company | $ (238,232) | $ (226,865) | $ (183,682) |
Denominator | |||
Weighted average number of shares for basic EPS (in shares) | 200,349,548 | 193,835,475 | 160,697,588 |
Weighted average number of shares for diluted EPS (in shares) | 200,349,548 | 193,835,475 | 160,697,588 |
Loss per share - basic (in dollars per share) | $ (1.19) | $ (1.17) | $ (1.14) |
Loss per share - diluted (in dollars per share) | $ (1.19) | $ (1.17) | $ (1.14) |
Share Options (in shares) | 1,874,830 | 2,070,033 | 5,252,152 |
Transactions and balances wit_3
Transactions and balances with related parties - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Deferred income | ||
Threshold percentage for disclosure of related party transactions, individual ownership of any class of securities | 10% | |
MTN | ||
Deferred income | ||
Expenses | $ 251 | |
Prepayments by related party for employee purchases | $ 1,097 | |
Former Members of the Management Board | ||
Deferred income | ||
Key management personnel compensation | $ 1,700 |
Transactions and balances wit_4
Transactions and balances with related parties - Key management (Details) - Key Management Personnel of Entity or Parent - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred income | |||
Short-term employee benefits | $ 3,889 | $ 4,236 | $ 3,634 |
Other benefits | 107 | 81 | 53 |
Share-based compensation | 5,155 | 9,299 | 15,445 |
Total | $ 9,151 | $ 13,616 | $ 19,132 |
Financial risk management obj_3
Financial risk management objectives and policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 Rate | Dec. 31, 2021 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage increase in interest rate | 0.50% | ||
Percentage decrease in interest rate | 0.50% | ||
Percentage increase in price sensitivity | 1% | 1% | |
Percent decrease in price sensitivity | 1% | 1% | |
Euro, Algerian Dinar, West African CFA franc And Ugandan Shilling | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage of reasonably possible increase in risk assumption | 5% | ||
Percentage of reasonably possible decrease in risk assumption | 5% | ||
Egyptian Pound, Nigerian Naira, South African Rand, Moroccan Dirham, Kenys Shilling, Ghanaian Cedi and Tunisian Dinar | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage of reasonably possible increase in risk assumption | 10% | ||
Percentage of reasonably possible decrease in risk assumption | 10% | ||
Algerian Dinar, Kenyan Shilling, Ugandan Shilling, Nigerian Naira, South African Rand, UAE Dirham and Tunisian Dinar | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage of reasonably possible increase in risk assumption | 5% | ||
Percentage of reasonably possible decrease in risk assumption | 5% | ||
Ugandan Shilling and Egyptian Pound | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage of reasonably possible increase in risk assumption | 10% | ||
Percentage of reasonably possible decrease in risk assumption | 10% | ||
Bottom of Range | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage increase in functional currency rate | 5% | ||
Percentage decrease in functional currency rate | 5% | ||
Bottom of Range | Euro, Algerian Dinar, West African CFA franc And Ugandan Shilling | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | (0.80%) | ||
Bottom of Range | Egyptian Pound, Nigerian Naira, South African Rand, Moroccan Dirham, Kenys Shilling, Ghanaian Cedi and Tunisian Dinar | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | 6.90% | ||
Bottom of Range | Algerian Dinar, Kenyan Shilling, Ugandan Shilling, Nigerian Naira, South African Rand, UAE Dirham and Tunisian Dinar | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | (6.40%) | ||
Bottom of Range | Ugandan Shilling and Egyptian Pound | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | 7.70% | ||
Top of Range | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage increase in functional currency rate | 10% | ||
Percentage decrease in functional currency rate | 10% | ||
Top of Range | Euro, Algerian Dinar, West African CFA franc And Ugandan Shilling | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | 6% | ||
Top of Range | Egyptian Pound, Nigerian Naira, South African Rand, Moroccan Dirham, Kenys Shilling, Ghanaian Cedi and Tunisian Dinar | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | 66.30% | ||
Top of Range | Algerian Dinar, Kenyan Shilling, Ugandan Shilling, Nigerian Naira, South African Rand, UAE Dirham and Tunisian Dinar | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | 3.80% | ||
Top of Range | Ugandan Shilling and Egyptian Pound | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Actual valuation fluctuation | 56.90% |
Financial risk management obj_4
Financial risk management objectives and policies - Currency risk (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Currency Risk Relative to EUR | United States Dollar (USD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (85,448) |
Effect on pre-tax equity due to decrease in designated risk component | 85,448 |
Effect on profit before tax equity due to increase in designated risk component | (150) |
Effect on profit before tax equity due to decrease in designated risk component | $ 150 |
Currency Risk Relative to EUR | United Arab Emirates | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ 1,700 |
Effect on pre-tax equity due to decrease in designated risk component | (1,700) |
Effect on profit before tax equity due to increase in designated risk component | (79) |
Effect on profit before tax equity due to decrease in designated risk component | $ 79 |
Currency Risk Relative to EUR | Kenyan Shilling (KES) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (4,932) |
Effect on pre-tax equity due to decrease in designated risk component | 4,932 |
Effect on profit before tax equity due to increase in designated risk component | 31 |
Effect on profit before tax equity due to decrease in designated risk component | $ (31) |
Currency Risk Relative to EUR | Moroccan Dirham (MAD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (11,138) |
Effect on pre-tax equity due to decrease in designated risk component | 11,138 |
Effect on profit before tax equity due to increase in designated risk component | (286) |
Effect on profit before tax equity due to decrease in designated risk component | $ 286 |
Currency Risk Relative to EUR | Naira (NGN) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (11,353) |
Effect on pre-tax equity due to decrease in designated risk component | 11,353 |
Effect on profit before tax equity due to increase in designated risk component | (118) |
Effect on profit before tax equity due to decrease in designated risk component | $ 118 |
Currency Risk Relative to EUR | Algerian Dinar (DZD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,288) |
Effect on pre-tax equity due to decrease in designated risk component | 1,288 |
Effect on profit before tax equity due to increase in designated risk component | (16) |
Effect on profit before tax equity due to decrease in designated risk component | $ 16 |
Currency Risk Relative to EUR | Cedi (Ghana) (GHS) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,919) |
Effect on pre-tax equity due to decrease in designated risk component | 1,919 |
Effect on profit before tax equity due to increase in designated risk component | (17) |
Effect on profit before tax equity due to decrease in designated risk component | $ 17 |
Currency Risk Relative to EUR | Uganda Shilling (UGX) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,473) |
Effect on pre-tax equity due to decrease in designated risk component | 1,473 |
Effect on profit before tax equity due to increase in designated risk component | (26) |
Effect on profit before tax equity due to decrease in designated risk component | $ 26 |
Currency Risk Relative to EUR | Rand (ZAR) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (794) |
Effect on pre-tax equity due to decrease in designated risk component | 794 |
Effect on profit before tax equity due to increase in designated risk component | (3) |
Effect on profit before tax equity due to decrease in designated risk component | $ 3 |
Currency Risk Relative to EUR | Egyptian Pound (EGP) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (16,177) |
Effect on pre-tax equity due to decrease in designated risk component | 16,177 |
Effect on profit before tax equity due to increase in designated risk component | (47) |
Effect on profit before tax equity due to decrease in designated risk component | $ 47 |
Currency Risk Relative to EUR | Tunisian Dinar (TND) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (629) |
Effect on pre-tax equity due to decrease in designated risk component | 629 |
Effect on profit before tax equity due to increase in designated risk component | (21) |
Effect on profit before tax equity due to decrease in designated risk component | $ 21 |
Currency Risk Relative to USD | Kenyan Shilling (KES) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (3,214) |
Effect on pre-tax equity due to decrease in designated risk component | 3,214 |
Effect on profit before tax equity due to increase in designated risk component | 376 |
Effect on profit before tax equity due to decrease in designated risk component | $ (376) |
Currency Risk Relative to USD | Moroccan Dirham (MAD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (2,658) |
Effect on pre-tax equity due to decrease in designated risk component | 2,658 |
Effect on profit before tax equity due to increase in designated risk component | (191) |
Effect on profit before tax equity due to decrease in designated risk component | $ 191 |
Currency Risk Relative to USD | Naira (NGN) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (8,587) |
Effect on pre-tax equity due to decrease in designated risk component | 8,587 |
Effect on profit before tax equity due to increase in designated risk component | (1,636) |
Effect on profit before tax equity due to decrease in designated risk component | $ 1,636 |
Currency Risk Relative to USD | Algerian Dinar (DZD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (733) |
Effect on pre-tax equity due to decrease in designated risk component | 733 |
Effect on profit before tax equity due to increase in designated risk component | 0 |
Effect on profit before tax equity due to decrease in designated risk component | $ 0 |
Currency Risk Relative to USD | Cedi (Ghana) (GHS) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (692) |
Effect on pre-tax equity due to decrease in designated risk component | 692 |
Effect on profit before tax equity due to increase in designated risk component | (70) |
Effect on profit before tax equity due to decrease in designated risk component | $ 70 |
Currency Risk Relative to USD | Uganda Shilling (UGX) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (832) |
Effect on pre-tax equity due to decrease in designated risk component | 832 |
Effect on profit before tax equity due to increase in designated risk component | (38) |
Effect on profit before tax equity due to decrease in designated risk component | $ 38 |
Currency Risk Relative to USD | Rand (ZAR) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (696) |
Effect on pre-tax equity due to decrease in designated risk component | 696 |
Effect on profit before tax equity due to increase in designated risk component | 10 |
Effect on profit before tax equity due to decrease in designated risk component | $ (10) |
Currency Risk Relative to USD | Egyptian Pound (EGP) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (5,037) |
Effect on pre-tax equity due to decrease in designated risk component | 5,037 |
Effect on profit before tax equity due to increase in designated risk component | 420 |
Effect on profit before tax equity due to decrease in designated risk component | $ (420) |
Currency Risk Relative to USD | Tunisian Dinar (TND) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,415) |
Effect on pre-tax equity due to decrease in designated risk component | 1,415 |
Effect on profit before tax equity due to increase in designated risk component | 16 |
Effect on profit before tax equity due to decrease in designated risk component | $ (16) |
Currency Risk Relative to USD | CFA Franc BCEAO (XOF) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,504) |
Effect on pre-tax equity due to decrease in designated risk component | 1,504 |
Effect on profit before tax equity due to increase in designated risk component | 17 |
Effect on profit before tax equity due to decrease in designated risk component | $ (17) |
Financial risk management obj_5
Financial risk management objectives and policies - Interest rate risk (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure of risk management strategy related to hedge accounting [abstract] | |
Percentage increase in interest rate | 0.50% |
Increase in interest rate, effect on pre-tax equity | $ (1,231) |
Percentage decrease in interest rate | (0.50%) |
Decrease in interest rate, effect on pre-tax equity | $ 1,231 |
Financial risk management obj_6
Financial risk management objectives and policies - Securities price sensitivity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of risk management strategy related to hedge accounting [abstract] | ||||
Percentage increase in price sensitivity | 1% | 1% | ||
Increase in price sensitivity, effect on profit before tax | $ 386 | |||
Percentage decrease in price sensitivity | (1.00%) | (1.00%) | ||
Decrease in price sensitivity, effect on profit before tax | $ (386) |
Financial risk management obj_7
Financial risk management objectives and policies - Credit risk (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Offset trade receivables and payables | $ 152 | $ 317 | ||||
Expected credit loss allowance recognition period | 12 months | |||||
Capital contributions | $ 0 | 348,646 | $ 243,202 | |||
Equity Offering | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Capital contributions | $ 341,000 | |||||
Equity Offering | Ordinary Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Capital contributions | $ 341,000 | $ 231,000 | $ 280,000 | 231,000 | ||
Additional paid in capital | $ 86,000 | |||||
Trade notes and accounts receivable | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets | 17,856 | 11,994 | ||||
Trade notes and accounts receivable | Accumulated Impairment | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets | (9,885) | (6,566) | (6,039) | (9,885) | ||
Other receivables | Accumulated Impairment | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets | $ (723) | $ (970) | $ (375) | $ (723) |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 18, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and contingencies | |||
Tax provisions | $ 35,899 | $ 36,409 | |
Uncertain tax positions for which no provision has been made | 12,685 | 12,833 | |
Bank guarantees | 1,092 | 1,221 | |
Lease liability for short-term leases subject to exemption | 1,107 | 1,044 | |
Commitments | $ 37,500 | ||
Commitment period | 3 years | ||
Payments to suppliers | $ 12,000 | ||
December 2023 | |||
Commitments and contingencies | |||
Commitments | 12,500 | ||
December 2024 | |||
Commitments and contingencies | |||
Commitments | 13,000 | ||
Tax provisions | |||
Commitments and contingencies | |||
Tax provisions | 33,870 | $ 34,221 | |
Withholding tax and VAT | |||
Commitments and contingencies | |||
Uncertain tax positions for which no provision has been made | $ 17,564 | ||
Legal proceedings provision | Alleged misstatements and omissions in connection with and following initial public offering | |||
Commitments and contingencies | |||
Settlement payments made, litigations | $ 5,000 | ||
Settlements funded by insurance coverage | $ 1,000 |