Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001840416 |
Entity Registrant Name | SONO GROUP N.V. |
Amendment Flag | false |
Document Type | F-1 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) and Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Revenue | € 16 | € 0 | € 0 |
Cost of sales | (58) | 0 | 0 |
Gross loss | (42) | 0 | 0 |
Cost of research and development | (40,609) | (30,469) | (4,937) |
Selling and distribution expenses | (3,220) | (9,100) | (2,135) |
General and administrative expenses | (15,094) | (14,404) | (2,417) |
Other operating income/expenses | (183) | (15) | 220 |
Impairment losses on financial assets | (6) | (6) | 0 |
Operating loss | (59,154) | (53,994) | (9,269) |
Interest and similar income | 0 | 2 | 0 |
Interest and similar expense | (4,781) | (2,040) | (702) |
Loss before tax | (63,935) | (56,032) | (9,971) |
Taxes on income | 0 | 0 | 0 |
Deferred taxes on expense | (18) | 0 | 0 |
Loss for the period | (63,953) | (56,032) | (9,971) |
Other comprehensive income (loss) that will not reclassified to profit or loss | 16 | (21) | 0 |
Total comprehensive loss for the period | € (63,937) | € (56,053) | € (9,971) |
Loss per share in EUR | |||
Basic (in EUR per share) | € (1.07) | € (0.97) | € (0.18) |
Diluted (in EUR per share) | € (1.07) | € (0.97) | € (0.18) |
Weighted average number of shares for calculation of earnings per share | |||
Basic (in shares) | 59,836,824 | 57,684,220 | 56,860,720 |
Diluted (in shares) | 59,836,824 | 57,684,220 | 56,860,720 |
Consolidated Balance Sheet
Consolidated Balance Sheet - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent assets | ||
Intangible assets | € 206 | € 16 |
Property, plant and equipment | 1,484 | 2,102 |
Right-of-use assets | 3,018 | 1,937 |
Other financial assets | 91 | 41 |
Other non-financial assets | 89 | 0 |
Total non-current assets | 4,888 | 4,096 |
Current assets | ||
Other financial assets | 6,233 | 5,404 |
Other non-financial assets | 3,236 | 579 |
Cash and cash equivalents | 132,939 | 43,264 |
Total current assets | 142,408 | 49,247 |
Total assets | 147,296 | 53,343 |
Equity | ||
Subscribed capital | 8,735 | 6,468 |
Capital and other reserves | 221,785 | 71,629 |
Accumulated deficit | (147,081) | (83,123) |
Total equity | 83,439 | (5,026) |
Noncurrent liabilities | ||
Advance payments received from customers | 44,756 | 38,972 |
Financial liabilities | 6,353 | 5,335 |
Total non-current liabilities | 51,109 | 44,307 |
Current liabilities | ||
Financial liabilities | 472 | 9,388 |
Trade and other payables | 7,582 | 2,874 |
Other liabilities | 2,492 | 1,689 |
Provisions | 2,202 | 111 |
Total current liabilities | 12,748 | 14,062 |
Total equity and liabilities | € 147,296 | € 53,343 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Thousands | Institutional investors [member]Issued capital [member] | Institutional investors [member]Capital reserve [member] | Institutional investors [member] | IPO [member]Issued capital [member] | IPO [member]Capital reserve [member] | IPO [member] | Issued capital [member] | Capital reserve [member] | Other reserves [member] | Retained earnings [member] | Total |
Balance at Dec. 31, 2018 | € 32 | € 3,302 | € 0 | € (17,120) | € (13,786) | ||||||
Statement Line Items [Line Items] | |||||||||||
Loss for the period | 0 | 0 | (9,971) | (9,971) | |||||||
Contributions to equity | 2 | 5,187 | 0 | 0 | 5,189 | ||||||
Balance at Dec. 31, 2019 | 34 | 8,489 | 0 | (27,091) | (18,568) | ||||||
Statement Line Items [Line Items] | |||||||||||
Loss for the period | 0 | 0 | 0 | (56,032) | (56,032) | ||||||
Contributions to equity | 104 | 35,904 | 0 | 0 | 36,008 | ||||||
Capital contribution of the GmbH shares into the N.V. | (34) | 34 | 0 | 0 | |||||||
Share split | 1,835 | (1,835) | 0 | 0 | |||||||
Conversion high voting shares | 4,500 | (4,500) | 0 | 0 | |||||||
Settlement agreement | 29 | 1,398 | 0 | 0 | 1,427 | ||||||
Share-based compensation | 0 | 0 | 32,160 | 0 | 32,160 | ||||||
Fair Value Measurement Convertible Bond (OCI) | 0 | 0 | (21) | 0 | (21) | ||||||
Balance at Dec. 31, 2020 | 6,468 | 39,490 | 32,139 | (83,123) | (5,026) | ||||||
Statement Line Items [Line Items] | |||||||||||
Loss for the period | (63,953) | (63,953) | |||||||||
Contributions to equity | € 4 | € 1,479 | € 1,483 | € 690 | € 138,837 | € 139,527 | |||||
Settlement agreement | (250) | (250) | |||||||||
Share-based compensation | 1,981 | 1,981 | |||||||||
Fair Value Measurement Convertible Bond (OCI) | 16 | 16 | |||||||||
Issue of bonus shares | 1,529 | (1,529) | |||||||||
Conversion of Convertible Bond (see note 7.8) | 44 | 9,617 | 5 | (5) | 9,661 | ||||||
Balance at Dec. 31, 2021 | € 8,735 | € 187,894 | € 33,891 | € (147,080) | € 83,439 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Loss for the period | € (63,953) | € (56,032) | € (9,971) |
Adjustments for: | |||
Depreciation of property, plant and equipment | 125 | 61 | 50 |
Impairment of property, plant and equipment | 1,965 | 0 | 0 |
Depreciation of right-of-use assets | 415 | 313 | 163 |
Amortization of intangible assets | 34 | 11 | 11 |
Expenses(+) for share-based payment transactions | 1,981 | 32,160 | 0 |
Other non-cash expenses(+) | 112 | 346 | 0 |
Interest and similar income | 0 | (2) | 0 |
Interest and similar expense | 4,781 | 2,040 | 702 |
Movements in provisions | 2,091 | (526) | 418 |
Decrease(+)/increase(-) in other assets | (3,760) | (5,766) | 456 |
Increase(+)/decrease(-) in trade and other payables | 5,218 | 322 | (1,284) |
Increase(+)/decrease(-) in advance payments received from customers | 4,286 | 26,448 | 800 |
Interest paid | (436) | (561) | (120) |
Net cash used in operating activities | (47,141) | (1,186) | (8,775) |
Investing activities | |||
Purchase of intangible assets | (223) | 0 | 0 |
Purchase of property, plant and equipment | (1,429) | (42) | (1,139) |
Net cash used in investing activities | (1,652) | (42) | (1,139) |
Financing activities | |||
Transaction cost on issue of shares | (2,825) | ||
Proceeds from borrowings | 0 | 10,657 | 3,710 |
Repayments of borrowings | (2,187) | (2,327) | 0 |
Payment of principal portion of lease liabilities | (378) | (282) | (92) |
Net cash from financing activities | 138,562 | 44,085 | 8,806 |
Net increase (decrease) in cash and cash equivalents | 89,769 | 42,857 | (1,108) |
Effect of currency translation on cash and cash equivalents | (94) | 0 | 0 |
Cash and cash equivalents at the beginning of the financial year | 43,264 | 407 | 1,515 |
Cash and cash equivalents at end of year | 132,939 | 43,264 | 407 |
IPO [member] | |||
Financing activities | |||
Transaction cost on issue of shares | (2,690) | 0 | 0 |
Proceeds from issue of shares | 142,334 | 0 | 0 |
Institutional investors [member] | |||
Financing activities | |||
Transaction cost on issue of shares | (17) | (2,192) | (109) |
Proceeds from issue of shares | € 1,500 | € 38,229 | € 5,297 |
Note 1 - General Information
Note 1 - General Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of general information about financial statements [text block] | 1. General information Sono Group N.V. (“Sono N.V.”) is registered in the business register (Netherlands Chamber of Commerce) and its corporate seat is in Amsterdam. The Company has its business exclusively in Germany as the management is located there and the business address is Waldmeisterstraße 76, 80935 Munich, Germany (trade register number: 80683568). Sono N.V.’s sole and wholly-owned subsidiary, Sono Motors GmbH (“Sono Motors”), is registered in the commercial register ( Handelsregister Amtsgericht In November 2021, Sono N.V. successfully completed an IPO and is now listed on the Nasdaq Stock Market. The Company offered 10,000,000 ordinary shares with a par value of EUR 0.06 at a price of USD 15.00 each. In addition, the underwriters, Berenberg Capital Markets LLC and Craig-Hallum Capital Group LLC, were granted the opportunity to purchase 1,500,000 additional ordinary shares from Sono Group within 30 days of the IPO, provided that more than 10,000,000 ordinary shares were sold in the IPO (greenshoe option). The underwriting agreement was signed on November 16, 2021. Trading under the ticker symbol “SEV” commenced on November 17, 2021. All offered shares were sold and the underwriters exercised their greenshoe option in full. After underwriting discounts and commissions, Sono Group raised an amount of kUSD 160,425 through the IPO. The amount was received by the Group on November 19, 2021. For further details regarding equity transactions in 2021, please refer to Note 7.8 Equity. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of basis of preparation of financial statements [text block] | 2. Basis of preparation The consolidated financial statements of Sono Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are presented in euro, which is also the Group’s functional currency. Unless otherwise stated, all amounts are presented in thousands of euros (“kEUR”). The consolidated financial statements as of December 31, 2021, have been authorized by the management board for presentation to the shareholders on April 19, 2022. In 2020, Sono Group completed a legal reorganization. The reorganization was applied fully retroactively, so that the accounts reflect the respective carrying values. The earnings per share calculation has been adjusted as well for 2019. In 2021, Sono Group successfully completed an IPO. To prepare for the IPO, Sono Group issued bonus shares to existing shareholders. The earnings per share calculation has been adjusted to reflect the issue of bonus shares. The consolidated statement of changes in equity has not been adjusted for these two events but represents the legal status as of every balance sheet date. These consolidated financial statements are prepared on a historical cost basis under the going concern assumption which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if the Group is unable to continue as a going concern. In accordance with IAS 1.25, management identified material uncertainties related to events or conditions regarding Sono Group’s financing that raise substantial doubt upon its ability to continue as a going concern. For further details, we refer to note 4.13.1 Going concern. The significant accounting policies adopted in the preparation of these consolidated financial statements are described below. These accounting policies have been consistently applied to all years presented. The preparation of consolidated financial statements requires the use of certain accounting estimates. The areas that require a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed below. All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. The statements of income or loss were prepared using the cost of sales method. Standards issued but not yet effective Certain new accounting standards and interpretations have been published that are not mandatory for the consolidated financial statements as of December 31, 2021, and have not been early adopted by Sono Group. These standards are not expected to have a material impact on Sono Group’s consolidated financial statements in the current or future reporting periods and on foreseeable future transactions. Mandatory for fiscal years beginning on or after Improvements to IFRSs 2018–2020 January 1, 2022 IFRS 3 (Amendment) Reference to the Conceptual Framework January 1, 2022 IAS 16 (Amendment) Proceeds before Intended Use January 1, 2022 IAS 37 (Amendment) Onerous Contracts – Cost of Fulfilling a Contract January 1, 2022 IFRS 17 Insurance Contracts (including Amendments) January 1, 2023 IAS 1 (Amendment I) Classification of Liabilities as Current or Non-current and Deferral of Effective Date January 1, 2023 IAS 1 (Amendment II) Disclosure of Accounting policies January 1, 2023 IAS 8 (Amendment) Definition of Accounting Estimates January 1, 2023 IAS 12 (Amendment) Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 IFRS 17 (Amendment) Initial Application of IFRS 17 and IFRS 9 – Comparative Information January 1, 2023 Standards adopted in 2021 Certain new accounting standards and interpretations have been adopted and their application is mandatory for the first time in preparing the consolidated financial statements as of December 31, 2021. These standards did not have a material impact on Sono Group’s consolidated financial statements. Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Interest Rate Benchmark Reform Phase 2) provide temporary reliefs which address the financial reporting effects that arise when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include practical expedients with regards to the application of hedge accounting as well as new disclosure requirements. The Group is neither exposed to a direct risk from changes in alternative benchmark interest rates nor subject to changes in the valuation methodology or discount rates (indirect risk) as of December 31, 2021. Therefore, these amendments have no impact on the consolidated financial statements of the Group. |
Note 3 - Basis of Consolidation
Note 3 - Basis of Consolidation | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of basis of consolidation [text block] | 3. Basis of consolidation The consolidated financial statements reflect the assets, liabilities and results of operations of Sono N.V. and its sole and wholly-owned subsidiary Sono Motors, over which Sono N.V. has control. Control over an entity exists when Sono N.V. is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Controlled subsidiaries are fully consolidated from the date on which control is transferred to Sono N.V. The fiscal year of both Group entities corresponds to the calendar year ending December 31. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Sono Group are eliminated upon consolidation. The assets and liabilities of both companies included in the consolidated financial statements are recognized in accordance with the uniform accounting policies used within the Sono Group. The consolidation process involves adjusting the items in the separate financial statements of the parent and its subsidiary and presenting them as if they were those of a single economic entity. Intercompany profits or losses are eliminated in Group noncurrent assets. Deferred taxes, if any, are recognized for consolidation adjustments, and deferred tax assets and liabilities are offset where taxes are levied by the same tax authority and have the same maturity. |
Note 4 - Significant Accounting
Note 4 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of significant accounting policies [text block] | 4. Significant accounting policies 4.1 Revenue Sono Group recognizes revenues primarily from the integration of Sono Motors patented solar technology across other transportation platforms and from the Sono app, which provides an in-app booking and payment system and optional additional insurance. Sono Group expects to recognize revenues also from the sale of the Sion electrical vehicle after the start of production in the second half of 2023. Sales are recognized when control of the goods and services is transferred to the customer, being generally when the customer gains the ability to direct the use of the goods and services and obtains substantially all of the remaining benefits from them. The amount of revenue recognized equals the amount of consideration the Group expects to receive in exchange for the goods and services. Management has determined that Sono Group acts as a principal in all sales transactions because it has control over the goods and services before transferring control to customers. A receivable is recognized when the goods and services are delivered or are ready for use as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due. Goods and services transferred 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. Performance obligations may be satisfied over time or at a point in time. Performance obligations are satisfied over time when the customer simultaneously receives and consumes the benefits resulting from the Group’s performance as the Group performs, when the Group creates or enhances an asset while the customer controls it or when the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. For such performance obligations, the Group recognizes revenue in line with the progress towards complete satisfaction of the performance obligation. As the information required to measure directly and faithfully the output transferred to the customer to date is not readily available but the work required to satisfy the Group’s performance obligations usually has a direct relation to satisfaction progress, progress is measured based on the Group’s input in relation to the total amount of input the Group expects is necessary to fulfill the performance obligation, i.e., on a cost-to-cost basis. Performance obligations that are not satisfied over time are satisfied at a point in time. Such obligations are satisfied when the customer obtains control of the asset or service, i.e., the customer accepts delivery of the integrated asset or in-app services are ready for use by the customer. Transaction prices do not include any variable amounts or significant financing components. Payment generally is due within 14 days after Sono Group has fulfilled its performance obligation. Regarding the treatment of advance payments from customers, please refer to note 4.8 Advance payments received from customers. No significant judgement is required to assess the timing of satisfaction of the Group’s performance obligations, the transaction price or the amounts allocated to distinct performance obligations. Obligations regarding returns or warranties do not arise from revenues. 4.2 Grants from government agencies and similar bodies Sono Group receives grants from government agencies and similar bodies like the European Union for participation in specific research and development projects. The grants are recognized when there is reasonable assurance that the grant will be received, and all grant conditions will be met. If grant funds are received prior to qualifying expenses being incurred or assets purchased, they are deferred and recognized in other liabilities. If the funds reimburse expenses, the liability is amortized into other operating income on a systematic basis over the period in which the Group incurs the corresponding expenses. If the funds reimburse purchased assets, the liability is reduced with a corresponding amount deducted from the asset’s carrying amount upon recording of the qualified asset. 4.3 Financial instruments Initial recognition 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. Sono Group initially recognizes financial instruments when it becomes party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on settlement date, i.e., the date that an asset is delivered to or by an entity. Offsetting of financial assets and financial liabilities Financial assets and liabilities are only offset if offsetting the amounts is legally enforceable at the current time and if there is an actual intention to offset. In general, the Group does not offset financial assets and liabilities and no material offsetting potential exists. 4.3.1 Initial measurement Sono Group’s financial assets include cash and cash equivalents, deposits and other financial receivables. At initial recognition, Sono Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. After the initial measurement, financial assets are subsequently classified into one of the following categories: ● financial assets at fair value through profit or loss (FVTPL); ● financial assets at fair value through other comprehensive income (FVOCI, debt instruments); ● financial assets at fair value through other comprehensive income (FVOCI, equity instruments); and ● financial assets at amortized cost (AC). The classification depends on the financial asset’s contractual cash flow characteristics and the business model (‘hold to collect’, ‘hold to collect and sell’ and ‘other’) for managing them. The cash flow characteristics are assessed at an instrument level, whereas the business model is assessed on portfolio level. Under the business model ‘hold to collect’, the Group holds a financial instrument only to collect contractual cash flows. Under the business model ‘hold to collect and sell’, the Group holds a financial instrument both to collect contractual cash flows and to receive economic benefits from selling these instruments. All other debt instruments are held under the business model ‘other’. Debt instruments that are held under the business model ‘hold to collect’, where those contractual terms give rise to cash flows that are solely payments of principal and interest (SPPI) on the outstanding principal amount, are measured at AC. Financial assets that are held under the business model ‘hold to collect and sell’, where the SPPI criterion is met, are measured at FVOCI. All other debt instruments are measured at FVTPL. Additionally, IFRS 9 allows for optional measurement at FVTPL if using the option significantly reduces a measurement or recognition inconsistency (accounting mismatch). Sono Group does not use this option. Financial assets that are equity instruments are measured at FVTPL, unless the Group exercises the policy choice to recognize changes in fair value through other comprehensive income (FVOCI). The gains and losses from the measurement of equity investments are never recycled to the income statement but instead reclassified to revenue reserves on disposal (no reclassification). Subsequent measurement Management has determined that, as of the reporting date, all financial assets are to be measured at amortized cost as the Group only holds debt instruments and these are held within the business model ‘hold to collect’ and have passed the SPPI-test. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss (interest and similar income/expense) when the asset is derecognized, modified or impaired. Changes in the loss allowance are recognized in profit or loss (other operating income/impairment losses on financial assets). Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when Sono Group no longer has the contractual rights to the asset or the rights to receive cash flows from the asset have expired. Impairment IFRS 9 requires recognizing expected credit losses for debt financial assets measured at AC or at FVOCI, lease receivables and contract assets, for which there is no objective evidence of impairment and loss allowances for financial assets that are credit impaired. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that Sono Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For the calculation of impairment losses, IFRS 9 distinguishes between the general approach and the simplified approach. Under the general approach, financial assets are allocated to one of three stages. For financial assets not yet credit-impaired at initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (12-month ECL, Stage 1). In subsequent measurement, for credit exposures for which there has not been a significant increase in credit risk since initial recognition, 12-month ECL are provided. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECL, Stage 2). Financial assets with objective evidence of impairment are allocated to Stage 3, for which also lifetime expected credit losses are calculated. Sono Group applies the general approach unless the simplified approach is required. The simplified approach is required for trade receivables or contract assets resulting from transactions within the scope of IFRS 15 that do not contain a significant financing component. Under the simplified approach, the loss allowance is always measured over the remaining life of the exposure (lifetime ECL, Stage 2). In addition, the simplified approach also requires loss allowances in case an objective indication of default is present (credit-impaired financial assets; Stage 3). Sono Group generally presumes all financial assets that are 30 days past due to have a significant increase in credit risk and accounts for expected losses over the remaining lifetime of those financial assets. Sono Group presumes a default, based on experience and the business conduct within Sono Group’s line of business, to occur when financial assets are 90 days past due (Stage 3). However, due to the manageable number and respective gross carrying amount of financial assets in Sono Group’s consolidated balance sheet, Sono Group decided to test all financial assets, regardless of their maturity, individually for expected credit loss, using reasonable and supportable historic and forward-looking information. 4.3.2 Initial measurement Sono Group’s financial liabilities include lease liabilities, loans from shareholders and private investors, participation rights, and trade and other payables. Regarding lease liabilities, please refer to note 4.6.2 Lease liabilities. All financial liabilities in the scope of IFRS 9 are initially measured at their fair value minus, in the case of financial liabilities not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the issue of the financial liabilities. In case of financial liabilities at FVTPL, transaction costs are directly recognized in profit or loss. After initial measurement, the financial liabilities are subsequently classified as measured either at amortized cost or fair value through profit or loss. Sono Group analyzes all contracts to determine whether the underlying contracts are debt or equity. An embedded derivative in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Reassessment of the bifurcation requirement only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required. Bifurcated embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Additionally, IFRS 9 allows for an optional classification of a financial liability measured at FVTPL if a contract contains one or more embedded derivatives, unless the embedded derivative(s) do(es) not significantly modify the contractual cash flows or it is clear with little or no analysis at the time of the contract’s first recognition that a separation of the embedded derivatives is prohibited. Sono Group exercised this option in 2020 for mandatory convertible notes. Subsequent measurement The measurement of financial liabilities of Sono Group depends on their classification as follows: 1. Financial liabilities at FVTPL: As of December 31, 2021, there are no financial liabilities at FVTPL on the balance sheet of Sono Group. As of December 31, 2020, this category solely consisted of mandatory convertible loans that contained one or more embedded derivatives and were designated as at fair value through profit or loss in accordance with IFRS 9.4.3.5. by Sono Group. Gains and losses were recognized in profit or loss (interest and similar income/expense) and, where they result from changes in own credit risk, in other comprehensive income. 2. Financial liabilities measured at amortized cost (FLAC): After initial recognition, these liabilities are measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss (interest and similar income/expense) when the liabilities are derecognized as well as in case of amortization using the EIR method. Amortization according to the EIR method is included in interest expenses in profit or loss. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. When an existing financial liability is replaced by another one from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. 4.4 4.4.1 In accordance with IAS 38, research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred. Development costs for future series products and other internally generated intangible assets may be capitalized at cost if they are directly attributable to the design and testing of identifiable and unique products controlled by Sono Group and the criteria of IAS 38.57 are met. Capitalized development costs then must include all direct costs that are attributable to the development process. If the criteria for recognition of assets are not met, the expenses are recognized in profit or loss in the year in which they are incurred. As of the end of the reporting period as well as in previous years, management has determined that the criteria for capitalization of development costs have not been met. Consequently, all development costs were recognized in profit or loss as incurred. 4.4.2 Acquired intangible assets are initially measured at cost and amortized over their useful life using the straight-line method. 4.4.3 Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. There were no triggering events identified in 2021 and in prior periods that would require an impairment test. Intangible assets with finite useful lives are amortized over their useful life, generally using the straight-line method. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least annually at each fiscal year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits are accounted for prospectively. Amortization of an intangible asset is recognized in profit or loss in accordance with the function of the intangible asset. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss in the period in which the asset is derecognized. Intangible assets are amortized using the straight line-method over the useful life as displayed in the below table: Website Software Useful life (years) 3 – 4 1 – 5 4.5 Property, plant and equipment are stated at cost less accumulated depreciation and impairments. These costs also comprise the costs for replacement parts, which are recognized at the time they are incurred, providing they meet the recognition criteria. All other repair and maintenance costs are expensed as incurred. Depreciation begins when the asset is available for use. Property, plant and equipment are depreciated using the straight line-method over the useful life as displayed in the below table: Advance payments to technical Equipment / equipment and Hardware machinery Useful life (years) 3-13 — Impairment losses on property, plant and equipment are recognized in accordance with IAS 36 if the recoverable amount of the respective asset has fallen below the carrying amount. Recoverable amount is the higher of value in use and fair value less costs to sell. If the reasons for impairments recognized in previous years no longer apply, the impairment losses are reversed up to a maximum of the amount that would have been determined if no impairment loss had been recognized. The recognition of impairment losses requires the prior identification of triggering events. For details on any impairments or reversals of earlier impairments in the reporting period, please refer to note 7.2 Property, plant and equipment. Property, plant and equipment are derecognized upon disposal or when no further economic benefits are expected from their continued use or sale. The gain or loss on derecognition is determined as the difference between the net disposal proceeds and the carrying amount and recognized in profit or loss in the period in which the item is derecognized. The residual values of the assets, useful lives and depreciation methods are reviewed at the end of each fiscal year and any changes are accounted for prospectively. The residual values of the assets are generally considered to be zero. 4.6 Applying IFRS 16, at inception of a contract, Sono Group assesses 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. 4.6.1 Sono Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received as well as any estimated costs to be incurred by the lessee for dismantling and removing the underlying asset. Unless Sono Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life, and the lease term. Right-of-use assets are subject to impairment according to IAS 36. 4.6.2 At the commencement date of the lease, Sono Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by Sono Group and payments of penalties for terminating a lease, if the lease term reflects Sono Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. To calculate the present value of lease payments, Sono Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of whether an option to purchase the underlying asset will be executed with reasonable certainty. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount for the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. 4.6.3 Sono Group applies the short-term lease recognition exemption to its short-term leases of buildings and cars (i.e., leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases (contracts with a term of twelve months or less) and leases of low-value assets (Sono Group threshold of fair value of leased asset < kEUR 5) are recognized as expense on a straight-line basis over the lease term. 4.7 Cash and cash equivalents include PayPal accounts to the extent that these can be disposed of at short notice (regular rolling reserve), bank balances and money in transit with an original maturity of three months or less. Cash and cash equivalents are measured at amortized cost and are subject to the impairment requirements of IFRS 9. 4.8 Advance payments received from customers are recognized at the time the cash is collected by Sono Group. As Sono Group will begin delivering its Sion electrical vehicles to customers after the start of production, which is currently expected in the second half of 2023, all advance payments are shown as noncurrent, even though some customers may be able to cancel their contract (depending on the general terms in some cases cancellation is possible within the next 12 months) and demand the money back. Due to an original term of the advance payments which is more than 12 months, the advance payments include a significant financing component. The compounding effect is recognized in interest expense and increases the advance payments received from customers. Sales revenues from advance payments received from customers will be recognized at the time of delivery of the car. 4.9 Provisions for bonus and settlement payments or any other obligations are recognized when the group has a present legal or constructive obligation as a result of past events, if it is probable that an outflow of resources will be required to settle the obligation, and if the amount can be reliably estimated. Provisions are not recognized for future operations. Moreover, provisions are recognized when Sono Group determines that it has a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it (onerous contract). Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Provisions for onerous contracts are measured at the present obligation under the contract, i.e., the lower of the cost of fulfilling the contract and any compensations or penalties arising from failure to fulfill it. Provisions are discounted when the time value of money is material. As of December 31, 2021, and 2020, there were no discounted provisions. 4.10 4.10.1 Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities based on the tax rates and tax laws that are enacted or substantively enacted at the end of the reporting period. 4.10.2 Deferred tax is recognized using the liability method on temporary differences as of the end of the reporting period between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognized for all taxable temporary differences. The only exception is if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction, affects neither accounting profit or loss nor taxable profit or loss. Deferred tax assets are recognized for deductible temporary differences and to the extent that it is probable that future taxable income will allow the deferred tax asset to be realized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. However, to the extent that taxable income exceeds an amount of kEUR 1,000, only up to 60% of such income may be offset against tax losses carried forward. The remaining 40% of the taxable income is subject to corporate income and trade tax under the so-called minimum taxation rules. Taxable income for corporate income tax and trade tax purposes of up to an amount of kEUR 1,000 could fully be offset against tax losses carried forward. Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized, or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets may only be recognized up to the amount of the deferred tax liabilities as it is not sufficiently probable that future taxable profit will be available against which they can be utilized. If transactions and other events are recognized directly in equity, any related taxes on income are also recognized directly in equity. As transaction costs are recognized in the capital reserve, corresponding (deferred) tax effects are recognized partly due to the loss situation of Sono Group and the fact that deferred taxes for losses carried forward were partly recognized at the level of Sono N.V. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to offset current tax assets and current tax liabilities and these relate to income taxes levied by the same tax jurisdiction. 4.10.3 Based on management’s estimation, a deferred tax asset is recognized for the tax losses carried forward to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. Only up to 60% of the Group’s annual taxable income, to the extent such taxable income exceeds kEUR 1,000, may be offset against tax loss carry forwards. The remaining 40% of the taxable income is subject to corporate income and trade tax under the so-called minimum taxation rules. Annual taxable income for corporate income tax and trade tax purposes of up to kEUR 1,000 could fully be offset against tax losses carried forward. For further information regarding the tax losses carried forward see note 4.13.6 Recoverability of deferred tax assets in relation to loss carryforwards. 4.11 Share-based payment transaction include: a) equity-settled share-based payment transactions, b) cash-settled share-based payment transactions, and c) transactions in which the entity receives or acquires goods or services and the terms of the arrangement provide either the entity or the supplier of those goods or services with a choice of whether the entity settles the transaction in cash (or other assets) or by issuing equity instruments and are accounted for in accordance with IFRS 2. 4.11.1 For equity-settled share-based payment transactions, on grant date, Sono Group initially measures the fair value of the received services by reference to the fair value of the equity instruments granted. Sono Group recognizes the fair value of the goods or services as expenses and a corresponding increase in equity when the services are received. Vesting conditions, other than market conditions, are not considered when estimating the fair value of the equity instruments at the measurement date. Instead, vesting conditions, other than market conditions, are considered by adjusting the number of equity instruments included in the measurement of the transaction amount. Non-vesting conditions are considered when estimating the fair value of the equity instruments granted. If Sono Group and the supplier of services did not agree on service conditions and the supplier of services is unconditionally entitled to the equity instruments, Sono Group presumes that the services have been received on grant date and recognizes the services received in full, with a corresponding increase in equity. If Sono Group and the supplier of services did agree on service conditions, the Group accounts for the services as they are rendered by the supplier during the vesting period, with a corresponding increase in equity. 4.11.2 For transactions in which the terms of the arrangement provide Sono Group with a choice of settlement, Sono Group determines whether it has a present obligation to settle in cash. Sono would have an obligation to settle in cash if the choice of settlement in equity instruments has no commercial substance, or Sono Group had a past practice or a stated policy of settling in cash, or generally settles in cash whenever the counterparty asks for cash settlement. Management determined that Sono Group does not have an obligation to settle in cash and therefore accounts for the transactions in which the terms of the arrangement provide Sono Group with a choice of settlement with the requirements applying to equity-settled share-based payment transactions. We refer to note 4.11.1 Equity-settled. Upon settlement: a) if Sono Group elects to settle in cash, the cash payment is accounted for as the repurchase of an equity interest, i. e. as a deduction from equity, b) if Sono Group elects to settle by issuing equity instruments, no further accounting is required and c) if Sono Group elects the settlement alternative with the higher fair value, as at the date of settlement, Sono Group recognize |
Note 5 - Segment Information
Note 5 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of operating segments [text block] | 5. An operating segment is defined as a component of an entity for which discrete financial information is available and whose operating results are regularly reviewed by management (chief operating decision maker within the meaning of IFRS 8). Sono Motors is a start-up company that has not yet started production. As all significant activities of the Group relate to the development of the electrical car Sion and management makes decisions about allocating resources and assessing performance based on the entity as a whole, Management has determined that Sono Group operates in one operating and reportable business segment. Furthermore, Sono Group is currently almost exclusively active in Germany, however, noncurrent assets are in Germany (kEUR 3,899) and Finland (kEUR 898). Thus, Sono Group does not report any additional segment information. For the distribution of revenues across products, please refer to note 6.1 Revenue and cost of goods sold. Revenues from the integration of solar technology across different platforms (kEUR 11, 2020: kEUR -, 2019: kEUR -) results from two different customers, each of which has a share of revenues greater than ten percent. These customers are located in Germany (kEUR 2, 2020: kEUR -, 2019: kEUR -) and the United States (kEUR 9, 2020: kEUR -, 2019: kEUR -). |
Note 6 - Disclosures to the Sta
Note 6 - Disclosures to the Statement of Income and Loss | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosures to the statement of income and loss [text block] | 6. 6.1 Revenues in the amount of kEUR 11 (2020: kEUR -, 2019: kEUR -) and cost of goods sold in the amount of kEUR 52 (2020: kEUR -, 2019: kEUR -) relate to the first contracts to explore the integration of Sono Motors’ patented solar technology across other transportation platforms, which were signed and executed in 2021. Revenues in the amount of kEUR 5 (2020: kEUR -, 2019: kEUR -) and cost of goods sold in the amount of kEUR 6 (2020: kEUR -, 2019: kEUR -) are connected with the launch of Sono app which provides an in-app booking and payment system as well as additional insurance if required. Trade receivables in the amount of kEUR 20 (previous year: kEUR -) result from these activities. As of the reporting date and as of the end of the previous year, no contract assets or liabilities resulted from these activities. As of the reporting date, the aggregate amount of the transaction price allocated to unsatisfied performance obligations amounts to kEUR 42 (previous year: kEUR -). The Group expects to recognize this amount as revenue within one year of the reporting date. 6.2 The table below presents details on the cost of research and development: 2021 2020 2019 kEUR kEUR kEUR Development cost of prototypes 27,632 8,234 2,102 Personnel expenses 11,340 21,652 2,243 thereof related to the CSOP (IFRS 2) 1,137 17,723 — Software fees and subscriptions 506 91 44 Professional services 352 267 284 Depreciation and amortization 284 171 78 Other 495 54 186 40,609 30,469 4,937 There are no research expenses included in the profit and loss of Sono Group in the financial year 2021 and prior periods, as the Group does not perform research. As the recognition criteria for development cost have not been met, all development expenses were recognized in profit or loss as incurred in the reporting year and the previous years. The personnel expenses concern employees responsible for development activities and the share of the employee participation program (Conversion Stock Option Program or CSOP) attributable to them (see note 9.3 Remuneration based on shares (share-based payment). 6.3 The below table displays details included in selling and distribution expenses: 2021 2020 2019 kEUR kEUR kEUR Personnel expenses 1,764 8,490 1,582 thereof related to the CSOP (IFRS 2) — 6,949 — Professional services 704 171 103 Advertising 365 84 113 Other 387 355 337 3,220 9,100 2,135 The personnel expenses concern mainly employees responsible for marketing activities like roadshows, test rides and social media and (previous year only) the share of the employee participation program (Conversion Stock Option Program or CSOP) attributable to them (see note 9.3 Remuneration based on shares (share-based payment). 6.4 The below table displays details included in general and administrative expenses: 2021 2020 2019 kEUR kEUR kEUR Professional services 7,030 4,830 670 Personnel expenses 4,574 9,148 1,325 thereof related to the CSOP (IFRS 2) 761 7,488 — Impairment 1,965 — — Expenses without sufficient supporting documentation — 21 70 Other 1,525 405 352 15,094 14,404 2,417 The personnel expenses concern mainly employees responsible for Finance, Human Resources, Business Development, Administration etc. and the share of the employee participation program (Conversion Stock Option Program or CSOP) attributable to them (see note 9.3 Remuneration based on shares (share-based payment). The professional services include accounting, tax and legal services as well as other external services. The increase of expenses for professional services mainly concerns professional services related to the preparation of consolidated financial statements and consolidated interim reports in accordance with IFRS and their audit and review under consideration of PCAOB requirements as well as legal and tax opinions prepared in this context. In 2021, an impairment loss of kEUR 1,965 for assets intended for the development of prototypes has been recognized in general and administrative expenses. For details, please refer to section 7.2 Property, plant and equipment. An amount of kEUR 2,690 for professional services received in connection with the IPO was not recognized in general and administrative expenses but deducted from capital reserves. Furthermore, kEUR 135 for professional services in connection with the IPO received in the previous year were accrued as a current non-financial asset in the previous year and deducted from capital reserve in the reporting year. 6.5 The below table displays the depreciation and amortization expenses as well as personnel expenses included in cost of research and development, selling and distribution costs and general and administrative expenses: 2021 2020 2019 kEUR kEUR kEUR Personnel expenses 17,678 39,291 5,151 thereof related to CSOP (IFRS 2) 1,898 32,160 — Depreciation and amortization 574 384 224 18,252 39,675 5,375 The decrease of personnel expenses (kEUR -21,613) is due to the equity-settled employee participation program in 2021 (Conversion Stock Option Program or CSOP), which had a lower effect in 2021, as compared to the previous year (2021: kEUR 1,898, 2020: kEUR 32,160, 2019: kEUR -). The decrease is attributable to the fact that the program has been offered to all participants of the previous employee participation program and new participants, who have not been part of the previous employee participation program, on December 14, 2020 (see note 9.3 Remuneration based on shares (share-based payment) and most share options were fully vested at the end of the previous year. In 2021, expenses were recognized only for a small number of options that had not yet vested at the end of the previous year. The resulting decrease is partly offset by increased personnel costs due to an increase in the number of employees in the reporting year. 6.6 Other operating income (kEUR 269, 2020: kEUR 334, 2019: kEUR 220) mainly includes government grants (kEUR 71, 2020: kEUR 68, 2019: kEUR 15), miscellaneous other operating income (kEUR 125, 2020: kEUR -; 2019: kEUR -) and agency fees from the Renault ZOE conversion (kEUR 47, 2020: kEUR 240, 2019: kEUR -). In 2020, Sono Motors entered into a framework agreement with Renault Deutschland AG (Renault) for electric vehicles (Renault ZOE). According to the agreement, customers, who have made advance payments for the Sion, can enter into a lease agreement with Renault for a Renault ZOE and use their advance payments to partly offset their lease payments. Customers can use advance payments made up to EUR 4,000. According to the framework agreement with Renault, Sono Group receives a fixed agency fee per lease contract and transfers the advance payment to Renault. Sono Group recognizes the respective agency fee as operating income and derecognizes the advance payment received in the moment the customer enters into the lease contract with Renault. The government grants relate to a grant that Sono Motors received from the EU to promote the development of open-source hardware. Other operating expenses in the reporting year amount to kEUR 452 and result mainly from foreign exchange losses resulting from the conversion of a portion of the IPO proceeds from USD to EUR. In 2020, other operating expenses amounted to kEUR 349 (2019: kEUR -) and solely included expenses related to a project termination with a supplier. In 2019, there were no other operating expenses. 6.7 Impairment losses on financial assets (kEUR 6, 2020: kEUR 6, 2019: kEUR -) primarily relate to bank balances (see note 7.7 Cash and cash equivalents). For details on expected credit losses, please refer to note 8.1.2 Credit risk. 6.8 Interest and similar income (kEUR -, 2020: kEUR 2, 2019: kEUR -) relates to interest income from VAT. 6.9 Interest and similar expense (kEUR 4,781, 2020: kEUR 2,040, 2019: kEUR 702) largely consists of interest and other expenses related to financial liabilities (kEUR 3,227, 2020: kEUR 614, 2019: kEUR 287) and the net compounding effect for advance payments received from customers (kEUR 1,497, 2020: kEUR 1,360, 2019: kEUR 415, see note 4.8 Advance payments received from customers). 6.10 Taxes on income kEUR -18 (2020: kEUR -; 2019: kEUR -) relate to deferred tax expenses at the level of Sono N.V. as the recognition of deferred tax assets on loss carryforwards has been recognized proportionately in equity instead of the income statement. The below tables display the changes in deferred tax assets and liabilities: Dec 31, 2021 Dec. 31, 2020 Dec. 31, 2019 kEUR kEUR kEUR Deferred tax assets due to tax loss carryforwards 54 — — due to advance payments received from customers 1,163 670 221 due to lease liabilities 1,015 646 735 due to current provisions 101 — — due to current other non-financial assets 29 — — due to current financial liabilities 21 — — due to current other liabilities 14 — — due to cash & cash deposits 2 1 — due to current other financial assets 1 1 — due to prepaid expenses — 134 — Deferred tax assets 2,400 1,452 956 Deferred tax liabilities due to leases 995 639 737 due to cash & cash deposits 47 — — due to property, plant and equipment 45 10 8 due to noncurrent other non-financial assets 29 — — due to other noncurrent financial liabilities 22 112 12 Deferred tax liabilities 1,138 761 757 Non-recognition of deferred tax assets (1,262) (691) (199) Recognition of deferred tax assets 1,138 761 757 Deferred tax assets/liabilities, net — — — Given the loss history of Sono Motors, deferred tax assets are not recognized on the balance sheet. The amount of deferred tax assets / liabilities as of December 31, 2020 and December 31, 2021 is zero. Of the gross deferred tax assets, kEUR 314 as of December 31, 2021 (previous year: kEUR 806) are current and of the gross deferred tax liabilities, kEUR 47 as of December 31, 2021 (Previous year: kEUR 73) are current. Current deferred taxes are reported under non-current assets and non-current liabilities. There are no deferred taxes with regard to Outside Basis Differences as those are permanent differences. The amount of temporary differences on balance sheet positions for which no deferred tax asset has been recognized is displayed in the table below: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Advance payments received from customers 1,928 966 Lease liabilities 1,681 931 Current provisions 168 — Other non-financial assets 48 — Current financial liabilities 17 — Current other liabilities 23 — Cash & cash deposits 3 1 Other financial assets 19 2 Prepaid expenses — 193 3,887 2,093 Potential tax benefit at a total tax rate of 32,98 % 1,282 690 The amount of unused tax losses for which no deferred tax asset has been recognized is displayed in the table below: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Unused tax losses for which no deferred tax asset has been recognized (corporate tax) 111,950 51,316 Unused tax losses for which no deferred tax asset has been recognized (trade tax) 111,565 51,083 Potential tax benefit at a total tax rate of 32.98 % 36,858 16,885 As of December 31, 2021, KEUR 937 (Previous year: kEUR 723) deferred tax assets on transactions costs would have been recognized directly in equity if deferred tax assets had been recognized on losses carryforwards in full. As of December 31, 2021, kEUR 54 (previous year: kEUR -) deferred tax assets on loss carryforwards have been recognized, of which kEUR 18 (previous year: kEUR -) deferred tax assets on transactions costs have been recognized directly in equity. The following table presents a numerical reconciliation of expected to effective income tax. 2021 2020 2019 kEUR kEUR kEUR Income (loss) before tax for the period (63,935) (56,032) (9,971) Expected income tax (income (-)/expense (+) at a tax rate of 32.98 % (21,086) (18,479) (3,288) Reconciliation: Changes in unrecognized tax losses 20,061 8,254 3,164 Changes in deferred taxes on timing differences 1,261 690 199 MCN non-tax-deductible expenses 753 — — CSOP non-tax-deductible expenses 626 10,606 — Tax-deductible transaction costs (937) (723) (36) Non-tax-deductible expenses 37 9 27 Other (715) (357) (66) Effective income tax income for the period — — — * Mandatory Convertible Notes As Sono N.V. is also fully taxable in Munich, Germany, the tax rate in 2019, 2020 and 2021 is unchanged. |
Note 7 - Balance Sheet Disclosu
Note 7 - Balance Sheet Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of balance sheet explanatory [text block] | 7. 7.1 Website Software Total kEUR kEUR kEUR Historical cost Balance as of Jan. 1, 2021 43 — 43 Additions 2 222 224 Balance as of Dec. 31, 2021 45 222 267 Accumulated amortization Balance as of Jan. 1, 2021 27 — 27 Amortization 11 23 34 Balance as of Dec. 31, 2021 38 23 61 Carrying Amount as of Jan. 1, 2021 16 — 16 Carrying Amount as of Dec. 31, 2021 7 199 206 Website Software Total kEUR kEUR kEUR Historical cost Balance as of Jan. 1, 2020 43 — 43 Additions — — — Balance as of Dec. 31, 2020 43 — 43 Accumulated amortization Balance as of Jan. 1, 2020 16 — 16 Amortization 11 — 11 Balance as of Dec. 31, 2020 27 — 27 Carrying Amount as of Jan. 1, 2020 27 — 27 Carrying Amount as of Dec. 31, 2020 16 — 16 The amortization expenses for the acquired intangible assets amounting to kEUR 34 (previous year: kEUR 11) are included in research and development (kEUR 22, previous year: kEUR - - 7.2 Advance payments for technical Equipment / equipment Hardware and machinery Total kEUR kEUR kEUR Acquisition or manufacturing costs Jan. 1, 2021 281 1,965 2,246 Additions 546 926 1,472 Reclassifications 221 (221) — Deductions — — — Impairment — (1,965) (1,965) Acquisition or manufacturing costs Dec. 31, 2021 1,048 705 1,753 Accumulated depreciation Jan. 1, 2021 144 — 144 Depreciation 125 — 125 Accumulated depreciation Dec. 31, 2021 269 — 269 Carrying Amount Jan. 1, 2021 137 1,965 2,102 Carrying Amount Dec. 31, 2021 779 705 1,484 Advance payments to technical Equipment / equipment Hardware and machinery Total kEUR kEUR kEUR Acquisition or manufacturing costs Jan. 1, 2020 239 2,313 2,552 Additions 42 — 42 Deductions — 348 348 Impairment — — — Acquisition or manufacturing costs Dec. 31, 2020 281 1,965 2,246 Accumulated depreciation Jan. 1, 2020 83 — 83 Depreciation 61 — 61 Accumulated depreciation Dec. 31, 2020 144 — 144 Carrying Amount Jan. 1, 2020 156 2,313 2,469 Carrying Amount Dec. 31, 2020 137 1,965 2,102 The depreciation expenses for property, plant and equipment amounting to kEUR 125 (2020: kEUR 61; 2019: kEUR 50) are included in research and development (kEUR 70, 2020: kEUR 28; 2019: kEUR 19), selling and distribution costs (kEUR 27, 2020: kEUR 15; 2019: kEUR 18) and general and administrative expenses (kEUR 28, 2020: kEUR 18; 2019: kEUR 13). Additions to equipment and hardware in the amount of kEUR 254 as well as to advance payments in the amount of kEUR 634 refer to the equipment for the production of solar panels, which are currently located at the productional partner’s facilities but legally owned and economically controlled by Sono Group. The remaining additions to equipment and hardware refer mainly to office equipment and are associated with an increase of employees’ number. In the reporting period, Sono Group recognized an impairment of the advances paid in the amount of kEUR 1,965. The impairment loss of kEUR 1,965 included in the general and administrative expense relates to advance payments on assets intended for the tooling of batteries that had been recognized in 2020. Management has determined that, due to an unforeseen change in the specifications of the battery, resulting from a change in supplier, the assets that the advance payments referred to were no longer needed in the Group’s development of prototypes. As the Group does not expect to be able to reclaim the payments made under the contract with the supplier of the tools, the advance payments’ fair value (determined as the market value of reclaimable payments at level 1 of the fair value hierarchy) and recoverable amount are EUR 0. It cannot be ruled out that the supplier of the tool will still assert additional claims from this, but Sono Group considers a successful claim unlikely. 7.3 Sono Motors leases buildings and warehouses at its headquarters in Munich and three electrical cars including batteries. At the end of the reporting period, the remaining lease terms for the buildings were 6 to 10 years and for the cars 2 to 3 years. The below table presents details on the lease agreements of Sono Motors: Buildings Cars Total kEUR kEUR kEUR Right-of-use assets on January 1, 2021 1,906 31 1,937 Additions to right-of-use assets 1,496 — 1,496 Depreciation of right-of-use assets 405 10 415 Right-of-use assets on December 31, 2021 2,997 21 3,018 Interest expense on lease liabilities 52 4 56 Expense relating to short-term leases — — — Total cash outflow for leases 423 12 435 Buildings Cars Total kEUR kEUR kEUR Right-of-use assets on January 1, 2020 2,211 24 2,235 Additions to right-of-use assets — 15 15 Depreciation of right-of-use assets 305 8 313 Right-of-use assets on December 31, 2020 1,906 31 1,937 Interest expense on lease liabilities 35 4 39 Expense relating to short-term leases — — — Total cash outflow for leases 311 12 323 Buildings Cars Total kEUR kEUR kEUR Right-of-use assets on January 1, 2019 — — — Additions to right-of-use assets 2,372 25 2,397 Depreciation of right-of-use assets 161 1 163 Right-of-use assets on December 31, 2019 2,211 24 2,235 Interest expense on lease liabilities 22 1 23 Expense relating to short-term leases 84 — 84 Total cash outflow for leases 271 5 276 The depreciation expenses for right-of-use assets amounting to kEUR 415 (2020: kEUR 313, 2019: kEUR 163) are included in research and development (kEUR 192, (2020: kEUR 144, 2019: kEUR 61) selling and distribution costs (kEUR 45, 2020r: kEUR 77, 2019: kEUR 56) and general and administrative expenses (kEUR 178, 2020: kEUR 92, 2019: kEUR 46). Interest expenses for lease agreements are presented as part of interest and other expenses. At the end of the reporting period, Sono Group has lease commitments for short-term leases of kEUR 4 (previous year: kEUR - The below table presents the maturity profiles of future lease payments: kEUR < 1 year 1 to 5 years >5 years Buildings 488 1,988 810 Cars 15 12 — Total December 31, 2021 503 2,000 810 kEUR < 1 year 1 to 5 years >5 years Buildings 311 1,302 421 Cars 12 24 — Total December 31, 2020 323 1,326 421 The Group has entered several leasing agreements for buildings that offer an extension option. In all of these cases, Management has determined that the Group is reasonably certain to exercise the extension option. Therefore, the extension options were included in determining the carrying amounts of the lease liabilities and right-of-use assets for these buildings. Sono Group does not act as a lessor or sublessor in any lease agreements. 7.4 Other noncurrent financial assets as of December 31, 2021 (kEUR 91; previous year: kEUR 41) consist solely of security deposits. For details on expected credit losses, please refer to note 8.1.2 Credit risk. 7.5 The below table displays information on financial instruments included in other current financial assets: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR PayPal reserve 6,000 4,655 Receivables from crowdfunding and deposits 169 179 Debtors creditors 26 539 Current trade receivables 20 — Current receivables (affiliated companies) 11 11 Other 7 20 Total 6,233 5,404 The PayPal reserve in 2021 relates to the reclassification of the specific reserve imposed by PayPal due to the crowdfunding campaign from cash to other current financial assets. In February 2022, the reserve amounting to kEUR 5,900 was released and transferred to the current bank account of Sono Group. Sono Group expects a repayment of the remaining kEUR 100 within 12 months after the balance sheet date. Therefore, the PayPal reserve is classified as current. 7.6 Other current non-financial assets as of December 31, 2021 (kEUR 3,236; previous year: kEUR 579) mainly consist of receivables for VAT and other taxes (kEUR 2,069, previous year: kEUR 257) and prepaid expenses mainly for software (kEUR 669, previous year: kEUR 256). 7.7 Cash and cash equivalents include the following amounts: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Bank balances 132,947 43,266 Allowance for expected credit losses (8) (2) Total 132,939 43,264 For details on expected credit losses, please refer to note 8.1.2 Credit risk. 7.8 Total equity of Sono Group comprises subscribed capital, capital reserves, other reserves and accumulated deficit. The subscribed capital amounts to kEUR 8,735 (previous year: kEUR 6,468) and represents 73,577,641 (previous year: 35,803,197) fully paid-in member shares with a par value of EUR 0.06 (ordinary shares, previous year: EUR 0.06) and EUR 1.50 (high voting shares, previous year: EUR 1.50). Capital reserves include any amounts paid in by the owners that exceed the member shares’ par value. Other reserves include mainly effects from equity-settled stock-option. Accumulated deficit consists of losses from prior periods. In the reporting year, the following events with regard to equity took place: During the first half of fiscal year 2021, an amount of 68,136 new ordinary shares have been issued to two new investors. At the general meeting on November 8, 2021, the shareholders of Sono Group agreed to a resolution to issue bonus shares according to which all shareholders of Sono Group received an additional amount of 0.71 ordinary shares with a par value of EUR 0.06 for each share they held at the time, regardless of their voting rights, financed by deducting the nominal amount from capital reserves (in total: 25,468,644 ordinary shares). The stock options from the "Conversion Stock Option Program 2020" were increased in the same proportion. In line with this resolution, the issue of bonus shares was implemented immediately prior to the execution of the Underwriting Agreement related to the IPO between Sono Group and Berenberg Capital Markets LLC and Craig-Hallum Capital Group LLC as underwriters. Moreover, the shareholders agreed to extend the authorization of Sono Motors’ Management Board to issue shares in the Company’s capital (irrespective of the class concerned) and/or to grant rights to subscribe for those shares up to the authorized share capital as included in the Company’s articles of association from time to time and to limit and/or exclude pre-emption rights in relation thereto for a period of another five years after the execution of the underwriting agreement. The authorized share capital amounts to kEUR 25,200,000 (320,000,000 ordinary shares with a par value of EUR 0.06 and 4,000,000 high-voting shares with a par value of EUR 1.50). The shareholders also agreed to extend the resolution for the Company to acquire fully paid-up shares (irrespective of the class concerned) and/or depository receipts for those shares for another 18 months after the execution of the underwriting agreement. The underwriting agreement was executed on November 16, 2021. In the IPO on November 17, 2021, Sono Group offered 10,000,000 ordinary shares with a par value of EUR 0.06 at a price of USD 15.00 each. The underwriters had an additional greenshoe option to 1,500,000 ordinary shares with a par value of EUR 0.06 at a price of USD 13.95 each. All offered shares were sold and the underwriters exercised their greenshoe option. In total, Sono Group raised kUSD 160,425 (kEUR 142,334) through the IPO, after underwriting discounts and commissions. In accordance with IAS 32, further transaction costs of the IPO were recognized directly in equity as a deduction from capital reserves. The total amount of IPO-related transactions costs deducted from capital reserves is kEUR 2,825. The recognition of transaction costs included an amount of kEUR 135 that was directly attributable to the planned IPO and therefore had been deferred in a separate line item in fiscal year 2020. Upon the IPO, the mandatory convertible notes issued in 2020 (carrying amount: kEUR 9,661) were fully converted into equity. The investors of the mandatory convertible notes received a total of 737,664 ordinary shares with a par value of EUR 0.06 per share. For further details on the mandatory convertible notes, see note 7.10.1 Financial liabilities overview. The settlement payment conditional to one of the owners of Sono N.V. was due upon completion of the IPO. The corresponding liability was debited to other reserves (please refer to note 7.10.1 Financial liabilities overview). Regarding changes in equity due to share-based compensation see note 9.3 Remuneration based on shares (share-based payment). In the previous year, the following events with regard to equity took place: At the general meeting on November 25, 2020, the owners agreed to a capital increase against contribution in cash in the nominal amount and part of the loan claims (settlement agreement, see note 7.10.2 Other noncurrent financial liabilities) as contribution in kind at the level of Sono N.V. For the reorganization of the structure of Sono Motors and Sono N.V. we refer to note 1 General information. In the course of the reorganization, a split of the shares (30,588,000, par value ordinary shares of EUR 0.06) and a conversion of high voting shares (3,000,000, par value high voting shares of EUR 1.50) has taken place, including an increase in share capital of kEUR 1,835 and kEUR 4,500 as well as an offsetting effect in the capital reserve (kEUR -1,835 and kEUR -4,500). The capital increase resulting from the settlement agreement and the issuance of new shares (480,000 and 1,735,197 new shares, respectively) as well as the modification of the original liability amounting to kEUR 1,427 and kEUR 38,200 on December 10, 2020 (closing date of issuance of new shares) resulted in an increase in subscribed capital of kEUR 133 and a corresponding increase in capital reserves of kEUR 37,302, net of tax after deducting transaction costs of kEUR 2,192. Management of Sono N.V. has determined that transaction costs of kEUR 135, which were directly attributable to the planned IPO in 2021, were to be deferred in a separate line item and not deducted from equity at the time. The deferral was derecognized at time of the IPO in November 2021. For the settlement agreement please see note 7.10.2 Other noncurrent financial liabilities. For the increase in the other reserves (kEUR 32,160) due to the new equity-settled employee participation program (Conversion Stock Option Program or CSOP), please see note 4.11 Share-based payment and 9.3 Remuneration based on shares (share-based payment). Under Dutch law, Sono Group’s authorized shared capital is the maximum capital that can be issued without amending the articles of association. As of December 31, 2020, the authorized shared capital amounts to kEUR 25,200 representing 320,000 common shares and 4,000,000 high voting shares. The high voting shares carry the same economic rights entitlements as the common shares and only carry different voting rights. 7.9 Advance payments received from customers Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Advance payments received from customers 44,756 38,972 44,756 38,972 Depending on the general terms and conditions, in some cases, a cancellation by the customer is possible in less than twelve months. Customers may provide their advance payments in several installments, the latest of which determines the applicable cancellation policy. As of December 31, 2021, for customers who made their latest installment on or before November 25, 2020, cancellation is possible at any time. For customers who made their latest installment later than November 25, 2020, but before November 3, 2021, cancellation is possible on July 1, 2023, or later. For customers who made their latest installment on or after November 3, 2021, cancellation is possible on January 1, 2024, or later. Deviating from these conditions, in November 2020, Sono Group approached all German-speaking customers that had made their latest installment during the crowdfunding campaign from December 1, 2019, until and including January 20, 2020, and asked them to accept a change in the terms and conditions to waive their cancellation right until December 31, 2022. In effect, those customers who accepted the change may cancel their advance payment on January 1, 2023, or later. As of December 31, 2021, currently 28% are cancelable, 58% will be cancelable from January 1, 2023, 13% will be cancelable from July 1, 2023, and 1% will be cancelable from January 1, 2024. The percentages calculated are based on the nominal values of the advance payments excluding IFRS adjustments (interest effect). As of December 31, 2020, 11% were cancelable at the time, 1% was cancelable from January 1, 2021, 21% was cancelable from January 1, 2022, 66% was cancelable from January 1, 2023, and 1% was cancelable from July 1, 2023. Sono Group expects to begin recognizing revenue from the sale of the car in the second half of 2023 after expected start of production. The table below shows the changes in the advance payments received from customers: Balance as of Balance as of Jan. 1, 2021 Additions Repayment Net interest Dec. 31, 2021 KEUR kEUR kEUR kEUR kEUR Advance payments received from customers 38,972 5,198 (912) 1,498 44,756 38,972 5,198 (912) 1,498 44,756 Balance as of Balance as of Jan. 1, 2020 Additions Repayment Net interest Dec. 31, 2020 KEUR kEUR kEUR kEUR kEUR Advance payments received from customers 11,164 30,565 (4,117) 1,360 38,972 11,164 30,565 (4,117) 1,360 38,972 7.10 7.10.1 The below table shows the changes in loans and participation rights: Subordinated Mandatory Loan Loan Loan loans convertible Participation Nominal amounts 1 2 3* (crowd-funding) Notes rights Total kEUR kEUR kEUR kEUR kEUR kEUR kEUR Jan. 1, 2020** — 295 2,590 1,967 — 1,383 6,235 Addition 1,225 — — 2,795 6,800 — 10,820 Accrued interest 46 12 277 101 — — 435 Repayment — (107) (1,219) (1,731) — — (3,058) Conversion to equity — — (1,648) — — — (1,648) Dec. 31, 2020 1,271 200 — 3,131 6,800 1,383 12,784 Addition — — — — — — — Accrued interest 50 — — 174 — 52 276 Repayment (36) (200) — (805) — (1,435) (2,475) Conversion to equity — — — — (6,800) — (6,800) Dec. 31, 2021 1,285 — — 2,500 — — 3,785 * Shareholder transaction in 2020 ** including nominal interest accrued in previous periods if applicable Subordinated Mandatory Loan Loan Loan loans convertible Participation Carrying amounts 1 2 3* (crowd-funding) Notes rights Total kEUR kEUR kEUR kEUR kEUR kEUR kEUR Jan. 1, 2020 — 295 2,583 2,026 — 1,346 6,250 Initial recognition 1,225 — — 2,714 6,800 — 10,739 Subsequent measurement 46 12 284 53 59 28 482 Derecognition — (107) (1,219) (1,731) — — (3,058) Conversion to equity — — (1,648) — — — (1,648) Dec. 31, 2020 1,271 200 — 3,062 6,859 1,374 12,766 Initial recognition — — — — — — — Subsequent measurement 14 — — 58 2,802 62 2,936 Derecognition — (200) — (655) — (1,436) (2,291) Conversion to equity — — — — (9,661) — (9,661) Dec. 31, 2021 1,285 — — 2,465 — — 3,750 * Shareholder transaction in 2020 Loan 1 Loan 1 consists of nine individual loans with an aggregate nominal value of kEUR 1,225, and interest rate of 4% p.a. and a maturity in December 2023. For six of these loans, Sono Group agreed with the lender to accrue interest until the end of the term of the liability without compounding instead of paying out interest each year. Loan 2 Loan 2 included two loans with a nominal value of kEUR 185 and kEUR 100, respectively, and an annual interest rate of 4% p.a. each. These loans were repayable including interest at maturity in December 2020. The loan with the nominal amount of kEUR 185 had not been repaid as of December 31, 2020, but was paid back on January 5, 2021. Loan 3 (including settlement agreement) Loan 3 included a loan with a contractual two-year term with an interest rate of 12% p.a. and a total nominal value of kEUR 2,500. Following a settlement agreement in November 2020, part of the loan was paid back to the capital providers, while the remaining amount was converted into ordinary shares of Sono N.V. for an additional cash payment of kEUR 29. In addition, Sono N.V. agreed to pay one of the capital providers a total amount of kEUR 250 in five equal monthly installments starting in December 2020 and one lump sum payment of kEUR 250 after a successful IPO of Sono N.V. This modification of the original liability resulted in derecognition of the unpaid liability and a recognition of a new liability for the five installments. The effect of the modification was recorded in equity as it resulted from the relationship with a shareholder. The total amount recognized in equity due to the settlement agreement was kEUR 1,427. The IPO in November 2021 triggered the second settlement payment. As of the reporting date, the payment has not been made. The outstanding amount (kEUR 250) is presented in trade and other payables as the outstanding amount for the first payment (kEUR 200) in the previous year (see note 7.11 Trade and other payables). Subordinated loans (crowdfunding) The crowdfunding loans consisted of several crowdfunding loans with interest rates of 6% p.a. and different terms, varying between less than one year and up to 4 years. The issuing period ended in December 2020. Mandatory convertible notes In December 2020, Sono Group issued mandatory convertible notes with a nominal value of kEUR 6,800. According to the contract, conversion was mandatory upon the occurrence of certain events, including, an IPO of Sono Group. Upon the successful IPO in November 2021, these notes (carrying amount: kEUR 9,661) were fully converted into equity (for details on the IPO, please refer to note 1 General information and note 7.8 Equity). The investors of the mandatory convertible notes received a total of 737,664 ordinary shares with a par value of EUR 0.06 per share. The par value of the shares (kEUR 44) was recognized in subscribed capital, while the remainder (kEUR 9,617) was recognized in capital reserves. Accordingly, the financial liability relating to the notes was derecognized. Participation rights Between October 2018 and November 2019, Sono Motors issued participation rights with a total face value of kEUR 1,383 that bore a fixed interest rate of 3.5% p.a., plus a one-time bonus payment at maturity of 0.52% p.a. of the face value for each 1,000 cars reserved by potential customers between October 18, 2018 and December 31, 2019. More than 2,000 reservations were made during that period; as of December 31, 2020, the carrying amount of the liability includes the one-time bonus payment. The participation rights including the bonus payment were repaid in full in the reporting period. 7.10.2 The below table displays details on items included in other noncurrent financial liabilities: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Loans and participation rights 3,718 3,665 Lease liabilities 2,635 1,669 6,353 5,335 For further details regarding the conditions of the other noncurrent financial liabilities, we refer to note 7.10.1 Financial liabilities overview. 7.10.3 The below table displays details on items included in current financial liabilities: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Current other financial liabilities Loans and participation rights 31 2,240 Mandatory convertible notes — 6,859 Lease liabilities 441 289 472 9,388 For further details regarding the conditions of the other financial liabilities, we refer to note 7.10.1 Financial liabilities overview. 7.11 The below table displays details on items included in trade and other payables: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Trade payables 6,866 2,642 Other payables 715 232 7,582 2,874 Trade payables refer to purchased goods, assets and services. Other payables mainly refer to outstanding short-term employee benefits (kEUR 383) and second payment resulting from a settlement agreement (kEUR 250). In the previous year, other payables mainly related to the first payment resulting from the settlement agreement (kEUR 200). Please refer to note 7.10.2 Other noncurrent financial liabilities and note 7.8 Equity, respectively. 7.12 The below table displays details on items included in other current liabilities: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Accruals and deferrals 2,011 1,463 Employee tax liabilities (wage and church tax) 372 146 Tax liabilities (VAT taxes and interest) 109 80 2,492 1,689 Accruals and deferrals as of December 31, 2021 contain mainly accrued vacation payments to employees (kEUR 857), accrued expenses for pending invoices (kEUR 751) and accruals of kEUR 144 (previous year: kEUR 65) for statutory levies. 7.13 The table below presents information on the movements and carrying amounts of provisions over the course of the reporting period. Balance as of Balance as of Jan. 1, 2021 Usage Reversals Additions Dec. 31, 2021 KEUR kEUR kEUR kEUR kEUR Other provisions — — — 65 65 Personnel costs — — — — — Financial statements 111 (111) — 2,137 2,137 111 (111) — 2,202 2,202 Balance as of Balance as of Jan. 1, 2020 Usage Reversals Additions Dec. 31, 2020 KEUR kEUR kEUR kEUR kEUR Other provisions — — — — — Personnel costs 584 (584) — — — Financial statements 52 (46) — 105 111 636 (630) — 105 111 Provisions for financial statements include audit fees and advisory services for the preparation of financial statements in accordance with Form 20-F. In the reporting period, Sono Group cancelled a supplier contract related to the delivery of assets intended for the tooling of batteries, for which advance payments had been recognized in 2020. It cannot be ruled out that the supplier of the tool will still assert additional claims from this, but Sono Group considers a successful claim unlikely. For further details, please refer to note 7.2 Property, plant and equipment. |
Note 8 - Disclosure of Financia
Note 8 - Disclosure of Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of financial instruments [text block] | 8 8.1 8.1.1 Sono Group is exposed to certain financial risks with respect to its financial assets and liabilities and the transactions associated with its business model. These risks generally relate to credit risks, liquidity risks and market risks (especially interest rate risk and foreign exchange rate risk). The aim of risk management is to limit the potential negative impact on expected cash flows and take advantage of any opportunities that arise. 8.1.2 Credit risk is managed by Sono Group’s finance department. Credit risk arises from cash and cash equivalents and other financial assets. To limit credit risk, cash deposits and investments are placed only with reputable financial institutions, based on a qualitative assessment by Sono Group’s finance department under consideration of the creditworthiness of the financial institutions. Consequently, the risk of default is considered to be low. For the reporting year and the previous year, there were no significant increases in credit risks for financial assets (no transfer from Stage 1 to Stage 2). Therefore, the loss allowance for all financial assets is measured at an amount equal to 12-month ECL (Stage 1). 12-month ECL is determined using external credit ratings as well as external recovery rates. The table below reconciles the opening and ending balance for loss allowances for other current and noncurrent financial assets as well as cash and cash equivalents as of December 31: Total kEUR Opening loss allowance as at January 1, 2020 — Additions recognized in profit or loss during the period 6 Utilization — Closing loss allowance as at December 31, 2020 6 Opening loss allowance as at January 1, 2021 6 Additions recognized in profit or loss during the period 6 Utilization (2) Closing loss allowance as at December 31, 2021 10 The main driver of the increase in the loss allowance was the increase in exposure to credit risk for bank balances. The table below displays the gross carrying amount of other current and noncurrent financial assets as well as cash and cash equivalents by credit risk rating grades. Gross carrying Credit risk amount rating grade (12m ECL) kEUR December 31, 2020 Risk class 1 48,715 December 31, 2021 Risk class 1 139,273 8.1.3 Liquidity risk is the risk that Sono Group will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Sono Group mainly relies on equity financing from shareholders and private investors and participation rights. Although the IPO proceeds have served to increase the Group’s level of liquidity in 2021, lack of additional external financial support and any reclaims of the advance payments received from customers could expose Sono Motors to a risk of going concern. The ability to obtain further financing is highly dependent on further progress in the development of Sono Motors’ core product and successful communication to potential external investors. Reclaims of the advance payments received from customers are possible because, according to the applicable terms and conditions, customers can choose between reclaiming their advance payment or purchasing the vehicle at the time Sono Motors offers a purchase contract for the vehicle. Based on the specific terms of the agreement between Sono Motors and the customer, some customers may also reclaim their advance payments earlier. For details on advance payments received, please refer to note 7.9 Advance payments received from customers. As of the reporting date, Management concludes that Sono Group’s liquidity risk is high. Despite the successful IPO in November 2021, there are substantial uncertainties related to events or conditions regarding Sono Group’s ability to obtain future financing that cast significant doubt upon the Group’s ability to continue as a going concern (see note 4.13.1 Going concern for further details). Therefore, Sono Group’s liquidity management focuses on the availability of cash and cash equivalents for operational activities and further investments by means of timely and thorough budget planning and appropriate reactions to expected cash restrictions. Sono Group has established an appropriate approach to managing short-, medium- and long-term financing and liquidity requirements. It manages liquidity risks by holding appropriate reserves, as well as by monitoring forecasted and actual cash flows. To monitor the availability of liquidity, cash flow forecasts are developed on a regular basis. Based on these cash flow forecasts, a run rate, which displays the period Sono Motors is able to carry on its current operations without additional financing, is determined. As a safeguard for legal risks associated with liquidity issues, external legal advice has been sought in order to comply with German insolvency laws. The table below summarizes the maturity profile of Sono Group’s financial liabilities based on contractual undiscounted payments: Carrying amount < 1 year 1 to 5 years >5 years kEUR kEUR kEUR kEUR Trade and other payables 7,582 7,582 — — Loans and participation rights 3,749 186 4,134 — Lease liabilities 3,076 503 2,000 810 Mandatory convertible notes — — — — Total December 31, 2021 14,407 8,271 6,134 810 Carrying amount < 1 year 1 to 5 years >5 years kEUR kEUR kEUR kEUR Trade and other payables 2,874 2,874 — — Loans and participation rights 5,905 2,489 4,260 — Mandatory convertible notes 6,859 9,286 — — Lease liabilities 1,958 323 1,326 421 Total December 31, 2020 17,596 14,972 5,586 421 8.1.4 Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Sono Group’s exposure to the risk of changes in market interest rates relates primarily to cash and cash equivalents, as financial liabilities bear no or fixed interest rates. Due to persistently low interest rates, Sono Group is exposed to the risk of being charged negative interest rates on its bank deposits at a fixed interest rate. In the reporting period, negative interest charges amount to kEUR 156 (2020: kEUR 49; 2019: kEUR - 8.1.5 Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to currency risk relates to the amount of cash received in the IPO and trade payables in a currency other than the functional currency of the Group, although supplier contracts have short payment terms. Management manages currency risk by closely monitoring account balances in foreign currencies and exchange rates to assess the exposure to currency risk on an ongoing basis and reacting accordingly if necessary. At the end of the reporting period, Sono Group had the following amounts of cash in foreign currencies. Cash December 31, 2021 December 31, 2020 k units kEUR k units kEUR USD 30,425 26,877 — — 26,877 — — At the end of the reporting period, Sono Group had the following trade payables in foreign currencies. Trade payables December 31, 2021 December 31, 2020 k units kEUR k units kEUR CNY 6,616 916 — — USD 144 127 — — SEK 120 12 — — GBP 1 2 — — 1,057 — — At the end of the reporting period and of the previous year, Sono Group had no trade and other receivables in foreign currencies. There were no hedging relationships at the end of the respective periods. Based on the respective exchange rates at the end of the reporting period, a hypothetical appreciation of the EUR compared to the foreign currencies of 10 percent would have resulted in the following effect on consolidated profit before taxes and equity. December 31, December 31, EUR appreciation of 10% 2021 2020 kEUR kEUR USD (2,432) — CNY 83 — SEK 1 — GBP — — (2,348) — Based on the respective exchange rates at the end of the reporting period, a hypothetical depreciation of the EUR compared to the foreign currencies of 10 percent would have resulted in the following effect on consolidated profit before taxes and equity. December 31, December 31, EUR depreciation of 10% 2021 2020 kEUR kEUR USD 2,972 — CNY (102) — SEK (1) — GBP — — 2,869 — 8.2 For the purpose of Sono Group’s capital management, capital includes share capital and all other equity reserves attributable to equity holders. The total amount of capital in the reporting year was kEUR 83,439 (previous year: kEUR -5,026). The primary objective of Sono Group’s capital management is to maximize shareholder value through investment in its development activities. Based on the current stage of the business cycle of Sono Motors’ products, the electric vehicle Sion, the Sono Digital App and Sono Solar, the Group relies almost exclusively on external financing until the start of production. For information on the capital raised in 2021, please refer to Note 7.8 Equity. 8.3 8.3.1 Sono Motors neither applies offsetting in the balance sheet nor has any instruments that are subject to a legally enforceable master netting arrangement or a similar agreement. 8.3.2 The table below displays information on fair value measurements, carrying amounts and categorization of financial instruments of Sono Group. December 31, 2021 carrying category fair value kEUR amount (IFRS 9) fair value level Noncurrent financial assets Other financial assets Security deposits 91 AC 89 2 Current financial assets Other financial assets Paypal reserve 6,000 AC n/a* n/a Receivables from crowdfunding and deposits 169 AC n/a* n/a Debtor creditors 26 AC n/a* n/a Current trade receivables 20 AC n/a* n/a Current trade receivables (affiliated companies) 11 AC n/a* n/a Other 7 AC n/a* n/a Cash and cash equivalents 132,939 AC n/a* n/a Noncurrent financial liabilities Financial liabilities Loans and participation rights 3,718 FLAC 3,466 3 Lease liabilities 2,635 — — — Current financial liabilities Financial liabilities Loans and participation rights 31 FLAC n/a* n/a Lease liabilities 441 — — — Mandatory convertible notes — FVTPL — — Trade and other payables 7,582 FLAC n/a* n/a * The carrying amount approximately equals the fair value, thus no separate fair value disclosure is needed according to IFRS 7.29 December 31, 2020 carrying category fair value kEUR amount (IFRS 9) fair value level Noncurrent financial assets Other financial assets Deposits 41 AC 42 2 Current financial assets Other financial assets PayPal reserves 4,655 AC n/a* n/a Debtor creditors 539 AC n/a* n/a Receivables from crowdfunding and deposits 179 AC n/a* n/a Other 31 AC n/a* n/a Cash and cash equivalents 43,264 AC n/a* n/a Noncurrent financial liabilities Financial liabilities Loans and participation rights 3,665 FLAC 3,308 3 Lease liabilities 1,669 — — — Current financial liabilities Financial liabilities Loans and participation rights 2,240 FLAC n/a* n/a Lease liabilities 289 — — — Mandatory convertible notes 6,859 FVTPL 6,859 3 Trade and other payables 2,874 FLAC n/a* n/a * The carrying amount approximately equals the fair value, thus no separate fair value disclosure is needed according to IFRS 7.29 The carrying amounts of each of the categories listed above as defined according to IFRS 9 as of the reporting dates were as follows: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Financial assets measured at amortized cost (AC) 139,263 48,709 Financial liabilities measured at amortized cost (FLAC) 11,331 8,779 Financial liabilities measured at fair value through profit or loss (FVTPL) — 6,859 All financial assets and liabilities for which the fair value is measured or disclosed in the consolidated financial statements are categorized according to the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: ● Level 1 — Inputs use quoted prices in active markets for identical assets or liabilities ● Level 2 — Inputs are inputs, other than quoted prices included in Level 1, which are directly or indirectly observable ● Level 3 — Inputs are unobservable and have values estimated by management based on market participant assumptions which are reasonably available Due to their short-term nature, the carrying amounts of the cash and cash equivalents and other current financial assets and liabilities approximate their fair value. The fair value of noncurrent financial assets and liabilities is determined by applying the discounted cash flow method (valuation technique). In doing so, future cash flows resulting from the financial asset or liability are discounted using an interest rate derived from an estimated credit rating. In case of noncurrent financial assets, the counterparties are reputable financial institutions, thus credit risk has no significant influence on fair value, which leads to a classification as level 2 fair value. At the end of fiscal year 2021, Management has determined that the fair values of noncurrent financial liabilities at amortized cost are classified as level 3 as the credit rating is a non-observable input factor with significant influence on the fair value. At the end of fiscal year 2021, there were no financial liabilities at fair value through profit or loss. In the previous year, management determined that the fair values of financial liabilities at fair value through profit or loss, which consisted solely of mandatory convertible notes, were classified as level 3 as the assumptions for future payouts were non-observable input factors with significant influence on the fair value. The finance department of Sono Group performs valuations including level 3 fair value measurements. In the reporting period, level 3 fair value measurements only relate to the mandatory convertible notes. Discussions of valuation processes and results are held between the CFO and the valuation team as well as external consultants. The main level 3 inputs used by the Group are derived and evaluated as follows: ● Discount rates for financial liabilities reflect current market assessments of the time value of money and the risk specific to the liabilities. ● Expected cash outflows are estimated based on contractual terms and the Management’s knowledge of probabilities of possible contractual payouts. The following table summarizes the quantitative information about significant unobservable inputs used in level 3 fair value measurement: Range of inputs Description Fair value at (most likely outcome) Relationship of Dec. 31, Dec. 31, Dec. 31, unobservable inputs to 2021 2020 Unobservable input 2021 fair value kEUR kEUR Mandatory convertible notes — 6,859 n/a n/a n/a Range of inputs Description Fair value at (most likely outcome) Relationship of Dec. 31, Dec. 31, Dec. 31, unobservable inputs to 2020 2019 Unobservable input 2020 fair value kEUR kEUR Mandatory convertible notes 6,859 — Probability of an 'exit event' in the second quarter of 2021 50 % — 100 % An increase of the probability to 100 % would increase FV by kEUR 2,170. (75) % A decrease of the probability to 50 % would decrease FV by kEUR - 2,170. The following table presents the changes in level 3 fair values relating to the mandatory convertible notes for the period ended December 31, 2021 and December 31, 2020: Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Balance at beginning of year 6,859 — New transactions — 6,800 Amount presented in other comprehensive income (OCI) (16) 21 Amount presented in profit or loss (interest and other expenses) 2,818 38 Payment for fractional shares — — Conversion to equity (9,661) — Transfer from OCI to accumulated deficit — Other comprehensive income (5) — Accumulated deficit 5 — Balance at end of year — 6,859 For the mandatory convertible notes, the cumulative change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is kEUR 16 (2020: kEUR -21; 2019: kEUR - - 8.3.3 Total interest income and total interest expense are calculated by applying the EIR method to the gross carrying amount of financial assets and liabilities measured at amortized cost. Total interest income and expenses were as follows: 2021 2020 2019 kEUR kEUR kEUR Total interest expense for financial assets at amortized cost 156 43 1 Total interest expense for financial liabilities at amortized cost 319 560 287 The presented total interest expense for financial assets at amortized cost is included in other general and administrative expenses as it results from negative interest charges. The table below shows the net gains or losses of financial instruments by measurement categories: 2021 2020 2019 kEUR kEUR kEUR Net loss for financial assets at amortized cost 162 49 1 Net loss for financial liabilities at amortized cost 319 560 287 Net loss for financial liabilities at fair value through profit or loss 2,802 59 — Net losses for financial assets at amortized cost include changes in the loss allowance as well as losses from interest expenses due to negative interest charges. Net losses for financial liabilities at amortized cost include interest expenses. Net losses for financial liabilities at fair value through profit or loss include changes in the fair value measurement of mandatory convertible notes, including fair value changes due to own credit risk. |
Note 9 - Other Disclosures
Note 9 - Other Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disclosure of other disclosures [text block] | 9 9.1 Sono Motors makes payments under defined contributions plans, related to government-run pension plans. In the financial year 2021, the total expense recognized amounted to kEUR 1,047 (2020: kEUR 491; 2019: kEUR 329). 9.2 In fiscal year 2021, other operating income includes an amount of kEUR 71 (2020: kEUR 68; 2019: kEUR 15) related to a grant that Sono Motors received from the EU to promote the development of open-source hardware as part of the “OPEN_NEXT” project. There are no unfulfilled conditions or other contingencies attached to these grants. Sono Motors did not benefit from any other forms of government assistance. The “OPEN_NEXT” grant is divided into pre-financing, interim and a final payment. The pre-financing amounts to kEUR 136 and was received by Sono Motors in two installments paid out in 2019 and 2020, each payment amounting to kEUR 68. The grant has the purpose to reimburse Sono Motors for direct personnel costs, direct costs of subcontracting, other direct costs and indirect costs in relation to the development of open-source hardware in the form of company-community collaborations. The payments are deferred and recognized in profit and loss over a period of 18 months each to match them with the costs that they are intended to reimburse. In 2021, one interim grant payment of kEUR 18 was received and recognized in other operating income. The final payment amount depends on the total cost incurred by Sono Motors and will be received in 2023. Due to its inherent uncertainty, it was not recognized in the Group’s consolidated financial statements. 9.3 9.3.1 In the first half of 2018, management of Sono Motors has set up two similar employee participation programs for staff members and selected managers. The employee participation programs are based on virtual shares. The virtual share of each employee is determined based on a point system (staff members) respectively a percentage defined in the employment contract (manager). The program provides remuneration in form of the right to participate in Sono Motors’ exit proceeds. The remuneration for managers is subject to the fulfillment of specific vesting conditions. In both programs, which have no time limit regarding the ‘exit-event’, the right to receive a remuneration based on the exit proceeds is achieved if 95 % of the shares of Sono Motors are sold and transferred to a new owner or all material assets of Sono Motors (particularly patents) are sold to a third party. Both employee participation programs are accounted for as cash-settled share-based transactions. However, no expense and liability has been recognized because an ‘exit-event’ and consequently a payment was not probable as of December 31, 2020. In December 2020, Management has offered all participants of the existing employee participation program as well as five additional staff members (one active and four former staff members) to transfer or join the new employee participation program (Conversion Stock Option Program or CSOP), which is equity-settled. Therefore, all participants were asked to leave the current employee participation program by signing a cancellation agreement and to join the new program. As of December 31, 2020, 88 employees, including all management-level employees, have signed the CSOP. All participants of the employee participants program for managers have been transferred to the CSOP by December 31, 2020. Consequently, the employee participants program for managers was obsolete as of December 31, 2020. The table below shows the current status of the number of employees as of December 31, 2021: Cash-settled Equity-settled program program Staff members 1 85 Managers — 3 1 88 In November 2021, Sono Group successfully completed an IPO and is now listed on the Nasdaq Stock Market. No expense and liability have been recognized for the one participant remaining in the cash-settled program because management does not consider an IPO an ‘exit-event’ in accordance with the cash-settled employee participation program and consequently does not consider a payment to the remaining participant probable as of December 31, 2021. Management has determined that an IPO would constitute an ‘exit-event’ according to the CSOP. For all staff members as well as one manager in the CSOP, all granted share options are fully vested as of December 31, 2021 (also fully vested as of December 31, 2020). They become exercisable one year after an ‘exit-event’. All unexercised share options expire four years after an ‘exit-event’. The weighted average remaining contractual life for the CSOP as of December 31, 2021 is 3.9 years. Two managers in the CSOP have a vesting period of 36 months (service condition) for their granted share options, beginning at a contractually set date. If the employment of the managers with Sono Motors GmbH, Munich, Germany, ends during the vesting period, a pro rata exercisability of the share options might be granted, depending on contractually agreed good or bad leaver scenarios. After the vesting period all granted share options become exercisable. Other than that, there are no vesting conditions. Sono N.V. initially measures the fair value of the received services by reference to the fair value of the equity instruments (share options) granted and the number of share options contractually agreed on with each participant. Sono N.V. recognizes the fair value of the services as expenses and a corresponding increase in equity when the services are received. If Sono N.V. and the participant did not agree on service conditions (86 participants) and the participant is unconditionally entitled to the share options, Sono N.V. presumes, that the services have been received on grant date and recognizes the services received in full, with a corresponding increase in equity. If Sono N.V. and the participant did agree on service conditions (two participants), Sono N.V. accounts for the services as they are rendered by the participant during the vesting period, with a corresponding increase in equity. The following table illustrates the volume of the program, the weighted average fair value at grant date as well as the total expense of the period and the corresponding increase in equity: December 31, 2021 Number of options granted 1,805,100 Weighted average fair value at grant date (EUR) 19.26 Expense of the period (kEUR) 1,898 Increase in equity (kEUR) 1,898 December 31, 2020 Number of options granted 1,805,100 Weighted average fair value at grant date (EUR) 19.26 Expense of the period (kEUR) 32,160 Increase in equity (kEUR) 32,160 The following table illustrates the number of, and movements in, share options during the year: 2021 January 1, 2021 1,805,100 Granted — Forfeited — December 31, 2021 1,805,100 2020 January 1, 2020 — Granted 1,805,100 Forfeited — December 31, 2020 1,805,100 The exercise price of all share options will be EUR 0.06. The fair value of the share options for the equity-settled share-based transactions is measured using Black-Scholes Model and the following inputs: Input factor Weighted average share price (EUR) 22.01 Exercise price (EUR) 0.06 Expected volatility 75 % Option life (yrs.) 1.29 Expected dividends (EUR) 0.00 Risk-free interest rate (0.73) % Lack of marketability discount 14.39 % The expected life of the share options is based on current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility was based on an evaluation of historical volatilities of comparable listed peer group companies. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. As of December 31, 2020, the full fair value of the options for the participants, who did not agree on service conditions (86 participants) for the new Conversion Stock Option Program, was recognized as a personnel expense as the program for these participants is fully vested. For the participants, who did agree on service conditions (two participants), Sono N.V. recognized the proportionate fair value as a personnel expense as the program for these participants is not yet fully vested. 9.3.2 In November 2021, Sono Group established a supervisory board. As of December 31, 2021, the supervisory board consists of five members. The members receive share-based payment based on awarded restricted stock units (“RSU”), as part of their remuneration. RSU is the right to receive, in cash, in assets, in the form of plan shares valued at fair market value (“FMV”), or a combination, the FMV of one share on the exercise date. FMV is the closing price of a Sono share on the relevant date on the principal stock exchange where Sono shares have been admitted for trading. The RSU agreements were signed on November 25, 2021, by four members of the supervisory board and on February 22, 2022, by one member of the supervisory board. The RSU are vested in four equal installments on each relevant anniversary of November 19, 2021, with the fourth installment vesting on the earlier of (a) the fourth Sono Group considers the RSU a transaction in which the terms of the arrangement provide Sono Group with a choice of settlement. Management determined that Sono Group does not have an obligation to settle in cash and therefore accounts for the transactions with the requirements applying to equity-settled share-based payment transactions. Sono N.V. initially measures the fair value of the received services by reference to the fair value of the equity instruments (share options) granted and the number of share options contractually agreed on with member of the supervisory board. Sono N.V. recognizes the fair value of the services as expenses and a corresponding increase in equity when as the services are rendered by the members of the supervisory board during the vesting period, with a corresponding increase in equity. The following table illustrates the volume of the program, the weighted average fair value at measurement date as well as the total expense of the period and the corresponding increase in equity: December 31, 2021 Number of options granted 86,411 Weighted average fair value at measurement date (EUR) 14.74 Expense of the period (kEUR) 83 Increase in equity (kEUR) 83 For 2021 Sono N.V. recognized the proportionate fair value as other general and administrative expense. The following table illustrates the number of, and movements in, share options during the year: 2021 January 1, 2021 — Granted 86,411 Forfeited — December 31, 2021 86,411 The exercise price of all share options will be EUR 0.00. 9.4 Basic earnings per share is calculated by dividing earnings attributable to Sono N.V. shareholders by the weighted average number of ordinary and high voting shares outstanding during the reporting period. The high voting shares entitle the shareholders to additional voting rights, but not to higher dividend rights.There are currently no factors resulting in a dilution of earnings per share. As a result, basic earnings per share equals diluted earnings per share. Earnings per share 2021 2020 2019 EUR EUR EUR From continuing operations attributable to the ordinary equity holders of the company (1.07) (0.97) (0.18) (1.07) (0.97) (0.18) The capital increase and the IPO have resulted in an increase in the number of shares in the reporting year. Moreover, the weighted number of shares was adjusted retroactively in accordance with IAS 33.28 to reflect the issue of bonus shares in 2021. The adjusted weighted number of shares increased to 59,836,824 in the reporting year (2020: 57,684,220; 2019: 56,860,720). Due to the adjustment, reported earnings per share for 2020 have increased from EUR -1.66 to EUR -0.97 (2019: from EUR -0.30 to EUR -0.18). The options granted under IFRS 2 have not been included in the determination of earnings per share. Details relating to these options are set out in note 9.3 Remuneration based on shares (share-based payment). 9.5 Related parties of Sono Group include the following persons as well as their close family members: ● C-level Management ● Supervisory Board members Further, related parties of Sono Group also include the following entities: ● Sono Motors Management UG ● Sono Motors Investment UG Sono N.V. is not controlled by any other entity, but controls Sono Motors GmbH as of December 31, 2021. The below table displays the compensation of key management personnel: 2021 2020 2019 kEUR kEUR kEUR Short-term employee benefits 1,317 558 589 Share-based payments* 1,898 5,829 — Total compensation 3,215 6,387 589 * thereof kEUR 2,577 for key management personnel leaving in 2019 Some of the key management personnel do participate in the employee participation program. For details on this program, please refer to note 4.11 Share-based payment and 9.3 Remuneration based on shares (share-based payment). The table below displays loans and advance payments received from key management personnel and other related parties: 2021 2020 2019 kEUR kEUR kEUR Loans from key management personnel (subordinated crowdfunding loan II) 2 2 — Loans from other related parties — 199 191 2 201 191 Advance payments received from key management personnel* 47 52 — Total 49 253 191 * for which 9 Sono points have been granted For the terms and conditions of the subordinated crowdfunding loan II, we refer to note 7.10.2 Other noncurrent financial liabilities. The main shareholders of Sono N.V. have significant influence over Sono Motors Investment UG, Munich. Therefore, Sono Motors Investment UG is considered a related party. Sono Motors has received a loan amounting to kEUR 185 from Sono Motors Investment UG in 2019. The loan was due December 31, 2020, interest-paying at arm’s length (4 % p.a.) and unsecured. As of December 31, 2020, the loan had not been repaid as of the balance sheet date. Instead, it was paid back on January 5, 2021. 9.6 The statement of cash flows presents information on the cash flow from operating, financing and investing activities. In fiscal year 2021 and previous years, non-cash financing and investing activities include the acquisition of right-of-use assets (see note 7.3 Right-of-use assets). The table below presents a reconciliation of liabilities arising from financing activities. Jan. 1, Cash Non-cash changes Dec. 31, 2021 flows EIR method Additions Other 2021 kEUR kEUR kEUR kEUR kEUR kEUR Financial liabilities* Loans and participation rights 12,765 (2,187) 30 — (6,859) 3,749 Lease liabilities 1,958 (378) — 1,496 — 3,076 14,723 (2,565) 30 1,496 (6,859) 6,825 * including current and noncurrent financial liabilities Non-cash changes Jan. 1, Cash EIR Dec. 31, 2020 flows method Additions Other 2020 kEUR kEUR kEUR kEUR kEUR kEUR Financial liabilities* Loans and participation rights 6,250 8,330 482 (650) (1,648) 12,765 Lease liabilities 2,228 (282) — 12 — 1,958 8,478 8,049 482 (638) (1,648) 14,723 * including current and noncurrent financial liabilities Non-cash changes Jan. 1, Cash EIR Dec. 31, 2019 flows method Additions Other 2019 kEUR kEUR kEUR kEUR kEUR kEUR Financial liabilities* Loans and participation rights 2,067 3,710 192 — 281 6,250 Lease liabilities — (92) — 2,320 — 2,228 2,067 3,618 192 2,320 281 8,478 The column “EIR method” includes both interest paid and non-cash interest expenses. In the reporting year, other non-cash changes include the transfer of the mandatory convertible notes to equity and the fair-value changes of the mandatory convertible notes. In fiscal year 2020, other non-cash changes include a transfer from debt to equity (kEUR -1,648) in connection with a settlement agreement with a capital provider. For further details, we refer to note 7.10.1 Financial liabilities overview. 9.7 9.7.1 Sono Group intends to outsource the Sion’s production to Valmet Automotive in Uusikaupunki, Finland. As of the the issuance date of the consolidated financial statements our arrangement with Valmet Automotive is of a preliminary and basic nature and various aspects of our commercial and legal relationship with Valmet Automotive, as well as details of the production of the Sion, will have to be clarified and stipulated in a finalized principal contractual framework with Valmet Automotive in advance of the production of our vehicles. The change to Valmet Automotive and the development of new production lines leads to a new estimated date for start of production. Accordingly Sono Motors currently projects that it will deliver its first Sion in the second half of 2023. Sono Motors expects to produce and deliver the first Sion in late 2023. The Valmet Automotive facilities in Uusikaupunki allow for the production of a low four-digit volume in 2023, which is expected to be followed by a steady ramp-up over the coming months.The financial impact on the consolidated financial statements resulting from the change to Valmet Automotive cannot be reliably estimated yet. 9.7.2 Sono Group plans to introduce a new, equity settled ESOP in the second quarter of 2022. The program will be offered to all regular employees except the top management. The vesting period will go back to 2021. Starting with the second quarter of 2022, management expects the ESOP to have a material impact on the consolidated financial statements of Sono Group. In these consolidated financial statements, no impact of the new ESOP has been considered as the program was not communicated to employees until the second quarter of 2022.The financial impact of the program on the consolidated financial statements cannot be reliably estimated yet. There may be a new program for the management in the future, but these considerations are at a very early stage. Approval of these consolidated financial statements Munich, March 19, 2022 Sono Group N.V. Laurin Hahn Jona Christians Torsten Kiedel Thomas Hausch Markus Volmer |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for recognition of revenue [text block] | 4.1 Revenue Sono Group recognizes revenues primarily from the integration of Sono Motors patented solar technology across other transportation platforms and from the Sono app, which provides an in-app booking and payment system and optional additional insurance. Sono Group expects to recognize revenues also from the sale of the Sion electrical vehicle after the start of production in the second half of 2023. Sales are recognized when control of the goods and services is transferred to the customer, being generally when the customer gains the ability to direct the use of the goods and services and obtains substantially all of the remaining benefits from them. The amount of revenue recognized equals the amount of consideration the Group expects to receive in exchange for the goods and services. Management has determined that Sono Group acts as a principal in all sales transactions because it has control over the goods and services before transferring control to customers. A receivable is recognized when the goods and services are delivered or are ready for use as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due. Goods and services transferred 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. Performance obligations may be satisfied over time or at a point in time. Performance obligations are satisfied over time when the customer simultaneously receives and consumes the benefits resulting from the Group’s performance as the Group performs, when the Group creates or enhances an asset while the customer controls it or when the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. For such performance obligations, the Group recognizes revenue in line with the progress towards complete satisfaction of the performance obligation. As the information required to measure directly and faithfully the output transferred to the customer to date is not readily available but the work required to satisfy the Group’s performance obligations usually has a direct relation to satisfaction progress, progress is measured based on the Group’s input in relation to the total amount of input the Group expects is necessary to fulfill the performance obligation, i.e., on a cost-to-cost basis. Performance obligations that are not satisfied over time are satisfied at a point in time. Such obligations are satisfied when the customer obtains control of the asset or service, i.e., the customer accepts delivery of the integrated asset or in-app services are ready for use by the customer. Transaction prices do not include any variable amounts or significant financing components. Payment generally is due within 14 days after Sono Group has fulfilled its performance obligation. Regarding the treatment of advance payments from customers, please refer to note 4.8 Advance payments received from customers. No significant judgement is required to assess the timing of satisfaction of the Group’s performance obligations, the transaction price or the amounts allocated to distinct performance obligations. Obligations regarding returns or warranties do not arise from revenues. |
Description of accounting policy for government grants [text block] | 4.2 Grants from government agencies and similar bodies Sono Group receives grants from government agencies and similar bodies like the European Union for participation in specific research and development projects. The grants are recognized when there is reasonable assurance that the grant will be received, and all grant conditions will be met. If grant funds are received prior to qualifying expenses being incurred or assets purchased, they are deferred and recognized in other liabilities. If the funds reimburse expenses, the liability is amortized into other operating income on a systematic basis over the period in which the Group incurs the corresponding expenses. If the funds reimburse purchased assets, the liability is reduced with a corresponding amount deducted from the asset’s carrying amount upon recording of the qualified asset. |
Description of accounting policy for financial instruments [text block] | 4.3 Financial instruments Initial recognition 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. Sono Group initially recognizes financial instruments when it becomes party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on settlement date, i.e., the date that an asset is delivered to or by an entity. Offsetting of financial assets and financial liabilities Financial assets and liabilities are only offset if offsetting the amounts is legally enforceable at the current time and if there is an actual intention to offset. In general, the Group does not offset financial assets and liabilities and no material offsetting potential exists. |
Description of accounting policy for financial assets [text block] | 4.3.1 Initial measurement Sono Group’s financial assets include cash and cash equivalents, deposits and other financial receivables. At initial recognition, Sono Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. After the initial measurement, financial assets are subsequently classified into one of the following categories: ● financial assets at fair value through profit or loss (FVTPL); ● financial assets at fair value through other comprehensive income (FVOCI, debt instruments); ● financial assets at fair value through other comprehensive income (FVOCI, equity instruments); and ● financial assets at amortized cost (AC). The classification depends on the financial asset’s contractual cash flow characteristics and the business model (‘hold to collect’, ‘hold to collect and sell’ and ‘other’) for managing them. The cash flow characteristics are assessed at an instrument level, whereas the business model is assessed on portfolio level. Under the business model ‘hold to collect’, the Group holds a financial instrument only to collect contractual cash flows. Under the business model ‘hold to collect and sell’, the Group holds a financial instrument both to collect contractual cash flows and to receive economic benefits from selling these instruments. All other debt instruments are held under the business model ‘other’. Debt instruments that are held under the business model ‘hold to collect’, where those contractual terms give rise to cash flows that are solely payments of principal and interest (SPPI) on the outstanding principal amount, are measured at AC. Financial assets that are held under the business model ‘hold to collect and sell’, where the SPPI criterion is met, are measured at FVOCI. All other debt instruments are measured at FVTPL. Additionally, IFRS 9 allows for optional measurement at FVTPL if using the option significantly reduces a measurement or recognition inconsistency (accounting mismatch). Sono Group does not use this option. Financial assets that are equity instruments are measured at FVTPL, unless the Group exercises the policy choice to recognize changes in fair value through other comprehensive income (FVOCI). The gains and losses from the measurement of equity investments are never recycled to the income statement but instead reclassified to revenue reserves on disposal (no reclassification). Subsequent measurement Management has determined that, as of the reporting date, all financial assets are to be measured at amortized cost as the Group only holds debt instruments and these are held within the business model ‘hold to collect’ and have passed the SPPI-test. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss (interest and similar income/expense) when the asset is derecognized, modified or impaired. Changes in the loss allowance are recognized in profit or loss (other operating income/impairment losses on financial assets). Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when Sono Group no longer has the contractual rights to the asset or the rights to receive cash flows from the asset have expired. Impairment IFRS 9 requires recognizing expected credit losses for debt financial assets measured at AC or at FVOCI, lease receivables and contract assets, for which there is no objective evidence of impairment and loss allowances for financial assets that are credit impaired. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that Sono Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For the calculation of impairment losses, IFRS 9 distinguishes between the general approach and the simplified approach. Under the general approach, financial assets are allocated to one of three stages. For financial assets not yet credit-impaired at initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (12-month ECL, Stage 1). In subsequent measurement, for credit exposures for which there has not been a significant increase in credit risk since initial recognition, 12-month ECL are provided. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECL, Stage 2). Financial assets with objective evidence of impairment are allocated to Stage 3, for which also lifetime expected credit losses are calculated. Sono Group applies the general approach unless the simplified approach is required. The simplified approach is required for trade receivables or contract assets resulting from transactions within the scope of IFRS 15 that do not contain a significant financing component. Under the simplified approach, the loss allowance is always measured over the remaining life of the exposure (lifetime ECL, Stage 2). In addition, the simplified approach also requires loss allowances in case an objective indication of default is present (credit-impaired financial assets; Stage 3). Sono Group generally presumes all financial assets that are 30 days past due to have a significant increase in credit risk and accounts for expected losses over the remaining lifetime of those financial assets. Sono Group presumes a default, based on experience and the business conduct within Sono Group’s line of business, to occur when financial assets are 90 days past due (Stage 3). However, due to the manageable number and respective gross carrying amount of financial assets in Sono Group’s consolidated balance sheet, Sono Group decided to test all financial assets, regardless of their maturity, individually for expected credit loss, using reasonable and supportable historic and forward-looking information. |
Description of accounting policy for financial liabilities [text block] | 4.3.2 Initial measurement Sono Group’s financial liabilities include lease liabilities, loans from shareholders and private investors, participation rights, and trade and other payables. Regarding lease liabilities, please refer to note 4.6.2 Lease liabilities. All financial liabilities in the scope of IFRS 9 are initially measured at their fair value minus, in the case of financial liabilities not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the issue of the financial liabilities. In case of financial liabilities at FVTPL, transaction costs are directly recognized in profit or loss. After initial measurement, the financial liabilities are subsequently classified as measured either at amortized cost or fair value through profit or loss. Sono Group analyzes all contracts to determine whether the underlying contracts are debt or equity. An embedded derivative in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Reassessment of the bifurcation requirement only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required. Bifurcated embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Additionally, IFRS 9 allows for an optional classification of a financial liability measured at FVTPL if a contract contains one or more embedded derivatives, unless the embedded derivative(s) do(es) not significantly modify the contractual cash flows or it is clear with little or no analysis at the time of the contract’s first recognition that a separation of the embedded derivatives is prohibited. Sono Group exercised this option in 2020 for mandatory convertible notes. Subsequent measurement The measurement of financial liabilities of Sono Group depends on their classification as follows: 1. Financial liabilities at FVTPL: As of December 31, 2021, there are no financial liabilities at FVTPL on the balance sheet of Sono Group. As of December 31, 2020, this category solely consisted of mandatory convertible loans that contained one or more embedded derivatives and were designated as at fair value through profit or loss in accordance with IFRS 9.4.3.5. by Sono Group. Gains and losses were recognized in profit or loss (interest and similar income/expense) and, where they result from changes in own credit risk, in other comprehensive income. 2. Financial liabilities measured at amortized cost (FLAC): After initial recognition, these liabilities are measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss (interest and similar income/expense) when the liabilities are derecognized as well as in case of amortization using the EIR method. Amortization according to the EIR method is included in interest expenses in profit or loss. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. When an existing financial liability is replaced by another one from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. |
Description of accounting policy for intangible assets other than goodwill [text block] | 4.4 4.4.1 In accordance with IAS 38, research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred. Development costs for future series products and other internally generated intangible assets may be capitalized at cost if they are directly attributable to the design and testing of identifiable and unique products controlled by Sono Group and the criteria of IAS 38.57 are met. Capitalized development costs then must include all direct costs that are attributable to the development process. If the criteria for recognition of assets are not met, the expenses are recognized in profit or loss in the year in which they are incurred. As of the end of the reporting period as well as in previous years, management has determined that the criteria for capitalization of development costs have not been met. Consequently, all development costs were recognized in profit or loss as incurred. 4.4.2 Acquired intangible assets are initially measured at cost and amortized over their useful life using the straight-line method. 4.4.3 Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. There were no triggering events identified in 2021 and in prior periods that would require an impairment test. Intangible assets with finite useful lives are amortized over their useful life, generally using the straight-line method. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least annually at each fiscal year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits are accounted for prospectively. Amortization of an intangible asset is recognized in profit or loss in accordance with the function of the intangible asset. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss in the period in which the asset is derecognized. Intangible assets are amortized using the straight line-method over the useful life as displayed in the below table: Website Software Useful life (years) 3 – 4 1 – 5 |
Description of accounting policy for property, plant and equipment [text block] | 4.5 Property, plant and equipment are stated at cost less accumulated depreciation and impairments. These costs also comprise the costs for replacement parts, which are recognized at the time they are incurred, providing they meet the recognition criteria. All other repair and maintenance costs are expensed as incurred. Depreciation begins when the asset is available for use. Property, plant and equipment are depreciated using the straight line-method over the useful life as displayed in the below table: Advance payments to technical Equipment / equipment and Hardware machinery Useful life (years) 3-13 — Impairment losses on property, plant and equipment are recognized in accordance with IAS 36 if the recoverable amount of the respective asset has fallen below the carrying amount. Recoverable amount is the higher of value in use and fair value less costs to sell. If the reasons for impairments recognized in previous years no longer apply, the impairment losses are reversed up to a maximum of the amount that would have been determined if no impairment loss had been recognized. The recognition of impairment losses requires the prior identification of triggering events. For details on any impairments or reversals of earlier impairments in the reporting period, please refer to note 7.2 Property, plant and equipment. Property, plant and equipment are derecognized upon disposal or when no further economic benefits are expected from their continued use or sale. The gain or loss on derecognition is determined as the difference between the net disposal proceeds and the carrying amount and recognized in profit or loss in the period in which the item is derecognized. The residual values of the assets, useful lives and depreciation methods are reviewed at the end of each fiscal year and any changes are accounted for prospectively. The residual values of the assets are generally considered to be zero. |
Description of accounting policy for leases [text block] | 4.6 Applying IFRS 16, at inception of a contract, Sono Group assesses 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. 4.6.1 Sono Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received as well as any estimated costs to be incurred by the lessee for dismantling and removing the underlying asset. Unless Sono Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life, and the lease term. Right-of-use assets are subject to impairment according to IAS 36. 4.6.2 At the commencement date of the lease, Sono Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by Sono Group and payments of penalties for terminating a lease, if the lease term reflects Sono Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. To calculate the present value of lease payments, Sono Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of whether an option to purchase the underlying asset will be executed with reasonable certainty. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount for the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. 4.6.3 Sono Group applies the short-term lease recognition exemption to its short-term leases of buildings and cars (i.e., leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases (contracts with a term of twelve months or less) and leases of low-value assets (Sono Group threshold of fair value of leased asset < kEUR 5) are recognized as expense on a straight-line basis over the lease term. |
Description of accounting policy for determining components of cash and cash equivalents [text block] | 4.7 Cash and cash equivalents include PayPal accounts to the extent that these can be disposed of at short notice (regular rolling reserve), bank balances and money in transit with an original maturity of three months or less. Cash and cash equivalents are measured at amortized cost and are subject to the impairment requirements of IFRS 9. |
Description of accounting policy for advance payments received from customers [text block] | 4.8 Advance payments received from customers are recognized at the time the cash is collected by Sono Group. As Sono Group will begin delivering its Sion electrical vehicles to customers after the start of production, which is currently expected in the second half of 2023, all advance payments are shown as noncurrent, even though some customers may be able to cancel their contract (depending on the general terms in some cases cancellation is possible within the next 12 months) and demand the money back. Due to an original term of the advance payments which is more than 12 months, the advance payments include a significant financing component. The compounding effect is recognized in interest expense and increases the advance payments received from customers. Sales revenues from advance payments received from customers will be recognized at the time of delivery of the car. |
Description of accounting policy for provisions [text block] | 4.9 Provisions for bonus and settlement payments or any other obligations are recognized when the group has a present legal or constructive obligation as a result of past events, if it is probable that an outflow of resources will be required to settle the obligation, and if the amount can be reliably estimated. Provisions are not recognized for future operations. Moreover, provisions are recognized when Sono Group determines that it has a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it (onerous contract). Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Provisions for onerous contracts are measured at the present obligation under the contract, i.e., the lower of the cost of fulfilling the contract and any compensations or penalties arising from failure to fulfill it. Provisions are discounted when the time value of money is material. As of December 31, 2021, and 2020, there were no discounted provisions. |
Description of accounting policy for income tax [text block] | 4.10 4.10.1 Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities based on the tax rates and tax laws that are enacted or substantively enacted at the end of the reporting period. 4.10.2 Deferred tax is recognized using the liability method on temporary differences as of the end of the reporting period between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognized for all taxable temporary differences. The only exception is if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction, affects neither accounting profit or loss nor taxable profit or loss. Deferred tax assets are recognized for deductible temporary differences and to the extent that it is probable that future taxable income will allow the deferred tax asset to be realized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. However, to the extent that taxable income exceeds an amount of kEUR 1,000, only up to 60% of such income may be offset against tax losses carried forward. The remaining 40% of the taxable income is subject to corporate income and trade tax under the so-called minimum taxation rules. Taxable income for corporate income tax and trade tax purposes of up to an amount of kEUR 1,000 could fully be offset against tax losses carried forward. Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized, or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets may only be recognized up to the amount of the deferred tax liabilities as it is not sufficiently probable that future taxable profit will be available against which they can be utilized. If transactions and other events are recognized directly in equity, any related taxes on income are also recognized directly in equity. As transaction costs are recognized in the capital reserve, corresponding (deferred) tax effects are recognized partly due to the loss situation of Sono Group and the fact that deferred taxes for losses carried forward were partly recognized at the level of Sono N.V. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to offset current tax assets and current tax liabilities and these relate to income taxes levied by the same tax jurisdiction. 4.10.3 Based on management’s estimation, a deferred tax asset is recognized for the tax losses carried forward to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. Only up to 60% of the Group’s annual taxable income, to the extent such taxable income exceeds kEUR 1,000, may be offset against tax loss carry forwards. The remaining 40% of the taxable income is subject to corporate income and trade tax under the so-called minimum taxation rules. Annual taxable income for corporate income tax and trade tax purposes of up to kEUR 1,000 could fully be offset against tax losses carried forward. For further information regarding the tax losses carried forward see note 4.13.6 Recoverability of deferred tax assets in relation to loss carryforwards. |
Description of accounting policy for share-based payment transactions [text block] | 4.11 Share-based payment transaction include: a) equity-settled share-based payment transactions, b) cash-settled share-based payment transactions, and c) transactions in which the entity receives or acquires goods or services and the terms of the arrangement provide either the entity or the supplier of those goods or services with a choice of whether the entity settles the transaction in cash (or other assets) or by issuing equity instruments and are accounted for in accordance with IFRS 2. 4.11.1 For equity-settled share-based payment transactions, on grant date, Sono Group initially measures the fair value of the received services by reference to the fair value of the equity instruments granted. Sono Group recognizes the fair value of the goods or services as expenses and a corresponding increase in equity when the services are received. Vesting conditions, other than market conditions, are not considered when estimating the fair value of the equity instruments at the measurement date. Instead, vesting conditions, other than market conditions, are considered by adjusting the number of equity instruments included in the measurement of the transaction amount. Non-vesting conditions are considered when estimating the fair value of the equity instruments granted. If Sono Group and the supplier of services did not agree on service conditions and the supplier of services is unconditionally entitled to the equity instruments, Sono Group presumes that the services have been received on grant date and recognizes the services received in full, with a corresponding increase in equity. If Sono Group and the supplier of services did agree on service conditions, the Group accounts for the services as they are rendered by the supplier during the vesting period, with a corresponding increase in equity. 4.11.2 For transactions in which the terms of the arrangement provide Sono Group with a choice of settlement, Sono Group determines whether it has a present obligation to settle in cash. Sono would have an obligation to settle in cash if the choice of settlement in equity instruments has no commercial substance, or Sono Group had a past practice or a stated policy of settling in cash, or generally settles in cash whenever the counterparty asks for cash settlement. Management determined that Sono Group does not have an obligation to settle in cash and therefore accounts for the transactions in which the terms of the arrangement provide Sono Group with a choice of settlement with the requirements applying to equity-settled share-based payment transactions. We refer to note 4.11.1 Equity-settled. Upon settlement: a) if Sono Group elects to settle in cash, the cash payment is accounted for as the repurchase of an equity interest, i. e. as a deduction from equity, b) if Sono Group elects to settle by issuing equity instruments, no further accounting is required and c) if Sono Group elects the settlement alternative with the higher fair value, as at the date of settlement, Sono Group recognizes an additional expense for the excess value given, i. e. the difference between the cash paid and the fair value of the equity instruments that would otherwise have been issued, or the difference between the fair value of the equity instruments issued and the amount of cash that would otherwise have been paid, whichever is applicable. For further details, please refer to note 9.3. Remuneration based on shares (share-based payment). |
Description of accounting policy for foreign currency translation [text block] | 4.12 For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are initially translated at the spot rate applicable between the functional currency and the foreign currency on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated to the functional currency using the prevailing rate at the reporting date. Foreign currency exchange differences are recognized in profit or loss. |
Description of accounting policy for significant accounting judgements, estimated and assumptions [text block] | 4.13 The preparation of consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgments and estimates in relation to assets, liabilities, contingent liabilities, and expenses. Management bases its judgments and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances, the result of which forms the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions and may materially affect the financial results or the financial position reported in future periods. In the process of applying the accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements. |
Description of accounting policy for going concern [text block] | 4.13.1 Management assessed Sono Group’s ability to continue as a going concern, evaluating whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern using all information available about the future, focusing on the twelve-month period following the issuance date of the consolidated financial statements. Historically, Sono Group has financed its operations primarily through capital raises and loans from shareholders and private investors (including its IPO in November 2021) as well as through advance payments received from customers. Since inception Sono Group has incurred recurring losses and negative cash flows from operations, including accumulated net losses of kEUR 147,081 as of December 31, 2021 and expects to continue to generate operating losses and negative cash flows from operations for the foreseeable future. In November 2021, Sono Group received net proceeds from their IPO in the amount of kEUR 142,334. At that time, Sono Management planned and disclosed that the proceeds were to be used to finalize the development of the prototype SVC3 and to maintain liquidity of the Company until May 2023 (including a reserve of mEUR 41 related to the potential repayment of the customer prepayments at any time). Management also began to increase headcount and proceeded with additional development and production activities for the car and solar technology, which increased the rate at which available cash is being expended. With the change of contract manufacturer (see note 9.7 Subsequent events), the planned start of series production had to be postponed from the first half of 2023 to the second half of 2023 and the cost estimates for pre-production activities had to be increased. These changes to the initial plan put increased pressure on the financing of development and operations and will require additional funding to be received in the short term. Sono Group’s financing plan shows substantial financing needs, including increased needs due to a change in its contract manufacturer (see note 9.7 Subsequent events), planned cost increases, additional technical and regulatory requirements, and changes in suppliers in addition to the current economic environment of increasing prices, resulting in significantly higher financing requirements needed to reach the start of serial production in the second half of 2023. Based on numerous risks and uncertainties, Sono Group cannot predict with certainty the total costs to be incurred prior to the commencement of production. Sono Group’s forecasted cash required to fund investments and operations (excluding future financing plans and counter measures to be taken by management) indicates that the Group does not currently have sufficient funds to fund its operations through the twelve-month period from the issuance date of these financial statements. Consequently, the Group’s ability to continue as a going concern is largely dependent on its ability to raise additional funds in the near future through debt or equity transactions, additional advance payments, or other means, to finance investments and operations and ultimately, to achieve serial production of the Sion. In this regard, management plans to seek to raise additional capital of at least mEUR 200 in 2022 through the issuance of new shares in public offerings and/or through equity facility transactions with financial institutions currently offered to Sono Group (and, based on current expectations, would also expect to raise additional capital at a future date prior to commencement of production). In addition, the Group is exploring alternative methods of obtaining financing, including applying for subsidies and grants. There is no certainty that Sono Group will be successful in obtaining sufficient funding through additional public offerings of equity. If Sono Group is unable to obtain additional funding from public offerings, management would consider entering into equity facilities with a financial institution; however, the ability of the Sono Group to raise necessary funds through these or any other means is subject to uncertainty and is not assured. If the Group is unsuccessful in raising the planned capital through equity facilities, Sono Group’s management will be forced, and is committed, to substantial cost-cutting measures in order to maintain minimum liquidity of the Company within the twelve-month period from the issuance date of these financial statements. Risks and uncertainties related to the supply chain, cost development, technical challenges (e.g. homologation certification), the ongoing corona pandemic and the war in Ukraine may also negatively affect the Group’s business, liquidity and financial position going forward (see note 8.1.3 Liquidity risk). As discussed above, Sono Group will need to raise substantial additional capital to finance its future operations, which is not assured, and has consequently concluded that there is substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 4.13.2 For equity-settled share-based payment transactions (see note 4.11 Share-based payment), on grant date, Sono Group initially measures the fair value of the received services by reference to the fair value of the equity instruments granted. The fair value measurement of the share options for the equity-settled share-based transactions requires assumptions about the input data for using Black-Scholes Model. The expected life of the share options is based on current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility was based on an evaluation of historical volatilities of comparable listed peer group companies. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. For further details about the input factors used see note 9.3 Remuneration based on shares (share-based payment). 4.13.3 In 2020, COVID-19 caused a global pandemic. At the end of 2021, the pandemic was still present. In response to this pandemic, governments as well as private organizations implemented numerous measures seeking to contain the virus. These measures disrupted the manufacturing, delivery and overall supply chain of vehicle manufacturers and suppliers and led to a global decrease in vehicle sales. These measures have also led to a trend to work-from-home, which could result in a lower demand for cars in the future and negatively impact the Group’s sales and marketing activities. The pandemic may also affect the interest of Sono Group’s customers in their car-sharing and ride-pooling networks. Sono Motors cannot yet foresee the full extent of COVID-19’s impact on its business and operations and such impact will depend on future developments of the outbreak, including new information concerning the global severity of and actions taken to contain the outbreak and any future mutations of the virus, which are highly uncertain and unpredictable. The virus could have a material impact on Sono Group’s ability to raise additional liquidity to the extent needed and capital management. Sono Group will continue to monitor the situation and the effects of this development on its liquidity and capital management. At the same time, Sono Group has taken actions to maintain operations and protect employees from infection. Since 2020, COVID-19 has had a slightly negative impact on orders and advance payments received from customers. Based on the most recent available information, COVID-19 might continue to have a negative effect on orders and advance payments received from customers in 2022. 4.13.4 In February 2022, the government of Russia invaded Ukraine across a broad front. In response to this aggression, governments around the world have imposed severe sanctions against Russia. These sanctions disrupted the manufacturing, delivery and overall supply chain of vehicle manufacturers and suppliers. We cannot yet foresee the full extent of the sanctions’ impact on our business and operations and such impact will depend on future developments of the war, which is highly uncertain and unpredictable. The war could have a material impact on our results of operations, liquidity, and capital management. We will continue to monitor the situation and the effect of this development on our liquidity and capital management. 4.13.5 Sono Motors has carried out several crowdfunding campaigns in which the Sion could be reserved against an advance payment received from customers of various amounts. With the reservation, the customer is entitled to the right to enter a contract for the purchase of the Sion. However, Sono Motors is not obliged to deliver a vehicle to the customer. Instead, the customer can withdraw from the reservation if he or she decides not to conclude the purchase contract or Sono Motors has not offered a purchase contract by the respective date defined by the underlying terms and conditions. In December 2020, a crowdfunding campaign with the aim of raising a predefined target amount was launched. In connection with the campaign, so-called Sono Points were introduced and communicated on December 15, 2020. The three founders, Laurin Hahn, Navina Persteiner and Jona Christians, announced that they would be giving a majority of their profit participation rights (for clarification: the voting rights remain with the founders), amounting to 64.07 % of all profit participation rights (as of December 31, 2019) to a “community pool”, from which the so-called Sono Points would be awarded. The number of Sono Points, through which the participants in the crowdfunding and pre-orders can participate in the community pool, is significantly influenced by the time and amount of the individual deposit. The maximum number of possible Sono Points in total is not limited. In case a Sono Point holder should revoke or withdraw from the reservation or should revoke or withdraw from the purchase contract concluded based on the reservation, the Sono Points will expire. According to current legal assessments, management concludes that Sono Points do not impact Sono Group as the obligation relates only to the founders. 4.13.6 Management has determined that these tax losses represent start-up losses as a result of establishing Sono Motors’ business. The tax losses can be carried forward indefinitely and have no expiry date. Management does not expect a (proportional) reduction of deductible tax loss carryforwards due to any future corporate restructuring or due to the various capital measures, especially the IPO, in 2021. For further details, please refer to note 1 General information. Management expects that the “hidden reserves clause” can be asserted and that the tax losses can still be carried forward. |
Note 4 - Significant Accounti_2
Note 4 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Note 4 - Significant Accounting Policies | |
Disclosure of detailed information about intangible assets [text block] | Website Software Useful life (years) 3 – 4 1 – 5 |
Disclosure of detailed information about property, plant and equipment [text block] | Advance payments to technical Equipment / equipment and Hardware machinery Useful life (years) 3-13 — |
Note 6 - Disclosures to the S_2
Note 6 - Disclosures to the Statement of Income and Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Note 6 - Disclosures to the Statement of Income and Loss | |
Disclosure of research and development expense [text block] | 2021 2020 2019 kEUR kEUR kEUR Development cost of prototypes 27,632 8,234 2,102 Personnel expenses 11,340 21,652 2,243 thereof related to the CSOP (IFRS 2) 1,137 17,723 — Software fees and subscriptions 506 91 44 Professional services 352 267 284 Depreciation and amortization 284 171 78 Other 495 54 186 40,609 30,469 4,937 |
Disclosures of selling and distribution expenses explanatory [text block] | 2021 2020 2019 kEUR kEUR kEUR Personnel expenses 1,764 8,490 1,582 thereof related to the CSOP (IFRS 2) — 6,949 — Professional services 704 171 103 Advertising 365 84 113 Other 387 355 337 3,220 9,100 2,135 |
Disclosure of genral and administrative expenses explantory [text block] | 2021 2020 2019 kEUR kEUR kEUR Professional services 7,030 4,830 670 Personnel expenses 4,574 9,148 1,325 thereof related to the CSOP (IFRS 2) 761 7,488 — Impairment 1,965 — — Expenses without sufficient supporting documentation — 21 70 Other 1,525 405 352 15,094 14,404 2,417 |
Disclosure of additional information on nature of expenses [text block] | 2021 2020 2019 kEUR kEUR kEUR Personnel expenses 17,678 39,291 5,151 thereof related to CSOP (IFRS 2) 1,898 32,160 — Depreciation and amortization 574 384 224 18,252 39,675 5,375 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Dec 31, 2021 Dec. 31, 2020 Dec. 31, 2019 kEUR kEUR kEUR Deferred tax assets due to tax loss carryforwards 54 — — due to advance payments received from customers 1,163 670 221 due to lease liabilities 1,015 646 735 due to current provisions 101 — — due to current other non-financial assets 29 — — due to current financial liabilities 21 — — due to current other liabilities 14 — — due to cash & cash deposits 2 1 — due to current other financial assets 1 1 — due to prepaid expenses — 134 — Deferred tax assets 2,400 1,452 956 Deferred tax liabilities due to leases 995 639 737 due to cash & cash deposits 47 — — due to property, plant and equipment 45 10 8 due to noncurrent other non-financial assets 29 — — due to other noncurrent financial liabilities 22 112 12 Deferred tax liabilities 1,138 761 757 Non-recognition of deferred tax assets (1,262) (691) (199) Recognition of deferred tax assets 1,138 761 757 Deferred tax assets/liabilities, net — — — |
Disclosure of deductible temporary differences for which no deferred tax assets is recognised [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Advance payments received from customers 1,928 966 Lease liabilities 1,681 931 Current provisions 168 — Other non-financial assets 48 — Current financial liabilities 17 — Current other liabilities 23 — Cash & cash deposits 3 1 Other financial assets 19 2 Prepaid expenses — 193 3,887 2,093 Potential tax benefit at a total tax rate of 32,98 % 1,282 690 |
Disclosure of unused tax losses for which no deferred tax assets recognized [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Unused tax losses for which no deferred tax asset has been recognized (corporate tax) 111,950 51,316 Unused tax losses for which no deferred tax asset has been recognized (trade tax) 111,565 51,083 Potential tax benefit at a total tax rate of 32.98 % 36,858 16,885 |
Disclosure of reconciliation of income tax explantory [text block] | 2021 2020 2019 kEUR kEUR kEUR Income (loss) before tax for the period (63,935) (56,032) (9,971) Expected income tax (income (-)/expense (+) at a tax rate of 32.98 % (21,086) (18,479) (3,288) Reconciliation: Changes in unrecognized tax losses 20,061 8,254 3,164 Changes in deferred taxes on timing differences 1,261 690 199 MCN non-tax-deductible expenses 753 — — CSOP non-tax-deductible expenses 626 10,606 — Tax-deductible transaction costs (937) (723) (36) Non-tax-deductible expenses 37 9 27 Other (715) (357) (66) Effective income tax income for the period — — — |
Note 7 - Balance Sheet Disclo_2
Note 7 - Balance Sheet Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Note 7 - Balance Sheet Disclosures | |
Disclosure of intangible assets [text block] | Website Software Total kEUR kEUR kEUR Historical cost Balance as of Jan. 1, 2021 43 — 43 Additions 2 222 224 Balance as of Dec. 31, 2021 45 222 267 Accumulated amortization Balance as of Jan. 1, 2021 27 — 27 Amortization 11 23 34 Balance as of Dec. 31, 2021 38 23 61 Carrying Amount as of Jan. 1, 2021 16 — 16 Carrying Amount as of Dec. 31, 2021 7 199 206 Website Software Total kEUR kEUR kEUR Historical cost Balance as of Jan. 1, 2020 43 — 43 Additions — — — Balance as of Dec. 31, 2020 43 — 43 Accumulated amortization Balance as of Jan. 1, 2020 16 — 16 Amortization 11 — 11 Balance as of Dec. 31, 2020 27 — 27 Carrying Amount as of Jan. 1, 2020 27 — 27 Carrying Amount as of Dec. 31, 2020 16 — 16 |
Disclosure of property, plant and equipment [text block] | Advance payments for technical Equipment / equipment Hardware and machinery Total kEUR kEUR kEUR Acquisition or manufacturing costs Jan. 1, 2021 281 1,965 2,246 Additions 546 926 1,472 Reclassifications 221 (221) — Deductions — — — Impairment — (1,965) (1,965) Acquisition or manufacturing costs Dec. 31, 2021 1,048 705 1,753 Accumulated depreciation Jan. 1, 2021 144 — 144 Depreciation 125 — 125 Accumulated depreciation Dec. 31, 2021 269 — 269 Carrying Amount Jan. 1, 2021 137 1,965 2,102 Carrying Amount Dec. 31, 2021 779 705 1,484 Advance payments to technical Equipment / equipment Hardware and machinery Total kEUR kEUR kEUR Acquisition or manufacturing costs Jan. 1, 2020 239 2,313 2,552 Additions 42 — 42 Deductions — 348 348 Impairment — — — Acquisition or manufacturing costs Dec. 31, 2020 281 1,965 2,246 Accumulated depreciation Jan. 1, 2020 83 — 83 Depreciation 61 — 61 Accumulated depreciation Dec. 31, 2020 144 — 144 Carrying Amount Jan. 1, 2020 156 2,313 2,469 Carrying Amount Dec. 31, 2020 137 1,965 2,102 |
Disclosure of quantitative information about right-of-use assets [text block] | Buildings Cars Total kEUR kEUR kEUR Right-of-use assets on January 1, 2021 1,906 31 1,937 Additions to right-of-use assets 1,496 — 1,496 Depreciation of right-of-use assets 405 10 415 Right-of-use assets on December 31, 2021 2,997 21 3,018 Interest expense on lease liabilities 52 4 56 Expense relating to short-term leases — — — Total cash outflow for leases 423 12 435 Buildings Cars Total kEUR kEUR kEUR Right-of-use assets on January 1, 2020 2,211 24 2,235 Additions to right-of-use assets — 15 15 Depreciation of right-of-use assets 305 8 313 Right-of-use assets on December 31, 2020 1,906 31 1,937 Interest expense on lease liabilities 35 4 39 Expense relating to short-term leases — — — Total cash outflow for leases 311 12 323 Buildings Cars Total kEUR kEUR kEUR Right-of-use assets on January 1, 2019 — — — Additions to right-of-use assets 2,372 25 2,397 Depreciation of right-of-use assets 161 1 163 Right-of-use assets on December 31, 2019 2,211 24 2,235 Interest expense on lease liabilities 22 1 23 Expense relating to short-term leases 84 — 84 Total cash outflow for leases 271 5 276 |
Disclosure of lease prepayments [text block] | kEUR < 1 year 1 to 5 years >5 years Buildings 488 1,988 810 Cars 15 12 — Total December 31, 2021 503 2,000 810 kEUR < 1 year 1 to 5 years >5 years Buildings 311 1,302 421 Cars 12 24 — Total December 31, 2020 323 1,326 421 |
Disclosure of financial assets [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR PayPal reserve 6,000 4,655 Receivables from crowdfunding and deposits 169 179 Debtors creditors 26 539 Current trade receivables 20 — Current receivables (affiliated companies) 11 11 Other 7 20 Total 6,233 5,404 |
Disclosure of cash and cash equivalents [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Bank balances 132,947 43,266 Allowance for expected credit losses (8) (2) Total 132,939 43,264 |
Disclosure of advance payments received from customers [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Advance payments received from customers 44,756 38,972 44,756 38,972 Balance as of Balance as of Jan. 1, 2021 Additions Repayment Net interest Dec. 31, 2021 KEUR kEUR kEUR kEUR kEUR Advance payments received from customers 38,972 5,198 (912) 1,498 44,756 38,972 5,198 (912) 1,498 44,756 Balance as of Balance as of Jan. 1, 2020 Additions Repayment Net interest Dec. 31, 2020 KEUR kEUR kEUR kEUR kEUR Advance payments received from customers 11,164 30,565 (4,117) 1,360 38,972 11,164 30,565 (4,117) 1,360 38,972 |
Disclosure of loans and participation rights [text block] | Subordinated Mandatory Loan Loan Loan loans convertible Participation Nominal amounts 1 2 3* (crowd-funding) Notes rights Total kEUR kEUR kEUR kEUR kEUR kEUR kEUR Jan. 1, 2020** — 295 2,590 1,967 — 1,383 6,235 Addition 1,225 — — 2,795 6,800 — 10,820 Accrued interest 46 12 277 101 — — 435 Repayment — (107) (1,219) (1,731) — — (3,058) Conversion to equity — — (1,648) — — — (1,648) Dec. 31, 2020 1,271 200 — 3,131 6,800 1,383 12,784 Addition — — — — — — — Accrued interest 50 — — 174 — 52 276 Repayment (36) (200) — (805) — (1,435) (2,475) Conversion to equity — — — — (6,800) — (6,800) Dec. 31, 2021 1,285 — — 2,500 — — 3,785 * Shareholder transaction in 2020 ** including nominal interest accrued in previous periods if applicable Subordinated Mandatory Loan Loan Loan loans convertible Participation Carrying amounts 1 2 3* (crowd-funding) Notes rights Total kEUR kEUR kEUR kEUR kEUR kEUR kEUR Jan. 1, 2020 — 295 2,583 2,026 — 1,346 6,250 Initial recognition 1,225 — — 2,714 6,800 — 10,739 Subsequent measurement 46 12 284 53 59 28 482 Derecognition — (107) (1,219) (1,731) — — (3,058) Conversion to equity — — (1,648) — — — (1,648) Dec. 31, 2020 1,271 200 — 3,062 6,859 1,374 12,766 Initial recognition — — — — — — — Subsequent measurement 14 — — 58 2,802 62 2,936 Derecognition — (200) — (655) — (1,436) (2,291) Conversion to equity — — — — (9,661) — (9,661) Dec. 31, 2021 1,285 — — 2,465 — — 3,750 * Shareholder transaction in 2020 |
Disclosure of financial liabilities [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Loans and participation rights 3,718 3,665 Lease liabilities 2,635 1,669 6,353 5,335 Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Current other financial liabilities Loans and participation rights 31 2,240 Mandatory convertible notes — 6,859 Lease liabilities 441 289 472 9,388 |
Disclosure of trade and other payables [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Trade payables 6,866 2,642 Other payables 715 232 7,582 2,874 |
Disclosure of other current liabilities [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Accruals and deferrals 2,011 1,463 Employee tax liabilities (wage and church tax) 372 146 Tax liabilities (VAT taxes and interest) 109 80 2,492 1,689 |
Disclosure of other provisions, contingent liabilities and contingent assets [text block] | Balance as of Balance as of Jan. 1, 2021 Usage Reversals Additions Dec. 31, 2021 KEUR kEUR kEUR kEUR kEUR Other provisions — — — 65 65 Personnel costs — — — — — Financial statements 111 (111) — 2,137 2,137 111 (111) — 2,202 2,202 Balance as of Balance as of Jan. 1, 2020 Usage Reversals Additions Dec. 31, 2020 KEUR kEUR kEUR kEUR kEUR Other provisions — — — — — Personnel costs 584 (584) — — — Financial statements 52 (46) — 105 111 636 (630) — 105 111 |
Note 8 - Disclosure of Financ_2
Note 8 - Disclosure of Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Note 8 - Disclosure of Financial Instruments and Risk Management | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [text block] | Total kEUR Opening loss allowance as at January 1, 2020 — Additions recognized in profit or loss during the period 6 Utilization — Closing loss allowance as at December 31, 2020 6 Opening loss allowance as at January 1, 2021 6 Additions recognized in profit or loss during the period 6 Utilization (2) Closing loss allowance as at December 31, 2021 10 |
Disclosure of credit risk [text block] | Gross carrying Credit risk amount rating grade (12m ECL) kEUR December 31, 2020 Risk class 1 48,715 December 31, 2021 Risk class 1 139,273 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | Carrying amount < 1 year 1 to 5 years >5 years kEUR kEUR kEUR kEUR Trade and other payables 7,582 7,582 — — Loans and participation rights 3,749 186 4,134 — Lease liabilities 3,076 503 2,000 810 Mandatory convertible notes — — — — Total December 31, 2021 14,407 8,271 6,134 810 Carrying amount < 1 year 1 to 5 years >5 years kEUR kEUR kEUR kEUR Trade and other payables 2,874 2,874 — — Loans and participation rights 5,905 2,489 4,260 — Mandatory convertible notes 6,859 9,286 — — Lease liabilities 1,958 323 1,326 421 Total December 31, 2020 17,596 14,972 5,586 421 |
Disclosure of effect of changes in foreign exchange rates [text block] | Cash December 31, 2021 December 31, 2020 k units kEUR k units kEUR USD 30,425 26,877 — — 26,877 — — Trade payables December 31, 2021 December 31, 2020 k units kEUR k units kEUR CNY 6,616 916 — — USD 144 127 — — SEK 120 12 — — GBP 1 2 — — 1,057 — — December 31, December 31, EUR appreciation of 10% 2021 2020 kEUR kEUR USD (2,432) — CNY 83 — SEK 1 — GBP — — (2,348) — December 31, December 31, EUR depreciation of 10% 2021 2020 kEUR kEUR USD 2,972 — CNY (102) — SEK (1) — GBP — — 2,869 — |
Disclosure of detailed information about financial instruments [text block] | December 31, 2021 carrying category fair value kEUR amount (IFRS 9) fair value level Noncurrent financial assets Other financial assets Security deposits 91 AC 89 2 Current financial assets Other financial assets Paypal reserve 6,000 AC n/a* n/a Receivables from crowdfunding and deposits 169 AC n/a* n/a Debtor creditors 26 AC n/a* n/a Current trade receivables 20 AC n/a* n/a Current trade receivables (affiliated companies) 11 AC n/a* n/a Other 7 AC n/a* n/a Cash and cash equivalents 132,939 AC n/a* n/a Noncurrent financial liabilities Financial liabilities Loans and participation rights 3,718 FLAC 3,466 3 Lease liabilities 2,635 — — — Current financial liabilities Financial liabilities Loans and participation rights 31 FLAC n/a* n/a Lease liabilities 441 — — — Mandatory convertible notes — FVTPL — — Trade and other payables 7,582 FLAC n/a* n/a * The carrying amount approximately equals the fair value, thus no separate fair value disclosure is needed according to IFRS 7.29 December 31, 2020 carrying category fair value kEUR amount (IFRS 9) fair value level Noncurrent financial assets Other financial assets Deposits 41 AC 42 2 Current financial assets Other financial assets PayPal reserves 4,655 AC n/a* n/a Debtor creditors 539 AC n/a* n/a Receivables from crowdfunding and deposits 179 AC n/a* n/a Other 31 AC n/a* n/a Cash and cash equivalents 43,264 AC n/a* n/a Noncurrent financial liabilities Financial liabilities Loans and participation rights 3,665 FLAC 3,308 3 Lease liabilities 1,669 — — — Current financial liabilities Financial liabilities Loans and participation rights 2,240 FLAC n/a* n/a Lease liabilities 289 — — — Mandatory convertible notes 6,859 FVTPL 6,859 3 Trade and other payables 2,874 FLAC n/a* n/a * The carrying amount approximately equals the fair value, thus no separate fair value disclosure is needed according to IFRS 7.29 Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Financial assets measured at amortized cost (AC) 139,263 48,709 Financial liabilities measured at amortized cost (FLAC) 11,331 8,779 Financial liabilities measured at fair value through profit or loss (FVTPL) — 6,859 |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block] | Range of inputs Description Fair value at (most likely outcome) Relationship of Dec. 31, Dec. 31, Dec. 31, unobservable inputs to 2021 2020 Unobservable input 2021 fair value kEUR kEUR Mandatory convertible notes — 6,859 n/a n/a n/a Range of inputs Description Fair value at (most likely outcome) Relationship of Dec. 31, Dec. 31, Dec. 31, unobservable inputs to 2020 2019 Unobservable input 2020 fair value kEUR kEUR Mandatory convertible notes 6,859 — Probability of an 'exit event' in the second quarter of 2021 50 % — 100 % An increase of the probability to 100 % would increase FV by kEUR 2,170. (75) % A decrease of the probability to 50 % would decrease FV by kEUR - 2,170. |
Disclosure of reconciliation of changes in fair value measurement, liabilities [text block] | Dec. 31, 2021 Dec. 31, 2020 kEUR kEUR Balance at beginning of year 6,859 — New transactions — 6,800 Amount presented in other comprehensive income (OCI) (16) 21 Amount presented in profit or loss (interest and other expenses) 2,818 38 Payment for fractional shares — — Conversion to equity (9,661) — Transfer from OCI to accumulated deficit — Other comprehensive income (5) — Accumulated deficit 5 — Balance at end of year — 6,859 |
Disclosure of interest income (expense) [text block] | 2021 2020 2019 kEUR kEUR kEUR Total interest expense for financial assets at amortized cost 156 43 1 Total interest expense for financial liabilities at amortized cost 319 560 287 |
Disclosure of gains (losses) on financial instruments [text block] | 2021 2020 2019 kEUR kEUR kEUR Net loss for financial assets at amortized cost 162 49 1 Net loss for financial liabilities at amortized cost 319 560 287 Net loss for financial liabilities at fair value through profit or loss 2,802 59 — |
Note 9 - Other Disclosures (Tab
Note 9 - Other Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Note 9 - Other Disclosures | |
Disclosure of employee participation in share-based payment arrangements [text block] | Cash-settled Equity-settled program program Staff members 1 85 Managers — 3 1 88 |
Disclosure of share options granted [text block] | December 31, 2021 Number of options granted 1,805,100 Weighted average fair value at grant date (EUR) 19.26 Expense of the period (kEUR) 1,898 Increase in equity (kEUR) 1,898 December 31, 2020 Number of options granted 1,805,100 Weighted average fair value at grant date (EUR) 19.26 Expense of the period (kEUR) 32,160 Increase in equity (kEUR) 32,160 |
Disclosure of number and weighted average exercise prices of share options [text block] | 2021 January 1, 2021 1,805,100 Granted — Forfeited — December 31, 2021 1,805,100 2020 January 1, 2020 — Granted 1,805,100 Forfeited — December 31, 2020 1,805,100 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | Input factor Weighted average share price (EUR) 22.01 Exercise price (EUR) 0.06 Expected volatility 75 % Option life (yrs.) 1.29 Expected dividends (EUR) 0.00 Risk-free interest rate (0.73) % Lack of marketability discount 14.39 % |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block] | December 31, 2021 Number of options granted 86,411 Weighted average fair value at measurement date (EUR) 14.74 Expense of the period (kEUR) 83 Increase in equity (kEUR) 83 |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2021 January 1, 2021 — Granted 86,411 Forfeited — December 31, 2021 86,411 |
Earnings per share [text block] | 2021 2020 2019 EUR EUR EUR From continuing operations attributable to the ordinary equity holders of the company (1.07) (0.97) (0.18) (1.07) (0.97) (0.18) |
Disclosure of related party [text block] | 2021 2020 2019 kEUR kEUR kEUR Short-term employee benefits 1,317 558 589 Share-based payments* 1,898 5,829 — Total compensation 3,215 6,387 589 * thereof kEUR 2,577 for key management personnel leaving in 2019 |
Disclosure of transactions between related parties [text block] | 2021 2020 2019 kEUR kEUR kEUR Loans from key management personnel (subordinated crowdfunding loan II) 2 2 — Loans from other related parties — 199 191 2 201 191 Advance payments received from key management personnel* 47 52 — Total 49 253 191 * for which 9 Sono points have been granted |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | Jan. 1, Cash Non-cash changes Dec. 31, 2021 flows EIR method Additions Other 2021 kEUR kEUR kEUR kEUR kEUR kEUR Financial liabilities* Loans and participation rights 12,765 (2,187) 30 — (6,859) 3,749 Lease liabilities 1,958 (378) — 1,496 — 3,076 14,723 (2,565) 30 1,496 (6,859) 6,825 * including current and noncurrent financial liabilities Non-cash changes Jan. 1, Cash EIR Dec. 31, 2020 flows method Additions Other 2020 kEUR kEUR kEUR kEUR kEUR kEUR Financial liabilities* Loans and participation rights 6,250 8,330 482 (650) (1,648) 12,765 Lease liabilities 2,228 (282) — 12 — 1,958 8,478 8,049 482 (638) (1,648) 14,723 * including current and noncurrent financial liabilities Non-cash changes Jan. 1, Cash EIR Dec. 31, 2019 flows method Additions Other 2019 kEUR kEUR kEUR kEUR kEUR kEUR Financial liabilities* Loans and participation rights 2,067 3,710 192 — 281 6,250 Lease liabilities — (92) — 2,320 — 2,228 2,067 3,618 192 2,320 281 8,478 |
Note 1 - General Information (D
Note 1 - General Information (Details Textual) € / shares in Units, € in Thousands | Nov. 19, 2021shares | Nov. 30, 2021EUR (€)€ / sharesshares | Dec. 31, 2021€ / shares | Nov. 30, 2021$ / shares | Nov. 17, 2021€ / shares | Nov. 08, 2021€ / shares | Nov. 27, 2020€ / shares |
Statement Line Items [Line Items] | |||||||
Par value per share (in EUR per share) | € 0.06 | ||||||
Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total increase (decrease) in number of shares outstanding (in shares) | shares | 10,000,000 | ||||||
Par value per share (in EUR per share) | € 0.06 | € 0.06 | € 0.06 | € 0.06 | |||
Share issued, price per share (in dollars per share) | $ / shares | $ 15 | ||||||
Proceeds from issue of ordinary shares | € | € 160,425 | ||||||
Ordinary shares [member] | Underwriters [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total increase (decrease) in number of shares outstanding (in shares) | shares | 1,500,000 | ||||||
Par value per share (in EUR per share) | € 0.06 |
Note 4 - Significant Accounti_3
Note 4 - Significant Accounting Policies (Details Textual) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 15, 2020 | |
Statement Line Items [Line Items] | ||||||
Percentage of taxable income subject to corporate income and trade tax | 0.40% | |||||
Retained earnings | € (147,081) | € (83,123) | ||||
Percentage of profit participation rights | 0.6407% | |||||
IPO [member] | ||||||
Statement Line Items [Line Items] | ||||||
Proceeds from issue of ordinary shares | € 142,334 | € 142,334 | € 0 | € 0 | ||
Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Percentage of annual taxable income | 0.60% | |||||
Tax income offset against tax loss carry forwards | € 1,000 | |||||
Bottom of range [member] | IPO [member] | Potential ordinary share transactions [member] | ||||||
Statement Line Items [Line Items] | ||||||
Proceeds from issue of ordinary shares | € 200,000 |
Note 4 - Significant Accounti_4
Note 4 - Significant Accounting Policies - Intangible Assets Useful Life (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Website [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life (years) (Year) | 3 years |
Website [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life (years) (Year) | 4 years |
Software [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life (years) (Year) | 1 year |
Software [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life (years) (Year) | 5 years |
Note 4 - Significant Accounti_5
Note 4 - Significant Accounting Policies - Property, Plant and Equipment (Details) - Equipment or hardware [member] | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life (years) (Year) | 3 years |
Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life (years) (Year) | 13 years |
Note 5 - Segment Information (D
Note 5 - Segment Information (Details Textual) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Statement Line Items [Line Items] | |||
Number of operating segment | 1 | ||
Total non-current assets | € 4,888 | € 4,096 | |
Total revenue | 16 | € 0 | € 0 |
Integration of solar technology [member] | |||
Statement Line Items [Line Items] | |||
Total revenue | 11 | ||
Germany 1 [member] | |||
Statement Line Items [Line Items] | |||
Total non-current assets | 3,899 | ||
Germany 1 [member] | Integration of solar technology [member] | |||
Statement Line Items [Line Items] | |||
Total revenue | 2 | ||
Finland [member] | |||
Statement Line Items [Line Items] | |||
Total non-current assets | 898 | ||
United states 1[member] | Integration of solar technology [member] | |||
Statement Line Items [Line Items] | |||
Total revenue | € 9 |
Note 6 - Disclosures to the S_3
Note 6 - Disclosures to the Statement of Income and Loss (Details Textual) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Total revenue | € 16 | € 0 | € 0 |
Cost of sales | 58 | 0 | 0 |
Trade receivables | 20 | ||
Total contract assets | 0 | ||
Transaction price allocated to remaining performance obligations | 42 | ||
Impairment loss recognised in profit or loss, property, plant and equipment | 1,965 | 0 | 0 |
Professional services received in connection with the IPO was not recognized in general and administrative expenses but deducted from capital reserves | 2,690 | ||
Professional services in connection with the IPO received in the previous year were accrued as a current non-financial asset in the previous year and deducted from capital reserve in the reporting year | 135 | ||
Increase (decrease) in personnel expenses | 21,613 | 1,898 | 32,160 |
Miscellaneous other operating income | 269 | 334 | 220 |
Income from government grants | 71 | 68 | 15 |
Other income | 125 | ||
Maximum advance payments from customers | 4,000 | ||
Other expense | 452 | 349 | |
Impairment loss on financial assets | 6 | 6 | 0 |
Interest income | 2 | ||
Interest expense | 4,781 | 2,040 | 702 |
Interest expense on other financial liabilities | 3,227 | 614 | 287 |
Interest expense on advance payments from customers | 1,497 | 1,360 | 415 |
Deferred tax expense (income) | 18 | 0 | 0 |
Current deferred tax assets | 314 | 806 | |
Current deferred tax liabilities | 47 | 73 | |
Tax effect of transaction cost | 937 | 723 | |
Deferred tax assets | 2,400 | 1,452 | € 956 |
Deferred tax assets on transaction costs recognized in equity | 18 | ||
Unused tax losses [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 54 | ||
Advance payments to technical equipment and machinery [member] | |||
Statement Line Items [Line Items] | |||
Impairment loss recognised in profit or loss, property, plant and equipment | 1,965 | 0 | |
Integration of solar technology [member] | |||
Statement Line Items [Line Items] | |||
Total revenue | 11 | ||
Cost of sales | 52 | ||
Sono app [member] | |||
Statement Line Items [Line Items] | |||
Total revenue | 5 | ||
Cost of sales | 6 | ||
Agency fees from the Renault ZOE conversion [member] | |||
Statement Line Items [Line Items] | |||
Other income | € 47 | € 240 |
Note 6 - Disclosures to the S_4
Note 6 - Disclosures to the Statement of Income and Loss - Cost of Research and Development (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Development cost of prototypes | € 27,632 | € 8,234 | € 2,102 |
Personnel expenses | 11,340 | 21,652 | 2,243 |
Software fees and subscriptions | 506 | 91 | 44 |
Professional services | 352 | 267 | 284 |
Depreciation and amortization | 284 | 171 | 78 |
Other | 495 | 54 | 186 |
Cost of research and development | 40,609 | 30,469 | 4,937 |
Conversion stock option program (CSOP) [member] | |||
Statement Line Items [Line Items] | |||
Personnel expenses | € 1,137 | € 17,723 | € 0 |
Note 6 - Disclosures to the S_5
Note 6 - Disclosures to the Statement of Income and Loss - Selling and Distribution Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Personnel expenses | € 17,678 | € 39,291 | € 5,151 |
Selling and distribution expenses | 3,220 | 9,100 | 2,135 |
Conversion stock option program (CSOP) [member] | |||
Statement Line Items [Line Items] | |||
Personnel expenses | 1,898 | 32,160 | 0 |
Selling and distribution costs [member] | |||
Statement Line Items [Line Items] | |||
Personnel expenses | 1,764 | 8,490 | 1,582 |
Professional services | 704 | 171 | 103 |
Advertising | 365 | 84 | 113 |
Other | 387 | 355 | 337 |
Selling and distribution expenses | € 3,220 | 9,100 | € 2,135 |
Selling and distribution costs [member] | Conversion stock option program (CSOP) [member] | |||
Statement Line Items [Line Items] | |||
Personnel expenses | € 6,949 |
Note 6 - Disclosures to the S_6
Note 6 - Disclosures to the Statement of Income and Loss - General and Administrative Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Professional services | € 7,030 | € 4,830 | € 670 |
Personnel expenses | 4,574 | 9,148 | 1,325 |
Impairment | 1,965 | 0 | 0 |
Expenses without sufficient supporting documentation | 0 | 21 | 70 |
Other | 1,525 | 405 | 352 |
General and administrative expenses | 15,094 | 14,404 | 2,417 |
Conversion stock option program (CSOP) [member] | |||
Statement Line Items [Line Items] | |||
Personnel expenses | € 761 | € 7,488 | € 0 |
Note 6 - Disclosures to the S_7
Note 6 - Disclosures to the Statement of Income and Loss - Additional Information on Nature of Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Personnel expenses | € 17,678 | € 39,291 | € 5,151 |
Depreciation and amortization | 574 | 384 | 224 |
Additional information on nature of expenses | 18,252 | 39,675 | 5,375 |
Conversion stock option program (CSOP) [member] | |||
Statement Line Items [Line Items] | |||
Personnel expenses | € 1,898 | € 32,160 | € 0 |
Note 6 - Disclosures to the S_8
Note 6 - Disclosures to the Statement of Income and Loss - Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | |||
Deferred tax assets | € 2,400 | € 1,452 | € 956 |
Deferred tax liabilities | 1,138 | 761 | 757 |
Non-recognition of deferred tax assets | (1,262) | (691) | (199) |
Recognition of deferred tax assets | 1,138 | 761 | 757 |
Deferred tax assets/liabilities, net | 0 | 0 | 0 |
Tax loss carryforwards [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 54 | 0 | 0 |
Advance payments received from customers [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 1,163 | 670 | 221 |
Lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 1,015 | 646 | 735 |
Current provisions [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 101 | 0 | 0 |
Current other non-financial assets [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 29 | 0 | 0 |
Current financial liabilities [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 21 | 0 | 0 |
Current other liabilities [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 14 | 0 | 0 |
Cash and cash deposits [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 2 | 1 | 0 |
Deferred tax liabilities | 47 | 0 | 0 |
Current other financial assets [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 1 | 1 | 0 |
Prepaid expenses [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 0 | 134 | 0 |
Leases [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax liabilities | 995 | 639 | 737 |
Property, plant and equipment [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax liabilities | 45 | 10 | 8 |
Noncurrent other non-financial assets [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax liabilities | 29 | 0 | 0 |
Other noncurrent financial liabilities [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax liabilities | € 22 | € 112 | € 12 |
Note 6 - Disclosures to the S_9
Note 6 - Disclosures to the Statement of Income and Loss - Temporary Differences for which No Deferred Tax Assets Recognized (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | € 3,887 | € 2,093 |
Potential tax benefit at a total tax rate of 32,98 % | 1,282 | 690 |
Advances payments received from customers [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 1,928 | 966 |
Lease liabilites [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 1,681 | 931 |
Current provisions [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 168 | 0 |
Other non-financial assets [member][ | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 48 | 0 |
Current financial liabilities [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 17 | 0 |
Current other liabilities [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 23 | 0 |
Cash and cash deposits [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 3 | 1 |
Other financial assets [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | 19 | 2 |
Prepaid expenses 1 [member] | ||
Statement Line Items [Line Items] | ||
Temporary differences for which no deferred tax assets is recognized | € 0 | € 193 |
Note 6 - Disclosures to the _10
Note 6 - Disclosures to the Statement of Income and Loss - Temporary Differences for which No Deferred Tax Assets Recognized (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 6 - Disclosures to the Statement of Income and Loss - Temporary Differences for which No Deferred Tax Assets Recognized (Details) (Parentheticals) | |||
Tax rate | 32.98% | 32.98% | 32.98% |
Note 6 - Disclosures to the _11
Note 6 - Disclosures to the Statement of Income and Loss - Unused Tax Losses for which No Deferred Tax Assets Recognized (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Potential tax benefit at a total tax rate of 32.98 % | € 36,858 | € 16,885 |
Corporate tax [member] | ||
Statement Line Items [Line Items] | ||
Unused tax losses for which no deferred tax asset has been recognized | 111,950 | 51,316 |
Trade tax [member] | ||
Statement Line Items [Line Items] | ||
Unused tax losses for which no deferred tax asset has been recognized | € 111,565 | € 51,083 |
Note 6 - Disclosures to the _12
Note 6 - Disclosures to the Statement of Income and Loss - Unused Tax Losses for which No Deferred Tax Assets Recognized (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 6 - Disclosures to the Statement of Income and Loss - Unused Tax Losses for which No Deferred Tax Assets Recognized (Details) (Parentheticals) | |||
Tax rate | 32.98% | 32.98% | 32.98% |
Note 6 - Disclosures to the _13
Note 6 - Disclosures to the Statement of Income and Loss - Reconciliation of Effective Income Tax (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 6 - Disclosures to the Statement of Income and Loss - Reconciliation of Effective Income Tax (Details) | |||
Income (loss) before tax for the period | € (63,935) | € (56,032) | € (9,971) |
Expected income tax (income (-)/expense (+) at a tax rate of 32.98 % | (21,086) | (18,479) | (3,288) |
Changes in unrecognized tax losses | 20,061 | 8,254 | 3,164 |
Changes in deferred taxes on timing differences | 1,261 | 690 | 199 |
MCN non-tax-deductible expenses | 753 | 0 | 0 |
CSOP non-tax-deductible expenses | 626 | 10,606 | 0 |
Tax-deductible transaction costs | (937) | (723) | (36) |
Non-tax-deductible expenses | 37 | 9 | 27 |
Other | (715) | (357) | (66) |
Effective income tax income for the period | € 0 | € 0 | € 0 |
Note 6 - Disclosures to the _14
Note 6 - Disclosures to the Statement of Income and Loss - Reconciliation of Effective Income Tax (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 6 - Disclosures to the Statement of Income and Loss - Reconciliation of Effective Income Tax (Details) (Parentheticals) | |||
Tax rate | 32.98% | 32.98% | 32.98% |
Note 7 - Balance Sheet Disclo_3
Note 7 - Balance Sheet Disclosures (Details Textual) € / shares in Units, $ / shares in Units, € in Thousands | Nov. 17, 2021EUR (€)€ / sharesshares | Nov. 17, 2021USD ($)$ / sharesshares | Nov. 08, 2021€ / sharesshares | Dec. 10, 2020EUR (€)shares | Nov. 27, 2020EUR (€)€ / sharesshares | Feb. 28, 2022EUR (€) | Nov. 30, 2021EUR (€)€ / sharesshares | Dec. 31, 2020EUR (€)installment€ / sharesshares | Jun. 30, 2021EUR (€) | Dec. 31, 2021EUR (€)installment€ / sharesshares | Dec. 31, 2020EUR (€)installment€ / sharesshares | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Nov. 30, 2019EUR (€) |
Statement Line Items [Line Items] | ||||||||||||||
Amortisation, intangible assets other than goodwill | € 34 | € 11 | € 11 | |||||||||||
Depreciation and amortisation, research and development | 284 | 171 | 78 | |||||||||||
Depreciation, property, plant and equipment | 125 | 61 | 50 | |||||||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 1,965 | 0 | 0 | |||||||||||
Depreciation, right-of-use assets | 415 | 313 | 163 | |||||||||||
Lease commitments for short-term leases for which recognition exemption has been used | € 0 | 4 | 0 | |||||||||||
Expense relating to variable lease payments not included in measurement of lease liabilities | 16 | |||||||||||||
Other non-current financial assets | 41 | 91 | 41 | |||||||||||
Other current financial assets | 5,404 | 6,233 | 5,404 | |||||||||||
Other current non-financial assets | 579 | 3,236 | 579 | |||||||||||
Subscribed capital | 6,468 | 8,735 | 6,468 | |||||||||||
Par value per share (in EUR per share) | € / shares | € 0.06 | |||||||||||||
Issue of equity | 36,008 | 5,189 | ||||||||||||
Increase in number of shares outstanding, new issuances (in shares) | shares | 25,468,644 | 1,735,197 | ||||||||||||
Capital Authorised | 25,200 | € 25,200,000 | 25,200 | |||||||||||
Number of shares authorised (in shares) | shares | 320,000,000 | |||||||||||||
Proceeds from issuing shares | € 142,334 | $ 160,425,000 | ||||||||||||
Payments for share issue costs | € 2,192 | € 2,825 | ||||||||||||
Payments for transaction costs deferred for planned IPO | 135 | € 135 | ||||||||||||
Increase in number of shares outstanding, settlement agreement (in shares) | shares | 480,000 | |||||||||||||
Modification of settlement agreement liability | € 1,427 | |||||||||||||
Modification of liability, new share issuance | 38,200 | |||||||||||||
Increase (decrease) through share-based payment transactions, equity | € 1,981 | € 32,160 | ||||||||||||
Advances, percent cancellable | 11.00% | 28.00% | 11.00% | |||||||||||
Advances, percent cancellable, year one | 1.00% | 58.00% | 1.00% | |||||||||||
Advances, percent cancellable, year two | 21.00% | 13.00% | 21.00% | |||||||||||
Advances, percent cancellable, year three | 66.00% | 1.00% | 66.00% | |||||||||||
Advances, percent cancellable, year four | 1.00% | 1.00% | ||||||||||||
Repayments of borrowings | € 2,187 | € 2,327 | 0 | |||||||||||
Total trade and other current payables | € 2,874 | 7,582 | 2,874 | |||||||||||
Short-term employee benefits [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total trade and other current payables | 383 | |||||||||||||
Accrued vacation payments to employees [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Accruals | 857 | |||||||||||||
Accrued expenses for peniding invoices [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Accruals | 751 | |||||||||||||
Statutory levies [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Accruals | 65 | 144 | 65 | |||||||||||
Mandatory convertible notes [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Par value per share (in EUR per share) | € / shares | € 0.06 | |||||||||||||
Total borrowings | € 9,661 | € 9,661 | 6,800 | 6,800 | ||||||||||
Conversion of loans, number of shares issued (in shares) | shares | 737,664 | |||||||||||||
Total par value of shares converted from debt recognized in subscribed capital | € 44 | |||||||||||||
Loan 1 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total borrowings | € 1,225 | € 1,225 | ||||||||||||
Borrowings, interest rate | 4.00% | 4.00% | ||||||||||||
First loan 2 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total borrowings | € 185 | € 185 | ||||||||||||
Borrowings, interest rate | 4.00% | 4.00% | ||||||||||||
Second loan 2 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total borrowings | € 185 | 100 | € 185 | |||||||||||
Loan 3 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total borrowings | € 2,500 | |||||||||||||
Borrowings, interest rate | 12.00% | |||||||||||||
Repayments of borrowings | € 29 | |||||||||||||
Total trade and other current payables | 200 | 250 | 200 | |||||||||||
Loan 3 after IPO [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Repayments of borrowings | € 250 | |||||||||||||
Borrowing, number of monthly installments | installment | 5 | |||||||||||||
Settlement agreement , recognized in equity | € 1,427 | |||||||||||||
Total trade and other current payables | € 200 | € 250 | € 200 | |||||||||||
Subordinated loans [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 6.00% | 6.00% | ||||||||||||
Participation rights [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total borrowings | € 9,617 | € 1,383 | ||||||||||||
Borrowings, interest rate | 3.50% | |||||||||||||
Percentage of face value | 0.52% | |||||||||||||
Number of cars reserved | $ | 1,000 | |||||||||||||
Two investors [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity | € 68,136 | |||||||||||||
Each investor [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Increase in number of shares outstanding, new issuances (in shares) | shares | 0.71 | |||||||||||||
Capital providers [member] | Loan 3 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Repayments of borrowings | € 250 | |||||||||||||
Borrowing, number of monthly installments | installment | 5 | 5 | ||||||||||||
Ordinary shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total number of shares issued (in shares) | shares | 30,588,000 | |||||||||||||
Par value per share (in EUR per share) | € / shares | € 0.06 | € 0.06 | € 0.06 | € 0.06 | ||||||||||
Increase in number of shares outstanding, new issuances (in shares) | shares | 10,000,000 | 10,000,000 | ||||||||||||
Shares issued, price per share (in EUR per share) | $ / shares | $ 15 | |||||||||||||
Increase in number of shares outstanding, conversion of convertible securities (in shares) | shares | 737,664 | 737,664 | ||||||||||||
Number of shares authorised, maximum dividend (in shares) | shares | 320,000 | 320,000 | ||||||||||||
Ordinary shares [member] | Underwriters [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Par value per share (in EUR per share) | € / shares | € 0.06 | |||||||||||||
Increase in number of shares outstanding, new issuances (in shares) | shares | 1,500,000 | 1,500,000 | ||||||||||||
Shares issued, price per share (in EUR per share) | $ / shares | $ 13.95 | |||||||||||||
High-voting shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total number of shares issued (in shares) | shares | 3,000,000 | |||||||||||||
Par value per share (in EUR per share) | € / shares | € 1.50 | € 1.50 | ||||||||||||
Number of shares authorised (in shares) | shares | 4,000,000 | |||||||||||||
Number of shares authorised, maximum dividend (in shares) | shares | 4,000,000 | 4,000,000 | ||||||||||||
Subscribed capital [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Total number of shares issued (in shares) | shares | 35,803,197 | 73,577,641 | 35,803,197 | |||||||||||
Subscribed capital [member] | Ordinary shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Par value per share (in EUR per share) | € / shares | € 0.06 | € 0.06 | € 0.06 | |||||||||||
Subscribed capital [member] | High-voting shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Par value per share (in EUR per share) | € / shares | € 1.50 | € 1.50 | € 1.50 | |||||||||||
Issued capital [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity | 133 | € 104 | 2 | |||||||||||
Issue of share split | 1,835 | |||||||||||||
Increase (decrease) through share-based payment transactions, equity | 0 | |||||||||||||
Issued capital [member] | Ordinary shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of share split | € 1,835 | |||||||||||||
Issued capital [member] | High-voting shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of share split | 4,500 | |||||||||||||
Capital reserve [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity | € 37,302 | 35,904 | 5,187 | |||||||||||
Issue of share split | (1,835) | |||||||||||||
Increase (decrease) through share-based payment transactions, equity | 0 | |||||||||||||
Capital reserve [member] | Ordinary shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of share split | 1,835 | |||||||||||||
Capital reserve [member] | High-voting shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of share split | € 4,500 | |||||||||||||
Other reserves [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity | 0 | 0 | ||||||||||||
Issue of share split | 0 | |||||||||||||
Increase (decrease) through share-based payment transactions, equity | € 1,981 | € 32,160 | ||||||||||||
Bottom of range [member] | Subordinated loans [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Loan term (Year) | 1 year | |||||||||||||
Bottom of range [member] | Participation rights [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Number of cars reserved | $ | 2,000 | |||||||||||||
Top of range [member] | Subordinated loans [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Loan term (Year) | 4 years | |||||||||||||
Equipment or hardware [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Additions other than through business combinations, property, plant and equipment | 254 | |||||||||||||
Advance payments to technical equipment and machinery [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Depreciation, property, plant and equipment | € 0 | |||||||||||||
Additions other than through business combinations, property, plant and equipment | 634 | |||||||||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 1,965 | 0 | ||||||||||||
Research and development [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Depreciation and amortisation, research and development | 22 | 0 | ||||||||||||
Selling and distribution costs [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Depreciation and amortisation, selling and distributions expense | 4 | 11 | ||||||||||||
General and administrative expenses [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Depreciation and amortisation, general and administrative | 8 | 0 | ||||||||||||
Property, plant and equipment 1 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Depreciation and amortisation, research and development | 70 | 28 | 19 | |||||||||||
Depreciation and amortisation, selling and distributions expense | 27 | 15 | 18 | |||||||||||
Depreciation and amortisation, general and administrative | € 28 | 18 | 13 | |||||||||||
Buildings [member] | Bottom of range [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Remaining lease terms (Year) | 6 years | |||||||||||||
Buildings [member] | Top of range [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Remaining lease terms (Year) | 10 years | |||||||||||||
Vehicles [member] | Bottom of range [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Remaining lease terms (Year) | 2 years | |||||||||||||
Vehicles [member] | Top of range [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Remaining lease terms (Year) | 3 years | |||||||||||||
Right-of-use assets [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Depreciation and amortisation, research and development | € 192 | 144 | 61 | |||||||||||
Depreciation and amortisation, selling and distributions expense | 45 | 77 | 56 | |||||||||||
Depreciation and amortisation, general and administrative | 178 | 92 | € 46 | |||||||||||
PayPal reserve [member] | Paypal reserve released [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Reserve Released | € 5,900 | |||||||||||||
Other current financial assets | € 100 | |||||||||||||
Receivable for VAT and other taxes [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Other current non-financial assets | € 257 | 2,069 | 257 | |||||||||||
Prepaid expenses for software [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Other current non-financial assets | € 256 | € 669 | € 256 |
Note 7 - Balance Sheet Disclo_4
Note 7 - Balance Sheet Disclosures - Intangible Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Balance as of Jan. 1 | € 43 | € 43 | |
Additions | 224 | 0 | |
Balance as of Dec. 31 | 267 | 43 | € 43 |
Balance as of Jan. 1 | 27 | 16 | |
Amortization of intangible assets | 34 | 11 | 11 |
Balance as of Dec. 31 | 61 | 27 | 16 |
Carrying Amount as of Jan. 1 | 16 | 27 | |
Carrying Amount as of Dec. 31 | 206 | 16 | 27 |
Website [member] | |||
Statement Line Items [Line Items] | |||
Balance as of Jan. 1 | 43 | 43 | |
Additions | 2 | 0 | |
Balance as of Dec. 31 | 45 | 43 | 43 |
Balance as of Jan. 1 | 27 | 16 | |
Amortization of intangible assets | 11 | 11 | |
Balance as of Dec. 31 | 38 | 27 | 16 |
Carrying Amount as of Jan. 1 | 16 | 27 | |
Carrying Amount as of Dec. 31 | 7 | 16 | 27 |
Software [member] | |||
Statement Line Items [Line Items] | |||
Balance as of Jan. 1 | 0 | 0 | |
Additions | 222 | 0 | |
Balance as of Dec. 31 | 222 | 0 | 0 |
Balance as of Jan. 1 | 0 | 0 | |
Amortization of intangible assets | 23 | 0 | |
Balance as of Dec. 31 | 23 | 0 | 0 |
Carrying Amount as of Jan. 1 | 0 | 0 | |
Carrying Amount as of Dec. 31 | € 199 | € 0 | € 0 |
Note 7 - Balance Sheet Disclo_5
Note 7 - Balance Sheet Disclosures - Property, Plant and Equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Acquisition or manufacturing costs Jan. 1 | € 2,246 | € 2,552 | |
Additions | 1,472 | 42 | |
Deductions | 0 | 348 | |
Impairment | (1,965) | 0 | € 0 |
Acquisition or manufacturing costs Dec. 31 | 1,753 | 2,246 | 2,552 |
Accumulated depreciation Jan. 1 | 144 | 83 | |
Depreciation | 125 | 61 | 50 |
Accumulated depreciation Dec. 31 | 269 | 144 | 83 |
Carrying Amount Jan. 1 | 2,102 | 2,469 | |
Carrying Amount Dec. 31 | 1,484 | 2,102 | 2,469 |
Equipment and hardware [member] | |||
Statement Line Items [Line Items] | |||
Acquisition or manufacturing costs Jan. 1 | 281 | 239 | |
Additions | 546 | 42 | |
Reclassifications | 221 | ||
Deductions | 0 | 0 | |
Impairment | 0 | 0 | |
Acquisition or manufacturing costs Dec. 31 | 1,048 | 281 | 239 |
Accumulated depreciation Jan. 1 | 144 | 83 | |
Depreciation | 125 | 61 | |
Accumulated depreciation Dec. 31 | 269 | 144 | 83 |
Carrying Amount Jan. 1 | 137 | 156 | |
Carrying Amount Dec. 31 | 779 | 137 | 156 |
Advance payments to technical equipment and machinery [member] | |||
Statement Line Items [Line Items] | |||
Acquisition or manufacturing costs Jan. 1 | 1,965 | 2,313 | |
Additions | 926 | 0 | |
Reclassifications | (221) | ||
Deductions | 0 | 348 | |
Impairment | (1,965) | 0 | |
Acquisition or manufacturing costs Dec. 31 | 705 | 1,965 | 2,313 |
Accumulated depreciation Jan. 1 | 0 | 0 | |
Depreciation | 0 | ||
Accumulated depreciation Dec. 31 | 0 | 0 | |
Carrying Amount Jan. 1 | 1,965 | 2,313 | |
Carrying Amount Dec. 31 | € 705 | € 1,965 | € 2,313 |
Note 7 - Balance Sheet Disclo_6
Note 7 - Balance Sheet Disclosures - Right-of-use Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Right-of-use assets on January 1, 2021 | € 1,937 | € 2,235 | € 0 |
Additions to right-of-use assets | 1,496 | 15 | 2,397 |
Depreciation of right-of-use assets | 415 | 313 | 163 |
Right-of-use assets on December 31, 2021 | 3,018 | 1,937 | 2,235 |
Interest expense on lease liabilities | 56 | 39 | 23 |
Expense relating to short-term leases | 0 | 0 | 84 |
Total cash outflow for leases | 435 | 323 | 276 |
Buildings [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets on January 1, 2021 | 1,906 | 2,211 | 0 |
Additions to right-of-use assets | 1,496 | 0 | 2,372 |
Depreciation of right-of-use assets | 405 | 305 | 161 |
Right-of-use assets on December 31, 2021 | 2,997 | 1,906 | 2,211 |
Interest expense on lease liabilities | 52 | 35 | 22 |
Expense relating to short-term leases | 0 | 0 | 84 |
Total cash outflow for leases | 423 | 311 | 271 |
Cars [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets on January 1, 2021 | 31 | 24 | 0 |
Additions to right-of-use assets | 0 | 15 | 25 |
Depreciation of right-of-use assets | 10 | 8 | 1 |
Right-of-use assets on December 31, 2021 | 21 | 31 | 24 |
Interest expense on lease liabilities | 4 | 4 | 1 |
Expense relating to short-term leases | 0 | 0 | 0 |
Total cash outflow for leases | € 12 | € 12 | € 5 |
Note 7 - Balance Sheet Disclo_7
Note 7 - Balance Sheet Disclosures - Maturity Profiles of Future Lease Payments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Total cash outflow for leases | € 435 | € 323 | € 276 |
Buildings [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 423 | 311 | 271 |
Cars [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 12 | 12 | € 5 |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 503 | 323 | |
Not later than one year [member] | Buildings [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 488 | 311 | |
Not later than one year [member] | Cars [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 15 | 12 | |
Later than one year and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 2,000 | 1,326 | |
Later than one year and not later than five years [member] | Buildings [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 1,988 | 1,302 | |
Later than one year and not later than five years [member] | Cars [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 12 | 24 | |
Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | 810 | 421 | |
Later than five years [member] | Buildings [member] | |||
Statement Line Items [Line Items] | |||
Total cash outflow for leases | € 810 | € 421 |
Note 7 - Balance Sheet Disclo_8
Note 7 - Balance Sheet Disclosures - Other Current Financial Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Note 7 - Balance Sheet Disclosures - Other Current Financial Assets (Details) | ||
PayPal reserve | € 6,000 | € 4,655 |
Receivables from crowdfunding and deposits | 169 | 179 |
Debtors creditors | 26 | 539 |
Current trade receivables | 20 | |
Current receivables (affiliated companies) | 11 | 11 |
Other | 7 | 20 |
Total | € 6,233 | € 5,404 |
Note 7 - Balance Sheet Disclo_9
Note 7 - Balance Sheet Disclosures - Cash and Cash Equivalent (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Note 7 - Balance Sheet Disclosures - Cash and Cash Equivalent (Details) | ||||
Bank balances | € 132,947 | € 43,266 | ||
Allowance for expected credit losses | (8) | (2) | ||
Total | € 132,939 | € 43,264 | € 407 | € 1,515 |
Note 7 - Balance Sheet Discl_10
Note 7 - Balance Sheet Disclosures - Advance Payments received from customers (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Note 7 - Balance Sheet Disclosures - Advance Payments received from customers (Details) | ||
Advance payments received from customers | € 44,756 | € 38,972 |
Balance as of Jan 1 | 38,972 | 11,164 |
Additions | 5,198 | 30,565 |
Repayment | (912) | (4,117) |
Net interest | 1,498 | 1,360 |
Balance as of Dec 31 | € 44,756 | € 38,972 |
Note 7 - Balance Sheet Discl_11
Note 7 - Balance Sheet Disclosures - Changes in Loans and Participation Rights (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Balance at Jan 1 | € 12,784 | € 6,235 |
Addition | 0 | 10,820 |
Accrued interest | 276 | 435 |
Repayment | (2,475) | (3,058) |
Conversion to equity | (6,800) | (1,648) |
Balance at Dec 31 | 3,785 | 12,784 |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 12,766 | 6,250 |
Conversion to equity | (9,661) | (1,648) |
Initial recognition | 0 | 10,739 |
Subsequent measurement | 2,936 | 482 |
Derecognition | (2,291) | (3,058) |
Balance at Dec 31 | 3,750 | 12,766 |
Loan 1 [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 1,271 | 0 |
Addition | 0 | 1,225 |
Accrued interest | 50 | 46 |
Repayment | (36) | 0 |
Conversion to equity | 0 | 0 |
Balance at Dec 31 | 1,285 | 1,271 |
Loan 1 [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 1,271 | 0 |
Conversion to equity | 0 | 0 |
Initial recognition | 0 | 1,225 |
Subsequent measurement | 14 | 46 |
Derecognition | 0 | 0 |
Balance at Dec 31 | 1,285 | 1,271 |
Loan 2 [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 200 | 295 |
Addition | 0 | 0 |
Accrued interest | 0 | 12 |
Repayment | (200) | (107) |
Conversion to equity | 0 | 0 |
Balance at Dec 31 | 0 | 200 |
Loan 2 [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 200 | 295 |
Conversion to equity | 0 | 0 |
Initial recognition | 0 | 0 |
Subsequent measurement | 0 | 12 |
Derecognition | (200) | (107) |
Balance at Dec 31 | 0 | 200 |
Loan 3 [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 0 | 2,590 |
Addition | 0 | 0 |
Accrued interest | 0 | 277 |
Repayment | 0 | (1,219) |
Conversion to equity | 0 | (1,648) |
Balance at Dec 31 | 0 | 0 |
Loan 3 [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 0 | 2,583 |
Conversion to equity | 0 | (1,648) |
Initial recognition | 0 | 0 |
Subsequent measurement | 0 | 284 |
Derecognition | 0 | (1,219) |
Balance at Dec 31 | 0 | 0 |
Subordinated loans [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 3,131 | 1,967 |
Addition | 0 | 2,795 |
Accrued interest | 174 | 101 |
Repayment | (805) | (1,731) |
Conversion to equity | 0 | 0 |
Balance at Dec 31 | 2,500 | 3,131 |
Subordinated loans [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 3,062 | 2,026 |
Conversion to equity | 0 | 0 |
Initial recognition | 0 | 2,714 |
Subsequent measurement | 58 | 53 |
Derecognition | (655) | (1,731) |
Balance at Dec 31 | 2,465 | 3,062 |
Mandatory convertible notes [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 6,800 | 0 |
Addition | 0 | 6,800 |
Accrued interest | 0 | 0 |
Repayment | 0 | 0 |
Conversion to equity | (6,800) | 0 |
Balance at Dec 31 | 0 | 6,800 |
Mandatory convertible notes [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 6,859 | 0 |
Conversion to equity | (9,661) | 0 |
Initial recognition | 0 | 6,800 |
Subsequent measurement | 2,802 | 59 |
Derecognition | 0 | 0 |
Balance at Dec 31 | 0 | 6,859 |
Participation rights [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 1,383 | 1,383 |
Addition | 0 | 0 |
Accrued interest | 52 | 0 |
Repayment | (1,435) | 0 |
Conversion to equity | 0 | 0 |
Balance at Dec 31 | 0 | 1,383 |
Participation rights [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance at Jan 1 | 1,374 | 1,346 |
Conversion to equity | 0 | 0 |
Initial recognition | 0 | 0 |
Subsequent measurement | 62 | 28 |
Derecognition | (1,436) | 0 |
Balance at Dec 31 | € 0 | € 1,374 |
Note 7 - Balance Sheet Discl_12
Note 7 - Balance Sheet Disclosures - Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Note 7 - Balance Sheet Disclosures - Financial Liabilities (Details) | ||
Loans and participation rights | € 3,718 | € 3,665 |
Lease liabilities | 2,635 | 1,669 |
Total non-current financial liabilities | 6,353 | 5,335 |
Loans and participation rights | 31 | 2,240 |
Mandatory convertible notes | 6,859 | |
Lease liabilities | 441 | 289 |
Total current financial liabilities | € 472 | € 9,388 |
Note 7 - Balance Sheet Discl_13
Note 7 - Balance Sheet Disclosure - Trade and other payables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Note 7 - Balance Sheet Disclosure - Trade and other payables (Details) | ||
Trade payables | € 6,866 | € 2,642 |
Other payables | 715 | 232 |
Total trade and other current payables | € 7,582 | € 2,874 |
Note 7 - Balance Sheet Discl_14
Note 7 - Balance Sheet Disclosure - Provisions and Contingent Liabilities - Current Other Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Note 7 - Balance Sheet Disclosure - Provisions and Contingent Liabilities - Current Other Liabilities (Details) | ||
Accruals and deferrals | € 2,011 | € 1,463 |
Employee tax liabilities (wage and church tax) | 372 | 146 |
Tax liabilities (VAT taxes and interest) | 109 | 80 |
Other current liabilities | € 2,492 | € 1,689 |
Note 7 - Balance Sheet Discl_15
Note 7 - Balance Sheet Disclosure - Provisions and Contingent Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Note 7 - Balance Sheet Disclosure - Provisions and Contingent Liabilities (Details) | ||
Other provisions, Balance at Jan 1 | € 0 | € 0 |
Other provisions, Usage | 0 | |
Other provisions, Reversals | 0 | |
Other provisions, Additions | 65 | 0 |
Other provisions, Balance at Dec 31 | 65 | 0 |
Personnel costs, Balance at Jan 1 | 0 | 584 |
Personnel costs, Usage | (584) | |
Personnel costs, Reversals | 0 | |
Personnel costs, Additions | 0 | |
Personnel costs, Balance at Dec 31 | 0 | |
Financial statements, Balance at Jan 1 | 111 | 52 |
Financial statements, Usage | (111) | (46) |
Financial statements, Reversals | 0 | |
Financial statements, Additions | 2,137 | 105 |
Financial statements, Balance at Dec 31 | 2,137 | 111 |
Balance at Jan 1 | 111 | 636 |
Usage | (111) | (630) |
Reversals | 0 | |
Additions | 2,202 | 105 |
Balance at Dec 31 | € 2,202 | € 111 |
Note 8 - Disclosure of Financ_3
Note 8 - Disclosure of Financial Instruments and Risk Management (Details Textual) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Interest expense | € 4,781 | € 2,040 | € 702 | |
Trade and other receivables denominated in foreign currency | 0 | |||
Total equity | 83,439 | (5,026) | (18,568) | € (13,786) |
Total financial liabilities at fair value through profit or loss | 0 | 6,859 | ||
Repayments of borrowings | 2,187 | 2,327 | 0 | |
Level 3 of fair value hierarchy [member] | ||||
Statement Line Items [Line Items] | ||||
Total losses (gains) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities | (16) | 21 | ||
Level 3 of fair value hierarchy [member] | Mandatory convertible notes [member] | ||||
Statement Line Items [Line Items] | ||||
Total losses (gains) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities | 16 | 21 | 0 | |
Interest rate risk [member] | ||||
Statement Line Items [Line Items] | ||||
Interest expense | 156 | 49 | € 0 | |
Credit risk [member] | ||||
Statement Line Items [Line Items] | ||||
Repayments of borrowings | € 0 | € 1,662 |
Note 8 - Disclosure of Financ_4
Note 8 - Disclosure of Financial Instruments and Risk Management - Other Current and Noncurrent Financial Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Note 8 - Disclosure of Financial Instruments and Risk Management - Other Current and Noncurrent Financial Assets (Details) | ||
Opening loss allowance as at January 1 | € 6 | € 0 |
Additions recognized in profit or loss during the period | 6 | 6 |
Utilization | (2) | 0 |
Closing loss allowance as at December 31 | € 10 | € 6 |
Note 8 - Disclosure of Financ_5
Note 8 - Disclosure of Financial Instruments and Risk Management - Credit Risk Rating Grades (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Credit risk [member] | Risk Class 1 [member] | ||
Statement Line Items [Line Items] | ||
Gross carrying amount | € 139,273 | € 48,715 |
Note 8 - Disclosure of Financ_6
Note 8 - Disclosure of Financial Instruments and Risk Management - Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Trade and other payables | € 7,582 | € 2,874 |
Loans and participation rights | 3,749 | 5,905 |
Lease liabilities | 3,076 | 1,958 |
Mandatory convertible notes | 6,859 | |
Total December 31, 2021 | 14,407 | 17,596 |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Trade and other payables | 7,582 | 2,874 |
Loans and participation rights | 186 | 2,489 |
Lease liabilities | 503 | 323 |
Mandatory convertible notes | 9,286 | |
Total December 31, 2021 | 8,271 | 14,972 |
Later than one year and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Loans and participation rights | 4,134 | 4,260 |
Lease liabilities | 2,000 | 1,326 |
Total December 31, 2021 | 6,134 | 5,586 |
Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Lease liabilities | 810 | 421 |
Total December 31, 2021 | € 810 | € 421 |
Note 8 - Disclosure of Financ_7
Note 8 - Disclosure of Financial Instruments and Risk Management - Currency Risk (Details) - 12 months ended Dec. 31, 2021 € in Thousands, $ in Thousands | EUR (€) | USD ($) | EUR (€) |
Statement Line Items [Line Items] | |||
USD | € (2,432) | ||
CNY | 83 | ||
SEK | 1 | ||
Consolidated profit before taxes and equity denominated in foreign currency | (2,348) | ||
USD | 2,972 | ||
CNY | (102) | ||
SEK | (1) | ||
Consolidated profit before taxes and equity 10% denominated in foreign currency | € 2,869 | ||
Currency risk [member] | |||
Statement Line Items [Line Items] | |||
USD | $ 30,425 | € 26,877 | |
Cash denominated in foreign currencies | 26,877 | ||
CNY | 6,616 | 916 | |
USD | 144 | 127 | |
SEK | 120 | 12 | |
GBP | $ 1 | 2 | |
Liabilities denominated in foreign currencies | € 1,057 |
Note 8 - Disclosure of Financ_8
Note 8 - Disclosure of Financial Instruments and Risk Management - Financial Assets and Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Financial liabilities | € 6,353 | € 5,335 |
Current financial liabilities | 472 | 9,388 |
Financial assets measured at amortized cost (AC) | 139,263 | 48,709 |
Financial liabilities measured at amortized cost (FLAC) | 11,331 | 8,779 |
Financial liabilities measured at fair value through profit or loss (FVTPL) | 0 | 6,859 |
Security deposits [member] | ||
Statement Line Items [Line Items] | ||
Noncurrent financial assets | 91 | |
Security deposits [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
financial assets, fair value | 89 | |
Deposits [member] | ||
Statement Line Items [Line Items] | ||
Noncurrent financial assets | 41 | |
Deposits [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
financial assets, fair value | 42 | |
PayPal reserve [member] | ||
Statement Line Items [Line Items] | ||
Current financial assets | 6,000 | 4,655 |
Receivables from crowdfunding and deposits [member] | ||
Statement Line Items [Line Items] | ||
Current financial assets | 169 | 179 |
Debtor creditors [member] | ||
Statement Line Items [Line Items] | ||
Current financial assets | 26 | 539 |
Trade receivables [member] | ||
Statement Line Items [Line Items] | ||
Current financial assets | 20 | |
Other [member] | ||
Statement Line Items [Line Items] | ||
Current financial assets | 7 | 31 |
Trade receivable, affiliated company [member] | ||
Statement Line Items [Line Items] | ||
Current financial assets | 11 | |
Cash and cash equivalents [member] | ||
Statement Line Items [Line Items] | ||
Current financial assets | 132,939 | 43,264 |
Loan and participation rights, noncurrent [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 3,718 | 3,665 |
Current financial liabilities | 31 | 2,240 |
Loan and participation rights, noncurrent [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities, fair value | 3,466 | 3,308 |
Lease liabilities, current [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | 441 | 289 |
Lease liabilities, noncurrent [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 2,635 | 1,669 |
Mandatory convertible notes [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | 6,859 | |
Mandatory convertible notes [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities, fair value | 6,859 | |
Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | € 7,582 | € 2,874 |
Note 8 - Disclosure of Financ_9
Note 8 - Disclosure of Financial Instruments and Risk Management - Quantitative Information About Significant Unobservable Inputs Used (Details) - Level 3 of fair value hierarchy [member] € in Thousands | 12 Months Ended | |
Dec. 31, 2020EUR (€) | Dec. 31, 2021EUR (€) | |
Statement Line Items [Line Items] | ||
Fair value | € 6,859 | € 0 |
Mandatory convertible notes [member] | ||
Statement Line Items [Line Items] | ||
Fair value | € 6,859 | |
Mandatory convertible notes [member] | Probability of exit event [member] | ||
Statement Line Items [Line Items] | ||
Input | (75) | |
Increase in probability | € 2,170 | |
Decrease in probability | € 2,170 | |
Mandatory convertible notes [member] | Bottom of range [member] | Probability of exit event [member] | ||
Statement Line Items [Line Items] | ||
Input | 50 | |
Mandatory convertible notes [member] | Top of range [member] | Probability of exit event [member] | ||
Statement Line Items [Line Items] | ||
Input | 100 |
Note 8 - Disclosure of Finan_10
Note 8 - Disclosure of Financial Instruments and Risk Management - Changes in Level 3 Items (Details) - Level 3 of fair value hierarchy [member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Balance at beginning of year | € 6,859 | |
New transactions | € 6,800 | |
Amount presented in other comprehensive income (OCI) | (16) | 21 |
Amount presented in profit or loss (interest and other expenses) | 2,818 | 38 |
Conversion to equity | (9,661) | |
Other comprehensive income | (5) | |
Accumulated deficit | 5 | |
Balance at end of year | € 0 | € 6,859 |
Note 8 - Disclosure of Finan_11
Note 8 - Disclosure of Financial Instruments and Risk Management - Total Interest Income and Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 8 - Disclosure of Financial Instruments and Risk Management - Total Interest Income and Expenses (Details) | |||
Total interest expense for financial assets at amortized cost | € 156 | € 43 | € 1 |
Total interest expense for financial liabilities at amortized cost | € 319 | € 560 | € 287 |
Note 8 - Disclosure of Finan_12
Note 8 - Disclosure of Financial Instruments and Risk Management - Net Gains or Losses of Financial Instruments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 8 - Disclosure of Financial Instruments and Risk Management - Net Gains or Losses of Financial Instruments (Details) | |||
Net loss for financial assets at amortized cost | € 162 | € 49 | € 1 |
Net loss for financial liabilities at amortized cost | 319 | 560 | € 287 |
Net loss for financial liabilities at fair value through profit or loss | € 2,802 | € 59 |
Note 9 - Other Disclosures (Det
Note 9 - Other Disclosures (Details Textual) € / shares in Units, € in Thousands | Nov. 19, 2021item€ / shares | Dec. 31, 2021EUR (€)item€ / sharesshares | Dec. 31, 2020EUR (€)item€ / sharesshares | Dec. 31, 2019EUR (€)€ / sharesshares |
Statement Line Items [Line Items] | ||||
Post-employment benefit expense, defined contribution plans | € 1,047 | € 491 | € 329 | |
Income from government grants | 71 | € 68 | € 15 | |
Government grants | 136 | |||
Government grants, payment installment amount | 68 | |||
Government grants, deferral period (Month) | 18 months | |||
Proceeds from government grants | € 18 | |||
Share-based payment arrangements, exit event, percentage of shares or assets sold or transferred | 95.00% | |||
Vesting term after exit-event, share options granted (Year) | 1 year | |||
Expiration term after exit-event, share options granted (Year) | 4 years | |||
Weighted average remaining contractual life of outstanding share options (Year) | 3 years 10 months 24 days | |||
Exercise price, share options granted (in EUR per share) | € / shares | € 0.06 | |||
Number of supervisory board members | item | 5 | |||
Adjusted weighted average number of ordinary shares outstanding (in shares) | shares | 59,836,824 | 57,684,220 | 56,860,720 | |
Diluted earnings (loss) per share, before bonus share adjustment (in EUR per share) | € / shares | € (1.66) | € (0.30) | ||
Total diluted earnings (loss) per share (in EUR per share) | € / shares | € (1.07) | € (0.97) | € (0.18) | |
Key management personnel compensation, share-based payment | € 1,898 | € 5,829 | € 0 | |
Debt to equity swap | € 1,648 | |||
Former key management personnel [member] | ||||
Statement Line Items [Line Items] | ||||
Key management personnel compensation, share-based payment | 2,577 | |||
Sono Motors Investment UG [member] | ||||
Statement Line Items [Line Items] | ||||
Total borrowings | € 185 | |||
Borrowings, interest rate | 4.00% | |||
Equity-settled program [member] | ||||
Statement Line Items [Line Items] | ||||
Number of additional employees offered share based payment arrangement transfer | item | 5 | |||
Number of additional employees, active, share based payment arrangement | item | 1 | |||
Number of additional employees, former, share-based payment arrangement | item | 4 | |||
Number of employees | item | 88 | 88 | ||
Cash-settled program [member] | ||||
Statement Line Items [Line Items] | ||||
Number of employees | item | 1 | |||
Liabilities from share-based payment transactions | € 0 | |||
Options with service conditions [member] | ||||
Statement Line Items [Line Items] | ||||
Number of employees | item | 2 | |||
Vesting period, share options granted (Month) | 36 months | |||
Share options without service conditions [member] | ||||
Statement Line Items [Line Items] | ||||
Number of employees | item | 86 | |||
Restricted stock units [member] | ||||
Statement Line Items [Line Items] | ||||
Weighted average remaining contractual life of outstanding share options (Year) | 9 years 10 months 24 days | |||
Exercise price, share options granted (in EUR per share) | € / shares | € 0 | |||
Vesting, number of installments, other equity instruments | item | 4 | |||
Vesting period, other equity instruments (Year) | 4 years |
Note 9 - Other Disclosures - Sh
Note 9 - Other Disclosures - Share-based Employee Participation Program (Details) - item | Dec. 31, 2021 | Dec. 31, 2020 |
Cash-settled program [member] | ||
Statement Line Items [Line Items] | ||
Number of employees | 1 | |
Cash-settled program [member] | Staff members [member] | ||
Statement Line Items [Line Items] | ||
Number of employees | 1 | |
Equity-settled program [member] | ||
Statement Line Items [Line Items] | ||
Number of employees | 88 | 88 |
Equity-settled program [member] | Staff members [member] | ||
Statement Line Items [Line Items] | ||
Number of employees | 85 | |
Equity-settled program [member] | Managers [member] | ||
Statement Line Items [Line Items] | ||
Number of employees | 3 |
Note 9 - Other Disclosures - Op
Note 9 - Other Disclosures - Options Granted (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)USD ($)€ / shares | Dec. 31, 2020EUR (€)USD ($)€ / shares | Dec. 31, 2019USD ($) | |
Statement Line Items [Line Items] | |||
Number of options granted | $ | 1,805,100 | 1,805,100 | 0 |
Increase in equity (kEUR) | € 1,981 | € 32,160 | |
Share options [member] | |||
Statement Line Items [Line Items] | |||
Number of options granted | $ | 1,805,100 | 1,805,100 | |
Weighted average fair value at grant date (EUR) (in EUR per share) | € / shares | € 19.26 | € 19.26 | |
Expense of the period (kEUR) | € 1,898 | € 32,160 | |
Increase in equity (kEUR) | € 1,898 | € 32,160 |
Note 9 - Other Disclosures - Nu
Note 9 - Other Disclosures - Number and Movement in Share Options (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Note 9 - Other Disclosures - Number and Movement in Share Options (Details) | ||
Balance at Jan 1 | 1,805,100 | 0 |
Granted | 0 | 1,805,100 |
Forfeited | 0 | 0 |
Balance at Dec 31 | 1,805,100 | 1,805,100 |
Note 9 - Other Disclosures - Fa
Note 9 - Other Disclosures - Fair Value of the Share Options (Details) - 12 months ended Dec. 31, 2021 | € / shares | USD ($) |
Note 9 - Other Disclosures - Fair Value of the Share Options (Details) | ||
Weighted average share price (EUR) (in EUR per share) | € 22.01 | |
Exercise price, share options granted (in EUR per share) | € 0.06 | |
Expected volatility | 75.00% | |
Option life (yrs.) | 1.29 | |
Expected dividends (EUR) | $ | $ 0 | |
Risk-free interest rate | (0.73%) | |
Lack of marketability discount | 14.39% |
Note 9 - Other Disclosures - RS
Note 9 - Other Disclosures - RSUs Granted (Details) € / shares in Units, € in Thousands | 12 Months Ended | |
Dec. 31, 2021EUR (€)USD ($)€ / shares | Dec. 31, 2020EUR (€)USD ($) | |
Statement Line Items [Line Items] | ||
Increase in equity (kEUR) | € 1,981 | € 32,160 |
Restricted stock units [member] | ||
Statement Line Items [Line Items] | ||
Number of options granted | $ | 86,411 | 0 |
Weighted average fair value at measurement date (EUR) (in EUR per share) | € / shares | € 14.74 | |
Expense of the period (kEUR) | € 83 | |
Increase in equity (kEUR) | € 83 |
Note 9 - Other Disclosures - _2
Note 9 - Other Disclosures - Number and Movement in RSUs (Details) - Restricted stock units [member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statement Line Items [Line Items] | |
January 1, 2021 | 0 |
Granted | 86,411 |
Forfeited | 0 |
December 31, 2021 | 86,411 |
Note 9 - Other Disclosures - Ea
Note 9 - Other Disclosures - Earnings Per Share (Details) - € / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 9 - Other Disclosures - Earnings Per Share (Details) | |||
From continuing operations attributable to the ordinary equity holders of the company (in EUR per share) | € (1.07) | € (0.97) | € (0.18) |
Total basic earnings (loss) per share | € (1.07) | € (0.97) | € (0.18) |
Note 9 - Other Disclosures - Co
Note 9 - Other Disclosures - Compensation of Key Management Personnel (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 9 - Other Disclosures - Compensation of Key Management Personnel (Details) | |||
Short-term employee benefits | € 1,317 | € 558 | € 589 |
Share-based payments* | 1,898 | 5,829 | 0 |
Total compensation | € 3,215 | € 6,387 | € 589 |
Note 9 - Other Disclosures - Lo
Note 9 - Other Disclosures - Loans and Advance Payments from Key Management Personnel and Other Related Parties (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | |||
Loans from key management personnel and other related parties | € 2 | € 201 | € 191 |
Advance payments received from key management personnel* | 47 | 52 | |
Total | 49 | 253 | 191 |
Key management personnel of entity or parent [member] | |||
Statement Line Items [Line Items] | |||
Loans from key management personnel and other related parties | € 2 | 2 | |
Other related parties [member] | |||
Statement Line Items [Line Items] | |||
Loans from key management personnel and other related parties | € 199 | € 191 |
Note 9 - Other Disclosures - Re
Note 9 - Other Disclosures - Reconciliation of Liabilities Arising From Financing Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Balance at Jan 1 | € 14,723 | € 8,478 | € 2,067 |
Cash flows | (2,565) | 8,049 | 3,618 |
EIR method | 30 | 482 | 192 |
Non-cash changes, additions | 1,496 | (638) | 2,320 |
Non-cash changes, other | (6,859) | (1,648) | 281 |
Balance at Dec 31 | 6,825 | 14,723 | 8,478 |
Loan and participation rights, noncurrent [member] | |||
Statement Line Items [Line Items] | |||
Balance at Jan 1 | 12,765 | 6,250 | 2,067 |
Cash flows | (2,187) | 8,330 | 3,710 |
EIR method | 30 | 482 | 192 |
Non-cash changes, additions | (650) | ||
Non-cash changes, other | (6,859) | (1,648) | 281 |
Balance at Dec 31 | 3,749 | 12,765 | 6,250 |
Lease liabilities, noncurrent [member] | |||
Statement Line Items [Line Items] | |||
Balance at Jan 1 | 1,958 | 2,228 | |
Cash flows | (378) | (282) | (92) |
Non-cash changes, additions | 1,496 | 12 | 2,320 |
Balance at Dec 31 | € 3,076 | € 1,958 | € 2,228 |