Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | VIA optronics AG |
Document Period End Date | Dec. 31, 2020 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 4,530 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001769116 |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Non-current assets | € 21,467,453 | € 24,935,283 |
Intangible assets | 4,078,249 | 6,033,571 |
Property and equipment | 16,835,608 | 18,576,268 |
Other financial assets | 155,105 | 156,757 |
Deferred tax assets | 398,491 | 168,687 |
Current assets | 128,384,683 | 56,724,662 |
Inventories | 17,256,055 | 14,485,822 |
Trade accounts receivables | 26,377,820 | 25,224,456 |
Current tax assets | 135,743 | 75,923 |
Other assets | 3,593,785 | 7,603,338 |
Cash and cash equivalents | 81,021,280 | 9,335,123 |
Total assets | 149,852,136 | 81,659,945 |
Equity and liabilities | ||
Equity attributable to equity holders of the parent | 77,628,320 | 800,620 |
Share capital | 4,530,701 | 3,000,000 |
Capital reserve | 83,422,824 | 4,169,843 |
(Accumulated Deficit) | (9,948,029) | (6,331,002) |
Currency translation reserve | (377,176) | (38,221) |
Non-controlling interests | 276,904 | 281,658 |
Total Equity | 77,905,224 | 1,082,278 |
Non-current liabilities | 9,396,050 | 12,452,059 |
Loans | 1,639,813 | 2,797,277 |
Provisions | 135,784 | 134,476 |
Lease liabilities | 7,620,453 | 8,816,494 |
Deferred tax liabilities | 0 | 703,812 |
Current liabilities | 62,550,863 | 68,125,608 |
Loans | 20,646,533 | 28,648,651 |
Trade accounts payable | 30,610,890 | 24,147,955 |
Current tax liabilities | 1,274,111 | 255,221 |
Provisions | 575,940 | 1,993,833 |
Lease liabilities | 1,593,975 | 3,155,469 |
Other financial liabilities | 3,949,072 | 5,837,124 |
Other liabilities | 3,900,342 | 4,087,355 |
Total equity and liabilities | € 149,852,136 | € 81,659,945 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Operations and Other Comprehensive Income (Loss) | |||
Revenue | € 152,590,315 | € 137,231,335 | € 171,678,894 |
Cost of sales | (129,231,305) | (127,209,624) | (149,873,374) |
Gross profit | 23,359,010 | 10,021,711 | 21,805,520 |
Selling expenses | (3,380,809) | (4,252,062) | (4,295,235) |
General administrative expenses | (15,373,077) | (13,197,135) | (13,266,631) |
Research and development expenses | (3,186,980) | (2,490,259) | (1,336,840) |
Other operating income | 4,969,034 | 2,358,997 | 5,022,477 |
Other operating expenses | (7,159,521) | (3,415,143) | (3,031,280) |
Operating (loss)/income | (772,342) | (10,973,891) | 4,898,011 |
Financial result | (1,420,968) | (1,642,182) | (1,141,591) |
(Loss)/Profit before tax | (2,193,310) | (12,616,073) | 3,756,420 |
Income tax expense | (1,418,134) | (741,564) | (378,110) |
Net (loss)/profit | (3,611,444) | (13,357,637) | 3,378,310 |
Which is attributable to: | |||
Owners of the company | (3,617,028) | (11,759,184) | 3,959,134 |
Non-controlling interests | 5,584 | (1,598,453) | (580,824) |
Other comprehensive income / (loss): | |||
Exchange differences on translation of foreign operations | (349,294) | 116,717 | 23,309 |
Comprehensive (loss)/income | (3,960,738) | (13,240,920) | 3,401,619 |
Which is attributable to: | |||
Owners of the company | (3,955,984) | (11,727,788) | 3,910,914 |
Non-controlling interests | € (4,754) | € (1,513,132) | € (509,295) |
Weighted average of shares outstanding | 3,398,330 | 2,991,600 | 2,900,000 |
(Loss)/earnings per share in EUR | € (1.06) | € (3.93) | € 1.37 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net (loss)/profit | € (3,611,444) | € (13,357,637) | € 3,378,310 |
Adjustments for: | |||
Depreciation of property and equipment | 5,132,605 | 4,907,832 | 2,116,496 |
Amortization of intangible assets | 1,910,985 | 1,629,195 | 1,095,954 |
Impairment loss on trade receivables | 323,200 | 284,758 | 169,012 |
Financial result | 1,420,968 | 1,642,182 | 1,141,591 |
Gain from a bargain purchase | (2,992,660) | ||
Foreign currency effect | (2,047,671) | 527,879 | 178,003 |
Income tax expense | 1,418,134 | 741,565 | 378,110 |
Inventories | (2,770,234) | 5,993,324 | 1,344,330 |
Trade accounts receivables and other assets | (3,994,649) | (1,287,603) | (15,701,254) |
Prepayments | (143,969) | 295,698 | (673,275) |
Trade accounts payable and other liabilities | 4,364,133 | 4,887,316 | (633,895) |
Provisions | (1,416,586) | (168,975) | 475,700 |
Current and deferred income taxes | 21,817 | 406,924 | 3,624,634 |
Income taxes paid | (1,354,676) | (1,246,492) | (2,804,510) |
Net cash used in operating activities | (747,387) | 5,255,966 | (8,903,454) |
Cash flow from investing activities | |||
Proceeds from sale of property and equipment | 35,505 | ||
Acquisition of a subsidiary, net of cash acquired | (1,286,356) | ||
Acquisition of property and equipment | (2,819,124) | (1,536,200) | (2,374,230) |
Acquisition of intangible assets | (86,850) | (1,554,787) | (161,236) |
Net cash used in investing activities | (2,870,468) | (3,090,987) | (3,821,822) |
Cash flow from financing activities | |||
Issuance of share capital | 90,844,618 | 100,000 | |
Payment of transaction costs | 3,591,465 | ||
Interest paid | (1,434,069) | (1,584,082) | (697,245) |
Proceeds from loans | 53,577,777 | 59,368,855 | 57,975,438 |
Repayment loans | (60,473,984) | (58,931,938) | (41,284,325) |
Payment of lease liabilities | (3,430,031) | (1,748,088) | |
Net cash provided by (used in) financing activities | 75,492,846 | (2,795,253) | 15,993,868 |
Net (decrease) / increase in cash and cash equivalents | 71,874,992 | (630,274) | 3,268,592 |
Cash and cash equivalents at January 1 | 9,335,123 | 9,943,184 | 6,623,477 |
Foreign currency effect | (188,835) | 22,213 | 51,115 |
Cash and cash equivalents at December 31 | € 81,021,280 | € 9,335,123 | € 9,943,184 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) | Equity attributable to owners of parent | Share Capital | Subscribed Capital | Capital Reserve | (Accumulated Deficit) / Retained Earnings | Currency Translation Reserve | Non-Controlling Interests | Total |
Equity at beginning of period at Dec. 31, 2017 | € 8,517,496 | € 73,327 | € 6,996,516 | € 1,469,048 | € (21,395) | € 8,517,496 | ||
Net profit / loss | 3,959,134 | 3,959,134 | € (580,824) | 3,378,310 | ||||
Foreign currency translation effect | (48,220) | (48,220) | 71,529 | 23,309 | ||||
Comprehensive (loss)/income | 3,910,914 | 3,959,134 | (48,220) | (509,295) | 3,401,619 | |||
Non‑controlling interests arising on a business combination | 2,304,085 | 2,304,085 | ||||||
Equity at end of period (Previously stated) at Dec. 31, 2018 | 12,428,410 | 73,327 | 6,996,516 | 5,428,182 | (69,615) | 1,794,790 | 14,223,200 | |
Net profit / loss | (11,759,184) | (11,759,184) | (1,598,453) | (13,357,637) | ||||
Foreign currency translation effect | 31,396 | 31,396 | 85,321 | 116,717 | ||||
Comprehensive (loss)/income | (11,727,788) | (11,759,184) | 31,396 | (1,513,132) | (13,240,920) | |||
Issue of share capital upon formation | 100,000 | € 100,000 | 100,000 | |||||
Effect of contribution in kind | 2,900,000 | € (73,327) | (2,826,673) | |||||
Equity at end of period at Dec. 31, 2019 | 800,620 | 3,000,000 | 4,169,843 | (6,331,002) | (38,221) | 281,658 | 1,082,278 | |
Net profit / loss | (3,617,028) | (3,617,028) | 5,584 | (3,611,444) | ||||
Foreign currency translation effect | (338,955) | (338,955) | (10,339) | (349,294) | ||||
Comprehensive (loss)/income | (3,955,984) | (3,617,028) | (338,955) | (4,754) | (3,960,738) | |||
Issue of share capital upon formation | 90,844,618 | 1,530,701 | 89,313,917 | 90,844,618 | ||||
Transaction costs | (10,060,936) | (10,060,936) | (10,060,936) | |||||
Equity at end of period at Dec. 31, 2020 | € 77,628,319 | € 4,530,701 | € 83,422,824 | € (9,948,029) | € (377,176) | € 276,904 | € 77,905,224 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2020 | |
Corporate information | |
Corporate information | 1. Corporate information VIA optronics AG (the “Company” or “VIA”) together with its subsidiaries (the “Group” or “VIA Group”) is a leading provider of enhanced display solutions for multiple end markets in which superior functionality or durability is a critical differentiating factor. The Company’s technology is particularly well‑suited for demanding environments that pose technical and optical challenges for displays, such as bright ambient light, vibration and shock, extreme temperatures and condensation. VIA’s solutions combine VIA’s expertise in integrated display head assembly and proprietary bonding technologies. VIA’s portfolio of offerings enables thin display designs and high optical clarity, which decreases power consumption and increases readability. The Company provides a broad range of customized display solutions across a broad range of display sizes, including curved display panels and solutions integrating multiple displays under one cover lens. Furthermore, since beginning of 2018, VIA engages in the production of metal mesh touch sensor technology and electrode base film. The Company is registered in the commercial register of the local court (Amtsgericht) of Nuremberg under HRB 36200 and has its registered seat in Nuremberg, Germany. As of September 29, 2020, VIA became listed on The New York Stock Exchange under the symbol "VIAO" (NYSE: VIAO). For more information related to the IPO, please see Note 11. VIA maintains production facilities in Germany, China and Japan. Through its subsidiaries, VIA maintains and operates sales offices in Taiwan and the United States. As of December 31, 2020, subsidiaries included in the consolidated financial statements are as follows: · VIA optronics GmbH, Schwarzenbruck, Germany · VIA optronics LLC, Orlando, Florida, USA (hereafter referred to as “VIA LLC”) · VIA optronics (Suzhou) Co., Ltd., Suzhou, China (hereafter referred to as “VIA Suzhou”) · VTS‑Touchsensor Co., Ltd., Higashi Omi, Japan (hereafter referred to as “VTS”) (see Note 2.3, Business Combination and Goodwill) · VIA optronics (Taiwan) Ltd., Taipei, Taiwan (hereafter referred to as “VIA Taiwan”) The financial year of all Group entities corresponds to the calendar year. VIA is a subsidiary of Integrated Micro‑Electronics, Inc, (“IMI”) a Philippines‑based Company. IMI is part of Ayala Group which is a publicly listed entity in the Philippines. The ultimate parent company is Mermac Inc., a Philippines‑based company. VIA is owned 50.32% by IMI, 15.89% by Jürgen Eichner (CEO and founder) and 33.79% are held by the Bank of New York Mellon in fiduciary custody without any voting agreement. The consolidated financial statements of the Company comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”) |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Significant accounting policies | 2. Significant accounting policies 2.1 The consolidated financial statements of the VIA Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). All amounts in the consolidated financial statements are reported in Euro (“EUR”), except where otherwise stated. The Group presents assets and liabilities in the consolidated statements of financial position based on current or non‑current classification. An asset is current when it is expected to be realized within twelve months after the reporting period; or cash or cash equivalent 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 due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non‑current. The consolidated statements of operations and other comprehensive income (loss) have been prepared using the cost of sales method under IFRS. The financial statements have been prepared on a historical cost basis. The outbreak of the COVID-19 pandemic and the measures adopted by governments in countries worldwide to mitigate the pandemic’s spread have not significantly impacted the Group. Nevertheless, the Group considered the impact of Covid-19 in preparing the financial statements and the application of accounting judgements, estimates and assumptions. The consolidated financial statements were authorized by the members of the Management Board on April 29, 2021. 2.2 The consolidated financial statements incorporate the assets and liabilities and the results of operations and cash flows of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. 2.3 The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non‑controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non‑controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition‑related costs are expensed as incurred and included in general administrative expenses. When the Group acquires a business, it assesses the identifiable financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non‑controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re‑assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then a bargain purchase gain is recognized in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash‑generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 2. The principal accounting policies applied in the preparation of these financial statements are set out below. 2.4.1 Fair value is a market‑based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements there are three levels of the fair value hierarchy: · Level 1—Inputs use quoted prices in active markets for identical assets or liabilities · Level 2—Inputs are inputs, other than quoted prices included within Level 1, which are observable either directly or indirectly · Level 3—Inputs are unobservable and have values estimated by management based on market participant assumptions which are reasonably available 2.4.2 Revenue from contracts with customers The Group generates revenue from the production and sale of enhanced display solutions using optical bonding technology and of metal mesh touch sensors. VIA provides optical bonding on either a consignment basis (meaning its customer directly sources all of the necessary product components and the Group applies its patented MaxVU bonding process to assemble such components) or a full service basis (meaning the Group will source the necessary product components and perform the related optical bonding) and R&D engineering services. In the sensor technologies segment, the Group focuses on the development, production and sale of metal mesh touch sensors and the development of other sensor components and technologies that can be incorporated into the Group’s integrated display solutions. A small portion of the Group’s revenues is derived from licenses for its MaxVU optical bonding processes and sales of related bonding equipment to select customers; together these licences comprised less than 2.3% of the Group’s revenues for 2020, 2019 and 2018. Although there are several components which are used in the bonding process, these components are highly integrated in a way that the customer cannot benefit from either the bonding service or the components used in the bonding process independent from each other. As a result, the fully bonded display is a separate performance obligation both under the consignment model as well as the full service model. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranty). Based on a detailed evaluation (e.g. whether warranties provided are service‑type warranties), the Group evaluated that these promises are not separate performance obligations. Therefore, no portion of the transaction price needs to be allocated to those promises. Under certain contracts performed on a full service basis, Group entities source components such as displays from either the customer or suppliers of the customer. The Group evaluated whether payments for such components are considered payables to customers and concluded that those payments are in exchange for a distinct good. Therefore, such payments are classified to cost of sales in the consolidated statements of operations and other comprehensive income (loss). 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 has concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. For optical bonding services performed under the consignment model, revenue is recognized at a point in time based on the fact that the assets created have alternative use to the Group entities. This is when the enhancement process is finalized, the customer removes the enhanced products from the consignment stock and is invoiced, according to contract. For the sale of products under the full service model, revenue is recognized at a point in time when control of the products are transferred to the customers, generally on delivery of the products. For R&D engineering services, revenue is recognized over‑time as the customer simultaneously receives and consumes the benefits provided by the Group’s performance completed to date. Contract balances Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Contract fulfilment cost assets A contract fulfilment cost asset is recognized if the Group incurred costs to fulfil a contract with a customer and this costs relate directly to an existing or specific anticipated contract, generate or enhance resources of the Group that will be used to satisfy the performance obligations in the future and are expected to be recovered. Contract fulfilment cost assets are amortised on a straight-line basis, consistent with the expected lifetime of the project to which the asset relates. Contract assets and contract fulfilment cost assets are subject to impairment assessment. Refer to Note 2.4.11. Trade accounts receivable A receivable is recognized when an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). See Note 2.4.8 for accounting policies of financial assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. See note 4.1. 2.4.3 Income tax expense comprises current and deferred tax and is recognized in profit or loss except to the extent that it arises from a business combination, or items recognized directly in equity or other comprehensive income (OCI). Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted in the countries in which the Group operates at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that they are recoverable. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities and applying the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. 2.4.4 Functional and presentation currency The Group’s consolidated financial statements are presented in Euros, which is also the parent company’s functional currency. The Group determines the functional currency for each entity and the respective financial statements are measured using that functional currency. Transactions and balances Transactions in foreign currencies are translated into the respective functional currencies of Group companies using the exchange rates at the dates the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in the consolidated statements of operations. Foreign currency translation Upon consolidation, the assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date and the consolidated statements of operations and other comprehensive income (loss) are translated at the average rates. The exchange differences arising on translation for consolidation are recognized in OCI. Upon disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to the statement of operations. A summary of exchange rates to the Euro for currencies in which the Group operates is as follows: Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2020 2020 USD 1.1419 1.2271 CNY 7.8690 8.0225 JPY 121.8024 126.4900 TWD 33.6168 34.5067 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2019 2019 USD 1.1175 1.1234 CNY 7.7487 7.8205 JPY 121.5518 121.9400 TWD 34.5837 33.6811 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2018 2018 USD 1.1816 1.1450 CNY 7.8074 7.8751 JPY 130.4618 125.8500 2.4.5 Property and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Evaluation of impairment of non‑financial assets is described in 2.4.10. Cost includes expenditures that are directly attributable to the acquisition of the asset or self‑constructed assets in addition to any costs incurred in order to bring the assets into operating condition. The cost of an item of property and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located to the extent there is an obligation to do so. An asset retirement obligation for such costs is recorded upon acquisition. The costs for dismantling and removing are recognized and measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets . The Group has recognized asset retirement obligations to return certain of the Group’s premises to their original condition. Property and equipment are depreciated to their estimated residual values using the straight‑line method over their estimated useful lives. The depreciation is recognized in the statements of operations. Estimated useful lives are as follows: Years Technical equipment and machinery 3 ‑ 13 Factory, office and other equipment 3 ‑ 13 Gains or losses on disposal of property and equipment are recognized in the statements of operations. Repairs and maintenance are expensed as incurred. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 2.4.6 Policy applicable after IFRS 16 adoption The Group assesses at 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. This policy is applied to contracts entered into, on or after January 1, 2019, as well as those existing as of this date and which were previously identified as leases. See 3.1 for additional information on the effect of IFRS 16 adoption. 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 a right‑of‑use asset at the lease commencement date. Right‑of‑use assets are initially 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. Rights‑of‑use assets are depreciated on a straight‑line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Years Buildings 3 ‑ 10 Factory, office and other equipment 3 In addition, the right‑of‑use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Refer to 2.4.10 Impairment of non‑financial assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The Group presents right‑of‑use assets in ‘property and equipment’ in the statement of financial position. Lease liability The lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: · Fixed payments, including in‑substance fixed payments; · Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · Amounts expected to be payable under a residual value guarantee; and · The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in‑substance fixed lease payment. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount for the right‑of‑use asset or is recorded in profit or loss if the carrying amount of the right‑of‑use asset has been reduced to zero. Short‑term leases and leases of low‑value assets The Group applies the short‑term lease recognition exemption to leases for IT equipment with an initial lease term of 12 months or less. It also applies the low‑value assets recognition exemption to leases of equipment considered to be low value. For these leases, expense is recognized on a straight‑line basis over the lease term. Extension options Some property leases contain extension options exercisable by the Group up to one year before the end of the non‑cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group re‑assesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. Policy applicable before IFRS 16 adoption At the inception of an arrangement, the Group determines whether the arrangement is or contains a lease. The classification of leases is based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership and otherwise is an operating lease. The leased assets are measured initially at an amount equal to the lower of the fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset or depreciated over the shorter of the lease term and its useful life. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability and are allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Payments made under operating leases are recognized in profit or loss on a straight‑line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. 2.4.7 Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. Intangible assets are amortized using the straight‑line method over their estimated useful lives. The amortization is recognized in profit or loss. The Group had no development expenditures that met the requirements for capitalization and thus none have been capitalized. The Group does not have any intangible assets with indefinite useful lives. Estimated useful lives are as follows: Years Customer relationships 5 Software and Patents 5 Licenses 2 Amortization methods, useful lives and residual values are reviewed at each financial year‑end and adjusted, if appropriate. 2.4.8 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 Initial recognition and measurement Under IFRS 9 financial assets are classified, at initial recognition at amortized cost, fair value through other comprehensive income (OCI), or fair value through profit or loss. All of the Group’s financial assets are measured at amortized cost as the financial assets’ contractual cash flows give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding and as the business model of the Group is to collect contractual cash flows. Generally, the Group initially measures a financial asset at its fair value plus transaction costs. Trade receivables do not contain significant a significant financing component and are measured at the transaction price in accordance with 4.1 Revenue from contracts with customers. Subsequent measurement For subsequent measurement, financial assets are measured at amortized cost, measured using the effective interest method and are subject to impairment. The Group’s financial assets at amortized cost include trade accounts receivable and other financial assets (current and non‑current), as well as cash and cash equivalents. Gains and losses are recognized in the statements of operations when the asset is derecognized, modified or impaired. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. Financial liabilities The Group’s financial liabilities include trade and other payables as well as loans and borrowings, including bank overdrafts. Initial recognition and measurement Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss or as financial liabilities at amortized cost. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement After initial recognition, interest‑bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the statements of operations when the liabilities are derecognized as well as through the amortization process. Payables are recognized at the amount expected to settle or discharge the liability. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. 2.4.9 Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the first‑in first‑out principle, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and estimated costs to make the sale. 2.4.10 At each reporting date, the Group reviews the carrying amounts of its non‑financial assets (property and equipment, inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For impairment testing, assets within the scope of IAS 36 are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs (“cash‑generating units”). The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre‑tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in the statements of operations. They are allocated to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 2.4.11 The Group recognizes loss allowances for expected credit losses (ECLs) for financial assets measured at amortized cost under the general approach of IFRS 9. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For trade receivables (and contract assets) the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward‑looking factors specific to the debtors and the economic environment. For bank deposits and other financial receivables not classified as fair value through profit or loss the general approach of IFRS 9 is used. The Group considers a financial asset in default when contractual payments are 120 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. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 2.4.12 Cash and cash equivalents represent cash at banks, cash on hand and short‑term deposits with original maturities of three months or less from the date of acquisition. Cash equivalents are short‑term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 2.4.13 A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre‑tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. A provision for warranties is recognized when the underlying products or services are sold, based on historical warranty experience and a weighting of possible outcomes against their associated probabilities. For several leased buildings, the Group has installed leasehold improvements primarily related to cleanrooms and a provision related to the asset retirement obligation has been recognized (see Note 2.4.5). 2.4.14 Pensions and similar obligations relate to the Group’s statutory pension obligations for defined contribution plans. Obligations for contributions to defined contribution plans are recognized as an expense in the statements of operations. The Group has no defined benefit plans. 2.4.15 Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM is comprised of the CEO and the CFO of VIA. Since the acquisition of VTS in 2018 the Group reports two operating segments, “Display Solutions” and “Sensor Technologies”. No operating segments have been aggregated to form the reportable segments. Although Display Solutions includes a number of different applications for optical bonding services, the process, customers and economic characteristics are similar. The Display Solutions facilities have the capability of serving both the consignment and full service models. The acquisition of VTS (see Note 5) provided a horizontal extension of the value chain, but its operations are not significantly interrelated to other group entities. Therefore, the Group has an operating segment which is separately reviewed by the CODM. The segment Sensor Technologies engages in the production of metal mesh touch sensor technology and electrode base film. The CODM monitors the operating results of its segments separately for the purpose of making decisions regarding resource allocation and performance assessment. Segment performance is evaluated based on revenue, gross profit, EBITDA and net profit (loss). Segment performance is not evaluated based on the measures of Operating income (loss) and Depreciation and amortization, which are presen |
Accounting Standards
Accounting Standards | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Standards | |
Accounting Standards | 3. Accounting Standards 3.1 The Group adopted IFRS 16 as of January 1, 2019. The nature and effect of the changes as a result of adoption of this new accounting standard are described below. IFRS 16—Leases IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC 15 Operating Leases Incentives and SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires leessees to recognize most leases on the balance sheet. As of January 1, 2019, VIA Group initially applied IFRS 16 using the modified retrospective approach. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. The Group elected to use the transition practical expedient to not reassess whether a contract is or contains a lease at January 1, 2019. Instead, the Group applied the standard only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. No adjustment to the opening balance of retained earnings at January 1, 2019 was required with no restatement of comparative information. VIA Group as a lessee VIA Group primarily leases offices, factory facilities and vehicles. As a lessee, VIA Group previously classified leases as either operating or finance leases. Refer to Note 2.4.6 for the accounting policy prior to IFRS 16 adoption. Upon adoption, VIA Group recognized right‑of‑use assets and lease liabilities for those leases previously classified as operating leases, except for short‑term and leases of low value assets. Transition Previously, VIA Group classified all of its leases as operating leases under IAS 17. Some leases include an option to renew the lease for an additional time period after the end of the non‑cancellable period. At transition, lease liabilities were measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application. Right‑of‑use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The Group applied the following available practical expedients: · Applied the exemption not to recognize right‑of‑use assets and liabilities for leases with less than 12 months of lease term. · Excluded initial direct costs from measuring the right‑of‑use asset at the date of initial application. · Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease. Impacts on transition as of January 1, 2019 Upon transition to IFRS 16, the Group recognized additional lease liabilities and additional right‑of‑use assets at an amount equal to the lease liability. No differences were recognized in retained earnings at transition. The impact on transition is summarized below. EUR 01/01/2019 Right‑of‑use assets presented in property and equipment 11,825,810 Lease liabilities 11,825,810 Due to the recognition of corresponding lease liabilities and right‑of‑use assets, taxable and deductible temporary differences arise, accordingly, deferred tax assets and liabilities have been recognized on those differences. When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease payments using its incremental borrowing rate as of January 1, 2019. The weighted average rate applied is 2.1%. The lease liabilities as at January 1, 2019 are reconciled to the operating lease commitments as of December 31, 2018 as follows: EUR 01/01/2019 Operating lease commitment as at December 31, 2018 6,885,912 Less: Discounting of operating lease commitments (358,049) Discounted operating lease commitments using the incremental borrowing rate as at January 1, 2019 6,527,863 Less: Commitments relating to short‑term leases (4,734) Commitments relating to leases of low‑value assets (15,537) Add: Discounted payments in optional extension periods not as at December 31, 2018 5,318,218 Lease liabilities as at January 1, 2019 11,825,810 Impacts for the period As a result of applying IFRS 16, in relation to those leases, VIA Group has recognized depreciation and interest expense, instead of operating lease expense. During the financial year 2019, VIA Group recognized TEUR 1,869 of depreciation charges and TEUR 227 of interest expense from these leases. New and amended standards and interpretations The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2020. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Standard/Interpretation Subject of Standard/ Interpretation or Amendment Expected Impact on the VIA Group Amendments to IFRS 3: Definition of a business The amendment to IFRS 3 Business Combinations clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all of the inputs and processes needed to create outputs. This amendment had no impact on the consolidated financial statements of the Group, but may impact future periods should the Group enter into any business combinations. Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument. These amendments have no impact on the consolidated financial statements of the Group as it does not have any interest rate hedge relationships. Amendments to IAS 1 and IAS 8 Definition of Material The amendments provide a new definition of material that states, “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments had no impact on the consolidated financial statements of, nor is there expected to be any future impact to the Group. Conceptual Framework for Financial Reporting issued on 29 March 2018 The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. This amendment had no impact on the consolidated financial statements of the Group. Amendments to IFRS 16 Covid-19 Related Rent Concessions On 28 May 2020, the IASB issued Covid-19-Related Rent Concessions - amendment to IFRS 16 Leases The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a Covid-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The amendment applies to annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted. This amendment had no impact on the consolidated financial statements of the Group. 3.2 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. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Standard/Interpretation Effective Date Subject of Standard/ Interpretation or Amendment Expected Impact on the VIA Group Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 01.01.2022 The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. This clarification is not expected to have a material impact on the consolidated financial statements. Property, Plant and Equipment (Amendments to IAS 16) 01.01.2022 Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. This clarification is not expected to have a material impact on the consolidated financial statements. Amendments to IAS 1: Presentation of Financial Statements: Classification of Liabilities as Current or Non‑current 01.01.2023 Clarifies whether debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non‑current in the statement of financial position. This clarification is not expected to have a material impact on the consolidated financial statements. |
Significant accounting judgemen
Significant accounting judgements, estimates and assumptions | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting judgements, estimates and assumptions | |
Significant accounting judgements, estimates and assumptions | 4. Significant accounting judgements, estimates and assumptions In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements as well as the key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined as follows. 4.1 Principal versus agent considerations The Group enters into contracts with certain of its customers to acquire, on their behalf, displays produced by third‑party suppliers. Under these contracts, the Group provides procurement services. The Group determined that it does control the goods before they are transferred to customers, and it does have the ability to direct the use of the displays or obtain benefits from the displays. The following factors indicate that the Group does control the goods before they are being transferred to customers. Therefore, the Group determined that it is principal in these contracts. · The Group is primarily responsible for fulfilling the promise to provide the specified displays · The Group has inventory risk before or after the specified displays have been transferred to the customer as it purchases displays and takes them into inventory before the displays are bonded and shipped to the customers · The Group has discretion in establishing the price for the specified displays 4.2 Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for customers that have similar loss patterns. The provision matrix is initially based on the Group’s historical observed default rates. The Group then calibrates the matrix to adjust the historical credit loss experience with forward‑looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year, which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted upward. At every reporting date, the historical observed default rates are updated and changes in the forward‑looking estimates are analyzed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. 4.3 A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre‑tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. A provision for warranties is recognized when the underlying products or services are sold, based on historical warranty experience and a weighting of possible outcomes against their associated probabilities. Management’s estimations are based on the best information available related to historical experience and expected future costs and are subject to change over time. 4.4 From time to time, the Group may be involved in various claims and legal proceedings relating to claims arising out of its operations, as discussed further in Note 17—Commitments and contingencies. Periodically, and at each financial period end, the Group reviews the status of all significant outstanding matters to assess the potential financial exposure. When (i) it is probable that an asset has been impaired or a liability has been incurred and (ii) the amount of the loss can be reasonably estimated, the Group records the estimated loss in its consolidated statements of operations and other comprehensive income (loss). The Group provides disclosure in the notes to the consolidated financial statements for loss contingencies that do not meet both of these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. The Group bases accruals made on the best information available at the time, which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying consolidated financial statements. 4.5 The Group records income taxes under the liability method. Deferred tax assets and liabilities reflect the Group’s estimation of the future tax consequences of temporary differences between the carrying amounts of assets and liabilities for book and tax purposes. The Group determines deferred income taxes based on the differences in accounting methods and timing between financial statement and income tax reporting. Accordingly, the Group determines the deferred tax asset or liability for each temporary difference based on the enacted tax rates expected to be in effect when the Group realizes the underlying items of income and expense. The Group considers many factors when assessing the likelihood of future realization of its deferred tax assets, including its recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available to the Group for tax reporting purposes, as well as other relevant factors. Therefore, actual income taxes could materially vary from these estimates. 4.6 The Group assigns the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. When determining the fair values of assets acquired and liabilities assumed, the Group makes significant estimates and assumptions. The Group generally bases the measurement of fair value on the present value of future discounted cash flows. The discounted cash flows model indicates the fair value of the reporting unit based on the present value of the cash flows that the Group expects the reporting unit to generate in the future. The Group’s significant estimates in the discounted cash flows model includes forecasted revenues, weighted average costs of capital as well as the term of use of the tangible assets. The Group’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. 4.7 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. Group 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). |
Changes in the Group
Changes in the Group | 12 Months Ended |
Dec. 31, 2020 | |
Changes in the Group | |
Changes in the Group | 5. Changes in the Group The following are the consolidated subsidiaries of VIA optronics AG: Net Profit (Loss) Ownership Interest % in EUR Equity in EUR Name Place of Business 12/31/2020 12/31/2019 12/31/2018 2020 2019 2018 12/31/2020 12/31/2019 VIA optronics GmbH Schwarzenbruck, Germany 100 100 * (1,726,540) (7,485,107) * (5,856,981) (4,130,440) VIA optronics LLC Orlando, Florida, USA 100 100 100 (190,393) (518,604) 326,012 (1,914,714) (1,897,939) VIA optronics (Suzhou) Co., Ltd. Suzhou, China 100 100 100 4,975,824 547,204 5,309,218 20,090,782 15,603,019 VIA optronics (Taiwan) Ltd. Taipei, Taiwan 100 100 100 85,037 (17,695) 210,009 130,282 VTS‑Touchsensor Co., Ltd. Higashi Omi, Japan 65 65 65 15,956 (4,567,009) (1,659,499) 791,155 804,738 * Reorganization of the Groups’ structure On January 4, 2019, the shareholders of VIA optronics GmbH formed VIA optronics AG, a stock corporation under German law with nominal share capital of TEUR 100. Upon formation, VIA optronics AG’s equity consisted of 100,000 ordinary shares with no par value and a stated value of one Euro (EUR 1) and each shareholder owned the same proportionate interest as in VIA optronics GmbH. On April 18, 2019, the shareholders of VIA optronics GmbH contributed the shares that they held in VIA optronics GmbH to VIA optronics AG by way of a contribution in kind against issuance of new shares. As a result of this contribution, the share capital was increased from TEUR 100 by TEUR 2,900 to TEUR 3,000 in the form of a capital increase by way of a contribution in kind through issuance of 2,900,000 ordinary shares, each with a nominal value of EUR 1 per share, to the former shareholders of VIA optronics GmbH (who are also the founding shareholders of VIA optronics AG) as consideration for their contributions. On June 25, 2019, the contribution of the VIA optronics GmbH shares to VIA optronics AG became legally effective with the registration of the capital increase with the commercial register. With the effectiveness of the contribution and the capital increase by way of a contribution in kind, VIA optronics AG became the sole shareholder of VIA optronics GmbH and the founding shareholders of VIA optronics AG (and former shareholders of VIA optronics GmbH) received the new shares in VIA optronics AG issued in the capital increase proportionate to the shareholdings in VIA optronics GmbH shares that they contributed. The contribution in kind and resulting reorganization was recognized as a business combination under common control (transaction under common control) using the book value method. As a result, the difference between the nominal value of new shares issued by VIA optronics AG for the acquisition of the shares of VIA optronics AG (TEUR 2,900) and VIA optronics GmbH’s own share capital (TEUR 73) has been accounted for through capital reserve and subscribed capital in the consolidated statement of financial position. Due to the common control nature of the transaction, the prior‑year comparative disclosures required by IFRS have been presented as if the legal structure of VIA optronics AG had already existed, including earnings per share (see Note 26). Hence the financial statements of VIA optronics AG are effectively the successor to VIA optronics GmbH. Foundation of Taiwan Subsidiary On January 2, 2019, VIA optronics (Taiwan) Ltd was founded as a new subsidiary with the purpose of conducting the sales activities for the Group. VIA optronics AG indirectly holds all shares of VIA optronics (Taiwan) Ltd. Acquisition of VTS On March 29, 2018, VIA acquired 65% of the shares and voting rights in VTS‑Touchsensor Co., Ltd., Higashi Omi, Japan, a developer and manufacturer of metal mesh touch sensor technologies and electrode base film, from Toppan Touch Panels Products Co., Ltd., (“Toppan”). VIA has power over VTS because the relevant activities are directed through voting rights and potential voting rights (deadlock call right). VIA’s rights are substantive when all available facts and circumstances are considered and they provide VIA with the current ability to direct the relevant activities of VTS. Simultaneous with the acquisition, VTS and Toppan entered into a sale and transfer agreement regarding special technology relevant for the production of touch sensors. With the acquisition, VIA significantly advanced its vertical integration as VTS produces significant components for VIA’s existing product portfolio in the display technology business. Moreover, VIA could further improve its business relations in the Japanese market and gain additional production know‑how. At the acquisition date, the Group elected to measure the non‑controlling interests in the acquiree at the proportionate share (35%) of the acquiree’s identifiable net assets. As of December 31, 2018, the Group reassessed whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviewed the procedures used to measure the amounts to be recognized at the acquisition date. This reassessment confirmed the fair value of the net assets acquired. As Toppan had not operated VTS as a separate entity prior to the sale of the controlling interest to the Group, the bargain purchase gain resulted primarily from the step‑up in the fair value of certain machinery and equipment that Toppan had fully depreciated and fair value related to intangible assets for customer relationships that were not recognized as internally developed intangible assets by Toppan. The Group therefore recognized the gain from bargain purchase from the acquisition amounting to TEUR 2,993, which was recognized as other operating income in the statement of operations. Transaction costs for due diligence, legal and notary fees in 2018 of TEUR 775 (2017: TEUR 512) were expensed and are included in general administrative expenses. The purchase consideration of the acquisition was paid in cash. No changes in Group took place during the year ended December 31, 2020. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets | |
Intangible assets | 6. Intangible assets Software, Licenses and Customer In EUR Patents Relationships In Process Total Cost Balance at January 1, 2019 5,316,273 2,203,278 10,636 7,530,187 Additions 1,262,694 — 84,490 1,347,185 Transfer 95,126 — (95,126) — Foreign currency effect 128,169 60,845 — 189,014 Balance at December 31, 2019 6,802,262 2,264,124 — 9,066,386 Additions 86,850 — — 86,850 Transfer — — — — Foreign currency effect (99,763) (31,423) — (131,186) Balance at December 31, 2020 6,789,349 2,232,701 — 9,022,049 Customer In EUR Software Relationships In Process Total Accumulated amortization Balance at January 1, 2019 (1,047,289) (356,331) — (1,403,620) Amortization (1,119,260) (509,935) — (1,629,195) Balance at December 31, 2019 (2,166,549) (866,266) — (3,032,815) Amortization (1,402,098) (508,886) — (1,910,985) Balance at December 31, 2020 (3,568,647) (1,375,152) — (4,943,799) Carrying amounts At January 1, 2019 4,268,984 1,846,947 10,636 6,126,567 At December 31, 2019 4,635,713 1,397,857 — 6,033,571 At December 31, 2020 3,220,701 857,549 — 4,078,249 There were no impairment losses and subsequent reversals concerning intangible assets in 2020, 2019 or 2018. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment | |
Property and equipment | 7. Property and equipment Factory, Office, Other Technical Equipment and Equipment and Leasehold Assets Under In EUR Buildings Machines Improvements Construction Total Cost Recognition of right‑of‑use asset on initial application of IFRS 16 11,725,800 — 100,010 — 11,825,810 Balance at January 1, 2019 11,725,800 12,034,514 3,280,141 762,530 27,802,985 Additions — 283,044 590,687 534,600 1,408,331 Transfers — 609,322 202,476 (811,798) — Disposals — (99,898) (71,580) (84,490) (255,968) Foreign currency effect 204,865 190,545 7,280 12,298 414,989 Balance at December 31, 2019 11,930,665 13,017,527 4,009,004 413,140 29,370,337 Balance at January 1, 2020 11,930,665 13,017,527 4,009,004 413,140 29,370,337 Additions 824,613 553,733 646,934 1,722,258 3,747,538 Transfers — 11,966 — (11,966) — Disposals — (53,019) (0) — (53,019) Foreign currency effect (202,521) (90,064) (25,766) (1,735) (320,086) Balance at December 31, 2020 12,552,757 13,440,143 4,630,172 2,121,698 32,744,770 Accumulated depreciation Balance at January 1, 2019 — (3,655,260) (2,295,034) — (5,950,294) Depreciation charge for the year (1,805,706) (2,794,104) (308,023) — (4,907,832) Disposals — 35,482 28,575 — 64,057 Balance at December 31, 2019 (1,805,706) (6,413,882) (2,574,482) — (10,794,069) Depreciation charge for the year (1,817,745) (2,872,934) (427,183) (14,744) (5,132,605) Disposals — 17,513 — — 17,513 Balance at December 31, 2020 (3,623,451) (9,269,302) (3,001,665) (14,744) (15,909,161) Carrying amounts At January 1, 2019 11,725,800 8,379,254 985,107 762,530 21,852,691 At December 31, 2019 10,124,960 6,603,646 1,434,522 413,140 18,576,268 At December 31, 2020 8,929,306 4,170,841 1,628,508 2,106,954 16,835,608 There have been no impairment losses or reversals of impairment in 2020, 2019 or 2018. Refer to Note 16 for the amount of Right‑of‑use assets included in property and equipment. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventories | |
Inventories | 8. Inventories In EUR 12/31/2020 12/31/2019 Raw materials and supplies 10,674,829 7,377,176 Work in progress 693,357 879,729 Finished goods and merchandise 5,887,869 6,228,917 Inventories 17,256,055 14,485,822 During 2020, an amount of TEUR 105,030 (2019: TEUR 100,987; 2018: TEUR 134,453) for inventories was recognized as cost of sales. There was an inventory write‑down in 2020 of TEUR 96 (2019: TEUR 0; 2018: TEUR 700). |
Trade accounts receivable
Trade accounts receivable | 12 Months Ended |
Dec. 31, 2020 | |
Trade accounts receivable | |
Trade accounts receivable | 9. Trade accounts receivable All trade accounts receivable are from third parties and have maturities within one year. At the balance sheet date, all trade accounts receivable are non‑interest bearing. The following table provides information about the expected credit loss rates (ECLs) and recognized loss impairments for trade accounts receivables as at December 31, 2020 and December 31, 2019. Trade Receivables December 31, 2020 Days Past Due in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Expected credit loss rate Estimated total gross carrying amount at default 20,440,906 3,193,352 243,574 704,697 303,789 2,200,380 27,086,699 Expected credit loss (72,865) (36,393) (14,984) (16,166) (13,574) (40,830) (194,813) Impairment loss — — (514,066) (514,066) Trade accounts receivables 20,368,041 3,156,959 228,590 688,531 290,215 1,645,484 26,377,820 Days Past Due December 31, 2019 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Expected credit loss rate 1.05 % 1.64 % 1.81 % 5.86 % 2.74 % 5.50 % 2.00 % Estimated total gross carrying amount at default 17,488,498 2,842,760 1,072,661 815,992 247,442 4,126,903 26,594,255 Expected credit loss (182,809) (46,649) (19,402) (47,854) (6,788) (227,166) (530,668) Impairment loss (839,131) (839,131) Trade accounts receivables 17,305,689 2,796,111 1,053,259 768,138 240,654 3,060,606 25,224,456 The allowances of the trade accounts receivable developed as follows: EUR Balance at January 1, 2019 971,381 Impairment loss 200,812 Provision for expected credit losses 189,668 Currency translation effect 7,939 Balance at December 31, 2019 1,369,800 Reversal of impairment loss (291,756) Reversal of provision for expected credit losses (335,855) Currency translation effect (33,309) Balance at December 31, 2020 708,880 |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2020 | |
Other current assets | |
Other current assets | 10. Other current assets In EUR 12/31/2020 12/31/2019 Deferred offering costs — 6,469,471 Contract assets — 715,962 Value added tax refund 883,027 228,987 Contract fulfilment cost assets 237,347 — Miscellaneous 217,302 77,976 Prepaid expenses 2,219,057 83,377 Receivables from employees < 1 year 37,051 27,565 Total 3,593,785 7,603,338 Deferred offering costs were reclassified as a cost to equity as the IPO was concluded in 2020, please refer to Note 11 for details. Contract assets which resulted from revenue recognition from products without an alternative use and where the Group has an enforceable right to payment, were transferred to customer and thus derecognized as of December 31, 2020. As of December 31, 2020, the contract fulfilment cost assets result from incurred costs to fulfil contracts with customers. The prepaid expenses as of December 31, 2020, mainly consist of D&O insurance. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity | |
Equity | 11. Equity As of December 31, 2020, VIA’s subscribed capital is divided into 4,530,701 (December 31, 2019: 3,000,000) ordinary shares, all fully paid and each representing a share of the capital stock of EUR 1.00. In total, the capital stock thus amounts to EUR 4,530,701. Each share guarantees the right to the dividend resolved by the shareholders’ meeting if any. VIA’s subscribed capital has been increased in the financial year ended December 31, 2020 through the Company’s Initial Public Offering and the concurrent private placement by 1,530,701 ordinary shares. The total net proceeds received from the Initial Public Offering (IPO) and the concurrent private placement amounted to EUR 80,783,682 of which the amount of EUR 79,252,981 exceeding the share of the capital stock of EUR 1.00 per share has been accounted for through capital reserve. Transaction costs including underwriting discounts and commissions and offering expenses payable by the Company amounting to EUR 10,060,936 have been deducted from the gross IPO and private placement proceeds. Transaction costs have been paid in the financial year ended December 31, 2020 as well as previous years. Transaction costs that have been paid in the financial year ended December 31, 2020 amounted to EUR 3,591,465 and are presented as cash flow from financing activities in the consolidated statement of cash flows. Transaction costs that have been paid in previous years amounted to EUR 6,469,471 and have not been reclassified based on the execution of the IPO. They are presented as cash flow from operating activities in the respective years incurred. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2020 | |
Loans | |
Loans | 12. Loans In Contract Interest Contract Currencies EUR Rates Maturity Currency 12/31/2020 12/31/2020 % Current loans Bank overdrafts — 264 Deutsche Bank 2.55 - 2.60% 02/22 - 03/09/21 EUR 2,400,000 2,400,000 CZBANK 04/13 - 05/10/21 USD 1,950,940 1,586,748 CITIC BANK 2.16 - 2.24% 02/05 - 06/02/21 USD 6,001,493 4,881,165 ICBC Bank 2.25 - 2.32% 01/26 - 06/25/21 USD 4,922,324 4,003,449 SPD Bank 3.07 - 3.15% 02/28 - 03/30/21 USD 6,260,000 5,091,415 CCB Bank 02/03/21 USD 2,000,000 1,626,650 Shiga Bank 11/30/2023 JPY 100,080,000 791,209 Shiga Bank 06/01/2022 JPY 33,600,000 265,634 Total current loans 20,646,533 Non‑current loans Shiga Bank 11/30/2023 JPY 191,420,000 1,513,321 Shiga Bank 06/01/2022 JPY 16,000,000 126,492 Total non‑current loans 1,639,813 In Contract Interest Contract Currencies EUR Rates Maturity Currency 12/31/2019 12/31/2019 % Current loans Bank overdrafts EUR 26,420 26,420 Shareholder* EUR 2,000,000 2,000,000 Bayern LB 1.86 ‑ 4.00 % 01/31 ‑ 06/26/20 EUR 7,100,000 7,100,000 Deutsche Bank 1.95 % 01/17 ‑ 03/04/20 EUR 2,500,000 2,500,000 CZBANK 4.80 ‑ 5.00 % 01/14 ‑ 05/25/20 USD 3,035,712 2,707,977 CITIC BANK 3.78 ‑ 3.99 % 01/10 ‑ 06/12/20 USD 9,406,690 8,390,859 ICBC Bank 3.92 ‑ 4.15 % 01/21 ‑ 05/21/20 USD 4,631,324 4,131,327 CCB Bank 2.87 % 02/19/2020 USD 780,000 695,791 Shiga Bank 1.67 % 11/30/2023 JPY 133,680,000 1,096,277 Total current loans 28,648,651 Non‑current loans Shiga Bank 1.67 % 11/30/2023 JPY 341,100,000 2,797,277 Total non‑current loans 2,797,277 * As collateral, the Group has pledged a portion of its trade accounts receivable up to amounts drawn under the respective loans, in support of these obligations (2020: TEUR 2,037; 2019: TEUR 15,926). All loans were concluded under normal market conditions. Financial Liabilities Due to Third Lease Loans Parties* Liabilities Share Capital Capital Reserve Total EUR EUR EUR EUR EUR EUR Recognition of lease liabilities on initial application of IFRS 16 — — 11,825,810 — — 11,825,810 Balance at January 1, 2019 30,505,046 921,954 11,825,810 — — 43,252,810 Cash flows from financing activities Proceeds from issue of share capital — — — 100,000 100,000 Proceeds from loans and borrowings 59,368,855 — — — 59,368,855 Repayment of loans and borrowings (58,861,016) (70,922) — — (58,931,938) Payment of lease liabilities — — (1,748,088) — (1,748,088) Interest paid (1,357,141) — (226,941) — (1,584,082) Net cash provided by (used in) financing activities (849,303) (70,922) (1,975,029) 100,000 (2,795,253) Foreign currency effect 433,043 — 204,370 — 637,413 New leases — — 76,953 — 76,953 Interest expense 1,357,141 — 226,941 — 1,584,082 Balance at December 31, 2019 31,445,928 851,032 10,359,045 100,000 42,756,005 Balance at January 1, 2020 31,445,928 851,032 10,359,045 100,000 42,756,005 Cash flows from financing activities Gross IPO proceeds — — — 1,530,701 89,313,917 90,844,618 IPO costs — — — — (3,591,465) (3,591,465) Proceeds from loans and borrowings 53,577,777 — — — — 53,577,777 Repayment of loans and borrowings (60,398,873) (75,110) — — — (60,473,984) Payment of lease liabilities — — (1,817,114) — — (1,817,114) Interest paid (1,236,102) — (197,967) — — (1,434,069) Net cash provided by (used in) financing activities (8,057,198) (75,110) (2,015,081) 1,530,701 85,722,452 77,105,764 Foreign currency effect (2,338,486) — (205,918) — — (2,544,404) New leases — — 878,414 — — 878,414 Interest expense—paid 1,236,102 — 197,967 — — 1,434,069 Balance at December 31, 2020 22,286,346 775,922 9,214,427 1,630,701 85,722,452 119,629,848 * |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Provisions | |
Provisions | 13. Provisions Asset Retirement In EUR Warranties Obligation Litigation Other Total Balance at January 1, 2019 1,422,331 132,333 427,175 315,445 2,297,284 Additions 74,648 — — 1,481,970 1,556,618 Reversals (996,144) — — — (996,144) Usage — — (427,175) (315,445) (742,620) Unwinding of discount — 1,964 — — 1,964 Currency translation effect 15,746 179 — (4,717) 11,208 Balance at December 31, 2019 516,581 134,476 — 1,477,253 2,128,310 Non‑current — 134,476 — — 134,476 Current 516,581 — — 1,477,253 1,993,833 Total 516,581 134,476 — 1,477,253 2,128,310 Balance at January 1, 2020 516,581 134,476 — 1,477,253 2,128,310 Additions 124,881 — — — 124,881 Reversals (65,264) — — — (65,264) Usage — — — (1,478,922) (1,478,922) Unwinding of discount — 1,993 — — 1,993 Currency translation effect (258) (685) — 1,669 726 Balance at December 31, 2020 575,940 135,784 — — 711,724 Non‑current — 135,784 — — 135,784 Current 575,940 — — — 575,940 Total 575,940 135,784 — — 711,724 During the year ended December 31, 2020, patent licencing fees which comprised other provisions as of December 31, 2019 were settled. The provision for warranties relates mainly to products sold during the respective year. The provision has been estimated based on historical warranty data associated with similar products and services. The Group expects to settle these obligations over the next year. The reversal of TEUR 65 in 2020 (2019: TEUR 996) resulted from the legal obligation for a specific warranty provision lapsing in the year. Furthermore, the Group has asset retirement obligations to return certain of the Group’s premises to their original condition. The asset retirement obligation is not expected to be fulfilled in less than five years. In the ordinary course of business, the Group is party to lawsuits. In 2018, the Group recognized a provision for litigation related to a legal dispute with a former employee. As part of the sale agreement between the Group’s former and current shareholder, an escrow account was established for the benefit of the Company to the extent such matter is resolved. Accordingly, the Group had recorded for this case an amount as other non‑financial asset equal to this liability. The legal dispute concerning this matter was resolved during 2019 in the amount accrued at December 31, 2018 of TEUR 427. |
Other current financial liabili
Other current financial liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other current financial liabilities | |
Other current financial liabilities | 14. Other current financial liabilities In EUR 12/31/2020 12/31/2019 Financial liabilities due to third parties 775,922 851,032 Invoices not yet received 2,681,136 4,972,937 Customers with credit balances 174,870 — Miscellaneous other financial liabilities 317,144 13,155 Total 3,949,072 5,837,124 The financial liabilities due to third parties consist mainly of a commercial agreement with Intel. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other current liabilities | |
Other current liabilities | 15. Other current liabilities In EUR 12/31/2020 12/31/2019 Liabilities due to personnel bonus 1,996,597 2,263,758 Social security liabilities 144,420 162,544 Tax liabilities other than income taxes 613,125 424,443 Liabilities for remaining leave 338,219 302,597 Contract liabilities 190,154 334,123 Accrued expenses 57,519 39,014 Miscellaneous other non‑financial liabilities 560,309 560,876 Total 3,900,342 4,087,355 Miscellaneous other current non‑financial liabilities mainly consist of freight, professional services and office supplies accruals (2020: TEUR 291; 2019: TEUR 525). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | 16. Leases Leases as a lessee The Group has lease contracts for various items of office, plant and vehicles used in its operations. Leases of office and plant have lease terms between 3 and 18 years, while motor vehicles generally have lease terms of 3 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. For certain leases, the Group is restricted from entering into any sub‑lease agreements. There are several lease contracts that include extension and termination options, which are further discussed below. The extension options representing the undiscounted potential future rental payments for the lease contracts which are not included in the lease liabilities for the VIA Group as on December 31, 2020 amount to TEUR 5,778 (2019: TEUR 5,421). The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the ‘short‑term lease’ and ‘lease of low‑value assets’ recognition exemptions for these leases. The carrying amounts of right‑of‑use assets recognized and the movements during the period were as follows: Right‑of‑use assets Factory, Office and Other In EUR Buildings Equipment Total Balance at January 1, 2020 10,124,959 113,373 10,238,332 Depreciation charge for the year (1,817,745) (85,478) (1,903,223) Additions to right‑of‑use assets 824,613 103,802 928,414 Foreign currency effect (202,521) — (202,521) Balance at December 31, 2020 8,929,305 131,696 9,061,002 Factory, Office and Other In EUR Buildings Equipment Total Balance at January 1, 2019 Depreciation charge for the year Additions to right‑of‑use assets 76,953 Foreign currency effect 204,865 Balance at December 31, 2019 The carrying amounts of lease liabilities (included under current and non‑current financial liabilities) and the movements during the period as well as the amounts recognized in profit or loss were as follows: Lease Liability In EUR Lease Liability Balance at January 1, 2020 (11,971,963) Additions (878,414) Accretion of interest (197,967) Payments 3,627,998 Foreign currency effect 205,918 Balance at December 31, 2020 (9,214,428) Current (1,593,975) Non‑current (7,620,453) In EUR Lease Liability Balance at January 1, 2019 (11,825,810) Additions (1,689,870) Accretion of interest (226,942) Payments 1,975,029 Foreign currency effect (204,370) Balance at December 31, 2019 (11,971,963) Current (3,155,469) Non‑current (8,816,494) Amounts recognized in profit or loss In EUR 2020 2020—Leases under IFRS 16 Depreciation expense of right‑of‑use assets 1,903,223 Interest on lease liabilities (197,967) Expenses relating to short‑term leases 34,860 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 40,800 1,780,916 In EUR 2019 2019—Leases under IFRS 16 Depreciation expense of right‑of‑use assets 1,869,296 Interest on lease liabilities (226,941) Expenses relating to short‑term leases 4,018 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 46,506 1,692,879 The Group had total cash outflows for all leases of TEUR 3,704 in 2020 (2019: TEUR 2,026). |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies | |
Commitments and contingencies | 17. Commitments and contingencies From time to time, the Group may be involved in various claims and legal proceedings relating to claims arising out of its operations. As of December 31, 2020, there are five legal out‑of‑court and court disputes related to production issues. The dispute processes are still ongoing, and the estimated claims are assessed to have potential loss of TEUR 195. Based on present facts, the outcome is uncertain; however, management believes a loss is not probable. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Revenue | 18. Revenue In EUR 2020 2019 2018 Display Solutions 127,119,437 113,358,812 150,315,353 Full Service Model 108,255,662 104,534,027 148,118,965 Consignment Model 16,827,626 6,500,740 2,196,388 R&D Engineering Services 2,036,149 2,324,045 — Sensor Technologies 25,470,878 23,872,523 21,363,541 Total 152,590,315 137,231,335 171,678,894 The Group has no remaining performance obligations which have an original expected term of more than one year. Contract Balances January 1, In EUR 2020 2019 2019 Trade accounts receivables (see Note 9) 26,377,820 25,224,456 28,348,708 Contract liabilities 190,154 334,123 38,427 Contract assets — 715,962 — Contract fulfilment cost assets 237,347 — — Contract liabilities include advances on orders received from customers. The development of contract liabilities and revenue recognized therefrom is as follows: Contract In EUR Liabilities Balance at January 1, 2019 38,427 Deferred during the year 334,123 Recognized as revenue during the year (38,427) Balance at December 31, 2019 334,123 Deferred during the year 190,154 Recognized as revenue during the year (334,123) Balance at December 31, 2020 190,154 |
Expense by nature
Expense by nature | 12 Months Ended |
Dec. 31, 2020 | |
Expenses by nature | |
Expenses by nature | 19. Expenses by nature Expenses by nature were as follows: In EUR 2020 2019 2018 Raw materials and consumables 105,030,465 101,070,401 134,453,049 Salaries, wages and employee benefits 22,877,775 24,676,137 18,073,070 Consultancy and professional fees 4,064,764 3,574,695 2,144,300 Advertising, vehicle and travel expenses 1,341,142 2,552,183 3,691,559 Warranty 124,881 (921,496) 252,125 Lease expenses 190,673 217,855 1,417,331 Purchased services 2,443,355 1,798,175 3,186,693 Taxes, insurance costs, and other dues 1,993,462 2,073,989 914,185 Depreciation and amortisation 7,043,590 6,537,028 3,212,450 Maintenance 1,704,322 1,611,234 237,948 Other 4,357,742 3,958,879 1,189,369 Total 151,172,171 147,149,080 168,772,079 Salary, wages and employee benefits included salaries and wages which amounted to TEUR 21,426 in 2020 (2019: TEUR 22,724; 2018: TEUR 16,239) and social security contributions which amounted to TEUR 1,452 in 2020 (2019: TEUR 2,188; 2018: TEUR 1,848). In 2020, Warranty includes a benefit from the reversal of a TEUR 65 (2019: TEUR 996) warranty provision in the year; refer to Note 13 for additional information. In 2020 the category “Other” contains other R&D expenses in the amount of TEUR 1,927 (2019: TEUR 1,162; 2018: TEUR 0), utilities expenses of TEUR 1,439 (2019: TEUR 1,593; 2018: TEUR 147), miscellaneous small amounts, primarily comprised of approximately TEUR 189 (2019: TEUR 174; 2018: TEUR 234) for cafeteria expenses, TEUR 162 (2019: TEUR 131; 2018: TEUR 94) for quality and testing expenses and TEUR 0 (2019: TEUR 0; 2018: TEUR 148) for relocation expenses. |
Other income and other expenses
Other income and other expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other income and other expenses | |
Other income and other expenses | 20. Other income and other expenses 20.1 Other operating income consists of exchange gains, damages/insurance proceeds and miscellaneous. In EUR 2020 2019 2018 Exchange gains 3,326,593 911,779 1,297,223 Damages/insurance proceeds 12,282 21,224 15,099 Bargain purchase gain — — 2,992,660 Miscellaneous other operating income 1,630,159 1,425,994 717,495 Total 4,969,034 2,358,997 5,022,477 In 2020, miscellaneous other operating income mainly consists of tooling income in the amount of TEUR 492 (2019: TEUR 771), ECL reduction of TEUR 326 and income from release of other liabilities TEUR 274. In 2018, miscellaneous other operating income mainly consisted of the tooling charges which were charged to the customer TEUR 345, other accrual release (TEUR 77), indemnities due to inadequate quality of received material (TEUR 70) and other small amounts of miscellaneous income. 20.2 Other operating expenses include exchange losses, losses on disposal of fixed assets, other taxes, increase in bad debt provisions and miscellaneous. In EUR 2020 2019 2018 Exchange losses 5,462,494 937,045 1,355,207 Losses on disposals of assets 76,561 16,565 — Other taxes — 1,190 8,039 Increase in bad debt provisions 323,200 572,928 255,886 Miscellaneous other operating expenses 1,297,265 1,887,415 1,412,148 Total 7,159,521 3,415,143 3,031,280 In 2020, miscellaneous other operating expense mainly consists of tooling expense in the amount of TEUR 836 (2019: TEUR 766; 2018: TEUR 560) and warranty expenses (TEUR 282). In 2019 and 2018 they also included accrued licensing fees (2019: TEUR 520; 2018: TEUR 0), off‑site expenses (2018: TEUR 285), custom duties (2018: TEUR 181) and other miscellaneous expenses. |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2020 | |
Financial result | |
Financial result | 21. Financial result In EUR 2020 2019 2018 Interest income on: —Loans, bank deposits and receivables 4,182 3,771 Total interest income arising from financial assets not measured at fair value through profit or loss 4,182 3,771 Finance income 4,182 3,771 — Interest expense (1,423,157) (1,643,990) (1,140,047) Unwind of discount on asset retirement obligation (1,993) (1,964) (1,544) Finance costs (1,425,150) (1,645,953) (1,141,591) Net finance costs recognized in profit or loss (1,420,968) (1,642,182) (1,141,591) |
Taxes on income
Taxes on income | 12 Months Ended |
Dec. 31, 2020 | |
Taxes on income | |
Taxes on income | 22. Taxes on income 22.1 Income tax expense include current and deferred income taxes as follows: In EUR 2020 2019 2018 Current tax expense 2,275,672 201,953 1,883,669 Adjustments in respect of current income tax of previous year 86,252 156,800 275,895 Deferred income tax charge / (benefit) (943,789) 382,812 (1,781,454) Income tax expense 1,418,134 741,565 378,110 Both VIA AG and VIA optronics GmbH are subject to corporate income tax and trade tax in Germany. The statutory corporate income tax rate of VIA AG in 2020 and 2019 is 15.0% plus solidarity surcharge of 5.5% thereon (15.82% in total). The municipal trade tax in 2020 is approximately 16.35%. For the year ending December 31, 2020, the statutory German corporate income tax rate applicable to VIA optronics GmbH is 32.17% (2019: 31.9 %, 2018: 31.8%). It consists of the corporate income tax rate of 15.0% plus solidarity surcharge of 5.5% and the variable municipal trade tax of 16.35% (in 2019 – 16.1 %, in 2018—16.0%,). The change in the municipal trade tax is due to the complete relocation of the permanent establishment from Altdorf to Nuremberg, with Nuremberg having a higher trade tax rate. For the Group’s subsidiaries, VIA LLC (USA) a tax rate of 23.75% (2019: 26.5%; 2018: 27.0%), for VIA Suzhou (China) a tax rate of 25.0% in 2020, 2019 and 2018 and for VTS (Japan) a tax rate of 34.1% (2019: 34.1 %, 2018: 33.9%) is applicable. For VIA Taiwan the tax rate applicable in 2020 is 20.0% (2019: 20.0 %). 22.2 The company’s applicable tax rate is 32.17% (2019: 32.17%), being the applicable income tax rate of VIA AG. The reconciliation of the Group’s statutory tax rate to its effective tax rate is as follows: In EUR 2020 2019 2018 (Loss)/Profit before tax (2,193,310) (12,616,073) 3,756,420 Tax under domestic (German) tax rate 705,588 4,058,591 (1,195,744) Effect of tax rate in foreign jurisdictions 423,177 119,823 545,310 Tax effect of: Changes in domestic tax rate (11,938) 70,954 Non‑deductible expenses (128,603) (47,925) (71,349) Current‑year losses for which no deferred tax asset is recognized (2,360,472) (2,582,253) — Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences (13,965) (2,089,536) 113,383 Non‑deductible withholding taxes (126,455) (195,123) (275,868) Permanent difference from business combination — — 719,359 Income tax for prior years 72,671 (892) (275,895) Others 9,925 7,688 (8,260) Income tax expense (1,418,134) (741,565) (378,110) Effective tax rate % 5.88 % 10.07 % 22.3 The components of deferred tax balances are as follows: 2020 2019 2018 Deferred Tax Deferred Tax Deferred Tax Deferred Tax Deferred Tax Deferred Tax In EUR Assets Liabilities Assets Liabilities Assets Liabilities Non‑current assets Intangible assets 158,134 (292,338) 115,923 (476,530) — (576,234) Property and equipment — (3,073,184) — (4,155,783) — (1,589,665) Other financial assets — — 45,633 — Current assets Inventories 58,186 — 312,529 — 317,440 — Trade accounts receivables 163,841 — 50,849 (13,913) 305,873 (19,992) Other current assets — (85,795) — (2,319,362) — (732,527) Cash and cash equivalents 8,100 — 13,596 — 48,119 — Non‑current liabilities Loans — — — — — — Provisions 41,791 (12,737) 34,740 — 40,339 Other financial liabilities — — — (11,221) Lease liabilities 2,076,118 — 2,803,625 — — — Current liabilities Loans — — — — 29,772 — Trade accounts payable 691,939 (60,747) 880,190 (86,100) 138,878 — Provisions — — — — 237,526 (232,600) Lease liabilities 484,147 — 484,298 — — — Other financial liabilities 208,879 — 39,935 — 15,983 — Other non‑financial liabilities 2,359 (10,445) 15,778 (4,011) 10,324 — Losses carried forward 40,242 — 1,769,111 — 1,886,325 — Deferred Taxes before netting 3,933,737 (3,535,246) 6,520,574 (7,055,699) 3,076,212 (3,162,239) Netting (3,535,246) 3,535,246 (6,351,887) 6,351,887 (1,138,361) 1,138,361 Deferred Taxes netted 398,491 (0) 168,687 (703,812) 1,937,851 (2,023,878) Deferred tax assets are recognized on unused tax losses to the extent that it is probable that taxable profits will be available in the future against which the unused tax losses can be utilized. In this regard, management exercises judgment as to the expected timing and the amount of the taxable profits and measures deferred tax assets on unused tax losses accordingly. Due to continuing losses, in 2020 the Company determined that the recoverability of the deferred tax assets for VIA optronics AG, VIA optronics GmbH and VIA LLC, in excess of recoverable deferred tax liabilities, was not deemed probable. Therefore, deferred taxes of TEUR 2,360 for current tax losses were not recognized. In Germany, the Group has accumulated corporate income tax losses carried forward of TEUR 27,726 (2019: TEUR 17,658) and trade tax losses carried forward of TEUR 27,132 (2019: TEUR 17,246), no deferred tax asset was recognized for TEUR°27,601 (corporate income tax) resp. TEUR°27,005 (trade tax). German corporate income tax and trade tax losses carried forward do not expire in the future. In other countries, the Group has accumulated tax losses carried forward of TEUR 3,701 (2019: TEUR 5,043). For TEUR 796 (2019: TEUR 4,126), no deferred tax asset was recognized. The non‑recognized tax losses of VTS (Japan) (TEUR 850) were fully used in 2020. Carry forward of tax losses from VIA LLC until 2017 of TEUR 2,635 are limited to a carryforward‑period of 20 years. For deductible temporary differences of TEUR 3,184 from VIA optronics AG, VIA optronics GmbH and VIA LLC a deferred tax asset was not recognized. Further, no deferred tax asset was recognized for deductible temporary differences of TEUR 1,026 of VTS (Japan), since the future deduction for tax purposes is uncertain at the balance sheet date. Deferred taxes charged to equity in 2020 were TEUR 9 (2019: TEUR 67). In previous periods, deferred taxes charged to equity resulted from the foreign currency reserve adjustment. In 2018, a deferred tax liability of TEUR 2,857 was initially recognized as a result of the acquisition of the shares in VTS. Deferred tax liabilities relating to outside based differences in the amount of TEUR 242 (2019: TEUR 156) are not recognized. The outside basis differences, which are indefinitely reinvested, amount to TEUR 755 (2019: TEUR 490). |
Market Risk Management and Fina
Market Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Market Risk Management and Financial Instruments | |
Market Risk Management and Financial Instruments | 23. Market Risk Management and Financial Instruments The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management approach focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Management regularly reviews the Group’s risk management objectives to ensure that risks are identified and managed appropriately. The Supervisory Board is made aware of and reviews management’s risk assessments prior to entering into significant transactions. 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 accounts receivable and contract assets) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Trade accounts receivable and contract assets Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. The Group evaluates this risk through detailed ageing analysis and also detailed analysis of the credit worthiness of the consumers. 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. As of December 31, 2020, the carrying amount of primary financial instruments is comprised of trade accounts receivables and the amount of TEUR 26,337 represents the maximum exposure to credit risk for those financial instruments. In 2019 the maximum exposure to credit risk for those financial instruments was TEUR 25,940 and comprised of trade accounts receivables and contract assets. As of December 31, 2020, 16% (2019: 20%) of trade accounts receivables were due from one customer, as well as two customers which account for 15% each (2019:12% and 17%). In 2019, 100% of contract assets related to an individual customer. Trade accounts receivable are unsecured. The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. The table in Note 9 provides information about the exposure to credit risk and ECLs for trade receivables for corporate customers at December 31, 2020 and December 31, 2019. The Group uses an allowance matrix to measure the ECLs of trade accounts receivable from individual customers, which comprise a very large number of small balances. Cash deposits The Group’s maximum exposure to credit risk for the components of the statement of financial position at December 31, 2020 and December 31, 2019 is the carrying amount of cash and cash equivalents in the statements of financial position. The Group believes the risk of loss of carrying amount is remote and mitigated in part by spreading cash deposits across different subsidiaries and banks. Interest rate risk Interest rate risk includes the influence of positive and negative changes to interest rates on the Group’s profit, equity, or cash flow in the current or any future reporting period. Interest rate risks from financial instruments arise mainly in connection with financial liabilities, including borrowings under the Group’s existing working capital and equipment financing facilities. With the amount of cash and cash equivalents and financial instruments that the Group maintained at December 31, 2020 and December 31, 2019, a hypothetical increase or decrease of one percentage point, or 100 basis points, in interest rates, would not have had a material effect on the Group’s financial statements. Liquidity risk The primary objective of the Group’s liquidity and capital management is to monitor the availability of cash 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. The table below presents the contractual undiscounted cash flows relating to the Group’s financial liabilities at the balance sheet date. The cash flows are grouped based on the remaining period to the contractual maturity date. The Group has sufficient funds to meet these commitments as they become due. Between 1 and More Than In EUR Up to 1 Year 3 Years 3 Years Balance at December 31, 2020 Non‑current loans 1,653,327 — Current loans 20,778,308 — — Trade accounts payable 30,610,890 — — Lease liabilities 1,734,382 3,207,209 4,542,080 Other current financial liabilities 3,949,072 — — Total 57,072,653 4,860,536 4,542,080 Balance at December 31, 2019 Non‑current loans — 2,832,316 — Current loans 28,850,173 — — Trade accounts payable 24,147,955 — — Lease liabilities 3,348,791 4,777,899 4,544,369 Other current financial liabilities 5,837,124 — — Total 62,184,043 7,610,215 4,544,369 The Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. Based on the cash flow forecast for 2021, the Group has sufficient liquidity as at December 31, 2020 for the next twelve months. Foreign exchange risk The Group operates globally and is exposed to foreign exchange risk arising from exposure to various currencies in the ordinary course of business. The Group’s exposures primarily consist of the U.S. dollar and Japanese Yen. Foreign exchange risk arises from commercial transactions and recognized financial assets and liabilities denominated in a currency other than the functional currency of the entity. The following tables demonstrate the sensitivity to a reasonably possible change in the exchange rates of Euros for U.S. Dollar and Japanese Yen: Balances at December 31, 2020 Current Interest‑ Impact on Cash and Trade Bearing Trade Currency Change Profit (+) Cash Accounts Loans and Accounts Risk of Risk or Loss (−) In EUR Equivalents Receivables Borrowings Payable Exposure (bps) in Euro Balance at December 31, 2020 Amounts in USD 83,933,959 15,409,594 (21,134,757) (25,416,839) 52,791,957 +/- 1.000 +/− 4,302,172 Amounts in JPY 4,084,144 4,084,144 +/- 1.000 +/− 3,229 Balances at December 31, 2019 Current Interest‑ Impact on Trade Bearing Trade Currency Change Profit (+) Accounts Loans and Accounts Risk of Risk or Loss (−) In EUR Receivables Borrowings Payable Exposure (bps) in Euro Balance at December 31, 2019 Amounts in USD 4,053,992 (17,853,725) (3,487,841) 25,395,559 +/− 1,000 +/− 2,260,598 Amounts in JPY — — (4,323,071) 4,323,071 +/− 1,000 +/− 3,545 Capital management The Group’s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain future development of the business. Management monitors capital through regular review of cash and cash equivalent balances at each subsidiary, trade account receivables collection and trade accounts payables to manage credit demand. Management also regularly monitors sufficiency of credit lines and interest‑bearing loans, diversification of banks and lenders and updated cash flow forecasts. Financial assets and liabilities at carrying amount The following table presents the carrying amount and the fair values of financial assets and liabilities to the definitions and categories of IFRS 9 as at December 31, 2020 and as at December 31, 2019. The respective fair value of financial instruments as of the reporting dates is also presented: December 31, In EUR Category 2020 According to Carrying Fair IFRS 9 Amount Value* Assets Other Non‑current financial assets AC 155,105 155,105 Trade accounts receivables AC 26,337,073 26,337,073 Other current financial assets Current tax assets AC 2,219,057 2,219,057 Cash and cash equivalents AC 81,021,280 81,021,280 Liabilities Non‑current interest bearing loans and borrowings AC 1,639,813 1,590,461 Current liabilities Current interest bearing loans and borrowings Bank loans AC 20,646,533 20,646,533 Trade accounts payable AC 27,384,396 27,384,396 Other current financial liabilities Financial liabilities due to third parties AC 775,922 775,922 Invoices not yet received AC 2,681,136 2,681,136 Miscellaneous other financial liabilities AC 317,144 317,144 The term AC stands for Measurement at Amortized Cost December 31, 2019 Category According to Fair In EUR IFRS 9 Carrying Amount Value* Assets Other Non‑current financial assets AC 156,757 156,757 Trade accounts receivables AC 25,224,456 25,224,456 Other current financial assets Cash and cash equivalents AC 9,335,123 9,335,123 Liabilities Non‑current interest bearing loans and borrowings AC 2,797,277 2,702,122 Current liabilities Current interest bearing loans and borrowings Bank loans AC 28,648,651 28,648,651 Trade accounts payable AC 24,147,955 24,147,955 Other current financial liabilities Financial liabilities due to third parties AC 851,032 851,032 Invoices not yet received AC 4,972,937 4,972,937 Miscellaneous other financial liabilities AC 13,155 13,155 * |
Segments
Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segments | |
Segments | 24. Segments The Group’s key financial metrics by segment are as follows: 12/31/2020 Display Sensor Total Consolidation Consolidated In EUR Solutions Technologies Segments Adjustments Total External revenues 127,119,437 25,470,878 152,590,315 — 152,590,315 Inter‑segment revenues — 3,360,282 3,360,282 (3,360,282) — Total revenues 127,119,437 28,831,160 155,950,597 (3,360,282) 152,590,315 Gross profit (loss) 18,426,003 4,933,008 23,359,010 — 23,359,010 Operating income (loss) (1,252,144) 479,397 (772,747) 405 (772,342) Depreciation and amortization 2,523,655 4,519,935 7,043,590 — 7,043,590 EBITDA 1,271,511 4,999,332 6,270,843 405 6,271,248 Net income (loss) (3,627,399) 15,956 (3,611,444) — (3,611,444) Segment assets 137,944,207 20,306,646 158,250,853 (8,398,717) 149,852,136 Capital expenditure 3,272,517 561,870 3,834,387 — 3,834,387 Segment liabilities 59,543,782 19,515,491 79,059,273 (7,112,360) 71,946,912 12/31/2019 Display Sensor Total Consolidation Consolidated In EUR Solutions Technologies Segments Adjustments Total External revenues 113,358,812 23,872,523 137,231,335 — 137,231,335 Inter‑segment revenues — 2,137,760 2,137,760 (2,137,760) — Total revenues 113,358,812 26,010,283 139,369,095 (2,137,760) 137,231,335 Gross profit 11,975,923 (1,954,212) 10,021,711 — 10,021,711 Operating income (loss) (4,641,040) (6,332,421) (10,973,461) (430) (10,973,891) Depreciation and amortization 2,055,365 4,481,663 6,537,028 — 6,537,028 EBITDA (2,585,675) (1,850,758) (4,436,433) (430) (4,436,863) Net income (loss) (8,790,628) (4,567,009) (13,358,331) (694) (13,357,637) Segment assets 66,327,315 22,185,549 88,512,864 (6,852,919) 81,659,945 Capital expenditure 1,595,428 223,812 1,819,240 — 1,819,240 Segment liabilities 64,763,418 21,380,811 86,144,229 (5,566,563) 80,577,666 12/31/2018 Display Sensor Total Consolidation Consolidated In EUR Solutions Technologies Segments Adjustments Total External revenues 150,315,353 21,363,541 171,678,894 — 171,678,894 Inter‑segment revenues 277,536 277,536 (277,536) — Total revenues 150,592,889 21,363,541 171,956,430 (277,536) 171,678,894 Gross profit 20,457,591 1,123,471 21,581,062 224,458 21,805,520 Operating income (loss) 4,230,694 (2,413,161) 1,817,533 3,080,478 4,898,011 Depreciation and amortization 757,394 2,455,056 3,212,450 — 3,212,450 EBITDA 4,988,088 41,895 5,029,983 3,080,478 8,110,461 Net income (loss) 1,957,857 (1,659,499) 298,358 3,079,952 3,378,310 Segment assets 61,958,634 23,610,114 85,568,748 (4,997,488) 80,571,260 Capital expenditure 1,580,313 793,917 2,374,230 — 2,374,230 Segment liabilities 51,727,139 18,419,346 70,146,485 (3,798,425) 66,348,060 Geographic information The Group’s geographical distribution of revenues, property and equipment and intangible assets is within the three regions Asia, Europe as well as North America. The distribution of revenue (based on the Group location which bills the customer), property and equipment and intangible assets is as follows: 12/31/2020 12/31/2019 12/31/2018 Revenue by Region in EUR in EUR in EUR Asia 82,734,687 81,362,926 109,026,165 thereof China 57,263,809 57,490,403 87,662,624 thereof Japan 25,470,878 23,872,523 21,363,541 Europe (Germany) 62,157,908 48,218,014 54,852,549 North America (United States) 7,697,720 7,650,395 7,800,180 Total revenues 152,590,315 137,231,335 171,678,894 Property and Equipment/ 12/31/2020 12/31/2019 Intangible Assets by Region in EUR in EUR Asia 13,339,863 18,260,599 thereof China 4,281,031 4,910,153 thereof Japan 9,058,832 13,350,447 Europe (Germany) 7,535,398 6,274,455 North America (United States) 38,597 74,783 Total 20,913,857 24,609,838 In the year ended December 31, 2020, the Display Solutions segment had two customers who each individually comprised 39% and 16% (2019: two customers comprised 30% and 14%; 2018: three customers comprised: 29%, 21% and 13%) of the Group’s revenues and the Sensor Technologies segment had one customer in 2020, which comprised 16% (2019: 17%; 2018: 12%) of the Group’s revenue. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Related party disclosures | |
Related party disclosures | 25. Related party disclosures At VIA Group the key management personnel according to IAS 24 are Jürgen Eichner, CEO, and Daniel Jürgens, CFO. Joselene Eichner, the wife of the group CEO and shareholder Jürgen Eichner, is employed by VIA optronics GmbH as administrative assistant. Major responsibilities include assisting and supporting the human resources department. As of December 31, 2020 the only shareholder who owns more than 20% is IMI and holds 50.32%. But, as of December 2019 and 2018 the shareholders were IMI and Jürgen Eichner who owned 76% and 24% of VIA, respectively. Furthermore, Dr. Heiko Frank, Chairman of the Supervisory Board, is Managing Director and a 49.99% owner of Kloepfel Corporate Finance GmbH (Kloepfel). Therefore, Kloepfel is a related party in accordance with IAS 24. The ultimate parent company is Mermac Inc., a Philippines‑based Company. The following tables show an overview of the transactions with the related parties. Transactions with related parties Interest Sales to related Purchases from In EUR Expense parties related parties Remuneration Integrated Micro-Electronics, Inc. (IMI) 2020 35,519 41,756 1,651,438 — 2019 — 1,158,000 1,064,000 — Kloepfel Corporate Finance GmbH (Kloepfel) 2020 — — 1,238,452 — 2019 — — 144,221 — Executive management (Jürgen Eichner, CEO) 2020 — — 5,640 — 2019 — — 5,000 — Joselene Eichner, wife of VIA Group CEO 2020 — — — 32,160 2019 — — — 40,673 Kloepfel provides the Group general advisory, management and coordination services for the Group's public equity offering as well as other strategic opportunities. Under the project contract, Kloepfel was entitled to (i) a monthly retainer, (ii) a success fee equal to 0.95% of the gross proceeds of an offering, which fee is payable upon consummation of such an offering and (iii) reimbursement of out-of-pocket expenses, subject to certain caps. Outstanding balances with related parties Amounts owed Amounts owed Loans from by related to related In EUR related parties parties parties Entity with significant influence over the Group: Integrated Micro-Electronics, Inc. (IMI) 2020 — 1,199,756 2,304,558 2019 2,000,000 1,158,000 1,064,000 Others: Kloepfel Corporate Finance GmbH (Kloepfel) 2020 2,448 2019 54,522 On December 27, 2019, the Group received funds in an amount of TEUR 2,000 from IMI as a loan and agreed to negotiate, in good faith, the loan terms. The corresponding loan agreement, executed in June 2020 set an interest rate equivalent to the rate due by VIA optronics GmbH on its working capital loan facility from Bayern LB (see Note 11), which was fixed at 1.93% as of December 31, 2019. The interest rate is applicable as of the date the funds were disbursed and is adjustable as of the 1st of each month to the rate in effect on the Bayern LB loan facility. The loan was repaid in December 2020. In EUR Executive management (Jürgen Eichner, CEO and Daniel Jürgens, CFO) 700,000 874,000 Supervisory board 150,000 55,000 The amounts of compensation for key management personnel (short-term employment benefits only) as well as the supervisory board represent the amounts earned by each group of related party. In 2019, only TEUR 5 of supervisory board compensation had already been paid. |
Earnings (Loss) per share
Earnings (Loss) per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings (Loss) per share | |
Earnings (Loss) per share | 26. Earnings (Loss) per share Basic earnings per share are calculated in accordance with IAS 33 based on the earnings (or loss) attributable to VIA optronics AG shareholders and the weighted averages number of shares outstanding during the period. The number of shares outstanding as of December 31, 2020 was 4,530,701 (2019: 3,000,000). The weighted average of shares outstanding for twelve months ended December 31, 2020 was 3,398,330 (2019: 2,991,600). In 2019, until legal formation of VIA optronics AG, 2,900,000 shares were used as the basis for the calculation of earnings per share based on the number of shares issued for the contribution in kind of VIA optronics GmbH. There are currently no factors resulting in a dilution of earnings per share. 2020 2019 2018 (Loss)/Income after taxes from continuing operations (attributable to VIA optronics AG shareholders) in EUR (3,617,028) (11,759,184) 3,959,134 Weighted average of shares outstanding 3,398,330 2,991,600 2,900,000 (Loss)/Earnings per share in EUR (1.06) (3.93) 1.37 |
Other Information
Other Information | 12 Months Ended |
Dec. 31, 2020 | |
Other Information | |
Other Information | 27. Other Information 27.1 The Group had an average of 620 employees (2019: 681; 2018: 663) in the reporting period. The employees are divided in industrial employees and commercial employees. In 2020, the industrial employees amounted to 424 (2019: 487; 2018: 465) and the commercial employees amounted to 197 (2019: 194; 2018: 198). |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2020 | |
Events after the reporting period | |
Events after the reporting period | 28. Events after the reporting period The Group has entered into a lease contract for a new production facility in Nuremberg, Germany, beginning on January 1, 2021. The contract has a lease term of six years with total lease payments of TEUR 2,243. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Basis of preparation | Basis of preparation The consolidated financial statements of the VIA Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). All amounts in the consolidated financial statements are reported in Euro (“EUR”), except where otherwise stated. The Group presents assets and liabilities in the consolidated statements of financial position based on current or non‑current classification. An asset is current when it is expected to be realized within twelve months after the reporting period; or cash or cash equivalent 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 due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non‑current. The consolidated statements of operations and other comprehensive income (loss) have been prepared using the cost of sales method under IFRS. The financial statements have been prepared on a historical cost basis. The outbreak of the COVID-19 pandemic and the measures adopted by governments in countries worldwide to mitigate the pandemic’s spread have not significantly impacted the Group. Nevertheless, the Group considered the impact of Covid-19 in preparing the financial statements and the application of accounting judgements, estimates and assumptions. The consolidated financial statements were authorized by the members of the Management Board on April 29, 2021. |
Basis of consolidation | Basis of consolidation The consolidated financial statements incorporate the assets and liabilities and the results of operations and cash flows of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. |
Business Combination and Goodwill | Business Combination and Goodwill The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non‑controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non‑controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition‑related costs are expensed as incurred and included in general administrative expenses. When the Group acquires a business, it assesses the identifiable financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non‑controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re‑assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then a bargain purchase gain is recognized in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash‑generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. |
Fair value measurement | Fair value measurement Fair value is a market‑based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements there are three levels of the fair value hierarchy: · Level 1—Inputs use quoted prices in active markets for identical assets or liabilities · Level 2—Inputs are inputs, other than quoted prices included within Level 1, which are observable either directly or indirectly · Level 3—Inputs are unobservable and have values estimated by management based on market participant assumptions which are reasonably available |
Revenue from contracts with customers | Revenue from contracts with customers The Group generates revenue from the production and sale of enhanced display solutions using optical bonding technology and of metal mesh touch sensors. VIA provides optical bonding on either a consignment basis (meaning its customer directly sources all of the necessary product components and the Group applies its patented MaxVU bonding process to assemble such components) or a full service basis (meaning the Group will source the necessary product components and perform the related optical bonding) and R&D engineering services. In the sensor technologies segment, the Group focuses on the development, production and sale of metal mesh touch sensors and the development of other sensor components and technologies that can be incorporated into the Group’s integrated display solutions. A small portion of the Group’s revenues is derived from licenses for its MaxVU optical bonding processes and sales of related bonding equipment to select customers; together these licences comprised less than 2.3% of the Group’s revenues for 2020, 2019 and 2018. Although there are several components which are used in the bonding process, these components are highly integrated in a way that the customer cannot benefit from either the bonding service or the components used in the bonding process independent from each other. As a result, the fully bonded display is a separate performance obligation both under the consignment model as well as the full service model. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranty). Based on a detailed evaluation (e.g. whether warranties provided are service‑type warranties), the Group evaluated that these promises are not separate performance obligations. Therefore, no portion of the transaction price needs to be allocated to those promises. Under certain contracts performed on a full service basis, Group entities source components such as displays from either the customer or suppliers of the customer. The Group evaluated whether payments for such components are considered payables to customers and concluded that those payments are in exchange for a distinct good. Therefore, such payments are classified to cost of sales in the consolidated statements of operations and other comprehensive income (loss). 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 has concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. For optical bonding services performed under the consignment model, revenue is recognized at a point in time based on the fact that the assets created have alternative use to the Group entities. This is when the enhancement process is finalized, the customer removes the enhanced products from the consignment stock and is invoiced, according to contract. For the sale of products under the full service model, revenue is recognized at a point in time when control of the products are transferred to the customers, generally on delivery of the products. For R&D engineering services, revenue is recognized over‑time as the customer simultaneously receives and consumes the benefits provided by the Group’s performance completed to date. |
Contract balances | Contract balances Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Contract fulfilment cost assets A contract fulfilment cost asset is recognized if the Group incurred costs to fulfil a contract with a customer and this costs relate directly to an existing or specific anticipated contract, generate or enhance resources of the Group that will be used to satisfy the performance obligations in the future and are expected to be recovered. Contract fulfilment cost assets are amortised on a straight-line basis, consistent with the expected lifetime of the project to which the asset relates. Contract assets and contract fulfilment cost assets are subject to impairment assessment. Refer to Note 2.4.11. Trade accounts receivable A receivable is recognized when an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). See Note 2.4.8 for accounting policies of financial assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. See note 4.1. |
Taxes | Taxes Income tax expense comprises current and deferred tax and is recognized in profit or loss except to the extent that it arises from a business combination, or items recognized directly in equity or other comprehensive income (OCI). Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted in the countries in which the Group operates at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that they are recoverable. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities and applying the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. |
Foreign currencies | Foreign currencies Functional and presentation currency The Group’s consolidated financial statements are presented in Euros, which is also the parent company’s functional currency. The Group determines the functional currency for each entity and the respective financial statements are measured using that functional currency. Transactions and balances Transactions in foreign currencies are translated into the respective functional currencies of Group companies using the exchange rates at the dates the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in the consolidated statements of operations. Foreign currency translation Upon consolidation, the assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date and the consolidated statements of operations and other comprehensive income (loss) are translated at the average rates. The exchange differences arising on translation for consolidation are recognized in OCI. Upon disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to the statement of operations. A summary of exchange rates to the Euro for currencies in which the Group operates is as follows: Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2020 2020 USD 1.1419 1.2271 CNY 7.8690 8.0225 JPY 121.8024 126.4900 TWD 33.6168 34.5067 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2019 2019 USD 1.1175 1.1234 CNY 7.7487 7.8205 JPY 121.5518 121.9400 TWD 34.5837 33.6811 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2018 2018 USD 1.1816 1.1450 CNY 7.8074 7.8751 JPY 130.4618 125.8500 |
Property and equipment | Property and equipment Property and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Evaluation of impairment of non‑financial assets is described in 2.4.10. Cost includes expenditures that are directly attributable to the acquisition of the asset or self‑constructed assets in addition to any costs incurred in order to bring the assets into operating condition. The cost of an item of property and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located to the extent there is an obligation to do so. An asset retirement obligation for such costs is recorded upon acquisition. The costs for dismantling and removing are recognized and measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets . The Group has recognized asset retirement obligations to return certain of the Group’s premises to their original condition. Property and equipment are depreciated to their estimated residual values using the straight‑line method over their estimated useful lives. The depreciation is recognized in the statements of operations. Estimated useful lives are as follows: Years Technical equipment and machinery 3 ‑ 13 Factory, office and other equipment 3 ‑ 13 Gains or losses on disposal of property and equipment are recognized in the statements of operations. Repairs and maintenance are expensed as incurred. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Leases | Leases Policy applicable after IFRS 16 adoption The Group assesses at 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. This policy is applied to contracts entered into, on or after January 1, 2019, as well as those existing as of this date and which were previously identified as leases. See 3.1 for additional information on the effect of IFRS 16 adoption. 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 a right‑of‑use asset at the lease commencement date. Right‑of‑use assets are initially 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. Rights‑of‑use assets are depreciated on a straight‑line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Years Buildings 3 ‑ 10 Factory, office and other equipment 3 In addition, the right‑of‑use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Refer to 2.4.10 Impairment of non‑financial assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The Group presents right‑of‑use assets in ‘property and equipment’ in the statement of financial position. Lease liability The lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: · Fixed payments, including in‑substance fixed payments; · Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · Amounts expected to be payable under a residual value guarantee; and · The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in‑substance fixed lease payment. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount for the right‑of‑use asset or is recorded in profit or loss if the carrying amount of the right‑of‑use asset has been reduced to zero. Short‑term leases and leases of low‑value assets The Group applies the short‑term lease recognition exemption to leases for IT equipment with an initial lease term of 12 months or less. It also applies the low‑value assets recognition exemption to leases of equipment considered to be low value. For these leases, expense is recognized on a straight‑line basis over the lease term. Extension options Some property leases contain extension options exercisable by the Group up to one year before the end of the non‑cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group re‑assesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. Policy applicable before IFRS 16 adoption At the inception of an arrangement, the Group determines whether the arrangement is or contains a lease. The classification of leases is based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership and otherwise is an operating lease. The leased assets are measured initially at an amount equal to the lower of the fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset or depreciated over the shorter of the lease term and its useful life. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability and are allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Payments made under operating leases are recognized in profit or loss on a straight‑line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. |
Intangible Assets | Intangible Assets Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. Intangible assets are amortized using the straight‑line method over their estimated useful lives. The amortization is recognized in profit or loss. The Group had no development expenditures that met the requirements for capitalization and thus none have been capitalized. The Group does not have any intangible assets with indefinite useful lives. Estimated useful lives are as follows: Years Customer relationships 5 Software and Patents 5 Licenses 2 Amortization methods, useful lives and residual values are reviewed at each financial year‑end and adjusted, if appropriate. |
Financial Instruments | Financial Instruments 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 Initial recognition and measurement Under IFRS 9 financial assets are classified, at initial recognition at amortized cost, fair value through other comprehensive income (OCI), or fair value through profit or loss. All of the Group’s financial assets are measured at amortized cost as the financial assets’ contractual cash flows give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding and as the business model of the Group is to collect contractual cash flows. Generally, the Group initially measures a financial asset at its fair value plus transaction costs. Trade receivables do not contain significant a significant financing component and are measured at the transaction price in accordance with 4.1 Revenue from contracts with customers. Subsequent measurement For subsequent measurement, financial assets are measured at amortized cost, measured using the effective interest method and are subject to impairment. The Group’s financial assets at amortized cost include trade accounts receivable and other financial assets (current and non‑current), as well as cash and cash equivalents. Gains and losses are recognized in the statements of operations when the asset is derecognized, modified or impaired. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. Financial liabilities The Group’s financial liabilities include trade and other payables as well as loans and borrowings, including bank overdrafts. Initial recognition and measurement Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss or as financial liabilities at amortized cost. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement After initial recognition, interest‑bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the statements of operations when the liabilities are derecognized as well as through the amortization process. Payables are recognized at the amount expected to settle or discharge the liability. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. |
Inventories | Inventories Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the first‑in first‑out principle, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and estimated costs to make the sale. |
Impairment of non‑financial assets | Impairment of non‑financial assets At each reporting date, the Group reviews the carrying amounts of its non‑financial assets (property and equipment, inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For impairment testing, assets within the scope of IAS 36 are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs (“cash‑generating units”). The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre‑tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in the statements of operations. They are allocated to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Impairment of financial assets | Impairment of financial assets The Group recognizes loss allowances for expected credit losses (ECLs) for financial assets measured at amortized cost under the general approach of IFRS 9. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For trade receivables (and contract assets) the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward‑looking factors specific to the debtors and the economic environment. For bank deposits and other financial receivables not classified as fair value through profit or loss the general approach of IFRS 9 is used. The Group considers a financial asset in default when contractual payments are 120 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. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents represent cash at banks, cash on hand and short‑term deposits with original maturities of three months or less from the date of acquisition. Cash equivalents are short‑term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Provisions | Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre‑tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. A provision for warranties is recognized when the underlying products or services are sold, based on historical warranty experience and a weighting of possible outcomes against their associated probabilities. For several leased buildings, the Group has installed leasehold improvements primarily related to cleanrooms and a provision related to the asset retirement obligation has been recognized (see Note 2.4.5). |
Pensions and other post‑employment benefits | Pensions and other post‑employment benefits Pensions and similar obligations relate to the Group’s statutory pension obligations for defined contribution plans. Obligations for contributions to defined contribution plans are recognized as an expense in the statements of operations. The Group has no defined benefit plans. |
Segments | Segments Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM is comprised of the CEO and the CFO of VIA. Since the acquisition of VTS in 2018 the Group reports two operating segments, “Display Solutions” and “Sensor Technologies”. No operating segments have been aggregated to form the reportable segments. Although Display Solutions includes a number of different applications for optical bonding services, the process, customers and economic characteristics are similar. The Display Solutions facilities have the capability of serving both the consignment and full service models. The acquisition of VTS (see Note 5) provided a horizontal extension of the value chain, but its operations are not significantly interrelated to other group entities. Therefore, the Group has an operating segment which is separately reviewed by the CODM. The segment Sensor Technologies engages in the production of metal mesh touch sensor technology and electrode base film. The CODM monitors the operating results of its segments separately for the purpose of making decisions regarding resource allocation and performance assessment. Segment performance is evaluated based on revenue, gross profit, EBITDA and net profit (loss). Segment performance is not evaluated based on the measures of Operating income (loss) and Depreciation and amortization, which are presented in the tables below in Note 24 to reconcile gross profit to EBITDA. During the reporting period inter‑segment supply of goods occurred and inter‑segment services were provided which included a handling/management fee from the segment “Display Solutions” to the segment “Sensor Technologies”. The Group defines segment assets, segment liabilities and capital expenditure, as the total assets, total liabilities, and total capital expenditure relating to the specific operating segment of the Group. |
Related parties | 2.4.16 Related parties are members of the Group’s supervisory board, executive officers, key management personnel or holders of more than 20% of its shares. The key management personnel according to IAS 24 are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including director of the Group. Furthermore, close family members of related parties are in the scope of IAS 24 |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Summary of exchange rates to Euro for currencies | Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2020 2020 USD 1.1419 1.2271 CNY 7.8690 8.0225 JPY 121.8024 126.4900 TWD 33.6168 34.5067 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2019 2019 USD 1.1175 1.1234 CNY 7.7487 7.8205 JPY 121.5518 121.9400 TWD 34.5837 33.6811 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2018 2018 USD 1.1816 1.1450 CNY 7.8074 7.8751 JPY 130.4618 125.8500 |
Schedule of estimated useful lives of property and equipment | Years Technical equipment and machinery 3 ‑ 13 Factory, office and other equipment 3 ‑ 13 |
Schedule of estimated useful lives of rights of use assets | Years Buildings 3 ‑ 10 Factory, office and other equipment 3 |
Schedule of estimated useful lives of intangible assets | Years Customer relationships 5 Software and Patents 5 Licenses 2 |
Accounting Standards (Tables)
Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Standards | |
Summary of impact on transition | EUR 01/01/2019 Right‑of‑use assets presented in property and equipment 11,825,810 Lease liabilities 11,825,810 The lease liabilities as at January 1, 2019 are reconciled to the operating lease commitments as of December 31, 2018 as follows: EUR 01/01/2019 Operating lease commitment as at December 31, 2018 6,885,912 Less: Discounting of operating lease commitments (358,049) Discounted operating lease commitments using the incremental borrowing rate as at January 1, 2019 6,527,863 Less: Commitments relating to short‑term leases (4,734) Commitments relating to leases of low‑value assets (15,537) Add: Discounted payments in optional extension periods not as at December 31, 2018 5,318,218 Lease liabilities as at January 1, 2019 11,825,810 |
Schedule of new and amended standards and interpretations | Standard/Interpretation Subject of Standard/ Interpretation or Amendment Expected Impact on the VIA Group Amendments to IFRS 3: Definition of a business The amendment to IFRS 3 Business Combinations clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all of the inputs and processes needed to create outputs. This amendment had no impact on the consolidated financial statements of the Group, but may impact future periods should the Group enter into any business combinations. Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument. These amendments have no impact on the consolidated financial statements of the Group as it does not have any interest rate hedge relationships. Amendments to IAS 1 and IAS 8 Definition of Material The amendments provide a new definition of material that states, “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments had no impact on the consolidated financial statements of, nor is there expected to be any future impact to the Group. Conceptual Framework for Financial Reporting issued on 29 March 2018 The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. This amendment had no impact on the consolidated financial statements of the Group. Amendments to IFRS 16 Covid-19 Related Rent Concessions On 28 May 2020, the IASB issued Covid-19-Related Rent Concessions - amendment to IFRS 16 Leases The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a Covid-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The amendment applies to annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted. This amendment had no impact on the consolidated financial statements of the Group. |
Schedule of new and amended standards that are issued, but not yet effective | Standard/Interpretation Effective Date Subject of Standard/ Interpretation or Amendment Expected Impact on the VIA Group Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 01.01.2022 The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. This clarification is not expected to have a material impact on the consolidated financial statements. Property, Plant and Equipment (Amendments to IAS 16) 01.01.2022 Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. This clarification is not expected to have a material impact on the consolidated financial statements. Amendments to IAS 1: Presentation of Financial Statements: Classification of Liabilities as Current or Non‑current 01.01.2023 Clarifies whether debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non‑current in the statement of financial position. This clarification is not expected to have a material impact on the consolidated financial statements. |
Changes in the Group (Tables)
Changes in the Group (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Changes in the Group | |
Schedule of consolidated subsidiaries | The following are the consolidated subsidiaries of VIA optronics AG: Net Profit (Loss) Ownership Interest % in EUR Equity in EUR Name Place of Business 12/31/2020 12/31/2019 12/31/2018 2020 2019 2018 12/31/2020 12/31/2019 VIA optronics GmbH Schwarzenbruck, Germany 100 100 * (1,726,540) (7,485,107) * (5,856,981) (4,130,440) VIA optronics LLC Orlando, Florida, USA 100 100 100 (190,393) (518,604) 326,012 (1,914,714) (1,897,939) VIA optronics (Suzhou) Co., Ltd. Suzhou, China 100 100 100 4,975,824 547,204 5,309,218 20,090,782 15,603,019 VIA optronics (Taiwan) Ltd. Taipei, Taiwan 100 100 100 85,037 (17,695) 210,009 130,282 VTS‑Touchsensor Co., Ltd. Higashi Omi, Japan 65 65 65 15,956 (4,567,009) (1,659,499) 791,155 804,738 * |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets | |
Schedule of changes in intangible assets | Software, Licenses and Customer In EUR Patents Relationships In Process Total Cost Balance at January 1, 2019 5,316,273 2,203,278 10,636 7,530,187 Additions 1,262,694 — 84,490 1,347,185 Transfer 95,126 — (95,126) — Foreign currency effect 128,169 60,845 — 189,014 Balance at December 31, 2019 6,802,262 2,264,124 — 9,066,386 Additions 86,850 — — 86,850 Transfer — — — — Foreign currency effect (99,763) (31,423) — (131,186) Balance at December 31, 2020 6,789,349 2,232,701 — 9,022,049 Customer In EUR Software Relationships In Process Total Accumulated amortization Balance at January 1, 2019 (1,047,289) (356,331) — (1,403,620) Amortization (1,119,260) (509,935) — (1,629,195) Balance at December 31, 2019 (2,166,549) (866,266) — (3,032,815) Amortization (1,402,098) (508,886) — (1,910,985) Balance at December 31, 2020 (3,568,647) (1,375,152) — (4,943,799) Carrying amounts At January 1, 2019 4,268,984 1,846,947 10,636 6,126,567 At December 31, 2019 4,635,713 1,397,857 — 6,033,571 At December 31, 2020 3,220,701 857,549 — 4,078,249 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment | |
Schedule of changes in Property and equipment | Factory, Office, Other Technical Equipment and Equipment and Leasehold Assets Under In EUR Buildings Machines Improvements Construction Total Cost Recognition of right‑of‑use asset on initial application of IFRS 16 11,725,800 — 100,010 — 11,825,810 Balance at January 1, 2019 11,725,800 12,034,514 3,280,141 762,530 27,802,985 Additions — 283,044 590,687 534,600 1,408,331 Transfers — 609,322 202,476 (811,798) — Disposals — (99,898) (71,580) (84,490) (255,968) Foreign currency effect 204,865 190,545 7,280 12,298 414,989 Balance at December 31, 2019 11,930,665 13,017,527 4,009,004 413,140 29,370,337 Balance at January 1, 2020 11,930,665 13,017,527 4,009,004 413,140 29,370,337 Additions 824,613 553,733 646,934 1,722,258 3,747,538 Transfers — 11,966 — (11,966) — Disposals — (53,019) (0) — (53,019) Foreign currency effect (202,521) (90,064) (25,766) (1,735) (320,086) Balance at December 31, 2020 12,552,757 13,440,143 4,630,172 2,121,698 32,744,770 Accumulated depreciation Balance at January 1, 2019 — (3,655,260) (2,295,034) — (5,950,294) Depreciation charge for the year (1,805,706) (2,794,104) (308,023) — (4,907,832) Disposals — 35,482 28,575 — 64,057 Balance at December 31, 2019 (1,805,706) (6,413,882) (2,574,482) — (10,794,069) Depreciation charge for the year (1,817,745) (2,872,934) (427,183) (14,744) (5,132,605) Disposals — 17,513 — — 17,513 Balance at December 31, 2020 (3,623,451) (9,269,302) (3,001,665) (14,744) (15,909,161) Carrying amounts At January 1, 2019 11,725,800 8,379,254 985,107 762,530 21,852,691 At December 31, 2019 10,124,960 6,603,646 1,434,522 413,140 18,576,268 At December 31, 2020 8,929,306 4,170,841 1,628,508 2,106,954 16,835,608 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories | |
Schedule of inventories | In EUR 12/31/2020 12/31/2019 Raw materials and supplies 10,674,829 7,377,176 Work in progress 693,357 879,729 Finished goods and merchandise 5,887,869 6,228,917 Inventories 17,256,055 14,485,822 |
Trade accounts receivable (Tabl
Trade accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade accounts receivable | |
Schedule of expected credit loss rates and recognized loss impairments | Trade Receivables December 31, 2020 Days Past Due in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Expected credit loss rate Estimated total gross carrying amount at default 20,440,906 3,193,352 243,574 704,697 303,789 2,200,380 27,086,699 Expected credit loss (72,865) (36,393) (14,984) (16,166) (13,574) (40,830) (194,813) Impairment loss — — (514,066) (514,066) Trade accounts receivables 20,368,041 3,156,959 228,590 688,531 290,215 1,645,484 26,377,820 Days Past Due December 31, 2019 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Expected credit loss rate 1.05 % 1.64 % 1.81 % 5.86 % 2.74 % 5.50 % 2.00 % Estimated total gross carrying amount at default 17,488,498 2,842,760 1,072,661 815,992 247,442 4,126,903 26,594,255 Expected credit loss (182,809) (46,649) (19,402) (47,854) (6,788) (227,166) (530,668) Impairment loss (839,131) (839,131) Trade accounts receivables 17,305,689 2,796,111 1,053,259 768,138 240,654 3,060,606 25,224,456 |
Schedule of allowances of the trade accounts receivable | EUR Balance at January 1, 2019 971,381 Impairment loss 200,812 Provision for expected credit losses 189,668 Currency translation effect 7,939 Balance at December 31, 2019 1,369,800 Reversal of impairment loss (291,756) Reversal of provision for expected credit losses (335,855) Currency translation effect (33,309) Balance at December 31, 2020 708,880 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other current assets | |
Schedule of other current assets | In EUR 12/31/2020 12/31/2019 Deferred offering costs — 6,469,471 Contract assets — 715,962 Value added tax refund 883,027 228,987 Contract fulfilment cost assets 237,347 — Miscellaneous 217,302 77,976 Prepaid expenses 2,219,057 83,377 Receivables from employees < 1 year 37,051 27,565 Total 3,593,785 7,603,338 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loans | |
Schedule of loans | In Contract Interest Contract Currencies EUR Rates Maturity Currency 12/31/2020 12/31/2020 % Current loans Bank overdrafts — 264 Deutsche Bank 2.55 - 2.60% 02/22 - 03/09/21 EUR 2,400,000 2,400,000 CZBANK 04/13 - 05/10/21 USD 1,950,940 1,586,748 CITIC BANK 2.16 - 2.24% 02/05 - 06/02/21 USD 6,001,493 4,881,165 ICBC Bank 2.25 - 2.32% 01/26 - 06/25/21 USD 4,922,324 4,003,449 SPD Bank 3.07 - 3.15% 02/28 - 03/30/21 USD 6,260,000 5,091,415 CCB Bank 02/03/21 USD 2,000,000 1,626,650 Shiga Bank 11/30/2023 JPY 100,080,000 791,209 Shiga Bank 06/01/2022 JPY 33,600,000 265,634 Total current loans 20,646,533 Non‑current loans Shiga Bank 11/30/2023 JPY 191,420,000 1,513,321 Shiga Bank 06/01/2022 JPY 16,000,000 126,492 Total non‑current loans 1,639,813 In Contract Interest Contract Currencies EUR Rates Maturity Currency 12/31/2019 12/31/2019 % Current loans Bank overdrafts EUR 26,420 26,420 Shareholder* EUR 2,000,000 2,000,000 Bayern LB 1.86 ‑ 4.00 % 01/31 ‑ 06/26/20 EUR 7,100,000 7,100,000 Deutsche Bank 1.95 % 01/17 ‑ 03/04/20 EUR 2,500,000 2,500,000 CZBANK 4.80 ‑ 5.00 % 01/14 ‑ 05/25/20 USD 3,035,712 2,707,977 CITIC BANK 3.78 ‑ 3.99 % 01/10 ‑ 06/12/20 USD 9,406,690 8,390,859 ICBC Bank 3.92 ‑ 4.15 % 01/21 ‑ 05/21/20 USD 4,631,324 4,131,327 CCB Bank 2.87 % 02/19/2020 USD 780,000 695,791 Shiga Bank 1.67 % 11/30/2023 JPY 133,680,000 1,096,277 Total current loans 28,648,651 Non‑current loans Shiga Bank 1.67 % 11/30/2023 JPY 341,100,000 2,797,277 Total non‑current loans 2,797,277 * |
Schedule of cash flows from financing activities and resulting balances | Financial Liabilities Due to Third Lease Loans Parties* Liabilities Share Capital Capital Reserve Total EUR EUR EUR EUR EUR EUR Recognition of lease liabilities on initial application of IFRS 16 — — 11,825,810 — — 11,825,810 Balance at January 1, 2019 30,505,046 921,954 11,825,810 — — 43,252,810 Cash flows from financing activities Proceeds from issue of share capital — — — 100,000 100,000 Proceeds from loans and borrowings 59,368,855 — — — 59,368,855 Repayment of loans and borrowings (58,861,016) (70,922) — — (58,931,938) Payment of lease liabilities — — (1,748,088) — (1,748,088) Interest paid (1,357,141) — (226,941) — (1,584,082) Net cash provided by (used in) financing activities (849,303) (70,922) (1,975,029) 100,000 (2,795,253) Foreign currency effect 433,043 — 204,370 — 637,413 New leases — — 76,953 — 76,953 Interest expense 1,357,141 — 226,941 — 1,584,082 Balance at December 31, 2019 31,445,928 851,032 10,359,045 100,000 42,756,005 Balance at January 1, 2020 31,445,928 851,032 10,359,045 100,000 42,756,005 Cash flows from financing activities Gross IPO proceeds — — — 1,530,701 89,313,917 90,844,618 IPO costs — — — — (3,591,465) (3,591,465) Proceeds from loans and borrowings 53,577,777 — — — — 53,577,777 Repayment of loans and borrowings (60,398,873) (75,110) — — — (60,473,984) Payment of lease liabilities — — (1,817,114) — — (1,817,114) Interest paid (1,236,102) — (197,967) — — (1,434,069) Net cash provided by (used in) financing activities (8,057,198) (75,110) (2,015,081) 1,530,701 85,722,452 77,105,764 Foreign currency effect (2,338,486) — (205,918) — — (2,544,404) New leases — — 878,414 — — 878,414 Interest expense—paid 1,236,102 — 197,967 — — 1,434,069 Balance at December 31, 2020 22,286,346 775,922 9,214,427 1,630,701 85,722,452 119,629,848 * |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Provisions | |
Summary of provisions | Asset Retirement In EUR Warranties Obligation Litigation Other Total Balance at January 1, 2019 1,422,331 132,333 427,175 315,445 2,297,284 Additions 74,648 — — 1,481,970 1,556,618 Reversals (996,144) — — — (996,144) Usage — — (427,175) (315,445) (742,620) Unwinding of discount — 1,964 — — 1,964 Currency translation effect 15,746 179 — (4,717) 11,208 Balance at December 31, 2019 516,581 134,476 — 1,477,253 2,128,310 Non‑current — 134,476 — — 134,476 Current 516,581 — — 1,477,253 1,993,833 Total 516,581 134,476 — 1,477,253 2,128,310 Balance at January 1, 2020 516,581 134,476 — 1,477,253 2,128,310 Additions 124,881 — — — 124,881 Reversals (65,264) — — — (65,264) Usage — — — (1,478,922) (1,478,922) Unwinding of discount — 1,993 — — 1,993 Currency translation effect (258) (685) — 1,669 726 Balance at December 31, 2020 575,940 135,784 — — 711,724 Non‑current — 135,784 — — 135,784 Current 575,940 — — — 575,940 Total 575,940 135,784 — — 711,724 |
Other current financial liabi_2
Other current financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other current financial liabilities | |
Summary of other current financial liabilities | In EUR 12/31/2020 12/31/2019 Financial liabilities due to third parties 775,922 851,032 Invoices not yet received 2,681,136 4,972,937 Customers with credit balances 174,870 — Miscellaneous other financial liabilities 317,144 13,155 Total 3,949,072 5,837,124 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other current liabilities | |
Summary of Other current liabilities | In EUR 12/31/2020 12/31/2019 Liabilities due to personnel bonus 1,996,597 2,263,758 Social security liabilities 144,420 162,544 Tax liabilities other than income taxes 613,125 424,443 Liabilities for remaining leave 338,219 302,597 Contract liabilities 190,154 334,123 Accrued expenses 57,519 39,014 Miscellaneous other non‑financial liabilities 560,309 560,876 Total 3,900,342 4,087,355 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Schedule of carrying amounts of right of use assets | Factory, Office and Other In EUR Buildings Equipment Total Balance at January 1, 2020 10,124,959 113,373 10,238,332 Depreciation charge for the year (1,817,745) (85,478) (1,903,223) Additions to right‑of‑use assets 824,613 103,802 928,414 Foreign currency effect (202,521) — (202,521) Balance at December 31, 2020 8,929,305 131,696 9,061,002 Factory, Office and Other In EUR Buildings Equipment Total Balance at January 1, 2019 Depreciation charge for the year Additions to right‑of‑use assets 76,953 Foreign currency effect 204,865 Balance at December 31, 2019 |
Schedule of carrying amounts of lease liabilities | In EUR Lease Liability Balance at January 1, 2020 (11,971,963) Additions (878,414) Accretion of interest (197,967) Payments 3,627,998 Foreign currency effect 205,918 Balance at December 31, 2020 (9,214,428) Current (1,593,975) Non‑current (7,620,453) In EUR Lease Liability Balance at January 1, 2019 (11,825,810) Additions (1,689,870) Accretion of interest (226,942) Payments 1,975,029 Foreign currency effect (204,370) Balance at December 31, 2019 (11,971,963) Current (3,155,469) Non‑current (8,816,494) |
Schedule of amounts recognized in profit or loss | In EUR 2020 2020—Leases under IFRS 16 Depreciation expense of right‑of‑use assets 1,903,223 Interest on lease liabilities (197,967) Expenses relating to short‑term leases 34,860 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 40,800 1,780,916 In EUR 2019 2019—Leases under IFRS 16 Depreciation expense of right‑of‑use assets 1,869,296 Interest on lease liabilities (226,941) Expenses relating to short‑term leases 4,018 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 46,506 1,692,879 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Schedule of disaggregation of revenue | In EUR 2020 2019 2018 Display Solutions 127,119,437 113,358,812 150,315,353 Full Service Model 108,255,662 104,534,027 148,118,965 Consignment Model 16,827,626 6,500,740 2,196,388 R&D Engineering Services 2,036,149 2,324,045 — Sensor Technologies 25,470,878 23,872,523 21,363,541 Total 152,590,315 137,231,335 171,678,894 |
Schedule of contract balances | January 1, In EUR 2020 2019 2019 Trade accounts receivables (see Note 9) 26,377,820 25,224,456 28,348,708 Contract liabilities 190,154 334,123 38,427 Contract assets — 715,962 — Contract fulfilment cost assets 237,347 — — |
Schedule of contract liabilities | Contract In EUR Liabilities Balance at January 1, 2019 38,427 Deferred during the year 334,123 Recognized as revenue during the year (38,427) Balance at December 31, 2019 334,123 Deferred during the year 190,154 Recognized as revenue during the year (334,123) Balance at December 31, 2020 190,154 |
Expense by nature (Tables)
Expense by nature (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Expenses by nature | |
Schedule of expenses by nature | In EUR 2020 2019 2018 Raw materials and consumables 105,030,465 101,070,401 134,453,049 Salaries, wages and employee benefits 22,877,775 24,676,137 18,073,070 Consultancy and professional fees 4,064,764 3,574,695 2,144,300 Advertising, vehicle and travel expenses 1,341,142 2,552,183 3,691,559 Warranty 124,881 (921,496) 252,125 Lease expenses 190,673 217,855 1,417,331 Purchased services 2,443,355 1,798,175 3,186,693 Taxes, insurance costs, and other dues 1,993,462 2,073,989 914,185 Depreciation and amortisation 7,043,590 6,537,028 3,212,450 Maintenance 1,704,322 1,611,234 237,948 Other 4,357,742 3,958,879 1,189,369 Total 151,172,171 147,149,080 168,772,079 |
Other income and other expens_2
Other income and other expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other income and other expenses | |
Schedule of other operating income | In EUR 2020 2019 2018 Exchange gains 3,326,593 911,779 1,297,223 Damages/insurance proceeds 12,282 21,224 15,099 Bargain purchase gain — — 2,992,660 Miscellaneous other operating income 1,630,159 1,425,994 717,495 Total 4,969,034 2,358,997 5,022,477 |
Schedule of other operating expenses | In EUR 2020 2019 2018 Exchange losses 5,462,494 937,045 1,355,207 Losses on disposals of assets 76,561 16,565 — Other taxes — 1,190 8,039 Increase in bad debt provisions 323,200 572,928 255,886 Miscellaneous other operating expenses 1,297,265 1,887,415 1,412,148 Total 7,159,521 3,415,143 3,031,280 |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial result | |
Schedule of financial result | In EUR 2020 2019 2018 Interest income on: —Loans, bank deposits and receivables 4,182 3,771 Total interest income arising from financial assets not measured at fair value through profit or loss 4,182 3,771 Finance income 4,182 3,771 — Interest expense (1,423,157) (1,643,990) (1,140,047) Unwind of discount on asset retirement obligation (1,993) (1,964) (1,544) Finance costs (1,425,150) (1,645,953) (1,141,591) Net finance costs recognized in profit or loss (1,420,968) (1,642,182) (1,141,591) |
Taxes on income (Tables)
Taxes on income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Taxes on income | |
Schedule of components of income tax expense (benefit) | In EUR 2020 2019 2018 Current tax expense 2,275,672 201,953 1,883,669 Adjustments in respect of current income tax of previous year 86,252 156,800 275,895 Deferred income tax charge / (benefit) (943,789) 382,812 (1,781,454) Income tax expense 1,418,134 741,565 378,110 |
Schedule of effective income tax rate reconciliation | In EUR 2020 2019 2018 (Loss)/Profit before tax (2,193,310) (12,616,073) 3,756,420 Tax under domestic (German) tax rate 705,588 4,058,591 (1,195,744) Effect of tax rate in foreign jurisdictions 423,177 119,823 545,310 Tax effect of: Changes in domestic tax rate (11,938) 70,954 Non‑deductible expenses (128,603) (47,925) (71,349) Current‑year losses for which no deferred tax asset is recognized (2,360,472) (2,582,253) — Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences (13,965) (2,089,536) 113,383 Non‑deductible withholding taxes (126,455) (195,123) (275,868) Permanent difference from business combination — — 719,359 Income tax for prior years 72,671 (892) (275,895) Others 9,925 7,688 (8,260) Income tax expense (1,418,134) (741,565) (378,110) Effective tax rate % 5.88 % 10.07 % |
Schedule of components of deferred tax balances | 2020 2019 2018 Deferred Tax Deferred Tax Deferred Tax Deferred Tax Deferred Tax Deferred Tax In EUR Assets Liabilities Assets Liabilities Assets Liabilities Non‑current assets Intangible assets 158,134 (292,338) 115,923 (476,530) — (576,234) Property and equipment — (3,073,184) — (4,155,783) — (1,589,665) Other financial assets — — 45,633 — Current assets Inventories 58,186 — 312,529 — 317,440 — Trade accounts receivables 163,841 — 50,849 (13,913) 305,873 (19,992) Other current assets — (85,795) — (2,319,362) — (732,527) Cash and cash equivalents 8,100 — 13,596 — 48,119 — Non‑current liabilities Loans — — — — — — Provisions 41,791 (12,737) 34,740 — 40,339 Other financial liabilities — — — (11,221) Lease liabilities 2,076,118 — 2,803,625 — — — Current liabilities Loans — — — — 29,772 — Trade accounts payable 691,939 (60,747) 880,190 (86,100) 138,878 — Provisions — — — — 237,526 (232,600) Lease liabilities 484,147 — 484,298 — — — Other financial liabilities 208,879 — 39,935 — 15,983 — Other non‑financial liabilities 2,359 (10,445) 15,778 (4,011) 10,324 — Losses carried forward 40,242 — 1,769,111 — 1,886,325 — Deferred Taxes before netting 3,933,737 (3,535,246) 6,520,574 (7,055,699) 3,076,212 (3,162,239) Netting (3,535,246) 3,535,246 (6,351,887) 6,351,887 (1,138,361) 1,138,361 Deferred Taxes netted 398,491 (0) 168,687 (703,812) 1,937,851 (2,023,878) |
Market Risk Management and Fi_2
Market Risk Management and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Market Risk Management and Financial Instruments | |
Schedule of carrying amount and the fair values of financial assets and liabilities | Between 1 and More Than In EUR Up to 1 Year 3 Years 3 Years Balance at December 31, 2020 Non‑current loans 1,653,327 — Current loans 20,778,308 — — Trade accounts payable 30,610,890 — — Lease liabilities 1,734,382 3,207,209 4,542,080 Other current financial liabilities 3,949,072 — — Total 57,072,653 4,860,536 4,542,080 Balance at December 31, 2019 Non‑current loans — 2,832,316 — Current loans 28,850,173 — — Trade accounts payable 24,147,955 — — Lease liabilities 3,348,791 4,777,899 4,544,369 Other current financial liabilities 5,837,124 — — Total 62,184,043 7,610,215 4,544,369 December 31, In EUR Category 2020 According to Carrying Fair IFRS 9 Amount Value* Assets Other Non‑current financial assets AC 155,105 155,105 Trade accounts receivables AC 26,337,073 26,337,073 Other current financial assets Current tax assets AC 2,219,057 2,219,057 Cash and cash equivalents AC 81,021,280 81,021,280 Liabilities Non‑current interest bearing loans and borrowings AC 1,639,813 1,590,461 Current liabilities Current interest bearing loans and borrowings Bank loans AC 20,646,533 20,646,533 Trade accounts payable AC 27,384,396 27,384,396 Other current financial liabilities Financial liabilities due to third parties AC 775,922 775,922 Invoices not yet received AC 2,681,136 2,681,136 Miscellaneous other financial liabilities AC 317,144 317,144 The term AC stands for Measurement at Amortized Cost December 31, 2019 Category According to Fair In EUR IFRS 9 Carrying Amount Value* Assets Other Non‑current financial assets AC 156,757 156,757 Trade accounts receivables AC 25,224,456 25,224,456 Other current financial assets Cash and cash equivalents AC 9,335,123 9,335,123 Liabilities Non‑current interest bearing loans and borrowings AC 2,797,277 2,702,122 Current liabilities Current interest bearing loans and borrowings Bank loans AC 28,648,651 28,648,651 Trade accounts payable AC 24,147,955 24,147,955 Other current financial liabilities Financial liabilities due to third parties AC 851,032 851,032 Invoices not yet received AC 4,972,937 4,972,937 Miscellaneous other financial liabilities AC 13,155 13,155 * |
Schedule of sensitivity to a reasonably possible change in the exchange rates | The following tables demonstrate the sensitivity to a reasonably possible change in the exchange rates of Euros for U.S. Dollar and Japanese Yen: Balances at December 31, 2020 Current Interest‑ Impact on Cash and Trade Bearing Trade Currency Change Profit (+) Cash Accounts Loans and Accounts Risk of Risk or Loss (−) In EUR Equivalents Receivables Borrowings Payable Exposure (bps) in Euro Balance at December 31, 2020 Amounts in USD 83,933,959 15,409,594 (21,134,757) (25,416,839) 52,791,957 +/- 1.000 +/− 4,302,172 Amounts in JPY 4,084,144 4,084,144 +/- 1.000 +/− 3,229 Balances at December 31, 2019 Current Interest‑ Impact on Trade Bearing Trade Currency Change Profit (+) Accounts Loans and Accounts Risk of Risk or Loss (−) In EUR Receivables Borrowings Payable Exposure (bps) in Euro Balance at December 31, 2019 Amounts in USD 4,053,992 (17,853,725) (3,487,841) 25,395,559 +/− 1,000 +/− 2,260,598 Amounts in JPY — — (4,323,071) 4,323,071 +/− 1,000 +/− 3,545 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segments | |
Schedule of Group’s key financial metrics by segment | 12/31/2020 Display Sensor Total Consolidation Consolidated In EUR Solutions Technologies Segments Adjustments Total External revenues 127,119,437 25,470,878 152,590,315 — 152,590,315 Inter‑segment revenues — 3,360,282 3,360,282 (3,360,282) — Total revenues 127,119,437 28,831,160 155,950,597 (3,360,282) 152,590,315 Gross profit (loss) 18,426,003 4,933,008 23,359,010 — 23,359,010 Operating income (loss) (1,252,144) 479,397 (772,747) 405 (772,342) Depreciation and amortization 2,523,655 4,519,935 7,043,590 — 7,043,590 EBITDA 1,271,511 4,999,332 6,270,843 405 6,271,248 Net income (loss) (3,627,399) 15,956 (3,611,444) — (3,611,444) Segment assets 137,944,207 20,306,646 158,250,853 (8,398,717) 149,852,136 Capital expenditure 3,272,517 561,870 3,834,387 — 3,834,387 Segment liabilities 59,543,782 19,515,491 79,059,273 (7,112,360) 71,946,912 12/31/2019 Display Sensor Total Consolidation Consolidated In EUR Solutions Technologies Segments Adjustments Total External revenues 113,358,812 23,872,523 137,231,335 — 137,231,335 Inter‑segment revenues — 2,137,760 2,137,760 (2,137,760) — Total revenues 113,358,812 26,010,283 139,369,095 (2,137,760) 137,231,335 Gross profit 11,975,923 (1,954,212) 10,021,711 — 10,021,711 Operating income (loss) (4,641,040) (6,332,421) (10,973,461) (430) (10,973,891) Depreciation and amortization 2,055,365 4,481,663 6,537,028 — 6,537,028 EBITDA (2,585,675) (1,850,758) (4,436,433) (430) (4,436,863) Net income (loss) (8,790,628) (4,567,009) (13,358,331) (694) (13,357,637) Segment assets 66,327,315 22,185,549 88,512,864 (6,852,919) 81,659,945 Capital expenditure 1,595,428 223,812 1,819,240 — 1,819,240 Segment liabilities 64,763,418 21,380,811 86,144,229 (5,566,563) 80,577,666 12/31/2018 Display Sensor Total Consolidation Consolidated In EUR Solutions Technologies Segments Adjustments Total External revenues 150,315,353 21,363,541 171,678,894 — 171,678,894 Inter‑segment revenues 277,536 277,536 (277,536) — Total revenues 150,592,889 21,363,541 171,956,430 (277,536) 171,678,894 Gross profit 20,457,591 1,123,471 21,581,062 224,458 21,805,520 Operating income (loss) 4,230,694 (2,413,161) 1,817,533 3,080,478 4,898,011 Depreciation and amortization 757,394 2,455,056 3,212,450 — 3,212,450 EBITDA 4,988,088 41,895 5,029,983 3,080,478 8,110,461 Net income (loss) 1,957,857 (1,659,499) 298,358 3,079,952 3,378,310 Segment assets 61,958,634 23,610,114 85,568,748 (4,997,488) 80,571,260 Capital expenditure 1,580,313 793,917 2,374,230 — 2,374,230 Segment liabilities 51,727,139 18,419,346 70,146,485 (3,798,425) 66,348,060 |
Schedule of group’s geographical distribution of revenues, property and equipment and intangible assets | 12/31/2020 12/31/2019 12/31/2018 Revenue by Region in EUR in EUR in EUR Asia 82,734,687 81,362,926 109,026,165 thereof China 57,263,809 57,490,403 87,662,624 thereof Japan 25,470,878 23,872,523 21,363,541 Europe (Germany) 62,157,908 48,218,014 54,852,549 North America (United States) 7,697,720 7,650,395 7,800,180 Total revenues 152,590,315 137,231,335 171,678,894 Property and Equipment/ 12/31/2020 12/31/2019 Intangible Assets by Region in EUR in EUR Asia 13,339,863 18,260,599 thereof China 4,281,031 4,910,153 thereof Japan 9,058,832 13,350,447 Europe (Germany) 7,535,398 6,274,455 North America (United States) 38,597 74,783 Total 20,913,857 24,609,838 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party disclosures | |
Schedule of transactions with related parties | Interest Sales to related Purchases from In EUR Expense parties related parties Remuneration Integrated Micro-Electronics, Inc. (IMI) 2020 35,519 41,756 1,651,438 — 2019 — 1,158,000 1,064,000 — Kloepfel Corporate Finance GmbH (Kloepfel) 2020 — — 1,238,452 — 2019 — — 144,221 — Executive management (Jürgen Eichner, CEO) 2020 — — 5,640 — 2019 — — 5,000 — Joselene Eichner, wife of VIA Group CEO 2020 — — — 32,160 2019 — — — 40,673 |
Schedule of outstanding balances with related parties | Amounts owed Amounts owed Loans from by related to related In EUR related parties parties parties Entity with significant influence over the Group: Integrated Micro-Electronics, Inc. (IMI) 2020 — 1,199,756 2,304,558 2019 2,000,000 1,158,000 1,064,000 Others: Kloepfel Corporate Finance GmbH (Kloepfel) 2020 2,448 2019 54,522 |
Schedule of information related to key personnel | In EUR Executive management (Jürgen Eichner, CEO and Daniel Jürgens, CFO) 700,000 874,000 Supervisory board 150,000 55,000 |
Earnings (Loss) per share (Tabl
Earnings (Loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings (Loss) per share | |
Summary of earnings (loss) per share | 2020 2019 2018 (Loss)/Income after taxes from continuing operations (attributable to VIA optronics AG shareholders) in EUR (3,617,028) (11,759,184) 3,959,134 Weighted average of shares outstanding 3,398,330 2,991,600 2,900,000 (Loss)/Earnings per share in EUR (1.06) (3.93) 1.37 |
Corporate information (Details)
Corporate information (Details) | Dec. 31, 2020 |
Integrated Micro‑Electronics, Inc | |
Disclosure of transactions between related parties [line items] | |
Ownership interest | 50.32% |
Jürgen Eichner | |
Disclosure of transactions between related parties [line items] | |
Ownership interest | 15.89% |
Bank of New York Mellon | |
Disclosure of transactions between related parties [line items] | |
Ownership interest | 33.79% |
Significant accounting polici_4
Significant accounting policies - Restatement of prior year and Revenue from contracts with customers (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reclassifications or changes in presentation [line items] | |||
Gross profit | € 23,359,010 | € 10,021,711 | € 21,805,520 |
Maximum | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Percentage of revenue from license and sale of bonding equipment | 2.30% | 2.30% | 2.30% |
Operating segments | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Gross profit | € 23,359,010 | € 10,021,711 | € 21,581,062 |
Operating segments | Sensor Technologies | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Gross profit | € 4,933,008 | € (1,954,212) | € 1,123,471 |
Significant accounting polici_5
Significant accounting policies - Foreign currencies (Details) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2020TWD ($) | Dec. 31, 2020TWD ($)USD ($) | Dec. 31, 2020TWD ($)JPY (¥) | Dec. 31, 2020TWD ($)CNY (¥) | Dec. 31, 2019TWD ($) | Dec. 31, 2019TWD ($)USD ($) | Dec. 31, 2019TWD ($)JPY (¥) | Dec. 31, 2019TWD ($)CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)JPY (¥) | Dec. 31, 2018USD ($)CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020JPY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018JPY (¥) | Dec. 31, 2018CNY (¥) | |
Significant accounting policies | |||||||||||||||||||
Average Rates | 33.6168 | 1.1419 | 121.8024 | 7.8690 | 34.5837 | 1.1175 | 121.5518 | 7.7487 | 1.1816 | 130.4618 | 7.8074 | ||||||||
Spot Rates | 34.5067 | 34.5067 | 34.5067 | 34.5067 | 33.6811 | 33.6811 | 33.6811 | 33.6811 | 1.1450 | 1.1450 | 1.1450 | 1.2271 | 126.4900 | 8.0225 | 1.1234 | 121.9400 | 7.8205 | 125.8500 | 7.8751 |
Significant accounting polici_6
Significant accounting policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Technical equipment and machinery | Minimum | |
Property and equipment | |
Estimated useful lives of property and equipment | 3 years |
Technical equipment and machinery | Maximum | |
Property and equipment | |
Estimated useful lives of property and equipment | 13 years |
Factory, office and other equipment | Minimum | |
Property and equipment | |
Estimated useful lives of property and equipment | 3 years |
Factory, office and other equipment | Maximum | |
Property and equipment | |
Estimated useful lives of property and equipment | 13 years |
Significant accounting polici_7
Significant accounting policies - Leases (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Factory, office and other equipment | |
Leases | |
Right of use assets estimated useful life | 3 years |
Minimum | Buildings | |
Leases | |
Right of use assets estimated useful life | 3 years |
Maximum | Buildings | |
Leases | |
Right of use assets estimated useful life | 10 years |
Significant accounting polici_8
Significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Customer relationships | |
Intangible assets | |
Estimated useful lives of intangible assets | 5 years |
Software and Patents | |
Intangible assets | |
Estimated useful lives of intangible assets | 5 years |
Licenses | |
Intangible assets | |
Estimated useful lives of intangible assets | 2 years |
Significant accounting polici_9
Significant accounting policies - Segments (Details) - segment | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Significant accounting policies | ||
Number of operating segments | 2 | 2 |
Significant accounting polic_10
Significant accounting policies - Related parties (Details) | Dec. 31, 2020 |
Jürgen Eichner | |
Related party disclosures | |
Ownership interest | 15.89% |
Minimum | |
Related party disclosures | |
Ownership interest | 20.00% |
Accounting Standards - Summary
Accounting Standards - Summary of impact on transition (Details) | Jan. 01, 2019EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Jan. 01, 2019USD ($) | Jan. 01, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Accounting Standards | |||||||
Right-of-use assets presented in property and equipment | € 9,061,002 | € 10,238,332 | € 11,825,810 | ||||
Lease liabilities | 9,214,428 | 11,971,963 | 11,825,810 | ||||
Lease liabilities as at January 1, 2020 | 9,214,428 | 11,971,963 | € 11,825,810 | ||||
Depreciation charges | 1,903,223 | 1,869,296 | |||||
Interest charges | € 197,967 | € 226,941 | |||||
IFRS 16 | |||||||
Accounting Standards | |||||||
Right-of-use assets presented in property and equipment | € 11,825,810 | ||||||
Lease liabilities | $ 11,825,810 | € 11,825,810 | |||||
Weighted average rate | 2.10% | 2.10% | |||||
Operating lease commitment as at December 31, 2019 | $ | $ 6,885,912 | ||||||
Less: Discounting of operating lease commitments | $ | $ (358,049) | ||||||
Discounted operating lease commitments using the incremental borrowing rate as at January 1, 2020 | $ | 6,527,863 | ||||||
Commitments relating to short-term leases | $ | (4,734) | ||||||
Commitments relating to leases of low-value assets | $ | (15,537) | ||||||
Discounted payments in optional extension periods not as at December 31, 2019 | $ | 5,318,218 | ||||||
Lease liabilities as at January 1, 2020 | $ 11,825,810 | € 11,825,810 | |||||
Interest charges | € 227,000 |
Changes in the Group - Consolid
Changes in the Group - Consolidated subsidiaries (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated subsidiaries | ||||
Net profit / loss | € (3,611,444) | € (13,357,637) | € 3,378,310 | |
Equity | € 77,905,224 | € 1,082,278 | € 8,517,496 | |
VIA optronics GmbH | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100.00% | 100.00% | ||
Net profit / loss | € (1,726,540) | € (7,485,107) | ||
Equity | € (5,856,981) | € (4,130,440) | ||
VIA optronics LLC | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100.00% | 100.00% | 100.00% | |
Net profit / loss | € (190,393) | € (518,604) | € 326,012 | |
Equity | € (1,914,714) | € (1,897,939) | ||
VIA optronics (Suzhou) Co., Ltd. | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100.00% | 100.00% | 100.00% | |
Net profit / loss | € 4,975,824 | € 547,204 | € 5,309,218 | |
Equity | € 20,090,782 | € 15,603,019 | ||
VIA optronics (Taiwan) Ltd. | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100.00% | 100.00% | 100.00% | |
Net profit / loss | € 85,037 | € (17,695) | ||
Equity | € 210,009 | € 130,282 | ||
VTS‑Touchsensor Co., Ltd | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 65.00% | 65.00% | 65.00% | |
Net profit / loss | € 15,956 | € (4,567,009) | € (1,659,499) | |
Equity | € 791,155 | € 804,738 |
Changes in the Group - Reorgani
Changes in the Group - Reorganization of Groups’ structure (Details) - EUR (€) | Apr. 18, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 17, 2019 | Jan. 04, 2019 |
Changes in the Group | |||||
Par value per share | € 1 | ||||
Share capital | € 4,530,701 | € 3,000,000 | |||
VIA optronics AG | |||||
Changes in the Group | |||||
Authorised share capital | € 100,000 | ||||
Number of ordinary shares | 100,000 | ||||
Par value per share | € 1 | € 0 | |||
Stated value per share | 1 | ||||
Share capital | € 3,000,000 | € 100,000 | |||
Increase in share capital through contribution in kind | € 2,900,000 | 2,900,000 | |||
Increase in share capital through contribution in kind (in shares) | 2,900,000 | ||||
VIA optronics GmbH | |||||
Changes in the Group | |||||
Share capital | € 73,000 |
Changes in the Group - Acquisit
Changes in the Group - Acquisition of VTS (Details) - EUR (€) | Mar. 29, 2018 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 |
Changes in the Group | ||||
Bargain purchase gain | € 2,992,660 | |||
Liabilities | ||||
Gain from a bargain purchase | (2,992,660) | |||
VTS‑Touchsensor Co., Ltd | ||||
Changes in the Group | ||||
Voting rights acquired | 65.00% | |||
Share of Non controlling interests | 35.00% | |||
Transaction costs | € 775,000 | € 512,000 | ||
Further changes | € 0 | |||
Bargain purchase gain | € 2,993,000 | |||
Liabilities | ||||
Gain from a bargain purchase | € (2,993,000) |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost | |||
Intangible assets other than goodwill at beginning of period | € 6,033,571 | € 6,126,567 | |
Intangible assets other than goodwill at end of period | 4,078,249 | 6,033,571 | € 6,126,567 |
Impairment losses | 0 | 0 | 0 |
Subsequent reversal of impairment losses | 0 | 0 | 0 |
Gross carrying amount | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | 9,066,386 | 7,530,187 | |
Additions | 86,850 | 1,347,185 | |
Foreign currency effect | (131,186) | 189,014 | |
Intangible assets other than goodwill at end of period | 9,022,049 | 9,066,386 | 7,530,187 |
Accumulated amortization | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | (3,032,815) | (1,403,620) | |
Amortization | (1,910,985) | (1,629,195) | |
Intangible assets other than goodwill at end of period | (4,943,799) | (3,032,815) | (1,403,620) |
Software, Licenses and Patents | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | 4,635,713 | 4,268,984 | |
Intangible assets other than goodwill at end of period | 3,220,701 | 4,635,713 | 4,268,984 |
Software, Licenses and Patents | Gross carrying amount | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | 6,802,262 | 5,316,273 | |
Additions | 86,850 | 1,262,694 | |
Transfer | 95,126 | ||
Foreign currency effect | (99,763) | 128,169 | |
Intangible assets other than goodwill at end of period | 6,789,349 | 6,802,262 | 5,316,273 |
Software, Licenses and Patents | Accumulated amortization | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | (2,166,549) | (1,047,289) | |
Amortization | (1,402,098) | (1,119,260) | |
Intangible assets other than goodwill at end of period | (3,568,647) | (2,166,549) | (1,047,289) |
Customer relationships | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | 1,397,857 | 1,846,947 | |
Intangible assets other than goodwill at end of period | 857,549 | 1,397,857 | 1,846,947 |
Customer relationships | Gross carrying amount | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | 2,264,124 | 2,203,278 | |
Foreign currency effect | (31,423) | 60,845 | |
Intangible assets other than goodwill at end of period | 2,232,701 | 2,264,124 | 2,203,278 |
Customer relationships | Accumulated amortization | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | (866,266) | (356,331) | |
Amortization | (508,886) | (509,935) | |
Intangible assets other than goodwill at end of period | € (1,375,152) | (866,266) | (356,331) |
In Process | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | 10,636 | ||
Intangible assets other than goodwill at end of period | 10,636 | ||
In Process | Gross carrying amount | |||
Cost | |||
Intangible assets other than goodwill at beginning of period | 10,636 | ||
Additions | 84,490 | ||
Transfer | € (95,126) | ||
Intangible assets other than goodwill at end of period | € 10,636 |
Property and equipment (Details
Property and equipment (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | € 18,576,268 | € 21,852,691 | |
Property, plant and equipment at end of period | 16,835,608 | 18,576,268 | € 21,852,691 |
Impairment losses | 0 | 0 | 0 |
Subsequent reversal of impairment losses | 0 | 0 | 0 |
Gross carrying amount | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 29,370,337 | 27,802,985 | |
Additions | 3,747,538 | 1,408,331 | |
Disposals | (53,019) | (255,968) | |
Foreign currency effect | (320,086) | 414,989 | |
Property, plant and equipment at end of period | 32,744,770 | 29,370,337 | 27,802,985 |
Gross carrying amount | IFRS 16 | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 11,825,810 | ||
Property, plant and equipment at end of period | 11,825,810 | ||
Accumulated amortization | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (10,794,069) | (5,950,294) | |
Depreciation charge for the year | (5,132,605) | (4,907,832) | |
Disposals | 17,513 | 64,057 | |
Property, plant and equipment at end of period | (15,909,161) | (10,794,069) | (5,950,294) |
Buildings | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 10,124,960 | 11,725,800 | |
Property, plant and equipment at end of period | 8,929,306 | 10,124,960 | 11,725,800 |
Buildings | Gross carrying amount | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 11,930,665 | 11,725,800 | |
Additions | 824,613 | ||
Foreign currency effect | (202,521) | 204,865 | |
Property, plant and equipment at end of period | 12,552,757 | 11,930,665 | 11,725,800 |
Buildings | Gross carrying amount | IFRS 16 | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 11,725,800 | ||
Property, plant and equipment at end of period | 11,725,800 | ||
Buildings | Accumulated amortization | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (1,805,706) | ||
Depreciation charge for the year | (1,817,745) | (1,805,706) | |
Property, plant and equipment at end of period | (3,623,451) | (1,805,706) | |
Technical Equipment and Machines | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 6,603,646 | 8,379,254 | |
Property, plant and equipment at end of period | 4,170,841 | 6,603,646 | 8,379,254 |
Technical Equipment and Machines | Gross carrying amount | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 13,017,527 | 12,034,514 | |
Additions | 553,733 | 283,044 | |
Transfers | 11,966 | 609,322 | |
Disposals | (53,019) | (99,898) | |
Foreign currency effect | (90,064) | 190,545 | |
Property, plant and equipment at end of period | 13,440,143 | 13,017,527 | 12,034,514 |
Technical Equipment and Machines | Accumulated amortization | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (6,413,882) | (3,655,260) | |
Depreciation charge for the year | (2,872,934) | (2,794,104) | |
Disposals | 17,513 | 35,482 | |
Property, plant and equipment at end of period | (9,269,302) | (6,413,882) | (3,655,260) |
Factory, Office, Other Equipment and Leasehold Improvements | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 1,434,522 | 985,107 | |
Property, plant and equipment at end of period | 1,628,508 | 1,434,522 | 985,107 |
Factory, Office, Other Equipment and Leasehold Improvements | Gross carrying amount | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 4,009,004 | 3,280,141 | |
Additions | 646,934 | 590,687 | |
Transfers | 202,476 | ||
Disposals | 0 | (71,580) | |
Foreign currency effect | (25,766) | 7,280 | |
Property, plant and equipment at end of period | 4,630,172 | 4,009,004 | 3,280,141 |
Factory, Office, Other Equipment and Leasehold Improvements | Gross carrying amount | IFRS 16 | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 100,010 | ||
Property, plant and equipment at end of period | 100,010 | ||
Factory, Office, Other Equipment and Leasehold Improvements | Accumulated amortization | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (2,574,482) | (2,295,034) | |
Depreciation charge for the year | (427,183) | (308,023) | |
Disposals | 28,575 | ||
Property, plant and equipment at end of period | (3,001,665) | (2,574,482) | (2,295,034) |
Assets Under Construction | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 413,140 | 762,530 | |
Property, plant and equipment at end of period | 2,106,954 | 413,140 | 762,530 |
Assets Under Construction | Gross carrying amount | |||
Changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 413,140 | 762,530 | |
Additions | 1,722,258 | 534,600 | |
Transfers | (11,966) | (811,798) | |
Disposals | (84,490) | ||
Foreign currency effect | (1,735) | 12,298 | |
Property, plant and equipment at end of period | 2,121,698 | € 413,140 | € 762,530 |
Assets Under Construction | Accumulated amortization | |||
Changes in property, plant and equipment | |||
Depreciation charge for the year | (14,744) | ||
Property, plant and equipment at end of period | € (14,744) |
Inventories (Details)
Inventories (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories | |||
Raw materials and supplies | € 10,674,829 | € 7,377,176 | |
Work in progress | 693,357 | 879,729 | |
Finished goods and merchandise | 5,887,869 | 6,228,917 | |
Total current inventories | 17,256,055 | 14,485,822 | |
Inventories recognized as cost of sales | 105,030,000 | 100,987,000 | € 134,453,000 |
Write-down on inventory | € 96,000 | € 0 | € 700,000 |
Trade accounts receivable (Deta
Trade accounts receivable (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Trade accounts receivable | |||
Expected credit loss rate | 0.72% | 2.00% | |
Estimated total gross carrying amount at default | € 27,086,699 | € 26,594,255 | |
Expected credit loss | (194,813) | (530,668) | |
Impairment loss | (514,066) | (839,131) | |
Trade accounts receivables | € 26,377,820 | € 25,224,456 | € 28,348,708 |
Current | |||
Trade accounts receivable | |||
Expected credit loss rate | 0.36% | 1.05% | |
Estimated total gross carrying amount at default | € 20,440,906 | € 17,488,498 | |
Expected credit loss | (72,865) | (182,809) | |
Trade accounts receivables | € 20,368,041 | € 17,305,689 | |
Less than 30 Days | |||
Trade accounts receivable | |||
Expected credit loss rate | 1.14% | 1.64% | |
Estimated total gross carrying amount at default | € 3,193,352 | € 2,842,760 | |
Expected credit loss | (36,393) | (46,649) | |
Trade accounts receivables | € 3,156,959 | € 2,796,111 | |
31 - 60 Days | |||
Trade accounts receivable | |||
Expected credit loss rate | 6.15% | 1.81% | |
Estimated total gross carrying amount at default | € 243,574 | € 1,072,661 | |
Expected credit loss | (14,984) | (19,402) | |
Trade accounts receivables | € 228,590 | € 1,053,259 | |
61 - 90 Days | |||
Trade accounts receivable | |||
Expected credit loss rate | 2.29% | 5.86% | |
Estimated total gross carrying amount at default | € 704,697 | € 815,992 | |
Expected credit loss | (16,166) | (47,854) | |
Trade accounts receivables | € 688,531 | € 768,138 | |
91 - 120 Days | |||
Trade accounts receivable | |||
Expected credit loss rate | 4.47% | 2.74% | |
Estimated total gross carrying amount at default | € 303,789 | € 247,442 | |
Expected credit loss | (13,574) | (6,788) | |
Trade accounts receivables | € 290,215 | € 240,654 | |
>120 Days | |||
Trade accounts receivable | |||
Expected credit loss rate | 1.86% | 5.50% | |
Estimated total gross carrying amount at default | € 2,200,380 | € 4,126,903 | |
Expected credit loss | (40,830) | (227,166) | |
Impairment loss | (514,066) | (839,131) | |
Trade accounts receivables | € 1,645,484 | € 3,060,606 |
Trade accounts receivable - All
Trade accounts receivable - Allowances (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Trade accounts receivable | ||
Beginning balance | € 1,369,800 | € 971,381 |
Impairment loss | 200,812 | |
Reversal of impairment loss | (291,756) | |
Provision for expected credit losses | 189,668 | |
Reversal of provision for expected credit losses | (335,855) | |
Currency translation effect | (33,309) | 7,939 |
Ending balance | € 708,880 | € 1,369,800 |
Other current assets (Details)
Other current assets (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Other current assets | ||
Deferred offering costs | € 6,469,471 | |
Contract assets | 715,962 | |
Value added tax refund | € 883,027 | 228,987 |
Contract fulfilment cost assets | 237,347 | |
Miscellaneous | 217,302 | 77,976 |
Prepaid expenses | 2,219,057 | 83,377 |
Receivables from employees less than 1 year | 37,051 | 27,565 |
Total | € 3,593,785 | € 7,603,338 |
Equity (Details)
Equity (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity | ||
Number of shares subscribed | 4,530,701 | 3,000,000 |
Par value per share | € 1 | |
Subscribed capital | € 4,530,701 | |
Issue of equity | 90,844,618 | € 100,000 |
Gross IPO proceeds | 90,844,618 | € 100,000 |
share issue related cost | 10,060,936 | |
IPO costs | 3,591,465 | |
Share Issue related cost prior year classified as operating activities | € 6,469,471 | |
Initial Public Offering and Private Placement | ||
Equity | ||
Par value per share | € 1 | |
Issue of equity | € 1,530,701 | |
Gross IPO proceeds | 80,783,682 | |
Amount Exceeding Share of Capital Stock | € 79,252,981 |
Loans - Schedule of Borrowings
Loans - Schedule of Borrowings (Details) | 12 Months Ended | ||||||||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020JPY (¥) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019EUR (€) | |
Loans | |||||||||
Current loans | € 20,646,533 | € 28,648,651 | |||||||
Total non‑current loans | € 1,639,813 | € 2,797,277 | |||||||
Proceeds from borrowings | € 53,577,777 | € 59,368,855 | € 57,975,438 | ||||||
Shareholder | |||||||||
Loans | |||||||||
Proceeds from borrowings | € 2,000,000 | ||||||||
Deutsche Bank | |||||||||
Loans | |||||||||
Interest rate | 1.95% | 1.95% | 1.95% | ||||||
CZBANK | |||||||||
Loans | |||||||||
Interest rate | 3.50% | 3.50% | 3.50% | ||||||
CCB Bank | |||||||||
Loans | |||||||||
Interest rate | 1.16% | 1.16% | 1.16% | 2.87% | 2.87% | 2.87% | |||
Shiga Bank | |||||||||
Loans | |||||||||
Interest rate | 0.98% | 0.98% | 0.98% | 1.67% | 1.67% | 1.67% | |||
Shiga Bank | |||||||||
Loans | |||||||||
Interest rate | 1.28% | 1.28% | 1.28% | ||||||
Minimum | Bayern LB | |||||||||
Loans | |||||||||
Interest rate | 1.86% | 1.86% | 1.86% | ||||||
Minimum | Deutsche Bank | |||||||||
Loans | |||||||||
Interest rate | 2.55% | 2.55% | 2.55% | ||||||
Minimum | SPD bank | |||||||||
Loans | |||||||||
Interest rate | 3.07% | 3.07% | 3.07% | ||||||
Minimum | CZBANK | |||||||||
Loans | |||||||||
Interest rate | 4.80% | 4.80% | 4.80% | ||||||
Minimum | CITIC BANK | |||||||||
Loans | |||||||||
Interest rate | 2.16% | 2.16% | 2.16% | 3.78% | 3.78% | 3.78% | |||
Minimum | ICBC Bank | |||||||||
Loans | |||||||||
Interest rate | 2.25% | 2.25% | 2.25% | 3.92% | 3.92% | 3.92% | |||
Maximum | Bayern LB | |||||||||
Loans | |||||||||
Interest rate | 4.00% | 4.00% | 4.00% | ||||||
Maximum | Deutsche Bank | |||||||||
Loans | |||||||||
Interest rate | 2.60% | 2.60% | 2.60% | ||||||
Maximum | SPD bank | |||||||||
Loans | |||||||||
Interest rate | 3.15% | 3.15% | 3.15% | ||||||
Maximum | CZBANK | |||||||||
Loans | |||||||||
Interest rate | 5.00% | 5.00% | 5.00% | ||||||
Maximum | CITIC BANK | |||||||||
Loans | |||||||||
Interest rate | 2.24% | 2.24% | 2.24% | 3.99% | 3.99% | 3.99% | |||
Maximum | ICBC Bank | |||||||||
Loans | |||||||||
Interest rate | 2.32% | 2.32% | 2.32% | 4.15% | 4.15% | 4.15% | |||
EUR | |||||||||
Loans | |||||||||
Current loans | € 20,646,533 | ||||||||
Total non‑current loans | 1,639,813 | ||||||||
EUR | Bank overdrafts | |||||||||
Loans | |||||||||
Current loans | 264 | € 26,420 | |||||||
EUR | Shareholder | |||||||||
Loans | |||||||||
Current loans | 2,000,000 | ||||||||
EUR | Bayern LB | |||||||||
Loans | |||||||||
Current loans | 7,100,000 | ||||||||
EUR | Deutsche Bank | |||||||||
Loans | |||||||||
Current loans | 2,400,000 | 2,500,000 | |||||||
USD | SPD bank | |||||||||
Loans | |||||||||
Current loans | $ 6,260,000 | 5,091,415 | |||||||
USD | CZBANK | |||||||||
Loans | |||||||||
Current loans | 1,950,940 | 1,586,748 | $ 3,035,712 | 2,707,977 | |||||
USD | CITIC BANK | |||||||||
Loans | |||||||||
Current loans | 6,001,493 | 4,881,165 | 9,406,690 | 8,390,859 | |||||
USD | ICBC Bank | |||||||||
Loans | |||||||||
Current loans | 4,922,324 | 4,003,449 | 4,631,324 | 4,131,327 | |||||
USD | CCB Bank | |||||||||
Loans | |||||||||
Current loans | $ 2,000,000 | 1,626,650 | $ 780,000 | 695,791 | |||||
JPY | Shiga Bank | |||||||||
Loans | |||||||||
Current loans | ¥ 100,080,000 | 791,209 | ¥ 133,680,000 | 1,096,277 | |||||
Total non‑current loans | 191,420,000 | 1,513,321 | ¥ 341,100,000 | € 2,797,277 | |||||
JPY | Shiga Bank | |||||||||
Loans | |||||||||
Current loans | 33,600,000 | 265,634 | |||||||
Total non‑current loans | ¥ 16,000,000 | € 126,492 |
Loans - Narrative (Details)
Loans - Narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | ||
Trade receivable pledged as collateral | € 2,037 | € 15,926 |
Loans - Schedule of Loans Under
Loans - Schedule of Loans Under Normal market Conditions (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flow from financing activities | |||
Proceeds from issue of share capital | € 100,000 | ||
Gross IPO proceeds | € 90,844,618 | 100,000 | |
IPO costs | (3,591,465) | ||
Proceeds from loans | 53,577,777 | 59,368,855 | € 57,975,438 |
Repayment loans | (60,473,984) | (58,931,938) | (41,284,325) |
Payment of lease liabilities | (3,430,031) | (1,748,088) | |
Payment of lease liabilities | (1,817,114) | ||
Interest paid | (1,434,069) | (1,584,082) | (697,245) |
Net cash provided by (used in) financing activities | 75,492,846 | (2,795,253) | 15,993,868 |
Net cash provided by (used in) financing activities | 77,105,764 | ||
Foreign currency effect | (2,544,404) | 637,413 | |
New leases | 878,414 | 76,953 | |
Interest expense, loans | 1,434,069 | 1,584,082 | |
Balance | 42,756,005 | 43,252,810 | |
Balance | 119,629,848 | 42,756,005 | |
Loans | |||
Cash flow from financing activities | |||
Proceeds from loans | 53,577,777 | 59,368,855 | |
Repayment loans | (60,398,873) | (58,861,016) | |
Interest paid | (1,236,102) | (1,357,141) | |
Net cash provided by (used in) financing activities | (849,303) | ||
Net cash provided by (used in) financing activities | (8,057,198) | ||
Foreign currency effect | (2,338,486) | 433,043 | |
Interest expense, loans | 1,236,102 | 1,357,141 | |
Balance | 31,445,928 | 30,505,046 | |
Balance | 22,286,346 | 31,445,928 | |
Financial liabilities due to third parties | |||
Cash flow from financing activities | |||
Repayment loans | (75,110) | (70,922) | |
Net cash provided by (used in) financing activities | (70,922) | ||
Net cash provided by (used in) financing activities | (75,110) | ||
Balance | 851,032 | 921,954 | |
Balance | 775,922 | 851,032 | |
Lease Liabilities | |||
Cash flow from financing activities | |||
Payment of lease liabilities | (1,748,088) | ||
Payment of lease liabilities | (1,817,114) | ||
Interest paid | (197,967) | (226,941) | |
Net cash provided by (used in) financing activities | (1,975,029) | ||
Net cash provided by (used in) financing activities | (2,015,081) | ||
Foreign currency effect | (205,918) | 204,370 | |
New leases | 878,414 | 76,953 | |
Interest expense, loans | 197,967 | 226,941 | |
Balance | 10,359,045 | 11,825,810 | |
Balance | 9,214,427 | 10,359,045 | |
Share Capital | |||
Cash flow from financing activities | |||
Proceeds from issue of share capital | 100,000 | ||
Gross IPO proceeds | 1,530,701 | ||
Net cash provided by (used in) financing activities | 100,000 | ||
Net cash provided by (used in) financing activities | 1,530,701 | ||
Balance | 100,000 | ||
Balance | 1,630,701 | € 100,000 | |
Capital Reserve | |||
Cash flow from financing activities | |||
Gross IPO proceeds | 89,313,917 | ||
IPO costs | (3,591,465) | ||
Net cash provided by (used in) financing activities | 85,722,452 | ||
Balance | € 85,722,452 | ||
IFRS 16 | |||
Cash flow from financing activities | |||
Recognition of lease liabilities on initial application of IFRS 16 | 11,825,810 | ||
IFRS 16 | Lease Liabilities | |||
Cash flow from financing activities | |||
Recognition of lease liabilities on initial application of IFRS 16 | € 11,825,810 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) - EUR (€) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Provisions | |||||
Other provisions at beginning of period | € 2,128,310 | € 2,297,284 | |||
Additions | 124,881 | 1,556,618 | |||
Reversals | (65,264) | (996,144) | |||
Usage | (1,478,922) | (742,620) | |||
Unwinding of discount | 1,993 | 1,964 | |||
Currency translation effect | 726 | 11,208 | |||
Other provisions at end of period | 711,724 | 2,128,310 | € 2,297,284 | ||
Non‑current | € 135,784 | € 134,476 | |||
Current | 575,940 | 1,993,833 | |||
Total other provisions | 711,724 | 2,128,310 | 2,297,284 | 711,724 | 2,128,310 |
Reversal Of Warranty Provision | 65,000 | 996,000 | 427,000 | ||
Warranties | |||||
Provisions | |||||
Other provisions at beginning of period | 516,581 | 1,422,331 | |||
Additions | 124,881 | 74,648 | |||
Reversals | (65,264) | (996,144) | |||
Currency translation effect | (258) | 15,746 | |||
Other provisions at end of period | 575,940 | 516,581 | 1,422,331 | ||
Current | 575,940 | 516,581 | |||
Total other provisions | 575,940 | 516,581 | 1,422,331 | 575,940 | 516,581 |
Reversal Of Warranty Provision | (65,000) | ||||
Asset Retirement Obligation | |||||
Provisions | |||||
Other provisions at beginning of period | 134,476 | 132,333 | |||
Unwinding of discount | 1,993 | 1,964 | |||
Currency translation effect | (685) | 179 | |||
Other provisions at end of period | 135,784 | 134,476 | 132,333 | ||
Non‑current | 135,784 | 134,476 | |||
Total other provisions | 135,784 | 134,476 | 132,333 | € 135,784 | 134,476 |
Litigation | |||||
Provisions | |||||
Other provisions at beginning of period | 427,175 | ||||
Usage | (427,175) | ||||
Other provisions at end of period | 427,175 | ||||
Total other provisions | 427,175 | 427,175 | |||
Other | |||||
Provisions | |||||
Other provisions at beginning of period | 1,477,253 | 315,445 | |||
Additions | 1,481,970 | ||||
Usage | (1,478,922) | (315,445) | |||
Currency translation effect | 1,669 | (4,717) | |||
Other provisions at end of period | 1,477,253 | 315,445 | |||
Current | 1,477,253 | ||||
Total other provisions | € 1,477,253 | € 1,477,253 | € 315,445 | € 1,477,253 |
Other current financial liabi_3
Other current financial liabilities - Summary of other current financial liabilities (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Other current financial liabilities | ||
Financial liabilities due to third parties | € 775,922 | € 851,032 |
Invoices not yet received | 2,681,136 | 4,972,937 |
Customers with credit balances | 174,870 | |
Miscellaneous other financial liabilities | 317,144 | 13,155 |
Total | € 3,949,072 | € 5,837,124 |
Other current liabilities (Deta
Other current liabilities (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Other current liabilities | ||
Liabilities due to personnel bonus | € 1,996,597 | € 2,263,758 |
Social security liabilities | 144,420 | 162,544 |
Tax liabilities other than income taxes | 613,125 | 424,443 |
Liabilities for remaining leave | 338,219 | 302,597 |
Contract liabilities | 190,154 | 334,123 |
Accrued expenses | 57,519 | 39,014 |
Miscellaneous other non‑financial liabilities | 560,309 | 560,876 |
Total | 3,900,342 | 4,087,355 |
Freight, professional services and office supplies accruals | € 291,000 | € 525,000 |
Leases - Other (Details)
Leases - Other (Details) - EUR (€) | Jan. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease, lease term | 6 years | ||
Undiscounted potential future rental payments | € 5,778,000 | € 5,421,000 | |
Leases | |||
Beginning balance | € 9,061,002 | 10,238,332 | 11,825,810 |
Depreciation charge for the year | (1,903,223) | (1,869,296) | |
Additions to right-of-use assets | 928,414 | 76,953 | |
Foreign currency effect | (202,521) | 204,865 | |
Ending Balance | € 9,061,002 | 10,238,332 | |
Vehicles | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease, lease term | 3 years | ||
Buildings | |||
Leases | |||
Beginning balance | 8,929,305 | € 10,124,959 | 11,725,800 |
Depreciation charge for the year | (1,817,745) | (1,805,706) | |
Additions to right-of-use assets | 824,613 | ||
Foreign currency effect | (202,521) | 204,865 | |
Ending Balance | 8,929,305 | 10,124,959 | |
Factory, office and other equipment | |||
Leases | |||
Beginning balance | € 131,696 | 113,373 | 100,010 |
Depreciation charge for the year | (85,478) | (63,590) | |
Additions to right-of-use assets | 103,802 | 76,953 | |
Foreign currency effect | 0 | ||
Ending Balance | € 131,696 | € 113,373 | |
Minimum | Property and equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease, lease term | 3 years | ||
Maximum | Property and equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease, lease term | 18 years |
Leases - Schedule of carrying a
Leases - Schedule of carrying amounts of lease liabilities (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | ||
Beginning balance | € (11,971,963) | € (11,825,810) |
Additions | (878,414) | (1,689,870) |
Accretion of interest | (197,967) | (226,942) |
Payments | 3,627,998 | 1,975,029 |
Foreign currency effect | 205,918 | (204,370) |
Ending balance | (9,214,428) | (11,971,963) |
Current | (1,593,975) | (3,155,469) |
Non-current | € (7,620,453) | € (8,816,494) |
Leases - Schedule of Amounts re
Leases - Schedule of Amounts recognized in profit or loss (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | ||
Depreciation expense of right-of-use assets | € 1,903,223 | € 1,869,296 |
Interest on lease liabilities | (197,967) | (226,941) |
Expenses relating to short-term leases | 34,860 | 4,018 |
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets | 40,800 | 46,506 |
Lease expenses recognized in profit loss | 1,780,916 | 1,692,879 |
Cash outflows for all leases | € 3,704,000 | € 2,026,000 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) € in Thousands | Jan. 01, 2021EUR (€) | Dec. 31, 2020EUR (€)item |
Commitments and contingencies | ||
Number of disputes related to production issues | item | 5 | |
Estimated potential loss from disputes | € 195 | |
Total lease expenses | € 2,243 |
Revenue - Schedule of disaggreg
Revenue - Schedule of disaggregation of revenue (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||
Revenues | € 152,590,315 | € 137,231,335 | € 171,678,894 |
Display Solutions | |||
Revenue | |||
Revenues | 127,119,437 | 113,358,812 | 150,315,353 |
Sensor Technologies | |||
Revenue | |||
Revenues | 25,470,878 | 23,872,523 | 21,363,541 |
Full Service Model | Display Solutions | |||
Revenue | |||
Revenues | 108,255,662 | 104,534,027 | 148,118,965 |
Consignment Model | Display Solutions | |||
Revenue | |||
Revenues | 16,827,626 | 6,500,740 | € 2,196,388 |
R&D Engineering Services | Display Solutions | |||
Revenue | |||
Revenues | € 2,036,149 | € 2,324,045 |
Revenue - Schedule of contract
Revenue - Schedule of contract balances (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue | |||
Trade accounts receivables | € 26,377,820 | € 25,224,456 | € 28,348,708 |
Contract liabilities | 190,154 | 334,123 | € 38,427 |
Contract assets | € 715,962 | ||
Contract fulfilment cost assets | € 237,347 |
Revenue - Schedule of contrac_2
Revenue - Schedule of contract liabilities (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | ||
Contract liabilities at beginning of period | € 334,123 | € 38,427 |
Deferred during the year | 190,154 | 334,123 |
Recognized as revenue during the year | (334,123) | (38,427) |
Contract liabilities at end of period | € 190,154 | € 334,123 |
Expense by nature- Expenses by
Expense by nature- Expenses by nature (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature | |||
Raw materials and consumables | € 105,030,465 | € 101,070,401 | € 134,453,049 |
Salaries, wages and employee benefits | 22,877,775 | 24,676,137 | 18,073,070 |
Consultancy and professional fees | 4,064,764 | 3,574,695 | 2,144,300 |
Advertising, vehicle and travel expenses | 1,341,142 | 2,552,183 | 3,691,559 |
Warranty | 124,881 | (921,496) | 252,125 |
Lease expenses | 190,673 | 217,855 | 1,417,331 |
Purchased services | 2,443,355 | 1,798,175 | 3,186,693 |
Taxes, insurance costs, and other dues | 1,993,462 | 2,073,989 | 914,185 |
Depreciation and amortisation | 7,043,590 | 6,537,028 | 3,212,450 |
Maintenance | 1,704,322 | 1,611,234 | 237,948 |
Other | 4,357,742 | 3,958,879 | 1,189,369 |
Total | € 151,172,171 | € 147,149,080 | € 168,772,079 |
Expense by nature - Narrative (
Expense by nature - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature | |||
Salaries and wages | € 21,426 | € 22,724 | € 16,239 |
Social security contributions | 1,452 | 2,188 | 1,848 |
Reversal of warranty provision | 65 | 996 | 427 |
Utilities expense | 1,439 | 1,593 | 147 |
Other R&D expenses | 1,927 | 1,162 | 0 |
Cafeteria expenses | 189 | 174 | 234 |
Quality and testing expenses | 162 | 131 | 94 |
Relocation expenses | € 0 | € 0 | € 148 |
Other income and other expens_3
Other income and other expenses - Other operating income (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other income and other expenses | |||
Exchange gains | € 3,326,593 | € 911,779 | € 1,297,223 |
Damages/insurance proceeds | 12,282 | 21,224 | 15,099 |
Bargain purchase gain | 2,992,660 | ||
Miscellaneous other operating income | 1,630,159 | 1,425,994 | 717,495 |
Total | 4,969,034 | 2,358,997 | 5,022,477 |
Tooling income | 492,000 | € 771,000 | |
ECL reduction | 326,000 | ||
Income from release of other liabilities | € 274,000 | ||
Tooling and non‑recurring engineering and testing charges | 345,000 | ||
Other accrual release income | 77,000 | ||
Indemnities income | € 70,000 |
Other income and other expens_4
Other income and other expenses - Other operating expense (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other income and other expenses | |||
Exchange losses | € 5,462,494 | € 937,045 | € 1,355,207 |
Losses on disposals of assets | 76,561 | 16,565 | |
Other taxes | 1,190 | 8,039 | |
Increase in bad debt provisions | 323,200 | 572,928 | 255,886 |
Miscellaneous other operating expenses | 1,297,265 | 1,887,415 | 1,412,148 |
Total | 7,159,521 | 3,415,143 | 3,031,280 |
Tooling expense | 836,000 | 766,000 | 560,000 |
Warranty expenses | € 282,000 | ||
Accrued licensing fees | € 520,000 | 0 | |
Off-site expense | 285,000 | ||
Custom duties | € 181,000 |
Financial result (Details)
Financial result (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income on: | |||
Loans, bank deposits and receivables | € 4,182 | € 3,771 | |
Total interest income arising from financial assets not measured at fair value through profit or loss | 4,182 | 3,771 | |
Finance income | 4,182 | 3,771 | |
Interest expense | (1,423,157) | (1,643,990) | € (1,140,047) |
Unwind of discount on asset retirement obligation | (1,993) | (1,964) | (1,544) |
Finance costs | (1,425,150) | (1,645,953) | (1,141,591) |
Net finance costs recognized in profit or loss | € (1,420,968) | € (1,642,182) | € (1,141,591) |
Taxes on income - Income tax ex
Taxes on income - Income tax expense (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes on income | |||
Current tax expense | € 2,275,672 | € 201,953 | € 1,883,669 |
Adjustments in respect of current income tax of previous year | 86,252 | 156,800 | 275,895 |
Deferred income tax charge / (benefit) | (943,789) | 382,812 | (1,781,454) |
Income tax expense | € 1,418,134 | 741,564 | € 378,110 |
Income tax expense | € 741,565 | ||
Average effective tax rate | 64.66% | 5.88% | 10.07% |
VIA optronics AG | |||
Taxes on income | |||
Statutory corporate income tax rate | 15.00% | 15.00% | |
Corporate income tax rate | 32.17% | 32.17% | |
Total corporate tax rate | 15.82% | ||
Solidarity surcharge rate | 5.50% | ||
Municipal trade tax rate | 16.35% | ||
VIA optronics GmbH | |||
Taxes on income | |||
Statutory corporate income tax rate | 15.00% | ||
Total corporate tax rate | 32.17% | 31.90% | 31.80% |
Solidarity surcharge rate | 5.50% | ||
Municipal trade tax rate | 16.35% | 16.10% | 16.00% |
VIA LLC (USA) | |||
Taxes on income | |||
Corporate income tax rate | 23.75% | 26.50% | 27.00% |
VIA Suzhou (China) | |||
Taxes on income | |||
Corporate income tax rate | 25.00% | 25.00% | 25.00% |
VTS (Japan) | |||
Taxes on income | |||
Corporate income tax rate | 34.10% | 34.10% | 33.90% |
VIA Taiwan | |||
Taxes on income | |||
Corporate income tax rate | 20.00% | 20.00% |
Taxes on income - Reconciliatio
Taxes on income - Reconciliation (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes on income | |||
(Loss)/Profit before tax | € (2,193,310) | € (12,616,073) | € 3,756,420 |
Tax under domestic (German) tax rate | 705,588 | 4,058,591 | (1,195,744) |
Effect of tax rate in foreign jurisdictions | 423,177 | 119,823 | 545,310 |
Changes in domestic tax rate | (11,938) | 70,954 | |
Non-deductible expenses | (128,603) | (47,925) | (71,349) |
Current-year losses for which no deferred tax asset is recognized | (2,360,472) | (2,582,253) | |
Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences | (13,965) | (2,089,536) | 113,383 |
Non-deductible withholding taxes | (126,455) | (195,123) | (275,868) |
Permanent difference from business combination | 719,359 | ||
Income tax for prior years | 72,671 | (892) | (275,895) |
Others | 9,925 | 7,688 | (8,260) |
Income tax expense | € (1,418,134) | (741,564) | € (378,110) |
Income tax expense | € (741,565) | ||
Average effective tax rate | 64.66% | 5.88% | 10.07% |
Taxes on income - Deferred taxe
Taxes on income - Deferred taxes (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes on income | |||
Deferred tax assets | € 398,491 | € 168,687 | € 1,937,851 |
Deferred tax liabilities | 0 | (703,812) | (2,023,878) |
Unrecognised current tax losses | 2,360,000 | ||
Deferred taxes charged to equity | 9,000 | 67,000 | |
Outside based differences no deferred tax liability recognized | 242,000 | 156,000 | |
Outside based differences indefinitely reinvested | 755,000 | 490,000 | |
Germany | |||
Taxes on income | |||
Deferred tax assets | 0 | ||
Accumulated corporate income tax losses carried forward | 27,726,000 | 17,658,000 | |
Accumulated trade tax losses carried forward | 27,132,000 | 17,246,000 | |
Corporate income tax losses carried forward no deferred tax assets were recognized | 27,601,000 | ||
Trade tax losses carried forward no deferred tax assets were recognized | 27,005,000 | ||
Other countries | |||
Taxes on income | |||
Deferred tax assets | 0 | ||
Accumulated corporate income tax losses carried forward | 3,701,000 | 5,043,000 | |
Accumulated trade tax losses carried forward | 796,000 | 4,126,000 | |
Intangible assets | |||
Taxes on income | |||
Deferred tax assets | 158,134 | 115,923 | |
Deferred tax liabilities | (292,338) | (476,530) | (576,234) |
Property and equipment | |||
Taxes on income | |||
Deferred tax liabilities | (3,073,184) | (4,155,783) | (1,589,665) |
Other financial assets | |||
Taxes on income | |||
Deferred tax assets | 45,633 | ||
Inventories | |||
Taxes on income | |||
Deferred tax assets | 58,186 | 312,529 | 317,440 |
Trade accounts receivables | |||
Taxes on income | |||
Deferred tax assets | 163,841 | 50,849 | 305,873 |
Deferred tax liabilities | (13,913) | (19,992) | |
Other current assets | |||
Taxes on income | |||
Deferred tax liabilities | (85,795) | (2,319,362) | (732,527) |
Cash and cash equivalents | |||
Taxes on income | |||
Deferred tax assets | 8,100 | 13,596 | 48,119 |
Provisions | |||
Taxes on income | |||
Deferred tax assets | 41,791 | 34,740 | 40,339 |
Deferred tax liabilities | (12,737) | ||
Other financial liabilities | |||
Taxes on income | |||
Deferred tax liabilities | (11,221) | ||
Lease liabilities | |||
Taxes on income | |||
Deferred tax assets | 2,076,118 | 2,803,625 | |
Loans | |||
Taxes on income | |||
Deferred tax assets | 29,772 | ||
Trade accounts payable | |||
Taxes on income | |||
Deferred tax assets | 691,939 | 880,190 | 138,878 |
Deferred tax liabilities | (60,747) | (86,100) | |
Provisions | |||
Taxes on income | |||
Deferred tax assets | 237,526 | ||
Deferred tax liabilities | (232,600) | ||
Lease liabilities | |||
Taxes on income | |||
Deferred tax assets | 484,147 | 484,298 | |
Other financial liabilities | |||
Taxes on income | |||
Deferred tax assets | 208,879 | 39,935 | 15,983 |
Other non‑financial liabilities | |||
Taxes on income | |||
Deferred tax assets | 2,359 | 15,778 | 10,324 |
Deferred tax liabilities | (10,445) | (4,011) | |
Losses carried forward | |||
Taxes on income | |||
Deferred tax assets | 40,242 | 1,769,111 | 1,886,325 |
Deferred Taxes before netting | |||
Taxes on income | |||
Deferred tax assets | 3,933,737 | 6,520,574 | 3,076,212 |
Deferred tax liabilities | (3,535,246) | (7,055,699) | (3,162,239) |
Consolidation Adjustments | |||
Taxes on income | |||
Netting – deferred tax assets | (3,535,246) | (6,351,887) | (1,138,361) |
Netting – deferred tax liabilities | 3,535,246 | € 6,351,887 | 1,138,361 |
VIA optronics AG | |||
Taxes on income | |||
Deferred tax assets | 0 | ||
Deductible temporary differences for which no deferred tax asset is recognised | 3,184,000 | ||
VIA LLC (USA) | |||
Taxes on income | |||
Accumulated trade tax losses carried forward | € 2,635,000 | ||
Period of unrecognised tax losses carry forward | 20 years | ||
VTS (Japan) | |||
Taxes on income | |||
Deferred tax liabilities | € (2,857,000) | ||
Unrecognised current tax losses | € 850,000 | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 1,026,000 |
Market Risk Management and Fi_3
Market Risk Management and Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | |
Market Risk Management and Financial Instruments | |||
Contract assets | € 715,962 | ||
Credit risk | |||
Market Risk Management and Financial Instruments | |||
Trade accounts receivables | € 26,337 | $ 25,940 | |
Contract assets | € 25,940,000 | ||
Contract assets as a percentage | 100.00% | ||
Credit risk | Customer one | |||
Market Risk Management and Financial Instruments | |||
Trade receivable as a percentage | 16.00% | ||
Contract assets as a percentage | 20.00% | ||
Credit risk | Customer two | |||
Market Risk Management and Financial Instruments | |||
Trade receivable as a percentage | 12.00% | ||
Contract assets as a percentage | 15.00% | ||
Interest rate risk | |||
Market Risk Management and Financial Instruments | |||
Hypothetical increase or decrease of one percentage point | 1.00% | ||
Basis point interest rate | 1 | ||
Interest rate risk | Customer two | |||
Market Risk Management and Financial Instruments | |||
Contract assets as a percentage | 17.00% |
Market Risk Management and Fi_4
Market Risk Management and Financial Instruments - Liquidity risk (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Market Risk Management and Financial Instruments | ||
Total non‑current loans | € 1,639,813 | € 2,797,277 |
Current loans | 20,646,533 | 28,648,651 |
Trade accounts payable | 30,610,890 | 24,147,955 |
Lease liabilities | 1,593,975 | 3,155,469 |
Other current financial liabilities. | 3,949,072 | 5,837,124 |
Current liabilities | 62,550,863 | 68,125,608 |
Liquidity risk | Up to 1 Year | ||
Market Risk Management and Financial Instruments | ||
Current loans | 20,778,308 | 28,850,173 |
Trade accounts payable | 30,610,890 | 24,147,955 |
Lease liabilities | 1,734,382 | 3,348,791 |
Other current financial liabilities. | 3,949,072 | 5,837,124 |
Current liabilities | 57,072,653 | 62,184,043 |
Liquidity risk | Between 1 and 3 Years | ||
Market Risk Management and Financial Instruments | ||
Total non‑current loans | 1,653,327 | 2,832,316 |
Lease liabilities | 3,207,209 | 4,777,899 |
Current liabilities | 4,860,536 | 7,610,215 |
Liquidity risk | More Than 3 Years | ||
Market Risk Management and Financial Instruments | ||
Lease liabilities | 4,542,080 | 4,544,369 |
Current liabilities | € 4,542,080 | € 4,544,369 |
Market Risk Management and Fi_5
Market Risk Management and Financial Instruments - Foreign exchange risk (Details) | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020JPY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2020JPY (¥) | Dec. 31, 2020EUR (€) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Market Risk Management and Financial Instruments | ||||||||||
Cash and cash equivalents | € 81,021,280 | € 9,335,123 | € 9,943,184 | € 6,623,477 | ||||||
Current loans | (20,646,533) | (28,648,651) | ||||||||
Trade accounts payable | (30,610,890) | (24,147,955) | ||||||||
Other current financial liabilities | € 3,949,072 | € 5,837,124 | ||||||||
Currency risk [member] | ||||||||||
Market Risk Management and Financial Instruments | ||||||||||
Cash and cash equivalents | $ | $ 83,933,959 | |||||||||
Trade accounts receivables | 15,409,594 | $ 4,053,992 | ¥ 4,084,144 | |||||||
Current loans | $ | (21,134,757) | (17,853,725) | ||||||||
Trade accounts payable | (25,416,839) | (3,487,841) | ¥ (4,323,071) | |||||||
Currency Risk Exposure | $ 52,791,957 | $ 25,395,559 | ¥ 4,084,144 | ¥ 4,323,071 | ||||||
Change of Risk (increase) | (0.01) | (0.01) | 10 | 10 | ||||||
Positive Impact on Profit | $ 4,302,172 | ¥ 3,229 | $ 2,260,598 | ¥ 3,545 |
Market Risk Management and Fi_6
Market Risk Management and Financial Instruments - Financial assets and liabilities at carrying amount (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Non‑current interest bearing loans and borrowings | Financial liabilities at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Liabilities, Carrying Amount | € 1,639,813 | € 2,797,277 |
Financial Liabilities, Fair Value | 1,590,461 | 2,702,122 |
Bank loans | Financial liabilities at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Liabilities, Carrying Amount | 20,646,533 | 28,648,651 |
Financial Liabilities, Fair Value | 20,646,533 | 28,648,651 |
Trade accounts payable | Financial liabilities at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Liabilities, Carrying Amount | 27,384,396 | 24,147,955 |
Financial Liabilities, Fair Value | 27,384,396 | 24,147,955 |
Financial liabilities due to third parties | Financial liabilities at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Liabilities, Carrying Amount | 775,922 | 851,032 |
Financial Liabilities, Fair Value | 775,922 | 851,032 |
Invoices not yet received | Financial liabilities at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Liabilities, Carrying Amount | 2,681,136 | 4,972,937 |
Financial Liabilities, Fair Value | 2,681,136 | 4,972,937 |
Miscellaneous other financial liabilities | Financial liabilities at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Liabilities, Carrying Amount | 317,144 | 13,155 |
Financial Liabilities, Fair Value | 317,144 | 13,155 |
Other Non‑current financial assets | Financial assets at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Assets, Carrying Amount | 155,105 | 156,757 |
Financial Assets, Fair Value | 155,105 | 156,757 |
Trade accounts receivables | Financial assets at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Assets, Carrying Amount | 26,337,073 | 25,224,456 |
Financial Assets, Fair Value | 26,337,073 | 25,224,456 |
Current tax assets | Financial assets at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Assets, Carrying Amount | 2,219,057 | |
Financial Assets, Fair Value | 2,219,057 | |
Cash and cash equivalents | Financial assets at amortised cost, category | ||
Market Risk Management and Financial Instruments | ||
Financial Assets, Carrying Amount | 81,021,280 | 9,335,123 |
Financial Assets, Fair Value | € 81,021,280 | € 9,335,123 |
Segments - Schedule of Group_s
Segments - Schedule of Group’s key financial metrics by segment (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segments | |||
External revenues | € 152,590,315 | € 137,231,335 | € 171,678,894 |
Total revenues | 152,590,315 | 137,231,335 | 171,678,894 |
Gross profit (loss) | 23,359,010 | 10,021,711 | 21,805,520 |
Operating income (loss) | (772,342) | (10,973,891) | 4,898,011 |
Depreciation and amortization | 7,043,590 | 6,537,028 | 3,212,450 |
EBITDA | 6,271,248 | (4,436,863) | 8,110,461 |
Net (loss)/profit | (3,611,444) | (13,357,637) | 3,378,310 |
Segment assets | 149,852,136 | 81,659,945 | 80,571,260 |
Capital expenditure | 3,834,387 | 1,819,240 | 2,374,230 |
Segment liabilities | 71,946,912 | 80,577,666 | 66,348,060 |
Display Solutions | |||
Segments | |||
Total revenues | 127,119,437 | 113,358,812 | 150,315,353 |
Sensor Technologies | |||
Segments | |||
Total revenues | 25,470,878 | 23,872,523 | 21,363,541 |
Operating segments | |||
Segments | |||
External revenues | 152,590,315 | 137,231,335 | 171,678,894 |
Inter‑segment revenues | 3,360,282 | 2,137,760 | 277,536 |
Total revenues | 155,950,597 | 139,369,095 | 171,956,430 |
Gross profit (loss) | 23,359,010 | 10,021,711 | 21,581,062 |
Operating income (loss) | (772,747) | (10,973,461) | 1,817,533 |
Depreciation and amortization | 7,043,590 | 6,537,028 | 3,212,450 |
EBITDA | 6,270,843 | (4,436,433) | 5,029,983 |
Net (loss)/profit | (3,611,444) | (13,358,331) | 298,358 |
Segment assets | 158,250,853 | 88,512,864 | 85,568,748 |
Capital expenditure | 3,834,387 | 1,819,240 | 2,374,230 |
Segment liabilities | 79,059,273 | 86,144,229 | 70,146,485 |
Operating segments | Display Solutions | |||
Segments | |||
External revenues | 127,119,437 | 113,358,812 | 150,315,353 |
Inter‑segment revenues | 277,536 | ||
Total revenues | 127,119,437 | 113,358,812 | 150,592,889 |
Gross profit (loss) | 18,426,003 | 11,975,923 | 20,457,591 |
Operating income (loss) | (1,252,144) | (4,641,040) | 4,230,694 |
Depreciation and amortization | 2,523,655 | 2,055,365 | 757,394 |
EBITDA | 1,271,511 | (2,585,675) | 4,988,088 |
Net (loss)/profit | (3,627,399) | (8,790,628) | 1,957,857 |
Segment assets | 137,944,207 | 66,327,315 | 61,958,634 |
Capital expenditure | 3,272,517 | 1,595,428 | 1,580,313 |
Segment liabilities | 59,543,782 | 64,763,418 | 51,727,139 |
Operating segments | Sensor Technologies | |||
Segments | |||
External revenues | 25,470,878 | 23,872,523 | 21,363,541 |
Inter‑segment revenues | 3,360,282 | 2,137,760 | |
Total revenues | 28,831,160 | 26,010,283 | 21,363,541 |
Gross profit (loss) | 4,933,008 | (1,954,212) | 1,123,471 |
Operating income (loss) | 479,397 | (6,332,421) | (2,413,161) |
Depreciation and amortization | 4,519,935 | 4,481,663 | 2,455,056 |
EBITDA | 4,999,332 | (1,850,758) | 41,895 |
Net (loss)/profit | 15,956 | (4,567,009) | (1,659,499) |
Segment assets | 20,306,646 | 22,185,549 | 23,610,114 |
Capital expenditure | 561,870 | 223,812 | 793,917 |
Segment liabilities | 19,515,491 | 21,380,811 | 18,419,346 |
Consolidation Adjustments | |||
Segments | |||
Inter‑segment revenues | (3,360,282) | (2,137,760) | (277,536) |
Total revenues | (3,360,282) | (2,137,760) | (277,536) |
Gross profit (loss) | 224,458 | ||
Operating income (loss) | 405 | (430) | 3,080,478 |
EBITDA | 405 | (430) | 3,080,478 |
Net (loss)/profit | (694) | 3,079,952 | |
Segment assets | (8,398,717) | (6,852,919) | (4,997,488) |
Segment liabilities | € (7,112,360) | € (5,566,563) | € (3,798,425) |
Segments - Revenue by Region (D
Segments - Revenue by Region (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segments | |||
Total revenues | € 152,590,315 | € 137,231,335 | € 171,678,894 |
Asia | |||
Segments | |||
Total revenues | 82,734,687 | 81,362,926 | 109,026,165 |
China | |||
Segments | |||
Total revenues | 57,263,809 | 57,490,403 | 87,662,624 |
Japan | |||
Segments | |||
Total revenues | 25,470,878 | 23,872,523 | 21,363,541 |
Europe (Germany) | |||
Segments | |||
Total revenues | 62,157,908 | 48,218,014 | 54,852,549 |
North America (United States) | |||
Segments | |||
Total revenues | € 7,697,720 | € 7,650,395 | € 7,800,180 |
Segments - Property and Equipme
Segments - Property and Equipment/Intangible Assets by Region (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Segments | ||
Property And Equipment And Intangible Assets | $ 20,913,857 | $ 24,609,838 |
Asia | ||
Segments | ||
Property And Equipment And Intangible Assets | 13,339,863 | 18,260,599 |
China | ||
Segments | ||
Property And Equipment And Intangible Assets | 4,281,031 | 4,910,153 |
Japan | ||
Segments | ||
Property And Equipment And Intangible Assets | 9,058,832 | 13,350,447 |
Europe (Germany) | ||
Segments | ||
Property And Equipment And Intangible Assets | 7,535,398 | 6,274,455 |
North America (United States) | ||
Segments | ||
Property And Equipment And Intangible Assets | $ 38,597 | $ 74,783 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Display Solutions | Customer one | |||
Segments | |||
Revenue (as a percent) | 39.00% | 30.00% | 29.00% |
Display Solutions | Customer two | |||
Segments | |||
Revenue (as a percent) | 16.00% | 21.00% | |
Display Solutions | Customer three | |||
Segments | |||
Revenue (as a percent) | 13.00% | ||
Sensor Technologies | Customer one | |||
Segments | |||
Revenue (as a percent) | 16.00% | 17.00% | 12.00% |
Sensor Technologies | Customer two | |||
Segments | |||
Revenue (as a percent) | 14.00% |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - EUR (€) | Dec. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of transactions between related parties [line items] | ||||
Proceeds from borrowings | € 53,577,777 | € 59,368,855 | € 57,975,438 | |
Kloepfel Corporate Finance GmbH | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of gross proceeds | 0.95% | |||
Integrated Micro‑Electronics, Inc. | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of voting equity interests held | 50.32% | |||
Proceeds from borrowings | € 2,000,000 | |||
Interest rate | 1.93% | |||
Jürgen Eichner | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of voting equity interests held | 76.00% | 24.00% | ||
Dr. Heiko Frank, Chairman | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of voting equity interests held | 49.99% |
Related Party Disclosures - Tra
Related Party Disclosures - Transactions with related parties (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Integrated Micro‑Electronics, Inc. | ||
Related party disclosures | ||
Interest expense | € 35,519 | |
Sales to related parties | 41,756 | € 1,158,000 |
Purchases from related parties | 1,651,438 | 1,064,000 |
Kloepfel Corporate Finance GmbH | ||
Related party disclosures | ||
Purchases from related parties | 1,238,452 | 144,221 |
Executive management, (Jürgen Eichner, CEO) | ||
Related party disclosures | ||
Purchases from related parties | 5,640 | 5,000 |
Joselene Eichner, Wife of VIA Group CEO | ||
Related party disclosures | ||
Remuneration | € 32,160 | € 40,673 |
Related Party Disclosures - Out
Related Party Disclosures - Outstanding balances with related parties (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Integrated Micro‑Electronics, Inc. | ||
Related party disclosures | ||
Loans from related parties | € 2,000,000 | |
Amounts owed by related parties | € 1,199,756 | 1,158,000 |
Amounts owed to related parties | 2,304,558 | 1,064,000 |
Kloepfel Corporate Finance GmbH | ||
Related party disclosures | ||
Amounts owed to related parties | € 2,448 | € 54,522 |
Related Party Disclosures - inf
Related Party Disclosures - information related to key personnel (Details) - EUR (€) | Dec. 31, 2020 | Dec. 31, 2019 |
Executive management | ||
Related party disclosures | ||
Amounts owed to related parties | € 700,000 | € 874,000 |
Supervisory Board | ||
Related party disclosures | ||
Amounts owed to related parties | € 150,000 | € 55,000 |
Earnings (Loss) per share - Nar
Earnings (Loss) per share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings (Loss) per share | |||
Number of shares outstanding | 4,530,701 | 3,000,000 | |
Weighted average of shares outstanding | 3,398,330 | 2,991,600 | 2,900,000 |
Number of shares used for the calculation of basic earnings per share | 2,900,000 |
Earnings (Loss) per share - Sch
Earnings (Loss) per share - Schedule of diluted and basic earnings (loss) per share (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings (Loss) per share | |||
(Loss)/Income after taxes from continuing operations (attributable to VIA optronics AG shareholders) | € (3,617,028) | € (11,759,184) | € 3,959,134 |
Weighted average of shares outstanding | 3,398,330 | 2,991,600 | 2,900,000 |
(Loss)/earnings per share in EUR | € (1.06) | € (3.93) | € 1.37 |
Other Information (Details)
Other Information (Details) - employee | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Information | |||
Average number of employees | 620 | 681 | 663 |
Number of industrial employees | 424 | 487 | 465 |
Number of commercial employees | 197 | 194 | 198 |
Events after the reporting pe_2
Events after the reporting period (Details) € in Thousands | Jan. 01, 2021EUR (€) |
Events after the reporting period | |
Operating lease, lease term | 6 years |
Total lease expenses | € 2,243 |