Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41327 |
Entity Registrant Name | GOGORO INC. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 11F, Building C, |
Entity Address, Address Line Two | No. 225, Section 2, Chang’an E. Rd. |
Entity Address, City or Town | SongShan district, Taipei City |
Entity Address, Postal Zip Code | 105 |
Entity Address, Country | TW |
Entity Common Stock, Shares Outstanding | 244,211,643 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001886190 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 11F, Building C |
Entity Address, Address Line Two | No. 225, Section 2, Chang’an E. Rd. |
Entity Address, City or Town | SongShan district, Taipei City |
Entity Address, Postal Zip Code | 105 |
Entity Address, Country | TW |
Contact Personnel Name | Bruce Aitken |
City Area Code | 886 |
Local Phone Number | 3-273 0900 |
Contact Personnel Email Address | ir@gogoro.com |
Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par value US $0.0001 per share |
Trading Symbol | GGR |
Security Exchange Name | NASDAQ |
Warrants to purchase ordinary shares with an exercise price of $11.50 per share | |
Document Information [Line Items] | |
Title of 12(b) Security | Warrants to purchase ordinary shares with an exercise price of $11.50 per share |
Trading Symbol | GGROW |
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche |
Auditor Location | Taipei, TaiwanRepublic of China |
Auditor Firm ID | 1060 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents (Notes 2, 5 and 23) | $ 236,100 | $ 217,429 |
Trade receivables (Notes 2, 6, 17 and 23) | 16,143 | 16,625 |
Inventories (Notes 2 and 7) | 114,701 | 73,137 |
Other assets, current (Notes 2, 8 and 23) | 30,961 | 50,839 |
Total current assets | 397,905 | 358,030 |
NON-CURRENT ASSETS | ||
Property, plant and equipment (Notes 2 and 9) | 442,969 | 453,383 |
Right-of-use assets (Notes 2 and 10) | 21,089 | 26,277 |
Other assets, non-current (Notes 2, 8 and 23) | 11,460 | 6,710 |
Total non-current assets | 475,518 | 486,370 |
Total assets | 873,423 | 844,400 |
CURRENT LIABILITIES | ||
Borrowings, current (Notes 2, 11 and 23) | 87,982 | 238,434 |
Financial liabilities at fair value through profit or loss (Notes 2, 12 and 23) | 46,949 | 107,862 |
Notes and trade payables (Notes 2, 13 and 23) | 38,879 | 53,258 |
Contract liabilities (Notes 2 and 17) | 12,965 | 18,753 |
Lease liabilities, current (Notes 2, 10 and 23) | 10,073 | 11,153 |
Provisions for products warranty, current (Notes 2 and 15) | 4,812 | 6,480 |
Other liabilities, current (Notes 2, 14 and 23) | 46,506 | 44,603 |
Total current liabilities | 248,166 | 480,543 |
NON-CURRENT LIABILITIES | ||
Borrowings, non-current (Notes 2, 11 and 23) | 293,192 | 195,883 |
Lease liabilities, non-current (Notes 2, 10 and 23) | 11,400 | 15,589 |
Provisions for products warranty, non-current (Notes 2 and 15) | 3,238 | 9,150 |
Other liabilities, non-current (Notes 2, 14 and 23) | 18,453 | 19,522 |
Total non-current liabilities | 326,283 | 240,144 |
Total liabilities | 574,449 | 720,687 |
EQUITY (Notes 2 and 16) | ||
Share capital | 24 | 85,729 |
Reserves | 298,950 | 37,984 |
Total equity | 298,974 | 123,713 |
Total liabilities and equity | $ 873,423 | $ 844,400 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
OPERATING REVENUES (Notes 2, 17 and 26) | $ 382,826 | $ 366,009 | $ 364,125 |
COSTS OF REVENUES (Notes 2, 7 and 18) | 325,113 | 304,921 | 284,684 |
GROSS PROFIT | 57,713 | 61,088 | 79,441 |
OPERATING EXPENSES (Notes 2, 4, 6, 18 and 24) | |||
Sales and marketing | 60,273 | 53,855 | 60,947 |
General and administrative | 70,972 | 33,951 | 26,282 |
Research and development | 45,993 | 30,600 | 28,711 |
Listing expense | 178,804 | 0 | 0 |
Total operating expenses | 356,042 | 118,406 | 115,940 |
OPERATING LOSS | (298,329) | (57,318) | (36,499) |
NON-OPERATING INCOMES AND EXPENSES (Notes 2 and 18) | |||
Finance costs | (12,671) | (11,088) | (9,754) |
Finance income | 2,942 | 625 | 889 |
Other income | 6,391 | 9,511 | 5,179 |
Other losses, net | (3,177) | (1,627) | (1,546) |
Gains (losses) on financial liabilities at fair value through profit or loss | 205,938 | (7,465) | (8,612) |
Total non-operating incomes and expenses | 199,423 | (10,044) | (13,844) |
LOSS BEFORE INCOME TAX | (98,906) | (67,362) | (50,343) |
INCOME TAX (EXPENSE) BENEFIT (Notes 2 and 19) | (2) | 0 | 1,063 |
NET LOSS | (98,908) | (67,362) | (49,280) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation | (16,180) | 3,005 | 14,394 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (115,088) | $ (64,357) | $ (34,886) |
LOSS PER SHARE (in U.S. dollars) (Note 20) | |||
Basic (in dollars per share) | $ (0.45) | $ (0.35) | $ (0.25) |
Diluted (in dollars per share) | $ (0.45) | $ (0.35) | $ (0.25) |
Weighted average number of ordinary shares used in calculating basic loss per share (in shares) | 222,000 | 193,334 | 193,334 |
Weighted average number of ordinary shares used in calculating diluted loss per share (in shares) | 222,000 | 193,334 | 193,334 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital Ordinary Shares | Share Capital Preferred Shares | Capital Surplus | Accumulated Deficits | Exchange Difference on Translation |
Beginning balance at Dec. 31, 2019 | $ 217,918 | $ 14 | $ 85,714 | $ 430,616 | $ (302,627) | $ 4,201 |
Net loss | (49,280) | (49,280) | ||||
Other comprehensive income (loss) | 14,394 | 14,394 | ||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (34,886) | (49,280) | 14,394 | |||
Capital surplus used to offset accumulated deficits | 0 | (302,660) | 302,660 | |||
Ending balance at Dec. 31, 2020 | 183,032 | 14 | 85,714 | 127,956 | (49,247) | 18,595 |
Net loss | (67,362) | (67,362) | ||||
Other comprehensive income (loss) | 3,005 | 3,005 | ||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (64,357) | (67,362) | 3,005 | |||
Issuance of shares | 0 | 1 | (1) | |||
Shared-based payments (Note 21) | 5,038 | 5,038 | ||||
Ending balance at Dec. 31, 2021 | 123,713 | 15 | 85,714 | 132,993 | (116,609) | 21,600 |
Net loss | (98,908) | (98,908) | ||||
Other comprehensive income (loss) | (16,180) | (16,180) | ||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (115,088) | (98,908) | (16,180) | |||
Issuance of shares | 472,579 | 9 | 472,570 | |||
Repurchase of Series C preferred shares | (85,714) | (85,714) | ||||
Recognition of earnout liabilities (Note 12) | 134,423 | (134,423) | ||||
Shared-based payments (Note 21) | 37,907 | 37,907 | ||||
Ending balance at Dec. 31, 2022 | $ 298,974 | $ 24 | $ 0 | $ 643,470 | $ (349,940) | $ 5,420 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (98,908) | $ (67,362) | $ (49,280) |
Adjustments for: | |||
Depreciation expenses | 93,875 | 93,776 | 77,671 |
Amortization expenses | 932 | 1,043 | 896 |
Impairment losses (reversal of impairment losses) | 3,568 | (120) | 3,701 |
Share-based payments | 37,907 | 5,038 | 0 |
Listing expense | 178,804 | 0 | 0 |
Finance costs | 12,671 | 11,088 | 9,754 |
Finance income | (2,942) | (625) | (889) |
Loss on disposals of property, plant and equipment | 975 | 328 | 91 |
Loss on disposals of intangible assets | 0 | 4 | 0 |
Gain from lease modifications | (2) | (17) | (11) |
(Gain) loss on financial liabilities at fair value through profit or loss | (205,938) | 7,465 | 8,612 |
Income tax expense | 2 | 0 | (1,063) |
Changes in operating assets and liabilities: | |||
(Increase) decrease in trade receivables | (41) | (3,669) | 5,633 |
(Increase) decrease in inventories | (44,609) | 21,200 | (7,928) |
(Increase) decrease in other assets | (5,128) | (7,246) | 29,283 |
(Decrease) increase in notes and trade payables | (14,379) | 23,388 | (35,912) |
(Decrease) increase in contract liabilities | (5,788) | 5,213 | (13,689) |
Decrease in provisions for product warranty | (7,580) | (1,932) | (3,759) |
Increase (decrease) in other liabilities | 1,379 | 3,422 | (13,271) |
Cash (used in) generated from operations | (55,202) | 90,994 | 9,839 |
Interest income received | 2,942 | 669 | 916 |
Interest expense paid | (12,530) | (10,906) | (10,004) |
Income tax refund received | 0 | 37 | 5 |
Net cash (used in) generated from operating activities | (64,790) | 80,794 | 756 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments for acquisitions of property, plant and equipment | (123,102) | (127,739) | (144,269) |
Proceeds from disposals of property, plant and equipment | 418 | 3,075 | 336 |
Payments for acquisitions of intangible assets | (590) | (667) | (1,412) |
Refundable deposits paid | (147) | (323) | (348) |
Decrease (increase) in time deposits with original maturities of more than three months | 26,479 | 82,822 | (105,283) |
(Increase) decrease in restricted deposits | (4,160) | 1,314 | (781) |
Net cash used in investing activities | (101,102) | (41,518) | (251,757) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from the Mergers (Note 4) | 32,145 | 0 | 0 |
Proceeds from PIPE Investments (Note 16) | 294,820 | 0 | 0 |
Proceeds from bank loans | 173,372 | 123,729 | 118,675 |
Repayments of bank loans | (90,647) | (42,630) | (19,329) |
Repayments of bonds | (102,594) | 0 | 0 |
Proceeds from issuance of redeemable preferred shares | 0 | 0 | 100,000 |
Dividends paid for redeemable preferred shares | (2,094) | (7,000) | (1,215) |
Payments for redemption of redeemable preferred shares | (106,055) | 0 | 0 |
Guarantee deposits received | 335 | 0 | 44 |
Guarantee deposits refunded | 0 | (103) | 0 |
Repayments of the principal portion of lease liabilities | (12,886) | (12,232) | (10,910) |
Net cash generated from financing activities | 186,396 | 61,764 | 187,265 |
Effects of exchange rate changes on cash and cash equivalents | (1,833) | (2,653) | (942) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 18,671 | 98,387 | (64,678) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 217,429 | 119,042 | 183,720 |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | $ 236,100 | $ 217,429 | $ 119,042 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2022 | |
General Information [Abstract] | |
GENERAL INFORMATION | GENERAL INFORMATION Gogoro Inc. (“Gogoro”) was incorporated as an exempted company in accordance with the laws and regulations of the Cayman Islands on April 27, 2011. Gogoro is a holding company, through its subsidiaries (collectively referred to as the “Company”), engaging in research and development, manufacture and sales and distribution of electric scooters and electric scooter enabling components, and providing battery swapping service to consumers. The Company’s principal place of business is in Taiwan, the Republic of China (R.O.C.). Gogoro’s ordinary shares are listed and quoted on the National Association of Securities Dealers Quotations (“Nasdaq”) under the symbol "GGR" on April 5, 2022 through completing a merger transaction. Refer to Note 4 for information in relation to the merger transaction. The consolidated financial statements were approved by the board of directors and authorized for issue on March 31, 2023. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES a. Basis of preparation The consolidated financial statements are presented in thousands of U.S. dollars and all values are rounded to the nearest thousand dollars, except where otherwise indicated. Compliance with IFRSs The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), International Accounting Standards (“IAS”), IFRIC Interpretations (“IFRIC”), and SIC Interpretations (“SIC”) issued by the International Accounting Standards Board (“IASB”) (collectively, “IFRSs”). Basis of accounting The consolidated financial statements have been prepared, except for cash flow information, using the accrual basis of accounting. The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at fair values at the end of each reporting period. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: i. Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities ii. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly iii. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Current/non-current distinction Current and non-current assets, and current and non-current liabilities, are presented as separate classifications in the consolidated statement of financial position. An asset is classified as current when: • it expects to realize the asset, or intends to sell or consume it, in its normal operating cycle • it holds the asset primarily for the purpose of trading • it expects to realize the asset within twelve months after the reporting period; or • the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. A liability is classified as current when: • it expects to settle the liability in its normal operating cycle • it holds the liability primarily for the purpose of trading • the liability is due to be settled within twelve months after the reporting period • it does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. All other assets and liabilities are classified as non-current. b. New and amended IFRSs that are effective for the current year The Company has applied Amendments to IFRS 3 “Reference to the Conceptual Framework”, Amendments to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use”, Amendments to IAS 37 “Onerous Contracts - Cost of Fulfilling a Contract” and “Annual Improvements to IFRS Standards 2018-2020” that are mandatorily effective for the accounting period that began on or after 1 January 2022. The application has not had any material impact on the disclosures or on the amounts reported in the Company’s consolidated financial statements. c. New and amended IFRSs in issue but not yet effective New IFRSs Effective Date Announced by IASB Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” (Note ii) To be determined by IASB IFRS 17 “Insurance Contracts” (Note i) January 1, 2023 Amendments to IFRS 17 (Note i) January 1, 2023 Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 - Comparative Information” (Note i) January 1, 2023 Amendments to IAS 1 “Disclosure of Accounting Policies” (Note ii) January 1, 2023 Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” (Note ii) January 1, 2024 Amendments to IAS 1 “Non-current Liabilities with Covenants” (Note ii) January 1, 2024 Amendments to IAS 8 “Definition of Accounting Estimates” (Note ii) January 1, 2023 Amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction” (Note i) January 1, 2023 Amendments to IFRS 16 "Lease Liability in a Sale and Leaseback" (Note i) January 1, 2024 i. The Company does not expect that the application of the above standards and interpretations will have a material impact on the consolidated financial statements of the Company in future periods. ii. The Company anticipates that the application of these amendments may have an impact on the consolidated financial statements in future periods should such transactions arise. d. Basis of consolidation The consolidated financial statements incorporate the financial statements of Gogoro and entities controlled by Gogoro (its subsidiaries) made up to December 31 each year. Control is achieved when Gogoro: • has the power over the investee • is exposed, or has rights, to variable returns from its involvement with the investee • has the ability to use its power to affect its returns Gogoro reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Company’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the entities of the Company are eliminated on consolidation. Information about the composition of the Company at the end of the reporting period is as follows: % of Ownership December 31 Investor Investee Principal Activities 2022 2021 Gogoro Inc. Gogoro Taiwan Limited Manufacture and research and development of electric scooters and bikes 100 100 Gogoro Network Provision of energy services to consumers using battery swapping system 100 100 Gogoro Europe B.V. (Note i) Holding company 100 100 Gogoro Network Pte. Ltd. Holding company 100 100 GoShare Pte. Ltd. Holding company 100 100 Starship Merger Sub II Limited (Note ii) Holding company 100 100 Gogoro Singapore Holding Pte. Ltd. (Note v) Holding company — 100 Gogoro Taiwan Limited Gogoro Taiwan Sales and Services Limited Sale of electric scooters and related products and provision of after-sale services 100 100 GoPocket Taiwan Limited Issuance of reward points 100 100 Gogoro Singapore Holding Pte. Ltd. (Note v) Holding company 100 — GoShare Pte. Ltd. GoShare Taiwan Limited Provision of electric scooters free float sharing services 100 100 Gogoro Network Pte. Ltd. Gogoro B.V. Holding company 100 100 Gogoro Network B.V. Holding company 100 100 Rui Li Trading (Shanghai) Limited (Note iv) Holding company — — Gogoro India Private Limited (Note vi) Manufacture and sale of electric scooters and related products and provision of after-sale services 100 — Gogoro Singapore Holding Pte. Ltd. (Note v) Gogoro Europe Sales and Services B.V. Sale of electric scooters and related products 100 100 Rui Yi Trading (Shanghai) Limited (Note iii) Holding company 100 — i. Gogoro Europe B.V. was approved to dissolve its business in November 2020. As of December 31, 2022, the liquidation of Gogoro Europe B.V. was in process. The liquidation was subsequently completed on February 1, 2023. ii. Starship Merger Sub II Limited was incorporated as an exempted company with limited liability under the laws of Cayman Islands in August 2021. iii. Rui Yi Trading (Shanghai) Limited had no paid-in capital as of December 31, 2021. iv. Rui Li Trading (Shanghai) Limited had no paid-in capital as of December 31, 2022 and 2021. v. Gogoro Singapore Holding Pte. Ltd. was acquired as a wholly-owned subsidiary by Gogoro Taiwan Limited from Gogoro Inc. in May 2022. vi. Gogoro India Private Limited was incorporated as a company limited by shares under the laws of India in September 2022. e. Foreign currencies In preparing the financial statements of the Company entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognized in profit or loss in the period in which they arise. For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in a foreign exchange translation reserve. f. Inventories Inventories consist of raw materials, semi-finished goods and merchandise and are stated at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Inventories are written down to net realizable value item by item, except for when it is appropriate to group similar or related items. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. g. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Property, plant and equipment in the course of construction are measured at cost less any recognized impairment loss. Cost includes professional fees and borrowing costs eligible for capitalization. Samples produced when testing whether an item of property, plant and equipment is functioning properly before that asset reaches its intended use are measured at the lower of cost or net realizable value, and any proceeds from selling those samples and the cost of those samples are recognized in profit or loss. Such assets are classified to the appropriate categories of property, plant and equipment and depreciated when completed and ready for their intended use. Depreciation is recognized to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Leasehold improvements are depreciated over the shorter period of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related leasehold improvement is depreciated over the useful life of the underlying asset. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. At each reporting date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise, they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years. h. Intangible assets Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. Impairment of intangible assets At each reporting date, the Company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise, they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with an indefinite useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years. i. Financial instruments Financial assets and financial liabilities are recognized in the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. i. Cash and cash equivalents Cash equivalents are short-term with original maturity of three months or less, highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather for investment or other purposes. Bank balances for which use by the Company is subject to third party contractual restrictions are included as part of cash unless the restrictions result in a bank balance no longer meeting the definition of cash. If the contractual restrictions to use the cash extend beyond 12 months after the end of the reporting period, the related amounts are classified as non-current in the statement of financial position. ii. Classification of financial assets Debt instruments that meet the following conditions are measured subsequently at amortized cost: • The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. For financial assets other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortized cost of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset. iii. Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Specifically, for financial assets measured at amortized cost that are not part of a designated hedging relationship, exchange differences are recognized in profit or loss. iv. Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured at amortized cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Company always recognizes lifetime expected credit losses (ECL) for trade receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Company compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information includes the future prospects of the industries in which the Company’s debtors operate as well as consideration of various external sources of actual and forecast economic information that relates to the Company’s core operations. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: • existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; • an actual or expected significant deterioration in the operating results of the debtor; • significant increases in credit risk on other financial instruments of the same debtor; and • an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations. Irrespective of the outcome of the above assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments in relation to battery swapping service are more than 30 days past due and when contractual payments in relation to other products and services are more than 90 days past due, unless the Company has reasonable and supportable information that demonstrates otherwise. Despite the foregoing, the Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if: • the financial instrument has a low risk of default; • the debtor has a strong capacity to meet its contractual cash flow obligations in the near term; or • adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations The Company considers a financial asset to have low credit risk when the counterparty has no past due amounts. The Company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Definition of default The Company considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable: • when there is a breach of contracts by the debtor; or • information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Company, in full without taking into account any collateral held by the Company. Irrespective of the above analysis, the Company considers that default has occurred when a financial asset in relation to battery swapping service is more than 120 days past due and when a financial asset in relation to other products or services is more than 365 days past due unless the Company has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: • significant financial difficulty of the debtor; • a breach of contract, such as a default or past due event; • the lenders of the debtor, for economic or contractual reasons relating to the debtor’s financial difficulty, having granted to the debtor concessions that the lenders would not otherwise consider; or • it is becoming probable that the debtor will enter bankruptcy or other financial reorganization. Write-off policy The Company writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Company’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date; for financial guarantee contracts, the exposure includes the amount of guaranteed debt that has been drawn down as at the reporting date, together with any additional guaranteed amounts expected to be drawn down by the borrower in the future by default date determined based on historical trend, the Company’s understanding of the specific future financing needs of the debtors, and other relevant forward-looking information. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate. For a lease receivable, the cash flows used for determining the expected credit losses is consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16. If the Company has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Company measures the loss allowance at an amount equal to 12-month ECL at the current reporting date, except for assets for which the simplified approach was used. The Company recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. v. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized bo |
Critical Accounting Judgements
Critical Accounting Judgements and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2022 | |
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Abstract] | |
CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY | CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revisions affect only that period or in the period of the revisions and future periods if the revisions affect both current and future periods. a. Net realizable value of inventories The Company writes down the carrying amount of inventories to the net realizable value if those inventories are damaged, if they have become wholly or partially obsolete, if their selling prices have declined, if they have been acquired for an excessive period or time, or if they are slow-moving. Estimates of net realizable value are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to realize. These estimates take into consideration including fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period. b. Provisions for product warranty The Company accrues a warranty reserve for the electric scooters sold, which includes the Company’s best estimate of the projected costs to repair or replace items under warranties and recalls when identified. These estimates are based on actual claims incurred to date as well as the forecasted claims based on historical experience and an estimate of the working hours, material costs and hourly wage rates, depending on the types of electric scooters. These estimates are inherently uncertain due to the Company’s relatively short history of sales, and changes to our historical or projected warranty experience may cause material changes to the warranty reserve in the future. Warranty expense is recorded as a component of cost of revenue in the consolidated statements of comprehensive income. Refer to Note 15 for information in relation to provisions for product warranty. c. Share-based payment arrangements To determine the fair value of the restricted shares granted to the executives and employees, the Company estimates the grant date fair value of its common stock using the income approach which incorporates future growth prospects and economic benefits resulting from the execution of the Company’s business strategy and anticipated operational improvements. Since the Company was previously privately-held, the pricing inputs including the discount rate, perpetual growth rate, etc. are estimated based on its peer or similar companies. If the actual changes of inputs in the future differ from expectation, the fair value might vary accordingly. Refer to Note 21 for information in relation to share-based payment arrangements. d. Fair value measurement of financial liabilities at FVTPL Some of the Company’s financial liabilities at FVTPL are categorized within Level 3 in the fair value measurements according to IFRS 13 “Fair Value Measurement.” The valuation of earnout liabilities, earn-in liabilities and Private Placement Warrants are performed using Monte Carlo simulations with unobservable inputs including the volatility in connection with the financial instruments. Significant judgment is required to determine the appropriateness of those unobservable inputs. Refer to Note 12 for information in relation to financial liabilities at FVTPL and Note 23 for information in relation to the fair value measurement. |
Merger Transaction
Merger Transaction | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations [Abstract] | |
MERGER TRANSACTION | MERGER TRANSACTION On September 16, 2021, Poema Global Holdings Corp., an exempted company incorporated with limited liability under the laws of Cayman Islands (“Poema”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gogoro, Starship Merger Sub I Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands and a wholly-owned subsidiary of Gogoro (“Merger Sub”) and Starship Merger Sub II Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands and a wholly-owned subsidiary of Gogoro (“Merger Sub II”), pursuant to which, among other transactions, on the terms and subject to the conditions set forth therein, (i) Merger Sub will merge with and into Poema (the “First Merger”), with Poema surviving the First Merger as a wholly owned subsidiary of Gogoro, and (ii) Poema will merge with and into Merger Sub II (the “Second Merger” and together with the First Merger, collectively, the “Mergers”), with Merger Sub II surviving the Second Merger as a wholly-owned subsidiary of Gogoro. The Mergers were completed on April 4, 2022 (the “Closing Date”). Pursuant to the Merger Agreement, each outstanding ordinary share of Poema was converted into one ordinary share of Gogoro on the Closing Date. This resulted in the issuance of 13,618,735 ordinary shares of Gogoro, including 6,393,750 Sponsor Earn-in Shares as disclosed in Note 12, after redemption by shareholders of Poema. Gogoro has been identified as the accounting acquirer and Poema has been identified as the accounting acquiree. The issuance of ordinary shares of Gogoro was regarded as consideration to acquire the net assets of Poema. The rights to Sponsor Earn-in Shares were accounted for as a contingent consideration measured at fair value as of the Closing Date. The remaining ordinary shares of Gogoro were accounted for as a share-based payment transaction measured at the market price of publicly traded ordinary shares of Poema on the Closing Date. As part of the Mergers, the difference between the fair value of consideration and the value of net assets of Poema represented compensation for the stock exchange listing service and was accounted for as a listing expense in the consolidated statements of comprehensive income. A reconciliation of the listing expense is as follows: Merger Transaction Consideration Fair value of ordinary shares of Gogoro, excluding Sponsor Earn-in Shares, as of the Closing Date $ 92,047 Fair value of contingent consideration as of the Closing Date (Note 12) 74,508 166,555 Less: Net liabilities of Poema as of the Closing Date Cash and cash equivalents 32,145 Other assets 270 Warrant liabilities (44,242) Other liabilities (422) (12,249) Listing expense $ 178,804 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS As of December 31, 2022 2021 Cash on hand $ 192 $ 213 Checking accounts and demand deposits 54,696 41,415 Time deposits 155,092 143,863 Repurchase agreements collateralized by bonds 26,120 31,938 $ 236,100 $ 217,429 Interest rates Time deposits 0.31%-4.45% 0.05%-2.30% Repurchase agreements collateralized by bonds 0.40% 0.17% |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
TRADE RECEIVABLES | TRADE RECEIVABLES As of December 31, 2022 2021 At amortized cost Trade receivables $ 17,225 $ 18,041 Accumulated impairment losses (1,082) (1,416) $ 16,143 $ 16,625 The average credit period ranged from 15 to 30 days. No interest was charged on outstanding trade receivables. The Company served a large consumer base for its battery swapping service which limited its concentration of credit risk. When having transactions with customers, the Company considered the record of arrears in the past. In addition, the Company had a suspension policy on battery swapping service whereby customers who have delinquent payments would be disallowed from continued charging. In order to minimize credit risk, the management of the Company had delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Company reviewed the recoverable amount of each individual trade debt at the end of the reporting period to ensure that adequate allowance is made for possible irrecoverable amounts which the management believes reduces the Company’s credit risk. The Company measured the impairment losses of trade receivables at an amount equal to lifetime expected credit losses (“ECL”). The expected credit losses on trade receivables were estimated using a provision matrix by referencing to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for general economic conditions of the industry in which the debtors operated and an assessment of both the current as well as the forecasted direction of economic conditions at the reporting date. The Company wrote off a trade receivable when there was information indicating that the debtor was in severe financial difficulty and there was no realistic prospect of recovery. For trade receivables that had been written off, the Company continued to engage in enforcement activity to attempt to recover the receivables overdue. Where recoveries were made, these were recognized in profit or loss. The following tables detailed the risk profile of trade receivables based on the Company’s provision matrix. The Company estimated the ECL for the trade receivables generated by battery swapping service based on past due status. The ECL for trade receivables of sales of hardware were assessed based on the invoice dates. Trade receivables of battery swapping service As of December 31, 2022 Not Overdue Overdue under 30 Days Overdue 31-120 Days Over 121 Days Total Expected credit loss rate 0% 0% 50% 100% Gross carrying amount $ 12,095 $ 118 $ 78 $ 900 $ 13,191 Impairment losses (Lifetime ECL) — — (39) (900) (939) Amortized cost $ 12,095 $ 118 $ 39 $ — $ 12,252 As of December 31, 2021 Not Overdue Overdue under 30 Days Overdue 31-120 Days Over 121 Days Total Expected credit loss rate 0% 0% 50% 100% Gross carrying amount $ 10,776 $ 186 $ 66 $ 1,239 $ 12,267 Impairment losses (Lifetime ECL) — — (33) (1,239) (1,272) Amortized cost $ 10,776 $ 186 $ 33 $ — $ 10,995 Trade receivables other than battery swapping service As of December 31, 2022 0-90 Days 91-180 Days 181-365 Days Over 365 Days Total Expected credit loss rate 0% 30% 50% 100% Gross carrying amount $ 3,816 $ 97 $ 12 $ 109 $ 4,034 Impairment losses (Lifetime ECL) — (28) (6) (109) (143) Amortized cost $ 3,816 $ 69 $ 6 $ — $ 3,891 As of December 31, 2021 0-90 Days 91-180 Days 181-365 Days Over 365 Days Total Expected credit loss rate 0% 30% 50% 100% Gross carrying amount $ 5,553 $ 109 $ 1 $ 111 $ 5,774 Impairment losses (Lifetime ECL) — (33) — (111) (144) Amortized cost $ 5,553 $ 76 $ 1 $ — $ 5,630 The movements of the accumulated impairment losses of trade receivables were as follows: For the Year Ended December 31, 2022 2021 2020 Balance as of January 1 $ 1,416 $ 904 $ 229 Amount recognized in profit or loss 523 519 642 Write-off (726) (26) (13) Exchange differences on translation (131) 19 46 Balance as of December 31 $ 1,082 $ 1,416 $ 904 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
INVENTORIES | INVENTORIES As of December 31, 2022 2021 Raw materials $ 76,740 $ 37,628 Semi-finished goods 4,443 2,823 Merchandise 33,518 32,686 $ 114,701 $ 73,137 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
OTHER ASSETS | OTHER ASSETS As of December 31, 2022 2021 Non-financial assets Temporary payments for commodity tax $ 13,034 $ 10,839 Input tax from business tax 6,143 5,589 Prepayments for property, plant and equipment 5,393 595 Prepaid expenses 5,104 2,404 Prepayments to suppliers 2,239 2,164 Intangible assets 883 1,358 Current tax assets 42 31 Others 109 203 32,947 23,183 Financial assets Refundable deposits 3,518 3,745 Time deposits with original maturities more than three months — 28,511 Restricted demand deposits 1,692 1,011 Restricted time deposits 3,457 222 Others 807 877 9,474 34,366 $ 42,421 $ 57,549 Current $ 30,961 $ 50,839 Non-current 11,460 6,710 $ 42,421 $ 57,549 Interest rates Time deposits with original maturities of more than three months — 0.14%-2.35% Restricted time deposits 0.32%-1.46% 0.13%-0.83% The following assets were provided as collaterals: As of December 31, 2022 2021 Demand deposits pledged for bank loans $ 1,692 $ 1,011 Time deposits pledged for government grants 201 222 Time deposits pledged for litigation* 3,256 — $ 5,149 $ 1,233 * On April 1, 2022, the Company initiated a litigation to claim compensation resulting from trade secret infringement in Taiwan district court. The Company lodged a security bond in the amount of NT$100,000 thousand (approximately $3,256 thousand) at the court's lodge office to enforce the provisional attachment order associated with the said litigation against some of the defendants as security for any potential damages claimed due to a false provisional attachment, if any. The case is currently undergoing proceedings in the district court, the said provisional attachment remains valid. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT As of December 31, 2022 2021 Carrying amount Batteries $ 359,873 $ 355,531 Machinery equipment 64,675 75,576 Transportation equipment 3,651 6,103 Tooling equipment 3,373 3,279 Office equipment 490 479 Leasehold improvements 8,701 12,341 Construction in progress 2,206 74 $ 442,969 $ 453,383 For the Year Ended December 31, 2022 Batteries Machinery Transportation Tooling Office Leasehold Construction Total Cost Balance as of January 1 $ 492,968 $ 134,426 $ 11,819 $ 40,176 $ 2,821 $ 38,141 $ 74 $ 720,425 Additions 90,086 15,074 850 4,871 279 25 6,711 117,896 Disposals (1,580) (4,275) (153) — (59) (1,586) (270) (7,923) Reclassifications — — — — 41 4,253 (4,294) — Exchange differences on translation (51,361) (13,684) (1,224) (4,113) (286) (3,877) (15) (74,560) Balance as of December 31 530,113 131,541 11,292 40,934 2,796 36,956 2,206 755,838 Accumulated depreciation Balance as of January 1 137,437 58,850 5,716 36,897 2,342 25,800 — 267,042 Depreciation expenses 48,453 18,509 2,700 4,440 260 6,678 — 81,040 Disposals (638) (4,250) (95) — (59) (1,488) — (6,530) Exchange differences on translation (15,012) (6,243) (680) (3,776) (237) (2,735) — (28,683) Balance as of December 31 170,240 66,866 7,641 37,561 2,306 28,255 — 312,869 Carrying amount as of December 31 $ 359,873 $ 64,675 $ 3,651 $ 3,373 $ 490 $ 8,701 $ 2,206 $ 442,969 For the Year Ended December 31, 2021 Batteries Machinery Transportation Tooling Office Leasehold Construction Total Cost Balance as of January 1 $ 397,452 $ 108,106 $ 10,838 $ 35,630 $ 2,552 $ 32,657 $ 677 $ 587,912 Additions 88,689 27,856 457 4,781 241 4,208 1,998 128,230 Disposals (158) (5,806) (417) (829) (166) (2,090) (18) (9,484) Transfers from inventory — — 766 — — — — 766 Reclassifications — 49 — — 2 2,536 (2,587) — Exchange differences on translation 6,985 4,221 175 594 192 830 4 13,001 Balance as of December 31 492,968 134,426 11,819 40,176 2,821 38,141 74 720,425 Accumulated depreciation Balance as of January 1 89,163 43,217 3,143 31,419 1,869 19,169 — 187,980 Depreciation expenses 46,514 18,060 2,809 5,748 454 7,904 — 81,489 Disposals (67) (3,248) (303) (813) (15) (1,635) — (6,081) Exchange differences on translation 1,827 821 67 543 34 362 — 3,654 Balance as of December 31 137,437 58,850 5,716 36,897 2,342 25,800 — 267,042 Carrying amount as of December 31 $ 355,531 $ 75,576 $ 6,103 $ 3,279 $ 479 $ 12,341 $ 74 $ 453,383 For the Year Ended December 31, 2020 Batteries Machinery Transportation Tooling Office Leasehold Construction Total Cost Balance as of January 1 $ 278,973 $ 66,818 $ 7,013 $ 27,475 $ 2,346 $ 23,574 $ 1,293 $ 407,492 Additions 95,168 36,022 330 6,020 282 142 7,036 145,000 Disposals (60) (941) (455) — (244) (687) — (2,387) Transfers from inventory — — 3,322 — — — — 3,322 Reclassifications — — — — 9 7,697 (7,706) — Exchange differences on translation 23,371 6,207 628 2,135 159 1,931 54 34,485 Balance as of December 31 397,452 108,106 10,838 35,630 2,552 32,657 677 587,912 Accumulated depreciation Balance as of January 1 47,342 27,563 1,365 21,979 1,511 12,841 — 112,601 Depreciation expenses 36,861 13,949 1,916 7,594 482 5,803 — 66,605 Disposals (32) (790) (310) — (237) (591) — (1,960) Exchange differences on translation 4,992 2,495 172 1,846 113 1,116 — 10,734 Balance as of December 31 89,163 43,217 3,143 31,419 1,869 19,169 — 187,980 Carrying amount as of December 31 $ 308,289 $ 64,889 $ 7,695 $ 4,211 $ 683 $ 13,488 $ 677 $ 399,932 a. Property, plant and equipment were depreciated on a straight-line basis over the estimated useful life of the assets: Batteries 8-12 years Machinery equipment 2-10 years Transportation equipment 2-5 years Tooling equipment 2 years Office equipment 2-5 years Leasehold improvements 2-10 years b. Non-cash transactions For the Year Ended December 31 2022 2021 2020 Additions to property, plant and equipment $ 117,896 $ 128,230 $ 145,000 Changes in prepayments for property, plant and equipment 4,772 (109) (3,327) Changes in payable for property, plant and equipment 434 (382) 2,596 Payments for acquisitions of property, plant and equipment $ 123,102 $ 127,739 $ 144,269 |
Lease Arrangements
Lease Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
LEASE ARRANGEMENTS | LEASE ARRANGEMENTS a. Right-of-use assets As of December 31, 2022 2021 Carrying amounts Land and buildings $ 20,211 $ 25,582 Others 878 695 $ 21,089 $ 26,277 For the Year Ended December 31 2022 2021 2020 Additions to right-of-use assets $ 10,330 $ 9,800 $ 9,844 Depreciation expenses of right-of-use assets Land and buildings $ 12,400 $ 11,901 $ 10,681 Others 435 386 385 $ 12,835 $ 12,287 $ 11,066 b. Lease liabilities As of December 31, 2022 2021 Lease liabilities $ 21,473 $ 26,742 Current $ 10,073 $ 11,153 Non-current 11,400 15,589 $ 21,473 $ 26,742 Discount rates 1.20%-2.81% 1.20%-2.40% c. Material lease-in activities and terms The Company leased certain land, buildings and transportation equipment for the use of plants, offices and business operation with original lease terms of 1 to 10 years. The Company did not have bargain purchase options to acquire the buildings at the end of the lease terms. In addition, the Company was prohibited from subleasing or transferring all or any portion of the underlying assets without the lessor’s consent. d. Other lease information For the Year Ended December 31 2022 2021 2020 Expenses relating to short-term leases and low-value asset leases $ 1,537 $ 1,263 $ 1,112 Total cash outflows for leases $ (14,863) $ (14,025) $ (12,603) The Company leased certain office equipment and other equipment which qualified as short-term leases and low-value asset leases. The Company had elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
BORROWINGS | BORROWINGS As of December 31, 2022 2021 Bank loans - Syndicated loans (Note a) $ 221,405 $ 224,852 Bank loans - Loans for batteries (Note b) 111,611 87,608 Bank loans - Loans for procurement and operating capital 48,158 21,857 Bonds (Note c) — 100,000 $ 381,174 $ 434,317 Current 87,982 238,434 Non-current 293,192 195,883 $ 381,174 $ 434,317 Interest rates Bank loans - Syndicated loans - Loans payables 2.74%-2.93% 2.08%-2.19% Bank loans - Syndicated loans - Bills payables — 1.88% Bank loans - Loans for batteries 2.94% 2.19% Bank loans - Loans for procurement and operating capital 1.70%-2.29% 0.90%-1.23% Bonds — 4.12% a. Bank loans - Syndicated loans As of December 31, 2022 2021 Loans payables $ 221,405 $ 152,712 Bills payables — 72,140 $ 221,405 $ 224,852 Current $ 13,774 $ 116,577 Non-current 207,631 108,275 $ 221,405 $ 224,852 In order to replenish the operating fund for purchasing the batteries of electric scooters, for building battery swapping stations and for developing upgraded batteries of electric scooters, Gogoro Network, Taiwan Branch has signed a syndicated loan agreement with Mega International Commercial Bank Co., Ltd. (the “Mega Bank”), the mandated lead arranger, and other banks or financial institutions as participants in August 2016. Such syndicated loan agreement was renewed in March 2019 with a five-year term loan credit facility of NT$7,200,000 thousand (the “2019 Syndicated Loan”). The 2019 Syndicated Loan was amended in December 2020 and required the Company to maintain the following financial ratios: 1) Liquidity ratio no lower than 100%. 2) Debt ratio ((Total liabilities - Lease liabilities) / Total Equity) no higher than 350% when net profit margin lower than 0%, and no higher than 400% when net profit margin higher than 0%, respectively. As of December 31, 2021, the liquidity ratio was lower than 100% and debt ratio was higher than 400%. According to the loan agreement, in case of two consecutive failures to meet the above financial ratios or requirements, unless it constituted other breach events, such failure should not be deemed as a breach of loan agreement. However, the Company should submit specific financial improvement measures (including but not limited to capital injection) to the Mega Bank. The Company completed the Mergers and the PIPE Investments on the Closing Date and received approximately $344,757 thousand which in turn significantly improved the Company's liquidity ratio and debt ratio. Such syndicated loan agreement was further renewed in September 2022 with a five-year term loan credit facility of NT$10,700,000 thousand (the “2022 Syndicated Loan”). The required financial ratios were amended as follows: 1) Liquidity ratio no lower than 100%. 2) Debt ratio ((Total liabilities - Lease liabilities) / Total Equity) no higher than 400% when net profit margin lower than 0%, and no higher than 450% when net profit margin higher than 0%, respectively. As of December 31, 2022, the Company maintained the financial ratios. Refer to Note 8 for information in relation to demand deposits pledged as collateral. b. Bank loans - Loans for batteries As of December 31, 2022 2021 Loans for batteries $ 111,611 $ 87,608 Current $ 26,050 $ — Non-current 85,561 87,608 $ 111,611 $ 87,608 In order to replenish the operating fund for purchasing the batteries of electric scooters, Gogoro Network, Taiwan Branch entered into a facility agreement with the Mega Bank in January 2021 for a two-year term loan of $200,000 thousand. The loan required the Company to maintain the following financial ratios: 1) Liquidity ratio no lower than 100%. 2) Debt ratio ((Total liabilities - Lease liabilities) / Total Equity) no higher than 350% when net profit margin lower than 0%, and no higher than 400% when net profit margin higher than 0%, respectively. As of December 31, 2021, the liquidity ratio was lower than 100% and debt ratio was higher than 400%. According to the facility agreement, in case of two consecutive failures to meet the above financial ratios or requirements, unless it constituted other breach events, such failure should not be deemed as a breach of loan agreement. However, the Company should submit specific financial improvement measures (including but not limited to capital injection) to the Mega Bank. The Company completed the Mergers and the PIPE Investments on the Closing Date and received approximately $344,757 thousand which in turn significantly improved the Company’s liquidity ratio and debt ratio. Such facility agreement was amended in December 2022 to extend the maturity of the outstanding principal amount of NT$3,975,000 thousand to four year and ten months. A modification loss of $900 thousand was recognized in “Finance costs” in profit or loss (Note 18). The required financial ratios were amended as follows: 1) Liquidity ratio no lower than 100%. 2) Debt ratio ((Total liabilities - Lease liabilities) / Total Equity) no higher than 400% when net profit margin lower than 0%, and no higher than 450% when net profit margin higher than 0%, respectively. As of December 31, 2022, the Company maintained the financial ratios. c. Bonds In July 2018, Gogoro issued unsecured bonds with an notional amount of $100,000 thousand. The major terms of the unsecured bonds were as follows: Maturity Date Interest Rate Payments July 2022 1st year: 300bps + 90-day Libor rate. 2nd year and 3rd year: 350bps + 90-day Libor rate. 4th year: 400bps + 90-day Libor rate. Redemption of notional amount: Maturity date Interest payment: Quarterly The agreement required the Company to maintain a net asset value of $100,000 thousand. The principal and associated interest of the unsecured bonds were fully paid in July 2022. |
Financial Liabilities at Fair V
Financial Liabilities at Fair Value Through Profit or Loss | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS As of December 31, 2022 2021 Earnout liabilities (Note a) $ 24,147 $ — Earn-in liabilities (Note b) 13,384 — Warrant liabilities (Note c) 9,418 — Redeemable preferred shares (Note d) — 107,862 $ 46,949 $ 107,862 a. Earnout liabilities Pursuant to the Merger Agreement, during the period between the closing date and the sixth anniversary of the closing date, eligible shareholders of Gogoro may receive up to 12,000,000 additional ordinary shares of Gogoro (the “Earnout Shares”), with one-third of the Earnout Shares issuable if over any 20 trading days within any 30 trading day period the volume-weighted average price of the ordinary shares of Gogoro is greater than or equal to $15.00, $17.50 and $20.00, respectively (the “Earnout Arrangement”). The rights to the Earnout Shares were recognized as financial liabilities with offset to accumulated deficits in equity. As of December 31, 2022, no Earnout Shares were issued. Refer to Note 23 for information in relation to the fair value measurement of the earnout liabilities. b. Earn-in liabilities Concurrently with the execution and delivery of the Merger Agreement, Gogoro, Poema and Poema Global Partners LLC (the “Sponsor”) have entered into a support agreement (the “Sponsor Support Agreement”). Under the Sponsor Support Agreement, 6,393,750 ordinary shares of Gogoro held by the Sponsor immediately after the first effective time of the Mergers shall become unvested and subjected to forfeiture (the “Sponsor Earn-in Shares”). Subject to the terms and conditions contemplated by the Sponsor Support Agreement, during the period between the closing date and the sixth anniversary of the closing date, one-third of the Sponsor Earn-in Shares shall vest if over any 20 trading days within any 30 trading day period the volume-weighted average price of the ordinary shares of Gogoro is greater than or equal to $15.00, $17.50 and $20.00, respectively. The rights to Sponsor Earn-in Shares were accounted for as a contingent consideration for the Mergers and recognized as financial liabilities. As of December 31, 2022, no Sponsor Earn-in Shares were vested. Refer to Note 23 for information in relation to the fair value measurement of the earn-in liabilities. c. Warrant liabilities Pursuant to the Merger Agreement, on the closing date, Gogoro assumed warrants previously issued by Poema, consisting of 9,400,000 private placement warrants (the “Private Placement Warrants”) and 17,250,000 public warrants (the “Public Warrants”). The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of the Mergers or earlier upon redemption or liquidation. Refer to Note 23 for information in relation to the fair value measurement of the warrant liabilities d. Redeemable preferred shares On July 21, 2020, board of directors of Gogoro resolved to issue 22,000 thousand redeemable preferred shares, with a par value of $1 each, at $5 per share. On July 31, 2020, Gogoro issued 20,000 thousand redeemable preferred shares with a total consideration of $100,000 thousand. The subscription terms of the redeemable preferred shares (the “Subscription Shares”) were as follows: i. The Subscription Shares will have a non-cumulative dividend at a rate of 7% per annum, which shall be payable in the sole discretion of board of directors of Gogoro. Dividends shall be payable with respect to dividend accrual periods for any given issuance of the Subscription Shares, which are each complete calendar quarter following the issuance of the Subscription Shares. The Subscription Shares shall not participate in the dividend distribution, if any, for ordinary shares. ii. The Subscription Shares will be non-voting. iii. The Subscription Shares will have a liquidation preference over all other equity shares of Gogoro. iv. Gogoro could, in its sole discretion, decide to redeem the Subscription Shares at the amount equal to the issue price of the Subscription Shares held considering the change of exchange rates between initial date and redemption date and also plus the pro rata declared but unpaid dividends, if any. Such redemption shall not take place within one year from the July 31, 2020. Considering the fact that the Gogoro had a concrete plan to redeem the preferred shares in the foreseeable future and such financial instrument contained embedded derivatives, the Company recognized the redeemable preferred shares and the embedded derivatives as financial liabilities and designated as at FVTPL. Pursuant to the resolution of the board of directors in December 2021, Gogoro redeemed all redeemable preferred shares at the redemption amount of $108,149 thousand, including dividends of $2,094 thousand, in January 2022. |
Notes Payable and Trade Payable
Notes Payable and Trade Payable | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Notes And Trade Payables | NOTES AND TRADE PAYABLES As of December 31, 2022 2021 Notes payables $ 824 $ 366 Trade payables 38,055 52,892 $ 38,879 $ 53,258 The average term of payment is two |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Liabilities | OTHER LIABILITIES As of December 31, 2022 2021 Non-financial liabilities Advance receipts $ 23,630 $ 24,916 Payables for employee benefits 9,763 10,774 Current tax liabilities 2 — Others 5,629 1,798 39,024 37,488 Financial liabilities Accrued expenses 22,691 23,183 Payables for property, plant and equipment 1,993 2,427 Guarantee deposits received 1,251 1,027 25,935 26,637 $ 64,959 $ 64,125 Current $ 46,506 $ 44,603 Non-current 18,453 19,522 $ 64,959 $ 64,125 Advance receipts were mainly from government grants for energy facilities. |
Provisions for Product Warranty
Provisions for Product Warranty | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Provisions for Product Warranty | PROVISIONS FOR PRODUCT WARRANTY As of December 31, 2022 2021 Provisions for product warranty $ 8,050 $ 15,630 Current $ 4,812 $ 6,480 Non-current 3,238 9,150 $ 8,050 $ 15,630 Movements of provisions for product warranty for the years ended December 31, 2022, 2021 and 2020 were as follows: For the Year Ended December 31, 2022 2021 2020 Balance as of January 1 $ 15,630 $ 17,562 $ 21,321 Additional provisions recognized in profit or loss 4,240 5,642 5,260 Unused provisions reversed in profit or loss (4,449) — — Provisions used (5,884) (7,811) (10,200) Exchange differences on translation (1,487) 237 1,181 Balance as of December 31 $ 8,050 $ 15,630 $ 17,562 The Company provided warranty service for its customers. The warranty period for electric scooters was generally two years. The warranty was estimated based on actual claims incurred to date as well as the forecasted claims based on historical experience and an estimate of the working hours, material costs and hourly wage rates, depending on the types of electric scooters. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
EQUITY | EQUITY a. Share capital As of December 31, 2022 2021 Ordinary shares, $0.0001 par value (Note i) $ 24 $ 15 Series C preferred shares, $1 par value (Note ii) — 85,714 $ 24 $ 85,729 i. Ordinary shares Unit: in Thousands of Shares As of December 31, 2022 2021 Ordinary shares Number of shares authorized 450,000 229,781 Number of shares issued and fully paid* 244,211 126,100 *Prior period results had been retrospectively adjusted to reflect the 1:0.8752888353 share subdivision effected on the closing date. The movements of the number of ordinary shares issued and fully paid were as follows: Unit: in Thousands of Shares For the Year Ended December 31, 2022 2021 2020 Number of shares as of January 1 126,100 126,100 118,309 Issuance of restricted shares — — 7,791 Issuance of ordinary shares in relation to the Merger Agreement 88,643 — — Issuance of ordinary shares in relation to the PIPE Agreements 29,482 — — Reacquisition of restricted shares due to forfeiture (274) — — Issuance of ordinary shares in relation to exercise of share options 1 — — Issuance of ordinary shares in relation to vesting of restricted stock units 259 — — Number of shares as of December 31 244,211 126,100 126,100 Each ordinary share carries one vote and the right for dividends. Pursuant to the Merger Agreement, immediately prior to the consummation of the Merger, Gogoro effected a recapitalization, whereby each of ordinary shares of Gogoro that were issued and outstanding was subdivided into 0.8752888353 ordinary shares of Gogoro, such that each ordinary share of Gogoro will have a value of $10.00 per share after giving effect to such share subdivision. All ordinary shares, preferred shares and restricted shares were adjusted retroactively for all periods presented in these consolidated financial statements. Pursuant to the Merger Agreement, each outstanding ordinary share of Poema, after redemption by shareholders of Poema, was converted into one ordinary share of Gogoro on the Closing Date. This resulted in the issuance of 13,618,735 ordinary shares of Gogoro, including 6,393,750 Sponsor Earn-in Shares. As of December 31, 2022, no Sponsor Earn-in Shares were vested. Refer to Note 12 for information in relation to Sponsor Earn-in Shares. Concurrently with the execution of the Merger Agreement, certain investors entered into certain share subscription agreements (each, a “PIPE Agreement”) pursuant to which the investors had committed to subscribe for and purchase 29,482,000 ordinary shares of Gogoro at $10.00 per share for an aggregate purchase price of $294,820 thousand (the “PIPE Investments”). The amount was received on the Closing Date. ii. Series C preferred shares Unit: in Thousands of Shares As of December 31, 2022 2021 Series C preferred shares Number of shares authorized — 85,714 Number of shares issued and fully paid* — 75,025 *Prior period results had been retrospectively adjusted to reflect the 1:0.8752888353 share subdivision effected on the closing date. The movements of the number of ordinary shares issued and fully paid were as follows: Unit: in Thousands of Shares For the Year Ended December 31, 2022 2021 2020 Number of shares as of January 1 75,025 75,025 75,025 Repurchase of Series C preferred shares (75,025) — — Number of shares as of December 31 — 75,025 75,025 In 2017, Gogoro issued 85,714 thousand series C preferred shares (adjusted to 75,025 thousand series C preferred shares to reflect the 1:0.8752888353 share subdivision effected on the Closing Date) at an issuance price of $3.50 per share. The major features of series C preferred shares are summarized as follows: 1) The series C preferred shares will have a liquidation preference per share equal to the per share subscription price of such series C preferred shares in preference over the ordinary shares of Gogoro. 2) Each series C preferred share is entitled to the same dividends distributable to each ordinary share as may be declared from time to time by board of directors of Gogoro. 3) The series C preferred shares will convert into ordinary shares on a one to one basis upon the earlier of: (i) at any time immediately before the issuance of any class of shares of Gogoro with rights ranking prior to the series C preferred shares; (ii) Gogoro’s submission of an application with Taipei Exchange for listing on the Emerging Stock Board, or (iii) Gogoro’s submission of a listing application in connection with the IPO to either the Taiwanese Stock Exchange Main Board, Hong Kong Stock Exchange Main Board, Nasdaq or NYSE in connection with its IPO. Prior to an IPO, if Gogoro issues any equity-linked securities for a price per share less than $3.50 per share other than ordinary shares issued in accordance with equity incentive award plans, the series C preferred shares shall be subject to broad-based weighted average anti-dilution protection. 4) Each series C preferred share will have a number of votes equal to the number of ordinary shares into which such series C preferred share is then convertible. The holders of ordinary shares will have one vote per share and will vote together with the ordinary shares, as a single class. On the Closing Date, immediately prior to the consummation of any of the transactions contemplated by the PIPE Agreements, Gogoro repurchased each series C preferred share that was issued and outstanding for consideration in an amount equal to the initial subscription price for such series C preferred shares. Immediately upon receipt of such consideration, each holder of a series C preferred share applied such amount to the subscription for one ordinary share of Gogoro. b. Reserves As of December 31, 2022 2021 Capital surplus - Issuance of ordinary shares $ 598,317 $ 125,747 Capital surplus - Expired share options 2,209 2,209 Capital surplus - Employee restricted shares (Note 21) 37,126 5,037 Capital surplus - Employee share options (Note 21) 5,818 — Accumulated deficits (349,940) (116,609) Other equity 5,420 21,600 $ 298,950 $ 37,984 Retained earnings and dividend policy 1) Subject to any rights and restrictions for the time being attached to any shares, or as otherwise provided for in the Companies Act and the Articles of Association of Gogoro, the board of directors of Gogoro may from time to time declare dividends (including interim dividends) and other distributions on shares of Gogoro in issue and authorize payment of the same out of the funds of Gogoro lawfully available therefor. 2) Subject to any rights and restrictions for the time being attached to any shares, Gogoro by ordinary resolution may declare dividends, but no dividend shall exceed the amount recommended by the board of directors of Gogoro. 3) The board of directors may determine, before recommending or declaring any dividend, to set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall be applicable for meeting contingencies, or for equalizing dividends or for any other purpose to which those funds may be properly applied and pending such application may, at the determination of the board of directors of Gogoro, either be deployed in business of Gogoro or be invested in such investments as the board of directors of Gogoro may from time to time think fit. |
Operating Revenue
Operating Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
OPERATING REVENUE | OPERATING REVENUES The Company derived its revenues from contracts with customers for the following products and services: a. Disaggregation of revenues For the Year Ended December 31, 2022 2021 2020 Products and services Sales of hardware and related revenue $ 241,428 $ 248,137 $ 267,497 Battery swapping service revenue 121,660 99,587 78,626 Leasing service revenue 10,653 10,304 7,400 Other revenue 9,085 7,981 10,602 $ 382,826 $ 366,009 $ 364,125 b. Contract balances As of December 31, As of January 1, 2022 2021 2021 Trade receivables (Note 6) $ 16,143 $ 16,625 $ 13,475 Contract liabilities Sales of hardware and battery swapping service revenues $ 12,965 $ 18,753 $ 13,540 The Company recognized revenues from contract liabilities as of January 1, 2022, 2021 and 2020 amounting to $10,476 thousand, $12,893 thousand and $27,194 thousand for the years ended December 31, 2022, 2021 and 2020, respectively. |
Net Loss From Continuing Operat
Net Loss From Continuing Operations | 12 Months Ended |
Dec. 31, 2022 | |
Net Income (Loss) From Continuing Operations [Abstract] | |
NET LOSS FROM CONTINUING OPERATIONS | NET LOSS FROM CONTINUING OPERATIONS a. Finance costs For the Year Ended December 31 2022 2021 2020 Interest expense on bank loans $ 8,694 $ 6,672 $ 4,713 Interest expense on bonds 2,637 3,886 4,460 Interest expense on lease liabilities 440 530 581 Modification loss on bank loans 900 — — $ 12,671 $ 11,088 $ 9,754 b. Finance income For the Year Ended December 31 2022 2021 2020 Interest income on deposits $ 2,870 $ 572 $ 775 Others 72 53 114 $ 2,942 $ 625 $ 889 c. Other income For the Year Ended December 31 2022 2021 2020 Income related to government grants $ 5,682 $ 5,446 $ 2,861 Others 709 4,065 2,318 $ 6,391 $ 9,511 $ 5,179 d. Other losses, net For the Year Ended December 31 2022 2021 2020 Foreign exchange losses, net $ (1,719) $ (641) $ (1,160) Losses on disposal of property, plant and equipment (975) (328) (91) Others (483) (658) (295) $ (3,177) $ (1,627) $ (1,546) e. Gains (losses) on financial liabilities at FVTPL For the Year Ended December 31 2022 2021 2020 Gains on earnout liabilities $ 110,276 $ — $ — Gains on earn-in liabilities 61,124 — — Gains on warrant liabilities 34,825 — — Losses on redeemable preferred shares (287) (7,465) (8,612) $ 205,938 $ (7,465) $ (8,612) f. Depreciation and amortization expenses For the Year Ended December 31 2022 2021 2020 Depreciation expenses of property, plant and equipment $ 81,040 $ 81,489 $ 66,605 Depreciation expenses of right-of-use assets 12,835 12,287 11,066 Amortization expenses of intangible assets 932 1,043 896 $ 94,807 $ 94,819 $ 78,567 An analysis of depreciation expenses by function Costs of revenues $ 85,147 $ 84,878 $ 69,197 Operating expenses Sales and marketing 3,076 2,863 2,878 General and administrative 4,339 4,606 4,474 Research and development 1,313 1,429 1,122 $ 93,875 $ 93,776 $ 77,671 An analysis of amortization expenses by function Costs of revenues $ 73 $ 94 $ 77 Operating expenses Sales and marketing 183 158 68 General and administrative 187 280 376 Research and development 489 511 375 $ 932 $ 1,043 $ 896 g. Impairment losses (reversal of impairment losses) For the Year Ended December 31 2022 2021 2020 Impairment losses (reversal of impairment losses) on inventories $ 3,045 $ (639) $ 3,059 Impairment losses on trade receivables 523 519 642 $ 3,568 $ (120) $ 3,701 h. Employee benefits expenses For the Year Ended December 31 2022 2021 2020 Short-term employee benefits $ 69,806 $ 70,205 $ 66,913 Defined contribution plans 3,064 2,982 2,985 Termination benefits 2,546 86 292 Share-based payments 37,907 5,038 — $ 113,323 $ 78,311 $ 70,190 An analysis of employee benefits expenses by function Costs of revenues $ 29,668 $ 24,417 $ 23,007 Operating expenses Sales and marketing 21,580 17,457 17,700 General and administrative 27,684 13,908 11,141 Research and development 34,391 22,529 18,342 $ 113,323 $ 78,311 $ 70,190 |
Income Taxes Relating to Contin
Income Taxes Relating to Continuing Operations | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
INCOME TAXES RELATING TO CONTINUING OPERATIONS | INCOME TAXES RELATING TO CONTINUING OPERATIONS a. Income tax expense (benefit) recognized in profit or loss For the Year Ended December 31 2022 2021 2020 Current tax expense Current year $ 2 $ — $ (1,063) Deferred tax expense — — — Income tax expense (benefit) $ 2 $ — $ (1,063) A reconciliation of accounting loss and income tax expense (benefit) was as follows: For the Year Ended December 31, 2022 2021 2020 Loss before income tax $ (98,906) $ (67,362) $ (50,343) Tax at the domestic rates applicable to profits in the country concerned $ (21,554) $ (14,913) $ (9,634) Tax effect of expenses that are not deductible for tax purposes 3,431 990 82 Adjustments in respect of prior years — — (1,063) Unrecognized loss carryforwards and deductible temporary differences 18,125 13,923 9,552 Income tax expense (benefit) $ 2 $ — $ (1,063) The applicable corporate income tax rate applied by the Company for those entities in the ROC was 20%, while the tax rate for unappropriated earnings was 5%. Income tax on unappropriated earnings was accrued in the year the earnings arose and adjusted to the extent that the unappropriated earnings were distributed in the following year. The earnings generated from 2019 was qualified for tax deduction under Statute of Industrial Innovation of ROC, therefore, the income tax accrued on unappropriated earnings in 2019 was fully reversed in 2020. Tax rates used by other group entities operating in other jurisdictions were based on the tax laws in those jurisdictions. b. Deductible temporary differences and unused loss carryforwards for which no deferred tax assets have been recognized in the consolidated balance sheets were as follows: As of December 31 2022 2021 Loss carryforwards Expire in 2024 $ 829 $ 919 Expire in 2025 35,217 10,946 Expire in 2026 66,761 63,112 Expire in 2027 38,973 43,239 Expire in 2028 68,337 75,818 Expire in 2029 22,018 24,429 Expire in 2030 32,685 36,086 Expire in 2031 39,908 41,987 Expire in 2032 47,617 — $ 352,345 $ 296,536 Deductible temporary differences $ 99,069 $ 63,728 c. Income tax assessments The income tax returns of Gogoro Taiwan Limited, Gogoro Taiwan Sales and Service Limited and Gogoro Network, Taiwan Branch for the years through 2020 have been assessed and approved by the tax authority. The income tax returns of GoShare Taiwan Limited for the years through 2019 have been assessed and approved by the tax authority. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
LOSS PER SHARE | LOSS PER SHARE Unit: in U.S. Dollars Per Share For the Year Ended December 31 2022 2021 2020 Basic and diluted loss per share $ (0.45) $ (0.35) $ (0.25) a. Net loss For the Year Ended December 31 2022 2021 2020 Net loss $ (98,908) $ (67,362) $ (49,280) b. Number of shares Unit: in Thousands of Shares For the Year Ended December 31 2022 2021 2020 Weighted average number of ordinary shares used in calculating basic and diluted loss per share 222,000 193,334 193,334 Weighted average number of ordinary shares used in calculating basic loss per share included ordinary share and potentially preferred shares converted to ordinary shares mandatorily. The share-based payments mentioned in Note 21 and Earnout Shares, Sponsor Earn-in Shares, warrants and redeemable preferred shares mentioned in Note 12 belongs to potential ordinary shares, which were anti-dilutive for the years ended December 31, 2022, 2021 and 2020 and hence excluded from calculating diluted loss per share. Prior period results had been retrospectively adjusted to reflect the 1:0.8752888353 share subdivision effected on the closing date. Refer to Note 16 for information in relation to share subdivision. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
SHARE-BASED PAYMENT ARRANGEMENTS | SHARE-BASED PAYMENT ARRANGEMENTS As of December 31, 2022 and 2021, there were $40,023 thousand and $30,388 thousand of total unrecognized share-based payments respectively. Share-based payments recognized for the years ended December 31, 2022, 2021 and 2020 were amounted to $37,907 thousand, $5,038 thousand and nil respectively. a. Restricted shares Pursuant to the 2019 Equity Incentive Award Plan, Gogoro granted 8,901 thousand restricted shares (adjusted to 7,791 thousand restricted shares to reflect the 1:0.8752888353 share subdivision effected on the Closing Date) to certain executives and employees in September 2021 that will be settled in shares of Gogoro. The fair value of employee restricted shares was $5.47 per share (adjusted to $6.25 per share to reflect the 1:0.8752888353 share subdivision effected on the Closing Date) on the grant date derived from the income approach. 25% of the restricted shares are vested if the employees who are granted employee restricted shares remain employed by Gogoro at the end of each of the four vesting periods. Subject to the terms of the 2019 Equity Incentive Award Plan, an award agreement may grant Gogoro a repurchase option exercisable upon the termination of a participant’s employment for any reason at a purchase price equal to the original purchase price per share paid by the purchaser to Gogoro for such shares, which repurchase option will lapse pursuant to terms set forth by the administrator. Once restricted share is purchased or received, participants will have the rights equivalent to those of a holder of shares. No adjustment will be made for a dividend or other right for which the record date is prior to the date the restricted share is purchased. Awards may not be transferred, assigned, pledged, donated or otherwise disposed of in any manner, other than with respect to options by the laws of wills and descent. Gogoro had not granted any additional awards under 2019 Equity Incentive Award Plan after September 2021 and such plan had been terminated on the Closing Date. In relation to the Earnout Arrangement as disclosed in Note 12, eligible employees who are granted employee restricted shares are entitled to their pro rata portion of Earnout Shares if the employee restricted shares are vested in accordance with their terms. The rights to Earnout Shares of employees who are granted employee restricted shares were accounted for as a share-based payment transaction. Information of restricted shares was as follows: Unit: in Thousands of Shares For the Year Ended December 31 2022 2021 Shares unvested as of January 1 7,791 — Shares granted — 7,791 Shares vested (1,948) — Shares forfeited (274) — Shares unvested as of December 31 5,569 7,791 For the years ended December 31, 2022 and 2021, the weighted average fair values at the measurement date of restricted shares granted were nil and $6.25 per share (adjusted to reflect the 1:0.8752888353 share subdivision effected on the Closing Date), respectively. Refer to Note 16 for information in relation to share subdivision. b. Restricted stock units (“RSUs”) In March 2022, the board of directors approved the 2022 Equity Incentive Plan which became effective on the Closing Date. Pursuant to the 2022 Equity Incentive Plan, Gogoro granted 3,651 thousand RSUs to certain executives and employees in August 2022 that will be settled in shares of Gogoro. Each RSU is settled in one ordinary share of Gogoro. The fair value of employee restricted shares was $5.20 per share on the grant date derived from the quoted price in active markets. 25% of the RSUs are vested if the employees who are granted RSUs remain employed by Gogoro at the end of each of the four vesting periods. Gogoro further granted 259 thousand RSUs to certain directors in November 2022 that will be settled in shares of Gogoro. The fair value of RSUs was $2.85 per share on the grant date using the quoted prices in active markets. The RSUs were vested immediately on the grant date. Information of RSUs was as follows: Unit: in Thousands of Shares For the Year Ended December 31 2022 RSUs unvested as of January 1 — RSUs granted 3,910 RSUs vested (259) RSUs forfeited (37) RSUs unvested as of December 31 3,614 For the year ended December 31, 2022, the weighted average fair value at the measurement date of RSUs granted was $5.04 per share. c. Share options Pursuant to the 2022 Equity Incentive Plan, Gogoro granted 4,874 thousand share options to certain executives and employees in August 2022. Each share option entitles the holder to purchase one ordinary share of Gogoro. 25% of the share options are vested if the employees who are granted share options remain employed by Gogoro at the end of each of the four vesting periods. Information of share options was as follows: For the Year Ended December 31 2022 Options Weighted Average Exercise Price Options outstanding as of January 1 $ — $ — Options granted 4,874 5.20 Options forfeited (25) 5.20 Options exercised (1) 5.20 Options outstanding as of December 31 4,848 5.20 Options exercisable as of December 31 1,217 5.20 For the year ended December 31, 2022, the weighted average fair value at the measurement date of the share options granted was $3.03 and the weighted average share price at the dates of exercise of the share options exercised was $5.26 per share. As of December 31, 2022, the share options outstanding had a exercise price of $5.20 per share and a weighted average remaining contractual life of 9.6 years. The fair values of share options on the grant date were derived from the Binomial Model. The inputs to the model were as follows: Share Options Granted in August 2022 Weighted average share price (in U.S. dollars per share) $ 5.20 Weighted average exercise price (in U.S. dollars per share) $ 5.20 Expected volatility 65.50 % Option life (in years) 10.0 Expected dividend yield — % Risk-free interest rate 2.86 % Expected early exercise multiple 2.2 |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT | CAPITAL MANAGEMENT The Company managed its capital to ensure that entities controlled by Gogoro would be able to continue as going concerns while maximizing the return to shareholders through the optimization of the debt and equity balance. Key management personnel of the Company reviewed the capital structure periodically. In order to balance the overall capital structure, the Company may adjust the amounts of loan from borrowings, the number of new shares issued or other equity instruments. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS a. Fair value of financial instruments that are not measured at fair value Financial instruments not measured at fair value held by the Company included financial assets and financial liabilities measured at amortized cost. The management considered that the carrying amounts of these financial assets and financial liabilities not measured at fair value approximated their fair values or the fair values could not be measured reliably. b. Fair value of financial instruments that are measured at fair value on a recurring basis i. Fair value hierarchy As of December 31, 2022 Level 1 Level 2 Level 3 Total Financial liabilities at FVTPL Earnout liabilities $ — $ — $ 24,147 $ 24,147 Earn-in liabilities — — 13,384 13,384 Warrant liabilities 6,038 — 3,380 9,418 $ 6,038 $ — $ 40,911 $ 46,949 As of December 31, 2021 Level 1 Level 2 Level 3 Total Financial liabilities at FVTPL Redeemable preferred shares $ — $ — $ 107,862 $ 107,862 There were no transfers between the levels of the fair value hierarchy for the years ended December 31, 2022, 2021 and 2020. The Company did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as of December 31, 2022 and 2021. ii. Reconciliation for recurring fair value measurements categorized within level 3 of the fair value hierarchy Earnout liabilities Earn-in liabilities Warrant liabilities Redeemable preferred shares Total Balance as of January 1, 2021 $ — $ — $ — $ 107,397 $ 107,397 Settlements — — — (7,000) (7,000) Loss on financial liabilities at FVTPL — — — 7,465 7,465 Balance as of December 31, 2021 — — — 107,862 107,862 Issuance 134,423 74,508 21,127 — 230,058 Settlements — — — (108,149) (108,149) (Gains) losses on financial liabilities at FVTPL (110,276) (61,124) (17,747) 287 (188,860) Balance as of December 31, 2022 $ 24,147 $ 13,384 $ 3,380 $ — $ 40,911 For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, unrealized gains of $189,147 thousand and unrealized losses of $7,465 thousand were recognized in profit or loss attributable to balances held at the end of the reporting period as of December 31, 2022 and 2021 respectively. The amounts were recognized in “Gains (losses) on financial liabilities at fair value through profit or loss” in profit or loss. iii. Valuation techniques and inputs used in the fair value measurements Financial Instruments Valuation Techniques and Key Inputs Significant Unobservable Inputs Relationship and Sensitivity of Unobservable Inputs to Fair Value Warrant liabilities - Public Warrants Quoted prices in an active market N/A N/A Warrant liabilities - Private Placement Warrants Monte Carlo simulation: Volatility and risk-free rate Volatility (December 31, 2022: 56.0%) 10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $798 thousand / ($1,179 thousand) as of December 31, 2022 Earnout liabilities Monte Carlo simulation: Volatility and risk-free rate Volatility (December 31, 2022: 78.2%) 10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $2,961 thousand / ($3,883 thousand) as of December 31, 2022 Earn-in liabilities Monte Carlo simulation: Volatility and risk-free rate Volatility (December 31, 2022: 78.2%) 10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $1,641 thousand / ($2,153 thousand) as of December 31, 2022 Redeemable preferred shares Discounted cash flow: Discounted rate Discount rate (December 31, 2022: N/A; December 31, 2021: 6.75%) 1% increase / (decrease) in the discount rate would result in decrease / (increase) in fair value by approximately $41 thousand / ($41 thousand) as of December 31, 2021 iv. Valuation processes for fair value measurements categorized within level 3 of the fair value hierarchy The Company engaged third party qualified valuers to perform the valuation where significant unobservable inputs were used in the fair value measurements. The financial department worked closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model and confirmed the reliability, independence and correspondence of the information sources in the valuation. c. Categories of financial instruments As of December 31, 2022 2021 Financial assets Financial assets at amortized cost (Note i) $ 261,717 $ 268,420 Financial liabilities Financial liabilities at FVTPL 46,949 107,862 Financial liabilities at amortized cost (Note ii) 445,988 515,665 i. The balances included financial assets measured at amortized cost, which comprised cash and cash equivalents, trade receivables and other financial assets. ii. The balances included financial liabilities measured at amortized cost, which comprise bank loans, bonds, notes and trade payables, and other financial liabilities. d. Changes in liabilities arising from financing activities For the Year Ended December 31, 2022 Balance as of January 1 Financing Cash Flows Non-cash Recognition Changes in Fair Values Other Changes* Exchange Differences on Translation Balance as of December 31 Bank loans $ 334,317 $ 82,725 $ — $ — $ 900 $ (36,768) $ 381,174 Bonds 100,000 (102,594) — — 2,594 — — Redeemable preferred shares 107,862 (108,149) — 287 — — — Earnout liabilities — — 134,423 (110,276) — — 24,147 Earn-in liabilities — — 74,508 (61,124) — — 13,384 Warrant liabilities — — 44,243 (34,825) — — 9,418 Lease liabilities 26,742 (12,886) — — 10,102 (2,485) 21,473 Guarantee deposits received 1,027 335 — — — (111) 1,251 $ 569,948 $ (140,569) $ 253,174 $ (205,938) $ 13,596 $ (39,364) $ 450,847 For the Year Ended December 31, 2021 Balance as of January 1 Financing Cash Flows Non-cash Recognition Changes in Fair Values Other Changes* Exchange Differences on Translation Balance as of December 31 Bank loans $ 248,617 $ 81,099 $ — $ — $ — $ 4,601 $ 334,317 Bonds 100,000 — — — — — 100,000 Redeemable preferred shares 107,397 (7,000) — 7,465 — — 107,862 Lease liabilities 30,342 (12,232) — — 8,233 399 26,742 Guarantee deposits received 1,114 (103) — — — 16 1,027 $ 487,470 $ 61,764 $ — $ 7,465 $ 8,233 $ 5,016 $ 569,948 For the Year Ended December 31, 2020 Balance as of January 1 Financing Cash Flows Non-cash Recognition Changes in Fair Values Other Changes* Exchange Differences on Translation Balance as of December 31 Bank loans $ 135,299 $ 99,346 $ — $ — $ — $ 13,972 $ 248,617 Bonds 100,000 — — — — — 100,000 Redeemable preferred shares — 98,785 — 8,612 — — 107,397 Lease liabilities 30,472 (10,910) — 8,845 1,935 30,342 Guarantee deposits received 1,001 44 — — — 69 1,114 $ 266,772 $ 187,265 $ — $ 8,612 $ 8,845 $ 15,976 $ 487,470 *Other changes mainly include interest accruals and payments, new leases and lease modifications. e. Financial risk management objectives and policies The Company’s financial risk management objective is to monitor and manage the financial risks relating to the operations of the Company. These risks include market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. In order to minimize the effect of financial risks, the Company devoted time and resources to identify and evaluate the uncertainty of the market to mitigate risk exposures. i. Market risk The Company’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. 1) Foreign currency risk The Company undertook transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arose. Sensitivity analysis Since the primary operating entities of the Company are located in Taiwan, which mainly transact in New Taiwan dollars (NTD), those entities were mainly exposed to the fluctuations of USD. The following table details the Company’s sensitivity to a 1% increase and decrease in NTD against USD. The sensitivity analysis included only outstanding foreign currency denominated monetary items. A positive number below indicated an increase in pre-tax profit (loss) or equity associated with a 1% strengthening of NTD against USD. For a 1% weakening of NTD against USD, there would be an equal and opposite impact on equity, and the balances below would be negative. For the Year Ended December 31 2022 2021 2020 Profit or loss $ (42) $ (90) $ (1,037) Equity 2,350 2,067 2,412 2) Interest rate risk The Company was exposed to interest rate risk because the entities in the Company borrowed funds at both fixed and floating interest rates. The Company’s interest rate risk was mainly concentrated in the fluctuation of the benchmark interest rate arising from cash and cash equivalents - time deposits and repurchase agreements collateralized by bonds, other financial assets, short-term borrowings, long-term borrowings, bonds payable, financial liabilities designated as at FVTPL and leasing liabilities. The carrying amount of the Company’s financial assets and financial liabilities with exposure to interest rates at the end of the reporting period were as follows. As of December 31, 2022 2021 Fair value interest rate risk Financial assets $ 184,669 $ 204,747 Financial liabilities 68,422 134,604 Cash flow interest rate risk Financial assets 56,357 42,426 Financial liabilities 381,599 434,898 Sensitivity analysis The sensitivity analysis below was determined based on the Company’s exposure to interest rates for non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analyses were prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 10 basis points increase or decrease was used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates had been 10 basis points higher/lower and all other variables were held constant, the Company’s loss for the years ended December 31, 2022, 2021 and 2020 would increase/decrease by $278 thousand, $392 thousand and $321 thousand, respectively. ii. Credit risk Credit risk referred to the risk that counterparty would default on its contractual obligations resulting in financial loss to the Company. The Company’s credit risk was mainly arising from bank deposits, trade receivables, other financial assets and refundable deposits. The Company adopted a policy of only dealing with creditworthy counterparties and financial institutions, where appropriate, as a means of mitigating the risk of financial loss from defaults. iii. Liquidity risk The Company managed liquidity risk by monitoring and maintaining a level of cash deemed adequate to finance the Company’s operations and mitigated the effects of fluctuations in cash flows. In addition, management monitored the utilization of bank loans and ensured compliance with loan covenants. 1) Maturity analysis for non-derivative financial liabilities The following table details the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Company can be required to pay. The tables included both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount was derived from the interest rate curve at the end of the reporting period. As of December 31, 2022 Interest On Demand 1 to 3 Months 3 Months to 1 to 5 Years More than 5 Years Non-derivative financial liabilities Non-interest bearing liabilities $ 43,341 $ 18,740 $ 1,395 $ 1,308 $ 31 Lease liabilities 1.20%-2.81% 990 1,980 7,421 11,703 — Variable interest rate liabilities 1.70%-2.94% 5,501 26,376 56,106 293,618 — $ 49,832 $ 47,096 $ 64,922 $ 306,629 $ 31 As of December 31, 2021 Interest On Demand 1 to 3 Months 3 Months to 1 to 5 Years More than 5 Years Non-derivative financial liabilities Non-interest bearing liabilities $ 44,998 $ 34,661 $ 49 $ 1,027 $ 33 Lease liabilities 1.20%-2.40% 1,124 2,071 8,346 15,919 — Fixed interest rate liabilities 7.00% 108,110 — — — — Variable interest rate liabilities 0.90%-4.12% 74,964 19,147 144,436 196,351 — $ 229,196 $ 55,879 $ 152,831 $ 213,297 $ 33 2) Bank credit limit As of December 31, 2022 2021 Unsecured bank general credit limit Amount used* $ 401,500 $ 335,983 Amount unused 126,667 222,225 $ 528,167 $ 558,208 *The calculation of amount used was based on the initial drawdown of the bank loans, and would not be affected before the Company repaid the full amount of the bank loans. The amount used included guarantees for customs duties and government grants. |
Related Parties Transactions
Related Parties Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Related Parties Transactions | RELATED PARTIES TRANSACTIONS Balances and transactions between Gogoro and its subsidiaries, which are related parties of Gogoro, have been eliminated on consolidation and are not disclosed in this note. Other than that, the Company's remaining transactions with related parties were immaterial for the years ended December 31, 2022, 2021 and 2020. The names and relationships of related-parties are disclosed below: Related Party Relationship with Gogoro Nan Shan General Insurance Co., Ltd. Related party in substance Nan Shan Life Insurance Co., Ltd. Related party in substance Yin Shu-Tien Medical Foundation Related party in substance Ruentex Construction International Co., Ltd. Related party in substance Ruentex Pai Yi Co., Ltd. Related party in substance RT-Mart International Co., Ltd. Related party in substance Compensation of key management personnel For the Year Ended December 31 2022 2021 2020 Share-based payments $ 13,507 $ 1,290 $ — Short-term employee benefits 2,625 2,695 4,543 Post-employment benefits 14 18 85 $ 16,146 $ 4,003 $ 4,628 |
Significant Contingent Liabilit
Significant Contingent Liabilities and Unrecognized Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Significant Contingent Liabilities And Unrecognized Commitments [Abstract] | |
SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS | SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTSOn December 26, 2019, Stone Energy Technology Corporation (“Stone Energy”) filed a lawsuit for patent infringement against Gogoro Taiwan Limited, Gogoro Network (Cayman), Gogoro Network (Cayman) Taiwan Branch and Gogoro Taiwan Sales and Services Limited in the Intellectual Property and Commercial Court (“IPCC”) of the Republic of China, in which the patent numbers I308406 and I423140 are asserted. On May 28, 2021, the IPCC dismissed all claims of Stone Energy. Stone Energy has appealed with a trimmed claim amount to IPCC. The IPCC for the second instance affirmed IPCC’s judgment for the first instance on August 25, 2022. Stone Energy appealed to the Supreme Court. Due to the uncertainty of timing and the amount of estimated future cash flows, no provision had been recognized as of December 31, 2022. On January 6, 2023 and March 9, 2023, the patent numbers I308406 and I423140 were both confirmed to be invalid by the Supreme Administrative Court.As of December 31, 2022, the Company is facing four litigation cases, which have been initiated by former executives, managers and employees amounting to approximately $2,419 thousand. These cases are currently undergoing proceedings in the Taiwanese district courts and high court. The Company is defending for the favorable results. Due to the uncertainty of timing and the amount of estimated future cash flows, no provision had been recognized as of December 31, 2022. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Information was reported to the Company’s chief operating decision maker for the purposes of resource allocation and assessment of performance as a single operating segment involving sales of hardware and battery swapping service. As such, the Company had identified one reportable segment. a. Geographical areas Information about the Company’s non-current assets excluding financial instruments by geographical location as of December 31, 2022 and 2021 was detailed below: As of December 31, 2022 2021 Taiwan $ 468,137 $ 481,613 Others 2,197 — $ 470,334 $ 481,613 The Company’s revenue from external customers by geographical location for the years ended December 31, 2022, 2021 and 2020 was detailed below: For the Year Ended December 31 2022 2021 2020 Taiwan $ 360,618 $ 354,231 $ 361,264 Others 22,208 11,778 2,861 $ 382,826 $ 366,009 $ 364,125 b. Major customers No single customers contributed 10 percent or more to the Company’s revenue for the years ended December 31, 2022, 2021 and 2020. |
Significant Events After the Re
Significant Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Events After Reporting Period [Abstract] | |
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD | SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD To further expand the presence in the Indian market, the Company entered into a strategic partnership with Bycyshare Technologies Private Limited (“Zypp”), India's leading EV-as-a-Service platform, for accessing new customers and building brand awareness through co-marketing. In November and December 2022, Gogoro Network Pte. Ltd. entered into certain agreements (“Investment Agreements”) with Zypp and its shareholders to acquire 13.44% equity interest of Zypp through purchase and subscription of its equity shares and compulsory convertible preferred shares for a total consideration of $16,285 thousand. The consideration was fully paid, and the transaction was consummated in January 2023. As of December 31, 2022, the investment in Zypp was not recognized as the terms and conditions pursuant to the Investment Agreements were not yet fulfilled. In October 2021, the Company entered into a contract with Hon Hai Precision Industry Co., Ltd. and committed to invest in a battery pack assembly line in Wuhan, China for approximately $15,000 thousand. In June 2022, the Company entered into a formal sale and purchase agreement with Hongfujin Precision Industry (Wuhan) Co., Ltd., an affiliate of Hon Hai Precision Industry Co., Ltd., in relation to the battery pack assembly line. In March 2023, the sale and purchase agreement was amended to adjust the consideration to approximately $14,173 thousand. The consideration will be settled upon delivery and acceptance of the battery pack assembly line. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The consolidated financial statements are presented in thousands of U.S. dollars and all values are rounded to the nearest thousand dollars, except where otherwise indicated. Compliance with IFRSs The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), International Accounting Standards (“IAS”), IFRIC Interpretations (“IFRIC”), and SIC Interpretations (“SIC”) issued by the International Accounting Standards Board (“IASB”) (collectively, “IFRSs”). Basis of accounting The consolidated financial statements have been prepared, except for cash flow information, using the accrual basis of accounting. The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at fair values at the end of each reporting period. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: i. Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities ii. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly iii. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Current/non-current distinction Current and non-current assets, and current and non-current liabilities, are presented as separate classifications in the consolidated statement of financial position. An asset is classified as current when: • it expects to realize the asset, or intends to sell or consume it, in its normal operating cycle • it holds the asset primarily for the purpose of trading • it expects to realize the asset within twelve months after the reporting period; or • the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. A liability is classified as current when: • it expects to settle the liability in its normal operating cycle • it holds the liability primarily for the purpose of trading • the liability is due to be settled within twelve months after the reporting period • it does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. All other assets and liabilities are classified as non-current. |
New and amended IFRSs that are effective for the current year | New and amended IFRSs that are effective for the current yearThe Company has applied Amendments to IFRS 3 “Reference to the Conceptual Framework”, Amendments to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use”, Amendments to IAS 37 “Onerous Contracts - Cost of Fulfilling a Contract” and “Annual Improvements to IFRS Standards 2018-2020” that are mandatorily effective for the accounting period that began on or after 1 January 2022. The application has not had any material impact on the disclosures or on the amounts reported in the Company’s consolidated financial statements. |
New and amended IFRSs in issue but not yet effective | New and amended IFRSs in issue but not yet effective New IFRSs Effective Date Announced by IASB Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” (Note ii) To be determined by IASB IFRS 17 “Insurance Contracts” (Note i) January 1, 2023 Amendments to IFRS 17 (Note i) January 1, 2023 Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 - Comparative Information” (Note i) January 1, 2023 Amendments to IAS 1 “Disclosure of Accounting Policies” (Note ii) January 1, 2023 Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” (Note ii) January 1, 2024 Amendments to IAS 1 “Non-current Liabilities with Covenants” (Note ii) January 1, 2024 Amendments to IAS 8 “Definition of Accounting Estimates” (Note ii) January 1, 2023 Amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction” (Note i) January 1, 2023 Amendments to IFRS 16 "Lease Liability in a Sale and Leaseback" (Note i) January 1, 2024 i. The Company does not expect that the application of the above standards and interpretations will have a material impact on the consolidated financial statements of the Company in future periods. ii. The Company anticipates that the application of these amendments may have an impact on the consolidated financial statements in future periods should such transactions arise. |
Basis of consolidation | Basis of consolidation The consolidated financial statements incorporate the financial statements of Gogoro and entities controlled by Gogoro (its subsidiaries) made up to December 31 each year. Control is achieved when Gogoro: • has the power over the investee • is exposed, or has rights, to variable returns from its involvement with the investee • has the ability to use its power to affect its returns Gogoro reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Company’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the entities of the Company are eliminated on consolidation. Information about the composition of the Company at the end of the reporting period is as follows: % of Ownership December 31 Investor Investee Principal Activities 2022 2021 Gogoro Inc. Gogoro Taiwan Limited Manufacture and research and development of electric scooters and bikes 100 100 Gogoro Network Provision of energy services to consumers using battery swapping system 100 100 Gogoro Europe B.V. (Note i) Holding company 100 100 Gogoro Network Pte. Ltd. Holding company 100 100 GoShare Pte. Ltd. Holding company 100 100 Starship Merger Sub II Limited (Note ii) Holding company 100 100 Gogoro Singapore Holding Pte. Ltd. (Note v) Holding company — 100 Gogoro Taiwan Limited Gogoro Taiwan Sales and Services Limited Sale of electric scooters and related products and provision of after-sale services 100 100 GoPocket Taiwan Limited Issuance of reward points 100 100 Gogoro Singapore Holding Pte. Ltd. (Note v) Holding company 100 — GoShare Pte. Ltd. GoShare Taiwan Limited Provision of electric scooters free float sharing services 100 100 Gogoro Network Pte. Ltd. Gogoro B.V. Holding company 100 100 Gogoro Network B.V. Holding company 100 100 Rui Li Trading (Shanghai) Limited (Note iv) Holding company — — Gogoro India Private Limited (Note vi) Manufacture and sale of electric scooters and related products and provision of after-sale services 100 — Gogoro Singapore Holding Pte. Ltd. (Note v) Gogoro Europe Sales and Services B.V. Sale of electric scooters and related products 100 100 Rui Yi Trading (Shanghai) Limited (Note iii) Holding company 100 — i. Gogoro Europe B.V. was approved to dissolve its business in November 2020. As of December 31, 2022, the liquidation of Gogoro Europe B.V. was in process. The liquidation was subsequently completed on February 1, 2023. ii. Starship Merger Sub II Limited was incorporated as an exempted company with limited liability under the laws of Cayman Islands in August 2021. iii. Rui Yi Trading (Shanghai) Limited had no paid-in capital as of December 31, 2021. iv. Rui Li Trading (Shanghai) Limited had no paid-in capital as of December 31, 2022 and 2021. v. Gogoro Singapore Holding Pte. Ltd. was acquired as a wholly-owned subsidiary by Gogoro Taiwan Limited from Gogoro Inc. in May 2022. vi. Gogoro India Private Limited was incorporated as a company limited by shares under the laws of India in September 2022. |
Foreign currencies | Foreign currenciesIn preparing the financial statements of the Company entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognized in profit or loss in the period in which they arise.For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in a foreign exchange translation reserve. |
Inventories | InventoriesInventories consist of raw materials, semi-finished goods and merchandise and are stated at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Inventories are written down to net realizable value item by item, except for when it is appropriate to group similar or related items. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Property, plant and equipment in the course of construction are measured at cost less any recognized impairment loss. Cost includes professional fees and borrowing costs eligible for capitalization. Samples produced when testing whether an item of property, plant and equipment is functioning properly before that asset reaches its intended use are measured at the lower of cost or net realizable value, and any proceeds from selling those samples and the cost of those samples are recognized in profit or loss. Such assets are classified to the appropriate categories of property, plant and equipment and depreciated when completed and ready for their intended use. Depreciation is recognized to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Leasehold improvements are depreciated over the shorter period of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related leasehold improvement is depreciated over the useful life of the underlying asset. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. At each reporting date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise, they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years. |
Intangible assets | Intangible assets Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. Impairment of intangible assets At each reporting date, the Company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise, they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with an indefinite useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years. |
Financial instruments | Financial instruments Financial assets and financial liabilities are recognized in the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. i. Cash and cash equivalents Cash equivalents are short-term with original maturity of three months or less, highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather for investment or other purposes. Bank balances for which use by the Company is subject to third party contractual restrictions are included as part of cash unless the restrictions result in a bank balance no longer meeting the definition of cash. If the contractual restrictions to use the cash extend beyond 12 months after the end of the reporting period, the related amounts are classified as non-current in the statement of financial position. ii. Classification of financial assets Debt instruments that meet the following conditions are measured subsequently at amortized cost: • The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. For financial assets other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortized cost of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset. iii. Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Specifically, for financial assets measured at amortized cost that are not part of a designated hedging relationship, exchange differences are recognized in profit or loss. iv. Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured at amortized cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Company always recognizes lifetime expected credit losses (ECL) for trade receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Company compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information includes the future prospects of the industries in which the Company’s debtors operate as well as consideration of various external sources of actual and forecast economic information that relates to the Company’s core operations. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: • existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; • an actual or expected significant deterioration in the operating results of the debtor; • significant increases in credit risk on other financial instruments of the same debtor; and • an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations. Irrespective of the outcome of the above assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments in relation to battery swapping service are more than 30 days past due and when contractual payments in relation to other products and services are more than 90 days past due, unless the Company has reasonable and supportable information that demonstrates otherwise. Despite the foregoing, the Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if: • the financial instrument has a low risk of default; • the debtor has a strong capacity to meet its contractual cash flow obligations in the near term; or • adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations The Company considers a financial asset to have low credit risk when the counterparty has no past due amounts. The Company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Definition of default The Company considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable: • when there is a breach of contracts by the debtor; or • information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Company, in full without taking into account any collateral held by the Company. Irrespective of the above analysis, the Company considers that default has occurred when a financial asset in relation to battery swapping service is more than 120 days past due and when a financial asset in relation to other products or services is more than 365 days past due unless the Company has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: • significant financial difficulty of the debtor; • a breach of contract, such as a default or past due event; • the lenders of the debtor, for economic or contractual reasons relating to the debtor’s financial difficulty, having granted to the debtor concessions that the lenders would not otherwise consider; or • it is becoming probable that the debtor will enter bankruptcy or other financial reorganization. Write-off policy The Company writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Company’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date; for financial guarantee contracts, the exposure includes the amount of guaranteed debt that has been drawn down as at the reporting date, together with any additional guaranteed amounts expected to be drawn down by the borrower in the future by default date determined based on historical trend, the Company’s understanding of the specific future financing needs of the debtors, and other relevant forward-looking information. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate. For a lease receivable, the cash flows used for determining the expected credit losses is consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16. If the Company has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Company measures the loss allowance at an amount equal to 12-month ECL at the current reporting date, except for assets for which the simplified approach was used. The Company recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. v. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. Equity instruments Debt and equity instruments issued by Gogoro are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by Gogoro are recognized at the proceeds received, net of direct issue costs. Repurchase of Gogoro’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of Gogoro’s own equity instruments. Financial liabilities All financial liabilities are measured subsequently at amortized cost using the effective interest method or at fair value through profit or loss (“FVTPL”). i. Subsequent measurement Financial liabilities at FVTPL Financial liabilities are classified as at FVTPL when the financial liability is: • contingent consideration of an acquirer in a business combination; • held for trading; or • it is designated as at FVTPL. A financial liability is classified as held for trading if either: • it has been acquired principally for the purpose of repurchasing it in the near term; • on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or • it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument. A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL upon initial recognition if either: • such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; • the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or • it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL. Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability. However, for financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is recognized in profit or loss. Changes in fair value attributable to a financial liability’s credit risk that are recognized in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability. Financial liabilities at amortized cost Financial liabilities that are not contingent consideration of an acquirer in a business combination, held-for-trading, or designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments, including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts, through the expected life of the financial liability, or where appropriate a shorter period, to the amortized cost of a financial liability. ii. Foreign exchange gains and losses For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments. These foreign exchange gains and losses are recognized in profit or loss for financial liabilities that are not part of a designated hedging relationship. The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognized in profit or loss for financial liabilities that are not part of a designated hedging relationship. iii. Derecognition of financial liabilities The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. |
Provisions | Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows when the effect of the time value of money is material. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Warranties Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognized at the date of sale of the relevant products, at the management’s best estimate of the expenditure required to settle the Company’s obligations. |
Revenue recognition | Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control of a product or service to a customer. Revenue from sales of hardware Revenue is recognized when the control of the electric scooters is transferred to the dealerships, retailers or customers. The transaction price of sales of electric scooters received in advance in most of the transactions is recognized as a contract liability at the time of the initial sales transaction and is released when control is transferred. Warranties associated with the sale of electric scooters cannot be purchased separately and serve as an assurance that the products sold comply with the agreed-upon specifications. Accordingly, the Company accounts for warranties in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” (Note 15). Revenue from battery swapping service Revenue from battery swapping service is billed in arrears based on the service plan chosen by customers. For monthly fixed fee plans, monthly charges are recognized as revenue on a straight-line basis over the period when performance obligation is satisfied. For usage plans that contain both monthly fixed fees and variable charges by usage, revenues are recognized based on the usage in accordance with contract terms in addition to fixed monthly charges. Service revenue Service revenue mainly includes maintenance services of electric scooters, extended warranty service separately purchased by customers and leasing service of electric scooters. Revenue is recognized over the period in which the services are performed. |
Leases | Leases The Company as lessee The Company assesses whether a contract is, or contains, a lease, at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases defined as leases with a lease term of 12 months or less and leases of low value assets. For these leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency and start date of the lease. The lease liabilities are subsequently measured by increasing the carrying amounts to reflect interest on the lease liabilities using the effective interest method and by reducing the carrying amounts to reflect the lease payments made. The lease liabilities are presented as a separate line in the consolidated statement of financial position. Lease payments included in the measurement of the lease liability comprise: • fixed lease payments, including in-substance fixed payments, less any lease incentives receivable; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • the amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The Company remeasures a lease liability and makes a corresponding adjustment to the related right-of-use asset whenever: • the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or • a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. |
Borrowing costs | Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. |
Government grants | Government grants Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Government grants are recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets (including property, plant and equipment) are recognized as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognized in profit or loss in the period in which they become receivable. |
Employee benefits | Employee benefits Retirement and termination benefit costs Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit plans are accounted for as payments to defined contribution plans where the Company’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs. Short-term and other long-term employee benefits Liabilities recognized in respect of short-term employee benefits, including wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date. |
Share-based payment arrangements | Share-based payment arrangements Share-based payment transactions of Gogoro Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Company revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The Company recognizes stock exchange listing service received in acquiring a special purpose acquisition company as part of a share-based payment transaction, measured as the difference between the fair value of the equity instruments issued to acquire the special purpose acquisition company and the fair value of the identifiable net assets acquired. |
Taxation | Taxation The income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognized for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognized if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
New and amended IFRSs in issue but not yet effective | New and amended IFRSs in issue but not yet effective New IFRSs Effective Date Announced by IASB Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” (Note ii) To be determined by IASB IFRS 17 “Insurance Contracts” (Note i) January 1, 2023 Amendments to IFRS 17 (Note i) January 1, 2023 Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 - Comparative Information” (Note i) January 1, 2023 Amendments to IAS 1 “Disclosure of Accounting Policies” (Note ii) January 1, 2023 Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” (Note ii) January 1, 2024 Amendments to IAS 1 “Non-current Liabilities with Covenants” (Note ii) January 1, 2024 Amendments to IAS 8 “Definition of Accounting Estimates” (Note ii) January 1, 2023 Amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction” (Note i) January 1, 2023 Amendments to IFRS 16 "Lease Liability in a Sale and Leaseback" (Note i) January 1, 2024 |
Schedule of interest in subsidiaries | Information about the composition of the Company at the end of the reporting period is as follows: % of Ownership December 31 Investor Investee Principal Activities 2022 2021 Gogoro Inc. Gogoro Taiwan Limited Manufacture and research and development of electric scooters and bikes 100 100 Gogoro Network Provision of energy services to consumers using battery swapping system 100 100 Gogoro Europe B.V. (Note i) Holding company 100 100 Gogoro Network Pte. Ltd. Holding company 100 100 GoShare Pte. Ltd. Holding company 100 100 Starship Merger Sub II Limited (Note ii) Holding company 100 100 Gogoro Singapore Holding Pte. Ltd. (Note v) Holding company — 100 Gogoro Taiwan Limited Gogoro Taiwan Sales and Services Limited Sale of electric scooters and related products and provision of after-sale services 100 100 GoPocket Taiwan Limited Issuance of reward points 100 100 Gogoro Singapore Holding Pte. Ltd. (Note v) Holding company 100 — GoShare Pte. Ltd. GoShare Taiwan Limited Provision of electric scooters free float sharing services 100 100 Gogoro Network Pte. Ltd. Gogoro B.V. Holding company 100 100 Gogoro Network B.V. Holding company 100 100 Rui Li Trading (Shanghai) Limited (Note iv) Holding company — — Gogoro India Private Limited (Note vi) Manufacture and sale of electric scooters and related products and provision of after-sale services 100 — Gogoro Singapore Holding Pte. Ltd. (Note v) Gogoro Europe Sales and Services B.V. Sale of electric scooters and related products 100 100 Rui Yi Trading (Shanghai) Limited (Note iii) Holding company 100 — i. Gogoro Europe B.V. was approved to dissolve its business in November 2020. As of December 31, 2022, the liquidation of Gogoro Europe B.V. was in process. The liquidation was subsequently completed on February 1, 2023. ii. Starship Merger Sub II Limited was incorporated as an exempted company with limited liability under the laws of Cayman Islands in August 2021. iii. Rui Yi Trading (Shanghai) Limited had no paid-in capital as of December 31, 2021. iv. Rui Li Trading (Shanghai) Limited had no paid-in capital as of December 31, 2022 and 2021. v. Gogoro Singapore Holding Pte. Ltd. was acquired as a wholly-owned subsidiary by Gogoro Taiwan Limited from Gogoro Inc. in May 2022. vi. Gogoro India Private Limited was incorporated as a company limited by shares under the laws of India in September 2022. |
Merger Transaction (Tables)
Merger Transaction (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations [Abstract] | |
Schedule of Listing Expense | A reconciliation of the listing expense is as follows: Merger Transaction Consideration Fair value of ordinary shares of Gogoro, excluding Sponsor Earn-in Shares, as of the Closing Date $ 92,047 Fair value of contingent consideration as of the Closing Date (Note 12) 74,508 166,555 Less: Net liabilities of Poema as of the Closing Date Cash and cash equivalents 32,145 Other assets 270 Warrant liabilities (44,242) Other liabilities (422) (12,249) Listing expense $ 178,804 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Disclosure of Cash and Cash Equivalents, Time Deposits and Repurchase Agreements | As of December 31, 2022 2021 Cash on hand $ 192 $ 213 Checking accounts and demand deposits 54,696 41,415 Time deposits 155,092 143,863 Repurchase agreements collateralized by bonds 26,120 31,938 $ 236,100 $ 217,429 Interest rates Time deposits 0.31%-4.45% 0.05%-2.30% Repurchase agreements collateralized by bonds 0.40% 0.17% |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
Summary of Trade Receivables, Net | As of December 31, 2022 2021 At amortized cost Trade receivables $ 17,225 $ 18,041 Accumulated impairment losses (1,082) (1,416) $ 16,143 $ 16,625 |
Summary of Estimated Expected Credit Losses Based on Past Due Days | Trade receivables of battery swapping service As of December 31, 2022 Not Overdue Overdue under 30 Days Overdue 31-120 Days Over 121 Days Total Expected credit loss rate 0% 0% 50% 100% Gross carrying amount $ 12,095 $ 118 $ 78 $ 900 $ 13,191 Impairment losses (Lifetime ECL) — — (39) (900) (939) Amortized cost $ 12,095 $ 118 $ 39 $ — $ 12,252 As of December 31, 2021 Not Overdue Overdue under 30 Days Overdue 31-120 Days Over 121 Days Total Expected credit loss rate 0% 0% 50% 100% Gross carrying amount $ 10,776 $ 186 $ 66 $ 1,239 $ 12,267 Impairment losses (Lifetime ECL) — — (33) (1,239) (1,272) Amortized cost $ 10,776 $ 186 $ 33 $ — $ 10,995 Trade receivables other than battery swapping service As of December 31, 2022 0-90 Days 91-180 Days 181-365 Days Over 365 Days Total Expected credit loss rate 0% 30% 50% 100% Gross carrying amount $ 3,816 $ 97 $ 12 $ 109 $ 4,034 Impairment losses (Lifetime ECL) — (28) (6) (109) (143) Amortized cost $ 3,816 $ 69 $ 6 $ — $ 3,891 As of December 31, 2021 0-90 Days 91-180 Days 181-365 Days Over 365 Days Total Expected credit loss rate 0% 30% 50% 100% Gross carrying amount $ 5,553 $ 109 $ 1 $ 111 $ 5,774 Impairment losses (Lifetime ECL) — (33) — (111) (144) Amortized cost $ 5,553 $ 76 $ 1 $ — $ 5,630 |
Summary of the Loss Allowance of Trade Receivables | The movements of the accumulated impairment losses of trade receivables were as follows: For the Year Ended December 31, 2022 2021 2020 Balance as of January 1 $ 1,416 $ 904 $ 229 Amount recognized in profit or loss 523 519 642 Write-off (726) (26) (13) Exchange differences on translation (131) 19 46 Balance as of December 31 $ 1,082 $ 1,416 $ 904 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Disclosure of Inventories | As of December 31, 2022 2021 Raw materials $ 76,740 $ 37,628 Semi-finished goods 4,443 2,823 Merchandise 33,518 32,686 $ 114,701 $ 73,137 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Disclosure of Other Assets | As of December 31, 2022 2021 Non-financial assets Temporary payments for commodity tax $ 13,034 $ 10,839 Input tax from business tax 6,143 5,589 Prepayments for property, plant and equipment 5,393 595 Prepaid expenses 5,104 2,404 Prepayments to suppliers 2,239 2,164 Intangible assets 883 1,358 Current tax assets 42 31 Others 109 203 32,947 23,183 Financial assets Refundable deposits 3,518 3,745 Time deposits with original maturities more than three months — 28,511 Restricted demand deposits 1,692 1,011 Restricted time deposits 3,457 222 Others 807 877 9,474 34,366 $ 42,421 $ 57,549 Current $ 30,961 $ 50,839 Non-current 11,460 6,710 $ 42,421 $ 57,549 Interest rates Time deposits with original maturities of more than three months — 0.14%-2.35% Restricted time deposits 0.32%-1.46% 0.13%-0.83% |
Disclosure of Assets Provided as Collateral | The following assets were provided as collaterals: As of December 31, 2022 2021 Demand deposits pledged for bank loans $ 1,692 $ 1,011 Time deposits pledged for government grants 201 222 Time deposits pledged for litigation* 3,256 — $ 5,149 $ 1,233 * On April 1, 2022, the Company initiated a litigation to claim compensation resulting from trade secret infringement in Taiwan district court. The Company lodged a security bond in the amount of NT$100,000 thousand (approximately $3,256 thousand) at the court's lodge office to enforce the provisional attachment order associated with the said litigation against some of the defendants as security for any potential damages claimed due to a false provisional attachment, if any. The case is currently undergoing proceedings in the district court, the said provisional attachment remains valid. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of Property, Plant and Equipment | As of December 31, 2022 2021 Carrying amount Batteries $ 359,873 $ 355,531 Machinery equipment 64,675 75,576 Transportation equipment 3,651 6,103 Tooling equipment 3,373 3,279 Office equipment 490 479 Leasehold improvements 8,701 12,341 Construction in progress 2,206 74 $ 442,969 $ 453,383 For the Year Ended December 31, 2022 Batteries Machinery Transportation Tooling Office Leasehold Construction Total Cost Balance as of January 1 $ 492,968 $ 134,426 $ 11,819 $ 40,176 $ 2,821 $ 38,141 $ 74 $ 720,425 Additions 90,086 15,074 850 4,871 279 25 6,711 117,896 Disposals (1,580) (4,275) (153) — (59) (1,586) (270) (7,923) Reclassifications — — — — 41 4,253 (4,294) — Exchange differences on translation (51,361) (13,684) (1,224) (4,113) (286) (3,877) (15) (74,560) Balance as of December 31 530,113 131,541 11,292 40,934 2,796 36,956 2,206 755,838 Accumulated depreciation Balance as of January 1 137,437 58,850 5,716 36,897 2,342 25,800 — 267,042 Depreciation expenses 48,453 18,509 2,700 4,440 260 6,678 — 81,040 Disposals (638) (4,250) (95) — (59) (1,488) — (6,530) Exchange differences on translation (15,012) (6,243) (680) (3,776) (237) (2,735) — (28,683) Balance as of December 31 170,240 66,866 7,641 37,561 2,306 28,255 — 312,869 Carrying amount as of December 31 $ 359,873 $ 64,675 $ 3,651 $ 3,373 $ 490 $ 8,701 $ 2,206 $ 442,969 For the Year Ended December 31, 2021 Batteries Machinery Transportation Tooling Office Leasehold Construction Total Cost Balance as of January 1 $ 397,452 $ 108,106 $ 10,838 $ 35,630 $ 2,552 $ 32,657 $ 677 $ 587,912 Additions 88,689 27,856 457 4,781 241 4,208 1,998 128,230 Disposals (158) (5,806) (417) (829) (166) (2,090) (18) (9,484) Transfers from inventory — — 766 — — — — 766 Reclassifications — 49 — — 2 2,536 (2,587) — Exchange differences on translation 6,985 4,221 175 594 192 830 4 13,001 Balance as of December 31 492,968 134,426 11,819 40,176 2,821 38,141 74 720,425 Accumulated depreciation Balance as of January 1 89,163 43,217 3,143 31,419 1,869 19,169 — 187,980 Depreciation expenses 46,514 18,060 2,809 5,748 454 7,904 — 81,489 Disposals (67) (3,248) (303) (813) (15) (1,635) — (6,081) Exchange differences on translation 1,827 821 67 543 34 362 — 3,654 Balance as of December 31 137,437 58,850 5,716 36,897 2,342 25,800 — 267,042 Carrying amount as of December 31 $ 355,531 $ 75,576 $ 6,103 $ 3,279 $ 479 $ 12,341 $ 74 $ 453,383 For the Year Ended December 31, 2020 Batteries Machinery Transportation Tooling Office Leasehold Construction Total Cost Balance as of January 1 $ 278,973 $ 66,818 $ 7,013 $ 27,475 $ 2,346 $ 23,574 $ 1,293 $ 407,492 Additions 95,168 36,022 330 6,020 282 142 7,036 145,000 Disposals (60) (941) (455) — (244) (687) — (2,387) Transfers from inventory — — 3,322 — — — — 3,322 Reclassifications — — — — 9 7,697 (7,706) — Exchange differences on translation 23,371 6,207 628 2,135 159 1,931 54 34,485 Balance as of December 31 397,452 108,106 10,838 35,630 2,552 32,657 677 587,912 Accumulated depreciation Balance as of January 1 47,342 27,563 1,365 21,979 1,511 12,841 — 112,601 Depreciation expenses 36,861 13,949 1,916 7,594 482 5,803 — 66,605 Disposals (32) (790) (310) — (237) (591) — (1,960) Exchange differences on translation 4,992 2,495 172 1,846 113 1,116 — 10,734 Balance as of December 31 89,163 43,217 3,143 31,419 1,869 19,169 — 187,980 Carrying amount as of December 31 $ 308,289 $ 64,889 $ 7,695 $ 4,211 $ 683 $ 13,488 $ 677 $ 399,932 a. Property, plant and equipment were depreciated on a straight-line basis over the estimated useful life of the assets: Batteries 8-12 years Machinery equipment 2-10 years Transportation equipment 2-5 years Tooling equipment 2 years Office equipment 2-5 years Leasehold improvements 2-10 years |
Summary of Non-Cash Investing Activity | Non-cash transactions For the Year Ended December 31 2022 2021 2020 Additions to property, plant and equipment $ 117,896 $ 128,230 $ 145,000 Changes in prepayments for property, plant and equipment 4,772 (109) (3,327) Changes in payable for property, plant and equipment 434 (382) 2,596 Payments for acquisitions of property, plant and equipment $ 123,102 $ 127,739 $ 144,269 |
Lease Arrangements (Tables)
Lease Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Right-Of-Use Assets | Right-of-use assets As of December 31, 2022 2021 Carrying amounts Land and buildings $ 20,211 $ 25,582 Others 878 695 $ 21,089 $ 26,277 For the Year Ended December 31 2022 2021 2020 Additions to right-of-use assets $ 10,330 $ 9,800 $ 9,844 Depreciation expenses of right-of-use assets Land and buildings $ 12,400 $ 11,901 $ 10,681 Others 435 386 385 $ 12,835 $ 12,287 $ 11,066 |
Lease Liabilities | Lease liabilities As of December 31, 2022 2021 Lease liabilities $ 21,473 $ 26,742 Current $ 10,073 $ 11,153 Non-current 11,400 15,589 $ 21,473 $ 26,742 Discount rates 1.20%-2.81% 1.20%-2.40% |
Other Lease Information | Other lease information For the Year Ended December 31 2022 2021 2020 Expenses relating to short-term leases and low-value asset leases $ 1,537 $ 1,263 $ 1,112 Total cash outflows for leases $ (14,863) $ (14,025) $ (12,603) |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
Summary of detailed information about borrowings | As of December 31, 2022 2021 Bank loans - Syndicated loans (Note a) $ 221,405 $ 224,852 Bank loans - Loans for batteries (Note b) 111,611 87,608 Bank loans - Loans for procurement and operating capital 48,158 21,857 Bonds (Note c) — 100,000 $ 381,174 $ 434,317 Current 87,982 238,434 Non-current 293,192 195,883 $ 381,174 $ 434,317 Interest rates Bank loans - Syndicated loans - Loans payables 2.74%-2.93% 2.08%-2.19% Bank loans - Syndicated loans - Bills payables — 1.88% Bank loans - Loans for batteries 2.94% 2.19% Bank loans - Loans for procurement and operating capital 1.70%-2.29% 0.90%-1.23% Bonds — 4.12% As of December 31, 2022 2021 Loans payables $ 221,405 $ 152,712 Bills payables — 72,140 $ 221,405 $ 224,852 Current $ 13,774 $ 116,577 Non-current 207,631 108,275 $ 221,405 $ 224,852 As of December 31, 2022 2021 Loans for batteries $ 111,611 $ 87,608 Current $ 26,050 $ — Non-current 85,561 87,608 $ 111,611 $ 87,608 In July 2018, Gogoro issued unsecured bonds with an notional amount of $100,000 thousand. The major terms of the unsecured bonds were as follows: Maturity Date Interest Rate Payments July 2022 1st year: 300bps + 90-day Libor rate. 2nd year and 3rd year: 350bps + 90-day Libor rate. 4th year: 400bps + 90-day Libor rate. Redemption of notional amount: Maturity date Interest payment: Quarterly As of December 31, 2022 2021 Unsecured bank general credit limit Amount used* $ 401,500 $ 335,983 Amount unused 126,667 222,225 $ 528,167 $ 558,208 *The calculation of amount used was based on the initial drawdown of the bank loans, and would not be affected before the Company repaid the full amount of the bank loans. The amount used included guarantees for customs duties and government grants. |
Financial Liabilities at Fair_2
Financial Liabilities at Fair Value Through Profit or Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
Summary of Financial Liabilities at Fair Value Through Profit or Loss | As of December 31, 2022 2021 Earnout liabilities (Note a) $ 24,147 $ — Earn-in liabilities (Note b) 13,384 — Warrant liabilities (Note c) 9,418 — Redeemable preferred shares (Note d) — 107,862 $ 46,949 $ 107,862 As of December 31, 2022 2021 Financial assets Financial assets at amortized cost (Note i) $ 261,717 $ 268,420 Financial liabilities Financial liabilities at FVTPL 46,949 107,862 Financial liabilities at amortized cost (Note ii) 445,988 515,665 i. The balances included financial assets measured at amortized cost, which comprised cash and cash equivalents, trade receivables and other financial assets. ii. The balances included financial liabilities measured at amortized cost, which comprise bank loans, bonds, notes and trade payables, and other financial liabilities. |
Notes And Trade Payables (Table
Notes And Trade Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Notes Payable and Trade Payable | As of December 31, 2022 2021 Notes payables $ 824 $ 366 Trade payables 38,055 52,892 $ 38,879 $ 53,258 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Payables and Other Liabilities | As of December 31, 2022 2021 Non-financial liabilities Advance receipts $ 23,630 $ 24,916 Payables for employee benefits 9,763 10,774 Current tax liabilities 2 — Others 5,629 1,798 39,024 37,488 Financial liabilities Accrued expenses 22,691 23,183 Payables for property, plant and equipment 1,993 2,427 Guarantee deposits received 1,251 1,027 25,935 26,637 $ 64,959 $ 64,125 Current $ 46,506 $ 44,603 Non-current 18,453 19,522 $ 64,959 $ 64,125 |
Provisions for Product Warran_2
Provisions for Product Warranty (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Product Warranty | As of December 31, 2022 2021 Provisions for product warranty $ 8,050 $ 15,630 Current $ 4,812 $ 6,480 Non-current 3,238 9,150 $ 8,050 $ 15,630 Movements of provisions for product warranty for the years ended December 31, 2022, 2021 and 2020 were as follows: For the Year Ended December 31, 2022 2021 2020 Balance as of January 1 $ 15,630 $ 17,562 $ 21,321 Additional provisions recognized in profit or loss 4,240 5,642 5,260 Unused provisions reversed in profit or loss (4,449) — — Provisions used (5,884) (7,811) (10,200) Exchange differences on translation (1,487) 237 1,181 Balance as of December 31 $ 8,050 $ 15,630 $ 17,562 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Share Capital | Share capital As of December 31, 2022 2021 Ordinary shares, $0.0001 par value (Note i) $ 24 $ 15 Series C preferred shares, $1 par value (Note ii) — 85,714 $ 24 $ 85,729 i. Ordinary shares Unit: in Thousands of Shares As of December 31, 2022 2021 Ordinary shares Number of shares authorized 450,000 229,781 Number of shares issued and fully paid* 244,211 126,100 *Prior period results had been retrospectively adjusted to reflect the 1:0.8752888353 share subdivision effected on the closing date. The movements of the number of ordinary shares issued and fully paid were as follows: Unit: in Thousands of Shares For the Year Ended December 31, 2022 2021 2020 Number of shares as of January 1 126,100 126,100 118,309 Issuance of restricted shares — — 7,791 Issuance of ordinary shares in relation to the Merger Agreement 88,643 — — Issuance of ordinary shares in relation to the PIPE Agreements 29,482 — — Reacquisition of restricted shares due to forfeiture (274) — — Issuance of ordinary shares in relation to exercise of share options 1 — — Issuance of ordinary shares in relation to vesting of restricted stock units 259 — — Number of shares as of December 31 244,211 126,100 126,100 Unit: in Thousands of Shares As of December 31, 2022 2021 Series C preferred shares Number of shares authorized — 85,714 Number of shares issued and fully paid* — 75,025 *Prior period results had been retrospectively adjusted to reflect the 1:0.8752888353 share subdivision effected on the closing date. The movements of the number of ordinary shares issued and fully paid were as follows: Unit: in Thousands of Shares For the Year Ended December 31, 2022 2021 2020 Number of shares as of January 1 75,025 75,025 75,025 Repurchase of Series C preferred shares (75,025) — — Number of shares as of December 31 — 75,025 75,025 |
Summary of Capital Surplus | Reserves As of December 31, 2022 2021 Capital surplus - Issuance of ordinary shares $ 598,317 $ 125,747 Capital surplus - Expired share options 2,209 2,209 Capital surplus - Employee restricted shares (Note 21) 37,126 5,037 Capital surplus - Employee share options (Note 21) 5,818 — Accumulated deficits (349,940) (116,609) Other equity 5,420 21,600 $ 298,950 $ 37,984 |
Operating Revenue (Tables)
Operating Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disaggregation of Revenue and Contract Balances | The Company derived its revenues from contracts with customers for the following products and services: a. Disaggregation of revenues For the Year Ended December 31, 2022 2021 2020 Products and services Sales of hardware and related revenue $ 241,428 $ 248,137 $ 267,497 Battery swapping service revenue 121,660 99,587 78,626 Leasing service revenue 10,653 10,304 7,400 Other revenue 9,085 7,981 10,602 $ 382,826 $ 366,009 $ 364,125 b. Contract balances As of December 31, As of January 1, 2022 2021 2021 Trade receivables (Note 6) $ 16,143 $ 16,625 $ 13,475 Contract liabilities Sales of hardware and battery swapping service revenues $ 12,965 $ 18,753 $ 13,540 |
Net Loss From Continuing Oper_2
Net Loss From Continuing Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Income (Loss) From Continuing Operations [Abstract] | |
Components of Net Loss From Continuing Operations | a. Finance costs For the Year Ended December 31 2022 2021 2020 Interest expense on bank loans $ 8,694 $ 6,672 $ 4,713 Interest expense on bonds 2,637 3,886 4,460 Interest expense on lease liabilities 440 530 581 Modification loss on bank loans 900 — — $ 12,671 $ 11,088 $ 9,754 b. Finance income For the Year Ended December 31 2022 2021 2020 Interest income on deposits $ 2,870 $ 572 $ 775 Others 72 53 114 $ 2,942 $ 625 $ 889 c. Other income For the Year Ended December 31 2022 2021 2020 Income related to government grants $ 5,682 $ 5,446 $ 2,861 Others 709 4,065 2,318 $ 6,391 $ 9,511 $ 5,179 d. Other losses, net For the Year Ended December 31 2022 2021 2020 Foreign exchange losses, net $ (1,719) $ (641) $ (1,160) Losses on disposal of property, plant and equipment (975) (328) (91) Others (483) (658) (295) $ (3,177) $ (1,627) $ (1,546) e. Gains (losses) on financial liabilities at FVTPL For the Year Ended December 31 2022 2021 2020 Gains on earnout liabilities $ 110,276 $ — $ — Gains on earn-in liabilities 61,124 — — Gains on warrant liabilities 34,825 — — Losses on redeemable preferred shares (287) (7,465) (8,612) $ 205,938 $ (7,465) $ (8,612) f. Depreciation and amortization expenses For the Year Ended December 31 2022 2021 2020 Depreciation expenses of property, plant and equipment $ 81,040 $ 81,489 $ 66,605 Depreciation expenses of right-of-use assets 12,835 12,287 11,066 Amortization expenses of intangible assets 932 1,043 896 $ 94,807 $ 94,819 $ 78,567 An analysis of depreciation expenses by function Costs of revenues $ 85,147 $ 84,878 $ 69,197 Operating expenses Sales and marketing 3,076 2,863 2,878 General and administrative 4,339 4,606 4,474 Research and development 1,313 1,429 1,122 $ 93,875 $ 93,776 $ 77,671 An analysis of amortization expenses by function Costs of revenues $ 73 $ 94 $ 77 Operating expenses Sales and marketing 183 158 68 General and administrative 187 280 376 Research and development 489 511 375 $ 932 $ 1,043 $ 896 g. Impairment losses (reversal of impairment losses) For the Year Ended December 31 2022 2021 2020 Impairment losses (reversal of impairment losses) on inventories $ 3,045 $ (639) $ 3,059 Impairment losses on trade receivables 523 519 642 $ 3,568 $ (120) $ 3,701 h. Employee benefits expenses For the Year Ended December 31 2022 2021 2020 Short-term employee benefits $ 69,806 $ 70,205 $ 66,913 Defined contribution plans 3,064 2,982 2,985 Termination benefits 2,546 86 292 Share-based payments 37,907 5,038 — $ 113,323 $ 78,311 $ 70,190 An analysis of employee benefits expenses by function Costs of revenues $ 29,668 $ 24,417 $ 23,007 Operating expenses Sales and marketing 21,580 17,457 17,700 General and administrative 27,684 13,908 11,141 Research and development 34,391 22,529 18,342 $ 113,323 $ 78,311 $ 70,190 |
Income Taxes Relating to Cont_2
Income Taxes Relating to Continuing Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Disclosure Of Major Components Of Tax Expense (Benefit) | For the Year Ended December 31 2022 2021 2020 Current tax expense Current year $ 2 $ — $ (1,063) Deferred tax expense — — — Income tax expense (benefit) $ 2 $ — $ (1,063) |
Disclosure of Reconciliation of Accounting Income (Loss) and Income Tax Expense (Benefit) | A reconciliation of accounting loss and income tax expense (benefit) was as follows: For the Year Ended December 31, 2022 2021 2020 Loss before income tax $ (98,906) $ (67,362) $ (50,343) Tax at the domestic rates applicable to profits in the country concerned $ (21,554) $ (14,913) $ (9,634) Tax effect of expenses that are not deductible for tax purposes 3,431 990 82 Adjustments in respect of prior years — — (1,063) Unrecognized loss carryforwards and deductible temporary differences 18,125 13,923 9,552 Income tax expense (benefit) $ 2 $ — $ (1,063) |
Disclosure of Deductible Temporary Differences and Unused Loss Carryforwards | Deductible temporary differences and unused loss carryforwards for which no deferred tax assets have been recognized in the consolidated balance sheets were as follows: As of December 31 2022 2021 Loss carryforwards Expire in 2024 $ 829 $ 919 Expire in 2025 35,217 10,946 Expire in 2026 66,761 63,112 Expire in 2027 38,973 43,239 Expire in 2028 68,337 75,818 Expire in 2029 22,018 24,429 Expire in 2030 32,685 36,086 Expire in 2031 39,908 41,987 Expire in 2032 47,617 — $ 352,345 $ 296,536 Deductible temporary differences $ 99,069 $ 63,728 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Loss Per Share | Unit: in U.S. Dollars Per Share For the Year Ended December 31 2022 2021 2020 Basic and diluted loss per share $ (0.45) $ (0.35) $ (0.25) a. Net loss For the Year Ended December 31 2022 2021 2020 Net loss $ (98,908) $ (67,362) $ (49,280) b. Number of shares Unit: in Thousands of Shares For the Year Ended December 31 2022 2021 2020 Weighted average number of ordinary shares used in calculating basic and diluted loss per share 222,000 193,334 193,334 |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Information on Restricted Share Plan | Information of restricted shares was as follows: Unit: in Thousands of Shares For the Year Ended December 31 2022 2021 Shares unvested as of January 1 7,791 — Shares granted — 7,791 Shares vested (1,948) — Shares forfeited (274) — Shares unvested as of December 31 5,569 7,791 Information of RSUs was as follows: Unit: in Thousands of Shares For the Year Ended December 31 2022 RSUs unvested as of January 1 — RSUs granted 3,910 RSUs vested (259) RSUs forfeited (37) RSUs unvested as of December 31 3,614 |
Information on Employee Share Options | Information of share options was as follows: For the Year Ended December 31 2022 Options Weighted Average Exercise Price Options outstanding as of January 1 $ — $ — Options granted 4,874 5.20 Options forfeited (25) 5.20 Options exercised (1) 5.20 Options outstanding as of December 31 4,848 5.20 Options exercisable as of December 31 1,217 5.20 |
Information on Fair Values Of Share Options On The Grant Date | The fair values of share options on the grant date were derived from the Binomial Model. The inputs to the model were as follows: Share Options Granted in August 2022 Weighted average share price (in U.S. dollars per share) $ 5.20 Weighted average exercise price (in U.S. dollars per share) $ 5.20 Expected volatility 65.50 % Option life (in years) 10.0 Expected dividend yield — % Risk-free interest rate 2.86 % Expected early exercise multiple 2.2 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instrument [Abstract] | |
Summary of Financial Instruments Measured on a Recurring Basis | Fair value hierarchy As of December 31, 2022 Level 1 Level 2 Level 3 Total Financial liabilities at FVTPL Earnout liabilities $ — $ — $ 24,147 $ 24,147 Earn-in liabilities — — 13,384 13,384 Warrant liabilities 6,038 — 3,380 9,418 $ 6,038 $ — $ 40,911 $ 46,949 As of December 31, 2021 Level 1 Level 2 Level 3 Total Financial liabilities at FVTPL Redeemable preferred shares $ — $ — $ 107,862 $ 107,862 |
Reconciliation for Recurring Fair Value Measurements Categorized within Level 3 of the Fair Value Hierarchy | Reconciliation for recurring fair value measurements categorized within level 3 of the fair value hierarchy Earnout liabilities Earn-in liabilities Warrant liabilities Redeemable preferred shares Total Balance as of January 1, 2021 $ — $ — $ — $ 107,397 $ 107,397 Settlements — — — (7,000) (7,000) Loss on financial liabilities at FVTPL — — — 7,465 7,465 Balance as of December 31, 2021 — — — 107,862 107,862 Issuance 134,423 74,508 21,127 — 230,058 Settlements — — — (108,149) (108,149) (Gains) losses on financial liabilities at FVTPL (110,276) (61,124) (17,747) 287 (188,860) Balance as of December 31, 2022 $ 24,147 $ 13,384 $ 3,380 $ — $ 40,911 |
Summary of Valuation Techniques and Inputs Applied for Level 3 Fair Value Measurement | Financial Instruments Valuation Techniques and Key Inputs Significant Unobservable Inputs Relationship and Sensitivity of Unobservable Inputs to Fair Value Warrant liabilities - Public Warrants Quoted prices in an active market N/A N/A Warrant liabilities - Private Placement Warrants Monte Carlo simulation: Volatility and risk-free rate Volatility (December 31, 2022: 56.0%) 10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $798 thousand / ($1,179 thousand) as of December 31, 2022 Earnout liabilities Monte Carlo simulation: Volatility and risk-free rate Volatility (December 31, 2022: 78.2%) 10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $2,961 thousand / ($3,883 thousand) as of December 31, 2022 Earn-in liabilities Monte Carlo simulation: Volatility and risk-free rate Volatility (December 31, 2022: 78.2%) 10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $1,641 thousand / ($2,153 thousand) as of December 31, 2022 Redeemable preferred shares Discounted cash flow: Discounted rate Discount rate (December 31, 2022: N/A; December 31, 2021: 6.75%) 1% increase / (decrease) in the discount rate would result in decrease / (increase) in fair value by approximately $41 thousand / ($41 thousand) as of December 31, 2021 |
Summary of Financial Asset Instruments | Categories of financial instruments As of December 31, 2022 2021 Financial assets Financial assets at amortized cost (Note i) $ 261,717 $ 268,420 Financial liabilities Financial liabilities at FVTPL 46,949 107,862 Financial liabilities at amortized cost (Note ii) 445,988 515,665 i. The balances included financial assets measured at amortized cost, which comprised cash and cash equivalents, trade receivables and other financial assets. ii. The balances included financial liabilities measured at amortized cost, which comprise bank loans, bonds, notes and trade payables, and other financial liabilities. |
Summary of Financial Liabilities Instruments | As of December 31, 2022 2021 Earnout liabilities (Note a) $ 24,147 $ — Earn-in liabilities (Note b) 13,384 — Warrant liabilities (Note c) 9,418 — Redeemable preferred shares (Note d) — 107,862 $ 46,949 $ 107,862 As of December 31, 2022 2021 Financial assets Financial assets at amortized cost (Note i) $ 261,717 $ 268,420 Financial liabilities Financial liabilities at FVTPL 46,949 107,862 Financial liabilities at amortized cost (Note ii) 445,988 515,665 i. The balances included financial assets measured at amortized cost, which comprised cash and cash equivalents, trade receivables and other financial assets. ii. The balances included financial liabilities measured at amortized cost, which comprise bank loans, bonds, notes and trade payables, and other financial liabilities. |
Changes in Liabilities Arising from Financing Activities | Changes in liabilities arising from financing activities For the Year Ended December 31, 2022 Balance as of January 1 Financing Cash Flows Non-cash Recognition Changes in Fair Values Other Changes* Exchange Differences on Translation Balance as of December 31 Bank loans $ 334,317 $ 82,725 $ — $ — $ 900 $ (36,768) $ 381,174 Bonds 100,000 (102,594) — — 2,594 — — Redeemable preferred shares 107,862 (108,149) — 287 — — — Earnout liabilities — — 134,423 (110,276) — — 24,147 Earn-in liabilities — — 74,508 (61,124) — — 13,384 Warrant liabilities — — 44,243 (34,825) — — 9,418 Lease liabilities 26,742 (12,886) — — 10,102 (2,485) 21,473 Guarantee deposits received 1,027 335 — — — (111) 1,251 $ 569,948 $ (140,569) $ 253,174 $ (205,938) $ 13,596 $ (39,364) $ 450,847 For the Year Ended December 31, 2021 Balance as of January 1 Financing Cash Flows Non-cash Recognition Changes in Fair Values Other Changes* Exchange Differences on Translation Balance as of December 31 Bank loans $ 248,617 $ 81,099 $ — $ — $ — $ 4,601 $ 334,317 Bonds 100,000 — — — — — 100,000 Redeemable preferred shares 107,397 (7,000) — 7,465 — — 107,862 Lease liabilities 30,342 (12,232) — — 8,233 399 26,742 Guarantee deposits received 1,114 (103) — — — 16 1,027 $ 487,470 $ 61,764 $ — $ 7,465 $ 8,233 $ 5,016 $ 569,948 For the Year Ended December 31, 2020 Balance as of January 1 Financing Cash Flows Non-cash Recognition Changes in Fair Values Other Changes* Exchange Differences on Translation Balance as of December 31 Bank loans $ 135,299 $ 99,346 $ — $ — $ — $ 13,972 $ 248,617 Bonds 100,000 — — — — — 100,000 Redeemable preferred shares — 98,785 — 8,612 — — 107,397 Lease liabilities 30,472 (10,910) — 8,845 1,935 30,342 Guarantee deposits received 1,001 44 — — — 69 1,114 $ 266,772 $ 187,265 $ — $ 8,612 $ 8,845 $ 15,976 $ 487,470 *Other changes mainly include interest accruals and payments, new leases and lease modifications. |
Sensitivity Analysis for Currency Risk | The following table details the Company’s sensitivity to a 1% increase and decrease in NTD against USD. The sensitivity analysis included only outstanding foreign currency denominated monetary items. A positive number below indicated an increase in pre-tax profit (loss) or equity associated with a 1% strengthening of NTD against USD. For a 1% weakening of NTD against USD, there would be an equal and opposite impact on equity, and the balances below would be negative. For the Year Ended December 31 2022 2021 2020 Profit or loss $ (42) $ (90) $ (1,037) Equity 2,350 2,067 2,412 |
Summary of Assets and Liabilities Interest Rate Risk | The carrying amount of the Company’s financial assets and financial liabilities with exposure to interest rates at the end of the reporting period were as follows. As of December 31, 2022 2021 Fair value interest rate risk Financial assets $ 184,669 $ 204,747 Financial liabilities 68,422 134,604 Cash flow interest rate risk Financial assets 56,357 42,426 Financial liabilities 381,599 434,898 |
Summary of Maturity Analysis for Non-Derivative Financial Liabilities | The following table details the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Company can be required to pay. The tables included both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount was derived from the interest rate curve at the end of the reporting period. As of December 31, 2022 Interest On Demand 1 to 3 Months 3 Months to 1 to 5 Years More than 5 Years Non-derivative financial liabilities Non-interest bearing liabilities $ 43,341 $ 18,740 $ 1,395 $ 1,308 $ 31 Lease liabilities 1.20%-2.81% 990 1,980 7,421 11,703 — Variable interest rate liabilities 1.70%-2.94% 5,501 26,376 56,106 293,618 — $ 49,832 $ 47,096 $ 64,922 $ 306,629 $ 31 As of December 31, 2021 Interest On Demand 1 to 3 Months 3 Months to 1 to 5 Years More than 5 Years Non-derivative financial liabilities Non-interest bearing liabilities $ 44,998 $ 34,661 $ 49 $ 1,027 $ 33 Lease liabilities 1.20%-2.40% 1,124 2,071 8,346 15,919 — Fixed interest rate liabilities 7.00% 108,110 — — — — Variable interest rate liabilities 0.90%-4.12% 74,964 19,147 144,436 196,351 — $ 229,196 $ 55,879 $ 152,831 $ 213,297 $ 33 |
Summary of Bank Credit Limit | As of December 31, 2022 2021 Bank loans - Syndicated loans (Note a) $ 221,405 $ 224,852 Bank loans - Loans for batteries (Note b) 111,611 87,608 Bank loans - Loans for procurement and operating capital 48,158 21,857 Bonds (Note c) — 100,000 $ 381,174 $ 434,317 Current 87,982 238,434 Non-current 293,192 195,883 $ 381,174 $ 434,317 Interest rates Bank loans - Syndicated loans - Loans payables 2.74%-2.93% 2.08%-2.19% Bank loans - Syndicated loans - Bills payables — 1.88% Bank loans - Loans for batteries 2.94% 2.19% Bank loans - Loans for procurement and operating capital 1.70%-2.29% 0.90%-1.23% Bonds — 4.12% As of December 31, 2022 2021 Loans payables $ 221,405 $ 152,712 Bills payables — 72,140 $ 221,405 $ 224,852 Current $ 13,774 $ 116,577 Non-current 207,631 108,275 $ 221,405 $ 224,852 As of December 31, 2022 2021 Loans for batteries $ 111,611 $ 87,608 Current $ 26,050 $ — Non-current 85,561 87,608 $ 111,611 $ 87,608 In July 2018, Gogoro issued unsecured bonds with an notional amount of $100,000 thousand. The major terms of the unsecured bonds were as follows: Maturity Date Interest Rate Payments July 2022 1st year: 300bps + 90-day Libor rate. 2nd year and 3rd year: 350bps + 90-day Libor rate. 4th year: 400bps + 90-day Libor rate. Redemption of notional amount: Maturity date Interest payment: Quarterly As of December 31, 2022 2021 Unsecured bank general credit limit Amount used* $ 401,500 $ 335,983 Amount unused 126,667 222,225 $ 528,167 $ 558,208 *The calculation of amount used was based on the initial drawdown of the bank loans, and would not be affected before the Company repaid the full amount of the bank loans. The amount used included guarantees for customs duties and government grants. |
Related Parties Transactions (T
Related Parties Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Disclosure of Transactions Between Related Parties | Related Party Relationship with Gogoro Nan Shan General Insurance Co., Ltd. Related party in substance Nan Shan Life Insurance Co., Ltd. Related party in substance Yin Shu-Tien Medical Foundation Related party in substance Ruentex Construction International Co., Ltd. Related party in substance Ruentex Pai Yi Co., Ltd. Related party in substance RT-Mart International Co., Ltd. Related party in substance Compensation of key management personnel For the Year Ended December 31 2022 2021 2020 Share-based payments $ 13,507 $ 1,290 $ — Short-term employee benefits 2,625 2,695 4,543 Post-employment benefits 14 18 85 $ 16,146 $ 4,003 $ 4,628 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Schedule of Geographic and Major Customers Information | Information about the Company’s non-current assets excluding financial instruments by geographical location as of December 31, 2022 and 2021 was detailed below: As of December 31, 2022 2021 Taiwan $ 468,137 $ 481,613 Others 2,197 — $ 470,334 $ 481,613 The Company’s revenue from external customers by geographical location for the years ended December 31, 2022, 2021 and 2020 was detailed below: For the Year Ended December 31 2022 2021 2020 Taiwan $ 360,618 $ 354,231 $ 361,264 Others 22,208 11,778 2,861 $ 382,826 $ 366,009 $ 364,125 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gogoro Inc. | Gogoro Taiwan Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Inc. | Gogoro Network | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Inc. | Gogoro Europe B.V. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Inc. | Gogoro Network Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Inc. | GoShare Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Inc. | Starship Merger Sub II Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Inc. | Gogoro Singapore Holding Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 0% | 100% |
Gogoro Taiwan Limited | Gogoro Singapore Holding Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 0% |
Gogoro Taiwan Limited | Gogoro Taiwan Sales and Services Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Taiwan Limited | GoPocket Taiwan Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
GoShare Pte. Ltd. | GoShare Taiwan Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Network Pte. Ltd. | Gogoro B.V. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Network Pte. Ltd. | Gogoro Network B.V. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Network Pte. Ltd. | Rui Li Trading (Shanghai) Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 0% | 0% |
Gogoro Network Pte. Ltd. | Gogoro India Private Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 0% |
Gogoro Singapore Holding Pte. Ltd. | Gogoro Europe Sales and Services B.V. | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 100% |
Gogoro Singapore Holding Pte. Ltd. | Rui Yi Trading (Shanghai) Limited | ||
Disclosure of subsidiaries [line items] | ||
% of Ownership | 100% | 0% |
Merger Transaction - Narrative
Merger Transaction - Narrative (Details) | Apr. 04, 2022 shares |
Disclosure of contingent liabilities in business combination [line items] | |
Shares issued for merger transaction (in shares) | 13,618,735 |
Earn-in liabilities | |
Disclosure of contingent liabilities in business combination [line items] | |
Sponsor earn-in shares issued (in shares) | 6,393,750 |
Merger Transaction - Listing Ex
Merger Transaction - Listing Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 04, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consideration | ||||
Fair value of ordinary shares of Gogoro, excluding Sponsor Earn-in Shares, as of the Closing Date | $ 92,047 | |||
Fair value of contingent consideration as of the Closing Date (Note 12) | 74,508 | |||
Consideration | 166,555 | |||
Less: Net liabilities of Poema as of the Closing Date | ||||
Cash and cash equivalents | 32,145 | |||
Other assets | 270 | |||
Warrant liabilities | (44,242) | |||
Other liabilities | (422) | |||
Net liabilities of Poema as of the closing date | (12,249) | |||
Listing expense | $ 178,804 | $ 178,804 | $ 0 | $ 0 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Cash and Cash Equivalents and Interest Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Line Items] | ||||
Cash on hand | $ 192 | $ 213 | ||
Checking accounts and demand deposits | 54,696 | 41,415 | ||
Time deposits | 155,092 | 143,863 | ||
Repurchase agreements collateralized by bonds | 26,120 | 31,938 | ||
Cash and cash equivalents | $ 236,100 | $ 217,429 | $ 119,042 | $ 183,720 |
Time deposits | Bottom of range | ||||
Cash and Cash Equivalents [Line Items] | ||||
Interest rate (as a percent) | 0.31% | 0.05% | ||
Time deposits | Top of range | ||||
Cash and Cash Equivalents [Line Items] | ||||
Interest rate (as a percent) | 4.45% | 2.30% | ||
Repurchase agreements collateralized by bonds | ||||
Cash and Cash Equivalents [Line Items] | ||||
Interest rate (as a percent) | 0.40% | 0.17% |
Trade Receivables - Summary of
Trade Receivables - Summary of Trade Receivables, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Disclosure of credit risk exposure [line items] | |||
Current trade receivables | $ 16,143 | $ 16,625 | $ 13,475 |
Trade receivables | |||
Disclosure of credit risk exposure [line items] | |||
Current trade receivables | 17,225 | 18,041 | |
Impairment losses (Lifetime ECL) | |||
Disclosure of credit risk exposure [line items] | |||
Current trade receivables | $ (1,082) | $ (1,416) |
Trade Receivables - Narrative (
Trade Receivables - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range | |
Disclosure of credit risk exposure [line items] | |
Average credit period | 15 days |
Top of range | |
Disclosure of credit risk exposure [line items] | |
Average credit period | 30 days |
Trade Receivables - Expected Cr
Trade Receivables - Expected Credit Losses Based on Past Due Days (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Receivables Of Energy Used Battery Swapping Services | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ 12,252 | $ 10,995 |
Trade Receivables Of Energy Used Battery Swapping Services | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 13,191 | 12,267 |
Trade Receivables Of Energy Used Battery Swapping Services | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ (939) | $ (1,272) |
Trade Receivables Of Energy Used Battery Swapping Services | Not Overdue | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 0% | 0% |
Financial assets | $ 12,095 | $ 10,776 |
Trade Receivables Of Energy Used Battery Swapping Services | Not Overdue | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 12,095 | 10,776 |
Trade Receivables Of Energy Used Battery Swapping Services | Not Overdue | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ 0 | $ 0 |
Trade Receivables Of Energy Used Battery Swapping Services | Overdue under 30 Days | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 0% | 0% |
Financial assets | $ 118 | $ 186 |
Trade Receivables Of Energy Used Battery Swapping Services | Overdue under 30 Days | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 118 | 186 |
Trade Receivables Of Energy Used Battery Swapping Services | Overdue under 30 Days | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ 0 | $ 0 |
Trade Receivables Of Energy Used Battery Swapping Services | Overdue 31-120 Days | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 50% | 50% |
Financial assets | $ 39 | $ 33 |
Trade Receivables Of Energy Used Battery Swapping Services | Overdue 31-120 Days | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 78 | 66 |
Trade Receivables Of Energy Used Battery Swapping Services | Overdue 31-120 Days | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ (39) | $ (33) |
Trade Receivables Of Energy Used Battery Swapping Services | Over 121 Days | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 100% | 100% |
Financial assets | $ 0 | $ 0 |
Trade Receivables Of Energy Used Battery Swapping Services | Over 121 Days | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 900 | 1,239 |
Trade Receivables Of Energy Used Battery Swapping Services | Over 121 Days | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | (900) | (1,239) |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 3,891 | 5,630 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 4,034 | 5,774 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ (143) | $ (144) |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 0-90 Days | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 0% | 0% |
Financial assets | $ 3,816 | $ 5,553 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 0-90 Days | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 3,816 | 5,553 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 0-90 Days | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ 0 | $ 0 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 91-180 Days | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 30% | 30% |
Financial assets | $ 69 | $ 76 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 91-180 Days | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 97 | 109 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 91-180 Days | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ (28) | $ (33) |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 181-365 Days | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 50% | 50% |
Financial assets | $ 6 | $ 1 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 181-365 Days | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 12 | 1 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | 181-365 Days | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ (6) | $ 0 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | Over 365 Days | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 100% | 100% |
Financial assets | $ 0 | $ 0 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | Over 365 Days | Trade receivables | ||
Disclosure of provision matrix [line items] | ||
Financial assets | 109 | 111 |
Trade Receivables Of Energy Other Than Used Battery Swapping Services | Over 365 Days | Impairment losses (Lifetime ECL) | ||
Disclosure of provision matrix [line items] | ||
Financial assets | $ (109) | $ (111) |
Trade Receivables - Summary o_2
Trade Receivables - Summary of the Loss Allowance of Trade Receivables (Details) - Trade receivables - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Amount recognized in profit or loss | $ 523 | $ 519 | $ 642 |
Write-off | (726) | (26) | (13) |
Exchange differences on translation | (131) | 19 | 46 |
Impairment losses (Lifetime ECL) | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Financial assets at beginning of period | 1,416 | 904 | 229 |
Financial assets at end of period | $ 1,082 | $ 1,416 | $ 904 |
Inventories - Disclosure of Inv
Inventories - Disclosure of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories [Abstract] | ||
Raw materials | $ 76,740 | $ 37,628 |
Semi-finished goods | 4,443 | 2,823 |
Merchandise | 33,518 | 32,686 |
Inventories | $ 114,701 | $ 73,137 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories [Abstract] | |||
Cost of revenue related to inventories | $ 195,616 | $ 186,179 | $ 184,014 |
Reversal of inventory write-down | $ 3,045 | ||
Inventory write-down | $ 639 | $ 3,059 |
Other Assets (Details)
Other Assets (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Non-financial assets | ||
Temporary payments for commodity tax | $ 13,034 | $ 10,839 |
Input tax from business tax | 6,143 | 5,589 |
Prepayments for property, plant and equipment | 5,393 | 595 |
Prepaid expenses | 5,104 | 2,404 |
Prepayments to suppliers | 2,239 | 2,164 |
Intangible assets | 883 | 1,358 |
Current tax assets | 42 | 31 |
Others | 109 | 203 |
Non-financial assets | 32,947 | 23,183 |
Financial assets | ||
Refundable deposits | 3,518 | 3,745 |
Time deposits with original maturities more than three months | 0 | 28,511 |
Restricted demand deposits | 1,692 | 1,011 |
Restricted time deposits | 3,457 | 222 |
Others | 807 | 877 |
Other financial assets | 9,474 | 34,366 |
Other assets | 42,421 | 57,549 |
Current | 30,961 | 50,839 |
Non-current | $ 11,460 | $ 6,710 |
Time deposits with original maturities of more than three months | 0 | |
Bottom of range | ||
Financial assets | ||
Time deposits with original maturities of more than three months | 0.0014 | |
Restricted time deposits | 0.0032 | 0.0013 |
Top of range | ||
Financial assets | ||
Time deposits with original maturities of more than three months | 0.0235 | |
Restricted time deposits | 0.0146 | 0.0083 |
Other Assets - Collateral For B
Other Assets - Collateral For Bank Loans and Government Grants (Details) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Apr. 01, 2022 USD ($) | Apr. 01, 2022 TWD ($) | Dec. 31, 2021 USD ($) |
Disclosure of financial assets [abstract] | ||||
Demand deposits pledged for bank loans | $ 1,692 | $ 1,011 | ||
Time deposits pledged for government grants | 201 | 222 | ||
Time deposits pledged for litigation | 3,256 | 0 | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 5,149 | $ 1,233 | ||
Time deposits pledged for litigation, security bond amount | $ 3,256 | $ 100,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Carrying Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 442,969 | $ 453,383 | $ 399,932 |
Batteries | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 359,873 | 355,531 | 308,289 |
Machinery equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 64,675 | 75,576 | 64,889 |
Transportation equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 3,651 | 6,103 | 7,695 |
Tooling equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 3,373 | 3,279 | 4,211 |
Office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 490 | 479 | 683 |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 8,701 | 12,341 | 13,488 |
Construction in progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 2,206 | $ 74 | $ 677 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 453,383 | $ 399,932 | |
Additions | 117,896 | 128,230 | $ 145,000 |
Ending balance | 442,969 | 453,383 | 399,932 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 720,425 | 587,912 | 407,492 |
Additions | 117,896 | 128,230 | 145,000 |
Disposals | 7,923 | 9,484 | 2,387 |
Transfers from inventory | 766 | 3,322 | |
Reclassifications | 0 | 0 | 0 |
Exchange differences on translation | (74,560) | 13,001 | 34,485 |
Ending balance | 755,838 | 720,425 | 587,912 |
Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (267,042) | (187,980) | (112,601) |
Additions | 81,040 | 81,489 | 66,605 |
Disposals | (6,530) | (6,081) | (1,960) |
Exchange differences on translation | (28,683) | 3,654 | 10,734 |
Ending balance | (312,869) | (267,042) | (187,980) |
Batteries | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 355,531 | 308,289 | |
Ending balance | 359,873 | 355,531 | 308,289 |
Batteries | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 492,968 | 397,452 | 278,973 |
Additions | 90,086 | 88,689 | 95,168 |
Disposals | 1,580 | 158 | 60 |
Transfers from inventory | 0 | 0 | |
Reclassifications | 0 | 0 | 0 |
Exchange differences on translation | (51,361) | 6,985 | 23,371 |
Ending balance | 530,113 | 492,968 | 397,452 |
Batteries | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (137,437) | (89,163) | (47,342) |
Additions | 48,453 | 46,514 | 36,861 |
Disposals | (638) | (67) | (32) |
Exchange differences on translation | (15,012) | 1,827 | 4,992 |
Ending balance | (170,240) | (137,437) | (89,163) |
Machinery equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 75,576 | 64,889 | |
Ending balance | 64,675 | 75,576 | 64,889 |
Machinery equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 134,426 | 108,106 | 66,818 |
Additions | 15,074 | 27,856 | 36,022 |
Disposals | 4,275 | 5,806 | 941 |
Transfers from inventory | 0 | 0 | |
Reclassifications | 0 | 49 | 0 |
Exchange differences on translation | (13,684) | 4,221 | 6,207 |
Ending balance | 131,541 | 134,426 | 108,106 |
Machinery equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (58,850) | (43,217) | (27,563) |
Additions | 18,509 | 18,060 | 13,949 |
Disposals | (4,250) | (3,248) | (790) |
Exchange differences on translation | (6,243) | 821 | 2,495 |
Ending balance | (66,866) | (58,850) | (43,217) |
Transportation equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 6,103 | 7,695 | |
Ending balance | 3,651 | 6,103 | 7,695 |
Transportation equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 11,819 | 10,838 | 7,013 |
Additions | 850 | 457 | 330 |
Disposals | 153 | 417 | 455 |
Transfers from inventory | 766 | 3,322 | |
Reclassifications | 0 | 0 | 0 |
Exchange differences on translation | (1,224) | 175 | 628 |
Ending balance | 11,292 | 11,819 | 10,838 |
Transportation equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (5,716) | (3,143) | (1,365) |
Additions | 2,700 | 2,809 | 1,916 |
Disposals | (95) | (303) | (310) |
Exchange differences on translation | (680) | 67 | 172 |
Ending balance | (7,641) | (5,716) | (3,143) |
Tooling equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 3,279 | 4,211 | |
Ending balance | 3,373 | 3,279 | 4,211 |
Tooling equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 40,176 | 35,630 | 27,475 |
Additions | 4,871 | 4,781 | 6,020 |
Disposals | 0 | 829 | 0 |
Transfers from inventory | 0 | 0 | |
Reclassifications | 0 | 0 | 0 |
Exchange differences on translation | (4,113) | 594 | 2,135 |
Ending balance | 40,934 | 40,176 | 35,630 |
Tooling equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (36,897) | (31,419) | (21,979) |
Additions | 4,440 | 5,748 | 7,594 |
Disposals | 0 | (813) | 0 |
Exchange differences on translation | (3,776) | 543 | 1,846 |
Ending balance | (37,561) | (36,897) | (31,419) |
Office equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 479 | 683 | |
Ending balance | 490 | 479 | 683 |
Office equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 2,821 | 2,552 | 2,346 |
Additions | 279 | 241 | 282 |
Disposals | 59 | 166 | 244 |
Transfers from inventory | 0 | 0 | |
Reclassifications | 41 | 2 | 9 |
Exchange differences on translation | (286) | 192 | 159 |
Ending balance | 2,796 | 2,821 | 2,552 |
Office equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (2,342) | (1,869) | (1,511) |
Additions | 260 | 454 | 482 |
Disposals | (59) | (15) | (237) |
Exchange differences on translation | (237) | 34 | 113 |
Ending balance | (2,306) | (2,342) | (1,869) |
Leasehold improvements | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 12,341 | 13,488 | |
Ending balance | 8,701 | 12,341 | 13,488 |
Leasehold improvements | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 38,141 | 32,657 | 23,574 |
Additions | 25 | 4,208 | 142 |
Disposals | 1,586 | 2,090 | 687 |
Transfers from inventory | 0 | 0 | |
Reclassifications | 4,253 | 2,536 | 7,697 |
Exchange differences on translation | (3,877) | 830 | 1,931 |
Ending balance | 36,956 | 38,141 | 32,657 |
Leasehold improvements | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (25,800) | (19,169) | (12,841) |
Additions | 6,678 | 7,904 | 5,803 |
Disposals | (1,488) | (1,635) | (591) |
Exchange differences on translation | (2,735) | 362 | 1,116 |
Ending balance | (28,255) | (25,800) | (19,169) |
Construction in progress | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 74 | 677 | |
Ending balance | 2,206 | 74 | 677 |
Construction in progress | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 74 | 677 | 1,293 |
Additions | 6,711 | 1,998 | 7,036 |
Disposals | 270 | 18 | 0 |
Transfers from inventory | 0 | 0 | |
Reclassifications | (4,294) | (2,587) | (7,706) |
Exchange differences on translation | (15) | 4 | 54 |
Ending balance | 2,206 | 74 | 677 |
Construction in progress | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 0 | 0 | 0 |
Additions | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Exchange differences on translation | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Useful Life of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Batteries | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 8 years |
Batteries | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 12 years |
Machinery equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 2 years |
Machinery equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 10 years |
Transportation equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 2 years |
Transportation equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 5 years |
Tooling equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 2 years |
Office equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 2 years |
Office equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 5 years |
Leasehold improvements | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 2 years |
Leasehold improvements | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of property, plant and equipment | 10 years |
Property, Plant and Equipment_4
Property, Plant and Equipment - Non-Cash Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Additions | $ 117,896 | $ 128,230 | $ 145,000 |
Changes in prepayments for property, plant and equipment | 4,772 | (109) | (3,327) |
Changes in payable for property, plant and equipment | 434 | (382) | 2,596 |
Payments for acquisitions of property, plant and equipment | $ 123,102 | $ 127,739 | $ 144,269 |
Lease Arrangements - Right-of-U
Lease Arrangements - Right-of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Carrying amounts | |||
Right-of-use assets | $ 21,089 | $ 26,277 | |
Additions to right-of-use assets | 10,330 | 9,800 | $ 9,844 |
Depreciation expenses of right-of-use assets | 12,835 | 12,287 | 11,066 |
Land and buildings | |||
Carrying amounts | |||
Right-of-use assets | 20,211 | 25,582 | |
Depreciation expenses of right-of-use assets | 12,400 | 11,901 | 10,681 |
Others | |||
Carrying amounts | |||
Right-of-use assets | 878 | 695 | |
Depreciation expenses of right-of-use assets | $ 435 | $ 386 | $ 385 |
Lease Arrangements - Lease Liab
Lease Arrangements - Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease liabilities | $ 21,473 | $ 26,742 |
Current | 10,073 | 11,153 |
Non-current | 11,400 | 15,589 |
Lease liabilities | $ 21,473 | $ 26,742 |
Bottom of range | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Discount rate for lease liabilities (as a percent) | 1.20% | 1.20% |
Top of range | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Discount rate for lease liabilities (as a percent) | 2.81% | 2.40% |
Lease Arrangements - Narrative
Lease Arrangements - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Term of lease arrangements | 1 year |
Top of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Term of lease arrangements | 10 years |
Lease Arrangements - Other Leas
Lease Arrangements - Other Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |||
Expenses relating to short-term leases and low-value asset leases | $ 1,537 | $ 1,263 | $ 1,112 |
Total cash outflows for leases | $ (14,863) | $ (14,025) | $ (12,603) |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Details) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 TWD ($) | Dec. 31, 2021 USD ($) |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 381,174 | $ 434,317 | |
Current | 87,982 | 238,434 | |
Non-current | 293,192 | 195,883 | |
Borrowings | 381,174 | 434,317 | |
Bank loans - Syndicated loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 221,405 | 224,852 | |
Current | 13,774 | 116,577 | |
Non-current | 207,631 | 108,275 | |
Borrowings | 221,405 | 224,852 | |
Bank loans - Syndicated loans - Loans payables | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 221,405 | 152,712 | |
Borrowings | 221,405 | 152,712 | |
Bank loans - Syndicated loans - Bills payables | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 0 | 72,140 | |
Borrowings | $ 0 | $ 72,140 | |
Borrowings, interest rate | 0% | 0% | 1.88% |
Bank loans - Loans for batteries | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 111,611 | $ 3,975 | $ 87,608 |
Current | 26,050 | 0 | |
Non-current | 85,561 | 87,608 | |
Borrowings | 111,611 | $ 3,975 | 87,608 |
Bank loans - Loans for procurement and operating capital | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 48,158 | 21,857 | |
Borrowings | $ 48,158 | $ 21,857 | |
Borrowings, interest rate | 2.94% | 2.94% | 2.19% |
Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 0 | $ 100,000 | |
Borrowings | $ 0 | $ 100,000 | |
Borrowings, interest rate | 0% | 0% | 4.12% |
Bottom of range | Bank loans - Syndicated loans - Loans payables | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 2.74% | 2.74% | 2.08% |
Bottom of range | Bank loans - Loans for procurement and operating capital | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 1.70% | 1.70% | 0.90% |
Top of range | Bank loans - Syndicated loans - Loans payables | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 2.93% | 2.93% | 2.19% |
Top of range | Bank loans - Loans for procurement and operating capital | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 2.29% | 2.29% | 1.23% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 49 Months Ended | ||||||||
Apr. 04, 2022 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 TWD ($) | Jan. 31, 2021 USD ($) instanceOfFailureToMeetCovenants | Mar. 31, 2019 TWD ($) instanceOfFailureToMeetCovenants | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2022 USD ($) | Dec. 31, 2022 TWD ($) | Jul. 31, 2018 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | $ 528,167 | $ 528,167 | $ 558,208 | ||||||||
Proceeds from mergers and PIPE investments | $ 344,757 | ||||||||||
Borrowings | $ 381,174 | 381,174 | 434,317 | ||||||||
Modification loss on bank loans | 900 | $ 0 | $ 0 | ||||||||
2019 Syndicated Loan | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowing term | 5 years | ||||||||||
Notional amount | $ 7,200,000 | ||||||||||
Covenant, minimum liquidity ratio | 1 | 1 | |||||||||
Covenant, maximum debt ratio when net profit margin is lower than 0% | 4 | 3.50 | |||||||||
Covenant, maximum debt ratio when net profit margin is higher than 0% | 4.50 | 4 | |||||||||
Liquidity ratio (lower than) | 1 | ||||||||||
Debt ratio (higher than) | 4 | ||||||||||
Number of consecutive covenant failures that will not be deemed a breach of the loan agreement | instanceOfFailureToMeetCovenants | 2 | ||||||||||
2022 Syndicated Loan | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowing term | 5 years | ||||||||||
Notional amount | $ 10,700,000 | ||||||||||
Bank loans - Loans for batteries | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowing term | 4 years 9 months 29 days | 2 years | |||||||||
Notional amount | $ 200,000 | ||||||||||
Covenant, minimum liquidity ratio | 1 | 1 | |||||||||
Covenant, maximum debt ratio when net profit margin is lower than 0% | 4 | 3.50 | |||||||||
Covenant, maximum debt ratio when net profit margin is higher than 0% | 4.50 | 4 | |||||||||
Liquidity ratio (lower than) | 1 | ||||||||||
Debt ratio (higher than) | 4 | ||||||||||
Number of consecutive covenant failures that will not be deemed a breach of the loan agreement | instanceOfFailureToMeetCovenants | 2 | ||||||||||
Borrowings | $ 111,611 | 111,611 | $ 87,608 | $ 3,975,000 | |||||||
Bonds | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | $ 100,000 | ||||||||||
Borrowings | $ 0 | $ 0 | $ 100,000 | ||||||||
Covenant, minimum net asset value | $ 100,000 |
Borrowings - Bonds (Details)
Borrowings - Bonds (Details) | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 |
Bonds | LIBOR - 90 Day | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, adjustment to interest rate basis | 4% | 3.50% | 3.50% | 3% |
Financial Liabilities at Fair_3
Financial Liabilities at Fair Value Through Profit or Loss - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 25,935 | $ 26,637 |
Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 46,949 | 107,862 |
Earnout liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 24,147 | 0 |
Earn-in liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 13,384 | 0 |
Warrant liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 9,418 | 0 |
Redeemable preferred shares | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 0 | $ 107,862 |
Financial Liabilities at Fair_4
Financial Liabilities at Fair Value Through Profit or Loss - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | |||||
Apr. 04, 2022 d $ / shares shares | Jul. 31, 2020 USD ($) shares | Jul. 31, 2020 | Jul. 21, 2020 $ / shares shares | Jan. 31, 2022 USD ($) | Dec. 31, 2022 shares | |
Disclosure of financial liabilities [line items] | ||||||
Exercise price of outstanding warrants (in dollars per share) | $ 11.50 | |||||
Warrant, term | 5 years | |||||
Number of redeemable preferred shares issued in the period (in shares) | shares | 20,000,000 | 22,000,000 | ||||
Redeemable preferred share, par value (usd per share) | $ 1 | |||||
Redeemable preferred shares, price per share (usd per share) | $ 5 | |||||
Proceeds from issuance of redeemable preferred shares | $ | $ 100,000 | |||||
Redeemable preferred shares, non-cumulative dividend rate | 0.07 | |||||
Redeemable preferred stock, redemption amount | $ | $ 108,149 | |||||
Redeemable preferred stock, dividend amount | $ | $ 2,094 | |||||
Private Placement Warrants | ||||||
Disclosure of financial liabilities [line items] | ||||||
Number of warrants (in shares) | shares | 9,400,000 | |||||
Public Warrants | ||||||
Disclosure of financial liabilities [line items] | ||||||
Number of warrants (in shares) | shares | 17,250,000 | |||||
Earnout liabilities | ||||||
Disclosure of financial liabilities [line items] | ||||||
Sponsor contingent shares issued (in shares) | shares | 12,000,000 | |||||
Threshold trading days | d | 20 | |||||
Trading day period | d | 30 | |||||
Contingent shares earned (in shares) | shares | 0 | |||||
Earnout liabilities | Tranche One | ||||||
Disclosure of financial liabilities [line items] | ||||||
Earnout percentage | 33.30% | |||||
Target share price (in dollars per share) | $ 15 | |||||
Earnout liabilities | Tranche Two | ||||||
Disclosure of financial liabilities [line items] | ||||||
Earnout percentage | 33.30% | |||||
Target share price (in dollars per share) | $ 17.50 | |||||
Earnout liabilities | Tranche Three | ||||||
Disclosure of financial liabilities [line items] | ||||||
Earnout percentage | 33.30% | |||||
Target share price (in dollars per share) | $ 20 | |||||
Earn-in liabilities | ||||||
Disclosure of financial liabilities [line items] | ||||||
Sponsor contingent shares issued (in shares) | shares | 6,393,750 | |||||
Threshold trading days | d | 20 | |||||
Trading day period | d | 30 | |||||
Contingent shares earned (in shares) | shares | 0 | |||||
Earn-in liabilities | Tranche One | ||||||
Disclosure of financial liabilities [line items] | ||||||
Earnout percentage | 33.30% | |||||
Target share price (in dollars per share) | $ 15 | |||||
Earn-in liabilities | Tranche Two | ||||||
Disclosure of financial liabilities [line items] | ||||||
Earnout percentage | 33.30% | |||||
Target share price (in dollars per share) | $ 17.50 | |||||
Earn-in liabilities | Tranche Three | ||||||
Disclosure of financial liabilities [line items] | ||||||
Earnout percentage | 33.30% | |||||
Target share price (in dollars per share) | $ 20 |
Notes And Trade Payables - Note
Notes And Trade Payables - Notes Payable and Trade Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Notes payables | $ 824 | $ 366 |
Trade payables | 38,055 | 52,892 |
Notes payable and trade payable | $ 38,879 | $ 53,258 |
Notes Payable and Trade Payab_2
Notes Payable and Trade Payable - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range | |
Disclosure of financial liabilities [line items] | |
Average term of payment | 2 months |
Top of range | |
Disclosure of financial liabilities [line items] | |
Average term of payment | 4 months |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-financial liabilities | ||
Advance receipts | $ 23,630 | $ 24,916 |
Payables for employee benefits | 9,763 | 10,774 |
Current tax liabilities | 2 | 0 |
Others | 5,629 | 1,798 |
Other non-financial liabilities | 39,024 | 37,488 |
Financial liabilities | ||
Accrued expenses | 22,691 | 23,183 |
Payables for property, plant and equipment | 1,993 | 2,427 |
Guarantee deposits received | 1,251 | 1,027 |
Financial liabilities | 25,935 | 26,637 |
Other liabilities | 64,959 | 64,125 |
Other current liabilities | 46,506 | 44,603 |
Other non-current liabilities | $ 18,453 | $ 19,522 |
Provisions for Product Warran_3
Provisions for Product Warranty - Disclosure of Product Warranty (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Provisions for product warranty | $ 8,050 | $ 15,630 |
Current | 4,812 | 6,480 |
Non-current | 3,238 | 9,150 |
Provisions for product warranty | $ 8,050 | $ 15,630 |
Provisions for Product Warran_4
Provisions for Product Warranty - Disclosure of Movement of Provisions for Product Warranty (Details) - Warranty provision - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Provisions [Roll Forward] | |||
Balance as of January 1 | $ 15,630 | $ 17,562 | $ 21,321 |
Additional provisions recognized in profit or loss | 4,240 | 5,642 | 5,260 |
Unused provisions reversed in profit or loss | (4,449) | 0 | 0 |
Provisions used | (5,884) | (7,811) | (10,200) |
Exchange differences on translation | (1,487) | 237 | 1,181 |
Balance as of December 31 | $ 8,050 | $ 15,630 | $ 17,562 |
Provisions for Product Warran_5
Provisions for Product Warranty - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Warranty period | 2 years |
Equity - Share Capital (Details
Equity - Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [line items] | ||
Share capital | $ 24 | $ 85,729 |
Ordinary Shares | ||
Disclosure of classes of share capital [line items] | ||
Par value per share (in dollars per share) | $ 0.0001 | |
Share capital | $ 24 | 15 |
Series C Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Par value per share (in dollars per share) | $ 1 | |
Share capital | $ 0 | $ 85,714 |
Equity - Shares Authorized and
Equity - Shares Authorized and Issued (Details) shares in Thousands | Dec. 31, 2022 shares | Apr. 04, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares |
Ordinary Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares authorized (in shares) | 450,000 | 229,781 | |||
Number of shares issued and fully paid (in shares) | 244,211 | 126,100 | 126,100 | 118,309 | |
Share subdivision ratio | 1.1425 | ||||
Series C Preferred Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares authorized (in shares) | 0 | 85,714 | |||
Number of shares issued and fully paid (in shares) | 0 | 75,025 | 75,025 | 75,025 | 75,025 |
Equity - Shares Rollforward (De
Equity - Shares Rollforward (Details) - shares shares in Thousands | 12 Months Ended | |||
Apr. 04, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Capital [Roll Forward] | ||||
Issuance of ordinary shares in relation to the PIPE Agreements (in shares) | 29,482 | |||
Ordinary Shares | ||||
Share Capital [Roll Forward] | ||||
Number of shares as of January 1 (in shares) | 126,100 | 126,100 | 118,309 | |
Issuance of restricted shares (in shares) | 0 | 0 | 7,791 | |
Issuance of ordinary shares in relation to the Merger Agreement (in shares) | 88,643 | 0 | 0 | |
Issuance of ordinary shares in relation to the PIPE Agreements (in shares) | 29,482 | 0 | 0 | |
Reacquisition of restricted shares due to forfeiture (in shares) | (274) | 0 | 0 | |
Issuance of ordinary shares in relation to exercise of share options (in shares) | 1 | 0 | 0 | |
Issuance of ordinary shares in relation to vesting of restricted stock units (in shares) | 259 | 0 | 0 | |
Number of shares as of December 31 (in shares) | 244,211 | 126,100 | 126,100 | |
Series C Preferred Shares | ||||
Share Capital [Roll Forward] | ||||
Number of shares as of January 1 (in shares) | 75,025 | 75,025 | 75,025 | |
Repurchase of Series C preferred shares | (75,025) | 0 | 0 | |
Number of shares as of December 31 (in shares) | 75,025 | 0 | 75,025 | 75,025 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Apr. 04, 2022 USD ($) $ / shares shares | Dec. 31, 2022 vote shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2017 vote $ / shares shares | Dec. 31, 2019 shares | |
Disclosure of classes of share capital [line items] | ||||||
Number of votes per share | vote | 1 | |||||
Value of each share after subdivision (in dollars per share) | $ / shares | $ 10 | |||||
Merger agreement, number of shares issued for each legacy share (in shares) | 1 | |||||
Shares issued for merger transaction (in shares) | 13,618,735 | |||||
Issuance of ordinary shares in relation to the PIPE Agreements (in shares) | 29,482,000 | |||||
PIPE agreement shares issued, price (in dollars per share) | $ / shares | $ 10 | |||||
Proceeds from PIPE agreements | $ | $ 294,820 | |||||
Earn-in liabilities | ||||||
Disclosure of classes of share capital [line items] | ||||||
Sponsor earn-in shares issued (in shares) | 6,393,750 | |||||
Ordinary Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share subdivision ratio | 1.1425 | |||||
Issuance of ordinary shares in relation to the PIPE Agreements (in shares) | 29,482,000 | 0 | 0 | |||
Number of shares issued and fully paid (in shares) | 244,211,000 | 126,100,000 | 126,100,000 | 118,309,000 | ||
Series C Preferred Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of votes per share | vote | 1 | |||||
Number of shares issued in the period (in shares) | 85,714,000 | |||||
Number of shares issued and fully paid (in shares) | 75,025,000 | 0 | 75,025,000 | 75,025,000 | 75,025,000 | |
Shares issued, price (in dollars per share) | $ / shares | $ 3.50 | |||||
Preference shares to ordinary shares conversion ratio | 1 | 1 | ||||
Maximum share price to trigger anti-dilution protection | $ / shares | $ 3.50 |
Equity - Capital Surplus (Detai
Equity - Capital Surplus (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [abstract] | ||
Capital surplus - Issuance of ordinary shares | $ 598,317 | $ 125,747 |
Capital surplus - Expired share options | 2,209 | 2,209 |
Capital surplus - Employee restricted shares (Note 21) | 37,126 | 5,037 |
Capital surplus - Employee share options (Note 21) | 5,818 | 0 |
Accumulated deficits | (349,940) | (116,609) |
Other equity | 5,420 | 21,600 |
Reserves | $ 298,950 | $ 37,984 |
Operating Revenue - Disaggregat
Operating Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating revenue | $ 382,826 | $ 366,009 | $ 364,125 |
Sales of hardware and related revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating revenue | 241,428 | 248,137 | 267,497 |
Battery swapping service revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating revenue | 121,660 | 99,587 | 78,626 |
Leasing service revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating revenue | 10,653 | 10,304 | 7,400 |
Other revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating revenue | $ 9,085 | $ 7,981 | $ 10,602 |
Operating Revenue - Contract Ba
Operating Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |||
Trade receivables (Note 6) | $ 16,143 | $ 16,625 | $ 13,475 |
Contract liabilities | $ 12,965 | $ 18,753 | $ 13,540 |
Operating Revenue - Narrative (
Operating Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |||
Recognition from revenue from contract liability | $ 10,476 | $ 12,893 | $ 27,194 |
Net Loss From Continuing Oper_3
Net Loss From Continuing Operations - Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) From Continuing Operations [Abstract] | |||
Interest expense on bank loans | $ 8,694 | $ 6,672 | $ 4,713 |
Interest expense on bonds | 2,637 | 3,886 | 4,460 |
Interest expense on lease liabilities | 440 | 530 | 581 |
Modification loss on bank loans | 900 | 0 | 0 |
Finance costs | $ 12,671 | $ 11,088 | $ 9,754 |
Net Loss From Continuing Oper_4
Net Loss From Continuing Operations - Finance Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) From Continuing Operations [Abstract] | |||
Interest income on deposits | $ 2,870 | $ 572 | $ 775 |
Others | 72 | 53 | 114 |
Finance income | $ 2,942 | $ 625 | $ 889 |
Net Loss From Continuing Oper_5
Net Loss From Continuing Operations - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) From Continuing Operations [Abstract] | |||
Income related to government grants | $ 5,682 | $ 5,446 | $ 2,861 |
Others | 709 | 4,065 | 2,318 |
Other income | $ 6,391 | $ 9,511 | $ 5,179 |
Net Loss From Continuing Oper_6
Net Loss From Continuing Operations - Other Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) From Continuing Operations [Abstract] | |||
Foreign exchange losses, net | $ (1,719) | $ (641) | $ (1,160) |
Losses on disposal of property, plant and equipment | (975) | (328) | (91) |
Others | (483) | (658) | (295) |
Other gains and losses | $ (3,177) | $ (1,627) | $ (1,546) |
Net Loss From Continuing Oper_7
Net Loss From Continuing Operations - Gains (Losses) On Financial Liabilities at FVTPL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) From Continuing Operations [Abstract] | |||
Gains on earnout liabilities | $ 110,276 | $ 0 | $ 0 |
Gains on earn-in liabilities | 61,124 | 0 | 0 |
Gains on warrant liabilities | 34,825 | 0 | 0 |
Losses on redeemable preferred shares | (287) | (7,465) | (8,612) |
Gains (losses) on financial liabilities at fair value through profit or loss | $ 205,938 | $ (7,465) | $ (8,612) |
Net Loss From Continuing Oper_8
Net Loss From Continuing Operations - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) From Continuing Operations [Abstract] | |||
Depreciation expenses of property, plant and equipment | $ 81,040 | $ 81,489 | $ 66,605 |
Depreciation expenses of right-of-use assets | 12,835 | 12,287 | 11,066 |
Amortization expenses of intangible assets | 932 | 1,043 | 896 |
Depreciation and amortization | $ 94,807 | $ 94,819 | $ 78,567 |
Net Loss From Continuing Oper_9
Net Loss From Continuing Operations - Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense | $ 93,875 | $ 93,776 | $ 77,671 |
Costs of revenues | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense | 85,147 | 84,878 | 69,197 |
Sales and marketing | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense | 3,076 | 2,863 | 2,878 |
General and administrative | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense | 4,339 | 4,606 | 4,474 |
Research and development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense | $ 1,313 | $ 1,429 | $ 1,122 |
Net Loss From Continuing Ope_10
Net Loss From Continuing Operations - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization expense | $ 932 | $ 1,043 | $ 896 |
Costs of revenues | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization expense | 73 | 94 | 77 |
Sales and marketing | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization expense | 183 | 158 | 68 |
General and administrative | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization expense | 187 | 280 | 376 |
Research and development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization expense | $ 489 | $ 511 | $ 375 |
Net Loss From Continuing Ope_11
Net Loss From Continuing Operations - Impairment Losses (Reversal Of Impairment Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) From Continuing Operations [Abstract] | |||
Impairment losses (reversal of impairment losses) on inventories | $ 3,045 | $ (639) | $ 3,059 |
Impairment losses on trade receivables | 523 | 519 | 642 |
Impairment loss (reversal of impairment loss) recognised in profit or loss | $ 3,568 | $ (120) | $ 3,701 |
Net Loss From Continuing Ope_12
Net Loss From Continuing Operations - Employee Benefits Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Short-term employee benefits | $ 69,806 | $ 70,205 | $ 66,913 |
Defined contribution plans | 3,064 | 2,982 | 2,985 |
Termination benefits | 2,546 | 86 | 292 |
Share-based payments | 37,907 | 5,038 | 0 |
Total employee benefits expense | 113,323 | 78,311 | 70,190 |
Costs of revenues | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total employee benefits expense | 29,668 | 24,417 | 23,007 |
Sales and marketing | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total employee benefits expense | 21,580 | 17,457 | 17,700 |
General and administrative | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total employee benefits expense | 27,684 | 13,908 | 11,141 |
Research and development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total employee benefits expense | $ 34,391 | $ 22,529 | $ 18,342 |
Income Taxes Relating to Cont_3
Income Taxes Relating to Continuing Operations - Disclosure Of Major Components Of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Current tax expense | $ 2 | $ 0 | $ (1,063) |
Deferred tax expense | 0 | 0 | 0 |
Income tax expense (benefit) | $ 2 | $ 0 | $ (1,063) |
Income Taxes Relating to Cont_4
Income Taxes Relating to Continuing Operations - Disclosure of Reconciliation of Accounting Income (Loss) and Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Loss before income tax | $ (98,906) | $ (67,362) | $ (50,343) |
Tax at the domestic rates applicable to profits in the country concerned | (21,554) | (14,913) | (9,634) |
Tax effect of expenses that are not deductible for tax purposes | 3,431 | 990 | 82 |
Adjustments in respect of prior years | 0 | 0 | (1,063) |
Unrecognized loss carryforwards and deductible temporary differences | 18,125 | 13,923 | 9,552 |
Income tax expense (benefit) | $ 2 | $ 0 | $ (1,063) |
Income Taxes Relating to Cont_5
Income Taxes Relating to Continuing Operations - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Applicable tax rate (as a percent) | 20% |
Applicable tax rate on unappropriated earnings (as a percent) | 5% |
Income Taxes Relating to Cont_6
Income Taxes Relating to Continuing Operations - Disclosure of Deductible Temporary Differences and Unused Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | $ 99,069 | $ 63,728 |
Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 352,345 | 296,536 |
Unused tax losses | Expire in 2024 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 829 | 919 |
Unused tax losses | Expire in 2025 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 35,217 | 10,946 |
Unused tax losses | Expire in 2026 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 66,761 | 63,112 |
Unused tax losses | Expire in 2027 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 38,973 | 43,239 |
Unused tax losses | Expire in 2028 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 68,337 | 75,818 |
Unused tax losses | Expire in 2029 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 22,018 | 24,429 |
Unused tax losses | Expire in 2030 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 32,685 | 36,086 |
Unused tax losses | Expire in 2031 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | 39,908 | 41,987 |
Unused tax losses | Expire in 2032 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | $ 47,617 | $ 0 |
Loss Per Share - Basic and Dilu
Loss Per Share - Basic and Diluted Loss Per Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Basic (in dollars per share) | $ (0.45) | $ (0.35) | $ (0.25) |
Diluted (in dollars per share) | $ (0.45) | $ (0.35) | $ (0.25) |
Loss Per Share - Net Loss (Deta
Loss Per Share - Net Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Net loss | $ (98,908) | $ (67,362) | $ (49,280) |
Loss Per Share - Shares (Detail
Loss Per Share - Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Weighted average number of ordinary shares in computation of basic loss per share (in shares) | 222,000 | 193,334 | 193,334 |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||
Apr. 04, 2022 shares $ / shares | Nov. 30, 2022 shares $ / shares | Mar. 31, 2022 shares period $ / shares | Sep. 30, 2021 shares period $ / shares | Dec. 31, 2022 USD ($) shares segment $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | Dec. 31, 2020 USD ($) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Unrecognized compensation cost | $ | $ 40,023,000 | $ 30,388,000 | |||||
Share-based payments | $ | $ 37,907,000 | $ 5,038,000 | $ 0 | ||||
Options granted (in shares) | 4,874,000 | ||||||
Options exercised (in dollars per share) | $ / shares | $ 5.20 | ||||||
Weighted average fair value at measurement date, share options granted | $ | $ 3.03 | ||||||
Weighted average exercise price of share options outstanding (in dollars per share) | $ / shares | $ 5.20 | $ 0 | |||||
Restricted Shares | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Awards granted (in shares) | 8,901,000 | 0 | 7,791,000 | ||||
Shares outstanding (in shares) | 7,791,000 | 5,569,000 | 7,791,000 | 0 | |||
Shares granted (in dollars per share) | $ / shares | $ 6.25 | $ 5.47 | $ 0 | $ 6.25 | |||
Vesting percentage | 25% | ||||||
Number of vesting periods | period | 4 | ||||||
Restricted Stock Units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Awards granted (in shares) | 259,000 | 3,651,000 | 3,910,000 | ||||
Shares outstanding (in shares) | 3,614,000 | 0 | |||||
Shares granted (in dollars per share) | $ / shares | $ 2.85 | $ 5.20 | $ 5.04 | ||||
Vesting percentage | 25% | ||||||
Number of vesting periods | period | 4 | ||||||
Number of shares issuable for each share-based payment award (in shares) | 1 | ||||||
Share Options | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting percentage | 25% | ||||||
Number of vesting periods | segment | 4 | ||||||
Number of shares issuable for each share-based payment award (in shares) | 1 | ||||||
Weighted-average fair value of options granted per unit (in dollars per share) | $ / shares | $ 5.26 | ||||||
Weighted average exercise price of share options outstanding (in dollars per share) | $ / shares | $ 5.20 | ||||||
Weighted average remaining contractual life | 9 years 7 months 6 days |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements - Information on Restricted Share Plan And Share Units (Details) - shares shares in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Shares | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Beginning balance (in shares) | 7,791 | 0 | |||
Awards granted (in shares) | 8,901 | 0 | 7,791 | ||
Shares vested (in shares) | (1,948) | 0 | |||
Shares forfeited (in shares) | (274) | 0 | |||
Ending balance (in shares) | 5,569 | 7,791 | |||
Restricted Stock Units | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Beginning balance (in shares) | 0 | ||||
Awards granted (in shares) | 259 | 3,651 | 3,910 | ||
Shares vested (in shares) | (259) | ||||
Shares forfeited (in shares) | (37) | ||||
Ending balance (in shares) | 3,614 | 0 |
Share-Based Payment Arrangeme_5
Share-Based Payment Arrangements - Information on Employee Share Options (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 shares $ / shares | |
Options (in Thousands) | |
Beginning balance (in shares) | shares | 0 |
Options granted (in shares) | shares | 4,874 |
Options forfeited (in shares) | shares | (25) |
Options exercised (in shares) | shares | (1) |
Ending balance (in shares) | shares | 4,848 |
Options exercisable, end of year (in shares) | shares | 1,217 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Options granted (in dollars per share) | $ / shares | 5.20 |
Options forfeited (in dollars per share) | $ / shares | 5.20 |
Options exercised (in dollars per share) | $ / shares | 5.20 |
Ending balance (in dollars per share) | $ / shares | 5.20 |
Options exercisable, end of year (in dollars per share) | $ / shares | $ 5.20 |
Share-Based Payment Arrangeme_6
Share-Based Payment Arrangements - Fair Values Of Share Options On The Grant Date (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Share-Based Payment Arrangements [Abstract] | |
Weighted average share price (in U.S. dollars per share) | $ 5.20 |
Weighted average exercise price (in U.S. dollars per share) | $ 5.20 |
Expected volatility | 65.50% |
Option life (in years) | 10 |
Expected dividend yield | 0% |
Expected dividend yield | 2.86% |
Financial Instruments - Measure
Financial Instruments - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | $ 574,449 | $ 720,687 | |
Recurring fair value measurement | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 46,949 | ||
Recurring fair value measurement | Level 1 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 6,038 | ||
Recurring fair value measurement | Level 2 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Level 3 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 40,911 | 107,862 | $ 107,397 |
Recurring fair value measurement | Earnout liabilities | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 24,147 | ||
Recurring fair value measurement | Earnout liabilities | Level 1 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Earnout liabilities | Level 2 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Earnout liabilities | Level 3 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 24,147 | 0 | 0 |
Recurring fair value measurement | Earn-in liabilities | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 13,384 | ||
Recurring fair value measurement | Earn-in liabilities | Level 1 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Earn-in liabilities | Level 2 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Earn-in liabilities | Level 3 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 13,384 | 0 | 0 |
Recurring fair value measurement | Warrant liabilities | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 9,418 | ||
Recurring fair value measurement | Warrant liabilities | Level 1 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 6,038 | ||
Recurring fair value measurement | Warrant liabilities | Level 2 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Warrant liabilities | Level 3 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 3,380 | 0 | 0 |
Recurring fair value measurement | Redeemable preferred shares | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 107,862 | ||
Recurring fair value measurement | Redeemable preferred shares | Level 1 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Redeemable preferred shares | Level 2 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | 0 | ||
Recurring fair value measurement | Redeemable preferred shares | Level 3 | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Liabilities | $ 0 | $ 107,862 | $ 107,397 |
Financial Instruments - Reconci
Financial Instruments - Reconciliation for Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of January 1 | $ 720,687 | |
Balance as of December 31 | 574,449 | $ 720,687 |
Recurring fair value measurement | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of December 31 | 46,949 | |
Recurring fair value measurement | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of January 1 | 107,862 | 107,397 |
Issuance | 230,058 | |
Settlements | (108,149) | (7,000) |
(Gains) losses on financial liabilities at FVTPL | (188,860) | 7,465 |
Balance as of December 31 | 40,911 | 107,862 |
Earnout liabilities | Recurring fair value measurement | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of December 31 | 24,147 | |
Earnout liabilities | Recurring fair value measurement | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of January 1 | 0 | 0 |
Issuance | 134,423 | |
Settlements | 0 | 0 |
(Gains) losses on financial liabilities at FVTPL | (110,276) | 0 |
Balance as of December 31 | 24,147 | 0 |
Earn-in liabilities | Recurring fair value measurement | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of December 31 | 13,384 | |
Earn-in liabilities | Recurring fair value measurement | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of January 1 | 0 | 0 |
Issuance | 74,508 | |
Settlements | 0 | 0 |
(Gains) losses on financial liabilities at FVTPL | (61,124) | 0 |
Balance as of December 31 | 13,384 | 0 |
Warrant liabilities | Recurring fair value measurement | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of December 31 | 9,418 | |
Warrant liabilities | Recurring fair value measurement | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of January 1 | 0 | 0 |
Issuance | 21,127 | |
Settlements | 0 | 0 |
(Gains) losses on financial liabilities at FVTPL | (17,747) | 0 |
Balance as of December 31 | 3,380 | 0 |
Redeemable preferred shares | Recurring fair value measurement | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of January 1 | 107,862 | |
Balance as of December 31 | 107,862 | |
Redeemable preferred shares | Recurring fair value measurement | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Balance as of January 1 | 107,862 | 107,397 |
Issuance | 0 | |
Settlements | (108,149) | (7,000) |
(Gains) losses on financial liabilities at FVTPL | 287 | 7,465 |
Balance as of December 31 | $ 0 | $ 107,862 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of liabilities [line items] | |||
Gains (losses) recognised in profit or loss attributable to change in unrealised gains or losses for liabilities held at end of period, fair value measurement | $ 189,147 | $ (7,465) | |
Sensitivity analysis, effect on a 10 basis point increase or decrease of interest rates | $ 278 | $ 392 | $ 321 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value Inputs (Details) - Recurring fair value measurement $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Volatility | Private Placement Warrants | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | shares | 0.560 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 798 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | $ 1,179 | |
Volatility | Earnout liabilities | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | shares | 0.782 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 2,961 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | $ 3,883 | |
Volatility | Earn-in liabilities | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | shares | 0.782 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 1,641 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | $ 2,153 | |
Discount rate | Redeemable preferred shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.0675 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 1% | |
Percentage of reasonably possible decrease in unobservable input, liabilities | 1% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ (41) | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | $ (41) |
Financial Instruments - Financi
Financial Instruments - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Financial liabilities | $ 25,935 | $ 26,637 |
Financial liabilities at fair value | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 46,949 | 107,862 |
Financial liabilities at amortised cost | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 445,988 | 515,665 |
Financial assets at amortised cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 261,717 | $ 268,420 |
Financial Instruments - Change
Financial Instruments - Change in Liabilities from Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | $ 569,948 | $ 487,470 | $ 266,772 |
Financing Cash Flows | (140,569) | 61,764 | 187,265 |
Non-cash Recognition | 253,174 | 0 | 0 |
Changes in Fair Values | (205,938) | 7,465 | 8,612 |
Other Changes | 13,596 | 8,233 | 8,845 |
Exchange Differences on Translation | (39,364) | 5,016 | 15,976 |
Balance at December 31 | 450,847 | 569,948 | 487,470 |
Bank loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 334,317 | 248,617 | 135,299 |
Financing Cash Flows | 82,725 | 81,099 | 99,346 |
Non-cash Recognition | 0 | 0 | 0 |
Changes in Fair Values | 0 | 0 | 0 |
Other Changes | 900 | 0 | 0 |
Exchange Differences on Translation | (36,768) | 4,601 | 13,972 |
Balance at December 31 | 381,174 | 334,317 | 248,617 |
Bonds | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 100,000 | 100,000 | 100,000 |
Financing Cash Flows | (102,594) | 0 | 0 |
Non-cash Recognition | 0 | 0 | 0 |
Changes in Fair Values | 0 | 0 | 0 |
Other Changes | 2,594 | 0 | 0 |
Exchange Differences on Translation | 0 | 0 | 0 |
Balance at December 31 | 0 | 100,000 | 100,000 |
Redeemable preferred shares | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 107,862 | 107,397 | 0 |
Financing Cash Flows | (108,149) | (7,000) | 98,785 |
Non-cash Recognition | 0 | 0 | 0 |
Changes in Fair Values | 287 | 7,465 | 8,612 |
Other Changes | 0 | 0 | 0 |
Exchange Differences on Translation | 0 | 0 | 0 |
Balance at December 31 | 0 | 107,862 | 107,397 |
Earnout liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 0 | ||
Financing Cash Flows | 0 | ||
Non-cash Recognition | 134,423 | ||
Changes in Fair Values | (110,276) | ||
Other Changes | 0 | ||
Exchange Differences on Translation | 0 | ||
Balance at December 31 | 24,147 | 0 | |
Earn-in liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 0 | ||
Financing Cash Flows | 0 | ||
Non-cash Recognition | 74,508 | ||
Changes in Fair Values | (61,124) | ||
Other Changes | 0 | ||
Exchange Differences on Translation | 0 | ||
Balance at December 31 | 13,384 | 0 | |
Warrant liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 0 | ||
Financing Cash Flows | 0 | ||
Non-cash Recognition | 44,243 | ||
Changes in Fair Values | (34,825) | ||
Other Changes | 0 | ||
Exchange Differences on Translation | 0 | ||
Balance at December 31 | 9,418 | 0 | |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 26,742 | 30,342 | 30,472 |
Financing Cash Flows | (12,886) | (12,232) | (10,910) |
Non-cash Recognition | 0 | 0 | 0 |
Changes in Fair Values | 0 | 0 | |
Other Changes | 10,102 | 8,233 | 8,845 |
Exchange Differences on Translation | (2,485) | 399 | 1,935 |
Balance at December 31 | 21,473 | 26,742 | 30,342 |
Guarantee deposits received | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 1,027 | 1,114 | 1,001 |
Financing Cash Flows | 335 | (103) | 44 |
Non-cash Recognition | 0 | 0 | 0 |
Changes in Fair Values | 0 | 0 | 0 |
Other Changes | 0 | 0 | 0 |
Exchange Differences on Translation | (111) | 16 | 69 |
Balance at December 31 | $ 1,251 | $ 1,027 | $ 1,114 |
Financial Instruments - Sensiti
Financial Instruments - Sensitivity Currency Risk (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Profit or loss | $ (42) | $ (90) | $ (1,037) |
Equity | $ 2,350 | $ 2,067 | $ 2,412 |
Financial Instruments - Interes
Financial Instruments - Interest Rate Risk (Details) - Interest rate risk - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Financial assets | $ 184,669 | $ 204,747 |
Financial liabilities | 68,422 | 134,604 |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Financial assets | 56,357 | 42,426 |
Financial liabilities | $ 381,599 | $ 434,898 |
Financial Instruments - Maturit
Financial Instruments - Maturity Analysis for Non-Derivative Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Bottom of range | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate on lease liabilities (as a percent) | 1.20% | 1.20% |
Top of range | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate on lease liabilities (as a percent) | 2.81% | 2.40% |
Fixed interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate on fixed and variable interest rate liabilities (as a percent) | 700% | |
Variable interest rate liabilities | Bottom of range | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate on fixed and variable interest rate liabilities (as a percent) | 1.70% | 0.90% |
Variable interest rate liabilities | Top of range | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate on fixed and variable interest rate liabilities (as a percent) | 2.94% | 4.12% |
On Demand or Less than 1 Month | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | $ 990 | $ 1,124 |
Non-derivative financial liabilities, undiscounted cash flows | 49,832 | 229,196 |
On Demand or Less than 1 Month | Non-interest bearing liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 43,341 | 44,998 |
On Demand or Less than 1 Month | Fixed interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 108,110 | |
On Demand or Less than 1 Month | Variable interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 5,501 | 74,964 |
1 to 3 Months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 1,980 | 2,071 |
Non-derivative financial liabilities, undiscounted cash flows | 47,096 | 55,879 |
1 to 3 Months | Non-interest bearing liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 18,740 | 34,661 |
1 to 3 Months | Fixed interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 0 | |
1 to 3 Months | Variable interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 26,376 | 19,147 |
3 Months to 1 Year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 7,421 | 8,346 |
Non-derivative financial liabilities, undiscounted cash flows | 64,922 | 152,831 |
3 Months to 1 Year | Non-interest bearing liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 1,395 | 49 |
3 Months to 1 Year | Fixed interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 0 | |
3 Months to 1 Year | Variable interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 56,106 | 144,436 |
1 to 5 Years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 11,703 | 15,919 |
Non-derivative financial liabilities, undiscounted cash flows | 306,629 | 213,297 |
1 to 5 Years | Non-interest bearing liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 1,308 | 1,027 |
1 to 5 Years | Fixed interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 0 | |
1 to 5 Years | Variable interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 293,618 | 196,351 |
More than 5 Years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 0 | 0 |
Non-derivative financial liabilities, undiscounted cash flows | 31 | 33 |
More than 5 Years | Non-interest bearing liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 31 | 33 |
More than 5 Years | Fixed interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | 0 | |
More than 5 Years | Variable interest rate liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank borrowings, undiscounted cash flows | $ 0 | $ 0 |
Financial Instruments - Bank Cr
Financial Instruments - Bank Credit Limit (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Financial Instrument [Abstract] | ||
Amount used | $ 401,500 | $ 335,983 |
Undrawn borrowing facilities | 126,667 | 222,225 |
Notional amount | $ 528,167 | $ 558,208 |
Related Parties Transactions (D
Related Parties Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party [Abstract] | |||
Share-based payments | $ 13,507 | $ 1,290 | $ 0 |
Short-term employee benefits | 2,625 | 2,695 | 4,543 |
Post-employment benefits | 14 | 18 | 85 |
Compensation of key management personnel | $ 16,146 | $ 4,003 | $ 4,628 |
Significant Contingent Liabil_2
Significant Contingent Liabilities and Unrecognized Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Significant Contingent Liabilities And Unrecognized Commitments [Abstract] | |
Litigation, damages sought by plaintiffs | $ 2,419 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 1 |
Segment Information - Schedule
Segment Information - Schedule of Geographic and Major Customers Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Non-current assets, excluding financial instruments | $ 470,334 | $ 481,613 | |
Operating revenue | 382,826 | 366,009 | $ 364,125 |
Taiwan | |||
Disclosure of operating segments [line items] | |||
Non-current assets, excluding financial instruments | 468,137 | 481,613 | |
Operating revenue | 360,618 | 354,231 | 361,264 |
Others | |||
Disclosure of operating segments [line items] | |||
Non-current assets, excluding financial instruments | 2,197 | 0 | |
Operating revenue | $ 22,208 | $ 11,778 | $ 2,861 |
Significant Events After the _2
Significant Events After the Reporting Period (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2021 |
Disclosure of non-adjusting events after reporting period [line items] | |||
Contractual capital commitments | $ 14,173 | $ 15,000 | |
Zypp | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Percentage of voting equity interests acquired | 13.44% | ||
Total consideration | $ 16,285 |