Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021€ / sharesshares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39543 |
Entity Registrant Name | VIA optronics AG |
Entity Incorporation, State or Country Code | 2M |
Entity Address, Address Line One | Sieboldstrasse 18 |
Entity Address, City or Town | Nuremberg |
Entity Address, Postal Zip Code | 90411 |
Entity Address, Country | DE |
Entity Common Stock, Shares Outstanding | shares | 4,530,701 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | PricewaterhouseCoopers GmbH |
Auditor Firm ID | 1275 |
Auditor Location | Nuremberg, Germany |
Entity Central Index Key | 0001769116 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document and Entity Information | |
Contact Personnel Name | Jürgen Eichner |
Entity Address, Address Line One | Sieboldstrasse 18 |
Entity Address, City or Town | Nuremberg |
Entity Address, Postal Zip Code | 90411 |
Entity Address, Country | DE |
Country Region | +49 |
City Area Code | 911 |
Local Phone Number | 597 575-120 |
Contact Personnel Email Address | jeichner@via-optronics.com |
Ordinary shares | |
Document and Entity Information | |
Title of 12(b) Security | Ordinary shares, €1.00 notional value per share |
Entity Listing, Par Value Per Share | € 1 |
No Trading Symbol Flag | true |
American Depositary Shares | |
Document and Entity Information | |
Title of 12(b) Security | American Depositary Shares, each representing one-fifth of anordinary share, €1.00 notional value per share |
Entity Listing, Depository Receipt Ratio | 0.2 |
Entity Listing, Par Value Per Share | € 1 |
Trading Symbol | VIAO |
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Assets | |||
Non-current assets | € 27,816,527 | € 21,467,453 | € 24,935,283 |
Intangible assets | 4,169,436 | 4,078,249 | 6,033,571 |
Property and equipment | 21,530,680 | 16,835,608 | 18,576,268 |
Financial assets | 1,148,612 | 155,105 | 156,757 |
Deferred tax assets | 967,799 | 398,491 | 168,687 |
Current assets | 133,849,872 | 128,384,683 | 52,385,560 |
Inventories | 35,849,646 | 17,256,055 | 14,485,822 |
Trade accounts receivables | 31,127,559 | 26,377,820 | 25,224,456 |
Current tax assets | 568,181 | 135,743 | 75,923 |
Other assets | 8,300,341 | 3,593,785 | 3,264,236 |
Cash and cash equivalents | 58,004,145 | 81,021,280 | 9,335,123 |
Total assets | 161,666,399 | 149,852,136 | 77,320,843 |
Equity and liabilities | |||
Equity attributable to equity holders of the parent | 64,998,011 | 77,628,319 | (2,980,126) |
Share capital | 4,530,701 | 4,530,701 | 3,000,000 |
Capital reserve | 88,506,026 | 88,506,026 | 4,169,843 |
Accumulated Deficit | (26,787,316) | (15,031,232) | (10,111,748) |
Currency translation reserve | (1,251,400) | (377,176) | (38,221) |
Equity attributable to non-controlling interests | 515,390 | 276,904 | 281,658 |
Total Equity | 65,513,401 | 77,905,223 | (2,698,468) |
Non-current liabilities | 8,790,952 | 9,396,050 | 11,893,702 |
Loans | 700,568 | 1,639,813 | 2,797,277 |
Provisions | 140,869 | 135,784 | 134,476 |
Lease liabilities | 7,945,734 | 7,620,453 | 8,816,494 |
Deferred tax liabilities | 3,781 | 145,456 | |
Current liabilities | 87,362,045 | 62,550,863 | 68,125,608 |
Loans | 34,557,415 | 20,646,533 | 28,648,651 |
Trade accounts payable | 33,447,088 | 30,610,890 | 24,147,955 |
Current tax liabilities | 1,406,385 | 1,274,111 | 255,221 |
Provisions | 1,089,305 | 575,940 | 1,993,834 |
Lease liabilities | 2,025,193 | 1,593,975 | 3,155,469 |
Other financial liabilities | 7,254,176 | 3,949,072 | 5,837,124 |
Other liabilities | 7,582,483 | 3,900,342 | 4,087,355 |
Total equity and liabilities | € 161,666,399 | € 149,852,136 | € 77,320,843 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Operations and Other Comprehensive Income (Loss) | |||
Revenue | € 180,802,496 | € 152,590,315 | € 137,231,335 |
Cost of sales | (160,309,834) | (129,231,305) | (127,209,624) |
Gross profit | 20,492,662 | 23,359,010 | 10,021,711 |
Selling expenses | (6,388,678) | (3,380,809) | (4,252,062) |
General administrative expenses | (23,038,867) | (16,117,177) | (16,415,483) |
Research and development expenses | (4,498,121) | (3,186,980) | (2,490,259) |
Other operating income | 11,627,312 | 4,969,034 | 2,358,997 |
Other operating expenses | (7,709,283) | (7,159,521) | (3,415,143) |
Operating loss | (9,514,975) | (1,516,442) | (14,192,238) |
Financial result | (776,137) | (1,420,968) | (1,642,182) |
Loss before tax | (10,291,112) | (2,937,410) | (15,834,420) |
Income tax expense | (1,216,908) | (1,976,490) | (183,209) |
Net loss | (11,508,019) | (4,913,900) | (16,017,629) |
Which is attributable to: | |||
Owners of the company | (11,756,084) | (4,919,484) | (14,419,176) |
Non-controlling interests | 248,065 | 5,584 | (1,598,453) |
Other comprehensive income / (loss): | |||
Exchange differences on translation of foreign operations | (883,802) | (349,294) | 116,717 |
Comprehensive loss | (12,391,821) | (5,263,194) | (15,900,912) |
Which is attributable to: | |||
Owners of the company | (12,630,308) | (5,258,440) | (14,387,780) |
Non-controlling interests | 238,486 | (4,754) | (1,513,132) |
Loss after taxes from continuing operations (attributable to VIA optronics AG shareholders) | € (11,756,084) | € (4,919,484) | € (14,419,176) |
Weighted average of shares outstanding basic (in shares) | 4,530,701 | 3,398,330 | 2,991,600 |
Weighted average of shares outstanding diluted (in shares) | 4,530,701 | 3,398,330 | 2,991,600 |
Basic loss per share in EUR (EUR per Share) | € (2.59) | € (1.45) | € (4.82) |
Diluted loss per share in EUR (EUR per Share) | € (2.59) | € (1.45) | € (4.82) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net loss | € (11,508,019) | € (4,913,900) | € (16,017,629) |
Adjustments for: | |||
Depreciation of property and equipment | 4,365,939 | 5,132,605 | 4,907,832 |
Amortization of intangible assets | 1,735,459 | 1,910,985 | 1,629,195 |
Impairment loss on trade receivables | 283,580 | 323,200 | 284,758 |
Fair value (gains) / losses on non-current financial assets at fair value through profit or loss | (352,101) | ||
Financial result excluding fair value gains on non-current financial assets at fair value through profit or loss | 1,128,237 | 1,420,968 | 1,642,182 |
Foreign currency effect | 521,390 | (2,047,671) | 527,879 |
Income tax expense | 1,216,908 | 1,418,134 | 741,565 |
Inventories | (18,149,564) | (2,770,234) | 5,993,324 |
Trade accounts receivables and other assets | (8,689,507) | (3,994,649) | 1,930,745 |
Prepayments | 707,191 | (143,969) | 295,698 |
Trade accounts payable and other liabilities | 7,816,483 | 4,364,133 | 4,887,316 |
Provisions | 500,450 | (1,416,586) | (168,975) |
Current and deferred income taxes | (52,983) | 580,173 | (151,431) |
Income taxes paid | (1,733,836) | (1,354,676) | (1,246,492) |
Cash generated from / (used in) operating activities | (22,210,371) | (1,491,487) | 5,255,968 |
Cash flow from investing activities | |||
Proceeds from sale of property and equipment | 100,313 | 35,505 | |
Acquisition of a subsidiary, net of cash acquired | (2,836,535) | ||
Acquisition of property and equipment | (5,608,549) | (2,819,124) | (1,536,200) |
Acquisition of intangible assets | (154,681) | (86,850) | (1,554,787) |
Acquisition of other investments | (738,007) | ||
Net cash used in investing activities | (9,237,460) | (2,870,468) | (3,090,987) |
Cash flow from financing activities | |||
Issuance of share capital | 90,844,618 | 100,000 | |
Payment of transaction costs | (2,847,365) | ||
Interest paid | (880,419) | (1,236,102) | (1,584,082) |
Proceeds from loans and borrowings | 55,552,179 | 53,577,777 | 59,368,855 |
Repayment loans and borrowings | (44,431,773) | (60,473,984) | (58,931,938) |
Payment of lease liabilities | (2,031,598) | (3,627,998) | (1,748,088) |
Net cash provided by / (used in) financing activities | 8,208,389 | 76,236,946 | (2,795,254) |
Net increase / (decrease) in cash and cash equivalents | (23,239,443) | 71,874,992 | (630,273) |
Cash and cash equivalents at January 1 | 81,021,280 | 9,335,123 | 9,943,184 |
Foreign currency effect | 222,307 | (188,835) | 22,211 |
Cash and cash equivalents at December 31 | € 58,004,145 | € 81,021,280 | € 9,335,123 |
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, 2018 | € 11,307,656 | € 73,327 | € 6,996,516 | € 4,307,428 | € (69,615) | € 1,794,790 | € 13,102,446 | |
Net (loss) | As Reported | (13,357,637) | |||||||
Net (loss) | (14,419,176) | (14,419,176) | (1,598,453) | (16,017,629) | ||||
Foreign currency translation effect | 31,395 | 31,395 | 85,321 | 116,717 | ||||
Comprehensive loss | As Reported | (13,240,920) | |||||||
Comprehensive loss | (14,387,781) | (14,419,176) | 31,395 | (1,513,132) | (15,900,912) | |||
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 (As Reported) at Dec. 31, 2019 | 1,082,279 | |||||||
Equity at end of period at Dec. 31, 2019 | (2,980,126) | 3,000,000 | 4,169,843 | (10,111,748) | (38,221) | 281,658 | (2,698,468) | |
Net (loss) | As Reported | (3,611,444) | |||||||
Net (loss) | (4,919,484) | (4,919,484) | 5,584 | (4,913,900) | ||||
Foreign currency translation effect | (338,955) | (338,955) | (10,339) | (349,294) | ||||
Comprehensive loss | As Reported | (3,960,738) | |||||||
Comprehensive loss | (5,258,439) | (4,919,484) | (338,955) | (4,755) | (5,263,194) | |||
Issue of share capital upon formation | 90,844,618 | 1,530,701 | 89,313,917 | 90,844,618 | ||||
Transaction costs | (4,977,734) | (4,977,734) | (4,977,734) | |||||
Equity at end of period (As Reported) at Dec. 31, 2020 | 77,905,223 | |||||||
Equity at end of period at Dec. 31, 2020 | 77,628,319 | 4,530,701 | 88,506,026 | (15,031,232) | (377,176) | 276,904 | 77,905,223 | |
Net (loss) | (11,756,084) | (11,756,084) | 248,065 | (11,508,019) | ||||
Foreign currency translation effect | (874,224) | (874,224) | (9,579) | (883,802) | ||||
Comprehensive loss | (12,630,308) | (11,756,084) | (874,224) | 238,486 | (12,391,821) | |||
Equity at end of period at Dec. 31, 2021 | € 64,998,011 | € 4,530,701 | € 88,506,026 | € (26,787,316) | € (1,251,400) | € 515,390 | € 65,513,401 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2021 | |
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 the beginning of 2018, VIA has engaged 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 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 12. 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, 2021, 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”) ● VIA optronics (Taiwan) Ltd., Taipei, Taiwan (hereafter referred to as “VIA Taiwan”) ● Germaneers GmbH, Wettstetten, Ingolstadt (hereafter referred to as “Germaneers“) ● VIA optronics (Philippines) Inc., Laguna, Philippines (hereafter referred to as “VIA Philippines”) 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 controlling party is Mermac Inc., a Philippines-based company. VIA is owned 50.32% by Coöperatief IMI Europe U.A. 33.79% by the Bank of New York Mellon are held in fiduciary custody without any voting agreement and 15.89% by Jürgen Eichner (CEO and founder). The consolidated financial statements of the Company comprise the Company and its subsidiaries. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
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“) and the related interpretations issued by the IFRS Interpretations Committee. 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 classified as current when it is expected to be realized within twelve months after the reporting period, except for cash and cash equivalents, which is classified as current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is classified as 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 except for certain financial instruments which are measured at fair value. 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 for issue by the members of the Management Board on May 16, 2022. 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 entities are eliminated. 2.3 Based on a re-evaluation of costs, VIA determined that an amount of EUR 4,339,102 (TEUR 1,121 and TEUR 3,218 incurred during the years ended December 31, 2018 and December 31, 2019, respectively) and EUR 744,100 (incurred during the year ended December 31, 2020), previously capitalized as “Other current assets” prior to the IPO and, upon consummation of the IPO in 2020, deducted directly from equity are not incremental costs directly attributable to the issuance of common shares in the IPO. Instead this amount needs to be recognized as “General administrative expenses” as incurred. The impacts of the restatement, including income tax effects, have been reflected throughout the financial statements, including an adjustment to accumulated deficit as of January 1, 2019 in the 2019 statement of changes in equity of TEUR 1,121 related to previously capitalized costs from 2018, as well as segment reporting and applicable footnotes, and are summarized below: Restatement of Previously issued Consolidated Statements of Financial Position 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated Other assets (Deferred offering costs) — — — 7,603,338 (4,339,102) 3,264,236 Current assets — — — 56,724,662 (4,339,102) 52,385,560 Total assets — — — 81,659,945 (4,339,102) 77,320,843 Capital reserve 83,422,824 5,083,202 88,506,026 — — — Accumulated deficit (9,948,029) (5,083,203) (15,031,232) (6,331,002) (3,780,746) (10,111,748) Equity attributable to equity holders of the parent 77,628,319 — 77,628,319 800,621 (3,780,746) (2,980,126) Total equity 77,905,223 — 77,905,223 1,082,279 (3,780,746) (2,698,468) Deferred tax liabilities — — — 703,812 (558,356) 145,456 Total equity and liabilities 149,852,136 — 149,852,136 81,659,946 (4,339,102) 77,320,843 Restatement of previously issued Consolidated Statements of Operations and Other Comprehensive Income (Loss) 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated General administrative expenses* (15,373,077) (744,100) (16,117,177) (13,197,135) (3,218,348) (16,415,483) Operating loss (772,342) (744,100) (1,516,442) (10,973,891) (3,218,348) (14,192,238) Loss before tax (2,193,310) (744,100) (2,937,410) (12,616,073) (3,218,348) (15,834,420) Income tax expense (1,418,134) (558,356) (1,976,490) (741,564) 558,356 (183,209) Net loss (3,611,444) (1,302,456) (4,913,900) (13,357,637) (2,659,992) (16,017,629) Which is attributable to: Owners of the company (3,617,028) (1,302,456) (4,919,484) (11,759,184) (2,659,992) (14,419,176) Comprehensive loss (3,960,738) (1,302,456) (5,263,194) (13,240,920) (2,659,992) (15,900,912) Which is attributable to: Owners of the company (3,955,984) (1,302,456) (5,258,440) (11,727,788) (2,659,992) (14,387,780) Loss per share in EUR (1.06) (0.38) (1.45) (3.93) (0.89) (4.82) *Amounts included under “Consultancy & audit” within Note 19 Restatement of Previously issued Consolidated Statements of Cash Flows 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated Net loss (3,611,444) (1,302,456) (4,913,900) (13,357,637) (2,659,992) (16,017,629) Changes in: - Trade accounts receivables and other assets — — — (1,267,603) 3,218,348 1,930,745 - Current and deferred income taxes 21,817 558,356 580,173 406,924 (558,356) (151,431) Cash generated from / (used in) operating activities (747,387) (744,100) (1,491,487) 5,255,966 — 5,255,968 Payment of transaction cost (3,591,465) 744,100 (2,847,365) — — — Net cash provided by / (used in) financing activities 75,492,846 744,100 76,236,946 (2,795,254) — (2,795,254) The restatement as described above has no effect on the Company’s net cash and cash equivalents. 2.4 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 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. 2.5 The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. 2.5.1 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 based on the inputs used: ● Level 1—Inputs are unadjusted 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 for the asset or liability either directly or indirectly ● Level 3—Inputs are unobservable inputs for the asset or liability 2.5.2 Revenue from contracts with customers The Group generates revenue from the sale of enhanced display solutions, which use optical bonding technology, and 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 (refer to Note 2.5.15 for further information on the Group’s segments). Goods and services transferred to a customer are accounted for as separate performance obligations if they are distinct (i.e., the customer can benefit from the goods or services on its own or together with other resources readily available to the customer and the promise to transfer the good or service is separately identifiable from other promises in the contract). The Group considers whether such promises in its contracts are separate performance obligations to which a portion of the transaction price must be allocated. For its fully bonded display, the Group has determined that 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 also provides warranties under certain customer contracts, which the Group has determined are not separate performance obligations. As a result, no portion of the transaction price is allocated to promises related to warranties. 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 consideration payable to customers and concluded that such payments are in exchange for a distinct good. Therefore, such payments are presented as 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 is 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 (see Note 4.1, Revenue from contracts with customers). For optical bonding services performed under the consignment model, the assets created have alternative use to the Group entities, so revenue is recognized at a point in time, which is when the enhancement process is finalized, the customer removes the enhanced products from the consignment stock, and the customer is invoiced, according to contract. Invoices are usually payable within 30 days. For the sale of products under the full service model, revenue is either recognized at a point in time, which is generally the point in time when goods are delivered to the customer, or over time depending on the respective contractual arrangement with the customer. The payment terms either require the customer the make upfront payments or to pay for the products when they have been delivered. In both cases invoices are payable within 30 to 60 days. 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. Payment for such services is made upfront by the customer with the invoices being payable within 30 to 60 days. With regard to significant accounting judgements for revenue recognition refer to Note 4.1 for further information. 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. Assets recognized from costs to fulfil a contract Costs to fulfill a contract are recognized as an asset if the incurred costs directly relate to a customer with 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 . Assets recognized from costs to fulfil a contract are amortised on a straight-line basis, consistent with the expected lifetime of the contract to which the asset relates. Contract assets and assets recognized from costs to fulfil a contract are subject to impairment assessment. Refer to Note 2.5.11. Trade accounts receivable A receivable is recognized when the Group's right to consideration is unconditional, which is generally when goods are delivered or services are performed, as only the passage of time is required before payment is due. See Note 2.5.8 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. 2.5.3 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. 2.5.4 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 presented using that functional currency. For the years ended December 31, 2020, and all prior periods, the functional currencies of the Companies of the VIA Group were considered to be the respective local currencies. Following thorough analysis VIA determined that the functional currency for two of its major group subsidiaries – VIAGM and VIASZ should change as both subsidiaries currently generate revenues and expend cash for supplies predominantly in US dollars. Based on the development of these “primary indicators” the functional currency of those companies is changed from Euro and Renminbi, respectively to US dollars during 2021. In accordance with IAS 21, changes in functional currency are accounted for on a prospective basis. 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 qualify for recognition. Monetary items are subsequently remeasured at the foreign currency rate as of the reporting date. Differences arising from remeasurement 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 Euro 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 consolidated statements 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) 2021 2021 USD 1.1851 1.1326 CNY 7.6511 7.1947 JPY 129.6878 130.3800 TWD 33.0284 31.5268 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 2.5.5 Property and equipment is measured at cost less accumulated depreciation and any accumulated impairment losses. Evaluation of impairment of non-financial assets is described in Note 2.5.10. 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 Group has recognized asset retirement obligations to return certain of the Group’s premises to their original condition (see Note 14). The costs for dismantling and removing an asset are recognized and measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets Property and equipment are depreciated to their estimated residual values using the straight-line method over their estimated useful lives. Depreciation is recognized in the depreciation expense within the consolidated statements of operations. Estimated useful lives are as follows: Years Technical equipment and machinery 3 ‑ 13 Other equipment, factory and office equipment 3 ‑ 13 Gains or losses on disposal of property and equipment are recognized in the consolidated 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. 2.5.6 The Group assesses at inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group has leases for buildings, vehicles and IT equipment. The Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. 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 and right-of-use assets representing the right to use the underlying assets as described below. 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. Right-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 reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Refer to Note 2.5.10 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 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 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 of 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 office equipment considered to be of 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. 2.5.7 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 expenditures are capitalized only when it increases the future economic benefits of 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, Licenses and Patents 2 - 5 Amortization methods, useful lives and residual values are reviewed at each financial year-end and adjusted, if appropriate. 2.5.8 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 The Group’s financial assets include trade accounts receivables, cash and cash equivalents as well as deposits and investments in debt and equity instruments . Initial recognition and measurement Under IFRS 9, financial assets are classified at initial recognition at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. Financial assets are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way transactions) are recognized on the settlement date. The classification of financial assets depends on the business model within which they are held and their contractual cash flow characteristics. A financial asset is measured at amortized cost (AC), if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income (FVOCI), if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss (FVTPL) unless it is measured at amortized cost or at fair value through other comprehensive income. Trade receivables against one special customer are regularly sold under a factoring agreement. Therefore their business model is “hold to sell” and these trade receivables are classified as FVTPL. However, despite the general classification requirements an entity may, at initial recognition, irrevocably designate a financial asset as measured FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency ('accounting mismatch') that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. For equity instruments that would otherwise be measured at FVTPL, an entity may make an irrevocable election at initial recognition to present subsequent changes in fair value in other comprehensive income (equity instrument FVOCI). This election is made on an instrument-by instrument-basis. Neither the option for measurement of financial assets at FVTPL nor the election to recognize subsequent changes in fair value in other comprehensive income for equity instruments have been applied by the Group. Generally, the Group initially measures a financial asset at its fair value plus, in the case of financial assets not measured at FVTPL, directly attributable transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price in accordance with IFRS 15. Subsequent measurement Depending on the different classifications, subsequent measurement of financial assets is as follows: ● AC: subsequent measurement of financial assets classified within this category is performed by using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income is recognized within the financial result. Foreign exchange gains and losses, impairment losses (including reversals of impairment losses or impairment gains) as well as any gain or loss on derecognition are recognized in other operating income or expense. ● Debt instrument FVOCI: subsequent measurement of financial assets classified within this category is at their fair value. Interest income, which is calculated using the effective interest rate method, is recognized within the financial result. Foreign exchange gains and losses as well as impairment losses (including reversals) are recognized in other operating income or expense. Other gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. ● Equity instrumen |
Accounting Standards
Accounting Standards | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards | |
Accounting Standards | 3. Accounting Standards 3.1 The following two amendments have been initially adopted by the Group from January 1, 2021: ● Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 - Interest Rate Benchmark Reform - Phase 2 The amendment does not have a direct impact on the consolidated financial statements of the Group as VIA is not exposed to any variable interest rate for its financial liabilities denominated in either USD or JPY. Indirect exposures to changes based on IBOR reform might result e.g. from interest rates used for discounting purposes. The Group monitors potential effects from indirect exposures as well as potential impacts from direct exposures in case of changes in financing conditions. ● IFRS 4 Amendments - deferral of IFRS 9 This amendment does not have an impact on the consolidated financial statements. 3.2 A. Onerous contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. The amendments apply for annual reporting periods beginning on or after January 1, 2022 to contracts existing at the date when the amendments are first applied. At the date of initial application, the cumulative effect of applying the amendments is recognized as an opening balance adjustment to retained earnings or other components of equity, as appropriate. The comparatives are not restated. The Group has determined that the amendment will have no effect on the valuation of provisions for onerous contracts. B. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) In May 2021, the IASB issued amendments to IAS 12, Income Taxes ("IAS 12"). The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences – e.g. leases and decommissioning liabilities. The amendments apply for annual reporting periods beginning on or after January 1, 2023. For leases and decommissioning liabilities, the associated deferred tax asset and liabilities will need to be recognised from the beginning of the earliest comparative period presented, with any cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For all other transactions, the amendments apply to transactions that occur after the beginning of the earliest period presented. The amendments are effective for annual periods beginning on or after January 1, 2023. Early application is permitted. The implementation of the amendments will most likely not have a material impact on the consolidated financial statements. The regulations still require adoption by the EU into European law. C. Other standards The following new and amended standards are not expected to have a significant impact on the Group’s consolidated financial statements. ● ● ● ● ● ● ● ● |
Significant accounting judgemen
Significant accounting judgements, estimates and assumptions | 12 Months Ended |
Dec. 31, 2021 | |
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 controls the goods before they are transferred to customers, and it has the ability to direct the use of the displays or obtain benefits from the displays. The following factors indicate that the Group controls the goods before they are transferred to customers: ● 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 Therefore, the Group determined that it is principal in these contracts. Additionally, VTS sells its products to a business partner who then sells those products to customers. The business partner in this case acts as an intermediary between VTS and the customer. Based on the distribution agreement, the business partner acts as an agent and not as a pricipal. This conclusion has been primarily based on the fact that the business partner only places orders to VTS once receiving a customer order and therefore has no possibility to decide independently on the customer to which he delivers. Principal versus agent considerations frequently appear within the Groups’ business environment. Judgement is required for each contract entered into with new major customers. Over-time revenue recognition In the case of revenue from contracts with customers recognized over-time, judgement is applied in determining which method best depicts the progress towards complete satisfaction of the underlying performance obligations. The Group therefore carefully evaluates the production and delivery process for new projects to decide whether input or output methods shall be applied. Cost-to-Fulfill a contract (IFRS 15.95) versus IAS 38 in connection with R&D activities Due to its business model, the Group generally performs application engineering before series production to adapt products and processes to the specific requirements of the customer. VIA also performs R&D activities without any customer specific requirement. As a consequence, VIA must regularly determine whether such activities may result in an internally generated intangible asset or, if not, whether such activities are eligible for capitalization as costs to fulfil a contract with a customer. This is the case, if they relate directly to an existing contract or specific anticipated contract, they generate or enhance resources of the entity that will be used to satisfy the performance obligations in the future and are expected to be recovered. In determining whether costs may result in an internally generated intangible asset or be eligible for capitalization as costs to fulfil a contract, management applies judgement in order to evaluate if the R&D activities are expected to lead to new or substantially improved materials, devices, products, processes, system or services because only then costs may be recognized as internally generated intangible asset. 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. 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 estimates are based on the best information available related to historical experience and expected future costs and are subject to change over time. 4.4 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 reporting 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. 4.5 To enable inorganic growth, the Group acquires certain entities. In the context of such acquisitions, it is necessary to regularly assess control over the acquiree in accordance with IFRS 10. Evaluation of control regularly includes evaluation of the relevant activities of the acquiree as well as the internal decision making procedures. Decision making procedures might be relatively straight forward in cases solely based on voting rights (such as e.g. in case of Germaneers). Still, judgement might be necessary in cases of complex contractual relationships with other shareholders (such as e.g. a deadlock call option in case of VTS) that influence control. VIA carefully evaluates every business combination and the implications of new or existing contracts with regard to control. 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 and the useful lives 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 leases for buildings, vehicles and IT equipment (see Note 2.5.6). Within the accounting for such leases under IFRS 16, the determination of the incremental borrowing rate as well as the exercisability of extension and termination options require significant judgment and estimation. The Group determines relevant incremental borrowing rates based on risk-free interest rates (congruent to the duration of a lease) and credit spreads derived from a peer group. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. The 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, 2021 | |
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 12/31/2021 12/31/2020 2021 2020 12/31/2021 12/31/2020 VIA optronics GmbH* Schwarzenbruck, Germany 100 100 (5,172,146) (1,726,540) (13,979,548) (5,856,981) VIA optronics LLC Orlando, Florida, USA 100 100 (661,914) (190,393) (2,767,087) (1,914,714) VIA optronics (Suzhou) Co., Ltd. Suzhou, China 100 100 959,129 4,975,824 23,312,443 20,090,782 VIA optronics (Taiwan) Ltd. Taipei, Taiwan 100 100 (34,457) 85,037 193,760 210,009 Germaneers GmbH Wettstetten, Germany 100 — 109,492 — 1,449,752 — VIA optronics (Philippines), Inc. Laguna, Philippines 100 — — — 264,401 — VTS‑Touchsensor Co., Ltd.** Higashi Omi, Japan 65 65 708,757 15,956 1,472,544 791,155 Acquisition of Germaneers GmbH In May 2021, VIA optronics AG acquired 100% of the shares in Germaneers GmbH, which offers development and engineering services. Germaneers has provided solutions for a range of well-known high-end original equipment manufacturers. With adding Germaneers to the Group VIA is following its strategy of acquiring smaller high-tech firms with specific know how and expertise that complement VIA’s own capabilities and support the expansion of the R&D organization. Together with Germaneers, VIA plans to deliver technologically advanced cockpit integrations with sophisticated user interfaces, camera integration for surround view or mirror replacement and touch features. Moreover, with Germaneers as a subsidiary, VIA is able to provide fully integrated solutions throughout all lifecycle phases. From the date of acquisition, Germaneers contributed TEUR 1,959 of revenue and TEUR 175 to profit before tax from continuing operations of the Group. If the combination had taken place at the beginning of 2021, the Group’s revenue from continuing operations would have been TEUR 181,574 and the loss before tax from continuing operations would have been TEUR 10,155. Assets acquired and liabilities assumed The fair values of the identifiable assets and liabilities of Germaneers at the date of acquisition were: Germaneers - Opening Balance at acquisition date Amounts in EUR Assets Non-current 347,588 Property, plant and equipment 280,896 Intangible assets 46,675 Non-current financial assets 20,017 Current 2,008,677 Inventories 444,027 Trade receivables and other assets 1,339,965 Cash and short-term deposits 224,685 Total Assets 2,356,265 Liabilities Non-Current (228,997) Non-current financial liabilities (330) Other liabilities (228,667) Current (787,008) Trade and other payables (197,751) Current financial liabilities (136,657) Other current liabilities (452,599) Total Liabilities (1,016,005) Total identifiable net assets at fair value 1,340,260 Goodwill arising on acquisition 1,720,960 Purchase consideration transferred 3,061,220 The goodwill is attributable mainly to the synergies expected to be achieved from integrating the company into the Group’s existing business. None of the goodwill recognised is expected to be deductible for tax purposes. The contractual arrangement also includes an earn out clause. Due to the fact that based on the nature of this clause the contingent payments were classified as remuneration for continued services of certain employees, they were not included in determining the consideration transferred. For further information on the liability recognized for these employment services refer to Note 16. The fair value of the trade receivables amounts to TEUR 1,271. The gross amount of trade receivables is TEUR 1,271 and it is expected that the full contractual amounts can be collected. The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable terms of the lease relative to market terms. At December 31, 2021, no additional assets or liabilities Acquisition-related costs The Group incurred acquisition-related costs of TEUR 322 on due diligence and tax advice. These costs have been included in general administrative expenses. Consideration transferred The purchase price amounts to TEUR 3,061 and is defined as the unadjusted purchase price. Establishment of VIA optronics (Philippines) Inc. On September 13, 2021, VIA optronics (Philippines) Inc. was founded as a new subsidiary to provide customized and platform camera solutions, from design and development to process testing and quality control. VIA Philippines was incorporated to facilitate the integration of a camera design and development team that was previously a part of Integrated Micro-Electronics, Inc. (“IMI”), a Philippines-based company and VIA shareholder. Through a Service and Support Agreement (the “Agreement”), IMI has provided development support services through this team to the Company’s subsidiary, VIA optronics GmbH, since January 2019. The Agreement terminated on December 31, 2021 and the camera design and development team formally became a part of the Company in January 2022, with approximately 20 employees joining VIA. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | |
Intangible assets | 6. Intangible assets Software, Licenses and Customer in EUR Patents Relationships Goodwill Total Cost Balance at January 1, 2020 6,802,262 2,264,124 — 9,066,386 Additions 86,850 — — 86,850 Transfer — — — — Acquisition of a subsidiary — — — — Foreign currency effect (99,763) (31,423) — (131,186) Balance at December 31, 2020 6,789,349 2,232,701 — 9,022,050 Additions 154,681 — — 154,681 Transfer — — — — Acquisition of a subsidiary 46,675 — 1,720,960 1,767,635 Disposals — — — — Foreign currency effect (72,623) (23,050) — (95,673) Balance at December 31, 2021 6,918,082 2,209,651 1,720,960 10,848,693 Software, Licenses and Customer in EUR Patents Relationships Goodwill Total Accumulated amortization Balance at January 1, 2020 (2,166,549) (866,266) — (3,032,815) Amortization (1,402,098) (508,886) — (1,910,984) Exchange differences — — — — Balance at December 31, 2020 (3,568,647) (1,375,152) — (4,943,799) Amortization (1,257,514) (477,944) — (1,735,458) Exchange differences — — — — Balance at December 31, 2021 (4,826,161) (1,853,096) — (6,679,257) Carrying amounts At January 1, 2020 4,635,713 1,397,857 — 6,033,571 At December 31, 2020 3,220,701 857,549 — 4,078,249 At December 31, 2021 2,091,921 356,555 1,720,960 4,169,436 There were no impairment losses and subsequent reversals concerning intangible assets in 2021 or |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
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 Balance at January 1, 2020 11,930,665 13,017,527 4,009,004 413,141 29,370,337 Additions 824,613 553,733 646,934 1,722,258 3,747,538 Transfers — 11,966 — (11,966) — Disposals — (53,019) — — (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 Additions 3,099,403 1,645,503 1,455,496 2,605,201 8,805,603 Transfers — 4,306,247 24,645 (4,330,892) — Acquisition of a subsidiary — 2 70,531 — 70,533 Disposals (85,605) (348,494) (278,460) (1) (712,560) Foreign currency effect 79,384 227,601 64,942 (1,135) 370,792 Balance at December 31, 2021 15,645,939 19,271,001 5,967,327 394,871 41,279,138 Accumulated depreciation Balance at January 1, 2020 (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) Depreciation charge for the year (2,160,175) (1,622,416) (583,348) — (4,365,939) Disposals — 347,584 179,058 — 526,642 Balance at December 31, 2021 (5,783,626) (10,544,134) (3,405,955) (14,744) (19,748,458) Carrying amounts At January 1, 2020 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 At December 31, 2021 9,862,313 8,726,867 2,561,371 380,128 21,530,680 There have been no impairment losses or reversals of impairment in 2021 or 2020. Refer to Note 17 for the amount of Right-of-use assets included in property and equipment. |
Other non-current financial ass
Other non-current financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Other non-current financial assets. | |
Other non-current financial assets | 8. Other non-current financial assets On June 9, 2021, VIA acquired a convertible promissory note (the “Note”) with transaction price equal to their nominal amount of TUSD 900 (TEUR 738) from SigmaSense LLC, a company based in Austin, USA. The Note, which was classified as FVTPL, was automatically convertible into qualified financing securities of Sigma Sense LLC upon the occurrence of any qualified financing. On September 28, 2021, Sigma Sense LLC conducted such qualified financing. In the context of the conversion of the Note, the Note was revalued at fair value as of the date directly prior to conversion based on the conditions offered to third parties in the context of the qualified financing. The remeasurement resulted in a gain amounting to TUSD 373 (TEUR 352). Based on the terms of the Note, the Note was then converted automatically into 20,870 Series B-1 Units of Sigma Sense LLC to be classified as equity instruments in accordance with IAS 32. As a result of the conversion of the Note, the remeasured Note has been derecognized and a non-current financial asset (equity interest) amounting to TEUR 1,090 has been recognized. VIA classified the equity interest in SigmaSense as FVTPL. At December 31, 2021 there is no reliable information available from either historical volatility, any relevant peer group companies or any other internal or external source of information that would allow a more reliable estimation of the fair value at reporting date. Therefore, besides of foreign currency effects the fair value remained unchanged at TEUR 1,124. Apart from the equity interest, other non-current financial assets include rent deposits amounting to TEUR 24. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Inventories | 9. Inventories in EUR 12/31/2021 12/31/2020 Raw materials and supplies 19,578,604 10,674,829 Work in progress 1,642,247 693,357 Finished goods and merchandise 14,628,795 5,887,869 Inventories 35,849,646 17,256,055 During 2021, an amount of TEUR 129,426 (2020: TEUR 105,030) for inventories was recognized as cost of sales. There was an inventory write-down in 2021 of TEUR 115 (2020: TEUR 96). |
Trade accounts receivable
Trade accounts receivable | 12 Months Ended |
Dec. 31, 2021 | |
Trade accounts receivable | |
Trade accounts receivable | 10. Trade accounts receivable All trade accounts receivable are from third parties and have maturities within one year. All trade accounts receivable are non-interest bearing. in EUR 12/31/2021 Total gross carrying amount 32,120,019 Carrying amount of trade receivables subject to factoring (FVTPL) (2,420,512) Total gross carrying amount AC 29,699,508 Expected credit loss (Stage 2 & 3) (992,460) Total net carrying amount trade accounts receivables 28,707,048 The following table provides information about the recognized loss allowances Trade Receivables Days Past Due December 31, 2021 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 15,537,575 7,559,486 2,847,052 2,142,988 123,295 1,489,112 29,699,508 Expected credit loss (Stage 2) (65,921) (54,791) (52,361) (71,876) (8,653) (74,941) (328,543) Loss from credit impaired trade accounts receivables (Stage 3) — — — — — (663,917) (663,917) Total net carrying amount trade accounts receivables — — — — — — 28,707,048 Trade Receivables Days Past Due December 31, 2020 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 20,440,906 3,193,352 243,574 704,697 303,789 2,200,380 27,086,699 Expected credit loss (Stage 2) (72,865) (36,393) (14,984) (16,166) (13,574) (40,830) (194,813) Loss from credit impaired trade accounts receivables (Stage 3) — — — — — (514,066) (514,066) Total net carrying amount trade accounts receivables — — — — — — 26,377,820 The loss allowances for trade accounts receivables developed as follows: in EUR Balance at January 1, 2020 1,369,800 Reversal of impairment loss (Stage 3) (291,756) Reversal of provision for expected credit losses (Stage 2) (335,855) Currency translation effect (33,309) Balance at December 31, 2020 708,880 Reversal of impairment loss (Stage 3) (240,678) Reversal of provision for expected credit losses (Stage 2) (26,574) Additions 513,043 Currency translation effect 37,790 Balance at December 31, 2021 992,460 |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Other current assets. | |
Other current assets | 11. Other current assets in EUR 12/31/2021 12/31/2020 Receivables from employees due within 1 year 64,246 37,051 Value added tax refund 1,285,383 883,027 Contract assets 2,123,884 — Prepaid expenses 2,155,523 2,219,057 Assets recognized from costs to fulfill a contract 2,183,536 237,347 Miscellaneous 487,769 217,302 Total 8,300,341 3,593,785 During the financial year ended December 31, 2021, contract assets in the amount of TEUR 2,124, which resulted from revenue recognition from products without an alternative use and where the Group has an enforceable right to payment, were capitalized. The prepaid expenses mainly consist of D&O insurance as of December 31, 2021 and 2020. Costs to fulfil a contract result from project specific application activities carried out by the Group in order to fulfil a contract with a customer but which do not qualify as internally generated intangible assets. The increase in the carrying amount compared to the previous year is due to additional activities required for new contracts. The assets are amortized over the life of the respective contract. The amount of amortization recognized in the reporting period is TEUR 100 (2020: TEUR 0). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity | |
Equity | 12. Equity As of December 31, 2021, VIA’s subscribed capital consists of 4,530,701 (December 31, 2020: 4,530,701) ordinary shares, all fully paid and each representing one share of the capital stock with a nominal value 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 increased in the financial year ended December 31, 2020 through the Company’s Initial Public Offering (IPO) and the concurrent private placement of 1,530,701 ordinary shares. The total net proceeds received from the IPO and the concurrent private placement amounted to EUR 85,866,884 of which the amount of EUR 84,336,183 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 4,977,734 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. The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s registered share capital in one or more tranches by up to EUR 1,500,000 by issuing up to 1,500,000 new no |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Loans | |
Loans | 13. Loans The following table presents the outstanding nominal amounts (excl. interest or amortised cost) of all loans: In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2021 12/31/2021 Current loans Bank overdraft EUR 8,355 8,355 Deutsche Bank 2.40% 03/09 - 03/24/22 EUR 2,400,000 2,400,000 CZBANK 3.00 - 3.20% 01/30 - 05/24/22 USD 5,219,953 4,628,430 CITIC BANK 1.96 - 2.13% 02/04 - 06/23/22 USD 7,703,063 6,830,155 ICBC Bank 1.65 - 1.77% 01/19 - 06/02/22 USD 8,735,194 7,745,326 CCB Bank 0.59 - 0.71% 01/30 - 04/24/22 USD 2,920,000 2,589,107 SPD Bank 2.13% 03/05 - 03/25/22 USD 6,540,000 5,798,890 CMSB 1.90% 03/21 - 04/21/22 USD 4,135,457 3,666,829 Shiga Bank 0.98% 10/31/2023 JPY 100,080,000 767,602 Shiga Bank 1.28% 05/31/2022 JPY 16,000,000 122,718 Total current loans 34,557,414 Non-current loans Shiga Bank 0.98% 10/31/2023 JPY 91,340,000 700,568 Total non-current loans 700,568 In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2020 12/31/2020 Current loans Bank overdrafts EUR 264 264 Deutsche Bank 2.55 - 2.60% 02/22 - 03/09/21 EUR 2,400,000 2,400,000 CZBANK 3.5% 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 1.16% 02/03/21 USD 2,000,000 1,626,650 Shiga Bank 0.98% 11/30/2023 JPY 100,080,000 791,209 Shiga Bank 1.28% 06/01/2022 JPY 33,600,000 265,634 Total current loans 20,646,533 Non ‑ current loans Shiga Bank 0.98% 11/30/2023 JPY 191,420,000 1,513,321 Shiga Bank 1.28% 06/01/2022 JPY 16,000,000 126,492 Total non ‑ current loans 1,639,813 Loans at Shiga Bank are repaid on a monthly basis, so that a current as well as a non-current proportion is presented in the table above. The Group has pledged an amount of TEUR 2,500 (2020: TEUR 2,037) of trade receivables as collateral for these obligations. All loans were concluded under normal market conditions. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Provisions | |
Provisions | 14. Provisions Asset Retirement in EUR Warranties* Obligation Other Total Balance at January 1, 2020 516,581 134,476 1,477,253 2,128,310 Additions 576,198 — — 576,198 Reversals (65,264) — — (65,264) Usage (451,317) — (1,478,922) (1,930,239) 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 Balance at January 1, 2021 575,940 135,784 — 711,724 Additions 639,263 — 432,311 1,071,574 Reversals (438) — — (438) Usage (575,502) — — (575,502) Unwinding of discount — 2,026 — 2,026 Acquisition of a subsidiary 18,000 — — 18,000 Currency translation effect (269) 3,059 — 2,790 Balance at December 31, 2021 656,994 140,869 432,311 1,230,174 Non-current — 140,869 — 140,869 Current 656,994 — 432,311 1,089,305 Total 656,994 140,869 432,311 1,230,174 *Certain amounts have been reclassified from a net presentation to a gross presentation to present more relevant information. During the year ended December 31, 2021, the group recognized an onerous contract provision in the amount of TEUR 432 due to two contracts with a potentially negative margin. Most likely, the expected timing of outflows will be during the financial year 2022. 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. 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. |
Other current financial liabili
Other current financial liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other current financial liabilities, | |
Other current financial liabilities | 15. Other current financial liabilities in EUR 12/31/2021 12/31/2020 Customers with credit balances 104,967 174,870 Financial liabilities due to third parties 2,387,683 775,922 Invoices not yet received 4,570,272 2,681,136 Miscellaneous other financial liabilities 191,253 317,144 Total 7,254,176 3,949,072 The financial liabilities due to third parties consist of a residual liability from a terminated commercial agreement (TEUR 838; 2020: TEUR 775) as well a financial liability due to overpayments by a customer (TEUR 1,279). |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other current liabilities | |
Other current liabilities | 16. Other current liabilities in EUR 12/31/2021 12/31/2020 Accrued expenses 135,055 57,519 Social security liabilities 304,864 144,420 Liabilities for remaining leave 613,145 338,219 Tax liabilities other than income taxes 619,172 613,125 Contract liabilities 1,021,095 190,154 Liability for continued services of employees 1,083,000 — Liabilities due to personnel bonus 2,245,134 1,996,597 Miscellaneous other non‑financial liabilities 1,561,018 560,309 Total 7,582,483 3,900,342 Miscellaneous other current non financial liabilities mainly consist of freight, professional services and office supplies accruals (2021: TEUR 507; 2020: TEUR 291). Additionally included are accruals for audit expenses in the amount of TEUR 840. The contract liabilities result from advance payments received from customers for goods or services to be provided by the Group. The liability for continued services of employees results from the acquisition of Germaneers. Please refer to Note 5 for further information. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 17. 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 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, 2021 amount to TEUR 5,778 (2020: TEUR 5,778). No extension options have been exercised in 2021 and 2020. The Group also has certain leases of IT equipment 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 Depreciation charge for the year (2,160,175) (85,592) (2,245,767) Additions to right-of-use assets 2,888,736 97,652 2,986,389 Additions due to business combinations 210,667 — 210,667 Derecognition of right-of-use assets (85,605) — (85,605) Foreign currency effect 79,384 — 79,384 Balance at December 31, 2021 9,862,313 143,757 10,006,070 Factory, Office and Other in EUR Buildings Equipment Total Balance at January 1, 2020 10,124,959 113,373 10,238,332 Balance at December 31, 2020 8,929,305 131,696 9,061,002 Balance at December 31, 2021 9,862,313 143,757 10,006,070 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, 2021 (9,214,428) Additions (2,446,388) Additions due to business combinations (210,667) Accretion of interest (215,464) Payments 2,031,598 Derecognition of lease liability 168,183 Foreign currency effect (83,763) Balance at December 31, 2021 (9,970,927) Current (2,025,193) Non‑current (7,945,734) 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) Within the financial year 2021, the Group exercised the early termination of a lease contract, leading to a modification and subsequent derecognition of a right-of-use asset and its related lease liability. Amounts recognized in profit or loss in EUR 2021 2021—Leases under IFRS 16 Depreciation expense of right‑of‑use assets 2,245,767 Interest on lease liabilities 215,464 Expenses relating to short‑term leases 587,356 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 43,094 3,091,681 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 2,176,850 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 2,146,761 The Group had total cash outflows for all leases of TEUR 2,662 in 2021 (2020: TEUR 3,704; 2019 TEUR 2,026). In August 2021, VTS entered into a lease contract ending March 31, 2022. This contract has been classified as short-term lease. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Revenue | 18. Revenue in EUR 2021 2020 2019 Display Solutions 154,707,881 127,119,437 113,358,812 Product Sales 151,982,103 125,083,288 111,034,767 R&D Services 2,725,778 2,036,149 2,324,045 Sensor Technologies 26,094,615 25,470,878 23,872,524 Total 180,802,496 152,590,315 137,231,335 The Group has no remaining performance obligations which have an original expected term of more than one year. All R&D Services revenues (TEUR 2,726) as well as revenues from Full Service Model amounting to TEUR 17,181 are recognized over time. Contract Balances in EUR 2021 2020 Trade accounts receivables (see Note 10) 31,127,559 26,377,820 Contract liabilities 1,021,095 190,154 Contract assets 2,123,884 — Assets recognized from costs to fulfill contract 2,183,536 237,347 The development of contract liabilities and revenue recognized therefrom is as follows: Contract in EUR Liabilities Balance at January 1, 2020 334,123 Deferred during the year 190,154 Recognized as revenue during the year (334,123) Balance at December 31, 2020 190,154 Deferred during the year 1,021,095 Recognized as revenue during the year (190,154) Balance at December 31, 2021 1,021,095 The deferrals during the year result from advance payments received from customers for goods and services to be provided by the Group. |
Expense by nature
Expense by nature | 12 Months Ended |
Dec. 31, 2021 | |
Expenses by nature | |
Expenses by nature | 19. Expenses by nature Expenses by nature were as follows: 2020 2019 in EUR 2021 Restated* Restated* Lease expenses 630,450 190,673 217,855 Warranty 638,825 124,881 (921,496) Advertising, vehicle and travel expenses 1,510,759 1,341,142 2,552,183 Maintenance 1,679,108 1,704,322 1,611,234 Taxes, insurance costs, and other dues 4,543,214 1,993,462 2,073,989 Purchased services 5,160,291 2,443,355 1,798,175 Depreciation and amortisation 6,101,398 7,043,590 6,537,028 Consultancy & audit 6,242,594 4,808,864 6,793,042 Salaries, wages and employee benefits 33,200,439 22,877,775 24,676,137 Raw materials and consumables 129,425,611 105,030,465 101,070,401 Miscellaneous 5,102,811 4,357,742 3,958,879 Total 194,235,500 151,916,271 150,367,428 Salary, wages and employee benefits included salaries and wages which amounted to TEUR 30,233 in 2021 (2020: TEUR 21,426; 2019: TEUR 22,724) and social security contributions which amounted to TEUR 2,967 in 2021 (2020: TEUR 1,452; 2019: TEUR 2,188). In 2021, the amounts recognized as an expense for defined contribution plans totaled TEUR 1,692 and resulted from contributions for statutory pension insurance. The increase in lease expenses compared to prior years is due to a short-term lease entered into in August 2021. In 2021 the category “Miscellaneous” contains utilities expenses of TEUR 2,558 (2020: TEUR 1,439; 2019: TEUR 1,593), other R&D expenses in the amount of TEUR 1,938 (2020: TEUR 1,927; 2019: TEUR 1,162), cafeteria expenses of TEUR 256 (2020: TEUR 162; 2019: TEUR 131) as well as other small amounts of TEUR 195 (2020: TEUR 189; 2019: TEUR 174). |
Other income and other expenses
Other income and other expenses | 12 Months Ended |
Dec. 31, 2021 | |
Other income and other expenses | |
Other income and other expenses | 20. Other income and other expenses 20.1 Other operating income consists of the following. in EUR 2021 2020 2019 Damages/insurance proceeds 53,206 12,282 21,224 Exchange gains 8,857,966 3,326,593 911,779 Miscellaneous other operating income 2,716,140 1,630,159 1,425,994 Total 11,627,312 4,969,034 2,358,997 In 2021, the increase of exchange gains is mainly due to the missing offsetting effect through the change of the functional currency of VIA Optronics GmbH and VIA Optronics SZ from EUR / RMB to USD. In 2021, the miscellaneous other operating income mainly consists of income from expense reimbursements of TEUR 1,096 (2020: TEUR 274) and income from non-recurring activities TEUR 688. For 2021 the Group changed the presentation of reversal of ECLs which are now presented within other operating expenses. In 2020, miscellaneous other operating income mainly consists of tooling income in the amount of TEUR 492 (2019: TEUR 771) and reversal of ECL of TEUR 326. These amounts did not occur during the financial year ended December 31, 2021. 20.2 Other operating expenses include exchange losses, losses on disposal of fixed assets, other taxes, expected credit losses and miscellaneous expenses. in EUR 2021 2020 2019 Other taxes 156 — 1,190 Losses on disposals of assets 75,114 76,561 16,565 Expected credit losses 245,791 323,200 572,928 Onerous contracts charge 432,311 — — Exchange losses 3,727,490 5,462,494 937,045 Miscellaneous other operating expenses 3,228,421 1,297,265 1,887,415 Total 7,709,283 7,159,521 3,415,143 In 2021, miscellaneous other operating expenses mainly include expenses due to certain trade accounts receivables in dispute in the amount of TEUR 1,727. In 2020, miscellaneous other operating expenses mainly consist of tooling expenses in the amount of TEUR 836 (2019: TEUR 766) and warranty expenses (TEUR 125). In 2019 they also included accrued licensing fees in the amount of TEUR 520 and other miscellaneous expenses. |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2021 | |
Financial result | |
Financial result | 21. Financial result in EUR 2021 2020 2019 Total interest income arising from financial assets measured at AC 3,888 4,182 3,771 Fair value gains on financial assets at FVTPL 352,101 — — Finance income 355,989 4,182 3,771 Total interest expense arising from financial liabilities measured at AC (903,061) (1,225,189) (1,643,990) Interest expense arising from lease liabilities (215,464) (197,967) — Unwind of discount on asset retirement obligation (2,026) (1,993) (1,964) Fair value losses on financial assets at FVTPL (11,574) — — Finance costs (1,132,126) (1,425,150) (1,645,953) Net finance costs recognized in profit or loss (776,137) (1,420,968) (1,642,182) |
Taxes on income
Taxes on income | 12 Months Ended |
Dec. 31, 2021 | |
Taxes on income | |
Taxes on income | 22. Taxes on income 22.1 Income tax expense include current and deferred income taxes as follows: 2020 2019 in EUR 2021 Restated* Restated* Current tax expense 1,776,180 2,275,672 201,953 Adjustments in respect of current income tax of previous year — 86,252 156,800 Deferred income tax charge / (benefit) (559,273) (385,434) (175,544) Income tax expense 1,216,908 1,976,490 183,209 *Certain amounts for 2019 and 2020 have been restated; see Note 2.3 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 2021 and 2020 is 15.0% plus solidarity surcharge of 5.5% thereon (15.82% in total). The municipal trade tax in 2021 is approximately 16.35%. For the year ending December 31, 2021, the statutory German corporate income tax rate applicable to VIA optronics GmbH is 32.17% (2020: 32.17 %, 2019: 31.9%). 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 2020 – 16.35 %, in 2019—16.1%,). For the Group’s subsidiaries, VIA LLC (USA) a tax rate of 23.75% (2020: 23.75%; 2019: 27.0%), for VIA Suzhou (China) a tax rate of 25.0% in 2021, 2020 and 2019, for VTS (Japan) a tax rate of 34.1% (2020: 34.1 %, 2019: 34.1%) and for VIA Germaneers, a tax rate of 28.7 % is applicable. For VIA Taiwan the tax rate applicable in 2021 is 20% (2020: 20 %; 2019: 20 %). 22.2 The company’s applicable tax rate is 32.17% (2020: 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: 2020 2019 in EUR 2021 Restated* Restated* Loss before tax (10,291,112) (2,937,410) (15,834,420) Tax under domestic (German) tax rate 3,310,651 944,965 5,093,933 Effect of tax rate in foreign jurisdictions (121,803) 423,177 119,823 Tax effect of: Changes in domestic tax rate — — (11,938) Non‑deductible expenses (226,612) (128,603) (47,925) Current‑year losses for which no deferred tax asset is recognized (4,579,676) (2,599,849) (3,059,240) Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences 515,300 (572,321) (2,089,536) Withholding taxes (142,394) (126,455) (195,123) Income tax for prior years — 72,671 (892) Deferred tax prior years 33,080 — — Others (5,454) 9,925 7,688 Income tax expense (1,216,908) (1,976,490) (183,209) Effective tax rate 11.82 % 67.29 % 1.16 % 22.3 The components of deferred tax balances are as follows: 2019 2021 2020 Restated* 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 199,402 (122,157) 158,134 (292,338) 115,923 (476,530) Property and equipment 15,051 (3,165,137) — (3,073,184) — (4,155,783) Other financial assets — — — — — — Current assets Inventories 904,425 — 58,186 — 312,529 — Trade accounts receivables 61,177 (49,201) 163,841 — 50,849 (13,913) Other current assets 142,464 (1,629,005) — (85,795) — (923,473) Cash and cash equivalents 6,402 (94,947) 8,100 — 13,596 — Non ‑ current liabilities Loans — — — — — — Provisions 48,996 — 41,791 (12,737) 34,740 — Lease liabilities 2,511,560 — 2,076,118 — 2,803,625 — Current liabilities Loans — — — — — — Trade accounts payable 501,913 — 691,939 (60,747) 880,190 (86,100) Provisions 186,113 — — — — — Lease liabilities 672,520 (1,900) 484,147 — 484,298 — Other financial liabilities 553,922 — 208,879 — 39,935 — Other non‑financial liabilities 146,835 (25,490) 2,359 (10,445) 15,778 (4,011) Losses carried forward 101,070 — 40,242 — 931,578 — Deferred Taxes before netting 6,051,852 (5,087,835) 3,933,736 (3,535,246) 5,683,042 (5,659,809) Netting (5,084,054) 5,084,054 (3,535,246) 3,535,246 (5,514,354) 5,514,354 Deferred Taxes netted 967,799 (3,781) 398,491 — 168,686 (145,456) *Certain amounts as of December 31, 2019 have been restated; see Note 2.3 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 2021 the Company determined that the recoverability of the deferred tax assets for VIA, VIA optronics GmbH and VIA LLC, in excess of recoverable deferred tax liabilities, was not deemed probable. Therefore, deferred taxes of TEUR 5,604 for current tax losses were not recognized. As a result, for deductible temporary differences of TEUR 2,126 and for deductible temporary differences from the elimination of intercompany profits of TEUR 865 no deferred tax asset was recognized. In Germany, the Group has accumulated corporate income tax losses carried forward of TEUR 45,709 (2020: TEUR 27,726) and trade tax losses carried forward of TEUR 44,873 (2020: TEUR 27,132), no deferred tax asset was recognized for TEUR 45,389 (corporate income tax) respectively TEUR 44,564 (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 2,517 (2020: TEUR 3,701). For TEUR 598 (2020: TEUR 796), no deferred tax asset was recognized. Carry forward of tax losses from VIA LLC until 2017 of TEUR 2,635 are limited to a carryforward period of 20 years. Deferred taxes charged to equity in 2021 were TEUR 5 (2020: TEUR 9). Deferred taxes charged to equity result 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 296 (2020: TEUR 242) are not recognized. The outside basis differences, which are indefinitely reinvested, amount to TEUR 921 (2020: TEUR 755). |
Financial Risk Management and F
Financial Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management and Financial Instruments | |
Financial Risk Management and Financial Instruments | 23. Financial 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. 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), including cash at and fixed-term deposits with banks. Trade accounts receivable and contract assets Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and controls. The Group evaluates this risk through detailed ageing and credit risk analysis of the customers. The Group follows risk control procedures to assess the credit risk of the customers taking into account their financial position, past experience and other factors. The compliance with credit limits by customers is regularly monitored by management. As of December 31, 2021, the gross carrying amount of contract assets with a customer that has a rating of BB+ and for which no impairments have been recognized due to materiality considerations is TEUR 2,124 (December 31, 2020: TEUR 0). This amount also represents the maximum exposure to credit risk for those assets. As of December 31, 2021, 20% (2020: 16%) of trade accounts receivables were due from one customer, as well as two customers which account for 16% and 12% (2020: two customers which account for 15% each). In 2021, 100% of contract assets related to one individual customer. Based on past experience the risk of non payment of these customers is similarly low as for the other customers. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable and contract assets for which no loss allowance is recognized because of collateral. For the preparation of the provision matrix used to determine expected credit losses, no external credit ratings are taken into consideration. Instead, the ageing of individual trade accounts receivables is closely monitored. The table in Note 10 provides information about the exposure to credit risk and ECLs for trade receivables for customers at December 31, 2021 and December 31, 2020. The Group uses a provision matrix in which trade accounts receivables from customers, which comprise a very large number of small balances, are classified into different categories depending on the number of days past due with each category possessing a different historical loss rate to measure the ECLs. Cash deposits The Group’s maximum exposure to credit risk for cash at banks at December 31, 2021 and December 31, 2020 is the carrying amount of cash and cash equivalents in the statements of consolidated financial position. The Group believes the risk of loss of carrying amount is remote and mitigated in part by spreading cash deposits across different banks. The Group had cash and cash equivalents of TEUR 58,004 as at December 31, 2021 (2020: TEUR 81,021). Cash and cash equivalents are deposited partly with banks that have a rating of A to BBB-, based on their Standard & Poor's rating. The significant remaining part is deposited with a bank that has no rating but is member of the German deposit protection fund. Liquidity risk The primary objective of the Group’s liquidity management is to monitor the availability of cash in order to support its business expansion and growth. The Group manages its liquidity with reference to economic conditions, performance of its local operations and local regulations. The Group’s financing is based on currency-specific short term bank loans and operating cash flows to benefit from financing cost advantages while ensuring flexibility and availability of sufficient liquidity at any time. 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, 2021 Loans 34,733,896 703,331 — Trade accounts payable 33,447,088 — — Lease liabilities 2,403,026 4,602,149 3,390,779 Other current financial liabilities 7,254,176 — — Total 77,838,186 5,305,480 3,390,779 Balance at December 31, 2020 Loans 20,778,308 1,653,327 — 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 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 2022, the Group has sufficient liquidity as at December 31, 2021 for the next twelve months. Interest rate risk Interest rate risk includes the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Due to the Group’s interest bearing financial instruments all possessing fixed interest rates there is currently no exposure to interest rate risk. 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 as well as the group’s financing structure. The Group’s exposures primarily consist of the U.S. Dollar, Euro, Renminbi and Japanese Yen at the level of the local Group´s entities. 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 each exchange rate against the respective entity´s functional currency. The net exposure from each currency is used to calculate the impact for the Group: Balances at December 31, 2021 Change in Foreign Impact on Impact on Cash and Trade Loans Trade Other Current Currency Currency Profit (+) Profit (+) Cash Accounts receivables / Accounts Financial Risk appreciation/ or Loss (−) or Loss (−) Equivalents Receivables (payables) Payable Liabilities Exposure depreciation in EUR in EUR +1000 bps -1000 bps Balance at December 31, 2021 Amounts in EUR 1,074,504 1,819,062 (2,008,333) (1,170,124) — (284,891) +/-1.000 (28,489) 28,489 Amounts in RMB 3,645,636 23,080,637 — (167,501,322) (64,202) (140,839,250) +/-1.000 (1,957,626) 1,957,626 Amounts in USD 42,074,709 9,420 31,322,436 (3,505,663) — 69,900,902 +/-1.000 6,171,734 (6,171,734) Amounts in JPY 175,667 384,924,842 398,069,782 (113,912,632) — 669,257,659 +/-1.000 513,526 (513,526) Amounts in TWD — 11,271,923 — (5,843,051) — 5,428,872 +/-1.000 17,298 (17,298) Balances at December 31, 2020 Other Impact on Impact on Cash and Trade Loans Trade Current Currency Change Profit (+) Profit (+) Cash Accounts receivables / Accounts Financial Risk of Risk or Loss (−) or Loss (−) Equivalents Receivables (payables) Payable Liabilities Exposure (bps) in EUR in EUR +1000 bps -1000 bps 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 (4,302,172) Amounts in JPY — 4,084,144 — — — 4,084,144 +/- 1.000 3,229 (3,229) 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. |
Additional Information on Finan
Additional Information on Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Additional Information on Financial Instruments | |
Additional Information on Financial Instruments | 24. Additional Information on Financial Instruments The following table presents the carrying amounts and the fair values of financial assets and liabilities by classes and categories in accordance with of IFRS 9 as at December 31, 2021 and as at December 31, 2020. Category December 31, 2021 according to Carrying Fair in EUR IFRS 9 Level Amount Value* Non-current assets Rental deposits (Financial assets) AC 24,624 — Investments in securities (Financial assets) FVTPL 3 1,123,988 1,123,988 Current assets Trade accounts receivables AC 28,707,048 — Trade accounts receivables (subject to factoring) FVTPL 3 2,420,512 2,420,512 Cash and cash equivalents AC 58,004,145 — Financial assets measured at AC 86,735,817 Financial assets measured at FVTPL 3,544,498 Non-current liabilities Non-current loans AC 3 700,568 677,598 Current liabilities Current loans AC 34,557,415 — Trade accounts payable AC 33,447,088 — Other current financial liabilities AC 7,254,176 — Financial liabilities measured at AC 75,959,246 *The Group has not disclosed the fair values of short-term financial instruments if the carrying amount represents an appropriate representation of the instruments fair value. Furthermore, the Group has not disclosed the fair values of its rent deposits as the effect resulting from discounting future cash flows is immaterial and thus the carrying amount being an adequate approximation of fair value. Category December 31, 2020 according to Carrying Fair in EUR IFRS 9 Level Amount Value* Non-current assets Rental Deposits (Financial assets) AC 155,105 — Current assets Trade accounts receivables AC 26,377,820 — Cash and cash equivalents AC 81,021,280 — Financial assets measured at AC 107,554,205 Non-current liabilities Non‑current Loans AC 3 1,639,813 1,590,461 Current liabilities Current Loans AC 20,646,533 — Trade accounts payable AC 30,610,890 — Other financial liabilities AC 3,949,072 — Trade accounts payable AC 3 — — Other current financial liabilities 3 Financial liabilities measured at AC 56,846,308 — *The Group has not disclosed the fair values of short-term financial instruments if the carrying amount represents an appropriate representation of the instruments fair value. Furthermore, the Group has not disclosed the fair values of its rent deposits as the effect resulting from discounting future cash flows is immaterial and thus the carrying amount being an adequate approximation of fair value. The fair value of trade accounts receivables which will be sold under the Group’s factoring arrangement is determined by applying an appropriate adjustment factor to the nominal amount of the receivable. As adjustment factors are not observable, fair value hierarchy Level 3 applies. The adjustment factor is derived on discounts generally charged by credit institutions when buying receivables under factoring arrangements. The fair value of non‑current interest bearing loans is determined by discounting the related future cash flows using a risk-adjusted discount rate. Based on non-observable credit spreads used to determine risk adjustments, fair value hierarchy Level 3 applies. For detailed information on other financial liabilities see Note 15. As the equity instruments were acquired at the end of September 2021 and as there is no indication of change in the general economic situation nor in the situation of the company SigmaSense LLC, for which no observable share price exists (fair value hierarchy Level 3), the (initial) cost of the shares is the best available estimate of fair value. For detailed information see Note 8. In 2021, the net gains on financial assets mandatorily measured at FVTPL amounted to TEUR 374. In the same period, the net loss on financial liabilities measured at AC amounted to TEUR 903, primarily related to interest expenses, while the net loss on financial assets measured at AC amounted to TEUR 280, primarily related to expected credit losses as well as losses from credit impaired trade accounts receivables. For further information please see Note 10 and Note 21. The following table shows a reconciliation from the opening balances to the closing balances for financial instruments that present Level 3 fair values: Financial assets Promissory Equity Trade accounts in EUR Note Instruments receivables Balance at January 1, 2021 Purchases 738,007 — 2,432,086 Fair value gains / (losses) (see financial result) 352,101 — (11,574) Conversion to equity instruments (1,090,108) 1,090,108 — Currency translation effect (see other operating income) — 33,879 — Balance at December 31, 2021 — 1,123,988 2,420,512 Net gains / (losses) during the financial year 352,101 33,879 (11,574) Neither in 2021 nor in 2020 any transfers between the fair value levels occurred. Regarding the equity instruments, a shift of 10% in the share price would result in a shift in the fair value of the equity instruments amounting to the same percentage. Regarding the Level 3 trade accounts receivables, a shift in the adjustment factor of 0.5 percentage points would result in an insignificant change in the fair value of the trade accounts receivables. |
Reconciliation of Changes in Li
Reconciliation of Changes in Liabilities arising from Financing Activities | 12 Months Ended |
Dec. 31, 2021 | |
Reconciliation of Changes in Liabilities arising from Financing Activities | |
Reconciliation of Changes in Liabilities arising from Financing Activities | 25. Reconciliation of Changes in Liabilities arising from Financing Activities Financial liabilities reconcile to the cashflow from financing activities as follows: Financial Loans liabilities Lease Total due to third liabilities parties* EUR EUR EUR EUR Balance at January 1, 2020 31,445,928 851,032 11,971,963 44,268,924 Cash flows from financing activities 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 — — (3,627,998) (3,627,998) Interest paid (1,236,102) — — (1,236,102) Net cash provided by (used in) financing activities (8,057,198) (75,110) (3,627,998) (11,760,307) Foreign currency effect (2,338,486) — (205,918) (2,544,404) New leases — — 878,414 878,414 Accretion of interest 1,236,102 — 197,967 1,434,069 Balance at December 31, 2020 22,286,346 775,922 9,214,428 32,276,696 Cash flows from financing activities Proceeds from loans and borrowings 53,940,417 1,611,762 — 55,552,179 Repayment of loans and borrowings (44,431,773) — — (44,431,773) Payment of lease liabilities — — (2,031,598) (2,031,598) Interest paid (880,419) — — (880,419) Net cash provided by (used in) financing activities 8,628,225 1,611,762 (2,031,598) 8,208,389 Foreign currency effect 3,440,350 — 83,761 3,524,112 New leases — — 2,657,055 2,657,055 Disposal of leases — — (168,183) (168,183) Accretion of interest 903,061 — 215,464 1,118,525 Balance at December 31, 2021 35,257,983 2,387,683 9,970,927 47,616,593 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segments | |
Segments | 26. Segments The Group’s key financial metrics by segment are as follows: As of December 31, 2021 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 154,707,881 26,094,615 — 180,802,496 — 180,802,496 Inter‑segment revenues — 3,916,681 — 3,916,681 (3,916,681) — Total revenues 154,707,881 30,011,296 — 184,719,177 (3,916,681) 180,802,496 Gross profit 13,929,329 6,553,639 — 20,482,968 9,694 20,492,662 Operating income (loss) (4,002,918) 1,544,509 (7,056,673) (9,515,082) 107 (9,514,975) Depreciation and amortization 3,520,497 2,566,467 14,434 6,101,398 — 6,101,398 EBITDA* (482,421) 4,110,976 (7,042,239) (3,413,684) 107 (3,413,577) Net income (loss) (5,738,536) 708,757 (6,478,240) (11,508,019) — (11,508,019) Segment assets 111,894,550 19,010,661 139,775,147 270,680,358 (109,013,959) 161,666,399 Capital expenditure 10,092,483 257,376 448,593 10,798,452 — 10,798,452 Segment liabilities 112,520,914 17,538,117 9,821,567 139,880,598 (43,727,602) 96,152,996 As of December 31, 2020 Restated** Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments 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 18,403,550 4,933,008 (110) 23,336,447 22,563 23,359,010 Operating income (loss) 6,625,022 479,397 (8,583,093) (1,478,674) (37,768) (1,516,442) Depreciation and amortization 2,523,655 4,519,935 — 7,043,590 — 7,043,590 EBITDA* 9,148,677 4,999,332 (8,583,093) 5,564,916 (37,768) 5,527,148 Net income (loss) 3,507,343 15,956 (8,437,198) (4,913,900) — (4,913,900) Segment assets 71,399,665 20,306,646 139,994,976 231,701,287 (81,849,151) 149,852,136 Capital expenditure 3,272,517 561,870 — 3,834,387 — 3,834,387 Segment liabilities 65,431,059 19,515,491 3,563,157 88,509,707 (16,562,795) 71,946,912 As of December 31, 2019 Restated** Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 113,358,812 23,872,524 — 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 11,978,623 (1,954,212) (2,700) 10,021,711 — 10,021,711 Operating income (loss) (4,027,858) (6,332,421) (3,831,530) (14,191,809) (430) (14,192,238) Depreciation and amortization 2,055,365 4,481,662 — 6,537,028 — 6,537,028 EBITDA* (1,972,493) (1,850,759) (3,831,530) (7,654,781) (430) (7,655,211) Net income (loss) (7,473,508) (4,567,009) (3,977,112) (16,017,629) — (16,017,629) Segment assets 64,003,492 22,185,549 68,721,645 154,910,685 (77,589,842) 77,320,843 Capital expenditure 1,595,428 223,812 — 1,819,240 — 1,819,240 Segment liabilities 61,222,474 21,380,811 9,719,511 92,322,796 (12,303,486) 80,019,311 *EBITDA is calculated based on gross profit, deducting other operating income / expenses and adding depreciation and amortization expenses. **Certain amounts for 2019 and 2020 have been restated; see Note 2.3 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: 2021 2020 2019 Revenue by Region in EUR in EUR in EUR Asia 86,477,347 82,734,687 81,362,926 thereof China 60,506,284 57,263,809 57,490,403 thereof Japan 25,971,063 25,470,878 23,872,523 Europe (Germany) 66,187,447 62,157,908 48,218,014 North America (United States) 28,137,702 7,697,720 7,650,395 Total revenues 180,802,496 152,590,315 137,231,335 Property and Equipment/ 12/31/2021 12/31/2020 Intangible Assets by Region in EUR in EUR Asia 11,910,958 13,339,863 thereof China 5,419,236 4,281,031 thereof Japan 6,491,722 9,058,832 Europe (Germany) 13,776,742 7,535,398 North America (United States) 12,416 38,597 Total 25,700,116 20,913,857 % (2020: two customers comprised 39% and 16% of the Group’s revenues and the Sensor Technologies segment had one customer in 2021, which comprised 13% (2020: 16%) of the Group’s revenue. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Related party disclosures | |
Related party disclosures | 27. Related party disclosures Key management personnel of VIA Group are Jürgen Eichner, CEO, and Dr. Markus Peters, CFO. A close family member of group CEO and shareholder Jürgen Eichner, is employed by VIA optronics GmbH. As of December 31, 2021 the only shareholder who owns more than 20% is Cooperatief IMI Europe U.A and holds 50.32%. 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 controlling party 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 Integrated Micro-Electronics, Inc. (IMI) 2021 — 322,422 1,935,373 2020 35,519 41,756 1,651,438 Kloepfel Corporate Finance GmbH (Kloepfel) 2021 — — 432,599 2020 — — 1,238,452 C-CON GmbH 2021 — — 2,217,685 2020 — — 685,535 MT Technologies GmbH 2021 — — 29,155 2020 — — — Executive management (Jürgen Eichner, CEO) 2021 — — 5,640 2020 — — 5,640 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. The contract was terminated in November 2021. Outstanding balances with related parties Amounts owed Amounts owed Loans from by related to related in EUR related parties parties related parties Entity with significant influence over the Group: Integrated Micro-Electronics, Inc. (IMI) 2021 — 209,021 174,616 2020 — 1,199,756 2,304,558 Others: Kloepfel Corporate Finance GmbH (Kloepfel) 2021 — — — 2020 — — 2,448 C-Con GmbH 2021 — — 290,791 2020 — — 217,555 Executive management (Jürgen Eichner, CEO) 2021 — 44,146 — 2020 — 40,746 — Compensation of Key Management Personnel and Other Related Parties in EUR 2021 2020 Executive management: 764,000 786,000 Short-term employee benefits 756,000 782,000 Post-employment benefits 8,000 4,000 Supervisory board compensation 110,000 150,000 Close family member: 55,551 54,354 Short-term employee benefits 47,586 46,389 Post-employment benefits 7,965 7,965 The executive management consists currently of Mr. Jürgen Eichner (CEO) and Dr. Markus Peters (CFO), who started in July 2021. The contract of the previous CFO Daniel Jürgens ended in September 2021. 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 2021, EUR 62,500 of supervisory board compensation had already been paid. For the year 2020, EUR 10,000 of supervisory board compensation have been paid in 2021. |
Earnings (Loss) per share
Earnings (Loss) per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings (Loss) per share | |
Earnings (Loss) per share | 28. 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 average number of shares outstanding during the period. The number of shares outstanding as of December 31, 2021 was 4,530,701 (2020: 4,530,701). The weighted average of shares outstanding for the twelve months ended December 31, 2021 was 4,530,701 There are currently no factors resulting in a dilution of earnings per share. 2020 2019 2021 Restated* Restated* Loss after taxes from continuing operations (attributable to VIA optronics AG shareholders) in EUR (11,756,084) (4,919,484) (14,419,176) Weighted average of shares outstanding 4,530,701 3,398,330 2,991,600 Loss per share in EUR (2.59) (1.45) (4.82) *Certain amounts for 2019 and 2020 have been restated; see Note 2.3 |
Other Information_ Employees
Other Information: Employees | 12 Months Ended |
Dec. 31, 2021 | |
Other Information: Employees | |
Other Information: Employees | 29. Other Information: Employees The Group had an average of 799 employees (2020: 620; 2019: 681) in the reporting period. The employees are classified as divided in industrial employees and commercial employees. In 2021, the industrial employees amount totaled to 546 (2020: 424; 2019: 487) and the commercial employees amount totaled to 253 (2020: 197; 2019: 194). |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2021 | |
Events after the reporting period | |
Events after the reporting period | 30. Events after the reporting period The first months of 2022 are still significantly influenced by the ongoing Covid-19 pandemic, as well as the Russia-Ukraine conflict. The Russia-Ukraine conflict has significantly increased energy costs. The ongoing COVID-19 pandemic has resulted in supply chain challenges, increased prices of certain raw materials and components, and reduced transport capacity. Further, the quarantines in China have further increased our supply chain disruptions, increased costs of productions and led to closures of our production facilities. These effects may lead to reduced production volumes and less revenue, which may or may not be recoverable in the following months. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Basis of preparation | 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“) and the related interpretations issued by the IFRS Interpretations Committee. 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 classified as current when it is expected to be realized within twelve months after the reporting period, except for cash and cash equivalents, which is classified as current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is classified as 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 except for certain financial instruments which are measured at fair value. 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 for issue by the members of the Management Board on May 16, 2022. |
Basis of consolidation | 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 entities are eliminated. |
Restatement of Previously Issued Consolidated Financial Statements for IPO-related costs | 2.3 Based on a re-evaluation of costs, VIA determined that an amount of EUR 4,339,102 (TEUR 1,121 and TEUR 3,218 incurred during the years ended December 31, 2018 and December 31, 2019, respectively) and EUR 744,100 (incurred during the year ended December 31, 2020), previously capitalized as “Other current assets” prior to the IPO and, upon consummation of the IPO in 2020, deducted directly from equity are not incremental costs directly attributable to the issuance of common shares in the IPO. Instead this amount needs to be recognized as “General administrative expenses” as incurred. The impacts of the restatement, including income tax effects, have been reflected throughout the financial statements, including an adjustment to accumulated deficit as of January 1, 2019 in the 2019 statement of changes in equity of TEUR 1,121 related to previously capitalized costs from 2018, as well as segment reporting and applicable footnotes, and are summarized below: Restatement of Previously issued Consolidated Statements of Financial Position 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated Other assets (Deferred offering costs) — — — 7,603,338 (4,339,102) 3,264,236 Current assets — — — 56,724,662 (4,339,102) 52,385,560 Total assets — — — 81,659,945 (4,339,102) 77,320,843 Capital reserve 83,422,824 5,083,202 88,506,026 — — — Accumulated deficit (9,948,029) (5,083,203) (15,031,232) (6,331,002) (3,780,746) (10,111,748) Equity attributable to equity holders of the parent 77,628,319 — 77,628,319 800,621 (3,780,746) (2,980,126) Total equity 77,905,223 — 77,905,223 1,082,279 (3,780,746) (2,698,468) Deferred tax liabilities — — — 703,812 (558,356) 145,456 Total equity and liabilities 149,852,136 — 149,852,136 81,659,946 (4,339,102) 77,320,843 Restatement of previously issued Consolidated Statements of Operations and Other Comprehensive Income (Loss) 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated General administrative expenses* (15,373,077) (744,100) (16,117,177) (13,197,135) (3,218,348) (16,415,483) Operating loss (772,342) (744,100) (1,516,442) (10,973,891) (3,218,348) (14,192,238) Loss before tax (2,193,310) (744,100) (2,937,410) (12,616,073) (3,218,348) (15,834,420) Income tax expense (1,418,134) (558,356) (1,976,490) (741,564) 558,356 (183,209) Net loss (3,611,444) (1,302,456) (4,913,900) (13,357,637) (2,659,992) (16,017,629) Which is attributable to: Owners of the company (3,617,028) (1,302,456) (4,919,484) (11,759,184) (2,659,992) (14,419,176) Comprehensive loss (3,960,738) (1,302,456) (5,263,194) (13,240,920) (2,659,992) (15,900,912) Which is attributable to: Owners of the company (3,955,984) (1,302,456) (5,258,440) (11,727,788) (2,659,992) (14,387,780) Loss per share in EUR (1.06) (0.38) (1.45) (3.93) (0.89) (4.82) *Amounts included under “Consultancy & audit” within Note 19 Restatement of Previously issued Consolidated Statements of Cash Flows 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated Net loss (3,611,444) (1,302,456) (4,913,900) (13,357,637) (2,659,992) (16,017,629) Changes in: - Trade accounts receivables and other assets — — — (1,267,603) 3,218,348 1,930,745 - Current and deferred income taxes 21,817 558,356 580,173 406,924 (558,356) (151,431) Cash generated from / (used in) operating activities (747,387) (744,100) (1,491,487) 5,255,966 — 5,255,968 Payment of transaction cost (3,591,465) 744,100 (2,847,365) — — — Net cash provided by / (used in) financing activities 75,492,846 744,100 76,236,946 (2,795,254) — (2,795,254) |
Business Combination and Goodwill | 2.4 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 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 | 2.5.1 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 based on the inputs used: ● Level 1—Inputs are unadjusted 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 for the asset or liability either directly or indirectly ● Level 3—Inputs are unobservable inputs for the asset or liability |
Revenue from contracts with customers | 2.5.2 Revenue from contracts with customers The Group generates revenue from the sale of enhanced display solutions, which use optical bonding technology, and 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 (refer to Note 2.5.15 for further information on the Group’s segments). Goods and services transferred to a customer are accounted for as separate performance obligations if they are distinct (i.e., the customer can benefit from the goods or services on its own or together with other resources readily available to the customer and the promise to transfer the good or service is separately identifiable from other promises in the contract). The Group considers whether such promises in its contracts are separate performance obligations to which a portion of the transaction price must be allocated. For its fully bonded display, the Group has determined that 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 also provides warranties under certain customer contracts, which the Group has determined are not separate performance obligations. As a result, no portion of the transaction price is allocated to promises related to warranties. 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 consideration payable to customers and concluded that such payments are in exchange for a distinct good. Therefore, such payments are presented as 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 is 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 (see Note 4.1, Revenue from contracts with customers). For optical bonding services performed under the consignment model, the assets created have alternative use to the Group entities, so revenue is recognized at a point in time, which is when the enhancement process is finalized, the customer removes the enhanced products from the consignment stock, and the customer is invoiced, according to contract. Invoices are usually payable within 30 days. For the sale of products under the full service model, revenue is either recognized at a point in time, which is generally the point in time when goods are delivered to the customer, or over time depending on the respective contractual arrangement with the customer. The payment terms either require the customer the make upfront payments or to pay for the products when they have been delivered. In both cases invoices are payable within 30 to 60 days. 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. Payment for such services is made upfront by the customer with the invoices being payable within 30 to 60 days. With regard to significant accounting judgements for revenue recognition refer to Note 4.1 for further information. |
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. Assets recognized from costs to fulfil a contract Costs to fulfill a contract are recognized as an asset if the incurred costs directly relate to a customer with 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 . Assets recognized from costs to fulfil a contract are amortised on a straight-line basis, consistent with the expected lifetime of the contract to which the asset relates. Contract assets and assets recognized from costs to fulfil a contract are subject to impairment assessment. Refer to Note 2.5.11. Trade accounts receivable A receivable is recognized when the Group's right to consideration is unconditional, which is generally when goods are delivered or services are performed, as only the passage of time is required before payment is due. See Note 2.5.8 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 | 2.5.3 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. |
Foreign currencies | 2.5.4 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 presented using that functional currency. For the years ended December 31, 2020, and all prior periods, the functional currencies of the Companies of the VIA Group were considered to be the respective local currencies. Following thorough analysis VIA determined that the functional currency for two of its major group subsidiaries – VIAGM and VIASZ should change as both subsidiaries currently generate revenues and expend cash for supplies predominantly in US dollars. Based on the development of these “primary indicators” the functional currency of those companies is changed from Euro and Renminbi, respectively to US dollars during 2021. In accordance with IAS 21, changes in functional currency are accounted for on a prospective basis. 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 qualify for recognition. Monetary items are subsequently remeasured at the foreign currency rate as of the reporting date. Differences arising from remeasurement 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 Euro 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 consolidated statements 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) 2021 2021 USD 1.1851 1.1326 CNY 7.6511 7.1947 JPY 129.6878 130.3800 TWD 33.0284 31.5268 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 |
Property and Equipment | 2.5.5 Property and equipment is measured at cost less accumulated depreciation and any accumulated impairment losses. Evaluation of impairment of non-financial assets is described in Note 2.5.10. 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 Group has recognized asset retirement obligations to return certain of the Group’s premises to their original condition (see Note 14). The costs for dismantling and removing an asset are recognized and measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets Property and equipment are depreciated to their estimated residual values using the straight-line method over their estimated useful lives. Depreciation is recognized in the depreciation expense within the consolidated statements of operations. Estimated useful lives are as follows: Years Technical equipment and machinery 3 ‑ 13 Other equipment, factory and office equipment 3 ‑ 13 Gains or losses on disposal of property and equipment are recognized in the consolidated 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 | 2.5.6 The Group assesses at inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group has leases for buildings, vehicles and IT equipment. The Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. 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 and right-of-use assets representing the right to use the underlying assets as described below. 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. Right-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 reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Refer to Note 2.5.10 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 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 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 of 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 office equipment considered to be of 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. |
Intangible Assets | 2.5.7 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 expenditures are capitalized only when it increases the future economic benefits of 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, Licenses and Patents 2 - 5 Amortization methods, useful lives and residual values are reviewed at each financial year-end and adjusted, if appropriate. |
Financial Instruments | 2.5.8 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 The Group’s financial assets include trade accounts receivables, cash and cash equivalents as well as deposits and investments in debt and equity instruments . Initial recognition and measurement Under IFRS 9, financial assets are classified at initial recognition at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. Financial assets are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way transactions) are recognized on the settlement date. The classification of financial assets depends on the business model within which they are held and their contractual cash flow characteristics. A financial asset is measured at amortized cost (AC), if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income (FVOCI), if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss (FVTPL) unless it is measured at amortized cost or at fair value through other comprehensive income. Trade receivables against one special customer are regularly sold under a factoring agreement. Therefore their business model is “hold to sell” and these trade receivables are classified as FVTPL. However, despite the general classification requirements an entity may, at initial recognition, irrevocably designate a financial asset as measured FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency ('accounting mismatch') that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. For equity instruments that would otherwise be measured at FVTPL, an entity may make an irrevocable election at initial recognition to present subsequent changes in fair value in other comprehensive income (equity instrument FVOCI). This election is made on an instrument-by instrument-basis. Neither the option for measurement of financial assets at FVTPL nor the election to recognize subsequent changes in fair value in other comprehensive income for equity instruments have been applied by the Group. Generally, the Group initially measures a financial asset at its fair value plus, in the case of financial assets not measured at FVTPL, directly attributable transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price in accordance with IFRS 15. Subsequent measurement Depending on the different classifications, subsequent measurement of financial assets is as follows: ● AC: subsequent measurement of financial assets classified within this category is performed by using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income is recognized within the financial result. Foreign exchange gains and losses, impairment losses (including reversals of impairment losses or impairment gains) as well as any gain or loss on derecognition are recognized in other operating income or expense. ● Debt instrument FVOCI: subsequent measurement of financial assets classified within this category is at their fair value. Interest income, which is calculated using the effective interest rate method, is recognized within the financial result. Foreign exchange gains and losses as well as impairment losses (including reversals) are recognized in other operating income or expense. Other gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. ● Equity instrument FVOCI: subsequent measurement of financial assets classified within this category is at their fair value. Dividends are recognized in profit or loss other operating income or expense unless the dividend clearly represents a recovery of part of the cost of the investment. Other gains and losses are recognized in OCI and are never reclassified to profit or loss. ● FVTPL: subsequent measurement of financial assets classified within this category is at their fair value. Gains and losses, including any interest or dividends income, are recognized within the financial result. For information on the classification of the financial assets held by the Group refer to Note 24. 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 in a transaction in which either: ● substantially all of the risks and rewards of ownership of the financial asset are transferred; or ● the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial 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 (FVTPL) or as financial liabilities at amortized cost (AC). Financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way transactions) are recognized on the settlement date. Financial liabilities are initially measured at fair value minus, in the case of financial liabilities not measured at fair value through profit or loss, 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 consolidated statements of operations within other operating income and expenses when the liabilities are derecognized. Gains and losses from the application of the effective interest rate method are recognized within the financial result. Gains and losses from currency translation are recognized in other operating income or expenses. All of the Group's financial liabilities are classified as measured at AC. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention either to settle on a net basis or to realize the assets and settle the liabilities simultaneously. The Group has no such assets and liabilities. |
Inventories | 2.5.9 Inventories are measured at the lower of cost or net realizable value. The cost of inventories is either based on the first-in first-out principle or the moving average method, depending on its nature, 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 | 2.5.10 At each reporting date, the Group reviews the carrying amounts of its non-financial assets (property and equipment) 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 | 2.5.11 The impairment regulations of IFRS 9 are required to be applied to financial assets measured at AC, debt investments measured at FVOCI and contract assets. Expected credit losses (ECLs) are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). They are discounted at the effective interest rate of the financial asset. Except for trade accounts receivables and contract assets, the Group has to apply the general approach to determine ECLs which requires all financial assets to be allocated to three stages. Stage 1: ● All financial assets, except for those which are already credit-impaired when purchased or originated or which fall under the simplified approach, are initially allocated to the first stage. For financial assets within this stage the Group recognizes 12-month expected credit losses by establishing a loss allowance. ● Interest income for financial assets in stage 1 is calculated based on the gross carrying amount. Stage 2: ● The second stage contains financial assets whose credit risk has significantly increased since initial recognition, but which are not to be regarded as being credit-impaired. For these financial assets the Group recognizes lifetime expected credit losses. ● Interest income for financial assets in stage 2 is calculated based on the gross carrying amount. Stage 3: ● Stage three contains financial assets which are credit-impaired which requires that one or more events that have a detrimental impact on the estimated future cash flows have occurred. Examples for such events include e.g. significant financial difficulty of the issuer or the borrower, a breach of contract (such as a default or past due event) or it becoming probable that the borrower will enter bankruptcy or other financial reorganization. ● For these financial assets, lifetime expected credit losses are also required to be recognized. ● Interest income for financial assets in stage 3 is calculated based on the amortized cost of the financial asset. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of lifetime ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). Regarding the financial assets held by the Group, ECLs for bank deposits and for other financial assets in the form of rent deposits are generally calculated by applying the general approach. However, since bank as well as rent deposits are held by well-known and established financial institutions, the Group considered the resulting ECLs to be immaterial and thus has not recognized them. For trade accounts receivables, including those which are credit-impaired, 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 an entity-specific 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 further information on the provision matrix for trade accounts receivables refer to Note 4.2. However, due to the short-term nature of its contract assets the Group decided not to recognize ECLs because of materiality considerations. 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. The Group presents the net amount from impairment losses as well as income from reversals of ECLs within other operating expenses. |
Cash and cash equivalents | 2.5.12 Cash and cash equivalents represent cash at banks and cash on hand 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 | 2.5.13 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 associated asset retirement obligation has been recognized (see Note 2.5.5). |
Pensions and other post-employment benefits | 2.5.14 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. |
Segments | 2.5.15 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 reportable segments: “Display Solutions” and “Sensor Technologies”. Based on the further development of the Group and the strengthening of the group-wide holding functions of VIA optronics AG, VIA optronics AG is from 2021 on no longer aggregated as part of the reportable segment Display Solutions but reported as “Other segments”. Comparative information for previous periods has been adjusted accordingly in Note 26. 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 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). The primary measure used by the CODM for evaluating segment performance is EBITDA. Segment performance is not evaluated based on the measures of operating income (loss) and depreciation and amortization, which are presented in Note 26 to reconcile gross profit to EBITDA. During the reporting period, inter-segment supply of goods occurred from the segment “Sensor Technologies” to the segment “Display Solutions” to be used in the further production process. Additionally, inter-segment services are provided from the holding functions in “Other Segments” to the segments “Display Solutions” and “Sensor Technologies” as well as from the segment “Display Solutions” to the segment “Sensor Technologies”, for which a handling and management fees occurs. The Group defines segment assets, segment liabilities and capital expenditure, as the total assets, total liabilities, and total capital expenditure relating to the specific reportable segment of the Group (see Note 26). |
Related parties | 2.5.16 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 the directors of the Group (CEO and CFO). 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, 2021 | |
Significant accounting policies | |
Restatement of consolidated statement financial position | Restatement of Previously issued Consolidated Statements of Financial Position 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated Other assets (Deferred offering costs) — — — 7,603,338 (4,339,102) 3,264,236 Current assets — — — 56,724,662 (4,339,102) 52,385,560 Total assets — — — 81,659,945 (4,339,102) 77,320,843 Capital reserve 83,422,824 5,083,202 88,506,026 — — — Accumulated deficit (9,948,029) (5,083,203) (15,031,232) (6,331,002) (3,780,746) (10,111,748) Equity attributable to equity holders of the parent 77,628,319 — 77,628,319 800,621 (3,780,746) (2,980,126) Total equity 77,905,223 — 77,905,223 1,082,279 (3,780,746) (2,698,468) Deferred tax liabilities — — — 703,812 (558,356) 145,456 Total equity and liabilities 149,852,136 — 149,852,136 81,659,946 (4,339,102) 77,320,843 |
Restatement of consolidated statement operations and other comprehensive income loss | Restatement of previously issued Consolidated Statements of Operations and Other Comprehensive Income (Loss) 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated General administrative expenses* (15,373,077) (744,100) (16,117,177) (13,197,135) (3,218,348) (16,415,483) Operating loss (772,342) (744,100) (1,516,442) (10,973,891) (3,218,348) (14,192,238) Loss before tax (2,193,310) (744,100) (2,937,410) (12,616,073) (3,218,348) (15,834,420) Income tax expense (1,418,134) (558,356) (1,976,490) (741,564) 558,356 (183,209) Net loss (3,611,444) (1,302,456) (4,913,900) (13,357,637) (2,659,992) (16,017,629) Which is attributable to: Owners of the company (3,617,028) (1,302,456) (4,919,484) (11,759,184) (2,659,992) (14,419,176) Comprehensive loss (3,960,738) (1,302,456) (5,263,194) (13,240,920) (2,659,992) (15,900,912) Which is attributable to: Owners of the company (3,955,984) (1,302,456) (5,258,440) (11,727,788) (2,659,992) (14,387,780) Loss per share in EUR (1.06) (0.38) (1.45) (3.93) (0.89) (4.82) *Amounts included under “Consultancy & audit” within Note 19 |
Restatement of consolidated statement cash flows | Restatement of Previously issued Consolidated Statements of Cash Flows 2020 2019 in EUR as Reported Adjustment as Restated as Reported Adjustment as Restated Net loss (3,611,444) (1,302,456) (4,913,900) (13,357,637) (2,659,992) (16,017,629) Changes in: - Trade accounts receivables and other assets — — — (1,267,603) 3,218,348 1,930,745 - Current and deferred income taxes 21,817 558,356 580,173 406,924 (558,356) (151,431) Cash generated from / (used in) operating activities (747,387) (744,100) (1,491,487) 5,255,966 — 5,255,968 Payment of transaction cost (3,591,465) 744,100 (2,847,365) — — — Net cash provided by / (used in) financing activities 75,492,846 744,100 76,236,946 (2,795,254) — (2,795,254) |
Summary of exchange rates to Euro for currencies | Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€1 Equals) 2021 2021 USD 1.1851 1.1326 CNY 7.6511 7.1947 JPY 129.6878 130.3800 TWD 33.0284 31.5268 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 |
Schedule of estimated useful lives of property and equipment | Years Technical equipment and machinery 3 ‑ 13 Other equipment, factory and office 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, Licenses and Patents 2 - 5 |
Changes in the Group (Tables)
Changes in the Group (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [line items] | |
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 12/31/2021 12/31/2020 2021 2020 12/31/2021 12/31/2020 VIA optronics GmbH* Schwarzenbruck, Germany 100 100 (5,172,146) (1,726,540) (13,979,548) (5,856,981) VIA optronics LLC Orlando, Florida, USA 100 100 (661,914) (190,393) (2,767,087) (1,914,714) VIA optronics (Suzhou) Co., Ltd. Suzhou, China 100 100 959,129 4,975,824 23,312,443 20,090,782 VIA optronics (Taiwan) Ltd. Taipei, Taiwan 100 100 (34,457) 85,037 193,760 210,009 Germaneers GmbH Wettstetten, Germany 100 — 109,492 — 1,449,752 — VIA optronics (Philippines), Inc. Laguna, Philippines 100 — — — 264,401 — VTS‑Touchsensor Co., Ltd.** Higashi Omi, Japan 65 65 708,757 15,956 1,472,544 791,155 |
Germaneers GmbH | |
Disclosure of detailed information about business combination [line items] | |
Schedule of fair values of the identifiable assets and liabilities | Germaneers - Opening Balance at acquisition date Amounts in EUR Assets Non-current 347,588 Property, plant and equipment 280,896 Intangible assets 46,675 Non-current financial assets 20,017 Current 2,008,677 Inventories 444,027 Trade receivables and other assets 1,339,965 Cash and short-term deposits 224,685 Total Assets 2,356,265 Liabilities Non-Current (228,997) Non-current financial liabilities (330) Other liabilities (228,667) Current (787,008) Trade and other payables (197,751) Current financial liabilities (136,657) Other current liabilities (452,599) Total Liabilities (1,016,005) Total identifiable net assets at fair value 1,340,260 Goodwill arising on acquisition 1,720,960 Purchase consideration transferred 3,061,220 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | |
Schedule of changes in intangible assets | Software, Licenses and Customer in EUR Patents Relationships Goodwill Total Cost Balance at January 1, 2020 6,802,262 2,264,124 — 9,066,386 Additions 86,850 — — 86,850 Transfer — — — — Acquisition of a subsidiary — — — — Foreign currency effect (99,763) (31,423) — (131,186) Balance at December 31, 2020 6,789,349 2,232,701 — 9,022,050 Additions 154,681 — — 154,681 Transfer — — — — Acquisition of a subsidiary 46,675 — 1,720,960 1,767,635 Disposals — — — — Foreign currency effect (72,623) (23,050) — (95,673) Balance at December 31, 2021 6,918,082 2,209,651 1,720,960 10,848,693 Software, Licenses and Customer in EUR Patents Relationships Goodwill Total Accumulated amortization Balance at January 1, 2020 (2,166,549) (866,266) — (3,032,815) Amortization (1,402,098) (508,886) — (1,910,984) Exchange differences — — — — Balance at December 31, 2020 (3,568,647) (1,375,152) — (4,943,799) Amortization (1,257,514) (477,944) — (1,735,458) Exchange differences — — — — Balance at December 31, 2021 (4,826,161) (1,853,096) — (6,679,257) Carrying amounts At January 1, 2020 4,635,713 1,397,857 — 6,033,571 At December 31, 2020 3,220,701 857,549 — 4,078,249 At December 31, 2021 2,091,921 356,555 1,720,960 4,169,436 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Balance at January 1, 2020 11,930,665 13,017,527 4,009,004 413,141 29,370,337 Additions 824,613 553,733 646,934 1,722,258 3,747,538 Transfers — 11,966 — (11,966) — Disposals — (53,019) — — (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 Additions 3,099,403 1,645,503 1,455,496 2,605,201 8,805,603 Transfers — 4,306,247 24,645 (4,330,892) — Acquisition of a subsidiary — 2 70,531 — 70,533 Disposals (85,605) (348,494) (278,460) (1) (712,560) Foreign currency effect 79,384 227,601 64,942 (1,135) 370,792 Balance at December 31, 2021 15,645,939 19,271,001 5,967,327 394,871 41,279,138 Accumulated depreciation Balance at January 1, 2020 (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) Depreciation charge for the year (2,160,175) (1,622,416) (583,348) — (4,365,939) Disposals — 347,584 179,058 — 526,642 Balance at December 31, 2021 (5,783,626) (10,544,134) (3,405,955) (14,744) (19,748,458) Carrying amounts At January 1, 2020 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 At December 31, 2021 9,862,313 8,726,867 2,561,371 380,128 21,530,680 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Schedule of inventories | in EUR 12/31/2021 12/31/2020 Raw materials and supplies 19,578,604 10,674,829 Work in progress 1,642,247 693,357 Finished goods and merchandise 14,628,795 5,887,869 Inventories 35,849,646 17,256,055 |
Trade accounts receivable (Tabl
Trade accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade accounts receivable | |
Summary of trade accounts receivable are from third parties | in EUR 12/31/2021 Total gross carrying amount 32,120,019 Carrying amount of trade receivables subject to factoring (FVTPL) (2,420,512) Total gross carrying amount AC 29,699,508 Expected credit loss (Stage 2 & 3) (992,460) Total net carrying amount trade accounts receivables 28,707,048 |
Schedule of expected credit loss rates and recognized loss impairments | Trade Receivables Days Past Due December 31, 2021 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 15,537,575 7,559,486 2,847,052 2,142,988 123,295 1,489,112 29,699,508 Expected credit loss (Stage 2) (65,921) (54,791) (52,361) (71,876) (8,653) (74,941) (328,543) Loss from credit impaired trade accounts receivables (Stage 3) — — — — — (663,917) (663,917) Total net carrying amount trade accounts receivables — — — — — — 28,707,048 Trade Receivables Days Past Due December 31, 2020 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 20,440,906 3,193,352 243,574 704,697 303,789 2,200,380 27,086,699 Expected credit loss (Stage 2) (72,865) (36,393) (14,984) (16,166) (13,574) (40,830) (194,813) Loss from credit impaired trade accounts receivables (Stage 3) — — — — — (514,066) (514,066) Total net carrying amount trade accounts receivables — — — — — — 26,377,820 |
Schedule of allowances of the trade accounts receivable | in EUR Balance at January 1, 2020 1,369,800 Reversal of impairment loss (Stage 3) (291,756) Reversal of provision for expected credit losses (Stage 2) (335,855) Currency translation effect (33,309) Balance at December 31, 2020 708,880 Reversal of impairment loss (Stage 3) (240,678) Reversal of provision for expected credit losses (Stage 2) (26,574) Additions 513,043 Currency translation effect 37,790 Balance at December 31, 2021 992,460 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other current assets. | |
Schedule of other current assets | in EUR 12/31/2021 12/31/2020 Receivables from employees due within 1 year 64,246 37,051 Value added tax refund 1,285,383 883,027 Contract assets 2,123,884 — Prepaid expenses 2,155,523 2,219,057 Assets recognized from costs to fulfill a contract 2,183,536 237,347 Miscellaneous 487,769 217,302 Total 8,300,341 3,593,785 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans | |
Schedule of loans | In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2021 12/31/2021 Current loans Bank overdraft EUR 8,355 8,355 Deutsche Bank 2.40% 03/09 - 03/24/22 EUR 2,400,000 2,400,000 CZBANK 3.00 - 3.20% 01/30 - 05/24/22 USD 5,219,953 4,628,430 CITIC BANK 1.96 - 2.13% 02/04 - 06/23/22 USD 7,703,063 6,830,155 ICBC Bank 1.65 - 1.77% 01/19 - 06/02/22 USD 8,735,194 7,745,326 CCB Bank 0.59 - 0.71% 01/30 - 04/24/22 USD 2,920,000 2,589,107 SPD Bank 2.13% 03/05 - 03/25/22 USD 6,540,000 5,798,890 CMSB 1.90% 03/21 - 04/21/22 USD 4,135,457 3,666,829 Shiga Bank 0.98% 10/31/2023 JPY 100,080,000 767,602 Shiga Bank 1.28% 05/31/2022 JPY 16,000,000 122,718 Total current loans 34,557,414 Non-current loans Shiga Bank 0.98% 10/31/2023 JPY 91,340,000 700,568 Total non-current loans 700,568 In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2020 12/31/2020 Current loans Bank overdrafts EUR 264 264 Deutsche Bank 2.55 - 2.60% 02/22 - 03/09/21 EUR 2,400,000 2,400,000 CZBANK 3.5% 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 1.16% 02/03/21 USD 2,000,000 1,626,650 Shiga Bank 0.98% 11/30/2023 JPY 100,080,000 791,209 Shiga Bank 1.28% 06/01/2022 JPY 33,600,000 265,634 Total current loans 20,646,533 Non ‑ current loans Shiga Bank 0.98% 11/30/2023 JPY 191,420,000 1,513,321 Shiga Bank 1.28% 06/01/2022 JPY 16,000,000 126,492 Total non ‑ current loans 1,639,813 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions | |
Summary of provisions | Asset Retirement in EUR Warranties* Obligation Other Total Balance at January 1, 2020 516,581 134,476 1,477,253 2,128,310 Additions 576,198 — — 576,198 Reversals (65,264) — — (65,264) Usage (451,317) — (1,478,922) (1,930,239) 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 Balance at January 1, 2021 575,940 135,784 — 711,724 Additions 639,263 — 432,311 1,071,574 Reversals (438) — — (438) Usage (575,502) — — (575,502) Unwinding of discount — 2,026 — 2,026 Acquisition of a subsidiary 18,000 — — 18,000 Currency translation effect (269) 3,059 — 2,790 Balance at December 31, 2021 656,994 140,869 432,311 1,230,174 Non-current — 140,869 — 140,869 Current 656,994 — 432,311 1,089,305 Total 656,994 140,869 432,311 1,230,174 |
Other current financial liabi_2
Other current financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other current financial liabilities, | |
Summary of other current financial liabilities | in EUR 12/31/2021 12/31/2020 Customers with credit balances 104,967 174,870 Financial liabilities due to third parties 2,387,683 775,922 Invoices not yet received 4,570,272 2,681,136 Miscellaneous other financial liabilities 191,253 317,144 Total 7,254,176 3,949,072 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other current liabilities | |
Summary of Other current liabilities | in EUR 12/31/2021 12/31/2020 Accrued expenses 135,055 57,519 Social security liabilities 304,864 144,420 Liabilities for remaining leave 613,145 338,219 Tax liabilities other than income taxes 619,172 613,125 Contract liabilities 1,021,095 190,154 Liability for continued services of employees 1,083,000 — Liabilities due to personnel bonus 2,245,134 1,996,597 Miscellaneous other non‑financial liabilities 1,561,018 560,309 Total 7,582,483 3,900,342 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Depreciation charge for the year (2,160,175) (85,592) (2,245,767) Additions to right-of-use assets 2,888,736 97,652 2,986,389 Additions due to business combinations 210,667 — 210,667 Derecognition of right-of-use assets (85,605) — (85,605) Foreign currency effect 79,384 — 79,384 Balance at December 31, 2021 9,862,313 143,757 10,006,070 Factory, Office and Other in EUR Buildings Equipment Total Balance at January 1, 2020 10,124,959 113,373 10,238,332 Balance at December 31, 2020 8,929,305 131,696 9,061,002 Balance at December 31, 2021 9,862,313 143,757 10,006,070 |
Schedule of carrying amounts of lease liabilities | in EUR Lease Liability Balance at January 1, 2021 (9,214,428) Additions (2,446,388) Additions due to business combinations (210,667) Accretion of interest (215,464) Payments 2,031,598 Derecognition of lease liability 168,183 Foreign currency effect (83,763) Balance at December 31, 2021 (9,970,927) Current (2,025,193) Non‑current (7,945,734) 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) |
Schedule of amounts recognized in profit or loss | in EUR 2021 2021—Leases under IFRS 16 Depreciation expense of right‑of‑use assets 2,245,767 Interest on lease liabilities 215,464 Expenses relating to short‑term leases 587,356 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 43,094 3,091,681 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 2,176,850 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 2,146,761 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Schedule of disaggregation of revenue | in EUR 2021 2020 2019 Display Solutions 154,707,881 127,119,437 113,358,812 Product Sales 151,982,103 125,083,288 111,034,767 R&D Services 2,725,778 2,036,149 2,324,045 Sensor Technologies 26,094,615 25,470,878 23,872,524 Total 180,802,496 152,590,315 137,231,335 |
Schedule of contract balances | in EUR 2021 2020 Trade accounts receivables (see Note 10) 31,127,559 26,377,820 Contract liabilities 1,021,095 190,154 Contract assets 2,123,884 — Assets recognized from costs to fulfill contract 2,183,536 237,347 |
Schedule of contract liabilities | Contract in EUR Liabilities Balance at January 1, 2020 334,123 Deferred during the year 190,154 Recognized as revenue during the year (334,123) Balance at December 31, 2020 190,154 Deferred during the year 1,021,095 Recognized as revenue during the year (190,154) Balance at December 31, 2021 1,021,095 |
Expense by nature (Tables)
Expense by nature (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Expenses by nature | |
Schedule of expenses by nature | 2020 2019 in EUR 2021 Restated* Restated* Lease expenses 630,450 190,673 217,855 Warranty 638,825 124,881 (921,496) Advertising, vehicle and travel expenses 1,510,759 1,341,142 2,552,183 Maintenance 1,679,108 1,704,322 1,611,234 Taxes, insurance costs, and other dues 4,543,214 1,993,462 2,073,989 Purchased services 5,160,291 2,443,355 1,798,175 Depreciation and amortisation 6,101,398 7,043,590 6,537,028 Consultancy & audit 6,242,594 4,808,864 6,793,042 Salaries, wages and employee benefits 33,200,439 22,877,775 24,676,137 Raw materials and consumables 129,425,611 105,030,465 101,070,401 Miscellaneous 5,102,811 4,357,742 3,958,879 Total 194,235,500 151,916,271 150,367,428 |
Other income and other expens_2
Other income and other expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other income and other expenses | |
Schedule of other operating income | in EUR 2021 2020 2019 Damages/insurance proceeds 53,206 12,282 21,224 Exchange gains 8,857,966 3,326,593 911,779 Miscellaneous other operating income 2,716,140 1,630,159 1,425,994 Total 11,627,312 4,969,034 2,358,997 |
Schedule of other operating expenses | in EUR 2021 2020 2019 Other taxes 156 — 1,190 Losses on disposals of assets 75,114 76,561 16,565 Expected credit losses 245,791 323,200 572,928 Onerous contracts charge 432,311 — — Exchange losses 3,727,490 5,462,494 937,045 Miscellaneous other operating expenses 3,228,421 1,297,265 1,887,415 Total 7,709,283 7,159,521 3,415,143 |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial result | |
Schedule of financial result | in EUR 2021 2020 2019 Total interest income arising from financial assets measured at AC 3,888 4,182 3,771 Fair value gains on financial assets at FVTPL 352,101 — — Finance income 355,989 4,182 3,771 Total interest expense arising from financial liabilities measured at AC (903,061) (1,225,189) (1,643,990) Interest expense arising from lease liabilities (215,464) (197,967) — Unwind of discount on asset retirement obligation (2,026) (1,993) (1,964) Fair value losses on financial assets at FVTPL (11,574) — — Finance costs (1,132,126) (1,425,150) (1,645,953) Net finance costs recognized in profit or loss (776,137) (1,420,968) (1,642,182) |
Taxes on income (Tables)
Taxes on income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxes on income | |
Schedule of components of income tax expense (benefit) | 2020 2019 in EUR 2021 Restated* Restated* Current tax expense 1,776,180 2,275,672 201,953 Adjustments in respect of current income tax of previous year — 86,252 156,800 Deferred income tax charge / (benefit) (559,273) (385,434) (175,544) Income tax expense 1,216,908 1,976,490 183,209 *Certain amounts for 2019 and 2020 have been restated; see Note 2.3 |
Schedule of effective income tax rate reconciliation | 2020 2019 in EUR 2021 Restated* Restated* Loss before tax (10,291,112) (2,937,410) (15,834,420) Tax under domestic (German) tax rate 3,310,651 944,965 5,093,933 Effect of tax rate in foreign jurisdictions (121,803) 423,177 119,823 Tax effect of: Changes in domestic tax rate — — (11,938) Non‑deductible expenses (226,612) (128,603) (47,925) Current‑year losses for which no deferred tax asset is recognized (4,579,676) (2,599,849) (3,059,240) Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences 515,300 (572,321) (2,089,536) Withholding taxes (142,394) (126,455) (195,123) Income tax for prior years — 72,671 (892) Deferred tax prior years 33,080 — — Others (5,454) 9,925 7,688 Income tax expense (1,216,908) (1,976,490) (183,209) Effective tax rate 11.82 % 67.29 % 1.16 % |
Schedule of components of deferred tax balances | 2019 2021 2020 Restated* 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 199,402 (122,157) 158,134 (292,338) 115,923 (476,530) Property and equipment 15,051 (3,165,137) — (3,073,184) — (4,155,783) Other financial assets — — — — — — Current assets Inventories 904,425 — 58,186 — 312,529 — Trade accounts receivables 61,177 (49,201) 163,841 — 50,849 (13,913) Other current assets 142,464 (1,629,005) — (85,795) — (923,473) Cash and cash equivalents 6,402 (94,947) 8,100 — 13,596 — Non ‑ current liabilities Loans — — — — — — Provisions 48,996 — 41,791 (12,737) 34,740 — Lease liabilities 2,511,560 — 2,076,118 — 2,803,625 — Current liabilities Loans — — — — — — Trade accounts payable 501,913 — 691,939 (60,747) 880,190 (86,100) Provisions 186,113 — — — — — Lease liabilities 672,520 (1,900) 484,147 — 484,298 — Other financial liabilities 553,922 — 208,879 — 39,935 — Other non‑financial liabilities 146,835 (25,490) 2,359 (10,445) 15,778 (4,011) Losses carried forward 101,070 — 40,242 — 931,578 — Deferred Taxes before netting 6,051,852 (5,087,835) 3,933,736 (3,535,246) 5,683,042 (5,659,809) Netting (5,084,054) 5,084,054 (3,535,246) 3,535,246 (5,514,354) 5,514,354 Deferred Taxes netted 967,799 (3,781) 398,491 — 168,686 (145,456) *Certain amounts as of December 31, 2019 have been restated; see Note 2.3 |
Financial Risk Management and_2
Financial Risk Management and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial 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, 2021 Loans 34,733,896 703,331 — Trade accounts payable 33,447,088 — — Lease liabilities 2,403,026 4,602,149 3,390,779 Other current financial liabilities 7,254,176 — — Total 77,838,186 5,305,480 3,390,779 Balance at December 31, 2020 Loans 20,778,308 1,653,327 — 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 |
Schedule of sensitivity to a reasonably possible change in the exchange rates | Balances at December 31, 2021 Change in Foreign Impact on Impact on Cash and Trade Loans Trade Other Current Currency Currency Profit (+) Profit (+) Cash Accounts receivables / Accounts Financial Risk appreciation/ or Loss (−) or Loss (−) Equivalents Receivables (payables) Payable Liabilities Exposure depreciation in EUR in EUR +1000 bps -1000 bps Balance at December 31, 2021 Amounts in EUR 1,074,504 1,819,062 (2,008,333) (1,170,124) — (284,891) +/-1.000 (28,489) 28,489 Amounts in RMB 3,645,636 23,080,637 — (167,501,322) (64,202) (140,839,250) +/-1.000 (1,957,626) 1,957,626 Amounts in USD 42,074,709 9,420 31,322,436 (3,505,663) — 69,900,902 +/-1.000 6,171,734 (6,171,734) Amounts in JPY 175,667 384,924,842 398,069,782 (113,912,632) — 669,257,659 +/-1.000 513,526 (513,526) Amounts in TWD — 11,271,923 — (5,843,051) — 5,428,872 +/-1.000 17,298 (17,298) Balances at December 31, 2020 Other Impact on Impact on Cash and Trade Loans Trade Current Currency Change Profit (+) Profit (+) Cash Accounts receivables / Accounts Financial Risk of Risk or Loss (−) or Loss (−) Equivalents Receivables (payables) Payable Liabilities Exposure (bps) in EUR in EUR +1000 bps -1000 bps 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 (4,302,172) Amounts in JPY — 4,084,144 — — — 4,084,144 +/- 1.000 3,229 (3,229) |
Additional Information on Fin_2
Additional Information on Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Additional Information on Financial Instruments | |
Schedule of fair values of financial assets and liabilities | The following table presents the carrying amounts and the fair values of financial assets and liabilities by classes and categories in accordance with of IFRS 9 as at December 31, 2021 and as at December 31, 2020. Category December 31, 2021 according to Carrying Fair in EUR IFRS 9 Level Amount Value* Non-current assets Rental deposits (Financial assets) AC 24,624 — Investments in securities (Financial assets) FVTPL 3 1,123,988 1,123,988 Current assets Trade accounts receivables AC 28,707,048 — Trade accounts receivables (subject to factoring) FVTPL 3 2,420,512 2,420,512 Cash and cash equivalents AC 58,004,145 — Financial assets measured at AC 86,735,817 Financial assets measured at FVTPL 3,544,498 Non-current liabilities Non-current loans AC 3 700,568 677,598 Current liabilities Current loans AC 34,557,415 — Trade accounts payable AC 33,447,088 — Other current financial liabilities AC 7,254,176 — Financial liabilities measured at AC 75,959,246 Category December 31, 2020 according to Carrying Fair in EUR IFRS 9 Level Amount Value* Non-current assets Rental Deposits (Financial assets) AC 155,105 — Current assets Trade accounts receivables AC 26,377,820 — Cash and cash equivalents AC 81,021,280 — Financial assets measured at AC 107,554,205 Non-current liabilities Non‑current Loans AC 3 1,639,813 1,590,461 Current liabilities Current Loans AC 20,646,533 — Trade accounts payable AC 30,610,890 — Other financial liabilities AC 3,949,072 — Trade accounts payable AC 3 — — Other current financial liabilities 3 Financial liabilities measured at AC 56,846,308 — |
Summary of opening balances to the closing balances for Level 3 | The following table shows a reconciliation from the opening balances to the closing balances for financial instruments that present Level 3 fair values: Financial assets Promissory Equity Trade accounts in EUR Note Instruments receivables Balance at January 1, 2021 Purchases 738,007 — 2,432,086 Fair value gains / (losses) (see financial result) 352,101 — (11,574) Conversion to equity instruments (1,090,108) 1,090,108 — Currency translation effect (see other operating income) — 33,879 — Balance at December 31, 2021 — 1,123,988 2,420,512 Net gains / (losses) during the financial year 352,101 33,879 (11,574) |
Reconciliation of Changes in _2
Reconciliation of Changes in Liabilities arising from Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reconciliation of Changes in Liabilities arising from Financing Activities | |
Summary of reconciliation of changes in liabilities arising from financing activities | Financial Loans liabilities Lease Total due to third liabilities parties* EUR EUR EUR EUR Balance at January 1, 2020 31,445,928 851,032 11,971,963 44,268,924 Cash flows from financing activities 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 — — (3,627,998) (3,627,998) Interest paid (1,236,102) — — (1,236,102) Net cash provided by (used in) financing activities (8,057,198) (75,110) (3,627,998) (11,760,307) Foreign currency effect (2,338,486) — (205,918) (2,544,404) New leases — — 878,414 878,414 Accretion of interest 1,236,102 — 197,967 1,434,069 Balance at December 31, 2020 22,286,346 775,922 9,214,428 32,276,696 Cash flows from financing activities Proceeds from loans and borrowings 53,940,417 1,611,762 — 55,552,179 Repayment of loans and borrowings (44,431,773) — — (44,431,773) Payment of lease liabilities — — (2,031,598) (2,031,598) Interest paid (880,419) — — (880,419) Net cash provided by (used in) financing activities 8,628,225 1,611,762 (2,031,598) 8,208,389 Foreign currency effect 3,440,350 — 83,761 3,524,112 New leases — — 2,657,055 2,657,055 Disposal of leases — — (168,183) (168,183) Accretion of interest 903,061 — 215,464 1,118,525 Balance at December 31, 2021 35,257,983 2,387,683 9,970,927 47,616,593 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segments | |
Schedule of Group's key financial metrics by segment | As of December 31, 2021 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 154,707,881 26,094,615 — 180,802,496 — 180,802,496 Inter‑segment revenues — 3,916,681 — 3,916,681 (3,916,681) — Total revenues 154,707,881 30,011,296 — 184,719,177 (3,916,681) 180,802,496 Gross profit 13,929,329 6,553,639 — 20,482,968 9,694 20,492,662 Operating income (loss) (4,002,918) 1,544,509 (7,056,673) (9,515,082) 107 (9,514,975) Depreciation and amortization 3,520,497 2,566,467 14,434 6,101,398 — 6,101,398 EBITDA* (482,421) 4,110,976 (7,042,239) (3,413,684) 107 (3,413,577) Net income (loss) (5,738,536) 708,757 (6,478,240) (11,508,019) — (11,508,019) Segment assets 111,894,550 19,010,661 139,775,147 270,680,358 (109,013,959) 161,666,399 Capital expenditure 10,092,483 257,376 448,593 10,798,452 — 10,798,452 Segment liabilities 112,520,914 17,538,117 9,821,567 139,880,598 (43,727,602) 96,152,996 As of December 31, 2020 Restated** Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments 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 18,403,550 4,933,008 (110) 23,336,447 22,563 23,359,010 Operating income (loss) 6,625,022 479,397 (8,583,093) (1,478,674) (37,768) (1,516,442) Depreciation and amortization 2,523,655 4,519,935 — 7,043,590 — 7,043,590 EBITDA* 9,148,677 4,999,332 (8,583,093) 5,564,916 (37,768) 5,527,148 Net income (loss) 3,507,343 15,956 (8,437,198) (4,913,900) — (4,913,900) Segment assets 71,399,665 20,306,646 139,994,976 231,701,287 (81,849,151) 149,852,136 Capital expenditure 3,272,517 561,870 — 3,834,387 — 3,834,387 Segment liabilities 65,431,059 19,515,491 3,563,157 88,509,707 (16,562,795) 71,946,912 As of December 31, 2019 Restated** Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 113,358,812 23,872,524 — 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 11,978,623 (1,954,212) (2,700) 10,021,711 — 10,021,711 Operating income (loss) (4,027,858) (6,332,421) (3,831,530) (14,191,809) (430) (14,192,238) Depreciation and amortization 2,055,365 4,481,662 — 6,537,028 — 6,537,028 EBITDA* (1,972,493) (1,850,759) (3,831,530) (7,654,781) (430) (7,655,211) Net income (loss) (7,473,508) (4,567,009) (3,977,112) (16,017,629) — (16,017,629) Segment assets 64,003,492 22,185,549 68,721,645 154,910,685 (77,589,842) 77,320,843 Capital expenditure 1,595,428 223,812 — 1,819,240 — 1,819,240 Segment liabilities 61,222,474 21,380,811 9,719,511 92,322,796 (12,303,486) 80,019,311 *EBITDA is calculated based on gross profit, deducting other operating income / expenses and adding depreciation and amortization expenses. **Certain amounts for 2019 and 2020 have been restated; see Note 2.3 |
Schedule of group's geographical distribution of revenues, property and equipment and intangible assets | 2021 2020 2019 Revenue by Region in EUR in EUR in EUR Asia 86,477,347 82,734,687 81,362,926 thereof China 60,506,284 57,263,809 57,490,403 thereof Japan 25,971,063 25,470,878 23,872,523 Europe (Germany) 66,187,447 62,157,908 48,218,014 North America (United States) 28,137,702 7,697,720 7,650,395 Total revenues 180,802,496 152,590,315 137,231,335 Property and Equipment/ 12/31/2021 12/31/2020 Intangible Assets by Region in EUR in EUR Asia 11,910,958 13,339,863 thereof China 5,419,236 4,281,031 thereof Japan 6,491,722 9,058,832 Europe (Germany) 13,776,742 7,535,398 North America (United States) 12,416 38,597 Total 25,700,116 20,913,857 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party disclosures | |
Schedule of transactions with related parties | Interest Sales to related Purchases from in EUR Expense parties related parties Integrated Micro-Electronics, Inc. (IMI) 2021 — 322,422 1,935,373 2020 35,519 41,756 1,651,438 Kloepfel Corporate Finance GmbH (Kloepfel) 2021 — — 432,599 2020 — — 1,238,452 C-CON GmbH 2021 — — 2,217,685 2020 — — 685,535 MT Technologies GmbH 2021 — — 29,155 2020 — — — Executive management (Jürgen Eichner, CEO) 2021 — — 5,640 2020 — — 5,640 |
Schedule of outstanding balances with related parties | Amounts owed Amounts owed Loans from by related to related in EUR related parties parties related parties Entity with significant influence over the Group: Integrated Micro-Electronics, Inc. (IMI) 2021 — 209,021 174,616 2020 — 1,199,756 2,304,558 Others: Kloepfel Corporate Finance GmbH (Kloepfel) 2021 — — — 2020 — — 2,448 C-Con GmbH 2021 — — 290,791 2020 — — 217,555 Executive management (Jürgen Eichner, CEO) 2021 — 44,146 — 2020 — 40,746 — |
Schedule of information related to key personnel | in EUR 2021 2020 Executive management: 764,000 786,000 Short-term employee benefits 756,000 782,000 Post-employment benefits 8,000 4,000 Supervisory board compensation 110,000 150,000 Close family member: 55,551 54,354 Short-term employee benefits 47,586 46,389 Post-employment benefits 7,965 7,965 |
Earnings (Loss) per share (Tabl
Earnings (Loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings (Loss) per share | |
Summary of earnings (loss) per share | 2020 2019 2021 Restated* Restated* Loss after taxes from continuing operations (attributable to VIA optronics AG shareholders) in EUR (11,756,084) (4,919,484) (14,419,176) Weighted average of shares outstanding 4,530,701 3,398,330 2,991,600 Loss per share in EUR (2.59) (1.45) (4.82) |
Corporate information (Details)
Corporate information (Details) | Dec. 31, 2021 |
Integrated MicroElectronics, Inc | |
Disclosure of transactions between related parties [line items] | |
Ownership interest | 50.32% |
Jrgen 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 Previously Issued Consolidated Financial Statements for IPO-related costs (Details) - EUR (€) | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Jan. 01, 2020 | Jan. 01, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | |||||||
General administrative expenses | € 23,038,867 | € 16,117,177 | € 16,415,483 | ||||
Equity | 65,513,401 | 77,905,223 | (2,698,468) | € 13,102,446 | € (2,698,468) | € (2,698,468) | |
Capital reserve | 88,506,026 | 88,506,026 | € 4,169,843 | ||||
(Accumulated Deficit) / Retained Earnings | |||||||
Disclosure of initial application of standards or interpretations [line items] | |||||||
Equity | € (26,787,316) | (15,031,232) | (10,111,748) | 4,307,428 | (10,111,748) | ||
As Reported | |||||||
Disclosure of initial application of standards or interpretations [line items] | |||||||
General administrative expenses | 15,373,077 | 13,197,135 | |||||
Equity | 77,905,223 | 1,082,279 | 1,082,279 | ||||
Capital reserve | 83,422,824 | ||||||
Adjustment | |||||||
Disclosure of initial application of standards or interpretations [line items] | |||||||
General administrative expenses | 744,100 | 3,218,348 | € 1,121,000 | 4,339,102 | |||
Equity | € (3,780,746) | € (3,780,746) | € 1,121,000 | ||||
Capital reserve | € 5,083,202 |
Significant accounting polici_5
Significant accounting policies - Restatement of Previously issued Consolidated Statement of Financial Position (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other assets | € 8,300,341 | € 3,593,785 | € 3,264,236 | € 3,264,236 | ||
Current assets | 133,849,872 | 128,384,683 | 52,385,560 | 52,385,560 | ||
Total assets | (161,666,399) | (149,852,136) | (77,320,843) | (77,320,843) | ||
Capital reserve | 88,506,026 | 88,506,026 | 4,169,843 | |||
Accumulated Deficit | (26,787,316) | (15,031,232) | (10,111,748) | (10,111,748) | ||
Equity attributable to equity holders of the parent | 64,998,011 | 77,628,319 | (2,980,126) | (2,980,126) | ||
Total Equity | 65,513,401 | 77,905,223 | (2,698,468) | (2,698,468) | € 13,102,446 | |
Deferred tax liabilities | 3,781 | 145,456 | 145,456 | |||
Total equity and liabilities | € 161,666,399 | 149,852,136 | € 77,320,843 | 77,320,843 | ||
As Reported | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other assets | 7,603,338 | |||||
Current assets | 56,724,662 | |||||
Total assets | (81,659,945) | |||||
Capital reserve | 83,422,824 | |||||
Accumulated Deficit | (9,948,029) | (6,331,002) | ||||
Equity attributable to equity holders of the parent | 77,628,319 | 800,621 | ||||
Total Equity | 77,905,223 | 1,082,279 | ||||
Deferred tax liabilities | 703,812 | |||||
Total equity and liabilities | 149,852,136 | 81,659,946 | ||||
Adjustment | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other assets | (4,339,102) | |||||
Current assets | (4,339,102) | |||||
Total assets | 4,339,102 | |||||
Capital reserve | 5,083,202 | |||||
Accumulated Deficit | € (5,083,203) | (3,780,746) | ||||
Equity attributable to equity holders of the parent | (3,780,746) | |||||
Total Equity | (3,780,746) | € 1,121,000 | ||||
Deferred tax liabilities | (558,356) | |||||
Total equity and liabilities | € (4,339,102) |
Significant accounting polici_6
Significant accounting policies - Restatement of previously issued Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Details) - EUR (€) | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | |||||
General administrative expenses | € (23,038,867) | € (16,117,177) | € (16,415,483) | ||
Operating loss | (9,514,975) | (1,516,442) | (14,192,238) | ||
Loss before tax | (10,291,112) | (2,937,410) | (15,834,420) | ||
Income tax expense | (1,216,908) | (1,976,490) | (183,209) | ||
Net loss | (11,508,019) | (4,913,900) | (16,017,629) | ||
Which is attributable to: | |||||
Owners of the company | (11,756,084) | (4,919,484) | (14,419,176) | ||
Comprehensive loss | (12,391,821) | (5,263,194) | (15,900,912) | ||
Which is attributable to: | |||||
Owners of the company | € (12,630,308) | € (5,258,440) | € (14,387,780) | ||
Basic loss per share in EUR (EUR per Share) | € (2.59) | € (1.45) | € (4.82) | ||
Diluted loss per share in EUR (EUR per Share) | € (2.59) | € (1.45) | € (4.82) | ||
As Reported | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
General administrative expenses | € (15,373,077) | € (13,197,135) | |||
Operating loss | (772,342) | (10,973,891) | |||
Loss before tax | (2,193,310) | (12,616,073) | |||
Income tax expense | (1,418,134) | (741,564) | |||
Net loss | (3,611,444) | (13,357,637) | |||
Which is attributable to: | |||||
Owners of the company | (3,617,028) | (11,759,184) | |||
Comprehensive loss | (3,960,738) | (13,240,920) | |||
Which is attributable to: | |||||
Owners of the company | € (3,955,984) | € (11,727,788) | |||
Basic loss per share in EUR (EUR per Share) | € (1.06) | € (3.93) | |||
Diluted loss per share in EUR (EUR per Share) | € (1.06) | € (3.93) | |||
Adjustment | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
General administrative expenses | € (744,100) | € (3,218,348) | € (1,121,000) | € (4,339,102) | |
Operating loss | (744,100) | (3,218,348) | |||
Loss before tax | (744,100) | (3,218,348) | |||
Income tax expense | (558,356) | 558,356 | |||
Net loss | (1,302,456) | (2,659,992) | |||
Which is attributable to: | |||||
Owners of the company | (1,302,456) | (2,659,992) | |||
Comprehensive loss | (1,302,456) | (2,659,992) | |||
Which is attributable to: | |||||
Owners of the company | € (1,302,456) | € (2,659,992) | |||
Basic loss per share in EUR (EUR per Share) | € (0.38) | € (0.89) | |||
Diluted loss per share in EUR (EUR per Share) | € (0.38) | € (0.89) |
Significant accounting polici_7
Significant accounting policies - Restatement of Previously issued Consolidated Statement of Cash Flows (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Net loss | € (11,508,019) | € (4,913,900) | € (16,017,629) |
Trade accounts receivables and other assets | (8,689,507) | (3,994,649) | 1,930,745 |
Current and deferred income taxes | (52,983) | 580,173 | (151,431) |
Cash from (used in) operating activities | (22,210,371) | (1,491,487) | 5,255,968 |
Payment of transaction costs | (2,847,365) | ||
Net cash from (used in) financing activities | € 8,208,389 | 76,236,946 | (2,795,254) |
As Reported | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Net loss | (3,611,444) | (13,357,637) | |
Trade accounts receivables and other assets | (1,267,603) | ||
Current and deferred income taxes | 21,817 | 406,924 | |
Cash from (used in) operating activities | (747,387) | 5,255,966 | |
Payment of transaction costs | (3,591,465) | ||
Net cash from (used in) financing activities | 75,492,846 | (2,795,254) | |
Adjustment | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Net loss | (1,302,456) | (2,659,992) | |
Trade accounts receivables and other assets | 3,218,348 | ||
Current and deferred income taxes | 558,356 | € (558,356) | |
Cash from (used in) operating activities | (744,100) | ||
Payment of transaction costs | 744,100 | ||
Net cash from (used in) financing activities | € 744,100 |
Significant accounting polici_8
Significant accounting policies - Foreign currencies (Details) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)CNY (¥) | Dec. 31, 2021USD ($)JPY (¥) | Dec. 31, 2021USD ($)TWD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($)CNY (¥) | Dec. 31, 2020JPY (¥)USD ($) | Dec. 31, 2020USD ($)TWD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019TWD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021JPY (¥) | Dec. 31, 2021TWD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020JPY (¥) | Dec. 31, 2020TWD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2015JPY (¥) | Dec. 31, 2015TWD ($) | |
Significant accounting policies | ||||||||||||||||||||||
Average Rates | 1.1851 | 7.6511 | 129.6878 | 33.0284 | 1.1419 | 7.8690 | 121.8024 | 33.6168 | 1.1175 | 7.7487 | 121.5518 | 34.5837 | ||||||||||
Spot Rates | 1.1326 | 1.1326 | 1.1326 | 1.1326 | 1.2271 | 1.2271 | 1.2271 | 1.2271 | 7.1947 | 130.3800 | 31.5268 | 8.0225 | 126.4900 | 34.5067 | 1.1234 | 7.8205 | 121.9400 | 33.6811 |
Significant accounting polici_9
Significant accounting policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 polic_10
Significant accounting policies - Leases (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 polic_11
Significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Customer relationships | |
Intangible assets | |
Estimated useful lives of intangible assets | 5 years |
Software and Patents | Minimum | |
Intangible assets | |
Estimated useful lives of intangible assets | 2 years |
Software and Patents | Maximum | |
Intangible assets | |
Estimated useful lives of intangible assets | 5 years |
Significant accounting polic_12
Significant accounting policies - Segments (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Significant accounting policies | |
Number of operating segments | 2 |
Significant accounting polic_13
Significant accounting policies - Related parties (Details) | Dec. 31, 2021 |
Jrgen Eichner | |
Related party disclosures | |
Ownership interest | 15.89% |
Minimum | |
Related party disclosures | |
Ownership interest | 20.00% |
Changes in the Group - Consolid
Changes in the Group - Consolidated subsidiaries (Details) - EUR (€) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Consolidated subsidiaries | |||||
Net (loss) | € (11,508,019) | € (4,913,900) | € (16,017,629) | ||
Equity | € 65,513,401 | € 77,905,223 | € (2,698,468) | € (2,698,468) | € 13,102,446 |
VIA optronics GmbH | |||||
Consolidated subsidiaries | |||||
Ownership Interest | 100.00% | 100.00% | |||
Net (loss) | € (5,172,146) | € (1,726,540) | |||
Equity | € (13,979,548) | € (5,856,981) | |||
VIA optronics LLC | |||||
Consolidated subsidiaries | |||||
Ownership Interest | 100.00% | 100.00% | |||
Net (loss) | € (661,914) | € (190,393) | |||
Equity | € (2,767,087) | € (1,914,714) | |||
VIA optronics (Suzhou) Co., Ltd. | |||||
Consolidated subsidiaries | |||||
Ownership Interest | 100.00% | 100.00% | |||
Net (loss) | € 959,129 | € 4,975,824 | |||
Equity | € 23,312,443 | € 20,090,782 | |||
VIA optronics (Taiwan) Ltd. | |||||
Consolidated subsidiaries | |||||
Ownership Interest | 100.00% | 100.00% | |||
Net (loss) | € (34,457) | € 85,037 | |||
Equity | € 193,760 | € 210,009 | |||
VIA Germaneers | |||||
Consolidated subsidiaries | |||||
Ownership Interest | 100.00% | ||||
Net (loss) | € 109,492 | ||||
Equity | € 1,449,752 | ||||
VIA Optronics (Philippines), Inc | |||||
Consolidated subsidiaries | |||||
Ownership Interest | 100.00% | ||||
Equity | € 264,401 | ||||
VTSTouchsensor Co., Ltd | |||||
Consolidated subsidiaries | |||||
Ownership Interest | 65.00% | 65.00% | |||
Net (loss) | € 708,757 | € 15,956 | |||
Equity | € 1,472,544 | € 791,155 |
Changes in the Group - Acquisit
Changes in the Group - Acquisition of Germaneers GmbH (Details) | Sep. 13, 2021employee | Dec. 31, 2021EUR (€) | May 31, 2021EUR (€) |
Liabilities | |||
Number of Employees Joining After Acquisition | employee | 20 | ||
Germaneers GmbH | |||
Changes in the Group | |||
Voting rights acquired | 100.00% | ||
Revenue of acquiree | € 1,959,000 | ||
Profit of acquiree | 175,000 | ||
Revenue of combined entity | 181,574,000 | ||
Profit of combined entity | 10,000 | ||
Assets | |||
Non-current | € 347,588 | ||
Property, plant and equipment | 280,896 | ||
Intangible assets | 46,675 | ||
Non-current financial assets | 20,017 | ||
Current | 2,008,677 | ||
Inventories | 444,027 | ||
Trade receivables and other assets | 1,339,965 | ||
Cash and short-term deposits | 224,685 | ||
Total Assets | 0 | 2,356,265 | |
Liabilities | |||
Non-Current | (228,997) | ||
Noncurrent financial liabilities | (330) | ||
Other liabilities | (228,667) | ||
Current | (787,008) | ||
Trade and other payables | (197,751) | ||
Current financial liabilities | (136,657) | ||
Other current liabilities | (452,599) | ||
Total Liabilities | € 0 | (1,016,005) | |
Total identifiable net assets at fair value | 1,340,260 | ||
Goodwill arising on acquisition (Note 14) | 1,720,960 | ||
Goodwill expected to be deductible for tax purposes | 0 | ||
Purchase consideration transferred | 3,061,220 | ||
Fair value of the trade receivables | 1,271,000 | ||
Transaction costs | € 322,000 |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | € 4,078,249 | |
Intangible assets other than goodwill at end of period | 4,169,436 | € 4,078,249 |
Goodwill | ||
Goodwill at ending of the period | 1,720,960 | |
Total | ||
Intangible assets and goodwill at beginning of the period | 4,078,249 | 6,033,571 |
Intangible assets and goodwill at ending of the period | 4,169,436 | 4,078,249 |
Impairment losses | 0 | 0 |
Subsequent reversal of impairment losses | 0 | 0 |
Gross carrying amount | ||
Intangible assets other than goodwill | ||
Additions | 154,681 | 86,850 |
Goodwill | ||
Acquisition of a subsidiary | 1,720,960 | |
Goodwill at ending of the period | 1,720,960 | |
Total | ||
Intangible assets and goodwill at beginning of the period | 9,022,050 | 9,066,386 |
Acquisition of a subsidiary | 1,767,635 | |
Foreign currency effect | (95,673) | (131,186) |
Intangible assets and goodwill at ending of the period | 10,848,693 | 9,022,050 |
Accumulated amortization | ||
Intangible assets other than goodwill | ||
Amortization | (1,735,458) | (1,910,984) |
Total | ||
Intangible assets and goodwill at beginning of the period | (4,943,799) | (3,032,815) |
Intangible assets and goodwill at ending of the period | (6,679,257) | (4,943,799) |
Software, Licenses and Patents | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 3,220,701 | 4,635,713 |
Intangible assets other than goodwill at end of period | 2,091,921 | 3,220,701 |
Software, Licenses and Patents | Gross carrying amount | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 6,789,349 | 6,802,262 |
Additions | 154,681 | 86,850 |
Acquisition of a subsidiary | 46,675 | |
Foreign currency effect | (72,623) | (99,763) |
Intangible assets other than goodwill at end of period | 6,918,082 | 6,789,349 |
Software, Licenses and Patents | Accumulated amortization | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | (3,568,647) | (2,166,549) |
Amortization | (1,257,514) | (1,402,098) |
Intangible assets other than goodwill at end of period | (4,826,161) | (3,568,647) |
Customer relationships | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 857,549 | 1,397,857 |
Intangible assets other than goodwill at end of period | 356,555 | 857,549 |
Customer relationships | Gross carrying amount | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 2,232,701 | 2,264,124 |
Foreign currency effect | (23,050) | (31,423) |
Intangible assets other than goodwill at end of period | 2,209,651 | 2,232,701 |
Customer relationships | Accumulated amortization | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | (1,375,152) | (866,266) |
Amortization | (477,944) | (508,886) |
Intangible assets other than goodwill at end of period | € (1,853,096) | € (1,375,152) |
Property and equipment (Details
Property and equipment (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | € 16,835,608 | € 18,576,268 |
Property, plant and equipment at end of period | 21,530,680 | 16,835,608 |
Impairment losses | 0 | 0 |
Subsequent reversal of impairment losses | 0 | 0 |
Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 32,744,770 | 29,370,337 |
Additions | 8,805,603 | 3,747,538 |
Acquisition of a subsidiary | 70,533 | |
Disposals | (712,560) | (53,019) |
Foreign currency effect | 370,792 | (320,086) |
Property, plant and equipment at end of period | 41,279,138 | 32,744,770 |
Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (15,909,161) | (10,794,069) |
Depreciation charge for the year | (4,365,939) | (5,132,605) |
Disposals | 526,642 | 17,513 |
Property, plant and equipment at end of period | (19,748,458) | (15,909,161) |
Buildings | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 8,929,306 | 10,124,960 |
Property, plant and equipment at end of period | 9,862,313 | 8,929,306 |
Buildings | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 12,552,757 | 11,930,665 |
Additions | 3,099,403 | 824,613 |
Disposals | (85,605) | |
Foreign currency effect | 79,384 | (202,521) |
Property, plant and equipment at end of period | 15,645,939 | 12,552,757 |
Buildings | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (3,623,451) | (1,805,706) |
Depreciation charge for the year | (2,160,175) | (1,817,745) |
Property, plant and equipment at end of period | (5,783,626) | (3,623,451) |
Technical Equipment and Machines | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 4,170,841 | 6,603,646 |
Property, plant and equipment at end of period | 8,726,867 | 4,170,841 |
Technical Equipment and Machines | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 13,440,143 | 13,017,527 |
Additions | 1,645,503 | 553,733 |
Transfers | 4,306,247 | 11,966 |
Acquisition of a subsidiary | 2 | |
Disposals | (348,494) | (53,019) |
Foreign currency effect | 227,601 | (90,064) |
Property, plant and equipment at end of period | 19,271,001 | 13,440,143 |
Technical Equipment and Machines | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (9,269,302) | (6,413,882) |
Depreciation charge for the year | (1,622,416) | (2,872,934) |
Disposals | 347,584 | 17,513 |
Property, plant and equipment at end of period | (10,544,134) | (9,269,302) |
Factory, Office, Other Equipment and Leasehold Improvements | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 1,628,508 | 1,434,522 |
Property, plant and equipment at end of period | 2,561,371 | 1,628,508 |
Factory, Office, Other Equipment and Leasehold Improvements | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 4,630,172 | 4,009,004 |
Additions | 1,455,496 | 646,934 |
Transfers | 24,645 | |
Acquisition of a subsidiary | 70,531 | |
Disposals | (278,460) | |
Foreign currency effect | 64,942 | (25,766) |
Property, plant and equipment at end of period | 5,967,327 | 4,630,172 |
Factory, Office, Other Equipment and Leasehold Improvements | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (3,001,665) | (2,574,482) |
Depreciation charge for the year | (583,348) | (427,183) |
Disposals | 179,058 | |
Property, plant and equipment at end of period | (3,405,955) | (3,001,665) |
Assets Under Construction | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 2,106,954 | 413,140 |
Property, plant and equipment at end of period | 380,128 | 2,106,954 |
Assets Under Construction | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 2,121,698 | 413,141 |
Additions | 2,605,201 | 1,722,258 |
Transfers | (4,330,892) | (11,966) |
Disposals | (1) | |
Foreign currency effect | (1,135) | (1,735) |
Property, plant and equipment at end of period | 394,871 | 2,121,698 |
Assets Under Construction | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (14,744) | |
Depreciation charge for the year | (14,744) | |
Property, plant and equipment at end of period | € (14,744) | € (14,744) |
Other non-current financial a_2
Other non-current financial assets (Details) $ in Thousands | Sep. 28, 2021EUR (€)shares | Sep. 28, 2021USD ($)shares | Dec. 31, 2021EUR (€) | Jul. 09, 2021EUR (€) | Jul. 09, 2021USD ($) |
Disclosure of detailed information about financial instruments [line items] | |||||
Gain from re-measurement | € 352,101 | ||||
Foreign currency effects on fair value | 1,124,000 | ||||
Promissory Note | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Financial instrument value | € 738,000 | $ 900 | |||
Value of promissory notes converted into shares | 1,090,000 | ||||
Gain from re-measurement | € 352,000 | $ 373 | |||
Rental deposit | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Financial instrument value | € 24,000 | ||||
Series B1 Units [Member] | Promissory Note | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Promissory notes converted into shares | shares | 20,870 | 20,870 |
Inventories (Details)
Inventories (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Inventories | |||
Raw materials and supplies | € 19,578,604 | € 10,674,829 | |
Work in progress | 1,642,247 | 693,357 | |
Finished goods and merchandise | 14,628,795 | 5,887,869 | |
Total current inventories | 35,849,646 | 17,256,055 | € 14,485,822 |
Inventories recognized as cost of sales | 129,426,000 | 105,030,000 | |
Write-down on inventory | € 115,000 | € 96,000 |
Trade accounts receivable - Wit
Trade accounts receivable - With maturities (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Trade accounts receivable | ||
Total gross carrying amount | € 32,120,019 | |
Carrying amount of trade receivables subject to factoring (FVTPL) | (2,420,512) | |
Total gross carrying amount AC | 29,699,508 | € (27,086,699) |
Expected credit loss (Stage 2 & 3) | (992,460) | |
Total net carrying amount trade accounts receivables | € 28,707,048 | € 26,377,820 |
Trade accounts receivable (Deta
Trade accounts receivable (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Trade accounts receivable | ||
Estimated total gross carrying amount at default | € 29,699,508 | € (27,086,699) |
Expected credit loss (Stage 2) | (328,543) | (194,813) |
Loss from credit impaired trade accounts receivables (Stage 3) | (663,917) | (514,066) |
Total net carrying amount trade accounts receivables | 28,707,048 | 26,377,820 |
Current | ||
Trade accounts receivable | ||
Estimated total gross carrying amount at default | 15,537,575 | (20,440,906) |
Expected credit loss (Stage 2) | (65,921) | (72,865) |
Less than 30 Days | ||
Trade accounts receivable | ||
Estimated total gross carrying amount at default | 7,559,486 | (3,193,352) |
Expected credit loss (Stage 2) | (54,791) | (36,393) |
31 - 60 Days | ||
Trade accounts receivable | ||
Estimated total gross carrying amount at default | 2,847,052 | (243,574) |
Expected credit loss (Stage 2) | (52,361) | (14,984) |
61 - 90 Days | ||
Trade accounts receivable | ||
Estimated total gross carrying amount at default | 2,142,988 | (704,697) |
Expected credit loss (Stage 2) | (71,876) | (16,166) |
91 - 120 Days | ||
Trade accounts receivable | ||
Estimated total gross carrying amount at default | 123,295 | (303,789) |
Expected credit loss (Stage 2) | (8,653) | (13,574) |
>120 Days | ||
Trade accounts receivable | ||
Estimated total gross carrying amount at default | 1,489,112 | (2,200,380) |
Expected credit loss (Stage 2) | (74,941) | (40,830) |
Loss from credit impaired trade accounts receivables (Stage 3) | € (663,917) | € (514,066) |
Trade accounts receivable - All
Trade accounts receivable - Allowances (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade accounts receivable | ||
Beginning balance | € 708,880 | € 1,369,800 |
Reversal of impairment loss (Stage 3) | (240,678) | (291,756) |
Reversal of provision for expected credit losses (Stage 2) | (26,574) | (335,855) |
Additions | 513,043 | |
Currency translation effect | 37,790 | (33,309) |
Ending balance | € 992,460 | € 708,880 |
Other current assets (Details)
Other current assets (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Other current assets. | ||||
Receivables from employees less than 1 year | € 64,246 | € 37,051 | ||
Value added tax refund | 1,285,383 | 883,027 | ||
Contract assets | 2,123,884 | 0 | ||
Prepaid expenses | 2,155,523 | 2,219,057 | ||
Assets recognized from costs to fulfill a contract | 2,183,536 | 237,347 | ||
Miscellaneous | 487,769 | 217,302 | ||
Total | 8,300,341 | 3,593,785 | € 3,264,236 | € 3,264,236 |
Amount of amortization recognized | € 100,000 | € 0 |
Equity (Details)
Equity (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity | |||
Number of shares subscribed | 4,530,701 | 4,530,701 | |
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 | |
IPO costs | € 2,847,365 | ||
Increase in share capital | € 1,500,000 | ||
Issuance of share capital | 1,500,000 | ||
Par value issued | € 0 | ||
Initial Public Offering and Private Placement | |||
Equity | |||
Par value per share | € 1 | ||
Issue of equity | € 1,530,701 | ||
Gross IPO proceeds | 85,866,884 | ||
Amount Exceeding Share of Capital Stock | 84,336,183 | ||
Transaction costs | € 4,977,734 |
Loans - Schedule of Borrowings
Loans - Schedule of Borrowings (Details) | 12 Months Ended | |||||||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021JPY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020JPY (¥) | Jan. 01, 2020EUR (€) | |
Loans | ||||||||
Current loans | € 34,557,415 | € 20,646,533 | € 28,648,651 | |||||
Total noncurrent loans | 700,568 | 1,639,813 | € 2,797,277 | |||||
Proceeds from borrowings | 55,552,179 | € 53,577,777 | € 59,368,855 | |||||
Bank overdrafts | ||||||||
Loans | ||||||||
Current loans | € 8,355 | |||||||
Deutsche Bank | ||||||||
Loans | ||||||||
Interest rate | 2.40% | 2.40% | 2.40% | |||||
CZBANK | ||||||||
Loans | ||||||||
Interest rate | 3.50% | 3.50% | 3.50% | |||||
CCB Bank | ||||||||
Loans | ||||||||
Interest rate | 1.16% | 1.16% | 1.16% | |||||
SPD bank | ||||||||
Loans | ||||||||
Interest rate | 2.13% | 2.13% | 2.13% | |||||
CMSB | ||||||||
Loans | ||||||||
Interest rate | 1.90% | 1.90% | 1.90% | |||||
Shiga Bank (0.98%) | ||||||||
Loans | ||||||||
Interest rate | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | ||
Shiga Bank (1.28%) | ||||||||
Loans | ||||||||
Interest rate | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% | ||
Minimum | Deutsche Bank | ||||||||
Loans | ||||||||
Interest rate | 2.55% | 2.55% | 2.55% | |||||
Minimum | CZBANK | ||||||||
Loans | ||||||||
Interest rate | 3.00% | 3.50% | 3.00% | 3.00% | 3.50% | 3.50% | ||
Minimum | CITIC BANK | ||||||||
Loans | ||||||||
Interest rate | 1.96% | 2.16% | 1.96% | 1.96% | 2.16% | 2.16% | ||
Minimum | ICBC Bank | ||||||||
Loans | ||||||||
Interest rate | 1.65% | 2.25% | 1.65% | 1.65% | 2.25% | 2.25% | ||
Minimum | CCB Bank | ||||||||
Loans | ||||||||
Interest rate | 0.59% | 0.59% | 0.59% | |||||
Minimum | SPD bank | ||||||||
Loans | ||||||||
Interest rate | 3.07% | 3.07% | 3.07% | |||||
Maximum | Deutsche Bank | ||||||||
Loans | ||||||||
Interest rate | 2.60% | 2.60% | 2.60% | |||||
Maximum | CZBANK | ||||||||
Loans | ||||||||
Interest rate | 3.20% | 3.20% | 3.20% | |||||
Maximum | CITIC BANK | ||||||||
Loans | ||||||||
Interest rate | 2.13% | 2.24% | 2.13% | 2.13% | 2.24% | 2.24% | ||
Maximum | ICBC Bank | ||||||||
Loans | ||||||||
Interest rate | 1.77% | 2.32% | 1.77% | 1.77% | 2.32% | 2.32% | ||
Maximum | CCB Bank | ||||||||
Loans | ||||||||
Interest rate | 0.71% | 0.71% | 0.71% | |||||
Maximum | SPD bank | ||||||||
Loans | ||||||||
Interest rate | 3.15% | 3.15% | 3.15% | |||||
EUR | ||||||||
Loans | ||||||||
Current loans | € 34,557,414 | € 20,646,533 | ||||||
Total noncurrent loans | 700,568 | 1,639,813 | ||||||
EUR | Bank overdrafts | ||||||||
Loans | ||||||||
Current loans | 8,355 | 264 | ||||||
EUR | Deutsche Bank | ||||||||
Loans | ||||||||
Current loans | 2,400,000 | 2,400,000 | ||||||
USD | CZBANK | ||||||||
Loans | ||||||||
Current loans | 4,628,430 | 1,586,748 | $ 5,219,953 | $ 1,950,940 | ||||
USD | CITIC BANK | ||||||||
Loans | ||||||||
Current loans | 6,830,155 | 4,881,165 | 7,703,063 | 6,001,493 | ||||
USD | ICBC Bank | ||||||||
Loans | ||||||||
Current loans | 7,745,326 | 4,003,449 | 8,735,194 | 4,922,324 | ||||
USD | CCB Bank | ||||||||
Loans | ||||||||
Current loans | 2,589,107 | 1,626,650 | 2,920,000 | 2,000,000 | ||||
USD | SPD bank | ||||||||
Loans | ||||||||
Current loans | 5,798,890 | 5,091,415 | 6,540,000 | $ 6,260,000 | ||||
USD | CMSB | ||||||||
Loans | ||||||||
Current loans | 3,666,829 | $ 4,135,457 | ||||||
JPY | Shiga Bank (0.98%) | ||||||||
Loans | ||||||||
Current loans | 767,602 | 791,209 | ¥ 100,080,000 | ¥ 100,080,000 | ||||
Total noncurrent loans | 700,568 | 1,513,321 | 91,340,000 | 191,420,000 | ||||
JPY | Shiga Bank (1.28%) | ||||||||
Loans | ||||||||
Current loans | € 122,718 | 265,634 | ¥ 16,000,000 | 33,600,000 | ||||
Total noncurrent loans | € 126,492 | ¥ 16,000,000 |
Loans - Narrative (Details)
Loans - Narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | ||
Trade receivable pledged as collateral | € 2,500 | € 2,037 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) | 12 Months Ended | ||
Dec. 31, 2021EUR (€)contract | Dec. 31, 2020EUR (€) | Jan. 01, 2020EUR (€) | |
Provisions | |||
Other provisions at beginning of period | € 711,724 | € 2,128,310 | |
Additions | 1,071,574 | 576,198 | |
Reversals | (438) | (65,264) | |
Usage | (575,502) | (1,930,239) | |
Unwinding of discount | 2,026 | 1,993 | |
Acquisition of a subsidiary | 18,000 | ||
Currency translation effect | 2,790 | 726 | |
Other provisions at end of period | 1,230,174 | 711,724 | |
Noncurrent | 140,869 | 135,784 | € 134,476 |
Current | 1,089,305 | 575,940 | € 1,993,834 |
Total other provisions | 1,230,174 | 711,724 | |
Provision for payment of patent licensing fees | € 432,000 | ||
Number of contracts with negative margin | contract | 2 | ||
Warranties | |||
Provisions | |||
Other provisions at beginning of period | € 575,940 | 516,581 | |
Additions | 639,263 | 576,198 | |
Reversals | (438) | (65,264) | |
Usage | (575,502) | (451,317) | |
Acquisition of a subsidiary | 18,000 | ||
Currency translation effect | (269) | (258) | |
Other provisions at end of period | 656,994 | 575,940 | |
Current | 656,994 | 575,940 | |
Total other provisions | 656,994 | 575,940 | |
Asset Retirement Obligation | |||
Provisions | |||
Other provisions at beginning of period | 135,784 | 134,476 | |
Unwinding of discount | 2,026 | 1,993 | |
Currency translation effect | 3,059 | (685) | |
Other provisions at end of period | 140,869 | 135,784 | |
Noncurrent | 140,869 | 135,784 | |
Total other provisions | 140,869 | 135,784 | |
Other | |||
Provisions | |||
Other provisions at beginning of period | 1,477,253 | ||
Additions | 432,311 | ||
Usage | (1,478,922) | ||
Currency translation effect | € 1,669 | ||
Other provisions at end of period | 432,311 | ||
Current | 432,311 | ||
Total other provisions | € 432,311 |
Other current financial liabi_3
Other current financial liabilities - Summary of other current financial liabilities (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Disclosure of financial liabilities [line items] | |||
Customers with credit balances | € 104,967 | € 174,870 | |
Financial liabilities due to third parties | 2,387,683 | 775,922 | |
Invoices not yet received | 4,570,272 | 2,681,136 | |
Miscellaneous other financial liabilities | 191,253 | 317,144 | |
Total | 7,254,176 | 3,949,072 | € 5,837,124 |
Commercial Agreement | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities due to third parties | 838,000 | € 775,000 | |
Due to over payments by customers | € 1,279,000 |
Other current liabilities (Deta
Other current liabilities (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Other current liabilities | |||
Accrued expenses | € 135,055 | € 57,519 | |
Social security liabilities | 304,864 | 144,420 | |
Liabilities for remaining leave | 613,145 | 338,219 | |
Tax liabilities other than income taxes | 619,172 | 613,125 | |
Contract liabilities | 1,021,095 | 190,154 | |
Liability for continued services of employees | 1,083,000 | ||
Liabilities due to personnel bonus | 2,245,134 | 1,996,597 | |
Miscellaneous other nonfinancial liabilities | 1,561,018 | 560,309 | |
Total | 7,582,483 | 3,900,342 | € 4,087,355 |
Freight, professional services and office supplies accruals | 507,000 | € 291,000 | |
Accruals for audit expenses | € 840,000 |
Leases - Other (Details)
Leases - Other (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Undiscounted potential future rental payments | € 5,778,000 | € 5,778,000 | |
Leases | |||
Beginning balance | 9,061,002 | 10,238,332 | |
Depreciation charge for the year | (2,245,767) | (1,903,223) | € (1,869,296) |
Additions to right-of-use assets | 2,986,389 | 928,414 | |
Additions due to business combinations | (210,667) | ||
Derecognition of right-of-use assets | (85,605) | ||
Foreign currency effect | 79,384 | (202,521) | |
Ending Balance | € 10,006,070 | 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 | |
Depreciation charge for the year | (2,160,175) | (1,817,745) | |
Additions to right-of-use assets | 2,888,736 | 824,613 | |
Additions due to business combinations | (210,667) | ||
Derecognition of right-of-use assets | (85,605) | ||
Foreign currency effect | 79,384 | (202,521) | |
Ending Balance | 9,862,313 | 8,929,305 | 10,124,959 |
Factory, office and other equipment | |||
Leases | |||
Beginning balance | 131,696 | 113,373 | |
Depreciation charge for the year | (85,592) | (85,478) | |
Additions to right-of-use assets | 97,652 | 103,802 | |
Ending Balance | € 143,757 | € 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, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Leases | |||
Beginning balance | € (9,214,428) | € (11,971,963) | |
Additions | (2,446,388) | (878,414) | |
Additions due to business combinations | (210,667) | ||
Accretion of interest | (215,464) | (197,967) | |
Payments | 2,031,598 | 3,627,998 | |
Derecognition of lease liability | 168,183 | ||
Foreign currency effect | (83,763) | 205,918 | |
Ending balance | (9,970,927) | (9,214,428) | |
Current | (2,025,193) | (1,593,975) | € (3,155,469) |
Non-current | € (7,945,734) | € (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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Depreciation expense of right-of-use assets | € 2,245,767 | € 1,903,223 | € 1,869,296 |
Interest on lease liabilities | (215,464) | (197,967) | (226,941) |
Expenses relating to short-term leases | 587,356 | 34,860 | 4,018 |
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets | 43,094 | 40,800 | 46,506 |
Lease expenses recognized in profit loss | 3,091,681 | 2,176,850 | 2,146,761 |
Cash outflows for all leases | € 2,662,000 | € 3,704,000 | € 2,026,000 |
Revenue - Schedule of disaggreg
Revenue - Schedule of disaggregation of revenue (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021TWD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Revenue | ||||
Revenues | € 180,802,496 | € 152,590,315 | € 137,231,335 | |
Display Solutions | ||||
Revenue | ||||
Revenues | 154,707,881 | 127,119,437 | 113,358,812 | |
Sensor Technologies | ||||
Revenue | ||||
Revenues | 26,094,615 | 25,470,878 | 23,872,524 | |
Full Service Model | ||||
Revenue | ||||
Revenues | $ | $ 17,181 | |||
Full Service Model | Display Solutions | ||||
Revenue | ||||
Revenues | 151,982,103 | 125,083,288 | 111,034,767 | |
R&D Engineering Services | ||||
Revenue | ||||
Revenues | $ | $ 2,726 | |||
R&D Engineering Services | Display Solutions | ||||
Revenue | ||||
Revenues | € 2,725,778 | € 2,036,149 | € 2,324,045 |
Revenue - Schedule of contract
Revenue - Schedule of contract balances (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Revenue | ||||
Trade accounts receivables | € 31,127,559 | € 26,377,820 | € 25,224,456 | |
Contract liabilities | 1,021,095 | 190,154 | € 334,123 | |
Contract assets | 2,123,884 | |||
Assets recognized from costs to fulfill contract | € 2,183,536 | € 237,347 |
Revenue - Schedule of contrac_2
Revenue - Schedule of contract liabilities (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | ||
Contract liabilities at beginning of period | € 190,154 | € 334,123 |
Deferred during the year | 1,021,095 | 190,154 |
Recognized as revenue during the year | (190,154) | (334,123) |
Contract liabilities at end of period | € 1,021,095 | € 190,154 |
Expense by nature- Expenses by
Expense by nature- Expenses by nature (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature | |||
Lease expenses | € 630,450 | € 190,673 | € 217,855 |
Warranty | 638,825 | 124,881 | (921,496) |
Advertising, vehicle and travel expenses | 1,510,759 | 1,341,142 | 2,552,183 |
Maintenance | 1,679,108 | 1,704,322 | 1,611,234 |
Taxes, insurance costs, and other dues | 4,543,214 | 1,993,462 | 2,073,989 |
Purchased services | 5,160,291 | 2,443,355 | 1,798,175 |
Depreciation and amortisation | 6,101,398 | 7,043,590 | 6,537,028 |
Consultancy & audit | 6,242,594 | 4,808,864 | 6,793,042 |
Salaries, wages and employee benefits | 33,200,439 | 22,877,775 | 24,676,137 |
Raw materials and consumables | 129,425,611 | 105,030,465 | 101,070,401 |
Miscellaneous | 5,102,811 | 4,357,742 | 3,958,879 |
Total | € 194,235,500 | € 151,916,271 | € 150,367,428 |
Expense by nature - Narrative (
Expense by nature - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature | |||
Salaries and wages | € 30,233 | € 21,426 | € 22,724 |
Social security contributions | 2,967 | 1,452 | 2,188 |
Expense recognized for defined contribution plans | 1,692 | ||
Utilities expense | 2,558 | 1,439 | 1,593 |
Other R&D expenses | 1,938 | 1,927 | 1,162 |
Cafeteria expenses | 256 | 162 | 131 |
Other small expense | € 195 | € 189 | € 174 |
Other income and other expens_3
Other income and other expenses - Other operating income (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other income and other expenses | |||
Damages/insurance proceeds | € 53,206 | € 12,282 | € 21,224 |
Exchange gains | 8,857,966 | 3,326,593 | 911,779 |
Miscellaneous other operating income | 2,716,140 | 1,630,159 | 1,425,994 |
Total | 11,627,312 | 4,969,034 | 2,358,997 |
Tooling income | 492,000 | € 771,000 | |
Miscellaneous other operating income from expense reimbursements | 1,096,000 | 274,000 | |
Income from non-operating activities | € 688,000 | ||
ECL reduction | € 326,000 |
Other income and other expens_4
Other income and other expenses - Other operating expense (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other income and other expenses | |||
Other taxes | € 156 | € 1,190 | |
Losses on disposals of assets | 75,114 | € 76,561 | 16,565 |
Expected credit losses | 245,791 | 323,200 | 572,928 |
Onerous Contracts charge | 432,311 | ||
Exchange losses | 3,727,490 | 5,462,494 | 937,045 |
Miscellaneous other operating expenses | 3,228,421 | 1,297,265 | 1,887,415 |
Total | 7,709,283 | 7,159,521 | 3,415,143 |
Derecognition of trade accounts receivables | € 1,727,000 | ||
Tooling expense | 836,000 | 766,000 | |
Warranty expenses | € 125,000 | ||
Accrued licensing fees | € 520,000 |
Financial result (Details)
Financial result (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial result | |||
Total interest income arising from financial assets measured at AC | € 3,888 | € 4,182 | € 3,771 |
Fair value gains on financial assets at FVTPL | 352,101 | ||
Finance income | 355,989 | 4,182 | 3,771 |
Total interest expense arising from financial liabilities measured at AC | (903,061) | (1,225,189) | (1,643,990) |
Interest expense arising from lease liabilities | (215,464) | (197,967) | (226,941) |
Unwind of discount on asset retirement obligation | (2,026) | (1,993) | (1,964) |
Fair value losses on financial assets at FVTPL | (11,574) | ||
Finance costs | (1,132,126) | (1,425,150) | (1,645,953) |
Net finance costs recognized in profit or loss | € (776,137) | € (1,420,968) | € (1,642,182) |
Taxes on income - Income tax ex
Taxes on income - Income tax expense (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Taxes on income | |||
Current tax expense | € 1,776,180 | € 2,275,672 | € 201,953 |
Adjustments in respect of current income tax of previous year | 86,252 | 156,800 | |
Deferred income tax charge / (benefit) | (559,273) | (385,434) | (175,544) |
Income tax expense | € 1,216,908 | 1,976,490 | 183,209 |
Income tax expense | € 1,976,490 | € 183,209 | |
Average effective tax rate | 11.82% | 67.29% | 1.16% |
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% | 15.82% | |
Solidarity surcharge rate | 5.50% | 5.50% | |
Municipal trade tax rate | 16.35% | ||
VIA optronics GmbH | |||
Taxes on income | |||
Statutory corporate income tax rate | 32.17% | 32.17% | 31.90% |
Corporate income tax rate | 15.00% | ||
Solidarity surcharge rate | 5.50% | ||
Municipal trade tax rate | 16.35% | 16.35% | 16.10% |
VIA LLC (USA) | |||
Taxes on income | |||
Statutory corporate income tax rate | 23.75% | 23.75% | 27.00% |
VIA Suzhou (China) | |||
Taxes on income | |||
Statutory corporate income tax rate | 25.00% | 25.00% | 25.00% |
VTS (Japan) | |||
Taxes on income | |||
Statutory corporate income tax rate | 34.10% | 34.10% | 34.10% |
VIA Germaneers | |||
Taxes on income | |||
Statutory corporate income tax rate | 28.70% | 28.70% | 28.70% |
VIA Taiwan | |||
Taxes on income | |||
Statutory corporate income tax rate | 20.00% | 20.00% | 20.00% |
Taxes on income - Reconciliatio
Taxes on income - Reconciliation (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Taxes on income | |||
(Loss)/Profit before tax | € (10,291,112) | € (2,937,410) | € (15,834,420) |
Tax under domestic (German) tax rate | 3,310,651 | 944,965 | 5,093,933 |
Effect of tax rate in foreign jurisdictions | (121,803) | 423,177 | 119,823 |
Changes in domestic tax rate | (11,938) | ||
Non-deductible expenses | (226,612) | (128,603) | (47,925) |
Current-year losses for which no deferred tax asset is recognized | (4,579,676) | (2,599,849) | (3,059,240) |
Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences | 515,300 | (572,321) | (2,089,536) |
Withholding taxes | (142,394) | (126,455) | (195,123) |
Income tax for prior years | 72,671 | (892) | |
Deferred tax prior years | 33,080 | ||
Others | (5,454) | 9,925 | 7,688 |
Income tax expense | € (1,216,908) | (1,976,490) | (183,209) |
Income tax expense | € (1,976,490) | € (183,209) | |
Average effective tax rate | 11.82% | 67.29% | 1.16% |
Taxes on income - Deferred taxe
Taxes on income - Deferred taxes (Details) - EUR (€) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes on income | |||||
Deferred tax assets | € 967,799 | € 398,491 | € 168,687 | € 168,686 | |
Deferred tax liabilities | (3,781) | € (145,456) | (145,456) | ||
Unrecognised current tax losses | 5,604,000 | ||||
Deductible temporary differences for which no deferred tax asset is recognised | 2,126,000 | ||||
Deductible temporary differences for which no deferred tax asset is recognised inter-company elimination | 865,000 | ||||
Deferred taxes charged to equity | 5,000 | 9,000 | |||
Outside based differences no deferred tax liability recognized | 296,000 | 242,000 | |||
Outside based differences indefinitely reinvested | 921,000 | 755,000 | |||
Germany | |||||
Taxes on income | |||||
Accumulated corporate income tax losses carried forward | 45,709,000 | 27,726,000 | |||
Accumulated trade tax losses carried forward | 44,873,000 | 27,132,000 | |||
Corporate income tax losses carried forward no deferred tax assets were recognized | 45,389,000 | ||||
Trade tax losses carried forward no deferred tax assets were recognized | 44,564,000 | ||||
Other countries | |||||
Taxes on income | |||||
Deductible temporary differences for which no deferred tax asset is recognised | 598,000 | 796,000 | |||
Accumulated corporate income tax losses carried forward | 2,517,000 | 3,701,000 | |||
Intangible assets. | |||||
Taxes on income | |||||
Deferred tax assets | 199,402 | 158,134 | 115,923 | ||
Deferred tax liabilities | (122,157) | (292,338) | (476,530) | ||
Property and equipment. | |||||
Taxes on income | |||||
Deferred tax assets | 15,051 | ||||
Deferred tax liabilities | (3,165,137) | (3,073,184) | (4,155,783) | ||
Inventories. | |||||
Taxes on income | |||||
Deferred tax assets | 904,425 | 58,186 | 312,529 | ||
Trade accounts receivables. | |||||
Taxes on income | |||||
Deferred tax assets | 61,177 | 163,841 | 50,849 | ||
Deferred tax liabilities | (49,201) | (13,913) | |||
Other current assets | |||||
Taxes on income | |||||
Deferred tax assets | 142,464 | ||||
Deferred tax liabilities | (1,629,005) | (85,795) | (923,473) | ||
Cash and cash equivalents | |||||
Taxes on income | |||||
Deferred tax assets | 6,402 | 8,100 | 13,596 | ||
Deferred tax liabilities | (94,947) | ||||
Provisions noncurrent | |||||
Taxes on income | |||||
Deferred tax assets | 48,996 | 41,791 | 34,740 | ||
Deferred tax liabilities | (12,737) | ||||
Lease liabilities noncurrent | |||||
Taxes on income | |||||
Deferred tax assets | 2,511,560 | 2,076,118 | 2,803,625 | ||
Trade accounts payable | |||||
Taxes on income | |||||
Deferred tax assets | 501,913 | 691,939 | 880,190 | ||
Deferred tax liabilities | (60,747) | (86,100) | |||
Provisions current | |||||
Taxes on income | |||||
Deferred tax assets | 186,113 | ||||
Lease liabilities current | |||||
Taxes on income | |||||
Deferred tax assets | 672,520 | 484,147 | 484,298 | ||
Deferred tax liabilities | (1,900) | ||||
Other financial liabilities | |||||
Taxes on income | |||||
Deferred tax assets | 553,922 | 208,879 | 39,935 | ||
Other nonfinancial liabilities | |||||
Taxes on income | |||||
Deferred tax assets | 146,835 | 2,359 | 15,778 | ||
Deferred tax liabilities | (25,490) | (10,445) | (4,011) | ||
Losses carried forward | |||||
Taxes on income | |||||
Deferred tax assets | 101,070 | 40,242 | 931,578 | ||
Deferred Taxes before netting | |||||
Taxes on income | |||||
Deferred tax assets | 6,051,852 | 3,933,736 | 5,683,042 | ||
Deferred tax liabilities | (5,087,835) | (3,535,246) | (5,659,809) | ||
Reconciliation | |||||
Taxes on income | |||||
Netting - deferred tax assets | (5,084,054) | (3,535,246) | (5,514,354) | ||
Netting - deferred tax liabilities | 5,084,054 | € 3,535,246 | € 5,514,354 | ||
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) |
Financial Risk Management and_3
Financial Risk Management and Financial Instruments - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2021EUR (€)customer | Dec. 31, 2020EUR (€)customer | Jan. 01, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Market Risk Management and Financial Instruments | |||||
Contract assets | € | € 2,123,884 | € 0 | |||
Cash and cash equivalents | € | € 58,004,145 | € 81,021,280 | € 9,335,123 | € 9,335,123 | € 9,943,184 |
Credit risk | |||||
Market Risk Management and Financial Instruments | |||||
Contract assets as a percentage | 100.00% | ||||
Credit risk | Customer one | |||||
Market Risk Management and Financial Instruments | |||||
Trade receivable as a percentage | 20.00% | 16.00% | |||
Number of major customer | 1 | 1 | |||
Credit risk | Customer two | |||||
Market Risk Management and Financial Instruments | |||||
Trade receivable as a percentage | 16.00% | 15.00% | |||
Number of major customer | 2 | 2 | |||
Interest rate risk | Customer one | |||||
Market Risk Management and Financial Instruments | |||||
Number of major customer | 1 | ||||
Interest rate risk | Customer two | |||||
Market Risk Management and Financial Instruments | |||||
Trade receivable as a percentage | 12.00% |
Financial Risk Management and_4
Financial Risk Management and Financial Instruments - Liquidity risk (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Market Risk Management and Financial Instruments | |||
Total noncurrent loans | € 700,568 | € 1,639,813 | € 2,797,277 |
Loans | 34,557,415 | 20,646,533 | 28,648,651 |
Trade accounts payable | 33,447,088 | 30,610,890 | 24,147,955 |
Lease liabilities | 2,025,193 | 1,593,975 | 3,155,469 |
Other current financial liabilities., | 7,254,176 | 3,949,072 | 5,837,124 |
Current liabilities | 87,362,045 | 62,550,863 | € 68,125,608 |
Liquidity risk | Up to 1 Year | |||
Market Risk Management and Financial Instruments | |||
Loans | 34,733,896 | 20,778,308 | |
Trade accounts payable | 33,447,088 | 30,610,890 | |
Lease liabilities | 2,403,026 | 1,734,382 | |
Other current financial liabilities., | 7,254,176 | 3,949,072 | |
Current liabilities | 77,838,186 | 57,072,653 | |
Liquidity risk | Between 1 and 3 Years | |||
Market Risk Management and Financial Instruments | |||
Loans | 703,331 | 1,653,327 | |
Lease liabilities | 4,602,149 | 3,207,209 | |
Current liabilities | 5,305,480 | 4,860,536 | |
Liquidity risk | More Than 3 Years | |||
Market Risk Management and Financial Instruments | |||
Lease liabilities | 3,390,779 | 4,542,080 | |
Current liabilities | € 3,390,779 | € 4,542,080 |
Financial Risk Management and_5
Financial Risk Management and Financial Instruments - Foreign exchange risk (Details) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021JPY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021TWD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020JPY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2021JPY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021TWD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020JPY (¥) | Jan. 01, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Market Risk Management and Financial Instruments | |||||||||||||||||
Cash and cash equivalents. | € 58,004,145 | € 81,021,280 | € 9,335,123 | € 9,335,123 | € 9,943,184 | ||||||||||||
Current loans | (34,557,415) | (20,646,533) | (28,648,651) | ||||||||||||||
Trade accounts payable | (33,447,088) | (30,610,890) | (24,147,955) | ||||||||||||||
Other current financial liabilities | (7,254,176) | € (3,949,072) | € (5,837,124) | ||||||||||||||
Currency risk | |||||||||||||||||
Market Risk Management and Financial Instruments | |||||||||||||||||
Cash and cash equivalents. | 1,074,504 | $ 42,074,709 | ¥ 175,667 | ¥ 3,645,636 | $ 83,933,959 | ||||||||||||
Trade accounts receivables | 1,819,062 | 9,420 | 384,924,842 | 23,080,637 | $ 11,271,923 | 15,409,594 | ¥ 4,084,144 | ||||||||||
Loans receivables | 31,322,436 | 398,069,782 | |||||||||||||||
Loans (payables) | (2,008,333) | (21,134,757) | |||||||||||||||
Trade accounts payable | (1,170,124) | (3,505,663) | (113,912,632) | (167,501,322) | (5,843,051) | (25,416,839) | |||||||||||
Other current financial liabilities | ¥ | (64,202) | ||||||||||||||||
Currency Risk Exposure | € 284,891 | $ 69,900,902 | ¥ 669,257,659 | ¥ 140,839,250 | $ 5,428,872 | $ 52,791,957 | ¥ 4,084,144 | ||||||||||
Change in Foreign Currency appreciation/ Risk (increase) | 1 | 1 | |||||||||||||||
Change in Foreign Currency appreciation/ Risk (decrease) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | ||||||||||
Positive Impact on Profit | € (28,489) | $ 6,171,734 | ¥ 513,526 | ¥ (1,957,626) | $ 17,298 | $ 4,302,172 | ¥ 3,229 | ||||||||||
Negative Impact on Profit | € 28,489 | $ (6,171,734) | ¥ (513,526) | ¥ 1,957,626 | $ (17,298) | $ (4,302,172) | ¥ (3,229) |
Additional Information on Fin_3
Additional Information on Financial Instruments - Fair values of financial assets and liabilities (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | € 75,959,246 | |
Net gain on financial assets | 374,000 | |
Net loss on financial liabilities measured at amortized cost related to interest expenses | (903,000) | |
Net loss on financial assets measured at amortized cost related to expected credit losses | (280,000) | |
Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | € 56,846,308 | |
Noncurrent Loans | Financial liabilities measured at AC | Level 3 | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 700,568 | 1,639,813 |
Financial Liabilities, Fair Value | 677,598 | 1,590,461 |
Current Loans | Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 34,557,415 | 20,646,533 |
Trade accounts payable | Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 33,447,088 | 30,610,890 |
Other current financial liabilities | Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 7,254,176 | 3,949,072 |
Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 86,735,817 | 107,554,205 |
Financial assets measured at FVTPL | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 3,544,498 | |
Rental deposits | Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 24,624 | 155,105 |
Investments in securities | Financial assets measured at FVTPL | Level 3 | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 1,123,988 | |
Financial Assets, Fair Value | 1,123,988 | |
Trade accounts receivables | Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 28,707,048 | 26,377,820 |
Trade accounts receivables (subject to factoring) | Financial assets measured at FVTPL | Level 3 | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 2,420,512 | |
Financial Assets, Fair Value | 2,420,512 | |
Cash and cash equivalents, Current | Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | € 58,004,145 | € 81,021,280 |
Additional Information on Fin_4
Additional Information on Financial Instruments - Summary of Opening balances to the closing balances for Level 3 (Details) | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Reconciliation of changes in fair value measurement, assets | |
Assets at beginning of period | € 149,852,136 |
Assets at end of period | 161,666,399 |
Trade accounts receivables. | |
Reconciliation of changes in fair value measurement, assets | |
Purchases | 2,432,086 |
Fair value gains / (losses) (see financial result) | (11,574) |
Assets at end of period | 2,420,512 |
Net gains / (losses) during the financial year | € (11,574) |
Trade accounts receivables. | Level 3 | |
Reconciliation of changes in fair value measurement, assets | |
Percentage of fair value for trade accounts receivables | 0.50% |
Promissory Note | |
Reconciliation of changes in fair value measurement, assets | |
Purchases | € 738,007 |
Fair value gains / (losses) (see financial result) | 352,101 |
Conversion to equity instruments | (1,090,108) |
Net gains / (losses) during the financial year | 352,101 |
Equity Instruments | |
Reconciliation of changes in fair value measurement, assets | |
Conversion to equity instruments | 1,090,108 |
Currency translation effect (see other operating income) | 33,879 |
Assets at end of period | 1,123,988 |
Net gains / (losses) during the financial year | € 33,879 |
Percentage of fair value of the equity instruments | 10.00% |
Reconciliation of Changes in _3
Reconciliation of Changes in Liabilities arising from Financing Activities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | € 55,552,179 | € 53,577,777 | € 59,368,855 |
Repayment loans and borrowings | (44,431,773) | (60,473,984) | (58,931,938) |
Payment of lease liabilities | (2,031,598) | (3,627,998) | (1,748,088) |
Interest paid | (880,419) | (1,236,102) | (1,584,082) |
Net cash provided by (used in) financing activities | 8,208,389 | 76,236,946 | (2,795,254) |
Ending Balance | 75,959,246 | ||
Total financial liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 32,276,696 | 44,268,924 | |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | 55,552,179 | 53,577,777 | |
Repayment loans and borrowings | (44,431,773) | (60,473,984) | |
Payment of lease liabilities | (2,031,598) | (3,627,998) | |
Interest paid | (880,419) | (1,236,102) | |
Net cash provided by (used in) financing activities | 8,208,389 | (11,760,307) | |
Foreign currency effect | 3,524,112 | (2,544,404) | |
New leases | 2,657,055 | 878,414 | |
Disposal of leases | (168,183) | ||
Accretion of interest | 1,118,525 | 1,434,069 | |
Ending Balance | 47,616,593 | 32,276,696 | 44,268,924 |
Loans. | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 22,286,346 | 31,445,928 | |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | 53,940,417 | 53,577,777 | |
Repayment loans and borrowings | (44,431,773) | (60,398,873) | |
Interest paid | (880,419) | (1,236,102) | |
Net cash provided by (used in) financing activities | 8,628,225 | (8,057,198) | |
Foreign currency effect | 3,440,350 | (2,338,486) | |
Accretion of interest | 903,061 | 1,236,102 | |
Ending Balance | 35,257,983 | 22,286,346 | 31,445,928 |
Financial Liabilities Due to Third Parties | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 775,922 | 851,032 | |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | 1,611,762 | ||
Repayment loans and borrowings | (75,110) | ||
Net cash provided by (used in) financing activities | 1,611,762 | (75,110) | |
Ending Balance | 2,387,683 | 775,922 | 851,032 |
Lease Liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 9,214,428 | 11,971,963 | |
Cash flows from financing activities | |||
Payment of lease liabilities | (2,031,598) | (3,627,998) | |
Net cash provided by (used in) financing activities | (2,031,598) | (3,627,998) | |
Foreign currency effect | 83,761 | (205,918) | |
New leases | 2,657,055 | 878,414 | |
Disposal of leases | (168,183) | ||
Accretion of interest | 215,464 | 197,967 | |
Ending Balance | € 9,970,927 | € 9,214,428 | € 11,971,963 |
Segments - Schedule of Group's
Segments - Schedule of Group's key financial metrics by segment (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Segments | ||||
External revenues | € 180,802,496 | € 152,590,315 | € 137,231,335 | |
Total revenues | 180,802,496 | 152,590,315 | 137,231,335 | |
Gross profit | 20,492,662 | 23,359,010 | 10,021,711 | |
Operating income (loss) | (9,514,975) | (1,516,442) | (14,192,238) | |
Depreciation and amortization | 6,101,398 | 7,043,590 | 6,537,028 | |
EBITDA | (3,413,577) | 5,527,148 | (7,655,211) | |
Net loss | (11,508,019) | (4,913,900) | (16,017,629) | |
Segment assets | 161,666,399 | 149,852,136 | 77,320,843 | € 77,320,843 |
Capital expenditure | 10,798,452 | 3,834,387 | 1,819,240 | |
Segment liabilities | 96,152,996 | 71,946,912 | 80,019,311 | |
Display Solutions | ||||
Segments | ||||
Total revenues | 154,707,881 | 127,119,437 | 113,358,812 | |
Sensor Technologies | ||||
Segments | ||||
Total revenues | 26,094,615 | 25,470,878 | 23,872,524 | |
Operating segments | ||||
Segments | ||||
External revenues | 180,802,496 | 152,590,315 | 137,231,335 | |
Intersegment revenues | 3,916,681 | 3,360,282 | 2,137,760 | |
Total revenues | 184,719,177 | 155,950,597 | 139,369,095 | |
Gross profit | 20,482,968 | 23,336,447 | 10,021,711 | |
Operating income (loss) | (9,515,082) | (1,478,674) | (14,191,809) | |
Depreciation and amortization | 6,101,398 | 7,043,590 | 6,537,028 | |
EBITDA | (3,413,684) | 5,564,916 | (7,654,781) | |
Net loss | (11,508,019) | (4,913,900) | (16,017,629) | |
Segment assets | 270,680,358 | 231,701,287 | 154,910,685 | |
Capital expenditure | 10,798,452 | 3,834,387 | 1,819,240 | |
Segment liabilities | 139,880,598 | 88,509,707 | 92,322,796 | |
Operating segments | Display Solutions | ||||
Segments | ||||
External revenues | 154,707,881 | 127,119,437 | 113,358,812 | |
Total revenues | 154,707,881 | 127,119,437 | 113,358,812 | |
Gross profit | 13,929,329 | 18,403,550 | 11,978,623 | |
Operating income (loss) | (4,002,918) | 6,625,022 | (4,027,858) | |
Depreciation and amortization | 3,520,497 | 2,523,655 | 2,055,365 | |
EBITDA | (482,421) | 9,148,677 | (1,972,493) | |
Net loss | (5,738,536) | 3,507,343 | (7,473,508) | |
Segment assets | 111,894,550 | 71,399,665 | 64,003,492 | |
Capital expenditure | 10,092,483 | 3,272,517 | 1,595,428 | |
Segment liabilities | 112,520,914 | 65,431,059 | 61,222,474 | |
Operating segments | Sensor Technologies | ||||
Segments | ||||
External revenues | 26,094,615 | 25,470,878 | 23,872,524 | |
Intersegment revenues | 3,916,681 | 3,360,282 | 2,137,760 | |
Total revenues | 30,011,296 | 28,831,160 | 26,010,283 | |
Gross profit | 6,553,639 | 4,933,008 | (1,954,212) | |
Operating income (loss) | 1,544,509 | 479,397 | (6,332,421) | |
Depreciation and amortization | 2,566,467 | 4,519,935 | 4,481,662 | |
EBITDA | 4,110,976 | 4,999,332 | (1,850,759) | |
Net loss | 708,757 | 15,956 | (4,567,009) | |
Segment assets | 19,010,661 | 20,306,646 | 22,185,549 | |
Capital expenditure | 257,376 | 561,870 | 223,812 | |
Segment liabilities | 17,538,117 | 19,515,491 | 21,380,811 | |
Operating segments | Other segments | ||||
Segments | ||||
Gross profit | (110) | (2,700) | ||
Operating income (loss) | (7,056,673) | (8,583,093) | (3,831,530) | |
Depreciation and amortization | 14,434 | |||
EBITDA | (7,042,239) | (8,583,093) | (3,831,530) | |
Net loss | (6,478,240) | (8,437,198) | (3,977,112) | |
Segment assets | 139,775,147 | 139,994,976 | 68,721,645 | |
Capital expenditure | 448,593 | |||
Segment liabilities | 9,821,567 | 3,563,157 | 9,719,511 | |
Reconciliation | ||||
Segments | ||||
Intersegment revenues | (3,916,681) | |||
Total revenues | (3,916,681) | |||
Gross profit | 9,694 | |||
Operating income (loss) | 107 | |||
EBITDA | 107 | |||
Segment assets | (109,013,959) | |||
Segment liabilities | € (43,727,602) | |||
Consolidation Adjustments | ||||
Segments | ||||
Intersegment revenues | (3,360,282) | (2,137,760) | ||
Total revenues | (3,360,282) | (2,137,760) | ||
Gross profit | 22,563 | |||
Operating income (loss) | (37,768) | (430) | ||
EBITDA | (37,768) | (430) | ||
Segment assets | (81,849,151) | (77,589,842) | ||
Segment liabilities | € (16,562,795) | € (12,303,486) |
Segments - Revenue by Region (D
Segments - Revenue by Region (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segments | |||
Total revenues | € 180,802,496 | € 152,590,315 | € 137,231,335 |
Asia | |||
Segments | |||
Total revenues | 86,477,347 | 82,734,687 | 81,362,926 |
China | |||
Segments | |||
Total revenues | 60,506,284 | 57,263,809 | 57,490,403 |
Japan | |||
Segments | |||
Total revenues | 25,971,063 | 25,470,878 | 23,872,523 |
Europe (Germany) | |||
Segments | |||
Total revenues | 66,187,447 | 62,157,908 | 48,218,014 |
North America (United States) | |||
Segments | |||
Total revenues | € 28,137,702 | € 7,697,720 | € 7,650,395 |
Segments - Property and Equipme
Segments - Property and Equipment, Intangible Assets by Region (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Segments | ||
Property And Equipment And Intangible Assets | € 25,700,116 | € 20,913,857 |
Asia | ||
Segments | ||
Property And Equipment And Intangible Assets | 11,910,958 | 13,339,863 |
China | ||
Segments | ||
Property And Equipment And Intangible Assets | 5,419,236 | 4,281,031 |
Japan | ||
Segments | ||
Property And Equipment And Intangible Assets | 6,491,722 | 9,058,832 |
Europe (Germany) | ||
Segments | ||
Property And Equipment And Intangible Assets | 13,776,742 | 7,535,398 |
North America (United States) | ||
Segments | ||
Property And Equipment And Intangible Assets | € 12,416 | € 38,597 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Display Solutions | Customer one | ||
Segments | ||
Revenue (as a percent) | 30.00% | 39.00% |
Display Solutions | Customer two | ||
Segments | ||
Revenue (as a percent) | 12.00% | 16.00% |
Sensor Technologies | Customer one | ||
Segments | ||
Revenue (as a percent) | 13.00% | 16.00% |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Proceeds from borrowings | € 55,552,179 | € 53,577,777 | € 59,368,855 |
Integrated MicroElectronics, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of voting equity interests held | 50.32% | ||
Dr. Heiko Frank, Chairman | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of voting equity interests held | 49.99% | ||
Kloepfel Corporate Finance GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of gross proceeds | 0.95% |
Related Party Disclosures - Tra
Related Party Disclosures - Transactions with related parties (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Integrated MicroElectronics, Inc. | ||
Related party disclosures | ||
Interest expense | € 35,519 | |
Sales to related parties | € 322,422 | 41,756 |
Purchases from related parties | 1,935,373 | 1,651,438 |
Kloepfel Corporate Finance GmbH | ||
Related party disclosures | ||
Purchases from related parties | 432,599 | 1,238,452 |
C-Con GmbH | ||
Related party disclosures | ||
Purchases from related parties | 2,217,685 | 685,535 |
MT Technologies GmbH | ||
Related party disclosures | ||
Purchases from related parties | 29,155 | |
Executive management, (Jrgen Eichner, CEO) | ||
Related party disclosures | ||
Purchases from related parties | € 5,640 | € 5,640 |
Related Party Disclosures - Out
Related Party Disclosures - Outstanding balances with related parties (Details) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
Integrated MicroElectronics, Inc. | ||
Related party disclosures | ||
Amounts owed by related parties | € 209,021 | € 1,199,756 |
Amounts owed to related parties | 174,616 | 2,304,558 |
Kloepfel Corporate Finance GmbH | ||
Related party disclosures | ||
Amounts owed to related parties | 2,448 | |
C-Con GmbH | ||
Related party disclosures | ||
Amounts owed to related parties | 290,791 | 217,555 |
Jrgen Eichner | ||
Related party disclosures | ||
Amounts owed by related parties | € 44,146 | € 40,746 |
Related Party Disclosures - Com
Related Party Disclosures - Compensation of Key Management Personnel and Other Related Parties (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related party disclosures | ||
Short-term employee benefits | € 47,586 | € 46,389 |
Post-employment benefits | 7,965 | 7,965 |
Executive management | ||
Related party disclosures | ||
Key management personnel compensation | 764,000 | 786,000 |
Short-term employee benefits | 756,000 | 782,000 |
Post-employment benefits | 8,000 | 4,000 |
Supervisory Board | ||
Related party disclosures | ||
Key management personnel compensation | 110,000 | 150,000 |
Close Family Member | ||
Related party disclosures | ||
Key management personnel compensation | 55,551 | 54,354 |
Executive management (Jurgen Eichner, CEO) | ||
Related party disclosures | ||
Payment of supervisory board compensation | € 62,500,000 | € 10,000,000 |
Earnings (Loss) per share - Nar
Earnings (Loss) per share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings (Loss) per share | |||
Number of shares outstanding | 4,530,701 | 4,530,701 | |
Weighted average of shares outstanding basic (in shares) | 4,530,701 | 3,398,330 | 2,991,600 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings (Loss) per share | |||
Basic (loss)/Income after taxes from continuing operations (attributable to VIA optronics AG shareholders) | € (11,756,084) | € (4,919,484) | € (14,419,176) |
Diluted (loss)/Income after taxes from continuing operations (attributable to VIA optronics AG shareholders) | € (11,756,084) | € (4,919,484) | |
Weighted average of shares outstanding basic (in shares) | 4,530,701 | 3,398,330 | 2,991,600 |
Weighted average of shares outstanding diluted (in shares) | 4,530,701 | 3,398,330 | 2,991,600 |
Basic loss per share in EUR (EUR per Share) | € (2.59) | € (1.45) | € (4.82) |
Diluted loss per share in EUR (EUR per Share) | € (2.59) | € (1.45) | € (4.82) |
Other Information_ Employees (D
Other Information: Employees (Details) - employee | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Information: Employees | |||
Average number of employees | 799 | 620 | 681 |
Number of industrial employees | 546 | 424 | 487 |
Number of commercial employees | 253 | 197 | 194 |